Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03313
First American Funds, Inc.
(Exact name of registrant as specified in charter)
| 800 Nicollet Mall, Minneapolis, MN | 55402 | |
| (Address of principal executive offices) | (Zip code) |
Jill M. Stevenson, 800 Nicollet Mall, Minneapolis, MN 55402
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-677-3863
Date of fiscal period end: August 31
Date of reporting period: August 31, 2012
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
2012 ANNUAL REPORT
August 31, 2012
Money
Market
Funds
Table of Contents
| 1 | ||||
| 2 | ||||
| 3 | ||||
| 4 | ||||
| 7 | ||||
| 8 | ||||
| 20 | ||||
| 21 | ||||
| 22 | ||||
| 24 | ||||
| 34 | ||||
| 41 | ||||
An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Table of Contents
| Message to Shareholders |
Dear Shareholders:
We invite you to take a few minutes to review the results of the fiscal year ended August 31, 2012.
This report includes a complete listing of portfolio holdings and additional fund information. We hope you will find this helpful in monitoring your investment portfolio.
Also, through our website, FirstAmericanFunds.com, we provide quarterly performance fact sheets on all First American Funds, the economic outlook as viewed by our senior investment officers, and other information about fund investments and portfolio strategies.
Please contact your financial professional if you have questions about First American Funds or contact First American Investor Services at 800.677.3863.
We appreciate your investment with First American Funds and look forward to serving your financial needs in the future.
Sincerely,
|
Leonard W. Kedrowski
Chairperson of the Board First American Funds, Inc. |
Joseph M. Ulrey III
President First American Funds, Inc. |
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 1 |
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 presented by type (certificates of deposit, government agency debt, etc.) and, for Tax Free Obligations Fund, by state. This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to the Financial Statements provide additional details on how the securities are valued.
The Statement of Assets and Liabilities lists the assets and liabilities of the fund and present the fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. The investments, as presented in the Schedule of Investments, comprise substantially all of the fund’s assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.
The Statement of Operations details the dividends and interest income earned from securities as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.
The Statement of Changes in Net Assets describes how the fund’s net assets were affected by its operating results, distributions to shareholders, and shareholder transactions during the reporting period. This statement is important to investors because it shows exactly what caused the fund’s net asset size to change during the period.
The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios and net investment income ratios. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentage of average net assets that were used to cover operating expenses during the period. Expense ratios can vary across funds for a number of reasons, including differences in advisory fees and the average shareholder account size.
The 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 800.677.3863 or visit FirstAmericanFunds.com.
| 2 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| Holdings Summaries |
| 1 | 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 liablities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
| 3 | See note 4 in Notes to Financial Statements for additional information on the portfolio characteristics of the fund. |
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 3 |
Table of Contents
| Expense Examples |
Government Obligations Fund
| Beginning Account Value (3/01/12) |
Ending Account Value (8/31/12) |
Expenses Paid During Period1 (3/01/12 to 8/31/12) |
||||||||||||
| Class A Actual2 |
$ | 1,000.00 | $ | 1,000.08 | $ | 0.85 | ||||||||
| Class A Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.28 | $ | 0.87 | ||||||||
| Class D Actual2 |
$ | 1,000.00 | $ | 1,000.08 | $ | 0.85 | ||||||||
| Class D Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.28 | $ | 0.87 | ||||||||
| Class Y Actual2 |
$ | 1,000.00 | $ | 1,000.08 | $ | 0.85 | ||||||||
| Class Y Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.28 | $ | 0.87 | ||||||||
| Class Z Actual2 |
$ | 1,000.00 | $ | 1,000.08 | $ | 0.80 | ||||||||
| Class Z Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.33 | $ | 0.81 | ||||||||
| Institutional Investor Class Actual2 |
$ | 1,000.00 | $ | 1,000.08 | $ | 0.80 | ||||||||
| Institutional Investor Class Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.33 | $ | 0.81 | ||||||||
| 1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.17%, 0.17%, 0.17%, 0.16%, and 0.16% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, 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 August 31, 2012 of 0.01%, 0.01%, 0.01%, 0.01%, and 0.01% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
| 4 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
Prime Obligations Fund
| Beginning Account Value (3/01/12) |
Ending Account Value (8/31/12) |
Expenses Paid During Period1 (3/01/12 to 8/31/12) |
||||||||||||
| Class A Actual2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 1.36 | ||||||||
| Class A Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.78 | $ | 1.37 | ||||||||
| Class D Actual2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 1.36 | ||||||||
| Class D Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.78 | $ | 1.37 | ||||||||
| Class I Actual2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 1.36 | ||||||||
| Class I Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.78 | $ | 1.37 | ||||||||
| Class Y Actual2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 1.36 | ||||||||
| Class Y Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.78 | $ | 1.37 | ||||||||
| Class Z Actual2 |
$ | 1,000.00 | $ | 1,000.37 | $ | 1.01 | ||||||||
| Class Z Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.13 | $ | 1.02 | ||||||||
| Institutional Investor Class Actual2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 1.36 | ||||||||
| Institutional Investor Class Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.78 | $ | 1.37 | ||||||||
| 1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.27%, 0.27%, 0.27%, 0.27%, 0.20%, and 0.27% for Class A, Class D, Class I, Class Y, Class Z, and Institutional Investor Class, 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 August 31, 2012 of 0.00%, 0.00%, 0.00%, 0.00%, 0.04%, and 0.00% for Class A, Class D, Class I, Class Y, Class Z, and Institutional Investor Class, respectively. |
Tax Free Obligations Fund
| Beginning Account Value (3/01/2012) |
Ending Account Value (8/31/12) |
Expenses Paid During Period3 (3/01/2012 to 8/31/12) |
||||||||||||
| Class A Actual4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.85 | ||||||||
| Class A Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.28 | $ | 0.87 | ||||||||
| Class D Actual4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.85 | ||||||||
| Class D Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.28 | $ | 0.87 | ||||||||
| Class Y Actual4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.85 | ||||||||
| Class Y Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.28 | $ | 0.87 | ||||||||
| Class Z Actual4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.80 | ||||||||
| Class Z Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.33 | $ | 0.81 | ||||||||
| Institutional Investor Class Actual4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.85 | ||||||||
| Institutional Investor Class Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.28 | $ | 0.87 | ||||||||
| 3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.17%, 0.17%, 0.17%, 0.16%, and 0.17% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, 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 August 31, 2012 of 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 5 |
Table of Contents
| Expense Examples |
Treasury Obligations Fund
| Beginning Account Value (3/01/12) |
Ending Account Value (8/31/12) |
Expenses Paid During Period1 (3/01/12 to 8/31/12) |
||||||||||||
| Class A Actual2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.70 | ||||||||
| Class A Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.43 | $ | 0.71 | ||||||||
| Class D Actual2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.70 | ||||||||
| Class D Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.43 | $ | 0.71 | ||||||||
| Class Y Actual2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.70 | ||||||||
| Class Y Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.43 | $ | 0.71 | ||||||||
| Class Z Actual2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.70 | ||||||||
| Class Z Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.43 | $ | 0.71 | ||||||||
| Institutional Investor Class Actual2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.70 | ||||||||
| Institutional Investor Class Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.43 | $ | 0.71 | ||||||||
| Reserve Class Actual2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.70 | ||||||||
| Reserve Class Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.43 | $ | 0.71 | ||||||||
| 1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.14%, 0.14%, 0.14%, 0.14%, 0.14%, and 0.14% for Class A, Class D, Class Y, Class Z, Institutional Investor Class, and Reserve Class, 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 August 31, 2012 of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, Institutional Investor Class, and Reserve Class, respectively. |
U.S. Treasury Money Market Fund
| Beginning Account Value (3/01/12) |
Ending Account Value (8/31/12) |
Expenses Paid During Period3 (3/01/12 to 8/31/12) |
||||||||||||
| Class A Actual4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.45 | ||||||||
| Class A Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.68 | $ | 0.46 | ||||||||
| Class D Actual4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.45 | ||||||||
| Class D Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.68 | $ | 0.46 | ||||||||
| Class Y Actual4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.45 | ||||||||
| Class Y Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.68 | $ | 0.46 | ||||||||
| Class Z Actual4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.40 | ||||||||
| Class Z Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.73 | $ | 0.41 | ||||||||
| Institutional Investor Class Actual4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.45 | ||||||||
| Institutional Investor Class Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.68 | $ | 0.46 | ||||||||
| 3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.09%, 0.09%, 0.09%, 0.08%, and 0.09% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, 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 August 31, 2012 of 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
| 6 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of First American Funds, Inc.
We have audited the accompanying statements of assets and liabilities of First American Funds, Inc. (comprised respectfully of Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund) (the “funds”), including the schedules of investments, as of August 31, 2012, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2012, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each respective fund at August 31, 2012, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Minneapolis, Minnesota
October 22, 2012
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 7 |
Table of Contents
| Schedule of Investments | August 31, 2012, all dollars are rounded to thousands (000) |
The accompanying notes are an integral part of the financial statements.
| 8 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 9 |
Table of Contents
| Schedule of Investments | August 31, 2012, all dollars are rounded to thousands (000) |
The accompanying notes are an integral part of the financial statements.
| 10 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 11 |
Table of Contents
| Schedule of Investments | August 31, 2012, all dollars are rounded to thousands (000) |
The accompanying notes are an integral part of the financial statements.
| 12 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 13 |
Table of Contents
| Schedule of Investments | August 31, 2012, all dollars are rounded to thousands (000) |
The accompanying notes are an integral part of the financial statements.
| 14 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 15 |
Table of Contents
| Schedule of Investments | August 31, 2012, all dollars are rounded to thousands (000) |
The accompanying notes are an integral part of the financial statements.
| 16 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 17 |
Table of Contents
| Schedule of Investments | August 31, 2012, all dollars are rounded to thousands (000) |
The accompanying notes are an integral part of the financial statements.
| 18 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 19 |
Table of Contents
| Statements of Assets and Liabilities | August 31, 2012, all dollars and shares are rounded to thousands (000), except per share data |
| Government Obligations Fund |
Prime Obligations Fund |
Tax Free Obligations Fund |
Treasury Obligations Fund |
U.S. Treasury Money Market Fund |
||||||||||||||||
| ASSETS: |
||||||||||||||||||||
| Investments in securities, at value† (note 2) |
$ | 10,600,029 | $ | 8,698,862 | $ | 618,244 | $ | 4,557,103 | $ | 585,291 | ||||||||||
| Investments purchased with proceeds from securities lending, at value (note 2) |
1,032,531 | 1,053,181 | — | 842,250 | — | |||||||||||||||
| Repurchase agreements, at value (note 2) |
5,859,878 | 2,563,674 | — | 6,656,448 | — | |||||||||||||||
| Cash |
— | 11 | 94 | — | — | |||||||||||||||
| Receivable for interest |
7,338 | 10,417 | 87 | 15,680 | — | |||||||||||||||
| Receivable for capital shares sold |
2 | 127 | — | 3 | — | |||||||||||||||
| Prepaid expenses and other assets |
36 | 79 | 54 | 25 | 31 | |||||||||||||||
| Total assets |
17,499,814 | 12,326,351 | 618,479 | 12,071,509 | 585,322 | |||||||||||||||
| LIABILITIES: |
||||||||||||||||||||
| Bank overdraft |
2 | — | — | — | — | |||||||||||||||
| Dividends payable |
223 | 257 | — | — | — | |||||||||||||||
| Payable for investments purchased |
— | 35,750 | 5,061 | — | — | |||||||||||||||
| Payable upon return of securities loaned (note 2) |
1,032,531 | 1,053,181 | — | 842,250 | — | |||||||||||||||
| Payable for capital shares redeemed |
— | 1,090 | — | — | — | |||||||||||||||
| Payable to affiliates (note 3) |
2,225 | 2,189 | 43 | 1,364 | 22 | |||||||||||||||
| Payable for distribution and shareholder servicing fees |
— | 101 | 14 | 256 | 14 | |||||||||||||||
| Accrued expenses and other liabilities |
44 | 26 | 27 | 44 | 31 | |||||||||||||||
| Total liabilities |
1,035,025 | 1,092,594 | 5,145 | 843,914 | 67 | |||||||||||||||
| Net assets |
$ | 16,464,789 | $ | 11,233,757 | $ | 613,334 | $ | 11,227,595 | $ | 585,255 | ||||||||||
| COMPOSITION OF NET ASSETS: |
||||||||||||||||||||
| Portfolio capital |
$ | 16,465,157 | $ | 11,233,961 | $ | 613,348 | $ | 11,228,230 | $ | 585,265 | ||||||||||
| Undistributed (distributions in excess of) net investment income |
(23 | ) | (60 | ) | (14 | ) | (44 | ) | (10 | ) | ||||||||||
| Accumulated net realized gain (loss) on investments (note 2) |
(345 | ) | (144 | ) | — | (591 | ) | — | ||||||||||||
| Net assets |
$ | 16,464,789 | $ | 11,233,757 | $ | 613,334 | $ | 11,227,595 | $ | 585,255 | ||||||||||
| Class A: |
||||||||||||||||||||
| Net assets |
$ | 247,540 | $ | 1,088,649 | $ | 89,213 | $ | 470,684 | $ | 17,741 | ||||||||||
| Shares issued and outstanding ($0.01 par value – 5 billion authorized*) |
247,544 | 1,088,825 | 89,241 | 470,710 | 17,735 | |||||||||||||||
| Net asset value, offering price, and redemption price per share |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
| Class D: |
||||||||||||||||||||
| Net assets |
$ | 2,703,874 | $ | 862,131 | $ | 48,324 | $ | 2,110,985 | $ | 196,910 | ||||||||||
| Shares issued and outstanding ($0.01 par value – 20 billion authorized) |
2,703,902 | 862,036 | 48,322 | 2,111,212 | 196,892 | |||||||||||||||
| Net asset value, offering price, and redemption price per share |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
| Class I: |
||||||||||||||||||||
| Net assets |
$ | — | $ | 1,124,114 | $ | — | $ | — | $ | — | ||||||||||
| Shares issued and outstanding ($0.01 par value – 20 billion authorized) |
— | 1,124,196 | — | — | — | |||||||||||||||
| Net asset value, offering price, and redemption price per share |
$ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||||||
| Class Y: |
||||||||||||||||||||
| Net assets |
$ | 4,731,744 | $ | 3,130,035 | $ | 386,307 | $ | 3,671,911 | $ | 291,805 | ||||||||||
| Shares issued and outstanding ($0.01 par value – 20 billion authorized) |
4,731,865 | 3,130,067 | 386,281 | 3,672,169 | 291,775 | |||||||||||||||
| Net asset value, offering price, and redemption price per share |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
| Class Z: |
||||||||||||||||||||
| Net assets |
$ | 7,601,448 | $ | 4,776,543 | $ | 64,071 | $ | 4,183,433 | $ | 60,196 | ||||||||||
| Shares issued and outstanding ($0.01 par value – 20 billion authorized) |
7,601,425 | 4,776,701 | 64,051 | 4,183,597 | 60,184 | |||||||||||||||
| Net asset value, offering price, and redemption price per share |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
| Institutional Investor Class: |
||||||||||||||||||||
| Net assets |
$ | 1,180,183 | $ | 252,285 | $ | 25,419 | $ | 612,335 | $ | 18,603 | ||||||||||
| Shares issued and outstanding ($0.01 par value – 20 billion authorized) |
1,180,175 | 252,105 | 25,419 | 612,285 | 18,594 | |||||||||||||||
| Net asset value, offering price, and redemption price per share |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
| Reserve Class: |
||||||||||||||||||||
| Net assets |
$ | — | $ | — | $ | — | $ | 178,247 | $ | — | ||||||||||
| Shares issued and outstanding ($0.01 par value – 5 billion authorized) |
— | — | — | 178,304 | — | |||||||||||||||
| Net asset value, offering price, and redemption price per share |
$ | — | $ | — | $ | — | $ | 1.00 | $ | — | ||||||||||
|
† Including securities loaned, at value |
$ | 1,007,534 | $ | 1,032,003 | $ | — | $ | 825,385 | $ | — | ||||||||||
| * | 20 billion shares were authorized for U.S. Treasury Money Market Fund. |
The accompanying notes are an integral part of the financial statements.
| 20 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| Statements of Operations | For the year ended August 31, 2012, all dollars are rounded to thousands (000) |
| Government Obligations Fund |
Prime Obligations Fund |
Tax Free Obligations Fund |
Treasury Obligations Fund |
U.S. Treasury Money Market Fund |
||||||||||||||||
| INVESTMENT INCOME: |
||||||||||||||||||||
| Interest income |
$ | 23,103 | $ | 30,091 | $ | 934 | $ | 12,524 | $ | 351 | ||||||||||
| Securities lending income (note 2) |
116 | 235 | — | 163 | — | |||||||||||||||
| Total investment income |
23,219 | 30,326 | 934 | 12,687 | 351 | |||||||||||||||
| EXPENSES (note 3): |
||||||||||||||||||||
| Investment advisory fees |
14,104 | 11,734 | 645 | 10,677 | 672 | |||||||||||||||
| Administration fees and expenses |
18,899 | 16,200 | 916 | 14,517 | 932 | |||||||||||||||
| Transfer agent fees and expenses |
130 | 207 | 130 | 149 | 128 | |||||||||||||||
| Custodian fees |
705 | 587 | 32 | 534 | 33 | |||||||||||||||
| Legal fees |
40 | 40 | 40 | 40 | 40 | |||||||||||||||
| Audit fees |
49 | 48 | 48 | 48 | 48 | |||||||||||||||
| Registration fees |
17 | 83 | 35 | 34 | 10 | |||||||||||||||
| Postage and printing fees |
260 | 216 | 12 | 199 | 13 | |||||||||||||||
| Directors’ fees |
91 | 91 | 90 | 91 | 90 | |||||||||||||||
| Other expenses |
146 | 195 | 85 | 180 | 113 | |||||||||||||||
| Distribution and shareholder servicing (12b-1) fees : |
||||||||||||||||||||
| Class A |
590 | 2,818 | 231 | 1,459 | 42 | |||||||||||||||
| Class C |
— | 1 | — | — | — | |||||||||||||||
| Class D |
3,431 | 1,432 | 59 | 2,995 | 282 | |||||||||||||||
| Reserve Class |
— | — | — | 1,385 | — | |||||||||||||||
| Shareholder servicing (non 12b-1) fees : |
||||||||||||||||||||
| Class A |
590 | 2,818 | 231 | 1,459 | 42 | |||||||||||||||
| Class D |
5,718 | 2,387 | 99 | 4,991 | 471 | |||||||||||||||
| Class I |
— | 1,724 | — | — | — | |||||||||||||||
| Class Y |
10,115 | 8,137 | 1,092 | 9,826 | 877 | |||||||||||||||
| Reserve Class |
— | — | — | 693 | — | |||||||||||||||
| Institutional Investor Class |
1,297 | 353 | 19 | 598 | 23 | |||||||||||||||
| Total expenses |
56,182 | 49,071 | 3,764 | 49,875 | 3,816 | |||||||||||||||
| Less: Fee waivers (note 3) |
(34,262 | ) | (21,783 | ) | (2,830 | ) | (37,188 | ) | (3,309 | ) | ||||||||||
| Less: Expense reimbursement (note 3) |
— | — | — | — | (156 | ) | ||||||||||||||
| Total net expenses |
21,920 | 27,288 | 934 | 12,687 | 351 | |||||||||||||||
| Investment income – net |
1,299 | 3,038 | — | — | — | |||||||||||||||
| Net gain (loss) on investments |
15 | (31 | ) | 10 | 27 | 5 | ||||||||||||||
| Net increase in net assets resulting from operations |
$ | 1,314 | $ | 3,007 | $ | 10 | $ | 27 | $ | 5 | ||||||||||
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 21 |
Table of Contents
| Statements of Changes in Net Assets | all dollars are rounded to thousands (000) |
| Government Obligations |
Prime Obligations |
|||||||||||||||
| Year Ended 8/31/2012 |
Year Ended 8/31/2011 |
Year Ended 8/31/2012 |
Year Ended 8/31/2011 |
|||||||||||||
| OPERATIONS: |
||||||||||||||||
| Investment income – net |
$ | 1,299 | $ | 360 | $ | 3,038 | $ | 6,648 | ||||||||
| Net realized gain (loss) on investments |
15 | (34 | ) | (31 | ) | 129 | ||||||||||
| Net increase in net assets resulting from operations |
1,314 | 326 | 3,007 | 6,777 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: |
||||||||||||||||
| Investment income – net: |
||||||||||||||||
| Class A |
(20 | ) | — | — | — | |||||||||||
| Class C |
— | — | — | — | ||||||||||||
| Class D |
(204 | ) | — | — | — | |||||||||||
| Class I |
— | — | — | — | ||||||||||||
| Class Y |
(377 | ) | — | — | — | |||||||||||
| Class Z |
(586 | ) | (360 | ) | (3,038 | ) | (6,623 | ) | ||||||||
| Institutional Investor Class |
(112 | ) | — | — | (25 | ) | ||||||||||
| Reserve Class |
— | — | — | — | ||||||||||||
| Total distributions |
(1,299 | ) | (360 | ) | (3,038 | ) | (6,648 | ) | ||||||||
| CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE: |
||||||||||||||||
| Class A: |
||||||||||||||||
| Proceeds from sales |
803,253 | 787,051 | 1,892,237 | 2,372,390 | ||||||||||||
| Reinvestment of distributions |
2 | — | — | 22 | ||||||||||||
| Payments for redemptions |
(773,687 | ) | (864,516 | ) | (1,953,400 | ) | (2,546,694 | ) | ||||||||
| Increase (decrease) in net assets from Class A transactions |
29,568 | (77,465 | ) | (61,163 | ) | (174,282 | ) | |||||||||
| Class B: |
||||||||||||||||
| Proceeds from sales |
— | — | — | — | ||||||||||||
| Reinvestment of distributions |
— | — | — | — | ||||||||||||
| Payments for redemptions |
— | — | — | (1,154 | ) | |||||||||||
| Decrease in net assets from Class B transactions |
— | — | — | (1,154 | ) | |||||||||||
| Class C: |
||||||||||||||||
| Proceeds from sales |
— | — | — | 50 | ||||||||||||
| Reinvestment of distributions |
— | — | — | — | ||||||||||||
| Payments for redemptions |
— | — | (528 | ) | (2,064 | ) | ||||||||||
| Decrease in net assets from Class C transactions |
— | — | (528 | ) | (2,014 | ) | ||||||||||
| Class D: |
||||||||||||||||
| Proceeds from sales |
8,275,892 | 7,190,742 | 2,825,209 | 3,827,616 | ||||||||||||
| Reinvestment of distributions |
— | — | — | — | ||||||||||||
| Payments for redemptions |
(7,748,163 | ) | (7,540,544 | ) | (3,048,702 | ) | (4,255,139 | ) | ||||||||
| Increase (decrease) in net assets from Class D transactions |
527,729 | (349,802 | ) | (223,493 | ) | (427,523 | ) | |||||||||
| Class I: |
||||||||||||||||
| Proceeds from sales |
— | — | 4,314,033 | 10,356,156 | ||||||||||||
| Reinvestment of distributions |
— | — | — | 1 | ||||||||||||
| Payments for redemptions |
— | — | (4,441,456 | ) | (10,737,990 | ) | ||||||||||
| Decrease in net assets from Class I transactions |
— | — | (127,423 | ) | (381,833 | ) | ||||||||||
| Class Y: |
||||||||||||||||
| Proceeds from sales |
29,382,467 | 22,860,678 | 23,502,554 | 86,076,410 | ||||||||||||
| Reinvestment of distributions |
21 | — | — | 18 | ||||||||||||
| Payments for redemptions |
(28,494,359 | ) | (24,158,400 | ) | (23,747,254 | ) | (86,442,769 | ) | ||||||||
| Increase (decrease) in net assets from Class Y transactions |
888,129 | (1,297,722 | ) | (244,700 | ) | (366,341 | ) | |||||||||
| Class Z: |
||||||||||||||||
| Proceeds from sales |
46,023,284 | 68,228,841 | 31,872,789 | 35,835,014 | ||||||||||||
| Reinvestment of distributions |
56 | 155 | 431 | 469 | ||||||||||||
| Payments for redemptions |
(44,121,841 | ) | (66,821,633 | ) | (32,745,921 | ) | (39,794,372 | ) | ||||||||
| Increase (decrease) in net assets from Class Z transactions |
1,901,499 | 1,407,363 | (872,701 | ) | (3,958,889 | ) | ||||||||||
| Institutional Investor Class: |
||||||||||||||||
| Proceeds from sales |
5,364,862 | 5,233,557 | 4,463,132 | 6,686,824 | ||||||||||||
| Reinvestment of distributions |
— | — | — | 1 | ||||||||||||
| Payments for redemptions |
(5,401,710 | ) | (5,099,358 | ) | (4,634,460 | ) | (7,189,078 | ) | ||||||||
| Increase (decrease) in net assets from Institutional Investor Class transactions |
(36,848 | ) | 134,199 | (171,328 | ) | (502,253 | ) | |||||||||
| Reserve Class: |
||||||||||||||||
| Proceeds from sales |
— | — | — | — | ||||||||||||
| Reinvestment of distributions |
— | — | — | — | ||||||||||||
| Payments for redemptions |
— | — | — | — | ||||||||||||
| Decrease in net assets from Reserve Class transactions |
— | — | — | — | ||||||||||||
| Increase (decrease) in net assets from capital share transactions |
3,310,077 | (183,427 | ) | (1,701,336 | ) | (5,814,289 | ) | |||||||||
| Total increase (decrease) in net assets |
3,310,092 | (183,461 | ) | (1,701,367 | ) | (5,814,160 | ) | |||||||||
| Net assets at beginning of year |
13,154,697 | 13,338,158 | 12,935,124 | 18,749,284 | ||||||||||||
| Net assets at end of year |
$ | 16,464,789 | $ | 13,154,697 | $ | 11,233,757 | $ | 12,935,124 | ||||||||
| Undistributed (distributions in excess of) net investment income |
$ | (23 | ) | $ | 50 | $ | (60 | ) | $ | 161 | ||||||
The accompanying notes are an integral part of the financial statements.
| 22 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| Tax Free Obligations Fund |
Treasury Obligations Fund |
U.S. Treasury Money Market Fund |
||||||||||||||||||
| Year Ended 8/31/2012 |
Year Ended 8/31/2011 |
Year Ended 8/31/2012 |
Year Ended 8/31/2011 |
Year Ended 8/31/2012 |
Year Ended 8/31/2011 |
|||||||||||||||
| $— | $ | 15 | $ | — | $ | 25 | $ | — | $ | — | ||||||||||
|
10 |
5 | 27 | (1 | ) | 5 | 12 | ||||||||||||||
|
10 |
20 | 27 | 24 | 5 | 12 | |||||||||||||||
| (4) | — | — | — | — | — | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||
| (1) | — | — | — | — | (1 | ) | ||||||||||||||
| — | — | — | — | — | — | |||||||||||||||
| (13) | — | — | — | — | (2 | ) | ||||||||||||||
| (2) | (15 | ) | — | (25 | ) | — | (1 | ) | ||||||||||||
| — | — | — | — | — | — | |||||||||||||||
|
— |
— | — | — | — | — | |||||||||||||||
|
(20) |
(15 | ) | — | (25 | ) | — | (4 | ) | ||||||||||||
| 122,223 | 122,384 | 2,993,441 | 1,561,376 | 2,562,078 | 1,045,216 | |||||||||||||||
| 2 | 2 | — | — | — | — | |||||||||||||||
|
(104,543) |
(125,154 | ) | (3,092,665 | ) | (1,860,128 | ) | (2,565,805 | ) | (1,075,239 | ) | ||||||||||
|
17,682 |
(2,768 | ) | (99,224 | ) | (298,752 | ) | (3,727 | ) | (30,023 | ) | ||||||||||
| — | — | — | — | — | — | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||
|
— |
— | — | — | — | — | |||||||||||||||
|
— |
— | — | — | — | — | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||
|
— |
— | — | — | — | — | |||||||||||||||
|
— |
— | — | — | — | — | |||||||||||||||
| 110,782 | 76,319 | 4,417,238 | 6,545,447 | 643,439 | 590,892 | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||
|
(95,926) |
(71,229 | ) | (4,741,162 | ) | (6,819,313 | ) | (538,294 | ) | (614,764 | ) | ||||||||||
|
14,856 |
5,090 | (323,924 | ) | (273,866 | ) | 105,145 | (23,872 | ) | ||||||||||||
| — | — | — | — | — | — | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||
|
— |
— | — | — | — | — | |||||||||||||||
|
— |
— | — | — | — | — | |||||||||||||||
| 898,021 | 1,587,214 | 15,694,642 | 16,501,827 | 883,971 | 2,241,039 | |||||||||||||||
| 1 | 1 | — | 1 | — | — | |||||||||||||||
|
(1,012,875) |
(1,659,910 | ) | (16,480,753 | ) | (15,341,739 | ) | (927,938 | ) | (2,220,969 | ) | ||||||||||
|
(114,853) |
(72,695 | ) | (786,111 | ) | 1,160,089 | (43,967 | ) | 20,070 | ||||||||||||
| 541,489 | 583,100 | 17,964,188 | 8,954,127 | 643,067 | 741,079 | |||||||||||||||
| — | — | — | 17 | — | — | |||||||||||||||
|
(581,672) |
(827,103 | ) | (15,657,042 | ) | (8,476,765 | ) | (660,646 | ) | (760,341 | ) | ||||||||||
|
(40,183) |
(244,003 | ) | 2,307,146 | 477,379 | (17,579 | ) | (19,262 | ) | ||||||||||||
| 306,735 | 468,450 | 2,340,178 | 2,458,492 | 134,508 | 92,727 | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||
|
(300,346) |
(461,866 | ) | (2,302,191 | ) | (2,364,894 | ) | (132,132 | ) | (113,695 | ) | ||||||||||
|
6,389 |
6,584 | 37,987 | 93,598 | 2,376 | (20,968 | ) | ||||||||||||||
| — | — | 769,569 | 894,259 | — | — | |||||||||||||||
| — | — | — | 1 | — | — | |||||||||||||||
|
— |
— | (950,757 | ) | (951,178 | ) | — | — | |||||||||||||
|
— |
— | (181,188 | ) | (56,918 | ) | — | — | |||||||||||||
|
(116,109) |
(307,792 | ) | 954,686 | 1,101,530 | 42,248 | (74,055 | ) | |||||||||||||
| (116,119) |
(307,787 | ) | 954,713 | 1,101,529 | 42,253 | (74,047 | ) | |||||||||||||
|
729,453 |
1,037,240 | 10,272,882 | 9,171,353 | 543,002 | 617,049 | |||||||||||||||
|
$613,334 |
$ | 729,453 | $ | 11,227,595 | $ | 10,272,882 | $ | 585,255 | $ | 543,002 | ||||||||||
|
$ (14) |
$ | 6 | $ | (44 | ) | $ | (43 | ) | $ | (10 | ) | $ | (9 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
The accompanying notes are an integral part of the financial statements.
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 23 |
Table of Contents
| Financial Highlights | For a share outstanding throughout the indicated periods. |
| Net Asset Value Beginning of Period |
Net Investment |
Distributions |
Net Asset Value End of Period |
Total Return3 | Net Assets End of Period (000) |
|||||||||||||||||||
| Government Obligations Fund |
||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.01 | % | $ | 247,540 | ||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 217,973 | ||||||||||||||||||
| 20101 |
1.00 | — | — | 1.00 | 0.00 | 295,439 | ||||||||||||||||||
| 20091 |
1.00 | 0.004 | (0.004 | ) | 1.00 | 0.36 | 530,312 | |||||||||||||||||
| 20081 |
1.00 | 0.028 | (0.028 | ) | 1.00 | 2.79 | 710,680 | |||||||||||||||||
| Class D |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.01 | % | $ | 2,703,874 | ||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 2,176,148 | ||||||||||||||||||
| 20101 |
1.00 | — | — | 1.00 | 0.00 | 2,525,955 | ||||||||||||||||||
| 20091 |
1.00 | 0.004 | (0.004 | ) | 1.00 | 0.44 | 2,973,885 | |||||||||||||||||
| 20081 |
1.00 | 0.029 | (0.029 | ) | 1.00 | 2.95 | 2,628,910 | |||||||||||||||||
| Class Y |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.01 | % | $ | 4,731,744 | ||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 3,843,620 | ||||||||||||||||||
| 20101 |
1.00 | — | — | 1.00 | 0.00 | 5,141,352 | ||||||||||||||||||
| 20091 |
1.00 | 0.005 | (0.005 | ) | 1.00 | 0.55 | 6,837,427 | |||||||||||||||||
| 20081 |
1.00 | 0.031 | (0.031 | ) | 1.00 | 3.10 | 6,935,957 | |||||||||||||||||
| Class Z |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.01 | % | $ | 7,601,448 | ||||||||||
| 20111 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.01 | 5,699,924 | ||||||||||||||||
| 20101 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.04 | 4,292,577 | ||||||||||||||||
| 20091 |
1.00 | 0.008 | (0.008 | ) | 1.00 | 0.79 | 8,402,541 | |||||||||||||||||
| 20081 |
1.00 | 0.033 | (0.033 | ) | 1.00 | 3.36 | 1,915,386 | |||||||||||||||||
| Institutional Investor Class |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.01 | % | $ | 1,180,183 | ||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 1,217,032 | ||||||||||||||||||
| 20101 |
1.00 | — | — | 1.00 | 0.00 | 1,082,835 | ||||||||||||||||||
| 20091 |
1.00 | 0.007 | (0.007 | ) | 1.00 | 0.69 | 2,875,035 | |||||||||||||||||
|
20081 |
1.00 | 0.032 | (0.032 | ) | 1.00 | 3.25 | 461,342 | |||||||||||||||||
| 1 | For the period September 1 to August 31 in the fiscal year indicated. |
| 2 | Rounds to zero. |
| 3 | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
| 24 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| Ratio of Net Assets |
Ratio of Net to Average Net Assets |
Ratio of to Average Net
Assets |
Ratio of Net to Average Net Assets |
|||||||||||
| 0.15 | % | 0.01 | % | 0.79 | % | (0.63 | )% | |||||||
| 0.20 | 0.00 | 0.79 | (0.59 | ) | ||||||||||
| 0.27 | 0.00 | 0.78 | (0.51 | ) | ||||||||||
| 0.67 | 0.31 | 0.79 | 0.19 | |||||||||||
| 0.75 | 2.58 | 0.78 | 2.55 | |||||||||||
| 0.16 | % | 0.01 | % | 0.65 | % | (0.48 | )% | |||||||
| 0.20 | 0.00 | 0.64 | (0.44 | ) | ||||||||||
| 0.27 | 0.00 | 0.63 | (0.36 | ) | ||||||||||
| 0.59 | 0.40 | 0.65 | 0.34 | |||||||||||
| 0.60 | 2.59 | 0.63 | 2.56 | |||||||||||
| 0.16 | % | 0.01 | % | 0.50 | % | (0.33 | )% | |||||||
| 0.20 | 0.00 | 0.49 | (0.29 | ) | ||||||||||
| 0.27 | 0.00 | 0.48 | (0.21 | ) | ||||||||||
| 0.48 | 0.52 | 0.50 | 0.50 | |||||||||||
| 0.45 | 2.81 | 0.48 | 2.78 | |||||||||||
| 0.16 | % | 0.01 | % | 0.25 | % | (0.08 | )% | |||||||
| 0.19 | 0.01 | 0.25 | (0.05 | ) | ||||||||||
| 0.23 | 0.05 | 0.23 | 0.05 | |||||||||||
| 0.24 | 0.59 | 0.24 | 0.59 | |||||||||||
| 0.20 | 3.04 | 0.23 | 3.01 | |||||||||||
| 0.15 | % | 0.01 | % | 0.34 | % | (0.18 | )% | |||||||
| 0.20 | 0.00 | 0.34 | (0.14 | ) | ||||||||||
| 0.27 | 0.01 | 0.33 | (0.05 | ) | ||||||||||
| 0.34 | 0.49 | 0.34 | 0.49 | |||||||||||
| 0.30 | 3.16 | 0.33 | 3.13 | |||||||||||
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 25 |
Table of Contents
| Financial Highlights | For a share outstanding throughout the indicated periods. |
| Net Asset Value Beginning of Period |
Net Investment |
Distributions |
Net Asset Value End of Period |
Total Return3 | Net Assets End of Period (000) |
|||||||||||||||||||
| Prime Obligations Fund |
||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 1,088,649 | ||||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 1,149,814 | ||||||||||||||||||
| 20101 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 1,324,087 | ||||||||||||||||
| 20091 |
1.00 | 0.007 | (0.007 | ) | 1.00 | 0.67 | 1,676,718 | |||||||||||||||||
| 20081 |
1.00 | 0.031 | (0.031 | ) | 1.00 | 3.17 | 2,315,088 | |||||||||||||||||
| Class D |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 862,131 | ||||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 1,085,626 | ||||||||||||||||||
| 20101 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 1,513,140 | ||||||||||||||||
| 20091 |
1.00 | 0.008 | (0.008 | ) | 1.00 | 0.79 | 2,473,134 | |||||||||||||||||
| 20081 |
1.00 | 0.033 | (0.033 | ) | 1.00 | 3.32 | 1,936,019 | |||||||||||||||||
| Class I |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 1,124,114 | ||||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 1,251,541 | ||||||||||||||||||
| 20101 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 1,633,364 | ||||||||||||||||
| 20091 |
1.00 | 0.010 | (0.010 | ) | 1.00 | 0.98 | 5,275,495 | |||||||||||||||||
| 20081 |
1.00 | 0.035 | (0.035 | ) | 1.00 | 3.56 | 1,608,965 | |||||||||||||||||
| Class Y |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 3,130,035 | ||||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 3,374,744 | ||||||||||||||||||
| 20101 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 3,741,060 | ||||||||||||||||
| 20091 |
1.00 | 0.009 | (0.009 | ) | 1.00 | 0.92 | 7,249,566 | |||||||||||||||||
| 20081 |
1.00 | 0.034 | (0.034 | ) | 1.00 | 3.48 | 8,092,898 | |||||||||||||||||
| Class Z |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | 0.001 | $ | (0.001 | ) | $ | 1.00 | 0.06 | % | $ | 4,776,543 | |||||||||||
| 20111 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.07 | 5,649,257 | ||||||||||||||||
| 20101 |
1.00 | 0.001 | (0.001 | ) | 1.00 | 0.10 | 9,608,076 | |||||||||||||||||
| 20091 |
1.00 | 0.012 | (0.012 | ) | 1.00 | 1.18 | 13,745,864 | |||||||||||||||||
| 20081 |
1.00 | 0.037 | (0.037 | ) | 1.00 | 3.77 | 8,864,378 | |||||||||||||||||
| Institutional Investor Class |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 252,285 | ||||||||||||
| 20111 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 423,613 | ||||||||||||||||
| 20101 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 925,862 | ||||||||||||||||
| 20091 |
1.00 | 0.011 | (0.011 | ) | 1.00 | 1.08 | 1,693,975 | |||||||||||||||||
|
20081 |
1.00 | 0.036 | (0.036 | ) | 1.00 | 3.66 | 1,354,758 | |||||||||||||||||
| 1 | For the period September 1 to August 31 in the fiscal year indicated. |
| 2 | Rounds to zero. |
| 3 | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
| 26 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| Ratio of Net Assets |
Ratio of Net to Average Net Assets |
Ratio of to Average Net
Assets |
Ratio of Net to Average Net Assets |
|||||||||||
| 0.26 | % | 0.00 | % | 0.80 | % | (0.54 | )% | |||||||
| 0.30 | 0.00 | 0.79 | (0.49 | ) | ||||||||||
| 0.33 | 0.00 | 0.78 | (0.45 | ) | ||||||||||
| 0.76 | 0.71 | 0.81 | 0.66 | |||||||||||
| 0.78 | 3.08 | 0.78 | 3.08 | |||||||||||
| 0.26 | % | 0.00 | % | 0.65 | % | (0.39 | )% | |||||||
| 0.30 | 0.00 | 0.64 | (0.34 | ) | ||||||||||
| 0.34 | 0.00 | 0.64 | (0.30 | ) | ||||||||||
| 0.64 | 0.71 | 0.66 | 0.69 | |||||||||||
| 0.63 | 3.07 | 0.63 | 3.07 | |||||||||||
| 0.26 | % | 0.00 | % | 0.45 | % | (0.19 | )% | |||||||
| 0.30 | 0.00 | 0.44 | (0.14 | ) | ||||||||||
| 0.34 | 0.00 | 0.43 | (0.09 | ) | ||||||||||
| 0.45 | 0.81 | 0.46 | 0.80 | |||||||||||
| 0.40 | 3.49 | 0.43 | 3.46 | |||||||||||
| 0.26 | % | 0.00 | % | 0.50 | % | (0.24 | )% | |||||||
| 0.30 | 0.00 | 0.49 | (0.19 | ) | ||||||||||
| 0.34 | 0.00 | 0.48 | (0.14 | ) | ||||||||||
| 0.51 | 0.89 | 0.51 | 0.89 | |||||||||||
| 0.48 | 3.35 | 0.48 | 3.35 | |||||||||||
| 0.20 | % | 0.06 | % | 0.25 | % | 0.01 | % | |||||||
| 0.23 | 0.07 | 0.24 | 0.06 | |||||||||||
| 0.23 | 0.10 | 0.23 | 0.10 | |||||||||||
| 0.25 | 1.03 | 0.26 | 1.02 | |||||||||||
| 0.20 | 3.49 | 0.23 | 3.46 | |||||||||||
| 0.26 | % | 0.00 | % | 0.35 | % | (0.09 | )% | |||||||
| 0.31 | 0.00 | 0.35 | (0.04 | ) | ||||||||||
| 0.31 | 0.03 | 0.33 | 0.01 | |||||||||||
| 0.35 | 0.95 | 0.36 | 0.94 | |||||||||||
| 0.30 | 3.64 | 0.33 | 3.61 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 27 |
Table of Contents
| FINANCIAL HIGHLIGHTS | For a share outstanding throughout the indicated periods. |
| Net Asset Value Beginning of Period |
Net Investment |
Distributions from Net Investment Income |
Net Asset Value End of Period |
Total Return3 | Net Assets End of Period (000) |
|||||||||||||||||||
| Tax Free Obligations Fund |
||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.00 | % | $ | 89,213 | ||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 71,532 | ||||||||||||||||||
| 20101 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 74,301 | ||||||||||||||||
| 20091 |
1.00 | 0.004 | (0.004 | ) | 1.00 | 0.47 | 124,530 | |||||||||||||||||
| 20081 |
1.00 | 0.018 | (0.018 | ) | 1.00 | 1.86 | 255,762 | |||||||||||||||||
| Class D |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.00 | % | $ | 48,324 | ||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 33,470 | ||||||||||||||||||
| 20101 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 28,380 | ||||||||||||||||
| 20091 |
1.00 | 0.005 | (0.005 | ) | 1.00 | 0.52 | 48,884 | |||||||||||||||||
| 20081 |
1.00 | 0.020 | (0.020 | ) | 1.00 | 2.01 | 159,924 | |||||||||||||||||
| Class Y |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.00 | % | $ | 386,307 | ||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 501,167 | ||||||||||||||||||
| 20101 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 573,858 | ||||||||||||||||
| 20091 |
1.00 | 0.006 | (0.006 | ) | 1.00 | 0.59 | 753,405 | |||||||||||||||||
| 20081 |
1.00 | 0.021 | (0.021 | ) | 1.00 | 2.17 | 1,281,930 | |||||||||||||||||
| Class Z |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.00 | % | $ | 64,071 | ||||||||||
| 20111 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.01 | 104,254 | ||||||||||||||||
| 20101 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.03 | 348,256 | ||||||||||||||||
| 20091 |
1.00 | 0.008 | (0.008 | ) | 1.00 | 0.80 | 731,472 | |||||||||||||||||
| 20081 |
1.00 | 0.024 | (0.024 | ) | 1.00 | 2.42 | 644,429 | |||||||||||||||||
| Institutional Investor Class |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.00 | % | $ | 25,419 | ||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 19,030 | ||||||||||||||||||
| 20101 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.01 | 12,445 | ||||||||||||||||
| 20091 |
1.00 | 0.007 | (0.007 | ) | 1.00 | 0.70 | 15,211 | |||||||||||||||||
|
20081 |
1.00 | 0.023 | (0.023 | ) | 1.00 | 2.32 | 41,342 | |||||||||||||||||
| 1 | For the period September 1 to August 31 in the fiscal year indicated. |
| 2 | Rounds to zero. |
| 3 | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
| 28 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| Ratio of Net Assets |
Ratio of Net to Average Net Assets |
Ratio of to Average Net
Assets |
Ratio of Net Net Assets |
|||||||||||
| 0.15 | % | 0.00 | % | 0.86 | % | (0.71 | )% | |||||||
| 0.24 | 0.00 | 0.84 | (0.60 | ) | ||||||||||
| 0.26 | 0.00 | 0.81 | (0.55 | ) | ||||||||||
| 0.63 | 0.60 | 0.83 | 0.40 | |||||||||||
| 0.75 | 1.80 | 0.79 | 1.76 | |||||||||||
| 0.15 | % | 0.00 | % | 0.71 | % | (0.56 | )% | |||||||
| 0.24 | 0.00 | 0.69 | (0.45 | ) | ||||||||||
| 0.26 | 0.00 | 0.66 | (0.40 | ) | ||||||||||
| 0.57 | 0.64 | 0.68 | 0.53 | |||||||||||
| 0.60 | 1.75 | 0.64 | 1.71 | |||||||||||
| 0.14 | % | 0.00 | % | 0.55 | % | (0.41 | )% | |||||||
| 0.24 | 0.00 | 0.53 | (0.29 | ) | ||||||||||
| 0.26 | 0.00 | 0.51 | (0.25 | ) | ||||||||||
| 0.49 | 0.69 | 0.53 | 0.65 | |||||||||||
| 0.45 | 2.12 | 0.49 | 2.08 | |||||||||||
| 0.14 | % | 0.00 | % | 0.31 | % | (0.17 | )% | |||||||
| 0.24 | 0.01 | 0.28 | (0.03 | ) | ||||||||||
| 0.24 | 0.03 | 0.26 | 0.01 | |||||||||||
| 0.27 | 0.75 | 0.28 | 0.74 | |||||||||||
| 0.20 | 2.52 | 0.24 | 2.48 | |||||||||||
| 0.14 | % | 0.00 | % | 0.40 | % | (0.26 | )% | |||||||
| 0.23 | 0.00 | 0.39 | (0.16 | ) | ||||||||||
| 0.25 | 0.00 | 0.35 | (0.10 | ) | ||||||||||
| 0.37 | 0.80 | 0.38 | 0.79 | |||||||||||
| 0.30 | 2.31 | 0.34 | 2.27 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 29 |
Table of Contents
| FINANCIAL HIGHLIGHTS | For a share outstanding throughout the indicated periods. |
| Net Asset Value Beginning of Period |
Net Investment |
Distributions from Net Investment Income |
Net Asset Value End of Period |
Total Return3 | Net Assets End of Period (000) |
|||||||||||||||||||
| Treasury Obligations Fund |
||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||
| 2012 1 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 470,684 | ||||||||||||
| 2011 1 |
1.00 | — | — | 1.00 | 0.00 | 569,907 | ||||||||||||||||||
| 2010 1 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 868,658 | ||||||||||||||||
| 2009 1 |
1.00 | 0.001 | (0.001 | ) | 1.00 | 0.07 | 940,369 | |||||||||||||||||
| 2008 1 |
1.00 | 0.023 | (0.023 | ) | 1.00 | 2.30 | 1,391,961 | |||||||||||||||||
| Class D |
||||||||||||||||||||||||
| 2012 1 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 2,110,985 | ||||||||||||
| 2011 1 |
1.00 | — | — | 1.00 | 0.00 | 2,434,904 | ||||||||||||||||||
| 2010 1 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 2,708,770 | ||||||||||||||||
| 2009 1 |
1.00 | 0.001 | (0.001 | ) | 1.00 | 0.11 | 3,411,407 | |||||||||||||||||
| 2008 1 |
1.00 | 0.024 | (0.024 | ) | 1.00 | 2.45 | 6,868,518 | |||||||||||||||||
| Class Y |
||||||||||||||||||||||||
| 2012 1 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 3,671,911 | ||||||||||||
| 2011 1 |
1.00 | — | — | 1.00 | 0.00 | 4,458,012 | ||||||||||||||||||
| 2010 1 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 3,297,924 | ||||||||||||||||
| 2009 1 |
1.00 | 0.002 | (0.002 | ) | 1.00 | 0.18 | 4,692,210 | |||||||||||||||||
| 2008 1 |
1.00 | 0.027 | (0.027 | ) | 1.00 | 2.60 | 5,482,050 | |||||||||||||||||
| Class Z |
||||||||||||||||||||||||
| 2012 1 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 4,183,433 | ||||||||||||
| 2011 1 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 1,876,278 | ||||||||||||||||
| 2010 1 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 1,398,900 | ||||||||||||||||
| 2009 1 |
1.00 | 0.004 | (0.004 | ) | 1.00 | 0.36 | 1,926,914 | |||||||||||||||||
| 2008 1 |
1.00 | 0.028 | (0.028 | ) | 1.00 | 2.86 | 3,713,560 | |||||||||||||||||
| Institutional Investor Class |
||||||||||||||||||||||||
| 2012 1 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 612,335 | ||||||||||||
| 2011 1 |
1.00 | — | — | 1.00 | 0.00 | 574,347 | ||||||||||||||||||
| 2010 1 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 480,749 | ||||||||||||||||
| 2009 1 |
1.00 | 0.003 | (0.003 | ) | 1.00 | 0.28 | 526,060 | |||||||||||||||||
| 2008 1 |
1.00 | 0.027 | (0.027 | ) | 1.00 | 2.75 | 766,652 | |||||||||||||||||
| Reserve Class |
||||||||||||||||||||||||
| 2012 1 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 178,247 | ||||||||||||
| 2011 1 |
1.00 | — | — | 1.00 | 0.00 | 359,434 | ||||||||||||||||||
| 2010 1 |
1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 416,352 | ||||||||||||||||
| 2009 1 |
1.00 | 0.001 | (0.001 | ) | 1.00 | 0.06 | 602,332 | |||||||||||||||||
| 2008 1 |
1.00 | 0.024 | (0.024 | ) | 1.00 | 2.11 | 973,250 | |||||||||||||||||
| 1 | For the period September 1 to August 31 in the fiscal year indicated. |
| 2 | Rounds to zero. |
| 3 | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
| 30 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| Ratio of Net Assets |
Ratio of Net to Average Net Assets |
Ratio of to Average Net
Assets |
Ratio of Net Net Assets |
|||||||||||
| 0.11 | % | 0.00 | % | 0.79 | % | (0.68 | )% | |||||||
| 0.17 | 0.00 | 0.79 | (0.62 | ) | ||||||||||
| 0.20 | 0.00 | 0.78 | (0.58 | ) | ||||||||||
| 0.53 | 0.09 | 0.79 | (0.17 | ) | ||||||||||
| 0.75 | 2.34 | 0.78 | 2.31 | |||||||||||
| 0.12 | % | 0.00 | % | 0.65 | % | (0.53 | )% | |||||||
| 0.17 | 0.00 | 0.65 | (0.48 | ) | ||||||||||
| 0.20 | 0.00 | 0.63 | (0.43 | ) | ||||||||||
| 0.50 | 0.15 | 0.64 | 0.01 | |||||||||||
| 0.60 | 2.45 | 0.63 | 2.42 | |||||||||||
| 0.12 | % | 0.00 | % | 0.50 | % | (0.38 | )% | |||||||
| 0.16 | 0.00 | 0.49 | (0.33 | ) | ||||||||||
| 0.20 | 0.00 | 0.48 | (0.28 | ) | ||||||||||
| 0.41 | 0.19 | 0.49 | 0.11 | |||||||||||
| 0.45 | 2.62 | 0.48 | 2.59 | |||||||||||
| 0.12 | % | 0.00 | % | 0.24 | % | (0.12 | )% | |||||||
| 0.16 | 0.00 | 0.24 | (0.08 | ) | ||||||||||
| 0.20 | 0.00 | 0.23 | (0.03 | ) | ||||||||||
| 0.23 | 0.38 | 0.24 | 0.37 | |||||||||||
| 0.20 | 2.74 | 0.23 | 2.71 | |||||||||||
| 0.12 | % | 0.00 | % | 0.35 | % | (0.23 | )% | |||||||
| 0.16 | 0.00 | 0.34 | (0.18 | ) | ||||||||||
| 0.20 | 0.00 | 0.33 | (0.13 | ) | ||||||||||
| 0.31 | 0.32 | 0.34 | 0.29 | |||||||||||
| 0.30 | 2.68 | 0.33 | 2.65 | |||||||||||
| 0.11 | % | 0.00 | % | 1.00 | % | (0.89 | )% | |||||||
| 0.17 | 0.00 | 0.99 | (0.82 | ) | ||||||||||
| 0.20 | 0.00 | 0.98 | (0.78 | ) | ||||||||||
| 0.56 | 0.08 | 0.99 | (0.35 | ) | ||||||||||
| 0.93 | 2.13 | 0.98 | 2.08 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 31 |
Table of Contents
| FINANCIAL HIGHLIGHTS | For a share outstanding throughout the indicated periods. |
| Net Asset Value Beginning of Period |
Net Investment |
Distributions |
Net Asset Value End of Period |
Total Return2 | Net Assets End of Period (000) |
|||||||||||||||||||
| U.S. Treasury Money Market Fund |
||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 17,741 | ||||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 21,468 | ||||||||||||||||||
| 20101 |
1.00 | — | — | 1.00 | 0.00 | 51,490 | ||||||||||||||||||
| 20091 |
1.00 | 0.001 | (0.001 | ) | 1.00 | 0.08 | 62,194 | |||||||||||||||||
| 20081 |
1.00 | 0.020 | (0.020 | ) | 1.00 | 2.00 | 89,497 | |||||||||||||||||
| Class D |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 196,910 | ||||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 91,763 | ||||||||||||||||||
| 20101 |
1.00 | — | — | 1.00 | 0.00 | 115,634 | ||||||||||||||||||
| 20091 |
1.00 | 0.001 | (0.001 | ) | 1.00 | 0.12 | 133,882 | |||||||||||||||||
| 20081 |
1.00 | 0.021 | (0.021 | ) | 1.00 | 2.15 | 321,431 | |||||||||||||||||
| Class Y |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 291,805 | ||||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 335,769 | ||||||||||||||||||
| 20101 |
1.00 | — | — | 1.00 | 0.00 | 315,695 | ||||||||||||||||||
| 20091 |
1.00 | 0.002 | (0.002 | ) | 1.00 | 0.16 | 426,875 | |||||||||||||||||
| 20081 |
1.00 | 0.023 | (0.023 | ) | 1.00 | 2.30 | 570,751 | |||||||||||||||||
| Class Z |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 60,196 | ||||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 77,775 | ||||||||||||||||||
| 20101 |
1.00 | — | — | 1.00 | 0.00 | 97,034 | ||||||||||||||||||
| 20091 |
1.00 | 0.003 | (0.003 | ) | 1.00 | 0.27 | 237,487 | |||||||||||||||||
| 20081 |
1.00 | 0.025 | (0.025 | ) | 1.00 | 2.56 | 219,278 | |||||||||||||||||
| Institutional Investor Class |
||||||||||||||||||||||||
| 20121 |
$ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 18,603 | ||||||||||||
| 20111 |
1.00 | — | — | 1.00 | 0.00 | 16,227 | ||||||||||||||||||
| 20101 |
1.00 | — | — | 1.00 | 0.00 | 37,196 | ||||||||||||||||||
| 20091 |
1.00 | 0.002 | (0.002 | ) | 1.00 | 0.22 | 149,648 | |||||||||||||||||
|
20081 |
1.00 | 0.024 | (0.024 | ) | 1.00 | 2.46 | 125,216 | |||||||||||||||||
| 1 | For the period September 1 to August 31 in the fiscal year indicated. |
| 2 | Total return would have been lower had certain expenses not been waived or reimbursed (note 3). |
The accompanying notes are an integral part of the financial statements.
| 32 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| Ratio of Net Assets |
Ratio of Net to Average Net Assets |
Ratio of Net Assets |
Ratio of Net Net Assets |
|||||||||||
| 0.05 | % | 0.00 | % | 0.86 | % | (0.81 | )% | |||||||
| 0.12 | 0.00 | 0.85 | (0.73 | ) | ||||||||||
| 0.12 | 0.00 | 0.82 | (0.70 | ) | ||||||||||
| 0.44 | 0.11 | 0.77 | (0.22 | ) | ||||||||||
| 0.75 | 1.64 | 0.80 | 1.59 | |||||||||||
| 0.06 | % | 0.00 | % | 0.71 | % | (0.65 | )% | |||||||
| 0.11 | 0.00 | 0.70 | (0.59 | ) | ||||||||||
| 0.13 | 0.00 | 0.68 | (0.55 | ) | ||||||||||
| 0.42 | 0.16 | 0.64 | (0.06 | ) | ||||||||||
| 0.60 | 2.09 | 0.65 | 2.04 | |||||||||||
| 0.05 | % | 0.00 | % | 0.56 | % | (0.51 | )% | |||||||
| 0.10 | 0.00 | 0.55 | (0.45 | ) | ||||||||||
| 0.12 | 0.00 | 0.52 | (0.40 | ) | ||||||||||
| 0.36 | 0.18 | 0.50 | 0.04 | |||||||||||
| 0.45 | 2.22 | 0.50 | 2.17 | |||||||||||
| 0.05 | % | 0.00 | % | 0.31 | % | (0.26 | )% | |||||||
| 0.10 | 0.00 | 0.31 | (0.21 | ) | ||||||||||
| 0.14 | 0.00 | 0.27 | (0.13 | ) | ||||||||||
| 0.23 | 0.30 | 0.25 | 0.28 | |||||||||||
| 0.20 | 2.33 | 0.25 | 2.28 | |||||||||||
| 0.05 | % | 0.00 | % | 0.40 | % | (0.35 | )% | |||||||
| 0.12 | 0.00 | 0.40 | (0.28 | ) | ||||||||||
| 0.12 | 0.00 | 0.37 | (0.25 | ) | ||||||||||
| 0.29 | 0.22 | 0.36 | 0.15 | |||||||||||
| 0.30 | 1.68 | 0.35 | 1.63 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 33 |
Table of Contents
| Notes to Financial Statements | August 31, 2012, all dollars and shares are rounded to thousands (000) |
| 34 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
As of August 31, 2012, each fund’s investments were classified as follows:
| Fund | Level 1 | Level 2 | Level 3 | Total Fair Value |
||||||||||||
| Government Obligations Fund | ||||||||||||||||
| Government Agency Debt |
$ | — | $ | 9,491,655 | $ | — | $ | 9,491,655 | ||||||||
| Government Agency Repurchase Agreements |
— | 3,259,878 | — | 3,259,878 | ||||||||||||
| Treasury Repurchase Agreements |
— | 2,600,000 | — | 2,600,000 | ||||||||||||
| Treasury Debt |
— | 1,108,374 | — | 1,108,374 | ||||||||||||
| Investment Purchased with Proceeds from Securities Lending |
— | 1,032,531 | — | 1,032,531 | ||||||||||||
| Total Investments |
$ | — | $ | 17,492,438 | $ | — | $ | 17,492,438 | ||||||||
| Prime Obligations Fund | ||||||||||||||||
| Certificates of Deposit |
$ | — | $ | 2,415,489 | $ | — | $ | 2,415,489 | ||||||||
| Government Agency Repurchase Agreements |
— | 2,095,122 | — | 2,095,122 | ||||||||||||
| Financial Company Commercial Paper |
— | 1,198,732 | — | 1,198,732 | ||||||||||||
| Treasury Debt |
— | 1,076,355 | — | 1,076,355 | ||||||||||||
| Other Notes |
— | 1,008,871 | — | 1,008,871 | ||||||||||||
| Asset Backed Commercial Paper |
— | 960,978 | — | 960,978 | ||||||||||||
| Government Agency Debt |
— | 948,939 | — | 948,939 | ||||||||||||
| Variable Rate Demand Notes |
— | 708,360 | — | 708,360 | ||||||||||||
| Other Repurchase Agreements |
— | 375,000 | — | 375,000 | ||||||||||||
| Investment Companies |
231,142 | — | — | 231,142 | ||||||||||||
| Other Commercial Paper |
— | 149,996 | — | 149,996 | ||||||||||||
| Treasury Repurchase Agreement |
— | 93,552 | — | 93,552 | ||||||||||||
| Investment Purchased with Proceeds from Securities Lending |
— | 1,053,181 | — | 1,053,181 | ||||||||||||
| Total Investments |
$ | 231,142 | $ | 12,084,575 | $ | — | $ | 12,315,717 | ||||||||
| Tax Free Obligations Fund | ||||||||||||||||
| Municipal Debt |
$ | — | $ | 618,244 | $ | — | $ | 618,244 | ||||||||
| Total Investments |
$ | — | $ | 618,244 | $ | — | $ | 618,244 | ||||||||
| Treasury Obligations Fund | ||||||||||||||||
| Treasury Repurchase Agreements |
$ | — | $ | 6,656,448 | $ | — | $ | 6,656,448 | ||||||||
| Treasury Debt |
— | 4,557,103 | — | 4,557,103 | ||||||||||||
| Investments Purchased with Proceeds from Securities Lending |
— | 842,250 | — | 842,250 | ||||||||||||
| Total Investments |
$ | — | $ | 12,055,801 | $ | — | $ | 12,055,801 | ||||||||
| U.S. Treasury Money Market Fund | ||||||||||||||||
| Treasury Debt |
$ | — | $ | 585,291 | $ | — | $ | 585,291 | ||||||||
| Total Investments |
$ | — | $ | 585,291 | $ | — | $ | 585,291 | ||||||||
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 35 |
Table of Contents
| Notes to Financial Statements | August 31, 2012, all dollars and shares are rounded to thousands (000) |
On the Statements of Assets and Liabilities the following reclassifications were made:
| August 31, 2012 | ||||||||||||
| Fund | Accumulated Net Realized Gain (Loss) |
Undistributed (Distributions in Excess of) Net Investment Income |
Portfolio Capital |
|||||||||
| Government Obligations Fund |
$ | — | $ | (73 | ) | $ | 73 | |||||
| Prime Obligations Fund |
— | (221 | ) | 221 | ||||||||
| Tax Free Obligations Fund |
(12 | ) | — | 12 | ||||||||
| Treasury Obligations Fund |
— | (1 | ) | 1 | ||||||||
| U.S. Treasury Money Market Fund |
(3 | ) | (1 | ) | 4 | |||||||
The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period that the income or realized gains (losses) were recorded by the fund. The distributions paid during the fiscal years ended August 31, 2012 and August 31, 2011 (adjusted by dividends payable as of August 31, 2012 and August 31, 2011) were as follows:
| August 31, 2012 | ||||||||||||||||
| Fund | Ordinary Income |
Tax-Exempt Income |
Capital Gain |
Total | ||||||||||||
| Government Obligations Fund |
$ | 1,076 | $ | — | $ | — | $ | 1,076 | ||||||||
| Prime Obligations Fund |
2,947 | — | — | 2,947 | ||||||||||||
| Tax Free Obligations Fund |
— | 20 | — | 20 | ||||||||||||
| Treasury Obligations Fund |
3 | — | — | 3 | ||||||||||||
The funds designate as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the funds related to net capital gain to zero for the tax year ended August 31, 2012.
| August 31, 2011 | ||||||||||||||||
| Fund | Ordinary Income |
Tax-Exempt Income |
Capital Gain |
Total | ||||||||||||
| Government Obligations Fund |
$ | 503 | $ | — | $ | — | $ | 503 | ||||||||
| Prime Obligations Fund |
8,126 | — | — | 8,126 | ||||||||||||
| Tax Free Obligations Fund |
— | 70 | — | 70 | ||||||||||||
| Treasury Obligations Fund |
115 | — | — | 115 | ||||||||||||
| U.S. Treasury Money Market Fund |
4 | — | — | 4 | ||||||||||||
As of August 31, 2012, the components of accumulated earnings (deficit) on a tax-basis were as follows:
| Fund | Undistributed Ordinary Income |
Undistributed Tax Exempt Income |
Undistributed Long-Term Capital Gains |
Accumulated Capital and Post-October Losses |
Unrealized Appreciation |
Total Accumulated Earnings (Deficit) |
||||||||||||||||||
| Government Obligations Fund |
$ | 222 | $ | — | $ | — | $ | (345 | ) | $ | — | $ | (123 | ) | ||||||||||
| Prime Obligations Fund |
257 | — | — | (144 | ) | — | 113 | |||||||||||||||||
| Tax Free Obligations Fund |
— | — | — | — | — | — | ||||||||||||||||||
| Treasury Obligations Fund |
— | — | — | (591 | ) | — | (591 | ) | ||||||||||||||||
| U.S. Treasury Money Market Fund |
— | — | — | — | — | — | ||||||||||||||||||
| 36 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
The differences between book-basis and tax-basis undistributed/accumulated income, gains, and losses are primarily due to distributions declared but not paid by August 31, 2012 and the deferral of wash sale losses.
Under the Regulated Investment Company Modernization Act of 2010, the funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2012, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows:
| Expiration Year | ||||||||||||||||||||||||||||||||
| Fund | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Indefinite Short-Term |
Total | ||||||||||||||||||||||||
| Government Obligations Fund |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | (326 | ) | $ | (19 | ) | $ | (345 | ) | |||||||||||||
| Prime Obligations Fund |
— | (41 | ) | — | (72 | ) | — | — | (31 | ) | (144 | ) | ||||||||||||||||||||
| Treasury Obligations Fund |
— | (51 | ) | — | — | (540 | ) | — | — | (591 | ) | |||||||||||||||||||||
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 37 |
Table of Contents
| Notes to Financial Statements | August 31, 2012, all dollars and shares are rounded to thousands (000) |
| 38 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 39 |
Table of Contents
| Notes to Financial Statements | August 31, 2012, all dollars and shares are rounded to thousands (000) |
| 40 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
| Notice to Shareholders | August 31, 2012 (unaudited) |
TAX INFORMATION
The information set forth below is for each fund’s fiscal year as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2013 on Form 1099. Please consult your tax advisor for proper treatment of this information.
For the fiscal year ended August 31, 2012, each fund has designated long-term capital gains, ordinary income and tax exempt income with regard to distributions paid during the period as follows:
| Fund | Long Term Capital Gains Distributions (Tax Basis) |
Ordinary Income Distributions (Tax Basis) |
Tax Exempt Interest |
Total Distributions (Tax Basis)1 |
||||||||||||
| Government Obligations Fund |
— | % | 100.00 | % | — | % | 100.00 | % | ||||||||
| Prime Obligations Fund |
— | 100.00 | — | 100.00 | ||||||||||||
| Tax Free Obligations Fund |
— | — | 100.00 | 100.00 | ||||||||||||
| Treasury Obligations Fund |
— | 100.00 | — | 100.00 | ||||||||||||
| 1 | None of the dividends paid by the funds are eligible for the dividends received deduction or are characterized as qualified dividend income. |
Additional Information Applicable to Foreign Shareholder Only:
The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for each fund was as follows:
| Government Obligations Fund |
100.00 | % | ||
| Prime Obligations Fund |
100.00 | |||
| Tax Free Obligations Fund |
100.00 | |||
| Treasury Obligations Fund |
100.00 |
The percentage of ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for each fund was as follows:
| Government Obligations Fund |
— | % | ||
| Prime Obligations Fund |
— | |||
| Tax Free Obligations Fund |
— | |||
| Treasury Obligations Fund |
— |
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities, is available without charge upon request by calling 800.677.3863 and on the SEC’s website at www.sec.gov.
FORM N-Q HOLDINGS INFORMATION
Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the SEC on Form N-Q. The funds’ Forms N-Q are available without charge upon request (1) by calling 800.677.3863 and (2) on the SEC’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the SEC’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.
WEEKLY PORTFOLIO HOLDINGS
Each fund will make portfolio holdings information publicly available by posting the information at www.FirstAmericanFunds.com on a weekly basis.
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 41 |
Table of Contents
| Notice to Shareholders | August 31, 2012 (unaudited) |
APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AGREEMENT
The funds’ board of directors, which is comprised entirely of independent directors, oversees the management of each fund and, as required by law, determines annually whether to renew the funds’ investment advisory agreement with USBAM.
At a meeting on June 19-20, 2012, the board considered information relating to the funds’ investment advisory agreement with USBAM (the “Agreement”). In advance of the meeting, the board received materials relating to the Agreement and had the opportunity to ask questions and request further information in connection with its consideration. The board approved the Agreement through June 30, 2013.
Although the Agreement relates to all of the funds, the board separately considered and approved the Agreement with respect to each Fund. In considering the Agreement, the board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of USBAM’s services to each fund, (2) the investment performance of each fund, (3) the profitability of USBAM related to the funds, including an analysis of USBAM’s cost of providing services and comparative expense information, (4) whether economies of scale may be realized as the funds grow and whether fee levels are adjusted to enable fund investors to share in these potential economies of scale, and (5) other benefits that accrue to USBAM through its relationship with the funds. In its deliberations, the board did not identify any single factor which alone was responsible for the board’s decision to approve the Agreement with respect to any fund.
Before approving the Agreement, the independent directors met in executive session with their independent counsel on numerous occasions to consider the materials provided by USBAM and the terms of the Agreement. Based on its evaluation of those materials, the board concluded that the Agreement is fair and in the best interests of the shareholders of each fund. In reaching its conclusion, the board considered the following:
Nature, Quality and Extent of Investment Advisory Services
The board examined the nature, quality and extent of the services provided by USBAM to each fund. The board reviewed USBAM’s key personnel who provide investment management services to each fund as well as the fact that, under the Agreement, USBAM has the authority and responsibility to make and execute investment decisions for each fund within the framework of that fund’s investment policies and restrictions, subject to review by the board. The board further considered that USBAM’s duties with respect to each fund include: (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the funds’ investment policies and restrictions and the Investment Company Act, and (iii) monitoring the performance of the various organizations providing services to the funds, including the funds’ distributor, sub-administrator, transfer agent and custodian. Finally, the board considered USBAM’s representation that the services provided by USBAM under the Agreement are the type of services customarily provided by investment advisors in the fund industry.
Based on the foregoing, the board concluded that each fund is likely to benefit from the nature, quality and extent of the services provided by USBAM under the Agreement.
Investment Performance of the Funds
The board considered the performance of each fund, including comparative information provided by an independent data service, regarding the median performance of a group of comparable funds selected by that data service (the “performance universe”) for the one-, three- and five-year periods ending February 29, 2012.
Government Obligations Fund. The board considered that, generally, due to the low interest rate environment prevailing during the period, the range of returns among all funds within the performance universe was very narrow. The board noted that the fund was at, or within a basis point of, its performance universe median for each period on both a net- and gross-of-expenses basis. Specifically, the board considered that on a gross-of-expenses basis the fund’s performance was equal to that of its performance universe median for the five-year period and the fund slightly outperformed its performance universe median for the one-year and three-year periods. The board also considered that, on a net-of-expenses basis, the fund’s performance was equal to that of its performance universe median for the five-year period, although the fund slightly underperformed its performance universe median for the one-year and three-year periods. In light of the fund’s competitive performance, the board concluded that it would be in the interest of the fund and its shareholders for the board to renew the Agreement.
| 42 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
Prime Obligations Fund. The board considered that, generally, due to the low interest rate environment prevailing during the period, the range of returns among all funds within the performance universe was very narrow. The board noted that the fund was at, or within two basis points of, its performance universe median for each period on both a net- and gross-of-expenses basis. In light of the fund’s competitive performance, the board concluded that it would be in the interest of the fund and its shareholders for the board to renew the Agreement.
Treasury Obligations Fund. The board considered that the fund outperformed its performance universe median over the one- and three-year time periods on a gross-of-expenses basis and the five-year time period on both a gross- and net-of-expenses basis. The board noted that while the fund slightly underperformed the performance universe median over the one- and three-year periods on a net-of-expenses basis, this occurred during a period of low interest rates where the range of returns among all funds within the performance universe was very narrow. In light of the fund’s competitive performance, especially over longer periods, the board concluded that it would be in the interest of the fund and its shareholders for the board to renew the Agreement.
Tax Free Obligations Fund. The board considered that, on both a gross-of-expenses basis and a net-of-expenses basis, the fund underperformed the performance universe median for all periods, although the fund only slightly underperformed for the one-year period on a net-of-expenses basis. The board considered USBAM’s assertion that the fund’s underperformance is attributable to the fund’s high quality compared to its peers and the entirely tax-free nature of its income. The board noted that the fund is rated AAAm by S&P, which is the case with very few of its peers. The board further noted that, as a result, the fund is prohibited from buying unrated securities, which limits the universe of potential investments as compared to the fund’s peers. In addition, the board considered USBAM’s assertion that because the fund does not invest in any taxable securities, including securities subject to the alternative minimum tax, the fund’s potential universe of investments is further limited compared to that of its peers. The board noted additions to the portfolio management team of the fund as of December 31, 2010 and the expansion of the list of certain approved municipal investments. The board further considered that the fund had improved performance for the first quarter ended March 31, 2012. The board concluded that, in light of the foregoing, it would be in the interest of the fund and its shareholders for the board to renew the Agreement.
U.S. Treasury Money Market Fund. The board considered that, for the one- and three-year periods on a net-of-expenses basis, the fund performed competitively with its performance universe median, although, on a gross-of-expenses basis, the fund underperformed its performance universe median for all periods as well as for the five-year period on a net-of-expenses basis. The board considered USBAM’s assertion that, unlike many funds in its performance universe, the fund may not invest in repurchase agreements, which have a positive impact on the performance of the other funds in the performance universe. In support of this, the board considered that the Treasury Obligations Fund, which is able to invest in repurchase agreements, outperformed the same performance universe for the three- and five-year periods on a gross-of-expenses basis. In light of the foregoing, the board concluded that it would be in the interest of the fund and its shareholders for the board to renew the Agreement.
Costs of Services and Profits Realized by USBAM
The board reviewed USBAM’s costs in serving as the funds’ investment manager, including the costs associated with the personnel and systems necessary to manage the funds. The board also considered the profitability of USBAM and its affiliates resulting from their relationship with each fund. The board compared fee and expense information for each fund to fee and expense information for comparable funds managed by other advisors. The board also reviewed advisory fees for other funds advised or sub-advised by USBAM and for private accounts managed by USBAM.
Using information provided by an independent data service, the board also evaluated each fund’s advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and the board evaluated each fund’s total expense ratio after waivers compared to the median total expense ratio after waivers of comparable funds. In connection with its review of fund fees and expenses, the board considered USBAM’s pricing philosophy. USBAM attempts generally to maintain each fund’s total operating expenses at a level that approximates the median of a peer group of funds selected by an independent data service. In addition, USBAM has committed to waive its investment advisory fees to the extent necessary to maintain the funds’ total expense ratios at levels generally in line with their respective peer groups.
The board noted that the information provided by an independent data service reflected that, although the advisory fee after waivers of Government Obligations Fund and Treasury Obligations Fund is higher than its peer group median, each fund’s contractual advisory fee and the advisory fee after waivers of Prime Obligations Fund, Tax-Free Obligations Fund and U.S. Treasury Money Market Fund is lower than its expense group median. The board also noted that each fund’s gross total
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 43 |
Table of Contents
| Notice to Shareholders | August 31, 2012 (unaudited) |
expense ratio is lower than or equal to its peer group median. The board concluded that the funds’ advisory fees and total expense ratios are reasonable in light of the services provided.
Economies of Scale in Providing Investment Advisory Services
The board considered the extent to which each fund’s investment advisory fee reflects economies of scale for the benefit of fund shareholders. Based on information provided by USBAM, the board noted that profitability will likely increase as assets grow over time. The board considered that, although the funds do not have advisory fee breakpoints in place, USBAM has committed to waive advisory fees to the extent necessary to prevent each fund’s yield on any share class from falling below 0.00% and to keep each fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The board considered information presented by USBAM to support its assertion that the median total expense ratio of a fund’s peer group should reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group and any economies of scale which those funds realize. Therefore, by capping a fund’s total expense ratio at a level close to the median, fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules and any such economies of scale. In light of USBAM’s commitment to keep total fund expenses competitive, the board concluded that it would be reasonable and in the best interest of each fund and its shareholders to renew the Agreement.
Other Benefits to USBAM
In evaluating the benefits that accrue to USBAM through its relationship with the funds, the board noted that USBAM and certain of its affiliates serve the funds in various capacities, including as investment advisor, distributor, administrator, transfer agent, custodian and, for certain of the funds, securities lending agent, and receive compensation from the funds in connection with providing services to the funds. The board considered that each service provided to the funds by USBAM or one of its affiliates is pursuant to a written agreement, which the board evaluates periodically as required by law.
After full consideration of these factors, the board concluded that approval of each Agreement was in the best interest of the respective fund and its shareholders.
| 44 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
Directors and Officers of the Funds
| Independent Directors | ||||||||||
| Name, Address, and Year of Birth |
Position(s) Held with Funds |
Term of Office and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Director |
Other Directorships Held by Director † | |||||
| Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329 (1946) |
Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Director of FAF since October 1997 | Director, Charterhouse Group, Inc., a private equity firm, since October 2005; Advisor/Consultant, Future FreightTM, a logistics/supply chain company; Director, Towne Airfreight; non-profit board member | First American Funds Complex: 10 registered investment companies, including 14 portfolios | None | |||||
| John P. Kayser P.O. Box 1329 Minneapolis, MN 55440-1329 (1949) |
Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Director of FAF since October 2006 | Retired | First American Funds Complex: 10 registered investment companies, including 14 portfolios | None | |||||
| Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329 (1941) |
Chair; Director | Chair term three years; Director term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Chair of FAF’s Board since January 2011; Director of FAF since November 1993 | Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Chief Executive Officer, Blue Earth Internet, a web site development company; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; Member, investment advisory committee, Sisters of the Good Shepherd | First American Funds Complex: 10 registered investment companies, including 14 portfolios | None | |||||
| Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944) |
Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Director of FAF since August 2001 | Owner and Chief Executive Officer, RKR Consultants, Inc., a consulting company providing advice on business strategy, mergers and acquisitions; non-profit board member since 2005 | First American Funds Complex: 10 registered investment companies, including 14 portfolios | Cliffs Natural Resources, Inc. (a producer of iron ore pellets and coal) | |||||
| Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329 (1940) |
Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Director of FAF since April 1991 | Attorney At Law, Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman, and Chief Executive Officer, Community Resource Partnerships, Inc., a corporation engaged in strategic planning, operations management, government relations, transportation planning, and public relations; Owner, ExcensusTM, LLC, a demographic planning and application development firm | First American Funds Complex: 10 registered investment companies, including 14 portfolios | None | |||||
| James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329 (1943) |
Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Director of FAF since August 2001 | Owner and President, Jim Wade Homes, a homebuilding company | First American Funds Complex: 10 registered investment companies, including 14 portfolios | None | |||||
| † | Includes only directorships in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act or subject to the requirements of Section 15(d) of the Securities Exchange Act, or any company registered as an investment company under the Investment Company Act. |
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 45 |
Table of Contents
| Notice to Shareholders | August 31, 2012 (unaudited) |
| Officers | ||||||
| Name, Address, and Year of Birth |
Position(s) Held with Funds |
Term of Office and Length of Time Served |
Principal Occupation(s) During Past 5 Years | |||
| Joseph M. Ulrey III U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1958)* |
President | Re-elected by the Board annually; President of FAF since January 2011 | Chief Executive Officer, U.S. Bancorp Asset Management, Inc. since January 2011; prior thereto, Chief Financial Officer and Head of Technology and Operations, U.S. Bancorp Asset Management, Inc. | |||
| Eric J. Thole U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1972)* |
Vice President | Re-elected by the Board annually; Vice President of FAF since January 2011 | Chief Operating Officer, U.S. Bancorp Asset Management, Inc. since August 2012; Head of Operations, Technology and Treasury, U.S. Bancorp Asset Management, Inc. from January 2011 through July 2012; prior thereto, Managing Director of Investment Operations, U.S. Bancorp Asset Management, Inc. | |||
| Jill M. Stevenson U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965)* |
Treasurer | Re-elected by the Board annually; Treasurer of FAF since January 2011; Assistant Treasurer of FAF from September 2005 through December 2010 | Mutual Funds Treasurer, U.S. Bancorp Asset Management, Inc. since January 2011; prior thereto, Mutual Funds Assistant Treasurer, U.S. Bancorp Asset Management, Inc. | |||
| Ruth M. Mayr U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959)* |
Chief Compliance Officer | Re-elected by the Board annually; Chief Compliance Officer of FAF since January 2011 | Chief Compliance Officer, U.S. Bancorp Asset Management, Inc. since January 2011; prior thereto, Director of Compliance, U.S. Bancorp Asset Management, Inc. | |||
| Carol A. Sinn U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959)* |
Anti-Money Laundering Officer | Re-elected by the Board annually; Anti-Money Laundering Officer of FAF since January 2011 | Senior Business Line Risk Manager and Anti-Money Laundering Officer, U.S. Bancorp Asset Management, Inc. since January 2011; prior thereto, Senior Business Line Risk Manager, U.S. Bancorp Asset Management, Inc. | |||
| Richard J. Ertel U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1967)* |
Secretary | Re-elected by the Board annually; Secretary of FAF since January 2011; Assistant Secretary of FAF from June 2006 through December 2010 and from June 2003 through August 2004 | General Counsel, U.S. Bancorp Asset Management, Inc. since January 2011; prior thereto, Counsel, U.S. Bancorp Asset Management, Inc. | |||
| James D. Alt Dorsey & Whitney LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951) |
Assistant Secretary | Re-elected by the Board annually; Assistant Secretary of FAF since December 2004; Secretary of FAF from June 2002 through December 2004; Assistant Secretary of FAF from September 1998 through June 2002 | Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm | |||
| * | Messrs. Ulrey, Thole, and Ertel, Mses. Stevenson, Mayr, and Sinn are each officers and/or employees of U.S. Bancorp Asset Management, Inc., which serves as investment adviser and administrator for FAF. |
| 46 | FIRST AMERICAN FUNDS 2012 ANNUAL REPORT |
Table of Contents
First American Funds’ Privacy Policy
We want you to understand what information we collect and how it’s used.
“Nonpublic personal information” is nonpublic information that we obtain while providing financial products or services to you.
How we collect your information
We obtain nonpublic information about you during the account opening process from the applications and other forms you are asked to complete and from the transactions you make with us. We may also receive nonpublic information about you from companies affiliated with us or from other companies that provide services to you. We do not use nonpublic information received from our affiliates for marketing purposes.
Why we collect your information
We gather nonpublic personal information about you and your accounts so that we can:
| • | Know who you are and prevent unauthorized access to your information. |
| • | Comply with the laws and regulations that govern us. |
The types of information we collect
We may collect the following nonpublic personal information about you:
| • | Information about your identity, such as your name, address, and social security number. |
| • | Information about your transactions with us. |
| • | Information you provide on applications, such as your beneficiaries and banking information, if provided to us. |
Confidentiality and security
To protect nonpublic personal information about you, we restrict access to such information to only those employees and authorized agents who need to use the information. We maintain physical, electronic, and procedural safeguards to maintain the confidentiality and security of nonpublic information about you. In addition, we require our service providers to restrict access to nonpublic personal information about you to those employees who need that information in order to provide products or services to you. We also require them to maintain physical, electronic, and procedural safeguards that comply with applicable federal standards and regulations to guard your information.
What information we disclose
We may share some or all of the nonpublic personal information that we collect about you with our affiliated providers of financial services, including our family of funds and their advisor, and with companies that perform marketing services on our behalf.
We’re permitted by law to disclose nonpublic personal information about you to other third parties in certain circumstances. For example, we may disclose nonpublic personal information about you to affiliated and nonaffiliated third parties to assist us in servicing your account (e.g., mailing of fund-related materials) and to government entities (e.g., IRS for tax purposes).
We’ll continue to adhere to the privacy policies and practices described here even after your account is closed or becomes inactive.
Additional rights and protections
You may have other privacy protections under applicable state laws. To the extent that these state laws apply, we will comply with them when we share information about you. This privacy policy does not apply to your relationship with other financial service providers, such as broker-dealers. We may amend this privacy notice at any time, and we will inform you of changes as required by law.
Our pledge applies to products and services offered by the First American Family of Funds
| NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
| FIRST AMERICAN FUNDS 2012 ANNUAL REPORT | 47 |
Table of Contents
| Board of Directors | First American Funds, Inc. |
Leonard Kedrowski
Chairperson of First American Funds, Inc.
Owner and President of Executive and Management Consulting, Inc.
Roger Gibson
Director of First American Funds, Inc.
Director of Charterhouse Group, Inc.
John Kayser
Director of First American Funds, Inc.
Retired; former Principal of William Blair & Company, LLC
Richard Riederer
Director of First American Funds, Inc.
Owner and Chief Executive Officer of RKR Consultants, Inc.
Joseph Strauss
Director of First American Funds, Inc.
Owner and President of Strauss Management Company
James Wade
Director of First American Funds, Inc.
Owner and President of Jim Wade Homes
First American Funds’ Board of Directors is comprised entirely of independent directors.
Table of Contents
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 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.
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 800.677.3863 or visit FirstAmericanFunds.com.
0080-12 10/2012 AR MONEY
Table of Contents
Item 2—Code of Ethics
The registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. During the period covered by this report, there were no amendments to the provisions of the registrant’s code of ethics that apply to the registrant’s principal executive officer and principal financial officer and that relate to any element of the code of ethics definition enumerated in this Item. During the period covered by this report, the registrant did not grant any waivers, including implicit waivers, from any provision of its code of ethics that apply to the registrant’s principal executive officer or principal financial officer. The registrant undertakes to furnish a copy of its code of ethics to any person upon request, without charge, by calling 1-800-677-3863.
Item 3—Audit Committee Financial Expert
The registrant’s Board of Directors has determined that John P. Kayser, Leonard W. Kedrowski, and Richard K. Riederer, members of the registrant’s Audit Committee, are each an “audit committee financial expert” and are “independent,” as these terms are defined in this Item.
Item 4—Principal Accountant Fees and Services
| (a) | Audit Fees—Ernst & Young LLP (“E&Y”) billed the registrant audit fees totaling $203,675 in the fiscal year ended August 31, 2012 and $136,229 in the fiscal year ended August 31, 2011, including fees associated with the annual audit, SEC Rule 17f-2 security count filings and filings of the registrant’s Form N-CSR. |
| (b) | Audit-Related Fees—E&Y billed the registrant audit-related fees totaling $1,275 in the fiscal year ended August 31, 2012 and $799 in the fiscal year ended August 31, 2011, including fees associated with the semi-annual review of fund disclosures. |
| (c) | Tax Fees—E&Y billed the registrant fees of $24,114 in the fiscal year ended August 31, 2012 and $26,333 in the fiscal year ended August 31, 2011, for tax services, including tax compliance, tax advice and tax planning. Tax compliance, tax advice and tax planning services primarily related to preparation of original and amended tax returns, timely RIC qualification reviews, and tax distribution analysis and planning. |
| (d) | All Other Fees—There were no fees billed by E&Y for other services to the registrant during the fiscal year ended August 31, 2012 and the fiscal period ended August 31, 2011. |
| (e)(1) | The audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X are set forth below: |
Audit Committee policy regarding pre-approval of services provided by the Independent Auditor
The Audit Committee of the First American Funds (“Committee”) has responsibility for ensuring that all services performed by the independent audit firm for the funds do not impair the firm’s independence. This review is intended to provide reasonable oversight without removing management from its responsibility for day-to-day operations. In this regard, the Committee should:
| • | Understand the nature of the professional services expected to be provided and their impact on auditor independence and audit quality |
| • | Examine and evaluate the safeguards put into place by the Company and the auditor to safeguard independence |
| • | Meet quarterly with the partner of the independent audit firm |
| • | Consider approving categories of service that are not deemed to impair independence for a one-year period |
It is important that a qualitative rather than a mere quantitative evaluation be performed by the Committee in discharging its responsibilities.
Table of Contents
Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the Committee will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the funds’ independent audit firm directly for the funds. At least annually the Committee will receive a report from the independent audit firm of all audit and non-audit services, which were approved during the year.
The engagement of the independent audit firm for any non-audit service requires the written pre-approval of the Treasurer of the funds and all non-audit services performed by the independent audit firm will be disclosed in the required SEC periodic filings.
In connection with the Committee review and pre-approval responsibilities, the review by the Committee will consist of the following:
Audit Services
The categories of audit services and related fees to be reviewed and considered for pre-approval annually by the Committee or its delegate include the following:
| • | Annual Fund financial statement audits |
| • | Seed audits (related to new product filings, as required) |
| • | SEC and regulatory filings and consents |
Audit-related Services
In addition, the following categories of audit-related services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.
| • | Accounting consultations |
| • | Fund merger support services |
| • | Other accounting related matters |
| • | Agreed Upon Procedure Reports |
| • | Attestation Reports |
| • | Other Internal Control Reports |
Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.
Tax Services
The following categories of tax services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.
| • | Tax compliance services related to the filing or amendment of the following: |
| • | Federal, state and local income tax compliance, and |
| • | Sales and use tax compliance |
| • | Timely RIC qualification reviews |
| • | Tax distribution analysis and planning |
| • | Tax authority examination services |
Table of Contents
| • | Tax appeals support services |
| • | Accounting methods studies |
| • | Fund merger support services |
| • | Tax consulting services and related projects |
Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.
Other Non-audit Services
The SEC auditor independence rules adopted in response to the Sarbanes-Oxley Act specifically allow certain non-audit services. Because of the nature of these services, none of these services may be commenced by the independent audit firm without the prior approval of the Committee. The Committee may delegate this responsibility to one or more of the Committee members, with the decisions presented to the full Committee at the next scheduled meeting.
Proscribed Services
In accordance with SEC rules on independence, the independent audit firm is prohibited from performing services in the following categories of non-audit services:
| • | Management functions |
| • | Accounting and bookkeeping services |
| • | Internal audit services |
| • | Financial information systems design and implementation |
| • | Valuation services supporting the financial statements |
| • | Actuarial services supporting the financial statements |
| • | Executive recruitment |
| • | Expert services (e.g., litigation support) |
| • | Investment banking |
Policy for Pre-approval of Non-Audit Services Provided to Other Entities within the Investment Company Complex
The Committee is also responsible for pre-approving certain non-audit services provided to U.S. Bancorp Asset Management, Inc., U.S. Bank N.A., Quasar Distributors, U.S. Bancorp Fund Services, LLC and any other entity under common control with U.S. Bancorp Asset Management, Inc., that provides ongoing services to the funds. The only non-audit services provided to these entities which require pre-approval are those services that relate directly to the operations and financial reporting of the funds.
Although the Committee is not required to pre-approve all services provided to U.S. Bancorp Asset Management, Inc. and other affiliated service providers, the Committee will annually receive a report from the independent audit firm on the aggregate fees for all services provided to U.S. Bancorp and affiliates.
| (e)(2) | All of the services described in paragraphs (b) through (d) of this Item 4 were pre-approved by the audit committee. |
| (f) | All services performed on the engagement to audit the registrant’s financial statements for the most recent fiscal year end were performed by the principal accountant’s full-time, permanent employees. |
Table of Contents
| (g) | The aggregate non-audit fees billed by E&Y to the registrant, the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, totaled $217,000 in the fiscal year ended August 31, 2012 and $470,000 in the fiscal year ended August 31, 2011. |
| (h) | The registrant’s audit committee has determined that the provision of non-audit services to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved is compatible with maintaining E&Y’s independence. |
Item 5—Audit Committee of Listed Registrants
Not applicable.
Item 6—Schedule of Investments
| (a) | The schedule is included as part of the report to shareholders filed under Item 1 of this Form. |
| (b) | Not applicable. |
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 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A, or this item.
Item 11—Controls and Procedures
| (a) | The registrant’s principal executive officer and principal financial officer have evaluated the effectiveness of the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely. |
| (b) | There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12—Exhibits
| (a)(1) | Not applicable. Registrant’s code of ethics is provided to any person upon request without charge. |
Table of Contents
| (a)(2) | Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed as exhibits hereto. |
| (a)(3) | Not applicable. |
| (b) | Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 are filed as exhibits hereto. |
Table of Contents
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
First American Funds, Inc.
| By: | /s/ Joseph M. Ulrey III | |
| Joseph M. Ulrey III | ||
| President |
Date: October 30, 2012
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/ Joseph M. Ulrey III | |
| Joseph M. Ulrey III | ||
| President |
Date: October 30, 2012
| By: | /s/ Jill M. Stevenson | |
| Jill M. Stevenson | ||
| Treasurer |
Date: October 30, 2012