Table of Contents
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05309
First American Investment Funds, Inc.
(Exact name of registrant as specified in charter)
800 Nicollet Mall, Minneapolis, MN (Address of principal executive offices) | 55402 (Zip code) |
Charles D. Gariboldi, Jr., 800 Nicollet Mall, Minneapolis, MN 55402
(Name and address of agent for service)
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-677-3863
Date of fiscal period end: October 31
Date of reporting period: April 30, 2008
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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Real Estate Securities Fund | 15 | |||||||
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Global & International Funds | 22 | |||||||
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Small Cap Funds | 36 | |||||||
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Mid Cap Funds | 54 | |||||||
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Large Cap Funds | 64 | |||||||
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Balanced & Equity Income Funds | 76 | |||||||
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Certification | ||||||||
906 Certification |
Mutual fund investing involves risk; principal loss is possible.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Table of Contents
Explanation of Financial Statements
As a shareholder in First American Funds, you receive shareholder reports semiannually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So, we would like to take this opportunity to explain several sections of the shareholder report.
The Schedule of Investments details all of the securities held in the fund and their related dollar values on the last day of the reporting period. Securities are usually presented by type (common stock, bonds, etc.) and by industry classification (banking, communications, etc.). This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to the Financial Statements provide additional details on how the securities are valued.
The Statement of Assets and Liabilities lists the assets and liabilities of the fund and present the fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. The investments in securities, as presented in the Schedule of Investments, comprise substantially all of the fund’s assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.
The Statement of Operations details the dividends and interest income earned from securities as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.
The Statement of Changes in Net Assets describes how the fund’s net assets were affected by its operating results, distributions to shareholders, and shareholder transactions during the reporting period. This statement is important to investors because it shows exactly what caused the fund’s net asset size to change during the period.
The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios, net investment income ratios, and portfolio turnover rates. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentages of average net assets that were used to cover operating expenses during the period. Expense ratios can vary across funds for a number of reasons, including differences in advisory fees and the average shareholder account size. The portfolio turnover rate represents the percentage of the fund’s holdings that have changed over the course of the period, and gives an idea of how long the fund holds onto a particular security. A 100% turnover rate implies that an amount equal to the value of the entire portfolio is turned over in a year through the purchase and sale of securities.
The Notes to Financial Statements disclose the organizational background of the fund, its significant accounting policies, federal tax information, fees and compensation paid to affiliates, and significant risks and contingencies.
We hope this guide to your shareholder report will help you get the most out of this important resource. You can visit First American Funds’ website for other useful information on each of our funds, including fund prices, performance, fund manager bios, dividends, and downloadable fact sheets. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
First American Funds 2008 Semiannual Report 1
Table of Contents
Holdings Summaries April 30, 2008
Real Estate Securities Fund1
Top 10 Holdings (% of net assets)
Simon Property Group | 7 | .5% | ||
Prologis | 5 | .1 | ||
Boston Properties | 4 | .5 | ||
Public Storage | 4 | .3 | ||
Vornado Realty Trust | 3 | .8 | ||
Ventas | 3 | .3 | ||
Avalonbay Communities | 3 | .1 | ||
Federal Realty Investment Trust | 2 | .5 | ||
General Growth Properties | 2 | .3 | ||
SL Green Realty | 2 | .3 | ||
Sector Allocation (% of net assets)
Office | 17 | .0% | ||
Apartments | 15 | .3 | ||
Malls | 13 | .9 | ||
Industrials | 11 | .8 | ||
Community Centers | 9 | .9 | ||
Healthcare | 8 | .9 | ||
Diversified | 7 | .9 | ||
Hotels | 5 | .7 | ||
Self Storage | 4 | .9 | ||
Net Lease | 2 | .3 | ||
Investment Companies | 0 | .8 | ||
Manufactured Homes | 0 | .2 | ||
Student Housing | 0 | .1 | ||
Real Estate Service Provider | 0 | .0 | ||
Private Real Estate Company | 0 | .0 | ||
Short-Term Investment | 2 | .1 | ||
Other Assets and Liabilities, Net2 | (0 | .8) | ||
100 | .0% | |||
Global Infrastructure Fund1
Top 10 Holdings (% of net assets)
Atlantia | 3 | .5% | ||
National Grid – ADR | 3 | .0 | ||
Macquarie Airports | 2 | .6 | ||
Cintra Concesiones de Infraestructuras de Transporte | 2 | .4 | ||
TransCanada | 2 | .2 | ||
Abertis Infraestructuras | 2 | .0 | ||
Northeast Utilities | 2 | .0 | ||
BKW FMB Energie | 1 | .9 | ||
Snam Rete Gas | 1 | .9 | ||
Fraport | 1 | .9 | ||
Country Allocation (% of net assets)
United States | 18 | .3% | ||
Spain | 9 | .8 | ||
France | 8 | .3 | ||
Great Britain | 7 | .5 | ||
Italy | 7 | .3 | ||
Australia | 6 | .9 | ||
Canada | 5 | .3 | ||
Hong Kong | 5 | .1 | ||
Brazil | 4 | .6 | ||
Germany | 4 | .5 | ||
Other | 22 | .3 | ||
Short-Term Investment | 1 | .4 | ||
Other Assets and Liabilities, Net2 | (1 | .3) | ||
100 | .0% | |||
International Fund1
Top 10 Holdings (% of net assets)
Total | 3 | .8% | ||
HSBC | 3 | .0 | ||
Eni | 2 | .8 | ||
Nestle | 2 | .5 | ||
Vodaphone | 2 | .3 | ||
E.ON | 2 | .2 | ||
BHP Billiton | 2 | .0 | ||
Standard Chartered | 1 | .9 | ||
Mitsubishi | 1 | .9 | ||
Tesco | 1 | .9 | ||
Country Allocation (% of net assets)
Japan | 19 | .8% | ||
Great Britain | 18 | .4 | ||
France | 13 | .2 | ||
Switzerland | 10 | .4 | ||
Germany | 8 | .1 | ||
Italy | 4 | .8 | ||
Hong Kong | 4 | .4 | ||
Netherlands | 4 | .0 | ||
Spain | 3 | .4 | ||
Brazil | 2 | .7 | ||
Other | 9 | .8 | ||
Other Assets and Liabilities, Net2 | 1 | .0 | ||
100 | .0% | |||
1 | Fund holdings and sector/country allocations are subject to change at any time and are not recommendations to buy or sell any security. |
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 2008 Semiannual Report
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International Select Fund1
Top 10 Holdings (% of net assets)
State Street GA Prime Fund | 13 | .5% | ||
Samsung Electronics – GDR | 1 | .2 | ||
Nestle | 1 | .2 | ||
Kookmin Bank – ADR | 1 | .1 | ||
Vivendi Universal | 1 | .0 | ||
Total | 0 | .9 | ||
Vestas Wind System | 0 | .9 | ||
Companhia Vale do Rio Doce – ADR | 0 | .9 | ||
Nipponkoa Insurance | 0 | .8 | ||
WPP Group | 0 | .8 | ||
Country Allocation (% of net assets)
Japan | 11 | .6% | ||
Great Britain | 10 | .7 | ||
France | 6 | .2 | ||
Brazil | 5 | .7 | ||
Germany | 5 | .4 | ||
Switzerland | 4 | .5 | ||
South Korea | 4 | .3 | ||
Italy | 4 | .3 | ||
South Africa | 3 | .5 | ||
India | 2 | .8 | ||
Other | 26 | .7 | ||
Exchange-Traded Funds | 0 | .2 | ||
Short-Term Investments | 14 | .3 | ||
Other Assets and Liabilities, Net2 | (0 | .2) | ||
100 | .0% | |||
Small Cap Growth Opportunities Fund1
Top 10 Holdings (% of net assets)
Polycom | 2 | .4% | ||
Eurand | 2 | .0 | ||
Quest Software | 1 | .9 | ||
Parallel Petroleum | 1 | .9 | ||
Dril-Quip | 1 | .8 | ||
Hologic | 1 | .7 | ||
Wright Medical Group | 1 | .7 | ||
NuVasive | 1 | .7 | ||
Warnaco Group | 1 | .7 | ||
Gymboree | 1 | .6 | ||
Sector Allocation (% of net assets)
Information Technology | 24 | .7% | ||
Healthcare | 21 | .7 | ||
Consumer Discretionary | 14 | .7 | ||
Industrials | 13 | .7 | ||
Financials | 10 | .9 | ||
Energy | 7 | .9 | ||
Materials | 2 | .3 | ||
Consumer Staples | 1 | .6 | ||
Warrants | 0 | .0 | ||
Short-Term Investment | 1 | .0 | ||
Other Assets and Liabilities, Net2 | 1 | .5 | ||
100 | .0% | |||
Small Cap Select Fund1
Top 10 Holdings (% of net assets)
ESCO Technologies | 2 | .3% | ||
Pediatrix Medical Group | 2 | .3 | ||
Knight Capital Group, Class A | 2 | .1 | ||
K-V Pharmaceutical, Class A | 2 | .0 | ||
Skechers U.S.A., Class A | 1 | .8 | ||
WMS Industries | 1 | .8 | ||
Cullen/Frost Bankers | 1 | .8 | ||
Comstock Resources | 1 | .8 | ||
First American Prime Obligations Fund, Class Z | 1 | .8 | ||
SonoSite | 1 | .7 | ||
Sector Allocation (% of net assets)
Information Technology | 19 | .1% | ||
Healthcare | 16 | .7 | ||
Financials | 16 | .5 | ||
Consumer Discretionary | 15 | .8 | ||
Industrials | 13 | .0 | ||
Energy | 9 | .1 | ||
Materials | 5 | .0 | ||
Consumer Staples | 1 | .7 | ||
Telecommunication Services | 0 | .6 | ||
Utilities | 0 | .6 | ||
Short-Term Investment | 1 | .8 | ||
Other Assets and Liabilities, Net2 | 0 | .1 | ||
100 | .0% | |||
1 | Fund holdings and country/sector allocations are subject to change at any time and are not recommendations to buy or sell any security. |
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 2008 Semiannual Report 3
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Holdings Summaries April 30, 2008
Small Cap Value Fund1
Top 10 Holdings (% of net assets)
Swift Energy | 2 | .3% | ||
Progress Software | 2 | .1 | ||
Penn Virginia | 1 | .9 | ||
First American Prime Obligations Fund, Class Z | 1 | .7 | ||
Aaron Rents | 1 | .7 | ||
TTM Technologies | 1 | .6 | ||
Sterling Bancshares | 1 | .6 | ||
Crane | 1 | .6 | ||
Delphi Financial Group, Class A | 1 | .5 | ||
Alexandria Real Estate Equities – REIT | 1 | .5 | ||
Sector Allocation (% of net assets)
Financials | 27 | .9% | ||
Consumer Discretionary | 14 | .1 | ||
Information Technology | 13 | .7 | ||
Industrials | 10 | .3 | ||
Healthcare | 8 | .3 | ||
Materials | 7 | .8 | ||
Energy | 7 | .5 | ||
Utilities | 4 | .2 | ||
Consumer Staples | 3 | .8 | ||
Short-Term Investment | 1 | .7 | ||
Other Assets and Liabilities, Net2 | 0 | .7 | ||
100 | .0% | |||
Small-Mid Cap Core Fund1
Top 10 Holdings (% of net assets)
Schnitzer Steel Industries, Class A | 3 | .6% | ||
Intuitive Surgical | 3 | .3 | ||
WMS Industries | 3 | .0 | ||
BioMarin Pharmaceutical | 2 | .9 | ||
Pediatrix Medical Group | 2 | .8 | ||
Corn Products International | 2 | .6 | ||
Terra Industries | 2 | .3 | ||
BioMed Realty Trust – REIT | 2 | .3 | ||
Dril-Quip | 2 | .2 | ||
Swift Energy | 2 | .1 | ||
Sector Allocation (% of net assets)
Financials | 19 | .2% | ||
Information Technology | 15 | .3 | ||
Consumer Discretionary | 14 | .6 | ||
Healthcare | 14 | .2 | ||
Materials | 11 | .4 | ||
Industrials | 10 | .4 | ||
Energy | 7 | .2 | ||
Utilities | 3 | .0 | ||
Consumer Staples | 2 | .6 | ||
Telecommunication Services | 1 | .1 | ||
Short-Term Investment | 2 | .0 | ||
Other Assets and Liabilities, Net2 | (1 | .0) | ||
100 | .0% | |||
Mid Cap Growth Opportunities Fund1
Top 10 Holdings (% of net assets)
Weatherford International | 2 | .8% | ||
American Tower, Class A | 2 | .6 | ||
Intersil, Class A | 2 | .6 | ||
MasterCard, Class A | 2 | .6 | ||
Flowserve | 2 | .3 | ||
Southwestern Energy | 2 | .2 | ||
Abercrombie & Fitch, Class A | 2 | .1 | ||
Cameron International | 2 | .1 | ||
Polo Ralph Lauren | 2 | .0 | ||
Precision Castparts | 1 | .9 | ||
Sector Allocation (% of net assets)
Information Technology | 19 | .8% | ||
Energy | 17 | .3 | ||
Healthcare | 15 | .5 | ||
Industrials | 15 | .5 | ||
Consumer Discretionary | 12 | .9 | ||
Financials | 7 | .8 | ||
Materials | 5 | .7 | ||
Telecommunication Services | 5 | .1 | ||
Short-Term Investment | 0 | .7 | ||
Other Assets and 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. |
4 First American Funds 2008 Semiannual Report
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Mid Cap Value Fund1
Top 10 Holdings (% of net assets)
Edison International | 3 | .0% | ||
Eaton | 2 | .4 | ||
PPL | 2 | .3 | ||
ConAgra Foods | 2 | .3 | ||
Omnicom Group | 2 | .3 | ||
Noble Energy | 2 | .1 | ||
Sempra Energy | 2 | .0 | ||
Hess | 2 | .0 | ||
Burger King Holdings | 2 | .0 | ||
Pactiv | 1 | .9 | ||
Sector Allocation (% of net assets)
Financials | 25 | .4% | ||
Consumer Discretionary | 15 | .2 | ||
Utilities | 12 | .6 | ||
Materials | 11 | .3 | ||
Energy | 8 | .4 | ||
Industrials | 8 | .1 | ||
Information Technology | 7 | .2 | ||
Consumer Staples | 4 | .9 | ||
Telecommunication Services | 3 | .3 | ||
Healthcare | 1 | .6 | ||
Short-Term Investment | 1 | .2 | ||
Other Assets and Liabilities, Net2 | 0 | .8 | ||
100 | .0% | |||
Large Cap Growth Opportunities Fund1
Top 10 Holdings (% of net assets)
Apple | 3 | .5% | ||
Cisco Systems | 3 | .1 | ||
Oracle | 2 | .7 | ||
Hewlett-Packard | 2 | .6 | ||
Intel | 2 | .6 | ||
Abbott Laboratories | 2 | .2 | ||
CVS Caremark | 2 | .1 | ||
Monsanto | 2 | .0 | ||
Corning | 1 | .9 | ||
MEMC Electronic Materials | 1 | .9 | ||
Sector Allocation (% of net assets)
Information Technology | 31 | .0% | ||
Healthcare | 14 | .4 | ||
Energy | 11 | .6 | ||
Industrials | 11 | .3 | ||
Consumer Discretionary | 10 | .4 | ||
Consumer Staples | 7 | .1 | ||
Materials | 5 | .8 | ||
Financials | 5 | .5 | ||
Telecommunication Services | 2 | .3 | ||
Short-Term Investment | 0 | .7 | ||
Other Assets and Liabilities, Net2 | (0 | .1) | ||
100 | .0% | |||
Large Cap Select Fund1
Top 10 Holdings (% of net assets)
Cisco Systems | 4 | .4% | ||
Goldman Sachs Group | 3 | .5 | ||
Microsoft | 2 | .9 | ||
Hewlett-Packard | 2 | .8 | ||
American International Group | 2 | .7 | ||
Occidental Petroleum | 2 | .6 | ||
Apache | 2 | .4 | ||
Apple | 2 | .4 | ||
CVS Caremark | 2 | .2 | ||
SPX | 2 | .2 | ||
Sector Allocation (% of net assets)
Information Technology | 24 | .4% | ||
Financials | 21 | .6 | ||
Energy | 13 | .2 | ||
Consumer Discretionary | 13 | .0 | ||
Healthcare | 12 | .1 | ||
Industrials | 8 | .6 | ||
Consumer Staples | 4 | .2 | ||
Telecommunication Services | 1 | .6 | ||
Real Estate | 1 | .0 | ||
Short-Term Investment | 0 | .4 | ||
Other Assets and Liabilities, Net2 | (0 | .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. |
First American Funds 2008 Semiannual Report 5
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Holdings Summaries April 30, 2008
Large Cap Value Fund1
Top 10 Holdings (% of net assets)
Exxon Mobil | 4 | .9% | ||
JPMorgan Chase | 4 | .1 | ||
Chevron | 3 | .8 | ||
AT&T | 3 | .7 | ||
Bank of America | 3 | .3 | ||
Occidental Petroleum | 2 | .3 | ||
Norfolk Southern | 2 | .2 | ||
Waste Management | 2 | .2 | ||
ACE | 2 | .2 | ||
Johnson & Johnson | 2 | .1 | ||
Sector Allocation (% of net assets)
Financials | 23 | .1% | ||
Energy | 17 | .0 | ||
Industrials | 9 | .8 | ||
Healthcare | 8 | .3 | ||
Information Technology | 7 | .4 | ||
Consumer Discretionary | 7 | .0 | ||
Utilities | 6 | .4 | ||
Materials | 6 | .1 | ||
Consumer Staples | 6 | .0 | ||
Telecommunication Services | 5 | .3 | ||
Short-Term Investment | 0 | .2 | ||
Other Assets and Liabilities, Net2 | 3 | .4 | ||
100 | .0% | |||
Balanced Fund1
Top 10 Holdings (% of net assets)
First American Prime Obligations Fund, Class Z | 3 | .3% | ||
iShares MSCI EAFE Index Fund | 2 | .3 | ||
Cisco Systems | 1 | .9 | ||
Goldman Sachs Group | 1 | .5 | ||
Microsoft | 1 | .2 | ||
Hewlett-Packard | 1 | .2 | ||
American International Group | 1 | .1 | ||
Occidental Petroleum | 1 | .1 | ||
Apache | 1 | .0 | ||
Apple | 1 | .0 | ||
Portfolio Allocation (% of net assets)
Bonds | 46 | .6% | ||
Stocks | 46 | .5 | ||
Investment Companies | 2 | .7 | ||
Short-Term Investments | 4 | .1 | ||
Other Assets and Liabilities, Net2 | 0 | .1 | ||
100 | .0% | |||
Equity Income Fund1
Top 10 Holdings (% of net assets)
Exxon Mobil | 4 | .6% | ||
AT&T | 4 | .0 | ||
BP, ADR | 4 | .0 | ||
General Electric | 3 | .4 | ||
ConocoPhillips | 3 | .3 | ||
Chevron | 3 | .3 | ||
AllianceBernstein Holding | 3 | .1 | ||
Abbott Laboratories | 2 | .7 | ||
American International Group | 2 | .5 | ||
Bank of America | 2 | .4 | ||
Sector Allocation (% of net assets)
Financials | 18 | .8% | ||
Energy | 15 | .7 | ||
Information Technology | 12 | .2 | ||
Industrials | 11 | .9 | ||
Healthcare | 9 | .5 | ||
Consumer Staples | 9 | .3 | ||
Telecommunication Services | 8 | .3 | ||
Consumer Discretionary | 6 | .2 | ||
Materials | 4 | .5 | ||
Utilities | 2 | .1 | ||
Short-Term Investment | 1 | .5 | ||
100 | .0% | |||
1 | Fund holdings and sector/portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security. |
2 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
6 First American Funds 2008 Semiannual Report
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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, 2007 to April 30, 2008.
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 Examples 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 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 939.40 | $ | 5.93 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.75 | $ | 6.17 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 935.80 | $ | 9.53 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.02 | $ | 9.92 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 936.10 | $ | 9.53 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.02 | $ | 9.92 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 938.00 | $ | 7.13 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.50 | $ | 7.42 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 940.60 | $ | 4.73 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.99 | $ | 4.92 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.23%, 1.98%, 1.98%, 1.48%, and 0.98% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2008 of -6.06%, -6.42%, -6.39%, -6.20%, and -5.94% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds 2008 Semiannual Report 7
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Expense Examples continued
Global Infrastructure Fund
Expenses Paid During | ||||||||||||
Ending Account | Period2 (12/17/07 to | |||||||||||
Beginning Account Value (12/17/07)1 | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual3 | $ | 1,000.00 | $ | 997.00 | $ | 4.64 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.93 | $ | 4.68 | ||||||
Class Y Actual3 | $ | 1,000.00 | $ | 997.00 | $ | 3.71 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.86 | $ | 3.74 | ||||||
1 | Inception date of the fund was December 17, 2007. |
2 | Expenses are equal to the fund’s annualized expense ratio (including waivers) for the period December 17, 2007 through April 30, 2008 of 1.25% for Class A and 1.00% for Class Y, multiplied by the average account value over the period, multiplied by the number of days since inception/366 (to reflect the period since inception). |
3 | Because the inception date of the fund was December 17, 2007, the information is based on the actual returns for the period December 17, 2007 through April 30, 2008 of -0.30% for Class A and -0.30% for Class Y. |
International Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period4 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual5 | $ | 1,000.00 | $ | 928.80 | $ | 7.15 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.45 | $ | 7.47 | ||||||
Class B Actual5 | $ | 1,000.00 | $ | 925.20 | $ | 10.72 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.72 | $ | 11.22 | ||||||
Class C Actual5 | $ | 1,000.00 | $ | 925.10 | $ | 10.72 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.72 | $ | 11.22 | ||||||
Class R Actual5 | $ | 1,000.00 | $ | 927.90 | $ | 8.34 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.21 | $ | 8.72 | ||||||
Class Y Actual5 | $ | 1,000.00 | $ | 929.60 | $ | 5.95 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.70 | $ | 6.22 | ||||||
4 | Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period). |
5 | Based on the actual returns for the six-month period ended April 30, 2008 of -7.12%, -7.48%, -7.49%, -7.21%, and -7.04% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
International Select Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period6 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual7 | $ | 1,000.00 | $ | 914.70 | $ | 7.09 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.45 | $ | 7.47 | ||||||
Class B Actual7 | $ | 1,000.00 | $ | 911.60 | $ | 10.65 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.72 | $ | 11.22 | ||||||
Class C Actual7 | $ | 1,000.00 | $ | 911.30 | $ | 10.64 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.72 | $ | 11.22 | ||||||
Class R Actual7 | $ | 1,000.00 | $ | 913.60 | $ | 8.28 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.21 | $ | 8.72 | ||||||
Class Y Actual7 | $ | 1,000.00 | $ | 916.00 | $ | 5.91 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.70 | $ | 6.22 | ||||||
6 | Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period). |
7 | Based on the actual returns for the six-month period ended April 30, 2008 of -8.53%, -8.84%, -8.87%, -8.64%, and -8.40% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
8 First American Funds 2008 Semiannual Report
Table of Contents
Small Cap Growth Opportunities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 851.80 | $ | 6.77 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.55 | $ | 7.37 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 848.10 | $ | 10.20 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.82 | $ | 11.12 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 848.50 | $ | 10.20 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.82 | $ | 11.12 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 850.60 | $ | 7.91 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.31 | $ | 8.62 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 852.50 | $ | 5.62 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.80 | $ | 6.12 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2008 of -14.82%, -15.19%, -15.15%, -14.94%, and -14.75% 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 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 837.20 | $ | 5.71 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.65 | $ | 6.27 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 833.80 | $ | 9.12 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.92 | $ | 10.02 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 834.60 | $ | 9.12 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.92 | $ | 10.02 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 836.20 | $ | 6.85 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.40 | $ | 7.52 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 838.30 | $ | 4.57 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.89 | $ | 5.02 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 2.00%, 1.50%, and 1.00% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended April 30, 2008 of -16.28%, -16.62%, -16.54%, -16.38%, and -16.17% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds 2008 Semiannual Report 9
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Expense Examples continued
Small Cap Value Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 885.00 | $ | 6.05 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.45 | $ | 6.47 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 881.30 | $ | 9.59 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.67 | $ | 10.27 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 881.40 | $ | 9.59 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.67 | $ | 10.27 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 884.40 | $ | 7.26 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.16 | $ | 7.77 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 886.70 | $ | 4.88 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.69 | $ | 5.22 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.29%, 2.05%, 2.05%, 1.55%, and 1.04% 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/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2008 of -11.50%, -11.87%, -11.86%, -11.56%, and -11.33% 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 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 908.80 | $ | 6.69 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.85 | $ | 7.07 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 905.50 | $ | 10.23 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.12 | $ | 10.82 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 905.40 | $ | 10.23 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.12 | $ | 10.82 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 909.80 | $ | 5.51 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.10 | $ | 5.82 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended April 30, 2008 of -9.12%, -9.45%, -9.46%, and -9.02% for Class A, Class B, Class C, and Class Y, respectively. |
10 First American Funds 2008 Semiannual Report
Table of Contents
Mid Cap Growth Opportunities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 895.50 | $ | 5.70 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.85 | $ | 6.07 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 892.00 | $ | 9.22 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.12 | $ | 9.82 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 892.10 | $ | 9.22 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.12 | $ | 9.82 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 894.30 | $ | 6.88 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.60 | $ | 7.32 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 896.50 | $ | 4.53 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.09 | $ | 4.82 | ||||||
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/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2008 of -10.45%, -10.80%, -10.79%, -10.57%, and -10.35% 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 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 914.90 | $ | 5.86 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.75 | $ | 6.17 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 911.40 | $ | 9.41 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.02 | $ | 9.92 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 911.40 | $ | 9.41 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.02 | $ | 9.92 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 913.70 | $ | 7.04 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.50 | $ | 7.42 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 916.10 | $ | 4.67 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.99 | $ | 4.92 | ||||||
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/366 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended April 30, 2008 of -8.51%, -8.86%, -8.86%, -8.63%, and -8.39% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds 2008 Semiannual Report 11
Table of Contents
Expense Examples continued
Large Cap Growth Opportunities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 907.90 | $ | 5.64 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.95 | $ | 5.97 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 904.40 | $ | 9.19 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.22 | $ | 9.72 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 904.20 | $ | 9.18 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.22 | $ | 9.72 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 906.80 | $ | 6.83 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.70 | $ | 7.22 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 909.00 | $ | 4.46 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.19 | $ | 4.72 | ||||||
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/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2008 of -9.21%, -9.56%, -9.58%, -9.32%, and -9.10% 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 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 903.10 | $ | 5.73 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.85 | $ | 6.07 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 899.90 | $ | 9.26 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.12 | $ | 9.82 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 897.80 | $ | 9.25 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.12 | $ | 9.82 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 902.10 | $ | 6.86 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.65 | $ | 7.27 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 904.60 | $ | 4.55 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.09 | $ | 4.82 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.21%, 1.96%, 1.96%, 1.45%, 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/366 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended April 30, 2008 of -9.69%, -10.01%, -10.22%, -9.79%, and -9.54% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
12 First American Funds 2008 Semiannual Report
Table of Contents
Large Cap Value Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 928.50 | $ | 5.71 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.95 | $ | 5.97 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 925.10 | $ | 9.29 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.22 | $ | 9.72 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 925.70 | $ | 9.29 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.22 | $ | 9.72 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 927.70 | $ | 6.90 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.70 | $ | 7.22 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 930.00 | $ | 4.51 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.19 | $ | 4.72 | ||||||
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/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2008 of -7.15%, -7.49%, -7.43%, -7.23%, and -7.00% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Balanced Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 964.10 | $ | 5.37 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.39 | $ | 5.52 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 961.10 | $ | 9.02 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.66 | $ | 9.27 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 960.50 | $ | 9.02 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.66 | $ | 9.27 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 962.80 | $ | 6.59 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.15 | $ | 6.77 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 966.30 | $ | 4.16 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.64 | $ | 4.27 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended April 30, 2008 of -3.59%, -3.89%, -3.95%, -3.72%, and -3.37% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds 2008 Semiannual Report 13
Table of Contents
Expense Examples concluded
Equity Income Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 919.50 | $ | 5.58 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.05 | $ | 5.87 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 916.30 | $ | 9.15 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.32 | $ | 9.62 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 916.50 | $ | 9.15 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.32 | $ | 9.62 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 918.90 | $ | 6.77 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.80 | $ | 7.12 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 921.30 | $ | 4.39 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.29 | $ | 4.62 | ||||||
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/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2008 of -8.05%, -8.37%, -8.35%, -8.11%, and -7.87% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
14 First American Funds 2008 Semiannual Report
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Real Estate Securities Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Real Estate Common Stocks (a) – 97.9% | ||||||||
Apartments – 15.3% | ||||||||
American Campus Communities (b) (c) | 245,514 | $ | 7,495 | |||||
Apartment Investment & Management, Class A (b) (c) | 225,723 | 8,347 | ||||||
Avalonbay Communities (b) (c) | 256,886 | 25,624 | ||||||
Boardwalk Real Estate (c) (d) (e) | 217,891 | 8,633 | ||||||
Camden Property Trust (b) (c) | 123,783 | 6,549 | ||||||
Equity Residential Properties Trust (b) (c) | 440,237 | 18,279 | ||||||
Essex Property Trust (b) (c) | 127,672 | 15,193 | ||||||
Home Properties (b) (c) | 216,266 | 11,369 | ||||||
Mid-America Apartment Communities (b) (c) | 174,836 | 9,179 | ||||||
Northern Property (c) (e) | 88,267 | 1,955 | ||||||
Post Properties (b) (c) | 148,927 | 5,466 | ||||||
UDR (b) (c) | 364,066 | 9,204 | ||||||
127,293 | ||||||||
Community Centers – 9.9% | ||||||||
Acadia Realty Trust (c) | 215,207 | 5,518 | ||||||
Developers Diversified Realty (b) (c) | 199,321 | 8,561 | ||||||
Eurocommercial Properties (c) (e) | 18,006 | 1,040 | ||||||
Federal Realty Investment Trust (b) (c) | 258,434 | 21,230 | ||||||
Kimco Realty (b) (c) | 455,222 | 18,168 | ||||||
Kite Realty Group Trust (c) | 143,359 | 1,947 | ||||||
Ramco-Gershenson Properties Trust (c) | 27,527 | 618 | ||||||
Regency Centers (b) (c) | 229,169 | 16,402 | ||||||
Saul Centers (b) (c) | 160,211 | 7,994 | ||||||
Urstadt Biddle Properties, Class A (c) | 11,428 | 193 | ||||||
Weingarten Realty Investors (b) (c) | 23,167 | 855 | ||||||
82,526 | ||||||||
Diversified – 7.9% | ||||||||
Brixton (c) (e) | 1,216,543 | 7,214 | ||||||
Colonial Properties Trust (b) (c) | 216,023 | 5,234 | ||||||
Cousins Properties (b) (c) | 166,671 | 4,235 | ||||||
Forest City Enterprises, Class A | 304,045 | 11,232 | ||||||
Mission West Properties (b) (c) | 49,329 | 587 | ||||||
Standard Parking (d) | 122,410 | 2,623 | ||||||
Vornado Realty Trust (b) (c) | 339,048 | 31,562 | ||||||
Washington Real Estate Investment Trust (b) (c) | 94,268 | 3,349 | ||||||
66,036 | ||||||||
Healthcare – 8.9% | ||||||||
Brookdale Senior Living (b) | 190,278 | 4,981 | ||||||
Capital Senior Living (d) | 710,655 | 6,048 | ||||||
HCP (b) (c) | 461,007 | 16,458 | ||||||
Health Care REIT (b) (c) | 193,593 | 9,379 | ||||||
LTC Properties (c) | 43,508 | 1,185 | ||||||
OMEGA Healthcare Investors (b) (c) | 115,251 | 2,017 | ||||||
Parkway Life (c) (e) | 945,184 | 864 | ||||||
Skilled Healthcare Group, Class A (d) | 351,894 | 4,258 | ||||||
Universal Health Realty Income Trust (c) | 63,852 | 2,142 | ||||||
Ventas (b) (c) | 561,456 | 27,264 | ||||||
74,596 | ||||||||
Hotels – 5.7% | ||||||||
DiamondRock Hospitality (b) (c) | 542,957 | 6,923 | ||||||
Gaylord Entertainment (b) (d) | 28,249 | 837 | ||||||
Hersha Hospitality Trust (c) | 19,270 | 183 | ||||||
Host Marriott (b) (c) | 1,032,995 | 17,767 | ||||||
LaSalle Hotel Properties (b) (c) | 93,785 | 3,008 | ||||||
Marcus | 23,104 | 383 | ||||||
Marriott International, Class A (b) | 444,251 | 15,238 | ||||||
Red Lion Hotels (b) (d) | 75,178 | 713 | ||||||
Strategic Hotels & Resorts (b) (c) | 148,864 | 2,145 | ||||||
47,197 | ||||||||
Industrials – 11.8% | ||||||||
AMB Property (b) (c) | 316,173 | 18,259 | ||||||
American Tower, Class A (d) | 72,787 | 3,160 | ||||||
DCT Industrial Trust (b) (c) | 464,565 | 4,646 | ||||||
EastGroup Properties (b) (c) | 163,962 | 7,823 | ||||||
Forth Ports (e) | 70,972 | 3,072 | ||||||
Kamigumi (e) | 24,734 | 189 | ||||||
Macquarie Infrastructure (b) | 278,006 | 8,229 | ||||||
Mapletree Logistics Trust (c) (e) | 281,083 | 213 | ||||||
Mitsubishi Logistics (e) | 61,482 | 837 | ||||||
Prologis (b) (c) | 675,278 | 42,279 | ||||||
PS Business Parks (b) (c) | 170,206 | 9,743 | ||||||
98,450 | ||||||||
Malls – 13.9% | ||||||||
CBL & Associates Properties (b) (c) | 76,405 | 1,871 | ||||||
General Growth Properties (b) (c) | 473,250 | 19,384 | ||||||
Macerich (b) (c) | 232,172 | 16,979 | ||||||
Simon Property Group (b) (c) | 627,373 | 62,649 | ||||||
Tanger Factory Outlet Centers (b) (c) | 38,733 | 1,563 | ||||||
Taubman Centers (b) (c) | 237,115 | 13,437 | ||||||
115,883 | ||||||||
Manufactured Homes – 0.2% | ||||||||
Equity Lifestyle Properties (b) (c) | 35,449 | 1,753 | ||||||
Net Lease – 2.3% | ||||||||
Entertainment Properties Trust (b) (c) | 54,868 | 2,928 | ||||||
National Retail Properties (b) | 497,430 | 11,396 | ||||||
Realty Income (b) (c) | 178,975 | 4,709 | ||||||
19,033 | ||||||||
Office – 17.0% | ||||||||
Alexandria Real Estate Equities (b) (c) | 147,849 | 15,529 | ||||||
BioMed Realty Trust (b) (c) | 46,965 | 1,221 | ||||||
Boston Properties (b) (c) | 371,408 | 37,323 | ||||||
Brookfield Asset Management, Class A | 132,400 | 4,332 | ||||||
Brookfield Properties (b) | 652,649 | 13,138 | ||||||
Cogdell Spencer (b) (c) | 368,531 | 6,243 | ||||||
Digital Realty Trust (b) (c) | 291,312 | 11,288 | ||||||
Douglas Emmett (b) (c) | 439,484 | 10,442 | ||||||
Duke Realty (b) (c) | 381,051 | 9,305 | ||||||
DuPont Fabros Technology (b) (c) | 219,555 | 3,952 | ||||||
Highwoods Properties (b) (c) | 65,583 | 2,298 | ||||||
Kilroy Realty (b) (c) | 109,788 | 5,744 | ||||||
Maguire Properties (b) (c) | 106,142 | 1,709 | ||||||
SL Green Realty (b) (c) | 204,228 | 18,952 | ||||||
141,476 | ||||||||
Real Estate Service Provider – 0.0% | ||||||||
HFF (d) | 67,576 | 425 | ||||||
Self Storage – 4.9% | ||||||||
Extra Space Storage (b) (c) | 92,771 | 1,562 | ||||||
Public Storage (b) (c) | 392,426 | 35,593 | ||||||
Sovran Self Storage (b) (c) | 79,447 | 3,551 | ||||||
40,706 | ||||||||
Student Housing – 0.1% | ||||||||
Education Realty Trust (c) | 56,659 | 756 | ||||||
Total Real Estate Common Stocks | ||||||||
(Cost $657,338) | 816,130 | |||||||
First American Funds 2008 Semiannual Report 15
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Real Estate Securities Fund (concluded) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Investment Companies – 0.8% | ||||||||
Macquarie Global Infrastructure Total Return Fund (b) | 131,504 | $ | 3,678 | |||||
Seligman Lasalle International Real Estate (b) | 74,211 | 1,243 | ||||||
SPDR Macquarie Global Infrastructure 100 Index (b) | 20,596 | 1,194 | ||||||
Total Investment Companies | ||||||||
(Cost $6,110) | 6,115 | |||||||
Private Real Estate Company – 0.0% | ||||||||
Newcastle Investment Holdings (d) (f) (g) | ||||||||
(Cost $153) | 35,000 | 117 | ||||||
Short-Term Investment – 2.1% | ||||||||
First American Prime Obligations Fund, Class Z (h) | ||||||||
(Cost $17,583) | 17,582,822 | 17,583 | ||||||
Investment Purchased with Proceeds from Securities Lending – 50.9% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (i) | ||||||||
(Cost $424,000) | 424,000,374 | 424,000 | ||||||
Total Investments – 151.7% | ||||||||
(Cost $1,105,184) | 1,263,945 | |||||||
Other Assets and Liabilities, Net – (51.7)% | (430,412 | ) | ||||||
Total Net Assets – 100.0% | $ | 833,533 | ||||||
(a) | The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 7 in Notes to Financial Statements. |
(b) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $405,632 at April 30, 2008. See note 2 in Notes to Financial Statements. |
(c) | Real Estate Investment Trust. As of April 30, 2008, the market value of these investments was $725,039, or 87.0% of total net assets. |
(d) | Non-income producing security. |
(e) | Foreign denominated security values stated in U.S. dollars. |
(f) | Security is considered illiquid or restricted. As of April 30, 2008, the value of this investment was $117 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(g) | Security is fair valued. As of April 30, 2008, the value of this investment was $117 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(h) | 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. |
(i) | 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 |
The accompanying notes are an integral part of the financial statements.
16 First American Funds 2008 Semiannual Report
Table of Contents
Real Estate Securities Fund (concluded)
Statement ofAssets and Liabilities | April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Real Estate | ||||||
Securities Fund | ||||||
Unaffiliated investments, at cost | $ | 663,601 | ||||
Affiliated money market fund, at cost | 17,583 | |||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 424,000 | |||||
ASSETS: | ||||||
Unaffiliated investments, at value* (note 2) | $ | 822,362 | ||||
Affiliated money market fund, at value (note 2) | 17,583 | |||||
Affiliated investment purchased with proceeds from securities lending, at value (note 2) | 424,000 | |||||
Cash | 16 | |||||
Receivable for dividends and interest | 699 | |||||
Receivable for investments sold | 21,288 | |||||
Receivable for capital shares sold | 2,330 | |||||
Prepaid expenses and other assets | 47 | |||||
Total assets | 1,288,325 | |||||
LIABILITIES: | ||||||
Payable for investments purchased | 29,277 | |||||
Payable upon return of securities loaned (note 2) | 424,000 | |||||
Payable for capital shares redeemed | 820 | |||||
Payable to affiliates (note 3) | 614 | |||||
Payable for distribution and shareholder servicing fees | 58 | |||||
Accrued expenses and other liabilities | 23 | |||||
Total liabilities | 454,792 | |||||
Net assets | $ | 833,533 | ||||
COMPOSITION OF NET ASSETS: | ||||||
Portfolio capital | $ | 741,605 | ||||
Undistributed net investment income | 2,739 | |||||
Accumulated net realized loss on investments | (69,572 | ) | ||||
Net unrealized appreciation of investments | 158,761 | |||||
Net assets | $ | 833,533 | ||||
* Including securities loaned, at value | $ | 405,632 | ||||
Class A: | ||||||
Net assets | $ | 166,713 | ||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 8,644 | |||||
Net asset value and redemption price per share | $ | 19.29 | ||||
Maximum offering price per share1 | $ | 20.41 | ||||
Class B: | ||||||
Net assets | $ | 5,687 | ||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 301 | |||||
Net asset value, offering price, and redemption price per share2 | $ | 18.86 | ||||
Class C: | ||||||
Net assets | $ | 15,115 | ||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 798 | |||||
Net asset value, offering price, and redemption price per share2 | $ | 18.95 | ||||
Class R: | ||||||
Net assets | $ | 20,860 | ||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 1,071 | |||||
Net asset value, offering price, and redemption price per share | $ | 19.48 | ||||
Class Y: | ||||||
Net assets | $ | 625,158 | ||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 32,104 | |||||
Net asset value, offering price, and redemption price per share | $ | 19.47 | ||||
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 2008 Semiannual Report 17
Table of Contents
Real Estate Securities Fund (concluded)
Statement ofOperations | For the six-month period ended April 30, 2008 (unaudited), all dollars are rounded to thousands (000) |
Real Estate | ||||||
Securities Fund | ||||||
INVESTMENT INCOME: | ||||||
Dividends from unaffiliated investments | $ | 15,801 | ||||
Dividends from affiliated money market fund | 181 | |||||
Less: Foreign taxes withheld | (69 | ) | ||||
Securities lending income | 618 | |||||
Total investment income | 16,531 | |||||
EXPENSES (note 3): | ||||||
Investment advisory fees | 2,582 | |||||
Administration fees | 818 | |||||
Transfer agent fees | 94 | |||||
Custodian fees | 19 | |||||
Legal fees | 7 | |||||
Audit fees | 15 | |||||
Registration fees | 32 | |||||
Postage and printing fees | 30 | |||||
Directors’ fees | 13 | |||||
Other expenses | 10 | |||||
Distribution and shareholder servicing fees – Class A | 202 | |||||
Distribution and shareholder servicing fees – Class B | 29 | |||||
Distribution and shareholder servicing fees – Class C | 72 | |||||
Distribution and shareholder servicing fees – Class R | 42 | |||||
Total expenses | 3,965 | |||||
Less: Fee waivers (note 3) | (5 | ) | ||||
Less: Indirect payments from custodian (note 3) | (3 | ) | ||||
Total net expenses | 3,957 | |||||
Investment income – net | 12,574 | |||||
REALIZED AND UNREALIZED LOSSES ON INVESTMENTS – NET (note 5): | ||||||
Net realized loss on investments | (55,802 | ) | ||||
Net change in unrealized appreciation or depreciation of investments | (11,735 | ) | ||||
Net loss on investments | (67,537 | ) | ||||
Net decrease in net assets resulting from operations | $ | (54,963 | ) | |||
The accompanying notes are an integral part of the financial statements.
18 First American Funds 2008 Semiannual Report
Table of Contents
Real Estate Securities Fund (concluded)
Statements ofChanges in Net Assets | all dollars are rounded to thousands (000) |
Real Estate | ||||||||||
Securities Fund | ||||||||||
Six-Month | ||||||||||
Period Ended | ||||||||||
4/30/08 | Year Ended | |||||||||
(unaudited) | 10/31/07 | |||||||||
OPERATIONS: | ||||||||||
Investment income – net | $ | 12,574 | $ | 20,209 | ||||||
Net realized gain (loss) on unaffiliated investments | (55,802 | ) | 78,326 | |||||||
Net change in unrealized appreciation or depreciation of investments | (11,735 | ) | (95,107 | ) | ||||||
Net increase (decrease) in net assets resulting from operations | (54,963 | ) | 3,428 | |||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||
Investment income – net: | ||||||||||
Class A | (2,037 | ) | (3,489 | ) | ||||||
Class B | (50 | ) | (76 | ) | ||||||
Class C | (128 | ) | (197 | ) | ||||||
Class R | (197 | ) | (229 | ) | ||||||
Class Y | (7,416 | ) | (11,675 | ) | ||||||
Net realized gain on investments: | ||||||||||
Class A | (22,068 | ) | (21,330 | ) | ||||||
Class B | (816 | ) | (722 | ) | ||||||
Class C | (2,036 | ) | (1,281 | ) | ||||||
Class R | (2,193 | ) | (931 | ) | ||||||
Class Y | (68,466 | ) | (65,821 | ) | ||||||
Total distributions | (105,407 | ) | (105,751 | ) | ||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||
Class A: | ||||||||||
Proceeds from sales | 32,344 | 105,664 | ||||||||
Reinvestment of distributions | 23,120 | 22,640 | ||||||||
Payments for redemptions | (52,929 | ) | (127,551 | ) | ||||||
Increase in net assets from Class A transactions | 2,535 | 753 | ||||||||
Class B: | ||||||||||
Proceeds from sales | 317 | 3,037 | ||||||||
Reinvestment of distributions | 749 | 730 | ||||||||
Payments for redemptions (note 3) | (1,319 | ) | (2,757 | ) | ||||||
Increase (decrease) in net assets from Class B transactions | (253 | ) | 1,010 | |||||||
Class C: | ||||||||||
Proceeds from sales | 2,137 | 16,692 | ||||||||
Reinvestment of distributions | 1,688 | 1,193 | ||||||||
Payments for redemptions (note 3) | (3,539 | ) | (9,390 | ) | ||||||
Increase in net assets from Class C transactions | 286 | 8,495 | ||||||||
Class R: | ||||||||||
Proceeds from sales | 9,401 | 23,035 | ||||||||
Reinvestment of distributions | 2,390 | 1,152 | ||||||||
Payments for redemptions | (5,929 | ) | (13,301 | ) | ||||||
Increase in net assets from Class R transactions | 5,862 | 10,886 | ||||||||
Class Y: | ||||||||||
Proceeds from sales | 163,938 | 200,077 | ||||||||
Reinvestment of distributions | 46,430 | 42,649 | ||||||||
Payments for redemptions | (124,862 | ) | (275,626 | ) | ||||||
Increase (decrease) in net assets from Class Y transactions | 85,506 | (32,900 | ) | |||||||
Increase (decrease) in net assets from capital share transactions | 93,936 | (11,756 | ) | |||||||
Total decrease in net assets | (66,434 | ) | (114,079 | ) | ||||||
Net assets at beginning of period | 899,967 | 1,014,046 | ||||||||
Net assets at end of period | $ | 833,533 | $ | 899,967 | ||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | 2,739 | $ | (7 | ) | |||||
First American Funds 2008 Semiannual Report 19
Table of Contents
Real Estate Securities Fund (concluded)
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | |||||||||||||||||||||||||
Value | Net | Gains | from Net | Distributions | Value | |||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | from Net | End of | |||||||||||||||||||||||
of Period | Income | Investments | Income | Realized Gains | Period | |||||||||||||||||||||||
Real Estate Securities Fund1 | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
20082 | $ | 23.99 | $ | 0.31 | $ | (2.04 | ) | $ | (0.23 | ) | $ | (2.74 | ) | $ | 19.29 | |||||||||||||
20073 | 26.49 | 0.47 | (0.24 | ) | (0.36 | ) | (2.37 | ) | 23.99 | |||||||||||||||||||
20063 | 21.42 | 0.47 | 7.77 | (0.58 | ) | (2.59 | ) | 26.49 | ||||||||||||||||||||
20054 | 21.81 | 0.03 | (0.42 | ) | — | — | 21.42 | |||||||||||||||||||||
20055 | 18.62 | 0.69 | 4.47 | (0.55 | ) | (1.42 | ) | 21.81 | ||||||||||||||||||||
20045 | 16.00 | 0.63 | 3.21 | (0.62 | ) | (0.60 | ) | 18.62 | ||||||||||||||||||||
20035 | 13.68 | 0.69 | 2.65 | (0.69 | ) | (0.33 | ) | 16.00 | ||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||
20082 | $ | 23.53 | $ | 0.23 | $ | (2.00 | ) | $ | (0.16 | ) | $ | (2.74 | ) | $ | 18.86 | |||||||||||||
20073 | 26.08 | 0.27 | (0.22 | ) | (0.23 | ) | (2.37 | ) | 23.53 | |||||||||||||||||||
20063 | 21.14 | 0.29 | 7.66 | �� | (0.42 | ) | (2.59 | ) | 26.08 | |||||||||||||||||||
20054 | 21.53 | 0.01 | (0.40 | ) | — | — | 21.14 | |||||||||||||||||||||
20055 | 18.41 | 0.54 | 4.40 | (0.40 | ) | (1.42 | ) | 21.53 | ||||||||||||||||||||
20045 | 15.85 | 0.50 | 3.17 | (0.51 | ) | (0.60 | ) | 18.41 | ||||||||||||||||||||
20035 | 13.55 | 0.57 | 2.64 | (0.58 | ) | (0.33 | ) | 15.85 | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
20082 | $ | 23.62 | $ | 0.23 | $ | (2.00 | ) | $ | (0.16 | ) | $ | (2.74 | ) | $ | 18.95 | |||||||||||||
20073 | 26.17 | 0.26 | (0.21 | ) | (0.23 | ) | (2.37 | ) | 23.62 | |||||||||||||||||||
20063 | 21.21 | 0.28 | 7.70 | (0.43 | ) | (2.59 | ) | 26.17 | ||||||||||||||||||||
20054 | 21.61 | 0.01 | (0.41 | ) | — | — | 21.21 | |||||||||||||||||||||
20055 | 18.47 | 0.54 | 4.42 | (0.40 | ) | (1.42 | ) | 21.61 | ||||||||||||||||||||
20045 | 15.89 | 0.50 | 3.19 | (0.51 | ) | (0.60 | ) | 18.47 | ||||||||||||||||||||
20035 | 13.62 | 0.59 | 2.62 | (0.61 | ) | (0.33 | ) | 15.89 | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
20082 | $ | 24.20 | $ | 0.28 | $ | (2.05 | ) | $ | (0.21 | ) | $ | (2.74 | ) | $ | 19.48 | |||||||||||||
20073 | 26.72 | 0.38 | (0.21 | ) | (0.32 | ) | (2.37 | ) | 24.20 | |||||||||||||||||||
20063 | 21.61 | 0.35 | 7.90 | (0.55 | ) | (2.59 | ) | 26.72 | ||||||||||||||||||||
20054 | 22.00 | 0.02 | (0.41 | ) | — | — | 21.61 | |||||||||||||||||||||
20055 | 18.80 | 0.72 | 4.43 | (0.53 | ) | (1.42 | ) | 22.00 | ||||||||||||||||||||
20045 | 16.00 | 0.61 | 3.24 | (0.45 | ) | (0.60 | ) | 18.80 | ||||||||||||||||||||
20035 | 13.69 | 0.69 | 2.64 | (0.69 | ) | (0.33 | ) | 16.00 | ||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||
20082 | $ | 24.18 | $ | 0.33 | $ | (2.05 | ) | $ | (0.25 | ) | $ | (2.74 | ) | $ | 19.47 | |||||||||||||
20073 | 26.67 | 0.53 | (0.24 | ) | (0.41 | ) | (2.37 | ) | 24.18 | |||||||||||||||||||
20063 | 21.54 | 0.53 | 7.82 | (0.63 | ) | (2.59 | ) | 26.67 | ||||||||||||||||||||
20054 | 21.92 | 0.03 | (0.41 | ) | — | — | 21.54 | |||||||||||||||||||||
20055 | 18.71 | 0.74 | 4.49 | (0.60 | ) | (1.42 | ) | 21.92 | ||||||||||||||||||||
20045 | 16.06 | 0.69 | 3.22 | (0.66 | ) | (0.60 | ) | 18.71 | ||||||||||||||||||||
20035 | 13.73 | 0.73 | 2.66 | (0.73 | ) | (0.33 | ) | 16.06 | ||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | 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.
20 First American Funds 2008 Semiannual Report
Table of Contents
Real Estate Securities Fund (concluded)
Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income to | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Average | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(6.06 | )% | $ | 166,713 | 1.23 | % | 3.30 | % | 1.23 | % | 3.30 | % | 83 | % | ||||||||||||||||||||||
0.78 | 203,101 | 1.22 | 1.87 | 1.22 | 1.87 | 210 | |||||||||||||||||||||||||||||
43.25 | 228,186 | 1.23 | 2.06 | 1.23 | 2.06 | 161 | |||||||||||||||||||||||||||||
(1.79 | ) | 133,339 | 1.23 | 1.48 | 1.23 | 1.48 | 11 | ||||||||||||||||||||||||||||
28.99 | 135,745 | 1.23 | 3.43 | 1.25 | 3.41 | 118 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(6.42 | )% | $ | 5,687 | 1.98 | % | 2.57 | % | 1.98 | % | 2.57 | % | 83 | % | ||||||||||||||||||||||
— | 7,391 | 1.97 | 1.12 | 1.97 | 1.12 | 210 | |||||||||||||||||||||||||||||
42.17 | 7,288 | 1.98 | 1.30 | 1.98 | 1.30 | 161 | |||||||||||||||||||||||||||||
(1.81 | ) | 4,419 | 1.98 | 0.74 | 1.98 | 0.74 | 11 | ||||||||||||||||||||||||||||
27.98 | 4,700 | 1.98 | 2.69 | 2.00 | 2.67 | 118 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(6.39 | )% | $ | 15,115 | 1.98 | % | 2.57 | % | 1.98 | % | 2.57 | % | 83 | % | ||||||||||||||||||||||
0.03 | 18,403 | 1.97 | 1.06 | 1.97 | 1.06 | 210 | |||||||||||||||||||||||||||||
42.16 | 12,281 | 1.98 | 1.25 | 1.98 | 1.25 | 161 | |||||||||||||||||||||||||||||
(1.85 | ) | 4,669 | 1.98 | 0.75 | 1.98 | 0.75 | 11 | ||||||||||||||||||||||||||||
28.00 | 4,954 | 1.98 | 2.68 | 2.00 | 2.66 | 118 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
�� | |||||||||||||||||||||||||||||||||||
(6.20 | )% | $ | 20,860 | 1.48 | % | 2.99 | % | 1.48 | % | 2.99 | % | 83 | % | ||||||||||||||||||||||
0.52 | 18,493 | 1.47 | 1.52 | 1.47 | 1.52 | 210 | |||||||||||||||||||||||||||||
42.87 | 9,423 | 1.48 | 1.50 | 1.60 | 1.38 | 161 | |||||||||||||||||||||||||||||
(1.77 | ) | 57 | 1.48 | 1.23 | 1.63 | 1.08 | 11 | ||||||||||||||||||||||||||||
28.60 | 36 | 1.48 | 3.37 | 1.65 | 3.20 | 118 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(5.94 | )% | $ | 625,158 | 0.98 | % | 3.48 | % | 0.98 | % | 3.48 | % | 83 | % | ||||||||||||||||||||||
1.01 | 652,579 | 0.97 | 2.12 | 0.97 | 2.12 | 210 | |||||||||||||||||||||||||||||
43.58 | 756,868 | 0.98 | 2.31 | 0.98 | 2.31 | 161 | |||||||||||||||||||||||||||||
(1.73 | ) | 504,655 | 0.98 | 1.74 | 0.98 | 1.74 | 11 | ||||||||||||||||||||||||||||
29.25 | 525,196 | 0.98 | 3.66 | 1.00 | 3.64 | 118 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 21
Table of Contents
Real Estate Securities Fund (concluded)
Schedule of Investments April 30, 2008 (unaudited), all dollars rounded to thousands (000)
Real Estate Securities Fund (concluded)
Global Infrastructure Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 99.9% | ||||||||
Argentina – 1.3% | ||||||||
Cia de Transporte de Electrica de Alta Tension Transener (a) | 55,000 | $ | 24 | |||||
Empresa Distribuidora y Comercializadora Norte – ADR (a) | 714 | 13 | ||||||
Transportadora de Gas del Sur – ADR (a) | 6,121 | 26 | ||||||
63 | ||||||||
Australia – 6.9% | ||||||||
Asciano Group | 5,656 | 21 | ||||||
Ausnet | 7,810 | 9 | ||||||
Macquarie Airports | 44,128 | 131 | ||||||
Macquarie Infrastructure Group | 31,502 | 84 | ||||||
Spark Infrastructure Group (a) | 19,217 | 32 | ||||||
Transurban Group | 10,961 | 71 | ||||||
348 | ||||||||
Belgium – 1.2% | ||||||||
Elia System Operator (a) | 1,326 | 59 | ||||||
Brazil – 4.6% | ||||||||
Companhia de Concessoes Rodoviarias | 2,000 | 38 | ||||||
Companhia de Transmissao Energia Electrica Paulista | 2,500 | 65 | ||||||
Companhia de Saneamento Basico do Estado de Sao Paulo – ADR | 371 | 19 | ||||||
Companhia Energetica de Minas Gerais – ADR | 619 | 13 | ||||||
Companhia Paranaense de Energia-Copel – ADR | 613 | 11 | ||||||
CPFL Energia – ADR | 8 | 1 | ||||||
Santos Brasil Participacoes (a) | 2,800 | 48 | ||||||
Ultrapar Participacoes – ADR | 962 | 35 | ||||||
230 | ||||||||
Canada – 5.3% | ||||||||
Brookfield Asset Management, Class A | 249 | 8 | ||||||
Canadian Hydro Developers (a) | 4,067 | 24 | ||||||
Enbridge | 2,148 | 89 | ||||||
Sino-Forest (a) | 1,216 | 18 | ||||||
TransCanada | 3,051 | 112 | ||||||
Westshore Terminals Income Fund | 774 | 13 | ||||||
264 | ||||||||
China – 2.3% | ||||||||
Beijing Capital International Airport, Class H | 16,000 | 16 | ||||||
Dalian Port, Class H | 52,000 | 34 | ||||||
Guangshen Railway – ADR (a) | 444 | 13 | ||||||
Jiangsu Expressway, Class H | 38,000 | 35 | ||||||
Zhejiang Expressway, Class H | 16,000 | 17 | ||||||
115 | ||||||||
Denmark – 0.6% | ||||||||
AP Moller – Maersk, Class B | 3 | 31 | ||||||
Finland – 0.9% | ||||||||
Fortum Oyj | 1,009 | 43 | ||||||
France – 8.3% | ||||||||
Aeroports de Paris | 280 | 33 | ||||||
EDF Energies Nouvelles | 610 | 41 | ||||||
Electricite de France | 400 | 42 | ||||||
Rubis | 439 | 39 | ||||||
Seche Environnement | 96 | 14 | ||||||
Societe des Autoroutes Paris-Rhin-Rhone (a) | 385 | 46 | ||||||
Suez | 600 | 42 | ||||||
Suez – ADR | 754 | 53 | ||||||
Veolia Environnement – ADR | 1,138 | 83 | ||||||
Vinci | 311 | 23 | ||||||
416 | ||||||||
Germany – 4.5% | ||||||||
E.ON | 400 | 81 | ||||||
Eurokai KGaA | 125 | 15 | ||||||
Fraport | 1,294 | 93 | ||||||
RWE | 300 | 35 | ||||||
224 | ||||||||
Great Britain – 7.5% | ||||||||
Centrica | 8,345 | 48 | ||||||
Forth Ports | 805 | 35 | ||||||
National Grid – ADR | 2,092 | 148 | ||||||
Scottish & Southern Energy | 2,200 | 61 | ||||||
Serco Group | 4,583 | 40 | ||||||
United Utilities – ADR | 1,616 | 46 | ||||||
378 | ||||||||
Hong Kong – 5.1% | ||||||||
China Merchants Holdings International | 14,000 | 72 | ||||||
China Water Affairs Group (a) | 76,000 | 25 | ||||||
Cosco Pacific | 14,000 | 26 | ||||||
Guangdong Investment | 130,000 | 64 | ||||||
Hutchison Whampoa – ADR | 572 | 28 | ||||||
MTR | 3,500 | 12 | ||||||
NWS | 10,000 | 28 | ||||||
255 | ||||||||
India – 0.6% | ||||||||
Gail India – GDR | 461 | 31 | ||||||
Reliance Energy – GDR (a) | 14 | 1 | ||||||
32 | ||||||||
Italy – 7.3% | ||||||||
Atlantia | 5,381 | 176 | ||||||
Enel | 2,120 | 23 | ||||||
Gemina | 13,000 | 18 | ||||||
Snam Rete Gas | 15,342 | 97 | ||||||
Terna | 12,469 | 55 | ||||||
369 | ||||||||
Japan – 1.9% | ||||||||
Japan Airport Terminal | 1,350 | 27 | ||||||
Kamigumi | 3,000 | 23 | ||||||
Mitsubishi Logistics | 242 | 3 | ||||||
Park24 | 4,800 | 44 | ||||||
97 | ||||||||
Mexico – 1.6% | ||||||||
Empresas ICA – ADR (a) | 1,567 | 38 | ||||||
Grupo Aeroportuario del Centro Norte – ADR (a) | 384 | 8 | ||||||
Grupo Aeroportuario del Pacifico – ADR | 550 | 23 | ||||||
Grupo Aeroportuario del Sureste – ADR | 182 | 10 | ||||||
79 | ||||||||
Netherlands – 0.9% | ||||||||
Koninklijke Vopak | 633 | 43 | ||||||
New Zealand – 2.4% | ||||||||
Auckland International Airport | 23,149 | 39 | ||||||
Infratil | 19,574 | 36 | ||||||
Port of Tauranga | 8,670 | 43 | ||||||
Vector (a) | 2,950 | 5 | ||||||
123 | ||||||||
Norway – 0.7% | ||||||||
Hafslund, Class B | 1,700 | 37 | ||||||
The accompanying notes are an integral part of the financial statements.
22 First American Funds 2008 Semiannual Report
Table of Contents
Real Estate Securities Fund (concluded)
Real Estate Securities Fund (concluded)
Global Infrastructure Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Portugal – 1.6% | ||||||||
Brisa-Auto Estradas | 4,290 | $ | 61 | |||||
Redes Energeticas Nacionais (a) | 3,907 | 21 | ||||||
82 | ||||||||
Russia – 0.6% | ||||||||
Novorossiysk Sea Trade Port – GDR (a) | 734 | 11 | ||||||
RAO Unified Energy System of Russia – GDR (a) | 225 | 21 | ||||||
32 | ||||||||
Singapore – 3.3% | ||||||||
Parkway Holdings | 7,000 | 18 | ||||||
Singapore Airport Terminal Services | 37,000 | 64 | ||||||
Singapore Post | 48,000 | 41 | ||||||
SMRT | 33,000 | 44 | ||||||
167 | ||||||||
South Korea – 0.5% | ||||||||
Korea Electric Power – ADR (a) | 1,540 | 25 | ||||||
Spain – 9.8% | ||||||||
Abertis Infraestructuras | 3,010 | 100 | ||||||
Acciona | 189 | 54 | ||||||
Cintra Concesiones de Infraestructuras de Transporte (a) | 7,684 | 119 | ||||||
Enagas | 1,776 | 54 | ||||||
Iberdrola – ADR | 1,218 | 71 | ||||||
Iberdrola (a) | 3,868 | 56 | ||||||
Red Electrica de Espana | 622 | 40 | ||||||
494 | ||||||||
Switzerland – 1.9% | ||||||||
BKW FMB Energie (a) | 791 | 97 | ||||||
United States – 18.3% | ||||||||
American Tower, Class A (a) | 753 | 33 | ||||||
Aqua America | 1,300 | 24 | ||||||
Consolidated Edison | 456 | 19 | ||||||
Covanta Holding (a) | 1,992 | 53 | ||||||
Crosstex Energy | 789 | 27 | ||||||
Digital Realty Trust – REIT | 130 | 5 | ||||||
DuPont Fabros Technology – REIT | 302 | 5 | ||||||
El Paso | 5,330 | 91 | ||||||
Enbridge Energy Management (a) | 789 | 41 | ||||||
EnergySouth | 30 | 2 | ||||||
Entergy | 229 | 26 | ||||||
Exelon | 228 | 19 | ||||||
FPL Group | 871 | 58 | ||||||
Geo Group (a) | 852 | 23 | ||||||
Great Lakes Dredge & Dock | 785 | 5 | ||||||
ITC Holdings | 407 | 23 | ||||||
Kinder Morgan Management (a) | 494 | 27 | ||||||
Macquarie Infrastructure | 1,774 | 52 | ||||||
Nicor | 823 | 29 | ||||||
Northeast Utilities | 3,729 | 98 | ||||||
NSTAR | 795 | 26 | ||||||
ONEOK | 400 | 19 | ||||||
Quanta Services (a) | 19 | — | ||||||
Sempra Energy | 349 | 20 | ||||||
Spectra Energy | 2,266 | 56 | ||||||
Standard Parking (a) | 1,395 | 30 | ||||||
Williams | 2,136 | 76 | ||||||
Wisconsin Energy | 668 | 32 | ||||||
919 | ||||||||
Total Common Stocks | ||||||||
(Cost $5,063) | 5,022 | |||||||
Short-Term Investment – 1.4% | ||||||||
State Street GA Prime Fund | ||||||||
(Cost $69) | 68,568 | 69 | ||||||
Total Investments – 101.3% | ||||||||
(Cost $5,132) | 5,091 | |||||||
Other Assets and Liabilities, Net – (1.3)% | (66 | ) | ||||||
Total Net Assets – 100.0% | $ | 5,025 | ||||||
(a) | Non-income producing security. |
ADR – | American Depository Receipt |
GDR – | Global Depository Receipt |
REIT – | Real Estate Investment Trust |
At April 30, 2008, sector diversification of the fund was as follows:
% of | ||||||||
Net Assets | Value | |||||||
Foreign Common Stock | ||||||||
Industrials* | 44.1 | % | $ | 2,216 | ||||
Utilities* | 40.6 | 2,039 | ||||||
Energy | 12.0 | 602 | ||||||
Financials | 1.4 | 71 | ||||||
Telecommunication Services | 0.7 | 33 | ||||||
Consumer Discretionary | 0.5 | 25 | ||||||
Materials | 0.3 | 18 | ||||||
Healthcare | 0.3 | 18 | ||||||
Total Foreign Common Stock | 99.9 | 5,022 | ||||||
Total Short-Term Investment | 1.4 | 69 | ||||||
Total Investments | 101.3 | 5,091 | ||||||
Other Assets and Liabilities, Net | (1.3 | ) | (66 | ) | ||||
Net Assets | 100 | % | $ | 5,025 | ||||
* | The fund is significantly invested in these sectors and therefore subject to additional risks. See note 7 in Notes to Financial Statements. |
First American Funds 2008 Semiannual Report 23
Table of Contents
Fund (concluded)
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Fund (concluded)
International Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 99.0% | ||||||||
Australia – 2.5% | ||||||||
BHP Billiton (a) | 707,370 | $ | 28,515 | |||||
Rio Tinto (a) | 51,482 | 6,644 | ||||||
35,159 | ||||||||
Belgium – 1.7% | ||||||||
Dexia (a) | 407,078 | 11,236 | ||||||
Fortis (a) | 477,600 | 12,958 | ||||||
24,194 | ||||||||
Brazil – 2.7% | ||||||||
Companhia Vale do Rio Doce – ADR | 473,052 | 18,487 | ||||||
Petroleo Brasileiro – ADR | 157,045 | 19,068 | ||||||
37,555 | ||||||||
Egypt – 0.2% | ||||||||
Orascom Construction Industries – GDR | 20,223 | 3,316 | ||||||
Finland – 1.6% | ||||||||
Nokia Oyj | 745,525 | 22,414 | ||||||
France – 13.2% | ||||||||
Accor (a) | 171,157 | 14,102 | ||||||
Axa (a) | 597,995 | 22,095 | ||||||
BNP Paribas | 210,889 | 22,482 | ||||||
Compagnie de Saint-Gobain (a) | 139,100 | 11,066 | ||||||
Imerys (a) | 122,340 | 10,542 | ||||||
Lafarge (a) | 126,670 | 22,713 | ||||||
Pernod-Ricard (a) | 156,500 | 17,897 | ||||||
Sanofi-Aventis | 126,814 | 9,775 | ||||||
Total | 635,075 | 53,198 | ||||||
183,870 | ||||||||
Germany – 8.1% | ||||||||
Bayer (a) | 167,350 | 14,134 | ||||||
Deutsche Post | 350,800 | 10,901 | ||||||
E.ON (a) | 151,832 | 30,867 | ||||||
Linde (a) | 76,442 | 11,143 | ||||||
SAP (a) | 311,430 | 15,754 | ||||||
Siemens | 187,460 | 22,044 | ||||||
Symrise (b) | 291,154 | 7,224 | ||||||
112,067 | ||||||||
Great Britain – 18.4% | ||||||||
Barclays | 2,009,500 | 18,170 | ||||||
BG Group | 967,606 | 23,664 | ||||||
British Land | 330,000 | 5,477 | ||||||
Burberry Group | 1,273,600 | 12,155 | ||||||
Centrica | 930,542 | 5,410 | ||||||
GlaxoSmithKline | 778,862 | 17,229 | ||||||
ICAP | 1,195,553 | 13,802 | ||||||
Kingfisher | 825,741 | 2,158 | ||||||
Man Group | 1,102,850 | 12,620 | ||||||
Morrison Supermarket | 2,208,700 | 12,500 | ||||||
Rio Tinto PLC | 59,800 | 6,971 | ||||||
Smith & Nephew | 901,259 | 11,652 | ||||||
Standard Chartered | 763,183 | 26,966 | ||||||
Tesco | 3,181,979 | 26,950 | ||||||
Vodafone | 10,285,025 | 32,549 | ||||||
Wolseley | 950,000 | 9,500 | ||||||
WPP Group | 1,428,703 | 17,413 | ||||||
255,186 | ||||||||
Greece – 0.7% | ||||||||
Piraeus Bank | 276,094 | 9,376 | ||||||
Hong Kong – 4.4% | ||||||||
Esprit Holdings | 932,000 | 11,477 | ||||||
Hang Lung Properties | 2,057,000 | 8,367 | ||||||
HSBC (a) | 2,380,800 | 41,261 | ||||||
61,105 | ||||||||
Italy – 4.8% | ||||||||
Banca Intesa | 1,884,829 | 14,012 | ||||||
Eni | 1,022,961 | 39,372 | ||||||
UniCredit (a) | 1,836,381 | 13,840 | ||||||
67,224 | ||||||||
Japan – 19.8% | ||||||||
Astellas Pharma | 326,700 | 13,448 | ||||||
Canon | 318,500 | 16,014 | ||||||
Daikin Industries | 152,700 | 7,642 | ||||||
East Japan Railway | 1,011 | 8,068 | ||||||
Honda Motor | 609,500 | 19,453 | ||||||
Japan Tobacco | 2,657 | 12,920 | ||||||
KOMATSU | 422,300 | 12,852 | ||||||
Mitsubishi | 837,500 | 26,960 | ||||||
Mitsubishi UFJ Financial Group | 905,700 | 9,980 | ||||||
Mitsui Fudosan | 722,000 | 18,245 | ||||||
Mizuho Financial Group (a) | 1,377 | 7,166 | ||||||
Murata Manufacturing | 212,900 | 11,261 | ||||||
Nidec (a) | 193,400 | 14,612 | ||||||
Nippon Oil | 925 | 6 | ||||||
Nissan Motor | 1,133,500 | 10,108 | ||||||
Nitto Denko | 165,900 | 6,871 | ||||||
Nomura Holdings | 449,500 | 7,849 | ||||||
Shin-Etsu Chemical | 264,100 | 16,353 | ||||||
SMC | 68,100 | 7,959 | ||||||
Sony (a) | 412,500 | 19,018 | ||||||
Sumitomo | 1,006,800 | 13,555 | ||||||
Sumitomo Mitsui Financial Group (a) | 1,795 | 15,447 | ||||||
275,787 | ||||||||
Mexico – 0.9% | ||||||||
America Movil, Series L – ADR | 68,600 | 3,976 | ||||||
Fomento Economico Mexicano – ADR | 190,200 | 8,264 | ||||||
12,240 | ||||||||
Netherlands – 4.0% | ||||||||
ING Group (a) | 541,610 | 20,517 | ||||||
Philips Electronics | 336,142 | 12,635 | ||||||
Reed Elsevier (a) | 659,749 | 12,373 | ||||||
Wolters Kluwer (a) | 347,566 | 9,276 | ||||||
54,801 | ||||||||
Norway – 0.5% | ||||||||
Norsk Hydro | 493,200 | 7,252 | ||||||
South Korea – 0.8% | ||||||||
Samsung Electronics | 15,830 | 11,222 | ||||||
Spain – 3.4% | ||||||||
Banco Bilbano Vizcaya Argentaria | 606,784 | 13,917 | ||||||
Industria de Diseno Textil | 184,000 | 9,963 | ||||||
Telefonica | 800,460 | 23,001 | ||||||
46,881 | ||||||||
Switzerland – 10.4% | ||||||||
ABB | 627,925 | 19,161 | ||||||
Adecco (a) | 238,900 | 14,220 | ||||||
Holcim (a) | 160,000 | 15,612 | ||||||
Nestle | 71,617 | 34,181 | ||||||
Novartis | 386,397 | 19,476 |
The accompanying notes are an integral part of the financial statements.
24 First American Funds 2008 Semiannual Report
Table of Contents
Fund (concluded)
International Fund (concluded) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Roche | 141,270 | $ | 23,377 | |||||
Zurich Financial Services | 61,500 | 18,639 | ||||||
144,666 | ||||||||
Taiwan – 0.9% | ||||||||
Taiwan Semiconductor Manufacturing – ADR | 1,137,998 | 12,791 | ||||||
Total Common Stocks | ||||||||
(Cost $992,474) | 1,377,106 | |||||||
Investment Purchased with Proceeds from Securities Lending (c) – 16.0% | ||||||||
State Street Navigator Prime Fund | ||||||||
(Cost $222,822) | 222,821,812 | 222,822 | ||||||
Total Investments – 115.0% | ||||||||
(Cost $1,215,296) | 1,599,928 | |||||||
Other Assets and Liabilities, Net – (15.0%) | (209,372 | ) | ||||||
Total Net Assets – 100.0% | $ | 1,390,556 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $214,768 at April 30, 2008. |
(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 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 as noted in the schedule above. See note 2 in Notes to Financial Statements. |
ADR – | American Depository Receipt |
GDR – | Global Depository Receipt |
At April 30, 2008, sector diversification of the fund was as follows:
% of | ||||||||
Net Assets | Value | |||||||
Foreign Common Stock | ||||||||
Financials* | 24.7 | % | $ | 344,422 | ||||
Industrials | 12.0 | 167,244 | ||||||
Consumer Discretionary | 11.4 | 157,355 | ||||||
Materials | 11.3 | 157,985 | ||||||
Energy | 10.6 | 147,970 | ||||||
Consumer Staples | 8.1 | 112,712 | ||||||
Information Technology | 7.5 | 104,068 | ||||||
Healthcare | 6.8 | 94,957 | ||||||
Telecommunication Services | 4.4 | 59,526 | ||||||
Utilities | 2.2 | 30,867 | ||||||
Total Foreign Common Stocks | 99.0 | 1,377,106 | ||||||
Total Investment Purchased with Proceeds from Securities Lending | 16.0 | 222,822 | ||||||
Total Investments | 115.0 | 1,599,928 | ||||||
Other Assets and Liabilities, Net | (15.0 | ) | (209,372 | ) | ||||
Net Assets | 100 | % | $ | 1,390,556 | ||||
* | The fund is significantly invested in this sector and is therefore subject to additional risks. See note 7 in Notes to Financial Statements. |
International Fund (concluded)
International Select Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 85.7% | ||||||||
Australia – 2.1% | ||||||||
BHP Billiton (a) | 61,673 | $ | 2,486 | |||||
National Australia Bank | 29,600 | 838 | ||||||
Rio Tinto | 18,672 | 2,410 | ||||||
Woodside Petroleum | 28,605 | 1,506 | ||||||
7,240 | ||||||||
Austria – 0.6% | ||||||||
Erste Bank der Oesterreichischen Sparkassen | 26,492 | 1,953 | ||||||
Bahrain – 0.1% | ||||||||
Investcorp Bank – ADR (b) | 12,300 | 329 | ||||||
Brazil – 5.7% | ||||||||
AES Tiete | 60,314 | 544 | ||||||
Banco do Brasil | 64,000 | 1,113 | ||||||
Banco Itau Holding Financeira – ADR | 57,018 | 1,599 | ||||||
Cia Vale do Rio Doce | 36,200 | 1,167 | ||||||
Companhia de Bebidas das Americas – ADR | 17,815 | 1,306 | ||||||
Companhia de Concessoes Rodoviarias | 23,600 | 454 | ||||||
Companhia Energetica De Minas (b) | 40,197 | 834 | ||||||
Companhia Vale do Rio Doce – ADR (a) | 73,891 | 2,888 | ||||||
Empresa Brasileira de Aeronautica – ADR (a) | 21,900 | 913 | ||||||
Iochpe Maxion (b) | 23,317 | 501 | ||||||
JHSF Participacoes (b) | 140,500 | 553 | ||||||
Klabin | 186,000 | 727 | ||||||
Petroleo Brasileiro – ADR | 20,618 | 2,504 | ||||||
Redecard | 90,730 | 1,769 | ||||||
Souza Cruz | 32,599 | 914 | ||||||
Suzano Papel e Celulose | 50,210 | 876 | ||||||
Tam – ADR (a) | 34,800 | 821 | ||||||
19,483 | ||||||||
Canada – 2.4% | ||||||||
Cameco | 61,287 | 2,144 | ||||||
Gammon Gold (a) (b) | 60,729 | 464 | ||||||
Manulife Financial | 51,782 | 2,028 | ||||||
Patheon (b) | 79,760 | 289 | ||||||
Rogers Communications – Class B | 27,485 | 1,223 | ||||||
Suncor Energy | 18,162 | 2,047 | ||||||
8,195 | ||||||||
China – 0.5% | ||||||||
Focus Media Holdings – ADR (a) (b) | 47,008 | 1,734 | ||||||
Denmark – 0.9% | ||||||||
Vestas Wind System (b) | 28,028 | 3,039 | ||||||
Egypt – 0.8% | ||||||||
Eastern Tobacco | 8,988 | 642 | ||||||
Mobinil | 20,565 | 755 | ||||||
Orascom Construction Industries (b) | 9,111 | 747 | ||||||
Orascom Telecom Holdings (b) | 38,007 | 576 | ||||||
2,720 | ||||||||
Finland – 0.1% | ||||||||
Nokia Oyj | 11,690 | 351 | ||||||
France – 6.2% | ||||||||
Alcatel-Lucent – ADR (a) | 151,260 | 1,009 | ||||||
Axa (a) | 40,277 | 1,488 | ||||||
BNP Paribas | 7,800 | 832 | ||||||
Carrefour (a) | 29,694 | 2,083 | ||||||
Electricite de France (a) | 17,819 | 1,863 | ||||||
Iliad (a) | 22,585 | 2,390 | ||||||
L’oreal (a) | 12,478 | 1,474 | ||||||
LVMH Moet Hennessy Louis Vuitton | 11,433 | 1,298 | ||||||
Sanofi-Aventis (a) | 22,200 | 1,711 |
First American Funds 2008 Semiannual Report 25
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
International Select Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Thales (a) | 9,480 | $ | 617 | |||||
Total (a) | 38,120 | 3,193 | ||||||
Vivendi Universal | 81,140 | 3,271 | ||||||
21,229 | ||||||||
Germany – 5.4% | ||||||||
Adidas (a) | 31,330 | 1,989 | ||||||
Allianz | 8,292 | 1,681 | ||||||
BASF (a) | 4,740 | 672 | ||||||
Deutsche Boerse | 8,751 | 1,265 | ||||||
Deutsche Telekom (a) | 62,610 | 1,120 | ||||||
E.ON (a) | 7,578 | 1,541 | ||||||
Henkel KGAA (a) | 43,451 | 1,841 | ||||||
Metro (a) | 26,990 | 2,128 | ||||||
Q-Cells (b) | 12,058 | 1,379 | ||||||
SAP – ADR (a) | 29,202 | 1,467 | ||||||
Siemens | 7,611 | 895 | ||||||
Symrise (b) | 32,901 | 816 | ||||||
Wacker Chemie (a) | 5,990 | 1,453 | ||||||
18,247 | ||||||||
Great Britain – 10.7% | ||||||||
Arm Holdings (a) | 706,201 | 1,402 | ||||||
Autonomy (b) | 126,747 | 2,138 | ||||||
BAE Systems | 93,780 | 864 | ||||||
Benfield Group (a) | 219,248 | 1,142 | ||||||
BP – ADR | 28,220 | 2,054 | ||||||
British Sky Broadcasting Group | 144,634 | 1,559 | ||||||
Cadbury Schweppes | 138,872 | 1,595 | ||||||
Dawnay Day Treveria (b) | 695,980 | 693 | ||||||
Diageo | 133,230 | 2,717 | ||||||
Eurasian Natural Resources (b) | 23,963 | 572 | ||||||
Experian Group | 206,036 | 1,548 | ||||||
GlaxoSmithKline | 112,870 | 2,497 | ||||||
ICAP | 106,216 | 1,226 | ||||||
Kingfisher | 281,430 | 735 | ||||||
Michael Page International (a) | 274,604 | 1,563 | ||||||
Prudential | 155,254 | 2,109 | ||||||
Scottish & Southern Energy | 39,653 | 1,093 | ||||||
Smith & Nephew | 113,000 | 1,461 | ||||||
Standard Chartered | 25,110 | 887 | ||||||
Tesco | 155,865 | 1,320 | ||||||
Vodafone Group – ADR | 85,790 | 2,716 | ||||||
Wellstream Holdings (b) | 69,210 | 1,723 | ||||||
WPP Group | 226,510 | 2,761 | ||||||
36,375 | ||||||||
Greece – 0.5% | ||||||||
National Bank of Greece – ADR | 163,492 | 1,776 | ||||||
Hong Kong – 2.0% | ||||||||
Agile Property | 1,548,000 | 2,145 | ||||||
Cheung Kong Holdings | 49,510 | 773 | ||||||
Esprit Holdings | 206,200 | 2,539 | ||||||
Foxconn International Holdings (b) | 971,000 | 1,501 | ||||||
6,958 | ||||||||
India – 2.8% | ||||||||
Grasim Industries – ADR (b) | 9,100 | 554 | ||||||
HDFC Bank – ADR (a) | 15,198 | 1,714 | ||||||
Hero Honda | 34,922 | 732 | ||||||
Hindustan Unilever | 82,841 | 514 | ||||||
Infosys Technologies – ADR (a) | 37,149 | 1,623 | ||||||
Oil & Natural Gas | 66,067 | 1,686 | ||||||
Punjab National Bank | 53,690 | 730 | ||||||
Satyam Computer Services – ADR (a) | 51,800 | 1,330 | ||||||
State Bank Of India – ADR | 6,932 | 639 | ||||||
9,522 | ||||||||
Indonesia – 0.8% | ||||||||
Astra International | 267,500 | 579 | ||||||
Bank Mandiri Persero | 2,462,000 | 765 | ||||||
Telekomunikasi Indonesia – ADR | 31,200 | 1,211 | ||||||
United Tractors | 82,500 | 107 | ||||||
2,662 | ||||||||
Israel – 1.1% | ||||||||
Bank Hapoalim B.M. | 260,192 | 1,103 | ||||||
Delek Automotive Systems | 8,500 | 131 | ||||||
Icl-Israel Chem | 48,258 | 887 | ||||||
Teva Pharmaceutical Industries – ADR | 32,300 | 1,511 | ||||||
3,632 | ||||||||
Italy – 4.3% | ||||||||
Alleanza Assicurazioni (a) | 112,790 | 1,472 | ||||||
Ansaldo STS (a) (b) | 88,360 | 1,368 | ||||||
Arnoldo Mondadori Editore (a) | 127,320 | 1,107 | ||||||
Eni | 49,190 | 1,893 | ||||||
Mediaset | 247,337 | 2,248 | ||||||
Saipem | 51,222 | 2,240 | ||||||
Telecom Italia | 1,052,960 | 1,714 | ||||||
UniCredit | 352,821 | 2,659 | ||||||
14,701 | ||||||||
Japan – 11.6% | ||||||||
Bank of Yokohama | 79,325 | 583 | ||||||
Daiwa Securities Group | 85,310 | 846 | ||||||
DENSO | 42,400 | 1,479 | ||||||
Fuji Television Network | 655 | 1,075 | ||||||
The Joyo Bank | 342,734 | 1,958 | ||||||
KEYENCE | 2,479 | 634 | ||||||
Kose | 68,983 | 1,496 | ||||||
Mid REIT (a) (b) | 210 | 764 | ||||||
Mitsubishi UFJ Financial Group | 75,910 | 836 | ||||||
Mitsui Sumitomo Insurance Group (b) | 60,946 | 2,427 | ||||||
Mitsui-Soko (a) | 136,841 | 685 | ||||||
New City Residence Investment | 114 | 286 | ||||||
NGK Insulators | 78,000 | 1,502 | ||||||
Nintendo | 4,100 | 2,266 | ||||||
Nippon Commercial Investment (b) | 220 | 882 | ||||||
Nippon Residential (a) | 120 | 389 | ||||||
Nipponkoa Insurance (a) | 289,580 | 2,838 | ||||||
Nitto Denko | 35,800 | 1,483 | ||||||
Nomura Holdings | 49,778 | 869 | ||||||
ORIX | 9,070 | 1,641 | ||||||
Seven & I Holdings | 42,741 | 1,280 | ||||||
Shin-Etsu Chemical | 22,700 | 1,406 | ||||||
SMC | 16,609 | 1,941 | ||||||
Sugi Pharmacy (a) | 47,800 | 1,265 | ||||||
Sumitomo Bakelite | 226,401 | 1,263 | ||||||
Sumitomo Trust & Banking | 232,878 | 2,094 | ||||||
Suzuki Motor | 43,202 | 1,096 | ||||||
THK | 34,482 | 767 | ||||||
Toyota Motor | 26,700 | 1,361 | ||||||
United Urban Investment | 81 | 499 | ||||||
Yamada Denki | 19,200 | 1,648 | ||||||
39,559 | ||||||||
Luxembourg – 1.4% | ||||||||
Millicom International Cellular – ADR (a) (b) | 21,207 | 2,291 | ||||||
Tenaris – ADR (a) | 44,700 | 2,369 | ||||||
4,660 | ||||||||
The accompanying notes are an integral part of the financial statements.
26 First American Funds 2008 Semiannual Report
Table of Contents
International Select Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Malaysia – 0.4% | ||||||||
British American Tobacco Malaysia Berhad | 49,100 | $ | 664 | |||||
Plus Expressways | 493,100 | 503 | ||||||
Sime Darby Berhad | 93,861 | 285 | ||||||
1,452 | ||||||||
Mexico – 1.6% | ||||||||
Cemex – ADR (a) (b) | 33,591 | 929 | ||||||
Desarrolladora Homex – ADR (a) (b) | 15,900 | 947 | ||||||
Fomento Economico Mexicano – ADR | 15,100 | 656 | ||||||
Grupo Televisa – ADR (a) | 41,300 | 1,019 | ||||||
Kimberly-Clark de Mexico | 149,900 | 711 | ||||||
Wal Mart de Mexico – ADR (a) | 33,537 | 1,347 | ||||||
5,609 | ||||||||
Netherlands – 2.2% | ||||||||
Heineken (a) | 43,614 | 2,527 | ||||||
ING Group (a) | 23,336 | 884 | ||||||
Koninklijke Philips Electronics – ADR | 38,954 | 1,463 | ||||||
Philips Electronics | 24,470 | 920 | ||||||
Unilever NV CVA | 46,250 | 1,544 | ||||||
7,338 | ||||||||
Norway – 1.0% | ||||||||
Renewable Energy (a) (b) | 60,821 | 2,058 | ||||||
Statoil (a) | 36,527 | 1,314 | ||||||
3,372 | ||||||||
Philippines – 0.4% | ||||||||
Philippine Long Distance Telephone – ADR | 21,600 | 1,320 | ||||||
Portugal – 0.4% | ||||||||
Energias de Portugal (a) | 189,950 | 1,199 | ||||||
Russia – 0.9% | ||||||||
Eurasia Drilling – GDR (b) | 20,700 | 480 | ||||||
Evraz Group – ADR | 5,450 | 566 | ||||||
Mobile Telesystems – ADR (b) | 17,200 | 1,334 | ||||||
TNK-BP Holdings (b) | 243,052 | 474 | ||||||
Vsmpo-Avisma | 1,666 | 360 | ||||||
3,214 | ||||||||
Singapore – 1.0% | ||||||||
Cosco – ADR (a) | 20,800 | 242 | ||||||
DBS Group Holdings | 50,210 | 735 | ||||||
Keppel | 160,000 | 1,225 | ||||||
Keppel Land (a) | 293,000 | 1,315 | ||||||
3,517 | ||||||||
South Africa – 3.5% | ||||||||
Aquarius Platinum | 55,715 | 870 | ||||||
Gold Fields – ADR (a) | 69,342 | 936 | ||||||
Imperial Holdings (b) | 90,798 | 914 | ||||||
Kumba Iron Ore (b) | 33,763 | 1,467 | ||||||
Massmart Holdings | 83,670 | 778 | ||||||
MTN Group | 74,574 | 1,417 | ||||||
Murray & Roberts Holdings | 39,070 | 455 | ||||||
Naspers | 45,291 | 976 | ||||||
Nedbank Group | 50,300 | 758 | ||||||
Pretoria Portland Cement | 187,642 | 988 | ||||||
Sanlam (b) | 219,585 | 577 | ||||||
Steinhoff International Holdings | 295,210 | 722 | ||||||
Truworths International | 289,841 | 975 | ||||||
11,833 | ||||||||
South Korea – 4.3% | ||||||||
AmorePacific | 712 | 450 | ||||||
GS Engineering & Construction | 5,566 | 819 | ||||||
Hite Brewery | 4,653 | 549 | ||||||
Kookmin Bank – ADR (b) | 55,007 | 3,837 | ||||||
Samsung Electronics | 2,210 | 1,567 | ||||||
Samsung Electronics – GDR | 600 | 154 | ||||||
Samsung Electronics – GDR | 11,870 | 4,209 | ||||||
Shinhan Financial Group – ADR (a) (b) | 17,200 | 1,998 | ||||||
Woongjin Coway | 36,120 | 1,138 | ||||||
14,721 | ||||||||
Spain – 1.9% | ||||||||
Banco Bilbano Vizcaya Argentaria | 93,796 | 2,151 | ||||||
Banco Santander Central Hispano (a) | 109,558 | 2,370 | ||||||
Telefonica | 66,504 | 1,911 | ||||||
6,432 | ||||||||
Sweden – 1.1% | ||||||||
Ericsson (a) | 907,890 | 2,294 | ||||||
Nordea Bank | 32,730 | 538 | ||||||
Oriflame Cosmetics (b) | 13,905 | 1,059 | ||||||
3,891 | ||||||||
Switzerland – 4.5% | ||||||||
ABB | 61,854 | 1,888 | ||||||
Credit Suisse Group (a) | 31,953 | 1,779 | ||||||
Holcim | 15,366 | 1,499 | ||||||
Nestle | 8,433 | 4,025 | ||||||
Nobel Biocare | 31,750 | 1,143 | ||||||
Novartis | 40,533 | 2,043 | ||||||
Roche | 11,066 | 1,831 | ||||||
Syngenta (a) | 4,120 | 1,224 | ||||||
15,432 | ||||||||
Taiwan – 1.1% | ||||||||
Advanced Semiconductor | 541,000 | 556 | ||||||
Advantech | 145,058 | 373 | ||||||
Hon Hai Precision Industry | 164,000 | 948 | ||||||
Novatek Microelectronics | 172,040 | 661 | ||||||
Taiwan Semiconductor Manufacturing | 524,285 | 1,152 | ||||||
3,690 | ||||||||
Thailand – 0.3% | ||||||||
Bangkok Bank | 209,246 | 923 | ||||||
Turkey – 0.9% | ||||||||
Ford Otomotiv Sanayi (b) | 49,470 | 462 | ||||||
Turkcell Iletisim Hizmet – ADR (a) | 73,400 | 1,479 | ||||||
Turkiye Is Bankasi (b) | 260,409 | 1,200 | ||||||
3,141 | ||||||||
United States – 0.2% | ||||||||
Philip Morris International (b) | 10,700 | 546 | ||||||
Total Common Stocks | ||||||||
(Cost $279,270) | 291,995 | |||||||
Exchange-Traded Funds – 0.2% | ||||||||
iShares MSCI EAFE Index Fund | 6,719 | 509 | ||||||
iShares MSCI Emerging Markets Index Fund (a) | 736 | 108 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $611) | 617 | |||||||
First American Funds 2008 Semiannual Report 27
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
International Select Fund (continued) | ||||||||
DESCRIPTION | SHARES/PAR | VALUE | ||||||
Short-Term Investments – 14.3% | ||||||||
Money Market Fund – 13.5% | ||||||||
State Street GA Prime Fund | 45,879,927 | $ | 45,880 | |||||
U.S. Treasury Obligation – 0.8% | ||||||||
U.S. Treasury Bill | ||||||||
1.960%, 06/26/2008 (c) | $ | 2,650 | 2,642 | |||||
Total Short-Term Investments | ||||||||
(Cost $48,522) | 48,522 | |||||||
Investment Purchased with Proceeds from Securities Lending (d) – 19.1% | ||||||||
State Street Navigator Prime Fund | ||||||||
(Cost $65,083) | 65,082,920 | 65,083 | ||||||
Total Investments – 119.3% | ||||||||
(Cost $393,486) | 406,217 | |||||||
Other Assets and Liabilities Net – (19.3%) | (65,679 | ) | ||||||
Total Net Assets – 100% | $ | 340,538 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $63,235 at April 30, 2008. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2008. 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 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 as noted in the schedule above. See note 2 in Notes to Financial Statements. |
ADR – | American Depository Receipt |
GDR – | Global Depository Receipt |
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Purchased | Contract | Settlement | Appreciation | |||||||||||
Description | (Sold) | Value | Month | (Depreciation) | ||||||||||
E-Mini MSCI EAFE Futures | (17 | ) | $ | (1,820 | ) | June 2008 | $ | (155 | ) | |||||
E-Mini MSCI Emerging Markets Index Futures | (4 | ) | (240 | ) | June 2008 | (26 | ) | |||||||
S&P TSE 60 Futures | 188 | 30,880 | June 2008 | 1,222 | ||||||||||
$ | 1,041 | |||||||||||||
International Select Fund (concluded)
At April 30, 2008, sector diversification of the fund was as follows:
% of | ||||||||
Net Assets | Value | |||||||
Foreign Common Stocks | ||||||||
Financials | 20.4 | % | $ | 69,489 | ||||
Consumer Discretionary | 11.1 | % | 37,695 | |||||
Consumer Staples | 10.4 | % | 35,431 | |||||
Materials | 8.9 | % | 30,515 | |||||
Information Technology | 8.6 | % | 29,461 | |||||
Industrials | 7.4 | % | 25,128 | |||||
Energy | 6.8 | % | 23,259 | |||||
Telecommunication Services | 6.3 | % | 21,458 | |||||
Healthcare | 3.7 | % | 12,486 | |||||
Utilities | 2.1 | % | 7,073 | |||||
Total Foreign Common Stocks | 85.7 | 291,995 | ||||||
Total Exchange-Traded Fund | 0.2 | 617 | ||||||
Total Short-Term Investments | 14.3 | 48,522 | ||||||
Total Investment Purchased with Proceeds from Securities Lending | 19.1 | 65,083 | ||||||
Total Investments | 119.3 | 406,217 | ||||||
Other Assets and Liabilities, Net | (19.3 | ) | (65,679 | ) | ||||
Net Assets | 100.0 | % | $ | 340,538 | ||||
The accompanying notes are an integral part of the financial statements.
28 First American Funds 2008 Semiannual Report
Table of Contents
International Select Fund (concluded)
Statements ofAssets and Liabilities | April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
International | ||||||||||||||||
Global Infrastructure Fund | International Fund | Select Fund | ||||||||||||||
Investments, at cost | $ | 5,132 | $ | 992,474 | $ | 328,403 | ||||||||||
Investment purchased with proceeds from securities lending, at cost (note 2) | — | 222,822 | 65,083 | |||||||||||||
Cash denominated in foreign currencies, at cost | 3 | 1,485 | 33 | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at value* (note 2) | $ | 5,091 | $ | 1,377,106 | $ | 341,134 | ||||||||||
Investment purchased with proceeds from securities lending, at value (note 2) | — | 222,822 | 65,083 | |||||||||||||
Cash denominated in foreign currencies, at value (note 2) | 3 | 1,487 | — | |||||||||||||
Cash | — | — | 245 | |||||||||||||
Receivable for dividends and interest | 10 | 6,428 | 1,278 | |||||||||||||
Receivable for investments sold | 324 | 17,768 | 768 | |||||||||||||
Receivable for capital shares sold | — | 42 | 885 | |||||||||||||
Receivable for foreign withholding tax reclaim | — | 338 | 151 | |||||||||||||
Receivable for variation margin | — | — | 310 | |||||||||||||
Receivable from advisor (note 3) | 37 | — | — | |||||||||||||
Prepaid expenses and other assets | — | 35 | 27 | |||||||||||||
Total assets | 5,465 | 1,626,026 | 409,881 | |||||||||||||
LIABILITIES: | ||||||||||||||||
Bank overdraft | 3 | 7,264 | — | |||||||||||||
Cash denominated in foreign currencies, at value (note 2) | — | — | 37 | |||||||||||||
Payable for investments purchased | 304 | 2,585 | 3,179 | |||||||||||||
Payable for capital shares redeemed | — | 1,367 | 586 | |||||||||||||
Payable upon return of securities loaned (note 2) | — | 222,822 | 65,083 | |||||||||||||
Payable to affiliates (note 3) | 19 | 1,376 | 286 | |||||||||||||
Payable to custodian | 97 | 9 | 160 | |||||||||||||
Payable for distribution and shareholder servicing fees | — | 19 | 1 | |||||||||||||
Accrued expenses and other liabilities | 17 | 28 | 11 | |||||||||||||
Total liabilities | 440 | 235,470 | 69,343 | |||||||||||||
Net assets | $ | 5,025 | $ | 1,390,556 | $ | 340,538 | ||||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||||
Portfolio capital | $ | 5,038 | $ | 941,873 | $ | 332,158 | ||||||||||
Undistributed net investment income | 35 | 12,382 | 2,129 | |||||||||||||
Accumulated net realized gain (loss) on investments, futures contracts, and foreign currency transactions | (7 | ) | 51,858 | (7,502 | ) | |||||||||||
Net unrealized appreciation (depreciation) of investments | (41 | ) | 384,632 | 12,731 | ||||||||||||
Net unrealized appreciation of futures contracts | — | — | 1,041 | |||||||||||||
Net unrealized depreciation of foreign currency, and translation of other assets and liabilities in foreign currency (note 2) | — | (189 | ) | (19 | ) | |||||||||||
Net assets | $ | 5,025 | $ | 1,390,556 | $ | 340,538 | ||||||||||
* Including securities loaned, at value | $ | — | $ | 214,768 | $ | 63,235 | ||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 38 | $ | 47,531 | $ | 3,462 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 4 | 3,313 | 319 | |||||||||||||
Net asset value and redemption price per share | $ | 9.97 | $ | 14.35 | $ | 10.86 | ||||||||||
Maximum offering price per share1 | $ | 10.55 | $ | 15.19 | $ | 11.49 | ||||||||||
Class B2: | ||||||||||||||||
Net assets | $ | — | $ | 5,362 | $ | 449 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | — | 408 | 42 | |||||||||||||
Net asset value, offering price, and redemption price per share3 | $ | — | $ | 13.13 | $ | 10.78 | ||||||||||
Class C2: | ||||||||||||||||
Net assets | $ | — | $ | 6,082 | $ | 487 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | — | 445 | 45 | |||||||||||||
Net asset value, offering price, and redemption price per share3 | $ | — | $ | 13.68 | $ | 10.78 | ||||||||||
Class R2: | ||||||||||||||||
Net assets | $ | — | $ | 3 | $ | 16 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | — | — | ** | 1 | ||||||||||||
Net asset value, offering price, and redemption price per share | $ | — | $ | 14.35 | $ | 10.85 | ||||||||||
Class Y: | ||||||||||||||||
Net assets | $ | 4,987 | $ | 1,331,578 | $ | 336,124 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 500 | 91,563 | 30,890 | |||||||||||||
Net asset value, offering price, and redemption price per share | $ | 9.97 | $ | 14.54 | $ | 10.88 | ||||||||||
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, Class C, and Class R are not offered by Global Infrastructure Fund. | |
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. |
** | Due to the presentation of the Financial Statements in thousands, the number rounds to zero. |
First American Funds 2008 Semiannual Report 29
Table of Contents
International Select Fund (concluded)
Statements ofOperations | all dollars are rounded to thousands (000) |
International | ||||||||||||||||
Global Infrastructure Fund | International Fund | Select Fund | ||||||||||||||
Six-Month | Six-Month | |||||||||||||||
12/17/071 | Period Ended | Period Ended | ||||||||||||||
to 4/30/08 | 4/30/08 | 4/30/08 | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest | $ | 3 | $ | 91 | $ | 575 | ||||||||||
Dividends | 56 | 22,642 | 4,006 | |||||||||||||
Less: Foreign taxes withheld | (6 | ) | (1,848 | ) | (322 | ) | ||||||||||
Securities lending income | — | 915 | 22 | |||||||||||||
Total investment income | 53 | 21,800 | 4,281 | |||||||||||||
EXPENSES (note 3): | ||||||||||||||||
Investment advisory fees | 16 | 7,269 | 1,558 | |||||||||||||
Administration fees | 16 | 1,616 | 364 | |||||||||||||
Transfer agent fees | 24 | 93 | 58 | |||||||||||||
Custodian fees | 102 | 254 | 243 | |||||||||||||
Legal fees | 5 | 7 | 7 | |||||||||||||
Audit fees | 14 | 15 | 15 | |||||||||||||
Registration fees | 10 | 26 | 26 | |||||||||||||
Postage and printing fees | 6 | 52 | 7 | |||||||||||||
Directors’ fees | 9 | 13 | 13 | |||||||||||||
Other expenses | 6 | 11 | 10 | |||||||||||||
Distribution and shareholder servicing fees – Class A | — | 62 | 4 | |||||||||||||
Distribution and shareholder servicing fees – Class B2 | — | 28 | 2 | |||||||||||||
Distribution and shareholder servicing fees – Class C2 | — | 31 | 2 | |||||||||||||
Distribution and shareholder servicing fees – Class R2 | — | — | — | |||||||||||||
Total expenses | 208 | 9,477 | 2,309 | |||||||||||||
Less: Fee waivers (note 3) | (189 | ) | (122 | ) | (321 | ) | ||||||||||
Less: Indirect payments from custodian (note 3) | (1 | ) | (220 | ) | (48 | ) | ||||||||||
Total net expenses | 18 | 9,135 | 1,940 | |||||||||||||
Investment income – net | 35 | 12,665 | 2,341 | |||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS – NET (note 5): | ||||||||||||||||
Net realized gain (loss) on investments | (7 | ) | 55,282 | (4,593 | ) | |||||||||||
Net realized gain on futures contracts | — | — | 246 | |||||||||||||
Net realized loss on foreign currency transactions | — | (510 | ) | (124 | ) | |||||||||||
Net change in unrealized appreciation or depreciation of investments | (41 | ) | (193,491 | ) | (25,254 | ) | ||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | — | — | (167 | ) | ||||||||||||
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | — | (281 | ) | (31 | ) | |||||||||||
Net loss on investments, futures contracts, and foreign currency transactions | (48 | ) | (139,000 | ) | (29,923 | ) | ||||||||||
Net decrease in net assets resulting from operations | $ | (13 | ) | $ | (126,335 | ) | $ | (27,582 | ) | |||||||
1 | Commencement of operations. | |
2 | Class B, Class C, and Class R are not offered by Global Infrastructure Fund. |
The accompanying notes are an integral part of the financial statements.
30 First American Funds 2008 Semiannual Report
Table of Contents
International Select Fund (concluded)
Statements ofChanges in Net Assets | all dollars are rounded to thousands (000) |
International | International | |||||||||||||||||||||||
Global Infrastructure Fund | Fund | Select Fund | ||||||||||||||||||||||
12/17/071 | Six-Month | Six-Month | ||||||||||||||||||||||
to | Period Ended | Year | Period Ended | 12/21/061 | ||||||||||||||||||||
4/30/08 | 4/30/08 | Ended | 4/30/08 | to | ||||||||||||||||||||
(unaudited) | (unaudited) | 10/31/07 | (unaudited) | 10/31/07 | ||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||
Investment income – net | $ | 35 | $ | 12,665 | $ | 20,766 | $ | 2,341 | $ | 2,427 | ||||||||||||||
Net realized gain (loss) on investments | (7 | ) | 55,282 | 165,689 | (4,593 | ) | 2,639 | |||||||||||||||||
Net realized gain (loss) on futures contracts | — | — | — | 246 | (26 | ) | ||||||||||||||||||
Net realized loss on foreign currency transactions | — | (510 | ) | (871 | ) | (124 | ) | (316 | ) | |||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (41 | ) | (193,491 | ) | 122,521 | (25,254 | ) | 37,985 | ||||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | — | — | — | (167 | ) | 1,208 | ||||||||||||||||||
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency | — | (281 | ) | 52 | (31 | ) | 12 | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (13 | ) | (126,335 | ) | 308,157 | (27,582 | ) | 43,929 | ||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||
Class A | — | (504 | ) | (467 | ) | (19 | ) | — | ||||||||||||||||
Class B | — | (16 | ) | (15 | ) | (1 | ) | — | ||||||||||||||||
Class C | — | (9 | ) | (13 | ) | (1 | ) | — | ||||||||||||||||
Class R | — | — | — | — | — | |||||||||||||||||||
Class Y | — | (17,791 | ) | (18,658 | ) | (2,254 | ) | (49 | ) | |||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||
Class A | — | (4,764 | ) | (948 | ) | (58 | ) | — | ||||||||||||||||
Class B | — | (604 | ) | (136 | ) | (7 | ) | — | ||||||||||||||||
Class C | — | (611 | ) | (149 | ) | (6 | ) | — | ||||||||||||||||
Class R | — | (1 | ) | — | — | — | ||||||||||||||||||
Class Y | — | (133,882 | ) | (29,782 | ) | (5,572 | ) | — | ||||||||||||||||
Total distributions | — | (158,182 | ) | (50,168 | ) | (7,918 | ) | (49 | ) | |||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from sales | 38 | 2 | 4,223 | 11,786 | 1,077 | 3,236 | ||||||||||||||||||
Reinvestment of distributions | — | 4,612 | 1,277 | 68 | — | |||||||||||||||||||
Payments for redemptions | — | (8,495 | ) | (16,840 | ) | (550 | ) | (339 | ) | |||||||||||||||
Increase (decrease) in net assets from Class A transactions | 38 | 340 | (3,777 | ) | 595 | 2,897 | ||||||||||||||||||
Class B3: | ||||||||||||||||||||||||
Proceeds from sales | — | 288 | 580 | 194 | 296 | |||||||||||||||||||
Reinvestment of distributions | — | 597 | 143 | 7 | — | |||||||||||||||||||
Payments for redemptions (note 3) | — | (1,048 | ) | (2,230 | ) | (40 | ) | (3 | ) | |||||||||||||||
Increase (decrease) in net assets from Class B transactions | — | (163 | ) | (1,507 | ) | 161 | 293 | |||||||||||||||||
Class C3: | ||||||||||||||||||||||||
Proceeds from sales | — | 277 | 872 | 230 | 267 | |||||||||||||||||||
Reinvestment of distributions | — | 556 | 142 | 5 | — | |||||||||||||||||||
Payments for redemptions (note 3) | — | (769 | ) | (2,984 | ) | (3 | ) | (8 | ) | |||||||||||||||
Increase (decrease) in net assets from Class C transactions | — | 64 | (1,970 | ) | 232 | 259 | ||||||||||||||||||
Class R3: | ||||||||||||||||||||||||
Proceeds from sales | — | 3 | 3 | — | 16 | |||||||||||||||||||
Reinvestment of distributions | — | 1 | — | — | — | |||||||||||||||||||
Payments for redemptions | — | (3 | ) | — | — | (1 | ) | |||||||||||||||||
Increase in net assets from Class R transactions | — | 1 | 3 | — | 15 | |||||||||||||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from sales | 5,000 | 2 | 38,195 | 167,696 | 92,676 | 322,481 | ||||||||||||||||||
Reinvestment of distributions | — | 101,831 | 29,171 | 4,127 | 48 | |||||||||||||||||||
Payments for redemptions | — | (206,555 | ) | (512,210 | ) | (68,770 | ) | (22,856 | ) | |||||||||||||||
Increase (decrease) in net assets from Class Y transactions | 5,000 | (66,529 | ) | (315,343 | ) | 28,033 | 299,673 | |||||||||||||||||
Increase (decrease) in net assets from capital share transactions | 5,038 | (66,287 | ) | (322,594 | ) | 29,021 | 303,137 | |||||||||||||||||
Total increase (decrease) in net assets | 5,025 | (350,804 | ) | (64,605 | ) | (6,479 | ) | 347,017 | ||||||||||||||||
Net assets at beginning of period | — | 1,741,360 | 1,805,965 | 347,017 | — | |||||||||||||||||||
Net assets at end of period | $ | 5,025 | $ | 1,390,556 | $ | 1,741,360 | $ | 340,538 | $ | 347,017 | ||||||||||||||
Undistributed net investment income at end of period | $ | 35 | $ | 12,382 | $ | 18,037 | $ | 2,129 | $ | 2,063 | ||||||||||||||
1 | Commencement of operations. | |
2 | Reflects the initial seed capital received from U.S. Bank National Association, the parent company of the fund’s advisor, on December 17, 2007. The fund did not publicly offer its shares for sale or receive any other contributions during the period ended April 30, 2008. | |
3 | Class B, Class C, and Class R are not offered by Global Infrastructure Fund. |
First American Funds 2008 Semiannual Report 31
Table of Contents
International Select Fund (concluded)
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||
Value | Net | Gains | from Net | Distributions | Value | ||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | from Net | End of | ||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Income | Realized Gains | Period | ||||||||||||||||||||||||
Global Infrastructure Fund1 | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
20082 | $ | 10.00 | $ | 0.06 | $ | (0.09 | ) | — | — | $ | 9.97 | ||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
20082 | $ | 10.00 | $ | 0.07 | $ | (0.10 | ) | — | — | $ | 9.97 | ||||||||||||||||||
International Fund1 | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
20083 | $ | 17.15 | $ | 0.11 | $ | (1.32 | ) | $ | (0.14 | ) | $ | (1.45 | ) | $ | 14.35 | ||||||||||||||
20074 | 14.80 | 0.15 | 2.59 | (0.13 | ) | (0.26 | ) | 17.15 | |||||||||||||||||||||
20064 | 12.01 | 0.12 | 2.80 | (0.13 | ) | — | 14.80 | ||||||||||||||||||||||
20055 | 12.24 | 0.01 | (0.24 | ) | — | — | 12.01 | ||||||||||||||||||||||
20056 | 10.19 | 0.09 | 2.02 | (0.06 | ) | — | 12.24 | ||||||||||||||||||||||
20046 | 8.99 | 0.03 | 1.22 | (0.05 | ) | — | 10.19 | ||||||||||||||||||||||
20036 | 7.33 | 0.06 | 1.60 | — | — | 8.99 | |||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||
20083 | $ | 15.78 | $ | 0.05 | $ | (1.22 | ) | $ | (0.03 | ) | $ | (1.45 | ) | $ | 13.13 | ||||||||||||||
20074 | 13.65 | 0.03 | 2.39 | (0.03 | ) | (0.26 | ) | 15.78 | |||||||||||||||||||||
20064 | 11.09 | 0.02 | 2.58 | (0.04 | ) | — | 13.65 | ||||||||||||||||||||||
20055 | 11.31 | — | (0.22 | ) | — | — | 11.09 | ||||||||||||||||||||||
20056 | 9.43 | — | 1.88 | — | — | 11.31 | |||||||||||||||||||||||
20046 | 8.34 | (0.05 | ) | 1.14 | — | — | 9.43 | ||||||||||||||||||||||
20036 | 6.85 | — | 1.49 | — | — | 8.34 | |||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
20083 | $ | 16.36 | $ | 0.05 | $ | (1.26 | ) | $ | (0.02 | ) | $ | (1.45 | ) | $ | 13.68 | ||||||||||||||
20074 | 14.13 | 0.03 | 2.48 | (0.02 | ) | (0.26 | ) | 16.36 | |||||||||||||||||||||
20064 | 11.47 | 0.02 | 2.67 | (0.03 | ) | — | 14.13 | ||||||||||||||||||||||
20055 | 11.70 | — | (0.23 | ) | — | — | 11.47 | ||||||||||||||||||||||
20056 | 9.76 | — | 1.94 | — | — | 11.70 | |||||||||||||||||||||||
20046 | 8.63 | (0.05 | ) | 1.18 | — | — | 9.76 | ||||||||||||||||||||||
20036 | 7.09 | — | 1.54 | — | — | 8.63 | |||||||||||||||||||||||
Class R7 | |||||||||||||||||||||||||||||
20083 | $ | 17.17 | $ | 0.07 | $ | (1.30 | ) | $ | (0.14 | ) | $ | (1.45 | ) | $ | 14.35 | ||||||||||||||
20074 | 14.81 | 0.10 | 2.61 | (0.09 | ) | (0.26 | ) | 17.17 | |||||||||||||||||||||
20064 | 11.94 | 0.05 | 2.82 | — | — | 14.81 | |||||||||||||||||||||||
20055 | 12.17 | (0.02 | ) | (0.21 | ) | — | — | 11.94 | |||||||||||||||||||||
20056 | 10.11 | 0.09 | 1.97 | — | — | 12.17 | |||||||||||||||||||||||
20046 | 8.98 | (0.01 | ) | 1.19 | (0.05 | ) | — | 10.11 | |||||||||||||||||||||
20036 | 7.31 | 0.04 | 1.63 | — | — | 8.98 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
20083 | $ | 17.38 | $ | 0.13 | $ | (1.34 | ) | $ | (0.18 | ) | $ | (1.45 | ) | $ | 14.54 | ||||||||||||||
20074 | 14.99 | 0.19 | 2.62 | (0.16 | ) | (0.26 | ) | 17.38 | |||||||||||||||||||||
20064 | 12.16 | 0.16 | 2.83 | (0.16 | ) | — | 14.99 | ||||||||||||||||||||||
20055 | 12.39 | 0.01 | (0.24 | ) | — | — | 12.16 | ||||||||||||||||||||||
20056 | 10.31 | 0.12 | 2.05 | (0.09 | ) | — | 12.39 | ||||||||||||||||||||||
20046 | 9.10 | 0.06 | 1.23 | (0.08 | ) | — | 10.31 | ||||||||||||||||||||||
20036 | 7.40 | 0.09 | 1.61 | — | — | 9.10 | |||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | Commenced operations on December 17, 2007. All ratios for the period ended April 30, 2008 have been annualized, except total return and portfolio turnover. | |
3 | For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except per share data. | |
4 | For the period November 1 to October 31 in the fiscal 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 fiscal year indicated. | |
7 | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
8 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. | |
9 | 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 2008 Semiannual Report
Table of Contents
International Select Fund (concluded)
Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return8 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(0.30 | )% | $ | 38 | 1.25 | % | 1.70 | % | 11.76 | % | (8.81 | )% | 75 | % | ||||||||||||||||||||||
(0.30 | )% | $ | 4,897 | 1.00 | % | 1.95 | % | 11.51 | % | (8.56 | )% | 75 | % | ||||||||||||||||||||||
(7.12 | )% | $ | 47,531 | 1.49 | % | 1.51 | % | 1.54 | % | 1.46 | % | 8 | % | ||||||||||||||||||||||
18.92 | 56,705 | 1.49 | 0.97 | 1.53 | 0.93 | 14 | |||||||||||||||||||||||||||||
24.50 | 52,489 | 1.51 | 0.89 | 1.54 | 0.86 | 17 | |||||||||||||||||||||||||||||
(1.88 | ) | 48,439 | 1.51 | 0.58 | 1.55 | 0.54 | — | ||||||||||||||||||||||||||||
20.80 | 48,851 | 1.56 | 0.77 | 1.61 | 0.72 | 74 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(7.48 | )% | $ | 5,362 | 2.24 | % | 0.74 | % | 2.29 | % | 0.69 | % | 8 | % | ||||||||||||||||||||||
18.05 | 6,668 | 2.24 | 0.22 | 2.28 | 0.18 | 14 | |||||||||||||||||||||||||||||
23.50 | 7,172 | 2.26 | 0.15 | 2.29 | 0.12 | 17 | |||||||||||||||||||||||||||||
(1.95 | ) | 6,632 | 2.26 | (0.17 | ) | 2.30 | (0.21 | ) | — | ||||||||||||||||||||||||||
19.94 | 6,819 | 2.31 | — | 2.36 | (0.05 | ) | 74 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
(7.49 | )% | $ | 6,082 | 2.24 | % | 0.80 | % | 2.29 | % | 0.75 | % | 8 | % | ||||||||||||||||||||||
18.09 | 7,173 | 2.24 | 0.20 | 2.28 | 0.16 | 14 | |||||||||||||||||||||||||||||
23.53 | 8,049 | 2.26 | 0.16 | 2.29 | 0.13 | 17 | |||||||||||||||||||||||||||||
(1.97 | ) | 7,520 | 2.26 | (0.17 | ) | 2.30 | (0.21 | ) | — | ||||||||||||||||||||||||||
19.88 | 7,915 | 2.31 | (0.01 | ) | 2.36 | (0.06 | ) | 74 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(7.21 | )% | $ | 3 | 1.74 | % | 0.97 | % | 1.79 | % | 0.92 | % | 8 | % | ||||||||||||||||||||||
18.66 | 4 | 1.74 | 0.60 | 1.78 | 0.56 | 14 | |||||||||||||||||||||||||||||
24.04 | 1 | 1.76 | 0.39 | 1.91 | 0.24 | 17 | |||||||||||||||||||||||||||||
(1.89 | ) | 1 | 1.76 | 0.33 | 1.95 | 0.14 | — | ||||||||||||||||||||||||||||
20.38 | 163 | 1.81 | 0.77 | 2.01 | 0.57 | 74 | |||||||||||||||||||||||||||||
13.16 | 1 | 1.60 | (0.11 | ) | 1.64 | (0.15 | ) | 77 | |||||||||||||||||||||||||||
22.85 | 9 | 8,533 | 1.60 | 0.57 | 1.65 | 0.52 | 82 | ||||||||||||||||||||||||||||
(7.04 | )% | $ | 1,331,578 | 1.24 | % | 1.76 | % | 1.29 | % | 1.71 | % | 8 | % | ||||||||||||||||||||||
19.23 | 1,670,810 | 1.24 | 1.21 | 1.28 | 1.17 | 14 | |||||||||||||||||||||||||||||
24.81 | 1,738,254 | 1.26 | 1.16 | 1.29 | 1.13 | 17 | |||||||||||||||||||||||||||||
(1.86 | ) | 1,516,510 | 1.26 | 0.83 | 1.30 | 0.79 | — | ||||||||||||||||||||||||||||
21.12 | 1,523,057 | 1.31 | 1.07 | 1.36 | 1.02 | 74 | |||||||||||||||||||||||||||||
14.13 | 1,145,409 | 1.35 | 0.59 | 1.39 | 0.55 | 77 | |||||||||||||||||||||||||||||
22.97 | 9 | 991,027 | 1.35 | 1.08 | 1.40 | 1.03 | 82 | ||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 33
Table of Contents
International Select Fund (concluded)
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | |||||||||||||||||||||||||
Value | Net | Gains | from Net | Distributions | Value | |||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | from Net | End of | |||||||||||||||||||||||
of Period | Income | Investments | Income | Realized Gains | Period | |||||||||||||||||||||||
International Select Fund1 | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
20082 | $ | 12.15 | $ | 0.07 | $ | (1.11 | ) | $ | (0.06 | ) | $ | (0.19 | ) | $ | 10.86 | |||||||||||||
20073 | 10.00 | 0.09 | 2.07 | (0.01 | ) | — | 12.15 | |||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||
20082 | $ | 12.07 | $ | 0.03 | $ | (1.10 | ) | $ | (0.03 | ) | $ | (0.19 | ) | $ | 10.78 | |||||||||||||
20073 | 10.00 | 0.02 | 2.05 | — | — | 12.07 | ||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
20082 | $ | 12.07 | $ | 0.04 | $ | (1.11 | ) | $ | (0.03 | ) | $ | (0.19 | ) | $ | 10.78 | |||||||||||||
20073 | 10.00 | 0.03 | 2.04 | — | — | 12.07 | ||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
20082 | $ | 12.12 | $ | 0.05 | $ | (1.10 | ) | $ | (0.03 | ) | $ | (0.19 | ) | $ | 10.85 | |||||||||||||
20073 | 10.00 | 0.07 | 2.06 | (0.01 | ) | — | 12.12 | |||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||
20082 | $ | 12.17 | $ | 0.08 | $ | (1.10 | ) | $ | (0.08 | ) | $ | (0.19 | ) | $ | 10.88 | |||||||||||||
20073 | 10.00 | 0.13 | 2.05 | (0.01 | ) | — | 12.17 | |||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
3 | Commenced operations on December 21, 2006. All ratios for the period ended October 31, 2007 have been annualized, except total return and portfolio turnover. | |
4 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
34 First American Funds 2008 Semiannual Report
Table of Contents
International Select Fund (concluded)
Ratio of | Ratio of Net | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Investment | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Income (Loss) | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | to Average | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | Net Assets | Turnover | |||||||||||||||||||||||||||||
Return4 | Period (000) | Net Assets | Net Assets | Waivers) | (Excluding Waivers) | Rate | |||||||||||||||||||||||||||||
(8.53 | )% | $ | 3,462 | 1.49 | % | 1.28 | % | 1.73 | % | 1.04 | % | 35 | % | ||||||||||||||||||||||
21.58 | 3,228 | 1.49 | 0.95 | 1.89 | 0.55 | 45 | |||||||||||||||||||||||||||||
(8.84 | )% | $ | 449 | 2.24 | % | 0.59 | % | 2.48 | % | 0.35 | % | 35 | % | ||||||||||||||||||||||
20.75 | 324 | 2.24 | 0.24 | 2.64 | (0.16 | ) | 45 | ||||||||||||||||||||||||||||
(8.87 | )% | $ | 487 | 2.24 | % | 0.78 | % | 2.48 | % | 0.54 | % | 35 | % | ||||||||||||||||||||||
20.75 | 287 | 2.24 | 0.30 | 2.64 | (0.10 | ) | 45 | ||||||||||||||||||||||||||||
(8.64 | )% | $ | 16 | 1.74 | % | 0.98 | % | 1.98 | % | 0.74 | % | 35 | % | ||||||||||||||||||||||
21.27 | 17 | 1.74 | 0.77 | 2.14 | 0.37 | 45 | |||||||||||||||||||||||||||||
(8.40 | )% | $ | 336,124 | 1.24 | % | 1.51 | % | 1.48 | % | 1.27 | % | 35 | % | ||||||||||||||||||||||
21.78 | 343,161 | 1.24 | 1.36 | 1.64 | 0.96 | 45 | |||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 35
Table of Contents
International Select Fund (concluded)
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
International Select Fund (concluded)
Small Cap Growth Opportunities Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 97.5% | ||||||||
Consumer Discretionary – 14.7% | ||||||||
Aeropostale (a) (b) | 107,730 | $ | 3,425 | |||||
Deckers Outdoor (a) (b) | 12,182 | 1,682 | ||||||
Einstein Noah Restaurant Group (b) | 215,442 | 2,424 | ||||||
Gymboree (b) | 91,010 | 3,933 | ||||||
Iconix Brand Group (a) (b) | 200,145 | 3,186 | ||||||
Interface, Class A (a) | 170,218 | 2,186 | ||||||
Pinnacle Entertainment (a) (b) | 124,906 | 1,938 | ||||||
Priceline.com (a) (b) | 9,740 | 1,243 | ||||||
Skechers U.S.A., Class A (a) (b) | 127,225 | 3,009 | ||||||
Texas Roadhouse, Class A (a) (b) | 258,318 | 3,048 | ||||||
Warnaco Group (a) (b) | 87,485 | 4,037 | ||||||
WMS Industries (a) (b) | 70,120 | 2,538 | ||||||
Wolverine World Wide (a) | 109,142 | 3,137 | ||||||
35,786 | ||||||||
Consumer Staples – 1.6% | ||||||||
Nu Skin Enterprises, Class A (a) | 214,026 | 3,837 | ||||||
Energy – 7.9% | ||||||||
Concho Resources (a) (b) | 61,772 | 1,703 | ||||||
Dril-Quip (a) (b) | 74,671 | 4,268 | ||||||
GMX Resources (a) (b) (c) | 60,426 | 2,196 | ||||||
Oceaneering International (b) | 39,433 | 2,633 | ||||||
Parallel Petroleum (a) (b) | 213,244 | 4,519 | ||||||
Superior Energy Services (a) (b) | 86,826 | 3,853 | ||||||
19,172 | ||||||||
Financials – 10.9% | ||||||||
American Campus Communities (a) | 73,714 | 2,250 | ||||||
BioMed Realty Trust – REIT (a) | 121,966 | 3,171 | ||||||
Corporate Office Properties Trust – REIT (a) | 78,567 | 2,931 | ||||||
East West Bancorp (a) | 244,284 | 3,479 | ||||||
Hatteras Financial – REIT (b) | 93,956 | 2,375 | ||||||
Investment Technology Group (a) (b) | 64,044 | 3,091 | ||||||
KBW (a) (b) | 148,774 | 3,532 | ||||||
MGIC Investment (a) | 242,628 | 3,161 | ||||||
Waddell & Reed Financial, Class A (a) | 72,171 | 2,444 | ||||||
26,434 | ||||||||
Healthcare – 21.7% | ||||||||
AMN Healthcare Services (a) (b) | 170,389 | 2,486 | ||||||
Array BioPharma (a) (b) | 350,436 | 2,180 | ||||||
BioMarin Pharmaceutical (a) (b) | 101,799 | 3,711 | ||||||
Durect (a) (b) | 501,171 | 2,275 | ||||||
Eurand (a) (b) | 302,509 | 4,825 | ||||||
Hologic (a) (b) | 142,654 | 4,164 | ||||||
Immucor (a) (b) | 130,094 | 3,510 | ||||||
Integra LifeSciences (a) (b) | 60,906 | 2,581 | ||||||
Myriad Genetics (a) (b) | 37,164 | 1,544 | ||||||
NuVasive (a) (b) | 108,108 | 4,124 | ||||||
Onyx Pharmaceuticals (a) (b) | 70,506 | 2,479 | ||||||
OSI Pharmaceuticals (a) (b) | 31,777 | 1,101 | ||||||
Pediatrix Medical Group (b) | 56,298 | 3,829 | ||||||
RTI Biologics (b) | 295,907 | 3,001 | ||||||
Skilled Healthcare Group, Class A (b) | 320,682 | 3,880 | ||||||
TranS1 (a) (b) | 138,060 | 1,802 | ||||||
United Therapeutics (a) (b) | 13,803 | 1,166 | ||||||
Wright Medical Group (a) (b) | 148,915 | 4,158 | ||||||
52,816 | ||||||||
Industrials – 13.7% | ||||||||
Administaff | 90,383 | 2,367 | ||||||
Advisory Board (a) (b) | 70,831 | 3,302 | ||||||
AMETEK | 36,491 | 1,771 | ||||||
BE Aerospace (b) | 84,777 | 3,422 | ||||||
DRS Technologies (a) | 56,343 | 3,518 | ||||||
ESCO Technologies (a) (b) | 57,692 | 2,686 | ||||||
Forward Air (a) | 67,888 | 2,314 | ||||||
GeoEye (a) (b) | 117,826 | 2,714 | ||||||
Kenexa (a) (b) | 191,980 | 3,358 | ||||||
Knoll | 141,047 | 1,836 | ||||||
Old Dominion Freight Line (a) (b) | 81,440 | 2,500 | ||||||
RBC Bearings (a) (b) | 87,666 | 3,504 | ||||||
33,292 | ||||||||
Information Technology (c) – 24.7% | ||||||||
ADTRAN | 103,636 | 2,452 | ||||||
ATMI (b) | 96,326 | 2,836 | ||||||
Belden (a) | 71,887 | 2,425 | ||||||
Commvault Systems (a) (b) | 202,899 | 2,496 | ||||||
DealerTrack Holdings (a) (b) | 185,375 | 3,567 | ||||||
F5 Networks (b) | 152,388 | 3,449 | ||||||
FLIR Systems (a) (b) | 101,208 | 3,474 | ||||||
Forrester Research (b) | 85,194 | 2,457 | ||||||
Foundry Networks (a) (b) | 264,288 | 3,364 | ||||||
Intersil, Class A (a) | 87,931 | 2,350 | ||||||
Lawson Software (a) (b) | 452,627 | 3,616 | ||||||
Orbotech (b) | 54,280 | 953 | ||||||
Perficient (a) (b) | 302,730 | 2,779 | ||||||
Plantronics | 108,153 | 2,694 | ||||||
PMC-Sierra (a) (b) | 489,555 | 3,804 | ||||||
Polycom (a) (b) | 256,846 | 5,753 | ||||||
Quest Software (a) (b) | 343,090 | 4,570 | ||||||
Silicon Motion Technology – ADR (a) (b) | 207,173 | 3,611 | ||||||
Verigy (a) (b) | 166,811 | 3,565 | ||||||
VideoPropulsion (b) (c) (d) | 780,460 | — | ||||||
60,215 | ||||||||
Materials – 2.3% | ||||||||
Terra Industries (a) (b) | 58,201 | 2,203 | ||||||
Texas Industries (a) | 44,487 | 3,444 | ||||||
5,647 | ||||||||
Total Common Stocks | ||||||||
(Cost $229,366) | 237,199 | |||||||
Warrants – 0.0% | ||||||||
Hollis-Eden Pharmaceuticals, Warrants (b) (d) (e) | 70,545 | — | ||||||
Kuhlman Company, Warrants (b) (d) (e) | 281,680 | — | ||||||
Total Warrants | ||||||||
(Cost $433) | — | |||||||
Short-Term Investment – 1.0% | ||||||||
First American Prime Obligations Fund, Class Z (f) | ||||||||
(Cost $2,568) | 2,567,584 | 2,568 | ||||||
Investment Purchased with Proceeds from Securities Lending – 48.6% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (g) | ||||||||
(Cost $118,302) | 118,302,018 | 118,302 | ||||||
Total Investments – 147.1% | ||||||||
(Cost $350,669) | 358,069 | |||||||
Other Assets and Liabilities, Net – (47.1)% | (114,639 | ) | ||||||
Total Net Assets – 100.0% | $ | 243,430 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $113,297 at April 30, 2008. 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 2008 Semiannual Report
Table of Contents
Small Cap Growth Opportunities Fund (concluded)
(c) | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements. |
(d) | Security is considered illiquid or restricted. As of April 30, 2008 the market value of these investments was $2,196 or 0.9% of total net assets. See note 2 in Notes to Financial Statements. |
(e) | Security is fair valued. As of April 30, 2008, the fair value of these investments was $0 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 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. |
ADR – | American Depository Receipt |
REIT – | Real Estate Investment Trust |
Small Cap Growth Opportunities Fund (concluded)
Small Cap Select Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 98.1% | ||||||||
Consumer Discretionary – 15.8% | ||||||||
1-800-Flowers.com, Class A (a) | 906,359 | $ | 7,994 | |||||
Aeropostale (a) (b) | 135,039 | 4,293 | ||||||
Aftermarket Technology (a) (b) | 417,566 | 9,566 | ||||||
Cato, Class A (b) | 96,829 | 1,670 | ||||||
Christopher & Banks (b) | 759,009 | 8,994 | ||||||
Coinstar (a) (b) | 353,863 | 11,285 | ||||||
Cooper Tire & Rubber (b) | 530,250 | 6,967 | ||||||
FGX International Holdings Limited (a) | 158,499 | 2,068 | ||||||
Interface, Class A (b) | 664,160 | 8,528 | ||||||
Journal Communications, Class A (b) | 371,825 | 2,142 | ||||||
McCormick & Schmick’s Seafood Restaurants (a) (b) | 317,358 | 3,818 | ||||||
P.F. Chang’s China Bistro (a) (b) | 169,566 | 5,262 | ||||||
Scientific Games, Class A (a) (b) | 309,646 | 8,720 | ||||||
Skechers U.S.A., Class A (a) (b) | 555,776 | 13,144 | ||||||
Texas Roadhouse, Class A (a) (b) | 456,162 | 5,383 | ||||||
WMS Industries (a) (b) | 361,230 | 13,073 | ||||||
112,907 | ||||||||
Consumer Staples – 1.7% | ||||||||
Hain Celestial Group (a) (b) | 479,277 | 11,828 | ||||||
Energy – 9.1% | ||||||||
Atwood Oceanics (a) (b) | 35,247 | 3,549 | ||||||
Comstock Resources (a) (b) | 276,152 | 12,562 | ||||||
Edge Petroleum (a) (b) | 944,807 | 4,932 | ||||||
GMX Resources (a) (b) (c) | 327,639 | 11,907 | ||||||
Oceaneering International (a) | 80,114 | 5,350 | ||||||
Patterson-UTI Energy (b) | 389,663 | 10,887 | ||||||
Penn Virginia (b) | 137,490 | 7,218 | ||||||
TETRA Technologies (a) (b) | 555,051 | 9,025 | ||||||
65,430 | ||||||||
Financials – 16.5% | ||||||||
Affiliated Managers Group (a) (b) | 106,633 | 10,593 | ||||||
Astoria Financial (b) | 254,700 | 6,036 | ||||||
BioMed Realty Trust – REIT (b) | 367,921 | 9,566 | ||||||
Columbia Banking System (b) | 29,598 | 802 | ||||||
Cullen/Frost Bankers (b) | 231,914 | 12,946 | ||||||
Delphi Financial Group, Class A | 114,469 | 3,116 | ||||||
Digital Realty Trust – REIT (b) | 189,628 | 7,348 | ||||||
Dime Community Bancshares (b) | 543,707 | 10,151 | ||||||
East West Bancorp | 178,003 | 2,535 | ||||||
GFI Group (b) | 171,732 | 2,018 | ||||||
Independent Bank (b) | 221,763 | 6,482 | ||||||
Kite Realty Group Trust – REIT (b) | 241,324 | 3,277 | ||||||
Knight Capital Group, Class A (a) (b) | 791,250 | 14,804 | ||||||
LaSalle Hotel Properties – REIT (b) | 191,712 | 6,148 | ||||||
National Financial Partners (b) | 186,606 | 5,024 | ||||||
Platinum Underwriters Holdings (b) | 280,244 | 10,052 | ||||||
South Financial Group (b) | 680,517 | 4,110 | ||||||
Umpqua Holdings (b) | 201,155 | 2,967 | ||||||
117,975 | ||||||||
Healthcare – 16.7% | ||||||||
AngioDynamics (a) | 361,889 | 5,349 | ||||||
Arena Pharmaceuticals (a) (b) | 408,905 | 2,286 | ||||||
Array BioPharma (a) (b) | 496,992 | 3,091 | ||||||
BioMarin Pharmaceutical (a) (b) | 159,601 | 5,819 | ||||||
Dexcom (a) (b) | 827,796 | 6,374 | ||||||
eResearchTechnology (a) (b) | 380,056 | 4,629 | ||||||
Exelixis (a) (b) | 539,011 | 4,102 | ||||||
Hologic (a) | 241,912 | 7,061 | ||||||
ICU Medical (a) (b) | 296,210 | 7,441 | ||||||
Immucor (a) (b) | 157,097 | 4,238 |
First American Funds 2008 Semiannual Report 37
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Small Cap Select Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
K-V Pharmaceutical, Class A (a) (b) | 594,715 | $ | 14,535 | |||||
Magellan Health Services (a) | 309,364 | 11,938 | ||||||
Myriad Genetics (a) (b) | 64,292 | 2,671 | ||||||
Onyx Pharmaceuticals (a) (b) | 31,538 | 1,109 | ||||||
OSI Pharmaceuticals (a) (b) | 38,478 | 1,333 | ||||||
Pediatrix Medical Group (a) | 241,700 | 16,440 | ||||||
Senomyx (a) (b) | 561,947 | 3,372 | ||||||
SonoSite (a) (b) | 390,140 | 12,442 | ||||||
TranS1 (a) (b) | 376,413 | 4,912 | ||||||
119,142 | ||||||||
Industrials – 13.0% | ||||||||
Advisory Board (a) (b) | 80,810 | 3,767 | ||||||
AMETEK | 153,635 | 7,454 | ||||||
BE Aerospace (a) | 265,519 | 10,716 | ||||||
Columbus McKinnon (a) (b) | 110,285 | 3,122 | ||||||
Con-way | 169,627 | 7,845 | ||||||
ESCO Technologies (a) (b) | 356,058 | 16,578 | ||||||
Forward Air (b) | 155,756 | 5,310 | ||||||
Ladish (a) (b) | 86,989 | 2,615 | ||||||
MasTec (a) (b) | 1,166,742 | 9,556 | ||||||
Nordson (b) | 119,308 | 7,043 | ||||||
RBC Bearings (a) (b) | 114,740 | 4,586 | ||||||
Regal-Beloit (b) | 69,122 | 2,564 | ||||||
Timken (b) | 184,577 | 6,673 | ||||||
Waste Connections (a) (b) | 157,478 | 5,050 | ||||||
92,879 | ||||||||
Information Technology – 19.1% | ||||||||
ADC Telecommunications (a) (b) | 440,241 | 6,172 | ||||||
Advanced Analogic Technologies (a) (b) | 1,352,999 | 9,363 | ||||||
AudioCodes (a) | 370,537 | 1,512 | ||||||
Cognex (b) | 158,368 | 3,991 | ||||||
Data Domain (a) (b) | 133,335 | 2,900 | ||||||
Digital River (a) (b) | 265,285 | 8,715 | ||||||
Emulex (a) (b) | 681,207 | 8,917 | ||||||
F5 Networks (a) (b) | 315,596 | 7,142 | ||||||
Foundry Networks (a) (b) | 419,936 | 5,346 | ||||||
Greenfield Online (a) (b) | 714,837 | 8,156 | ||||||
Harris Stratex Networks, Class A (a) (b) | 70,749 | 671 | ||||||
Ixia (a) (b) | 211,401 | 1,499 | ||||||
Orbotech (a) | 279,106 | 4,898 | ||||||
Photronics (a) (b) | 923,617 | 9,790 | ||||||
Plexus (a) (b) | 265,146 | 6,387 | ||||||
Polycom (a) (b) | 318,063 | 7,125 | ||||||
Progress Software (a) (b) | 372,380 | 11,257 | ||||||
Silicon Laboratories (a) (b) | 210,184 | 7,098 | ||||||
Synaptics (a) (b) | 232,101 | 7,877 | ||||||
Tessera Technologies (a) (b) | 379,480 | 7,681 | ||||||
TTM Technologies (a) (b) | 543,668 | 7,236 | ||||||
Veeco Instruments (a) (b) | 163,136 | 3,072 | ||||||
136,805 | ||||||||
Materials – 5.0% | ||||||||
Albemarle (b) | 182,372 | 6,823 | ||||||
AptarGroup (b) | 150,381 | 6,639 | ||||||
Schnitzer Steel Industries, Class A (b) | 54,205 | 4,770 | ||||||
Terra Industries (a) (b) | 263,380 | 9,972 | ||||||
Texas Industries (b) | 100,237 | 7,759 | ||||||
35,963 | ||||||||
Telecommunication Services – 0.6% | ||||||||
Cogent Communications Group (a) (b) | 95,391 | 2,004 | ||||||
General Communication, Class A (a) (b) | 363,544 | 2,258 | ||||||
4,262 | ||||||||
Utilities – 0.6% | ||||||||
NSTAR (b) | 124,982 | 4,026 | ||||||
Total Common Stocks | ||||||||
(Cost $708,664) | 701,217 | |||||||
Short-Term Investment – 1.8% | ||||||||
First American Prime Obligations Fund, Class Z (d) | ||||||||
(Cost $12,561) | 12,560,502 | 12,561 | ||||||
Investment Purchased with Proceeds from Securities Lending – 49.5% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (e) | ||||||||
(Cost $353,804) | 353,804,057 | 353,804 | ||||||
Total Investments – 149.4% (Cost $1,075,029) | 1,067,582 | |||||||
Other Assets and Liabilities, Net – (49.4)% | (352,965 | ) | ||||||
Total Net Assets – 100.0% | $ | 714,617 | ||||||
(a) | Non-income producing security. |
(b) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $338,414 at April 30, 2008. See note 2 in Notes to Financial Statements. |
(c) | Security is considered illiquid or restricted. As of April 30, 2008 the market value of this investment was $11,907 or 1.7% of total net assets. See note 2 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 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 |
The accompanying notes are an integral part of the financial statements.
38 First American Funds 2008 Semiannual Report
Table of Contents
Fund (concluded)
Fund (concluded)
Small Cap Value Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 97.6% | ||||||||
Consumer Discretionary – 14.1% | ||||||||
Aaron Rents (a) | 193,119 | $ | 4,809 | |||||
Ameristar Casinos (a) | 95,476 | 1,639 | ||||||
Belo, Class A (a) | 197,302 | 1,993 | ||||||
CBRL Group (a) | 52,692 | 1,947 | ||||||
Charlotte Russe Holding (a) (b) | 206,431 | 3,278 | ||||||
Domino’s Pizza (a) | 223,200 | 2,964 | ||||||
Ethan Allen Interiors (a) | 129,482 | 3,557 | ||||||
Fred’s (a) | 100,565 | 1,114 | ||||||
Group 1 Automotive (a) | 129,651 | 3,459 | ||||||
Interface, Class A (a) | 202,959 | 2,606 | ||||||
Jack in the Box (a) (b) | 75,899 | 2,030 | ||||||
Lear (b) | 84,572 | 2,416 | ||||||
Skechers U.S.A., Class A (a) (b) | 141,561 | 3,348 | ||||||
Wolverine World Wide (a) | 137,992 | 3,966 | ||||||
39,126 | ||||||||
Consumer Staples – 3.8% | ||||||||
Elizabeth Arden (a) (b) | 175,655 | 3,251 | ||||||
Nu Skin Enterprises, Class A (a) | 203,110 | 3,642 | ||||||
Ralcorp Holdings (a) (b) | 57,499 | 3,510 | ||||||
10,403 | ||||||||
Energy – 7.5% | ||||||||
Concho Resources (b) | 64,991 | 1,792 | ||||||
Dril-Quip (a) (b) | 33,227 | 1,899 | ||||||
Global Industries (a) (b) | 42,788 | 683 | ||||||
Oil States International (a) (b) | 61,885 | 3,098 | ||||||
Penn Virginia (a) | 99,002 | 5,198 | ||||||
PetroQuest Energy (a) (b) | 84,164 | 1,749 | ||||||
Swift Energy (a) (b) | 123,937 | 6,462 | ||||||
20,881 | ||||||||
Financials (c) – 27.9% | ||||||||
Alexandria Real Estate Equities – REIT (a) | 40,142 | 4,216 | ||||||
American Equity Investment Life Holding (a) | 289,124 | 2,790 | ||||||
Apollo Investment (a) | 145,073 | 2,347 | ||||||
Aspen Insurance Holdings | 79,421 | 2,064 | ||||||
Astoria Financial (a) | 116,569 | 2,763 | ||||||
Cathay General Bancorp (a) | 140,605 | 2,397 | ||||||
City Bank (a) | 86,679 | 1,571 | ||||||
Colonial BancGroup | 243,068 | 1,979 | ||||||
Delphi Financial Group, Class A | 155,318 | 4,228 | ||||||
First Midwest Bancorp (a) | 128,382 | 3,278 | ||||||
FPIC Insurance Group (b) | 76,329 | 3,552 | ||||||
Frontier Financial (a) | 210,760 | 3,372 | ||||||
IBERIABANK (a) | 81,610 | 3,934 | ||||||
Independent Bank | 130,366 | 3,811 | ||||||
Knight Capital Group, Class A (a) (b) | 161,638 | 3,024 | ||||||
LaSalle Hotel Properties – REIT (a) | 88,771 | 2,847 | ||||||
MFA Mortgage Investments (a) | 403,980 | 2,824 | ||||||
Mid-America Apartment Communities – REIT (a) | 52,739 | 2,769 | ||||||
National Retail Properties – REIT (a) | 180,375 | 4,132 | ||||||
optionsXpress Holdings (a) | 66,217 | 1,422 | ||||||
Piper Jaffray Companies (a) (b) | 47,732 | 1,778 | ||||||
PS Business Parks – REIT (a) | 48,590 | 2,781 | ||||||
Selective Insurance Group (a) | 157,006 | 3,347 | ||||||
Sterling Bancshares (a) | 419,171 | 4,355 | ||||||
Texas Capital Bancshares (a) (b) | 127,384 | 2,350 | ||||||
Waddell & Reed Financial, Class A (a) | 83,443 | 2,825 | ||||||
WSFS Financial | 13,690 | 696 | ||||||
77,452 | ||||||||
Healthcare – 8.3% | ||||||||
Greatbatch (a) (b) | 125,170 | 2,276 | ||||||
Healthspring (a) (b) | 150,509 | 2,535 | ||||||
Omnicell (b) | 41,364 | 497 | ||||||
Pediatrix Medical Group (b) | 30,163 | 2,052 | ||||||
Perrigo (a) | 36,939 | 1,514 | ||||||
Res-Care (b) | 148,154 | 2,413 | ||||||
Sciele Pharma (a) (b) | 206,750 | 3,984 | ||||||
STERIS (a) | 119,012 | 3,298 | ||||||
Varian (a) (b) | 30,479 | 1,552 | ||||||
Vital Signs | 55,420 | 2,900 | ||||||
23,021 | ||||||||
Industrials – 10.3% | ||||||||
Apogee Enterprises (a) | 68,987 | 1,539 | ||||||
Brady, Class A (a) | 72,530 | 2,462 | ||||||
Con-way (a) | 36,739 | 1,699 | ||||||
CRA International (a) (b) | 62,462 | 2,154 | ||||||
Crane | 105,351 | 4,313 | ||||||
Deluxe | 69,434 | 1,476 | ||||||
EMCOR Group (b) | 106,017 | 2,657 | ||||||
Nordson (a) | 57,692 | 3,405 | ||||||
Regal-Beloit (a) | 56,556 | 2,098 | ||||||
SkyWest (a) | 81,236 | 1,546 | ||||||
Triumph Group (a) | 38,186 | 2,248 | ||||||
URS (a) (b) | 69,849 | 2,818 | ||||||
28,415 | ||||||||
Information Technology – 13.7% | ||||||||
CACI International, Class A (a) (b) | 69,219 | 3,469 | ||||||
Emulex (a) (b) | 195,618 | 2,561 | ||||||
Epicor Software (a) (b) | 222,850 | 1,783 | ||||||
Ixia (b) | 421,772 | 2,990 | ||||||
Pericom Semiconductor (b) | 87,062 | 1,484 | ||||||
Photronics (a) (b) | 169,826 | 1,800 | ||||||
Plantronics (a) | 90,724 | 2,260 | ||||||
Polycom (a) (b) | 137,904 | 3,089 | ||||||
Progress Software (a) (b) | 188,555 | 5,700 | ||||||
Silicon Motion Technology – ADR (a) (b) | 121,956 | 2,126 | ||||||
TIBCO Software (a) (b) | 91,563 | 702 | ||||||
TriQuint Semiconductor (a) (b) | 396,668 | 2,614 | ||||||
TTM Technologies (a) (b) | 338,487 | 4,505 | ||||||
United Online (a) | 267,075 | 2,852 | ||||||
37,935 | ||||||||
Materials – 7.8% | ||||||||
Albemarle (a) | 75,831 | 2,837 | ||||||
AptarGroup (a) | 76,674 | 3,385 | ||||||
Arch Chemicals (a) | 80,957 | 2,758 | ||||||
CF Industries Holdings (a) | 11,769 | 1,574 | ||||||
Commercial Metals (a) | 104,511 | 3,254 | ||||||
Schnitzer Steel Industries, Class A (a) | 24,820 | 2,184 | ||||||
Terra Industries (a) (b) | 58,017 | 2,197 | ||||||
Texas Industries (a) | 45,451 | 3,518 | ||||||
21,707 | ||||||||
Utilities – 4.2% | ||||||||
Black Hills (a) | 69,332 | 2,705 | ||||||
El Paso Electric (a) (b) | 142,728 | 3,221 | ||||||
Northwest Natural Gas (a) | 56,625 | 2,541 | ||||||
Westar Energy (a) | 137,023 | 3,177 | ||||||
11,644 | ||||||||
Total Common Stocks (Cost $270,954) | 270,584 | |||||||
First American Funds 2008 Semiannual Report 39
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Fund (concluded)
Small Cap Value Fund (concluded) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Short-Term Investment – 1.7% | ||||||||
First American Prime Obligations Fund, Class Z (d) | ||||||||
(Cost $4,820) | 4,820,402 | $ | 4,820 | |||||
Investment Purchased with Proceeds from Securities Lending – 49.4% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (e) | ||||||||
(Cost $136,843) | 136,843,158 | 136,843 | ||||||
Total Investments – 148.7% | ||||||||
(Cost $412,617) | 412,247 | |||||||
Other Assets and Liabilities, Net – (48.7)% | (134,971 | ) | ||||||
Total Net Assets – 100.0% | $ | 277,276 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $131,657 at April 30, 2008. 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 7 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 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. |
ADR – | American Depository Receipt |
REIT – | Real Estate Investment Trust |
Fund (concluded)
Small-Mid Cap Core Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 99.0% | ||||||||
Consumer Discretionary – 14.6% | ||||||||
Abercrombie & Fitch, Class A | 17,396 | $ | 1,293 | |||||
Aeropostale (a) (b) | 44,788 | 1,424 | ||||||
Aftermarket Technology (b) | 63,290 | 1,450 | ||||||
Dick’s Sporting Goods (a) (b) | 28,545 | 816 | ||||||
Gaiam, Class A (a) (b) | 33,368 | 587 | ||||||
J. Crew Group (a) (b) | 26,977 | 1,281 | ||||||
Skechers U.S.A., Class A (b) | 77,705 | 1,838 | ||||||
Warnaco Group (a) (b) | 24,532 | 1,132 | ||||||
WMS Industries (a) (b) | 75,684 | 2,739 | ||||||
Wolverine World Wide (a) | 32,343 | 930 | ||||||
13,490 | ||||||||
Consumer Staples – 2.6% | ||||||||
Corn Products International | 52,653 | 2,442 | ||||||
Energy – 7.2% | ||||||||
Atwood Oceanics (a) (b) | 9,127 | 919 | ||||||
Dril-Quip (a) (b) | 35,092 | 2,006 | ||||||
Oceaneering International (b) | 14,866 | 993 | ||||||
Penn Virginia | 13,840 | 727 | ||||||
Swift Energy (a) (b) | 37,561 | 1,958 | ||||||
6,603 | ||||||||
Financials – 19.2% | ||||||||
Affiliated Managers Group (a) (b) | 10,741 | 1,067 | ||||||
Alexandria Real Estate Equities – REIT (a) | 8,706 | 914 | ||||||
BioMed Realty Trust – REIT (a) | 80,884 | 2,103 | ||||||
Colonial BancGroup (a) | 113,940 | 928 | ||||||
East West Bancorp | 63,353 | 902 | ||||||
FPIC Insurance Group (b) | 19,032 | 886 | ||||||
Frontier Financial (a) | 73,060 | 1,169 | ||||||
Knight Capital Group, Class A (a) (b) | 60,543 | 1,133 | ||||||
LaSalle Hotel Properties – REIT (a) | 29,848 | 957 | ||||||
National Retail Properties – REIT (a) | 82,771 | 1,896 | ||||||
Platinum Underwriters Holdings (a) | 50,919 | 1,827 | ||||||
Sterling Bancshares (a) | 152,956 | 1,589 | ||||||
Thornburg Mortgage (a) | 190,936 | 233 | ||||||
W.R. Berkley | 38,529 | 990 | ||||||
Waddell & Reed Financial, Class A (a) | 32,264 | 1,092 | ||||||
17,686 | ||||||||
Healthcare – 14.2% | ||||||||
AMN Healthcare Services (b) | 43,638 | 637 | ||||||
BioMarin Pharmaceutical (a) (b) | 72,475 | 2,642 | ||||||
IDEXX Laboratories (b) | 9,155 | 487 | ||||||
Intuitive Surgical (a) (b) | 10,669 | 3,086 | ||||||
Pediatrix Medical Group (b) | 38,010 | 2,585 | ||||||
Perrigo (a) | 37,119 | 1,521 | ||||||
Sciele Pharma (a) (b) | 77,308 | 1,490 | ||||||
Varian (a) (b) | 13,736 | 700 | ||||||
13,148 | ||||||||
Industrials – 10.4% | ||||||||
AirTran Holdings (a) (b) | 36,145 | 123 | ||||||
Columbus McKinnon (b) | 24,467 | 693 | ||||||
Continental Airlines, Class B (a) (b) | 11,483 | 207 | ||||||
Crane | 38,405 | 1,572 | ||||||
EMCOR Group (a) (b) | 74,409 | 1,865 | ||||||
Forward Air (a) | 41,992 | 1,431 | ||||||
Regal-Beloit (a) | 37,498 | 1,391 | ||||||
Republic Services | 36,339 | 1,155 | ||||||
Werner Enterprises (a) | 58,641 | 1,141 | ||||||
9,578 | ||||||||
Information Technology – 15.3% | ||||||||
Avnet (b) | 29,000 | 760 | ||||||
BMC Software (b) | 38,299 | 1,331 |
The accompanying notes are an integral part of the financial statements.
40 First American Funds 2008 Semiannual Report
Table of Contents
Small-Mid Cap Core Fund (concluded) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Digital River (b) | 29,107 | $ | 956 | |||||
Emulex (a) (b) | 145,107 | 1,900 | ||||||
Fairchild Semiconductor International, Class A (b) | 128,223 | 1,672 | ||||||
Foundry Networks (a) (b) | 70,572 | 898 | ||||||
Intersil, Class A (a) | 25,434 | 680 | ||||||
Lam Research (a) (b) | 22,161 | 905 | ||||||
Photronics (a) (b) | 88,575 | 939 | ||||||
Plexus (b) | 62,239 | 1,499 | ||||||
Polycom (a) (b) | 75,418 | 1,689 | ||||||
Progress Software (a) (b) | 30,769 | 930 | ||||||
14,159 | ||||||||
Materials – 11.4% | ||||||||
Commercial Metals | 46,531 | 1,449 | ||||||
Owens-Illinois (b) | 22,749 | 1,254 | ||||||
Pactiv (b) | 63,970 | 1,522 | ||||||
Schnitzer Steel Industries, Class A (a) | 38,149 | 3,357 | ||||||
Temple-Inland | 69,396 | 810 | ||||||
Terra Industries (a) (b) | 56,147 | 2,126 | ||||||
10,518 | ||||||||
Telecommunication Services – 1.1% | ||||||||
Time Warner Telecom, Class A (a) (b) | 52,023 | 1,020 | ||||||
Utilities – 3.0% | ||||||||
Northwest Natural Gas (a) | 15,380 | 690 | ||||||
NSTAR | 31,306 | 1,008 | ||||||
Westar Energy (a) | 47,900 | 1,111 | ||||||
2,809 | ||||||||
Total Common Stocks | ||||||||
(Cost $86,978) | 91,453 | |||||||
Short-Term Investment – 2.0% | ||||||||
First American Prime Obligations Fund, Class Z (c) | ||||||||
(Cost $1,787) | 1,787,442 | 1,787 | ||||||
Investment Purchased with Proceeds from Securities Lending – 45.1% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (d) | ||||||||
(Cost $41,687) | 41,687,016 | 41,687 | ||||||
Total Investments – 146.1% | ||||||||
(Cost $130,452) | 134,927 | |||||||
Other Assets and Liabilities, Net – (46.1)% | (42,552 | ) | ||||||
Total Net Assets – 100.0% | $ | 92,375 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $40,234 at April 30, 2008. 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 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 |
First American Funds 2008 Semiannual Report 41
Table of Contents
Small-Mid Cap Core Fund (concluded)
Statements ofAssets and Liabilities | April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Small Cap Growth | Small Cap | Small Cap | Small-Mid Cap | ||||||||||||||||||
Opportunities Fund | Select Fund | Value Fund | Core Fund | ||||||||||||||||||
Unaffiliated investments, at cost | $ | 229,799 | $ | 708,664 | $ | 270,954 | $ | 86,978 | |||||||||||||
Affiliated money market fund, at cost | 2,568 | 12,561 | 4,820 | 1,787 | |||||||||||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 118,302 | 353,804 | 136,843 | 41,687 | |||||||||||||||||
ASSETS: | |||||||||||||||||||||
Unaffiliated investments, at value* (note 2) | $ | 237,199 | $ | 701,217 | $ | 270,584 | $ | 91,453 | |||||||||||||
Affiliated money market fund, at value (note 2) | 2,568 | 12,561 | 4,820 | 1,787 | |||||||||||||||||
Affiliated investment purchased with proceeds from securities lending, at value (note 2) | 118,302 | 353,804 | 136,843 | 41,687 | |||||||||||||||||
Cash | 1,678 | — | — | — | |||||||||||||||||
Receivable for dividends and interest | 116 | 505 | 241 | 86 | |||||||||||||||||
Receivable for investments sold | 3,604 | 17,516 | 5,222 | 1,430 | |||||||||||||||||
Receivable for capital shares sold | 199 | 978 | 42 | 8 | |||||||||||||||||
Prepaid expenses and other assets | 36 | 44 | 33 | 24 | |||||||||||||||||
Total assets | 363,702 | 1,086,625 | 417,785 | 136,475 | |||||||||||||||||
LIABILITIES: | |||||||||||||||||||||
Payable for capital shares redeemed | 288 | 2,183 | 312 | 409 | |||||||||||||||||
Payable upon return of securities loaned (note 2) | 118,302 | 353,804 | 136,843 | 41,687 | |||||||||||||||||
Payable for investments purchased | 1,440 | 15,372 | 3,106 | 1,910 | |||||||||||||||||
Payable to affiliates (note 3) | 211 | 552 | 216 | 69 | |||||||||||||||||
Payable for distribution and shareholder servicing fees | 29 | 85 | 16 | 12 | |||||||||||||||||
Accrued expenses and other liabilities | 2 | 12 | 16 | 13 | |||||||||||||||||
Total liabilities | 120,272 | 372,008 | 140,509 | 44,100 | |||||||||||||||||
Net assets | $ | 243,430 | $ | 714,617 | $ | 277,276 | $ | 92,375 | |||||||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||||||||
Portfolio capital | $ | 262,579 | $ | 808,131 | $ | 289,627 | $ | 533,586 | |||||||||||||
Undistributed (distributions in excess of) net investment income | (1,043 | ) | (215 | ) | 78 | 2 | |||||||||||||||
Accumulated net realized loss on investments | (25,506 | ) | (85,852 | ) | (12,059 | ) | (445,688 | ) | |||||||||||||
Net unrealized appreciation (depreciation) of investments | 7,400 | (7,447 | ) | (370 | ) | 4,475 | |||||||||||||||
Net assets | $ | 243,430 | $ | 714,617 | $ | 277,276 | $ | 92,375 | |||||||||||||
* Including securities loaned, at value | $ | 113,297 | $ | 338,414 | $ | 131,657 | $ | 40,234 | |||||||||||||
Class A: | |||||||||||||||||||||
Net assets | $ | 124,315 | $ | 203,337 | $ | 41,464 | $ | 18,945 | |||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 7,314 | 18,504 | 3,937 | 1,958 | |||||||||||||||||
Net asset value and redemption price per share | $ | 17.00 | $ | 10.99 | $ | 10.53 | $ | 9.67 | |||||||||||||
Maximum offering price per share1 | $ | 17.99 | $ | 11.63 | $ | 11.14 | $ | 10.23 | |||||||||||||
Class B: | |||||||||||||||||||||
Net assets | $ | 3,248 | $ | 9,686 | $ | 4,342 | $ | 4,549 | |||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 214 | 1,093 | 473 | 546 | |||||||||||||||||
Net asset value, offering price, and redemption price per share2 | $ | 15.15 | $ | 8.86 | $ | 9.18 | $ | 8.34 | |||||||||||||
Class C: | |||||||||||||||||||||
Net assets | $ | 1,724 | $ | 27,134 | $ | 3,248 | $ | 4,787 | |||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 109 | 2,666 | 346 | 527 | |||||||||||||||||
Net asset value, offering price, and redemption price per share2 | $ | 15.88 | $ | 10.18 | $ | 9.39 | $ | 9.09 | |||||||||||||
Class R3: | |||||||||||||||||||||
Net assets | $ | 534 | $ | 35,978 | $ | 2,850 | $ | — | |||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 32 | 3,328 | 274 | — | |||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 16.84 | $ | 10.81 | $ | 10.39 | $ | — | |||||||||||||
Class Y: | |||||||||||||||||||||
Net assets | $ | 113,609 | $ | 438,482 | $ | 225,372 | $ | 64,094 | |||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 6,245 | 36,947 | 20,813 | 6,354 | |||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 18.19 | $ | 11.87 | $ | 10.83 | $ | 10.09 | |||||||||||||
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 Small-Mid Cap Core Fund. |
The accompanying notes are an integral part of the financial statements.
42 First American Funds 2008 Semiannual Report
Table of Contents
Small-Mid Cap Core Fund (concluded)
Statements ofOperations | For the six-month period ended April 30, 2008 (unaudited), 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 | ||||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||
Dividends from unaffiliated investments | $ | 337 | $ | 2,906 | $ | 2,583 | $ | 508 | |||||||||||||
Dividends from affiliated investments | 120 | 392 | 40 | 26 | |||||||||||||||||
Less: Foreign taxes withheld | — | — | — | — | |||||||||||||||||
Securities lending income | 221 | 1,201 | 414 | 115 | |||||||||||||||||
Total investment income | 678 | 4,499 | 3,037 | 649 | |||||||||||||||||
EXPENSES (note 3): | |||||||||||||||||||||
Investment advisory fees | 1,258 | 2,723 | 1,031 | 342 | |||||||||||||||||
Administration fees | 283 | 864 | 331 | 114 | |||||||||||||||||
Transfer agent fees | 80 | 173 | 82 | 102 | |||||||||||||||||
Custodian fees | 7 | 21 | 11 | 5 | |||||||||||||||||
Legal fees | 7 | 7 | 7 | 7 | |||||||||||||||||
Audit fees | 15 | 15 | 15 | 15 | |||||||||||||||||
Registration fees | 29 | 32 | 26 | 21 | |||||||||||||||||
Postage and printing fees | 10 | 36 | 13 | 4 | |||||||||||||||||
Directors’ fees | 13 | 13 | 13 | 13 | |||||||||||||||||
Other expenses | 10 | 10 | 10 | 10 | |||||||||||||||||
Distribution and shareholder servicing fees – Class A | 157 | 251 | 55 | 24 | |||||||||||||||||
Distribution and shareholder servicing fees – Class B | 18 | 54 | 24 | 27 | |||||||||||||||||
Distribution and shareholder servicing fees – Class C | 9 | 143 | 17 | 24 | |||||||||||||||||
Distribution and shareholder servicing fees – Class R1 | 1 | 86 | 7 | — | |||||||||||||||||
Total expenses | 1,897 | 4,428 | 1,642 | 708 | |||||||||||||||||
Less: Fee waivers (note 3) | (181 | ) | (10 | ) | (1 | ) | (66 | ) | |||||||||||||
Less: Indirect payments from custodian (note 3) | (1 | ) | (2 | ) | — | — | |||||||||||||||
Total net expenses | 1,715 | 4,416 | 1,641 | 642 | |||||||||||||||||
Investment income (loss) – net | (1,037 | ) | 83 | 1,396 | 7 | ||||||||||||||||
REALIZED AND UNREALIZED LOSSES ON INVESTMENTS – NET (note 5): | |||||||||||||||||||||
Net realized loss on unaffiliated investments | (21,492 | ) | (62,087 | ) | (11,984 | ) | (3,734 | ) | |||||||||||||
Net realized gain on in-kind distribution (note 9) | 247 | — | — | — | |||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (22,764 | ) | (97,073 | ) | (30,884 | ) | (6,720 | ) | |||||||||||||
Net loss on investments | (44,009 | ) | (159,160 | ) | (42,868 | ) | (10,454 | ) | |||||||||||||
Net decrease in net assets resulting from operations | $ | (45,046 | ) | $ | (159,077 | ) | $ | (41,472 | ) | $ | (10,447 | ) | |||||||||
1 | Class R is not offered by Small-Mid Cap Core Fund. |
First American Funds 2008 Semiannual Report 43
Table of Contents
Small-Mid Cap Core Fund (concluded)
Statements ofChanges in Net Assets | all dollars are rounded to thousands (000) |
Small Cap Growth | Small Cap | ||||||||||||||||||
Opportunities Fund | Select Fund | ||||||||||||||||||
Six-Month | Six-Month | ||||||||||||||||||
Period Ended | Period Ended | ||||||||||||||||||
4/30/08 | Year Ended | 4/30/08 | Year Ended | ||||||||||||||||
(unaudited) | 10/31/07 | (unaudited) | 10/31/07 | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Investment income (loss) – net | $ | (1,037 | ) | $ | (2,579 | ) | $ | 83 | $ | (813 | ) | ||||||||
Net realized gain (loss) on unaffiliated investments | (21,492 | ) | 29,255 | (62,087 | ) | 81,194 | |||||||||||||
Net realized gain loss on affiliated investments | — | — | — | (2,200 | ) | ||||||||||||||
Net realized gain on in-kind distribution | 247 | — | — | 6,598 | |||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (22,764 | ) | 11,753 | (97,073 | ) | (12,056 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from operations | (45,046 | ) | 38,429 | (159,077 | ) | 72,723 | |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||
Investment income – net: | |||||||||||||||||||
Class A | — | — | — | — | |||||||||||||||
Class B | — | — | — | — | |||||||||||||||
Class C | — | — | — | — | |||||||||||||||
Class R | — | — | — | — | |||||||||||||||
Class Y | — | — | (291 | ) | — | ||||||||||||||
Net realized gain on investments: | |||||||||||||||||||
Class A | (10,823 | ) | (8,975 | ) | (14,448 | ) | (33,807 | ) | |||||||||||
Class B | (340 | ) | (443 | ) | (980 | ) | (2,398 | ) | |||||||||||
Class C | (169 | ) | (178 | ) | (2,230 | ) | (2,921 | ) | |||||||||||
Class R | (39 | ) | (81 | ) | (2,456 | ) | (578 | ) | |||||||||||
Class Y | (9,817 | ) | (10,242 | ) | (34,350 | ) | (94,474 | ) | |||||||||||
Total distributions | (21,188 | ) | (19,919 | ) | (54,755 | ) | (134,178 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | |||||||||||||||||||
Class A: | |||||||||||||||||||
Proceeds from sales | 14,103 | 42,677 | 54,992 | 169,005 | |||||||||||||||
Reinvestment of distributions | 10,653 | 8,788 | 13,800 | 24,845 | |||||||||||||||
Payments for redemptions | (16,646 | ) | (49,599 | ) | (50,560 | ) | (161,596 | ) | |||||||||||
Increase (decrease) in net assets from Class A transactions | 8,110 | 1,866 | 18,232 | 32,254 | |||||||||||||||
Class B: | |||||||||||||||||||
Proceeds from sales | 81 | 235 | 257 | 1,987 | |||||||||||||||
Reinvestment of distributions | 325 | 412 | 937 | 2,264 | |||||||||||||||
Payments for redemptions (note 3) | (616 | ) | (2,909 | ) | (1,980 | ) | (4,115 | ) | |||||||||||
Increase (decrease) in net assets from Class B transactions | (210 | ) | (2,262 | ) | (786 | ) | 136 | ||||||||||||
Class C: | |||||||||||||||||||
Proceeds from sales | 114 | 807 | 3,935 | 21,138 | |||||||||||||||
Reinvestment of distributions | 153 | 151 | 2,068 | 2,706 | |||||||||||||||
Payments for redemptions (note 3) | (335 | ) | (1,431 | ) | (5,356 | ) | (6,772 | ) | |||||||||||
Increase (decrease) in net assets from Class C transactions | (68 | ) | (473 | ) | 647 | 17,072 | |||||||||||||
Class R1: | |||||||||||||||||||
Proceeds from sales | 144 | 449 | 8,585 | 39,652 | |||||||||||||||
Reinvestment of distributions | 39 | 81 | 2,456 | 578 | |||||||||||||||
Payments for redemptions | (58 | ) | (1,395 | ) | (4,399 | ) | (5,019 | ) | |||||||||||
Increase (decrease) in net assets from Class R transactions | 125 | (865 | ) | 6,642 | 35,211 | ||||||||||||||
Class Y: | |||||||||||||||||||
Proceeds from sales | 5,471 | 15,021 | 41,062 | 200,087 | |||||||||||||||
Reinvestment of distributions | 7,546 | 7,633 | 26,896 | 71,615 | |||||||||||||||
Payments for redemptions | (22,281 | ) | (60,378 | ) | (180,267 | ) | (270,010 | ) | |||||||||||
Increase (decrease) in net assets from Class Y transactions | (9,264 | ) | (37,724 | ) | (112,309 | ) | 1,692 | ||||||||||||
Increase (decrease) in net assets from capital share transactions | (1,307 | ) | (39,458 | ) | (87,574 | ) | 86,365 | ||||||||||||
Increase in net assets from regulatory settlement proceeds (note 10) | — | 177 | — | — | |||||||||||||||
Total increase (decrease) in net assets | (67,541 | ) | (20,771 | ) | (301,406 | ) | 24,910 | ||||||||||||
Net assets at beginning of period | 310,971 | 331,742 | 1,016,023 | 991,113 | |||||||||||||||
Net assets at end of period | $ | 243,430 | $ | 310,971 | $ | 714,617 | $ | 1,016,023 | |||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (1,043 | ) | $ | (6 | ) | $ | (215 | ) | $ | (7 | ) | |||||||
1 | Class R is not offered by Small-Mid Cap Core Fund. |
The accompanying notes are an integral part of the financial statements.
44 First American Funds 2008 Semiannual Report
Table of Contents
Small-Mid Cap Core Fund (concluded)
Small Cap | Small-Mid Cap | ||||||||||||||||||
Value Fund | Core Fund | ||||||||||||||||||
Six-Month | Six-Month | ||||||||||||||||||
Period Ended | Period Ended | ||||||||||||||||||
4/30/08 | Year Ended | 4/30/08 | Year Ended | ||||||||||||||||
(unaudited) | 10/31/07 | (unaudited) | 10/31/07 | ||||||||||||||||
$ | 1,396 | $ | 4,450 | $ | 7 | $ | (151 | ) | |||||||||||
(11,984 | ) | 42,939 | (3,734 | ) | 9,015 | ||||||||||||||
— | — | — | — | ||||||||||||||||
— | — | — | — | ||||||||||||||||
(30,884 | ) | (29,588 | ) | (6,720 | ) | 3,441 | |||||||||||||
(41,472 | ) | 17,801 | (10,447 | ) | 12,305 | ||||||||||||||
(573 | ) | (94 | ) | — | — | ||||||||||||||
(24 | ) | — | — | — | |||||||||||||||
(20 | ) | — | — | — | |||||||||||||||
(33 | ) | (3 | ) | — | — | ||||||||||||||
(3,750 | ) | (1,306 | ) | — | (108 | ) | |||||||||||||
(5,182 | ) | (9,082 | ) | — | — | ||||||||||||||
(645 | ) | (1,323 | ) | — | — | ||||||||||||||
(434 | ) | (764 | ) | — | — | ||||||||||||||
(336 | ) | (321 | ) | — | — | ||||||||||||||
(27,250 | ) | (52,686 | ) | — | — | ||||||||||||||
(38,247 | ) | (65,579 | ) | — | (108 | ) | |||||||||||||
1,553 | 9,352 | 1,945 | 5,584 | ||||||||||||||||
5,531 | 8,932 | — | — | ||||||||||||||||
(7,277 | ) | (15,854 | ) | (2,823 | ) | (12,536 | ) | ||||||||||||
(193 | ) | 2,430 | (878 | ) | (6,952 | ) | |||||||||||||
34 | 183 | 102 | 294 | ||||||||||||||||
643 | 1,220 | — | — | ||||||||||||||||
(1,162 | ) | (1,975 | ) | (1,795 | ) | (2,885 | ) | ||||||||||||
(485 | ) | (572 | ) | (1,693 | ) | (2,591 | ) | ||||||||||||
294 | 1,120 | 603 | 1,179 | ||||||||||||||||
411 | 736 | — | — | ||||||||||||||||
(540 | ) | (1,648 | ) | (521 | ) | (1,497 | ) | ||||||||||||
165 | 208 | 82 | (318 | ) | |||||||||||||||
552 | 2,573 | — | — | ||||||||||||||||
369 | 323 | — | — | ||||||||||||||||
(584 | ) | (1,268 | ) | — | — | ||||||||||||||
337 | 1,628 | — | — | ||||||||||||||||
12,218 | 39,919 | 12,348 | 27,632 | ||||||||||||||||
27,122 | 46,881 | — | 38 | ||||||||||||||||
(51,832 | ) | (100,232 | ) | (20,501 | ) | (23,844 | ) | ||||||||||||
(12,492 | ) | (13,432 | ) | (8,153 | ) | 3,826 | |||||||||||||
(12,668 | ) | (9,738 | ) | (10,642 | ) | (6,035 | ) | ||||||||||||
— | — | — | — | ||||||||||||||||
(92,387 | ) | (57,516 | ) | (21,089 | ) | 6,162 | |||||||||||||
369,663 | 427,179 | 113,464 | 107,302 | ||||||||||||||||
$ | 277,276 | $ | 369,663 | $ | 92,375 | $ | 113,464 | ||||||||||||
$ | 78 | $ | 3,082 | $ | 2 | $ | (5 | ) | |||||||||||
First American Funds 2008 Semiannual Report 45
Table of Contents
Small-Mid Cap Core Fund (concluded)
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||
Net Asset | Unrealized | Net Asset | ||||||||||||||||||||||
Value | Net | Gains | Distributions | Value | ||||||||||||||||||||
Beginning | Investment | (Losses) on | from Net | End of | ||||||||||||||||||||
of Period | Loss | Investments | Realized Gains | Period | ||||||||||||||||||||
Small Cap Growth Opportunities Fund1 | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
20082 | $ | 21.65 | $ | (0.08 | ) | $ | (2.99 | ) | $ | (1.58 | ) | $ | 17.00 | |||||||||||
20073 | 20.49 | (0.19 | ) | 2.67 | (1.32 | ) | 21.65 | |||||||||||||||||
20063 | 22.79 | (0.18 | ) | 2.37 | (4.49 | ) | 20.49 | |||||||||||||||||
20054 | 23.75 | (0.02 | ) | (0.94 | ) | — | 22.79 | |||||||||||||||||
20055 | 21.74 | (0.32 | ) | 5.28 | (2.95 | ) | 23.75 | |||||||||||||||||
20045 | 21.95 | (0.35 | ) | 0.27 | (0.13 | ) | 21.74 | |||||||||||||||||
20035 | 13.86 | (0.28 | ) | 8.37 | — | 21.95 | ||||||||||||||||||
Class B | ||||||||||||||||||||||||
20082 | $ | 19.56 | $ | (0.13 | ) | $ | (2.70 | ) | $ | (1.58 | ) | $ | 15.15 | |||||||||||
20073 | 18.76 | (0.31 | ) | 2.43 | (1.32 | ) | 19.56 | |||||||||||||||||
20063 | 21.36 | (0.31 | ) | 2.20 | (4.49 | ) | 18.76 | |||||||||||||||||
20054 | 22.27 | (0.03 | ) | (0.88 | ) | — | 21.36 | |||||||||||||||||
20055 | 20.69 | (0.45 | ) | 4.98 | (2.95 | ) | 22.27 | |||||||||||||||||
20045 | 21.05 | (0.50 | ) | 0.27 | (0.13 | ) | 20.69 | |||||||||||||||||
20035 | 13.39 | (0.40 | ) | 8.06 | — | 21.05 | ||||||||||||||||||
Class C | ||||||||||||||||||||||||
20082 | $ | 20.41 | $ | (0.14 | ) | $ | (2.81 | ) | $ | (1.58 | ) | $ | 15.88 | |||||||||||
20073 | 19.53 | (0.33 | ) | 2.53 | (1.32 | ) | 20.41 | |||||||||||||||||
20063 | 22.05 | (0.32 | ) | 2.29 | (4.49 | ) | 19.53 | |||||||||||||||||
20054 | 23.00 | (0.04 | ) | (0.91 | ) | — | 22.05 | |||||||||||||||||
20055 | 21.28 | (0.48 | ) | 5.15 | (2.95 | ) | 23.00 | |||||||||||||||||
20045 | 21.65 | (0.49 | ) | 0.25 | (0.13 | ) | 21.28 | |||||||||||||||||
20035 | 13.77 | (0.43 | ) | 8.31 | — | 21.65 | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||
20082 | $ | 21.49 | $ | (0.10 | ) | $ | (2.97 | ) | $ | (1.58 | ) | $ | 16.84 | |||||||||||
20073 | 20.39 | (0.24 | ) | 2.66 | (1.32 | ) | 21.49 | |||||||||||||||||
20063 | 22.75 | (0.23 | ) | 2.36 | (4.49 | ) | 20.39 | |||||||||||||||||
20054 | 23.72 | (0.03 | ) | (0.94 | ) | — | 22.75 | |||||||||||||||||
20055 | 21.74 | (0.48 | ) | 5.41 | (2.95 | ) | 23.72 | |||||||||||||||||
20045 | 21.95 | (0.42 | ) | 0.34 | (0.13 | ) | 21.74 | |||||||||||||||||
20035 | 13.86 | (0.28 | ) | 8.37 | — | 21.95 | ||||||||||||||||||
Class Y | ||||||||||||||||||||||||
20082 | $ | 23.03 | $ | (0.06 | ) | $ | (3.20 | ) | $ | (1.58 | ) | $ | 18.19 | |||||||||||
20073 | 21.66 | (0.15 | ) | 2.84 | (1.32 | ) | 23.03 | |||||||||||||||||
20063 | 23.81 | (0.13 | ) | 2.47 | (4.49 | ) | 21.66 | |||||||||||||||||
20054 | 24.81 | (0.02 | ) | (0.98 | ) | — | 23.81 | |||||||||||||||||
20055 | 22.55 | (0.27 | ) | 5.48 | (2.95 | ) | 24.81 | |||||||||||||||||
20045 | 22.70 | (0.32 | ) | 0.30 | (0.13 | ) | 22.55 | |||||||||||||||||
20035 | 14.30 | (0.25 | ) | 8.65 | — | 22.70 | ||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | 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 | During the period, the fund received a regulatory settlement, which had an impact on total return of 0.05% for Class A, Class R, and Class Y shares and 0.06% for Class B and Class C shares. |
The accompanying notes are an integral part of the financial statements.
46 First American Funds 2008 Semiannual Report
Table of Contents
Small-Mid Cap Core Fund (concluded)
Ratio of | Ratio of Net | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Investment | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Loss to Average | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Loss | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(14.82 | )% | $ | 124,315 | 1.47 | % | (0.91 | )% | 1.61 | % | (1.05 | )% | 61 | % | ||||||||||||||||||||||
12.81 | 8 | 149,231 | 1.47 | (0.89 | ) | 1.59 | (1.01 | ) | 118 | ||||||||||||||||||||||||||
9.91 | 138,786 | 1.47 | (0.88 | ) | 1.58 | (0.99 | ) | 209 | |||||||||||||||||||||||||||
(4.04 | ) | 78,357 | 1.47 | (1.17 | ) | 1.56 | (1.26 | ) | 14 | ||||||||||||||||||||||||||
24.21 | 84,567 | 1.82 | (1.42 | ) | 1.87 | (1.47 | ) | 190 | |||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
(15.19 | )% | $ | 3,248 | 2.22 | % | (1.66 | )% | 2.36 | % | (1.80 | )% | 61 | % | ||||||||||||||||||||||
12.03 | 8 | 4,467 | 2.22 | (1.65 | ) | 2.34 | (1.77 | ) | 118 | ||||||||||||||||||||||||||
9.03 | 6,540 | 2.22 | (1.62 | ) | 2.33 | (1.73 | ) | 209 | |||||||||||||||||||||||||||
(4.09 | ) | 8,271 | 2.22 | (1.93 | ) | 2.31 | (2.02 | ) | 14 | ||||||||||||||||||||||||||
23.27 | 8,760 | 2.57 | (2.16 | ) | 2.62 | (2.21 | ) | 190 | |||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
(15.15 | )% | $ | 1,724 | 2.22 | % | (1.66 | )% | 2.36 | % | (1.80 | )% | 61 | % | ||||||||||||||||||||||
11.96 | 8 | 2,295 | 2.22 | (1.64 | ) | 2.34 | (1.76 | ) | 118 | ||||||||||||||||||||||||||
9.11 | 2,664 | 2.22 | (1.63 | ) | 2.33 | (1.74 | ) | 209 | |||||||||||||||||||||||||||
(4.13 | ) | 2,962 | 2.22 | (1.93 | ) | 2.31 | (2.02 | ) | 14 | ||||||||||||||||||||||||||
23.28 | 3,152 | 2.57 | (2.20 | ) | 2.62 | (2.25 | ) | 190 | |||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
(14.94 | )% | $ | 534 | 1.72 | % | (1.16 | )% | 1.86 | % | (1.30 | )% | 61 | % | ||||||||||||||||||||||
12.56 | 8 | 522 | 1.72 | (1.17 | ) | 1.84 | (1.29 | ) | 118 | ||||||||||||||||||||||||||
9.62 | 1,323 | 1.72 | (1.16 | ) | 1.95 | (1.39 | ) | 209 | |||||||||||||||||||||||||||
(4.09 | ) | 5 | 1.72 | (1.43 | ) | 1.96 | (1.67 | ) | 14 | ||||||||||||||||||||||||||
24.06 | 5 | 2.07 | (2.14 | ) | 2.27 | (2.34 | ) | 190 | |||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
(14.75 | )% | $ | 113,609 | 1.22 | % | (0.66 | )% | 1.36 | % | (0.80 | )% | 61 | % | ||||||||||||||||||||||
13.10 | 8 | 154,456 | 1.22 | (0.64 | ) | 1.34 | (0.76 | ) | 118 | ||||||||||||||||||||||||||
10.16 | 182,429 | 1.22 | (0.63 | ) | 1.33 | (0.74 | ) | 209 | |||||||||||||||||||||||||||
(4.03 | ) | 210,769 | 1.22 | (0.92 | ) | 1.31 | (1.01 | ) | 14 | ||||||||||||||||||||||||||
24.47 | 220,772 | 1.57 | (1.15 | ) | 1.62 | (1.20 | ) | 190 | |||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 47
Table of Contents
Small-Mid Cap Core Fund (concluded)
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||
Value | Net | Gains | from Net | Distributions | Value | ||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | from Net | End of | ||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Income | Realized Gains | Period | ||||||||||||||||||||||||
Small Cap Select Fund1 | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
20082 | $ | 14.06 | $ | — | $ | (2.22 | ) | $ | — | $ | (0.85 | ) | $ | 10.99 | |||||||||||||||
20073 | 15.12 | (0.03 | ) | 1.05 | — | (2.08 | ) | 14.06 | |||||||||||||||||||||
20063 | 15.33 | (0.05 | ) | 3.05 | — | (3.21 | ) | 15.12 | |||||||||||||||||||||
20054 | 15.82 | (0.01 | ) | (0.48 | ) | — | — | 15.33 | |||||||||||||||||||||
20055 | 15.95 | (0.08 | ) | 3.10 | — | (3.15 | ) | 15.82 | |||||||||||||||||||||
20045 | 14.52 | (0.12 | ) | 2.60 | — | (1.05 | ) | 15.95 | |||||||||||||||||||||
20035 | 10.68 | (0.09 | ) | 3.93 | — | — | 14.52 | ||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||
20082 | $ | 11.56 | $ | (0.04 | ) | $ | (1.81 | ) | $ | — | $ | (0.85 | ) | $ | 8.86 | ||||||||||||||
20073 | 12.88 | (0.11 | ) | 0.87 | — | (2.08 | ) | 11.56 | |||||||||||||||||||||
20063 | 13.58 | (0.13 | ) | 2.64 | — | (3.21 | ) | 12.88 | |||||||||||||||||||||
20054 | 14.02 | (0.02 | ) | (0.42 | ) | — | — | 13.58 | |||||||||||||||||||||
20055 | 14.56 | (0.17 | ) | 2.78 | — | (3.15 | ) | 14.02 | |||||||||||||||||||||
20045 | 13.42 | (0.22 | ) | 2.41 | — | (1.05 | ) | 14.56 | |||||||||||||||||||||
20035 | 9.95 | (0.17 | ) | 3.64 | — | — | 13.42 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
20082 | $ | 13.13 | $ | (0.04 | ) | $ | (2.06 | ) | $ | — | $ | (0.85 | ) | $ | 10.18 | ||||||||||||||
20073 | 14.36 | (0.12 | ) | 0.97 | — | (2.08 | ) | 13.13 | |||||||||||||||||||||
20063 | 14.79 | (0.16 | ) | 2.94 | — | (3.21 | ) | 14.36 | |||||||||||||||||||||
20054 | 15.28 | (0.02 | ) | (0.47 | ) | — | — | 14.79 | |||||||||||||||||||||
20055 | 15.60 | (0.19 | ) | 3.02 | — | (3.15 | ) | 15.28 | |||||||||||||||||||||
20045 | 14.32 | (0.24 | ) | 2.57 | — | (1.05 | ) | 15.60 | |||||||||||||||||||||
20035 | 10.62 | (0.18 | ) | 3.88 | — | — | 14.32 | ||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||
20082 | $ | 13.86 | $ | (0.02 | ) | $ | (2.18 | ) | $ | — | $ | (0.85 | ) | $ | 10.81 | ||||||||||||||
20073 | 14.98 | (0.06 | ) | 1.02 | — | (2.08 | ) | 13.86 | |||||||||||||||||||||
20063 | 15.24 | (0.09 | ) | 3.04 | — | (3.21 | ) | 14.98 | |||||||||||||||||||||
20054 | 15.73 | (0.01 | ) | (0.48 | ) | — | — | 15.24 | |||||||||||||||||||||
20055 | 15.91 | (0.08 | ) | 3.05 | — | (3.15 | ) | 15.73 | |||||||||||||||||||||
20045 | 14.49 | (0.13 | ) | 2.60 | — | (1.05 | ) | 15.91 | |||||||||||||||||||||
20035 | 10.66 | (0.09 | ) | 3.92 | — | — | 14.49 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
20082 | $ | 15.10 | $ | 0.01 | $ | (2.38 | ) | $ | (0.01 | ) | $ | (0.85 | ) | $ | 11.87 | ||||||||||||||
20073 | 16.06 | 0.01 | 1.11 | — | (2.08 | ) | 15.10 | ||||||||||||||||||||||
20063 | 16.06 | (0.01 | ) | 3.22 | — | (3.21 | ) | 16.06 | |||||||||||||||||||||
20054 | 16.57 | (0.01 | ) | (0.50 | ) | — | — | 16.06 | |||||||||||||||||||||
20055 | 16.54 | (0.04 | ) | 3.22 | — | (3.15 | ) | 16.57 | |||||||||||||||||||||
20045 | 14.98 | (0.09 | ) | 2.70 | — | (1.05 | ) | 16.54 | |||||||||||||||||||||
20035 | 11.00 | (0.06 | ) | 4.04 | — | — | 14.98 | ||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | 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 2008 Semiannual Report
Table of Contents
Small-Mid Cap Core Fund (concluded)
Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(16.28 | )% | $ | 203,337 | 1.25 | % | (0.09 | )% | 1.25 | % | (0.09 | )% | 35 | % | ||||||||||||||||||||||
7.35 | 238,129 | 1.23 | (0.22 | ) | 1.23 | (0.22 | ) | 97 | |||||||||||||||||||||||||||
22.46 | 222,293 | 1.24 | (0.38 | ) | 1.24 | (0.38 | ) | 111 | |||||||||||||||||||||||||||
(3.10 | ) | 104,568 | 1.25 | (0.92 | ) | 1.25 | (0.92 | ) | 14 | ||||||||||||||||||||||||||
20.46 | 107,270 | 1.22 | (0.53 | ) | 1.25 | (0.56 | ) | 122 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(16.62 | )% | $ | 9,686 | 2.00 | % | (0.84 | )% | 2.00 | % | (0.84 | )% | 35 | % | ||||||||||||||||||||||
6.51 | 13,720 | 1.98 | (0.97 | ) | 1.98 | (0.97 | ) | 97 | |||||||||||||||||||||||||||
21.59 | 15,077 | 1.99 | (1.14 | ) | 1.99 | (1.14 | ) | 111 | |||||||||||||||||||||||||||
(3.14 | ) | 13,406 | 2.00 | (1.67 | ) | 2.00 | (1.67 | ) | 14 | ||||||||||||||||||||||||||
19.45 | 14,023 | 1.97 | (1.28 | ) | 2.00 | (1.31 | ) | 122 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(16.54 | )% | $ | 27,134 | 2.00 | % | (0.84 | )% | 2.00 | % | (0.84 | )% | 35 | % | ||||||||||||||||||||||
6.46 | 34,505 | 1.98 | (0.95 | ) | 1.98 | (0.95 | ) | 97 | |||||||||||||||||||||||||||
21.64 | 18,794 | 1.99 | (1.14 | ) | 1.99 | (1.14 | ) | 111 | |||||||||||||||||||||||||||
(3.21 | ) | 13,453 | 2.00 | (1.67 | ) | 2.00 | (1.67 | ) | 14 | ||||||||||||||||||||||||||
19.58 | 14,418 | 1.97 | (1.28 | ) | 2.00 | (1.31 | ) | 122 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(16.38 | )% | $ | 35,978 | 1.50 | % | (0.34 | )% | 1.50 | % | (0.34 | )% | 35 | % | ||||||||||||||||||||||
6.99 | 38,181 | 1.48 | (0.43 | ) | 1.48 | (0.43 | ) | 97 | |||||||||||||||||||||||||||
22.23 | 2,697 | 1.49 | (0.59 | ) | 1.62 | (0.72 | ) | 111 | |||||||||||||||||||||||||||
(3.11 | ) | 333 | 1.50 | (1.14 | ) | 1.65 | (1.29 | ) | 14 | ||||||||||||||||||||||||||
20.16 | 312 | 1.47 | (0.53 | ) | 1.65 | (0.71 | ) | 122 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(16.17 | )% | $ | 438,482 | 1.00 | % | 0.16 | % | 1.00 | % | 0.16 | % | 35 | % | ||||||||||||||||||||||
7.58 | 691,488 | 0.98 | 0.03 | 0.98 | 0.03 | 97 | |||||||||||||||||||||||||||||
22.81 | 732,252 | 0.99 | (0.15 | ) | 0.99 | (0.15 | ) | 111 | |||||||||||||||||||||||||||
(3.08 | ) | 682,088 | 1.00 | (0.67 | ) | 1.00 | (0.67 | ) | 14 | ||||||||||||||||||||||||||
20.73 | 715,496 | 0.97 | (0.28 | ) | 1.00 | (0.31 | ) | 122 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 49
Table of Contents
Small-Mid Cap Core Fund (concluded)
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||
Value | Net | Gains | from Net | Distributions | Value | ||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | from Net | End of | ||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Income | Realized Gains | Period | ||||||||||||||||||||||||
Small Cap Value Fund1 | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
20082 | $ | 13.52 | $ | 0.04 | $ | (1.52 | ) | $ | (0.14 | ) | $ | (1.37 | ) | $ | 10.53 | ||||||||||||||
20073 | 15.38 | 0.12 | 0.48 | (0.02 | ) | (2.44 | ) | 13.52 | |||||||||||||||||||||
20063 | 16.34 | 0.03 | 2.86 | (0.04 | ) | (3.81 | ) | 15.38 | |||||||||||||||||||||
20054 | 16.78 | 0.01 | (0.45 | ) | — | — | 16.34 | ||||||||||||||||||||||
20055 | 16.84 | 0.03 | 2.63 | (0.06 | ) | (2.66 | ) | 16.78 | |||||||||||||||||||||
20045 | 14.28 | 0.03 | 3.13 | (0.04 | ) | (0.56 | ) | 16.84 | |||||||||||||||||||||
20035 | 11.26 | — | 3.02 | — | — | 14.28 | |||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||
20082 | $ | 11.94 | $ | — | $ | (1.35 | ) | $ | (0.04 | ) | $ | (1.37 | ) | $ | 9.18 | ||||||||||||||
20073 | 13.93 | 0.02 | 0.43 | — | (2.44 | ) | 11.94 | ||||||||||||||||||||||
20063 | 15.19 | (0.07 | ) | 2.62 | — | (3.81 | ) | 13.93 | |||||||||||||||||||||
20054 | 15.61 | — | (0.42 | ) | — | — | 15.19 | ||||||||||||||||||||||
20055 | 15.92 | (0.09 | ) | 2.47 | (0.03 | ) | (2.66 | ) | 15.61 | ||||||||||||||||||||
20045 | 13.60 | (0.08 | ) | 2.96 | — | (0.56 | ) | 15.92 | |||||||||||||||||||||
20035 | 10.80 | (0.08 | ) | 2.88 | — | — | 13.60 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
20082 | $ | 12.19 | $ | — | $ | (1.37 | ) | $ | (0.06 | ) | $ | (1.37 | ) | $ | 9.39 | ||||||||||||||
20073 | 14.17 | 0.02 | 0.44 | — | (2.44 | ) | 12.19 | ||||||||||||||||||||||
20063 | 15.39 | (0.07 | ) | 2.66 | — | (3.81 | ) | 14.17 | |||||||||||||||||||||
20054 | 15.82 | — | (0.43 | ) | — | — | 15.39 | ||||||||||||||||||||||
20055 | 16.10 | (0.09 | ) | 2.50 | (0.03 | ) | (2.66 | ) | 15.82 | ||||||||||||||||||||
20045 | 13.74 | (0.08 | ) | 3.00 | — | (0.56 | ) | 16.10 | |||||||||||||||||||||
20035 | 10.91 | (0.09 | ) | 2.92 | — | — | 13.74 | ||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||
20082 | $ | 13.35 | $ | 0.03 | $ | (1.50 | ) | $ | (0.12 | ) | $ | (1.37 | ) | $ | 10.39 | ||||||||||||||
20073 | 15.24 | 0.10 | 0.47 | (0.02 | ) | (2.44 | ) | 13.35 | |||||||||||||||||||||
20063 | 16.29 | (0.01 | ) | 2.84 | (0.07 | ) | (3.81 | ) | 15.24 | ||||||||||||||||||||
20054 | 16.74 | 0.01 | (0.46 | ) | — | — | 16.29 | ||||||||||||||||||||||
20055 | 16.83 | (0.01 | ) | 2.64 | (0.06 | ) | (2.66 | ) | 16.74 | ||||||||||||||||||||
20045 | 14.27 | 0.03 | 3.12 | (0.03 | ) | (0.56 | ) | 16.83 | |||||||||||||||||||||
20035 | 11.26 | 0.01 | 3.01 | (0.01 | ) | — | 14.27 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
20082 | $ | 13.87 | $ | 0.06 | $ | (1.56 | ) | $ | (0.17 | ) | $ | (1.37 | ) | $ | 10.83 | ||||||||||||||
20073 | 15.71 | 0.16 | 0.49 | (0.05 | ) | (2.44 | ) | 13.87 | |||||||||||||||||||||
20063 | 16.62 | 0.07 | 2.90 | (0.07 | ) | (3.81 | ) | 15.71 | |||||||||||||||||||||
20054 | 17.06 | 0.01 | (0.45 | ) | — | — | 16.62 | ||||||||||||||||||||||
20055 | 17.05 | 0.07 | 2.67 | (0.07 | ) | (2.66 | ) | 17.06 | |||||||||||||||||||||
20045 | 14.44 | 0.08 | 3.16 | (0.07 | ) | (0.56 | ) | 17.05 | |||||||||||||||||||||
20035 | 11.38 | 0.03 | 3.05 | (0.02 | ) | — | 14.44 | ||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | 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 2008 Semiannual Report
Table of Contents
Small-Mid Cap Core Fund (concluded)
Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(11.50 | )% | $ | 41,464 | 1.29 | % | 0.77 | % | 1.29 | % | 0.77 | % | 20 | % | ||||||||||||||||||||||
4.18 | 53,498 | 1.26 | 0.90 | 1.26 | 0.90 | 63 | |||||||||||||||||||||||||||||
20.78 | 57,922 | 1.26 | 0.21 | 1.26 | 0.21 | 96 | |||||||||||||||||||||||||||||
(2.62 | ) | 46,467 | 1.25 | 0.78 | 1.25 | 0.78 | 15 | ||||||||||||||||||||||||||||
16.78 | 48,128 | 1.24 | 0.19 | 1.26 | 0.17 | 72 | |||||||||||||||||||||||||||||
22.70 | 43,192 | 1.23 | 0.21 | 1.25 | 0.19 | 34 | |||||||||||||||||||||||||||||
26.86 | 32,416 | 1.23 | 0.02 | 1.25 | — | 49 | |||||||||||||||||||||||||||||
(11.87 | )% | $ | 4,342 | 2.05 | % | 0.02 | % | 2.05 | % | 0.02 | % | 20 | % | ||||||||||||||||||||||
3.41 | 6,213 | 2.01 | 0.14 | 2.01 | 0.14 | 63 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(11.86 | )% | $ | 3,248 | 2.05 | % | 0.02 | % | 2.05 | % | 0.02 | % | 20 | % | ||||||||||||||||||||||
3.42 | 4,006 | 2.01 | 0.14 | 2.01 | 0.14 | 63 | |||||||||||||||||||||||||||||
19.89 | 4,405 | 2.01 | (0.53 | ) | 2.01 | (0.53 | ) | 96 | |||||||||||||||||||||||||||
(2.72 | ) | 4,590 | 2.00 | 0.03 | 2.00 | 0.03 | 15 | ||||||||||||||||||||||||||||
15.92 | 4,808 | 1.99 | (0.56 | ) | 2.01 | (0.58 | ) | 72 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(11.56 | )% | $ | 2,850 | 1.55 | % | 0.51 | % | 1.55 | % | 0.51 | % | 20 | % | ||||||||||||||||||||||
3.96 | 3,263 | 1.51 | 0.72 | 1.51 | 0.72 | 63 | |||||||||||||||||||||||||||||
20.44 | 1,849 | 1.51 | (0.09 | ) | 1.63 | (0.21 | ) | 96 | |||||||||||||||||||||||||||
(2.69 | ) | 4 | 1.50 | 0.59 | 1.65 | 0.44 | 15 | ||||||||||||||||||||||||||||
16.60 | 4 | 1.49 | (0.04 | ) | 1.66 | (0.21 | ) | 72 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(11.33 | )% | $ | 225,372 | 1.04 | % | 1.02 | % | 1.04 | % | 1.02 | % | 20 | % | ||||||||||||||||||||||
4.45 | 302,683 | 1.01 | 1.15 | 1.01 | 1.15 | 63 | |||||||||||||||||||||||||||||
21.01 | 355,148 | 1.01 | 0.47 | 1.01 | 0.47 | 96 | |||||||||||||||||||||||||||||
(2.58 | ) | 348,166 | 1.00 | 1.03 | 1.00 | 1.03 | 15 | ||||||||||||||||||||||||||||
17.08 | 363,261 | 0.99 | 0.44 | 1.01 | 0.42 | 72 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 51
Table of Contents
Small-Mid Cap Core Fund (concluded)
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 Fund1,2 | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
20083 | $ | 10.64 | $ | — | $ | (0.97 | ) | $ | — | $ | 9.67 | |||||||||||||
20074 | 9.57 | (0.02 | ) | 1.09 | — | 10.64 | ||||||||||||||||||
20064 | 8.03 | 0.01 | 1.53 | — | 9.57 | |||||||||||||||||||
20055 | 8.31 | (0.01 | ) | (0.27 | ) | — | 8.03 | |||||||||||||||||
20056 | 7.40 | (0.07 | ) | 0.98 | — | 8.31 | ||||||||||||||||||
20046 | 7.05 | (0.07 | ) | 0.42 | — | 7.40 | ||||||||||||||||||
20036 | 4.29 | (0.03 | ) | 2.79 | — | 7.05 | ||||||||||||||||||
Class B | ||||||||||||||||||||||||
20083 | $ | 9.21 | $ | (0.03 | ) | $ | (0.84 | ) | $ | — | $ | 8.34 | ||||||||||||
20074 | 8.34 | (0.08 | ) | 0.95 | — | 9.21 | ||||||||||||||||||
20064 | 7.06 | (0.04 | ) | 1.32 | — | 8.34 | ||||||||||||||||||
20055 | 7.31 | (0.01 | ) | (0.24 | ) | — | 7.06 | |||||||||||||||||
20056 | 6.55 | (0.11 | ) | 0.87 | — | 7.31 | ||||||||||||||||||
20046 | 6.29 | (0.11 | ) | 0.37 | — | 6.55 | ||||||||||||||||||
20036 | 3.86 | (0.07 | ) | 2.50 | — | 6.29 | ||||||||||||||||||
Class C | ||||||||||||||||||||||||
20083 | $ | 10.04 | $ | (0.04 | ) | $ | (0.91 | ) | $ | — | $ | 9.09 | ||||||||||||
20074 | 9.09 | (0.09 | ) | 1.04 | — | 10.04 | ||||||||||||||||||
20064 | 7.69 | (0.05 | ) | 1.45 | — | 9.09 | ||||||||||||||||||
20055 | 7.97 | (0.01 | ) | (0.27 | ) | — | 7.69 | |||||||||||||||||
20056 | 7.14 | (0.12 | ) | 0.95 | — | 7.97 | ||||||||||||||||||
20046 | 6.86 | (0.12 | ) | 0.40 | — | 7.14 | ||||||||||||||||||
20036 | 4.20 | (0.07 | ) | 2.73 | — | 6.86 | ||||||||||||||||||
Class Y | ||||||||||||||||||||||||
20083 | $ | 11.09 | $ | 0.01 | $ | (1.01 | ) | $ | — | $ | 10.09 | |||||||||||||
20074 | 9.95 | — | 1.15 | (0.01 | ) | 11.09 | ||||||||||||||||||
20064 | 8.34 | 0.04 | 1.57 | — | 9.95 | |||||||||||||||||||
20055 | 8.63 | — | (0.29 | ) | — | 8.34 | ||||||||||||||||||
20056 | 7.66 | (0.05 | ) | 1.02 | — | 8.63 | ||||||||||||||||||
20046 | 7.28 | (0.05 | ) | 0.43 | — | 7.66 | ||||||||||||||||||
20036 | 4.42 | (0.01 | ) | 2.87 | — | 7.28 | ||||||||||||||||||
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, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
4 | For the period November 1 to October 31 in the fiscal 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 fiscal 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 2008 Semiannual Report
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Small-Mid Cap Core Fund (concluded)
Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(9.12 | )% | $ | 18,945 | 1.41 | % | (0.08 | )% | 1.55 | % | (0.22 | )% | 73 | % | ||||||||||||||||||||||
11.18 | 21,817 | 1.41 | (0.20 | ) | 1.49 | (0.28 | ) | 151 | |||||||||||||||||||||||||||
19.18 | 26,190 | 1.39 | 0.12 | 1.46 | 0.05 | 110 | |||||||||||||||||||||||||||||
(3.37 | ) | 22,339 | 1.34 | (0.86 | ) | 1.34 | (0.86 | ) | 80 | ||||||||||||||||||||||||||
12.30 | 23,016 | 1.42 | (0.83 | ) | 1.50 | (0.91 | ) | 197 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(9.45 | )% | $ | 4,549 | 2.16 | % | (0.83 | )% | 2.30 | % | (0.97 | )% | 73 | % | ||||||||||||||||||||||
10.43 | 6,883 | 2.16 | (0.94 | ) | 2.24 | (1.02 | ) | 151 | |||||||||||||||||||||||||||
18.13 | 8,689 | 2.14 | (0.58 | ) | 2.21 | (0.65 | ) | 110 | |||||||||||||||||||||||||||
(3.42 | ) | 10,054 | 2.09 | (1.61 | ) | 2.09 | (1.61 | ) | 80 | ||||||||||||||||||||||||||
11.60 | 10,685 | 2.17 | (1.59 | ) | 2.25 | (1.67 | ) | 197 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(9.46 | )% | $ | 4,787 | 2.16 | % | (0.83 | )% | 2.30 | % | (0.97 | )% | 73 | % | ||||||||||||||||||||||
10.45 | 5,190 | 2.16 | (0.96 | ) | 2.24 | (1.04 | ) | 151 | |||||||||||||||||||||||||||
18.21 | 4,986 | 2.14 | (0.64 | ) | 2.21 | (0.71 | ) | 110 | |||||||||||||||||||||||||||
(3.51 | ) | 4,253 | 2.09 | (1.61 | ) | 2.09 | (1.61 | ) | 80 | ||||||||||||||||||||||||||
11.62 | 4,485 | 2.17 | (1.59 | ) | 2.25 | (1.67 | ) | 197 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(9.02 | )% | $ | 64,094 | 1.16 | % | 0.17 | % | 1.30 | % | 0.03 | % | 73 | % | ||||||||||||||||||||||
11.62 | 79,574 | 1.16 | 0.02 | 1.24 | (0.06 | ) | 151 | ||||||||||||||||||||||||||||
19.30 | 67,437 | 1.14 | 0.35 | 1.21 | 0.28 | 110 | |||||||||||||||||||||||||||||
(3.36 | ) | 31,381 | 1.09 | (0.61 | ) | 1.09 | (0.61 | ) | 80 | ||||||||||||||||||||||||||
12.66 | 33,537 | 1.17 | (0.58 | ) | 1.25 | (0.66 | ) | 197 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 53
Table of Contents
Small-Mid Cap Core Fund (concluded)
Schedule of Investments April 30, 2008 (unaudited), all dollars rounded to thousands (000)
Small-Mid Cap Core Fund (concluded)
Mid Cap Growth Opportunities Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 99.6% | ||||||||
Consumer Discretionary – 15.5% | ||||||||
Abercrombie & Fitch, Class A (a) | 469,645 | $ | 34,899 | |||||
Autoliv | 239,350 | 14,658 | ||||||
Chipotle Mexican Grill, Class A (a) (b) | 96,209 | 9,441 | ||||||
Chipotle Mexican Grill, Class B (a) (b) | 75,351 | 6,403 | ||||||
DeVry (a) | 376,002 | 21,432 | ||||||
Dick’s Sporting Goods (a) (b) | 843,739 | 24,131 | ||||||
J. Crew Group (a) (b) | 519,477 | 24,675 | ||||||
J.C. Penney (a) | 98,008 | 4,165 | ||||||
LKQ (a) (b) | 667,379 | 14,522 | ||||||
Lululemon Athletica (a) (b) | 138,900 | 4,302 | ||||||
Newell Rubbermaid (a) | 534,834 | 10,980 | ||||||
Omnicom Group (a) | 585,399 | 27,947 | ||||||
Polo Ralph Lauren (a) | 523,885 | 32,538 | ||||||
Tiffany & Company (a) | 395,748 | 17,231 | ||||||
WMS Industries (a) (b) | 239,951 | 8,684 | ||||||
256,008 | ||||||||
Energy – 15.5% | ||||||||
Cameron International (a) (b) | 693,854 | 34,159 | ||||||
Foundation Coal Holdings (a) | 177,378 | 10,639 | ||||||
Nabors Industries (a) (b) | 559,906 | 21,019 | ||||||
Oceaneering International (b) | 171,621 | 11,461 | ||||||
Pride International (a) (b) | 318,484 | 13,520 | ||||||
Quicksilver Resources (b) | 271,851 | 11,279 | ||||||
Smith International (a) | 339,760 | 25,995 | ||||||
Southwestern Energy (a) (b) | 842,684 | 35,654 | ||||||
Ultra Petroleum (a) (b) | 201,771 | 16,761 | ||||||
Weatherford International (a) (b) | 563,196 | 45,433 | ||||||
Williams | 832,432 | 29,551 | ||||||
255,471 | ||||||||
Financials – 7.8% | ||||||||
AllianceBernstein Holding | 343,531 | 21,306 | ||||||
BlackRock (a) | 28,697 | 5,791 | ||||||
Charles Schwab | 562,050 | 12,140 | ||||||
IntercontinentalExchange (b) | 50,753 | 7,874 | ||||||
Invesco – ADR (a) | 648,041 | 16,622 | ||||||
M&T Bank (a) | 56,939 | 5,308 | ||||||
TD Ameritrade (a) (b) | 1,557,045 | 28,183 | ||||||
W.R. Berkley (a) | 640,930 | 16,466 | ||||||
Zions Bancorporation (a) | 330,255 | 15,307 | ||||||
128,997 | ||||||||
Healthcare – 12.9% | ||||||||
Applied Biosystems Group – Applera (a) | 474,812 | 15,151 | ||||||
BioMarin Pharmaceutical (a) (b) | 484,690 | 17,672 | ||||||
DENTSPLY International (a) | 416,559 | 16,192 | ||||||
Henry Schein (a) (b) | 369,669 | 20,468 | ||||||
Hologic (a) (b) | 722,566 | 21,092 | ||||||
IDEXX Laboratories (b) | 314,506 | 16,732 | ||||||
Intuitive Surgical (a) (b) | 103,795 | 30,024 | ||||||
Pediatrix Medical Group (b) | 180,309 | 12,264 | ||||||
St. Jude Medical (a) (b) | 573,393 | 25,103 | ||||||
Thermo Fisher Scientific (b) | 459,215 | 26,575 | ||||||
Zimmer Holdings (a) (b) | 164,661 | 12,211 | ||||||
213,484 | ||||||||
Industrials – 17.3% | ||||||||
C.H. Robinson Worldwide (a) | 322,561 | 20,218 | ||||||
Dun & Bradstreet | 213,919 | 18,033 | ||||||
First Solar (a) (b) | 31,823 | 9,292 | ||||||
Flowserve (a) | 305,891 | 37,958 | ||||||
Goodrich | 302,779 | 20,635 | ||||||
Harsco | 351,047 | 20,828 | ||||||
McDermott International (a) (b) | 352,315 | 18,877 | ||||||
MSC Industrial Direct, Class A | 229,433 | 11,187 | ||||||
Precision Castparts (a) | 259,883 | 30,552 | ||||||
Republic Services | 829,243 | 26,362 | ||||||
Rockwell Collins | 350,516 | 22,121 | ||||||
Roper Industries (a) | 460,157 | 28,585 | ||||||
SPX (a) | 174,312 | 21,440 | ||||||
286,088 | ||||||||
Information Technology – 19.8% | ||||||||
Amphenol, Class A (a) | 605,631 | 27,968 | ||||||
ANSYS (a) (b) | 286,803 | 11,538 | ||||||
Autodesk (a) (b) | 459,156 | 17,448 | ||||||
Avnet (b) | 374,837 | 9,817 | ||||||
BMC Software (a) (b) | 579,724 | 20,151 | ||||||
Broadcom, Class A (a) (b) | 836,737 | 21,722 | ||||||
Dolby Laboratories, Class A (a) (b) | 388,418 | 15,595 | ||||||
F5 Networks (a) (b) | 752,572 | 17,031 | ||||||
Fairchild Semiconductor International, Class A (a) (b) | 710,702 | 9,268 | ||||||
Intersil, Class A (a) | 1,605,777 | 42,906 | ||||||
Juniper Networks (a) (b) | 872,391 | 24,095 | ||||||
Lam Research (a) (b) | 453,712 | 18,530 | ||||||
MasterCard, Class A (a) | 153,250 | 42,628 | ||||||
MEMC Electronic Materials (a) (b) | 425,049 | 26,765 | ||||||
Mercadolibre (a) (b) | 163,846 | 8,287 | ||||||
NVIDIA (a) (b) | 593,808 | 12,203 | ||||||
325,952 | ||||||||
Materials – 5.7% | ||||||||
Air Products and Chemicals (a) | 251,234 | 24,729 | ||||||
Ecolab (a) | 483,742 | 22,233 | ||||||
Owens-Illinois (b) | 533,520 | 29,423 | ||||||
Pactiv (b) | 762,590 | 18,142 | ||||||
94,527 | ||||||||
Telecommunication Services – 5.1% | ||||||||
American Tower, Class A (a) (b) | 1,002,283 | 43,519 | ||||||
NII Holdings (a) (b) | 600,854 | 27,483 | ||||||
SBA Communications, Class A (a) (b) | 398,461 | 12,887 | ||||||
83,889 | ||||||||
Total Common Stocks | ||||||||
(Cost $1,380,393) | 1,644,416 | |||||||
Short-Term Investment – 0.7% | ||||||||
First American Prime Obligations Fund, Class Z (c) | ||||||||
(Cost $11,420) | 11,420,095 | 11,420 | ||||||
Investment Purchased with Proceeds from Securities Lending – 47.7% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (d) | ||||||||
(Cost $787,267) | 787,267,148 | 787,267 | ||||||
Total Investments – 148.0% | ||||||||
(Cost $2,179,080) | 2,444,103 | |||||||
Other Assets and Liabilities, Net – (48.0)% | (793,546 | ) | ||||||
Total Net Assets – 100.0% | $ | 1,650,557 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $762,210 at April 30, 2008. 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. |
The accompanying notes are an integral part of the financial statements.
54 First American Funds 2008 Semiannual Report
Table of Contents
Mid Cap Growth Opportunities Fund (concluded)
(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 |
Mid Cap Value Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 98.0% | ||||||||
Consumer Discretionary – 15.2% | ||||||||
Abercrombie & Fitch, Class A (a) | 132,569 | $ | 9,851 | |||||
Autoliv | 231,364 | 14,169 | ||||||
Burger King Holdings | 653,894 | 18,244 | ||||||
Ford Motor (a) (b) | 581,690 | 4,805 | ||||||
Gap (a) | 796,815 | 14,837 | ||||||
J.C. Penney (a) | 300,507 | 12,771 | ||||||
Newell Rubbermaid | 687,288 | 14,110 | ||||||
Omnicom Group | 434,590 | 20,747 | ||||||
Sherwin-Williams (a) | 173,714 | 9,610 | ||||||
Stanley Works (a) | 247,268 | 11,928 | ||||||
TJX (a) | 261,335 | 8,420 | ||||||
139,492 | ||||||||
Consumer Staples – 4.9% | ||||||||
ConAgra Foods | 899,174 | 21,185 | ||||||
Corn Products International | 247,272 | 11,468 | ||||||
Pepsi Bottling | 355,154 | 11,972 | ||||||
44,625 | ||||||||
Energy – 8.4% | ||||||||
Chesapeake Energy (a) | 131,933 | 6,821 | ||||||
El Paso (a) | 827,577 | 14,185 | ||||||
Hess (a) | 174,063 | 18,486 | ||||||
Nabors Industries (a) (b) | 464,228 | 17,427 | ||||||
Noble Energy (a) | 225,715 | 19,637 | ||||||
76,556 | ||||||||
Financials (c) – 25.4% | ||||||||
AON (a) | 287,566 | 13,053 | ||||||
Arch Capital Group (b) | 163,155 | 11,527 | ||||||
Assurant | 186,606 | 12,129 | ||||||
Assured Guaranty (a) | 217,166 | 5,492 | ||||||
Astoria Financial (a) | 370,677 | 8,785 | ||||||
Boston Properties – REIT (a) | 104,430 | 10,494 | ||||||
Brookfield Properties (a) | 368,814 | 7,424 | ||||||
City National (a) | 201,651 | 9,784 | ||||||
Developers Diversified Realty – REIT (a) | 202,551 | 8,700 | ||||||
Discover Financial Services (a) | 182,748 | 3,328 | ||||||
Essex Property Trust (a) | 66,025 | 7,857 | ||||||
Everest Re Group | 127,639 | 11,532 | ||||||
Federal Realty Investment Trust – REIT (a) | 96,361 | 7,916 | ||||||
Invesco – ADR | 655,281 | 16,808 | ||||||
KeyCorp (a) | 186,614 | 4,503 | ||||||
Lazard, Class A (a) | 238,051 | 9,317 | ||||||
M&T Bank (a) | 138,125 | 12,877 | ||||||
Marshall & Ilsley (a) | 305,630 | 7,635 | ||||||
Northern Trust (a) | 135,480 | 10,040 | ||||||
ProLogis – REIT (a) | 146,873 | 9,196 | ||||||
StanCorp Financial Group (a) | 204,763 | 10,492 | ||||||
TD Ameritrade (b) | 675,143 | 12,220 | ||||||
W.R. Berkley | 385,244 | 9,897 | ||||||
Zions Bancorporation (a) | 256,454 | 11,887 | ||||||
232,893 | ||||||||
Healthcare – 1.6% | ||||||||
AmerisourceBergen (a) | 204,695 | 8,300 | ||||||
Coventry Health Care (a) (b) | 133,750 | 5,983 | ||||||
14,283 | ||||||||
Industrials – 8.1% | ||||||||
Continental Airlines, Class B (a) (b) | 113,739 | 2,045 | ||||||
Crane (a) | 163,037 | 6,675 | ||||||
Eaton (a) | 255,199 | 22,417 | ||||||
Norfolk Southern (a) | 173,660 | 10,347 |
First American Funds 2008 Semiannual Report 55
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars rounded to thousands (000)
Mid Cap Value Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Republic Services | 487,089 | $ | 15,484 | |||||
Werner Enterprises (a) | 894,526 | 17,398 | ||||||
74,366 | ||||||||
Information Technology – 7.2% | ||||||||
Amphenol, Class A (a) | 237,176 | 10,953 | ||||||
Avnet (b) | 377,992 | 9,900 | ||||||
BMC Software (b) | 339,252 | 11,792 | ||||||
Fairchild Semiconductor International, Class A (a) (b) | 733,897 | 9,570 | ||||||
Harris | 186,638 | 10,084 | ||||||
Intersil, Class A (a) | 344,680 | 9,210 | ||||||
Xerox | 309,918 | 4,329 | ||||||
65,838 | ||||||||
Materials – 11.3% | ||||||||
Airgas | 189,758 | 9,133 | ||||||
Eastman Chemical | 235,088 | 17,279 | ||||||
Nucor | 126,388 | 9,542 | ||||||
Owens-Illinois (b) | 212,623 | 11,726 | ||||||
Pactiv (b) | 736,790 | 17,528 | ||||||
PPG Industries (a) | 103,757 | 6,368 | ||||||
Rohm & Haas | 173,655 | 9,282 | ||||||
Sonoco Products | 247,382 | 8,151 | ||||||
Temple-Inland (a) | 898,393 | 10,484 | ||||||
United States Steel (a) | 24,713 | 3,805 | ||||||
103,298 | ||||||||
Telecommunication Services – 3.3% | ||||||||
Time Warner Telecom, Class A (a) (b) | 815,431 | 15,983 | ||||||
Windstream (a) | 1,212,104 | 14,230 | ||||||
30,213 | ||||||||
Utilities – 12.6% | ||||||||
Constellation Energy | 127,035 | 10,753 | ||||||
Edison International (a) | 531,469 | 27,727 | ||||||
NSTAR (a) | 317,375 | 10,223 | ||||||
PG&E | 376,732 | 15,069 | ||||||
PPL | 446,973 | 21,464 | ||||||
Sempra Energy | 328,621 | 18,623 | ||||||
Wisconsin Energy (a) | 239,321 | 11,358 | ||||||
115,217 | ||||||||
Total Common Stocks | ||||||||
(Cost $820,804) | 896,781 | |||||||
Short-Term Investment – 1.2% | ||||||||
First American Prime Obligations Fund, Class Z (d) | ||||||||
(Cost $11,350) | 11,349,793 | 11,350 | ||||||
Investment Purchased with Proceeds from Securities Lending – 42.3% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (e) | ||||||||
(Cost $386,996) | 386,966,277 | 386,996 | ||||||
Total Investments – 141.5% | ||||||||
(Cost $1,219,150) | 1,295,127 | |||||||
Other Assets and Liabilities, Net – (41.5)% | (379,917 | ) | ||||||
Total Net Assets – 100.0% | $ | 915,210 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $371,772 at April 30, 2008. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | The fund is significantly invested in this sector and therefore subject to additional risks. See note 7 in Notes to Financial Statements. |
Mid Cap Value Fund (concluded)
(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 |
REIT – | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
56 First American Funds 2008 Semiannual Report
Table of Contents
Statements ofAssets and Liabilities | April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Mid Cap Growth | Mid Cap | ||||||||||
Opportunities Fund | Value Fund | ||||||||||
Unaffiliated investments, at cost | $ | 1,380,393 | $ | 820,804 | |||||||
Affiliated money market fund, at cost | 11,420 | 11,350 | |||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 787,267 | 386,996 | |||||||||
ASSETS: | |||||||||||
Unaffiliated investments, at value* (note 2) | $ | 1,644,416 | $ | 896,781 | |||||||
Affiliated money market fund, at value (note 2) | 11,420 | 11,350 | |||||||||
Affiliated investment purchased with proceeds from securities lending, at value (note 2) | 787,267 | 386,996 | |||||||||
Receivable for dividends and interest | 684 | 610 | |||||||||
Receivable for investments sold | 34,959 | 33,791 | |||||||||
Receivable for capital shares sold | 897 | 549 | |||||||||
Prepaid expenses and other assets | 41 | 56 | |||||||||
Total assets | 2,479,684 | 1,330,133 | |||||||||
LIABILITIES: | |||||||||||
Payable for investments purchased | 36,957 | 26,592 | |||||||||
Payable upon return of securities loaned (note 2) | 787,267 | 386,996 | |||||||||
Payable for capital shares redeemed | 3,540 | 544 | |||||||||
Payable to affiliates (note 3) | 1,236 | 695 | |||||||||
Payable for distribution and shareholder servicing fees | 115 | 78 | |||||||||
Accrued expenses and other liabilities | 12 | 18 | |||||||||
Total liabilities | 829,127 | 414,923 | |||||||||
Net assets | $ | 1,650,557 | $ | 915,210 | |||||||
COMPOSITION OF NET ASSETS: | |||||||||||
Portfolio capital | 1,427,575 | 845,773 | |||||||||
Undistributed (distributions in excess of) net investment income | (2,269 | ) | 1,986 | ||||||||
Accumulated net realized loss on investments | (38,772 | ) | (8,526 | ) | |||||||
Net unrealized appreciation of investments | 264,023 | 75,977 | |||||||||
Net assets | $ | 1,650,557 | $ | 915,210 | |||||||
* Including securities loaned, at value | $ | 762,210 | $ | 371,772 | |||||||
Class A: | |||||||||||
Net assets | $ | 365,629 | $ | 207,622 | |||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 9,790 | 8,778 | |||||||||
Net asset value and redemption price per share | $ | 37.35 | $ | 23.65 | |||||||
Maximum offering price per share1 | $ | 39.52 | $ | 25.03 | |||||||
Class B: | |||||||||||
Net assets | $ | 13,238 | $ | 6,800 | |||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 397 | 304 | |||||||||
Net asset value, offering price, and redemption price per share2 | $ | 33.31 | $ | 22.37 | |||||||
Class C: | |||||||||||
Net assets | $ | 23,904 | $ | 21,295 | |||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 684 | 930 | |||||||||
Net asset value, offering price, and redemption price per share2 | $ | 34.94 | $ | 22.89 | |||||||
Class R: | |||||||||||
Net assets | $ | 29,203 | $ | 30,180 | |||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 792 | 1,282 | |||||||||
Net asset value, offering price, and redemption price per share | $ | 36.89 | $ | 23.53 | |||||||
Class Y: | |||||||||||
Net assets | $ | 1,218,583 | $ | 649,313 | |||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 30,516 | 27,285 | |||||||||
Net asset value, offering price, and redemption price per share | $ | 39.93 | $ | 23.80 | |||||||
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 2008 Semiannual Report 57
Table of Contents
Statements ofOperations | For the six-month period ended April 30, 2008 (unaudited), all dollars are rounded to thousands (000) |
Mid Cap Growth | Mid Cap | ||||||||||
Opportunities Fund | Value Fund | ||||||||||
INVESTMENT INCOME: | |||||||||||
Dividends from unaffiliated investments | $ | 4,417 | $ | 8,706 | |||||||
Dividends from affiliated money market fund | 455 | 482 | |||||||||
Less: Foreign taxes withheld | — | (12 | ) | ||||||||
Securities lending income | 1,805 | 498 | |||||||||
Total investment income | 6,677 | 9,674 | |||||||||
EXPENSES (note 3): | |||||||||||
Investment advisory fees | 5,962 | 3,325 | |||||||||
Administration fees | 1,881 | 1,052 | |||||||||
Transfer agent fees | 206 | 141 | |||||||||
Custodian fees | 43 | 24 | |||||||||
Legal fees | 7 | 7 | |||||||||
Audit fees | 15 | 15 | |||||||||
Registration fees | 31 | 30 | |||||||||
Postage and printing fees | 54 | 34 | |||||||||
Directors’ fees | 13 | 13 | |||||||||
Other expenses | 11 | 10 | |||||||||
Distribution and shareholder servicing fees – Class A | 467 | 281 | |||||||||
Distribution and shareholder servicing fees – Class B | 69 | 36 | |||||||||
Distribution and shareholder servicing fees – Class C | 126 | 113 | |||||||||
Distribution and shareholder servicing fees – Class R | 70 | 70 | |||||||||
Total expenses | 8,955 | 5,151 | |||||||||
Less: Fee waivers (note 3) | (11 | ) | (12 | ) | |||||||
Less: Indirect payments from custodian (note 3) | (8 | ) | — | ||||||||
Total net expenses | 8,936 | 5,139 | |||||||||
Investment income (loss) – net | (2,259 | ) | 4,535 | ||||||||
REALIZED AND UNREALIZED LOSSES ON INVESTMENTS – NET (note 5): | |||||||||||
Net realized loss on investments | (15,698 | ) | (7,861 | ) | |||||||
Net change in unrealized appreciation or depreciation of investments | (188,058 | ) | (88,662 | ) | |||||||
Net loss on investments | (203,756 | ) | (96,523 | ) | |||||||
Net decrease in net assets resulting from operations | $ | (206,015 | ) | $ | (91,988 | ) | |||||
The accompanying notes are an integral part of the financial statements.
58 First American Funds 2008 Semiannual Report
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Statements ofChanges 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 | ||||||||||||||||
4/30/08 | Ended | 4/30/08 | Ended | ||||||||||||||||
(unaudited) | 10/31/07 | (unaudited) | 10/31/07 | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Investment income (loss) – net | $ | (2,259 | ) | $ | (6,938 | ) | $ | 4,535 | $ | 7,546 | |||||||||
Net realized gain (loss) on investments | (15,698 | ) | 219,650 | (7,861 | ) | 82,464 | |||||||||||||
Net change in unrealized appreciation or depreciation of investments | (188,058 | ) | 162,820 | (88,662 | ) | 24,636 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | (206,015 | ) | 375,532 | (91,988 | ) | 114,646 | |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||
Investment income – net: | |||||||||||||||||||
Class A | — | — | (523 | ) | (1,522 | ) | |||||||||||||
Class B | — | — | (4 | ) | (14 | ) | |||||||||||||
Class C | — | — | (11 | ) | (40 | ) | |||||||||||||
Class R | — | — | (53 | ) | (111 | ) | |||||||||||||
Class Y | — | — | (1,951 | ) | (6,390 | ) | |||||||||||||
Net realized gain on investments: | |||||||||||||||||||
Class A | (42,869 | ) | (30,495 | ) | (16,522 | ) | (12,946 | ) | |||||||||||
Class B | (1,753 | ) | (1,525 | ) | (565 | ) | (528 | ) | |||||||||||
Class C | (3,115 | ) | (1,884 | ) | (1,758 | ) | (1,175 | ) | |||||||||||
Class R | (3,185 | ) | (1,645 | ) | (1,982 | ) | (1,102 | ) | |||||||||||
Class Y | (137,824 | ) | (106,455 | ) | (48,932 | ) | (42,784 | ) | |||||||||||
Total distributions | (188,746 | ) | (142,004 | ) | (72,301 | ) | (66,612 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | |||||||||||||||||||
Class A: | |||||||||||||||||||
Proceeds from sales | 33,351 | 113,868 | 27,636 | 154,646 | |||||||||||||||
Reinvestment of distributions | 41,285 | 29,160 | 16,511 | 14,057 | |||||||||||||||
Payments for redemptions | (47,010 | ) | (87,910 | ) | (51,772 | ) | (81,184 | ) | |||||||||||
Increase (decrease) in net assets from Class A transactions | 27,626 | 55,118 | (7,625 | ) | 87,519 | ||||||||||||||
Class B: | |||||||||||||||||||
Proceeds from sales | 632 | 1,912 | 263 | 1,235 | |||||||||||||||
Reinvestment of distributions | 1,643 | 1,419 | 538 | 513 | |||||||||||||||
Payments for redemptions (note 3) | (1,379 | ) | (4,702 | ) | (1,051 | ) | (2,298 | ) | |||||||||||
Increase (decrease) in net assets from Class B transactions | 896 | (1,371 | ) | (250 | ) | (550 | ) | ||||||||||||
Class C: | |||||||||||||||||||
Proceeds from sales | 3,215 | 9,743 | 1,389 | 9,914 | |||||||||||||||
Reinvestment of distributions | 2,677 | 1,764 | 1,540 | 1,083 | |||||||||||||||
Payments for redemptions (note 3) | (4,542 | ) | (4,958 | ) | (3,658 | ) | (4,006 | ) | |||||||||||
Increase (decrease) in net assets from Class C transactions | 1,350 | 6,549 | (729 | ) | 6,991 | ||||||||||||||
Class R: | |||||||||||||||||||
Proceeds from sales | 7,727 | 13,492 | 7,900 | 22,611 | |||||||||||||||
Reinvestment of distributions | 3,185 | 1,645 | 2,030 | 1,204 | |||||||||||||||
Payments for redemptions | (4,823 | ) | (6,431 | ) | (4,908 | ) | (13,287 | ) | |||||||||||
Increase in net assets from Class R transactions | 6,089 | 8,706 | 5,022 | 10,528 | |||||||||||||||
Class Y: | |||||||||||||||||||
Proceeds from sales | 82,055 | 200,629 | 30,286 | 102,337 | |||||||||||||||
Reinvestment of distributions | 104,398 | 78,118 | 37,942 | 34,548 | |||||||||||||||
Payments for redemptions | (155,666 | ) | (221,866 | ) | (75,920 | ) | (127,700 | ) | |||||||||||
Increase (decrease) in net assets from Class Y transactions | 30,787 | 56,881 | (7,692 | ) | 9,185 | ||||||||||||||
Increase (decrease) in net assets from capital share transactions | 66,748 | 125,883 | (11,274 | ) | 113,673 | ||||||||||||||
Total increase (decrease) in net assets | (328,013 | ) | 359,411 | (175,563 | ) | 161,707 | |||||||||||||
Net assets at beginning of period | 1,978,570 | 1,619,159 | 1,090,773 | 929,066 | |||||||||||||||
Net assets at end of period | $ | 1,650,557 | $ | 1,978,570 | $ | 915,210 | $ | 1,090,773 | |||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (2,269 | ) | $ | (10 | ) | $ | 1,986 | $ | (7 | ) | ||||||||
First American Funds 2008 Semiannual Report 59
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Financial Highlights For a share outstanding throughout the indicated period.
Realized and | ||||||||||||||||||||||||
Net Asset | Unrealized | Net Asset | ||||||||||||||||||||||
Value | Net | Gains | Distributions | Value | ||||||||||||||||||||
Beginning | Investment | (Losses) on | from Net | End of | ||||||||||||||||||||
of Period | Loss | Investments | Realized Gains | Period | ||||||||||||||||||||
Mid Cap Growth Opportunities Fund1 | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
20082 | $ | 46.57 | $ | (0.08 | ) | $ | (4.47 | ) | $ | (4.67 | ) | $ | 37.35 | |||||||||||
20073 | 41.43 | (0.24 | ) | 9.19 | (3.81 | ) | 46.57 | |||||||||||||||||
20063 | 40.77 | (0.11 | ) | 5.04 | (4.27 | ) | 41.43 | |||||||||||||||||
20054 | 41.55 | (0.02 | ) | (0.76 | ) | — | 40.77 | |||||||||||||||||
20055 | 38.19 | (0.24 | ) | 9.65 | (6.05 | ) | 41.55 | |||||||||||||||||
20045 | 33.68 | (0.30 | ) | 5.88 | (1.07 | ) | 38.19 | |||||||||||||||||
20035 | 26.45 | (0.18 | ) | 7.41 | — | 33.68 | ||||||||||||||||||
Class B | ||||||||||||||||||||||||
20082 | $ | 42.21 | $ | (0.20 | ) | $ | (4.03 | ) | $ | (4.67 | ) | $ | 33.31 | |||||||||||
20073 | 38.15 | (0.51 | ) | 8.38 | (3.81 | ) | 42.21 | |||||||||||||||||
20063 | 38.12 | (0.38 | ) | 4.68 | (4.27 | ) | 38.15 | |||||||||||||||||
20054 | 38.87 | (0.05 | ) | (0.70 | ) | — | 38.12 | |||||||||||||||||
20055 | 36.31 | (0.51 | ) | 9.12 | (6.05 | ) | 38.87 | |||||||||||||||||
20045 | 32.30 | (0.55 | ) | 5.63 | (1.07 | ) | 36.31 | |||||||||||||||||
20035 | 25.56 | (0.39 | ) | 7.13 | — | 32.30 | ||||||||||||||||||
Class C | ||||||||||||||||||||||||
20082 | $ | 44.03 | $ | (0.21 | ) | $ | (4.21 | ) | $ | (4.67 | ) | $ | 34.94 | |||||||||||
20073 | 39.65 | (0.53 | ) | 8.72 | (3.81 | ) | 44.03 | |||||||||||||||||
20063 | 39.46 | (0.40 | ) | 4.86 | (4.27 | ) | 39.65 | |||||||||||||||||
20054 | 40.23 | (0.05 | ) | (0.72 | ) | — | 39.46 | |||||||||||||||||
20055 | 37.40 | (0.53 | ) | 9.41 | (6.05 | ) | 40.23 | |||||||||||||||||
20045 | 33.24 | (0.57 | ) | 5.80 | (1.07 | ) | 37.40 | |||||||||||||||||
20035 | 26.29 | (0.40 | ) | 7.35 | — | 33.24 | ||||||||||||||||||
Class R | ||||||||||||||||||||||||
20082 | $ | 46.11 | $ | (0.13 | ) | $ | (4.42 | ) | $ | (4.67 | ) | $ | 36.89 | |||||||||||
20073 | 41.15 | (0.34 | ) | 9.11 | (3.81 | ) | 46.11 | |||||||||||||||||
20063 | 40.61 | (0.23 | ) | 5.04 | (4.27 | ) | 41.15 | |||||||||||||||||
20054 | 41.40 | (0.03 | ) | (0.76 | ) | — | 40.61 | |||||||||||||||||
20055 | 38.15 | (0.31 | ) | 9.61 | (6.05 | ) | 41.40 | |||||||||||||||||
20045 | 33.66 | (0.30 | ) | 5.86 | (1.07 | ) | 38.15 | |||||||||||||||||
20035 | 26.43 | (0.17 | ) | 7.40 | — | 33.66 | ||||||||||||||||||
Class Y | ||||||||||||||||||||||||
20082 | $ | 49.40 | $ | (0.04 | ) | $ | (4.76 | ) | $ | (4.67 | ) | $ | 39.93 | |||||||||||
20073 | 43.62 | (0.14 | ) | 9.73 | (3.81 | ) | 49.40 | |||||||||||||||||
20063 | 42.61 | (0.01 | ) | 5.29 | (4.27 | ) | 43.62 | |||||||||||||||||
20054 | 43.42 | (0.02 | ) | (0.79 | ) | — | 42.61 | |||||||||||||||||
20055 | 39.58 | (0.16 | ) | 10.05 | (6.05 | ) | 43.42 | |||||||||||||||||
20045 | 34.78 | (0.21 | ) | 6.08 | (1.07 | ) | 39.58 | |||||||||||||||||
20035 | 27.25 | (0.09 | ) | 7.62 | — | 34.78 | ||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | 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 2008 Semiannual Report
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Loss | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Loss | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(10.45 | )% | $ | 365,629 | 1.21 | % | (0.43 | )% | 1.21 | % | (0.43 | )% | 55 | % | ||||||||||||||||||||||
23.36 | 425,995 | 1.21 | (0.56 | ) | 1.21 | (0.56 | ) | 96 | |||||||||||||||||||||||||||
12.69 | 322,385 | 1.23 | (0.26 | ) | 1.23 | (0.26 | ) | 75 | |||||||||||||||||||||||||||
(1.88 | ) | 314,830 | 1.23 | (0.72 | ) | 1.23 | (0.72 | ) | 9 | ||||||||||||||||||||||||||
26.25 | 317,906 | 1.21 | (0.62 | ) | 1.24 | (0.65 | ) | 107 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(10.80 | )% | $ | 13,238 | 1.96 | % | (1.18 | )% | 1.96 | % | (1.18 | )% | 55 | % | ||||||||||||||||||||||
22.47 | 15,820 | 1.96 | (1.31 | ) | 1.96 | (1.31 | ) | 96 | |||||||||||||||||||||||||||
11.83 | 15,605 | 1.98 | (1.02 | ) | 1.98 | (1.02 | ) | 75 | |||||||||||||||||||||||||||
(1.93 | ) | 14,586 | 1.98 | (1.47 | ) | 1.98 | (1.47 | ) | 9 | ||||||||||||||||||||||||||
25.29 | 14,922 | 1.96 | (1.40 | ) | 1.99 | (1.43 | ) | 107 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(10.79 | )% | $ | 23,904 | 1.96 | % | (1.18 | )% | 1.96 | % | (1.18 | )% | 55 | % | ||||||||||||||||||||||
22.42 | 28,891 | 1.96 | (1.31 | ) | 1.96 | (1.31 | ) | 96 | |||||||||||||||||||||||||||
11.84 | 19,540 | 1.98 | (1.02 | ) | 1.98 | (1.02 | ) | 75 | |||||||||||||||||||||||||||
(1.91 | ) | 15,435 | 1.98 | (1.47 | ) | 1.98 | (1.47 | ) | 9 | ||||||||||||||||||||||||||
25.27 | 17,079 | 1.96 | (1.40 | ) | 1.99 | (1.43 | ) | 107 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(10.57 | )% | $ | 29,203 | 1.46 | % | (0.68 | )% | 1.46 | % | (0.68 | )% | 55 | % | ||||||||||||||||||||||
23.06 | 29,490 | 1.46 | (0.81 | ) | 1.46 | (0.81 | ) | 96 | |||||||||||||||||||||||||||
12.41 | 17,853 | 1.48 | (0.57 | ) | 1.61 | (0.70 | ) | 75 | |||||||||||||||||||||||||||
(1.91 | ) | 5,502 | 1.48 | (0.97 | ) | 1.63 | (1.12 | ) | 9 | ||||||||||||||||||||||||||
25.95 | 5,501 | 1.46 | (0.77 | ) | 1.64 | (0.95 | ) | 107 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(10.35 | )% | $ | 1,218,583 | 0.96 | % | (0.18 | )% | 0.96 | % | (0.18 | )% | 55 | % | ||||||||||||||||||||||
23.68 | 1,478,374 | 0.96 | (0.31 | ) | 0.96 | (0.31 | ) | 96 | |||||||||||||||||||||||||||
12.98 | 1,243,776 | 0.98 | (0.02 | ) | 0.98 | (0.02 | ) | 75 | |||||||||||||||||||||||||||
(1.86 | ) | 1,238,595 | 0.98 | (0.47 | ) | 0.98 | (0.47 | ) | 9 | ||||||||||||||||||||||||||
26.57 | 1,273,320 | 0.96 | (0.40 | ) | 0.99 | (0.43 | ) | 107 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 61
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Net Asset | ||||||||||||||||||||||||||||||
Value | Net | Gains | 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 Fund1 | ||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||
20082 | $ | 27.83 | $ | 0.10 | $ | (2.40 | ) | $ | (0.05 | ) | $ | (1.83 | ) | $ | — | $ | 23.65 | |||||||||||||||||
20073 | 26.65 | 0.14 | 2.78 | (0.16 | ) | (1.58 | ) | — | 27.83 | |||||||||||||||||||||||||
20063 | 24.04 | 0.14 | 3.89 | (0.16 | ) | (1.26 | ) | — | 26.65 | |||||||||||||||||||||||||
20054 | 24.88 | (0.01 | ) | (0.83 | ) | — | — | — | 24.04 | |||||||||||||||||||||||||
20055 | 20.09 | 0.13 | 4.76 | (0.10 | ) | — | — | 24.88 | ||||||||||||||||||||||||||
20045 | 16.30 | 0.08 | 3.77 | (0.06 | ) | — | — | 20.09 | ||||||||||||||||||||||||||
20035 | 13.29 | 0.18 | 2.96 | (0.12 | ) | — | (0.01 | ) | 16.30 | |||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||
20082 | $ | 26.48 | $ | 0.01 | $ | (2.28 | ) | $ | (0.01 | ) | $ | (1.83 | ) | $ | — | $ | 22.37 | |||||||||||||||||
20073 | 25.50 | (0.05 | ) | 2.65 | (0.04 | ) | (1.58 | ) | — | 26.48 | ||||||||||||||||||||||||
20063 | 23.12 | (0.03 | ) | 3.71 | (0.04 | ) | (1.26 | ) | — | 25.50 | ||||||||||||||||||||||||
20054 | 23.94 | (0.02 | ) | (0.80 | ) | — | — | — | 23.12 | |||||||||||||||||||||||||
20055 | 19.39 | (0.05 | ) | 4.60 | — | — | — | 23.94 | ||||||||||||||||||||||||||
20045 | 15.81 | (0.06 | ) | 3.65 | (0.01 | ) | — | — | 19.39 | |||||||||||||||||||||||||
20035 | 12.92 | 0.07 | 2.87 | (0.04 | ) | — | (0.01 | ) | 15.81 | |||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||
20082 | $ | 27.05 | $ | 0.01 | $ | (2.33 | ) | $ | (0.01 | ) | $ | (1.83 | ) | $ | — | $ | 22.89 | |||||||||||||||||
20073 | 26.02 | (0.06 | ) | 2.72 | (0.05 | ) | (1.58 | ) | — | 27.05 | ||||||||||||||||||||||||
20063 | 23.57 | (0.04 | ) | 3.80 | (0.05 | ) | (1.26 | ) | — | 26.02 | ||||||||||||||||||||||||
20054 | 24.40 | (0.02 | ) | (0.81 | ) | — | — | — | 23.57 | |||||||||||||||||||||||||
20055 | 19.77 | (0.03 | ) | 4.66 | — | — | — | 24.40 | ||||||||||||||||||||||||||
20045 | 16.12 | (0.06 | ) | 3.72 | (0.01 | ) | — | — | 19.77 | |||||||||||||||||||||||||
20035 | 13.17 | 0.07 | 2.93 | (0.04 | ) | — | (0.01 | ) | 16.12 | |||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||
20082 | $ | 27.72 | $ | 0.07 | $ | (2.39 | ) | $ | (0.04 | ) | $ | (1.83 | ) | $ | — | $ | 23.53 | |||||||||||||||||
20073 | 26.56 | 0.06 | 2.78 | (0.10 | ) | (1.58 | ) | — | 27.72 | |||||||||||||||||||||||||
20063 | 24.00 | 0.05 | 3.91 | (0.14 | ) | (1.26 | ) | — | 26.56 | |||||||||||||||||||||||||
20054 | 24.83 | (0.01 | ) | (0.82 | ) | — | — | — | 24.00 | |||||||||||||||||||||||||
20055 | 20.09 | 0.12 | 4.70 | (0.08 | ) | — | — | 24.83 | ||||||||||||||||||||||||||
20045 | 16.31 | 0.07 | 3.76 | (0.05 | ) | — | — | 20.09 | ||||||||||||||||||||||||||
20035 | 13.29 | 0.16 | 2.99 | (0.12 | ) | — | (0.01 | ) | 16.31 | |||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||
20082 | $ | 27.98 | $ | 0.13 | $ | (2.41 | ) | $ | (0.07 | ) | $ | (1.83 | ) | $ | — | $ | 23.80 | |||||||||||||||||
20073 | 26.77 | 0.22 | 2.80 | (0.23 | ) | (1.58 | ) | — | 27.98 | |||||||||||||||||||||||||
20063 | 24.14 | 0.22 | 3.89 | (0.22 | ) | (1.26 | ) | — | 26.77 | |||||||||||||||||||||||||
20054 | 24.98 | — | (0.84 | ) | — | — | — | 24.14 | ||||||||||||||||||||||||||
20055 | 20.17 | 0.18 | 4.78 | (0.15 | ) | — | — | 24.98 | ||||||||||||||||||||||||||
20045 | 16.36 | 0.12 | 3.79 | (0.10 | ) | — | — | 20.17 | ||||||||||||||||||||||||||
20035 | 13.33 | 0.21 | 2.98 | (0.15 | ) | — | (0.01 | ) | 16.36 | |||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | 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.
62 First American Funds 2008 Semiannual Report
Table of Contents
Ratio of | Ratio of Net | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Investment | |||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Income (Loss) | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | to Average | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | Net Assets (Excluding | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(8.51 | )% | $ | 207,622 | 1.23 | % | 0.81 | % | 1.23 | % | 0.81 | % | 47 | % | ||||||||||||||||||||||
11.47 | 254,342 | 1.22 | 0.58 | 1.22 | 0.58 | 95 | |||||||||||||||||||||||||||||
17.36 | 156,576 | 1.24 | 0.50 | 1.24 | 0.50 | 70 | |||||||||||||||||||||||||||||
(3.38 | ) | 56,125 | 1.23 | (0.48 | ) | 1.23 | (0.48 | ) | 10 | ||||||||||||||||||||||||||
24.38 | 54,360 | 1.21 | 0.59 | 1.25 | 0.55 | 101 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(8.86 | )% | $ | 6,800 | 1.98 | % | 0.06 | % | 1.98 | % | 0.06 | % | 47 | % | ||||||||||||||||||||||
10.67 | 8,360 | 1.97 | (0.13 | ) | 1.97 | (0.13 | ) | 95 | |||||||||||||||||||||||||||
16.45 | 8,590 | 1.99 | (0.17 | ) | 1.99 | (0.17 | ) | 70 | |||||||||||||||||||||||||||
(3.43 | ) | 9,252 | 1.98 | (1.25 | ) | 1.98 | (1.25 | ) | 10 | ||||||||||||||||||||||||||
23.47 | 10,157 | 1.96 | (0.21 | ) | 2.00 | (0.25 | ) | 101 | |||||||||||||||||||||||||||
22.69 | 9,928 | 1.95 | (0.35 | ) | 2.00 | (0.40 | ) | 83 | |||||||||||||||||||||||||||
22.84 | 10,154 | 1.95 | 0.50 | 2.00 | 0.45 | 102 | |||||||||||||||||||||||||||||
(8.86 | )% | $ | 21,295 | 1.98 | % | 0.06 | % | 1.98 | % | 0.06 | % | 47 | % | ||||||||||||||||||||||
10.66 | 26,141 | 1.97 | (0.18 | ) | 1.97 | (0.18 | ) | 95 | |||||||||||||||||||||||||||
16.47 | 18,162 | 1.99 | (0.24 | ) | 1.99 | (0.24 | ) | 70 | |||||||||||||||||||||||||||
(3.40 | ) | 7,439 | 1.98 | (1.24 | ) | 1.98 | (1.24 | ) | 10 | ||||||||||||||||||||||||||
23.43 | 7,426 | 1.96 | (0.15 | ) | 2.00 | (0.19 | ) | 101 | |||||||||||||||||||||||||||
22.69 | 3,342 | 1.95 | (0.33 | ) | 2.00 | (0.38 | ) | 83 | |||||||||||||||||||||||||||
22.84 | 2,916 | 1.95 | 0.51 | 2.00 | 0.46 | 102 | |||||||||||||||||||||||||||||
(8.63 | )% | $ | 30,180 | 1.48 | % | 0.56 | % | 1.48 | % | 0.56 | % | 47 | % | ||||||||||||||||||||||
11.18 | 29,752 | 1.47 | 0.29 | 1.47 | 0.29 | 95 | |||||||||||||||||||||||||||||
17.06 | 17,724 | 1.49 | 0.15 | 1.61 | 0.03 | 70 | |||||||||||||||||||||||||||||
(3.34 | ) | 785 | 1.47 | (0.69 | ) | 1.62 | (0.84 | ) | 10 | ||||||||||||||||||||||||||
24.04 | 380 | 1.46 | 0.52 | 1.65 | 0.33 | 101 | |||||||||||||||||||||||||||||
23.51 | 1 | 1.20 | 0.37 | 1.25 | 0.32 | 83 | |||||||||||||||||||||||||||||
23.80 | 966 | 1.20 | 1.07 | 1.25 | 1.02 | 102 | |||||||||||||||||||||||||||||
(8.39 | )% | $ | 649,313 | 0.98 | % | 1.06 | % | 0.98 | % | 1.06 | % | 47 | % | ||||||||||||||||||||||
11.79 | 772,178 | 0.97 | 0.86 | 0.97 | 0.86 | 95 | |||||||||||||||||||||||||||||
17.63 | 728,014 | 0.99 | 0.81 | 0.99 | 0.81 | 70 | |||||||||||||||||||||||||||||
(3.36 | ) | 598,428 | 0.98 | (0.24 | ) | 0.98 | (0.24 | ) | 10 | ||||||||||||||||||||||||||
24.68 | 621,172 | 0.96 | 0.80 | 1.00 | 0.76 | 101 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 63
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Large Cap Growth Opportunities Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 99.4% | ||||||||
Consumer Discretionary – 10.4% | ||||||||
Dick’s Sporting Goods (a) (b) | 283,438 | $ | 8,107 | |||||
J.C. Penney (a) | 130,594 | 5,550 | ||||||
Lowe’s (a) | 302,353 | 7,616 | ||||||
McDonald’s (a) | 188,346 | 11,222 | ||||||
Omnicom Group (a) | 276,169 | 13,184 | ||||||
Polo Ralph Lauren (a) | 119,460 | 7,420 | ||||||
Target (a) | 266,238 | 14,145 | ||||||
Tiffany & Company (a) | 198,693 | 8,651 | ||||||
75,895 | ||||||||
Consumer Staples – 7.1% | ||||||||
CVS Caremark (a) | 384,100 | 15,506 | ||||||
PepsiCo | 204,556 | 14,018 | ||||||
Philip Morris International (b) | 210,522 | 10,743 | ||||||
Procter & Gamble | 165,510 | 11,098 | ||||||
51,365 | ||||||||
Energy – 11.6% | ||||||||
Cameron International (a) (b) | 89,219 | 4,392 | ||||||
Occidental Petroleum | 102,373 | 8,518 | ||||||
Petroleo Brasileiro – ADR | 103,789 | 10,493 | ||||||
Schlumberger (a) | 59,941 | 6,027 | ||||||
Southwestern Energy (a) (b) | 215,356 | 9,112 | ||||||
Transocean (a) (b) | 89,947 | 13,264 | ||||||
Weatherford International (a) (b) | 157,774 | 12,728 | ||||||
Williams | 196,155 | 6,964 | ||||||
XTO Energy (a) | 214,702 | 13,281 | ||||||
84,779 | ||||||||
Financials – 5.5% | ||||||||
Bank of New York Mellon (a) | 148,876 | 6,481 | ||||||
Charles Schwab (a) | 576,282 | 12,448 | ||||||
CME Group (a) | 17,818 | 8,151 | ||||||
Goldman Sachs Group (a) | 57,085 | 10,924 | ||||||
Lehman Brothers Holdings (a) | 51,836 | 2,293 | ||||||
40,297 | ||||||||
Healthcare – 14.4% | ||||||||
Abbott Laboratories | 303,463 | 16,008 | ||||||
Alcon (a) | 43,396 | 6,857 | ||||||
Baxter International | 165,972 | 10,343 | ||||||
Bristol-Myers Squibb | 550,579 | 12,096 | ||||||
Celgene (a) (b) | 100,054 | 6,217 | ||||||
Gilead Sciences (a) (b) | 270,369 | 13,994 | ||||||
Intuitive Surgical (a) (b) | 24,872 | 7,195 | ||||||
McKesson (a) | 68,246 | 3,557 | ||||||
St. Jude Medical (a) (b) | 162,368 | 7,109 | ||||||
Thermo Fisher Scientific (a) (b) | 202,713 | 11,731 | ||||||
Zimmer Holdings (b) | 126,030 | 9,346 | ||||||
104,453 | ||||||||
Industrials – 11.3% | ||||||||
C.H. Robinson Worldwide (a) | 175,278 | 10,986 | ||||||
Danaher (a) | 96,787 | 7,551 | ||||||
Deere & Company | 103,351 | 8,689 | ||||||
Dun & Bradstreet | 64,964 | 5,477 | ||||||
Raytheon (a) | 153,541 | 9,822 | ||||||
Republic Services | 297,804 | 9,467 | ||||||
Rockwell Collins | 109,915 | 6,937 | ||||||
United Parcel Service, Class B (a) | 119,541 | 8,656 | ||||||
United Technologies | 203,711 | 14,763 | ||||||
82,348 | ||||||||
Information Technology (c) – 31.0% | ||||||||
Accenture, Class A (a) | 303,711 | 11,404 | ||||||
Amphenol, Class A (a) | 284,459 | 13,136 | ||||||
Apple (b) | 145,783 | 25,359 | ||||||
BMC Software (b) | 243,392 | 8,460 | ||||||
Cisco Systems (b) | 880,854 | 22,585 | ||||||
Corning (b) | 529,914 | 14,154 | ||||||
Dolby Laboratories, Class A (a) (b) | 80,619 | 3,237 | ||||||
Hewlett-Packard | 404,485 | 18,748 | ||||||
Intel | 836,877 | 18,629 | ||||||
Intersil, Class A (a) | 263,767 | 7,048 | ||||||
Lam Research (a) (b) | 83,583 | 3,414 | ||||||
MasterCard, Class A (a) | 46,029 | 12,803 | ||||||
MEMC Electronic Materials (a) (b) | 69,570 | 4,381 | ||||||
Microsoft | 492,997 | 14,060 | ||||||
Oracle (a) (b) | 941,713 | 19,635 | ||||||
Research In Motion (a) (b) | 103,421 | 12,579 | ||||||
Texas Instruments (a) | 213,462 | 6,225 | ||||||
Visa, Class A (b) | 58,260 | 4,862 | ||||||
VMware, Class A (a) (b) | 80,438 | 5,360 | ||||||
226,079 | ||||||||
Materials – 5.8% | ||||||||
Ecolab (a) | 127,395 | 5,855 | ||||||
Freeport-McMoRan Copper & Gold (a) | 104,662 | 11,905 | ||||||
Monsanto | 125,239 | 14,280 | ||||||
Praxair | 112,095 | 10,235 | ||||||
42,275 | ||||||||
Telecommunication Services – 2.3% | ||||||||
America Movil, Series L – ADR (a) | 113,003 | 6,549 | ||||||
American Tower, Class A (a) (b) | 230,947 | 10,028 | ||||||
16,577 | ||||||||
Total Common Stocks | ||||||||
(Cost $599,153) | 724,068 | |||||||
Short-Term Investment – 0.7% | ||||||||
First American Prime Obligations Fund, Class Z (d) | ||||||||
(Cost $5,276) | 5,276,175 | 5,276 | ||||||
Investment Purchased with Proceeds from Securities Lending – 40.7% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (e) | ||||||||
(Cost $296,506) | 296,505,844 | 296,506 | ||||||
Total Investments – 140.8% | ||||||||
(Cost $900,935) | 1,025,850 | |||||||
Other Assets and Liabilities, Net – (40.8)% | (297,547 | ) | ||||||
Total Net Assets – 100.0% | $ | 728,303 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $286,497 at April 30, 2008. 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 7 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 for 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 2008 Semiannual Report
Table of Contents
Large Cap Select Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 99.7% | ||||||||
Consumer Discretionary – 13.0% | ||||||||
Abercrombie & Fitch, Class A (a) | 74,741 | $ | 5,554 | |||||
Autoliv | 87,915 | 5,384 | ||||||
Burger King Holdings (a) | 155,346 | 4,334 | ||||||
Kohl’s (a) (b) | 140,834 | 6,880 | ||||||
Macy’s (a) | 158,704 | 4,014 | ||||||
Omnicom Group (a) | 144,227 | 6,885 | ||||||
Stanley Works (a) | 96,165 | 4,639 | ||||||
Tiffany & Company (a) | 82,777 | 3,604 | ||||||
WMS Industries (a) (b) | 162,604 | 5,885 | ||||||
47,179 | ||||||||
Consumer Staples – 4.2% | ||||||||
CVS Caremark (a) | 193,098 | 7,795 | ||||||
PepsiCo | 106,589 | 7,305 | ||||||
15,100 | ||||||||
Energy – 13.2% | ||||||||
Apache (a) | 64,433 | 8,678 | ||||||
Cameron International (a) (b) | 106,737 | 5,254 | ||||||
Chevron | 64,483 | 6,200 | ||||||
Exxon Mobil | 52,860 | 4,920 | ||||||
Occidental Petroleum | 111,828 | 9,305 | ||||||
Ultra Petroleum (a) (b) | 45,400 | 3,771 | ||||||
Weatherford International (a) (b) | 55,680 | 4,492 | ||||||
Williams | 146,361 | 5,196 | ||||||
47,816 | ||||||||
Financials – 21.6% | ||||||||
Affiliated Managers Group (a) (b) | 67,581 | 6,714 | ||||||
American International Group | 208,306 | 9,624 | ||||||
Assurant | 62,040 | 4,033 | ||||||
Boston Properties – REIT (a) | 29,892 | 3,004 | ||||||
CME Group (a) | 8,946 | 4,092 | ||||||
Goldman Sachs Group (a) | 66,198 | 12,668 | ||||||
Invesco (a) | 205,199 | 5,263 | ||||||
JPMorgan Chase | 161,178 | 7,680 | ||||||
Lehman Brothers Holdings (a) | 118,690 | 5,251 | ||||||
M&T Bank (a) | 41,529 | 3,872 | ||||||
TD Ameritrade (a) (b) | 233,250 | 4,222 | ||||||
Wachovia (a) | 173,531 | 5,058 | ||||||
Wells Fargo (a) | 115,504 | 3,436 | ||||||
Zions Bancorporation (a) | 72,702 | 3,370 | ||||||
78,287 | ||||||||
Healthcare – 12.1% | ||||||||
Abbott Laboratories | 118,268 | 6,238 | ||||||
Baxter International | 92,827 | 5,785 | ||||||
Bristol-Myers Squibb | 267,589 | 5,879 | ||||||
Gilead Sciences (a) (b) | 106,880 | 5,532 | ||||||
Intuitive Surgical (a) (b) | 19,884 | 5,752 | ||||||
Medtronic (a) | 111,243 | 5,415 | ||||||
Merck | 120,139 | 4,570 | ||||||
Thermo Fisher Scientific (b) | 76,929 | 4,452 | ||||||
43,623 | ||||||||
Industrials – 8.6% | ||||||||
Emerson Electric (a) | 93,957 | 4,910 | ||||||
Illinois Tool Works | 76,435 | 3,997 | ||||||
Raytheon (a) | 76,845 | 4,916 | ||||||
Republic Services | 115,330 | 3,666 | ||||||
SPX | 63,299 | 7,786 | ||||||
Werner Enterprises (a) | 292,627 | 5,691 | ||||||
30,966 | ||||||||
Information Technology – 24.4% | ||||||||
Accenture, Class A (a) | 122,430 | 4,597 | ||||||
Apple (b) | 49,237 | 8,565 | ||||||
BMC Software (b) | 116,849 | 4,062 | ||||||
Cisco Systems (b) | 624,289 | 16,007 | ||||||
Corning | 138,072 | 3,688 | ||||||
Hewlett-Packard | 220,376 | 10,214 | ||||||
Intel | 160,627 | 3,575 | ||||||
Intersil, Class A (a) | 201,257 | 5,378 | ||||||
Lam Research (a) (b) | 59,545 | 2,432 | ||||||
MasterCard, Class A (a) | 12,272 | 3,414 | ||||||
Microsoft | 372,656 | 10,628 | ||||||
Oracle (b) | 341,992 | 7,130 | ||||||
Research In Motion (a) (b) | 37,662 | 4,581 | ||||||
Texas Instruments (a) | 132,537 | 3,865 | ||||||
88,136 | ||||||||
Real Estate – 1.0% | ||||||||
Annaly Capital Management – REIT (a) | 215,438 | 3,611 | ||||||
Telecommunication Services – 1.6% | ||||||||
American Tower, Class A (a) (b) | 132,501 | 5,753 | ||||||
Total Common Stocks | ||||||||
(Cost $340,765) | 360,471 | |||||||
Short-Term Investment – 0.4% | ||||||||
First American Prime Obligations Fund, Class Z (c) | ||||||||
(Cost $1,436) | 1,436,227 | 1,436 | ||||||
Investment Purchased with Proceeds from Securities Lending – 42.9% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (d) | ||||||||
(Cost $155,353) | 155,353,293 | 155,353 | ||||||
Total Investments – 143.0% | ||||||||
(Cost $497,554) | 517,260 | |||||||
Other Assets and Liabilities, Net – (43.0)% | (155,533 | ) | ||||||
Total Net Assets – 100.0% | $ | 361,727 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $149,512 at April 30, 2008. 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 for 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 |
First American Funds 2008 Semiannual Report 65
Table of Contents
Fund (concluded)
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Fund (concluded)
Large Cap Value Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 96.4% | ||||||||
Consumer Discretionary – 7.0% | ||||||||
Abercrombie & Fitch, Class A (a) | 96,060 | $ | 7,138 | |||||
Autoliv (a) | 177,214 | 10,853 | ||||||
Gap (a) | 537,367 | 10,006 | ||||||
J.C. Penney (a) | 182,245 | 7,745 | ||||||
Omnicom Group (a) | 294,165 | 14,043 | ||||||
49,785 | ||||||||
Consumer Staples – 6.0% | ||||||||
Altria Group | 143,999 | 2,880 | ||||||
Archer-Daniels-Midland (a) | 198,692 | 8,754 | ||||||
ConAgra Foods | 489,875 | 11,542 | ||||||
Philip Morris International (b) | 143,999 | 7,348 | ||||||
Procter & Gamble | 174,821 | 11,722 | ||||||
42,246 | ||||||||
Energy – 17.0% | ||||||||
Chevron | 281,957 | 27,110 | ||||||
Devon Energy (a) | 124,489 | 14,117 | ||||||
Exxon Mobil | 375,154 | 34,916 | ||||||
Nabors Industries (a) (b) | 306,613 | 11,510 | ||||||
Occidental Petroleum | 192,133 | 15,987 | ||||||
Transocean (a) (b) | 47,942 | 7,070 | ||||||
Williams | 265,385 | 9,421 | ||||||
120,131 | ||||||||
Financials – 23.1% | ||||||||
ACE (a) | 256,526 | 15,466 | ||||||
AllianceBernstein Holding | 81,801 | 5,073 | ||||||
American International Group | 227,982 | 10,533 | ||||||
Bank of America (a) | 615,212 | 23,095 | ||||||
BB&T (a) | 310,805 | 10,658 | ||||||
Citigroup (a) | 385,681 | 9,746 | ||||||
Fannie Mae (a) | 103,946 | 2,942 | ||||||
Freddie Mac (a) | 45,580 | 1,135 | ||||||
Goldman Sachs Group (a) | 57,328 | 10,971 | ||||||
Invesco – ADR | 87,842 | 2,253 | ||||||
JPMorgan Chase (a) | 607,068 | 28,927 | ||||||
Lehman Brothers Holdings (a) | 213,320 | 9,437 | ||||||
M&T Bank (a) | 92,032 | 8,580 | ||||||
Marshall & Ilsley (a) | 156,364 | 3,906 | ||||||
State Street | 124,710 | 8,997 | ||||||
Wells Fargo (a) | 375,561 | 11,173 | ||||||
162,892 | ||||||||
Healthcare – 8.3% | ||||||||
AmerisourceBergen (a) | 216,678 | 8,786 | ||||||
Bristol-Myers Squibb | 479,625 | 10,537 | ||||||
Johnson & Johnson | 220,014 | 14,761 | ||||||
Pfizer | 502,629 | 10,108 | ||||||
Wyeth (a) | 168,121 | 7,476 | ||||||
Zimmer Holdings (b) | 91,027 | 6,751 | ||||||
58,419 | ||||||||
Industrials – 9.8% | ||||||||
Eaton (a) | 155,176 | 13,631 | ||||||
General Electric | 392,612 | 12,839 | ||||||
Norfolk Southern (a) | 261,100 | 15,556 | ||||||
Tyco International | 252,703 | 11,824 | ||||||
Waste Management | 430,481 | 15,540 | ||||||
69,390 | ||||||||
Information Technology – 7.4% | ||||||||
Accenture, Class A (a) | 201,782 | 7,577 | ||||||
BMC Software (a) (b) | 218,320 | 7,589 | ||||||
Cisco Systems (b) | 296,210 | 7,595 | ||||||
Hewlett-Packard | 301,577 | 13,978 | ||||||
Intel | 400,235 | 8,909 | ||||||
Texas Instruments (a) | 239,014 | 6,969 | ||||||
52,617 | ||||||||
Materials – 6.1% | ||||||||
Eastman Chemical | 124,039 | 9,117 | ||||||
Nucor | 105,213 | 7,944 | ||||||
Owens-Illinois (b) | 162,953 | 8,987 | ||||||
Pactiv (b) | 519,669 | 12,363 | ||||||
Rohm & Haas (a) | 90,787 | 4,852 | ||||||
43,263 | ||||||||
Telecommunication Services – 5.3% | ||||||||
AT&T | 668,670 | 25,884 | ||||||
Verizon Communications (a) | 295,936 | 11,388 | ||||||
37,272 | ||||||||
Utilities – 6.4% | ||||||||
Edison International (a) | 241,340 | 12,591 | ||||||
Exelon | 84,538 | 7,226 | ||||||
FirstEnergy (a) | 92,616 | 7,005 | ||||||
PG&E | 233,924 | 9,357 | ||||||
PPL (a) | 184,767 | 8,873 | ||||||
45,052 | ||||||||
Total Common Stocks | ||||||||
(Cost $611,645) | 681,067 | |||||||
Short-Term Investment – 0.2% | ||||||||
First American Prime Obligations Fund, Class Z (c) | ||||||||
(Cost $1,083) | 1,082,952 | 1,083 | ||||||
Investment Purchased with Proceeds from Securities Lending – 38.2% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (d) | ||||||||
(Cost $270,181) | 270,180,690 | 270,181 | ||||||
Total Investments – 134.8% | ||||||||
(Cost $882,909) | 952,331 | |||||||
Other Assets and Liabilities, Net – (34.8)% | (246,054 | ) | ||||||
Total Net Assets – 100.0% | $ | 706,277 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $259,096 at April 30, 2008. 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 for 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 2008 Semiannual Report
Table of Contents
Fund (concluded)
Statements ofAssets and Liabilities | April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Large Cap Growth | Large Cap | Large Cap | |||||||||||||
Opportunities Fund | Select Fund | Value Fund | |||||||||||||
Unaffiliated investments, at cost | $ | 599,153 | $ | 340,765 | $ | 611,645 | |||||||||
Affiliated money market fund, at cost | 5,276 | 1,436 | 1,083 | ||||||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 296,506 | 155,353 | 270,181 | ||||||||||||
ASSETS: | |||||||||||||||
Unaffiliated investments, at value* (note 2) | $ | 724,068 | $ | 360,471 | $ | 681,067 | |||||||||
Affiliated money market fund, at value (note 2) | 5,276 | 1,436 | 1,083 | ||||||||||||
Affiliated investment purchased with proceeds from securities lending, at value (note 2) | 296,506 | 155,353 | 270,181 | ||||||||||||
Receivable for dividends and interest | 702 | 226 | 1,104 | ||||||||||||
Receivable for investments sold | — | 6,236 | 71,167 | ||||||||||||
Receivable for capital shares sold | 313 | 647 | 202 | ||||||||||||
Prepaid expenses and other assets | 31 | 32 | 33 | ||||||||||||
Total assets | 1,026,896 | 524,401 | 1,024,837 | ||||||||||||
LIABILITIES: | |||||||||||||||
Payable for investments purchased | — | 6,230 | 47,317 | ||||||||||||
Payable upon return of securities loaned (note 2) | 296,506 | 155,353 | 270,181 | ||||||||||||
Payable for capital shares redeemed | 1,496 | 806 | 494 | ||||||||||||
Payable to affiliates (note 3) | 543 | 262 | 520 | ||||||||||||
Payable for distribution and shareholder servicing fees | 30 | 2 | 28 | ||||||||||||
Accrued expenses and other liabilities | 18 | 21 | 20 | ||||||||||||
Total liabilities | 298,593 | 162,674 | 318,560 | ||||||||||||
Net assets | $ | 728,303 | $ | 361,727 | $ | 706,277 | |||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||
Portfolio capital | $ | 662,396 | $ | 356,138 | $ | 622,878 | |||||||||
Undistributed net investment income | 850 | 131 | 116 | ||||||||||||
Accumulated net realized gain (loss) on investments | (59,858 | ) | (14,248 | ) | 13,861 | ||||||||||
Net unrealized appreciation of investments | 124,915 | 19,706 | 69,422 | ||||||||||||
Net assets | $ | 728,303 | $ | 361,727 | $ | 706,277 | |||||||||
* Including securities loaned, at value | $ | 286,497 | $ | 149,512 | $ | 259,096 | |||||||||
Class A: | |||||||||||||||
Net assets | $ | 82,116 | $ | 6,338 | $ | 95,805 | |||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 2,740 | 478 | 5,271 | ||||||||||||
Net asset value and redemption price per share | $ | 29.97 | $ | 13.26 | $ | 18.17 | |||||||||
Maximum offering price per share1 | $ | 31.71 | $ | 14.03 | $ | 19.23 | |||||||||
Class B: | |||||||||||||||
Net assets | $ | 9,606 | $ | 512 | $ | 6,151 | |||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 345 | 40 | 351 | ||||||||||||
Net asset value, offering price, and redemption price per share2 | $ | 27.87 | $ | 12.92 | $ | 17.53 | |||||||||
Class C: | |||||||||||||||
Net assets | $ | 7,136 | $ | 269 | $ | 4,010 | |||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 250 | 21 | 225 | ||||||||||||
Net asset value, offering price, and redemption price per share2 | $ | 28.49 | $ | 12.89 | $ | 17.81 | |||||||||
Class R: | |||||||||||||||
Net assets | $ | 631 | $ | 31 | $ | 177 | |||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 21 | 2 | 10 | ||||||||||||
Net asset value, offering price, and redemption price per share | $ | 29.66 | $ | 13.19 | $ | 18.14 | |||||||||
Class Y: | |||||||||||||||
Net assets | $ | 628,814 | $ | 354,577 | $ | 600,134 | |||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 20,264 | 26,646 | 32,876 | ||||||||||||
Net asset value, offering price, and redemption price per share | $ | 31.03 | $ | 13.31 | $ | 18.25 | |||||||||
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 2008 Semiannual Report 67
Table of Contents
Fund (concluded)
Statements ofOperations | For the six-month period ended April 30, 2008 (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 unaffiliated investments | $ | 4,032 | $ | 3,065 | $ | 8,305 | ||||||||||
Dividends from affiliated money market fund | 218 | 64 | 275 | |||||||||||||
Less: Foreign taxes withheld | 4 | — | — | |||||||||||||
Securities lending income | 318 | 147 | 232 | |||||||||||||
Total investment income | 4,572 | 3,276 | 8,812 | |||||||||||||
EXPENSES (note 3): | ||||||||||||||||
Investment advisory fees | 2,431 | 1,218 | 2,361 | |||||||||||||
Administration fees | 830 | 418 | 805 | |||||||||||||
Transfer agent fees | 148 | 60 | 118 | |||||||||||||
Custodian fees | 19 | 13 | 18 | |||||||||||||
Legal fees | 7 | 7 | 7 | |||||||||||||
Audit fees | 15 | 15 | 16 | |||||||||||||
Registration fees | 26 | 25 | 25 | |||||||||||||
Postage and printing fees | 24 | 14 | 27 | |||||||||||||
Directors’ fees | 13 | 13 | 13 | |||||||||||||
Other expenses | 11 | 10 | 10 | |||||||||||||
Distribution and shareholder servicing fees – Class A | 106 | 8 | 123 | |||||||||||||
Distribution and shareholder servicing fees – Class B | 51 | 3 | 33 | |||||||||||||
Distribution and shareholder servicing fees – Class C | 37 | 1 | 20 | |||||||||||||
Distribution and shareholder servicing fees – Class R | 1 | — | 1 | |||||||||||||
Total expenses | 3,719 | 1,805 | 3,577 | |||||||||||||
Less: Fee waivers (note 3) | (5 | ) | (1 | ) | (7 | ) | ||||||||||
Less: Indirect payments from custodian (note 3) | (1 | ) | — | (1 | ) | |||||||||||
Total net expenses | 3,713 | 1,804 | 3,569 | |||||||||||||
Investment income – net | 859 | 1,472 | 5,243 | |||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5): | ||||||||||||||||
Net realized gain (loss) on investments | (11,105 | ) | (12,848 | ) | 14,378 | |||||||||||
Net change in unrealized appreciation or depreciation of investments | (68,312 | ) | (31,349 | ) | (78,393 | ) | ||||||||||
Net loss on investments | (79,417 | ) | (44,197 | ) | (64,015 | ) | ||||||||||
Net decrease in net assets resulting from operations | $ | (78,558 | ) | $ | (42,725 | ) | $ | (58,772 | ) | |||||||
The accompanying notes are an integral part of the financial statements.
68 First American Funds 2008 Semiannual Report
Table of Contents
Fund (concluded)
Statements ofChanges 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 | |||||||||||||||||||||||
4/30/08 | Ended | 4/30/08 | Ended | 4/30/08 | Ended | |||||||||||||||||||||||
(unaudited) | 10/31/07 | (unaudited) | 10/31/07 | (unaudited) | 10/31/07 | |||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Investment income – net | $ | 859 | $ | 454 | $ | 1,472 | $ | 2,112 | $ | 5,243 | $ | 11,387 | ||||||||||||||||
Net realized gain (loss) on investments | (11,105 | ) | 96,005 | (12,848 | ) | 64,920 | 14,378 | 119,358 | ||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (68,312 | ) | 85,008 | (31,349 | ) | (1,889 | ) | (78,393 | ) | (27,940 | ) | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (78,558 | ) | 181,467 | (42,725 | ) | 65,143 | (58,772 | ) | 102,805 | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||
Class A | — | — | (17 | ) | (17 | ) | (597 | ) | (1,259 | ) | ||||||||||||||||||
Class B | — | — | — | — | (16 | ) | (52 | ) | ||||||||||||||||||||
Class C | — | — | (1 | ) | — | (10 | ) | (28 | ) | |||||||||||||||||||
Class R | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||
Class Y | (464 | ) | (1,284 | ) | (1,389 | ) | (2,107 | ) | (4,495 | ) | (10,065 | ) | ||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||
Class A | (8,176 | ) | (1,037 | ) | (1,002 | ) | (116 | ) | (13,581 | ) | (8,885 | ) | ||||||||||||||||
Class B | (1,066 | ) | (159 | ) | (88 | ) | (11 | ) | (962 | ) | (738 | ) | ||||||||||||||||
Class C | (757 | ) | (93 | ) | (42 | ) | (4 | ) | (561 | ) | (404 | ) | ||||||||||||||||
Class R | (50 | ) | (7 | ) | (5 | ) | (2 | ) | (23 | ) | (13 | ) | ||||||||||||||||
Class Y | (61,331 | ) | (8,372 | ) | (55,522 | ) | (7,569 | ) | (86,486 | ) | (62,201 | ) | ||||||||||||||||
Total distributions | (71,844 | ) | (10,952 | ) | (58,066 | ) | (9,826 | ) | (106,732 | ) | (83,646 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Proceeds from sales | 4,463 | 13,170 | 486 | 1,953 | 2,528 | 8,622 | ||||||||||||||||||||||
Reinvestment of distributions | 7,846 | 986 | 814 | 113 | 13,143 | 9,390 | ||||||||||||||||||||||
Payments for redemptions | (9,601 | ) | (26,532 | ) | (1,186 | ) | (2,094 | ) | (10,884 | ) | (22,821 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class A transactions | 2,708 | (12,376 | ) | 114 | (28 | ) | 4,787 | (4,809 | ) | |||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||
Proceeds from sales | 353 | 827 | 17 | 70 | 121 | 432 | ||||||||||||||||||||||
Reinvestment of distributions | 1,032 | 156 | 88 | 10 | 956 | 768 | ||||||||||||||||||||||
Payments for redemptions (note 3) | (1,532 | ) | (5,385 | ) | (103 | ) | (133 | ) | (1,328 | ) | (3,166 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class B transactions | (147 | ) | (4,402 | ) | 2 | (53 | ) | (251 | ) | (1,966 | ) | |||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Proceeds from sales | 468 | 1,235 | 30 | 80 | 197 | 817 | ||||||||||||||||||||||
Reinvestment of distributions | 707 | 90 | 38 | 4 | 505 | 387 | ||||||||||||||||||||||
Payments for redemptions (note 3) | (975 | ) | (2,802 | ) | (49 | ) | (40 | ) | (377 | ) | (1,866 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class C transactions | 200 | (1,477 | ) | 19 | 44 | 325 | (662 | ) | ||||||||||||||||||||
Class R: | ||||||||||||||||||||||||||||
Proceeds from sales | 134 | 104 | 5 | 21 | 25 | 45 | ||||||||||||||||||||||
Reinvestment of distributions | 50 | 7 | 5 | 2 | 24 | 14 | ||||||||||||||||||||||
Payments for redemptions | (15 | ) | (221 | ) | (8 | ) | (111 | ) | (23 | ) | (39 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class R transactions | 169 | (110 | ) | 2 | (88 | ) | 26 | 20 | ||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Proceeds from sales | 66,875 | 88,407 | 53,145 | 51,891 | 29,208 | 52,221 | ||||||||||||||||||||||
Reinvestment of distributions | 32,809 | 4,913 | 23,473 | 3,629 | 58,404 | 45,777 | ||||||||||||||||||||||
Payments for redemptions | (91,315 | ) | (285,174 | ) | (72,462 | ) | (136,802 | ) | (73,201 | ) | (213,481 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | 8,369 | (191,854 | ) | 4,156 | (81,282 | ) | 14,411 | (115,483 | ) | |||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | 11,299 | (210,219 | ) | 4,293 | (81,407 | ) | 19,298 | (122,900 | ) | |||||||||||||||||||
Total decrease in net assets | (139,103 | ) | (39,704 | ) | (96,498 | ) | (26,090 | ) | (146,206 | ) | (103,741 | ) | ||||||||||||||||
Net assets at beginning of period | 867,406 | 907,110 | 458,225 | 484,315 | 852,483 | 956,224 | ||||||||||||||||||||||
Net assets at end of period | $ | 728,303 | $ | 867,406 | $ | 361,727 | $ | 458,225 | $ | 706,277 | $ | 852,483 | ||||||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | 850 | $ | 455 | $ | 131 | $ | 66 | $ | 116 | $ | (8 | ) | |||||||||||||||
First American Funds 2008 Semiannual Report 69
Table of Contents
Fund (concluded)
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | |||||||||||||||||||||||||||||||
Value | Net | Gains | from Net | Distributions | Distributions | Value | ||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | from Net | from Return | End of | ||||||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Income | Realized Gains | of Capital | Period | ||||||||||||||||||||||||||||
Large Cap Growth Opportunities Fund1 | ||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||
20082 | $ | 36.27 | $ | — | $ | (3.18 | ) | $ | — | $ | (3.12 | ) | $ | — | $ | 29.97 | ||||||||||||||||||
20073 | 29.58 | (0.05 | ) | 7.08 | — | (0.34 | ) | — | 36.27 | |||||||||||||||||||||||||
20063 | 27.86 | (0.02 | ) | 1.74 | — | — | — | 29.58 | ||||||||||||||||||||||||||
20054 | 28.02 | (0.01 | ) | (0.15 | ) | — | — | — | 27.86 | |||||||||||||||||||||||||
20055 | 25.00 | (0.01 | ) | 3.08 | (0.04 | ) | — | (0.01 | ) | 28.02 | ||||||||||||||||||||||||
20045 | 22.84 | (0.03 | ) | 2.20 | (0.01 | ) | — | — | 25.00 | |||||||||||||||||||||||||
20035 | 19.16 | — | 3.73 | (0.05 | ) | — | — | 22.84 | ||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||
20082 | $ | 34.08 | $ | (0.10 | ) | $ | (2.99 | ) | $ | — | $ | (3.12 | ) | $ | — | $ | 27.87 | |||||||||||||||||
20073 | 28.01 | (0.27 | ) | 6.68 | — | (0.34 | ) | — | 34.08 | |||||||||||||||||||||||||
20063 | 26.58 | (0.22 | ) | 1.65 | — | — | — | 28.01 | ||||||||||||||||||||||||||
20054 | 26.75 | (0.03 | ) | (0.14 | ) | — | — | — | 26.58 | |||||||||||||||||||||||||
20055 | 24.02 | (0.20 | ) | 2.96 | (0.02 | ) | — | (0.01 | ) | 26.75 | ||||||||||||||||||||||||
20045 | 22.10 | (0.21 | ) | 2.13 | — | — | — | 24.02 | ||||||||||||||||||||||||||
20035 | 18.64 | (0.18 | ) | 3.64 | — | — | — | 22.10 | ||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||
20082 | $ | 34.77 | $ | (0.11 | ) | $ | (3.05 | ) | $ | — | $ | (3.12 | ) | $ | — | $ | 28.49 | |||||||||||||||||
20073 | 28.58 | (0.28 | ) | 6.81 | — | (0.34 | ) | — | 34.77 | |||||||||||||||||||||||||
20063 | 27.12 | (0.23 | ) | 1.69 | — | — | — | 28.58 | ||||||||||||||||||||||||||
20054 | 27.29 | (0.03 | ) | (0.14 | ) | — | — | — | 27.12 | |||||||||||||||||||||||||
20055 | 24.51 | (0.20 | ) | 3.00 | (0.01 | ) | — | (0.01 | ) | 27.29 | ||||||||||||||||||||||||
20045 | 22.55 | (0.21 | ) | 2.17 | — | — | — | 24.51 | ||||||||||||||||||||||||||
20035 | 19.03 | (0.18 | ) | 3.72 | (0.02 | ) | — | — | 22.55 | |||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||
20082 | $ | 35.97 | $ | (0.04 | ) | $ | (3.15 | ) | $ | — | $ | (3.12 | ) | $ | — | $ | 29.66 | |||||||||||||||||
20073 | 29.41 | (0.12 | ) | 7.02 | — | (0.34 | ) | — | 35.97 | |||||||||||||||||||||||||
20063 | 27.78 | (0.09 | ) | 1.72 | — | — | — | 29.41 | ||||||||||||||||||||||||||
20054 | 27.94 | (0.02 | ) | (0.14 | ) | — | — | — | 27.78 | |||||||||||||||||||||||||
20055 | 24.98 | (0.16 | ) | 3.17 | (0.05 | ) | — | — | 27.94 | |||||||||||||||||||||||||
20045 | 22.85 | (0.02 | ) | 2.16 | (0.01 | ) | — | — | 24.98 | |||||||||||||||||||||||||
20035 | 19.17 | — | 3.73 | (0.05 | ) | — | — | 22.85 | ||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||
20082 | $ | 37.42 | $ | 0.04 | $ | (3.29 | ) | $ | (0.02 | ) | $ | (3.12 | ) | $ | — | $ | 31.03 | |||||||||||||||||
20073 | 30.48 | 0.03 | 7.30 | (0.05 | ) | (0.34 | ) | — | 37.42 | |||||||||||||||||||||||||
20063 | 28.64 | 0.05 | 1.79 | — | — | — | 30.48 | |||||||||||||||||||||||||||
20054 | 28.79 | (0.01 | ) | (0.14 | ) | — | — | — | 28.64 | |||||||||||||||||||||||||
20055 | 25.63 | 0.07 | 3.15 | (0.04 | ) | — | (0.02 | ) | 28.79 | |||||||||||||||||||||||||
20045 | 23.38 | 0.03 | 2.25 | (0.02 | ) | — | (0.01 | ) | 25.63 | |||||||||||||||||||||||||
20035 | 19.59 | 0.07 | 3.80 | (0.08 | ) | — | — | 23.38 | ||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except per share data. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal 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.
70 First American Funds 2008 Semiannual Report
Table of Contents
Fund (concluded)
Ratio of | Ratio of Net | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Investment | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Income (Loss) | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | to Average | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | Net Assets (Excluding | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(9.21 | )% | $ | 82,116 | 1.19 | % | 0.03 | % | 1.19 | % | 0.03 | % | 51 | % | ||||||||||||||||||||||
24.01 | 96,514 | 1.19 | (0.15 | ) | 1.19 | (0.15 | ) | 102 | |||||||||||||||||||||||||||
6.17 | 90,285 | 1.19 | (0.07 | ) | 1.19 | (0.07 | ) | 94 | |||||||||||||||||||||||||||
(0.57 | ) | 104,960 | 1.21 | (0.47 | ) | 1.21 | (0.47 | ) | 6 | ||||||||||||||||||||||||||
12.30 | 107,079 | 1.17 | (0.03 | ) | 1.20 | (0.06 | ) | 103 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(9.56 | )% | $ | 9,606 | 1.94 | % | (0.72 | )% | 1.94 | % | (0.72 | )% | 51 | % | ||||||||||||||||||||||
23.13 | 11,955 | 1.94 | (0.90 | ) | 1.94 | (0.90 | ) | 102 | |||||||||||||||||||||||||||
5.38 | 13,990 | 1.94 | (0.82 | ) | 1.94 | (0.82 | ) | 94 | |||||||||||||||||||||||||||
(0.64 | ) | 19,601 | 1.96 | (1.22 | ) | 1.96 | (1.22 | ) | 6 | ||||||||||||||||||||||||||
11.47 | 20,239 | 1.92 | (0.77 | ) | 1.95 | (0.80 | ) | 103 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(9.58 | )% | $ | 7,136 | 1.94 | % | (0.72 | )% | 1.94 | % | (0.72 | )% | 51 | % | ||||||||||||||||||||||
23.09 | 8,506 | 1.94 | (0.90 | ) | 1.94 | (0.90 | ) | 102 | |||||||||||||||||||||||||||
5.38 | 8,424 | 1.94 | (0.82 | ) | 1.94 | (0.82 | ) | 94 | |||||||||||||||||||||||||||
(0.62 | ) | 10,739 | 1.96 | (1.22 | ) | 1.96 | (1.22 | ) | 6 | ||||||||||||||||||||||||||
11.44 | 11,147 | 1.92 | (0.78 | ) | 1.95 | (0.81 | ) | 103 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(9.32 | )% | $ | 631 | 1.44 | % | (0.24 | )% | 1.44 | % | (0.24 | )% | 51 | % | ||||||||||||||||||||||
23.70 | 566 | 1.44 | (0.39 | ) | 1.44 | (0.39 | ) | 102 | |||||||||||||||||||||||||||
5.87 | 558 | 1.44 | (0.32 | ) | 1.57 | (0.45 | ) | 94 | |||||||||||||||||||||||||||
(0.57 | ) | 290 | 1.46 | (0.72 | ) | 1.61 | (0.87 | ) | 6 | ||||||||||||||||||||||||||
12.04 | 290 | 1.42 | (0.57 | ) | 1.60 | (0.75 | ) | 103 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(9.10 | )% | $ | 628,814 | 0.94 | % | 0.28 | % | 0.94 | % | 0.28 | % | 51 | % | ||||||||||||||||||||||
24.32 | 749,865 | 0.94 | 0.11 | 0.94 | 0.11 | 102 | |||||||||||||||||||||||||||||
6.42 | 793,853 | 0.94 | 0.18 | 0.94 | 0.18 | 94 | |||||||||||||||||||||||||||||
(0.52 | ) | 849,194 | 0.96 | (0.22 | ) | 0.96 | (0.22 | ) | 6 | ||||||||||||||||||||||||||
12.58 | 849,382 | 0.92 | 0.26 | 0.95 | 0.23 | 103 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 71
Table of Contents
Fund (concluded)
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||
Value | Net | Gains | from Net | Distributions | Value | ||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | from Net | End of | ||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Income | Realized Gains | Period | ||||||||||||||||||||||||
Large Cap Select Fund1 | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
20082 | $ | 17.05 | $ | 0.04 | $ | (1.60 | ) | $ | (0.03 | ) | $ | (2.20 | ) | $ | 13.26 | ||||||||||||||
20073 | 15.18 | 0.03 | 2.12 | (0.03 | ) | (0.25 | ) | 17.05 | |||||||||||||||||||||
20063 | 14.30 | 0.06 | 1.48 | (0.06 | ) | (0.60 | ) | 15.18 | |||||||||||||||||||||
20054 | 14.47 | — | (0.17 | ) | — | — | 14.30 | ||||||||||||||||||||||
20055 | 12.52 | 0.06 | 2.15 | (0.06 | ) | (0.20 | ) | 14.47 | |||||||||||||||||||||
20045 | 11.45 | 0.04 | 1.19 | (0.05 | ) | (0.11 | ) | 12.52 | |||||||||||||||||||||
20036 | 10.00 | 0.03 | 1.46 | (0.04 | ) | — | 11.45 | ||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||
20082 | $ | 16.69 | $ | (0.01 | ) | $ | (1.56 | ) | $ | — | $ | (2.20 | ) | $ | 12.92 | ||||||||||||||
20073 | 14.94 | (0.09 | ) | 2.09 | — | (0.25 | ) | 16.69 | |||||||||||||||||||||
20063 | 14.12 | (0.05 | ) | 1.48 | (0.01 | ) | (0.60 | ) | 14.94 | ||||||||||||||||||||
20054 | 14.30 | (0.01 | ) | (0.17 | ) | — | — | 14.12 | |||||||||||||||||||||
20055 | 12.41 | (0.05 | ) | 2.15 | (0.01 | ) | (0.20 | ) | 14.30 | ||||||||||||||||||||
20045 | 11.41 | (0.06 | ) | 1.18 | (0.01 | ) | (0.11 | ) | 12.41 | ||||||||||||||||||||
20036 | 10.00 | (0.03 | ) | 1.45 | (0.01 | ) | — | 11.41 | |||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
20082 | $ | 16.69 | $ | (0.01 | ) | $ | (1.59 | ) | $ | — | $ | (2.20 | ) | $ | 12.89 | ||||||||||||||
20073 | 14.95 | (0.09 | ) | 2.08 | — | (0.25 | ) | 16.69 | |||||||||||||||||||||
20063 | 14.13 | (0.05 | ) | 1.48 | (0.01 | ) | (0.60 | ) | 14.95 | ||||||||||||||||||||
20054 | 14.31 | (0.01 | ) | (0.17 | ) | — | — | 14.13 | |||||||||||||||||||||
20055 | 12.43 | (0.05 | ) | 2.14 | (0.01 | ) | (0.20 | ) | 14.31 | ||||||||||||||||||||
20045 | 11.42 | (0.06 | ) | 1.19 | (0.01 | ) | (0.11 | ) | 12.43 | ||||||||||||||||||||
20036 | 10.00 | (0.02 | ) | 1.45 | (0.01 | ) | — | 11.42 | |||||||||||||||||||||
Class R7 | |||||||||||||||||||||||||||||
20082 | $ | 16.97 | $ | 0.02 | $ | (1.58 | ) | $ | (0.02 | ) | $ | (2.20 | ) | $ | 13.19 | ||||||||||||||
20073 | 15.12 | — | 2.11 | (0.01 | ) | (0.25 | ) | 16.97 | |||||||||||||||||||||
20063 | 14.26 | 0.01 | 1.49 | (0.04 | ) | (0.60 | ) | 15.12 | |||||||||||||||||||||
20054 | 14.43 | (0.01 | ) | (0.16 | ) | — | — | 14.26 | |||||||||||||||||||||
20055 | 12.49 | 0.02 | 2.15 | (0.03 | ) | (0.20 | ) | 14.43 | |||||||||||||||||||||
20045 | 11.44 | 0.02 | 1.18 | (0.04 | ) | (0.11 | ) | 12.49 | |||||||||||||||||||||
20036 | 10.00 | 0.03 | 1.44 | (0.03 | ) | — | 11.44 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
20082 | $ | 17.10 | $ | 0.05 | $ | (1.59 | ) | $ | (0.05 | ) | $ | (2.20 | ) | $ | 13.31 | ||||||||||||||
20073 | 15.22 | 0.07 | 2.13 | (0.07 | ) | (0.25 | ) | 17.10 | |||||||||||||||||||||
20063 | 14.33 | 0.10 | 1.49 | (0.10 | ) | (0.60 | ) | 15.22 | |||||||||||||||||||||
20054 | 14.49 | — | (0.16 | ) | — | — | 14.33 | ||||||||||||||||||||||
20055 | 12.53 | 0.09 | 2.16 | (0.09 | ) | (0.20 | ) | 14.49 | |||||||||||||||||||||
20045 | 11.45 | 0.07 | 1.19 | (0.07 | ) | (0.11 | ) | 12.53 | |||||||||||||||||||||
20036 | 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, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated | |
4 | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | Commenced operations on January 31, 2003. All ratios for the period have been annualized, except total return and portfolio turnover. | |
7 | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
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 2008 Semiannual Report
Table of Contents
Fund (concluded)
Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return8 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(9.69 | )% | $ | 6,338 | 1.21 | % | 0.54 | % | 1.21 | % | 0.54 | % | 94 | % | ||||||||||||||||||||||
14.36 | 7,998 | 1.19 | 0.20 | 1.19 | 0.20 | 138 | |||||||||||||||||||||||||||||
11.07 | 7,152 | 1.20 | 0.41 | 1.20 | 0.41 | 112 | |||||||||||||||||||||||||||||
(1.17 | ) | 5,682 | 1.19 | (0.20 | ) | 1.19 | (0.20 | ) | 8 | ||||||||||||||||||||||||||
17.83 | 5,299 | 1.17 | 0.41 | 1.22 | 0.36 | 176 | |||||||||||||||||||||||||||||
10.82 | 714 | 1.15 | 0.30 | 1.21 | 0.24 | 67 | |||||||||||||||||||||||||||||
14.91 | 215 | 1.15 | 0.42 | 1.24 | 0.33 | 65 | |||||||||||||||||||||||||||||
(10.01 | )% | $ | 512 | 1.96 | % | (0.21 | )% | 1.96 | % | (0.21 | )% | 94 | % | ||||||||||||||||||||||
13.52 | 664 | 1.94 | (0.55 | ) | 1.94 | (0.55 | ) | 138 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(10.22 | )% | $ | 269 | 1.96 | % | (0.21 | )% | 1.96 | % | (0.21 | )% | 94 | % | ||||||||||||||||||||||
13.45 | 325 | 1.94 | (0.57 | ) | 1.94 | (0.57 | ) | 138 | |||||||||||||||||||||||||||
10.36 | 248 | 1.95 | (0.35 | ) | 1.95 | (0.35 | ) | 112 | |||||||||||||||||||||||||||
(1.26 | ) | 180 | 1.94 | (0.95 | ) | 1.94 | (0.95 | ) | 8 | ||||||||||||||||||||||||||
16.91 | 182 | 1.92 | (0.35 | ) | 1.97 | (0.40 | ) | 176 | |||||||||||||||||||||||||||
9.98 | 59 | 1.90 | (0.45 | ) | 1.96 | (0.51 | ) | 67 | |||||||||||||||||||||||||||
14.27 | 26 | 1.90 | (0.32 | ) | 1.99 | (0.41 | ) | 65 | |||||||||||||||||||||||||||
(9.79 | )% | $ | 31 | 1.45 | % | 0.29 | % | 1.45 | % | 0.29 | % | 94 | % | ||||||||||||||||||||||
14.09 | 37 | 1.44 | 0.02 | 1.44 | 0.02 | 138 | |||||||||||||||||||||||||||||
10.79 | 118 | 1.45 | 0.08 | 1.57 | (0.04 | ) | 112 | ||||||||||||||||||||||||||||
(1.18 | ) | 2 | 1.44 | (0.45 | ) | 1.59 | (0.60 | ) | 8 | ||||||||||||||||||||||||||
17.54 | 2 | 1.42 | 0.14 | 1.62 | (0.06 | ) | 176 | ||||||||||||||||||||||||||||
10.60 | 1 | 1.32 | 0.18 | 1.38 | 0.12 | 67 | |||||||||||||||||||||||||||||
14.76 | 1 | 1.15 | 0.39 | 1.24 | 0.30 | 65 | |||||||||||||||||||||||||||||
(9.54 | )% | $ | 354,577 | 0.96 | % | 0.79 | % | 0.96 | % | 0.79 | % | 94 | % | ||||||||||||||||||||||
14.65 | 449,201 | 0.94 | 0.45 | 0.94 | 0.45 | 138 | |||||||||||||||||||||||||||||
11.37 | 476,154 | 0.95 | 0.66 | 0.95 | 0.66 | 112 | |||||||||||||||||||||||||||||
(1.10 | ) | 341,061 | 0.94 | 0.05 | 0.94 | 0.05 | 8 | ||||||||||||||||||||||||||||
18.14 | 329,656 | 0.92 | 0.67 | 0.97 | 0.62 | 176 | |||||||||||||||||||||||||||||
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 2008 Semiannual Report 73
Table of Contents
Fund (concluded)
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||
Value | Net | Gains | from Net | Distributions | Value | ||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | from Net | End of | ||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Income | Realized Gains | Period | ||||||||||||||||||||||||
Large Cap Value Fund1 | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
20082 | $ | 22.61 | $ | 0.12 | $ | (1.65 | ) | $ | (0.11 | ) | $ | (2.80 | ) | $ | 18.17 | ||||||||||||||
20073 | 22.12 | 0.23 | 2.19 | (0.24 | ) | (1.69 | ) | 22.61 | |||||||||||||||||||||
20063 | 19.56 | 0.21 | 3.19 | (0.21 | ) | (0.63 | ) | 22.12 | |||||||||||||||||||||
20054 | 20.06 | — | (0.50 | ) | — | — | 19.56 | ||||||||||||||||||||||
20055 | 17.21 | 0.17 | 2.85 | (0.17 | ) | — | 20.06 | ||||||||||||||||||||||
20045 | 14.97 | 0.15 | 2.24 | (0.15 | ) | — | 17.21 | ||||||||||||||||||||||
20035 | 12.77 | 0.18 | 2.20 | (0.18 | ) | — | 14.97 | ||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||
20082 | $ | 21.92 | $ | 0.04 | $ | (1.59 | ) | $ | (0.04 | ) | $ | (2.80 | ) | $ | 17.53 | ||||||||||||||
20073 | 21.54 | 0.07 | 2.12 | (0.12 | ) | (1.69 | ) | 21.92 | |||||||||||||||||||||
20063 | 19.12 | 0.06 | 3.11 | (0.12 | ) | (0.63 | ) | 21.54 | |||||||||||||||||||||
20054 | 19.62 | (0.01 | ) | (0.49 | ) | — | — | 19.12 | |||||||||||||||||||||
20055 | 16.87 | 0.03 | 2.78 | (0.06 | ) | — | 19.62 | ||||||||||||||||||||||
20045 | 14.70 | 0.03 | 2.20 | (0.06 | ) | — | 16.87 | ||||||||||||||||||||||
20035 | 12.55 | 0.08 | 2.15 | (0.08 | ) | — | 14.70 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
20082 | $ | 22.21 | $ | 0.04 | $ | (1.60 | ) | $ | (0.04 | ) | $ | (2.80 | ) | $ | 17.81 | ||||||||||||||
20073 | 21.81 | 0.07 | 2.14 | (0.12 | ) | (1.69 | ) | 22.21 | |||||||||||||||||||||
20063 | 19.35 | 0.06 | 3.15 | (0.12 | ) | (0.63 | ) | 21.81 | |||||||||||||||||||||
20054 | 19.85 | (0.01 | ) | (0.49 | ) | — | — | 19.35 | |||||||||||||||||||||
20055 | 17.07 | 0.03 | 2.81 | (0.06 | ) | — | 19.85 | ||||||||||||||||||||||
20045 | 14.87 | 0.03 | 2.23 | (0.06 | ) | — | 17.07 | ||||||||||||||||||||||
20035 | 12.70 | 0.08 | 2.17 | (0.08 | ) | — | 14.87 | ||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||
20082 | $ | 22.57 | $ | 0.09 | $ | (1.63 | ) | $ | (0.09 | ) | $ | (2.80 | ) | $ | 18.14 | ||||||||||||||
20073 | 22.10 | 0.17 | 2.17 | (0.18 | ) | (1.69 | ) | 22.57 | |||||||||||||||||||||
20063 | 19.55 | 0.12 | 3.23 | (0.17 | ) | (0.63 | ) | 22.10 | |||||||||||||||||||||
20054 | 20.06 | (0.01 | ) | (0.50 | ) | — | — | 19.55 | |||||||||||||||||||||
20055 | 17.22 | 0.12 | 2.85 | (0.13 | ) | — | 20.06 | ||||||||||||||||||||||
20045 | 14.96 | 0.17 | 2.23 | (0.14 | ) | — | 17.22 | ||||||||||||||||||||||
20035 | 12.77 | 0.18 | 2.19 | (0.18 | ) | — | 14.96 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
20082 | $ | 22.69 | $ | 0.14 | $ | (1.65 | ) | $ | (0.13 | ) | $ | (2.80 | ) | $ | 18.25 | ||||||||||||||
20073 | 22.19 | 0.29 | 2.18 | (0.28 | ) | (1.69 | ) | 22.69 | |||||||||||||||||||||
20063 | 19.62 | 0.26 | 3.21 | (0.27 | ) | (0.63 | ) | 22.19 | |||||||||||||||||||||
20054 | 20.12 | — | (0.50 | ) | — | — | 19.62 | ||||||||||||||||||||||
20055 | 17.26 | 0.22 | 2.86 | (0.22 | ) | — | 20.12 | ||||||||||||||||||||||
20045 | 15.01 | 0.20 | 2.24 | (0.19 | ) | — | 17.26 | ||||||||||||||||||||||
20035 | 12.80 | 0.22 | 2.20 | (0.21 | ) | — | 15.01 | ||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal 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 2008 Semiannual Report
Table of Contents
Fund (concluded)
Ratio of | Ratio of Net | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Investment | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Income (Loss) | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | to Average | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | Net Assets (Excluding | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(7.15 | )% | $ | 95,805 | 1.19 | % | 1.24 | % | 1.19 | % | 1.24 | % | 42 | % | ||||||||||||||||||||||
11.60 | 113,223 | 1.17 | 1.05 | 1.17 | 1.05 | 81 | |||||||||||||||||||||||||||||
17.93 | 115,438 | 1.19 | 1.05 | 1.19 | 1.05 | 55 | |||||||||||||||||||||||||||||
(2.48 | ) | 118,443 | 1.21 | (0.17 | ) | 1.21 | (0.17 | ) | 2 | ||||||||||||||||||||||||||
17.62 | 121,809 | 1.17 | 0.90 | 1.20 | 0.87 | 61 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(7.49 | )% | $ | 6,151 | 1.94 | % | 0.49 | % | 1.94 | % | 0.49 | % | 42 | % | ||||||||||||||||||||||
10.76 | 7,973 | 1.92 | 0.31 | 1.92 | 0.31 | 81 | |||||||||||||||||||||||||||||
17.04 | 9,815 | 1.94 | 0.32 | 1.94 | 0.32 | 55 | |||||||||||||||||||||||||||||
(2.55 | ) | 13,826 | 1.96 | (0.92 | ) | 1.96 | (0.92 | ) | 2 | ||||||||||||||||||||||||||
16.70 | 14,876 | 1.92 | 0.15 | 1.95 | 0.12 | 61 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(7.43 | )% | $ | 4,010 | 1.94 | % | 0.49 | % | 1.94 | % | 0.49 | % | 42 | % | ||||||||||||||||||||||
10.71 | 4,587 | 1.92 | 0.31 | 1.92 | 0.31 | 81 | |||||||||||||||||||||||||||||
17.05 | 5,174 | 1.94 | 0.30 | 1.94 | 0.30 | 55 | |||||||||||||||||||||||||||||
(2.52 | ) | 5,399 | 1.96 | (0.92 | ) | 1.96 | (0.92 | ) | 2 | ||||||||||||||||||||||||||
16.75 | 5,710 | 1.92 | 0.15 | 1.95 | 0.12 | 61 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(7.23 | )% | $ | 177 | 1.44 | % | 0.99 | % | 1.44 | % | 0.99 | % | 42 | % | ||||||||||||||||||||||
11.25 | 188 | 1.42 | 0.78 | 1.42 | 0.78 | 81 | |||||||||||||||||||||||||||||
17.63 | 164 | 1.44 | 0.58 | 1.55 | 0.47 | 55 | |||||||||||||||||||||||||||||
(2.54 | ) | 7 | 1.46 | (0.42 | ) | 1.61 | (0.57 | ) | 2 | ||||||||||||||||||||||||||
17.34 | 7 | 1.42 | 0.61 | 1.60 | 0.43 | 61 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(7.00 | )% | $ | 600,134 | 0.94 | % | 1.49 | % | 0.94 | % | 1.49 | % | 42 | % | ||||||||||||||||||||||
11.83 | 726,512 | 0.92 | 1.30 | 0.92 | 1.30 | 81 | |||||||||||||||||||||||||||||
18.23 | 825,633 | 0.94 | 1.29 | 0.94 | 1.29 | 55 | |||||||||||||||||||||||||||||
(2.47 | ) | 740,511 | 0.96 | 0.08 | 0.96 | 0.08 | 2 | ||||||||||||||||||||||||||||
17.92 | 764,679 | 0.92 | 1.17 | 0.95 | 1.14 | 61 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 75
Table of Contents
Fund (concluded)
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Fund (concluded)
Balanced Fund | ||||||||
DESCRIPTIONS | SHARES | VALUE | ||||||
Common Stocks – 46.0% | ||||||||
Consumer Discretionary – 6.1% | ||||||||
1-800-Flowers.com, Class A (a) | 11,530 | $ | 102 | |||||
Abercrombie & Fitch, Class A (b) | 23,755 | 1,765 | ||||||
Aeropostale (a) (b) | 1,916 | 61 | ||||||
Aftermarket Technology (a) | 5,658 | 130 | ||||||
Autoliv | 29,833 | 1,827 | ||||||
Burger King Holdings | 49,373 | 1,378 | ||||||
Cato, Class A (b) | 1,229 | 21 | ||||||
Christopher & Banks (b) | 9,509 | 113 | ||||||
Coinstar (a) (b) | 4,750 | 151 | ||||||
Cooper Tire & Rubber (b) | 7,149 | 94 | ||||||
FGX International Holdings Limited (a) | 2,076 | 27 | ||||||
Interface, Class A | 9,995 | 128 | ||||||
Journal Communications, Class A | 4,937 | 28 | ||||||
Kohl’s (a) (b) | 44,801 | 2,189 | ||||||
Macy’s (b) | 50,490 | 1,277 | ||||||
McCormick & Schmick’s Seafood Restaurants (a) | 4,300 | 52 | ||||||
Omnicom Group | 45,990 | 2,196 | ||||||
P.F. Chang’s China Bistro (a) (b) | 2,503 | 78 | ||||||
Scientific Games, Class A (a) (b) | 4,087 | 115 | ||||||
Skechers U.S.A., Class A (a) (b) | 7,545 | 178 | ||||||
Stanley Works (b) | 30,564 | 1,474 | ||||||
Texas Roadhouse, Class A (a) (b) | 6,141 | 72 | ||||||
Tiffany & Company (b) | 26,309 | 1,145 | ||||||
WMS Industries (a) (b) | 56,582 | 2,048 | ||||||
16,649 | ||||||||
Consumer Staples – 1.8% | ||||||||
CVS Caremark | 61,372 | 2,478 | ||||||
Hain Celestial Group (a) (b) | 6,496 | 160 | ||||||
PepsiCo | 33,877 | 2,322 | ||||||
4,960 | ||||||||
Energy – 6.1% | ||||||||
Apache (b) | 20,560 | 2,769 | ||||||
Atwood Oceanics (a) (b) | 449 | 45 | ||||||
Cameron International (a) (b) | 33,959 | 1,672 | ||||||
Canadian Oil Sands Trust (a) | 3,932 | 177 | ||||||
Chevron | 20,576 | 1,978 | ||||||
Comstock Resources (a) (b) | 3,906 | 178 | ||||||
Edge Petroleum (a) (b) | 11,792 | 62 | ||||||
Exxon Mobil | 16,800 | 1,564 | ||||||
GMX Resources (a) (b) (c) | 4,390 | 159 | ||||||
Harvest Energy Trust (b) | 4,000 | 89 | ||||||
Occidental Petroleum | 35,684 | 2,969 | ||||||
Oceaneering International (a) | 1,128 | 75 | ||||||
Patterson-UTI Energy (b) | 5,288 | 148 | ||||||
Penn Virginia (b) | 1,908 | 100 | ||||||
Penn West Energy Trust | 8,656 | 261 | ||||||
TETRA Technologies (a) (b) | 7,562 | 123 | ||||||
Ultra Petroleum (a) (b) | 14,464 | 1,201 | ||||||
Weatherford International (a) | 17,697 | 1,428 | ||||||
Williams | 46,517 | 1,651 | ||||||
16,649 | ||||||||
Financials – 10.2% | ||||||||
Affiliated Managers Group (a) (b) | 22,919 | 2,277 | ||||||
American International Group (b) | 66,414 | 3,068 | ||||||
Annaly Capital Management – REIT (b) | 68,912 | 1,155 | ||||||
Assurant | 19,718 | 1,282 | ||||||
Astoria Financial (b) | 3,323 | 79 | ||||||
BioMed Realty Trust (b) | 5,237 | 136 | ||||||
Boston Properties – REIT (b) | 9,510 | 956 | ||||||
CME Group (b) | 2,855 | 1,306 | ||||||
Columbia Banking System | 401 | 11 | ||||||
Cullen/Frost Bankers (b) | 3,034 | 169 | ||||||
Delphi Financial Group, Class A | 1,643 | 45 | ||||||
Digital Realty Trust – REIT (b) | 2,761 | 107 | ||||||
Dime Community Bancshares | 7,749 | 145 | ||||||
East West Bancorp | 2,545 | 36 | ||||||
GFI Group | 2,416 | 28 | ||||||
Goldman Sachs Group | 21,118 | 4,041 | ||||||
Independent Bank | 2,880 | 84 | ||||||
Invesco (b) | 65,218 | 1,673 | ||||||
JPMorgan Chase | 51,334 | 2,446 | ||||||
Kite Realty Group Trust – REIT (b) | 3,366 | 46 | ||||||
Knight Capital Group, Class A (a) (b) | 10,365 | 194 | ||||||
LaSalle Hotel Properties – REIT | 2,820 | 90 | ||||||
Lehman Brothers Holdings (b) | 37,723 | 1,669 | ||||||
M&T Bank (b) | 13,227 | 1,233 | ||||||
National Financial Partners (b) | 2,581 | 69 | ||||||
Platinum Underwriters Holdings | 3,824 | 137 | ||||||
South Financial Group (b) | 8,319 | 50 | ||||||
TD Ameritrade (a) | 74,133 | 1,342 | ||||||
Umpqua Holdings (b) | 2,686 | 40 | ||||||
Wachovia (b) | 55,153 | 1,608 | ||||||
Wells Fargo (b) | 36,826 | 1,096 | ||||||
Zions Bancorporation | 23,152 | 1,073 | ||||||
27,691 | ||||||||
Healthcare – 5.7% | ||||||||
Abbott Laboratories | 37,589 | 1,983 | ||||||
AngioDynamics (a) | 5,022 | 74 | ||||||
Arena Pharmaceuticals (a) (b) | 5,645 | 32 | ||||||
Array BioPharma (a) (b) | 7,106 | 44 | ||||||
Baxter International | 29,503 | 1,839 | ||||||
BioMarin Pharmaceutical (a) (b) | 2,311 | 84 | ||||||
Bristol-Myers Squibb | 85,047 | 1,868 | ||||||
Dexcom (a) (b) | 11,173 | 86 | ||||||
eResearchTechnology (a) | 5,171 | 63 | ||||||
Exelixis (a) (b) | 7,250 | 55 | ||||||
Gilead Sciences (a) (b) | 33,969 | 1,758 | ||||||
Hologic (a) | 3,292 | 96 | ||||||
ICU Medical (a) (b) | 3,928 | 99 | ||||||
Immucor (a) (b) | 2,216 | 60 | ||||||
Intuitive Surgical (a) (b) | 6,335 | 1,832 | ||||||
K-V Pharmaceutical, Class A (a) (b) | 7,781 | 190 | ||||||
Magellan Health Services (a) | 3,748 | 145 | ||||||
Medtronic | 35,356 | 1,721 | ||||||
Merck | 38,316 | 1,458 | ||||||
Myriad Genetics (a) (b) | 872 | 36 | ||||||
Onyx Pharmaceuticals (a) (b) | 436 | 15 | ||||||
OSI Pharmaceuticals (a) (b) | 532 | 18 | ||||||
Pediatrix Medical Group (a) | 3,230 | 220 | ||||||
Senomyx (a) (b) | 8,018 | 48 | ||||||
SonoSite (a) (b) | 6,765 | 216 | ||||||
Thermo Fisher Scientific (a) | 24,450 | 1,415 | ||||||
TranS1 (a) (b) | 5,115 | 67 | ||||||
15,522 | ||||||||
Industrials – 4.1% | ||||||||
Advisory Board (a) (b) | 1,160 | 54 | ||||||
AMETEK | 2,590 | 126 | ||||||
BE Aerospace (a) | 3,633 | 147 | ||||||
Columbus McKinnon (a) (b) | 1,490 | 42 | ||||||
Con-way | 2,386 | 110 | ||||||
Emerson Electric (b) | 29,862 | 1,561 | ||||||
ESCO Technologies (a) (b) | 5,009 | 233 | ||||||
Forward Air (b) | 2,189 | 75 | ||||||
Illinois Tool Works | 24,450 | 1,279 |
The accompanying notes are an integral part of the financial statements.
76 First American Funds 2008 Semiannual Report
Table of Contents
Fund (concluded)
Fund (concluded)
Balanced Fund (continued) | ||||||||
DESCRIPTIONS | SHARES | VALUE | ||||||
Ladish (a) (b) | 859 | $ | 26 | |||||
MasTec (a) | 16,699 | 137 | ||||||
Nordson (b) | 1,613 | 95 | ||||||
Raytheon (b) | 24,423 | 1,562 | ||||||
RBC Bearings (a) (b) | 1,733 | 69 | ||||||
Regal-Beloit | 970 | 36 | ||||||
Republic Services | 36,655 | 1,165 | ||||||
SPX | 20,118 | 2,475 | ||||||
Timken (b) | 2,500 | 90 | ||||||
Waste Connections (a) (b) | 2,125 | 68 | ||||||
Werner Enterprises (b) | 95,646 | 1,860 | ||||||
11,210 | ||||||||
Information Technology – 11.1% | ||||||||
Accenture, Class A (b) | 38,912 | 1,461 | ||||||
ADC Telecommunications (a) (b) | 5,890 | 83 | ||||||
Advanced Analogic Technologies (a) (b) | 18,890 | 131 | ||||||
Apple (a) | 15,698 | 2,731 | ||||||
AudioCodes (a) | 5,296 | 22 | ||||||
BMC Software (a) | 40,012 | 1,391 | ||||||
Cisco Systems (a) | 198,595 | 5,092 | ||||||
Cognex | 2,136 | 54 | ||||||
Corning | 43,990 | 1,175 | ||||||
Data Domain (a) (b) | 1,906 | 41 | ||||||
Digital River (a) (b) | 3,601 | 118 | ||||||
Emulex (a) (b) | 9,251 | 121 | ||||||
F5 Networks (a) (b) | 4,375 | 99 | ||||||
Foundry Networks (a) (b) | 5,716 | 73 | ||||||
Greenfield Online (a) (b) | 9,697 | 111 | ||||||
Harris Stratex Networks, Class A (a) (b) | 1,042 | 10 | ||||||
Hewlett-Packard | 70,041 | 3,246 | ||||||
Intel | 51,252 | 1,141 | ||||||
Intersil, Class A | 64,950 | 1,735 | ||||||
Ixia (a) (b) | 2,819 | 20 | ||||||
Lam Research (a) (b) | 18,971 | 775 | ||||||
MasterCard, Class A (b) | 3,909 | 1,087 | ||||||
Microsoft | 119,202 | 3,400 | ||||||
Oracle (a) | 108,695 | 2,266 | ||||||
Orbotech (a) | 4,605 | 81 | ||||||
Photronics (a) (b) | 12,827 | 136 | ||||||
Plexus (a) (b) | 3,291 | 79 | ||||||
Polycom (a) (b) | 4,525 | 101 | ||||||
Progress Software (a) (b) | 5,118 | 155 | ||||||
Research In Motion (a) (b) | 11,982 | 1,457 | ||||||
Silicon Laboratories (a) (b) | 3,023 | 102 | ||||||
Synaptics (a) (b) | 3,126 | 106 | ||||||
Tessera Technologies (a) (b) | 5,301 | 107 | ||||||
Texas Instruments | 42,266 | 1,233 | ||||||
TTM Technologies (a) (b) | 7,502 | 100 | ||||||
Veeco Instruments (a) | 2,341 | 44 | ||||||
30,084 | ||||||||
Materials – 0.2% | ||||||||
Albemarle (b) | 2,441 | 91 | ||||||
AptarGroup | 2,032 | 90 | ||||||
Schnitzer Steel Industries, Class A (b) | 764 | 67 | ||||||
Terra Industries (a) (b) | 3,716 | 141 | ||||||
Texas Industries | 1,438 | 111 | ||||||
500 | ||||||||
Telecommunication Services – 0.7% | ||||||||
American Tower, Class A (a) | 42,113 | 1,829 | ||||||
Cogent Communications Group (a) (b) | 1,323 | 28 | ||||||
General Communication, Class A (a) | 5,038 | 31 | ||||||
1,888 | ||||||||
Utilities – 0.0% | ||||||||
NSTAR | 1,626 | 52 | ||||||
Total Common Stocks | ||||||||
(Cost $117,545) | 125,205 | |||||||
Investment Companies – 2.7% | ||||||||
iShares MSCI EAFE Index Fund | 83,400 | 6,322 | ||||||
iShares MSCI Emerging Markets Index Fund (b) | 7,800 | 1,144 | ||||||
Total Investment Companies | ||||||||
(Cost $5,255) | 7,466 | |||||||
Corporate Bonds – 19.0% | ||||||||
Banking – 3.7% | ||||||||
Bank of America | ||||||||
5.750%, 12/01/2017 (b) | $ | 795 | 810 | |||||
8.000%, 12/29/2049 (b) (d) | 665 | 676 | ||||||
Citigroup | ||||||||
6.125%, 11/21/2017 | 625 | 634 | ||||||
6.875%, 03/05/2038 | 350 | 362 | ||||||
8.400%, 04/29/2049 (d) | 1,085 | 1,098 | ||||||
Citigroup Capital XXI | ||||||||
8.300%, 12/21/2057 (d) | 955 | 975 | ||||||
Fifth Third Bancorp | ||||||||
6.250%, 05/01/2013 | 445 | 449 | ||||||
JPMorgan Chase | ||||||||
5.150%, 10/01/2015 | 440 | 440 | ||||||
6.000%, 01/15/2018 | 400 | 415 | ||||||
JPMorgan Chase Capital XX | ||||||||
Series T | ||||||||
6.550%, 09/29/2036 | 570 | 517 | ||||||
Lloyds TSB Group | ||||||||
6.267%, 12/31/2049 (d) (e) | 340 | 283 | ||||||
National City Preferred Capital Trust I | ||||||||
12.000%, 12/29/2049 (d) | 300 | 296 | ||||||
UBS Preferred Funding Trust V | ||||||||
6.243%, 05/29/2049 (d) | 545 | 477 | ||||||
Wachovia | ||||||||
5.750%, 02/01/2018 (b) | 535 | 533 | ||||||
7.980%, 02/28/2049 (d) | 730 | 718 | ||||||
Washington Mutual Preferred IV | ||||||||
9.750%, 10/29/2049 (d) (e) | 400 | 348 | ||||||
Wells Fargo | ||||||||
5.625%, 12/11/2017 | 750 | 773 | ||||||
Wells Fargo Capital X | ||||||||
5.950%, 12/15/2036 | 230 | 205 | ||||||
10,009 | ||||||||
Basic Industry – 1.0% | ||||||||
Celulosa Arauco y Constitucion | ||||||||
5.625%, 04/20/2015 | 345 | 340 | ||||||
Evraz Group | ||||||||
8.250%, 11/10/2015 (e) | 190 | 185 | ||||||
FMG Finance | ||||||||
10.000%, 09/01/2013 (e) | 195 | 210 | ||||||
Freeport-McMoRan Copper & Gold | ||||||||
8.375%, 04/01/2017 | 350 | 387 | ||||||
Georgia-Pacific | ||||||||
7.125%, 01/15/2017 (b) (e) | 190 | 188 | ||||||
Griffin Coal Mining | ||||||||
9.500%, 12/01/2016 (e) | 200 | 157 | ||||||
Noble Group Limited | ||||||||
6.625%, 03/17/2015 (e) | 255 | 230 | ||||||
Southern Copper | ||||||||
7.500%, 07/27/2035 | 190 | 201 | ||||||
Teck Cominco Limited | ||||||||
6.125%, 10/01/2035 | 280 | 243 |
First American Funds 2008 Semiannual Report 77
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Fund (concluded)
Fund (concluded)
Balanced Fund (continued) | ||||||||
DESCRIPTIONS | PAR | VALUE | ||||||
U.S. Steel | ||||||||
7.000%, 02/01/2018 | $ | 335 | $ | 338 | ||||
Vale Overseas | ||||||||
6.250%, 01/11/2016 | 175 | 179 | ||||||
2,658 | ||||||||
Brokerage – 2.3% | ||||||||
Bear Stearns | ||||||||
7.250%, 02/01/2018 | 635 | 694 | ||||||
Goldman Sachs Capital II | ||||||||
5.793%, 12/29/2049 (d) | 1,015 | 766 | ||||||
Goldman Sachs Group | ||||||||
6.150%, 04/01/2018 (b) | 450 | 455 | ||||||
6.750%, 10/01/2037 (b) | 780 | 764 | ||||||
Lehman Brothers Holdings | ||||||||
6.500%, 07/19/2017 | 365 | 359 | ||||||
Series MTN | ||||||||
5.625%, 01/24/2013 | 485 | 478 | ||||||
Merrill Lynch | ||||||||
5.450%, 02/05/2013 | 305 | 297 | ||||||
6.050%, 05/16/2016 | 840 | 806 | ||||||
Morgan Stanley | ||||||||
5.375%, 10/15/2015 (b) | 440 | 423 | ||||||
Series MTN | ||||||||
6.625%, 04/01/2018 (b) | 1,250 | 1,296 | ||||||
6,338 | ||||||||
Capital Goods – 0.1% | ||||||||
Siemens Financiering | ||||||||
6.125%, 08/17/2026 (e) | 225 | 219 | ||||||
Communications – 1.4% | ||||||||
AT&T | ||||||||
5.500%, 02/01/2018 (b) | 430 | 430 | ||||||
6.300%, 01/15/2038 | 195 | 195 | ||||||
British Sky Broadcasting | ||||||||
6.100%, 02/15/2018 (e) | 510 | 519 | ||||||
British Telecom | ||||||||
5.950%, 01/15/2018 | 450 | 451 | ||||||
Comcast | ||||||||
6.300%, 11/15/2017 | 525 | 545 | ||||||
Embarq | ||||||||
7.082%, 06/01/2016 | 215 | 213 | ||||||
Idearc | ||||||||
8.000%, 11/15/2016 | 260 | 169 | ||||||
Intelsat | ||||||||
8.625%, 01/15/2015 | 200 | 202 | ||||||
News America | ||||||||
6.650%, 11/15/2037 | 315 | 326 | ||||||
Verizon Communications | ||||||||
6.900%, 04/15/2038 | 475 | 514 | ||||||
Vimpelcom | ||||||||
8.250%, 05/23/2016 (e) | 230 | 225 | ||||||
3,789 | ||||||||
Consumer Cyclical – 1.1% | ||||||||
CVS Caremark | ||||||||
6.302%, 06/01/2037 (d) | 340 | 291 | ||||||
Duty Free International | ||||||||
7.000%, 01/15/2004 (c) (f) (g) | 588 | — | ||||||
Galaxy Entertainment | ||||||||
9.875%, 12/15/2012 (b) (e) | 175 | 177 | ||||||
Home Depot | ||||||||
5.875%, 12/16/2036 | 270 | 226 | ||||||
Lippo Karwaci Finance | ||||||||
8.875%, 03/09/2011 | 175 | 162 | ||||||
McDonald’s | ||||||||
Series MTN | ||||||||
5.350%, 03/01/2018 (b) | 370 | 375 | ||||||
Rite Aid | ||||||||
7.500%, 03/01/2017 (b) | 160 | 148 | ||||||
Shimao Property Holdings | ||||||||
8.000%, 12/01/2016 (e) | 205 | 168 | ||||||
Target | ||||||||
7.000%, 01/15/2038 | 450 | 483 | ||||||
Viacom | ||||||||
6.875%, 04/30/2036 | 365 | 366 | ||||||
Wal-Mart Stores | ||||||||
6.200%, 04/15/2038 (b) | 260 | 265 | ||||||
Whirlpool | ||||||||
Series MTN | ||||||||
5.500%, 03/01/2013 | 435 | 432 | ||||||
3,093 | ||||||||
Consumer Non Cyclical – 1.0% | ||||||||
AmerisourceBergen | ||||||||
5.625%, 09/15/2012 | 500 | 499 | ||||||
Cardinal Health | ||||||||
6.750%, 02/15/2011 | 325 | 339 | ||||||
Constellation Brands | ||||||||
7.250%, 05/15/2017 | 300 | 302 | ||||||
Covidien International | ||||||||
6.550%, 10/15/2037 (e) | 435 | 445 | ||||||
Fisher Scientific International | ||||||||
6.750%, 08/15/2014 | 220 | 226 | ||||||
Kraft Foods | ||||||||
6.500%, 08/11/2017 (b) | 600 | 628 | ||||||
UnitedHealth Group | ||||||||
6.875%, 02/15/2038 | 295 | 288 | ||||||
2,727 | ||||||||
Electric – 0.9% | ||||||||
Dynegy Holdings | ||||||||
7.750%, 06/01/2019 | 305 | 303 | ||||||
Energy Future Holdings | ||||||||
10.875%, 11/01/2017 (e) | 205 | 218 | ||||||
ISA Capital Brasil | ||||||||
8.800%, 01/30/2017 (e) | 180 | 192 | ||||||
MidAmerican Energy Holdings | ||||||||
6.125%, 04/01/2036 | 465 | 465 | ||||||
Ohio Power | ||||||||
Series K | ||||||||
6.000%, 06/01/2016 | 275 | 279 | ||||||
Oncor Electric Delivery | ||||||||
7.000%, 05/01/2032 | 225 | 218 | ||||||
Pacific Gas & Electric | ||||||||
6.050%, 03/01/2034 | 230 | 229 | ||||||
Taqa Abu Dhabi National Energy | ||||||||
6.165%, 10/25/2017 (e) | 370 | 375 | ||||||
Virginia Electric Power | ||||||||
5.950%, 09/15/2017 | 240 | 247 | ||||||
2,526 | ||||||||
Energy – 1.7% | ||||||||
Canadian National Resources | ||||||||
5.900%, 02/01/2018 | 620 | 630 | ||||||
Encana | ||||||||
6.500%, 02/01/2038 | 445 | 456 | ||||||
Lukoil International Finance | ||||||||
6.356%, 06/07/2017 (e) | 120 | 111 | ||||||
6.656%, 06/07/2022 (b) (e) | 460 | 407 | ||||||
Marathon Oil | ||||||||
5.900%, 03/15/2018 | 445 | 450 |
The accompanying notes are an integral part of the financial statements.
78 First American Funds 2008 Semiannual Report
Table of Contents
Fund (concluded)
Fund (concluded)
Balanced Fund (continued) | ||||||||
DESCRIPTIONS | PAR | VALUE | ||||||
Mariner Energy | ||||||||
7.500%, 04/15/2013 | $ | 270 | $ | 267 | ||||
Nexen | ||||||||
6.400%, 05/15/2037 | 310 | 303 | ||||||
Pioneer Natural Resource | ||||||||
6.650%, 03/15/2017 | 290 | 285 | ||||||
Tengizcheveroil Finance | ||||||||
6.124%, 11/15/2014 (e) | 370 | 353 | ||||||
Tesoro | ||||||||
6.625%, 11/01/2015 | 375 | 353 | ||||||
TNK-BP Finance | ||||||||
6.625%, 03/20/2017 (e) | 150 | 136 | ||||||
7.875%, 03/13/2018 (e) | 230 | 228 | ||||||
Weatherford International | ||||||||
7.000%, 03/15/2038 | 145 | 156 | ||||||
Whiting Petroleum | ||||||||
7.000%, 02/01/2014 | 295 | 296 | ||||||
XTO Energy | ||||||||
6.375%, 06/15/2038 | 205 | 207 | ||||||
4,638 | ||||||||
Finance – 1.1% | ||||||||
American Express | ||||||||
7.000%, 03/19/2018 | 345 | 371 | ||||||
Capital One Financial | ||||||||
6.150%, 09/01/2016 | 400 | 363 | ||||||
CIT Group | ||||||||
5.650%, 02/13/2017 | 110 | 91 | ||||||
General Electric Capital | ||||||||
5.625%, 05/01/2018 | 525 | 530 | ||||||
ILFC E-Capital Trust I | ||||||||
5.900%, 12/21/2065 (d) (e) | 405 | 321 | ||||||
International Lease Finance | ||||||||
6.375%, 03/25/2013 | 205 | 208 | ||||||
Janus Capital Group | ||||||||
6.700%, 06/15/2017 | 305 | 291 | ||||||
SLM | ||||||||
Series MTN | ||||||||
5.400%, 10/25/2011 | 350 | 310 | ||||||
Transcapitalinvest | ||||||||
5.670%, 03/05/2014 (e) | 640 | 607 | ||||||
3,092 | ||||||||
Insurance – 1.0% | ||||||||
Allied World Assurance | ||||||||
7.500%, 08/01/2016 (b) | 565 | 565 | ||||||
AXA | ||||||||
6.463%, 12/31/2049 (d) (e) | 315 | 261 | ||||||
Liberty Mutual Group | ||||||||
7.000%, 03/07/2037 (d) (e) | 235 | 216 | ||||||
MBIA Insurance | ||||||||
14.000%, 01/15/2033 (d) (e) | 290 | 265 | ||||||
MetLife Capital Trust IV | ||||||||
7.875%, 12/15/2037 (e) | 330 | 326 | ||||||
Unumprovident | ||||||||
5.997%, 05/15/2008 | 335 | 335 | ||||||
ZFS Finance USA Trust V | ||||||||
6.500%, 05/09/2037 (d) (e) | 755 | 665 | ||||||
2,633 | ||||||||
Natural Gas – 0.5% | ||||||||
Enterprise Products | ||||||||
8.375%, 08/01/2066 | 180 | 179 | ||||||
Kinder Morgan Energy Partners | ||||||||
Series MTN | ||||||||
6.950%, 01/15/2038 | 290 | 294 | ||||||
NGPL Pipeco | ||||||||
7.119%, 12/15/2017 (e) | 230 | 241 | ||||||
Southern Union | ||||||||
7.200%, 11/01/2066 (d) | 155 | 127 | ||||||
Transocean | ||||||||
6.000%, 03/15/2018 | 175 | 181 | ||||||
Transport De Gas Del Sur | ||||||||
7.875%, 05/14/2017 (e) | 235 | 179 | ||||||
1,201 | ||||||||
Real Estate – 0.4% | ||||||||
Health Care Properties – REIT | ||||||||
Series MTN | ||||||||
6.300%, 09/15/2016 | 710 | 629 | ||||||
Prologis 2006 – REIT | ||||||||
5.750%, 04/01/2016 | 600 | 565 | ||||||
1,194 | ||||||||
Sovereign – 0.9% | ||||||||
U.K. Government Treasury | ||||||||
5.250%, 06/07/2012 (h) | GBP 1,200 | 2,459 | ||||||
Technology – 1.4% | ||||||||
Celestica | ||||||||
7.875%, 07/01/2011 (b) | $ | 295 | 297 | |||||
Chartered Semiconductor | ||||||||
6.375%, 08/03/2015 | 250 | 251 | ||||||
Computer Sciences | ||||||||
6.500%, 03/15/2018 (e) | 340 | 351 | ||||||
First Data | ||||||||
9.875%, 09/24/2015 (e) | 405 | 369 | ||||||
IBM | ||||||||
5.700%, 09/14/2017 | 335 | 349 | ||||||
Jabil Circuit | ||||||||
5.875%, 07/15/2010 | 680 | 668 | ||||||
LG Electronics | ||||||||
5.000%, 06/17/2010 (e) | 340 | 337 | ||||||
National Semiconductor | ||||||||
6.600%, 06/15/2017 | 475 | 476 | ||||||
NXP BV/NXP Funding | ||||||||
9.500%, 10/15/2015 (b) | 180 | 174 | ||||||
Oracle | ||||||||
6.500%, 04/15/2038 | 220 | 227 | ||||||
Seagate Technology | ||||||||
6.375%, 10/01/2011 | 290 | 285 | ||||||
3,784 | ||||||||
Transportation – 0.4% | ||||||||
BLT Finance BV | ||||||||
7.500%, 05/15/2014 (e) | 235 | 172 | ||||||
CSX | ||||||||
5.600%, 05/01/2017 | 525 | 503 | ||||||
Erac USA Finance | ||||||||
6.375%, 10/15/2017 (e) | 265 | 239 | ||||||
Ultrapetrol | ||||||||
9.000%, 11/24/2014 | 145 | 133 | ||||||
1,047 | ||||||||
Water – 0.1% | ||||||||
American Water Capital | ||||||||
6.085%, 10/15/2017 (e) | 260 | 259 | ||||||
Total Corporate Bonds | ||||||||
(Cost $52,684) | 51,666 | |||||||
First American Funds 2008 Semiannual Report 79
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Fund (concluded)
Fund (concluded)
Balanced Fund (continued) | ||||||||
DESCRIPTIONS | PAR | VALUE | ||||||
Asset-Backed Securities – 9.4% | ||||||||
Automotive – 0.5% | ||||||||
Harley-Davidson Motorcycle Trust | ||||||||
Series 2005-4, Class A2 | ||||||||
4.850%, 06/15/2012 | $ | 470 | $ | 474 | ||||
Hertz Vehicle Financing | ||||||||
Series 2005-2A, Class A6 | ||||||||
5.080%, 11/25/2011 (e) | 935 | 836 | ||||||
1,310 | ||||||||
Credit Cards – 0.6% | ||||||||
Capital One Multi-Asset Execution Trust | ||||||||
Series 2007-A7, Class A7 | ||||||||
5.750%, 07/15/2020 | 530 | 522 | ||||||
Citibank Credit Card Issuance Trust | ||||||||
Series 2006-A4, Class A4 | ||||||||
5.450%, 05/10/2013 | 805 | 822 | ||||||
Discover Card Master Trust | ||||||||
Series 2007-A1, Class A1 | ||||||||
5.650%, 03/16/2020 | 275 | 266 | ||||||
1,610 | ||||||||
Home Equity – 0.0% | ||||||||
Saxon Asset Securities Trust | ||||||||
Series 2004-1, Class A | ||||||||
3.139%, 03/25/2035 (d) | 4 | 3 | ||||||
Other – 7.9% | ||||||||
Banc of America Commercial Mortgage | ||||||||
Series 2004-5, Class A3 | ||||||||
4.561%, 11/10/2041 | 710 | 697 | ||||||
Series 2006-2, Class A4 | ||||||||
5.930%, 05/10/2045 (d) | 340 | 343 | ||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
Series 2007-T28, Class D | ||||||||
6.177%, 09/11/2042 (d) (e) | 270 | 173 | ||||||
Series 2007-PW18, Class AJ | ||||||||
6.413%, 06/11/2050 | 295 | 250 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
Series 2008-C7, Class AJ | ||||||||
6.095%, 12/10/2049 (d) | 355 | 298 | ||||||
Citigroup/Deutsche Bank Commercial Mortgage Trust | ||||||||
Series 2007-CD4, Class A2B | ||||||||
5.205%, 12/11/2049 | 230 | 227 | ||||||
Commercial Mortgage Pass-Through Certificates | ||||||||
Series 2006-CN2A, Class A2FX | ||||||||
5.449%, 02/05/2019 (e) | 585 | 587 | ||||||
Series 2004-RS1, Class A | ||||||||
4.018%, 03/03/2041 (c) (e) | 414 | 409 | ||||||
Series 2005-LP5, Class A2 | ||||||||
4.630%, 05/10/2043 | 911 | 907 | ||||||
Crown Castle Towers | ||||||||
Series 2005-1A, Class B | ||||||||
4.878%, 06/15/2035 (e) | 630 | 610 | ||||||
GE Capital Commercial Mortgage Corporation | ||||||||
Series 2005-C3, Class A2 | ||||||||
4.853%, 07/10/2045 | 725 | 725 | ||||||
Global Signal Trust | ||||||||
Series 2004-2A, Class A | ||||||||
4.232%, 12/15/2014 (e) | 750 | 735 | ||||||
GMAC Commercial Mortgage Securities | ||||||||
Series 2005-C1, Class A2 | ||||||||
4.471%, 05/10/2043 | 1,183 | 1,175 | ||||||
Greenwich Capital Commercial Funding | ||||||||
Series 2003-C1, Class A2 | ||||||||
3.285%, 07/05/2035 | 1,525 | 1,503 | ||||||
Series 2005-GG5, Class A2 | ||||||||
5.117%, 04/10/2037 | 1,600 | 1,606 | ||||||
Series 2007-GG11, Class AJ | ||||||||
6.207%, 12/10/2049 (d) | 725 | 607 | ||||||
GS Mortgage Securities II | ||||||||
Series 2006-GG8, Class A2 | ||||||||
5.479%, 11/10/2039 | 1,500 | 1,502 | ||||||
Series 2007-GG10, Class A4 | ||||||||
5.993%, 08/10/2045 (d) | 2,065 | 2,062 | ||||||
Series 2006-RR2, Class A1 | ||||||||
5.811%, 06/23/2046 (c) (d) (e) | 360 | 266 | ||||||
Series 2006-RR3, Class A1S | ||||||||
5.760%, 07/18/2056 (c) (d) (e) | 600 | 352 | ||||||
JPMorgan Chase Commercial Mortgage Securities | ||||||||
Series 2005-LDP5, Class B | ||||||||
5.500%, 12/15/2044 (d) | 245 | 217 | ||||||
Series 2007-CB20, Class AJ | ||||||||
6.303%, 02/12/2051 (d) | 635 | 535 | ||||||
LB-UBS Commercial Mortgage Trust | ||||||||
Series 2003-C3, Class A2 | ||||||||
3.086%, 05/15/2027 | 454 | 454 | ||||||
Series 2005-C7, Class A2 | ||||||||
5.103%, 11/15/2030 | 800 | 803 | ||||||
Series 2008-C1, Class AJ | ||||||||
6.150%, 04/15/2041 | 200 | 166 | ||||||
Merrill Lynch Mortgage Trust | ||||||||
Series 2005-CIP1, Class C | ||||||||
5.302%, 07/12/2038 (d) | 265 | 221 | ||||||
Series 2005-LC1, Class AM | ||||||||
5.442%, 01/12/2044 (d) | 490 | 475 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust | ||||||||
Series 2007-8, Class AM | ||||||||
6.156%, 08/12/2049 (d) | 645 | 646 | ||||||
Morgan Stanley Capital I | ||||||||
Series 2005-HQ6, Class B | ||||||||
5.152%, 08/13/2042 (d) | 115 | 101 | ||||||
Series 2005-HQ6, Class C | ||||||||
5.172%, 08/13/2042 (d) | 110 | 94 | ||||||
Morgan Stanley Dean Witter Capital I | ||||||||
Series 2002-TOP7, Class A2 | ||||||||
5.980%, 01/15/2039 | 1,025 | 1,066 | ||||||
Small Business Administration | ||||||||
Series 2006-P10B, Class 1 | ||||||||
5.681%, 08/10/2016 | 1,115 | 1,140 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
Series 2007-C34, Class AJ | ||||||||
6.147%, 05/15/2046 (d) | 430 | 358 | ||||||
Series 2007-C33, Class AJ | ||||||||
6.100%, 02/15/2051 (d) | 420 | 350 | ||||||
21,660 | ||||||||
Utilities – 0.4% | ||||||||
PG & E Energy Recovery Funding | ||||||||
Series 2005-2, Class A2 | ||||||||
5.030%, 03/25/2014 | 1,050 | 1,066 | ||||||
Total Asset-Backed Securities | ||||||||
(Cost $26,253) | 25,649 | |||||||
U.S. Government Agency Mortgage-Backed Securities – 8.5% | ||||||||
Adjustable Rate (d) – 0.8% | ||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||
7.400%, 01/01/2028, #786281 | 113 | 115 | ||||||
5.771%, 07/01/2036, #1K1238 (b) | 878 | 899 |
The accompanying notes are an integral part of the financial statements.
80 First American Funds 2008 Semiannual Report
Table of Contents
Fund (concluded)
Fund (concluded)
Balanced Fund (continued) | ||||||||
DESCRIPTIONS | PAR | VALUE | ||||||
Federal National Mortgage Association Pool | ||||||||
6.164%, 04/01/2018, #070009 | $ | 31 | $ | 32 | ||||
6.457%, 09/01/2033, #725553 (b) | 515 | 522 | ||||||
5.270%, 11/01/2034, #735054 (b) | 697 | 700 | ||||||
2,268 | ||||||||
Fixed Rate – 7.7% | ||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||
5.500%, 03/01/2013, #E00546 | 69 | 71 | ||||||
4.500%, 05/01/2018, #P10032 (b) | 337 | 340 | ||||||
6.500%, 11/01/2028, #C00676 | 392 | 410 | ||||||
7.000%, 12/01/2029, #G01091 | 74 | 78 | ||||||
6.500%, 07/01/2031, #A17212 (b) | 252 | 263 | ||||||
6.000%, 05/01/2032, #C01361 | 91 | 94 | ||||||
7.000%, 08/01/2037, #H09059 (b) | 835 | 870 | ||||||
Federal National Mortgage Association Pool | ||||||||
6.000%, 09/01/2017, #653368 | 166 | 171 | ||||||
4.500%, 06/01/2019, #045181 | 278 | 277 | ||||||
6.000%, 10/01/2022, #254513 (b) | 354 | 365 | ||||||
5.500%, 12/01/2024, #357662 | 675 | 685 | ||||||
5.500%, 02/01/2025, #255628 (b) | 743 | 754 | ||||||
6.000%, 08/01/2027, #256852 (b) | 794 | 814 | ||||||
7.000%, 04/01/2029, #323681 | 78 | 83 | ||||||
6.500%, 12/01/2031, #254169 (b) | 259 | 268 | ||||||
6.000%, 04/01/2032, #745101 (b) | 714 | 735 | ||||||
6.500%, 05/01/2032, #640032 | 626 | 651 | ||||||
7.000%, 07/01/2032, #545815 | 142 | 151 | ||||||
6.000%, 09/01/2032, #254447 (b) | 296 | 305 | ||||||
6.000%, 01/01/2033, #676647 | 495 | 509 | ||||||
5.500%, 04/01/2033, #694605 (b) | 863 | 870 | ||||||
5.500%, 06/01/2033, #843435 (b) | 384 | 387 | ||||||
5.500%, 07/01/2033, #728667 (b) | 427 | 431 | ||||||
5.500%, 08/01/2033, #733380 (b) | 957 | 966 | ||||||
5.000%, 09/01/2033, #713735 | 196 | 193 | ||||||
5.500%, 10/01/2033, #555800 (b) | 1,008 | 1,017 | ||||||
6.000%, 11/01/2033, #772130 | 155 | 159 | ||||||
6.000%, 11/01/2033, #772256 | 176 | 181 | ||||||
5.500%, 12/01/2033, #756202 | 622 | 628 | ||||||
5.000%, 03/01/2034, #725205 (b) | 787 | 776 | ||||||
5.000%, 03/01/2034, #725250 (b) | 711 | 700 | ||||||
5.500%, 04/01/2034, #725424 (b) | 364 | 368 | ||||||
5.500%, 05/01/2034, #357571 | 686 | 692 | ||||||
5.000%, 06/01/2034, #782909 | 346 | 341 | ||||||
6.500%, 06/01/2034, #735273 (b) | 607 | 632 | ||||||
6.500%, 04/01/2036, #852909 (b) | 571 | 592 | ||||||
6.500%, 07/01/2036, #831683 (b) | 549 | 569 | ||||||
6.000%, 08/01/2036, #885536 (b) | 1,374 | 1,407 | ||||||
6.500%, 08/01/2036, #893318 (b) | 482 | 499 | ||||||
5.500%, 01/01/2037, #906059 (b) | 907 | 913 | ||||||
6.000%, 09/01/2037, #256890 (b) | 557 | 565 | ||||||
Government National Mortgage Association Pool | ||||||||
6.500%, 10/20/2010, #002108 | 3 | 3 | ||||||
7.500%, 06/15/2027, #447728 | 6 | 6 | ||||||
7.500%, 09/15/2027, #455516 | 6 | 7 | ||||||
7.000%, 04/15/2029, #506639 | 145 | 155 | ||||||
20,951 | ||||||||
Total U.S. Government Agency Mortgage-Backed Securities | ||||||||
(Cost $22,988) | 23,219 | |||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 8.4% | ||||||||
Adjustable Rate (d) – 3.4% | ||||||||
Citigroup Mortgage Loan Trust | ||||||||
Series 2004-HYB4, Class HAII | ||||||||
5.346%, 10/25/2034 | 2,004 | 1,684 | ||||||
Series 2005-7, Class 2A1A | ||||||||
4.862%, 09/25/2035 | 590 | 545 | ||||||
Countrywide Home Loans | ||||||||
Series 2006-HYB5, Class 3A1A | ||||||||
5.964%, 09/20/2036 | 1,243 | 1,004 | ||||||
GMAC Mortgage Corporation Loan Trust | ||||||||
Series 2003-AR2, Class 4A1 | ||||||||
4.730%, 12/19/2033 | 693 | 637 | ||||||
Harborview Mortgage Loan Trust | ||||||||
Series 2007-4, Class 2A1 | ||||||||
3.020%, 07/19/2047 | 1,068 | 819 | ||||||
JPMorgan Mortgage Trust | ||||||||
Series 2004-A1, Class 3A1 | ||||||||
4.992%, 02/25/2034 | 1,080 | 1,021 | ||||||
Series 2006-A7, Class 3A4 | ||||||||
5.944%, 01/25/2037 | 458 | 330 | ||||||
Residential Funding Mortgage Securities I | ||||||||
Series 2006-SA2, Class 4A1 | ||||||||
5.868%, 08/25/2036 | 934 | 853 | ||||||
Structured Mortgage Loan Trust | ||||||||
Series 2004-11, Class A | ||||||||
7.195%, 08/25/2034 | 34 | 34 | ||||||
Wachovia Mortgage Loan Trust | ||||||||
Series 2005-B, Class 1A1 | ||||||||
4.940%, 10/20/2035 | 434 | 417 | ||||||
Washington Mutual | ||||||||
Series 2004-AR7, Class A6 | ||||||||
3.941%, 07/25/2034 | 775 | 767 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
Series 2003-D, Class A1 | ||||||||
6.387%, 02/25/2033 | 137 | 137 | ||||||
Series 2004-N, Class A3 | ||||||||
4.104%, 08/25/2034 | 25 | 25 | ||||||
Series 2006-AR1, Class 2A2 | ||||||||
5.551%, 03/25/2036 | 891 | 869 | ||||||
9,142 | ||||||||
Fixed Rate – 5.0% | ||||||||
ABN AMRO Mortgage | ||||||||
Series 2003-7, Class A1 | ||||||||
4.750%, 07/25/2018 | 688 | 678 | ||||||
Banc of America Mortgage Securities | ||||||||
Series 2003-6, Class 1A30 | ||||||||
4.750%, 08/25/2033 | 585 | 573 | ||||||
Countrywide Alternative Loan Trust | ||||||||
Series 2004-12CB, Class 1A1 | ||||||||
5.000%, 07/25/2019 | 368 | 356 | ||||||
Series 2004-2CB, Class 1A1 | ||||||||
4.250%, 03/25/2034 | 246 | 236 | ||||||
Series 2004-24CB, Class 1A1 | ||||||||
6.000%, 11/25/2034 | 284 | 262 | ||||||
Series 2006-19CB, Class A15 | ||||||||
6.000%, 08/25/2036 | 367 | 355 | ||||||
Countrywide Home Loans | ||||||||
Series 2007-17, Class 1A1 | ||||||||
6.000%, 10/25/2037 | 1,230 | 1,234 |
First American Funds 2008 Semiannual Report 81
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Fund (concluded)
Fund (concluded)
Balanced Fund (continued) | ||||||||
DESCRIPTIONS | PAR | VALUE | ||||||
Credit Suisse First Boston Mortgage Securities | ||||||||
Series 2005-3, Class 5A1 | ||||||||
5.500%, 07/25/2020 | $ | 512 | $ | 499 | ||||
Deutsche Alt-A Securities | ||||||||
Series 2006-AR5, Class 22A | ||||||||
5.500%, 10/25/2021 | 706 | 646 | ||||||
GMAC Mortgage Corporation Loan Trust | ||||||||
Series 2004-J5, Class A7 | ||||||||
6.500%, 01/25/2035 | 488 | 495 | ||||||
GSMPS Mortgage Loan Trust | ||||||||
Series 2003-1, Class B1 | ||||||||
6.969%, 03/25/2043 | 841 | 677 | ||||||
GSR Mortgage Loan Trust | ||||||||
Series 2004-10F, Class 3A1 | ||||||||
5.500%, 08/25/2019 | 359 | 358 | ||||||
Master Alternative Loans Trust | ||||||||
Series 2005-2, Class 1A3 | ||||||||
6.500%, 03/25/2035 | 236 | 223 | ||||||
Master Asset Securitization Trust | ||||||||
Series 2003-6, Class 3A1 | ||||||||
5.000%, 07/25/2018 | 551 | 541 | ||||||
Morgan Stanley Mortgage Loan Trust | ||||||||
Series 2004-9, Class 1A | ||||||||
6.206%, 11/25/2034 | 313 | 286 | ||||||
Residential Accredit Loans | ||||||||
Series 2006-QS4, Class A9 | ||||||||
6.000%, 04/25/2036 | 1,160 | 1,034 | ||||||
Residential Asset Mortgage Products | ||||||||
Series 2004-SL4, Class A3 | ||||||||
6.500%, 07/25/2032 | 227 | 216 | ||||||
Residential Funding Mortgage Securities I | ||||||||
Series 2004-S9, Class 2A1 | ||||||||
4.750%, 12/25/2019 | 760 | 757 | ||||||
Washington Mutual | ||||||||
Series 2004-CB1, Class 1A | ||||||||
5.250%, 06/25/2019 | 592 | 572 | ||||||
Washington Mutual Mortgage Pass-Through Trust | ||||||||
Series 2007-2, Class 3A1 | ||||||||
5.500%, 04/25/2022 | 622 | 610 | ||||||
Washington Mutual MSC Mortgage Pass-Through Trust | ||||||||
Series 2004-RA3, Class 2A | ||||||||
6.352%, 08/25/2038 | 357 | 357 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
Series 2003-14, Class A1 | ||||||||
4.750%, 12/25/2018 | 477 | 463 | ||||||
Series 2004-7, Class 2A2 | ||||||||
5.000%, 07/25/2019 | 1,309 | 1,289 | ||||||
Series 2007-13, Class A8 | ||||||||
6.000%, 09/25/2037 | 995 | 957 | ||||||
Westam Mortgage Financial | ||||||||
Series 11, Class A | ||||||||
6.360%, 08/26/2020 (c) | 1 | 1 | ||||||
13,675 | ||||||||
Total Collateralized Mortgage Obligation — Private Mortgage-Backed Securities | ||||||||
(Cost $24,193) | 22,817 | |||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 1.3% | ||||||||
Fixed Rate – 1.3% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 2763, Class TA | ||||||||
4.000%, 03/15/2011 (b) | 473 | 488 | ||||||
Series 85, Class C | ||||||||
8.600%, 01/15/2021 | 68 | 73 | ||||||
Series 1136, Class H | ||||||||
6.000%, 09/15/2021 | 47 | 48 | ||||||
Federal National Mortgage Association | ||||||||
Series 1989-2, Class D | ||||||||
8.800%, 01/25/2019 | 4 | 5 | ||||||
Series 1989-37, Class G | ||||||||
8.000%, 07/25/2019 | 68 | 74 | ||||||
Series 1990-30, Class E | ||||||||
6.500%, 03/25/2020 | 28 | 29 | ||||||
Series 1990-63, Class H | ||||||||
9.500%, 06/25/2020 | 14 | 15 | ||||||
Series 1990-89, Class K | ||||||||
6.500%, 07/25/2020 | 3 | 4 | ||||||
Series 1990-105, Class J | ||||||||
6.500%, 09/25/2020 | 45 | 47 | ||||||
Series 2005-44, Class PC | ||||||||
5.000%, 11/25/2027 (b) | 1,139 | 1,154 | ||||||
Series 2003-81, Class MB | ||||||||
5.000%, 05/25/2029 (b) | 960 | 974 | ||||||
Series 2005-62, Class JE | ||||||||
5.000%, 06/25/2035 (b) | 675 | 680 | ||||||
Government National Mortgage Association | ||||||||
Series 3, Class F | ||||||||
6.500%, 06/17/2020 | 6 | 6 | ||||||
Total Collateralized Mortgage Obligation — U.S. Government Agency Mortgage-Backed Securities | ||||||||
(Cost $3,508) | 3,597 | |||||||
Preferred Stocks – 0.5% | ||||||||
Sovereigns – 0.5% | ||||||||
Fannie Mae (b) | 28,000 | 701 | ||||||
Merrill Lynch (b) | 27,400 | 685 | ||||||
Total Preferred Stocks | ||||||||
(Cost $1,386) | 1,386 | |||||||
Options Purchased – 0.0% | ||||||||
Call Options Purchased – 0.0% | ||||||||
U.S. Treasury Long Bond Futures June 2008 Futures Call Expires 05/24/2008 | ||||||||
Exercise Price: $121.00 | ||||||||
Total Purchased Options | ||||||||
(Cost $11) | 9 | 2 | ||||||
Short-Term Investments – 4.1% | ||||||||
Money Market Fund – 3.3% | ||||||||
First American Prime Obligations Fund, Class Z (i) | 9,025,308 | 9,025 | ||||||
The accompanying notes are an integral part of the financial statements.
82 First American Funds 2008 Semiannual Report
Table of Contents
Fund (concluded)
Balanced Fund (continued) | ||||||||
DESCRIPTIONS | PAR/SHARES | VALUE | ||||||
U.S. Treasury Obligations – 0.8% | ||||||||
U.S. Treasury Bills (j) | ||||||||
2.030%, 06/26/2008 | $ | 600 | $ | 598 | ||||
1.320%, 07/24/2008 | 500 | 499 | ||||||
1.365%, 08/07/2008 | 500 | 498 | ||||||
1.513%, 10/09/2008 | 690 | 685 | ||||||
2,280 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $11,306) | 11,305 | |||||||
Investment Purchased with Proceeds from Securities Lending – 27.6% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (k) | ||||||||
(Cost $75,064) | 75,064,063 | 75,064 | ||||||
Total Investments – 127.5% | ||||||||
(Cost $340,193) | 347,376 | |||||||
Other Assets and Liabilities, Net – (27.5)% | (74,906 | ) | ||||||
Total Net Assets – 100.0% | $ | 272,470 | ||||||
(a) | Non-income producing security. |
(b) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a value of $72,765 at April 30, 2008. See note 2 in Notes to Financial Statements. |
(c) | Security is illiquid. As of April 30, 2008, the value of this investment was $1,187 or 0.4% of total net assets. See note 2 in Notes to Financial Statements. |
(d) | Variable Rate Security – The rate shown is the rate in effect at April 30, 2008. |
(e) | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of April 30, 2008, the value of these investments was $14,150 or 5.2% of total net assets. See note 2 in Notes to Financial Statements. |
(f) | Security is fair valued. As of April 30, 2008, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(g) | Security is in default at April 30, 2008. |
(h) | Foreign denominated security values are state in U.S. dollars. Principal amounts are U.S. dollars unless otherwise noted. |
(i) | Investment in affiliated security. This money market fund is advised by FAF Advisors Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements. |
(j) | Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is effective yield as of April 30, 2008. See note 2 in Notes to Financial Statements. |
(k) | 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 |
Balanced Fund (continued)
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Purchased | Contract | Settlement | Appreciation | |||||||||||
Description | (Sold) | Value | Month | (Depreciation) | ||||||||||
Australian Dollar Currency Futures | 14 | $ | 1,318 | June 2008 | $ | 27 | ||||||||
Canadian Dollar Currency Futures | 26 | 2,588 | June 2008 | (20 | ) | |||||||||
Euro Bund Futures | (10 | ) | (1,781 | ) | June 2008 | 53 | ||||||||
Euro Currency Futures | (12 | ) | (2,341 | ) | June 2008 | 10 | ||||||||
Eurodollar 90 Day Futures | 80 | 77,680 | December 2008 | (35 | ) | |||||||||
Eurodollar 90 Day Futures | 52 | 50,437 | March 2009 | 7 | ||||||||||
Euro Schatz Futures | 23 | 3,729 | June 2008 | (47 | ) | |||||||||
Japanese Yen Currency Futures | (30 | ) | (3,619 | ) | June 2008 | 95 | ||||||||
S&P 500 Futures | 5 | 1,733 | June 2008 | 117 | ||||||||||
U.S. Treasury 2 Year Note Futures | (43 | ) | (9,146 | ) | June 2008 | 73 | ||||||||
U.S. Treasury 5 Year Note Futures | (49 | ) | (5,487 | ) | June 2008 | 125 | ||||||||
U.S. Treasury 10 Year Note Futures | (7 | ) | (811 | ) | June 2008 | (1 | ) | |||||||
U.S. Treasury Long Bond Futures | (4 | ) | (468 | ) | June 2008 | — | ||||||||
$ | 404 | |||||||||||||
First American Funds 2008 Semiannual Report 83
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Balanced Fund (continued)
Credit Default Swap Agreements
Pay/ | Unrealized | |||||||||||||||||
Reference | Buy/Sell | Receive | Expiration | Notional | Appreciation | |||||||||||||
Counterparty | Entity | Protection | Fixed Rate | Date | Amount | (Depreciation) | ||||||||||||
Deutsche Bank | Dow Jones CDX HVOL9 Index | Sell | 1.400% | 12/20/2012 | $ | 3,200 | $ | 149 | ||||||||||
Deutsche Bank | Dow Jones CDX HVOL10 Index | Sell | 3.500% | 06/20/2013 | 6,400 | 160 | ||||||||||||
Deutsche Bank | Dow Jones CDX HY10 Index | Sell | 5.000% | 06/20/2013 | 1,500 | 21 | ||||||||||||
Deutsche Bank | Dow Jones CDX IG9 Index | Sell | 0.600% | 12/20/2012 | 4,400 | 88 | ||||||||||||
Deutsche Bank | Dow Jones CDX IG10 Index | Sell | 1.550% | 06/20/2013 | 5,900 | 103 | ||||||||||||
JPMorgan | Deutsche Bank AG | Buy | 0.525% | 09/20/2012 | 600 | 1 | ||||||||||||
JPMorgan | Dow Jones CDX HY9 Index | Sell | 3.750% | 12/20/2012 | 4,059 | 214 | ||||||||||||
JPMorgan | Dow Jones CDX HVOL9 Index | Sell | 1.400% | 12/20/2012 | 1,400 | 86 | ||||||||||||
JPMorgan | Dow Jones CDX IG10 Index | Sell | 1.550% | 06/20/2013 | 4,200 | 60 | ||||||||||||
JPMorgan | Dow Jones iTraxx Asia ex-Japan Index | Sell | 6.500% | 06/20/2013 | 3,700 | 274 | ||||||||||||
JPMorgan | GAP, Inc. | Buy | 1.230% | 12/20/2012 | 430 | (7 | ) | |||||||||||
JPMorgan | Markit ABX A071 Index | Sell | 0.640% | 08/25/2037 | 800 | (85 | ) | |||||||||||
JPMorgan | Markit ABX AAA071 Index | Sell | 0.090% | 08/25/2037 | 400 | 19 | ||||||||||||
UBS | AmerisourceBergen Corporation | Buy | 0.585% | 09/20/2012 | 500 | 2 | ||||||||||||
UBS | Cardinal Health, Inc. | Buy | 0.320% | 09/20/2012 | 500 | 1 | ||||||||||||
UBS | Dow Jones CDX HY10 Index | Sell | 5.000% | 06/20/2013 | 2,900 | 64 | ||||||||||||
UBS | Dow Jones iTraxx Asia ex-Japan Index | Sell | 6.500% | 06/20/2013 | 700 | 44 | ||||||||||||
UBS | Turkey Government International Bond | Buy | 1.480% | 07/20/2012 | 700 | 19 | ||||||||||||
UBS | Whirlpool Corporation | Buy | 0.785% | 09/20/2017 | 350 | 2 | ||||||||||||
$ | 1,215 | |||||||||||||||||
Interest Rate Swap Agreements
Floating | Pay/ Receive | Unrealized | ||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Appreciation | |||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||
Citigroup | 3-Month LIBOR | Pay | 4.625% | 09/20/2009 | $ | 7,000 | $ | 163 | ||||||||||
Citigroup | 3-Month LIBOR | Receive | 5.110% | 09/20/2017 | 2,000 | (123 | ) | |||||||||||
JPMorgan | 3-Month LIBOR | Pay | 2.693% | 03/07/2010 | 7,000 | (48 | ) | |||||||||||
UBS | 3-Month LIBOR | Pay | 4.568% | 10/02/2009 | 7,100 | 161 | ||||||||||||
UBS | 3-Month LIBOR | Pay | 2.743% | 04/17/2010 | 3,000 | (20 | ) | |||||||||||
UBS | 3-Month LIBOR | Pay | 2.795% | 04/18/2010 | 3,000 | (20 | ) | |||||||||||
$ | 113 | |||||||||||||||||
Balanced Fund (concluded)
Schedule of Open Written Call Options
Exercise | Premium | Expiration | Number of | |||||||||||
Option | Price | Received | Date | Contracts | Value | |||||||||
U.S. Treasury Long Bond Futures – June 2008 | $124.00 | $ | 4 | 05/24/2008 | 9 | $ | — | |||||||
U.S. Treasury 10 Year Note Futures – June 2008 | 119.00 | 6 | 06/21/2008 | 9 | 1 | |||||||||
U.S. Treasury 10 Year Note Futures – June 2008 | 120.00 | 42 | 06/21/2008 | 64 | 3 | |||||||||
$ | 52 | $ | 4 | |||||||||||
Schedule of Open Written Put Options
Exercise | Premium | Expiration | Number of | |||||||||||
Option | Price | Received | Date | Contracts | Value | |||||||||
U.S. Treasury 10 Year Note Futures – June 2008 | $113.00 | $ | 7 | 05/23/2008 | 21 | $ | 3 | |||||||
U.S. Treasury 10 Year Note Futures – June 2008 | 135.00 | 16 | 05/24/2008 | 42 | 8 | |||||||||
U.S. Treasury 10 Year Note Futures – June 2008 | 111.00 | 6 | 06/21/2008 | 9 | — | |||||||||
U.S. Treasury 10 Year Note Futures – June 2008 | 112.50 | 44 | 06/21/2008 | 53 | 5 | |||||||||
$ | 73 | $ | 16 | |||||||||||
The accompanying notes are an integral part of the financial statements.
84 First American Funds 2008 Semiannual Report
Table of Contents
Equity Income Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 98.5% | ||||||||
Consumer Discretionary – 6.2% | ||||||||
Home Depot (a) | 455,436 | $ | 13,117 | |||||
McDonald’s (a) | 355,665 | 21,190 | ||||||
Time Warner (a) | 775,675 | 11,519 | ||||||
Yum! Brands (a) | 425,200 | 17,297 | ||||||
63,123 | ||||||||
Consumer Staples – 9.3% | ||||||||
Altria Group | 332,471 | 6,650 | ||||||
Coca-Cola (a) | 284,165 | 16,729 | ||||||
General Mills (a) | 210,116 | 12,691 | ||||||
Kraft Foods, Class A (a) | 230,078 | 7,277 | ||||||
Philip Morris International (b) | 332,471 | 16,966 | ||||||
Procter & Gamble | 181,408 | 12,163 | ||||||
Wal-Mart Stores (a) | 401,171 | 23,260 | ||||||
95,736 | ||||||||
Energy – 15.7% | ||||||||
BP – ADR (a) | 560,290 | 40,783 | ||||||
Chevron (a) | 352,577 | 33,900 | ||||||
ConocoPhillips (a) | 397,988 | 34,287 | ||||||
Exterran Partners | 194,416 | 5,790 | ||||||
Exxon Mobil (a) | 502,142 | 46,734 | ||||||
161,494 | ||||||||
Financials – 18.8% | ||||||||
AllianceBernstein Holding | 516,599 | 32,040 | ||||||
American International Group (a) | 550,267 | 25,422 | ||||||
Annaly Capital Management – REIT (a) | 473,883 | 7,942 | ||||||
Bank of America (a) | 669,451 | 25,131 | ||||||
Barclays – ADR (a) | 326,468 | 11,883 | ||||||
BB&T (a) | 487,479 | 16,716 | ||||||
BlackRock (a) | 44,537 | 8,987 | ||||||
Citigroup | 341,028 | 8,618 | ||||||
Fannie Mae | 88,716 | 2,511 | ||||||
Goldman Sachs Group (a) | 60,660 | 11,609 | ||||||
ICICI Bank – ADR (a) | 210,823 | 9,401 | ||||||
Lehman Brothers Holdings (a) | 158,992 | 7,034 | ||||||
TCF Financial | 113,291 | 1,971 | ||||||
Wachovia (a) | 799,981 | 23,319 | ||||||
192,584 | ||||||||
Healthcare – 9.5% | ||||||||
Abbott Laboratories | 517,478 | 27,297 | ||||||
Bristol-Myers Squibb | 668,755 | 14,693 | ||||||
Eli Lilly | 240,139 | 11,560 | ||||||
Johnson & Johnson (a) | 350,238 | 23,497 | ||||||
Merck | 120,791 | 4,595 | ||||||
Pfizer | 277,791 | 5,586 | ||||||
Wyeth | 225,782 | 10,041 | ||||||
97,269 | ||||||||
Industrials – 11.9% | ||||||||
3M (a) | 163,737 | 12,591 | ||||||
Avery Dennison (a) | 148,918 | 7,176 | ||||||
Emerson Electric (a) | 450,766 | 23,557 | ||||||
General Dynamics | 179,817 | 16,259 | ||||||
General Electric | 1,057,050 | 34,566 | ||||||
Tyco International (a) | 266,989 | 12,492 | ||||||
United Parcel Service, Class B (a) | 219,672 | 15,907 | ||||||
122,548 | ||||||||
Information Technology – 12.2% | ||||||||
CA | 437,704 | 9,691 | ||||||
Hewlett-Packard (a) | 484,737 | 22,467 | ||||||
IBM | 121,759 | 14,696 | ||||||
Intel | 710,642 | 15,819 | ||||||
Maxim Integrated Products | 675,923 | 14,215 | ||||||
Microsoft (a) | 768,936 | 21,930 | ||||||
QUALCOMM | 387,742 | 16,747 | ||||||
Texas Instruments | 343,412 | 10,014 | ||||||
125,579 | ||||||||
Materials – 4.5% | ||||||||
E.I. Du Pont de Nemours (a) | 460,487 | 22,522 | ||||||
Praxair | 256,628 | 23,433 | ||||||
45,955 | ||||||||
Telecommunication Services – 8.3% | ||||||||
AT&T | 1,053,938 | 40,798 | ||||||
FairPoint Communications (a) | 1,335,635 | 12,301 | ||||||
Verizon Communications (a) | 580,116 | 22,323 | ||||||
Windstream (a) | 871,379 | 10,230 | ||||||
85,652 | ||||||||
Utilities – 2.1% | ||||||||
Duke Energy (a) | 273,976 | 5,017 | ||||||
PNM Resources (a) | 381,104 | 5,522 | ||||||
Xcel Energy | 511,554 | 10,640 | ||||||
21,179 | ||||||||
Total Common Stocks | ||||||||
(Cost $755,274) | 1,011,119 | |||||||
Short-Term Investments – 1.5% | ||||||||
First American Prime Obligations Fund, Class Z (c) | ||||||||
(Cost $15,675) | 15,674,681 | 15,675 | ||||||
Investment Purchased with Proceeds from Securities Lending – 40.6% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (d) | ||||||||
(Cost $416,658) | 416,658,430 | 416,658 | ||||||
Total Investments – 140.6% | ||||||||
(Cost $1,187,607) | 1,443,452 | |||||||
Other Assets and Liabilities, Net – (40.6)% | (416,448 | ) | ||||||
Total Net Assets – 100.0% | $ | 1,027,004 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a value of $402,550 at April 30, 2008. 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
First American Funds 2008 Semiannual Report 85
Table of Contents
Fund (concluded)
Statements ofAssets and Liabilities | April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Balanced | Equity | |||||||||
Fund | Income Fund | |||||||||
Unaffiliated investments, at cost | $ | 256,104 | $ | 755,274 | ||||||
Affiliated money market fund, at cost | 9,025 | 15,675 | ||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 75,064 | 416,658 | ||||||||
Premiums received on options written, at cost (note 6) | 125 | — | ||||||||
Cash denominated in foreign currencies, at cost | 131 | — | ||||||||
ASSETS: | ||||||||||
Unaffiliated investments, at value* (note 2) | $ | 263,287 | $ | 1,011,119 | ||||||
Affiliated money market fund, at value (note 2) | 9,025 | 15,675 | ||||||||
Affiliated investment purchased with proceeds from securities lending, at value (note 2) | 75,064 | 416,658 | ||||||||
Cash | 90 | — | ||||||||
Receivable for dividends and interest | 1,514 | 2,095 | ||||||||
Receivable for investments sold | 3,588 | — | ||||||||
Receivable for capital shares sold | 112 | 399 | ||||||||
Receivable for variation margin | 82 | — | ||||||||
Prepaid expenses and other assets | 40 | 33 | ||||||||
Total assets | 352,802 | 1,445,979 | ||||||||
LIABILITIES: | ||||||||||
Cash denominated in foreign currencies, at value | 129 | — | ||||||||
Liabilities for options written, at value | 20 | — | ||||||||
Payable for investments purchased | 3,552 | — | ||||||||
Payable upon return of securities loaned (note 2) | 75,064 | 416,658 | ||||||||
Payable for capital shares redeemed | 909 | 1,490 | ||||||||
Payable for swap agreements | 438 | — | ||||||||
Payable to affiliates (note 3) | 179 | 752 | ||||||||
Payable for distribution and shareholder servicing fees | 26 | 49 | ||||||||
Accrued expenses and other liabilities | 15 | 26 | ||||||||
Total liabilities | 80,332 | 418,975 | ||||||||
Net assets | $ | 272,470 | $ | 1,027,004 | ||||||
COMPOSITION OF NET ASSETS: | ||||||||||
Portfolio capital | $ | 261,496 | $ | 714,087 | ||||||
Undistributed (distributions in excess of) net investment income | 1,460 | (217 | ) | |||||||
Accumulated net realized gain on investments | 492 | 57,289 | ||||||||
Net unrealized appreciation of investments | 7,183 | 255,845 | ||||||||
Net unrealized appreciation of futures contracts | 404 | — | ||||||||
Net unrealized appreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | 2 | — | ||||||||
Net unrealized appreciation of options written | 105 | — | ||||||||
Net unrealized appreciation of swap agreements | 1,328 | — | ||||||||
Net assets | $ | 272,470 | $ | 1,027,004 | ||||||
* Including securities loaned, at value | $ | 72,765 | $ | 402,550 | ||||||
Class A: | ||||||||||
Net assets | $ | 90,899 | $ | 151,806 | ||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 8,549 | 10,918 | ||||||||
Net asset value and redemption price per share | $ | 10.63 | $ | 13.90 | ||||||
Maximum offering price per share 1 | $ | 11.25 | $ | 14.71 | ||||||
Class B: | ||||||||||
Net assets | $ | 6,955 | $ | 14,074 | ||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 660 | 1,026 | ||||||||
Net asset value, offering price, and redemption price per share 2 | $ | 10.54 | $ | 13.72 | ||||||
Class C: | ||||||||||
Net assets | $ | 2,496 | $ | 7,704 | ||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 235 | 560 | ||||||||
Net asset value, offering price, and redemption price per share 2 | $ | 10.61 | $ | 13.75 | ||||||
Class R: | ||||||||||
Net assets | $ | 72 | $ | 877 | ||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 7 | 63 | ||||||||
Net asset value, offering price, and redemption price per share | $ | 10.72 | $ | 13.89 | ||||||
Class Y: | ||||||||||
Net assets | $ | 172,048 | $ | 852,543 | ||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 16,127 | 60,810 | ||||||||
Net asset value, offering price, and redemption price per share | $ | 10.67 | $ | 14.02 | ||||||
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.
86 First American Funds 2008 Semiannual Report
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Fund (concluded)
Statements ofOperations | For the six-month period ended April 30, 2008 (unaudited), all dollars are rounded to thousands (000) |
Balanced | Equity | ||||||||||
Fund | Income Fund | ||||||||||
INVESTMENT INCOME: | |||||||||||
Interest from unaffiliated investments | $ | 4,012 | $ | 6 | |||||||
Dividends from unaffiliated investments | 1,374 | 17,557 | |||||||||
Dividends from affiliated money market fund | 99 | 413 | |||||||||
Less: Foreign taxes withheld | (5 | ) | — | ||||||||
Securities lending income | 175 | 320 | |||||||||
Total investment income | 5,655 | 18,296 | |||||||||
EXPENSES (note 3): | |||||||||||
Investment advisory fees | 944 | 3,515 | |||||||||
Administration fees | 346 | 1,197 | |||||||||
Transfer agent fees | 100 | 138 | |||||||||
Custodian fees | 10 | 27 | |||||||||
Legal fees | 7 | 7 | |||||||||
Audit fees | 17 | 15 | |||||||||
Registration fees | 25 | 26 | |||||||||
Postage and printing fees | 11 | 38 | |||||||||
Directors’ fees | 13 | 13 | |||||||||
Other expenses | 10 | 11 | |||||||||
Distribution and shareholder servicing fees – Class A | 117 | 197 | |||||||||
Distribution and shareholder servicing fees – Class B | 36 | 74 | |||||||||
Distribution and shareholder servicing fees – Class C | 13 | 41 | |||||||||
Distribution and shareholder servicing fees – Class R | — | 2 | |||||||||
Total expenses | 1,649 | 5,301 | |||||||||
Less: Fee waivers (note 3) | (251 | ) | (10 | ) | |||||||
Less: Indirect payments from custodian (note 3) | (1 | ) | (2 | ) | |||||||
Total net expenses | 1,397 | 5,289 | |||||||||
Investment income – net | 4,258 | 13,007 | |||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN, FOREIGN CURRENCY TRANSACTIONS, AND SWAP AGREEMENTS – NET (note 5): | |||||||||||
Net realized gain (loss) on investments | (661 | ) | 53,770 | ||||||||
Net realized gain on in-kind distribution (note 9) | — | 4,349 | |||||||||
Net realized gain on futures contracts | 1,531 | — | |||||||||
Net realized gain on options written | 89 | — | |||||||||
Net realized gain on swap agreements | 885 | — | |||||||||
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | (13 | ) | — | ||||||||
Net change in unrealized appreciation or depreciation of investments | (19,601 | ) | (171,250 | ) | |||||||
Net change in unrealized appreciation or depreciation of futures contracts | 22 | — | |||||||||
Net change in unrealized appreciation or depreciation of options written | 98 | — | |||||||||
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 (note 2) | 1 | — | |||||||||
Net change in unrealized appreciation or depreciation of swap agreements | 846 | — | |||||||||
Net loss on investments, futures contracts, options written, foreign currency transactions, and swap agreements | (16,803 | ) | (113,131 | ) | |||||||
Net decrease in net assets resulting from operations | $ | (12,545 | ) | $ | (100,124 | ) | |||||
First American Funds 2008 Semiannual Report 87
Table of Contents
Fund (concluded)
Statements ofChanges in Net Assets | all dollars are rounded to thousands (000) |
Balanced | Equity | ||||||||||||||||||
Fund | Income Fund | ||||||||||||||||||
Six-Month | Six-Month | ||||||||||||||||||
Period Ended | Period Ended | ||||||||||||||||||
4/30/08 | Year Ended | 4/30/08 | Year Ended | ||||||||||||||||
(unaudited) | 10/31/07 | (unaudited) | 10/31/07 | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Investment income – net | $ | 4,258 | $ | 6,838 | $ | 13,007 | $ | 26,412 | |||||||||||
Net realized gain (loss) on investments | (661 | ) | 36,857 | 53,770 | 91,683 | ||||||||||||||
Net realized gain on in-kind distribution | — | — | 4,349 | — | |||||||||||||||
Net realized gain (loss) on futures contracts | 1,531 | (712 | ) | — | — | ||||||||||||||
Net realized gain (loss) on options written | 89 | (163 | ) | — | — | ||||||||||||||
Net realized gain on swap agreements | 885 | 916 | — | — | |||||||||||||||
Net realized gain (loss) on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | (13 | ) | 2 | — | — | ||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (19,601 | ) | (7,616 | ) | (171,250 | ) | 69,097 | ||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | 22 | 317 | — | — | |||||||||||||||
Net change in unrealized appreciation or depreciation of options written | 98 | 7 | — | — | |||||||||||||||
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 | 1 | — | — | |||||||||||||||
Net change in unrealized appreciation or depreciation of swap agreements | 846 | 478 | — | — | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (12,545 | ) | 36,925 | (100,124 | ) | 187,192 | |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||
Investment income – net: | |||||||||||||||||||
Class A | (1,087 | ) | (1,878 | ) | (1,713 | ) | (3,199 | ) | |||||||||||
Class B | (58 | ) | (104 | ) | (107 | ) | (238 | ) | |||||||||||
Class C | (20 | ) | (29 | ) | (59 | ) | (128 | ) | |||||||||||
Class R | (1 | ) | — | (9 | ) | (10 | ) | ||||||||||||
Class Y | (2,400 | ) | (4,784 | ) | (10,846 | ) | (22,721 | ) | |||||||||||
Net realized gain on investments: | |||||||||||||||||||
Class A | (10,035 | ) | (7,413 | ) | (11,805 | ) | (15,114 | ) | |||||||||||
Class B | (790 | ) | (926 | ) | (1,124 | ) | (1,748 | ) | |||||||||||
Class C | (275 | ) | (207 | ) | (605 | ) | (982 | ) | |||||||||||
Class R | (4 | ) | (2 | ) | (63 | ) | (47 | ) | |||||||||||
Class Y | (21,214 | ) | (17,359 | ) | (67,897 | ) | (99,232 | ) | |||||||||||
Total distributions | (35,884 | ) | (32,702 | ) | (94,228 | ) | (143,419 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS (note 4) : | |||||||||||||||||||
Class A: | |||||||||||||||||||
Proceeds from sales | 2,110 | 7,514 | 5,138 | 14,413 | |||||||||||||||
Reinvestment of distributions | 10,767 | 9,001 | 12,591 | 17,020 | |||||||||||||||
Payments for redemptions | (10,871 | ) | (20,902 | ) | (17,299 | ) | (30,354 | ) | |||||||||||
Increase (decrease) in net assets from Class A transactions | 2,006 | (4,387 | ) | 430 | 1,079 | ||||||||||||||
Class B: | |||||||||||||||||||
Proceeds from sales | 302 | 299 | 360 | 1,217 | |||||||||||||||
Reinvestment of distributions | 811 | 992 | 1,158 | 1,875 | |||||||||||||||
Payments for redemptions (note 3) | (1,200 | ) | (6,855 | ) | (1,693 | ) | (6,493 | ) | |||||||||||
Decrease in net assets from Class B transactions | (87 | ) | (5,564 | ) | (175 | ) | (3,401 | ) | |||||||||||
Class C: | |||||||||||||||||||
Proceeds from sales | 127 | 411 | 325 | 788 | |||||||||||||||
Reinvestment of distributions | 283 | 225 | 618 | 1,026 | |||||||||||||||
Payments for redemptions (note 3) | (290 | ) | (912 | ) | (1,039 | ) | (4,021 | ) | |||||||||||
Increase (decrease) in net assets from Class C transactions | 120 | (276 | ) | (96 | ) | (2,207 | ) | ||||||||||||
Class R: | |||||||||||||||||||
Proceeds from sales | 40 | 27 | 55 | 613 | |||||||||||||||
Reinvestment of distributions | 4 | 2 | 71 | 56 | |||||||||||||||
Payments for redemptions | (1 | ) | (19 | ) | (42 | ) | (287 | ) | |||||||||||
Increase in net assets from Class R transactions | 43 | 10 | 84 | 382 | |||||||||||||||
Class Y: | |||||||||||||||||||
Proceeds from sales | 12,361 | 23,664 | 40,833 | 80,545 | |||||||||||||||
Reinvestment of distributions | 22,549 | 21,029 | 37,430 | 56,726 | |||||||||||||||
Payments for redemptions | (50,391 | ) | (75,193 | ) | (125,036 | ) | (242,377 | ) | |||||||||||
Decrease in net assets from Class Y transactions | (15,481 | ) | (30,500 | ) | (46,773 | ) | (105,106 | ) | |||||||||||
Decrease in net assets from capital share transactions | (13,399 | ) | (40,717 | ) | (46,530 | ) | (109,253 | ) | |||||||||||
Total decrease in net assets | (61,828 | ) | (36,494 | ) | (240,882 | ) | (65,480 | ) | |||||||||||
Net assets at beginning of period | 334,298 | 370,792 | 1,267,886 | 1,333,366 | |||||||||||||||
Net assets at end of period | $ | 272,470 | $ | 334,298 | $ | 1,027,004 | $ | 1,267,886 | |||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | 1,460 | $ | 768 | $ | (217 | ) | $ | (490 | ) | |||||||||
The accompanying notes are an integral part of the financial statements.
88 First American Funds 2008 Semiannual Report
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Fund (concluded)
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Table of Contents
Fund (concluded)
Financial Highlights For a share outstanding throughout the indicated periods
Realized and | ||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | |||||||||||||||||||||||||
Value | Net | Gains | from Net | Distributions | Value | |||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | from Net | End of | |||||||||||||||||||||||
of Period | Income | Investments | Income | Realized Gains | Period | |||||||||||||||||||||||
Balanced Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
20081,2 | $ | 12.44 | $ | 0.15 | $ | (0.59 | ) | $ | (0.12 | ) | $ | (1.25 | ) | $ | 10.63 | |||||||||||||
20072,3 | 12.27 | 0.22 | 1.04 | (0.21 | ) | (0.88 | ) | 12.44 | ||||||||||||||||||||
20062,3 | 11.27 | 0.20 | 1.00 | (0.20 | ) | — | 12.27 | |||||||||||||||||||||
20052,4 | 11.43 | 0.01 | (0.17 | ) | — | — | 11.27 | |||||||||||||||||||||
20052,5 | 10.12 | 0.15 | 1.31 | (0.15 | ) | — | 11.43 | |||||||||||||||||||||
20042,5 | 9.47 | 0.13 | 0.66 | (0.14 | ) | — | 10.12 | |||||||||||||||||||||
20035 | 8.38 | 0.17 | 1.08 | (0.16 | ) | — | 9.47 | |||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||
20081,2 | $ | 12.34 | $ | 0.11 | $ | (0.58 | ) | $ | (0.08 | ) | $ | (1.25 | ) | $ | 10.54 | |||||||||||||
20072,3 | 12.18 | 0.13 | 1.03 | (0.12 | ) | (0.88 | ) | 12.34 | ||||||||||||||||||||
20062,3 | 11.18 | 0.11 | 1.00 | (0.11 | ) | — | 12.18 | |||||||||||||||||||||
20052,4 | 11.34 | — | (0.16 | ) | — | — | 11.18 | |||||||||||||||||||||
20052,5 | 10.04 | 0.07 | 1.30 | (0.07 | ) | — | 11.34 | |||||||||||||||||||||
20042,5 | 9.41 | 0.05 | 0.65 | (0.07 | ) | — | 10.04 | |||||||||||||||||||||
20035 | 8.32 | 0.10 | 1.08 | (0.09 | ) | — | 9.41 | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
20081,2 | $ | 12.42 | $ | 0.11 | $ | (0.59 | ) | $ | (0.08 | ) | $ | (1.25 | ) | $ | 10.61 | |||||||||||||
20072,3 | 12.25 | 0.13 | 1.04 | (0.12 | ) | (0.88 | ) | 12.42 | ||||||||||||||||||||
20062,3 | 11.22 | 0.11 | 0.99 | (0.07 | ) | — | 12.25 | |||||||||||||||||||||
20052,4 | 11.38 | — | (0.16 | ) | — | — | 11.22 | |||||||||||||||||||||
20052,5 | 10.08 | 0.07 | 1.30 | (0.07 | ) | — | 11.38 | |||||||||||||||||||||
20042,5 | 9.44 | 0.05 | 0.66 | (0.07 | ) | — | 10.08 | |||||||||||||||||||||
20035 | 8.35 | 0.09 | 1.10 | (0.10 | ) | — | 9.44 | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
20081,2 | $ | 12.54 | $ | 0.14 | $ | (0.60 | ) | $ | (0.11 | ) | $ | (1.25 | ) | $ | 10.72 | |||||||||||||
20072,3 | 12.35 | 0.19 | 1.07 | (0.19 | ) | (0.88 | ) | 12.54 | ||||||||||||||||||||
20062,3 | 11.29 | 0.17 | 1.01 | (0.12 | ) | — | 12.35 | |||||||||||||||||||||
20052,4 | 11.45 | 0.01 | (0.17 | ) | — | — | 11.29 | |||||||||||||||||||||
20052,5 | 10.14 | 0.11 | 1.32 | (0.12 | ) | — | 11.45 | |||||||||||||||||||||
20042,5 | 9.49 | 0.14 | 0.64 | (0.13 | ) | — | 10.14 | |||||||||||||||||||||
20035 | 8.39 | 0.15 | 1.10 | (0.15 | ) | — | 9.49 | |||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||
20081,2 | $ | 12.47 | $ | 0.17 | $ | (0.58 | ) | $ | (0.14 | ) | $ | (1.25 | ) | $ | 10.67 | |||||||||||||
20072,3 | 12.30 | 0.25 | 1.04 | (0.24 | ) | (0.88 | ) | 12.47 | ||||||||||||||||||||
20062,3 | 11.31 | 0.23 | 0.99 | (0.23 | ) | — | 12.30 | |||||||||||||||||||||
20052,4 | 11.46 | 0.01 | (0.16 | ) | — | — | 11.31 | |||||||||||||||||||||
20052,5 | 10.15 | 0.17 | 1.32 | (0.18 | ) | — | 11.46 | |||||||||||||||||||||
20042,5 | 9.50 | 0.16 | 0.66 | (0.17 | ) | — | 10.15 | |||||||||||||||||||||
20035 | 8.40 | 0.19 | 1.09 | (0.18 | ) | — | 9.50 | |||||||||||||||||||||
1 | For the six-month period ended April 30, 2008 (unaudited). All ratios 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 fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | 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 2008 Semiannual Report
Table of Contents
Fund (concluded)
Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income to | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Average | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(3.59 | )% | $ | 90,899 | 1.10 | % | 2.80 | % | 1.27 | % | 2.63 | % | 72 | % | ||||||||||||||||||||||
10.97 | 103,818 | 1.10 | 1.79 | 1.24 | 1.65 | 144 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(3.89 | )% | $ | 6,955 | 1.85 | % | 2.06 | % | 2.02 | % | 1.89 | % | 72 | % | ||||||||||||||||||||||
10.08 | 8,212 | 1.85 | 1.06 | 1.99 | 0.92 | 144 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(3.95 | )% | $ | 2,496 | 1.85 | % | 2.06 | % | 2.02 | % | 1.89 | % | 72 | % | ||||||||||||||||||||||
10.15 | 2,785 | 1.85 | 1.06 | 1.99 | 0.92 | 144 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(3.72 | )% | $ | 72 | 1.35 | % | 2.66 | % | 1.52 | % | 2.49 | % | 72 | % | ||||||||||||||||||||||
10.82 | 33 | 1.35 | 1.54 | 1.49 | 1.40 | 144 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(3.37 | )% | $ | 172,048 | 0.85 | % | 3.04 | % | 1.02 | % | 2.87 | % | 72 | % | ||||||||||||||||||||||
11.21 | 219,450 | 0.85 | 2.05 | 0.99 | 1.91 | 144 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 91
Table of Contents
Fund (concluded)
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 Fund1 | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
20082 | $ | 16.43 | $ | 0.17 | $ | (1.45 | ) | $ | (0.15 | ) | $ | (1.10 | ) | $ | 13.90 | |||||||||||||
20073 | 15.90 | 0.29 | 1.96 | (0.29 | ) | (1.43 | ) | 16.43 | ||||||||||||||||||||
20063 | 13.67 | 0.20 | 2.32 | (0.21 | ) | (0.08 | ) | 15.90 | ||||||||||||||||||||
20054 | 13.89 | 0.01 | (0.22 | ) | (0.01 | ) | — | 13.67 | ||||||||||||||||||||
20055 | 12.77 | 0.20 | 1.15 | (0.22 | ) | (0.01 | ) | 13.89 | ||||||||||||||||||||
20045 | 11.56 | 0.18 | 1.23 | (0.20 | ) | — | 12.77 | |||||||||||||||||||||
20035 | 9.58 | 0.18 | 1.99 | (0.19 | ) | — | 11.56 | |||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||
20082 | $ | 16.23 | $ | 0.04 | $ | (1.35 | ) | $ | (0.10 | ) | $ | (1.10 | ) | $ | 13.72 | |||||||||||||
20073 | 15.75 | 0.17 | 1.94 | (0.20 | ) | (1.43 | ) | 16.23 | ||||||||||||||||||||
20063 | 13.57 | 0.09 | 2.30 | (0.13 | ) | (0.08 | ) | 15.75 | ||||||||||||||||||||
20054 | 13.79 | — | (0.22 | ) | — | — | 13.57 | |||||||||||||||||||||
20055 | 12.68 | 0.10 | 1.14 | (0.12 | ) | (0.01 | ) | 13.79 | ||||||||||||||||||||
20045 | 11.49 | 0.08 | 1.22 | (0.11 | ) | — | 12.68 | |||||||||||||||||||||
20035 | 9.52 | 0.10 | 1.98 | (0.11 | ) | — | 11.49 | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
20082 | $ | 16.26 | $ | 0.09 | $ | (1.40 | ) | $ | (0.10 | ) | $ | (1.10 | ) | $ | 13.75 | |||||||||||||
20073 | 15.78 | 0.17 | 1.94 | (0.20 | ) | (1.43 | ) | 16.26 | ||||||||||||||||||||
20063 | 13.59 | 0.10 | 2.30 | (0.13 | ) | (0.08 | ) | 15.78 | ||||||||||||||||||||
20054 | 13.81 | — | (0.22 | ) | — | — | 13.59 | |||||||||||||||||||||
20055 | 12.70 | 0.11 | 1.13 | (0.12 | ) | (0.01 | ) | 13.81 | ||||||||||||||||||||
20045 | 11.51 | 0.08 | 1.22 | (0.11 | ) | — | 12.70 | |||||||||||||||||||||
20035 | 9.54 | 0.10 | 1.98 | (0.11 | ) | — | 11.51 | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
20082 | $ | 16.41 | $ | 0.28 | $ | (1.56 | ) | $ | (0.14 | ) | $ | (1.10 | ) | $ | 13.89 | |||||||||||||
20073 | 15.88 | 0.23 | 1.98 | (0.25 | ) | (1.43 | ) | 16.41 | ||||||||||||||||||||
20063 | 13.66 | 0.17 | 2.31 | (0.18 | ) | (0.08 | ) | 15.88 | ||||||||||||||||||||
20054 | 13.88 | 0.01 | (0.23 | ) | — | — | 13.66 | |||||||||||||||||||||
20055 | 12.78 | 0.11 | 1.20 | (0.20 | ) | (0.01 | ) | 13.88 | ||||||||||||||||||||
20045 | 11.56 | 0.19 | 1.22 | (0.19 | ) | — | 12.78 | |||||||||||||||||||||
20035 | 9.57 | 0.19 | 1.99 | (0.19 | ) | — | 11.56 | |||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||
20082 | $ | 16.55 | $ | 0.17 | $ | (1.43 | ) | $ | (0.17 | ) | $ | (1.10 | ) | $ | 14.02 | |||||||||||||
20073 | 16.00 | 0.33 | 1.98 | (0.33 | ) | (1.43 | ) | 16.55 | ||||||||||||||||||||
20063 | 13.76 | 0.24 | 2.33 | (0.25 | ) | (0.08 | ) | 16.00 | ||||||||||||||||||||
20054 | 13.98 | 0.01 | (0.21 | ) | (0.01 | ) | (0.01 | ) | 13.76 | |||||||||||||||||||
20055 | 12.85 | 0.24 | 1.15 | (0.25 | ) | (0.01 | ) | 13.98 | ||||||||||||||||||||
20045 | 11.63 | 0.21 | 1.24 | (0.23 | ) | — | 12.85 | |||||||||||||||||||||
20035 | 9.63 | 0.21 | 2.00 | (0.21 | ) | — | 11.63 | |||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | 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.
92 First American Funds 2008 Semiannual Report
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Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
(8.05 | )% | $ | 151,806 | 1.17 | % | 2.21 | % | 1.17 | % | 2.21 | % | 15 | % | ||||||||||||||||||||||
15.24 | 179,379 | 1.16 | 1.83 | 1.16 | 1.83 | 20 | |||||||||||||||||||||||||||||
18.66 | 171,814 | 1.18 | 1.40 | 1.18 | 1.40 | 23 | |||||||||||||||||||||||||||||
(1.53 | ) | 171,998 | 1.20 | 0.70 | 1.20 | 0.70 | — | ||||||||||||||||||||||||||||
10.65 | 176,878 | 1.16 | 1.51 | 1.19 | 1.48 | 27 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(8.37 | )% | $ | 14,074 | 1.92 | % | 1.46 | % | 1.92 | % | 1.46 | % | 15 | % | ||||||||||||||||||||||
14.40 | 16,893 | 1.91 | 1.09 | 1.91 | 1.09 | 20 | |||||||||||||||||||||||||||||
17.76 | 19,845 | 1.93 | 0.65 | 1.93 | 0.65 | 23 | |||||||||||||||||||||||||||||
(1.60 | ) | 21,003 | 1.95 | (0.05 | ) | 1.95 | (0.05 | ) | — | ||||||||||||||||||||||||||
9.86 | 21,639 | 1.91 | 0.78 | 1.94 | 0.75 | 27 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(8.35 | )% | $ | 7,704 | 1.92 | % | 1.46 | % | 1.92 | % | 1.46 | % | 15 | % | ||||||||||||||||||||||
14.37 | 9,241 | 1.91 | 1.09 | 1.91 | 1.09 | 20 | |||||||||||||||||||||||||||||
17.80 | 11,225 | 1.93 | 0.68 | 1.93 | 0.68 | 23 | |||||||||||||||||||||||||||||
(1.59 | ) | 15,313 | 1.95 | (0.05 | ) | 1.95 | (0.05 | ) | — | ||||||||||||||||||||||||||
9.84 | 16,128 | 1.91 | 0.79 | 1.94 | 0.76 | 27 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(8.11 | )% | $ | 877 | 1.42 | % | 1.96 | % | 1.42 | % | 1.96 | % | 15 | % | ||||||||||||||||||||||
14.98 | 940 | 1.41 | 1.48 | 1.41 | 1.48 | 20 | |||||||||||||||||||||||||||||
18.33 | 511 | 1.43 | 1.14 | 1.57 | 1.00 | 23 | |||||||||||||||||||||||||||||
(1.55 | ) | 418 | 1.45 | 0.45 | 1.60 | 0.30 | — | ||||||||||||||||||||||||||||
10.33 | 415 | 1.41 | 0.83 | 1.59 | 0.65 | 27 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(7.87 | )% | $ | 852,543 | 0.92 | % | 2.46 | % | 0.92 | % | 2.46 | % | 15 | % | ||||||||||||||||||||||
15.54 | 1,061,433 | 0.91 | 2.09 | 0.91 | 2.09 | 20 | |||||||||||||||||||||||||||||
18.89 | 1,129,971 | 0.93 | 1.65 | 0.93 | 1.65 | 23 | |||||||||||||||||||||||||||||
(1.50 | ) | 1,169,267 | 0.95 | 0.95 | 0.95 | 0.95 | — | ||||||||||||||||||||||||||||
10.94 | 1,206,483 | 0.91 | 1.80 | 0.94 | 1.77 | 27 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 93
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Fund (concluded)
Notes toFinancial Statements | (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000) |
1 > | Organization |
Real Estate Securities Fund, Global Infrastructure 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. Global Infrastructure Fund commenced operations December 17, 2007. As of April 30, 2008, FAIF offered 43 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Each fund other than Real Estate Securities Fund is a diversified open-end management investment company. Real Estate Securities Fund is a non-diversified, open-end management investment company. 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. Effective at the close of business on or after June 30, 2008, no new or additional investments will be allowed in Class B shares, except for permitted exchanges and any reinvested dividends. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Class B, Class C, and Class R shares are not offered by Global Infrastructure Fund. 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.
Fund (concluded)
2 > | Summary of Significant Accounting Policies |
The significant accounting policies followed by the funds are as follows:
SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, then the ask will be the closing price. If the last trade is below the bid, then the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Investments in open-end mutual funds are valued at their respective net asset values on the valuation date.
Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value.
The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, Inc. (“FAF Advisors”), on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts (other than currency forward contracts), swaps, and over-the-counter options on securities, indices, and currencies are valued at
94 First American Funds 2008 Semiannual Report
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Fund (concluded)
the quotations received from an independent pricing service, if available.
When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (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, 2008, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund held fair valued securities with a total value of $117, $0, and $0, respectively, or 0.0%, 0.0%, and 0.0% of total net assets, respectively. The fair values of securities held by Global Infrastructure Fund, International Fund, and International Select Fund are determined on each business day by an independent third party based on factors such as price changes for futures contracts, sector indices, American 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 Global Infrastructure Fund, International Fund, and International Select Fund may cause the net asset value of their shares to differ significantly from the net asset value that would be determined without fair value pricing. Foreign securities are valued at the closing prices on the principal exchange on which they trade unless they are fair valued as described above. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.
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 – Equity Income Fund and Large Cap Value Fund declare and pay income dividends monthly. Balanced Fund, Large Cap Select Fund, Mid Cap Value Fund, and Real Estate Securities Fund declare and pay income dividends quarterly. Global Infrastructure Fund, International Fund, International Select Fund, Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunities Fund, Small Cap Growth
Fund (concluded)
Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Small-Mid Cap Core 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.
Effective July 1, 2008, Balanced Fund, Equity Income Fund, and Real Estate Securities Fund will declare and pay income dividends quarterly. Global Infrastructure Fund, International Fund, International Select Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Small-Mid Cap Core Fund will declare and pay income dividends annually.
Real Estate Securities Fund receives substantial distributions from holdings in real estate investment trusts (“REITs”). Additionally, other funds also invest in REITs. Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, Real Estate Securities Fund, and other funds that invest in REITs, must use estimates in reporting the character of 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.
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. The funds have adopted FIN 48 and during the six-month period ended April 30, 2008, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority.
First American Funds 2008 Semiannual Report 95
Table of Contents
Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)
Fund (concluded)
Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. These differences are primarily due to deferred wash sale and straddle losses, foreign currency gains and losses, investments in limited partnerships and REITs, and the “mark-to-market” of certain passive foreign investment companies (“PFICs”) for tax purposes. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the fiscal period that the differences arise.
The character of distributions paid during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended April 30, 2008 (estimated), and the fiscal period ended October 31, 2007, were as follows:
April 30, 2008 | |||||||||
Ordinary | Long Term | ||||||||
Fund | Income | Gain | Total | ||||||
Real Estate Securities Fund | $ | 9,828 | $ | 95,579 | $ | 105,407 | |||
International Fund | 18,320 | 139,862 | 158,182 | ||||||
International Select Fund | 2,275 | 5,643 | 7,918 | ||||||
Small Cap Growth Opportunities Fund | — | 21,188 | 21,188 | ||||||
Small Cap Select Fund | 291 | 54,464 | 54,755 | ||||||
Small Cap Value Fund | 4,400 | 33,847 | 38,247 | ||||||
Mid Cap Growth Opportunities Fund | — | 188,746 | 188,746 | ||||||
Mid Cap Value Fund | 2,542 | 69,759 | 72,301 | ||||||
Large Cap Growth Opportunities Fund | 464 | 71,380 | 71,844 | ||||||
Large Cap Select Fund | 1,407 | 56,659 | 58,066 | ||||||
Large Cap Value Fund | 5,119 | 101,613 | 106,732 | ||||||
Balanced Fund | 3,566 | 32,318 | 35,884 | ||||||
Equity Income Fund | 12,734 | 81,494 | 94,228 | ||||||
Fund (concluded)
October 31, 2007 | |||||||||
Ordinary | Long Term | ||||||||
Fund | Income | Gain | Total | ||||||
Real Estate Securities Fund | $ | 74,531 | $ | 31,221 | $ | 105,752 | |||
International Fund | 19,153 | 31,015 | 50,168 | ||||||
International Select Fund | 49 | — | 49 | ||||||
Small Cap Growth Opportunities Fund | 17,479 | 2,440 | 19,919 | ||||||
Small Cap Select Fund | 58,806 | 75,372 | 134,178 | ||||||
Small Cap Value Fund | 21,986 | 43,593 | 65,579 | ||||||
Small-Mid Cap Core Fund | 109 | — | 109 | ||||||
Mid Cap Growth Opportunities Fund | — | 142,004 | 142,004 | ||||||
Mid Cap Value Fund | 28,183 | 38,429 | 66,612 | ||||||
Large Cap Growth Opportunities Fund | 1,284 | 9,668 | 10,952 | ||||||
Large Cap Select Fund | 2,124 | 7,702 | 9,826 | ||||||
Large Cap Value Fund | 30,236 | 53,410 | 83,646 | ||||||
Balanced Fund | 8,951 | 23,751 | 32,702 | ||||||
Equity Income Fund | 30,078 | 113,341 | 143,419 | ||||||
As of October 31, 2007, the funds’ most recently completed fiscal year-end, components of accumulated earnings (deficit) on a tax-basis were as follows:
Accumulated | Total | ||||||||||||||||||||
Undistributed | Undistributed | Capital and | Other | Accumulated | |||||||||||||||||
Ordinary | Long Term | Post-October | Unrealized | Accumulated | Earnings | ||||||||||||||||
Fund | Income | Capital Gains | Losses | Appreciation | Losses | (Deficit) | |||||||||||||||
Real Estate Securities Fund | $ | 27,580 | $ | 68,445 | $ | — | $ | 156,280 | $ | — | $ | 252,305 | |||||||||
International Fund | 21,016 | 137,164 | (2,284 | ) | 577,314 | — | 733,210 | ||||||||||||||
International Select Fund | 6,219 | 1,497 | — | 36,176 | (8 | ) | 43,884 | ||||||||||||||
Small Cap Growth Opportunities Fund | 17,231 | 3,956 | — | 25,973 | (69 | ) | 47,091 | ||||||||||||||
Small Cap Select Fund | 7,335 | 45,547 | (19,442 | ) | 87,034 | (148 | ) | 120,326 | |||||||||||||
Small Cap Value Fund | 16,773 | 20,160 | — | 30,440 | — | 67,373 | |||||||||||||||
Small-Mid Cap Core Fund | — | — | (441,953 | ) | 11,195 | — | (430,758 | ) | |||||||||||||
Mid Cap Growth Opportunities Fund | 27,656 | 161,089 | (20,168 | ) | 449,176 | — | 617,753 | ||||||||||||||
Mid Cap Value Fund | 24,186 | 45,574 | — | 163,973 | — | 233,733 | |||||||||||||||
Large Cap Growth Opportunities Fund | 13,655 | 58,187 | (47,305 | ) | 191,780 | — | 216,317 | ||||||||||||||
Large Cap Select Fund | 33,926 | 22,823 | — | 49,637 | — | 106,386 | |||||||||||||||
Large Cap Value Fund | 27,719 | 73,894 | — | 147,298 | — | 248,911 | |||||||||||||||
Balanced Fund | 16,697 | 16,582 | — | 26,381 | (251 | ) | 59,409 | ||||||||||||||
Equity Income Fund | 6,581 | 75,010 | — | 425,686 | — | 507,277 | |||||||||||||||
The differences between book and tax basis unrealized appreciation (depreciation) are primarily due to the tax deferral of losses on wash sales and investments in limited partnerships, the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts, and the mark-to-market for certain PFICs for tax purposes.
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As of October 31, 2007, 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 | 2008 | 2009 | 2010 | 2011 | Total | |||||||||||||
International Fund | $ | — | $ | 2,284 | $ | — | $ | — | $ | 2,284 | ||||||||
Small Cap Select Fund | — | 19,442 | — | — | 19,442 | |||||||||||||
Small-Mid Cap Core Fund | 1,524 | 334,004 | 102,105 | 4,320 | 441,953 | |||||||||||||
Mid Cap Growth Opportunities Fund | — | 20,168 | — | — | 20,168 | |||||||||||||
Large Cap Growth Opportunities Fund | — | 47,305 | — | — | 47,305 | |||||||||||||
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 $2,284, $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, maintain sufficient liquidity to meet redemption requests, and increase the level of fund assets devoted to replicating the composition of the S&P and Russell indices while reducing transaction costs, certain funds may enter into S&P stock index futures contracts and other stock index futures contracts. 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 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.
At April 30, 2008, International Select Fund and Balanced Fund had outstanding futures contracts as disclosed in their Schedules of Investments.
Fund (concluded)
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, 2008, Balanced Fund held options written as disclosed in its Schedule of Investments.
Options purchased are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchased put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. As of April 30, 2008, Balanced Fund held options purchased as disclosed in its Schedule of Investments.
SWAP AGREEMENTS – 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.
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, 2008, Balanced Fund had outstanding interest rate swaps as disclosed in its Schedule of Investments.
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Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)
Fund (concluded)
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. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. As of April 30, 2008, 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 Global Infrastructure Fund, International Fund, International Select Fund, and Real Estate Securities 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. |
Global Infrastructure Fund, International Fund, International Select Fund, and Real Estate Securities Fund
Fund (concluded)
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.
Global Infrastructure Fund, International Fund, International Select Fund, and Real Estate Securities 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, 2008, Global Infrastructure Fund, International Fund, and International Select Fund had foreign currency holdings consisting of multiple denominations.
FORWARD FOREIGN CURRENCY CONTRACTS – The funds may enter into forward foreign currency contracts as hedges against either specific transactions or fund positions. The aggregate principal amount of the contracts 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, 2008, 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
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Fund (concluded)
April 30, 2008, the funds had no when-issued or forward-commitment securities outstanding.
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, 2008, 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, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At April 30, 2008, 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 $117, $2,196, $11,907, and $1,187, respectively, or 0.0%, 0.9%, 1.7%, and 0.4%, respectively, of total net assets.
Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows:
Dates | Cost | ||||||||
Real Estate Securities Fund | Shares | Acquired | Basis | ||||||
Newcastle Investment Holdings | 35 | 6/98 | $ | 153 | |||||
Dates | Cost | ||||||||
Small Cap Growth Opportunities Fund | Shares | Acquired | Basis | ||||||
GMX Resources | 60 | 12/07-1/08 | $ | 1,972 | |||||
Hollis-Eden Pharmaceuticals Warrants | 71 | 2/06 | 161 | ||||||
Kuhlman Company Warrants | 282 | 1/06 | 273 | ||||||
VideoPropulsion | 780 | 12/99 | — | ||||||
Fund (concluded)
Dates | Cost | ||||||||
Small Cap Select Fund | Shares | Acquired | Basis | ||||||
GMX Resources | 328 | 11/07-2/08 | $ | 10,850 | |||||
Dates | Cost | ||||||||
Balanced Fund | Par/Shares | Acquired | Basis | ||||||
Duty Free International | $ | 588 | 1/99-11/02 | $ | 588 | ||||
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A | 414 | 2/07 | 408 | ||||||
GMX Resources | 4,390 | 11/07-2/08 | 142 | ||||||
GS Mortgage Securities II, Series 2006-RR2, Class A1 | 360 | 7/06 | 353 | ||||||
GS Mortgage Securities II, Series 2006-RR3, Class A1S | 600 | 12/06 | 621 | ||||||
Westam Mortgage Financial | 1 | 10/02 | 1 | ||||||
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.
U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. With respect to Global Infrastructure Fund, International Fund, and International Select Fund, a portion of this amount is paid to State Street Bank and Trust for acting as sub-lending agent. For each fund other than Global Infrastructure Fund, International Fund, and International Select Fund, collateral for securities on loan is invested in a money market fund administered by FAF Advisors, Inc. (“FAF Advisors”) and FAF Advisors receives an administration fee equal to 0.02% of such money market fund’s average daily net assets. For Global Infrastructure Fund, International Fund, and International Select Fund, State Street Bank and Trust continues to act as sub-lending agent and receives a portion of U.S. Bank’s fee.
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Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)
Fund (concluded)
Securities lending fees paid to U.S. Bank by the funds during the six-month period ended April 30, 2008, were as follows:
Fund | |||
Real Estate Securities Fund | $ | 244 | |
Small Cap Growth Opportunities Fund | 86 | ||
Small Cap Select Fund | 436 | ||
Small Cap Value Fund | 154 | ||
Small-Mid Cap Core Fund | 43 | ||
Mid Cap Growth Opportunities Fund | 674 | ||
Mid Cap Value Fund | 199 | ||
Large Cap Growth Opportunities Fund | 130 | ||
Large Cap Select Fund | 58 | ||
Large Cap Value Fund | 93 | ||
Balanced Fund | 67 | ||
Equity Income Fund | 128 | ||
Income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to U.S. Bank.
SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities no longer included in the portfolio is recorded as an adjustment to realized or unrealized gains or losses. Adjustments made during the six-month period ended April 30, 2008, were as follows:
Fund | |||
International Fund | $ | 1 | |
Small Cap Growth Opportunities Fund | 34 | ||
Small Cap Select Fund | 184 | ||
Small Cap Value Fund | 1 | ||
Small-Mid Cap Core Fund | 74 | ||
Mid Cap Growth Opportunities Fund | 1 | ||
Mid Cap Value Fund | 11 | ||
Large Cap Growth Opportunities Fund | 461 | ||
Large Cap Value Fund | 3,806 | ||
Balanced Fund | 132 | ||
Equity Income Fund | 8 | ||
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
Fund (concluded)
interfund lending transactions during the six-month period ended April 30, 2008.
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 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 | % | ||||
Global Infrastructure Fund | 0.90 | |||||
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 through February 28, 2009 (December 31, 2008 for Global
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Fund (concluded)
Infrastructure Fund), 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 | |||||||||||||||||
Global Infrastructure Fund | 1.25 | % | N/A | N/A | N/A | 1.00 | % | |||||||||||||||
International Fund | 1.49 | 2.24 | % | 2.24 | % | 1.74 | % | 1.24 | ||||||||||||||
International Select Fund | 1.49 | 2.24 | 2.24 | 1.74 | 1.24 | |||||||||||||||||
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.
ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, 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.
SUB-ADVISORY FEES – J.P. Morgan Investment Management Inc. (“JP Morgan”) 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, JP Morgan 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
Fund (concluded)
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. FAF Advisors pays monthly fees to Altrinsic, HGI, and Lazard for the services provided under their respective sub-advisory agreements with FAF Advisors.
TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAIF. The funds are charged transfer agent fees based on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based on the number of accounts within that fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.
CUSTODIAN FEES – U.S. Bank serves as the custodian for each fund other than Global Infrastructure, International Fund, and International Select Fund pursuant to a custodian agreement with FAIF. The fee for each fund (except Global Infrastructure Fund, International Fund, and International Select Fund) is equal to an annual rate of 0.005% of average daily net assets. State Street Bank (“SSB”) serves as the custodian for Global Infrastructure Fund, International Fund, and International Select Fund pursuant to a custodian agreement with FAIF. Global Infrastructure Fund, International Fund, and International Select Fund pay SSB various asset-based fees and transaction charges based on the issuer’s country. All fees are computed daily and paid monthly.
Under the custodian agreements, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. Global Infrastructure Fund, 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, 2008, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned (and other custodian credits
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Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)
Fund (concluded)
for Global Infrastructure Fund, International Fund, and International Select Fund) as follows:
Fund | Increased | Decreased | ||||
Real Estate Securities Fund | $ | 1 | $ | 3 | ||
Global Infrastructure Fund | — | 1 | ||||
International Fund | — | 220 | ||||
International Select Fund | — | 48 | ||||
Small Cap Growth Opportunities Fund | — | 1 | ||||
Small Cap Select Fund | 2 | 2 | ||||
Small Cap Value Fund | 3 | — | ||||
Small-Mid Cap Core Fund | 3 | — | ||||
Mid Cap Growth Opportunities Fund | — | 8 | ||||
Mid Cap Value Fund | — | — | ||||
Large Cap Growth Opportunities Fund | 1 | 1 | ||||
Large Cap Select Fund | 3 | — | ||||
Large Cap Value Fund | — | 1 | ||||
Balanced Fund | 3 | 1 | ||||
Equity Income Fund | — | 2 | ||||
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, Class B, Class C, and Class R shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.
Under the distribution agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2008:
Fund | |||
Real Estate Securities Fund | $ | 95 | |
Global Infrastructure Fund | — | ||
International Fund | 33 | ||
International Select Fund | 4 | ||
Small Cap Growth Opportunities Fund | 31 | ||
Small Cap Select Fund | 174 | ||
Small Cap Value Fund | 38 | ||
Small-Mid Cap Core Fund | 15 | ||
Mid Cap Growth Opportunities Fund | 218 | ||
Mid Cap Value Fund | 76 | ||
Large Cap Growth Opportunities Fund | 81 | ||
Large Cap Select Fund | 7 | ||
Large Cap Value Fund | 76 | ||
Balanced Fund | 101 | ||
Equity Income Fund | 174 | ||
Fund (concluded)
OTHER FEES AND EXPENSES – In addition to investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying 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, 2008, legal fees and expenses of $59 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, 2008, 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 | $ | 18 | |
International Fund | 24 | ||
International Select Fund | 13 | ||
Small Cap Growth Opportunities Fund | 9 | ||
Small Cap Select Fund | 23 | ||
Small Cap Value Fund | 9 | ||
Small-Mid Cap Core Fund | 8 | ||
Mid Cap Growth Opportunities Fund | 44 | ||
Mid Cap Value Fund | 15 | ||
Large Cap Growth Opportunities Fund | 32 | ||
Large Cap Select Fund | 5 | ||
Large Cap Value Fund | 19 | ||
Balanced Fund | 25 | ||
Equity Income Fund | 60 | ||
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Fund (concluded)
4 > | Capital Share Transactions |
FAIF has 362 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:
Real Estate | Global | |||||||||||||||||||||||||||||||
Securities | Infrastructure | International | International | |||||||||||||||||||||||||||||
Fund | Fund | Fund | Select Fund | |||||||||||||||||||||||||||||
Six-Month Period | Year | 12/17/2007* | Six-Month Period | Year | Six-Month Period | 12/21/2006* | ||||||||||||||||||||||||||
Ended | Ended | to | Ended | Ended | Ended | to | ||||||||||||||||||||||||||
4/30/08 | 10/31/07 | 4/30/08 | 4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | ||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||
Shares issued | 1,748 | 4,146 | 4 | 289 | 753 | 99 | 295 | |||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 1,294 | 921 | — | 317 | 85 | 6 | — | |||||||||||||||||||||||||
Shares redeemed | (2,865 | ) | (5,215 | ) | — | (599 | ) | (1,079 | ) | (52 | ) | (29 | ) | |||||||||||||||||||
Total Class A transactions | 177 | (148 | ) | 4 | 7 | (241 | ) | 53 | 266 | |||||||||||||||||||||||
Class B1: | ||||||||||||||||||||||||||||||||
Shares issued | 17 | 119 | — | 21 | 40 | 18 | 27 | |||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 43 | 30 | — | 45 | 10 | 1 | — | |||||||||||||||||||||||||
Shares redeemed | (73 | ) | (114 | ) | — | (81 | ) | (152 | ) | (4 | ) | — | ||||||||||||||||||||
Total Class B transactions | (13 | ) | 35 | — | (15 | ) | (102 | ) | 15 | 27 | ||||||||||||||||||||||
Class C1: | ||||||||||||||||||||||||||||||||
Shares issued | 117 | 659 | — | 21 | 59 | 21 | 25 | |||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 96 | 49 | — | 41 | 10 | — | — | |||||||||||||||||||||||||
Shares redeemed | (194 | ) | (398 | ) | — | (55 | ) | (200 | ) | — | (1 | ) | ||||||||||||||||||||
Total Class C transactions | 19 | 310 | — | 7 | (131 | ) | 21 | 24 | ||||||||||||||||||||||||
Class R1: | ||||||||||||||||||||||||||||||||
Shares issued | 504 | 911 | — | — | — | — | 1 | |||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 132 | 46 | — | — | — | — | — | |||||||||||||||||||||||||
Shares redeemed | (329 | ) | (546 | ) | — | — | — | — | — | |||||||||||||||||||||||
Total Class R transactions | 307 | 411 | — | — | — | — | 1 | |||||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||||||
Shares issued | 9,028 | 7,923 | 500 | 2,579 | 10,532 | 8,619 | 30,297 | |||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 2,572 | 1,720 | — | 6,896 | 1,920 | 374 | 5 | |||||||||||||||||||||||||
Shares redeemed | (6,479 | ) | (11,037 | ) | — | (14,045 | ) | (32,299 | ) | (6,300 | ) | (2,105 | ) | |||||||||||||||||||
Total Class Y transactions | 5,121 | (1,394 | ) | 500 | (4,570 | ) | (19,847 | ) | 2,693 | 28,197 | ||||||||||||||||||||||
Net increase (decrease) in capital shares | 5,611 | (786 | ) | 504 | (4,571 | ) | (20,321 | ) | 2,782 | 28,515 | ||||||||||||||||||||||
* | Commencement of operations. |
1 | Class B, Class C, and Class R are not offered by Global Infrastructure Fund. |
Small Cap Growth | Small Cap | Small Cap | ||||||||||||||||||||||||||
Opportunities Fund | Select Fund | Value Fund | ||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||
Period | Year | Period | Year | Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 806 | 2,066 | 4,887 | 12,088 | 139 | 680 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 572 | 449 | 1,153 | 1,842 | 496 | 670 | ||||||||||||||||||||||
Shares redeemed | (956 | ) | (2,397 | ) | (4,473 | ) | (11,692 | ) | (655 | ) | (1,160 | ) | ||||||||||||||||
Total Class A transactions | 422 | 118 | 1,567 | 2,238 | (20 | ) | 190 | |||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||
Shares issued | 5 | 12 | 27 | 171 | 4 | 15 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 20 | 23 | 97 | 203 | 66 | 103 | ||||||||||||||||||||||
Shares redeemed | (39 | ) | (156 | ) | (218 | ) | (358 | ) | (118 | ) | (161 | ) | ||||||||||||||||
Total Class B transactions | (14 | ) | (121 | ) | (94 | ) | 16 | (48 | ) | (43 | ) | |||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 7 | 42 | 360 | 1,625 | 31 | 90 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 9 | 8 | 186 | 213 | 41 | 61 | ||||||||||||||||||||||
Shares redeemed | (20 | ) | (73 | ) | (507 | ) | (520 | ) | (55 | ) | (133 | ) | ||||||||||||||||
Total Class C transactions | (4 | ) | (23 | ) | 39 | 1,318 | 17 | 18 | ||||||||||||||||||||
Class R: | ||||||||||||||||||||||||||||
Shares issued | 9 | 22 | 768 | 2,900 | 52 | 193 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | 4 | 209 | 43 | 34 | 24 | ||||||||||||||||||||||
Shares redeemed | (3 | ) | (67 | ) | (403 | ) | (369 | ) | (56 | ) | (94 | ) | ||||||||||||||||
Total Class R transactions | 8 | (41 | ) | 574 | 2,574 | 30 | 123 | |||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 294 | 688 | 3,370 | 13,513 | 1,103 | 2,860 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 379 | 368 | 2,082 | 4,956 | 2,359 | 3,430 | ||||||||||||||||||||||
Shares redeemed | (1,134 | ) | (2,772 | ) | (14,300 | ) | (18,273 | ) | (4,469 | ) | (7,072 | ) | ||||||||||||||||
Total Class Y transactions | (461 | ) | (1,716 | ) | (8,848 | ) | 196 | (1,007 | ) | (782 | ) | |||||||||||||||||
Net increase (decrease) in capital shares | (49 | ) | (1,783 | ) | (6,762 | ) | 6,342 | (1,028 | ) | (494 | ) | |||||||||||||||||
First American Funds 2008 Semiannual Report 103
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Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)
Fund (concluded)
Small-Mid Cap | Mid Cap Growth | Mid Cap | ||||||||||||||||||||||||||
Core Fund | Opportunities Fund | Value Fund | ||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 200 | 550 | 845 | 2,690 | 1,176 | 5,728 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | 1,029 | 747 | 647 | 541 | ||||||||||||||||||||||
Shares redeemed | (292 | ) | (1,238 | ) | (1,232 | ) | (2,071 | ) | (2,183 | ) | (3,006 | ) | ||||||||||||||||
Total Class A transactions | (92 | ) | (688 | ) | 642 | 1,366 | (360 | ) | 3,263 | |||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||
Shares issued | 12 | 33 | 17 | 49 | 12 | 48 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | 46 | 40 | 23 | 21 | ||||||||||||||||||||||
Shares redeemed | (214 | ) | (327 | ) | (41 | ) | (123 | ) | (47 | ) | (90 | ) | ||||||||||||||||
Total Class B transactions | (202 | ) | (294 | ) | 22 | (34 | ) | (12 | ) | (21 | ) | |||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 66 | 123 | 87 | 241 | 58 | 377 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | 71 | 47 | 64 | 43 | ||||||||||||||||||||||
Shares redeemed | (56 | ) | (155 | ) | (130 | ) | (125 | ) | (158 | ) | (152 | ) | ||||||||||||||||
Total Class C transactions | 10 | (32 | ) | 28 | 163 | (36 | ) | 268 | ||||||||||||||||||||
Class R2: | ||||||||||||||||||||||||||||
Shares issued | — | — | 201 | 318 | 334 | 847 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | 80 | 43 | 80 | 47 | ||||||||||||||||||||||
Shares redeemed | — | — | (129 | ) | (155 | ) | (205 | ) | (488 | ) | ||||||||||||||||||
Total Class R transactions | — | — | 152 | 206 | 209 | 406 | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 1,212 | 2,627 | 2,019 | 4,461 | 1,317 | 3,775 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | 4 | 2,437 | 1,889 | 1,476 | 1,321 | ||||||||||||||||||||||
Shares redeemed | (2,036 | ) | (2,229 | ) | (3,866 | ) | (4,936 | ) | (3,107 | ) | (4,689 | ) | ||||||||||||||||
Total Class Y transactions | (824 | ) | 402 | 590 | 1,414 | (314 | ) | 407 | ||||||||||||||||||||
Net increase (decrease) in capital shares | (1,108 | ) | (612 | ) | 1,434 | 3,115 | (513 | ) | 4,323 | |||||||||||||||||||
2 | Class R is not offered by the Small-Mid Cap Core Fund. |
Large Cap Growth | Large Cap | Large Cap | ||||||||||||||||||||||||||
Opportunities Fund | Select Fund | Value Fund | ||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 146 | 413 | 37 | 121 | 135 | 393 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 248 | 33 | 59 | 7 | 698 | 443 | ||||||||||||||||||||||
Shares redeemed | (315 | ) | (837 | ) | (87 | ) | (130 | ) | (571 | ) | (1,045 | ) | ||||||||||||||||
Total Class A transactions | 79 | (391 | ) | 9 | (2 | ) | 262 | (209 | ) | |||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||
Shares issued | 12 | 29 | 1 | 4 | 7 | 21 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 35 | 6 | 7 | 1 | 53 | 37 | ||||||||||||||||||||||
Shares redeemed | (53 | ) | (183 | ) | (8 | ) | (8 | ) | (73 | ) | (150 | ) | ||||||||||||||||
Total Class B transactions | (6 | ) | (148 | ) | — | (3 | ) | (13 | ) | (92 | ) | |||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 16 | 40 | 2 | 5 | 11 | 38 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 23 | 3 | 3 | — | 27 | 18 | ||||||||||||||||||||||
Shares redeemed | (34 | ) | (93 | ) | (3 | ) | (3 | ) | (19 | ) | (87 | ) | ||||||||||||||||
Total Class C transactions | 5 | (50 | ) | 2 | 2 | 19 | (31 | ) | ||||||||||||||||||||
Class R: | ||||||||||||||||||||||||||||
Shares issued | 4 | 4 | 1 | 1 | 2 | 2 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | — | — | — | 1 | 1 | ||||||||||||||||||||||
Shares redeemed | (1 | ) | (7 | ) | (1 | ) | (7 | ) | (1 | ) | (2 | ) | ||||||||||||||||
Total Class R transactions | 5 | (3 | ) | — | (6 | ) | 2 | 1 | ||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 2,155 | 2,632 | 3,969 | 3,283 | 1,594 | 2,404 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 1,002 | 158 | 1,687 | 234 | 3,090 | 2,150 | ||||||||||||||||||||||
Shares redeemed | (2,931 | ) | (8,796 | ) | (5,280 | ) | (8,527 | ) | (3,825 | ) | (9,744 | ) | ||||||||||||||||
Total Class Y transactions | 226 | (6,006 | ) | 376 | (5,010 | ) | 859 | (5,190 | ) | |||||||||||||||||||
Net increase (decrease) in capital shares | 309 | (6,598 | ) | 387 | (5,019 | ) | 1,129 | (5,521 | ) | |||||||||||||||||||
104 First American Funds 2008 Semiannual Report
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Fund (concluded)
Balanced | Equity | ||||||||||||||||||
Fund | Income Fund | ||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | ||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||
4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | ||||||||||||||||
Class A: | |||||||||||||||||||
Shares issued | 196 | 631 | 356 | 931 | |||||||||||||||
Shares issued in lieu of cash distributions | 996 | 769 | 865 | 1,124 | |||||||||||||||
Shares redeemed | (990 | ) | (1,737 | ) | (1,224 | ) | (1,942 | ) | |||||||||||
Total Class A transactions | 202 | (337 | ) | (3 | ) | 113 | |||||||||||||
Class B: | |||||||||||||||||||
Shares issued | 29 | 25 | 26 | 79 | |||||||||||||||
Shares issued in lieu of cash distributions | 76 | 86 | 81 | 125 | |||||||||||||||
Shares redeemed | (110 | ) | (580 | ) | (122 | ) | (423 | ) | |||||||||||
Total Class B transactions | (5 | ) | (469 | ) | (15 | ) | (219 | ) | |||||||||||
Class C: | |||||||||||||||||||
Shares issued | 12 | 34 | 23 | 51 | |||||||||||||||
Shares issued in lieu of cash distributions | 26 | 19 | 43 | 68 | |||||||||||||||
Shares redeemed | (27 | ) | (76 | ) | (74 | ) | (262 | ) | |||||||||||
Total Class C transactions | 11 | (23 | ) | (8 | ) | (143 | ) | ||||||||||||
Class R: | |||||||||||||||||||
Shares issued | 4 | 2 | 4 | 39 | |||||||||||||||
Shares issued in lieu of cash distributions | — | — | 5 | 4 | |||||||||||||||
Shares redeemed | — | (1 | ) | (3 | ) | (18 | ) | ||||||||||||
Total Class R transactions | 4 | 1 | 6 | 25 | |||||||||||||||
Class Y: | |||||||||||||||||||
Shares issued | 1,142 | 1,971 | 2,868 | 5,150 | |||||||||||||||
Shares issued in lieu of cash distributions | 2,078 | 1,790 | 2,546 | 3,727 | |||||||||||||||
Shares redeemed | (4,686 | ) | (6,272 | ) | (8,735 | ) | (15,349 | ) | |||||||||||
Total Class Y transactions | (1,466 | ) | (2,511 | ) | (3,321 | ) | (6,472 | ) | |||||||||||
Net decrease in capital shares | (1,254 | ) | (3,339 | ) | (3,341 | ) | (6,696 | ) | |||||||||||
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, 2008, and the fiscal period ended October 31, 2007, were as follows:
Six-Month | Fiscal | |||||
Period | Period | |||||
Ended | Ended | |||||
Fund | 4/30/08 | 10/31/07 | ||||
Real Estate Securities Fund | 10 | 13 | ||||
International Fund | 51 | 47 | ||||
Small Cap Growth Opportunities Fund | — | 66 | ||||
Small Cap Select Fund | 46 | 125 | ||||
Small Cap Value Fund | 18 | 39 | ||||
Small-Mid Cap Core Fund | 158 | 106 | ||||
Mid Cap Growth Opportunities Fund | 9 | 71 | ||||
Mid Cap Value Fund | 11 | 34 | ||||
Large Cap Growth Opportunities Fund | 29 | 99 | ||||
Large Cap Select Fund | — | 1 | ||||
Large Cap Value Fund | 38 | 76 | ||||
Balanced Fund | 30 | 407 | ||||
Equity Income Fund | 21 | 223 | ||||
Fund (concluded)
5 > | Investment Security Transactions |
During the six-month period ended April 30, 2008, 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 | $ | — | $ | — | $ | 634,151 | $ | 629,366 | ||||
Global Infrastructure Fund | — | — | 8,159 | 3,089 | ||||||||
International Fund | — | — | 122,466 | 332,154 | ||||||||
International Select Fund | — | — | 100,483 | 108,235 | ||||||||
Small Cap Growth Opportunities Fund | — | — | 154,162 | 176,063 | ||||||||
Small Cap Select Fund | — | — | 273,142 | 392,056 | ||||||||
Small Cap Value Fund | — | — | 60,120 | 113,705 | ||||||||
Small-Mid Cap Core Fund | — | — | 71,646 | 82,973 | ||||||||
Mid Cap Growth Opportunities Fund | — | — | 949,913 | 1,029,896 | ||||||||
Mid Cap Value Fund | — | — | 442,465 | 482,340 | ||||||||
Large Cap Growth Opportunities Fund | — | — | 384,938 | 436,449 | ||||||||
Large Cap Select Fund | — | — | 359,340 | 410,452 | ||||||||
Large Cap Value Fund | — | — | 306,494 | 405,314 | ||||||||
Balanced Fund | 42,923 | 78,479 | 164,875 | 175,321 | ||||||||
Equity Income Fund | — | — | 167,235 | 301,831 | ||||||||
First American Funds 2008 Semiannual Report 105
Table of Contents
Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)
Fund (concluded)
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, 2008, were as follows:
Aggregate | Aggregate | Federal | ||||||||||||
Gross | Gross | Income | ||||||||||||
Fund | Appreciation | Depreciation | Net | Tax Cost | ||||||||||
Real Estate Securities Fund | $ | 173,060 | $ | (14,299 | ) | $ | 158,761 | $ | 1,105,184 | |||||
Global Infrastructure Fund | 198 | (239 | ) | (41 | ) | 5,132 | ||||||||
International Fund | 421,196 | (36,564 | ) | 384,632 | 1,215,296 | |||||||||
International Select Fund | 32,169 | (19,438 | ) | 12,731 | 393,486 | |||||||||
Small Cap Growth Opportunities Fund | 27,631 | (20,231 | ) | 7,400 | 350,669 | |||||||||
Small Cap Select Fund | 79,532 | (86,979 | ) | (7,447 | ) | 1,075,029 | ||||||||
Small Cap Value Fund | 29,824 | (30,194 | ) | (370 | ) | 412,617 | ||||||||
Small-Mid Cap Core Fund | 10,144 | (5,669 | ) | 4,475 | 130,452 | |||||||||
Mid Cap Growth Opportunities Fund | 321,768 | (57,745 | ) | 264,023 | 2,179,080 | |||||||||
Mid Cap Value Fund | 118,710 | (42,733 | ) | 75,977 | 1,219,150 | |||||||||
Large Cap Growth Opportunities Fund | 136,485 | (11,570 | ) | 124,915 | 900,935 | |||||||||
Large Cap Select Fund | 34,640 | (14,934 | ) | 19,706 | 497,554 | |||||||||
Large Cap Value Fund | 97,150 | (27,728 | ) | 69,422 | 882,909 | |||||||||
Balanced Fund | 17,472 | (10,289 | ) | 7,183 | 340,193 | |||||||||
Equity Income Fund | 290,200 | (34,355 | ) | 255,845 | 1,187,607 | |||||||||
6 > | Options Written |
Transactions in options written for the six-month period ended April 30, 2008, were as follows:
Put Options Written | Call Options Written | |||||||||||||||
Number of | Premium | Number of | Premium | |||||||||||||
Balanced Fund | Contracts | Amount | Contracts | Amount | ||||||||||||
Balance at October 31, 2007 | — | $ | — | 41 | $ | 10 | ||||||||||
Opened | 307 | 150 | 325 | 143 | ||||||||||||
Expired | (131 | ) | (52 | ) | (150 | ) | (53 | ) | ||||||||
Closed | (51 | ) | (25 | ) | (134 | ) | (48 | ) | ||||||||
Balance at April 30, 2008 | 125 | $ | 73 | 82 | $ | 52 | ||||||||||
7 > | 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. Global Infrastructure Fund concentrates its investments in infrastructure-related securities. Because the securities invested in the industrial and utility sectors are primarily infrastructure-related businesses, they therefore have greater exposure to adverse economic, regulatory, political, legal, and other changes affecting the issuers of such securities. As of April 30, 2008, Small Cap Growth Opportunities Fund and Large Cap Growth Opportunities Fund each had a significant portion of their assets invested
Fund (concluded)
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 Mid 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.
8 > | Indemnifications |
The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have not had prior claims of losses pursuant to these contracts and expect the risk of loss to be remote.
9 > | Redemption-in-Kind Transactions |
On November 29, 2007, $1,595 was redeemed from the Small Cap Growth Opportunities Fund as a redemption-in-kind transaction and on March 14, 2008, $13,066 was redeemed from the Equity Income Fund as a redemption-in-kind transaction. In each transaction, the fund paid redemption proceeds by distributing a proportionate amount of securities in the fund’s portfolio. Remaining shareholders in the fund did not recognize any additional capital gains from the transaction.
10 > | Regulatory Settlement Proceeds |
Small Cap Growth Opportunities Fund received $177 from Veras Capital Partners in settlement of administrative proceeds involving findings by the Securities and Exchange Commission of market timing and late trading of mutual funds. The settlement is presented in the fund’s Statement of Changes in Net Assets for the year ended October 31, 2007. Neither the fund nor its affiliates were involved in the proceedings.
11 > | New Accounting Pronouncements |
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, 2008, 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.
106 First American Funds 2008 Semiannual Report
Table of Contents
Fund (concluded)
In March 2008, the FASB issued Statement on Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities – an amendment of FASB Statement No. 133” (“FAS 161”). FAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Funds are required to provide enhanced disclosures about (a) how and why the fund uses derivative instruments, (b) how derivative instruments are accounted for under FAS 133 and its related interpretations, and (c) how derivative instruments affect the fund’s financial position and financial performance. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. The funds do not expect FAS 161 to have a material impact on their financial statements; however additional disclosures will be required.
12 > | Subsequent Events |
On June 11, 2008, $84,930 was redeemed from the International Fund as a redemption-in-kind transaction. In this transaction, the fund paid redemption proceeds by distributing a proportionate amount of securities in the fund’s portfolio. Remaining shareholders in the fund did not recognize any additional capital gains from the transaction.
At a meeting held on June 18, 2008, the board of directors of First American Investment Funds, Inc., approved the appointment of Altrinsic Global Advisors, LLC (“Altrinsic”) and Hansberger Global Investors, Inc. (“HGI”) as sub-advisors to International Fund (the “fund”), subject to the approval of the fund’s shareholders. A shareholder meeting to vote on the appointment of Altrinsic and HGI has been tentatively scheduled for September 18, 2008. Assuming shareholder approval is obtained, Altrinsic and HGI are expected to assume management of the fund from the fund’s current sub-advisor, J.P. Morgan Investment Management Inc. (“JPMorgan”), shortly after the shareholder meeting. A proxy statement containing more detailed information will be provided to the fund’s shareholders before they are asked to vote on the appointments of Altrinsic and HGI.
The board of directors also recommended that, in conjunction with approving Altrinsic and HGI as sub-advisors to the fund, the shareholders of the fund approve a “manager-of-managers” structure for the fund whereby the fund’s investment advisor, FAF Advisors, Inc., would be allowed to engage sub-advisors and materially amend sub-advisory agreements, upon approval of the fund’s board of directors, without obtaining shareholder approval. The fund would be required to provide shareholders, in writing, with information about any new sub-advisors within 90 days of their hiring. This manager-of-managers proposal will be presented to the fund’s shareholders for approval at the shareholder meeting tentatively scheduled for September 18, 2008.
First American Funds 2008 Semiannual Report 107
Table of Contents
Fund (concluded)
Notice toShareholders | April 30, 2008 (unaudited) |
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available at www.firstamericanfunds.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.FUND.
FORM N-Q HOLDINGS INFORMATION
Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal 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 business days of the calendar quarter-end.
108 First American Funds 2008 Semiannual Report
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Fund (concluded)
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.
First American Funds 2008 Semiannual Report 109
Table of Contents
Fund (concluded)
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.
Fund (concluded)
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
0040-08 6/2008 SAR-EQUITY
Table of Contents
Table of Contents
Table of Contents
Explanation of Financial Statements | 1 | |||
Holdings Summaries | 2 | |||
Expense Examples | 3 | |||
Schedule of Investments | 5 | |||
Statements of Assets and Liabilities | 29 | |||
Statements of Operations | 30 | |||
Statements of Changes in Net Assets | 31 | |||
Financial Highlights | 32 | |||
Notes to Financial Statements | 38 | |||
Notice to Shareholders | 45 |
Mutual fund investing involves risk; principal loss is possible.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Table of Contents
Explanation of Financial Statements
As a shareholder in First American Funds, you receive shareholder reports semiannually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So, we would like to take this opportunity to explain several sections of the shareholder report.
The Schedule of Investments details all of the securities held in the fund and their related dollar values on the last day of the reporting period. Securities are usually presented by type (common stock, bonds, etc.) and by industry classification (banking, communications, etc.). This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to the Financial Statements provide additional details on how the securities are valued.
The Statement of Assets and Liabilities lists the assets and liabilities of the fund and present the fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. The investments in securities, as presented in the Schedule of Investments, comprise substantially all of the fund’s assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.
The Statement of Operations details the dividends and interest income earned from securities as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.
The Statement of Changes in Net Assets describes how the fund’s net assets were affected by its operating results, distributions to shareholders, and shareholder transactions during the reporting period. This statement is important to investors because it shows exactly what caused the fund’s net asset size to change during the period.
The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios, net investment income ratios, and portfolio turnover rates. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentages of average net assets that were used to cover operating expenses during the period. Expense ratios can vary across funds for a number of reasons, including differences in advisory fees and the average shareholder account size. The portfolio turnover rate represents the percentage of the fund’s holdings that have changed over the course of the period, and gives an idea of how long the fund holds onto a particular security. A 100% turnover rate implies that an amount equal to the value of the entire portfolio is turned over in a year through the purchase and sale of securities.
The Notes to Financial Statements disclose the organizational background of the fund, its significant accounting policies, federal tax information, fees and compensation paid to affiliates, and significant risks and contingencies.
We hope this guide to your shareholder report will help you get the most out of this important resource. You can visit First American Funds’ website for other useful information on each of our funds, including fund prices, performance, fund manager bios, dividends, and downloadable fact sheets. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
First American Funds 2008 Semiannual Report 1
Table of Contents
Holdings Summaries April 30, 2008
Equity Index Fund1
Top 10 Holdings (% of net assets)
Exxon Mobil | 4 | .1% | ||
General Electric | 2 | .7 | ||
AT&T | 1 | .9 | ||
Microsoft | 1 | .9 | ||
Procter & Gamble | 1 | .7 | ||
Chevron | 1 | .7 | ||
Johnson & Johnson | 1 | .6 | ||
Bank of America | 1 | .3 | ||
JPMorgan Chase | 1 | .3 | ||
IBM | 1 | .3 | ||
Sector Allocation (% of net assets)
Financials | 16 | .9% | ||
Information Technology | 15 | .9 | ||
Energy | 13 | .9 | ||
Industrials | 11 | .7 | ||
Healthcare | 11 | .1 | ||
Consumer Staples | 10 | .4 | ||
Consumer Discretionary | 8 | .6 | ||
Materials | 3 | .6 | ||
Utilities | 3 | .5 | ||
Telecommunication Services | 3 | .4 | ||
Short-Term Investments | 1 | .0 | ||
100 | .0% | |||
Mid Cap Index Fund1
Top 10 Holdings (% of net assets)
First American Prime Obligations Fund, Class Z | 4 | .0% | ||
Southwestern Energy | 1 | .3 | ||
Intuitive Surgical | 1 | .0 | ||
FMC Technologies | 0 | .8 | ||
Arch Coal | 0 | .7 | ||
Amphenol, Class A | 0 | .7 | ||
Millennium Pharmaceuticals | 0 | .7 | ||
Equitable Resources | 0 | .7 | ||
Joy Global | 0 | .7 | ||
Activision | 0 | .7 | ||
Sector Allocation (% of net assets)
Industrials | 15 | .9% | ||
Financials | 15 | .6 | ||
Information Technology | 12 | .7 | ||
Healthcare | 11 | .8 | ||
Consumer Discretionary | 11 | .3 | ||
Energy | 9 | .9 | ||
Utilities | 7 | .5 | ||
Materials | 7 | .3 | ||
Consumer Staples | 3 | .1 | ||
Telecommunication Services | 0 | .6 | ||
Short-Term Investments | 4 | .3 | ||
100 | .0% | |||
Small Cap Index Fund1
Top 10 Holdings (% of net assets)
First American Prime Obligations Fund, Class Z | 8 | .8% | ||
CF Industries Holdings | 0 | .6 | ||
U.S. Treasury Bill, 2.240%, 06/26/2008 | 0 | .6 | ||
Hologic | 0 | .6 | ||
Priceline.com | 0 | .4 | ||
Bucyrus International | 0 | .4 | ||
FLIR Systems | 0 | .4 | ||
Petrohawk Energy | 0 | .4 | ||
Illumina | 0 | .3 | ||
Exterran Holdings | 0 | .3 | ||
Sector Allocation (% of net assets)
Financials | 17 | .6% | ||
Information Technology | 15 | .5 | ||
Industrials | 14 | .3 | ||
Consumer Discretionary | 12 | .4 | ||
Healthcare | 11 | .6 | ||
Energy | 7 | .1 | ||
Materials | 5 | .7 | ||
Utilities | 2 | .8 | ||
Consumer Staples | 2 | .8 | ||
Telecommunication Services | 1 | .2 | ||
Short-Term Investments | 9 | .4 | ||
Other Assets and Liabilities, Net2 | (0 | .4) | ||
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 2008 Semiannual Report
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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, 2007 to April 30, 2008.
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 Examples 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.
Equity Index Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 902.10 | $ | 2.93 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.78 | $ | 3.12 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 898.80 | $ | 6.47 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.05 | $ | 6.87 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 898.40 | $ | 6.47 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.05 | $ | 6.87 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 900.90 | $ | 4.11 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.54 | $ | 4.37 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 903.20 | $ | 1.75 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.02 | $ | 1.86 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2008 of -9.79%, -10.12%, -10.16%, -9.91%, and -9.68% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds 2008 Semiannual Report 3
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Expense Examples concluded
Mid Cap Index Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 928.40 | $ | 3.60 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.13 | $ | 3.77 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 925.30 | $ | 7.18 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.40 | $ | 7.52 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 925.60 | $ | 7.18 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.40 | $ | 7.52 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 926.90 | $ | 4.79 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.89 | $ | 5.02 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 930.30 | $ | 2.40 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.38 | $ | 2.51 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six month period ended April 30, 2008 of -7.16%, -7.47%, -7.44%, -7.31%, and -6.97% 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 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 870.60 | $ | 3.86 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.74 | $ | 4.17 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 867.60 | $ | 7.34 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.01 | $ | 7.92 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 866.90 | $ | 7.33 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.01 | $ | 7.92 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 869.20 | $ | 5.02 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.49 | $ | 5.42 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 871.60 | $ | 2.70 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.98 | $ | 2.92 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period). |
4 | Based on the actual returns for the six month period ended April 30, 2008 of -12.94%, -13.24%, -13.31%, -13.08%, and -12.84% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
4 First American Funds 2008 Semiannual Report
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Equity Index Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 99.0% | ||||||||
Consumer Discretionary – 8.6% | ||||||||
Abercrombie & Fitch, Class A (a) | 12,041 | $ | 895 | |||||
Amazon.com (a) (b) | 42,781 | 3,364 | ||||||
Apollo Group, Class A (a) (b) | 19,306 | 983 | ||||||
AutoNation (a) (b) | 23,131 | 370 | ||||||
Autozone (a) (b) | 6,292 | 760 | ||||||
Bed Bath & Beyond (a) (b) | 40,905 | 1,329 | ||||||
Best Buy (a) | 48,736 | 2,097 | ||||||
Big Lots (a) (b) | 15,735 | 425 | ||||||
Black & Decker (a) | 9,025 | 592 | ||||||
Brunswick (a) | 12,750 | 213 | ||||||
Carnival | 58,482 | 2,349 | ||||||
CBS, Class B (a) | 106,198 | 2,450 | ||||||
Centex | 17,557 | 366 | ||||||
Clear Channel Communications (b) | 65,323 | 1,970 | ||||||
Coach (a) (b) | 51,624 | 1,836 | ||||||
Comcast, Class A (a) | 432,763 | 8,893 | ||||||
D.R. Horton (a) | 38,512 | 597 | ||||||
Darden Restaurants (a) | 18,279 | 650 | ||||||
Dillard’s, Class A (a) | 8,374 | 171 | ||||||
DIRECTV Group (a) (b) | 102,035 | 2,514 | ||||||
E.W. Scripps, Class A | 10,336 | 464 | ||||||
Eastman Kodak (a) | 38,609 | 691 | ||||||
Expedia (a) (b) | 28,353 | 716 | ||||||
Family Dollar Stores (a) | 21,170 | 453 | ||||||
Ford Motor (a) (b) | 285,250 | 2,356 | ||||||
Fortune Brands | 19,399 | 1,312 | ||||||
GameStop, Class A (a) (b) | 22,089 | 1,216 | ||||||
Gannett (a) | 32,653 | 935 | ||||||
Gap (a) | 68,213 | 1,270 | ||||||
General Motors (a) | 78,779 | 1,828 | ||||||
Genuine Parts | 23,597 | 1,002 | ||||||
Goodyear Tire & Rubber (a) (b) | 30,546 | 818 | ||||||
H&R Block (a) | 45,544 | 996 | ||||||
Harley-Davidson (a) | 33,521 | 1,282 | ||||||
Harman International Industries | 8,474 | 346 | ||||||
Hasbro | 21,503 | 765 | ||||||
Home Depot (a) | 218,008 | 6,279 | ||||||
IAC/InterActiveCorp (a) (b) | 30,410 | 633 | ||||||
International Game Technology (a) | 45,725 | 1,589 | ||||||
Interpublic Group of Companies (a) (b) | 56,517 | 511 | ||||||
J.C. Penney (a) | 30,891 | 1,313 | ||||||
Johnson Controls (a) | 81,870 | 2,887 | ||||||
Jones Apparel Group | 16,163 | 256 | ||||||
KB HOME | 10,822 | 244 | ||||||
Kohl’s (a) (b) | 41,872 | 2,045 | ||||||
Leggett & Platt (a) | 25,108 | 417 | ||||||
Lennar | 19,551 | 360 | ||||||
Limited Brands (a) | 47,526 | 880 | ||||||
Liz Claiborne (a) | 14,568 | 258 | ||||||
Lowe’s (a) | 210,854 | 5,311 | ||||||
Macy’s (a) | 62,473 | 1,580 | ||||||
Marriott International, Class A (a) | 44,292 | 1,519 | ||||||
Mattel (a) | 52,586 | 986 | ||||||
McDonald’s (a) | 165,197 | 9,842 | ||||||
McGraw-Hill (a) | 52,776 | 2,163 | ||||||
New York Times, Class A (a) | 19,686 | 384 | ||||||
Newell Rubbermaid (a) | 36,897 | 758 | ||||||
News (a) | 322,307 | 5,769 | ||||||
Nike, Class B (a) | 51,513 | 3,441 | ||||||
Nordstrom (a) | 27,497 | 970 | ||||||
Office Depot (a) (b) | 38,271 | 485 | ||||||
OfficeMax | 9,472 | 173 | ||||||
Omnicom Group (a) | 49,631 | 2,369 | ||||||
Polo Ralph Lauren (a) | 8,489 | 527 | ||||||
Pulte Homes (a) | 30,042 | 392 | ||||||
RadioShack (a) | 19,150 | 266 | ||||||
Sears (a) (b) | 10,521 | 1,037 | ||||||
Sherwin-Williams (a) | 14,678 | 812 | ||||||
Snap-On | 7,962 | 472 | ||||||
Stanley Works (a) | 11,006 | 531 | ||||||
Staples (a) | 99,502 | 2,159 | ||||||
Starbucks (b) | 102,815 | 1,669 | ||||||
Starwood Hotels & Resorts Worldwide (a) | 28,945 | 1,511 | ||||||
Target (a) | 116,049 | 6,166 | ||||||
Tiffany & Company (a) | 20,291 | 883 | ||||||
Time Warner (a) | 524,341 | 7,786 | ||||||
TJX | 59,166 | 1,906 | ||||||
VF (a) | 11,907 | 886 | ||||||
Viacom, Class B (a) (b) | 93,872 | 3,608 | ||||||
Walt Disney (a) | 272,273 | 8,830 | ||||||
Wendy’s International | 12,070 | 350 | ||||||
Whirlpool (a) | 10,657 | 776 | ||||||
Wyndham Worldwide (a) | 24,851 | 534 | ||||||
Yum! Brands (a) | 70,117 | 2,852 | ||||||
146,649 | ||||||||
Consumer Staples – 10.4% | ||||||||
Altria Group | 290,942 | 5,819 | ||||||
Anheuser-Busch | 105,652 | 5,198 | ||||||
Archer-Daniels-Midland (a) | 89,461 | 3,942 | ||||||
Avon Products (a) | 65,238 | 2,546 | ||||||
Brown-Forman, Class B (a) | 10,456 | 711 | ||||||
Campbell Soup | 24,356 | 848 | ||||||
Clorox | 20,481 | 1,085 | ||||||
Coca-Cola (a) | 281,381 | 16,565 | ||||||
Coca-Cola Enterprises (a) | 30,194 | 679 | ||||||
Colgate-Palmolive (a) | 70,355 | 4,974 | ||||||
ConAgra Foods | 72,522 | 1,709 | ||||||
Constellation Brands, Class A (b) | 26,197 | 481 | ||||||
Costco Wholesale (a) | 60,632 | 4,320 | ||||||
CVS Caremark (a) | 210,529 | 8,499 | ||||||
Dean Foods (a) (b) | 17,980 | 418 | ||||||
Estee Lauder, Class A (a) | 10,044 | 458 | ||||||
General Mills | 44,315 | 2,677 | ||||||
H.J. Heinz (a) | 45,611 | 2,145 | ||||||
Hershey Foods (a) | 24,788 | 927 | ||||||
Kellogg (a) | 34,951 | 1,788 | ||||||
Kimberly-Clark | 59,019 | 3,777 | ||||||
Kraft Foods, Class A | 214,213 | 6,775 | ||||||
Kroger (a) | 98,530 | 2,685 | ||||||
McCormick | 18,258 | 690 | ||||||
Molson Coors Brewing, Class B (a) | 14,403 | 790 | ||||||
Pepsi Bottling | 18,790 | 633 | ||||||
PepsiCo (a) | 228,764 | 15,677 | ||||||
Philip Morris International (b) | 290,942 | 14,847 | ||||||
Procter & Gamble | 434,488 | 29,132 | ||||||
Reynolds American (a) | 23,682 | 1,275 | ||||||
Safeway (a) | 60,955 | 1,926 | ||||||
Sara Lee (a) | 103,508 | 1,502 | ||||||
SUPERVALU (a) | 28,731 | 951 | ||||||
Sysco (a) | 90,574 | 2,769 | ||||||
Tyson Foods, Class A | 34,180 | 608 | ||||||
UST (a) | 22,259 | 1,159 | ||||||
Walgreen (a) | 137,418 | 4,789 | ||||||
Wal-Mart Stores (a) | 330,031 | 19,135 | ||||||
Whole Foods Market (a) | 19,569 | 639 | ||||||
Wrigley, William Jr. (a) | 27,858 | 2,122 | ||||||
177,670 | ||||||||
First American Funds 2008 Semiannual Report 5
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Equity Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Energy – 13.9% | ||||||||
Anadarko Petroleum | 65,693 | $ | 4,373 | |||||
Apache (a) | 45,979 | 6,192 | ||||||
Baker Hughes | 46,842 | 3,789 | ||||||
BJ Services (a) | 40,953 | 1,158 | ||||||
Cameron International (a) (b) | 30,504 | 1,502 | ||||||
Chesapeake Energy (a) | 61,232 | 3,166 | ||||||
Chevron (a) | 297,483 | 28,603 | ||||||
ConocoPhillips | 226,621 | 19,523 | ||||||
CONSOL Energy | 25,319 | 2,050 | ||||||
Devon Energy (a) | 62,960 | 7,140 | ||||||
El Paso (a) | 96,867 | 1,660 | ||||||
ENSCO International (a) | 20,160 | 1,285 | ||||||
EOG Resources (a) | 34,719 | 4,530 | ||||||
Exxon Mobil | 753,726 | 70,149 | ||||||
Halliburton (a) | 130,462 | 5,990 | ||||||
Hess (a) | 38,207 | 4,058 | ||||||
Marathon Oil | 96,512 | 4,398 | ||||||
Murphy Oil (a) | 24,214 | 2,187 | ||||||
Nabors Industries (a) (b) | 40,348 | 1,515 | ||||||
National-Oilwell Varco (a) (b) | 50,176 | 3,435 | ||||||
Noble Energy | 23,977 | 2,086 | ||||||
Noble | 38,263 | 2,153 | ||||||
Occidental Petroleum | 114,174 | 9,500 | ||||||
Peabody Energy | 36,870 | 2,254 | ||||||
Range Resources (a) | 21,069 | 1,399 | ||||||
Rowan (a) | 15,057 | 587 | ||||||
Schlumberger (a) | 164,505 | 16,541 | ||||||
Smith International (a) | 27,112 | 2,074 | ||||||
Spectra Energy (a) | 81,699 | 2,018 | ||||||
Sunoco | 16,815 | 780 | ||||||
Tesoro | 19,023 | 478 | ||||||
Transocean (a) (b) | 44,416 | 6,550 | ||||||
Valero Energy | 75,927 | 3,709 | ||||||
Weatherford International (a) (b) | 46,700 | 3,767 | ||||||
Williams | 82,856 | 2,941 | ||||||
XTO Energy (a) | 71,727 | 4,437 | ||||||
237,977 | ||||||||
Financials – 16.9% | ||||||||
ACE (a) | 42,137 | 2,540 | ||||||
AFLAC (a) | 68,053 | 4,537 | ||||||
Allstate (a) | 78,768 | 3,967 | ||||||
Ambac Financial Group (a) | 33,205 | 154 | ||||||
American Capital Strategies (a) | 27,308 | 867 | ||||||
American Express (a) | 165,464 | 7,946 | ||||||
American International Group | 354,520 | 16,379 | ||||||
Ameriprise Financial | 31,795 | 1,510 | ||||||
AON | 44,571 | 2,023 | ||||||
Apartment Investment & Management – REIT (a) | 14,045 | 519 | ||||||
Assurant | 13,746 | 894 | ||||||
AvalonBay Communities – REIT (a) | 11,020 | 1,099 | ||||||
Bank of America (a) | 613,909 | 23,046 | ||||||
Bank Of New York Mellon (a) | 157,478 | 6,855 | ||||||
BB&T (a) | 73,469 | 2,519 | ||||||
Bear Stearns | 16,488 | 177 | ||||||
Boston Properties – REIT (a) | 16,462 | 1,654 | ||||||
Capital One Financial | 57,567 | 3,051 | ||||||
CB Richard Ellis Group (a) (b) | 25,879 | 598 | ||||||
Charles Schwab | 131,967 | 2,851 | ||||||
Chubb | 49,327 | 2,613 | ||||||
Cincinnati Financial | 21,333 | 766 | ||||||
CIT Group (a) | 39,640 | 432 | ||||||
Citigroup | 731,760 | 18,492 | ||||||
CME Group (a) | 7,495 | 3,429 | ||||||
Comerica (a) | 22,639 | 786 | ||||||
Countrywide Financial (a) | 81,617 | 472 | ||||||
Developers Diversified Realty – REIT (a) | 17,293 | 743 | ||||||
Discover Financial Services (a) | 68,109 | 1,240 | ||||||
E*TRADE Financial (a) (b) | 61,277 | 244 | ||||||
Equity Residential Properties Trust – REIT (a) | 40,342 | 1,675 | ||||||
Fannie Mae | 131,062 | 3,709 | ||||||
Federated Investors, Class B | 11,377 | 381 | ||||||
Fifth Third Bancorp (a) | 75,308 | 1,614 | ||||||
First Horizon National (a) | 17,769 | 192 | ||||||
Franklin Resources | 22,808 | 2,170 | ||||||
Freddie Mac (a) | 90,254 | 2,248 | ||||||
General Growth Properties – REIT (a) | 33,906 | 1,389 | ||||||
Genworth Financial, Class A | 61,251 | 1,412 | ||||||
Goldman Sachs Group | 56,546 | 10,821 | ||||||
Hartford Financial Services Group | 38,798 | 2,765 | ||||||
HCP – REIT | 27,794 | 992 | ||||||
Host Hotels & Resorts – REIT (a) | 72,518 | 1,247 | ||||||
Hudson City Bancorp | 72,858 | 1,394 | ||||||
Huntington Bancshares (a) | 51,476 | 483 | ||||||
IntercontinentalExchange (a) (b) | 9,858 | 1,529 | ||||||
Janus Capital Group (a) | 24,378 | 684 | ||||||
JPMorgan Chase (a) | 482,419 | 22,987 | ||||||
KeyCorp (a) | 55,614 | 1,342 | ||||||
Kimco Realty – REIT (a) | 35,022 | 1,398 | ||||||
Legg Mason | 16,923 | 1,020 | ||||||
Lehman Brothers Holdings (a) | 73,451 | 3,249 | ||||||
Leucadia National (a) | 22,758 | 1,166 | ||||||
Lincoln National (a) | 41,466 | 2,229 | ||||||
Loew’s | 61,683 | 2,597 | ||||||
M&T Bank (a) | 10,907 | 1,017 | ||||||
Marsh & McLennan (a) | 71,181 | 1,964 | ||||||
Marshall & Ilsley (a) | 35,827 | 895 | ||||||
MBIA (a) | 22,266 | 232 | ||||||
Merrill Lynch | 136,554 | 6,804 | ||||||
MetLife (a) | 99,676 | 6,065 | ||||||
MGIC Investment (a) | 13,976 | 182 | ||||||
Moody’s (a) | 30,782 | 1,138 | ||||||
Morgan Stanley (a) | 147,319 | 7,160 | ||||||
National City | 106,769 | 673 | ||||||
Northern Trust (a) | 26,977 | 1,999 | ||||||
NYSE Euronext (a) | 36,553 | 2,416 | ||||||
Plum Creek Timber – REIT (a) | 25,347 | 1,035 | ||||||
PNC Financial Services Group (a) | 47,711 | 3,309 | ||||||
Principal Financial Group (a) | 42,009 | 2,254 | ||||||
Progressive (a) | 99,987 | 1,819 | ||||||
ProLogis – REIT (a) | 35,493 | 2,222 | ||||||
Prudential Financial (a) | 64,752 | 4,902 | ||||||
Public Storage – REIT (a) | 17,505 | 1,588 | ||||||
Regions Financial (a) | 100,255 | 2,198 | ||||||
SAFECO (a) | 15,875 | 1,060 | ||||||
Simon Property Group – REIT (a) | 30,904 | 3,086 | ||||||
SLM (a) (b) | 62,808 | 1,164 | ||||||
Sovereign Bancorp (a) | 51,590 | 385 | ||||||
State Street | 55,241 | 3,985 | ||||||
SunTrust Banks (a) | 46,185 | 2,575 | ||||||
T. Rowe Price Group (a) | 37,072 | 2,171 | ||||||
Torchmark | 14,254 | 923 | ||||||
Travelers | 93,332 | 4,704 | ||||||
U.S. Bancorp (a) (c) | 247,932 | 8,402 | ||||||
UnumProvident | 46,595 | 1,081 | ||||||
Vornado Realty Trust – REIT (a) | 18,048 | 1,680 | ||||||
Wachovia (a) | 294,755 | 8,592 | ||||||
Washington Mutual | 148,653 | 1,827 | ||||||
Wells Fargo (a) | 452,667 | 13,467 |
The accompanying notes are an integral part of the financial statements.
6 First American Funds 2008 Semiannual Report
Table of Contents
Equity Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
XL Capital Limited, Class A (a) | 25,524 | $ | 891 | |||||
Zions Bancorporation | 13,588 | 630 | ||||||
289,591 | ||||||||
Healthcare – 11.1% | ||||||||
Abbott Laboratories | 212,651 | 11,217 | ||||||
Aetna (a) | 70,940 | 3,093 | ||||||
Allergan (a) | 42,541 | 2,398 | ||||||
AmerisourceBergen (a) | 24,960 | 1,012 | ||||||
Amgen (a) (b) | 150,336 | 6,295 | ||||||
Applied Biosystems Group – Applera (a) | 27,195 | 868 | ||||||
Barr Pharmaceuticals (b) | 15,196 | 763 | ||||||
Baxter International | 90,201 | 5,621 | ||||||
Becton, Dickinson & Company | 34,485 | 3,083 | ||||||
Biogen IDEC (a) (b) | 40,934 | 2,484 | ||||||
Boston Scientific (a) (b) | 165,718 | 2,209 | ||||||
Bristol-Myers Squibb | 272,197 | 5,980 | ||||||
C.R. Bard (a) | 14,173 | 1,335 | ||||||
Cardinal Health | 52,119 | 2,714 | ||||||
Celgene (a) (b) | 61,150 | 3,800 | ||||||
CIGNA (a) | 39,854 | 1,702 | ||||||
Coventry Health Care (a) (b) | 21,706 | 971 | ||||||
Covidien (a) | 68,317 | 3,190 | ||||||
Eli Lilly | 137,110 | 6,601 | ||||||
Express Scripts (a) (b) | 35,687 | 2,499 | ||||||
Forest Laboratories, Class A (a) (b) | 43,994 | 1,527 | ||||||
Genzyme (b) | 35,927 | 2,528 | ||||||
Gilead Sciences (a) (b) | 129,215 | 6,688 | ||||||
Hospira (a) (b) | 22,538 | 928 | ||||||
Humana (a) (b) | 22,416 | 1,071 | ||||||
IMS Health | 27,157 | 672 | ||||||
Johnson & Johnson (a) | 400,810 | 26,890 | ||||||
King Pharmaceuticals (a) (b) | 33,657 | 316 | ||||||
Laboratory Corporation of America (a) (b) | 16,084 | 1,216 | ||||||
McKesson HBOC (a) | 41,440 | 2,160 | ||||||
Medco Health Solutions (b) | 75,069 | 3,719 | ||||||
Medtronic (a) | 162,290 | 7,900 | ||||||
Merck | 298,059 | 11,338 | ||||||
Millipore (b) | 6,635 | 465 | ||||||
Mylan Laboratories (a) | 41,983 | 553 | ||||||
Patterson Companies (a) (b) | 18,842 | 644 | ||||||
PerkinElmer | 18,478 | 491 | ||||||
Pfizer | 950,273 | 19,110 | ||||||
Quest Diagnostics | 21,705 | 1,089 | ||||||
Schering-Plough | 213,469 | 3,930 | ||||||
St. Jude Medical (a) (b) | 46,784 | 2,048 | ||||||
Stryker (a) | 38,761 | 2,513 | ||||||
Tenet Healthcare (a) (b) | 65,807 | 421 | ||||||
Thermo Fisher Scientific (a) (b) | 55,361 | 3,204 | ||||||
UnitedHealth Group (a) | 175,885 | 5,739 | ||||||
Varian Medical Systems (a) (b) | 17,645 | 827 | ||||||
Watson Pharmaceuticals (a) (b) | 15,058 | 467 | ||||||
WellPoint (b) | 76,170 | 3,790 | ||||||
Wyeth | 186,106 | 8,276 | ||||||
Zimmer Holdings (a) (b) | 33,953 | 2,518 | ||||||
190,873 | ||||||||
Industrials – 11.7% | ||||||||
3M (a) | 99,665 | 7,664 | ||||||
Allied Waste Industries (a) (b) | 28,061 | 347 | ||||||
Avery Dennison (a) | 14,797 | 713 | ||||||
Boeing | 108,258 | 9,187 | ||||||
Burlington Northern Santa Fe (a) | 41,599 | 4,266 | ||||||
C.H. Robinson Worldwide (a) | 23,678 | 1,484 | ||||||
Caterpillar (a) | 89,513 | 7,329 | ||||||
Cintas (a) | 18,359 | 544 | ||||||
Cooper Industries, Class A (a) | 25,360 | 1,075 | ||||||
CSX | 60,284 | 3,795 | ||||||
Cummins | 28,862 | 1,808 | ||||||
Danaher (a) | 32,060 | 2,501 | ||||||
Deere & Company (a) | 62,283 | 5,236 | ||||||
Dover | 22,227 | 1,100 | ||||||
Eaton | 20,073 | 1,763 | ||||||
Emerson Electric (a) | 112,123 | 5,860 | ||||||
Equifax (a) | 17,560 | 672 | ||||||
Expeditors International of Washington (a) | 26,659 | 1,242 | ||||||
FedEx (a) | 41,650 | 3,993 | ||||||
Fluor (a) | 10,752 | 1,644 | ||||||
General Dynamics | 52,778 | 4,772 | ||||||
General Electric | 1,413,029 | 46,206 | ||||||
Goodrich | 16,394 | 1,117 | ||||||
Honeywell International | 108,055 | 6,418 | ||||||
Illinois Tool Works (a) | 55,344 | 2,894 | ||||||
Ingersoll-Rand, Class A (a) | 42,224 | 1,874 | ||||||
ITT (a) | 24,986 | 1,599 | ||||||
Jacobs Engineering Group (a) (b) | 17,056 | 1,472 | ||||||
L-3 Communications Holdings (a) | 17,278 | 1,926 | ||||||
Lockheed Martin (a) | 48,385 | 5,131 | ||||||
Manitowoc (a) | 17,376 | 657 | ||||||
Masco (a) | 52,309 | 953 | ||||||
Monster Worldwide (a) (b) | 17,502 | 426 | ||||||
Norfolk Southern | 56,435 | 3,362 | ||||||
Northrop Grumman | 48,442 | 3,564 | ||||||
Paccar (a) | 51,860 | 2,454 | ||||||
Pall | 17,153 | 596 | ||||||
Parker Hannifin (a) | 23,908 | 1,909 | ||||||
Pitney Bowes (a) | 23,578 | 851 | ||||||
Precision Castparts | 18,917 | 2,224 | ||||||
R.R. Donnelley & Sons | 30,199 | 925 | ||||||
Raytheon (a) | 60,232 | 3,853 | ||||||
Robert Half International (a) | 22,323 | 529 | ||||||
Rockwell Automation | 23,133 | 1,255 | ||||||
Rockwell Collins | 23,972 | 1,513 | ||||||
Ryder System (a) | 8,293 | 568 | ||||||
Southwest Airlines (a) | 109,781 | 1,453 | ||||||
Terex (b) | 13,983 | 974 | ||||||
Textron | 36,464 | 2,225 | ||||||
Trane | 24,374 | 1,134 | ||||||
Tyco International | 68,327 | 3,197 | ||||||
Union Pacific (a) | 36,287 | 5,269 | ||||||
United Parcel Service, Class B (a) | 146,757 | 10,627 | ||||||
United Technologies | 136,931 | 9,923 | ||||||
W.W. Grainger (a) | 10,527 | 913 | ||||||
Waste Management | 72,112 | 2,603 | ||||||
199,589 | ||||||||
Information Technology – 15.9% | ||||||||
Adobe Systems (a) (b) | 82,068 | 3,060 | ||||||
Advanced Micro Devices (a) (b) | 84,315 | 502 | ||||||
Affiliated Computer Services, Class A (a) (b) | 13,713 | 726 | ||||||
Agilent Technologies (a) (b) | 58,841 | 1,778 | ||||||
Akamai Technologies (a) (b) | 22,993 | 822 | ||||||
Altera | 49,350 | 1,050 | ||||||
Analog Devices (a) | 42,893 | 1,382 | ||||||
Apple (b) | 122,548 | 21,317 | ||||||
Applied Materials (a) | 191,201 | 3,568 | ||||||
Autodesk (a) (b) | 31,257 | 1,188 | ||||||
Automatic Data Processing (a) | 80,059 | 3,539 | ||||||
BMC Software (a) (b) | 28,248 | 982 | ||||||
Broadcom, Class A (a) (b) | 65,133 | 1,691 | ||||||
CA | 57,059 | 1,263 | ||||||
Ciena (a) (b) | 11,938 | 404 |
First American Funds 2008 Semiannual Report 7
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Equity Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Cisco Systems (a) (b) | 837,479 | $ | 21,473 | |||||
Citrix Systems (a) (b) | 26,347 | 863 | ||||||
Cognizant Technology Solutions, Class A (a) (b) | 39,759 | 1,282 | ||||||
Computer Sciences (a) (b) | 23,208 | 1,012 | ||||||
Compuware (a) (b) | 42,125 | 318 | ||||||
Convergys (b) | 19,214 | 302 | ||||||
Corning (a) | 217,566 | 5,811 | ||||||
Dell (a) (b) | 293,314 | 5,464 | ||||||
eBay (b) | 156,944 | 4,911 | ||||||
Electronic Arts (a) (b) | 42,091 | 2,166 | ||||||
Electronic Data Systems | 65,627 | 1,218 | ||||||
EMC (a) (b) | 290,299 | 4,471 | ||||||
Fidelity National Information Services | 22,591 | 815 | ||||||
Fiserv (a) (b) | 25,563 | 1,292 | ||||||
Google, Class A (a) (b) | 32,214 | 18,500 | ||||||
Hewlett-Packard (a) | 346,503 | 16,060 | ||||||
IBM | 188,955 | 22,807 | ||||||
Intel | 795,452 | 17,707 | ||||||
Intuit (a) (b) | 48,308 | 1,303 | ||||||
Jabil Circuit | 28,823 | 314 | ||||||
JDS Uniphase (a) (b) | 30,655 | 439 | ||||||
Juniper Networks (a) (b) | 73,591 | 2,033 | ||||||
KLA-Tencor (a) | 26,238 | 1,146 | ||||||
Lexmark International Group, Class A (a) (b) | 13,083 | 411 | ||||||
Linear Technology (a) | 30,707 | 1,073 | ||||||
LSI Logic (a) (b) | 106,572 | 661 | ||||||
MEMC Electronic Materials (a) (b) | 31,759 | 2,000 | ||||||
Microchip Technology (a) | 30,203 | 1,110 | ||||||
Micron Technology (a) (b) | 106,212 | 820 | ||||||
Microsoft (a) | 1,130,421 | 32,240 | ||||||
Molex | 19,613 | 557 | ||||||
Motorola (a) | 320,287 | 3,190 | ||||||
National Semiconductor (a) | 33,273 | 678 | ||||||
NetApp (a) (b) | 50,755 | 1,228 | ||||||
Novell (b) | 52,757 | 331 | ||||||
Novellus Systems (a) (b) | 18,320 | 400 | ||||||
NVIDIA (a) (b) | 76,187 | 1,566 | ||||||
Oracle (a) (b) | 546,493 | 11,394 | ||||||
Paychex | 45,347 | 1,649 | ||||||
QLogic (a) (b) | 22,160 | 354 | ||||||
QUALCOMM | 230,435 | 9,952 | ||||||
SanDisk (a) (b) | 31,556 | 855 | ||||||
Seagate Technology, Escrow Shares (b) (d) | 44,886 | — | ||||||
Sun Microsystems (a) (b) | 123,685 | 1,937 | ||||||
Symantec (a) (b) | 124,747 | 2,148 | ||||||
Tellabs (a) (b) | 62,644 | 323 | ||||||
Teradata (a) (b) | 24,978 | 532 | ||||||
Teradyne (b) | 26,478 | 352 | ||||||
Texas Instruments | 186,418 | 5,436 | ||||||
Total System Services | 19,234 | 458 | ||||||
Tyco Electronics | 68,319 | 2,556 | ||||||
Unisys (b) | 44,518 | 185 | ||||||
VeriSign (a) (b) | 33,924 | 1,223 | ||||||
Waters (b) | 15,293 | 940 | ||||||
Western Union | 107,053 | 2,462 | ||||||
Xerox | 130,435 | 1,822 | ||||||
Xilinx | 47,808 | 1,184 | ||||||
Yahoo! (a) (b) | 187,093 | 5,128 | ||||||
272,134 | ||||||||
Materials – 3.6% | ||||||||
Air Products and Chemicals (a) | 30,994 | 3,051 | ||||||
Alcoa | 121,127 | 4,213 | ||||||
Allegheny Technologies (a) | 14,193 | 977 | ||||||
Ashland | 9,555 | 507 | ||||||
Ball (a) | 14,127 | 760 | ||||||
Bemis (a) | 14,389 | 378 | ||||||
Dow Chemical (a) | 133,527 | 5,361 | ||||||
E.I. Du Pont de Nemours (a) | 125,324 | 6,130 | ||||||
Eastman Chemical (a) | 9,989 | 734 | ||||||
Ecolab (a) | 25,195 | 1,158 | ||||||
Freeport-McMoRan Copper & Gold (a) | 53,004 | 6,029 | ||||||
Hercules (a) | 14,782 | 278 | ||||||
International Flavors & Fragrances (a) | 9,452 | 431 | ||||||
International Paper (a) | 60,294 | 1,578 | ||||||
MeadWestvaco | 24,701 | 650 | ||||||
Monsanto | 77,022 | 8,782 | ||||||
Newmont Mining (a) | 62,151 | 2,748 | ||||||
Nucor | 41,820 | 3,157 | ||||||
Pactiv (b) | 20,058 | 477 | ||||||
PPG Industries | 23,041 | 1,414 | ||||||
Praxair | 44,910 | 4,101 | ||||||
Rohm & Haas (a) | 19,761 | 1,056 | ||||||
Sealed Air | 22,316 | 564 | ||||||
Sigma-Aldrich (a) | 18,296 | 1,043 | ||||||
Titanium Metals (a) | 12,025 | 183 | ||||||
United States Steel | 16,415 | 2,527 | ||||||
Vulcan Materials (a) | 13,936 | 959 | ||||||
Weyerhaeuser | 30,602 | 1,955 | ||||||
61,201 | ||||||||
Telecommunication Services – 3.4% | ||||||||
American Tower, Class A (a) (b) | 56,968 | 2,473 | ||||||
AT&T | 852,275 | 32,992 | ||||||
CenturyTel (a) | 15,140 | 491 | ||||||
Citizens Communications (a) | 47,445 | 509 | ||||||
Embarq | 20,732 | 862 | ||||||
Qwest Communications International | 221,926 | 1,145 | ||||||
Sprint Nextel (a) | 400,586 | 3,201 | ||||||
Verizon Communications | 398,756 | 15,344 | ||||||
Windstream | 65,644 | 771 | ||||||
57,788 | ||||||||
Utilities – 3.5% | ||||||||
AES (a) (b) | 92,838 | 1,612 | ||||||
Allegheny Energy | 22,934 | 1,234 | ||||||
Ameren (a) | 26,860 | 1,218 | ||||||
American Electric Power | 53,289 | 2,378 | ||||||
CenterPoint Energy (a) | 43,989 | 670 | ||||||
CMS Energy | 31,649 | 462 | ||||||
Consolidated Edison | 31,039 | 1,291 | ||||||
Constellation Energy | 24,995 | 2,116 | ||||||
Dominion Resources (a) | 79,856 | 3,465 | ||||||
DTE Energy (a) | 22,336 | 900 | ||||||
Duke Energy (a) | 174,318 | 3,192 | ||||||
Dynegy, Class A (b) | 69,697 | 601 | ||||||
Edison International (a) | 43,959 | 2,293 | ||||||
Entergy | 31,930 | 3,668 | ||||||
Exelon | 92,867 | 7,938 | ||||||
FirstEnergy | 44,924 | 3,398 | ||||||
FPL Group (a) | 56,033 | 3,714 | ||||||
Integrys Energy Group (a) | 10,742 | 514 | ||||||
Nicor (a) | 6,302 | 221 | ||||||
NiSource | 37,935 | 679 | ||||||
Pepco Holdings | 27,589 | 687 | ||||||
PG&E | 53,084 | 2,123 | ||||||
Pinnacle West Capital | 13,873 | 471 | ||||||
PPL (a) | 53,317 | 2,560 | ||||||
Progress Energy | 33,236 | 1,396 | ||||||
Public Service Enterprise Group | 70,156 | 3,081 | ||||||
Questar | 24,286 | 1,507 | ||||||
Sempra Energy | 36,501 | 2,069 |
The accompanying notes are an integral part of the financial statements.
8 First American Funds 2008 Semiannual Report
Table of Contents
Equity Index Fund (concluded) | ||||||||
DESCRIPTION | SHARES/PAR | VALUE | ||||||
Southern | 100,224 | $ | 3,731 | |||||
TECO Energy (a) | 29,003 | 464 | ||||||
Xcel Energy | 56,531 | 1,176 | ||||||
60,829 | ||||||||
Total Common Stocks (Cost $1,022,485) | 1,694,301 | |||||||
Short-Term Investments – 1.0% | ||||||||
Money Market Fund – 0.8% | ||||||||
First American Prime Obligations Fund, Class Z (c) | 14,312,166 | 14,312 | ||||||
U.S. Treasury Obligation – 0.2% | ||||||||
U.S. Treasury Bill | ||||||||
2.240%, 06/26/2008 (e) | $ | 2,900 | 2,890 | |||||
Total Short-Term Investments (Cost $17,202) | 17,202 | |||||||
Investment Purchased with Proceeds from Securities Lending – 41.1% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (f) | ||||||||
(Cost $703,843) | 703,842,914 | 703,843 | ||||||
Total Investments – 141.1% (Cost $1,743,530) | 2,415,346 | |||||||
Other Assets and Liabilities, Net – (41.1)% | (704,028 | ) | ||||||
Total Net Assets – 100.00% | $ | 1,711,318 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a value of $677,105 at April 30, 2008. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | Investment in affiliated security. As of April 30, 2008, the market value of these investments was $22,714 or 1.3% 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, 2008, 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, 2008. 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 | Notional | |||||||||||
Contracts | Contract | Settlement | Unrealized | |||||||||
Description | Purchased | Value | Month | Appreciation | ||||||||
S&P 500 Futures | 47 | $ | 16,286 | June 2008 | $ | 1,100 | ||||||
Mid Cap Index Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 95.7% | ||||||||
Consumer Discretionary – 11.3% | ||||||||
99 Cents Only Stores (a) (b) | 12,059 | $ | 115 | |||||
Advanced Auto Parts | 24,344 | 844 | ||||||
Aeropostale (a) (b) | 17,196 | 547 | ||||||
American Eagle Outfitters (a) | 55,083 | 1,012 | ||||||
American Greetings, Class A (a) | 15,091 | 270 | ||||||
AnnTaylor Stores (a) (b) | 15,762 | 399 | ||||||
ArvinMeritor (a) | 18,515 | 277 | ||||||
Barnes & Noble (a) | 12,360 | 399 | ||||||
Belo, Class A (a) | 22,502 | 227 | ||||||
BLYTH | 7,178 | 121 | ||||||
Bob Evans Farms (a) | 9,065 | 254 | ||||||
Borders Group (a) | 16,072 | 101 | ||||||
BorgWarner | 29,765 | 1,463 | ||||||
Boyd Gaming (a) | 14,383 | 270 | ||||||
Brinker International | 27,071 | 614 | ||||||
Callaway Golf (a) | 17,160 | 236 | ||||||
CarMax (a) (b) | 55,321 | 1,148 | ||||||
CBRL Group | 5,775 | 213 | ||||||
Charming Shoppes (a) (b) | 30,204 | 156 | ||||||
Cheesecake Factory (a) (b) | 18,318 | 415 | ||||||
Chico’s FAS (a) (b) | 44,971 | 318 | ||||||
Chipotle Mexican Grill, Class A (a) (b) | 8,453 | 829 | ||||||
Coldwater Creek (a) (b) | 15,661 | 84 | ||||||
Collective Brands (a) (b) | 16,848 | 208 | ||||||
Corinthian Colleges (a) (b) | 21,675 | 246 | ||||||
DeVry (a) | 15,288 | 871 | ||||||
Dick’s Sporting Goods (a) (b) | 21,245 | 608 | ||||||
Dollar Tree (a) (b) | 24,160 | 763 | ||||||
Entercom Communications (a) | 6,767 | 72 | ||||||
Foot Locker | 39,923 | 505 | ||||||
Furniture Brands International (a) | 12,809 | 174 | ||||||
Gentex (a) | 37,797 | 706 | ||||||
Getty Images (a) (b) | 11,997 | 392 | ||||||
Guess ? (a) | 13,941 | 534 | ||||||
Hanesbrands (a) (b) | 24,582 | 861 | ||||||
Harte-Hanks | 12,816 | 175 | ||||||
Hovnanian Enterprises, Class A (a) (b) | 9,344 | 110 | ||||||
International Speedway, Class A | 7,947 | 337 | ||||||
John Wiley & Sons, Class A | 10,912 | 502 | ||||||
Lamar Advertising, Class A (a) (b) | 20,185 | 798 | ||||||
Lear (b) | 19,753 | 564 | ||||||
Lee Enterprises (a) | 12,181 | 94 | ||||||
Life Time Fitness (a) (b) | 8,611 | 313 | ||||||
M.D.C. Holdings (a) | 8,928 | 389 | ||||||
Matthews International, Class A | 8,025 | 397 | ||||||
Media General, Class A (a) | 6,371 | 93 | ||||||
Modine Manufacturing | 8,818 | 155 | ||||||
Mohawk Industries (a) (b) | 13,879 | 1,057 | ||||||
Netflix (a) (b) | 12,528 | 401 | ||||||
NVR (a) (b) | 1,319 | 809 | ||||||
O’Reilly Automotive (a) (b) | 28,512 | 823 | ||||||
Pacific Sunwear of California (a) (b) | 17,725 | 238 | ||||||
PetSmart (a) | 33,050 | 740 | ||||||
Phillips Van-Heusen (a) | 13,191 | 557 | ||||||
Regis | 11,927 | 348 | ||||||
Rent-A-Center (a) (b) | 18,211 | 392 | ||||||
Ross Stores | 35,126 | 1,176 | ||||||
Ruby Tuesday (a) | 13,241 | 113 | ||||||
Ryland Group (a) | 11,280 | 361 | ||||||
Saks (a) (b) | 35,300 | 459 | ||||||
Scholastic (a) (b) | 6,534 | 184 | ||||||
Scientific Games, Class A (a) (b) | 16,688 | 470 | ||||||
Strayer Education (a) | 3,698 | 687 | ||||||
Thor Industries (a) | 9,126 | 277 |
First American Funds 2008 Semiannual Report 9
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Mid Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Timberland, Class A (a) (b) | 12,887 | $ | 188 | |||||
Toll Brothers (b) | 32,534 | 737 | ||||||
Travelcenters, fractional share (b) (c) | 0.70 | — | ||||||
Tupperware (a) | 15,313 | 603 | ||||||
Urban Outfitters (a) (b) | 28,782 | 986 | ||||||
Valassis Communications (a) (b) | 12,464 | 177 | ||||||
Warnaco Group (a) (b) | 11,874 | 548 | ||||||
Williams-Sonoma (a) | 22,625 | 597 | ||||||
33,107 | ||||||||
Consumer Staples – 3.1% | ||||||||
Alberto-Culver (a) | 21,583 | 543 | ||||||
BJ’s Wholesale Club (a) (b) | 16,645 | 635 | ||||||
Church & Dwight (a) | 16,281 | 925 | ||||||
Corn Products International | 19,200 | 890 | ||||||
Energizer Holdings (a) (b) | 14,891 | 1,177 | ||||||
Hansen Natural (a) (b) | 15,524 | 549 | ||||||
Hormel Foods | 18,660 | 735 | ||||||
JM Smucker | 15,084 | 752 | ||||||
Lancaster Colony | 5,566 | 213 | ||||||
NBTY (b) | 14,554 | 410 | ||||||
PepsiAmericas | 15,563 | 400 | ||||||
Ruddick (a) | 8,644 | 335 | ||||||
Smithfield Foods (a) (b) | 28,350 | 813 | ||||||
Tootsie Roll Industries (a) | 7,190 | 175 | ||||||
Universal | 6,949 | 446 | ||||||
8,998 | ||||||||
Energy – 9.9% | ||||||||
Arch Coal | 37,056 | 2,126 | ||||||
Bill Barrett (b) | 8,497 | 437 | ||||||
Cimarex Energy (a) | 20,577 | 1,282 | ||||||
Denbury Resources (a) (b) | 62,881 | 1,922 | ||||||
Encore Acquisition (a) (b) | 12,817 | 585 | ||||||
Exterran Holdings (b) | 16,344 | 1,092 | ||||||
FMC Technologies (a) (b) | 33,234 | 2,233 | ||||||
Forest Oil (a) (b) | 22,557 | 1,329 | ||||||
Frontier Oil | 27,167 | 675 | ||||||
Helmerich & Payne (a) | 26,664 | 1,433 | ||||||
Newfield Exploration (a) (b) | 33,200 | 2,017 | ||||||
Overseas Shipholding Group (a) | 6,989 | 526 | ||||||
Patterson-UTI Energy (a) | 39,700 | 1,109 | ||||||
Pioneer Natural Resources (a) | 32,155 | 1,856 | ||||||
Plains Exploration & Production (b) | 28,918 | 1,801 | ||||||
Pride International (a) (b) | 41,796 | 1,774 | ||||||
Quicksilver Resources (a) (b) | 28,660 | 1,189 | ||||||
Southwestern Energy (a) (b) | 87,890 | 3,719 | ||||||
Superior Energy Services (a) (b) | 20,805 | 924 | ||||||
Tidewater (a) | 15,092 | 984 | ||||||
29,013 | ||||||||
Financials – 15.6% | ||||||||
Affiliated Managers Group (a) (b) | 9,364 | 930 | ||||||
Alexandria Real Estate Equities – REIT (a) | 8,007 | 841 | ||||||
AMB Property – REIT (a) | 25,615 | 1,479 | ||||||
American Financial Group (a) | 17,612 | 483 | ||||||
AmeriCredit (a) (b) | 30,449 | 425 | ||||||
Apollo Investment (a) | 29,284 | 474 | ||||||
Arthur J. Gallagher (a) | 24,123 | 593 | ||||||
Associated Banc-Corp (a) | 34,129 | 965 | ||||||
Astoria Financial (a) | 21,082 | 500 | ||||||
Bank of Hawaii (a) | 13,566 | 744 | ||||||
BRE Properties – REIT (a) | 12,922 | 620 | ||||||
Brown & Brown (a) | 29,001 | 557 | ||||||
Camden Property Trust – REIT (a) | 14,291 | 756 | ||||||
Cathay General Bancorp (a) | 10,346 | 176 | ||||||
City National | 10,384 | 504 | ||||||
Colonial BancGroup (a) | 39,123 | 318 | ||||||
Commerce Group | 8,058 | 294 | ||||||
Cousins Properties – REIT (a) | 11,464 | 291 | ||||||
Cullen/Frost Bankers | 13,077 | 730 | ||||||
Duke Realty – REIT | 36,507 | 891 | ||||||
Eaton Vance (a) | 32,183 | 1,178 | ||||||
Equity One – REIT (a) | 9,549 | 236 | ||||||
Everest Re Group | 16,388 | 1,481 | ||||||
Federal Realty Investment Trust – REIT (a) | 15,117 | 1,242 | ||||||
Fidelity National Title Group (a) | 55,466 | 887 | ||||||
First American (a) | 24,113 | 791 | ||||||
First Community Bancorp (a) | 5,593 | 120 | ||||||
First Niagara Financial Group (a) | 22,837 | 329 | ||||||
FirstMerit | 21,947 | 450 | ||||||
GATX (a) | 12,542 | 552 | ||||||
Hanover Insurance Group | 13,282 | 596 | ||||||
HCC Insurance Holdings | 29,271 | 722 | ||||||
Health Care REIT (a) | 22,862 | 1,108 | ||||||
Highwoods Properties – REIT (a) | 14,489 | 508 | ||||||
Horace Mann Educators | 11,053 | 187 | ||||||
Hospitality Properties Trust – REIT | 23,366 | 751 | ||||||
IndyMac Bancorp (a) | 20,610 | 67 | ||||||
Jefferies Group | 28,703 | 540 | ||||||
Jones Lang LaSalle (a) | 8,185 | 635 | ||||||
Liberty Property Trust – REIT | 22,972 | 805 | ||||||
Macerich – REIT (a) | 18,585 | 1,359 | ||||||
Mack-Cali Realty – REIT (a) | 17,315 | 676 | ||||||
Mercury General (a) | 9,169 | 457 | ||||||
Nationwide Health Properties – REIT (a) | 23,875 | 860 | ||||||
New York Community Bancorp (a) | 83,132 | 1,552 | ||||||
Old Republic International | 58,884 | 845 | ||||||
PMI Group | 20,911 | 118 | ||||||
Potlatch – REIT (a) | 9,902 | 444 | ||||||
Protective Life | 17,907 | 763 | ||||||
Radian Group (a) | 20,602 | 111 | ||||||
Raymond James Financial (a) | 24,136 | 694 | ||||||
Rayonier – REIT (a) | 20,209 | 849 | ||||||
Realty Income – REIT (a) | 25,770 | 678 | ||||||
Regency Centers – REIT (a) | 17,046 | 1,220 | ||||||
SEI Investments | 32,262 | 751 | ||||||
StanCorp Financial Group | 13,251 | 679 | ||||||
SVB Financial (a) (b) | 9,656 | 470 | ||||||
Synovus Financial (a) | 84,102 | 996 | ||||||
TCF Financial (a) | 28,555 | 497 | ||||||
UDR – REIT (a) | 34,495 | 872 | ||||||
Unitrin | 13,325 | 506 | ||||||
W.R. Berkley | 43,772 | 1,124 | ||||||
Waddell & Reed Financial, Class A (a) | 21,774 | 737 | ||||||
Washington Federal (a) | 23,667 | 563 | ||||||
Webster Financial (a) | 14,652 | 382 | ||||||
Weingarten Realty Investors – REIT (a) | 21,304 | 786 | ||||||
Westamerica Bancorporation (a) | 7,626 | 446 | ||||||
Wilmington Trust (a) | 17,531 | 576 | ||||||
45,767 | ||||||||
Healthcare – 11.8% | ||||||||
Advanced Medical Optics (a) (b) | 15,492 | 325 | ||||||
Affymetrix (a) (b) | 17,734 | 193 | ||||||
Apria Healthcare Group (a) (b) | 11,242 | 198 | ||||||
Beckman Coulter | 15,892 | 1,085 | ||||||
Cephalon (a) (b) | 17,131 | 1,069 | ||||||
Cerner (a) (b) | 16,803 | 777 | ||||||
Charles River Laboratories International (a) (b) | 17,538 | 1,018 | ||||||
Community Health Systems (a) (b) | 24,525 | 920 | ||||||
Covance (a) (b) | 16,901 | 1,416 | ||||||
DENTSPLY International | 39,530 | 1,536 |
The accompanying notes are an integral part of the financial statements.
10 First American Funds 2008 Semiannual Report
Table of Contents
Mid Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Edwards Lifesciences (a) (b) | 15,032 | $ | 833 | |||||
Endo Pharmaceuticals (a) (b) | 34,595 | 859 | ||||||
Gen-Probe (a) (b) | 13,528 | 762 | ||||||
Health Management Associates, Class A (a) (b) | 62,127 | 443 | ||||||
Health Net (a) (b) | 28,200 | 826 | ||||||
Henry Schein (a) (b) | 22,551 | 1,249 | ||||||
Hill-Rom Holdings (a) | 15,697 | 394 | ||||||
Hologic (b) | 65,224 | 1,904 | ||||||
Intuitive Surgical (a) (b) | 9,950 | 2,878 | ||||||
Invitrogen (a) (b) | 12,384 | 1,159 | ||||||
Kindred Healthcare (a) (b) | 8,130 | 193 | ||||||
Kinetic Concepts (a) (b) | 13,760 | 546 | ||||||
Lifepoint Hospitals (a) (b) | 14,926 | 450 | ||||||
Lincare Holdings (b) | 18,851 | 459 | ||||||
Medicis Pharmaceutical, Class A (a) | 13,192 | 272 | ||||||
Millennium Pharmaceuticals (b) | 82,944 | 2,063 | ||||||
Mine Safety Appliances | 6,722 | 250 | ||||||
Omnicare (a) | 31,575 | 643 | ||||||
Par Pharmaceutical Companies (b) | 9,264 | 158 | ||||||
PDL BioPharma (a) (b) | 30,083 | 399 | ||||||
Perrigo (a) | 19,938 | 817 | ||||||
Pharmaceutical Product Development | 26,771 | 1,109 | ||||||
Psychiatric Solutions (a) (b) | 14,117 | 490 | ||||||
Resmed (a) (b) | 19,471 | 840 | ||||||
Sepracor (a) (b) | 28,696 | 618 | ||||||
Service Corp. International (a) | 69,176 | 769 | ||||||
STERIS (a) | 16,631 | 461 | ||||||
Techne (a) (b) | 9,690 | 703 | ||||||
Universal Health Services | 13,666 | 856 | ||||||
Valeant Pharmaceuticals International (a) (b) | 23,584 | 313 | ||||||
Varian (b) | 8,202 | 418 | ||||||
VCA Antech (a) (b) | 21,043 | 681 | ||||||
Vertex Pharmaceuticals (a) (b) | 33,985 | 867 | ||||||
WellCare Health Plans (a) (b) | 10,659 | 467 | ||||||
34,686 | ||||||||
Industrials – 15.9% | ||||||||
AGCO (a) (b) | 23,679 | 1,424 | ||||||
AirTran Holdings (a) (b) | 23,284 | 79 | ||||||
Alaska Air Group (a) (b) | 9,801 | 210 | ||||||
Alexander & Baldwin (a) | 10,639 | 534 | ||||||
Alliant Techsystems (a) (b) | 8,622 | 948 | ||||||
AMETEK | 27,530 | 1,336 | ||||||
Avis Budget Group (a) (b) | 26,590 | 353 | ||||||
BE Aerospace (b) | 23,594 | 952 | ||||||
Brinks | 11,475 | 835 | ||||||
Career Education (a) (b) | 24,425 | 492 | ||||||
Carlisle Companies | 15,329 | 443 | ||||||
ChoicePoint (b) | 17,479 | 845 | ||||||
Con-way | 11,611 | 537 | ||||||
Copart (b) | 18,507 | 756 | ||||||
Corporate Executive Board | 9,110 | 397 | ||||||
Corrections Corporation of America (b) | 32,116 | 819 | ||||||
Crane | 13,028 | 533 | ||||||
Deluxe | 13,393 | 285 | ||||||
Donaldson (a) | 17,754 | 773 | ||||||
DRS Technologies (a) | 10,535 | 658 | ||||||
Dun & Bradstreet | 14,921 | 1,258 | ||||||
Dycom Industries (a) (b) | 10,837 | 156 | ||||||
Fastenal (a) | 32,361 | 1,580 | ||||||
Federal Signal (a) | 12,290 | 171 | ||||||
Flowserve | 14,758 | 1,831 | ||||||
Graco (a) | 16,158 | 669 | ||||||
Granite Construction (a) | 8,779 | 301 | ||||||
Harsco | 21,352 | 1,267 | ||||||
Herman Miller (a) | 15,727 | 367 | ||||||
HNI (a) | 11,819 | 257 | ||||||
Hubbell, Class B | 14,891 | 666 | ||||||
IDEX (a) | 20,383 | 748 | ||||||
ITT Educational Services (b) | 7,960 | 610 | ||||||
J.B. Hunt Transport Services (a) | 22,832 | 776 | ||||||
JetBlue Airways (a) (b) | 45,563 | 230 | ||||||
Joy Global (a) | 27,687 | 2,056 | ||||||
Kansas City Southern Industries (a) (b) | 19,668 | 887 | ||||||
KBR | 43,502 | 1,255 | ||||||
Kelly Services, Class A (a) | 5,117 | 114 | ||||||
Kennametal (a) | 20,181 | 702 | ||||||
Korn/Ferry International (a) (b) | 11,475 | 214 | ||||||
Lincoln Electric Holdings (a) | 11,073 | 845 | ||||||
Manpower | 20,813 | 1,397 | ||||||
MSC Industrial Direct, Class A | 12,037 | 587 | ||||||
Navigant Consulting (a) (b) | 11,770 | 237 | ||||||
Nordson (a) | 8,707 | 514 | ||||||
Oshkosh Truck (a) | 18,846 | 765 | ||||||
Pentair | 25,642 | 944 | ||||||
Quanta Services (a) (b) | 43,328 | 1,150 | ||||||
Republic Services | 41,284 | 1,312 | ||||||
Rollins | 10,974 | 175 | ||||||
Roper Industries (a) | 22,407 | 1,392 | ||||||
Sotheby’s Holdings, Class A (a) | 17,096 | 474 | ||||||
SPX | 14,305 | 1,759 | ||||||
Stericycle (a) (b) | 22,209 | 1,185 | ||||||
Teleflex (a) | 10,147 | 559 | ||||||
Thomas & Betts (b) | 13,096 | 491 | ||||||
Timken (a) | 24,144 | 873 | ||||||
Trinity Industries (a) | 20,776 | 632 | ||||||
United Rentals (b) | 19,393 | 365 | ||||||
URS (a) (b) | 21,498 | 867 | ||||||
Werner Enterprises (a) | 11,588 | 225 | ||||||
Westinghouse Air Brake Technologies | 12,409 | 532 | ||||||
YRC Worldwide (a) (b) | 14,710 | 239 | ||||||
46,843 | ||||||||
Information Technology – 12.7% | ||||||||
3Com (a) (b) | 102,416 | 245 | ||||||
ACI Worldwide (a) (b) | 9,519 | 210 | ||||||
Activision (a) (b) | 75,619 | 2,045 | ||||||
Acxiom | 17,333 | 205 | ||||||
ADC Telecommunications (a) (b) | 29,973 | 420 | ||||||
ADTRAN | 15,658 | 370 | ||||||
Advent Software (a) (b) | 5,314 | 212 | ||||||
Alliance Data Systems (b) | 20,172 | 1,158 | ||||||
Amphenol, Class A | 45,840 | 2,117 | ||||||
Arrow Electronics (b) | 31,145 | 847 | ||||||
Atmel (b) | 122,636 | 456 | ||||||
Avnet (b) | 38,402 | 1,006 | ||||||
Avocent (a) (b) | 13,119 | 256 | ||||||
Broadridge Financial Solutions | 35,050 | 653 | ||||||
Cadence Design Systems (a) (b) | 69,562 | 774 | ||||||
CommScope (a) (b) | 17,016 | 809 | ||||||
Cree (a) (b) | 21,709 | 564 | ||||||
CSG Systems International (b) | 9,094 | 110 | ||||||
Cypress Semiconductor (a) (b) | 39,441 | 1,109 | ||||||
Diebold (a) | 17,018 | 667 | ||||||
Digital River (a) (b) | 10,453 | 343 | ||||||
DST Systems (a) (b) | 13,527 | 809 | ||||||
F5 Networks (a) (b) | 21,574 | 488 | ||||||
Fair Isaac (a) | 12,922 | 320 | ||||||
Fairchild Semiconductor International, Class A (b) | 31,275 | 408 | ||||||
Foundry Networks (a) (b) | 38,701 | 493 | ||||||
Gartner, Class A (a) (b) | 17,857 | 409 | ||||||
Global Payments (a) | 20,537 | 909 |
First American Funds 2008 Semiannual Report 11
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Mid Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Harris | 34,750 | $ | 1,878 | |||||
Imation | 8,382 | 196 | ||||||
Ingram Micro, Class A (b) | 37,440 | 637 | ||||||
Integrated Device Technology (b) | 49,639 | 531 | ||||||
International Rectifier (a) (b) | 18,469 | 420 | ||||||
Intersil, Class A (a) | 33,633 | 899 | ||||||
Jack Henry & Associates (a) | 19,428 | 511 | ||||||
KEMET (a) (b) | 21,834 | 89 | ||||||
Lam Research (a) (b) | 32,067 | 1,310 | ||||||
Macrovision (a) (b) | 13,577 | 214 | ||||||
McAfee (b) | 41,179 | 1,369 | ||||||
Mentor Graphics (a) (b) | 22,950 | 231 | ||||||
Metavante Technologies | 22,730 | 536 | ||||||
MPS Group (a) (b) | 27,021 | 290 | ||||||
National Instruments | 14,424 | 424 | ||||||
NCR (b) | 45,802 | 1,128 | ||||||
Palm (a) | 26,653 | 154 | ||||||
Parametric Technology (a) (b) | 29,414 | 513 | ||||||
Plantronics | 12,385 | 309 | ||||||
Polycom (a) (b) | 22,904 | 513 | ||||||
RF Micro Devices (b) | 73,363 | 247 | ||||||
Semtech (a) (b) | 16,874 | 274 | ||||||
Silicon Laboratories (a) (b) | 14,399 | 486 | ||||||
SRA International, Class A (a) (b) | 9,394 | 247 | ||||||
Sybase (a) (b) | 22,262 | 655 | ||||||
Synopsys (b) | 35,941 | 831 | ||||||
Tech Data (b) | 14,149 | 476 | ||||||
TriQuint Semiconductor (a) (b) | 35,597 | 235 | ||||||
ValueClick (a) (b) | 25,218 | 503 | ||||||
Vishay Intertechnology (b) | 48,208 | 456 | ||||||
Western Digital (a) (b) | 56,102 | 1,626 | ||||||
Wind River Systems (a) (b) | 19,509 | 161 | ||||||
Zebra Technology, Class A (a) (b) | 17,709 | 651 | ||||||
37,412 | ||||||||
Materials – 7.3% | ||||||||
Airgas | 21,087 | 1,015 | ||||||
Albemarle (a) | 20,313 | 760 | ||||||
AptarGroup | 17,514 | 773 | ||||||
Cabot Microelectronics (a) | 17,384 | 507 | ||||||
Carpenter Technology (a) | 13,105 | 672 | ||||||
CF Industries Holdings (a) | 12,343 | 1,650 | ||||||
Chemtura | 63,772 | 441 | ||||||
Cleveland-Cliffs | 11,634 | 1,866 | ||||||
Commercial Metals | 30,029 | 935 | ||||||
Cytec Industries | 10,758 | 635 | ||||||
Ferro | 10,910 | 192 | ||||||
FMC | 19,505 | 1,225 | ||||||
Louisiana Pacific (a) | 27,041 | 311 | ||||||
Lubrizol | 17,779 | 1,037 | ||||||
Martin Marietta Materials (a) | 11,053 | 1,209 | ||||||
Minerals Technologies (a) | 5,156 | 349 | ||||||
Olin | 18,195 | 367 | ||||||
Packaging Corporation of America | 23,751 | 522 | ||||||
Reliance Steel & Aluminum (a) | 16,560 | 1,007 | ||||||
RPM (a) | 30,589 | 682 | ||||||
Scotts (a) | 11,109 | 368 | ||||||
Sensient Technologies (a) | 11,847 | 353 | ||||||
Sonoco Products | 26,017 | 857 | ||||||
Steel Dynamics (a) | 48,204 | 1,680 | ||||||
Temple-Inland | 25,503 | 298 | ||||||
Terra Industries (a) (b) | 23,852 | 903 | ||||||
Valspar (a) | 25,472 | 560 | ||||||
Worthington Industries (a) | 16,895 | 304 | ||||||
21,478 | ||||||||
Telecommunication Services – 0.6% | ||||||||
Cincinnati Bell (a) (b) | 62,851 | 292 | ||||||
NeuStar, Class A (a) (b) | 19,351 | 532 | ||||||
Telephone & Data Systems | 27,297 | 1,045 | ||||||
1,869 | ||||||||
Utilities – 7.5% | ||||||||
AGL Resources | 19,926 | 678 | ||||||
Alliant Energy (a) | 32,258 | 1,215 | ||||||
Aqua America (a) | 33,961 | 626 | ||||||
Aquila (b) | 95,810 | 345 | ||||||
Black Hills (a) | 9,228 | 360 | ||||||
DPL | 30,339 | 844 | ||||||
Energen (a) | 18,502 | 1,263 | ||||||
Energy East | 40,090 | 914 | ||||||
Equitable Resources (a) | 31,013 | 2,058 | ||||||
Great Plains Energy (a) | 20,602 | 528 | ||||||
Hawaiian Electric Industries (a) | 21,142 | 521 | ||||||
IDACORP (a) | 10,983 | 356 | ||||||
MDU Resources Group (a) | 46,855 | 1,353 | ||||||
National Fuel Gas (a) | 20,415 | 1,045 | ||||||
Northeast Utilities | 39,441 | 1,038 | ||||||
NSTAR | 28,007 | 902 | ||||||
OGE Energy | 22,054 | 721 | ||||||
ONEOK | 27,622 | 1,329 | ||||||
PNM Resources (a) | 19,657 | 285 | ||||||
Puget Energy | 30,902 | 841 | ||||||
SCANA | 29,908 | 1,179 | ||||||
Sierra Pacific Resources | 58,995 | 804 | ||||||
Vectren (a) | 19,935 | 564 | ||||||
Westar Energy (a) | 22,519 | 522 | ||||||
WGL Holdings (a) | 12,634 | 414 | ||||||
Wisconsin Energy | 30,687 | 1,457 | ||||||
22,162 | ||||||||
Total Common Stocks (Cost $218,196) | 281,335 | |||||||
Short-Term Investments – 4.3% | ||||||||
Money Market Fund – 4.0% | ||||||||
First American Prime Obligations Fund, Class Z (d) | 11,679,289 | 11,679 | ||||||
U.S. Treasury Obligation – 0.3% | ||||||||
U.S. Treasury Bill | ||||||||
2.240%, 06/26/2008 (e) | $ | 1,000 | 997 | |||||
Total Short-Term Investments (Cost $12,676) | 12,676 | |||||||
Investment Purchased with Proceeds from Securities Lending – 47.9% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (f) | ||||||||
(Cost $140,911) | 140,911,322 | 140,911 | ||||||
Total Investments – 147.9% (Cost $371,783) | 434,922 | |||||||
Other Assets and Liabilities, Net – (47.9)% | (140,970 | ) | ||||||
Total Net Assets – 100.0% | $ | 293,952 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $135,660 at April 30, 2008. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | Security is fair valued and illiquid. As of April 30, 2008, the market value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
12 First American Funds 2008 Semiannual Report
Table of Contents
Mid Cap Index Fund (concluded)
(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) | Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2008. 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 | Notional | ||||||||||
Contracts | Contract | Settlement | Unrealized | ||||||||
Description | Purchased | Value | Month | Appreciation | |||||||
S&P Mid Cap 400 Futures | 29 | $ | 12,181 | June 2008 | $ | 1,263 | |||||
Small Cap Index Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 91.0% | ||||||||
Consumer Discretionary – 12.4% | ||||||||
1-800-Flowers.com, Class A (a) | 1,917 | $ | 17 | |||||
99 Cents Only Stores (a) (b) | 3,188 | 30 | ||||||
A.C. Moore Arts & Crafts (a) | 1,233 | 8 | ||||||
Aaron Rents | 3,183 | 79 | ||||||
Aeropostale (a) (b) | 4,531 | 144 | ||||||
AFC Enterprises (a) | 1,940 | 20 | ||||||
Aftermarket Technology (a) (b) | 1,513 | 35 | ||||||
AH Belo, Class A | 1,166 | 11 | ||||||
Ambassadors Group | 1,404 | 27 | ||||||
Ambassadors International (b) | 549 | 3 | ||||||
American Axle & Manufacturing Holdings (b) | 3,068 | 62 | ||||||
American Greetings, Class A (b) | 3,313 | 59 | ||||||
Amerigon (a) | 1,487 | 22 | ||||||
Ameristar Casinos (b) | 1,734 | 30 | ||||||
Andersons (b) | 1,106 | 50 | ||||||
Arbitron (b) | 1,940 | 93 | ||||||
Arctic Cat (b) | 843 | 6 | ||||||
ArvinMeritor (b) | 4,853 | 73 | ||||||
Asbury Automotive Group | 1,212 | 20 | ||||||
Avatar Holdings (a) (b) | 437 | 18 | ||||||
Bally Technologies (a) | 3,670 | 124 | ||||||
Beazer Homes USA (b) | 2,701 | 30 | ||||||
Bebe Stores (b) | 1,826 | 18 | ||||||
Belo, Class A (b) | 5,832 | 59 | ||||||
Benihana (a) | 822 | 9 | ||||||
Big 5 Sporting Goods | 1,718 | 16 | ||||||
BJs Restaurants (a) | 1,135 | 16 | ||||||
Blockbuster, Class A (a) (b) | 13,248 | 39 | ||||||
Blount International (a) | 2,851 | 35 | ||||||
Blue Nile (a) (b) | 987 | 49 | ||||||
Bluegreen (a) | 1,438 | 10 | ||||||
BLYTH | 1,782 | 30 | ||||||
Bob Evans Farms (b) | 2,114 | 59 | ||||||
Bon-Ton Stores (b) | 721 | 6 | ||||||
Books-A-Million | 1,160 | 9 | ||||||
Borders Group (b) | 4,056 | 26 | ||||||
Brookfield Homes (b) | 966 | 15 | ||||||
Brown Shoe (b) | 3,147 | 53 | ||||||
Buckle (b) | 924 | 45 | ||||||
Buffalo Wild Wings (a) (b) | 1,072 | 33 | ||||||
Build-A-Bear Workshop (a) (b) | 1,170 | 13 | ||||||
Building Materials Holding (b) | 2,129 | 10 | ||||||
Cabelas (a) (b) | 2,115 | 29 | ||||||
Cache (a) | 853 | 10 | ||||||
California Pizza Kitchen (a) (b) | 2,044 | 32 | ||||||
Callaway Golf (b) | 4,844 | 67 | ||||||
Capella Education Company (a) | 734 | 47 | ||||||
Carmike Cinemas | 854 | 7 | ||||||
Carrols Restaurant Group (a) | 665 | 5 | ||||||
Carters (a) | 3,237 | 46 | ||||||
Casual Male Retail Group (a) | 2,104 | 9 | ||||||
Cato, Class A (b) | 2,032 | 35 | ||||||
CBRL Group | 1,692 | 63 | ||||||
CEC Entertainment (a) | 1,581 | 59 | ||||||
Champion Enterprise (a) (b) | 5,237 | 54 | ||||||
Charlotte Russe Holding (a) | 1,872 | 30 | ||||||
Charming Shoppes (a) (b) | 8,114 | 42 | ||||||
Charter Communications, Class A (a) (b) | 28,388 | 30 | ||||||
Cherokee (b) | 594 | 17 | ||||||
Children’s Place Retail Stores (a) (b) | 1,551 | 36 | ||||||
Chipotle Mexican Grill, Class B (a) | 2,253 | 191 | ||||||
Christopher & Banks (b) | 2,456 | 29 | ||||||
Churchill Downs | 575 | 29 | ||||||
Cinemark Holdings (b) | 1,951 | 29 |
First American Funds 2008 Semiannual Report 13
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Citadel Broadcasting (b) | 12,466 | $ | 17 | |||||
Citi Trends (a) | 950 | 20 | ||||||
CKE Restaurants | 3,893 | 41 | ||||||
CKX (a) | 3,527 | 32 | ||||||
Coinstar (a) (b) | 2,012 | 64 | ||||||
Collective Brands (a) (b) | 4,470 | 55 | ||||||
Columbia Sportswear (b) | 753 | 32 | ||||||
Conn’s (a) (b) | 535 | 9 | ||||||
Cooper Tire & Rubber (b) | 4,039 | 53 | ||||||
Core Mark Holding (a) | 598 | 17 | ||||||
Corinthian Colleges (a) (b) | 5,968 | 68 | ||||||
Courier | 801 | 19 | ||||||
Cox Radio (a) | 2,105 | 24 | ||||||
Crown Media Holdings, Class A (a) (b) | 1,767 | 8 | ||||||
CSK Auto (a) | 3,263 | 39 | ||||||
CSS Industries | 538 | 17 | ||||||
Cumulus Media, Class A (a) | 2,367 | 14 | ||||||
Deckers Outdoor (a) (b) | 831 | 115 | ||||||
Denny’s (a) | 7,982 | 25 | ||||||
DeVry (b) | 4,129 | 235 | ||||||
DG Fastchannel (a) | 856 | 16 | ||||||
Dolan Media (a) | 724 | 13 | ||||||
Domino’s Pizza | 2,714 | 36 | ||||||
Dover Downs Gaming & Entertainment | 942 | 8 | ||||||
Dress Barn (a) (b) | 3,185 | 43 | ||||||
Drew Industries (a) (b) | 1,311 | 32 | ||||||
DSW (a) (b) | 1,048 | 16 | ||||||
Eddie Bauer (a) (b) | 2,045 | 8 | ||||||
Emmis Communications, Class A (a) | 2,250 | 7 | ||||||
Entercom Communications (b) | 2,069 | 22 | ||||||
Entravision Communications (a) | 4,525 | 32 | ||||||
Ethan Allen Interiors (b) | 1,828 | 50 | ||||||
Exide Technologies (a) (b) | 5,318 | 78 | ||||||
FGX International Holdings Limited (a) | 754 | 10 | ||||||
Finish Line, Class A | 2,878 | 19 | ||||||
Fisher Communications (a) | 409 | 13 | ||||||
Fleetwood Enterprises (a) (b) | 4,872 | 17 | ||||||
Fossil (a) (b) | 2,994 | 107 | ||||||
Fred’s (b) | 2,758 | 31 | ||||||
Furniture Brands International (b) | 3,338 | 45 | ||||||
Gaiam, Class A (a) (b) | 1,277 | 22 | ||||||
Gander Mountain (a) (b) | 381 | 2 | ||||||
Gaylord Entertainment (a) (b) | 2,799 | 83 | ||||||
Gemstar-TV Guide International (a) | 17,267 | 70 | ||||||
Genesco (a) (b) | 1,555 | 34 | ||||||
GenTek (a) | 618 | 19 | ||||||
G-iii Apparel Group (a) | 864 | 13 | ||||||
Global Sources (a) | 1,177 | 16 | ||||||
Gray Television | 3,058 | 14 | ||||||
Great Wolf Resorts (a) (b) | 1,961 | 12 | ||||||
Group 1 Automotive (b) | 1,542 | 41 | ||||||
GSI Commerce (a) | 1,376 | 19 | ||||||
Gymboree (a) | 1,940 | 84 | ||||||
Harris Interactive (a) | 3,569 | 9 | ||||||
Haverty Furniture (b) | 1,350 | 12 | ||||||
Hayes Lemmerz International (a) | 6,491 | 19 | ||||||
Heelys (a) | 524 | 2 | ||||||
Helen of Troy (a) (b) | 2,079 | 35 | ||||||
Hibbett Sports (a) (b) | 2,187 | 40 | ||||||
Hooker Furniture (b) | 657 | 14 | ||||||
Hot Topic (a) | 2,994 | 16 | ||||||
Hovnanian Enterprises, Class A (a) (b) | 2,578 | 30 | ||||||
Iconix Brand Group (a) (b) | 3,498 | 56 | ||||||
IHOP (b) | 1,211 | 56 | ||||||
Insight Enterprises (a) | 3,308 | 40 | ||||||
Interactive Data (b) | 2,347 | 63 | ||||||
Interface, Class A (b) | 3,545 | 46 | ||||||
INVESTools (a) (b) | 3,628 | 42 | ||||||
iRobot (a) (b) | 947 | 15 | ||||||
Isle of Capri Casinos (a) (b) | 1,132 | 8 | ||||||
J. Crew Group (a) (b) | 2,637 | 125 | ||||||
Jack in the Box (a) (b) | 4,329 | 116 | ||||||
JAKKS Pacific (a) | 2,097 | 49 | ||||||
Jamba (a) (b) | 3,581 | 9 | ||||||
Jo-Ann Stores (a) (b) | 1,815 | 34 | ||||||
Jos. A. Bank Clothiers (a) (b) | 1,223 | 30 | ||||||
Journal Communications, Class A | 2,895 | 17 | ||||||
Kenneth Cole Productions | 692 | 13 | ||||||
Kimball International | 1,277 | 13 | ||||||
Knology (a) | 1,797 | 23 | ||||||
Krispy Kreme Doughnuts (a) (b) | 4,526 | 14 | ||||||
K-Swiss, Class A | 1,927 | 28 | ||||||
Lakes Entertainment (a) | 1,233 | 6 | ||||||
Landry’s Restaurants (b) | 849 | 14 | ||||||
La-Z-Boy (b) | 3,520 | 22 | ||||||
LeapFrog Enterprises (a) | 2,610 | 22 | ||||||
Lear (a) | 5,255 | 150 | ||||||
Lee Enterprises (b) | 3,185 | 25 | ||||||
Libbey | 983 | 14 | ||||||
Life Time Fitness (a) (b) | 2,196 | 80 | ||||||
Lifetime Brands | 939 | 8 | ||||||
Lin TV, Class A (a) | 1,865 | 19 | ||||||
Lithia Motors (b) | 1,261 | 11 | ||||||
Live Nation (a) (b) | 4,760 | 66 | ||||||
LKQ (a) (b) | 7,371 | 160 | ||||||
LodgeNet Entertainment (a) (b) | 1,540 | 9 | ||||||
Lodgian (a) | 1,271 | 12 | ||||||
Lululemon Athletica (a) (b) | 951 | 29 | ||||||
M/I Homes (b) | 857 | 15 | ||||||
Maidenform Brands (a) | 1,611 | 24 | ||||||
Marcus (b) | 1,450 | 24 | ||||||
Marine Products (b) | 1,141 | 8 | ||||||
MarineMax (a) (b) | 1,037 | 12 | ||||||
Martha Stewart Living (a) (b) | 1,824 | 14 | ||||||
Marvel Entertainment (a) (b) | 3,605 | 103 | ||||||
Matthews International, Class A (b) | 2,384 | 118 | ||||||
McCormick & Schmick’s Seafood Restaurants (a) | 653 | 8 | ||||||
Media General, Class A (b) | 1,536 | 23 | ||||||
Mediacom Communications (a) (b) | 4,284 | 18 | ||||||
Men’s Wearhouse (b) | 3,501 | 93 | ||||||
Meritage Homes (a) (b) | 1,781 | 34 | ||||||
Midas (a) | 1,017 | 16 | ||||||
Modine Manufacturing | 2,246 | 39 | ||||||
Monaco Coach | 2,251 | 14 | ||||||
Monarch Casino & Resort (a) (b) | 720 | 10 | ||||||
Monro Muffler Brake | 1,248 | 21 | ||||||
Morgans Hotel Group (a) | 1,507 | 21 | ||||||
Morningstar (a) | 1,012 | 59 | ||||||
Mortons Restaurant Group (a) | 146 | 1 | ||||||
Movado Group | 1,174 | 26 | ||||||
MTR Gaming Group (a) | 1,442 | 9 | ||||||
Multimedia Games (a) | 1,560 | 7 | ||||||
National Cinemedia | 1,956 | 37 | ||||||
National Presto Industries | 321 | 17 | ||||||
Nautilus (b) | 2,239 | 8 | ||||||
Netflix (a) (b) | 2,913 | 93 | ||||||
New York & Company (a) (b) | 1,725 | 11 | ||||||
Nexstar Broadcasting Group (a) | 702 | 4 | ||||||
Noble International | 836 | 5 | ||||||
O’Charleys | 1,902 | 22 | ||||||
Orbitz Worldwide (a) (b) | 2,285 | 18 | ||||||
Overstock.com (a) (b) | 1,122 | 22 |
The accompanying notes are an integral part of the financial statements.
14 First American Funds 2008 Semiannual Report
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Oxford Industries (b) | 951 | $ | 26 | |||||
P.F. Chang’s China Bistro (a) (b) | 1,796 | 56 | ||||||
Pacific Sunwear of California (a) (b) | 4,854 | 65 | ||||||
Palm Harbor Homes (a) (b) | 836 | 7 | ||||||
Papa John’s International (a) | 1,462 | 39 | ||||||
Pep Boys – Manny, Moe & Jack (b) | 2,697 | 24 | ||||||
Perry Ellis International (a) | 790 | 18 | ||||||
PetMed Express (a) | 1,464 | 16 | ||||||
Pier 1 Imports (a) (b) | 6,115 | 48 | ||||||
Pinnacle Entertainment (a) (b) | 4,083 | 63 | ||||||
Playboy Enterprises, Class B (a) | 1,742 | 15 | ||||||
Polaris Industries (b) | 2,466 | 115 | ||||||
Premier Exhibitions (a) | 2,040 | 12 | ||||||
Prestige Brand Holdings (a) | 2,247 | 20 | ||||||
Priceline.com (a) (b) | 2,570 | 328 | ||||||
Primedia (b) | 3,018 | 20 | ||||||
Quiksilver (a) (b) | 8,989 | 87 | ||||||
Radio One (a) | 5,235 | 5 | ||||||
Raser Technologies (a) (b) | 2,181 | 24 | ||||||
RC2 (a) (b) | 1,219 | 23 | ||||||
RCN | 1,809 | 21 | ||||||
Red Robin Gourmet Burgers (a) (b) | 1,294 | 53 | ||||||
Regis | 3,037 | 89 | ||||||
Rent-A-Center (a) (b) | 4,865 | 105 | ||||||
Retail Ventures (a) | 1,690 | 9 | ||||||
Riviera Holdings (a) | 695 | 11 | ||||||
Ruby Tuesday (b) | 3,747 | 32 | ||||||
Russ Berrie and Company (a) (b) | 1,148 | 16 | ||||||
Ruth’s Chris Steak House (a) (b) | 1,344 | 10 | ||||||
Salem Communications | 573 | 2 | ||||||
Sally Beauty Holdings (a) (b) | 6,456 | 39 | ||||||
Sauer-Danfoss | 850 | 25 | ||||||
Scholastic (a) | 2,087 | 59 | ||||||
Sealy (b) | 3,092 | 19 | ||||||
Select Comfort (a) (b) | 3,432 | 10 | ||||||
Shoe Carnival (a) | 669 | 9 | ||||||
Shuffle Master (a) (b) | 2,645 | 13 | ||||||
Shutterfly (a) (b) | 1,013 | 17 | ||||||
Sinclair Broadcast Group, Class A | 3,477 | 31 | ||||||
Six Flags (a) (b) | 5,265 | 9 | ||||||
Skechers U.S.A., Class A (a) | 1,385 | 33 | ||||||
Skyline | 507 | 14 | ||||||
Smith & Wesson (a) (b) | 2,297 | 17 | ||||||
Sonic Automotive, Class A (b) | 2,127 | 43 | ||||||
Sonic (a) (b) | 4,360 | 96 | ||||||
Source Interlink Companies (a) (b) | 2,659 | 4 | ||||||
Spanish Broadcasting System (a) | 2,675 | 4 | ||||||
Spartan Motors (b) | 2,231 | 21 | ||||||
Speedway Motorsports | 948 | 25 | ||||||
Stage Stores | 2,952 | 46 | ||||||
Stamps.com (a) | 1,192 | 16 | ||||||
Standard Motor Products (b) | 1,076 | 7 | ||||||
Standard-Pacific (b) | 4,499 | 23 | ||||||
Steak ’N Shake (a) (b) | 2,025 | 16 | ||||||
Stein Mart (b) | 1,838 | 10 | ||||||
Steiner Leisure (a) | 1,201 | 40 | ||||||
Steinway Musical Instruments (a) | 658 | 19 | ||||||
Steven Madden (a) | 1,515 | 29 | ||||||
Stoneridge (a) | 981 | 14 | ||||||
Strayer Education (b) | 1,080 | 201 | ||||||
Sturm, Ruger & Company (a) | 1,519 | 11 | ||||||
Sun-Times Media Group (a) | 4,914 | 4 | ||||||
Superior Industries International | 1,042 | 21 | ||||||
Syntax Brillian (a) (b) | 3,912 | 5 | ||||||
Systemax (b) | 697 | 11 | ||||||
Talbots (b) | 1,623 | 13 | ||||||
Tarragon Realty Investors (a) (b) | 984 | 2 | ||||||
Tempur-Pedic International (b) | 5,110 | 57 | ||||||
Tenneco Automotive (a) (b) | 3,289 | 84 | ||||||
Texas Roadhouse, Class A (a) (b) | 4,031 | 48 | ||||||
Timberland, Class A (a) | 3,225 | 47 | ||||||
TiVo (a) | 5,919 | 49 | ||||||
Town Sports International Holdings (a) | 1,102 | 8 | ||||||
Triarc, Class B (b) | 3,985 | 28 | ||||||
True Religion Apparel (a) (b) | 1,011 | 19 | ||||||
Trump Entertainment Resorts (a) (b) | 2,256 | 6 | ||||||
Tuesday Morning (a) (b) | 2,107 | 11 | ||||||
Tupperware | 4,150 | 164 | ||||||
Tween Brands (a) | 1,679 | 32 | ||||||
Ulta Salon, Cosmetics & Fragrance (a) (b) | 64 | 1 | ||||||
Under Armour (a) (b) | 1,580 | 53 | ||||||
UniFirst | 699 | 33 | ||||||
Universal Electronics (a) (b) | 1,031 | 27 | ||||||
Vail Resorts (a) (b) | 2,137 | 104 | ||||||
Valassis Communications (a) (b) | 3,330 | 47 | ||||||
ValueVision Media (a) | 1,759 | 10 | ||||||
VistaPrint (a) (b) | 2,961 | 101 | ||||||
Visteon (a) | 9,599 | 42 | ||||||
Volcom (a) (b) | 1,021 | 19 | ||||||
Warnaco Group (a) (b) | 3,196 | 147 | ||||||
WCI Communities (a) (b) | 2,161 | 7 | ||||||
West Marine (a) | 1,112 | 6 | ||||||
Westwood One (a) | 4,797 | 8 | ||||||
Wet Seal, Class A (a) (b) | 5,647 | 20 | ||||||
Weyco Group | 56 | 2 | ||||||
Winnebago Industries (b) | 2,198 | 35 | ||||||
WMS Industries (a) | 2,749 | 99 | ||||||
Wolverine World Wide | 3,376 | 97 | ||||||
World Wrestling Entertainment | 1,609 | 28 | ||||||
Xerium Technologies | 1,200 | 2 | ||||||
Zale (a) (b) | 3,019 | 63 | ||||||
Zumiez (a) (b) | 1,098 | 23 | ||||||
10,780 | ||||||||
Consumer Staples – 2.8% | ||||||||
Alico (b) | 330 | 13 | ||||||
Alliance One International (a) | 7,019 | 43 | ||||||
American Dairy (a) (b) | 441 | 5 | ||||||
American Oriental Bioengineering (a) (b) | 3,815 | 37 | ||||||
Arden Group, Class A | 83 | 11 | ||||||
Boston Beer, Class A (a) | 365 | 16 | ||||||
Cadiz (a) (b) | 796 | 15 | ||||||
Cal-Maine Foods (b) | 872 | 26 | ||||||
Casey’s General Stores (b) | 3,485 | 77 | ||||||
Central European Distribution (a) (b) | 2,336 | 142 | ||||||
Central Garden & Pet, Class A (a) (b) | 4,199 | 21 | ||||||
Chattem (a) (b) | 1,166 | 82 | ||||||
Chiquita Brands International (a) (b) | 2,902 | 66 | ||||||
Coca-Cola Bottling | 346 | 20 | ||||||
Darling International (a) (b) | 5,100 | 78 | ||||||
Elizabeth Arden (a) (b) | 1,690 | 31 | ||||||
Farmer Brothers (b) | 456 | 11 | ||||||
Flowers Foods (b) | 5,280 | 137 | ||||||
Fresh Del Monte Produce (a) | 1,926 | 61 | ||||||
Great Atlantic & Pacific Tea (a) (b) | 1,793 | 49 | ||||||
Green Mountain Coffee Roasters (a) (b) | 1,308 | 42 | ||||||
Hain Celestial Group (a) (b) | 2,104 | 52 | ||||||
Imperial Sugar (b) | 903 | 14 | ||||||
Ingles Markets, Class A | 889 | 20 | ||||||
Inter Parfums | 368 | 11 | ||||||
J&J Snack Foods | 1,047 | 30 | ||||||
Jones Soda (a) (b) | 1,637 | 5 |
First American Funds 2008 Semiannual Report 15
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Lancaster Colony | 1,422 | $ | 54 | |||||
Lance (b) | 2,118 | 44 | ||||||
Longs Drug Stores (b) | 2,273 | 91 | ||||||
M & F Worldwide (a) | 792 | 27 | ||||||
Mannatech (b) | 1,380 | 9 | ||||||
Maui Land & Pineapple (a) | 372 | 12 | ||||||
MGP Ingredients | 725 | 5 | ||||||
Nash-Finch (b) | 912 | 33 | ||||||
National Beverage | 714 | 6 | ||||||
Nu Skin Enterprises, Class A | 3,472 | 62 | ||||||
Pantry (a) (b) | 1,559 | 17 | ||||||
Peets Coffee & Tea (a) (b) | 1,034 | 24 | ||||||
Performance Food Group (a) (b) | 2,424 | 81 | ||||||
Pilgrim’s Pride | 2,784 | 67 | ||||||
PriceSmart | 609 | 17 | ||||||
Ralcorp Holdings (a) (b) | 1,746 | 107 | ||||||
Reddy Ice Holdings (b) | 788 | 11 | ||||||
Revlon (a) (b) | 16,791 | 16 | ||||||
Ruddick (b) | 2,584 | 100 | ||||||
Sanderson Farms (b) | 1,169 | 49 | ||||||
Seaboard | 27 | 45 | ||||||
Spartan Stores (b) | 1,780 | 37 | ||||||
Spectrum Brands (a) (b) | 2,712 | 12 | ||||||
Synutra International (a) (b) | 265 | 9 | ||||||
Tiens Biotech Group USA (a) (b) | 570 | 1 | ||||||
Tootsie Roll Industries (b) | 2,485 | 61 | ||||||
Treehouse Foods (a) | 2,147 | 49 | ||||||
United Natural Foods (a) (b) | 2,940 | 58 | ||||||
Universal | 1,783 | 115 | ||||||
USANA Health Sciences (a) (b) | 592 | 12 | ||||||
Vector Group | 2,137 | 37 | ||||||
Village Super Market | 208 | 10 | ||||||
WD-40 Company | 1,116 | 35 | ||||||
Weis Markets | 547 | 17 | ||||||
Winn Dixie Stores (a) (b) | 2,345 | 42 | ||||||
2,487 | ||||||||
Energy – 7.1% | ||||||||
Allis Chalmers Energy (a) (b) | 1,748 | 28 | ||||||
Alon USA Energy (b) | 672 | 9 | ||||||
APCO Argentina | 276 | 7 | ||||||
Approach Resources (a) | 587 | 11 | ||||||
Arena Resources (a) | 2,138 | 96 | ||||||
Atlas America | 1,649 | 115 | ||||||
ATP Oil & Gas (a) | 1,729 | 50 | ||||||
Atwood Oceanics (a) | 1,870 | 188 | ||||||
Aventine Renewable Energy (a) (b) | 2,082 | 9 | ||||||
Basic Energy Services (a) | 2,799 | 65 | ||||||
Berry Petroleum, Class A (b) | 2,562 | 127 | ||||||
Bill Barrett (a) | 2,239 | 115 | ||||||
Bois D’ Arc Energy (a) | 1,023 | 24 | ||||||
BPZ Energy (a) (b) | 4,180 | 81 | ||||||
Brigham Exploration (a) | 3,708 | 35 | ||||||
Bristow Group (a) (b) | 1,396 | 74 | ||||||
Bronco Drilling (a) | 1,754 | 30 | ||||||
Cal Dive (a) | 3,035 | 37 | ||||||
Callon Petroleum (a) | 1,634 | 33 | ||||||
Carbo Ceramics (b) | 1,449 | 69 | ||||||
Carrizo Oil & Gas (a) (b) | 1,593 | 101 | ||||||
Clayton Williams Energy (a) | 400 | 25 | ||||||
Clean Energy Fuels (a) | 366 | 5 | ||||||
Complete Production Services (a) | 2,943 | 80 | ||||||
Comstock Resources (a) (b) | 3,198 | 146 | ||||||
Concho Resources (a) | 1,378 | 38 | ||||||
Contango Oil & Gas Company (a) | 905 | 69 | ||||||
Crosstex Energy (b) | 1,966 | 68 | ||||||
CVR Energy (a) (b) | 1,352 | 29 | ||||||
Dawson Geophysical (a) | 607 | 44 | ||||||
Delek US Holdings | 809 | 9 | ||||||
Delta Petroleum (a) (b) | 4,503 | 111 | ||||||
Dril-Quip (a) | 1,679 | 96 | ||||||
Edge Petroleum (a) | 1,940 | 10 | ||||||
Encore Acquisition (a) (b) | 3,724 | 170 | ||||||
Energy Partners (a) (b) | 1,948 | 24 | ||||||
Evergreen Energy (a) (b) | 5,714 | 8 | ||||||
EXCO Resources (a) | 3,984 | 89 | ||||||
Exterran Holdings (a) (b) | 4,205 | 281 | ||||||
FX Energy (a) | 2,378 | 12 | ||||||
General Maritime (b) | 1,959 | 51 | ||||||
GeoGlobal Resources (a) (b) | 2,327 | 5 | ||||||
Geokinetics (a) | 470 | 9 | ||||||
Geomet (a) | 1,182 | 8 | ||||||
GMX Resources (a) (b) (c) | 907 | 33 | ||||||
Golar LNG (b) | 2,418 | 49 | ||||||
Goodrich Petroleum (a) | 1,290 | 44 | ||||||
Grey Wolf (a) (b) | 13,835 | 87 | ||||||
Gulf Island Fabrication | 410 | 16 | ||||||
GulfMark Offshore (a) | 1,153 | 69 | ||||||
Gulfport Energy (a) (b) | 1,343 | 16 | ||||||
Harvest Natural Resources (a) | 2,602 | 25 | ||||||
Hercules Offshore (a) (b) | 5,667 | 149 | ||||||
Hornbeck Offshore Services (a) (b) | 1,707 | 85 | ||||||
International Coal Group (a) (b) | 8,305 | 66 | ||||||
Ion Geophysical (a) | 4,794 | 76 | ||||||
Kayne Anderson Energy | 681 | 15 | ||||||
Knightsbridge Tankers | 1,181 | 34 | ||||||
Lufkin Industries | 1,117 | 84 | ||||||
Mariner Energy (a) (b) | 5,215 | 144 | ||||||
Matrix Service (a) (b) | 1,726 | 35 | ||||||
McMoRan Exploration (a) (b) | 2,856 | 78 | ||||||
Meridian Resource (a) | 6,277 | 13 | ||||||
Natco Group (a) (b) | 1,088 | 55 | ||||||
Newpark Resources (a) (b) | 6,187 | 34 | ||||||
NGP Capital Resources (b) | 1,311 | 21 | ||||||
Nova Biosource Fuels (a) (b) | 2,015 | 2 | ||||||
NTR Acquisition (a) (b) | 1,790 | 17 | ||||||
Oil States International (a) (b) | 3,544 | 177 | ||||||
Oilsands Quest (a) (b) | 9,445 | 41 | ||||||
Pacific Ethanol (a) (b) | 2,453 | 8 | ||||||
Parallel Petroleum (a) (b) | 2,798 | 59 | ||||||
Parker Drilling (a) (b) | 7,861 | 63 | ||||||
Penn Virginia (b) | 2,785 | 146 | ||||||
Petrocorp, escrow shares (a) (b) (d) | 2,040 | — | ||||||
Petrohawk Energy (a) (b) | 13,055 | 309 | ||||||
Petroleum Development (a) | 1,075 | 81 | ||||||
PetroQuest Energy (a) (b) | 3,444 | 72 | ||||||
PHI (a) | 947 | 36 | ||||||
Pioneer Drilling (a) (b) | 3,161 | 52 | ||||||
Rentech (a) (b) | 11,394 | 14 | ||||||
Resource America, Class A | 938 | 8 | ||||||
Rex Energy (a) | 591 | 13 | ||||||
Rosetta Resources (a) (b) | 3,694 | 81 | ||||||
RPC (b) | 2,370 | 30 | ||||||
Ship Finance International (b) | 2,172 | 66 | ||||||
Stone Energy (a) | 1,940 | 118 | ||||||
SulphCo (a) (b) | 3,182 | 11 | ||||||
Superior Well Services (a) | 1,091 | 26 | ||||||
Swift Energy (a) (b) | 2,059 | 107 | ||||||
T-3 Energy Services (a) | 359 | 19 | ||||||
Teekay Tankers, Class A (b) | 451 | 9 | ||||||
Toreador Resources (a) (b) | 1,050 | 9 | ||||||
Trico Marine Service (a) (b) | 594 | 22 |
The accompanying notes are an integral part of the financial statements.
16 First American Funds 2008 Semiannual Report
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
TXCO Resources (a) | 2,223 | $ | 28 | |||||
Union Drilling (a) | 611 | 10 | ||||||
Vaalco Energy (a) | 4,626 | 30 | ||||||
Venoco (a) | 833 | 13 | ||||||
VeraSun Energy (a) | 2,755 | 17 | ||||||
Warren Resources (a) | 4,196 | 52 | ||||||
W-H Energy Services (a) (b) | 2,084 | 161 | ||||||
Whiting Petroleum (a) (b) | 2,598 | 199 | ||||||
Willbros Group (a) (b) | 2,519 | 91 | ||||||
World Fuel Services (b) | 2,014 | 49 | ||||||
6,165 | ||||||||
Financials – 17.6% | ||||||||
1st Source | 844 | 17 | ||||||
Abington Bancorp | 688 | 7 | ||||||
Acadia Realty Trust | 2,239 | 57 | ||||||
Advance America Cash Advance Centers (b) | 4,577 | 40 | ||||||
Advanta, Class B | 2,205 | 19 | ||||||
Agree Realty | 183 | 5 | ||||||
Alesco Financial – REIT (b) | 4,090 | 14 | ||||||
Alexander’s (a) | 167 | 59 | ||||||
Alexandria Real Estate Equities (b) | 2,063 | 217 | ||||||
AMCORE Financial (b) | 1,711 | 21 | ||||||
American Campus Communities | 1,315 | 40 | ||||||
American Equity Investment Life Holding (b) | 4,405 | 42 | ||||||
American Physicians Capital (b) | 911 | 42 | ||||||
American West Bancorp | 737 | 3 | ||||||
Ameris Bancorp | 906 | 14 | ||||||
Amerisafe (a) | 1,303 | 19 | ||||||
Ampal-American Israel, Class A (a) | 632 | 4 | ||||||
Amtrust Financial Services | 1,728 | 27 | ||||||
Anchor Bancorp | 1,490 | 23 | ||||||
Anthracite Capital (b) | 4,613 | 36 | ||||||
Anworth Mortgage Asset (b) | 4,840 | 32 | ||||||
Apollo Investment (b) | 8,080 | 131 | ||||||
Arbor Realty Trust | 598 | 10 | ||||||
Ares Capital (b) | 2,560 | 29 | ||||||
Argo Group International Holdings (a) (b) | 1,962 | 70 | ||||||
Ashford Hospitality Trust (b) | 7,758 | 45 | ||||||
Aspen Insurance Holdings (b) | 6,071 | 158 | ||||||
Assured Guaranty (b) | 4,591 | 116 | ||||||
Asta Funding (b) | 877 | 13 | ||||||
Baldwin & Lyons, Class B | 550 | 13 | ||||||
BancFirst | 539 | 24 | ||||||
Banco Latinoamericano de Exportaciones | 1,861 | 35 | ||||||
Bancorp Bank (a) | 875 | 10 | ||||||
Bank Mutual | 3,874 | 43 | ||||||
Bank of the Ozarks | 1,254 | 31 | ||||||
BankAtlantic Bancorp, Class A | 2,838 | 9 | ||||||
BankFinancial | 1,176 | 19 | ||||||
BankUnited Financial, Class A (b) | 2,057 | 8 | ||||||
Banner | 854 | 18 | ||||||
Berkshire Hills Bancorp (b) | 485 | 12 | ||||||
BGC Partners, Class A (a) | 2,100 | 20 | ||||||
BioMed Realty Trust (b) | 4,722 | 123 | ||||||
Boston Private Financial (b) | 2,529 | 24 | ||||||
Brookline Bancorp (b) | 4,351 | 47 | ||||||
Calamos Asset Management | 1,764 | 32 | ||||||
Capital City Bank Group (b) | 1,147 | 30 | ||||||
Capital Corporation of the West | 831 | 6 | ||||||
Capital Lease Funding (b) | 2,222 | 18 | ||||||
Capital Southwest | 231 | 27 | ||||||
Capital Trust (b) | 1,192 | 32 | ||||||
Capitol Bancorp (b) | 1,110 | 19 | ||||||
Cascade Bancorp (b) | 1,769 | 16 | ||||||
Cash America International (b) | 2,049 | 84 | ||||||
Cathay General Bancorp (b) | 3,607 | 62 | ||||||
CBRE Realty Finance (b) | 1,983 | 8 | ||||||
Cedar Shopping Centers (b) | 3,171 | 40 | ||||||
Centennial Bank Holdings (a) | 3,790 | 24 | ||||||
Center Financial | 1,138 | 12 | ||||||
Centerline Holdings (b) | 4,216 | 14 | ||||||
Central Pacific Financial (b) | 2,122 | 39 | ||||||
Chemical Financial (b) | 1,723 | 42 | ||||||
Chimera Investment – REIT | 2,027 | 28 | ||||||
Citizens Banking (b) | 5,221 | 43 | ||||||
Citizens (a) (b) | 1,796 | 13 | ||||||
City Bank (b) | 984 | 18 | ||||||
City Holdings | 1,384 | 58 | ||||||
Clayton Holdings (a) | 701 | 4 | ||||||
Clifton Savings Bancorp | 1,222 | 12 | ||||||
CNA Surety (a) | 1,289 | 17 | ||||||
CoBiz | 1,442 | 16 | ||||||
Cohen & Steers (b) | 1,162 | 32 | ||||||
Columbia Banking System (b) | 1,245 | 34 | ||||||
Commerce Group | 3,325 | 121 | ||||||
Community Bank System (b) | 2,554 | 65 | ||||||
Community Trust Bancorp | 1,051 | 32 | ||||||
Compass Diversified Trust | 1,481 | 18 | ||||||
CompuCredit (a) (b) | 1,406 | 11 | ||||||
Consolidated-Tomoka Land (b) | 423 | 22 | ||||||
Corporate Office Properties Trust – REIT (b) | 2,824 | 105 | ||||||
Corus Bankshares (b) | 2,682 | 20 | ||||||
Cousins Properties – REIT (b) | 2,850 | 72 | ||||||
Cowen Group (a) | 1,124 | 7 | ||||||
Crawford & Company (a) (b) | 1,725 | 9 | ||||||
Credit Acceptance (a) | 343 | 7 | ||||||
Crystal River Capital (b) | 1,692 | 14 | ||||||
CVB Financial (b) | 4,522 | 52 | ||||||
DCT Industrial Trust (b) | 11,085 | 111 | ||||||
Deerfield Capital – REIT (b) | 4,455 | 6 | ||||||
Delphi Financial Group, Class A | 2,987 | 81 | ||||||
DiamondRock Hospitality | 5,216 | 66 | ||||||
Digital Realty Trust – REIT (b) | 3,611 | 140 | ||||||
Dime Community Bancshares (b) | 2,281 | 43 | ||||||
Dollar Financial (a) (b) | 1,095 | 24 | ||||||
Donegal Group, Class A | 1,291 | 22 | ||||||
Downey Financial (b) | 1,204 | 17 | ||||||
DuPont Fabros Technology – REIT | 2,362 | 43 | ||||||
EastGroup Properties | 1,634 | 78 | ||||||
Education Realty Trust (b) | 1,971 | 26 | ||||||
eHealth (a) | 832 | 22 | ||||||
EMC Insurance Group | 450 | 13 | ||||||
Employers Holdings | 2,077 | 40 | ||||||
Encore Capital Group (a) | 1,132 | 8 | ||||||
Energy Infrastructure Acquisition (a) (b) | 1,493 | 15 | ||||||
Enstar Group (a) (b) | 485 | 53 | ||||||
Enterprise Financial Services (b) | 746 | 16 | ||||||
Entertainment Properties Trust – REIT (b) | 1,819 | 97 | ||||||
Epoch Holdings | 589 | 7 | ||||||
Equity Lifestyle Properties (b) | 1,712 | 85 | ||||||
Equity One – REIT (b) | 3,212 | 79 | ||||||
Evercore Partners (b) | 581 | 10 | ||||||
Extra Space Storage – REIT (b) | 4,028 | 68 | ||||||
Ezcorp (a) | 2,851 | 35 | ||||||
F.N.B. (b) | 5,955 | 92 | ||||||
FBL Financial Group, Class A | 596 | 16 | ||||||
FBR Capital Markets (a) (b) | 2,112 | 14 | ||||||
Fcstone Group (a) (b) | 611 | 25 | ||||||
Federal Agricultural Mortgage, Class C | 746 | 24 | ||||||
FelCor Lodging Trust (b) | 4,066 | 51 | ||||||
Financial Federal (b) | 1,891 | 44 |
First American Funds 2008 Semiannual Report 17
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
First Acceptance (a) | 1,440 | $ | 4 | |||||
First Bancorp – North Carolina | 966 | 18 | ||||||
First Bancorp of Puerto Rico (b) | 5,209 | 54 | ||||||
First Busey (b) | 869 | 17 | ||||||
First Cash Financial Services (a) (b) | 1,812 | 27 | ||||||
First Charter | 2,369 | 72 | ||||||
First Commonwealth Financial – Pennsylvania (b) | 5,095 | 63 | ||||||
First Community Bancorp | 1,362 | 29 | ||||||
First Community Bancshares – Nevada | 765 | 26 | ||||||
First Financial – Indiana (b) | 904 | 29 | ||||||
First Financial Bancorp – Ohio | 2,605 | 34 | ||||||
First Financial Bankshares (b) | 1,545 | 69 | ||||||
First Financial Holdings | 1,054 | 25 | ||||||
First Industrial Realty Trust (b) | 3,127 | 94 | ||||||
First Merchants | 1,254 | 32 | ||||||
First Mercury Financial (a) | 847 | 13 | ||||||
First Midwest Bancorp (b) | 3,419 | 87 | ||||||
First Niagara Financial Group (b) | 7,303 | 105 | ||||||
First Place Financial | 1,254 | 16 | ||||||
First Potomac Realty Trust – REIT | 1,507 | 26 | ||||||
First Regional Bancorp (a) (b) | 755 | 11 | ||||||
First South Bancorp (b) | 192 | 4 | ||||||
First State Bancorp – New Mexico | 1,208 | 11 | ||||||
FirstBank, fractional share (a) (d) | 0.29 | — | ||||||
FirstFed Financial (a) (b) | 928 | 14 | ||||||
FirstMerit | 5,545 | 114 | ||||||
Flagstar Bancorp (b) | 2,882 | 18 | ||||||
Flushing Financial | 1,930 | 38 | ||||||
FPIC Insurance Group (a) | 667 | 31 | ||||||
Franklin Bank (a) (b) | 775 | 1 | ||||||
Franklin Street Properties (b) | 3,932 | 58 | ||||||
Friedman Billings Ramsey Group | 11,028 | 27 | ||||||
Frontier Financial (b) | 2,689 | 43 | ||||||
FX Real Estate & Entertainment (a) | 705 | 3 | ||||||
GAMCO Investors | 364 | 17 | ||||||
Getty Realty | 1,760 | 32 | ||||||
GFI Group (b) | 4,318 | 51 | ||||||
Glacier Bancorp (b) | 3,695 | 76 | ||||||
Gladstone Capital (b) | 978 | 18 | ||||||
Glimcher Realty Trust | 2,748 | 33 | ||||||
GMH Communities Trust | 2,306 | 22 | ||||||
Gramercy Capital (b) | 2,130 | 40 | ||||||
Great Southern Bancorp (b) | 913 | 14 | ||||||
Greene County Bancshares | 617 | 12 | ||||||
Greenhill & Company (b) | 1,404 | 91 | ||||||
Grubb & Ellis | 2,662 | 16 | ||||||
Hallmark Financial Services (a) | 247 | 3 | ||||||
Hancock Holding (b) | 1,846 | 76 | ||||||
Hanmi Financial | 3,239 | 23 | ||||||
Harleysville Group | 1,040 | 38 | ||||||
Harleysville National (b) | 1,972 | 29 | ||||||
Healthcare Realty Trust (b) | 3,303 | 94 | ||||||
Heartland Financial USA (b) | 1,121 | 25 | ||||||
Hercules Technology Growth Capital | 1,373 | 14 | ||||||
Heritage Commerce | 1,036 | 18 | ||||||
Hersha Hospitality Trust | 3,028 | 29 | ||||||
HFF (a) | 1,106 | 7 | ||||||
Highwoods Properties – REIT (b) | 4,002 | 140 | ||||||
Hilb, Rogal & Hobbs (b) | 2,511 | 73 | ||||||
Hilltop Holdings (a) | 3,446 | 36 | ||||||
Home Properties (b) | 2,556 | 134 | ||||||
Horace Mann Educators (b) | 3,813 | 65 | ||||||
Horizon Financial | 1,101 | 14 | ||||||
IBERIABANK | 833 | 40 | ||||||
IMPAC Mortgage Holdings (a) (b) | 5,393 | 6 | ||||||
Imperial Capital Bancorp | 372 | 6 | ||||||
Independence Holdings | 507 | 7 | ||||||
Independent Bank – Michigan (b) | 1,525 | 12 | ||||||
Independent Bank | 1,157 | 34 | ||||||
Infinity Property & Casualty (b) | 1,202 | 47 | ||||||
Inland Real Estate (b) | 4,007 | 65 | ||||||
Integra Bank | 1,313 | 19 | ||||||
Interactive Brokers Group (a) (b) | 2,759 | 87 | ||||||
International Bancshares (b) | 3,264 | 82 | ||||||
Investors Bancorp (a) (b) | 2,843 | 42 | ||||||
Investors Real Estate Trust (b) | 3,398 | 35 | ||||||
IPC Holdings | 4,229 | 123 | ||||||
Irwin Financial | 1,442 | 8 | ||||||
JER Investment Trust (b) | 1,287 | 10 | ||||||
KBW (a) (b) | 2,023 | 48 | ||||||
Kearny Financial | 1,474 | 16 | ||||||
Kite Realty Group Trust – REIT | 2,157 | 29 | ||||||
Knight Capital Group, Class A (a) (b) | 7,102 | 133 | ||||||
Kohlberg Capital (b) | 1,009 | 10 | ||||||
LaBranche (a) | 4,010 | 26 | ||||||
Ladenburg Thalman Financial Services (a) (b) | 6,915 | 13 | ||||||
Lakeland Bancorp (b) | 1,778 | 28 | ||||||
Lakeland Financial | 897 | 21 | ||||||
LandAmerica Financial Group (b) | 1,087 | 31 | ||||||
LaSalle Hotel Properties – REIT (b) | 2,895 | 93 | ||||||
Lexington Corporate Properties Trust (b) | 5,078 | 73 | ||||||
LTC Properties – REIT (b) | 1,445 | 39 | ||||||
Luminent Mortgage Capital (a) | 3,513 | 1 | ||||||
Macatawa Bank (b) | 1,676 | 19 | ||||||
Maguire Properties – REIT (b) | 2,929 | 47 | ||||||
MainSource Financial Group | 988 | 15 | ||||||
Marathon Acquisition (a) (b) | 2,623 | 20 | ||||||
MarketAxess Holdings (a) (b) | 2,237 | 20 | ||||||
Max Capital Hamilton (b) | 4,182 | 98 | ||||||
MB Financial (b) | 1,962 | 56 | ||||||
MCG Capital (b) | 3,330 | 25 | ||||||
Meadowbrook Insurance Group | 1,886 | 14 | ||||||
Medical Properties Trust (b) | 4,299 | 52 | ||||||
Meruelo Maddux Properties (a) | 2,372 | 6 | ||||||
MFA Mortgage Investments (b) | 10,161 | 71 | ||||||
Mid-America Apartment Communities | 1,494 | 78 | ||||||
Midwest Banc Holdings (b) | 985 | 10 | ||||||
Mission West Properties – REIT | 1,231 | 15 | ||||||
Montpelier Holdings | 7,019 | 116 | ||||||
Move (a) | 7,423 | 23 | ||||||
MVC Capital | 1,666 | 26 | ||||||
Nara Bancorp (b) | 1,612 | 21 | ||||||
NASB Financial (b) | 347 | 10 | ||||||
National Financial Partners (b) | 2,957 | 80 | ||||||
National Health Investors | 1,598 | 49 | ||||||
National Interstate | 372 | 8 | ||||||
National Penn Bancshares (b) | 5,937 | 99 | ||||||
National Penn Bancshares, fractional share (a) (d) | 0.50 | — | ||||||
National Retail Properties (b) | 4,369 | 100 | ||||||
National Western Life Insurance, Class A | 153 | 39 | ||||||
Nationwide Health Properties – REIT (b) | 5,464 | 197 | ||||||
Navigators Group (a) (b) | 878 | 43 | ||||||
NBT Bancorp | 2,367 | 54 | ||||||
Nelnet, Class A (b) | 1,222 | 16 | ||||||
NewAlliance Bancshares (b) | 8,222 | 111 | ||||||
Newcastle Investment – REIT (b) | 3,105 | 31 | ||||||
Newstar Financial (a) | 919 | 5 | ||||||
Nexcen Brands (a) | 2,807 | 9 | ||||||
NorthStar Realty Finance – REIT (b) | 4,349 | 45 | ||||||
Northwest Bancorp (b) | 1,420 | 37 | ||||||
NYMAGIC | 305 | 7 | ||||||
Ocwen Financial (a) (b) | 2,817 | 14 |
The accompanying notes are an integral part of the financial statements.
18 First American Funds 2008 Semiannual Report
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Odyssey RE Holdings | 1,946 | $ | 70 | |||||
Old National Bancorp (b) | 4,565 | 78 | ||||||
Old Second Bancorp | 813 | 20 | ||||||
OMEGA Healthcare Investors (b) | 4,235 | 74 | ||||||
optionsXpress Holdings (b) | 3,015 | 65 | ||||||
Oriental Financial Group | 1,402 | 26 | ||||||
Pacific Capital Bancorp (b) | 3,233 | 66 | ||||||
Park National (b) | 832 | 63 | ||||||
Parkway Properties (b) | 1,228 | 49 | ||||||
Patriot Capital Funding (b) | 1,188 | 12 | ||||||
PennantPark Investment | 1,365 | 10 | ||||||
Pennsylvania (b) | 2,203 | 55 | ||||||
Penson Worldwide (a) | 995 | 11 | ||||||
Peoples Bancorp – Ohio | 807 | 20 | ||||||
PFF Bancorp (b) | 1,473 | 6 | ||||||
Phoenix Companies | 7,865 | 102 | ||||||
Pinnacle Financial Partners (a) | 744 | 20 | ||||||
Piper Jaffray Companies (a) (b) | 1,416 | 53 | ||||||
Platinum Underwriters Holdings | 3,553 | 127 | ||||||
PMA Capital (a) | 2,454 | 23 | ||||||
Post Properties (b) | 2,997 | 110 | ||||||
Potlatch – REIT (b) | 2,911 | 130 | ||||||
Presidential Life | 1,469 | 25 | ||||||
Primus Guaranty (a) (b) | 3,090 | 14 | ||||||
PrivateBancorp (b) | 1,304 | 44 | ||||||
ProAssurance (a) (b) | 2,133 | 113 | ||||||
Prospect Capital Corporation (b) | 1,315 | 19 | ||||||
Prosperity Bancshares (b) | 2,061 | 64 | ||||||
Provident Bankshares (b) | 2,205 | 28 | ||||||
Provident Financial Services (b) | 4,183 | 65 | ||||||
Provident New York Bancorp | 3,080 | 41 | ||||||
PS Business Parks – REIT (b) | 1,199 | 69 | ||||||
Pzena Investment Management | 352 | 4 | ||||||
QC Holdings (b) | 496 | 4 | ||||||
RAIT Financial Trust (b) | 4,183 | 32 | ||||||
Ramco-Gershenson Properties Trust – REIT | 1,645 | 37 | ||||||
Realty Income – REIT (b) | 5,542 | 146 | ||||||
Redwood Trust – REIT (b) | 1,651 | 55 | ||||||
Renasant (b) | 1,019 | 24 | ||||||
Republic Bancorp – Kentucky, Class A | 764 | 18 | ||||||
Resource Capital – REIT | 1,478 | 13 | ||||||
Riskmetrics Group (a) | 1,445 | 25 | ||||||
RLI | 1,442 | 69 | ||||||
Rockville Financial (b) | 971 | 13 | ||||||
S&T Bancorp | 1,703 | 58 | ||||||
Safety Insurance Group | 1,045 | 38 | ||||||
Sanders Morris Harris Group (b) | 1,324 | 11 | ||||||
Sandy Spring Bancorp (b) | 1,195 | 30 | ||||||
Santander Bancorp | 334 | 4 | ||||||
Saul Centers | 835 | 42 | ||||||
SCBT Financial | 721 | 24 | ||||||
SeaBright Insurance Holdings (a) | 1,194 | 19 | ||||||
Seacoast Banking (b) | 1,295 | 14 | ||||||
Security Bank (b) | 1,197 | 9 | ||||||
Security Capital Assurance | 1,658 | 2 | ||||||
Selective Insurance Group | 4,103 | 87 | ||||||
Senior Housing Properties Trust (b) | 5,688 | 136 | ||||||
Sierra Bancorp (b) | 287 | 6 | ||||||
Signature Bank (a) (b) | 1,908 | 50 | ||||||
Simmons First National, Class A | 962 | 31 | ||||||
South Financial Group (b) | 5,098 | 31 | ||||||
Southside Bancshares (b) | 956 | 23 | ||||||
Southwest Bancorp – Oklahoma | 1,168 | 21 | ||||||
Sovran Self Storage – REIT | 1,398 | 62 | ||||||
State Auto Financial | 1,276 | 35 | ||||||
Sterling Bancorp | 1,615 | 26 | ||||||
Sterling Bancshares (b) | 5,158 | 54 | ||||||
Sterling Financial – Washington (b) | 3,375 | 41 | ||||||
Stewart Information Services (b) | 1,490 | 36 | ||||||
Stifel Financial (a) (b) | 1,105 | 52 | ||||||
Strategic Hotels & Resorts – REIT | 5,192 | 75 | ||||||
Suffolk Bancorp | 794 | 26 | ||||||
Sun Bancorp – New Jersey (a) | 1,227 | 14 | ||||||
Sun Communities (b) | 1,748 | 34 | ||||||
Sunstone Hotel Investors – REIT (b) | 4,070 | 76 | ||||||
Superior Bancorp (a) | 173 | 3 | ||||||
Susquehanna Bancshares (b) | 5,674 | 113 | ||||||
SVB Financial (a) (b) | 2,364 | 115 | ||||||
SWS Group | 1,820 | 24 | ||||||
SY Bancorp | 1,072 | 26 | ||||||
Tanger Factory Outlet Centers (b) | 2,864 | 116 | ||||||
Taylor Capital Group | 421 | 6 | ||||||
Tejon Ranch (a) | 827 | 35 | ||||||
Texas Capital Bancshares (a) (b) | 1,931 | 36 | ||||||
Thomas Properties Group | 1,639 | 14 | ||||||
Thomas Weisel Partners Group (a) | 1,512 | 10 | ||||||
TICC Capital | 1,052 | 8 | ||||||
TierOne | 1,525 | 14 | ||||||
Tompkins Trustco | 446 | 22 | ||||||
Tower Group | 1,607 | 38 | ||||||
TradeStation Group (a) (b) | 1,949 | 18 | ||||||
Triad Guaranty (a) (b) | 616 | 1 | ||||||
TriCo Bancshares | 1,308 | 22 | ||||||
TrustCo Bank Corporation of New York (b) | 5,134 | 45 | ||||||
Trustmark (b) | 3,383 | 74 | ||||||
UCBH Holdings (b) | 6,882 | 50 | ||||||
UMB Financial (b) | 1,628 | 81 | ||||||
Umpqua Holdings (b) | 4,136 | 61 | ||||||
Union Bankshares | 1,265 | 24 | ||||||
United American Indemnity (a) | 1,691 | 26 | ||||||
United Bankshares | 2,430 | 71 | ||||||
United Community Banks (b) | 2,338 | 32 | ||||||
United Community Financial | 1,817 | 15 | ||||||
United Fire & Casualty | 1,271 | 42 | ||||||
United Security Bancshares (b) | 572 | 8 | ||||||
Universal American Financial (a) | 2,851 | 31 | ||||||
Universal Health Realty Income Trust – REIT | 1,196 | 40 | ||||||
Univest Corporation of Pennsylvania (b) | 1,071 | 27 | ||||||
Urstadt Biddle Properties, Class A | 2,213 | 37 | ||||||
US Global Investors (a) | 811 | 11 | ||||||
U-Store-It Trust – REIT (b) | 3,160 | 38 | ||||||
Virginia Commerce Bancorp (a) | 1,792 | 13 | ||||||
W Holding Company (b) | 7,958 | 8 | ||||||
Waddell & Reed Financial, Class A | 6,388 | 216 | ||||||
Washington Real Estate Investment Trust (b) | 3,108 | 110 | ||||||
Washington Trust Bancorp | 774 | 19 | ||||||
WesBanco | 1,390 | 30 | ||||||
West Coast Bancorp – Oregon | 1,397 | 18 | ||||||
Westamerica Bancorporation (b) | 2,073 | 121 | ||||||
Western Alliance Bancorp (a) (b) | 763 | 10 | ||||||
Westfield Financial | 1,247 | 12 | ||||||
Wilshire Bancorp | 1,643 | 14 | ||||||
Winthrop Realty Trust (b) | 2,812 | 12 | ||||||
Wintrust Financial (b) | 1,671 | 53 | ||||||
World Acceptance (a) (b) | 1,192 | 47 | ||||||
WP Stewart & Company (b) | 647 | 1 | ||||||
WSFS Financial | 479 | 24 | ||||||
Zenith National Insurance (b) | 2,736 | 102 | ||||||
15,298 | ||||||||
First American Funds 2008 Semiannual Report 19
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Healthcare – 11.6% | ||||||||
Abaxis (a) (b) | 1,424 | $ | 36 | |||||
ABIOMED (a) | 1,405 | 21 | ||||||
ACADIA Pharmaceuticals (a) (b) | 2,168 | 17 | ||||||
Accuray (a) | 837 | 7 | ||||||
Acorda Therapeutics (a) (b) | 1,926 | 41 | ||||||
Affymax (a) | 287 | 4 | ||||||
Affymetrix (a) | 4,738 | 52 | ||||||
Air Methods (a) | 832 | 33 | ||||||
Akorn (a) | 3,266 | 15 | ||||||
Albany Molecular Research (a) | 1,825 | 21 | ||||||
Alexion Pharmaceuticals (a) (b) | 2,378 | 167 | ||||||
Alexza Pharmaceuticals (a) | 1,418 | 9 | ||||||
Align Technology (a) | 4,116 | 51 | ||||||
Alkermes (a) (b) | 6,893 | 86 | ||||||
Alliance Imaging (a) | 1,221 | 10 | ||||||
Allos Therapeutics (a) | 2,828 | 16 | ||||||
Allscripts Healthcare Solutions (a) (b) | 3,805 | 42 | ||||||
Alnylam Pharmaceuticals (a) (b) | 2,448 | 61 | ||||||
Alpharma, Class A (a) (b) | 3,000 | 74 | ||||||
Altus Pharmaceuticals (a) | 1,466 | 6 | ||||||
AMAG Pharmaceuticals (a) | 1,134 | 47 | ||||||
Amedisys (a) (b) | 1,834 | 95 | ||||||
American Dental Partners (a) | 870 | 10 | ||||||
American Medical Systems (a) (b) | 5,183 | 73 | ||||||
AMERIGROUP (a) | 3,634 | 94 | ||||||
Amicus Therapeutics (a) (b) | 317 | 3 | ||||||
AMN Healthcare Services (a) | 2,528 | 37 | ||||||
Amsurg, Class A (a) | 2,068 | 53 | ||||||
Analogic | 965 | 56 | ||||||
AngioDynamics (a) | 1,551 | 23 | ||||||
Animal Health International (a) | 804 | 7 | ||||||
Applera (a) (b) | 5,340 | 71 | ||||||
Apria Healthcare Group (a) (b) | 2,955 | 52 | ||||||
Arena Pharmaceuticals (a) (b) | 4,327 | 24 | ||||||
Ariad Pharmaceuticals (a) | 4,784 | 14 | ||||||
ArQule (a) (b) | 2,685 | 10 | ||||||
Array BioPharma (a) | 2,586 | 16 | ||||||
ArthroCare (a) (b) | 2,009 | 91 | ||||||
Aspect Medical Systems (a) | 1,344 | 9 | ||||||
Assisted Living Concept (a) | 4,140 | 30 | ||||||
Athenahealth (a) (b) | 180 | 5 | ||||||
Auxilium Pharmaceuticals (a) (b) | 2,125 | 65 | ||||||
Bentley Pharmaceuticals (a) | 1,305 | 20 | ||||||
Biodel (a) | 315 | 4 | ||||||
BioMarin Pharmaceutical (a) (b) | 6,572 | 240 | ||||||
Biomimetic Therapeutics (a) | 741 | 7 | ||||||
Bionovo (a) (b) | 3,570 | 4 | ||||||
Bio-Rad Laboratories, Class A (a) | 1,283 | 107 | ||||||
Bio-Reference Labs (a) | 923 | 23 | ||||||
BMP Sunstone (a) (b) | 2,066 | 15 | ||||||
Bruker BioSciences (a) | 4,450 | 54 | ||||||
Cadence Pharmaceuticals (a) (b) | 1,440 | 9 | ||||||
Cantel Medical (a) | 814 | 8 | ||||||
Capital Senior Living (a) | 1,767 | 15 | ||||||
Caraco Pharmaceutical Laboratories (a) | 1,095 | 18 | ||||||
Cell Genesys (a) (b) | 5,304 | 20 | ||||||
Centene (a) | 2,984 | 55 | ||||||
Cepheid (a) (b) | 3,796 | 74 | ||||||
Chemed | 1,769 | 60 | ||||||
Computer Programs & Systems | 596 | 11 | ||||||
Conceptus (a) (b) | 1,661 | 30 | ||||||
CONMED (a) (b) | 1,936 | 49 | ||||||
Corvel (a) (b) | 620 | 20 | ||||||
Cross Country Healthcare (a) | 2,180 | 26 | ||||||
CryoLife (a) | 1,526 | 16 | ||||||
Cubist Pharmaceuticals (a) (b) | 3,815 | 74 | ||||||
Cutera (a) | 959 | 13 | ||||||
CV Therapeutics (a) | 4,320 | 40 | ||||||
Cyberonics (a) (b) | 1,622 | 26 | ||||||
Cynosure (a) | 517 | 13 | ||||||
Cypress Bioscience (a) (b) | 2,478 | 16 | ||||||
Cytokinetics (a) | 2,451 | 8 | ||||||
Cytrx (a) (b) | 6,061 | 5 | ||||||
Datascope | 922 | 35 | ||||||
Dendreon (a) (b) | 6,149 | 32 | ||||||
Discovery Laboratories (a) (b) | 6,563 | 19 | ||||||
Durect (a) (b) | 4,653 | 21 | ||||||
Eclipsys (a) (b) | 3,157 | 66 | ||||||
Emergency Medical Services (a) | 639 | 14 | ||||||
Emergent Biosolutions (a) | 446 | 4 | ||||||
Emeritus (a) | 227 | 6 | ||||||
Enzo Biochem (a) | 1,923 | 16 | ||||||
Enzon (a) (b) | 2,983 | 26 | ||||||
eResearchTechnology (a) | 2,703 | 33 | ||||||
ev3 (a) (b) | 3,176 | 26 | ||||||
Exelixis (a) (b) | 6,331 | 48 | ||||||
Genomic Health (a) | 952 | 20 | ||||||
Genoptix (a) (b) | 225 | 6 | ||||||
Gentiva Health Services (a) (b) | 1,992 | 43 | ||||||
Genvec (a) (b) | 4,636 | 9 | ||||||
Geron (a) (b) | 5,058 | 24 | ||||||
Greatbatch (a) (b) | 1,632 | 30 | ||||||
GTx (a) (b) | 1,132 | 19 | ||||||
Haemonetics (a) (b) | 1,819 | 104 | ||||||
Halozyme Therapeutics (a) | 4,451 | 22 | ||||||
Hansen Medical (a) (b) | 750 | 13 | ||||||
HealthExtras (a) | 1,944 | 55 | ||||||
Healthsouth (a) (b) | 5,427 | 107 | ||||||
Healthspring (a) | 3,297 | 56 | ||||||
Healthways (a) | 2,521 | 92 | ||||||
HMS Holdings (a) | 1,446 | 37 | ||||||
Hologic (a) | 16,421 | 479 | ||||||
Human Genome Sciences (a) (b) | 9,241 | 61 | ||||||
Hythiam (a) (b) | 1,821 | 5 | ||||||
ICU Medical (a) (b) | 880 | 22 | ||||||
Idenix Pharmaceuticals (a) (b) | 2,157 | 14 | ||||||
I-Flow (a) | 1,701 | 23 | ||||||
Illumina (a) (b) | 3,676 | 286 | ||||||
Immucor (a) (b) | 4,732 | 128 | ||||||
Immunomedics (a) (b) | 3,973 | 10 | ||||||
Incyte (a) (b) | 6,324 | 69 | ||||||
Indevus Pharmaceuticals (a) | 3,994 | 19 | ||||||
Insulet (a) | 259 | 5 | ||||||
Integra LifeSciences (a) (b) | 1,242 | 53 | ||||||
InterMune (a) (b) | 1,968 | 31 | ||||||
Invacare | 1,963 | 35 | ||||||
inVentiv Health (a) (b) | 2,084 | 62 | ||||||
Inverness Medical Innovations (a) (b) | 5,110 | 189 | ||||||
Isis Pharmaceuticals (a) (b) | 6,031 | 71 | ||||||
Javelin Pharmaceuticals (a) (b) | 2,849 | 8 | ||||||
Kendle International (a) (b) | 968 | 41 | ||||||
Kensey Nash (a) (b) | 801 | 23 | ||||||
Keryx Biopharmaceuticals (a) | 3,475 | 2 | ||||||
Kindred Healthcare (a) (b) | 1,945 | 46 | ||||||
Kosan Biosciences (a) | 2,835 | 5 | ||||||
K-V Pharmaceutical, Class A (a) (b) | 2,604 | 64 | ||||||
LCA-Vision (b) | 1,422 | 14 | ||||||
LHC Group (a) | 611 | 10 | ||||||
LifeCell (a) | 2,324 | 118 | ||||||
Ligand Pharmaceuticals (a) | 6,368 | 26 | ||||||
Luminex (a) (b) | 2,486 | 49 |
The accompanying notes are an integral part of the financial statements.
20 First American Funds 2008 Semiannual Report
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Magellan Health Services (a) | 2,685 | $ | 104 | |||||
MannKind (a) (b) | 3,367 | 9 | ||||||
Martek Biosciences (a) (b) | 2,220 | 78 | ||||||
Masimo (a) | 749 | 22 | ||||||
Matria Healthcare (a) | 1,665 | 42 | ||||||
Maxygen (a) | 2,189 | 13 | ||||||
Medarex (a) (b) | 8,642 | 62 | ||||||
MedAssets (a) | 987 | 15 | ||||||
MedCath (a) | 620 | 12 | ||||||
Medical Action Industries (a) | 1,107 | 18 | ||||||
Medicines (a) (b) | 3,561 | 70 | ||||||
Medicis Pharmaceutical, Class A (b) | 3,835 | 79 | ||||||
Medivation (a) (b) | 1,477 | 23 | ||||||
Mentor (b) | 2,304 | 67 | ||||||
Meridian Bioscience | 2,003 | 54 | ||||||
Merit Medical Systems (a) | 1,956 | 29 | ||||||
Metabolix (a) (b) | 993 | 11 | ||||||
Micrus Endovascular (a) | 1,037 | 12 | ||||||
Mine Safety Appliances | 1,939 | 72 | ||||||
Minrad International (a) (b) | 3,348 | 8 | ||||||
Molecular Insight Pharmaceuticals (a) | 380 | 3 | ||||||
Molina Healthcare (a) (b) | 952 | 24 | ||||||
Momenta Pharmaceuticals (a) | 1,901 | 27 | ||||||
MWI Veterinary Supply (a) | 189 | 7 | ||||||
Myriad Genetics (a) (b) | 2,744 | 114 | ||||||
NABI Biopharmaceuticals (a) | 4,477 | 18 | ||||||
Nastech Pharmaceutical (a) (b) | 1,695 | 2 | ||||||
National Healthcare | 484 | 24 | ||||||
Natus Medical (a) | 1,394 | 27 | ||||||
Nektar Therapeutics (a) | 6,292 | 30 | ||||||
Neurocrine Biosciences (a) | 2,560 | 14 | ||||||
Neurogen (a) | 2,149 | 2 | ||||||
Nighthawk Radiology Holdings (a) | 1,431 | 11 | ||||||
Northstar Neuroscience (a) | 1,238 | 2 | ||||||
Novacea (a) | 493 | 1 | ||||||
Noven Pharmaceuticals (a) | 1,743 | 16 | ||||||
NuVasive (a) (b) | 2,619 | 100 | ||||||
NxStage Medical (a) | 1,398 | 8 | ||||||
Obagi Medical Products (a) | 81 | 1 | ||||||
Odyssey Healthcare (a) | 2,672 | 24 | ||||||
Omnicell (a) | 2,034 | 24 | ||||||
Omrix Biopharmaceuticals (a) | 955 | 14 | ||||||
Onyx Pharmaceuticals (a) (b) | 3,731 | 131 | ||||||
OraSure Technologies (a) | 3,175 | 21 | ||||||
Orexigen Therapeutics (a) | 474 | 5 | ||||||
Orthofix International (a) | 1,145 | 35 | ||||||
OSI Pharmaceuticals (a) (b) | 3,970 | 138 | ||||||
Osiris Therapeutics (a) (b) | 880 | 10 | ||||||
Owens & Minor (b) | 2,780 | 126 | ||||||
Pain Therapeutics (a) (b) | 2,406 | 17 | ||||||
Palomar Medical Technologies (a) (b) | 1,305 | 18 | ||||||
Par Pharmaceutical Companies (a) | 2,622 | 45 | ||||||
PAREXEL International (a) (b) | 3,766 | 96 | ||||||
Penwest Pharmaceuticals (a) | 1,648 | 5 | ||||||
Perrigo (b) | 5,287 | 217 | ||||||
PharmaNet Development Group (a) | 1,295 | 31 | ||||||
Pharmerica (a) (b) | 1,705 | 29 | ||||||
Poniard Pharmaceuticals (a) | 1,550 | 6 | ||||||
POZEN (a) (b) | 1,905 | 25 | ||||||
Progenics Pharmaceutical (a) (b) | 1,726 | 23 | ||||||
Protalix Biotherapeutics (a) | 143 | — | ||||||
PSS World Medical (a) (b) | 4,629 | 76 | ||||||
Psychiatric Solutions (a) (b) | 3,710 | 129 | ||||||
Quidel (a) | 2,020 | 32 | ||||||
Regeneron Pharmaceutical (a) | 4,378 | 86 | ||||||
RehabCare Group (a) | 1,112 | 19 | ||||||
Res-Care (a) | 1,688 | 27 | ||||||
Rigel Pharmaceuticals (a) (b) | 2,439 | 55 | ||||||
RTI Biologics (a) | 1,974 | 20 | ||||||
Salix Pharmaceuticals (a) (b) | 3,237 | 23 | ||||||
Santarus (a) | 3,452 | 9 | ||||||
Savient Pharmaceuticals (a) (b) | 3,932 | 86 | ||||||
Sciele Pharma (a) (b) | 2,122 | 41 | ||||||
Seattle Genetics (a) (b) | 3,959 | 40 | ||||||
Senomyx (a) | 2,341 | 14 | ||||||
Sirona Dental Systems (a) (b) | 1,337 | 36 | ||||||
Sirtris Pharmaceuticals (a) (b) | 399 | 9 | ||||||
Skilled Healthcare Group, Class A (a) | 1,517 | 18 | ||||||
Somaxon Pharmaceuticals (a) | 660 | 3 | ||||||
Sonic Innovations (a) | 1,807 | 8 | ||||||
SonoSite (a) (b) | 1,306 | 42 | ||||||
Spectranetics (a) | 2,418 | 26 | ||||||
Stereotaxis (a) (b) | 1,795 | 12 | ||||||
STERIS (b) | 4,440 | 123 | ||||||
Stewart Enterprises, Class A (b) | 6,960 | 48 | ||||||
Sun Healthcare Group (a) | 2,950 | 39 | ||||||
Sunrise Senior Living (a) | 3,070 | 66 | ||||||
SuperGen (a) (b) | 3,579 | 10 | ||||||
SurModics (a) (b) | 1,046 | 47 | ||||||
Symmetry Medical (a) | 2,448 | 34 | ||||||
Telik (a) (b) | 3,823 | 8 | ||||||
Tercica (a) | 2,340 | 12 | ||||||
Thoratec (a) | 3,805 | 61 | ||||||
TomoTherapy (a) (b) | 287 | 3 | ||||||
TriZetto Group (a) (b) | 3,397 | 72 | ||||||
Trubion Pharmaceuticals (a) (b) | 580 | 4 | ||||||
United Therapeutics (a) (b) | 1,422 | 120 | ||||||
Valeant Pharmaceuticals International (a) (b) | 6,066 | 81 | ||||||
Vanda Pharmaceuticals (a) (b) | 1,818 | 6 | ||||||
Varian (a) | 2,110 | 107 | ||||||
Verenium Corporation (a) (b) | 2,708 | 8 | ||||||
ViroPharma (a) | 4,835 | 44 | ||||||
Vital Images (a) (b) | 917 | 14 | ||||||
Vital Signs | 326 | 17 | ||||||
Vivus (a) | 4,029 | 23 | ||||||
Volcano (a) | 1,960 | 23 | ||||||
West Pharmaceutical Services | 2,377 | 112 | ||||||
Wright Medical Group (a) (b) | 2,365 | 66 | ||||||
XenoPort (a) | 1,464 | 63 | ||||||
XOMA (a) (b) | 9,182 | 22 | ||||||
Zoll Medical (a) | 1,408 | 47 | ||||||
ZymoGenetics (a) (b) | 2,965 | 26 | ||||||
10,073 | ||||||||
Industrials – 14.3% | ||||||||
3D Systems (a) (b) | 980 | 15 | ||||||
A.O. Smith | 1,380 | 43 | ||||||
AAON | 937 | 17 | ||||||
AAR (a) (b) | 2,625 | 61 | ||||||
ABM Industries (b) | 2,933 | 61 | ||||||
ABX Air (a) | 4,732 | 13 | ||||||
ACCO Brands (a) | 3,041 | 42 | ||||||
Accuride (a) | 1,771 | 14 | ||||||
Actuant, Class A (b) | 4,015 | 136 | ||||||
Acuity Brands | 3,010 | 144 | ||||||
Administaff | 1,677 | 44 | ||||||
Advisory Board (a) (b) | 1,228 | 57 | ||||||
Aecom Technology (a) (b) | 2,718 | 75 | ||||||
Aerovironment (a) | 344 | 8 | ||||||
AirTran Holdings (a) (b) | 6,254 | 21 | ||||||
Alaska Air Group (a) (b) | 2,597 | 56 | ||||||
Albany International, Class A (b) | 1,952 | 71 |
First American Funds 2008 Semiannual Report 21
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Allegiant Travel (a) | 177 | $ | 5 | |||||
Altra Holdings (a) | 673 | 10 | ||||||
Amerco (a) | 773 | 44 | ||||||
American Commercial Lines (a) (b) | 3,402 | 54 | ||||||
American Ecology | 1,105 | 29 | ||||||
American Railcar Industries (b) | 690 | 14 | ||||||
American Reprographics (a) (b) | 2,030 | 32 | ||||||
American Science & Engineering (b) | 743 | 36 | ||||||
American Superconductor (a) (b) | 2,757 | 70 | ||||||
American Woodmark (b) | 943 | 18 | ||||||
Ameron International | 651 | 64 | ||||||
Ampco-Pittsburgh | 578 | 26 | ||||||
Amrep | 147 | 8 | ||||||
Apogee Enterprises (b) | 1,973 | 44 | ||||||
Applied Energetics (a) (b) | 1,950 | 4 | ||||||
Applied Industrial Technology (b) | 2,959 | 71 | ||||||
ARGON ST (a) (b) | 1,015 | 19 | ||||||
Arkansas Best (b) | 1,565 | 62 | ||||||
Arrowhead Research (a) (b) | 2,327 | 6 | ||||||
Asset Acceptance Capital (b) | 1,224 | 15 | ||||||
Astec Industries (a) | 1,305 | 48 | ||||||
Atlas Air Worldwide Holdings (a) | 910 | 55 | ||||||
AZZ (a) | 797 | 21 | ||||||
Badger Meter (b) | 900 | 47 | ||||||
Baldor Electric | 3,029 | 98 | ||||||
Barnes Group | 2,601 | 68 | ||||||
Barrett Business Services | 543 | 7 | ||||||
Beacon Roofing Supply (a) (b) | 3,026 | 32 | ||||||
BlueLinx Holdings (b) | 569 | 3 | ||||||
Bowne & Company | 2,344 | 39 | ||||||
Brady, Class A (b) | 3,189 | 108 | ||||||
Briggs & Stratton (b) | 3,399 | 52 | ||||||
Bright Horizons Family Solutions (a) | 1,805 | 86 | ||||||
Bucyrus International (b) | 2,522 | 318 | ||||||
Builders FirstSource (a) (b) | 742 | 5 | ||||||
Cascade (b) | 818 | 35 | ||||||
Casella Waste Systems (a) | 1,589 | 17 | ||||||
CBIZ (a) | 4,304 | 38 | ||||||
CDI (b) | 572 | 16 | ||||||
Celadon Group (a) (b) | 1,514 | 16 | ||||||
Cenveo (a) (b) | 3,676 | 38 | ||||||
Ceradyne (a) (b) | 1,873 | 73 | ||||||
Chart Industries (a) | 853 | 35 | ||||||
Circor International | 1,172 | 56 | ||||||
CLARCOR (b) | 3,586 | 150 | ||||||
Clean Harbors (a) | 1,137 | 75 | ||||||
Coleman Cable (a) | 561 | 7 | ||||||
Columbus McKinnon (a) (b) | 1,308 | 37 | ||||||
Comfort Systems USA (b) | 3,251 | 44 | ||||||
Commercial Vehicle Group (a) | 1,692 | 20 | ||||||
COMSYS IT Partners (a) | 1,183 | 10 | ||||||
Consolidated Graphics (a) (b) | 638 | 37 | ||||||
Cornell (a) | 397 | 9 | ||||||
CoStar Group (a) (b) | 1,209 | 58 | ||||||
CPI (b) | 365 | 7 | ||||||
CRA International (a) | 848 | 29 | ||||||
Cubic | 1,037 | 28 | ||||||
Curtiss-Wright (b) | 3,032 | 144 | ||||||
Deluxe | 3,567 | 76 | ||||||
Diamond Management & Technology Consultation | 1,435 | 9 | ||||||
Dollar Thrifty Automotive (a) (b) | 1,453 | 19 | ||||||
Duff & Phelps, Class A (a) | 639 | 12 | ||||||
Dycom Industries (a) (b) | 3,039 | 44 | ||||||
Dynamex (a) | 790 | 20 | ||||||
Dynamic Materials | 936 | 44 | ||||||
DynCorp International (a) (b) | 2,014 | 36 | ||||||
Eagle Bulk Shipping | 2,765 | 81 | ||||||
Electro Rent | 1,176 | 16 | ||||||
EMCOR Group (a) | 4,376 | 110 | ||||||
Encore Wire (b) | 1,593 | 36 | ||||||
Energy Conversion Devices (a) (b) | 2,713 | 88 | ||||||
EnergySolutions | 1,353 | 30 | ||||||
EnerSys (a) | 1,457 | 34 | ||||||
ENGlobal (a) (b) | 1,257 | 13 | ||||||
Ennis Business Forms | 2,093 | 35 | ||||||
EnPro Industries (a) | 1,589 | 58 | ||||||
ESCO Technologies (a) (b) | 1,776 | 83 | ||||||
Esterline Technologies (a) | 1,700 | 95 | ||||||
Evergreen Solar (a) (b) | 6,451 | 55 | ||||||
Exponent (a) | 1,015 | 34 | ||||||
ExpressJet Holdings (a) | 3,589 | 11 | ||||||
Federal Signal (b) | 3,045 | 42 | ||||||
First Advantage (a) | 185 | 4 | ||||||
Flow International (a) | 2,591 | 26 | ||||||
Force Protection (a) (b) | 4,663 | 14 | ||||||
Forward Air (b) | 2,075 | 71 | ||||||
Franklin Electric (b) | 1,326 | 51 | ||||||
FreightCar America | 897 | 34 | ||||||
FTD Group | 1,203 | 17 | ||||||
FTI Consulting (a) (b) | 3,002 | 192 | ||||||
FuelCell Energy (a) (b) | 4,344 | 38 | ||||||
Fuel-Tech (a) (b) | 1,178 | 30 | ||||||
G&K Services, Class A (b) | 1,351 | 43 | ||||||
Gehl Company (a) | 472 | 7 | ||||||
Genco Shipping & Trading (b) | 1,361 | 92 | ||||||
GenCorp (a) (b) | 3,835 | 33 | ||||||
Genesee & Wyoming, Class A (a) (b) | 2,249 | 80 | ||||||
Geo Group (a) (b) | 3,621 | 96 | ||||||
GeoEye (a) | 1,201 | 28 | ||||||
GEVITY HR | 1,655 | 11 | ||||||
Global Cash Access Holdings (a) | 2,783 | 17 | ||||||
Gorman-Rupp | 991 | 35 | ||||||
Granite Construction (b) | 2,594 | 89 | ||||||
Greenbrier Companies (b) | 969 | 22 | ||||||
Griffon (a) | 2,069 | 19 | ||||||
H & E Equipment Services (a) | 811 | 11 | ||||||
Hardinge | 749 | 12 | ||||||
Healthcare Services Group (b) | 2,927 | 45 | ||||||
Heartland Express (b) | 3,970 | 61 | ||||||
HEICO (b) | 1,493 | 77 | ||||||
Heidrick & Struggles International | 1,381 | 41 | ||||||
Herman Miller (b) | 4,080 | 95 | ||||||
Hexcel (a) (b) | 6,480 | 145 | ||||||
Horizon Lines, Class A (b) | 2,322 | 24 | ||||||
Houston Wire & Cable (b) | 1,182 | 22 | ||||||
Hub Group (a) (b) | 2,666 | 87 | ||||||
Hudson Highland Group (a) | 1,742 | 15 | ||||||
Hurco (a) | 389 | 18 | ||||||
Huron Consulting Group (a) | 1,367 | 57 | ||||||
ICT Group (a) | 480 | 5 | ||||||
IHS, Class A (a) | 2,067 | 137 | ||||||
II-VI (a) | 1,764 | 66 | ||||||
IKON Office Solutions | 5,438 | 60 | ||||||
InnerWorkings (a) (b) | 1,584 | 21 | ||||||
Innovative Solutions & Support (a) | 864 | 8 | ||||||
Insituform Technologies, Class A (a) (b) | 2,031 | 34 | ||||||
Insteel Industries | 979 | 12 | ||||||
Integrated Electrical Services (a) (b) | 929 | 16 | ||||||
Interline Brands (a) (b) | 2,019 | 39 | ||||||
Jackson Hewitt Tax Service | 2,053 | 31 | ||||||
JetBlue Airways (a) (b) | 12,241 | 62 | ||||||
Kadant (a) | 965 | 25 |
The accompanying notes are an integral part of the financial statements.
22 First American Funds 2008 Semiannual Report
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Kaman | 1,874 | $ | 51 | |||||
Kaydon (b) | 2,029 | 106 | ||||||
Kelly Services, Class A (b) | 1,361 | 30 | ||||||
Kenexa (a) (b) | 1,758 | 31 | ||||||
Kforce (a) | 2,100 | 17 | ||||||
Knight Transportation (b) | 4,291 | 73 | ||||||
Knoll | 1,986 | 26 | ||||||
Korn/Ferry International (a) (b) | 2,966 | 55 | ||||||
Ladish (a) (b) | 1,110 | 33 | ||||||
Lawson Products | 284 | 7 | ||||||
Layne Christensen (a) | 719 | 31 | ||||||
LB Foster (a) (b) | 818 | 26 | ||||||
LECG (a) | 1,437 | 15 | ||||||
Lindsay Manufacturing (b) | 870 | 91 | ||||||
LSI Industries | 1,688 | 19 | ||||||
Marten Transport (a) | 1,265 | 21 | ||||||
MasTec (a) | 2,737 | 22 | ||||||
McGrath Rentcorp | 1,708 | 44 | ||||||
Medis Technologies (a) (b) | 1,600 | 13 | ||||||
Mercury Computer Systems (a) | 1,559 | 13 | ||||||
Michael Baker (a) | 491 | 10 | ||||||
Middleby (a) (b) | 1,065 | 67 | ||||||
Miller Industries (a) | 760 | 9 | ||||||
Mobile Mini (a) (b) | 2,577 | 55 | ||||||
Moog, Class A (a) (b) | 2,571 | 111 | ||||||
MTC Technologies (a) (b) | 794 | 19 | ||||||
Mueller Industries | 2,516 | 81 | ||||||
Mueller Water Products, Class A (b) | 7,862 | 63 | ||||||
Multi Color | 270 | 6 | ||||||
NACCO Industries, Class A (b) | 385 | 35 | ||||||
Navigant Consulting (a) (b) | 3,235 | 65 | ||||||
NCI Building Systems (a) (b) | 1,378 | 33 | ||||||
Nordic American Tanker Shipping (b) | 1,789 | 60 | ||||||
Nordson | 2,072 | 122 | ||||||
NuCo2 (a) | 765 | 21 | ||||||
Odyssey Marine Exploration (a) | 2,836 | 14 | ||||||
Old Dominion Freight Line (a) | 2,297 | 71 | ||||||
On Assignment (a) | 1,836 | 13 | ||||||
Orbital Sciences (a) (b) | 4,074 | 110 | ||||||
Orion Energy Systems (a) | 446 | 5 | ||||||
Pacer International | 2,562 | 48 | ||||||
Park-Ohio Holdings (a) | 568 | 9 | ||||||
Patriot Transportation Holdings (a) | 24 | 2 | ||||||
PeopleSupport (a) (b) | 1,735 | 17 | ||||||
Perini (a) (b) | 1,835 | 66 | ||||||
PGT (a) | 309 | 1 | ||||||
PHH (a) (b) | 3,660 | 72 | ||||||
Pico Holdings (a) | 581 | 21 | ||||||
Pike Electric (a) | 781 | 13 | ||||||
Pinnacle Airlines (a) (b) | 1,388 | 12 | ||||||
Polypore International (a) (b) | 349 | 8 | ||||||
Portfolio Recovery Associates (b) | 1,050 | 46 | ||||||
Powell Industries (a) | 565 | 24 | ||||||
Power-One (a) | 5,244 | 16 | ||||||
Pre-Paid Legal Services (a) | 620 | 27 | ||||||
Protection One (a) (b) | 59 | 1 | ||||||
The Provident Service (a) | 716 | 20 | ||||||
Quanex Building Products (a) (b) | 2,549 | 43 | ||||||
Raven Industries | 1,342 | 41 | ||||||
RBC Bearings (a) | 1,496 | 60 | ||||||
Regal-Beloit (b) | 2,202 | 82 | ||||||
Republic Airways Holdings (a) | 2,314 | 39 | ||||||
Resources Connection (b) | 3,633 | 73 | ||||||
Robbins & Myers (b) | 2,101 | 84 | ||||||
Rollins | 2,929 | 47 | ||||||
RSC Holdings (a) | 1,445 | 13 | ||||||
Rush Enterprises (a) (b) | 2,282 | 37 | ||||||
Saia (a) | 926 | 13 | ||||||
SAIC (a) (b) | 11,294 | 215 | ||||||
Schawk | 1,277 | 20 | ||||||
School Specialty (a) | 1,487 | 44 | ||||||
SI International (a) | 744 | 17 | ||||||
Simpson Manufacturing (b) | 2,533 | 67 | ||||||
SkyWest (b) | 4,254 | 81 | ||||||
Sotheby’s Holdings, Class A (b) | 4,472 | 124 | ||||||
Spherion (a) (b) | 3,823 | 19 | ||||||
Standard Parking (a) | 804 | 17 | ||||||
Standard Register (b) | 1,174 | 11 | ||||||
Standex International | 842 | 18 | ||||||
Stanley (a) | 532 | 13 | ||||||
Sun Hydraulics | 764 | 23 | ||||||
TAL International Group | 924 | 22 | ||||||
Taleo (a) | 1,032 | 20 | ||||||
TBS International (a) (b) | 336 | 13 | ||||||
Team (a) | 938 | 28 | ||||||
Tecumseh Products, Class A (a) (b) | 1,064 | 33 | ||||||
Teledyne Technologies (a) (b) | 2,523 | 148 | ||||||
Teletech Holdings (a) | 2,891 | 66 | ||||||
Tennant (b) | 1,060 | 36 | ||||||
Tetra Tech (a) (b) | 3,983 | 84 | ||||||
Titan International | 1,627 | 58 | ||||||
Titan Machinery (a) | 313 | 6 | ||||||
TransDigm Group (a) (b) | 622 | 24 | ||||||
Tredegar | 2,305 | 38 | ||||||
Trex (a) (b) | 938 | 9 | ||||||
Triumph Group (b) | 1,138 | 67 | ||||||
TrueBlue (a) | 3,073 | 39 | ||||||
TurboChef Technologies (a) | 1,362 | 12 | ||||||
Twin Disc | 635 | 11 | ||||||
UAP Holding | 3,855 | 150 | ||||||
Ultrapetrol Bahamas (a) (b) | 1,048 | 10 | ||||||
United Stationers (a) (b) | 1,702 | 75 | ||||||
Universal Forest Products (b) | 1,155 | 40 | ||||||
Universal Technical Institute (a) | 1,684 | 19 | ||||||
Universal Truckload Services (a) | 204 | 4 | ||||||
Valmont Industries (b) | 1,386 | 136 | ||||||
Viad (b) | 1,513 | 48 | ||||||
Vicor | 1,335 | 16 | ||||||
Volt Information Sciences (a) (b) | 1,061 | 14 | ||||||
Wabash National (b) | 2,121 | 18 | ||||||
Walter Industries (b) | 3,595 | 249 | ||||||
Waste Connections (a) (b) | 4,461 | 143 | ||||||
Waste Services (a) | 373 | 3 | ||||||
Watsco | 1,570 | 71 | ||||||
Watson Wyatt & Company Holdings (b) | 2,894 | 170 | ||||||
Watts Water Technologies, Class A (b) | 2,053 | 55 | ||||||
Werner Enterprises (b) | 3,217 | 63 | ||||||
Westinghouse Air Brake Technologies | 3,353 | 144 | ||||||
Woodward Governor | 4,133 | 145 | ||||||
12,416 | ||||||||
Information Technology – 15.5% | ||||||||
3Com (a) | 26,675 | 64 | ||||||
Acacia Research – Acacia Technology (a) | 2,223 | 12 | ||||||
ACI Worldwide (a) (b) | 2,560 | 57 | ||||||
Acme Packet (a) | 1,537 | 14 | ||||||
Actel (a) (b) | 1,763 | 29 | ||||||
Actuate (a) | 4,413 | 18 | ||||||
Adaptec (a) | 8,134 | 23 | ||||||
ADTRAN | 3,826 | 91 | ||||||
Advanced Analogic Technologies (a) | 2,211 | 15 | ||||||
Advanced Energy Industries (a) (b) | 2,267 | 32 |
First American Funds 2008 Semiannual Report 23
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Advent Software (a) (b) | 1,281 | $ | 51 | |||||
Agilysys | 1,632 | 18 | ||||||
Airvana (a) | 643 | 4 | ||||||
Amkor Technology (a) | 7,301 | 70 | ||||||
ANADIGICS (a) (b) | 3,828 | 43 | ||||||
Anaren (a) | 1,201 | 16 | ||||||
Anixter International (a) (b) | 2,121 | 121 | ||||||
Ansoft (a) | 1,093 | 36 | ||||||
ANSYS (a) (b) | 4,816 | 194 | ||||||
Applied Micro Circuits (a) (b) | 4,868 | 43 | ||||||
Ariba (a) (b) | 5,425 | 64 | ||||||
Arris Group (a) (b) | 9,474 | 77 | ||||||
Art Technology Group (a) | 8,495 | 30 | ||||||
AsiaInfo Holdings (a) | 2,160 | 26 | ||||||
Asyst Technologies (a) | 3,572 | 13 | ||||||
Atheros Communications (a) (b) | 4,010 | 107 | ||||||
ATMI (a) (b) | 2,181 | 64 | ||||||
Audiovox (a) | 1,192 | 13 | ||||||
Avanex (a) (b) | 12,291 | 11 | ||||||
Avid Technology (a) (b) | 3,165 | 66 | ||||||
Avocent (a) (b) | 3,207 | 63 | ||||||
Axcelis Technologies (a) | 7,076 | 38 | ||||||
Bankrate (a) (b) | 779 | 41 | ||||||
BearingPoint (a) (b) | 14,593 | 27 | ||||||
Bel Fuse | 771 | 20 | ||||||
Belden (b) | 3,147 | 106 | ||||||
Benchmark Electronics (a) | 4,589 | 82 | ||||||
Black Box | 1,192 | 35 | ||||||
Blackbaud (b) | 3,039 | 71 | ||||||
Blackboard (a) (b) | 1,969 | 68 | ||||||
Blue Coat Systems (a) (b) | 2,212 | 47 | ||||||
Borland Software (a) (b) | 5,062 | 9 | ||||||
Bottomline Technologies (a) | 1,100 | 12 | ||||||
Brightpoint (a) | 3,491 | 32 | ||||||
Brooks Automation (a) (b) | 4,438 | 46 | ||||||
Cabot Microelectronics (a) | 1,630 | 55 | ||||||
CACI International, Class A (a) (b) | 2,122 | 106 | ||||||
Cass Information Systems (b) | 488 | 16 | ||||||
Cavium Networks (a) | 141 | 3 | ||||||
Checkpoint Systems (a) | 2,882 | 75 | ||||||
Chordiant Software (a) | 2,277 | 10 | ||||||
CIBER (a) | 3,736 | 23 | ||||||
Cirrus Logic (a) | 6,561 | 47 | ||||||
CMGI (a) | 3,316 | 46 | ||||||
CNET Networks (a) (b) | 10,365 | 80 | ||||||
Cogent (a) | 2,965 | 28 | ||||||
Cognex | 3,024 | 76 | ||||||
Cohu | 1,539 | 27 | ||||||
Commvault Systems (a) | 2,447 | 30 | ||||||
Comscore (a) | 395 | 7 | ||||||
Comtech Group (a) (b) | 1,062 | 14 | ||||||
Comtech Telecommunications (a) (b) | 1,681 | 65 | ||||||
Comverge (a) | 375 | 5 | ||||||
Concur Technologies (a) (b) | 2,831 | 94 | ||||||
Conexant Systems (a) | 36,412 | 18 | ||||||
Constant Contact (a) (b) | 491 | 9 | ||||||
CPI International (a) | 568 | 6 | ||||||
Cray (a) | 2,299 | 14 | ||||||
Credence Systems (a) | 7,588 | 8 | ||||||
CSG Systems International (a) | 2,535 | 31 | ||||||
CTS | 2,494 | 28 | ||||||
CyberSource (a) (b) | 4,564 | 83 | ||||||
Cymer (a) (b) | 2,181 | 57 | ||||||
Daktronics (b) | 2,177 | 32 | ||||||
Data Domain (a) (b) | 335 | 7 | ||||||
DealerTrack Holdings (a) (b) | 2,252 | 43 | ||||||
Dice Holdings (a) (b) | 1,144 | 8 | ||||||
Digi International (a) | 1,826 | 15 | ||||||
Digital River (a) (b) | 2,520 | 83 | ||||||
Diodes (a) (b) | 2,060 | 56 | ||||||
Dionex (a) (b) | 1,307 | 102 | ||||||
Ditech Networks (a) | 1,952 | 6 | ||||||
Divx (a) | 1,602 | 12 | ||||||
Double-take Software (a) (b) | 594 | 9 | ||||||
DSP Group (a) | 1,925 | 25 | ||||||
DTS (a) | 1,490 | 44 | ||||||
EarthLink (a) | 7,516 | 69 | ||||||
Echelon (a) (b) | 2,045 | 23 | ||||||
Electro Scientific Industries (a) | 2,096 | 34 | ||||||
Electronics for Imaging (a) (b) | 3,940 | 57 | ||||||
Emulex (a) | 5,879 | 77 | ||||||
EnerNOC (a) (b) | 257 | 4 | ||||||
Entegris (a) | 8,167 | 62 | ||||||
Epicor Software (a) (b) | 4,516 | 36 | ||||||
EPIQ Systems (a) | 1,502 | 23 | ||||||
Equinix (a) (b) | 2,452 | 222 | ||||||
Euronet Worldwide (a) (b) | 3,169 | 56 | ||||||
Exar (a) | 1,240 | 10 | ||||||
Excel Technologies (a) | 859 | 20 | ||||||
Exlservice Holdings (a) (b) | 1,567 | 39 | ||||||
Extreme Networks (a) | 8,942 | 27 | ||||||
FalconStor Software (a) | 2,215 | 18 | ||||||
FARO Technologies (a) | 980 | 35 | ||||||
FEI (a) | 2,375 | 52 | ||||||
Finisar (a) (b) | 17,132 | 23 | ||||||
FLIR Systems (a) (b) | 9,113 | 313 | ||||||
FormFactor (a) (b) | 3,264 | 63 | ||||||
Forrester Research (a) | 1,227 | 35 | ||||||
Foundry Networks (a) (b) | 10,019 | 128 | ||||||
Gartner, Class A (a) (b) | 4,758 | 109 | ||||||
Gerber Scientific (a) | 1,786 | 17 | ||||||
Glu Mobile (a) | 427 | 2 | ||||||
Greenfield Online (a) | 1,517 | 17 | ||||||
Harmonic (a) (b) | 5,348 | 44 | ||||||
Harris Stratex Networks, Class A (a) (b) | 1,926 | 18 | ||||||
Heartland Payment Systems (b) | 704 | 15 | ||||||
Hittite Microwave (a) | 724 | 29 | ||||||
HSW International (a) (b) | 875 | 4 | ||||||
Hughes Communications (a) | 275 | 15 | ||||||
Hutchinson Technology (a) (b) | 1,911 | 27 | ||||||
Hypercom (a) | 3,673 | 16 | ||||||
i2 Technologies (a) (b) | 1,101 | 12 | ||||||
Ibasis | 2,265 | 7 | ||||||
iGATE (a) | 1,773 | 14 | ||||||
Imation | 2,303 | 54 | ||||||
Imergent (b) | 857 | 10 | ||||||
Immersion (a) (b) | 1,724 | 19 | ||||||
Infinera (a) | 436 | 6 | ||||||
Informatica (a) (b) | 5,999 | 96 | ||||||
Information Services Group (a) | 2,875 | 15 | ||||||
InfoSpace | 2,245 | 27 | ||||||
infoUSA | 2,509 | 14 | ||||||
Integral Systems | 640 | 22 | ||||||
Interactive Intelligence (a) | 911 | 12 | ||||||
Interdigital (a) | 3,235 | 66 | ||||||
Intermec (a) (b) | 3,604 | 76 | ||||||
Internap Network Services (a) | 3,354 | 16 | ||||||
Internet Capital Group (a) | 2,622 | 26 | ||||||
InterVoice (a) | 2,643 | 17 | ||||||
Interwoven (a) | 3,184 | 36 | ||||||
Intevac (a) | 1,644 | 22 | ||||||
iPass (a) | 3,414 | 10 |
The accompanying notes are an integral part of the financial statements.
24 First American Funds 2008 Semiannual Report
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
IPG Photonics (a) (b) | 765 | $ | 13 | |||||
Isilon Systems (a) | 647 | 3 | ||||||
Itron (a) (b) | 1,848 | 172 | ||||||
Ixia (a) | 3,040 | 22 | ||||||
IXYS (a) | 1,656 | 12 | ||||||
J2 Global Communications (a) | 3,141 | 67 | ||||||
Jack Henry & Associates (b) | 5,630 | 148 | ||||||
JDA Software (a) | 1,749 | 33 | ||||||
KEMET (a) (b) | 5,808 | 24 | ||||||
The Knot (a) (b) | 1,889 | 22 | ||||||
Kulicke & Soffa (a) (b) | 4,267 | 28 | ||||||
L-1 Identity Solutions (a) (b) | 4,101 | 59 | ||||||
Landauer | 708 | 38 | ||||||
Lattice Semiconductor (a) | 8,530 | 29 | ||||||
Lawson Software (a) | 9,403 | 75 | ||||||
Limelight Networks (a) | 1,239 | 3 | ||||||
Lionbridge Technologies (a) | 4,165 | 12 | ||||||
Liquidity Services (a) | 554 | 5 | ||||||
Littelfuse (a) | 1,531 | 56 | ||||||
Liveperson (a) | 2,380 | 8 | ||||||
Lo-Jack (a) | 1,446 | 14 | ||||||
LoopNet (a) (b) | 1,847 | 21 | ||||||
Loral Space & Communications (a) | 614 | 13 | ||||||
LTX (a) | 4,788 | 14 | ||||||
Macrovision (a) (b) | 3,652 | 58 | ||||||
Magma Design Automation (a) | 2,504 | 23 | ||||||
Magna Entertainment (a) (b) | 3,486 | 1 | ||||||
Manhattan Associates (a) | 1,870 | 49 | ||||||
ManTech International (a) | 1,238 | 59 | ||||||
Marchex (b) | 1,947 | 20 | ||||||
Mattson Technology (a) | 3,640 | 18 | ||||||
Maximus | 1,250 | 47 | ||||||
Measurement Specialties (a) | 1,108 | 18 | ||||||
Mentor Graphics (a) (b) | 5,821 | 59 | ||||||
Mercadolibre (a) (b) | 1,104 | 56 | ||||||
Methode Electronics, Class A | 2,607 | 28 | ||||||
Micrel (b) | 3,801 | 37 | ||||||
Micros Systems (a) (b) | 5,685 | 203 | ||||||
Microsemi (a) (b) | 5,097 | 125 | ||||||
MicroStrategy (a) | 655 | 58 | ||||||
Microtune (a) | 4,026 | 14 | ||||||
Midway Games (a) | 1,434 | 4 | ||||||
MIPS Technologies, Class A (a) | 3,287 | 15 | ||||||
MKS Instruments (a) (b) | 3,401 | 78 | ||||||
Monolithic Power Systems (a) | 1,452 | 33 | ||||||
Monotype Imaging Holdings (a) | 167 | 2 | ||||||
MPS Group (a) (b) | 7,093 | 76 | ||||||
MRV Communications (a) | 9,356 | 15 | ||||||
MSC.Software (a) | 3,042 | 37 | ||||||
MTS Systems (b) | 1,212 | 42 | ||||||
Multi-Fineline Electronix (a) (b) | 630 | 12 | ||||||
Ness Technologies (a) (b) | 1,276 | 12 | ||||||
Net 1 UEPS Technologies (a) (b) | 2,862 | 67 | ||||||
Netezza (a) | 458 | 5 | ||||||
NETGEAR (a) (b) | 2,560 | 41 | ||||||
Netlogic Microsystems (a) (b) | 1,266 | 42 | ||||||
NetSuite (a) (b) | 483 | 10 | ||||||
Network Equipment Technologies (a) (b) | 1,782 | 12 | ||||||
Neutral Tandem (a) (b) | 440 | 8 | ||||||
Newport (a) | 2,452 | 28 | ||||||
Nextwave Wireless (a) (b) | 1,851 | 12 | ||||||
NIC | 2,617 | 17 | ||||||
Novatel Wireless (a) | 2,183 | 19 | ||||||
Nuance Communications (a) (b) | 10,057 | 204 | ||||||
Omniture (a) | 2,933 | 67 | ||||||
OmniVision Technologies (a) (b) | 3,962 | 64 | ||||||
ON Semiconductor (a) (b) | 19,862 | 148 | ||||||
On2 Technologies (a) (b) | 10,837 | 9 | ||||||
Online Resources (a) | 1,643 | 17 | ||||||
Opentv (a) | 6,377 | 7 | ||||||
Openwave Systems | 6,192 | 13 | ||||||
Oplink Communications (a) | 1,330 | 13 | ||||||
Opnext (a) | 1,250 | 7 | ||||||
Optium (a) | 837 | 6 | ||||||
Orbcomm (a) (b) | 1,750 | 10 | ||||||
OSI Systems (a) (b) | 1,237 | 30 | ||||||
OYO Geospace (a) | 317 | 15 | ||||||
Packeteer (a) | 2,844 | 20 | ||||||
Palm (b) | 6,606 | 38 | ||||||
Parametric Technology (a) (b) | 7,881 | 137 | ||||||
Park Electrochemical (b) | 1,374 | 37 | ||||||
PC Connection (a) | 639 | 5 | ||||||
PDF Solutions (a) | 1,563 | 7 | ||||||
Pegasystems | 934 | 10 | ||||||
Perficient (a) | 1,997 | 18 | ||||||
Pericom Semiconductor (a) | 2,098 | 36 | ||||||
Perot Systems, Class A (a) (b) | 6,013 | 94 | ||||||
Phase Forward (a) (b) | 2,563 | 47 | ||||||
Photronics (a) (b) | 3,166 | 34 | ||||||
Plantronics | 3,320 | 83 | ||||||
Plexus (a) | 3,168 | 76 | ||||||
PLX Technology (a) | 1,938 | 17 | ||||||
PMC-Sierra (a) (b) | 14,668 | 114 | ||||||
Polycom (a) | 6,380 | 143 | ||||||
Powerwave Technologies (a) (b) | 8,447 | 23 | ||||||
Progress Software (a) | 2,808 | 85 | ||||||
Pros Holdings (a) | 536 | 6 | ||||||
QAD | 1,086 | 8 | ||||||
Quality Systems (b) | 1,183 | 38 | ||||||
Quantum (a) (b) | 14,750 | 26 | ||||||
Quest Software (a) | 4,719 | 63 | ||||||
Rackable Systems (a) (b) | 2,187 | 24 | ||||||
Radiant Systems (a) | 1,920 | 26 | ||||||
RadiSys (a) (b) | 1,565 | 15 | ||||||
RealNetworks (a) | 6,510 | 40 | ||||||
Renaissance Learning | 576 | 8 | ||||||
RF Micro Devices (a) (b) | 18,088 | 61 | ||||||
RightNow Technologies (a) | 1,116 | 13 | ||||||
Rimage (a) (b) | 691 | 12 | ||||||
Rofin-Sinar Technologies (a) (b) | 2,133 | 81 | ||||||
Rogers (a) | 1,220 | 42 | ||||||
Rubicon Technology (a) | 273 | 6 | ||||||
Rudolph Technologies (a) (b) | 1,716 | 17 | ||||||
S1 (a) | 3,862 | 26 | ||||||
Safeguard Scientifics (a) | 9,654 | 15 | ||||||
Sapient (a) (b) | 5,619 | 40 | ||||||
SAVVIS (a) | 1,901 | 28 | ||||||
ScanSource (a) (b) | 1,753 | 44 | ||||||
SeaChange International (a) | 2,075 | 15 | ||||||
Secure Computing (a) | 3,233 | 21 | ||||||
Semitool (a) | 1,320 | 12 | ||||||
Semtech (a) (b) | 4,273 | 69 | ||||||
Sigma Designs (a) (b) | 1,930 | 34 | ||||||
Silicon Graphics (a) | 442 | 5 | ||||||
Silicon Image (a) | 5,959 | 36 | ||||||
Silicon Storage Technology (a) | 6,863 | 21 | ||||||
SiRF Technology Holdings (a) (b) | 3,734 | 22 | ||||||
Skyworks Solutions (a) (b) | 11,025 | 96 | ||||||
Smart Modular Technologies (a) | 3,468 | 21 | ||||||
Smith Micro Software (a) (b) | 2,055 | 18 | ||||||
Sohu.com (a) (b) | 1,886 | 130 | ||||||
Solera Holdings (a) | 1,808 | 47 |
First American Funds 2008 Semiannual Report 25
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Sonic Solutions (a) | 2,098 | $ | 19 | |||||
SonicWALL (a) (b) | 4,376 | 34 | ||||||
Sonus Networks (a) (b) | 18,103 | 73 | ||||||
Sourcefire (a) | 503 | 3 | ||||||
Sourceforge (a) (b) | 4,971 | 9 | ||||||
Spansion (a) | 6,049 | 20 | ||||||
SPSS (a) | 1,264 | 53 | ||||||
SRA International, Class A (a) | 2,646 | 70 | ||||||
Standard Microsystems (a) | 1,674 | 50 | ||||||
Starent Networks (a) | 191 | 3 | ||||||
STEC (a) | 2,302 | 21 | ||||||
Stratasys (a) | 1,512 | 29 | ||||||
SuccessFactors (a) | 727 | 8 | ||||||
Super Micro Computer (a) | 601 | 4 | ||||||
Superior Essex (a) | 1,389 | 41 | ||||||
Supertex (a) | 886 | 19 | ||||||
Switch & Data Facilities (a) | 867 | 13 | ||||||
Sybase (a) (b) | 5,941 | 175 | ||||||
Sycamore Networks (a) (b) | 12,587 | 41 | ||||||
Sykes Enterprises (a) | 1,954 | 32 | ||||||
Symmetricom (a) | 3,733 | 16 | ||||||
Synaptics (a) (b) | 1,844 | 63 | ||||||
Synchronoss Technologies (a) | 1,274 | 27 | ||||||
SYNNEX (a) | 499 | 12 | ||||||
Syntel (b) | 532 | 18 | ||||||
Take-Two Interactive Software (a) | 4,981 | 131 | ||||||
TASER International (a) (b) | 4,293 | 32 | ||||||
Technitrol | 3,039 | 64 | ||||||
Techtarget (a) (b) | 527 | 7 | ||||||
Techwell (a) | 1,055 | 11 | ||||||
Tekelec (a) | 4,170 | 61 | ||||||
Terremark Worldwide (a) | 3,570 | 21 | ||||||
Tessera Technologies (a) (b) | 3,444 | 70 | ||||||
TheStreet.com | 1,404 | 11 | ||||||
THQ (a) | 4,602 | 98 | ||||||
TIBCO Software (a) (b) | 13,532 | 104 | ||||||
TNS (a) | 1,921 | 44 | ||||||
Travelzoo (a) | 511 | 6 | ||||||
Trident Microsystems (a) | 3,916 | 17 | ||||||
TriQuint Semiconductor (a) (b) | 10,586 | 70 | ||||||
TTM Technologies (a) | 2,892 | 38 | ||||||
Tyler Technologies (a) | 2,709 | 39 | ||||||
Ultimate Software Group (a) | 1,676 | 55 | ||||||
Ultra Clean Holdings (a) | 1,286 | 14 | ||||||
Ultratech (a) | 1,591 | 23 | ||||||
Unica (a) | 667 | 5 | ||||||
United Online (b) | 3,975 | 42 | ||||||
Universal Display (a) (b) | 1,966 | 29 | ||||||
UTStarcom (a) (b) | 7,440 | 24 | ||||||
ValueClick (a) (b) | 6,880 | 137 | ||||||
Vasco Data Security International (a) | 1,798 | 18 | ||||||
Veeco Instruments (a) (b) | 2,187 | 41 | ||||||
Veraz Networks (a) | 304 | 1 | ||||||
ViaSat (a) | 1,727 | 38 | ||||||
Vignette (a) | 1,981 | 23 | ||||||
Vocus (a) | 902 | 25 | ||||||
Volterra Semiconductor (a) | 1,435 | 22 | ||||||
Websense (a) | 3,089 | 60 | ||||||
Wind River Systems (a) (b) | 5,107 | 42 | ||||||
Wright Express (a) (b) | 2,703 | 89 | ||||||
X-Rite (a) | 1,709 | 4 | ||||||
Zoran (a) (b) | 3,685 | 48 | ||||||
Zygo (a) | 1,164 | 14 | ||||||
13,540 | ||||||||
Materials – 5.7% | ||||||||
A. Schulman | 1,723 | 37 | ||||||
A.M. Castle & Company (b) | 658 | 20 | ||||||
Abitibibowater (a) (b) | 3,665 | 36 | ||||||
AEP Industries (a) | 383 | 11 | ||||||
Alpha Natural Resources (a) (b) | 4,778 | 232 | ||||||
AMCOL International | 1,708 | 51 | ||||||
American Vanguard | 1,515 | 26 | ||||||
Apex Silver Mines (a) (b) | 4,014 | 40 | ||||||
AptarGroup | 4,763 | 210 | ||||||
Arch Chemicals | 1,670 | 57 | ||||||
Balchem | 1,293 | 30 | ||||||
Boise (a) (b) | 2,378 | 10 | ||||||
Brush Engineered Metals (a) | 1,444 | 45 | ||||||
Buckeye Technologies (a) | 2,282 | 20 | ||||||
Calgon Carbon (a) (b) | 2,960 | 42 | ||||||
Cambrex | 1,941 | 11 | ||||||
Century Aluminum (a) (b) | 1,887 | 131 | ||||||
CF Industries Holdings (b) | 3,774 | 505 | ||||||
Chesapeake (a) | 1,500 | 7 | ||||||
Coeur D’Alene Mines (a) (b) | 32,787 | 101 | ||||||
Compass Minerals International | 2,050 | 129 | ||||||
Deltic Timber | 764 | 40 | ||||||
Esmark (a) (b) | 876 | 15 | ||||||
Ferro | 3,004 | 53 | ||||||
Flotek Industries (a) (b) | 1,557 | 29 | ||||||
General Moly (a) (b) | 3,373 | 31 | ||||||
Georgia Gulf (b) | 2,363 | 14 | ||||||
Gibraltar Industries | 1,606 | 17 | ||||||
Glatfelter | 2,848 | 42 | ||||||
GrafTech International (a) (b) | 7,086 | 139 | ||||||
Graphic Packaging Holding (a) | 6,663 | 19 | ||||||
Greif, Class A (b) | 2,282 | 147 | ||||||
H.B. Fuller (b) | 4,183 | 97 | ||||||
Haynes International (a) (b) | 805 | 50 | ||||||
Headwaters (a) (b) | 2,713 | 31 | ||||||
Hecla Mining (a) (b) | 8,820 | 91 | ||||||
Hercules (b) | 7,891 | 148 | ||||||
Innophos Holdings | 1,451 | 26 | ||||||
Innospec | 1,635 | 33 | ||||||
Kaiser Aluminum | 1,040 | 71 | ||||||
Koppers Holdings (b) | 1,197 | 58 | ||||||
Landec (a) | 1,516 | 12 | ||||||
LSB Industries (a) (b) | 999 | 15 | ||||||
Mercer International (a) | 1,939 | 13 | ||||||
Minerals Technologies (b) | 1,308 | 89 | ||||||
Myers Industries | 1,938 | 24 | ||||||
Neenah Paper | 801 | 18 | ||||||
NewMarket Group | 968 | 63 | ||||||
NL Industries | 706 | 8 | ||||||
Northwest Pipe (a) | 625 | 27 | ||||||
Olin (b) | 5,072 | 102 | ||||||
Olympic Steel (b) | 650 | 33 | ||||||
OM Group (a) (b) | 2,056 | 113 | ||||||
PolyOne (a) | 6,434 | 48 | ||||||
Rock-Tenn, Class A (b) | 2,305 | 78 | ||||||
Rockwood Holdings (a) (b) | 2,319 | 86 | ||||||
Royal Gold (b) | 1,333 | 38 | ||||||
RTI International Metals (a) | 1,575 | 65 | ||||||
Schnitzer Steel Industries, Class A (b) | 1,511 | 133 | ||||||
Schweitzer-Mauduit International | 1,109 | 25 | ||||||
Sensient Technologies | 3,423 | 102 | ||||||
Shengda Technologies (a) (b) | 1,937 | 15 | ||||||
Silgan Holdings (b) | 1,720 | 92 | ||||||
Spartech | 2,179 | 19 | ||||||
Stepan | 214 | 8 |
The accompanying notes are an integral part of the financial statements.
26 First American Funds 2008 Semiannual Report
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Stillwater Mining (a) (b) | 2,903 | $ | 41 | |||||
Symyx Technologies (a) | 2,306 | 17 | ||||||
Terra Industries (a) (b) | 6,399 | 242 | ||||||
Texas Industries (b) | 1,776 | 137 | ||||||
Tronox | 2,905 | 9 | ||||||
Universal Stainless & Alloy (a) | 450 | 17 | ||||||
Uranium Resources (a) | 3,559 | 21 | ||||||
US Concrete (a) | 2,713 | 9 | ||||||
Us Gold Corporation (a) (b) | 3,771 | 8 | ||||||
USEC (a) (b) | 7,075 | 33 | ||||||
Valhi | 89 | 2 | ||||||
W.R. Grace & Company (a) (b) | 5,061 | 128 | ||||||
Wausau-Mosinee Paper (b) | 3,341 | 26 | ||||||
Worthington Industries | 4,407 | 79 | ||||||
Zep | 1,649 | 24 | ||||||
Zoltek Companies (a) (b) | 1,687 | 45 | ||||||
4,966 | ||||||||
Telecommunication Services – 1.2% | ||||||||
Alaska Communications Systems Group (b) | 2,892 | 32 | ||||||
Aruba Networks (a) (b) | 545 | 3 | ||||||
Atlantic Tele-Network | 339 | 11 | ||||||
Bigband Networks (a) | 763 | 6 | ||||||
Cbeyond (a) (b) | 1,413 | 28 | ||||||
Centennial Communications, Class A (a) | 1,643 | 10 | ||||||
Cincinnati Bell (a) (b) | 18,188 | 84 | ||||||
Cogent Communications Group (a) (b) | 3,451 | 72 | ||||||
Consolidated Communications Holdings | 998 | 14 | ||||||
EMS Technologies (a) | 1,218 | 31 | ||||||
FairPoint Communications (b) | 5,153 | 47 | ||||||
Fibertower (a) (b) | 7,182 | 11 | ||||||
General Communication, Class A (a) | 4,070 | 25 | ||||||
Global Crossing (a) (b) | 2,424 | 41 | ||||||
GlobalStar (a) (b) | 785 | 3 | ||||||
Hungarian Telephone & Cable (a) | 221 | 4 | ||||||
ICO Global Communication Holdings (a) | 7,118 | 27 | ||||||
IDT | 3,472 | 13 | ||||||
Iowa Telecommunication Services | 2,146 | 37 | ||||||
iPCS | 1,159 | 35 | ||||||
NTELOS Holdings | 1,887 | 49 | ||||||
Paetec Holding (a) | 7,005 | 54 | ||||||
Premiere Global Services (a) (b) | 4,672 | 68 | ||||||
Rural Cellular (a) (b) | 836 | 37 | ||||||
Shenandoah Telecommunications | 1,606 | 22 | ||||||
SureWest Communications | 985 | 14 | ||||||
Syniverse Holdings (a) | 1,723 | 27 | ||||||
Time Warner Telecom, Class A (a) (b) | 10,061 | 197 | ||||||
USA Mobility | 1,561 | 11 | ||||||
Virgin Mobile USA, Class A (a) (b) | 1,854 | 8 | ||||||
Vonage Holdings (a) (b) | 4,420 | 9 | ||||||
1,030 | ||||||||
Utilities – 2.8% | ||||||||
Allete | 1,749 | 73 | ||||||
American States Water (b) | 1,467 | 51 | ||||||
Aquila (a) (b) | 25,813 | 93 | ||||||
Avista | 3,641 | 75 | ||||||
Black Hills | 2,405 | 94 | ||||||
California Water Service | 1,437 | 56 | ||||||
Central Vermont Public Service (b) | 710 | 17 | ||||||
CH Energy Group | 1,173 | 41 | ||||||
CLECO (b) | 4,063 | 98 | ||||||
Consolidated Water (b) | 1,001 | 24 | ||||||
El Paso Electric (a) (b) | 3,146 | 71 | ||||||
Empire District Electric (b) | 2,277 | 47 | ||||||
EnergySouth | 556 | 30 | ||||||
IDACORP (b) | 3,024 | 98 | ||||||
ITC Holdings | 2,891 | 161 | ||||||
Laclede Group | 1,862 | 70 | ||||||
MGE Energy (b) | 1,789 | 62 | ||||||
New Jersey Resources (b) | 2,971 | 95 | ||||||
Nicor (b) | 3,094 | 109 | ||||||
Northwest Natural Gas (b) | 1,701 | 76 | ||||||
NorthWestern (b) | 2,652 | 66 | ||||||
Ormat Technologies | 930 | 46 | ||||||
Otter Tail | 2,227 | 83 | ||||||
Piedmont Natural Gas (b) | 4,996 | 131 | ||||||
PNM Resources | 4,798 | 69 | ||||||
Portland General Electric (b) | 2,081 | 50 | ||||||
SJW (b) | 1,269 | 38 | ||||||
South Jersey Industries (b) | 2,417 | 88 | ||||||
Southwest Gas (b) | 2,896 | 84 | ||||||
Southwest Water | 1,726 | 19 | ||||||
UIL Holdings | 1,936 | 61 | ||||||
UniSource Energy Holding (b) | 2,424 | 76 | ||||||
Westar Energy (b) | 5,888 | 136 | ||||||
WGL Holdings | 3,069 | 101 | ||||||
2,489 | ||||||||
Total Common Stocks (Cost $63,197) | 79,244 | |||||||
Warrants – 0.0% | ||||||||
Pegasus Wireless (d) | 604 | — | ||||||
Winthrop Realty Trust | 313 | — | ||||||
(Cost $0) | — | |||||||
Short-Term Investments – 9.4% | ||||||||
Money Market Fund – 8.8% | ||||||||
First American Prime Obligations Fund, Class Z (e) | 7,632,433 | 7,632 | ||||||
U.S. Treasury Obligation – 0.6% | ||||||||
U.S. Treasury Bill | ||||||||
2.240%, 06/26/2008 (f) | $ | 500 | 498 | |||||
Total Short-Term Investments (Cost $8,131) | 8,130 | |||||||
Investments Purchased with Proceeds from Securities Lending – 43.5% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (g) | ||||||||
(Cost $37,887) | 37,887,482 | 37,887 | ||||||
Total Investments – 143.9% (Cost $109,215) | 125,261 | |||||||
Other Assets and Liabilities, Net – (43.9)% | (38,216 | ) | ||||||
Total Net Assets – 100.0% | $ | 87,045 | ||||||
(a) | Non-income producing security. |
(b) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $35,937 at April 30, 2008. See note 2 in Notes to Financial Statements. |
(c) | Security is illiquid. As of April 30, 2008 the market value of these investments was $33 or 0% of total net assets. See note 2 in the Notes to Financial Statements. |
(d) | Security is fair valued and illiquid. As of April 30, 2008, the fair value of these investments was $0 or 0.0% 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. |
First American Funds 2008 Semiannual Report 27
Table of Contents
Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (concluded)
(f) | Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2008. 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. |
Schedule of Open Futures Contracts
Number of | Notional | ||||||||||
Contracts | Contract | Settlement | Unrealized | ||||||||
Description | Purchased | Value | Month | Appreciation | |||||||
Russell 2000 Futures | 21 | $ | 7,534 | June 2008 | $ | 284 | |||||
Small Cap Index Fund (concluded)
The accompanying notes are an integral part of the financial statements.
28 First American Funds 2008 Semiannual Report
Table of Contents
Statements ofAssets and Liabilities | April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Equity | Mid Cap | Small Cap | ||||||||||||
Index Fund | Index Fund | Index Fund | ||||||||||||
Unaffiliated investments, at cost | $ | 1,019,793 | $ | 219,193 | $ | 63,696 | ||||||||
Affiliated investments, at cost | 19,894 | 11,679 | 7,632 | |||||||||||
Affiliated investment purchased with proceeds from securities lending (note 2) | 703,843 | 140,911 | 37,887 | |||||||||||
ASSETS: | ||||||||||||||
Unaffiliated investments, at value* (note 2) | $ | 1,688,789 | $ | 282,332 | $ | 79,742 | ||||||||
Affiliated investments, at value (note 2) | 22,714 | * | 11,679 | 7,632 | ||||||||||
Affiliated investment purchased with proceeds from securities lending (note 2) | 703,843 | 140,911 | 37,887 | |||||||||||
Receivable for dividends and interest | 1,934 | 247 | 79 | |||||||||||
Receivable for investments sold | — | — | 123 | |||||||||||
Receivable for capital shares sold | 1,169 | 149 | 79 | |||||||||||
Receivable from advisor | — | — | 5 | |||||||||||
Prepaid expenses and other assets | 33 | 39 | 32 | |||||||||||
Total assets | 2,418,482 | 435,357 | 125,579 | |||||||||||
LIABILITIES: | ||||||||||||||
Bank overdraft | 6 | 7 | — | |||||||||||
Dividends payable | 2 | — | — | |||||||||||
Payable upon return of securities loaned (note 2) | 703,843 | 140,911 | 37,887 | |||||||||||
Payable for investments purchased | 116 | — | 275 | |||||||||||
Payable for capital shares redeemed | 2,488 | 363 | 291 | |||||||||||
Payable for variation margin | 134 | 16 | 20 | |||||||||||
Payable to affiliates (note 3) | 478 | 86 | 45 | |||||||||||
Payable for distribution and shareholder servicing fees | 69 | 11 | 5 | |||||||||||
Accrued expenses and other liabilities | 28 | 11 | 11 | |||||||||||
Total liabilities | 707,164 | 141,405 | 38,534 | |||||||||||
Net assets | $ | 1,711,318 | $ | 293,952 | $ | 87,045 | ||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||
Portfolio capital | $ | 1,040,708 | $ | 224,636 | $ | 66,328 | ||||||||
Undistributed net investment income | 219 | 248 | 51 | |||||||||||
Accumulated net realized gain (loss) on investments (note 2) | (2,525 | ) | 4,666 | 4,336 | ||||||||||
Net unrealized appreciation of investments | 671,816 | 63,139 | 16,046 | |||||||||||
Net unrealized appreciation of futures contracts | 1,100 | 1,263 | 284 | |||||||||||
Net assets | $ | 1,711,318 | $ | 293,952 | $ | 87,045 | ||||||||
* Including securities loaned, at value | $ | 677,105 | $ | 135,660 | $ | 35,937 | ||||||||
Class A: | ||||||||||||||
Net assets | $ | 171,311 | $ | 15,283 | $ | 7,502 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 6,812 | 1,181 | 635 | |||||||||||
Net asset value, and redemption price per share | $ | 25.15 | $ | 12.94 | $ | 11.81 | ||||||||
Maximum offering price per share1 | $ | 26.61 | $ | 13.69 | $ | 12.50 | ||||||||
Class B: | ||||||||||||||
Net assets | $ | 22,288 | $ | 1,889 | $ | 1,024 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 899 | 149 | 90 | |||||||||||
Net asset value, offering price, and redemption price per share2 | $ | 24.79 | $ | 12.64 | $ | 11.37 | ||||||||
Class C: | ||||||||||||||
Net assets | $ | 15,594 | $ | 4,592 | $ | 2,153 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 625 | 362 | 187 | |||||||||||
Net asset value, offering price, and redemption price per share2 | $ | 24.94 | $ | 12.69 | $ | 11.50 | ||||||||
Class R: | ||||||||||||||
Net assets | $ | 7,941 | $ | 7,182 | $ | 1,038 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 316 | 559 | 89 | |||||||||||
Net asset value, offering price, and redemption price per share | $ | 25.11 | $ | 12.85 | $ | 11.62 | ||||||||
Class Y: | ||||||||||||||
Net assets | $ | 1,494,184 | $ | 265,006 | $ | 75,328 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 59,440 | 20,455 | 6,377 | |||||||||||
Net asset value, offering price, and redemption price per share | $ | 25.14 | $ | 12.96 | $ | 11.81 | ||||||||
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.
First American Funds 2008 Semiannual Report 29
Table of Contents
Statements ofOperations | For the six-month period ended April 30, 2008 (unaudited), all dollars are rounded to thousands (000) |
Equity | Mid Cap | Small Cap | ||||||||||||||
Index Fund | Index Fund | Index Fund | ||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends from unaffiliated investments | $ | 18,078 | $ | 1,973 | $ | 626 | ||||||||||
Dividends from affiliated investments | 880 | 204 | 79 | |||||||||||||
Interest from unaffiliated investments | 49 | 17 | 8 | |||||||||||||
Less: Foreign taxes withheld | (1 | ) | — | — | ||||||||||||
Securities lending income | 771 | 323 | 163 | |||||||||||||
Total investment income | 19,777 | 2,517 | 876 | |||||||||||||
EXPENSES (note 3): | ||||||||||||||||
Investment advisory fees | 2,185 | 370 | 191 | |||||||||||||
Administration fees | 1,939 | 344 | 147 | |||||||||||||
Transfer agent fees | 189 | 59 | 59 | |||||||||||||
Custodian fees | 45 | 8 | 4 | |||||||||||||
Legal fees | 7 | 7 | 7 | |||||||||||||
Audit fees | 15 | 15 | 15 | |||||||||||||
Registration fees | 30 | 28 | 25 | |||||||||||||
Postage and printing fees | 54 | 10 | 3 | |||||||||||||
Directors’ fees | 13 | 13 | 13 | |||||||||||||
Other expenses | 37 | 16 | 18 | |||||||||||||
Distribution and shareholder servicing fees – Class A | 227 | 19 | 10 | |||||||||||||
Distribution and shareholder servicing fees – Class B | 125 | 10 | 5 | |||||||||||||
Distribution and shareholder servicing fees – Class C | 82 | 23 | 12 | |||||||||||||
Distribution and shareholder servicing fees – Class R | 18 | 15 | 2 | |||||||||||||
Total expenses | 4,966 | 937 | 511 | |||||||||||||
Less: Fee waivers (note 3) | (1,297 | ) | (135 | ) | (207 | ) | ||||||||||
Less: Indirect payments from custodian (note 3) | (2 | ) | (2 | ) | — | |||||||||||
Total net expenses | 3,667 | 800 | 304 | |||||||||||||
Investment income – net | 16,110 | 1,717 | 572 | |||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 6): | ||||||||||||||||
Net realized gain on unaffiliated investments | 20,515 | 7,879 | 5,744 | |||||||||||||
Net realized gain on affiliated investments | 39 | — | — | |||||||||||||
Net realized loss on futures contracts | (6,291 | ) | (1,554 | ) | (709 | ) | ||||||||||
Net change in unrealized appreciation or depreciation of unaffiliated investments | (224,096 | ) | (35,068 | ) | (21,305 | ) | ||||||||||
Net change in unrealized appreciation or depreciation of affiliated investments | 124 | — | — | |||||||||||||
Net change in unrealized appreciation or depreciation of future contracts | 955 | 1,006 | 275 | |||||||||||||
Net loss on investments and futures contracts | (208,754 | ) | (27,737 | ) | (15,995 | ) | ||||||||||
Net decrease in net assets resulting from operations | $ | (192,644 | ) | $ | (26,020 | ) | $ | (15,423 | ) | |||||||
The accompanying notes are an integral part of the financial statements.
30 First American Funds 2008 Semiannual Report
Table of Contents
Statements ofChanges 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 | ||||||||||||||||||||||||||
4/30/08 | Year Ended | 4/30/08 | Year Ended | 4/30/08 | Year Ended | |||||||||||||||||||||||
(unaudited) | 10/31/07 | (unaudited) | 10/31/07 | (unaudited) | 10/31/07 | |||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Investment income – net | $ | 16,110 | $ | 31,846 | $ | 1,717 | $ | 4,582 | $ | 572 | $ | 1,583 | ||||||||||||||||
Net realized gain on unaffiliated investments | 20,515 | 37,487 | 7,879 | 38,080 | 5,744 | 13,831 | ||||||||||||||||||||||
Net realized gain on affiliated investments | 39 | 767 | — | — | — | — | ||||||||||||||||||||||
Net realized gain on in-kind distribution | — | 121,979 | — | — | — | — | ||||||||||||||||||||||
Net realized gain (loss) on futures contracts | (6,291 | ) | 1,031 | (1,554 | ) | 1,065 | (709 | ) | 231 | |||||||||||||||||||
Net change in unrealized appreciation or depreciation of unaffiliated investments | (224,096 | ) | 75,164 | (35,068 | ) | 12,962 | (21,305 | ) | (3,070 | ) | ||||||||||||||||||
Net change in unrealized appreciation or depreciation of affiliated investments | 124 | (966 | ) | — | — | — | — | |||||||||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | 955 | (447 | ) | 1,006 | (65 | ) | 275 | (89 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (192,644 | ) | 266,861 | (26,020 | ) | 56,624 | (15,423 | ) | 12,486 | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||
Class A | (1,454 | ) | (2,903 | ) | (80 | ) | (145 | ) | (44 | ) | (82 | ) | ||||||||||||||||
Class B | (112 | ) | (253 | ) | (3 | ) | (5 | ) | (2 | ) | (2 | ) | ||||||||||||||||
Class C | (73 | ) | (134 | ) | (6 | ) | (10 | ) | (4 | ) | (5 | ) | ||||||||||||||||
Class R | (49 | ) | (56 | ) | (24 | ) | (35 | ) | (4 | ) | (3 | ) | ||||||||||||||||
Class Y | (14,192 | ) | (28,278 | ) | (1,727 | ) | (3,806 | ) | (551 | ) | (1,322 | ) | ||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||
Class A | (3,894 | ) | (2,670 | ) | (1,774 | ) | (684 | ) | (947 | ) | (1,272 | ) | ||||||||||||||||
Class B | (552 | ) | (488 | ) | �� | (233 | ) | (119 | ) | (132 | ) | (166 | ) | |||||||||||||||
Class C | (352 | ) | (235 | ) | (548 | ) | (207 | ) | (311 | ) | (336 | ) | ||||||||||||||||
Class R | (144 | ) | (42 | ) | (602 | ) | (197 | ) | (86 | ) | (37 | ) | ||||||||||||||||
Class Y | (31,877 | ) | (20,073 | ) | (32,293 | ) | (15,634 | ) | (10,301 | ) | (17,014 | ) | ||||||||||||||||
Total distributions | (52,699 | ) | (55,132 | ) | (37,290 | ) | (20,842 | ) | (12,382 | ) | (20,239 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 5): | ||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Proceeds from sales | 11,267 | 40,302 | 1,656 | 6,269 | 691 | 1,987 | ||||||||||||||||||||||
Reinvestment of distributions | 5,116 | 5,055 | 1,676 | 781 | 957 | 1,274 | ||||||||||||||||||||||
Payments for redemptions | (32,671 | ) | (83,782 | ) | (2,754 | ) | (5,602 | ) | (1,069 | ) | (4,270 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class A transactions | (16,288 | ) | (38,425 | ) | 578 | 1,448 | 579 | (1,009 | ) | |||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||
Proceeds from sales | 556 | 1,244 | 103 | 218 | 124 | 413 | ||||||||||||||||||||||
Reinvestment of distributions | 642 | 711 | 223 | 120 | 130 | 163 | ||||||||||||||||||||||
Payments for redemptions (note 3) | (6,499 | ) | (17,733 | ) | (274 | ) | (992 | ) | (176 | ) | (598 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class B transactions | (5,301 | ) | (15,778 | ) | 52 | (654 | ) | 78 | (22 | ) | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Proceeds from sales | 749 | 1,794 | 379 | 938 | 81 | 428 | ||||||||||||||||||||||
Reinvestment of distributions | 396 | 338 | 498 | 197 | 284 | 301 | ||||||||||||||||||||||
Payments for redemptions (note 3) | (2,746 | ) | (5,352 | ) | (587 | ) | (636 | ) | (421 | ) | (339 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (1,601 | ) | (3,220 | ) | 290 | 499 | (56 | ) | 390 | |||||||||||||||||||
Class R: | ||||||||||||||||||||||||||||
Proceeds from sales | 2,772 | 4,337 | 2,641 | 2,240 | 624 | 598 | ||||||||||||||||||||||
Reinvestment of distributions | 194 | 98 | 626 | 232 | 90 | 40 | ||||||||||||||||||||||
Payments for redemptions | (1,336 | ) | (1,177 | ) | (1,016 | ) | (1,070 | ) | (200 | ) | (216 | ) | ||||||||||||||||
Increase in net assets from Class R transactions | 1,630 | 3,258 | 2,251 | 1,402 | 514 | 422 | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Proceeds from sales | 174,141 | 299,763 | 13,569 | 52,493 | 11,355 | 22,880 | ||||||||||||||||||||||
Reinvestment of distributions | 27,278 | 29,030 | 17,574 | 10,219 | 4,983 | 9,132 | ||||||||||||||||||||||
Payments for redemptions | (209,321 | ) | (732,535 | ) | (42,152 | ) | (95,477 | ) | (30,919 | ) | (46,440 | ) | ||||||||||||||||
Decrease in net assets from Class Y transactions | (7,902 | ) | (403,742 | ) | (11,009 | ) | (32,765 | ) | (14,581 | ) | (14,428 | ) | ||||||||||||||||
Decrease in net assets from capital share transactions | (29,462 | ) | (457,907 | ) | (7,838 | ) | (30,070 | ) | (13,466 | ) | (14,647 | ) | ||||||||||||||||
Total increase (decrease) in net assets | (274,805 | ) | (246,178 | ) | (71,148 | ) | 5,712 | (41,271 | ) | (22,400 | ) | |||||||||||||||||
Net assets at beginning of period | 1,986,123 | 2,232,301 | 365,100 | 359,388 | 128,316 | 150,716 | ||||||||||||||||||||||
Net assets at end of period | $ | 1,711,318 | $ | 1,986,123 | $ | 293,952 | $ | 365,100 | $ | 87,045 | $ | 128,316 | ||||||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | 219 | $ | (11 | ) | $ | 248 | $ | 371 | $ | 51 | $ | 84 | |||||||||||||||
The accompanying notes are an integral part of the financial statements.
First American Funds 2008 Semiannual Report 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 or | 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 Fund1 | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
20082 | $ | 28.67 | $ | 0.21 | $ | (2.99 | ) | $ | (0.21 | ) | $ | (0.53 | ) | $ | — | $ | 25.15 | ||||||||||||||||
20073 | 25.80 | 0.37 | 3.16 | (0.36 | ) | (0.30 | ) | — | 28.67 | ||||||||||||||||||||||||
20063 | 22.59 | 0.33 | 3.21 | (0.33 | ) | — | — | 25.80 | |||||||||||||||||||||||||
20054 | 23.00 | 0.01 | (0.40 | ) | (0.02 | ) | — | — | 7 | 22.59 | |||||||||||||||||||||||
20055 | 20.91 | 0.34 | 2.09 | (0.34 | ) | — | — | 7 | 23.00 | ||||||||||||||||||||||||
20045 | 18.70 | 0.23 | 2.22 | (0.24 | ) | — | — | 7 | 20.91 | ||||||||||||||||||||||||
20035 | 15.31 | 0.21 | 3.38 | (0.20 | ) | — | — | 18.70 | |||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
20082 | $ | 28.27 | $ | 0.11 | $ | (2.95 | ) | $ | (0.11 | ) | $ | (0.53 | ) | $ | — | $ | 24.79 | ||||||||||||||||
20073 | 25.47 | 0.17 | 3.11 | (0.18 | ) | (0.30 | ) | — | 28.27 | ||||||||||||||||||||||||
20063 | 22.31 | 0.15 | 3.17 | (0.16 | ) | — | — | 25.47 | |||||||||||||||||||||||||
20054 | 22.72 | — | (0.40 | ) | (0.01 | ) | — | — | 7 | 22.31 | |||||||||||||||||||||||
20055 | 20.66 | 0.18 | 2.06 | (0.18 | ) | — | — | 7 | 22.72 | ||||||||||||||||||||||||
20045 | 18.48 | 0.08 | 2.19 | (0.09 | ) | — | — | 7 | 20.66 | ||||||||||||||||||||||||
20035 | 15.13 | 0.08 | 3.35 | (0.08 | ) | — | — | 18.48 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
20082 | $ | 28.45 | $ | 0.11 | $ | (2.98 | ) | $ | (0.11 | ) | $ | (0.53 | ) | $ | — | $ | 24.94 | ||||||||||||||||
20073 | 25.62 | 0.17 | 3.14 | (0.18 | ) | (0.30 | ) | — | 28.45 | ||||||||||||||||||||||||
20063 | 22.44 | 0.15 | 3.19 | (0.16 | ) | — | — | 25.62 | |||||||||||||||||||||||||
20054 | 22.85 | — | (0.40 | ) | (0.01 | ) | — | — | 7 | 22.44 | |||||||||||||||||||||||
20055 | 20.78 | 0.18 | 2.07 | (0.18 | ) | — | — | 7 | 22.85 | ||||||||||||||||||||||||
20045 | 18.59 | 0.08 | 2.20 | (0.09 | ) | — | — | 7 | 20.78 | ||||||||||||||||||||||||
20035 | 15.23 | 0.08 | 3.36 | (0.08 | ) | — | — | 18.59 | |||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||
20082 | $ | 28.63 | $ | 0.17 | $ | (2.98 | ) | $ | (0.18 | ) | $ | (0.53 | ) | $ | — | $ | 25.11 | ||||||||||||||||
20073 | 25.77 | 0.29 | 3.17 | (0.30 | ) | (0.30 | ) | — | 28.63 | ||||||||||||||||||||||||
20063 | 22.57 | 0.26 | 3.21 | (0.27 | ) | — | — | 25.77 | |||||||||||||||||||||||||
20054 | 22.98 | 0.01 | (0.40 | ) | (0.02 | ) | — | — | 7 | 22.57 | |||||||||||||||||||||||
20055 | 20.91 | 0.26 | 2.11 | (0.30 | ) | — | — | 7 | 22.98 | ||||||||||||||||||||||||
20045 | 18.70 | 0.23 | 2.20 | (0.22 | ) | — | — | 7 | 20.91 | ||||||||||||||||||||||||
20035 | 15.30 | 0.21 | 3.39 | (0.20 | ) | — | — | 18.70 | |||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
20082 | $ | 28.66 | $ | 0.24 | $ | (2.99 | ) | $ | (0.24 | ) | $ | (0.53 | ) | $ | — | $ | 25.14 | ||||||||||||||||
20073 | 25.79 | 0.44 | 3.16 | (0.43 | ) | (0.30 | ) | — | 28.66 | ||||||||||||||||||||||||
20063 | 22.58 | 0.39 | 3.21 | (0.39 | ) | — | — | 25.79 | |||||||||||||||||||||||||
20054 | 22.99 | 0.02 | (0.41 | ) | (0.02 | ) | — | — | 7 | 22.58 | |||||||||||||||||||||||
20055 | 20.91 | 0.40 | 2.08 | (0.40 | ) | — | — | 7 | 22.99 | ||||||||||||||||||||||||
20045 | 18.69 | 0.29 | 2.22 | (0.29 | ) | — | — | 7 | 20.91 | ||||||||||||||||||||||||
20035 | 15.30 | 0.25 | 3.38 | (0.24 | ) | — | — | 18.69 | |||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (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.
32 First American Funds 2008 Semiannual Report
Table of Contents
Ratio of | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Ratio of Net | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Investment | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Income (Loss) | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | to Average | Turnover | |||||||||||||||||||||||||||||
Return8 | Period (000) | Net Assets | Net Assets | Waivers) | Net Assets (Excluding Waivers) | Rate | |||||||||||||||||||||||||||||
(9.79 | )% | $ | 171,311 | 0.62 | % | 1.65 | % | 0.77 | % | 1.50 | % | 1 | % | ||||||||||||||||||||||
13.93 | 213,957 | 0.62 | 1.37 | 0.76 | 1.23 | 4 | |||||||||||||||||||||||||||||
15.76 | 229,185 | 0.62 | 1.36 | 0.77 | 1.21 | 3 | |||||||||||||||||||||||||||||
(1.70 | ) | 234,629 | 0.62 | 0.69 | 0.79 | 0.52 | — | ||||||||||||||||||||||||||||
11.69 | 238,379 | 0.62 | 1.53 | 0.79 | 1.36 | 4 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(10.12 | )% | $ | 22,288 | 1.37 | % | 0.91 | % | 1.52 | % | 0.76 | % | 1 | % | ||||||||||||||||||||||
13.05 | 31,343 | 1.37 | 0.63 | 1.51 | 0.49 | 4 | |||||||||||||||||||||||||||||
14.94 | 43,369 | 1.37 | 0.63 | 1.52 | 0.48 | 3 | |||||||||||||||||||||||||||||
(1.78 | ) | 56,097 | 1.37 | (0.06 | ) | 1.54 | (0.23 | ) | — | ||||||||||||||||||||||||||
10.86 | 58,857 | 1.37 | 0.79 | 1.54 | 0.62 | 4 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(10.16 | )% | $ | 15,594 | 1.37 | % | 0.90 | % | 1.52 | % | 0.75 | % | 1 | % | ||||||||||||||||||||||
13.09 | 19,585 | 1.37 | 0.62 | 1.51 | 0.48 | 4 | |||||||||||||||||||||||||||||
14.93 | 20,714 | 1.37 | 0.62 | 1.52 | 0.47 | 3 | |||||||||||||||||||||||||||||
(1.78 | ) | 24,195 | 1.37 | (0.05 | ) | 1.54 | (0.22 | ) | — | ||||||||||||||||||||||||||
10.84 | 26,258 | 1.37 | 0.79 | 1.54 | 0.62 | 4 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(9.91 | )% | $ | 7,941 | 0.87 | % | 1.37 | % | 1.02 | % | 1.22 | % | 1 | % | ||||||||||||||||||||||
13.65 | 7,230 | 0.87 | 1.07 | 1.01 | 0.93 | 4 | |||||||||||||||||||||||||||||
15.47 | 3,419 | 0.87 | 1.08 | 1.15 | 0.80 | 3 | |||||||||||||||||||||||||||||
(1.72 | ) | 1,715 | 0.87 | 0.44 | 1.19 | 0.12 | — | ||||||||||||||||||||||||||||
11.38 | 1,663 | 0.87 | 1.14 | 1.19 | 0.82 | 4 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(9.68 | )% | $ | 1,494,184 | 0.37 | % | 1.89 | % | 0.52 | % | 1.74 | % | 1 | % | ||||||||||||||||||||||
14.22 | 1,714,008 | 0.37 | 1.62 | 0.51 | 1.48 | 4 | |||||||||||||||||||||||||||||
16.07 | 1,935,614 | 0.37 | 1.61 | 0.52 | 1.46 | 3 | |||||||||||||||||||||||||||||
(1.69 | ) | 1,882,517 | 0.37 | 0.94 | 0.54 | 0.77 | — | ||||||||||||||||||||||||||||
11.92 | 1,940,567 | 0.37 | 1.78 | 0.54 | 1.61 | 4 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 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 | Distributions | Value | ||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | from Net | End of | ||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Income | Realized Gains | Period | ||||||||||||||||||||||||
Mid Cap Index Fund1 | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
20082 | $ | 15.69 | $ | 0.06 | $ | (1.16 | ) | $ | (0.06 | ) | $ | (1.59 | ) | $ | 12.94 | ||||||||||||||
20073 | 14.25 | 0.15 | 2.08 | (0.13 | ) | (0.66 | ) | 15.69 | |||||||||||||||||||||
20063 | 13.52 | 0.11 | 1.55 | (0.11 | ) | (0.82 | ) | 14.25 | |||||||||||||||||||||
20054 | 13.82 | — | (0.30 | ) | — | — | 13.52 | ||||||||||||||||||||||
20055 | 11.84 | 0.09 | 2.40 | (0.09 | ) | (0.42 | ) | 13.82 | |||||||||||||||||||||
20045 | 10.36 | 0.05 | 1.67 | (0.05 | ) | (0.19 | ) | 11.84 | |||||||||||||||||||||
20035 | 8.51 | 0.04 | 2.08 | (0.04 | ) | (0.23 | ) | 10.36 | |||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||
20082 | $ | 15.36 | $ | 0.01 | $ | (1.12 | ) | $ | (0.02 | ) | $ | (1.59 | ) | $ | 12.64 | ||||||||||||||
20073 | 13.98 | 0.04 | 2.03 | (0.03 | ) | (0.66 | ) | 15.36 | |||||||||||||||||||||
20063 | 13.28 | — | 1.53 | (0.01 | ) | (0.82 | ) | 13.98 | |||||||||||||||||||||
20054 | 13.59 | (0.01 | ) | (0.30 | ) | — | — | 13.28 | |||||||||||||||||||||
20055 | 11.67 | (0.01 | ) | 2.37 | (0.02 | ) | (0.42 | ) | 13.59 | ||||||||||||||||||||
20045 | 10.25 | (0.03 | ) | 1.64 | — | (0.19 | ) | 11.67 | |||||||||||||||||||||
20035 | 8.44 | (0.03 | ) | 2.07 | — | (0.23 | ) | 10.25 | |||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
20082 | $ | 15.41 | $ | 0.01 | $ | (1.12 | ) | $ | (0.02 | ) | $ | (1.59 | ) | $ | 12.69 | ||||||||||||||
20073 | 14.03 | 0.04 | 2.03 | (0.03 | ) | (0.66 | ) | 15.41 | |||||||||||||||||||||
20063 | 13.32 | — | 1.55 | (0.02 | ) | (0.82 | ) | 14.03 | |||||||||||||||||||||
20054 | 13.63 | (0.01 | ) | (0.30 | ) | — | — | 13.32 | |||||||||||||||||||||
20055 | 11.70 | (0.01 | ) | 2.38 | (0.02 | ) | (0.42 | ) | 13.63 | ||||||||||||||||||||
20045 | 10.28 | (0.03 | ) | 1.64 | — | (0.19 | ) | 11.70 | |||||||||||||||||||||
20035 | 8.47 | (0.03 | ) | 2.07 | — | (0.23 | ) | 10.28 | |||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||
20082 | $ | 15.60 | $ | 0.04 | $ | (1.15 | ) | $ | (0.05 | ) | $ | (1.59 | ) | $ | 12.85 | ||||||||||||||
20073 | 14.19 | 0.11 | 2.07 | (0.11 | ) | (0.66 | ) | 15.60 | |||||||||||||||||||||
20063 | 13.48 | 0.07 | 1.55 | (0.09 | ) | (0.82 | ) | 14.19 | |||||||||||||||||||||
20054 | 13.78 | — | (0.30 | ) | — | — | 13.48 | ||||||||||||||||||||||
20055 | 11.83 | 0.04 | 2.41 | (0.08 | ) | (0.42 | ) | 13.78 | |||||||||||||||||||||
20045 | 10.36 | 0.06 | 1.65 | (0.05 | ) | (0.19 | ) | 11.83 | |||||||||||||||||||||
20035 | 8.50 | 0.04 | 2.09 | (0.04 | ) | (0.23 | ) | 10.36 | |||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
20082 | $ | 15.70 | $ | 0.08 | $ | (1.15 | ) | $ | (0.08 | ) | $ | (1.59 | ) | $ | 12.96 | ||||||||||||||
20073 | 14.27 | 0.19 | 2.07 | (0.17 | ) | (0.66 | ) | 15.70 | |||||||||||||||||||||
20063 | 13.53 | 0.15 | 1.56 | (0.15 | ) | (0.82 | ) | 14.27 | |||||||||||||||||||||
20054 | 13.83 | 0.01 | (0.31 | ) | — | — | 13.53 | ||||||||||||||||||||||
20055 | 11.84 | 0.12 | 2.41 | (0.12 | ) | (0.42 | ) | 13.83 | |||||||||||||||||||||
20045 | 10.37 | 0.08 | 1.66 | (0.08 | ) | (0.19 | ) | 11.84 | |||||||||||||||||||||
20035 | 8.51 | 0.06 | 2.09 | (0.06 | ) | (0.23 | ) | 10.37 | |||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal 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.
34 First American Funds 2008 Semiannual Report
Table of Contents
Ratio of | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Ratio of Net | |||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Investment | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Income (Loss) | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | to Average | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Net Assets (Excluding Waivers) | Rate | |||||||||||||||||||||||||||||
(7.16 | )% | $ | 15,283 | 0.75 | % | 0.94 | % | 0.84 | % | 0.85 | % | 7 | % | ||||||||||||||||||||||
16.32 | 17,868 | 0.75 | 1.02 | 0.81 | 0.96 | 15 | |||||||||||||||||||||||||||||
12.70 | 14,722 | 0.75 | 0.77 | 0.81 | 0.71 | 7 | |||||||||||||||||||||||||||||
(2.17 | ) | 14,318 | 0.75 | 0.26 | 0.80 | 0.21 | 1 | ||||||||||||||||||||||||||||
21.43 | 14,827 | 0.75 | 0.68 | 0.82 | 0.61 | 15 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(7.47 | )% | $ | 1,889 | 1.50 | % | 0.20 | % | 1.59 | % | 0.11 | % | 7 | % | ||||||||||||||||||||||
15.41 | 2,248 | 1.50 | 0.32 | 1.56 | 0.26 | 15 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(7.44 | )% | $ | 4,592 | 1.50 | % | 0.20 | % | 1.59 | % | 0.11 | % | 7 | % | ||||||||||||||||||||||
15.39 | 5,287 | 1.50 | 0.28 | 1.56 | 0.22 | 15 | |||||||||||||||||||||||||||||
11.96 | 4,320 | 1.50 | 0.02 | 1.56 | (0.04 | ) | 7 | ||||||||||||||||||||||||||||
(2.27 | ) | 3,388 | 1.50 | (0.49 | ) | 1.55 | (0.54 | ) | 1 | ||||||||||||||||||||||||||
20.60 | 3,533 | 1.50 | (0.08 | ) | 1.57 | (0.15 | ) | 15 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(7.31 | )% | $ | 7,182 | 1.00 | % | 0.65 | % | 1.09 | % | 0.56 | % | 7 | % | ||||||||||||||||||||||
16.01 | 5,913 | 1.00 | 0.78 | 1.06 | 0.72 | 15 | |||||||||||||||||||||||||||||
12.40 | 4,032 | 1.00 | 0.47 | 1.17 | 0.30 | 7 | |||||||||||||||||||||||||||||
(2.18 | ) | 131 | 1.00 | 0.01 | 1.20 | (0.19 | ) | 1 | |||||||||||||||||||||||||||
21.09 | 122 | 1.00 | 0.28 | 1.22 | 0.06 | 15 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(6.97 | )% | $ | 265,006 | 0.50 | % | 1.21 | % | 0.59 | % | 1.12 | % | 7 | % | ||||||||||||||||||||||
16.52 | 333,784 | 0.50 | 1.29 | 0.56 | 1.23 | 15 | |||||||||||||||||||||||||||||
13.05 | 333,636 | 0.50 | 1.03 | 0.56 | 0.97 | 7 | |||||||||||||||||||||||||||||
(2.17 | ) | 342,072 | 0.50 | 0.51 | 0.55 | 0.46 | 1 | ||||||||||||||||||||||||||||
21.82 | 353,354 | 0.50 | 0.92 | 0.57 | 0.85 | 15 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 35
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||
Value | Net | Gains or | from Net | Distributions | Value | ||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | from Net | End of | ||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Income | Realized Gains | Period | ||||||||||||||||||||||||
Small Cap Index Fund1 | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
20082 | $ | 15.37 | $ | 0.06 | $ | (1.94 | ) | $ | (0.07 | ) | $ | (1.61 | ) | $ | 11.81 | ||||||||||||||
20073 | 16.23 | 0.14 | 1.13 | (0.12 | ) | (2.01 | ) | 15.37 | |||||||||||||||||||||
20063 | 14.12 | 0.07 | 2.56 | (0.10 | ) | (0.42 | ) | 16.23 | |||||||||||||||||||||
20054 | 14.57 | — | (0.45 | ) | — | — | 14.12 | ||||||||||||||||||||||
20055 | 13.38 | 0.07 | 2.17 | (0.06 | ) | (0.99 | ) | 14.57 | |||||||||||||||||||||
20045 | 11.47 | 0.04 | 1.98 | (0.03 | ) | (0.08 | ) | 13.38 | |||||||||||||||||||||
20035 | 8.55 | 0.04 | 2.92 | (0.04 | ) | — | 11.47 | ||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||
20082 | $ | 14.86 | $ | 0.02 | $ | (1.88 | ) | $ | (0.02 | ) | $ | (1.61 | ) | $ | 11.37 | ||||||||||||||
20073 | 15.77 | 0.03 | 1.09 | (0.02 | ) | (2.01 | ) | 14.86 | |||||||||||||||||||||
20063 | 13.76 | (0.04 | ) | 2.48 | (0.01 | ) | (0.42 | ) | 15.77 | ||||||||||||||||||||
20054 | 14.21 | (0.01 | ) | (0.44 | ) | — | — | 13.76 | |||||||||||||||||||||
20055 | 13.15 | (0.03 | ) | 2.08 | — | (0.99 | ) | 14.21 | |||||||||||||||||||||
20045 | 11.33 | (0.06 | ) | 1.96 | — | (0.08 | ) | 13.15 | |||||||||||||||||||||
20035 | 8.47 | (0.03 | ) | 2.90 | (0.01 | ) | — | 11.33 | |||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
20082 | $ | 15.02 | $ | 0.02 | $ | (1.91 | ) | $ | (0.02 | ) | $ | (1.61 | ) | $ | 11.50 | ||||||||||||||
20073 | 15.92 | 0.03 | 1.10 | (0.02 | ) | (2.01 | ) | 15.02 | |||||||||||||||||||||
20063 | 13.88 | (0.04 | ) | 2.51 | (0.01 | ) | (0.42 | ) | 15.92 | ||||||||||||||||||||
20054 | 14.34 | (0.01 | ) | (0.45 | ) | — | — | 13.88 | |||||||||||||||||||||
20055 | 13.26 | (0.03 | ) | 2.10 | — | (0.99 | ) | 14.34 | |||||||||||||||||||||
20045 | 11.43 | (0.06 | ) | 1.97 | — | (0.08 | ) | 13.26 | |||||||||||||||||||||
20035 | 8.54 | (0.03 | ) | 2.93 | (0.01 | ) | — | 11.43 | |||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||
20082 | $ | 15.16 | $ | 0.04 | $ | (1.92 | ) | $ | (0.05 | ) | $ | (1.61 | ) | $ | 11.62 | ||||||||||||||
20073 | 16.04 | 0.11 | 1.11 | (0.09 | ) | (2.01 | ) | 15.16 | |||||||||||||||||||||
20063 | 13.97 | 0.03 | 2.53 | (0.07 | ) | (0.42 | ) | 16.04 | |||||||||||||||||||||
20054 | 14.43 | — | (0.46 | ) | — | — | 13.97 | ||||||||||||||||||||||
20055 | 13.31 | 0.04 | 2.11 | (0.04 | ) | (0.99 | ) | 14.43 | |||||||||||||||||||||
20045 | 11.41 | 0.03 | 1.97 | (0.02 | ) | (0.08 | ) | 13.31 | |||||||||||||||||||||
20035 | 8.52 | 0.05 | 2.88 | (0.04 | ) | — | 11.41 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
20082 | $ | 15.37 | $ | 0.08 | $ | (1.95 | ) | $ | (0.08 | ) | $ | (1.61 | ) | $ | 11.81 | ||||||||||||||
20073 | 16.23 | 0.18 | 1.13 | (0.16 | ) | (2.01 | ) | 15.37 | |||||||||||||||||||||
20063 | 14.12 | 0.11 | 2.55 | (0.13 | ) | (0.42 | ) | 16.23 | |||||||||||||||||||||
20054 | 14.57 | 0.01 | (0.46 | ) | — | — | 14.12 | ||||||||||||||||||||||
20055 | 13.43 | 0.11 | 2.12 | (0.10 | ) | (0.99 | ) | 14.57 | |||||||||||||||||||||
20045 | 11.51 | 0.07 | 1.99 | (0.06 | ) | (0.08 | ) | 13.43 | |||||||||||||||||||||
20035 | 8.57 | 0.07 | 2.94 | (0.07 | ) | — | 11.51 | ||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (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 2008 Semiannual Report
Table of Contents
Ratio of | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Ratio of Net | |||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Investment | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Income (Loss) | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | to Average | Turnover | |||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Net Assets (Excluding Waivers) | Rate | |||||||||||||||||||||||||||||
�� | |||||||||||||||||||||||||||||||||||
(12.94 | )% | $ | 7,502 | 0.83 | % | 1.01 | % | 1.26 | % | 0.58 | % | 2 | % | ||||||||||||||||||||||
8.56 | 9,109 | 0.83 | 0.92 | 1.12 | 0.63 | 12 | |||||||||||||||||||||||||||||
19.02 | 10,639 | 0.83 | 0.47 | 1.08 | 0.22 | 17 | |||||||||||||||||||||||||||||
(3.09 | ) | 10,067 | 0.83 | 0.27 | 1.01 | 0.09 | ô | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(13.24 | )% | $ | 1,024 | 1.58 | % | 0.26 | % | 2.01 | % | (0.17 | )% | 2 | % | ||||||||||||||||||||||
7.78 | 1,245 | 1.58 | 0.17 | 1.87 | (0.12 | ) | 12 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(13.31 | )% | $ | 2,153 | 1.58 | % | 0.26 | % | 2.01 | % | (0.17 | )% | 2 | % | ||||||||||||||||||||||
7.78 | 2,916 | 1.58 | 0.17 | 1.87 | (0.12 | ) | 12 | ||||||||||||||||||||||||||||
18.15 | 2,662 | 1.58 | (0.28 | ) | 1.83 | (0.53 | ) | 17 | |||||||||||||||||||||||||||
(3.21 | ) | 2,068 | 1.58 | (0.48 | ) | 1.76 | (0.66 | ) | — | ||||||||||||||||||||||||||
15.84 | 2,256 | 1.65 | (0.23 | ) | 1.78 | (0.36 | ) | 23 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
(13.08 | )% | $ | 1,038 | 1.08 | % | 0.74 | % | 1.51 | % | 0.31 | % | 2 | % | ||||||||||||||||||||||
8.34 | 703 | 1.08 | 0.71 | 1.37 | 0.42 | 12 | |||||||||||||||||||||||||||||
18.75 | 280 | 1.08 | 0.23 | 1.47 | (0.16 | ) | 17 | ||||||||||||||||||||||||||||
(3.19 | ) | 23 | 1.08 | 0.02 | 1.41 | (0.31 | ) | — | |||||||||||||||||||||||||||
16.45 | 11 | 1.15 | 0.30 | 1.43 | 0.02 | 23 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(12.84 | )% | $ | 75,328 | 0.58 | % | 1.26 | % | 1.01 | % | 0.83 | % | 2 | % | ||||||||||||||||||||||
8.84 | 114,343 | 0.58 | 1.16 | 0.87 | 0.87 | 12 | |||||||||||||||||||||||||||||
19.32 | 135,802 | 0.58 | 0.72 | 0.83 | 0.47 | 17 | |||||||||||||||||||||||||||||
(3.09 | ) | 153,572 | 0.58 | 0.52 | 0.76 | 0.34 | ô | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 37
Table of Contents
Notes toFinancial Statements | (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000) |
1 > | Organization |
Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of April 30, 2008, FAIF offered 43 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund are each diversified open-end management investment companies.
FAIF offers Class A, Class 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. Effective at the close of business on or after June 30, 2008, no new or additional investments will be allowed in Class B shares, except for permitted exchanges and any reinvested dividends. 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 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’s servicing or distribution arrangements.
2 > | Summary of Significant Accounting Policies |
The significant accounting policies followed by the funds are as follows:
SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, then the ask will be the closing price. If the last trade is below the bid, then the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Investments in open-end mutual funds are valued at their respective net asset values on the valuation date.
Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value.
The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, Inc. (“FAF Advisors”), on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts (other than currency forward contracts), swaps, and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available.
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
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Exchange, the securities will be valued at fair value. As of April 30, 2008, each fund held fair valued securities with a total market value of $0 or 0% of the fund’s total net assets.
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.
Effective July 1, 2008, Equity Index Fund will declare and pay income dividends quarterly. Mid Cap Index Fund and Small Cap Index Fund will declare and pay income dividends annually.
FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required.
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. The funds have adopted FIN 48 and during the six-month period ended April 30, 2008, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority.
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 character of distributions paid during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period 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 tax character of distributions paid during the six-month period ended April 30, 2008 (estimated), and the fiscal year ended October 31, 2007, were as follows:
April 30, 2008 | |||||||||
Ordinary | Long Term | ||||||||
Fund | Income | Gain | Total | ||||||
Equity Index Fund | $ | 15,878 | $ | 36,819 | $ | 52,697 | |||
Mid Cap Index Fund | 1,840 | 35,450 | 37,290 | ||||||
Small Cap Index Fund | 605 | 11,777 | 12,382 | ||||||
October 31, 2007 | |||||||||
Ordinary | Long Term | ||||||||
Fund | Income | Gain | Total | ||||||
Equity Index Fund | $ | 31,624 | $ | 23,508 | $ | 55,132 | |||
Mid Cap Index Fund | 4,340 | 16,502 | 20,842 | ||||||
Small Cap Index Fund | 2,149 | 18,090 | 20,239 | ||||||
As of October 31, 2007, the funds’ most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows:
Undistributed | Undistributed | Other | Total | |||||||||||||
Ordinary | Long Term | Accumulated | Unrealized | Accumulated | ||||||||||||
Fund | Income | Capital Gains | Losses | Appreciation | Earnings | |||||||||||
Equity Index Fund | $ | 1,052 | $ | 35,765 | — | $ | 879,147 | $ | 915,964 | |||||||
Mid Cap Index Fund | 1,139 | 34,688 | — | 96,805 | 132,632 | |||||||||||
Small Cap Index Fund | 972 | 10,894 | (82 | ) | 36,743 | 48,527 | ||||||||||
The differences between book and tax basis unrealized appreciation (depreciation) are primarily due to the tax deferral of losses on wash sales and the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts.
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Notes toFinancial Statements | (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000) |
FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market, maintain sufficient liquidity to meet redemption requests, and increase the level of fund assets devoted to replicating the composition of the S&P and Russell indices while reducing transaction costs, 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.
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, 2008, 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 security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At April 30, 2008, 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 $33 or 0%, 0%, and 0%, respectively, of total net assets.
Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows:
Dates | Cost | ||||||||
Equity Index Fund | Shares | Acquired | Basis | ||||||
Seagate Technology, Escrow Shares | 45 | 11/00 to 11/02 | $ | — |
Date | Cost | |||||||
Mid Cap Index Fund | Shares | Acquired | Basis | |||||
Travelcenters, Fractional Shares | —* | 10/01 | $ | — |
Dates | Cost | ||||||||
Small Cap Index Fund | Shares | Acquired | Basis | ||||||
FirstBank, Fractional Share | —* | 8/05 | $ | — | |||||
GMX Resources | 1 | 6/06, 2/08 | 27 | ||||||
National Penn, Fractional Share | —* | 10/05 | — | ||||||
Pegasus Wireless, Warrants | 1 | 6/06 | — | ||||||
Petrocorp, Escrow Shares | 2 | 6/03 to 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.
U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. Collateral for securities on loan is invested in a money market fund administered by FAF Advisors, Inc. (“FAF Advisors”) and FAF Advisors receives an administration fee equal to 0.02% of such money market fund’s average daily net assets. Securities lending
The accompanying notes are an integral part of the financial statements.
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fees paid to U.S. Bank by the funds during the six-month period ended April 30, 2008, were as follows:
Fund | Amount | ||
Equity Index Fund | $ | 309 | |
Mid Cap Index Fund | 122 | ||
Small Cap Index Fund | 59 | ||
Each fund’s income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to U.S. Bank.
SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities is recorded as an adjustment to realized or unrealized gains or losses when cash is received. For the six-month period ended April 30, 2008, Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund recorded $33, $36, and $543, 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, 2008.
DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, 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 28, 2009, 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.
ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on a annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess
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Notes toFinancial Statements | (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000) |
of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.
TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAIF. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based upon the number of accounts within that fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.
CUSTODIAN FEES – U.S. Bank serves as the funds’ custodian pursuant to a custodian agreement with FAIF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.
Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from the custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses. For the six-month period ended April 30, 2008, custodian fees for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund were increased by $1, $0, $1, respectively, as a result of overdrafts and decreased by $2, $2, and $0, respectively, as a result of interest earned.
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, Class B, Class C, and Class R shares, respectively. Class Y shares pay no distribution or shareholder servicing fees. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.
Under the distribution agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2008:
Fund | Amount | ||
Equity Index Fund | $ | 152 | |
Mid Cap Index Fund | 18 | ||
Small Cap Index Fund | 7 | ||
OTHER FEES AND EXPENSES – In addition to investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying 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, 2008, legal fees and expenses of $12 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, 2008, 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 | $ | 65 | |
Mid Cap Index Fund | 7 | ||
Small Cap Index Fund | 3 | ||
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, 2008, Equity Index Fund recorded a net realized gain from the sale of U.S. Bancorp common stock of $39 and $213 of dividend income from U.S. Bancorp common stock. At April 30, 2008, Equity Index Fund had an unrealized gain of $2,820 with respect to its investment in U.S. Bancorp common stock.
The accompanying notes are an integral part of the financial statements.
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5 > | Capital Share Transactions |
FAIF has 362 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- | Six- | Six- | ||||||||||||||||||||||||||
Month | Month | Month | ||||||||||||||||||||||||||
Period | Year | Period | Year | Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 442 | 1,499 | 131 | 428 | 56 | 131 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 195 | 189 | 124 | 55 | 75 | 87 | ||||||||||||||||||||||
Shares redeemed | (1,287 | ) | (3,108 | ) | (213 | ) | (377 | ) | (89 | ) | (281 | ) | ||||||||||||||||
Total Class A transactions | (650 | ) | (1,420 | ) | 42 | 106 | 42 | (63 | ) | |||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||
Shares issued | 22 | 47 | 8 | 15 | 10 | 28 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 25 | 27 | 17 | 9 | 11 | 11 | ||||||||||||||||||||||
Shares redeemed | (257 | ) | (668 | ) | (22 | ) | (69 | ) | (15 | ) | (40 | ) | ||||||||||||||||
Total Class B transactions | (210 | ) | (594 | ) | 3 | (45 | ) | 6 | (1 | ) | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 30 | 66 | 30 | 64 | 6 | 29 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 15 | 13 | 39 | 14 | 23 | 21 | ||||||||||||||||||||||
Shares redeemed | (108 | ) | (200 | ) | (50 | ) | (43 | ) | (36 | ) | (23 | ) | ||||||||||||||||
Total Class C transactions | (63 | ) | (121 | ) | 19 | 35 | (7 | ) | 27 | |||||||||||||||||||
Class R: | ||||||||||||||||||||||||||||
Shares issued | 110 | 160 | 213 | 151 | 52 | 40 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 7 | 4 | 47 | 16 | 7 | 3 | ||||||||||||||||||||||
Shares redeemed | (54 | ) | (44 | ) | (80 | ) | (72 | ) | (16 | ) | (14 | ) | ||||||||||||||||
Total Class R transactions | 63 | 120 | 180 | 95 | 43 | 29 | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 6,781 | 11,085 | 1,078 | 3,523 | 936 | 1,488 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 1,042 | 1,087 | 1,302 | 722 | 394 | 623 | ||||||||||||||||||||||
Shares redeemed | (8,182 | ) | (27,413 | ) | (3,182 | ) | (6,374 | ) | (2,392 | ) | (3,040 | ) | ||||||||||||||||
Total Class Y transactions | (359 | ) | (15,241 | ) | (802 | ) | (2,129 | ) | (1,062 | ) | (929 | ) | ||||||||||||||||
Net decrease in capital shares | (1,219 | ) | (17,256 | ) | (558 | ) | (1,938 | ) | (978 | ) | (937 | ) | ||||||||||||||||
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, 2008 and the fiscal year ended October 31, 2007, as follows:
Six-Month | ||||||
Period | Fiscal | |||||
Ended | Year Ended | |||||
Fund | 4/30/08 | 10/31/07 | ||||
Equity Index Fund | 130 | 397 | ||||
Mid Cap Index Fund | — | 41 | ||||
Small Cap Index Fund | 2 | 4 | ||||
6 > | Investment Security Transactions |
During the six-month period ended April 30, 2008, 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 | $ | 21,388 | $ | 97,235 | ||
Mid Cap Index Fund | 19,936 | 46,942 | ||||
Small Cap Index Fund | 1,904 | 33,706 | ||||
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, 2008, were as follows:
Aggregate | Aggregate | Federal | |||||||||||
Gross | Gross | Income | |||||||||||
Fund | Appreciation | Depreciation | Net | Tax Cost | |||||||||
Equity Index Fund | $ | 791,154 | $ | (119,338 | ) | $ | 671,816 | $ | 1,743,530 | ||||
Mid Cap Index Fund | 92,492 | (29,353 | ) | 63,139 | 371,783 | ||||||||
Small Cap Index Fund | 28,152 | (12,106 | ) | 16,046 | 109,215 | ||||||||
7 > | Indemnifications |
The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
8 > | New Accounting Pronouncements |
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosure about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those
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Notes toFinancial Statements | (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000) |
fiscal years. As of April 30, 2008, 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.
In March 2008, the FASB issued Statement on Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities – an amendment of FASB Statement No. 133” (“FAS 161”). FAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Funds are required to provide enhanced disclosures about (a) how and why the fund uses derivative instruments, (b) how derivative instruments are accounted for under FAS 133 and its related interpretations, and (c) how derivative instruments affect the fund’s financial position and financial performance. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. The funds do not expect FAS 161 to have a material impact on their financial statements; however, additional disclosures will be required.
The accompanying notes are an integral part of the financial statements.
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Notice toShareholders | April 30, 2008 (unaudited) |
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available at firstamericanfunds.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.FUND.
FORM N-Q HOLDINGS INFORMATION
Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal 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 2008 Semiannual Report 45
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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.
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.
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.
0040-08 6/2008 SAR-INDEX
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Table of Contents
Explanation of Financial Statements | 1 | |||
Holding Summaries | 2 | |||
Expense Examples | 3 | |||
Schedule of Investments | 5 | |||
Statements of Assets and Liabilities | 13 | |||
Statements of Operations | 14 | |||
Statements of Changes in Net Assets | 15 | |||
Financial Highlights | 16 | |||
Notes to Financial Statements | 18 | |||
Notice to Shareholders | 24 |
Mutual fund investing involves risk; principal loss is possible.
First American Funds’ quantitative funds are actively managed using our proprietary macro quant process, which projects individual stock performance based on multiple factors and current economic conditions. Stocks selected using this process could underperform if the current performance of the factors differs from their historic performance. Turnover, expenses, and taxes will be similar to other actively managed funds.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
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Explanation of Financial Statements
As a shareholder in First American Funds, you receive shareholder reports semiannually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So, we would like to take this opportunity to explain several sections of the shareholder report.
The Schedule of Investments details all of the securities held in the fund and their related dollar values on the last day of the reporting period. Securities are usually presented by type (common stock, bonds, etc.) and by industry classification (banking, communications, etc.). This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to the Financial Statements provide additional details on how the securities are valued.
The Statement of Assets and Liabilities lists the assets and liabilities of the fund and present the fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. The investments in securities, as presented in the Schedule of Investments, comprise substantially all of the fund’s assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.
The Statement of Operations details the dividends and interest income earned from securities as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.
The Statement of Changes in Net Assets describes how the fund’s net assets were affected by its operating results, distributions to shareholders, and shareholder transactions during the reporting period. This statement is important to investors because it shows exactly what caused the fund’s net asset size to change during the period.
The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios, net investment income ratios, and portfolio turnover rates. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentages of average net assets that were used to cover operating expenses during the period. Expense ratios can vary across funds for a number of reasons, including differences in advisory fees and the average shareholder account size. The portfolio turnover rate represents the percentage of the fund’s holdings that have changed over the course of the period, and gives an idea of how long the fund holds onto a particular security. A 100% turnover rate implies that an amount equal to the value of the entire portfolio is turned over in a year through the purchase and sale of securities.
The Notes to Financial Statements disclose the organizational background of the fund, its significant accounting policies, federal tax information, fees and compensation paid to affiliates, and significant risks and contingencies.
We hope this guide to your shareholder report will help you get the most out of this important resource. You can visit First American Funds’ website for other useful information on each of our funds, including fund prices, performance, fund manager bios, dividends, and downloadable fact sheets. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
First American Funds 2008 Semiannual Report 1
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Holdings Summaries April 30, 2008
Quantitative Large Cap Core Fund1
Top 10 Holdings (% of net assets)
Exxon Mobil | 5 | .6% | ||
General Electric | 2 | .8 | ||
Johnson & Johnson | 2 | .5 | ||
Chevron | 2 | .5 | ||
AT&T | 2 | .2 | ||
Microsoft | 2 | .1 | ||
Proctor & Gamble | 1 | .9 | ||
ConocoPhillips | 1 | .9 | ||
Pfizer | 1 | .8 | ||
Verizon Communications | 1 | .7 | ||
Sector Allocation (% of net assets)
Information Technology | 17 | .3% | ||
Energy | 14 | .3 | ||
Industrials | 13 | .3 | ||
Financials | 12 | .8 | ||
Healthcare | 10 | .6 | ||
Consumer Staples | 9 | .3 | ||
Consumer Discretionary | 9 | .2 | ||
Telecommunication Services | 4 | .1 | ||
Materials | 3 | .4 | ||
Utilities | 3 | .1 | ||
Short-Term Investments | 2 | .5 | ||
Other Assets and Liabilities, Net2 | 0 | .1 | ||
100 | .0% | |||
Quantitative Large Cap Growth Fund1
Top 10 Holdings (% of net assets)
Microsoft | 3 | .1% | ||
Exxon Mobil | 2 | .4 | ||
Cisco Systems | 2 | .2 | ||
Johnson & Johnson | 2 | .0 | ||
Intel | 2 | .0 | ||
Wal-Mart Stores | 1 | .8 | ||
Schlumberger | 1 | .7 | ||
Hewlett-Packard | 1 | .6 | ||
Google, Class A | 1 | .6 | ||
Apple | 1 | .5 | ||
Sector Allocation (% of net assets)
Information Technology | 24 | .4% | ||
Industrials | 13 | .4 | ||
Healthcare | 11 | .6 | ||
Energy | 9 | .5 | ||
Consumer Discretionary | 8 | .7 | ||
Consumer Staples | 8 | .5 | ||
Financials | 4 | .2 | ||
Materials | 2 | .8 | ||
Telecommunication Services | 1 | .1 | ||
Utilities | 1 | .1 | ||
Short-Term Investments | 14 | .5 | ||
Other Assets and Liabilities, Net2 | 0 | .2 | ||
100 | .0% | |||
Quantitative Large Cap Value Fund1
Top 10 Holdings (% of net assets)
First American Prime Obligations Fund, Class Z | 15 | .3% | ||
Exxon Mobil | 6 | .6 | ||
General Electric | 3 | .8 | ||
Chevron | 3 | .5 | ||
AT&T | 3 | .3 | ||
ConocoPhillips | 2 | .6 | ||
Pfizer | 2 | .5 | ||
Johnson & Johnson | 2 | .4 | ||
Bank of America | 2 | .1 | ||
Verizon Communications | 2 | .1 |
Sector Allocation (% of net assets)
Financials | 18 | .5% | ||
Energy | 15 | .5 | ||
Industrials | 10 | .6 | ||
Healthcare | 7 | .2 | ||
Consumer Discretionary | 7 | .0 | ||
Consumer Staples | 6 | .4 | ||
Telecommunication Services | 5 | .6 | ||
Information Technology | 5 | .1 | ||
Utilities | 4 | .9 | ||
Materials | 3 | .4 | ||
Short-Term Investments | 15 | .5 | ||
Other Assets and 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. |
2 First American Funds 2008 Semiannual Report
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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, 2007 to April 30, 2008.
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 Examples 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.
Quantitative Large Cap Core Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 900.60 | $ | 3.26 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.43 | $ | 3.47 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 897.20 | $ | 6.84 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.65 | $ | 7.27 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 899.70 | $ | 4.49 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.14 | $ | 4.77 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 901.60 | $ | 2.08 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.21 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 0.69%, 1.45%, 0.95%, and 0.44% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2008 of -9.94%, -10.28%, -10.03%, and -9.84% for Class A, Class C, Class R, and Class Y, respectively. |
First American Funds 2008 Semiannual Report 3
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Expense Examples concluded
Quantitative Large Cap Growth Fund
Expenses Paid | ||||||||||||
Beginning Account | Ending Account | During Period1 | ||||||||||
Value (11/01/07) | Value (4/30/08) | (11/01/07 to 4/30/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 909.60 | $ | 3.28 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.43 | $ | 3.47 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 906.30 | $ | 6.87 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.65 | $ | 7.27 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 908.30 | $ | 4.46 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.19 | $ | 4.72 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 910.70 | $ | 2.09 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.21 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 0.69%, 1.45%, 0.94%, and 0.44% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2008 of -9.04%, -9.37%, -9.17%, and -8.93% for Class A, Class C, Class R, and Class Y, respectively. |
Quantitative Large Cap Value Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/07 to | ||||||||||
Value (11/01/07) | Value (4/30/08) | 4/30/08) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 915.60 | $ | 3.33 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.38 | $ | 3.52 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 912.20 | $ | 6.85 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.70 | $ | 7.22 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 914.20 | $ | 4.52 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.14 | $ | 4.77 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 916.60 | $ | 2.10 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.21 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.70%, 1.44%, 0.95%, and 0.44% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the six-month period/366. |
4 | Based on the actual returns for the six-month period ended April 30, 2008 of -8.44%, -8.78%, -8.58%, and -8.34% for Class A, Class C, Class R, and Class Y, respectively. |
4 First American Funds 2008 Semiannual Report
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Schedule of Investments (unaudited) April 30, 2008, all dollars rounded to thousands (000)
Quantitative Large Cap Core Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 97.4% | ||||||||
Consumer Discretionary – 9.2% | ||||||||
Apollo Group, Class A (a) (b) | 2,865 | $ | 146 | |||||
AutoNation (a) (b) | 10,660 | 171 | ||||||
Bed Bath & Beyond (b) | 10 | — | ||||||
Carnival | 8,403 | 338 | ||||||
CBS, Class B (a) | 3,806 | 88 | ||||||
Coach (a) (b) | 2,864 | 102 | ||||||
Comcast, Class A (a) | 12,738 | 262 | ||||||
Dillard’s, Class A | 1,080 | 22 | ||||||
Expedia (b) | 5,237 | 132 | ||||||
Gannett (a) | 21,288 | 609 | ||||||
Gap (a) | 1,959 | 36 | ||||||
Harman International Industries | 2,959 | 121 | ||||||
Home Depot (a) | 13,849 | 399 | ||||||
IAC/InterActiveCorp (b) | 4,618 | 96 | ||||||
J.C. Penney (a) | 1,270 | 54 | ||||||
Johnson Controls (a) | 7,764 | 274 | ||||||
Jones Apparel Group | 963 | 15 | ||||||
Kohl’s (a) (b) | 2,854 | 139 | ||||||
Limited Brands (a) | 4,817 | 89 | ||||||
Lowe’s (a) | 16,260 | 410 | ||||||
Macy’s | 10,294 | 260 | ||||||
McDonald’s | 368 | 22 | ||||||
McGraw-Hill | 2,723 | 112 | ||||||
Nike, Class B (a) | 2,855 | 191 | ||||||
Office Depot (b) | 25,902 | 328 | ||||||
Officemax | 1,678 | 31 | ||||||
Omnicom Group | 8,264 | 394 | ||||||
Snap-On | 185 | 11 | ||||||
Stanley Works | 1,944 | 94 | ||||||
Starbucks (b) | 3,602 | 58 | ||||||
Target (a) | 2,085 | 111 | ||||||
Time Warner (a) | 59,027 | 877 | ||||||
VF | 1,082 | 80 | ||||||
Walt Disney (a) | 32,872 | 1,066 | ||||||
Washington Post, Class B | 64 | 42 | ||||||
Wyndham Worldwide | 17,965 | 386 | ||||||
7,566 | ||||||||
Consumer Staples – 9.3% | ||||||||
Altria Group | 16,576 | 332 | ||||||
Archer-Daniels-Midland | 3,974 | 175 | ||||||
Coca-Cola (a) | 15,470 | 911 | ||||||
ConAgra Foods | 2,521 | 59 | ||||||
Costco Wholesale | 1,665 | 119 | ||||||
Kraft Foods, Class A | 17,680 | 559 | ||||||
Molson Coors Brewing, Class B | 1,952 | 107 | ||||||
PepsiCo | 11,379 | 780 | ||||||
Philip Morris International (b) | 20,580 | 1,050 | ||||||
Procter & Gamble | 23,089 | 1,548 | ||||||
Sysco | 11,137 | 340 | ||||||
Walgreen | 9,169 | 320 | ||||||
Wal-Mart Stores (a) | 23,170 | 1,343 | ||||||
7,643 | ||||||||
Energy – 14.3% | ||||||||
Apache (a) | 1,134 | 153 | ||||||
Baker Hughes | 8,639 | 699 | ||||||
BJ Services (a) | 1,715 | 48 | ||||||
Chevron | 21,304 | 2,048 | ||||||
ConocoPhillips | 17,858 | 1,538 | ||||||
Exxon Mobil | 49,424 | 4,600 | ||||||
Halliburton (a) | 1,032 | 47 | ||||||
Marathon Oil | 7,626 | 348 | ||||||
National-Oilwell Varco (b) | 1,154 | 79 | ||||||
Noble (a) | 5,031 | $ | 283 | |||||
Occidental Petroleum | 8,048 | 670 | ||||||
Schlumberger (a) | 9,402 | 945 | ||||||
Spectra Energy (a) | 1,938 | 48 | ||||||
Valero Energy | 5,669 | 277 | ||||||
11,783 | ||||||||
Financials – 12.8% | ||||||||
ACE | 9,488 | 572 | ||||||
Allstate (a) | 10,582 | 533 | ||||||
Ambac Financial Group (a) | 19,122 | 88 | ||||||
American Express (a) | 715 | 34 | ||||||
American International Group (a) | 18,227 | 842 | ||||||
Bank of America (a) | 24,655 | 926 | ||||||
Bank Of New York Mellon | 4,673 | 203 | ||||||
Bear Stearns | 8,112 | 87 | ||||||
Capital One Financial (a) | 65 | 3 | ||||||
Charles Schwab | 4,475 | 97 | ||||||
Chubb | 4,444 | 235 | ||||||
Cincinnati Financial | 6,052 | 217 | ||||||
Citigroup | 15,577 | 394 | ||||||
Discover Financial Services (a) | 3,801 | 69 | ||||||
Franklin Resources | 2,551 | 243 | ||||||
Genworth Financial, Class A | 23,142 | 534 | ||||||
Goldman Sachs Group | 2,293 | 439 | ||||||
Hartford Financial Services Group | 6,960 | 496 | ||||||
JPMorgan Chase | 16,403 | 782 | ||||||
Legg Mason | 2,282 | 138 | ||||||
Lehman Brothers Holdings (a) | 873 | 39 | ||||||
Lincoln National (a) | 8,938 | 480 | ||||||
Loew’s | 15,467 | 651 | ||||||
MBIA (a) | 4,823 | 50 | ||||||
MetLife (a) | 3,511 | 214 | ||||||
Morgan Stanley (a) | 3,637 | 177 | ||||||
NYSE Euronext | 729 | 48 | ||||||
Principal Financial Group | 4,572 | 245 | ||||||
Prudential Financial | 5,078 | 384 | ||||||
Regions Financial (a) | 6,546 | 143 | ||||||
SAFECO (a) | 2,487 | 166 | ||||||
State Street | 1,368 | 99 | ||||||
Torchmark | 4,241 | 275 | ||||||
Travelers | 6,508 | 328 | ||||||
Wachovia (a) | 8,115 | 237 | ||||||
XL Capital Limited, Class A | 2,525 | 88 | ||||||
10,556 | ||||||||
Healthcare – 10.6% | ||||||||
Abbott Laboratories | 9,337 | 493 | ||||||
Aetna | 7,242 | 316 | ||||||
Amgen (a) (b) | 12,310 | 515 | ||||||
Baxter International | 10 | 1 | ||||||
Becton, Dickinson & Company | 497 | 44 | ||||||
Bristol-Myers Squibb | 13,411 | 295 | ||||||
Cardinal Health | 4,127 | 215 | ||||||
Coventry Health Care (a) (b) | 10 | — | ||||||
Eli Lilly | 7,705 | 371 | ||||||
Forest Laboratories, Class A (b) | 6,570 | 228 | ||||||
Humana (b) | 1,689 | 81 | ||||||
Johnson & Johnson | 30,990 | 2,079 | ||||||
King Pharmaceuticals (b) | 6,990 | 66 | ||||||
Medtronic | 8,547 | 416 | ||||||
Merck | 19,205 | 731 | ||||||
Pfizer | 71,864 | 1,445 | ||||||
UnitedHealth Group | 14,477 | 472 | ||||||
WellPoint (b) | 10,996 | 547 |
First American Funds 2008 Semiannual Report 5
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Schedule of Investments (unaudited) April 30, 2008, all dollars rounded to thousands (000)
Quantitative Large Cap Core Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Wyeth (a) | 7,983 | $ | 355 | |||||
Zimmer Holdings (b) | 745 | 55 | ||||||
8,725 | ||||||||
Industrials – 13.3% | ||||||||
3M (a) | 10,577 | 813 | ||||||
Boeing (a) | 6,122 | 520 | ||||||
Cintas | 4,102 | 122 | ||||||
Cooper Industries, Class A (a) | 10,724 | 455 | ||||||
Cummins | 736 | 46 | ||||||
Danaher (a) | 5,032 | 393 | ||||||
Dover | 8,320 | 412 | ||||||
Eaton (a) | 638 | 56 | ||||||
Emerson Electric (a) | 11,417 | 597 | ||||||
FedEx (a) | 3,971 | 381 | ||||||
General Dynamics | 7,171 | 648 | ||||||
General Electric | 69,292 | 2,266 | ||||||
Honeywell International | 3,425 | 203 | ||||||
Illinois Tool Works | 14,633 | 765 | ||||||
Ingersoll-Rand, Class A (a) | 5,463 | 242 | ||||||
ITT | 3,158 | 202 | ||||||
Lockheed Martin (a) | 923 | 98 | ||||||
Northrop Grumman | 2,791 | 205 | ||||||
Parker Hannifin (a) | 4,173 | 333 | ||||||
Rockwell Automation (a) | 3,964 | 215 | ||||||
Rockwell Collins | 5,008 | 316 | ||||||
Terex (b) | 516 | 36 | ||||||
Union Pacific | 28 | 4 | ||||||
United Parcel Service, Class B (a) | 6,564 | 475 | ||||||
United Technologies | 15,439 | 1,119 | ||||||
10,922 | ||||||||
Information Technology – 17.3% | ||||||||
Apple (b) | 4,075 | 709 | ||||||
Automatic Data Processing (a) | 12,971 | 573 | ||||||
Cisco Systems (b) | 52,058 | 1,335 | ||||||
Cognizant Technology Solutions, Class A (b) | 981 | 32 | ||||||
Computer Sciences (a) (b) | 13,205 | 576 | ||||||
Compuware (b) | 4,831 | 36 | ||||||
Convergys (b) | 15,478 | 243 | ||||||
Dell (a) (b) | 24,463 | 456 | ||||||
eBay (b) | 7,954 | 249 | ||||||
Electronic Data Systems | 24,750 | 459 | ||||||
EMC (a) (b) | 13,948 | 215 | ||||||
Google, Class A (a) (b) | 1,491 | 856 | ||||||
Hewlett-Packard | 21,713 | 1,006 | ||||||
IBM (a) | 8,411 | 1,015 | ||||||
Intel | 55,791 | 1,242 | ||||||
Jabil Circuit | 15,881 | 173 | ||||||
Lexmark International, Class A (a) (b) | 2,945 | 93 | ||||||
Microsoft | 60,764 | 1,733 | ||||||
Molex | 10,439 | 296 | ||||||
Motorola | 6,830 | 68 | ||||||
NetApp (b) | 7,023 | 170 | ||||||
NVIDIA (b) | 6,896 | 142 | ||||||
Oracle (b) | 37,045 | 772 | ||||||
QUALCOMM | 12,000 | 518 | ||||||
Sun Microsystems (a) (b) | 9,515 | 149 | ||||||
Symantec (a) (b) | 780 | 13 | ||||||
Teradata (b) | 576 | 12 | ||||||
Texas Instruments (a) | 11,286 | 329 | ||||||
Tyco Electronics | 8,363 | 313 | ||||||
Xerox | 14,934 | 209 | ||||||
Yahoo! (a) (b) | 9,656 | 265 | ||||||
14,257 | ||||||||
Materials – 3.4% | ||||||||
Alcoa | 12,484 | $ | 434 | |||||
Allegheny Technologies (a) | 1,642 | 113 | ||||||
Bemis | 387 | 10 | ||||||
Dow Chemical (a) | 16,336 | 656 | ||||||
E.I. Du Pont de Nemours (a) | 11,364 | 556 | ||||||
International Paper (a) | 6,406 | 168 | ||||||
Monsanto | 2,144 | 244 | ||||||
Nucor | 3,478 | 262 | ||||||
PPG Industries | 3,530 | 217 | ||||||
United States Steel (a) | 858 | 132 | ||||||
2,792 | ||||||||
Telecommunication Services – 4.1% | ||||||||
AT&T | 47,142 | 1,825 | ||||||
CenturyTel (a) | 2,278 | 74 | ||||||
Verizon Communications | 36,901 | 1,420 | ||||||
3,319 | ||||||||
Utilities – 3.1% | ||||||||
Consolidated Edison (a) | 10 | — | ||||||
Dominion Resources (a) | 3,368 | 146 | ||||||
Duke Energy (a) | 45,447 | 832 | ||||||
FPL Group (a) | 3,117 | 207 | ||||||
Integrys Energy Group | 388 | 19 | ||||||
NiSource (a) | 11,769 | 211 | ||||||
PG&E | 2,957 | 118 | ||||||
Public Service Enterprise Group | 4,470 | 196 | ||||||
Sempra Energy | 12,733 | 722 | ||||||
Southern | 3,198 | 119 | ||||||
Xcel Energy | 191 | 4 | ||||||
2,574 | ||||||||
Total Common Stocks (Cost $80,293) | 80,137 | |||||||
Short-Term Investments – 2.5% | ||||||||
Money Market Fund – 1.4% | ||||||||
First American Prime Obligations Fund, Class Z (c) | 1,197,709 | 1,198 | ||||||
U.S. Treasury Obligation – 1.1% | ||||||||
U.S. Treasury Bill 1.326%, 06/26/2008 (d) | $ | 900 | 898 | |||||
Total Short-Term Investments (Cost $2,096) | 2,096 | |||||||
Investment Purchased with Proceeds from Securities Lending – 26.2% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (e) | ||||||||
(Cost $21,536) | 21,535,929 | $ | 21,536 | |||||
Total Investments – 126.1% (Cost $103,925) | 103,769 | |||||||
Other Assets and Liabilities, Net – (26.1)% | (21,461 | ) | ||||||
Total Net Assets – 100.0% | $ | 82,308 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $20,758 at April 30, 2008. 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) | Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2008. See Note 2 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
6 First American Funds 2008 Semiannual Report
Table of Contents
Quantitative Large Cap Core Fund (concluded)
(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. |
Schedule of Open Futures Contracts
Number of | Notional | |||||||||||
Contracts | Contract | Settlement | Unrealized | |||||||||
Description | Purchased | Value | Month | Depreciation | ||||||||
S&P 500 Futures | 5 | $ | 1,733 | June 2008 | $ | (6 | ) | |||||
Quantitative Large Cap Growth Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 85.3% | ||||||||
Consumer Discretionary – 8.7% | ||||||||
Amazon.com (a) (b) | 77 | $ | 6 | |||||
American Eagle Outfitters (b) | 901 | 17 | ||||||
Apollo Group, Class A (a) (b) | 650 | 33 | ||||||
AutoNation (a) | 875 | 14 | ||||||
Best Buy (b) | 126 | 5 | ||||||
Carnival | 989 | 40 | ||||||
Coach (a) (b) | 624 | 22 | ||||||
Comcast, Class A (a) (b) | 1,497 | 31 | ||||||
Dollar Tree (a) | 57 | 2 | ||||||
Expedia (a) (b) | 942 | 24 | ||||||
Foot Locker | 1,037 | 13 | ||||||
Gannett (b) | 1,439 | 41 | ||||||
Garmin (b) | 309 | 13 | ||||||
Getty Images (a) | 429 | 14 | ||||||
Harman International Industries | 401 | 16 | ||||||
Home Depot (b) | 1,691 | 49 | ||||||
IAC/InterActiveCorp (a) | 312 | 7 | ||||||
J.C. Penney | 146 | 6 | ||||||
Johnson Controls (b) | 1,345 | 47 | ||||||
Kohl’s (a) (b) | 448 | 22 | ||||||
Limited Brands (b) | 615 | 11 | ||||||
Lowe’s (b) | 2,835 | 71 | ||||||
Macy’s | 730 | 19 | ||||||
McGraw-Hill | 460 | 19 | ||||||
Nike, Class B (b) | 815 | 54 | ||||||
Office Depot (a) | 2,782 | 35 | ||||||
Omnicom Group (b) | 1,312 | 63 | ||||||
Ross Stores (b) | 320 | 11 | ||||||
Snap-On | 78 | 5 | ||||||
Stanley Works | 278 | 13 | ||||||
Staples | 43 | 1 | ||||||
Starbucks (a) | 1,024 | 17 | ||||||
Target (b) | 851 | 45 | ||||||
Time Warner (b) | 5,213 | 77 | ||||||
TJX | 130 | 4 | ||||||
VF | 172 | 13 | ||||||
Walt Disney (b) | 5,157 | 167 | ||||||
Washington Post, Class B | 13 | 9 | ||||||
Wyndham Worldwide | 1,673 | 36 | ||||||
1,092 | ||||||||
Consumer Staples – 8.5% | ||||||||
Altria Group | 1,358 | 27 | ||||||
Archer-Daniels-Midland | 57 | 2 | ||||||
Coca-Cola (b) | 2,676 | 157 | ||||||
Costco Wholesale (b) | 493 | 35 | ||||||
CVS Caremark | 114 | 5 | ||||||
Kraft Foods, Class A | 721 | 23 | ||||||
Molson Coors Brewing, Class B | 236 | 13 | ||||||
NBTY (a) | 566 | 16 | ||||||
PepsiCo | 2,620 | 179 | ||||||
Philip Morris International (a) | 2,409 | 123 | ||||||
Procter & Gamble | 2,217 | 149 | ||||||
Sysco | 1,625 | 50 | ||||||
Walgreen | 1,659 | 58 | ||||||
Wal-Mart Stores (b) | 4,012 | 233 | ||||||
1,070 | ||||||||
Energy – 9.5% | ||||||||
Baker Hughes | 1,355 | 110 | ||||||
BJ Services (b) | 624 | 18 | ||||||
Chevron | 1,155 | 111 | ||||||
CNX Gas (a) | 1,176 | 48 | ||||||
ConocoPhillips | 946 | 81 |
First American Funds 2008 Semiannual Report 7
Table of Contents
Schedule of Investments (unaudited) April 30, 2008, all dollars rounded to thousands (000)
Quantitative Large Cap Growth Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
CONSOL Energy (b) | 74 | $ | 6 | |||||
Diamond Offshore Drilling (b) | 150 | 19 | ||||||
Dresser-Rand Group (a) | 252 | 9 | ||||||
ENSCO International | 100 | 6 | ||||||
Exxon Mobil | 3,217 | 299 | ||||||
Halliburton (b) | 922 | 42 | ||||||
Marathon Oil | 241 | 11 | ||||||
National-Oilwell Varco (a) | 661 | 45 | ||||||
Noble (b) | 987 | 55 | ||||||
Occidental Petroleum | 467 | 39 | ||||||
Oceaneering International (a) | 193 | 13 | ||||||
Peabody Energy | 173 | 11 | ||||||
Schlumberger (b) | 2,174 | 219 | ||||||
Smith International | 73 | 6 | ||||||
Valero Energy | 897 | 44 | ||||||
Weatherford International (a) | 47 | 4 | ||||||
1,196 | ||||||||
Financials – 4.2% | ||||||||
ACE | 610 | 37 | ||||||
Allstate (b) | 38 | 2 | ||||||
Ambac Financial Group (b) | 970 | 4 | ||||||
Charles Schwab | 1,247 | 27 | ||||||
CME Group (b) | 29 | 13 | ||||||
Franklin Resources | 428 | 41 | ||||||
Genworth Financial, Class A | 1,581 | 36 | ||||||
Goldman Sachs Group | 151 | 29 | ||||||
Hartford Financial Services Group | 480 | 34 | ||||||
Legg Mason | 128 | 8 | ||||||
Lincoln National (b) | 549 | 29 | ||||||
Loew’s | 1,582 | 66 | ||||||
MF Global (a) (b) | 129 | 2 | ||||||
Nationwide Financial Services, Class A | 1,470 | 74 | ||||||
NYSE Euronext | 210 | 14 | ||||||
Principal Financial Group | 404 | 22 | ||||||
Protective Life | 112 | 5 | ||||||
Prudential Financial | 421 | 32 | ||||||
SEI Investments | 813 | 19 | ||||||
T. Rowe Price Group (b) | 331 | 19 | ||||||
TD Ameritrade (a) | 166 | 3 | ||||||
Torchmark | 264 | 17 | ||||||
533 | ||||||||
Healthcare – 11.6% | ||||||||
Abbott Laboratories | 2,347 | 124 | ||||||
Aetna | 1,331 | 58 | ||||||
Amgen (a) (b) | 2,078 | 87 | ||||||
Baxter International | 542 | 34 | ||||||
Becton, Dickinson & Company | 424 | 38 | ||||||
Bristol-Myers Squibb | 2,641 | 58 | ||||||
C.R. Bard | 34 | 3 | ||||||
Cardinal Health | 750 | 39 | ||||||
Coventry Health Care (a) (b) | 95 | 4 | ||||||
Eli Lilly | 935 | 45 | ||||||
Forest Laboratories, Class A (a) | 1,218 | 42 | ||||||
Genentech (a) (b) | 993 | 68 | ||||||
Genzyme (a) | 98 | 7 | ||||||
Health Net (a) | 168 | 5 | ||||||
Humana (a) | 432 | 21 | ||||||
Johnson & Johnson | 3,765 | 253 | ||||||
Kinetic Concepts (a) | 67 | 3 | ||||||
King Pharmaceuticals (a) | 527 | 5 | ||||||
Medco Health Solutions (a) | 358 | 18 | ||||||
Medtronic (b) | 1,936 | 94 | ||||||
Merck | 3,316 | 126 | ||||||
Pfizer | 3,936 | 79 | ||||||
Schering-Plough | 892 | $ | 16 | |||||
Stryker (b) | 154 | 10 | ||||||
Thermo Fisher Scientific (a) | 20 | 1 | ||||||
UnitedHealth Group | 2,731 | 89 | ||||||
WellCare Health Plans (a) | 139 | 6 | ||||||
WellPoint (a) | 1,286 | 64 | ||||||
Wyeth (b) | 874 | 39 | ||||||
Zimmer Holdings (a) | 378 | 28 | ||||||
1,464 | ||||||||
Industrials – 13.4% | ||||||||
3M | 2,038 | 157 | ||||||
Boeing (b) | 1,278 | 108 | ||||||
Career Education (a) (b) | 436 | 9 | ||||||
Carlisle Companies | 47 | 1 | ||||||
Caterpillar (b) | 371 | 30 | ||||||
Cintas | 433 | 13 | ||||||
Cooper Industries, Class A | 1,360 | 58 | ||||||
Copart (a) (b) | 498 | 20 | ||||||
Cummins | 377 | 24 | ||||||
Danaher (b) | 1,087 | 85 | ||||||
Dover | 1,078 | 53 | ||||||
Emerson Electric (b) | 1,812 | 95 | ||||||
FedEx (b) | 642 | 62 | ||||||
First Solar (a) | 47 | 14 | ||||||
Gardner Denver (a) | 332 | 15 | ||||||
General Dynamics | 1,020 | 92 | ||||||
General Electric | 1,721 | 56 | ||||||
Harsco | 42 | 3 | ||||||
Honeywell International | 1,010 | 60 | ||||||
Hubbell, Class B | 541 | 24 | ||||||
Illinois Tool Works | 2,030 | 106 | ||||||
Ingersoll-Rand, Class A (b) | 626 | 28 | ||||||
ITT | 226 | 14 | ||||||
Kennametal (b) | 478 | 17 | ||||||
Lincoln Electric Holdings | 27 | 2 | ||||||
Lockheed Martin (b) | 389 | 41 | ||||||
Manpower | 488 | 33 | ||||||
Northrop Grumman | 135 | 10 | ||||||
Parker Hannifin (b) | 551 | 44 | ||||||
Precision Castparts | 48 | 6 | ||||||
Rockwell Automation (b) | 620 | 34 | ||||||
Rockwell Collins | 939 | 59 | ||||||
Terex (a) | 151 | 11 | ||||||
Textron | 106 | 6 | ||||||
Thomas & Betts (a) | 320 | 12 | ||||||
Timken | 729 | 26 | ||||||
Union Pacific | 10 | 1 | ||||||
United Parcel Service, Class B | 1,053 | 76 | ||||||
United Technologies | 2,292 | 166 | ||||||
URS (a) (b) | 285 | 12 | ||||||
WESCO International (a) (b) | 47 | 2 | ||||||
1,685 | ||||||||
Information Technology – 24.4% | ||||||||
Alliance Data Systems (a) | 77 | 4 | ||||||
Amdocs (a) (b) | 1,395 | 44 | ||||||
Apple (a) | 1,118 | 195 | ||||||
Applied Materials (b) | 1,395 | 26 | ||||||
Autodesk (a) | 155 | 6 | ||||||
Automatic Data Processing (b) | 2,491 | 110 | ||||||
Cadence Design Systems (a) | 373 | 4 | ||||||
Cisco Systems (a) | 10,811 | 277 | ||||||
Cognizant Technology Solutions, Class A (a) | 503 | 16 | ||||||
Computer Sciences (a) (b) | 1,613 | 70 | ||||||
Compuware (a) | 1,366 | 10 |
The accompanying notes are an integral part of the financial statements.
8 First American Funds 2008 Semiannual Report
Table of Contents
Quantitative Large Cap Growth Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Convergys (a) | 1,950 | $ | 31 | |||||
Dell (a) (b) | 5,358 | 100 | ||||||
Dolby Laboratories, Class A (a) | 528 | 21 | ||||||
eBay (a) | 1,898 | 59 | ||||||
Electronic Arts (a) | 276 | 14 | ||||||
Electronic Data Systems | 2,544 | 47 | ||||||
EMC (a) (b) | 3,440 | 53 | ||||||
F5 Networks (a) (b) | 273 | 6 | ||||||
Google, Class A (a) (b) | 356 | 204 | ||||||
Hewlett-Packard | 4,472 | 207 | ||||||
IBM (b) | 1,618 | 195 | ||||||
Ingram Micro, Class A (a) | 3,457 | 59 | ||||||
Intel | 11,033 | 246 | ||||||
Jabil Circuit | 1,672 | 18 | ||||||
Juniper Networks (a) | 456 | 13 | ||||||
Lexmark International, Class A (a) (b) | 276 | 9 | ||||||
Microsoft | 13,508 | 385 | ||||||
Molex | 1,053 | 30 | ||||||
NetApp (a) | 1,147 | 28 | ||||||
NVIDIA (a) | 1,749 | 36 | ||||||
Oracle (a) | 7,701 | 161 | ||||||
QUALCOMM | 2,928 | 127 | ||||||
Sun Microsystems (a) | 871 | 14 | ||||||
Symantec (a) (b) | 241 | 4 | ||||||
Teradata (a) | 195 | 4 | ||||||
Texas Instruments (b) | 2,428 | 71 | ||||||
Trimble Navigation (a) (b) | 128 | 4 | ||||||
Tyco Electronics | 926 | 35 | ||||||
Vishay Intertechnology (a) (b) | 6,107 | 58 | ||||||
Waters (a) | 71 | 4 | ||||||
Xerox (a) | 1,181 | 17 | ||||||
Yahoo! (a) | 2,096 | 57 | ||||||
3,079 | ||||||||
Materials – 2.8% | ||||||||
Air Products and Chemicals | 53 | 5 | ||||||
Alcoa | 922 | 32 | ||||||
Allegheny Technologies | 328 | 23 | ||||||
Carpenter Technology | 445 | 23 | ||||||
Commercial Metals | 959 | 30 | ||||||
Dow Chemical (b) | 953 | 38 | ||||||
E.I. Du Pont de Nemours (b) | 846 | 41 | ||||||
Ecolab (b) | 205 | 9 | ||||||
Freeport-McMoRan Copper & Gold (b) | 2 | — | ||||||
Monsanto | 781 | 89 | ||||||
Nucor | 485 | 37 | ||||||
PPG Industries | 177 | 11 | ||||||
Praxair | 33 | 3 | ||||||
Titanium Metals (a) (b) | 121 | 2 | ||||||
United States Steel (b) | 50 | 8 | ||||||
Westlake Chemical | 502 | 8 | ||||||
359 | ||||||||
Telecommunication Services – 1.1% | ||||||||
AT&T | 1,162 | 45 | ||||||
U.S. Cellular (a) | 532 | 29 | ||||||
Verizon Communications | 1,804 | 70 | ||||||
144 | ||||||||
Utilities – 1.1% | ||||||||
Duke Energy (b) | 3,455 | 63 | ||||||
FPL Group | 108 | 7 | ||||||
Public Service Enterprise Group | 61 | $ | 3 | |||||
Sempra Energy | 1,083 | 61 | ||||||
134 | ||||||||
Total Common Stocks (Cost $10,746) | 10,756 | |||||||
Short-Term Investments – 14.5% | ||||||||
Money Market Fund – 14.3% | ||||||||
First American Prime Obligations Fund, Class Z (c) | 1,804,888 | 1,805 | ||||||
U.S. Treasury Obligation – 0.2% | ||||||||
U.S. Treasury Bill | ||||||||
2.240%, 06/26/2008 (d) | $ | 20 | 20 | |||||
Total Short-Term Investments (Cost $1,825) | 1,825 | |||||||
Investment Purchased with Proceeds from Securities Lending – 26.4% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (e) | ||||||||
(Cost $3,332) | 3,331,901 | 3,332 | ||||||
Total Investments – 126.2% (Cost $15,903) | 15,913 | |||||||
Other Assets and Liabilities, Net – (26.2)% | (3,306 | ) | ||||||
Total Net Assets – 100.0% | $ | 12,607 | ||||||
(a) | Non-income producing security. |
(b) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $3,214 at April 30, 2008. See note 2 in Notes the Financial Statements. |
(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) | Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2008. See note 2 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. |
Schedule of Open Futures Contracts
Number of | Notional | Unrealized | ||||||||||
Contracts | Contract | Settlement | Appreciation | |||||||||
Description | Purchased | Value | Month | (Depreciation) | ||||||||
S&P 500 Futures | 4 | $ | 1,386 | June 2008 | $ | (14 | ) | |||||
S&P 500 E-Mini Futures | 6 | 416 | June 2008 | 12 | ||||||||
$ | (2 | ) | ||||||||||
First American Funds 2008 Semiannual Report 9
Table of Contents
Schedule of Investments (unaudited) April 30, 2008, all dollars rounded to thousands (000)
Quantitative Large Cap Value Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 84.2% | ||||||||
Consumer Discretionary – 7.0% | ||||||||
American Eagle Outfitters (a) | 231 | $ | 4 | |||||
Apollo Group, Class A (a) (b) | 162 | 8 | ||||||
AutoNation (b) | 979 | 16 | ||||||
Carnival | 742 | 30 | ||||||
CBS, Class B (a) | 490 | 11 | ||||||
Expedia (b) | 403 | 10 | ||||||
Foot Locker | 1,341 | 17 | ||||||
Gannett (a) | 2,334 | 67 | ||||||
Gap (a) | 273 | 5 | ||||||
Getty Images (b) | 226 | 7 | ||||||
Harman International Industries | 212 | 9 | ||||||
Home Depot (a) | 1,082 | 31 | ||||||
IAC/InterActiveCorp (b) | 383 | 8 | ||||||
Johnson Controls (a) | 391 | 14 | ||||||
Jones Apparel Group | 121 | 2 | ||||||
Limited Brands | 213 | 4 | ||||||
Lowe’s | 542 | 14 | ||||||
Macy’s | 1,162 | 29 | ||||||
McDonald’s | 37 | 2 | ||||||
Office Depot (b) | 2,188 | 28 | ||||||
OfficeMax | 199 | 4 | ||||||
Omnicom Group (a) | 412 | 20 | ||||||
Stanley Works | 110 | 5 | ||||||
Time Warner (a) | 7,507 | 111 | ||||||
VF | 124 | 9 | ||||||
Walt Disney (a) | 3,460 | 112 | ||||||
Wyndham Worldwide | 1,714 | 37 | ||||||
614 | ||||||||
Consumer Staples – 6.4% | ||||||||
Altria Group | 1,567 | 32 | ||||||
Archer-Daniels-Midland | 594 | 26 | ||||||
Coca-Cola (a) | 957 | 56 | ||||||
ConAgra Foods | 499 | 12 | ||||||
Kraft Foods, Class A | 2,696 | 85 | ||||||
Molson Coors Brewing, Class B | 167 | 9 | ||||||
NBTY (b) | 329 | 9 | ||||||
Philip Morris International (b) | 1,607 | 82 | ||||||
Procter & Gamble | 2,223 | 149 | ||||||
Sysco | 479 | 15 | ||||||
Walgreen | 61 | 2 | ||||||
Wal-Mart Stores (a) | 1,434 | 83 | ||||||
560 | ||||||||
Energy – 15.5% | ||||||||
Apache (a) | 156 | 21 | ||||||
Baker Hughes | 442 | 36 | ||||||
Chevron | 3,191 | 307 | ||||||
CNX Gas (b) | 637 | 26 | ||||||
ConocoPhillips | 2,700 | 232 | ||||||
Exxon Mobil | 6,194 | 576 | ||||||
Marathon Oil | 1,023 | 47 | ||||||
Noble (a) | 50 | 3 | ||||||
Occidental Petroleum | 1,060 | 88 | ||||||
Spectra Energy (a) | 321 | 8 | ||||||
Valero Energy | 300 | 15 | ||||||
1,359 | ||||||||
Financials – 18.5% | ||||||||
ACE | 1,221 | 74 | ||||||
Allstate (a) | 1,482 | 75 | ||||||
Ambac Financial Group (a) | 1,758 | 8 | ||||||
American Financial Group | 830 | 23 | ||||||
American International Group (a) | 2,612 | 121 | ||||||
Annaly Capital Management – REIT (a) | 91 | $ | 1 | |||||
Bank of America (a) | 4,985 | 187 | ||||||
Bank Of New York Mellon | 511 | 22 | ||||||
Bear Stearns | 1,023 | 11 | ||||||
Capital One Financial (a) | 218 | 12 | ||||||
Chubb | 552 | 29 | ||||||
Cincinnati Financial | 644 | 23 | ||||||
Citigroup | 3,765 | 95 | ||||||
Discover Financial Services (a) | 462 | 8 | ||||||
Fifth Third Bancorp | 156 | 3 | ||||||
Franklin Resources | 29 | 3 | ||||||
Genworth Financial, Class A | 2,327 | 54 | ||||||
Goldman Sachs Group | 191 | 36 | ||||||
Hartford Financial Services Group | 797 | 57 | ||||||
HCC Insurance Holdings | 554 | 14 | ||||||
JPMorgan Chase | 3,383 | 161 | ||||||
Legg Mason | 130 | 8 | ||||||
Lehman Brothers Holdings (a) | 269 | 12 | ||||||
Lincoln National (a) | 809 | 43 | ||||||
Loew’s | 1,946 | 82 | ||||||
MBIA (a) | 577 | 6 | ||||||
MetLife (a) | 152 | 9 | ||||||
Morgan Stanley (a) | 496 | 24 | ||||||
National City (a) | 750 | 5 | ||||||
Nationwide Financial Services, Class A | 1,414 | 71 | ||||||
Old Republic International (a) | 1,057 | 15 | ||||||
OneBeacon Insurance Group | 198 | 4 | ||||||
Principal Financial Group | 286 | 15 | ||||||
Protective Life | 39 | 2 | ||||||
Prudential Financial | 491 | 37 | ||||||
Regions Financial (a) | 1,624 | 36 | ||||||
SAFECO | 420 | 28 | ||||||
SEI Investments | 110 | 3 | ||||||
Thornburg Mortgage (a) (b) | 4,592 | 6 | ||||||
Torchmark | 346 | 22 | ||||||
Travelers | 990 | 50 | ||||||
Wachovia (a) | 2,289 | 67 | ||||||
Wells Fargo (a) | 1,933 | 57 | ||||||
XL Capital, Class A | 351 | 12 | ||||||
1,631 | ||||||||
Healthcare – 7.2% | ||||||||
Aetna | 253 | 11 | ||||||
Amgen (b) | 688 | 29 | ||||||
Cardinal Health | 103 | 5 | ||||||
Eli Lilly | 491 | 24 | ||||||
Forest Laboratories, Class A (b) | 275 | 10 | ||||||
Johnson & Johnson | 3,130 | 210 | ||||||
King Pharmaceuticals (b) | 632 | 6 | ||||||
Merck | 746 | 28 | ||||||
Pfizer | 10,983 | 221 | ||||||
UnitedHealth Group | 589 | 19 | ||||||
WellPoint (b) | 1,004 | 50 | ||||||
Wyeth (a) | 483 | 21 | ||||||
634 | ||||||||
Industrials – 10.6% | ||||||||
3M | 727 | 56 | ||||||
Career Education (b) | 201 | 4 | ||||||
Cintas | 226 | 7 | ||||||
Cooper Industries, Class A | 1,006 | 43 | ||||||
Danaher (a) | 32 | 2 | ||||||
Deere & Company | 10 | 1 | ||||||
Dover | 642 | 32 | ||||||
Emerson Electric (a) | 376 | 20 | ||||||
FedEx (a) | 184 | 18 |
The accompanying notes are an integral part of the financial statements.
10 First American Funds 2008 Semiannual Report
Table of Contents
Quantitative Large Cap Value Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
General Dynamics | 843 | $ | 76 | |||||
General Electric | 10,261 | 336 | ||||||
Hubbell, Class B | 302 | 13 | ||||||
Illinois Tool Works | 1,163 | 61 | ||||||
Ingersoll-Rand, Class A (a) | 523 | 23 | ||||||
ITT | 215 | 14 | ||||||
Kennametal (a) | 243 | 8 | ||||||
Manpower | 252 | 17 | ||||||
Northrop Grumman | 231 | 17 | ||||||
Parker Hannifin (a) | 399 | 32 | ||||||
Rockwell Automation (a) | 157 | 8 | ||||||
Rockwell Collins | 251 | 16 | ||||||
Thomas & Betts (b) | 86 | 3 | ||||||
Timken | 376 | 14 | ||||||
United Technologies | 1,412 | 102 | ||||||
URS (a) (b) | 250 | 10 | ||||||
933 | ||||||||
Information Technology – 5.1% | ||||||||
Amdocs (b) | 302 | 9 | ||||||
Automatic Data Processing (a) | 684 | 30 | ||||||
Cadence Design Systems (b) | 133 | 1 | ||||||
Cisco Systems (b) | 650 | 17 | ||||||
Computer Sciences (a) (b) | 1,283 | 56 | ||||||
Convergys (b) | 1,941 | 31 | ||||||
Dell (a) (b) | 732 | 14 | ||||||
Electronic Data Systems | 2,180 | 40 | ||||||
Hewlett-Packard | 189 | 9 | ||||||
IBM (a) | 133 | 16 | ||||||
Ingram Micro, Class A (b) | 2,521 | 43 | ||||||
Intel | 648 | 14 | ||||||
Jabil Circuit | 1,460 | 16 | ||||||
Lexmark International Group, Class A (b) | 216 | 7 | ||||||
Microsoft | 185 | 5 | ||||||
Molex | 931 | 26 | ||||||
Motorola (a) | 967 | 10 | ||||||
NetApp (b) | 235 | 6 | ||||||
Oracle (b) | 290 | 6 | ||||||
Sun Microsystems (a) (b) | 741 | 12 | ||||||
Tyco Electronics | 654 | 24 | ||||||
Vishay Intertechnology (a) (b) | 4,306 | 41 | ||||||
Xerox | 1,368 | 19 | ||||||
452 | ||||||||
Materials – 3.4% | ||||||||
Alcoa | 1,329 | 46 | ||||||
Allegheny Technologies | 26 | 2 | ||||||
Carpenter Technology | 51 | 2 | ||||||
Commercial Metals | 408 | 13 | ||||||
Dow Chemical (a) | 1,983 | 80 | ||||||
E.I. Du Pont de Nemours (a) | 1,299 | 63 | ||||||
International Paper (a) | 806 | 21 | ||||||
Nucor | 283 | 21 | ||||||
PPG Industries | 304 | 19 | ||||||
Sonoco Products | 172 | 6 | ||||||
United States Steel (a) | 98 | 15 | ||||||
Westlake Chemical | 650 | 11 | ||||||
299 | ||||||||
Telecommunication Services – 5.6% | ||||||||
AT&T | 7,479 | 289 | ||||||
CenturyTel (a) | 267 | 9 | ||||||
U.S. Cellular (b) | 156 | 9 | ||||||
Verizon Communications | 4,781 | 184 | ||||||
491 | ||||||||
Utilities – 4.9% | ||||||||
Alliant Energy (a) | 593 | $ | 22 | |||||
Consolidated Edison (a) | 275 | 11 | ||||||
Dominion Resources (a) | 840 | 37 | ||||||
Duke Energy (a) | 5,607 | 103 | ||||||
FPL Group | 528 | 35 | ||||||
Integrys Energy Group | 190 | 9 | ||||||
NiSource | 1,971 | 35 | ||||||
PG&E | 763 | 31 | ||||||
Public Service Enterprise Group | 569 | 25 | ||||||
Sempra Energy | 1,294 | 73 | ||||||
Southern | 876 | 33 | ||||||
UGI | 370 | 10 | ||||||
Xcel Energy | 487 | 10 | ||||||
434 | ||||||||
Total Common Stocks (Cost $7,486) | 7,407 | |||||||
Short-Term Investments – 15.5% | ||||||||
Money Market Fund – 15.3% | ||||||||
First American Prime Obligations Fund, Class Z (c) | 1,343,227 | 1,343 | ||||||
U.S. Treasury Obligation – 0.2% | ||||||||
U.S. Treasury Bill (d) | ||||||||
2.240%, 06/26/2008 | $ | 20 | 20 | |||||
Total Short-Term Investments (Cost $1,363) | 1,363 | |||||||
Investment Purchased with Proceeds from Securities Lending – 20.9% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (e) | ||||||||
(Cost $1,842) | 1,842,137 | 1,842 | ||||||
Total Investments – 120.6% (Cost $10,691) | 10,612 | |||||||
Other Assets and Liabilities, Net – (20.6)% | (1,812 | ) | ||||||
Total Net Assets – 100.0% | $ | 8,800 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a value of $1,766 at April 30, 2008. 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) | Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2008. See note 2 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 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
First American Funds 2008 Semiannual Report 11
Table of Contents
Schedule of Investments (unaudited) April 30, 2008, all dollars rounded to thousands (000)
Quantitative Large Cap Value Fund (concluded)
Schedule of Open Futures Contracts
Number of | Notional | Unrealized | ||||||||||
Contracts | Contract | Settlement | Appreciation | |||||||||
Description | Purchased | Value | Month | (Depreciation) | ||||||||
S&P 500 E-Mini Futures | 4 | $ | 277 | June 2008 | $ | 8 | ||||||
S&P 500 Futures | 3 | 1,040 | June 2008 | (10 | ) | |||||||
$ | (2 | ) | ||||||||||
The accompanying notes are an integral part of the financial statements.
12 First American Funds 2008 Semiannual Report
Table of Contents
Quantitative Large Cap Value Fund (concluded)
Statements ofAssets and Liabilities | April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Quantitative | Quantitative | Quantitative | ||||||||||||||
Large Cap | Large Cap | Large Cap | ||||||||||||||
Core Fund | Growth Fund | Value Fund | ||||||||||||||
Unaffiliated investments, at cost | $ | 81,191 | $ | 10,766 | $ | 7,506 | ||||||||||
Affiliated money market fund, at cost | 1,198 | 1,805 | 1,343 | |||||||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 21,536 | 3,332 | 1,842 | |||||||||||||
ASSETS: | ||||||||||||||||
Unaffiliated investments, at value* (note 2) | $ | 81,035 | $ | 10,776 | $ | 7,427 | ||||||||||
Affiliated money market fund, at value (note 2) | 1,198 | 1,805 | 1,343 | |||||||||||||
Affiliated investment purchased with proceeds from securities lending, at value (note 2) | 21,536 | 3,332 | 1,842 | |||||||||||||
Receivable for dividends and interest | 88 | 9 | 10 | |||||||||||||
Receivable from advisor | 12 | 19 | 20 | |||||||||||||
Prepaid expenses and other assets | 39 | 39 | 39 | |||||||||||||
Total assets | 103,908 | 15,980 | 10,681 | |||||||||||||
LIABILITIES: | ||||||||||||||||
Payable upon return of securities loaned (note 2) | 21,536 | 3,332 | 1,842 | |||||||||||||
Payable to affiliates (note 3) | 29 | 16 | 16 | |||||||||||||
Payable for variation margin | 6 | 7 | 5 | |||||||||||||
Accrued expenses and other liabilities | 29 | 18 | 18 | |||||||||||||
Total liabilities | 21,600 | 3,373 | 1,881 | |||||||||||||
Net assets | $ | 82,308 | $ | 12,607 | $ | 8,800 | ||||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||||
Portfolio capital | $ | 84,057 | $ | 12,642 | $ | 9,163 | ||||||||||
Undistributed net investment income | 54 | 5 | 9 | |||||||||||||
Accumulated net realized loss on investments (note 2) | (1,641 | ) | (48 | ) | (291 | ) | ||||||||||
Net unrealized appreciation (depreciation) of investments | (156 | ) | 10 | (79 | ) | |||||||||||
Net unrealized depreciation of futures contracts | (6 | ) | (2 | ) | (2 | ) | ||||||||||
Net assets | $ | 82,308 | $ | 12,607 | $ | 8,800 | ||||||||||
* Including securities loaned, at value | $ | 20,758 | $ | 3,214 | $ | 1,766 | ||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 125 | $ | 66 | $ | 18 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 5 | 3 | 1 | |||||||||||||
Net asset value, and redemption price per share | $ | 23.81 | $ | 24.67 | $ | 23.78 | ||||||||||
Maximum offering price per share1 | $ | 25.20 | $ | 26.11 | $ | 25.16 | ||||||||||
Class C: | ||||||||||||||||
Net assets | $ | 14 | $ | 16 | $ | 5 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 1 | 1 | — | ** | ||||||||||||
Net asset value, offering price, and redemption price per share2 | $ | 23.79 | $ | 24.64 | $ | 23.76 | ||||||||||
Class R: | ||||||||||||||||
Net assets | $ | 5 | $ | 5 | $ | 5 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | — | ** | — | ** | — | ** | ||||||||||
Net asset value, offering price, and redemption price per share | $ | 23.81 | $ | 24.67 | $ | 23.77 | ||||||||||
Class Y: | ||||||||||||||||
Net assets | $ | 82,164 | $ | 12,520 | $ | 8,772 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 3,450 | 507 | 369 | |||||||||||||
Net asset value, offering price, and redemption price per share | $ | 23.81 | $ | 24.68 | $ | 23.78 | ||||||||||
1 | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. | |
2 | Class C has a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements. |
** | Due to the presentation of the Financial Statements in thousands the number rounds to zero. |
First American Funds 2008 Semiannual Report 13
Table of Contents
Quantitative Large Cap Value Fund (concluded)
Statements ofOperations | For the six-month period ended April 30, 2008 (unaudited), all dollars are rounded to thousands (000) |
Quantitative | Quantitative | Quantitative | ||||||||||||||
Large Cap | Large Cap | Large Cap | ||||||||||||||
Core Fund | Growth Fund | Value Fund | ||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends from unaffiliated investments | $ | 573 | $ | 62 | $ | 95 | ||||||||||
Dividends from affiliated money market fund | 71 | 8 | 7 | |||||||||||||
Interest from unaffiliated investments | 4 | — | — | |||||||||||||
Securities lending income | 15 | 2 | 2 | |||||||||||||
Total investment income | 663 | 72 | 104 | |||||||||||||
EXPENSES (note 3): | ||||||||||||||||
Investment advisory fees | 87 | 13 | 11 | |||||||||||||
Administration fees | 75 | 22 | 20 | |||||||||||||
Transfer agent fees | 50 | 49 | 49 | |||||||||||||
Custodian fees | 1 | — | — | |||||||||||||
Legal fees | 7 | 7 | 7 | |||||||||||||
Audit fees | 17 | 17 | 17 | |||||||||||||
Registration fees | 20 | 20 | 20 | |||||||||||||
Postage and printing fees | 26 | 4 | 4 | |||||||||||||
Directors’ fees | 12 | 12 | 12 | |||||||||||||
Other expenses | 10 | 10 | 10 | |||||||||||||
Distribution and shareholder servicing fees – Class A | — | — | — | |||||||||||||
Distribution and shareholder servicing fees – Class C | — | — | — | |||||||||||||
Distribution and shareholder servicing fees – Class R | — | — | — | |||||||||||||
Total expenses | 305 | 154 | 150 | |||||||||||||
Less: Fee waivers (note 3) | (177 | ) | (134 | ) | (133 | ) | ||||||||||
Total net expenses | 128 | 20 | 17 | |||||||||||||
Investment income – net | 535 | 52 | 87 | |||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 5): | ||||||||||||||||
Net realized loss on investments | (1,628 | ) | (47 | ) | (269 | ) | ||||||||||
Net realized gain on futures contracts | 21 | 3 | 8 | |||||||||||||
Net change in unrealized appreciation or depreciation of investments | (3,106 | ) | (620 | ) | (435 | ) | ||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | (14 | ) | (3 | ) | (15 | ) | ||||||||||
Net loss on investments and futures contracts | (4,727 | ) | (667 | ) | (711 | ) | ||||||||||
Net decrease in net assets resulting from operations | $ | (4,192 | ) | $ | (615 | ) | $ | (624 | ) | |||||||
The accompanying notes are an integral part of the financial statements.
14 First American Funds 2008 Semiannual Report
Table of Contents
Quantitative Large Cap Value Fund (concluded)
Statements ofChanges in Net Assets | all dollars are rounded to thousands (000) |
Quantitative | Quantitative | Quantitative | ||||||||||||||||||||||||||
Large Cap | Large Cap | Large Cap | ||||||||||||||||||||||||||
Core Fund | Growth Fund | Value Fund | ||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||
Period Ended | 7/31/071 | Period Ended | 7/31/071 | Period Ended | 7/31/071 | |||||||||||||||||||||||
4/30/08 | to | 4/30/08 | to | 4/30/08 | to | |||||||||||||||||||||||
(unaudited) | 10/31/07 | (unaudited) | 10/31/07 | (unaudited) | 10/31/07 | |||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Investment income – net | $ | 535 | $ | 204 | $ | 52 | $ | 20 | $ | 87 | $ | 42 | ||||||||||||||||
Net realized gain (loss) on investments | (1,628 | ) | 335 | (47 | ) | 74 | (269 | ) | 48 | |||||||||||||||||||
Net realized gain (loss) on futures contracts | 21 | 83 | 3 | — | 8 | (1 | ) | |||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (3,106 | ) | 2,950 | (620 | ) | 630 | (435 | ) | 356 | |||||||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | (14 | ) | 8 | (3 | ) | 1 | (15 | ) | 13 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (4,192 | ) | 3,580 | (615 | ) | 725 | (624 | ) | 458 | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||
Class A | (1 | ) | — | — | — | — | — | |||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||
Class R | — | — | — | — | — | — | ||||||||||||||||||||||
Class Y | (540 | ) | (144 | ) | (53 | ) | (14 | ) | (95 | ) | (25 | ) | ||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||
Class A | (1 | ) | — | (1 | ) | — | — | — | ||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||
Class R | — | — | — | — | — | — | ||||||||||||||||||||||
Class Y | (451 | ) | — | (77 | ) | — | (77 | ) | — | |||||||||||||||||||
Total distributions | (993 | ) | (144 | ) | (131 | ) | (14 | ) | (172 | ) | (25 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Proceeds from sales | 61 | 129 | 18 | 69 | 6 | 30 | ||||||||||||||||||||||
Reinvestment of distributions | 2 | — | 1 | — | 1 | — | ||||||||||||||||||||||
Payments for redemptions | (53 | ) | — | (17 | ) | — | (16 | ) | — | |||||||||||||||||||
Increase (decrease) in net assets from Class A transactions | 10 | 129 | 2 | 69 | (9 | ) | 30 | |||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Proceeds from sales | — | 15 | — | 17 | — | 5 | ||||||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||||||
Payments for redemptions (note 3) | — | — | — | — | — | — | ||||||||||||||||||||||
Increase in net assets from Class C transactions | — | 15 | — | 17 | — | 5 | ||||||||||||||||||||||
Class R: | ||||||||||||||||||||||||||||
Proceeds from sales | — | 5 | — | 5 | — | 5 | ||||||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||||||
Payments for redemptions | — | — | — | — | — | — | ||||||||||||||||||||||
Increase in net assets from Class R transactions | — | 5 | — | 5 | — | 5 | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Proceeds from sales | 40,590 | 47,241 | 5,519 | 7,004 | 1,950 | 7,000 | ||||||||||||||||||||||
Reinvestment of distributions | 829 | 133 | 117 | 14 | 157 | 25 | ||||||||||||||||||||||
Payments for redemptions | (2,833 | ) | (2,062 | ) | (105 | ) | — | — | — | |||||||||||||||||||
Increase in net assets from Class Y transactions | 38,586 | 45,312 | 5,531 | 7,018 | 2,107 | 7,025 | ||||||||||||||||||||||
Increase in net assets from capital share transactions | 38,596 | 45,461 | 5,533 | 7,109 | 2,098 | 7,065 | ||||||||||||||||||||||
Total increase in net assets | 33,411 | 48,897 | 4,787 | 7,820 | 1,302 | 7,498 | ||||||||||||||||||||||
Net assets at beginning of period | 48,897 | — | 7,820 | — | 7,498 | — | ||||||||||||||||||||||
Net assets at end of period | $ | 82,308 | $ | 48,897 | $ | 12,607 | $ | 7,820 | $ | 8,800 | $ | 7,498 | ||||||||||||||||
Undistributed net investment income at end of period | $ | 54 | $ | 60 | $ | 5 | $ | 6 | $ | 9 | $ | 17 | ||||||||||||||||
1 | Commencement of operations. |
First American Funds 2008 Semiannual Report 15
Table of Contents
Quantitative Large Cap Value Fund (concluded)
Financial Highlights For a share outstanding throughout the indicated period.
Realized and | |||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Distributions | Net Asset | |||||||||||||||||||||||||
Value | Investment | Gains | from Net | Distributions | Value | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Investment | from Net Realized | End of | ||||||||||||||||||||||||
of Period | (Loss) | Investments | Income | Gains | Period | ||||||||||||||||||||||||
Quantitative Large Cap Core Fund1 | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
20082 | $ | 26.90 | $ | 0.20 | $ | (2.86 | ) | $ | (0.19 | ) | $ | (0.24 | ) | $ | 23.81 | ||||||||||||||
20073 | 25.00 | 0.06 | 1.91 | (0.07 | ) | — | 26.90 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
20082 | $ | 26.88 | $ | 0.10 | $ | (2.85 | ) | $ | (0.10 | ) | $ | (0.24 | ) | $ | 23.79 | ||||||||||||||
20073 | 25.00 | 0.02 | 1.90 | (0.04 | ) | — | 26.88 | ||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||
20082 | $ | 26.89 | $ | 0.16 | $ | (2.84 | ) | $ | (0.16 | ) | $ | (0.24 | ) | $ | 23.81 | ||||||||||||||
20073 | 25.00 | 0.08 | 1.87 | (0.06 | ) | — | 26.89 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
20082 | $ | 26.90 | $ | 0.22 | $ | (2.85 | ) | $ | (0.22 | ) | $ | (0.24 | ) | $ | 23.81 | ||||||||||||||
20073 | 25.00 | 0.11 | 1.87 | (0.08 | ) | — | 26.90 | ||||||||||||||||||||||
Quantitative Large Cap Growth Fund1 | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
20082 | $ | 27.51 | $ | 0.11 | $ | (2.58 | ) | $ | (0.11 | ) | $ | (0.26 | ) | $ | 24.67 | ||||||||||||||
20073 | 25.00 | 0.02 | 2.53 | (0.04 | ) | — | 27.51 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
20082 | $ | 27.47 | $ | 0.02 | $ | (2.58 | ) | $ | (0.01 | ) | $ | (0.26 | ) | $ | 24.64 | ||||||||||||||
20073 | 25.00 | (0.03 | ) | 2.53 | (0.03 | ) | — | 27.47 | |||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||
20082 | $ | 27.51 | $ | 0.08 | $ | (2.58 | ) | $ | (0.08 | ) | $ | (0.26 | ) | $ | 24.67 | ||||||||||||||
20073 | 25.00 | 0.04 | 2.50 | (0.03 | ) | — | 27.51 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
20082 | $ | 27.52 | $ | 0.14 | $ | (2.58 | ) | $ | (0.14 | ) | $ | (0.26 | ) | $ | 24.68 | ||||||||||||||
20073 | 25.00 | 0.07 | 2.50 | (0.05 | ) | — | 27.52 | ||||||||||||||||||||||
Quantitative Large Cap Value Fund1 | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
20082 | $ | 26.53 | $ | 0.26 | $ | (2.49 | ) | $ | (0.27 | ) | $ | (0.25 | ) | $ | 23.78 | ||||||||||||||
20073 | 25.00 | 0.10 | 1.51 | (0.08 | ) | — | 26.53 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
20082 | $ | 26.51 | $ | 0.17 | $ | (2.49 | ) | $ | (0.18 | ) | $ | (0.25 | ) | $ | 23.76 | ||||||||||||||
20073 | 25.00 | 0.08 | 1.48 | (0.05 | ) | — | 26.51 | ||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||
20082 | $ | 26.53 | $ | 0.22 | $ | (2.49 | ) | $ | (0.24 | ) | $ | (0.25 | ) | $ | 23.77 | ||||||||||||||
20073 | 25.00 | 0.11 | 1.49 | (0.07 | ) | — | 26.53 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
20082 | $ | 26.54 | $ | 0.28 | $ | (2.49 | ) | $ | (0.30 | ) | $ | (0.25 | ) | $ | 23.78 | ||||||||||||||
20073 | 25.00 | 0.15 | 1.48 | (0.09 | ) | — | 26.54 | ||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | Commenced operations on July 31, 2007. All ratios for the period July 31, 2007 to October 31, 2007 have been annualized, except total return and portfolio turnover. | |
4 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
16 First American Funds 2008 Semiannual Report
Table of Contents
Quantitative Large Cap Value Fund (concluded)
Ratio of | Ratio of Net | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Investment | |||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Income (Loss) | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | to Average | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | Net Assets | Turnover | |||||||||||||||||||||||||||||
Return4 | Period (000) | Net Assets | Net Assets | Waivers) | (Excluding Waivers) | Rate | |||||||||||||||||||||||||||||
(9.94 | )% | $ | 125 | 0.69 | % | 1.67 | % | 1.30 | % | 1.06 | % | 58 | % | ||||||||||||||||||||||
7.89 | 131 | 0.70 | 0.91 | 1.40 | 0.21 | 55 | |||||||||||||||||||||||||||||
(10.28 | )% | $ | 14 | 1.45 | % | 0.87 | % | 2.06 | % | 0.26 | % | 58 | % | ||||||||||||||||||||||
7.69 | 15 | 1.45 | 0.23 | 2.15 | (0.47 | ) | 55 | ||||||||||||||||||||||||||||
(10.03 | )% | $ | 5 | 0.95 | % | 1.37 | % | 1.56 | % | 0.76 | % | 58 | % | ||||||||||||||||||||||
7.81 | 6 | 0.95 | 1.20 | 1.65 | 0.50 | 55 | |||||||||||||||||||||||||||||
(9.84 | )% | $ | 82,164 | 0.44 | % | 1.85 | % | 1.05 | % | 1.24 | % | 58 | % | ||||||||||||||||||||||
7.93 | 48,745 | 0.45 | 1.73 | 1.15 | 1.03 | 55 | |||||||||||||||||||||||||||||
(9.04 | )% | $ | 66 | 0.69 | % | 0.89 | % | 3.66 | % | (2.08 | )% | 73 | % | ||||||||||||||||||||||
10.22 | 71 | 0.70 | 0.23 | 4.70 | (3.77 | ) | 58 | ||||||||||||||||||||||||||||
(9.37 | )% | $ | 16 | 1.45 | % | 0.15 | % | 4.42 | % | (2.82 | )% | 73 | % | ||||||||||||||||||||||
10.01 | 18 | 1.45 | (0.36 | ) | 5.45 | (4.36 | ) | 58 | |||||||||||||||||||||||||||
(9.17 | )% | $ | 5 | 0.94 | % | 0.65 | % | 3.91 | % | (2.32 | )% | 73 | % | ||||||||||||||||||||||
10.17 | 6 | 0.95 | 0.54 | 4.95 | (3.46 | ) | 58 | ||||||||||||||||||||||||||||
(8.93 | )% | $ | 12,520 | 0.44 | % | 1.16 | % | 3.41 | % | (1.81 | )% | 73 | % | ||||||||||||||||||||||
10.29 | 7,725 | 0.45 | 1.07 | 4.45 | (2.93 | ) | 58 | ||||||||||||||||||||||||||||
(8.44 | )% | $ | 18 | 0.70 | % | 2.16 | % | 4.34 | % | (1.48 | )% | 84 | % | ||||||||||||||||||||||
6.46 | 31 | 0.70 | 1.57 | 4.73 | (2.46 | ) | 65 | ||||||||||||||||||||||||||||
(8.78 | )% | $ | 5 | 1.44 | % | 1.39 | % | 5.08 | % | (2.25 | )% | 84 | % | ||||||||||||||||||||||
6.25 | 5 | 1.45 | 1.18 | 5.48 | (2.85 | ) | 65 | ||||||||||||||||||||||||||||
(8.58 | )% | $ | 5 | 0.95 | % | 1.88 | % | 4.59 | % | (1.76 | )% | 84 | % | ||||||||||||||||||||||
6.41 | 5 | 0.95 | 1.68 | 4.98 | (2.35 | ) | 65 | ||||||||||||||||||||||||||||
(8.34 | )% | $ | 8,772 | 0.44 | % | 2.37 | % | 4.08 | % | (1.27 | )% | 84 | % | ||||||||||||||||||||||
6.52 | 7,457 | 0.45 | 2.28 | 4.48 | (1.75 | ) | 65 | ||||||||||||||||||||||||||||
First American Funds 2008 Semiannual Report 17
Table of Contents
Quantitative Large Cap Value Fund (concluded)
Notes toFinancial Statements | (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000) |
1 > | Organization |
Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value 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. The funds commenced operations July 31, 2007. As of April 30, 2008, FAIF offered 43 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. Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund are each diversified open-end management investment companies.
The funds offer Class A, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge for 12 months. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts.
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’s servicing or distribution arrangements.
2 > | Summary of Significant Accounting Policies |
The significant accounting policies followed by the funds are as follows:
SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, then the ask will be the closing price. If the last trade is below the bid, then the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no
Quantitative Large Cap Value Fund (concluded)
sale was reported on that date are stated at the last quoted bid price. Investments in open-end mutual funds are valued at their respective net asset values on the valuation date.
Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value.
The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, Inc (“FAF Advisors”), on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts (other than currency forward contracts), swaps, and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available.
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, 2008, the funds held no fair valued securities.
18 First American Funds 2008 Semiannual Report
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Quantitative Large Cap Value Fund (concluded)
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 by each of the funds. 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.
Effective July 1, 2008, the funds will declare and pay income dividends annually. Distributions from net investment income will be declared and paid annually.
FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required.
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
Quantitative Large Cap Value Fund (concluded)
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. The funds have adopted FIN 48 and during the six-month period ended April 30, 2008, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority.
The character of distributions paid during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended April 30, 2008 (estimated), and the fiscal year ended October 31, 2007, were as follows:
April 30, 2008 | |||||||||
Ordinary | Long Term | ||||||||
Fund | Income | Gain | Total | ||||||
Quantitative Large Cap Core Fund | $ | 541 | $ | 452 | $ | 993 | |||
Quantitative Large Cap Growth Fund | 53 | 78 | 131 | ||||||
Quantitative Large Cap Value Fund | 95 | 77 | 172 | ||||||
October 31, 2007 | |||
Ordinary | |||
Fund | Income | ||
Quantitative Large Cap Core Fund | $ | 144 | |
Quantitative Large Cap Growth Fund | 14 | ||
Quantitative Large Cap Value Fund | 25 | ||
As of October 31, 2007, the funds’ most recently completed fiscal year-end, the components of accumulated earnings on a tax-basis were as follows:
Undistributed | Undistributed | Total | ||||||||||
Ordinary | Long Term | Unrealized | Accumulated | |||||||||
Fund | Income | Capital Gains | Appreciation | Earnings | ||||||||
Quantitative Large Cap Core Fund | $ | 459 | $ | 54 | $ | 2,924 | $ | 3,437 | ||||
Quantitative Large Cap Growth Fund | 84 | 1 | 627 | 712 | ||||||||
Quantitative Large Cap Value Fund | 88 | 7 | 339 | 434 | ||||||||
The differences between book and tax basis unrealized appreciation (depreciation) are primarily due to the tax deferral of losses on wash sales and the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts.
FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market, maintain sufficient liquidity to meet redemption requests, and increase the level of fund assets devoted to replicating the composition of the S&P and Russell indices while reducing transaction costs, each fund may enter into futures contracts. Upon entering into a futures contract, the fund is required to deposit cash or pledge U.S. government securities. The margin required for a futures contract is set by the
Quantitative Large Cap Value Fund (concluded)
exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract.
Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary
First American Funds 2008 Semiannual Report 19
Table of Contents
Notes toFinancial Statements | (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000) |
Quantitative Large Cap Value Fund (concluded)
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 period will be recognized as capital gains (losses) for federal income tax purposes.
The funds’ outstanding futures contracts as of April 30, 2008, 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 security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At April 30, 2008, the funds held no investments in illiquid securities.
SECURITIES LENDING – In order to generate additional income, each fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to receive collateral from the borrower in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. If the value of the securities on loan increases, additional collateral is received from the borrower. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an
Quantitative Large Cap Value Fund (concluded)
exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. 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 money market fund’s average daily net assets. Securities lending fees paid to U.S. Bank by the funds for the six-month period ended April 30, 2008, were as follows:
Fund | Amount | ||
Quantitative Large Cap Core Fund | $ | 6 | |
Quantitative Large Cap Growth Fund | 1 | ||
Quantitative Large Cap Value Fund | 1 | ||
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, 2008.
DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, 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.
20 First American Funds 2008 Semiannual Report
Table of Contents
Quantitative Large Cap Value Fund (concluded)
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 Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund is 0.30%, 0.30%, and 0.30%, respectively. FAF Advisors has agreed to waive fees and reimburse other fund expenses through February 28, 2009, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:
Share Class | ||||||||||||||||||
Fund | A | C | R | Y | ||||||||||||||
Quantitative Large Cap Core Fund | 0.70 | % | 1.45 | % | 0.95 | % | 0.45 | % | ||||||||||
Quantitative Large Cap Growth Fund | 0.70 | 1.45 | 0.95 | 0.45 | ||||||||||||||
Quantitative Large Cap Value Fund | 0.70 | 1.45 | 0.95 | 0.45 | ||||||||||||||
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.
ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on a annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.
Quantitative Large Cap Value Fund (concluded)
TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAIF. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based upon the number of accounts within that fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.
CUSTODIAN FEES – U.S. Bank serves as the funds’ custodian pursuant to a custodian agreement with FAIF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.
Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses.
For the six-month period ended April 30, 2008, custodian fees for the funds were not increased as a result of overdrafts and were not decreased by as a result of interest earned, respectively.
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%, and 0.50% of each fund’s average daily net assets attributable to Class A, Class C, and Class R shares, respectively. Class Y shares pay no distribution or shareholder servicing fees. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.
Under the distribution agreement, the amounts retained by affiliates of FAF Advisors for the six-month period ended April 30, 2008 rounds to zero for each fund.
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, 2008, legal fees and expenses of $12 were paid
First American Funds 2008 Semiannual Report 21
Table of Contents
Notes toFinancial Statements | (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000) |
Quantitative Large Cap Value Fund (concluded)
to a law firm of which an Assistant Secretary of the funds is a partner.
CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on redemptions made in the Class C shares for the first 12 months. The CDSC is imposed on the value of the
Quantitative Large Cap Value Fund (concluded)
purchased shares, or the value at the time of redemption, whichever is less.
For the six-month period ended April 30, 2008, the funds did not incur any front-end sales charges or CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares.
4 > | Capital Share Transactions |
FAIF has 362 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:
Quantitative | Quantitative | Quantitative | |||||||||||||||||||||||
Large Cap | Large Cap | Large Cap | |||||||||||||||||||||||
Core Fund | Growth Fund | Value Fund | |||||||||||||||||||||||
Six-Month | 7/31/071 | Six-Month Period | 7/31/071 | Six-Month Period | 7/31/071 | ||||||||||||||||||||
Period Ended | to | Ended | to | Ended | to | ||||||||||||||||||||
4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | 4/30/08 | 10/31/07 | ||||||||||||||||||||
Class A: | |||||||||||||||||||||||||
Shares issued | 2 | 5 | 1 | 2 | — | 1 | |||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | |||||||||||||||||||
Shares redeemed | (2 | ) | — | — | — | — | — | ||||||||||||||||||
Total Class A transactions | — | 5 | 1 | 2 | — | 1 | |||||||||||||||||||
Class C: | |||||||||||||||||||||||||
Shares issued | — | 1 | — | 1 | — | — | |||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | |||||||||||||||||||
Shares redeemed | — | — | — | — | — | — | |||||||||||||||||||
Total Class C transactions | — | 1 | — | 1 | — | — | |||||||||||||||||||
Class R: | |||||||||||||||||||||||||
Shares issued | — | — | — | — | — | — | |||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | |||||||||||||||||||
Shares redeemed | — | — | — | — | — | — | |||||||||||||||||||
Total Class R transactions | — | — | — | — | — | — | |||||||||||||||||||
Class Y: | |||||||||||||||||||||||||
Shares issued | 1,725 | 1,887 | 226 | 280 | 81 | 280 | |||||||||||||||||||
Shares issued in lieu of cash distributions | 33 | 5 | 5 | 1 | 7 | 1 | |||||||||||||||||||
Shares redeemed | (120 | ) | (80 | ) | (5 | ) | — | — | — | ||||||||||||||||
Total Class Y transactions | 1,638 | 1,812 | 226 | 281 | 88 | 281 | |||||||||||||||||||
Net increase in capital shares | 1,638 | 1,818 | 227 | 284 | 88 | 282 | |||||||||||||||||||
1 | Commencement of operations |
5 > | Investment Security Transactions |
During the six-month period ended April 30, 2008, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows:
Fund | Purchases | Sales | ||||
Quantitative Large Cap Core Fund | $ | 69,887 | $ | 32,949 | ||
Quantitative Large Cap Growth Fund | 10,251 | 6,452 | ||||
Quantitative Large Cap Value Fund | 7,135 | 5,961 | ||||
The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities for federal income tax purposes at April 30, 2008, were as follows:
Aggregate | Aggregate | Federal | ||||||||||||
Gross | Gross | Income | ||||||||||||
Fund | Appreciation | Depreciation | Net | Tax Cost | ||||||||||
Quantitative Large Cap Core Fund | $ | 3,387 | $ | (3,543 | ) | $ | (156 | ) | $ | 103,925 | ||||
Quantitative Large Cap Growth Fund | 532 | (522 | ) | 10 | 15,903 | |||||||||
Quantitative Large Cap Value Fund | 319 | (398 | ) | (79 | ) | 10,691 | ||||||||
Quantitative Large Cap Value Fund (concluded)
6 > | Sector Risks |
Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. As of April 30, 2008, Quantitative Large Cap Growth Fund had a significant portion of its assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole.
7 > | Indemnifications |
The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
8 > | New Accounting Pronouncements |
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a
22 First American Funds 2008 Semiannual Report
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Quantitative Large Cap Value Fund (concluded)
framework for measuring fair value, and requires additional disclosure about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of April 30, 2008, 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.
In March 2008, the FASB issued Statement on Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities – an
Quantitative Large Cap Value Fund (concluded)
amendment of FASB Statement No. 133” (“FAS 161”). FAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Funds are required to provide enhanced disclosures about (a) how and why the fund uses derivative instruments, (b) how derivative instruments are accounted for under FAS 133 and its related interpretations, and (c) how derivative instruments affect the fund’s financial position and financial performance. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. The funds do not expect FAS 161 to have a material impact on their financial statements; however, additional disclosures will be required.
First American Funds 2008 Semiannual Report 23
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Quantitative Large Cap Value Fund (concluded)
Notice toShareholders | April 30, 2008 (unaudited) |
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities, is available at firstamericanfunds.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.FUND.
FORM N-Q HOLDINGS INFORMATION
Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds’ Forms N-Q are available (1) without charge upon request by calling 800.677.FUND and (2) on the U.S. Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.
QUARTERLY PORTFOLIO HOLDINGS
Each fund will make portfolio holdings information publicly available by posting the information at www.firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 business days of the calendar quarter-end.
24 First American Funds 2008 Semiannual Report
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Quantitative Large Cap Value Fund (concluded)
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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Quantitative Large Cap Value Fund (concluded)
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.
Quantitative Large Cap Value Fund (concluded)
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.
0040-08 6/2008 SAR-QUANT
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 30, 2008
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 30, 2008
By: | /s/ Charles D. Gariboldi, Jr. | |||
Charles D. Gariboldi, Jr. | ||||
Treasurer | ||||
Date: June 30, 2008