Form N-Q FIRST AMERICAN FUNDS For: May 31

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

 

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)

 

 

Brent G. Smith 

800 Nicollet Mall Minneapolis, MN 55402
(Name and address of agent for service)

 

 

800-677-3863 

Registrant’s telephone number, including area code

 

Date of fiscal year end: 08/31

 

Date of reporting period: 05/31/16

 

 

Item 1. Schedule of Investments.

 

Schedule of Investments May 31, 2016 (unaudited), all dollars are rounded to thousands (000)

 

Government Obligations Fund

 

DESCRIPTION				PAR				VALUE >
U.S. Government Agency Debt - 49.2%
Federal Farm Credit Bank
0.423%, 06/21/2016 Δ			$	150,000			$	149,999
0.427%, 07/21/2016 				50,000				49,970
0.433%, 07/22/2016 Δ				100,000				100,000
0.421%, 09/06/2016 Δ				200,000				200,004
0.501%, 09/07/2016 				36,995				36,945
0.501%, 09/16/2016 				5,000				4,993
0.538%, 11/21/2016 Δ				30,000				30,018
0.419%, 12/01/2016 Δ				50,000				50,003
0.512%, 12/27/2016 				75,000				74,778
0.464%, 02/15/2017 Δ				25,000				24,998
0.514%, 02/16/2017 Δ				25,000				25,000
0.433%, 02/21/2017 Δ				150,000				150,000
0.512%, 03/08/2017 Δ				25,000				24,999
0.454%, 03/16/2017 Δ				119,000				118,962
0.433%, 03/21/2017 Δ				25,000				24,999
0.483%, 03/24/2017 Δ				25,000				24,993
0.499%, 03/29/2017 Δ				25,000				25,000
0.430%, 03/30/2017 Δ				50,000				50,000
0.426%, 04/04/2017 Δ				45,625				45,621
0.484%, 04/17/2017 Δ				75,000				75,026
0.488%, 05/24/2017 Δ				28,000				27,997
0.493%, 06/22/2017 Δ				50,000				49,995
0.429%, 08/01/2017 Δ				20,000				19,971
0.564%, 08/01/2017 Δ				25,000				25,000
0.538%, 08/24/2017 Δ				110,000				109,983
0.479%, 08/28/2017 Δ				25,000				24,972
0.559%, 09/14/2017 Δ				75,000				74,990
0.446%, 09/25/2017 Δ				22,000				21,965
0.566%, 10/06/2017 Δ				80,000				79,995
0.526%, 10/25/2017 Δ				125,000				124,982
0.555%, 11/13/2017 Δ				158,000				157,993
0.473%, 11/22/2017 Δ				85,000				84,950
Federal Home Loan Bank
0.471%, 06/07/2016 				30,000				29,998
2.125%, 06/10/2016				27,800				27,812
0.265%, 06/15/2016 				60,000				59,994
0.400%, 06/17/2016				50,000				50,000
0.426%, 06/24/2016 Δ				40,000				40,000
0.490%, 06/24/2016 Δ				200,000				199,999
0.490%, 06/29/2016 Δ				150,000				150,000
0.440%, 07/08/2016				25,000				25,000
0.501%, 07/15/2016 				47,500				47,471
0.491%, 07/20/2016 				265,600				265,424
0.468%, 07/21/2016 Δ				35,000				35,000
0.388%, 07/22/2016 Δ				50,000				49,996
0.501%, 07/22/2016 				50,000				49,965
0.513%, 07/27/2016 				140,000				139,888
0.501%, 07/29/2016 				50,000				49,960
0.520%, 08/04/2016				50,000				49,999
0.520%, 08/12/2016				25,000				24,999
0.532%, 08/15/2016 				50,000				49,945
0.500%, 08/19/2016				33,500				33,499
0.470%, 08/22/2016				25,000				24,999
0.470%, 08/24/2016				25,000				24,998
0.406%, 08/25/2016 Δ				100,000				100,000
0.414%, 08/26/2016 Δ				50,000				50,000
0.474%, 08/26/2016 Δ				50,000				50,000
0.545%, 08/26/2016 Δ				220,000				219,999
0.450%, 08/29/2016				50,000				50,000
0.552%, 08/29/2016 				25,000				24,966
0.500%, 09/01/2016				30,000				29,998
0.500%, 09/01/2016				50,000				49,999
0.510%, 09/09/2016				25,000				25,000
0.521%, 09/09/2016 				24,600				24,564
2.000%, 09/09/2016				40,000				40,176
0.501%, 09/14/2016 				50,000				49,927
0.501%, 09/20/2016 				20,000				19,969
0.506%, 09/23/2016 				150,000				149,760
0.501%, 09/27/2016 				25,000				24,959
0.493%, 10/17/2016 Δ				235,000				234,993
5.125%, 10/19/2016				35,900				36,514
0.514%, 10/27/2016 Δ				200,000				199,988

 

 

0.375%, 11/02/2016			25,000				24,973
0.511%, 11/16/2016 			50,000				49,881
0.541%, 11/18/2016 			50,000				49,872
0.500%, 11/23/2016			50,000				49,992
0.602%, 12/12/2016 			150,000				149,515
4.750%, 12/16/2016			62,000				63,373
0.392%, 01/09/2017 Δ			50,000				49,999
0.384%, 01/17/2017 Δ			100,000				99,952
0.528%, 01/23/2017 Δ			50,000				50,000
0.440%, 01/27/2017 Δ			50,000				50,000
0.502%, 01/30/2017 Δ			50,000				49,995
0.502%, 02/03/2017 Δ			50,000				49,984
0.497%, 02/07/2017 Δ			50,000				49,982
0.572%, 02/08/2017 Δ			50,000				50,000
0.568%, 02/10/2017 Δ			25,000				25,000
0.643%, 02/10/2017 			35,000				34,842
0.404%, 02/14/2017 Δ			175,000				175,000
0.491%, 02/14/2017 Δ			250,000				249,961
0.493%, 02/17/2017 Δ			50,000				49,985
0.524%, 02/17/2017 Δ			30,000				30,000
0.542%, 02/17/2017 			75,000				74,706
0.568%, 02/17/2017 Δ			35,000				35,000
0.533%, 02/22/2017 Δ			75,000				75,000
0.460%, 02/27/2017 Δ			40,000				39,998
0.680%, 02/27/2017			35,000				34,991
0.439%, 02/28/2017 Δ			100,000				99,998
0.429%, 03/02/2017 Δ			50,000				50,000
0.534%, 03/08/2017 Δ			100,000				99,998
0.434%, 03/17/2017 Δ			50,000				49,998
0.550%, 03/27/2017 Δ			50,000				50,000
0.790%, 03/30/2017			25,000				25,000
0.830%, 04/12/2017			35,000				35,000
0.528%, 04/13/2017 Δ			50,000				50,000
0.499%, 04/19/2017 Δ			50,000				50,000
0.458%, 04/21/2017 Δ			225,000				224,953
0.575%, 05/19/2017 Δ			25,000				25,000
0.594%, 07/27/2017 Δ			25,000				24,997
0.426%, 08/18/2017 Δ			80,000				79,954
0.642%, 08/25/2017 Δ			50,000				50,001
0.615%, 09/01/2017 Δ			25,000				25,000
0.476%, 09/05/2017 Δ			50,000				50,000
0.616%, 09/07/2017 Δ			25,000				25,000
0.615%, 09/11/2017 Δ			25,000				25,002
0.605%, 09/29/2017 Δ			35,000				35,000
0.609%, 10/04/2017 Δ			115,000				115,008
0.594%, 10/11/2017 Δ			25,000				25,000
0.538%, 11/10/2017 Δ			100,000				100,000
Federal Home Loan Mortgage Corporation
0.414%, 06/15/2016 Δ			75,000				75,000
0.438%, 07/21/2016 Δ			59,500				59,499
2.000%, 08/25/2016			127,000				127,460
0.486%, 08/26/2016 			100,000				99,884
0.404%, 09/02/2016 Δ			50,000				50,000
0.496%, 09/02/2016 			74,500				74,405
0.511%, 09/09/2016 			50,000				49,929
0.875%, 10/14/2016			98,010				98,112
0.562%, 10/19/2016 			13,380				13,351
0.516%, 11/14/2016 Δ			110,000				110,004
0.750%, 03/09/2017			50,000				50,000
0.443%, 04/20/2017 Δ			75,000				74,990
0.573%, 07/21/2017 Δ			50,000				49,994
Federal National Mortgage Association
0.350%, 06/02/2016 			300,000				299,997
0.401%, 07/19/2016 			100,000				99,947
0.431%, 08/09/2016 			100,000				99,918
0.454%, 08/16/2016 Δ			9,500				9,501
0.461%, 08/17/2016 			14,749				14,734
1.250%, 09/28/2016			134,242				134,591
0.459%, 01/26/2017 Δ			40,000				40,004
5.000%, 02/13/2017			93,000				95,746
0.750%, 04/20/2017			61,900				61,947
0.447%, 09/08/2017 Δ			25,000				24,963
Total U.S. Government Agency Debt (Cost $9,689,745)							9,689,745
U.S. Treasury Debt - 1.7%
U.S. Treasury Notes
0.500%, 06/30/2016			225,000				225,016
0.500%, 08/31/2016			50,000				49,992

 

 

0.875%, 12/31/2016			50,000				50,087
Total U.S. Treasury Debt (Cost $325,095)							325,095
U.S. Government Agency Repurchase Agreements - 17.9%
BNP Paribas Securities Corp
0.300%, dated 05/31/2016, matures 06/01/2016, repurchase price $200,002 (collateralized by various government agency obligations: Total market value $204,000)			200,000				200,000
Goldman Sachs & Company
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $600,005 (collateralized by various government agency obligations: Total market value $612,000)			600,000				600,000
HSBC Securities (USA) Inc
0.270%, dated 05/31/2016, matures 06/01/2016, repurchase price $350,003 (collateralized by various government agency obligations: Total market value $357,005)			350,000				350,000
ING Financial Markets LLC
0.270%, dated 05/31/2016, matures 06/01/2016, repurchase price $1,015,008 (collateralized by various government agency obligations: Total market value $1,035,311)			1,015,000				1,015,000
Merrill Lynch, Pierce, Fenner & Smith Inc
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $200,002 (collateralized by various government agency obligations: Total market value $204,000)			200,000				200,000
RBC Capital Markets
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $100,001 (collateralized by various government agency obligations: Total market value $102,001)			100,000				100,000
Societe Generale/New York Branch
0.290%, dated 05/31/2016, matures 06/01/2016, repurchase price $450,004 (collateralized by various government agency obligations: Total market value $459,000)			450,000				450,000
0.290%, dated 05/27/2016, matures 06/03/2016, repurchase price $600,034 (collateralized by various government agency obligations: Total market value $612,000)			600,000				600,000
Total U.S. Government Agency Repurchase Agreements (Cost $3,515,000)							3,515,000
U.S. Treasury Repurchase Agreements - 31.2%
Bank of Nova Scotia/NY
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $880,258 (collateralized by various U.S. Treasury obligations: Total market value $897,850)			880,251				880,251
BNP Paribas Securities Corp
0.290%, dated 05/31/2016, matures 06/01/2016, repurchase price $1,000,008 (collateralized by U.S. Treasury obligations: Total market value $1,020,000)			1,000,000				1,000,000
Credit Agricole Corporate & Investment Bank
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $1,590,143 (collateralized by U.S. Treasury obligations: Total market value $1,621,922)			1,590,131				1,590,131
Credit Suisse Securities (USA) LLC
0.290%, dated 05/31/2016, matures 06/01/2016, repurchase price $50,000 (collateralized by various U.S. Treasury obligations: Total market value $51,005)			50,000				50,000
Federal Reserve Bank of New York

 

 

0.250%, dated 05/31/2016, matures 06/01/2016, repurchase price $1,100,008 (collateralized by U.S. Treasury obligations: Total market value $1,100,008)			1,100,000				1,100,000
HSBC Securities (USA) Inc
0.260%, dated 05/26/2016, matures 06/02/2016, repurchase price $250,013 (collateralized by various U.S. Treasury obligations: Total market value $255,004)			250,000				250,000
0.260%, dated 05/31/2016, matures 06/06/2016, repurchase price $250,011 (collateralized by various U.S. Treasury obligations: Total market value $255,004)			250,000				250,000
0.260%, dated 05/31/2016, matures 06/07/2016, repurchase price $125,006 (collateralized by U.S. Treasury obligations: Total market value $127,503)			125,000				125,000
ING Financial Markets LLC
0.260%, dated 05/25/2016, matures 06/01/2016, repurchase price $300,015 (collateralized by various U.S. Treasury obligations: Total market value $306,003)			300,000				300,000
0.260%, dated 05/27/2016, matures 06/03/2016, repurchase price $200,010 (collateralized by U.S. Treasury obligations: Total market value $204,001)			200,000				200,000
Societe Generale/New York Branch
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $400,003 (collateralized by U.S. Treasury obligations: Total market value $408,000)			400,000				400,000
Total U.S. Treasury Repurchase Agreements (Cost $6,145,382)							6,145,382
Total Investments ▲ - 100.0% (Cost $19,675,222)							19,675,222
Other Assets and Liabilities, Net - 0.0%							2,068
Total Net Assets - 100.0%						$	19,677,290

  

>	Investment securities held (except for investment in other money market funds) are stated at amortized cost, which approximates fair value. Under the amortized cost method, any discount or premium is amortized ratably to the expected maturity of the security and is included in interest income. In accordance with Rule 2a-7 of the Investment Company Act of 1940, the fair values of the securities held in the fund are determined using prices supplied by the fund’s independent pricing services. These values are then compared to the securities’ amortized cost. If the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this the aggregate market price and aggregate amortized cost of all securities held by the fund exceeds 0.25%, the fund’s administrator will notify the fund’s board of directors and will monitor the deviation on a daily basis. If the difference exceeds 0.50%, a meeting of the fund’s board of directors will be convened, and the board will determine what action, if any, to take. During the nine-month period ended May 31, 2016, the difference between the aggregate market price and the aggregate amortized cost of all securities in the fund did not exceed 0.25%. Investments in other money market funds are valued at their respective net asset values on the valuation date.
Δ	Variable Rate Security - The rate shown is the rate in effect as of May 31, 2016.
	Discounted Security - This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase.
▲	On May 31, 2016, the cost of investments for federal income tax purposes was approximately $19,675,222. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

 

Summary of Fair Value Exposure

 

Generally accepted accounting principles (“GAAP”) require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:

 

Level 1	-	Quoted prices in active markets for identical securities.
Level 2	-	Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.). Generally, the types of securities included in Level 2 of a fund are U.S. Treasury bills and certain money market instruments, including those instruments valued at amortized cost pursuant to Rule 2a-7. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
Level 3	-	Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the fund’s board of directors.

 

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.

 

As of May 31, 2016, the fund’s investments were classified as follows: 

		Level 1				Level 2				Level 3				Total Fair Value
U.S. Government Agency Debt		$	—			$	9,689,745			$	—			$	9,689,745
U.S. Treasury Repurchase Agreements			—				6,145,382				—				6,145,382
U.S. Government Agency Repurchase Agreements			—				3,515,000				—				3,515,000
U.S. Treasury Debt			—				325,095				—				325,095
Total Investments		$	—			$	19,675,222			$	—			$	19,675,222

 

During the nine-month period ended May 31, 2016, there were no transfers between valuation levels or Level 3 securities.

 

Certain Transfers Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements		Overnight and Continuous				Up to 30 Days				30-90 Days				Total
Repurchase Agreements
U.S. Government Agency		$	3,515,000			$	—			$	—			$	3,515,000
U.S. Treasury			6,145,382				—				—				6,145,382
Total Borrowings		$	9,660,382			$	—			$	—			$	9,660,382

 

 

Schedule of Investments May 31, 2016 (unaudited), all dollars are rounded to thousands (000)

 

Prime Obligations Fund

 

DESCRIPTION				PAR				VALUE >
Certificates of Deposit - 31.7%
Banco del Estado de Chile/NY
0.610%, 06/27/2016			$	50,000			$	50,000
0.610%, 06/29/2016				50,000				50,000
0.580%, 07/05/2016				60,000				60,000
0.580%, 07/06/2016				50,000				50,000
Bank of Montreal/Chicago
0.360%, 06/03/2016				50,000				50,000
0.370%, 06/07/2016				200,000				200,000
0.570%, 06/16/2016				21,000				21,001
Bank of Nova Scotia/Houston
0.786%, 07/06/2016 Δ				100,000				100,024
0.664%, 07/15/2016 Δ				33,000				33,008
Bank of Tokyo-Mitsubishi UFJ Ltd/NY
0.370%, 06/03/2016				125,000				125,000
0.370%, 06/07/2016				50,000				50,000
0.610%, 06/08/2016				20,000				20,000
0.850%, 07/05/2016				15,000				15,003
BNP Paribas/Chicago
0.370%, 06/01/2016				100,000				100,000
Canadian Imperial Bank of Commerce/NY
0.370%, 06/01/2016				150,000				150,000
0.370%, 06/02/2016				100,000				100,000
0.370%, 06/03/2016				50,000				50,000
0.540%, 06/28/2016				50,000				50,000
0.670%, 06/30/2016 Δ				57,575				57,583
Citibank
0.580%, 07/13/2016				80,000				80,000
Credit Agricole Corporate & Investment Bank/NY
0.547%, 07/08/2016 Δ				30,000				30,000
Credit Suisse/NY
0.650%, 06/03/2016				50,000				50,000
0.700%, 06/07/2016				45,000				45,001
0.700%, 06/09/2016				45,000				45,000
0.910%, 07/11/2016				10,000				10,003
Dnb NOR Bank ASA/NY
0.620%, 06/16/2016				50,000				50,000
0.540%, 06/20/2016				50,000				50,000
DZ Bank/NY
0.670%, 06/06/2016				45,000				45,000
0.680%, 06/20/2016				99,000				99,000
0.680%, 06/24/2016				50,000				50,000
0.710%, 06/30/2016				25,000				25,003
0.550%, 07/11/2016				60,000				60,000
HSBC Bank USA
0.764%, 06/30/2016 Δ				25,000				25,000
Lloyds Bank PLC/NY
0.640%, 06/17/2016				25,000				25,000
Mitsubishi UFJ Trust & Banking Corp/NY
0.680%, 06/02/2016				25,000				25,000
0.710%, 06/20/2016				35,000				35,000
0.710%, 06/27/2016				25,000				25,000
0.660%, 06/30/2016				45,000				45,000
Nordea Bank Finland Plc/NY
0.610%, 06/01/2016				30,000				30,000
0.610%, 06/06/2016				25,000				25,000
0.610%, 06/09/2016				35,000				35,000
0.660%, 06/30/2016				30,000				30,000
Rabobank Nederland NV/NY
0.670%, 06/27/2016				50,000				50,000
0.670%, 06/27/2016				50,000				50,000
0.820%, 06/30/2016				25,000				25,006
Royal Bank of Canada/NY
0.616%, 06/06/2016 Δ				50,000				50,001
Sumitomo Mitsui Banking Corp/NY
0.670%, 06/02/2016				25,000				25,000
0.360%, 06/07/2016				100,000				100,000
0.670%, 06/09/2016				25,000				25,000
0.670%, 06/16/2016				25,000				25,000
0.510%, 07/05/2016				25,000				25,000
0.600%, 07/06/2016				50,000				50,000
Svenska Handelsbanken/NY
0.550%, 06/10/2016				50,000				50,000
Swedbank/NY
0.370%, 06/02/2016				350,000				350,000
Toronto-Dominion Bank/NY
0.400%, 06/09/2016				25,000				25,000
0.820%, 06/23/2016				100,000				100,010
UBS AG of Stamford
0.669%, 06/01/2016 Δ				50,000				50,000
0.650%, 06/06/2016				30,000				30,000
0.656%, 06/06/2016 Δ				25,000				25,000
0.670%, 06/07/2016				115,000				115,001

 

 

Wells Fargo Bank
0.589%, 06/03/2016 Δ			25,500				25,500
Westpac Banking Corp/NY
0.599%, 07/01/2016 Δ			58,000				58,003
Total Certificates of Deposit (Cost $3,524,147)							3,524,147
Asset Backed Commercial Paper ■ - 14.6%
Atlantic Asset Securitization Corp
0.573%, 07/05/2016 Δ			25,000				25,000
0.601%, 07/06/2016 ʘ			50,000				49,971
0.510%, 07/11/2016 ʘ			25,000				24,986
Barton Capital LLC
0.594%, 09/15/2016 Δ			50,000				50,000
CAFCO LLC
0.591%, 06/17/2016 ʘ			35,000				34,991
0.400%, 06/22/2016 ʘ			75,000				74,982
Fairway Finance Corp
0.280%, 06/01/2016 ʘ			58,000				58,000
0.581%, 06/14/2016 ʘ			14,500				14,497
0.581%, 06/15/2016 ʘ			35,000				34,992
0.581%, 06/27/2016 ʘ			70,000				69,971
0.551%, 07/11/2016 ʘ			35,000				34,979
Gotham Funding Corp
0.500%, 06/17/2016 ʘ			4,000				3,999
0.510%, 07/05/2016 ʘ			32,000				31,985
0.510%, 07/07/2016 ʘ			50,000				49,974
0.533%, 07/08/2016 ʘ			55,000				54,970
0.561%, 07/12/2016 ʘ			20,000				19,987
Kells Funding LLC
0.611%, 06/14/2016 ʘ			50,000				49,989
0.591%, 07/01/2016 ʘ			50,000				49,975
0.591%, 07/06/2016 ʘ			50,000				49,971
0.585%, 07/11/2016 ʘ			55,000				54,964
Liberty Street Funding LLC
0.300%, 06/01/2016 ʘ			25,819				25,819
0.591%, 06/06/2016 ʘ			30,000				29,998
0.591%, 06/08/2016 ʘ			25,000				24,997
0.591%, 06/13/2016 ʘ			25,000				24,995
0.581%, 07/11/2016 ʘ			50,000				49,968
0.581%, 07/12/2016 ʘ			45,000				44,970
Manhattan Asset Funding Co
0.520%, 06/07/2016 ʘ			20,000				19,998
0.500%, 06/14/2016 ʘ			35,000				34,994
0.474%, 06/27/2016 ʘ			60,000				59,979
0.480%, 07/05/2016 ʘ			20,000				19,991
0.586%, 07/05/2016 Δ			30,000				30,000
0.574%, 07/15/2016 Δ			40,000				40,000
Nieuw Amsterdam Receivables Corp
0.621%, 06/03/2016 ʘ			25,000				24,999
0.470%, 06/08/2016 ʘ			60,000				59,995
0.500%, 06/16/2016 ʘ			25,000				24,995
0.501%, 06/17/2016 ʘ			40,000				39,991
0.430%, 06/20/2016 ʘ			14,763				14,760
0.520%, 07/07/2016 ʘ			41,187				41,166
0.520%, 07/20/2016 ʘ			25,000				24,982
Old Line Funding LLC
0.712%, 06/10/2016 ʘ			24,000				23,996
0.712%, 06/30/2016 ʘ			30,000				29,983
0.561%, 07/15/2016 ʘ			30,000				29,979
Thunder Bay Funding LLC
0.400%, 06/16/2016 ʘ			30,000				29,995
0.581%, 06/22/2016 ʘ			35,000				34,988
Total Asset Backed Commercial Paper (Cost $1,623,721)							1,623,721
Financial Company Commercial Paper - 14.1%
Australia & New Zealand Banking Group LTD
0.611%, 06/01/2016 ■ ʘ			25,000				25,000
0.611%, 06/02/2016 ■ ʘ			30,100				30,100
Bank of New York Mellon
0.250%, 06/01/2016 ʘ			100,000				100,000
0.310%, 06/02/2016 ʘ			250,000				249,998
CDP Financial Inc
0.410%, 06/02/2016 ■ ʘ			16,000				16,000
0.591%, 06/15/2016 ■ ʘ			62,800				62,786
0.646%, 06/17/2016 ■ ʘ			45,000				44,987
0.534%, 06/22/2016 ■ ʘ			52,000				51,984
0.581%, 07/05/2016 ■ ʘ			45,000				44,975
0.567%, 07/14/2016 ■ ʘ			75,000				74,949
DNB Bank ASA
0.601%, 06/27/2016 ■ ʘ			50,000				49,978
HSBC Bank PLC
0.659%, 06/01/2016 Δ ■			35,000				35,000
ING Funding LLC
0.672%, 06/02/2016 ʘ			15,000				15,000
0.591%, 06/07/2016 ʘ			30,000				29,997

 

 

0.400%, 06/08/2016 ʘ			15,000				14,999
0.601%, 06/24/2016 ʘ			25,000				24,990
0.470%, 07/01/2016 ʘ			15,000				14,994
0.601%, 07/11/2016 ʘ			100,000				99,933
Macquarie Bank LTD
0.631%, 06/02/2016 ■ ʘ			60,000				59,999
0.631%, 06/21/2016 ■ ʘ			20,000				19,993
0.611%, 07/14/2016 ■ ʘ			50,000				49,964
0.611%, 07/15/2016 ■ ʘ			50,000				49,963
Nederlandse Waterschapsbank NV
0.621%, 06/16/2016 ■ ʘ			50,000				49,987
Nordea Bank AB
0.420%, 06/01/2016 ■ ʘ			14,350				14,350
PSP Capital Inc
0.506%, 06/09/2016 ■ ʘ			85,000				84,990
0.621%, 06/21/2016 ■ ʘ			25,000				24,991
0.561%, 07/15/2016 ■ ʘ			50,000				49,966
Suncorp Metway LTD
0.671%, 06/06/2016 ■ ʘ			20,000				19,998
0.671%, 06/08/2016 ■ ʘ			27,000				26,997
0.752%, 06/23/2016 ■ ʘ			30,000				29,986
0.671%, 07/07/2016 ■ ʘ			70,000				69,953
0.651%, 07/14/2016 ■ ʘ			35,000				34,973
Total Financial Company Commercial Paper (Cost $1,571,780)							1,571,780
Non-Financial Company Commercial Paper - 11.7%
American Honda Finance Corp
0.400%, 06/23/2016 ʘ			25,000				24,994
Coca-Cola Co
0.611%, 06/02/2016 ■ ʘ			50,000				49,999
Hydro-Quebec
0.400%, 06/01/2016 ■ ʘ			40,000				40,000
0.410%, 06/08/2016 ■ ʘ			19,825				19,824
Microsoft Corp
0.400%, 06/29/2016 ■ ʘ			30,700				30,691
Nestle Capital Corp
0.370%, 06/21/2016 ʘ			50,000				49,990
Novartis Finance Corp
0.400%, 06/07/2016 ■ ʘ			20,000				19,999
0.400%, 06/13/2016 ■ ʘ			30,000				29,996
0.407%, 06/14/2016 ■ ʘ			100,000				99,985
0.400%, 06/20/2016 ■ ʘ			75,000				74,984
0.430%, 06/27/2016 ■ ʘ			50,000				49,985
0.430%, 07/06/2016 ■ ʘ			19,000				18,992
Province of Quebec
0.415%, 06/10/2016 ■ ʘ			50,000				49,995
Reckitt Benckiser Treasury Service PLC
0.390%, 06/01/2016 ■ ʘ			10,500				10,500
Total Capital Canada LTD
0.581%, 06/15/2016 ■ ʘ			109,850				109,825
0.600%, 07/05/2016 ■ ʘ			123,100				123,030
0.583%, 07/11/2016 ■ ʘ			80,000				79,948
Total Capital SA
0.290%, 06/01/2016 ʘ			55,000				55,000
Toyota Credit Canada Inc
0.581%, 06/06/2016 ʘ			20,000				19,998
0.450%, 06/17/2016 ʘ			37,500				37,493
0.642%, 06/23/2016 ʘ			50,000				49,980
0.621%, 06/27/2016 ʘ			35,000				34,984
Toyota Credit Puerto Rico
0.450%, 06/17/2016 ʘ			37,500				37,493
Toyota Motor Credit Corp
0.410%, 06/15/2016 ʘ			25,000				24,996
0.440%, 06/20/2016 ʘ			50,000				49,988
0.621%, 06/27/2016 ʘ			35,000				34,984
0.631%, 06/30/2016 ʘ			35,000				34,982
Unilever Global Funding
0.531%, 06/21/2016 ■ ʘ			43,800				43,787
Total Non-Financial Company Commercial Paper (Cost $1,306,422)							1,306,422
Non-Negotiable Time Deposits - 8.4%
Credit Agricole, Cayman Islands Branch - Time Deposit
0.300%, 06/01/2016			359,157				359,157
DnB Bank ASA - Georgetown, Cayman Islands Branch - Time Deposit
0.270%, 06/01/2016			270,000				270,000
Skandinaviska Enskilda Banken, Cayman Islands Branch - Time Deposit
0.280%, 06/01/2016			300,000				300,000
Total Non-Negotiable Time Deposits (Cost $929,157)							929,157
Variable Rate Demand Notes Δ - 3.3%
Arizona Health Facilities Authority, Catholic Healthcare West Loan Program, Series 2005B
0.400%, 07/01/2035 (LOC: JPMorgan Chase)			20,390				20,390
Clark County, Nevada Airport System, Series 2008B-2
0.410%, 07/01/2022 (AMT) (LOC: State Street)			24,730				24,730

 

 

Clark County, Nevada Airport System, Series 2008C-3
0.410%, 07/01/2029 (AMT) (LOC: Sumitomo Mitsui Banking)			40,000				40,000
County of Riverside Asset Leasing Corporation, Southwest Justice Center Refunding, Series 2008A
0.420%, 11/01/2032 (LOC: Wells Fargo Bank)			36,915				36,915
Elmhurst, Illinois Community Accredation
0.410%, 07/01/2018 (LOC: JPMorgan Chase)			3,795				3,795
Illinois Finance Authority, The Carle Foundation, Series 2009D
0.410%, 02/15/2033 (LOC: JPMorgan Chase)			11,400				11,400
Louisville/Jefferson County Metro Government Health System, Norton Healthcare, Inc, Series 2011A
0.410%, 10/01/2039 (LOC: JPMorgan Chase)			16,000				16,000
Maryland Health & Higher Educational Facilities Authority, Anne Arundel Health System Issue, Series 2009B
0.400%, 07/01/2043 (LOC: Bank of America)			25,050				25,050
Maryland Transportation Authority, Baltimore/Washington International Thurgood Marshall Airport, Series 2012C
0.420%, 06/01/2032 (AMT) (LOC: Wells Fargo Bank)			20,500				20,500
Minnesota Higher Education Facilities Authority, Albion College Project, Series 2006
0.440%, 11/01/2036 (LOC: JPMorgan Chase)			9,410				9,410
New York State Housing Finance Agency, BAM South Housing, Series B
0.430%, 11/01/2048 (LOC: JPMorgan Chase)			12,500				12,500
New York State Housing Finance Agency, Series 2013A
0.420%, 11/01/2047 (LOC: Wells Fargo Bank)			39,000				39,000
New York State Housing Finance Agency, Service Contract Revenue Bonds, Series L
0.400%, 09/15/2021 (LOC: Bank of America)			22,545				22,545
State of Illinois, Series 2003B-1
0.430%, 10/01/2033 (LOC: JPMorgan Chase)			29,700				29,700
Sunshine State Governmental Financing Commission, Miami-Dade County Program, Series 2010B
0.380%, 09/01/2035 (LOC: Bank of New York Mellon)			23,105				23,105
The Trust For Cultural Resources of The City of New York, The New York Botanical Garden, Series 2009A
0.430%, 07/01/2032 (LOC: JPMorgan Chase)			22,900				22,900
Yavapai County Industrial Development Authority Revenue, Drake Cement LLC Project
0.550%, 09/01/2035 (LOC: Scotiabank)			9,375				9,375
Total Variable Rate Demand Notes (Cost $367,315)							367,315
Investment Companies Ω - 2.7%			SHARES
Goldman Sachs Financial Square Money Market Fund, Institutional Shares, 0.422%			200,000,000				200,000
JPMorgan Prime Money Market Fund, Institutional Shares, 0.409%			100,000,000				100,000
Total Investment Companies (Cost $300,000)							300,000
Other Instruments - 1.0%			PAR
Bank of Nova Scotia
1.375%, 07/15/2016		$	51,638				51,691
Toronto-Dominion Bank
0.800%, 07/13/2016 Δ			25,000				25,009
Wells Fargo Bank
0.783%, 06/02/2016 Δ			20,000				20,000
0.754%, 10/14/2016 Δ			20,000				20,000
Total Other Instruments (Cost $116,700)							116,700
U.S. Government Agency Debt - 0.3%
Federal Home Loan Bank
0.400%, 06/17/2016			28,500				28,500
(Cost $28,500)
U.S. Government Agency Repurchase Agreements - 1.8%
Bank of Nova Scotia/NY
0.300%, dated 05/31/2016, matures 06/01/2016, repurchase price $200,002 (collateralized by various government agency obligations: Total market value $204,000)			200,000				200,000
(Cost $200,000)
U.S. Treasury Repurchase Agreements - 5.2%
Bank of Nova Scotia/NY
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $205,819 (collateralized by U.S. Treasury obligations: Total market value $209,957)			205,817				205,817
Credit Agricole Corporate & Investment Bank
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $371,802 (collateralized by U.S. Treasury obligations: Total market value $379,277)			371,799				371,799
Total U.S. Treasury Repurchase Agreements (Cost $577,616)							577,616
Other Repurchase Agreements - 5.2%
BNP Paribas Securities Corp
0.560%, dated 05/31/2016, matures 06/01/2016, repurchase price $25,000 (collateralized by various securities: Total market value $26,251)			25,000				25,000
0.430%, dated 05/31/2016, matures 07/05/2016, repurchase price $120,050 (collateralized by various securities: Total market value $126,000) ∞			120,000				120,000
HSBC Securities (USA) Inc
0.380%, dated 05/31/2016, matures 06/01/2016, repurchase price $91,001 (collateralized by various securities: Total market value $95,553)			91,000				91,000
ING Financial Markets LLC
0.380%, dated 05/31/2016, matures 06/01/2016, repurchase price $90,001 (collateralized by various securities: Total market value $94,504)			90,000				90,000
JP Morgan Securities LLC
0.590%, dated 05/31/2016, matures 07/05/2016, repurchase price $150,086 (collateralized by various securities: Total market value $157,501) ∞			150,000				150,000
Merrill Lynch, Pierce, Fenner & Smith Inc
0.530%, dated 05/31/2016, matures 07/05/2016, repurchase price $100,052 (collateralized by various securities: Total market value $105,000) ∞			100,000				100,000

 

 

Total Other Repurchase Agreements (Cost $576,000)							576,000
Total Investments ▲ - 100.0% (Cost $11,121,358)							11,121,358
Other Assets and Liabilities, Net - 0.0%							(46	)
Total Net Assets - 100.0%						$	11,121,312

 

>	Investment securities held (except for investment in other money market funds) are stated at amortized cost, which approximates fair value.  Under the amortized cost method, any discount or premium is amortized ratably to the expected maturity of the security and is included in interest income.  In accordance with Rule 2a-7 of the Investment Company Act of 1940, the fair values of the securities held in the fund are determined using prices supplied by the fund’s independent pricing services.  These values are then compared to the securities’ amortized cost.  If the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this the aggregate market price and aggregate amortized cost of all securities held by the fund exceeds 0.25%, the fund’s administrator will notify the fund’s board of directors and will monitor the deviation on a daily basis.  If the difference exceeds 0.50%, a meeting of the fund’s board of directors will be convened, and the board will determine what action, if any, to take.  During the nine-month period ended May 31, 2016, the difference between the aggregate market price and the aggregate amortized cost of all securities in the fund did not exceed 0.25%.  Investments in other money market funds are valued at their respective net asset values on the valuation date.
Δ	Variable Rate Security - The rate shown is the rate in effect as of May 31, 2016.
■	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of May 31, 2016, the value of these investments was $3,497,130 or 31.4% of total net assets.
	Discounted Security - This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase.
Ω	The rate shown is the annualized seven-day effective yield as of May 31, 2016.
∞	Security considered illiquid. As of May 31, 2016, the value of these investments was $370,000 or 3.3% of total net assets.
▲	On May 31, 2016, the cost of investments for federal income tax purposes was approximately $11,121,358.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

 

AMT	-	Alternative Minimum Tax.  As of May 31, 2016, the total value of securities subject to AMT was $85,230 or 0.8% of total net assets.
LOC	-	Letter of Credit

Summary of Fair Value Exposure
Generally accepted accounting principles (“GAAP”) require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:
Level 1	-	Quoted prices in active markets for identical securities.
Level 2	-	Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.). Generally, the types of securities included in Level 2 of a fund are U.S. Treasury bills and certain money market instruments, including those instruments valued at amortized cost pursuant to Rule 2a-7. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
Level 3	-	Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments).  Generally, the types of securities included in Level 3 of a fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the board of directors.
The valuation levels are not necessarily an indication of the risk associated with investing in these investments.
As of May 31, 2016, the fund’s investments were classified as follows:

 

		Level 1				Level 2				Level 3				Total Fair Value
Certificates of Deposit		$	—			$	3,524,147			$	—			$	3,524,147
Asset Backed Commercial Paper			—				1,623,721				—				1,623,721
Financial Company Commercial Paper			—				1,571,780				—				1,571,780
Non-Financial Company Commercial Paper			—				1,306,422				—				1,306,422
Non-Negotiable Time Deposits			—				929,157				—				929,157
U.S. Treasury Repurchase Agreements			—				577,616				—				577,616
Other Repurchase Agreements			—				576,000				—				576,000
Variable Rate Demand Notes			—				367,315				—				367,315
U.S. Government Agency Repurchase Agreements			—				200,000				—				200,000
Other Instruments			—				116,700				—				116,700
U.S. Government Agency Debt			—				28,500				—				28,500
Investment Companies			300,000				—				—				300,000
Total Investments		$	300,000			$	10,821,358			$	—			$	11,121,358

 

During the nine-month period ended May 31, 2016, there were no transfers between fair value levels or Level 3 securities.

 

Certain Transfers Accounted for as Secured Borrowings

 

Remaining Contractual Maturity of the Agreements		Overnight and Continuous				Up to 30 Days				30-90 Days				Total
Repurchase Agreements
U.S. Government Agency		$	200,000			$	—			$	—			$	200,000
U.S. Treasury			577,616				—				—				577,616
Other			206,000				—				370,000				576,000
Total Borrowings		$	983,616			$	—			$	370,000			$	1,353,616

 

 

Schedule of Investments May 31, 2016 (unaudited), all dollars are rounded to thousands (000) 

 

Tax Free Obligations Fund
DESCRIPTION			PAR					VALUE >
Municipal Debt - 99.0%
Alabama - 1.5%
The Mobile Downtown Redevelopment Authority Gulf Opportunity Zone Revenue Bonds, Series 2011B (LOC: Wells Fargo Bank)
0.400%, 05/01/2041 Δ			$	10,455			$	10,455
Alaska - 2.9%
Valdez, Alaska Marine Terminal Revenue Refunding, Exxon Pipeline Company Project, Series 1993A
0.340%, 12/01/2033 Δ				14,000				14,000
Valdez, Alaska Marine Terminal Revenue Refunding, Exxon Pipeline Company Project, Series 1993B
0.340%, 12/01/2033 Δ				4,750				4,750
Valdez, Alaska Marine Terminal Revenue Refunding, Exxon Pipeline Company Project, Series 1993C
0.340%, 12/01/2033 Δ				1,080				1,080
								19,830
California - 2.1%
California Health Facilities Authority, Catholic Healthcare, Series C (LOC: JPMorgan Chase Bank)
0.450%, 07/01/2020 Δ				14,200				14,200
Colorado - 2.3%
City and County of Denver, Colorado, Multifamily Housing Revenue, Garden Court Community Project, Series 2008
0.410%, 12/15/2038 Δ				7,195				7,195
City of Colorado Springs, Colorado Revenue Bonds, Colorado Springs Fine Arts Center Project, Series 2006 (LOC: Wells Fargo Bank)
0.420%, 07/01/2021 Δ				720				720
Colorado Educational & Cultural Facilities Authority, The Nature Conservancy, Series 2002A
0.420%, 07/01/2027 Δ				8,094				8,094
								16,009
Connecticut - 1.0%
Connecticut Health & Educational Facility Authority Revenue, Greenwich Hospital Issue, Series C (LOC: Bank of America)
0.420%, 07/01/2026 Δ				7,000				7,000
District of Columbia - 4.0%
District of Columbia Housing Finance Agency, Multifamily Housing Revenue Bonds, Series 2012
0.410%, 02/01/2046 Δ				5,250				5,250
District of Columbia, Carnegie Endowment for International Peace Issue, Series 2006 (LOC: Wells Fargo Bank)
0.400%, 11/01/2045 Δ				15,550				15,550
District of Columbia, Medlantic/Helix Issue, Series 1998A (LOC: PNC Bank)
0.420%, 08/15/2038 Δ				3,555				3,555
District of Columbia, Progressive Life Center, Series 2008A (LOC: Branch Banking & Trust)
0.380%, 01/01/2033 Δ				3,025				3,025
								27,380
Florida - 1.9%
North Broward Hospital District, Series 2008A (LOC: TD Bank)
0.400%, 01/15/2031 Δ				4,585				4,585
Orange County Health Facilities Authority, Orlando Regional Healthcare, Series 2008E (LOC: Branch Banking & Trust)
0.400%, 10/01/2026 Δ				4,300				4,300
The School Board of Orange County, Florida Certificates of Participation, Series 2008C (LOC: Bank of America)
0.410%, 08/01/2025 Δ				4,130				4,130
								13,015
Illinois - 8.3%
Illinois Development Finance Authority, American College of Surgeons, Series 1996 (LOC: Northern Trust Company)
0.520%, 08/01/2026 Δ				3,400				3,400
Illinois Development Finance Authority, Lake Forest Academy, Series 1994 (LOC: Northern Trust Company)
0.410%, 12/01/2024 Δ				755				755
Illinois Development Finance Authority, Lake Forest Academy, Series 2000 (LOC: Northern Trust Company)
0.410%, 12/01/2024 Δ				6,000				6,000
Illinois Educational Facilities Authority, The Newberry Library, Series 1988 (LOC: Northern Trust Company)
0.400%, 03/01/2028 Δ				2,500				2,500
Illinois Finance Authority, Chicago Horticultural Society, Series 2008 (LOC: Northern Trust Company)
0.410%, 01/01/2043 Δ				9,000				9,000
Illinois Finance Authority, Richard Driehaus Foundation, Series 2005 (LOC: Northern Trust Company)

 

0.410%, 02/01/2035 Δ			12,100				12,100
Illinois Housing Development Authority, Multi-Family Housing Revenue Bonds, Series 2008
0.540%, 08/01/2038 Δ			7,145				7,145
University of Illinois, Health Services Facilities, The Board of Trustees of the University of Illinois, Series 1997B (LOC: Wells Fargo Bank)
0.400%, 10/01/2026 Δ			9,200				9,200
Warren County, Monmouth College Project, Series 2002 (LOC: PNC Bank)
0.420%, 12/01/2032 Δ			7,380				7,380
							57,480
Iowa - 0.6%
Iowa City Community School District, Services and Use Tax Revenue Bonds, Series 2015
2.000%, 06/01/2016			3,950				3,950
Kentucky - 1.3%
Kentucky Health Care Facility, Bon Secours Health System, Series 2002B (LOC: JPMorgan Chase Bank)
0.450%, 11/01/2026 Δ			8,765				8,765
Louisiana - 8.0%
Industrial Development Board of the Parish of East Baton Rouge, Louisiana, Inc, ExxonMobil Project, Series 2010B
0.340%, 12/01/2040 Δ			7,000				7,000
Louisiana Local Government Environmental Facilities and Community Development Authority, NSU Facilities Corporation Project, Series 2007B (INS: FHLB)
0.430%, 06/01/2039 Δ			20,000				20,000
Louisiana Public Facilities Authority, Revenue Bonds, Dynamic Fuels, LLC Project, Series 2008 (LOC: Bank of America)
0.370%, 10/01/2033 Δ			14,950				14,950
Louisiana Public Facilities Authority, Revenue Refunding Bonds, Christus Health, Series 2009B2 (LOC: Bank of New York Mellon)
0.390%, 07/01/2047 Δ			13,200				13,200
							55,150
Maryland - 4.8%
Maryland Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center, Series 1985A (LOC: TD Bank)
0.380%, 04/01/2035 Δ			26,450				26,450
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Series 2007A (LOC: Wells Fargo Bank)
0.410%, 07/01/2034 Δ			6,465				6,465
							32,915
Michigan - 2.5%
Regents of The University of Michigan, General Revenue Bonds, Series 2012D-1
0.300%, 12/01/2024 Δ			5,610				5,610
University of Michigan
0.420%, 06/02/2016			11,510				11,510
							17,120
Minnesota - 11.7%
City of Minnetonka, The Cliffs at Ridgedale, Series 1995
0.480%, 09/15/2025 Δ			8,150				8,150
City of St. Francis, Minnesota General Obligation Temporary Sewer Revenue Bonds, Series 2015B
1.000%, 11/01/2016			8,105				8,105
Eden Prairie Multifamily Housing Revenue, Park at City West Apartments, Series 2001 (INS: FHLMC)
0.420%, 09/01/2031 Δ			14,805				14,805
Minnesota Higher Education Facilities Authority, Carleton Collegem, Series Five-G (SPA: JPMorgan Chase Bank)
0.470%, 11/01/2029 Δ			11,100				11,100
Minnesota Higher Education Facilities Authority, Macalester College, Series Five-Q
0.450%, 03/01/2033 Δ			5,110				5,110
Minnesota Higher Education Facilities Authority, Macalester College, Series Three-Z
0.450%, 03/01/2024 Δ			6,310				6,310
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015G (SPA: Royal Bank of Canada)
0.400%, 01/01/2034 Δ			4,500				4,500
University of Minnesota
0.420%, 06/03/2016			9,000				9,000
0.420%, 06/03/2016			13,750				13,750
							80,830
Mississippi - 3.6%
Mississippi Business Finance Corp, Chevron USA Inc Project, Series 2010H
0.350%, 11/01/2035 Δ			7,000				7,000
Mississippi Business Finance Corporation, Chevron USA Inc, Project, Series 2007C
0.340%, 12/01/2030 Δ			17,760				17,760
Mississippi Business Finance Corporation, Chevron USA Inc, Project, Series 2009C
0.340%, 12/01/2030 Δ			325				325
							25,085
Missouri - 1.9%
Missouri Health & Educational Facilities Authority, Saint Louis University, Series A-2 (LOC: Wells Fargo Bank)

 

 

0.350%, 10/01/2035 Δ			12,940				12,940
Missouri Health & Educational Facilities Authority, The Washington University, Series D (SPA: Wells Fargo Bank)
0.350%, 09/01/2030 Δ			320				320
							13,260
New York - 6.3%
Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds, Series 2015E-2 (LOC: Bank of Tokyo)
0.380%, 11/15/2050 Δ			6,325				6,325
Metropolitan Transportation Authority, Transportation Revenue Bond Anticipation Notes, Series 2015B-1
0.500%, 08/01/2016			15,000				15,003
The City of New York, General Obligation Bonds, Series E-4 (LOC: Bank of America)
0.400%, 08/01/2034 Δ			7,290				7,290
The City of New York, General Obligation Bonds, Fiscal 2012 Series A-4 (LOC: Bank of Tokyo)
0.400%, 08/01/2038 Δ			15,000				15,000
							43,618
North Carolina - 1.5%
City of Charlotte, Charlotte Douglas International Airport, Series 2007B (LOC: Bank of America)
0.410%, 07/01/2037 Δ			1,790				1,790
North Carolina Capital Facilities Finance Agency, Salem Academy and College Project, Series 2005 (LOC: Branch Banking & Trust)
0.380%, 08/01/2030 Δ			5,910				5,910
Wake County Industrial Facilities & Pollution Control Financing Authority, Wake Enterprises, Series 2009 (LOC: Branch Banking & Trust)
0.380%, 02/01/2034 Δ			2,685				2,685
							10,385
Ohio - 6.3%
City of Blue Ash, Ursuline Academy of Cincinnati, Series 2008 (LOC: PNC Bank)
0.410%, 06/01/2031 Δ			12,155				12,155
City of Middletown, Ohio, Hospital Facilities Revenue, Atrium Medical Center Obligated Group, Series 2008B (LOC: PNC Bank)
0.400%, 11/15/2039 Δ			18,950				18,950
Franklin County, Health Care Facilities Improvement Revenue, Ohio Presbyterian Retirement Services, Series 2006A (LOC: PNC Bank)
0.410%, 07/01/2036 Δ			12,000				12,000
							43,105
Texas - 4.1%
Lower Neches Valley Authority Industrial Development Corp, ExxonMobil Project, Series 2012
0.320%, 05/01/2046 Δ			3,525				3,525
University of Texas System
0.170%, 06/03/2016			20,350				20,350
University of Texas System, Series 2016B
0.360%, 08/01/2039 Δ			4,390				4,390
							28,265
Vermont - 1.1%
Vermont State Housing Finance Agency, West Block University of Vermont Apartments, Winooski, Series 2004A (LOC: Bank of New York Mellon)
0.420%, 07/01/2037 Δ			7,665				7,665
Virginia - 7.6%
Bonds of County of Arlington, Virginia, Ballston Public Parking Project (LOC: PNC Bank)
0.460%, 08/01/2017 Δ			7,000				7,000
Fairfax County Economic Development Authority, Smithsonian Institution, Series B (SPA: Northern Trust Company)
0.400%, 12/01/2033 Δ			12,000				12,000
Loudoun County Industrial Development Authority, Howard Hughes Medical Institute, Series 2003E
0.390%, 02/15/2038 Δ			6,635				6,635
Loudoun County Industrial Development Authority, Howard Hughes Medical Institute, Series 2003F
0.390%, 02/15/2038 Δ			19,820				19,820
Portsmouth Redevelopment & Housing Authority, Phoebus Square Apartments, Series 2008
0.480%, 04/01/2048 Δ			7,200				7,200

 

 

							52,655
Washington - 8.9%
King County, Washington, Multi-Model Limited Tax General Obligations Bonds, Series A (SPA: State Street Bank & Trust Co.)
0.390%, 01/01/2040 Δ			23,000				23,000
Tacoma School District No. 10 Pierce County, Washington Unlimited Tax General Obligation and Refunding Bond, 2015
2.000%, 06/01/2016			7,540				7,540
Washington State Housing Finance Commission, Franke Tobey Jones Project, Series 2003 (LOC: Wells Fargo Bank)
0.400%, 09/01/2033 Δ			10,100				10,100
Washington State Housing Finance Commission, Urban Center Apartments Project, Series 2012
0.410%, 07/01/2047 Δ			15,880				15,880
Washington State Housing Finance Commission, Willow Tree Grove Apartments Project, Series 2011
0.410%, 02/01/2044 Δ			4,900				4,900
							61,420
Wisconsin - 4.8%
Dane County, Wisconsin General Obligation Promissory Notes, Series 2015A
2.000%, 06/01/2016			4,575				4,575
Wisconsin State Health & Educational Facilities Authority, Aurora Health Care, Inc., Series 1999C (LOC: JPMorgan Chase Bank)
0.400%, 02/15/2029 Δ			28,120				28,120
							32,695
Total Municipal Debt
(Cost $682,252)							682,252
Investment Company Ω - 1.0%		SHARES
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.185%			7,015,000				7,015
(Cost $7,015)
Total Investments ▲ - 100.0%
(Cost $689,267)							689,267
Other Assets and Liabilities, Net - 0.0%							265
Total Net Assets - 100.0%						$	689,532

  

>	Investment securities held (except for investment in other money market funds) are stated at amortized cost, which approximates fair value.  Under the amortized cost method, any discount or premium is amortized ratably to the expected maturity of the security and is included in interest income.  In accordance with Rule 2a-7 of the Investment Company Act of 1940, the fair values of the securities held in the fund are determined using prices supplied by the fund’s independent pricing services.  These values are then compared to the securities’ amortized cost.  If the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this the aggregate market price and aggregate amortized cost of all securities held by the fund exceeds 0.25%, the fund’s administrator will notify the fund’s board of directors and will monitor the deviation on a daily basis.  If the difference exceeds 0.50%, a meeting of the fund’s board of directors will be convened, and the board will determine what action, if any, to take.  During the nine-month period ended May 31, 2016, the difference between the aggregate market price and the aggregate amortized cost of all securities in the fund did not exceed 0.25%.  Investments in other money market funds are valued at their respective net asset values on the valuation date.
Δ	Variable Rate Security - The rate shown is the rate in effect as of May 31, 2016.
Ω	The rate shown is the annualized seven-day effective yield as of May 31, 2016.
▲	On May 31, 2016, the cost of investments for federal income tax purposes was approximately $689,267.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

FHLB	-	Federal Home Loan Banks
FHLMC	-	Federal Home Loan Mortgage Corporation
INS	-	Insured
LOC	-	Letter of Credit
SPA	-	Standby Purchase Agreement

 

Summary of Fair Value Exposure

 

Generally accepted accounting principles (“GAAP”) require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:

 

Level 1	-	Quoted prices in active markets for identical securities.
Level 2	-	Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.). Generally, the types of securities included in Level 2 of a fund are U.S. Treasury bills and certain money market instruments, including those instruments valued at amortized cost pursuant to Rule 2a-7. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
Level 3	-	Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the fund’s board of directors.

 

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.

 

As of May 31, 2016, the fund’s investments were classified as follows:

		Level 1				Level 2				Level 3				Total Fair Value
Municipal Debt		$	—			$	682,252			$	—			$	682,252
Investment Company			7,015				—				—				7,015
Total Investments		$	7,015			$	682,252			$	—			$	689,267

 

During the nine-month period ended May 31, 2016, there were no transfers between valuation levels or Level 3 securities.

 

 

Schedule of Investments May 31, 2016 (unaudited), all dollars are rounded to thousands (000)
Treasury Obligations Fund
DESCRIPTION				PAR				VALUE  >
U.S. Treasury Debt - 38.8%
U.S. Treasury Notes
0.500%, 06/30/2016			$	25,000			$	25,002
0.625%, 07/15/2016				35,000				34,999
0.500%, 07/31/2016				200,000				199,977
1.500%, 07/31/2016				100,000				100,169
0.500%, 08/31/2016				250,000				250,052
1.000%, 08/31/2016				475,000				475,543
3.000%, 08/31/2016				50,000				50,330
0.875%, 09/15/2016				50,000				50,048
0.500%, 09/30/2016				75,000				74,983
0.625%, 10/15/2016				150,000				150,052
0.375%, 10/31/2016				100,000				99,928
0.403%, 10/31/2016 Δ				223,000				222,894
1.000%, 10/31/2016				50,000				50,092
3.125%, 10/31/2016				50,000				50,523
0.875%, 11/30/2016				150,000				150,241
2.750%, 11/30/2016				250,000				252,651
0.875%, 12/31/2016				300,000				300,620
0.434%, 01/31/2017 Δ				160,000				159,996
0.875%, 02/28/2017				50,000				50,130
0.427%, 07/31/2017 Δ				50,000				49,962
0.518%, 10/31/2017 Δ				175,000				174,867
0.622%, 01/31/2018 Δ				430,000				430,319
0.540%, 04/30/2018 Δ				150,000				150,027
Total U.S. Treasury Debt (Cost $3,553,405)								3,553,405
U.S. Treasury Repurchase Agreements - 61.2%
Bank of Montreal
0.270%, dated 05/31/2016, matures 06/01/2016, repurchase price $350,003 (collateralized by U.S. Treasury obligations: Total market value $357,000)				350,000				350,000
Bank of Nova Scotia/NY
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $463,935 (collateralized by U.S. Treasury obligations: Total market value $473,193)				463,932				463,932
BNP Paribas Securities Corp
0.290%, dated 05/31/2016, matures 06/01/2016, repurchase price $725,006 (collateralized by U.S. Treasury obligations: Total market value $739,500)				725,000				725,000
Credit Agricole Corporate & Investment Bank
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $838,077 (collateralized by U.S. Treasury obligations: Total market value $854,801)				838,070				838,070
Federal Reserve Bank of New York
0.250%, dated 05/31/2016, matures 06/01/2016, repurchase price $1,100,008 (collateralized by U.S. Treasury obligations: Total market value $1,100,008)				1,100,000				1,100,000
HSBC Securities (USA) Inc
0.270%, dated 05/31/2016, matures 06/01/2016, repurchase price $550,004 (collateralized by U.S. Treasury obligations: Total market value $561,003)				550,000				550,000
0.260%, dated 05/31/2016, matures 06/07/2016, repurchase price $125,006 (collateralized by U.S. Treasury obligations: Total market value $127,503)				125,000				125,000
ING Financial Markets LLC
0.260%, dated 05/27/2016, matures 06/03/2016, repurchase price $100,005 (collateralized by U.S. Treasury obligations: Total market value $102,001)				100,000				100,000
0.260%, dated 05/31/2016, matures 06/07/2016, repurchase price $100,005 (collateralized by U.S. Treasury obligations: Total market value $102,004)				100,000				100,000
Merrill Lynch, Pierce, Fenner & Smith Inc
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $150,001 (collateralized by U.S. Treasury obligations: Total market value $153,000)				150,000				150,000
Societe Generale/New York Branch
0.280%, dated 05/31/2016, matures 06/01/2016, repurchase price $350,003 (collateralized by U.S. Treasury obligations: Total market value $357,000)				350,000				350,000
0.240%, dated 05/31/2016, matures 06/7/2016, repurchase price $300,014 (collateralized by U.S. Treasury obligations: Total market value $306,000)				300,000				300,000
TD Securities USA LLC
0.270%, dated 05/31/2016, matures 06/01/2016, repurchase price $450,003 (collateralized by U.S. Treasury obligations: Total market value $459,000)				450,000				450,000
Total U.S. Treasury Repurchase Agreements (Cost $5,602,002)								5,602,002
Total Investments ▲ - 100.0% (Cost $9,155,407)								9,155,407
Other Assets and Liabilities, Net - 0.0%								2,425
Total Net Assets - 100.0%							$	9,157,832

 

 

>	Investment securities held (except for investment in other money market funds) are stated at amortized cost, which approximates fair value.  Under the amortized cost method, any discount or premium is amortized ratably to the expected maturity of the security and is included in interest income.  In accordance with Rule 2a-7 of the Investment Company Act of 1940, the fair values of the securities held in the fund are determined using prices supplied by the fund’s independent pricing services.  These values are then compared to the securities’ amortized cost.  If the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this the aggregate market price and aggregate amortized cost of all securities held by the fund exceeds 0.25%, the fund’s administrator will notify the fund’s board of directors and will monitor the deviation on a daily basis.  If the difference exceeds 0.50%, a meeting of the fund’s board of directors will be convened, and the board will determine what action, if any, to take.  During the nine-month period ended May 31, 2016, the difference between the aggregate market price and the aggregate amortized cost of all securities in the fund did not exceed 0.25%.  Investments in other money market funds are valued at their respective net asset values on the valuation date.
Δ	Variable rate security - The rate shown is the rate in effect as of May 31, 2016.
▲	On May 31, 2016, the cost of investments for federal income tax purposes was approximately $9,155,407.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

 

Summary of Fair Value Exposure

 

Generally accepted accounting principles (“GAAP”) require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:

 

Level 1	-	Quoted prices in active markets for identical securities.
Level 2	-	Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.). Generally, the types of securities included in Level 2 of a fund are U.S. Treasury bills and certain money market instruments, including those instruments valued at amortized cost pursuant to Rule 2a-7. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
Level 3	-	Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments).  Generally, the types of securities included in Level 3 of a fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the fund’s board of directors.

 

The valuation levels are not necessarily an indication of the risk associated with investing in these investments. 

 

As of May 31, 2016, the fund’s investments were classified as follows:

 

		Level 1				Level 2				Level 3				Total Fair Value
U.S. Treasury Repurchase Agreements		$	—			$	5,602,002			$	—			$	5,602,002
U.S. Treasury Debt			—				3,553,405				—				3,553,405
Total Investments		$	—			$	3,553,405			$	—			$	3,553,405

 

During the nine-month period ended May 31, 2016, there were no transfers between valuation levels or Level 3 securities.
Certain Transfers Accounted for as Secured Borrowings

 

Remaining Contractual Maturity of the Agreements		Overnight and Continuous				Up to 30 Days				30-90 Days				Total
Repurchase Agreements
U.S. Treasury		$	5,602,002			$	—			$	—			$	5,602,002
Total Borrowings		$	5,602,002			$	—			$	—			$	5,602,002

 

 

Schedule of Investments May 31, 2016 (unaudited), all dollars are rounded to thousands (000)

 

U.S. Treasury Money Market Fund

 

DESCRIPTION			PAR				VALUE >
U.S. Treasury Debt - 99.9%
U.S. Treasury Bills U
0.079%, 06/02/2016			$	92,866			$	92,866
0.207%, 06/09/2016				183,775				183,766
0.186%, 06/16/2016				65,100				65,095
0.203%, 06/23/2016				50,846				50,839
0.175%, 07/07/2016				62,275				62,264
0.182%, 07/14/2016				40,000				39,991
0.232%, 07/21/2016				35,000				34,988
0.241%, 07/28/2016				15,000				14,994
0.246%, 08/04/2016				17,214				17,206
0.230%, 08/25/2016				25,000				24,986
0.242%, 09/01/2016				15,000				14,991
U.S. Treasury Notes
0.500%, 06/15/2016				3,014				3,014
1.500%, 06/30/2016				21,392				21,411
0.625%, 07/15/2016				100,065				100,106
0.420%, 07/31/2016 Δ				5,000				5,000
0.500%, 07/31/2016				16,260				16,263
1.500%, 07/31/2016				40,000				40,071
3.250%, 07/31/2016				21,473				21,577
0.625%, 08/15/2016				4,981				4,982
0.500%, 08/31/2016				2,159				2,158
1.000%, 08/31/2016				40,005				40,068
0.500%, 09/30/2016				7,551				7,549
0.403%, 10/31/2016 Δ				27,000				26,985
1.000%, 10/31/2016				21,102				21,149
0.875%, 11/30/2016				5,400				5,410
0.434%, 01/31/2017 Δ				10,000				10,000
0.424%, 04/30/2017 Δ				30,000				30,002
0.427%, 07/31/2017 Δ				27,353				27,324
0.518%, 10/31/2017 Δ				44,270				44,278
0.622%, 01/31/2018 Δ				19,081				19,116
Total U.S. Treasury Debt
(Cost $1,048,449)								1,048,449
Total Investments ▲ - 99.9%
(Cost $1,048,449)								1,048,449
Other Assets and Liabilities, Net - 0.1%								804
Total Net Assets - 100.0%							$	1,049,253

>	Investment securities held (except for investment in other money market funds) are stated at amortized cost, which approximates fair value. Under the amortized cost method, any discount or premium is amortized ratably to the expected maturity of the security and is included in interest income. In accordance with Rule 2a-7 of the Investment Company Act of 1940, the fair values of the securities held in the fund are determined using prices supplied by the fund’s independent pricing services. These values are then compared to the securities’ amortized cost. If the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this the aggregate market price and aggregate amortized cost of all securities held by the fund exceeds 0.25%, the fund’s administrator will notify the fund’s board of directors and will monitor the deviation on a daily basis. If the difference exceeds 0.50%, a meeting of the fund’s board of directors will be convened, and the board will determine what action, if any, to take. During the nine-month period ended May 31, 2016, the difference between the aggregate market price and the aggregate amortized cost of all securities in the fund did not exceed 0.25%.Investments in other money market funds are valued at their respective net asset values on the valuation date.
U	Rate shown is effective yield as of May 31, 2016.
Δ	Variable rate security - The rate shown is the rate in effect as of May 31, 2016.
▲	On May 31, 2016, the cost of investments for federal income tax purposes was approximately $1,048,449. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.
Summary of Fair Value Exposure
Generally accepted accounting principles (“GAAP”) require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:

 

Level 1	-	Quoted prices in active markets for identical securities.
Level 2	-	Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.). Generally, the types of securities included in Level 2 of a fund are U.S. Treasury bills and certain money market instruments, including those instruments valued at amortized cost pursuant to Rule 2a-7. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
Level 3	-	Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the fund’s board of directors.
As of May 31, 2016, the fund’s investments were classified as follows:

 

		Level 1				Level 2				Level 3				Total Fair Value
U.S. Treasury Debt		$	—			$	1,048,449			$	—			$	1,048,449
Total Investments		$	—			$	1,048,449			$	—			$	1,048,449

 

During the nine-month period ended May 31, 2016, there were no transfers between valuation levels or Level 3 securities.

 

 

Item 2. Controls and Procedures.

 

(a)

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

 

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

  

Item 3. Exhibits.

 

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act are filed herewith.

 

 

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/ Eric J. Thole
	Eric J. Thole
	President
Date:	July 27, 2016

 

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/ Eric J. Thole
	Eric J. Thole
	President
Date:	July 27, 2016

  

By:	/s/ Jill M. Stevenson
	Jill M. Stevenson
	Treasurer
Date:	July 27, 2016

 

Exhibit 99.CERT

 

CERTIFICATION

 

I, Eric J. Thole, certify that:

 

1.

I have reviewed this report on Form N-Q of First American Funds, Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

  

Date:  July 27, 2016	/s/ Eric J. Thole
	Eric J. Thole President

 

 

CERTIFICATION

 

I, Jill M. Stevenson, certify that:

 

1.

I have reviewed this report on Form N-Q of First American Funds, Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

  

Date:  July 27, 2016	/s/ Jill M. Stevenson
	Jill M. Stevenson Treasurer