Statements of ASSETS AND LIABILITIESAugust 31, 2008, all dollars and shares are rounded to thousands (000), except per share dataGovernmentObligationsFundPrimeObligationsFundTax FreeObligationsFundTreasuryObligationsFundU.S. Treasury<strong>Money</strong> <strong>Market</strong>FundASSETS:Investments in securities, at amortized cost (note 2) $ 8,999,465 $ 23,284,956 $ 2,351,716 $ 1,020,412 $ 1,328,000Repurchase agreements, at amortized cost (note 2) 3,848,041 886,035 — 18,190,924 —Cash 1 — 13 1 —Receivable for investments sold — — 29,179 — —Receivable for interest 28,004 69,341 5,986 17,737 53Receivable for capital shares sold 64 1,106 — — —Prepaid expenses and other assets 10 38 78 34 9Total assets 12,875,585 24,241,476 2,386,972 19,229,108 1,328,062LIABILITIES:Bank overdraft — 282 — — —Dividends payable 19,444 48,301 2,692 24,998 1,371Payable for investments purchased 198,896 — — — —Payable for capital shares redeemed — 1,652 — 33 2Payable to affiliates (note 3) 2,079 4,560 423 3,348 216Payable for distribution and shareholder servicing fees 2,669 3,651 450 4,708 279Accrued expenses and other liabilities 222 254 20 30 21Total liabilities 223,310 58,700 3,585 33,117 1,889Net assets $12,652,275 $24,182,776 $2,383,387 $19,195,991 $1,326,173COMPOSITION OF NET ASSETS:Portfolio capital $ 12,652,363 $ 24,182,936 $ 2,383,270 $ 19,196,084 $ 1,326,178Undistributed (distributions in excess of) net investment income (37) 163 (5) (16) (3)Accumulated net realized gain (loss) on investments (note 2) (51) (323) 122 (77) (2)Net assets $12,652,275 $24,182,776 $2,383,387 $19,195,991 $1,326,173Class A:Net assets $ 710,680 $ 2,315,088 $ 255,762 $ 1,391,961 $ 89,497Shares issued and outstanding ($0.01 par value – 5 billion authorized*) 710,684 2,315,296 255,789 1,391,947 89,498Net asset value, offering price, and redemption price per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00Class B:Net assets $ — $ 5,610 $ — $ — $ —Shares issued and outstanding ($0.01 par value – 20 billion authorized) — 5,615 — — —Net asset value, offering price, and redemption price per share $ — $ 1.00 $ — $ — $ —Class C:Net assets $ — $ 5,060 $ — $ — $ —Shares issued and outstanding ($0.01 par value – 1 billion authorized) — 5,056 — — —Net asset value, offering price, and redemption price per share $ — $ 1.00 $ — $ — $ —Class D:Net assets $ 2,628,910 $ 1,936,019 $ 159,924 $ 6,868,518 $ 321,431Shares issued and outstanding ($0.01 par value – 20 billion authorized) 2,628,939 1,935,988 159,919 6,868,606 321,430Net asset value, offering price, and redemption price per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00Class I:Net assets $ — $ 1,608,965 $ — $ — $ —Shares issued and outstanding ($0.01 par value – 20 billion authorized) — 1,609,027 — — —Net asset value, offering price, and redemption price per share $ — $ 1.00 $ — $ — $ —Class Y:Net assets $ 6,935,957 $ 8,092,898 $ 1,281,930 $ 5,482,050 $ 570,751Shares issued and outstanding ($0.01 par value – 20 billion authorized) 6,936,090 8,092,840 1,281,873 5,482,104 570,754Net asset value, offering price, and redemption price per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00Class Z:Net assets $ 1,915,386 $ 8,864,378 $ 644,429 $ 3,713,560 $ 219,278Shares issued and outstanding ($0.01 par value – 20 billion authorized) 1,915,395 8,864,693 644,414 3,713,568 219,279Net asset value, offering price, and redemption price per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00Institutional Investor Class:Net assets $ 461,342 $ 1,354,758 $ 41,342 $ 766,652 $ 125,216Shares issued and outstanding ($0.01 par value – 20 billion authorized) 461,343 1,354,610 41,340 766,653 125,216Net asset value, offering price, and redemption price per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00Reserve Class:Net assets $ — $ — $ — $ 973,250 $ —Shares issued and outstanding ($0.01 par value – 5 billion authorized) — — — 973,280 —Net asset value, offering price, and redemption price per share $ — $ — $ — $ 1.00 $ —* 20 billion shares were authorized for U.S. Treasury <strong>Money</strong> <strong>Market</strong> Fund.The accompanying notes are an integral part of the financial statements.24 FIRST AMERICAN FUNDS 2008 Annual Report
Statements of OPERATIONS For the year ended August 31, 2008, all dollars are rounded to thousands (000)GovernmentObligationsFundPrimeObligationsFundTax FreeObligationsFundTreasuryObligationsFundU.S. Treasury<strong>Money</strong> <strong>Market</strong>FundINVESTMENT INCOME:Interest income $337,710 $837,012 $61,925 $592,147 $28,347Securities lending income (note 2) 347 — — — —Total investment income 338,057 837,012 61,925 592,147 28,347EXPENSES (note 3):Investment advisory fees 10,380 22,108 2,378 19,495 1,079Administration fees and expenses 12,784 27,667 2,969 24,335 1,331Transfer agent fees and expenses 105 208 117 83 120Custodian fees 529 1,105 120 975 54Legal fees 12 31 12 12 12Audit fees 29 57 29 29 29Registration fees 262 354 52 95 38Postage and printing fees 103 208 23 207 6Directors’ fees 24 37 24 24 24Other expenses 66 90 56 103 71Distribution and shareholder servicing fees – Class A 3,185 11,009 1,044 8,944 283Distribution and shareholder servicing fees – Class B — 129 — — —Distribution and shareholder servicing fees – Class C — 109 — — —Distribution and shareholder servicing fees – Class D 8,001 6,518 508 27,485 1,307Shareholder servicing fees – Class I — 3,265 — — —Shareholder servicing fees – Class Y 13,056 17,835 3,283 14,880 1,248Shareholder servicing fees – Institutional Investor Class 611 1,588 34 906 20Distribution and shareholder servicing fees – Reserve Class — — — 7,950 —Total expenses 49,147 92,318 10,649 105,523 5,622Less: Fee waivers and reimbursements (note 3) (3,216) (3,392) (920) (5,903) (577)Less: Indirect payments from the custodian (note 3) (4) (51) (7) (29) (2)Total net expenses 45,927 88,875 9,722 99,591 5,043Investment income – net 292,130 748,137 52,203 492,556 23,304REALIZED AND UNREALIZED GAINS (LOSSES) ONINVESTMENTS:Net realized gain (loss) on investments (13) (76,482) 128 1 (1)Reimbursement from affiliate (note 7) — 76,565 — — —Net gain (loss) on investments (13) 83 128 1 (1)Net increase in net assets resulting from operations $292,117 $748,220 $52,331 $492,557 $23,303FIRST AMERICAN FUNDS 2008 Annual Report 25