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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 (Address of principal executive offices)		55402 (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: February 28, 2011

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.

Explanation of Financial Statements

As a shareholder in First American Funds, you receive shareholder reports semiannually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So, we would like to take this opportunity to explain several sections of the shareholder report.

The Schedule of Investments details all of the securities held in the fund and their related dollar values on the last day of the reporting period. Securities are usually presented by type (common stock, bonds, etc.) and by industry classification (banking, communications, etc.). This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to the Financial Statements provide additional details on how the securities are valued.

The Statement of Assets and Liabilities lists the assets and liabilities of the fund and present the fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. The investments, as presented in the Schedule of Investments, comprise substantially all of the fund’s assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.

The Statement of Operations details the dividends and interest income earned from securities as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.

The Statement of Changes in Net Assets describes how the fund’s net assets were affected by its operating results, distributions to shareholders, and shareholder transactions during the reporting period. This statement is important to investors because it shows exactly what caused the fund’s net asset size to change during the period.

The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios, net investment income ratios, and portfolio turnover rates. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the 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 portfolio turnover rate represents the percentage of the fund’s holdings that have changed over the course of the period, and gives an idea of how long the fund holds onto a particular security. A 100% turnover rate implies that an amount equal to the value of the entire portfolio is turned over in a year through the purchase and sale of securities.

The Notes to Financial Statements disclose the organizational background of the fund, its significant accounting policies, federal tax information, fees and compensation paid to affiliates, and significant risks and contingencies.

We hope this guide to your shareholder report will help you get the most out of this important resource. You can visit First American Funds’ website for other useful information on each of our funds, including fund prices, performance, fund manager bios, dividends, and downloadable fact sheets. For more information, call First American Investor Services at 800.677.Fund or visit FirstAmericanFunds.com.

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 1

Government Obligations Fund

Portfolio Allocation as of February 28, 2011¹(% of net assets)


Government Agency Debt	55	.1%
Government Agency Repurchase Agreements	39	.8
Treasury Repurchase Agreements	4	.3
Treasury Debt	1	.2
Other Assets and Liabilities, Net²	(0	.4)

	100	.0%

Prime Obligations Fund

Portfolio Allocation as of February 28, 2011¹(% of net assets)


Certificates of Deposit	29	.8%
Financial Company Commercial Paper	15	.4
Asset Backed Commercial Paper	15	.0
Other Notes	10	.2
Government Agency Debt	8	.2
Treasury Repurchase Agreements	7	.8
Treasury Debt	5	.3
Government Agency Repurchase Agreement	3	.1
Investment Companies	2	.3
Variable Rate Demand Notes	2	.2
Other Commercial Paper	0	.9
Other Assets and Liabilities, Net²	(0	.2)

	100	.0%

Tax Free Obligations Fund

Portfolio Allocation as of February 28, 2011^1,3(% of net assets)


Municipal Debt	100	.5%
Other Assets and Liabilities, Net²	(0	.5)

	100	.0%

Treasury Obligations Fund

Portfolio Allocation as of February 28, 2011¹(% of net assets)


Treasury Repurchase Agreements	77	.4%
Treasury Debt	22	.6

	100	.0%

U.S. Treasury Money Market Fund

Portfolio Allocation as of February 28, 2011¹ (% of net assets)


Treasury Debt	100	.0%


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 liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

³	See note 4 in Notes to Financial Statements for additional information on the portfolio characteristics of the fund.

2 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT

Expense Example

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from September 1, 2010 to February 28, 2011.

Actual Expenses

For each class of each fund, two lines are presented in the table below — the first line for each class provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular fund and class, to estimate the expenses that you paid over the period. Simply divide your account value in the fund and class by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class of each fund, the second line for each class provides information about hypothetical account values and hypothetical expenses based on the respective fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the tables for each class of each fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Government Obligations Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (9/01/10 to
	Value (9/01/10)		Value (2/28/11)		2/28/11)

Class A Actual²	$	1,000.00	$	1,000.00	$	1.19


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20



Class D Actual²	$	1,000.00	$	1,000.00	$	1.19


Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20



Class Y Actual²	$	1,000.00	$	1,000.00	$	1.19


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20



Class Z Actual²	$	1,000.00	$	1,000.10	$	1.14


Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.65	$	1.15



Institutional Investor Class Actual²	$	1,000.00	$	1,000.00	$	1.19


Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.24%, 0.24%, 0.24%, 0.23%, and 0.24% 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/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended February 28, 2011 of 0.00%, 0.00%, 0.00%, 0.01%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively.

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 3

Expense Examples continued

Prime Obligations Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (9/01/10 to
	Value (9/01/10)		Value (2/28/11)		2/28/11)

Class A Actual²	$	1,000.00	$	1,000.00	$	1.64


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.16	$	1.66



Class C Actual²	$	1,000.00	$	1,000.00	$	1.69


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.11	$	1.71



Class D Actual²	$	1,000.00	$	1,000.00	$	1.64


Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.16	$	1.66



Class I Actual²	$	1,000.00	$	1,000.00	$	1.64


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.16	$	1.66



Class Y Actual²	$	1,000.00	$	1,000.00	$	1.64


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.16	$	1.66



Class Z Actual²	$	1,000.00	$	1,000.50	$	1.19


Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20



Institutional Investor Class Actual²	$	1,000.00	$	1,000.00	$	1.59


Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.21	$	1.61


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.33%, 0.34%, 0.33%, 0.33%, 0.33%, 0.24%, and 0.32% for Class A, Class C, 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/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended February 28, 2011 of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, 0.05%, and 0.00% for Class A, Class C, Class D, Class I, Class Y, Class Z, and Institutional Investor Class, respectively.

Tax Free Obligations Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (9/01/10 to
	Value (9/01/10)		Value (2/28/11)		2/28/11)

Class A Actual⁴	$	1,000.00	$	1,000.00	$	1.39


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.41	$	1.40



Class D Actual⁴	$	1,000.00	$	1,000.00	$	1.34


Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35



Class Y Actual⁴	$	1,000.00	$	1,000.00	$	1.39


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.41	$	1.40



Class Z Actual⁴	$	1,000.00	$	1,000.10	$	1.29


Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.51	$	1.30



Institutional Investor Class Actual⁴	$	1,000.00	$	1,000.00	$	1.34


Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.28%, 0.27%, 0.28%, 0.26%, and 0.27% 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/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended February 28, 2011 of 0.00%, 0.00%, 0.00%, 0.01%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively.

4 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT

Treasury Obligations Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (9/01/10 to
	Value (9/01/10)		Value (2/28/11)		2/28/11)

Class A Actual²	$	1,000.00	$	1,000.00	$	1.09


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.70	$	1.10



Class D Actual²	$	1,000.00	$	1,000.00	$	1.04


Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.75	$	1.05



Class Y Actual²	$	1,000.00	$	1,000.00	$	1.04


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.75	$	1.05



Class Z Actual²	$	1,000.00	$	1,000.00	$	1.04


Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.75	$	1.05



Institutional Investor Class Actual²	$	1,000.00	$	1,000.00	$	1.04


Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.75	$	1.05



Reserve Class Actual²	$	1,000.00	$	1,000.00	$	1.09


Reserve Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.70	$	1.10


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.22%, 0.21%, 0.21%, 0.21%, 0.21%, and 0.22% 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/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended February 28, 2011 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


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (9/01/10 to
	Value (9/01/10)		Value (2/28/11)		2/28/11)

Class A Actual⁴	$	1,000.00	$	1,000.00	$	0.74


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05	$	0.75



Class D Actual⁴	$	1,000.00	$	1,000.00	$	0.74


Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05	$	0.75



Class Y Actual⁴	$	1,000.00	$	1,000.00	$	0.74


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05	$	0.75



Class Z Actual⁴	$	1,000.00	$	1,000.00	$	0.74


Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05	$	0.75



Institutional Investor Class Actual⁴	$	1,000.00	$	1,000.00	$	0.74


Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05	$	0.75


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.15%, 0.15%, 0.15%, 0.15%, and 0.15% 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/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended February 28, 2011 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 2011 SEMIANNUAL REPORT 5

Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)


Government Obligations Fund
DESCRIPTION	PAR		VALUE >


Government Agency Debt – 55.1%
Federal Farm Credit Bank
0.225%, 08/17/2011 Δ	$	50,000	$	50,000
0.190%, 12/07/2011 Δ		116,600		116,455
0.250%, 03/23/2012 Δ		75,000		74,968
Federal Home Loan Bank
2.875%, 03/11/2011		75,000		75,054
3.250%, 03/11/2011		75,000		75,062
0.350%, 04/18/2011		50,000		49,999
0.165%, 05/04/2011 ¤		150,000		149,956
0.170%, 05/06/2011 ¤		75,000		74,977
0.250%, 05/12/2011 Δ		45,000		45,000
0.180%, 05/26/2011 Δ		60,000		60,001
0.330%, 06/01/2011 Δ		100,000		100,000
0.275%, 06/02/2011 Δ		100,000		100,000
0.163%, 06/07/2011 Δ		150,000		149,984
0.330%, 06/10/2011 Δ		50,000		50,000
0.330%, 06/15/2011 Δ		99,485		99,485
0.168%, 07/20/2011 Δ		100,000		99,988
0.167%, 07/25/2011 Δ		75,000		74,988
0.167%, 07/28/2011 Δ		95,000		94,986
0.174%, 08/12/2011 Δ		100,000		99,964
0.182%, 08/26/2011 Δ		50,000		49,970
3.750%, 09/09/2011		70,625		71,916
0.216%, 09/15/2011 Δ		75,000		74,967
0.240%, 10/20/2011 Δ		50,000		50,000
0.350%, 11/07/2011		60,000		60,000
0.340%, 11/15/2011		125,000		125,000
0.400%, 12/09/2011		74,500		74,500
0.400%, 12/12/2011		75,000		75,000
0.450%, 12/14/2011		65,000		65,000
0.450%, 12/16/2011		50,000		50,000
0.450%, 12/23/2011		81,850		81,850
0.500%, 12/28/2011		50,000		50,000
0.500%, 12/30/2011		49,000		49,000
0.250%, 01/19/2012 Δ		100,000		100,004
0.223%, 02/01/2012 Δ		75,000		74,977
0.278%, 02/10/2012 Δ		150,000		149,968
0.460%, 02/22/2012		35,000		35,000
0.430%, 02/22/2012		35,000		35,000
0.300%, 02/28/2012 Δ		100,000		100,000
0.450%, 03/02/2012		50,000		50,000
0.450%, 03/06/2012		75,000		75,000
0.500%, 03/16/2012		35,000		35,000
0.280%, 03/20/2012 Δ		50,000		49,989
0.275%, 07/24/2012 Δ		150,000		149,947
Federal Home Loan Mortgage Corporation
5.125%, 04/18/2011		45,840		46,135
0.291%, 04/27/2011 ¤		150,000		149,931
0.165%, 05/02/2011 ¤		100,000		99,972
0.161%, 05/09/2011 ¤		353,678		353,569
0.271%, 06/07/2011 ¤		125,000		124,908
5.250%, 07/18/2011		50,000		50,945
0.240%, 08/05/2011 Δ		80,759		80,741
0.400%, 09/22/2011		125,000		125,000
0.232%, 09/26/2011 Δ		100,000		99,965
0.262%, 10/26/2011 Δ		50,000		49,987
0.290%, 11/07/2011 Δ		150,000		149,969
0.310%, 11/21/2011 Δ		75,000		74,978
1.125%, 12/15/2011		50,000		50,300
0.150%, 01/25/2012 Δ		75,000		74,945
0.200%, 05/01/2012 Δ		74,535		74,482
0.224%, 08/10/2012 Δ		120,000		119,930
Federal National Mortgage Association
0.160%, 03/14/2011 ¤		75,000		74,996
0.155%, 03/16/2011 ¤		62,958		62,954
1.750%, 03/23/2011		50,000		50,045
0.155%, 03/23/2011 ¤		50,000		49,995
0.331%, 04/01/2011 ¤		50,000		49,986
2.750%, 04/11/2011		83,376		83,607
5.125%, 04/15/2011		118,533		119,230
0.150%, 04/27/2011 ¤		10,713		10,710
0.155%, 05/04/2011 ¤		40,337		40,326
0.160%, 05/25/2011 ¤		50,000		49,981
4.680%, 06/15/2011		29,435		29,814
0.174%, 08/11/2011 Δ		75,000		74,983
3.625%, 08/15/2011		35,000		35,531
1.160%, 09/08/2011		25,000		25,115
0.282%, 08/23/2012 Δ		100,000		100,045
General Electric Capital (FDIC Insured)
1.800%, 03/11/2011		68,955		68,989
3.000%, 12/09/2011		75,859		77,414
JPMorgan Chase & Co. (FDIC Insured)
3.125%, 12/01/2011		30,367		31,017
Morgan Stanley (FDIC Insured)
3.250%, 12/01/2011		25,000		25,543
Regions Bank (FDIC Insured)
3.250%, 12/09/2011		48,886		49,992
State Street Bank & Trust (FDIC Insured)
0.502%, 09/15/2011 Δ		21,835		21,868
Straight-A Funding
0.250%, 03/10/2011 ¤ n		28,544		28,542
0.250%, 03/10/2011 ¤ n		26,242		26,240
0.250%, 03/10/2011 ¤ n		146,902		146,893
0.250%, 04/04/2011 ¤ n		30,000		29,993
0.250%, 04/13/2011 ¤ n		100,000		99,970
0.250%, 04/13/2011 ¤ n		25,000		24,993
0.250%, 04/18/2011 ¤ n		25,530		25,521
0.250%, 05/05/2011 ¤ n		35,000		34,984
0.250%, 05/16/2011 ¤ n		65,000		64,967
Wells Fargo & Co. (FDIC Insured)
1.152%, 12/09/2011 Δ		50,000		50,350

Total Government Agency Debt
(Cost $6,763,306)				6,763,306

Treasury Debt – 1.2%
U.S. Treasury Notes
1.000%, 10/31/2011		50,000		50,247
4.500%, 11/30/2011		100,000		103,120

Total Treasury Debt
(Cost $153,367)				153,367

Government Agency Repurchase Agreements – 39.8%
Bank of America Securities
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $332,885 (Collateralized by various government agency obligations: Total market value $339,542)		332,883		332,883
Barclays Capital
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $500,003 (Collateralized by various government agency obligations: Total market value $510,000)		500,000		500,000
BNP Paribas Securities
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $2,250,011 (Collateralized by various government agency obligations: Total market value $2,295,000)		2,250,000		2,250,000

The accompanying notes are an integral part of the financial statements.

6 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT


Government Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >


Goldman Sachs & Co.
0.190%, dated 02/28/2011, matures 03/01/2011 repurchase price $600,003 (Collateralized by various government agency obligations: Total market value $612,001)	$	600,000	$	600,000
HSBC Securities USA
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $800,004 (Collateralized by various government agency obligations: Total market value $816,004)		800,000		800,000
ING Financial Markets
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $200,001 (Collateralized by various government agency obligations: Total market value $204,003)		200,000		200,000
RBC Capital Markets
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $200,001 (Collateralized by various government agency obligations: Total market value $204,001)		200,000		200,000

Total Government Agency Repurchase Agreements
(Cost $4,882,883)				4,882,883

Treasury Repurchase Agreements – 4.3%
Credit Suisse Securities USA
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $200,001 (Collateralized by U.S. Treasury Debt: Total market value $204,001)		200,000		200,000
UBS Securities
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $325,002 (Collateralized by U.S. Treasury Debt: Total market value $331,500)		325,000		325,000

Total Treasury Repurchase Agreements
(Cost $525,000)				525,000

Total Investments 5 – 100.4%
(Cost $12,324,556)				12,324,556

Other Assets and Liabilities, Net – (0.4)%				(54,415	)

Total Net Assets – 100.0%			$	12,270,141

Government Obligations Fund (concluded)


>		Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

Δ		Variable Rate Security – The rate shown is the rate in effect as of February 28, 2011.

¤		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.

n		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 February 28, 2011, the value of these investments was $482,103 or 3.9% of total net assets. See note 2 in Notes to Financial Statements.

5		On February 28, 2011, the cost of investments for federal income tax purposes was approximately $12,324,556. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 7

Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)


Prime Obligations Fund
DESCRIPTION	PAR		VALUE >


Certificates of Deposit – 29.8%
Banco Bilbao Vizcaya Argentaria/NY
0.430%, 03/10/2011	$	50,000	$	50,000
0.380%, 03/14/2011		25,000		25,000
Banco Santander/NY
0.420%, 03/03/2011		75,000		75,000
Bank of Montreal/Chicago
0.190%, 03/01/2011		200,000		200,000
0.190%, 03/04/2011		150,000		150,000
Bank of Nova Scotia/Houston
0.600%, 04/12/2011		50,000		50,000
0.270%, 05/12/2011		100,000		100,000
0.340%, 07/07/2011		50,000		50,000
0.290%, 08/18/2011 Δ		105,000		105,000
0.450%, 08/30/2011		50,000		50,000
0.330%, 09/29/2011 Δ		25,000		25,000
0.384%, 03/16/2012 Δ		75,000		75,000
Barclays Bank/NY
0.370%, 05/03/2011		75,000		75,000
0.312%, 07/19/2011 Δ		75,000		75,000
0.653%, 07/19/2011 Δ		75,000		75,000
BNP Paribas/NY
0.510%, 06/08/2011		7,000		7,001
0.653%, 07/12/2011 Δ		100,000		100,000
0.463%, 07/25/2011 Δ		100,000		100,000
0.503%, 08/04/2011 Δ		75,000		75,000
0.520%, 08/11/2011		50,000		50,000
0.530%, 08/12/2011		50,000		50,000
0.670%, 02/06/2012 Δ		75,000		75,000
Canadian Imperial Bank of Commerce/NY
0.250%, 04/27/2011 Δ		83,600		83,600
0.260%, 05/17/2011 Δ		50,000		50,000
0.290%, 08/29/2011 Δ		100,000		100,000
Credit Agricole Corporate & Investment Bank/NY
0.350%, 04/05/2011		65,000		65,000
0.360%, 05/10/2011		50,000		50,000
0.325%, 05/25/2011		75,000		75,000
0.473%, 07/18/2011 Δ		70,000		70,000
0.530%, 08/10/2011		50,000		50,000
Credit Suisse/NY
0.260%, 04/15/2011 Δ		150,000		150,000
0.304%, 08/10/2011 Δ		35,000		35,000
Deutsche Bank/NY
0.300%, 04/04/2011		75,000		75,000
0.340%, 07/06/2011 Δ		115,000		115,000
DnB NOR Bank/NY
0.320%, 05/17/2011		75,000		75,000
0.350%, 08/18/2011		50,000		50,000
Lloyds TSB Bank/NY
1.263%, 03/07/2011 Δ		100,000		100,000
0.404%, 05/02/2011 Δ		100,000		100,000
0.440%, 07/14/2011		75,000		75,000
0.440%, 07/26/2011		50,000		50,000
National Australia Bank/NY
0.296%, 04/15/2011 Δ		80,250		80,250
0.323%, 10/19/2011 Δ		75,000		74,990
0.354%, 01/12/2012 Δ		40,000		40,000
Natixis/NY
0.416%, 08/15/2011 Δ		165,000		165,000
Nordea Bank Finland/NY
0.370%, 07/13/2011		50,000		50,000
0.360%, 07/26/2011		50,000		50,000
0.420%, 07/28/2011		75,000		75,015
0.370%, 07/29/2011		75,000		75,000
0.410%, 08/26/2011		50,000		50,017
Rabobank Nederland/NY
0.322%, 04/26/2011 Δ		9,000		9,000
0.380%, 06/08/2011		100,000		100,000
0.370%, 07/07/2011		39,000		39,006
0.370%, 08/01/2011		42,000		42,000
0.470%, 09/01/2011		50,000		50,000
0.342%, 10/21/2011 Δ		50,000		50,000
Royal Bank of Canada/NY
0.300%, 06/07/2011 Δ		50,000		50,000
0.330%, 08/05/2011 Δ		50,000		50,000
Royal Bank of Scotland/CT
0.410%, 07/14/2011 Δ		100,000		100,000
0.450%, 08/03/2011		50,000		50,000
0.453%, 10/25/2011 Δ		128,500		128,500
Societe Generale/NY
0.390%, 05/16/2011		40,000		40,000
0.432%, 07/21/2011 Δ		70,000		70,000
0.515%, 08/15/2011		50,000		50,001
0.360%, 02/03/2012 Δ		125,000		125,000
Svenska Handelsbanken/NY
0.300%, 04/04/2011		60,000		60,000
0.360%, 06/13/2011		50,000		50,000
Toronto Dominion Bank/NY
0.264%, 03/10/2011		82,119		82,119
0.210%, 03/11/2011		150,000		150,000
0.332%, 10/28/2011 Δ		100,000		100,000
0.344%, 01/12/2012 Δ		60,000		60,000
UBS/Stamford
0.360%, 05/26/2011		50,000		50,000
0.400%, 07/05/2011		75,000		75,000
0.380%, 08/29/2011		50,000		50,000
Westpac Banking/NY
0.410%, 06/21/2011		9,000		8,997
0.340%, 07/05/2011		50,000		50,000
0.350%, 08/29/2011		50,000		50,000
0.270%, 08/31/2011 Δ		100,000		100,000

Total Certificates of Deposit
(Cost 5,505,496)				5,505,496

Financial Company Commercial Paper – 15.4%
Australia & New Zealand Banking Group
0.300%, 05/03/2011 n ¤		75,000		74,961
0.351%, 06/07/2011 n ¤		50,000		49,952
0.325%, 02/02/2012 Δ n		50,000		50,000
Banco Bilbao Vizcaya Argentaria/London
0.400%, 03/03/2011 n ¤		60,000		59,999
0.550%, 03/18/2011 n ¤		80,000		79,979
0.540%, 03/30/2011 n ¤		100,000		99,957
BNP Paribas Finance
0.481%, 07/01/2011 ¤		50,000		49,919
Commonwealth Bank of Australia
0.404%, 05/13/2011 Δ n		60,000		60,000
0.340%, 07/29/2011 Δ n		50,000		50,000
Credit Suisse
0.230%, 04/25/2011 ¤		20,000		19,993
0.331%, 07/05/2011 ¤		75,000		74,913
0.351%, 07/25/2011 ¤		50,000		49,929
Danske
0.300%, 03/01/2011 n ¤		60,000		60,000
0.297%, 03/25/2011 n ¤		100,000		99,980
0.300%, 04/01/2011 n ¤		90,000		89,977
0.300%, 04/04/2011 n ¤		30,000		29,992
Deutsche Bank Financial
0.320%, 04/04/2011 ¤		22,650		22,643

The accompanying notes are an integral part of the financial statements.

8 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT


Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >


DnB NOR Bank
0.321%, 04/26/2011 n ¤	$	20,000	$	19,990
0.361%, 06/15/2011 n ¤		50,000		49,947
0.313%, 08/22/2011 Δ n		60,000		60,000
Eksportfinans
0.180%, 03/01/2011 ¤		100,000		100,000
General Electric Capital
0.411%, 04/25/2011 ¤		25,000		24,984
0.401%, 05/23/2011 ¤		40,000		39,963
0.361%, 06/02/2011 ¤		50,000		49,954
0.381%, 06/13/2011 ¤		70,000		69,923
0.401%, 07/19/2011 ¤		25,000		24,961
0.351%, 09/08/2011 ¤		50,000		49,907
0.351%, 09/28/2011 ¤		50,000		49,897
ING (US) Funding
0.210%, 03/08/2011 ¤		90,000		89,996
0.230%, 03/18/2011 ¤		150,000		149,984
0.320%, 06/15/2011 ¤		75,000		74,929
0.320%, 06/29/2011 ¤		25,000		24,973
National Australia Funding
0.341%, 06/06/2011 n ¤		75,000		74,931
Novartis Securities Investment
0.250%, 06/13/2011 n ¤		75,000		74,946
Reckitt Benckiser Treasury Services
0.451%, 07/22/2011 n ¤		70,000		69,875
0.451%, 07/29/2011 n ¤		34,000		33,936
0.431%, 08/03/2011 n ¤		17,500		17,468
0.431%, 08/04/2011 n ¤		42,500		42,421
Santander
0.570%, 03/09/2011 ¤		10,000		9,999
0.620%, 03/31/2011 ¤		59,000		58,970
0.621%, 03/31/2011 ¤		110,000		109,943
0.621%, 03/31/2011 ¤		51,000		50,974
Societe Generale
0.531%, 08/15/2011 ¤		50,000		49,877
Toyota Motor Credit
0.381%, 04/18/2011 ¤		150,000		149,924
0.371%, 04/20/2011 ¤		30,000		29,985
0.321%, 07/28/2011 ¤		50,000		49,934
0.331%, 08/08/2011 ¤		25,000		24,963
0.337%, 08/15/2011 ¤		80,000		79,875
UBS Finance
0.336%, 04/01/2011 ¤		25,000		24,993

Total Financial Company Commercial Paper
(Cost 2,854,616)				2,854,616

Asset Backed Commercial Paper n ¤ – 15.0%
Atlantic Asset Securitization
0.240%, 03/02/2011		40,000		40,000
0.240%, 03/08/2011		30,000		29,999
0.240%, 03/11/2011		40,000		39,997
0.230%, 03/17/2011		40,000		39,996
0.250%, 04/01/2011		31,500		31,493
0.280%, 04/04/2011		40,000		39,989
Barton Capital
0.240%, 03/07/2011		32,509		32,508
0.260%, 04/04/2011		14,807		14,803
0.250%, 04/05/2011		92,088		92,066
0.250%, 04/11/2011		23,295		23,288
0.250%, 04/12/2011		28,574		28,566
Bryant Park Funding
0.230%, 03/10/2011		120,000		119,993
0.230%, 03/15/2011		13,000		12,999
0.220%, 03/25/2011		40,000		39,994
Chariot Funding
0.230%, 03/03/2011		50,000		49,999
0.235%, 03/07/2011		79,000		78,997
0.230%, 03/11/2011		14,000		13,999
0.230%, 03/15/2011		40,000		39,996
0.250%, 03/21/2011		24,100		24,097
0.220%, 03/22/2011		25,000		24,997
Fairway Finance
0.230%, 03/01/2011		15,013		15,013
0.270%, 03/08/2011		26,475		26,474
0.250%, 03/09/2011		50,000		49,997
0.230%, 03/18/2011		30,006		30,003
0.230%, 03/23/2011		52,530		52,523
Falcon Asset Securitization
0.230%, 03/10/2011		49,000		48,997
0.270%, 03/11/2011		75,000		74,994
0.220%, 03/22/2011		50,000		49,994
Grampian Funding
0.320%, 05/18/2011		90,000		89,957
Liberty Street Funding
0.240%, 03/01/2011		50,000		50,000
0.230%, 03/14/2011		25,000		24,998
0.230%, 03/16/2011		35,000		34,997
0.230%, 03/25/2011		80,000		79,988
0.280%, 03/28/2011		25,000		24,995
0.250%, 04/25/2011		50,000		49,981
Old Line Funding
0.250%, 03/02/2011		75,000		74,999
0.230%, 03/21/2011		90,000		89,989
0.270%, 04/04/2011		40,033		40,023
Sheffield Receivables
0.240%, 03/03/2011		37,573		37,572
0.260%, 03/04/2011		30,000		29,999
0.240%, 03/09/2011		50,000		49,997
0.230%, 03/17/2011		25,000		24,997
0.240%, 04/06/2011		30,000		29,993
0.240%, 04/12/2011		35,000		34,990
0.240%, 04/25/2011		50,000		49,982
Starbird Funding
0.250%, 03/01/2011		75,000		75,000
0.240%, 03/07/2011		35,000		34,999
0.310%, 03/15/2011		24,054		24,051
0.240%, 03/17/2011		12,500		12,499
0.240%, 03/30/2011		50,000		49,990
Thames Asset Global Securitization
0.240%, 03/04/2011		80,000		79,998
0.240%, 03/18/2011		9,611		9,610
0.240%, 03/21/2011		25,000		24,997
0.290%, 04/07/2011		50,000		49,985
Thunder Bay Funding
0.244%, 03/01/2011		217,135		217,134
0.220%, 03/03/2011		20,009		20,009
0.280%, 03/17/2011		35,694		35,690
Variable Funding Capital
0.230%, 03/08/2011		40,000		39,998
0.230%, 03/29/2011		30,000		29,995
Windmill Funding
0.240%, 03/07/2011		30,000		29,999
0.260%, 03/14/2011		60,000		59,994

Total Asset Backed Commercial Paper
(Cost 2,777,176)				2,777,176

Other Notes – 10.2%
Australia & New Zealand Banking Group
0.284%, 07/29/2011 Δ n		100,000		99,996
0.523%, 01/23/2012 Δ n		34,000		34,056

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 9

Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)


Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >


Bank of America Securities – Master Note
0.330%, 03/01/2011 Δ	$	350,000	$	350,000
Branch Bank & Trust/Cayman – Time Deposit
0.120%, 03/01/2011		164,154		164,154
Commonwealth Bank of Australia
0.374%, 03/26/2012 Δ n		58,500		58,500
Credit Suisse
5.250%, 03/02/2011		15,375		15,377
Met Life Global Funding
0.552%, 03/15/2011 Δ n		22,945		22,974
National Australia Bank
0.322%, 08/19/2011 Δ n		50,000		50,000
Natixis/Cayman – Time Deposit
0.200%, 03/01/2011		200,000		200,000
Nordea Bank
0.414%, 06/20/2011 Δ n		50,000		50,000
0.414%, 03/16/2012 Δ n		150,000		150,000
Rabobank Nederland
0.510%, 08/05/2011 Δ n		65,000		65,057
Royal Bank of Canada
0.303%, 03/30/2012 Δ n		100,000		100,000
Svenska Handelsbanken
0.403%, 06/15/2011 Δ n		85,000		85,000
0.412%, 03/09/2012 Δ n		123,000		123,000
Wal-Mart Stores
5.482%, 06/01/2011		85,000		86,111
Westpac Banking
0.313%, 07/01/2011 n Δ		75,000		75,000
0.344%, 10/14/2011 n Δ		110,000		110,000
0.374%, 03/27/2012 Δ		50,000		50,000

Total Other Notes
(Cost 1,889,225)				1,889,225

Government Agency Debt – 8.2%
Federal Home Loan Bank
0.163%, 06/07/2011 Δ		150,000		149,984
0.330%, 06/10/2011 Δ		50,000		50,000
0.310%, 06/13/2011 Δ		100,000		100,000
0.330%, 06/15/2011 Δ		75,000		75,000
0.167%, 07/25/2011 Δ		100,000		99,986
0.167%, 07/28/2011 Δ		95,000		94,986
0.174%, 08/12/2011 Δ		50,000		49,991
0.182%, 08/26/2011 Δ		25,000		24,985
0.216%, 09/15/2011 Δ		75,000		74,967
0.340%, 11/15/2011		50,000		50,000
0.450%, 12/23/2011		50,000		50,000
0.500%, 12/28/2011		50,000		50,000
0.300%, 02/28/2012 Δ		100,000		100,000
0.450%, 03/06/2012		25,000		25,000
Federal Home Loan Mortgage Corporation
0.400%, 09/22/2011		100,000		100,000
0.262%, 10/26/2011 Δ		50,000		49,987
0.290%, 11/07/2011 Δ		150,000		149,969
0.224%, 08/10/2012 Δ		55,000		54,968
Federal National Mortgage Association
0.174%, 08/11/2011 Δ		75,000		74,983
Straight-A Funding
0.170%, 03/02/2011 n		10,000		10,000
0.170%, 03/03/2011 n		63,500		63,499
0.250%, 04/04/2011 n ¤		20,000		19,995

Total Government Agency Debt
(Cost 1,518,300)				1,518,300

Treasury Debt – 5.3%
United States Treasury Note
1.000%, 08/31/2011		325,000		326,139
4.625%, 08/31/2011		50,000		51,087
1.000%, 10/31/2011		250,000		251,249
4.625%, 10/31/2011		50,000		51,436
0.750%, 11/30/2011		150,000		150,510
4.500%, 11/30/2011		150,000		154,684

Total Treasury Debt
(Cost 985,105)				985,105

Investment Companies Ω – 2.3%
DWS Money Market Series, Institutional Shares, 0.145%		243,272,000		243,272
Goldman Sachs Financial Square Money Market Fund, 0.162%		147,916,000		147,916
HSBC Prime Money Market Fund, 0.118%		27,989,000		27,989

Total Investment Companies
(Cost 419,177)				419,177

Variable Rate Demand Notes Δ – 2.2%
Chester County Health and Education Revenue, Kendal Crosslands Communities (LOC: Wachovia Bank)
0.240%, 03/07/2011	$	20,935		20,935
Collier County Health Facilities Authority, The Morrings (LOC: JPMorgan Chase Bank)
0.240%, 03/07/2011		34,820		34,820
Converse County Pollution Control, Pacificorp (LOC: Wells Fargo Bank)
0.260%, 03/07/2011		16,585		16,585
Cuyahoga County, Carnegie/89th Garage Project (LOC: JPMorgan Chase Bank)
0.250%, 03/07/2011		18,250		18,250
Fulton County Development Authority, Catholic Education of North Georgia (LOC: Wells Fargo Bank)
0.250%, 03/07/2011		14,200		14,200
Green County Industrial Development Authority Educational Facilities Revenue, Blue Ridge School (LOC: Branch Bank & Trust)
0.270%, 03/07/2011		4,050		4,050
Hawaii State Department Budget & Finance, Series A (LOC: Wells Fargo Bank) (AMT)
0.420%, 03/07/2011		6,500		6,500
Houston Airport System Revenue, City of Houston (LOC: Barclays Bank)
0.220%, 03/07/2011		14,000		14,000
Illinois Finance Authority Pollution Control Revenue, Commonwealth Edison (LOC: JPMorgan Chase Bank)
0.260%, 03/07/2011		10,100		10,100
Illinois Finance Authority, Elmhurst Memorial Healthcare (LOC: Northern Trust)
0.240%, 03/07/2011		28,800		28,800
Illinois Finance Authority, Loyola University Health Systems, Series A (LOC: JPMorgan Chase Bank)
0.260%, 03/07/2011		8,000		8,000
Iowa Financial Authority, Mississippi Valley Regional Blood Center (LOC: Wells Fargo Bank)
0.250%, 03/07/2011		3,060		3,060
Kent Hospital Finance Authority Michigan Revenue (LOC: Bank of America)
0.250%, 03/07/2011		2,425		2,425

The accompanying notes are an integral part of the financial statements.

10 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT


Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >


Lake County Industrial Development Authority, Senninger Irrigation (LOC: JPMorgan Chase Bank) (AMT)
0.330%, 03/07/2011	$	1,300	$	1,300
Lowell Industrial Development Revenue, Arkansas Democrat-Gazette (LOC: JPMorgan Chase Bank)
0.330%, 03/07/2011		2,830		2,830
Maryland Health & Higher Education, University of Maryland Medical Systems, Series A (LOC:
Wachovia Bank) (AMT)
0.250%, 03/07/2011		5,100		5,100
Michigan State Hospital Finance Authority Revenue, McLaren Healthcare, Series B (LOC: JPMorgan Chase Bank)
0.250%, 03/07/2011		7,000		7,000
Middletown Educational Building Revenue, Christian Academy Louisville (LOC: JPMorgan Chase Bank)
0.280%, 03/07/2011		4,010		4,010
Minneapolis & St. Paul Housing, Alliance Health Systems, Series C1 (LOC: Wells Fargo)
0.250%, 03/07/2011		7,325		7,325
Mississippi Business Finance (LOC: Wells Fargo Bank)
0.250%, 03/07/2011		10,050		10,050
New York State Housing Finance Agency Revenue, Blue Castle Site A Realty (LOC: JPMorgan Chase Bank) (AMT)
0.310%, 03/07/2011		6,000		6,000
North Carolina Medical Care Commission, Angel Medical Center Project (LOC: Wells Fargo Bank)
0.250%, 03/07/2011		5,895		5,895
Oakland County Economic Development, Cranbrook Educational Community (LOC: JPMorgan Chase Bank)
0.280%, 03/07/2011		19,200		19,200
Orange County Health Facilities Authority (LOC: Wells Fargo Bank)
0.230%, 03/07/2011		10,620		10,620
Philadelphia Pennsylvania School District, Series G (General Obligation) (LOC: Wells Fargo Bank) (INS: STAID)
0.230%, 03/07/2011		21,000		21,000
South Carolina Economic Revenue Authority, Sisters of Charity Providence (LOC: Wells Fargo Bank)
0.250%, 03/07/2011		39,475		39,475
Southern California Public Power Authority, Series A (LOC: JPMorgan Chase Bank)
0.240%, 03/07/2011		12,850		12,850
Suffolk County Industrial Development Agency, Guide Dog Foundation for the Blind (LOC: JPMorgan Chase Bank)
0.260%, 03/07/2011		4,940		4,940
Suffolk County Industrial Development Agency, Touro College (LOC: JPMorgan Chase Bank)
0.270%, 03/07/2011		5,000		5,000
Sweetwater County Pollution, PacifiCorp (LOC: Wells Fargo Bank)
0.260%, 03/07/2011		5,035		5,035
Vermont State Student Assistance (LOC: Lloyds Bank) (AMT)
Series C1
0.270%, 03/07/2011		10,000		10,000
Series C2
0.270%, 03/07/2011		9,700		9,700
Virginia Small Business Financing, Friendship Foundation (LOC: Wells Fargo Bank)
0.250%, 03/07/2011		12,200		12,200
Wisconsin State Health & Educational Facilities, Aurora Health Care (LOC: JPMorgan Chase Bank)
0.260%, 03/07/2011		19,000		19,000
Wisconsin State Health & Educational Facilities, Aurora Sinai Medical Center, Series A (LOC:
JPMorgan Chase Bank)
0.280%, 03/07/2011		6,971		6,971

Total Variable Rate Demand Notes
(Cost 407,226)				407,226

Other Commercial Paper n ¤ – 0.9%
Coca-Cola
0.230%, 04/05/2011		25,550		25,544
Total Capital
0.401%, 09/08/2011		96,650		96,445
0.401%, 10/04/2011		48,000		47,884

Total Other Commercial Paper
(Cost 169,873)				169,873

Treasury Repurchase Agreements – 7.8%
Bank of America Securities
0.170%, dated 02/28/2011, matures 03/01/2011, repurchase price $209,307 (collateralized by U.S. Treasury debt: Total market value $213,492)		209,306		209,306
Barclays Capital
0.180%, dated 02/28/2011, matures 03/01/2011, repurchase price $500,003 (collateralized by U.S. Treasury debt: Total market value $510,000)		500,000		500,000
Deutsche Bank Securities
0.170%, dated 02/28/2011, matures 03/01/2011, repurchase price $735,003 (collateralized by U.S. Treasury debt: Total market value $749,700)		735,000		735,000

Total Treasury Repurchase Agreements
(Cost 1,444,306)				1,444,306

Government Agency Repurchase Agreement – 3.1%
Bank of America Securities
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $567,120 (collateralized by various government agency obligations: Total market value $578,459)
(Cost 567,117)		567,117		567,117

Total Investments 5 – 100.2%
(Cost $18,537,617)				18,537,617

Other Assets and Liabilities, Net – (0.2)%				(45,875	)

Total Net Assets – 100.0%			$	18,491,742

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 11

Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)

Prime Obligations Fund (concluded)


>		Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

Δ		Variable Rate Security – The rate shown in the rate in effect as of February 28, 2011.

n		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 February 28, 2011, the value of these investments was $5,312,437 or 28.7% 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 February 28, 2011.

5		On February 28, 2011, the cost of investments for federal income tax purposes was approximately $18,537,617. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.


AMT –	Alternative Minimum Tax. As of February 28, 2011, the total value of securities subject to AMT was $38,600 or 0.2% of total net assets.


INS –	Insured


LOC –	Letter of Credit


STAID –	State Aid Withholding


Tax Free Obligations Fund
DESCRIPTION	PAR		VALUE >


Municipal Debt – 100.5%
Arizona – 2.3%
Arizona Health Facilities Authority, The Terraces (LOC: Sovereign Bank) (LOC: Banco Santander)
0.390%, 03/07/2011 Δ	$	10,680	$	10,680
Phoenix Industrial Development Authority (LOC: Wells Fargo Bank)
0.350%, 03/07/2011 Δ		715		715
Pima County Industrial Development Authority, Harvest Preparatory Project (LOC: JPMorgan Chase Bank)
0.240%, 03/07/2011 Δ		8,310		8,310

				19,705

Arkansas – 0.7%
Little Rock Residential Housing & Public Facilities Board, Pleasant Woods Project (INS: FNMA)
0.260%, 03/07/2011 Δ		6,390		6,390

California – 0.9%
California Health Facilities Financing Authority, Adventist Health, Series B (LOC: Wells Fargo Bank)
0.150%, 03/01/2011 Δ		1,300		1,300
California Infrastructure & Economic Development, Los Angeles Museum, Series B (LOC: Wells Fargo Bank)
0.170%, 03/01/2011 Δ		3,000		3,000
California Infrastructure & Economic Development, Pacific Gas, Series D (LOC: Wells Fargo Bank)
0.150%, 03/01/2011 Δ		3,295		3,295

				7,595

Colorado – 1.2%
Aurora Children’s Hospital, Series C (LOC: Wells Fargo Bank)
0.250%, 03/07/2011 Δ		1,165		1,165
Colorado Educational & Cultural Facilities, Mesivta L.A. (LOC: Bank of America)
0.240%, 03/07/2011 Δ		4,630		4,630
Colorado Springs Fine Arts Center Project (LOC: Wells Fargo Bank)
0.250%, 03/07/2011 Δ		5,120		5,120

				10,915

Connecticut – 2.3%
Hartford County Metropolitan District (General Obligation)
2.000%, 10/05/2011		20,000		20,198

District of Columbia – 1.5%
District of Columbia, Georgetown University, Series C (LOC: TD Bank)
0.210%, 03/07/2011 Δ		9,650		9,650
District of Columbia, Progressive Life Center, Series A (LOC: Branch Banking & Trust)
0.270%, 03/07/2011 Δ		3,525		3,525

				13,175

Florida – 4.2%
North Broward Hospital District, Series A (LOC: TD Bank)
0.210%, 03/07/2011 Δ		10,200		10,200

The accompanying notes are an integral part of the financial statements.

12 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT


Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >


Orange County Health Facilities Authority, Orlando Regional, Series E (LOC: Branch Banking & Trust)
0.260%, 03/07/2011 Δ	$	4,500	$	4,500
Orange County School Board, Series C (Certificate of Participation) (LOC: Bank of America)
0.260%, 03/07/2011 Δ		10,000		10,000
Palm Beach County, Pine Crest Preparatory (LOC: Bank of America)
0.300%, 03/07/2011 Δ		7,625		7,625
Palm Beach County, Jewish Community Campus (LOC: Northern Trust)
0.300%, 03/07/2011 Δ		2,140		2,140
Sarasota County Public Hospital District, Sarasota Memorial Hospital, Series A (LOC: Northern Trust)
0.190%, 03/01/2011 Δ		2,700		2,700

				37,165

Idaho – 0.9%
Idaho State
2.000%, 06/30/2011		8,000		8,042

Illinois – 12.4%
Chicago, Neighborhoods Alive, Series 21B3 (General Obligation) (LOC: Bank of America)
0.210%, 03/01/2011 Δ		1,280		1,280
Chicago, Neighborhoods Alive, Series 21B4 (General Obligation) (LOC: Bank of New York)
0.180%, 03/01/2011 Δ		1,185		1,185
Chicago, Neighborhoods Alive, Series 21B5 (General Obligation) (LOC: Northern Trust)
0.180%, 03/01/2011 Δ		3,275		3,275
Chicago, Wastewater Transmission, Subseries C-3 (LOC: Northern Trust)
0.190%, 03/01/2011 Δ		2,500		2,500
Cook County, Catholic Theological University Project (LOC: Harris Bank)
0.290%, 03/07/2011 Δ		14,500		14,500
Elmhurst Joint Commission Accreditation (LOC: JPMorgan Chase Bank)
0.250%, 03/07/2011 Δ		7,115		7,115
Illinois Finance Development Authority, American College of Surgeons (LOC: Northern Trust)
0.260%, 03/07/2011 Δ		3,500		3,500
Illinois Finance Development Authority, Lyric Opera Chicago Project (LOC: Northern Trust) (LOC: Harris Bank) (LOC: Bank One)
0.260%, 03/07/2011 Δ		11,900		11,900
Illinois Development Finance Authority, Lake Forest Academy (LOC: Northern Trust)
0.270%, 03/07/2011 Δ		6,255		6,255
Illinois Development Finance Authority, St. Paul’s House Project (LOC: LaSalle Bank)
0.290%, 03/07/2011 Δ		4,315		4,315
Illinois Finance Authority, Northwestern University, Series B
0.320%, 03/01/2011 Δ		32,750		32,750
Illinois Finance Authority, Rest Haven Christian, Series C (LOC: Sovereign Bank) (LOC: Banco Santander)
0.390%, 03/07/2011 Δ		6,465		6,465
Illinois Finance Authority, Resurrection Health, Series B (LOC: JPMorgan Chase Bank)
0.270%, 03/01/2011 Δ		2,900		2,900
Illinois Finance Authority, Richard Driehaus Museum (LOC: Northern Trust)
0.270%, 03/07/2011 Δ		2,000		2,000
Illinois Finance Authority, Southern Illinois Healthcare (Bank of Nova Scotia)
0.250%, 03/07/2011 Δ		4,550		4,550
Illinois Health Facilities Authority, Riverside Health Systems (LOC: Bank of America)
0.260%, 03/07/2011 Δ		4,000		4,000

				108,490

Indiana – 6.0%
Indiana Finance Authority Health Systems, Sisters of St. Francis, Series F (LOC: Bank of New York)
0.250%, 03/07/2011 Δ		4,640		4,640
Indiana Finance Authority Health Systems, Sisters of St. Francis, Series H (LOC: JPMorgan Chase Bank)
0.250%, 03/07/2011 Δ		4,395		4,395
Indiana Finance Authority Hospital Revenue, Community Foundation (LOC: Harris Bank)
0.220%, 03/07/2011 Δ		6,500		6,500
Indiana Finance Authority Hospital Revenue, Floyd Memorial Hospital (LOC: Branch Banking & Trust)
0.230%, 03/01/2011 Δ		7,510		7,510
Indiana Health & Educational Facilities Financing Authority, Clarian Health, Series C (LOC: Branch Banking & Trust)
0.210%, 03/07/2011 Δ		6,850		6,850
Indiana Health & Educational Facilities Financing Authority, Community Village, Hartsfield, Series A (LOC: Harris Bank)
0.220%, 03/07/2011 Δ		7,575		7,575
Indiana Health & Educational Facilities Financing Authority, Community Village, Hartsfield, Series B (LOC: Harris Bank)
0.220%, 03/07/2011 Δ		10,385		10,385
Indiana Health Facilities Financing Authority, Bethesda Living Center, Series B (LOC: LaSalle Bank)
0.240%, 03/07/2011 Δ		4,410		4,410

				52,265

Iowa – 3.4%
Iowa Financial Authority, Central College Project (LOC: Wells Fargo Bank)
0.230%, 03/01/2011 Δ		8,280		8,280
Iowa Financial Authority, Regional Blood Center (LOC: Wells Fargo Bank)
0.250%, 03/07/2011 Δ		705		705
Iowa Financial Authority, Wesley Retirement Services (LOC: Wells Fargo Bank)
0.240%, 03/07/2011 Δ		8,295		8,295
Iowa Financial Retirement Authority, Wesley Retirement Services (LOC: Wells Fargo Bank)
0.240%, 03/07/2011 Δ		4,000		4,000
Iowa Higher Education Loan Authority, Private College Project (LOC: Harris Bank)
0.220%, 03/07/2011 Δ		5,500		5,500
Iowa Higher Education Loan Authority, Private College Project (LOC: JPMorgan Chase Bank)
0.240%, 03/01/2011 Δ		3,200		3,200

				29,980

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 13

Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)


Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >


Kansas – 1.0%
Olathe Health Facilities Medical Center (LOC: Bank of America)
0.240%, 03/01/2011 Δ	$	1,100	$	1,100
Prairie Village Revenue, Claridge Court (LOC: LaSalle Bank)
0.240%, 03/07/2011 Δ		7,260		7,260

				8,360

Kentucky – 1.1%
Kentucky Economic Development Finance Authority, Hospital Facilities, Baptist Healthcare, Series B-3 (LOC: Branch Banking & Trust)
0.240%, 03/07/2011 Δ		9,840		9,840

Louisiana – 0.3%
Louisiana Public Facilities Authority, Christus Health, Series B2 (LOC: Bank of New York)
0.210%, 03/07/2011 Δ		2,500		2,500

Maine – 0.6%
City of Falmouth (General Obligation)
1.000%, 06/01/2011		5,000		5,008

Maryland – 1.3%
Carroll County Revenue, Fairhaven & Copper, Series B (LOC: LaSalle Bank)
0.240%, 03/07/2011 Δ		1,700		1,700
Maryland State Health & Higher Educational Facilities Authority, Series A (LOC: JPMorgan Chase Bank)
0.240%, 03/07/2011 Δ		9,600		9,600

				11,300

Massachusetts – 4.5%
Massachusetts State Development Finance Agency, Boston University, Series U-1 (LOC: Bank of Nova Scotia)
0.200%, 03/07/2011 Δ		3,130		3,130
Massachusetts State Development Finance Agency, Boston University, Series U-2 (LOC: BNP Paribas)
0.220%, 03/07/2011 Δ		9,000		9,000
Massachusetts State Development Finance Agency, Boston University, Series U-3 (LOC: BNP Paribas)
0.220%, 03/07/2011 Δ		9,555		9,555
Massachusetts State Health & Educational Facilities Authority, Henry Heywood, Series C-2 (LOC: TD Banknorth)
0.220%, 03/01/2011 Δ		6,755		6,755
Massachusetts State Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series J-1
0.200%, 03/07/2011 Δ		10,650		10,650

				39,090

Michigan – 3.3%
Eastern Michigan University, Series A (LOC: JPMorgan Chase Bank)
0.240%, 03/01/2011 Δ		2,975		2,975
Eastern Michigan University, Series B (LOC: JPMorgan Chase Bank)
0.240%, 03/01/2011 Δ		2,000		2,000
University Of Michigan (Commercial Paper)
0.250%, 04/07/2011		6,000		6,000
0.250%, 04/07/2011		18,000		18,000

				28,975

Minnesota – 6.4%
Eden Prairie, Multifamily Housing Authority (INS: FHLMC)
0.260%, 03/07/2011 Δ		14,505		14,505
Richfield Independent School District, Series B (General Obligation) (INS: MSDCEP)
1.000%, 09/30/2011		10,060		10,097
Robbinsdale, North Memorial, Series A2 (LOC: Wells Fargo Bank)
0.230%, 03/01/2011 Δ		1,750		1,750
St. Francis Independent School District #15, Series A (General Obligation) (INS: MSDCEP)
1.000%, 09/15/2011		5,000		5,016
University Of Minnesota, Series B (Commercial Paper)
0.270%, 04/04/2011		7,000		7,000
University of Minnesota, Series A
0.260%, 03/07/2011 Δ		17,400		17,400

				55,768

Mississippi – 2.9%
Mississippi Business Finance, Chevron USA
0.200%, 03/07/2011 Δ		25,000		25,000

Missouri – 1.4%
Missouri State Health & Educational Facilities (LOC: JPMorgan Chase Bank)
0.270%, 03/07/2011 Δ		10,230		10,230
Missouri State Health & Educational Facilities, Drury College (LOC: Bank of America)
0.240%, 03/01/2011 Δ		2,220		2,220

				12,450

Montana – 0.8%
Forsyth Pollution Control, PacifiCorp Project (LOC: BNP Paribas)
0.260%, 03/01/2011 Δ		6,760		6,760

Nevada – 1.3%
Reno (LOC: Bank of New York)
0.190%, 03/01/2011 Δ		11,445		11,445

New Hampshire – 0.3%
New Hampshire Health & Educational Facilities Authority, Riverwoods at Exeter (LOC: Bank of America)
0.240%, 03/07/2011 Δ		3,000		3,000

New Jersey – 1.5%
Mercer County Improvement Authority, Atlantic Foundation Project (LOC: Bank of America)
0.280%, 03/01/2011 Δ		4,250		4,250
New Jersey Economic Development Authority, Cedar Crest Village, Series A (LOC: Sovereign Bank) (LOC: Banco Santander)
0.360%, 03/07/2011 Δ		9,255		9,255

				13,505

New York – 5.9%
Metropolitan Transportation Authority, Series B-1 (LOC: Scotiabank)
0.240%, 03/07/2011 Δ		10,000		10,000
Metropolitan Transportation Authority, Series B-2 (LOC: BNP Paribas)
0.240%, 03/07/2011 Δ		11,665		11,665

The accompanying notes are an integral part of the financial statements.

14 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT


Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >


Metropolitan Transportation Authority, Series B-3 (LOC: Lloyds TSB)
0.240%, 03/07/2011 Δ	$	8,695	$	8,695
New York State Power Authority (General Obligation)
0.290%, 09/01/2011		5,200		5,200
Westchester County Industrial Development Agency, Continuing Care Retirement (LOC: Sovereign Bank) (LOC: Banco Santander)
0.380%, 03/07/2011 Δ		16,350		16,350

				51,910

North Carolina – 2.0%
North Carolina Capital Facilities Finance Agency, Fayetteville University (LOC: Wells Fargo Bank)
0.250%, 03/07/2011 Δ		9,995		9,995
North Carolina Medical Care Community Health Care Facilities, Person Memorial Hospital (LOC: Branch Banking & Trust)
0.270%, 03/07/2011 Δ		4,360		4,360
Wake County, Industrial Facilities & Pollution Control Financing Authority, Wake Enterprises (LOC: Branch Banking & Trust)
0.270%, 03/07/2011 Δ		3,400		3,400

				17,755

Ohio – 4.0%
Franklin County Hospital (SPA: Barclays Bank)
0.250%, 03/07/2011 Δ		20,000		20,000
Ohio State Air Quality Development Authority, Ohio Valley Electric Corporation Project, Series B (LOC: Bank of Nova Scotia)
0.230%, 03/07/2011 Δ		8,700		8,700
Rickenbacker Port Authority Capital Funding
0.340%, 03/07/2011 Δ n		6,560		6,560

				35,260

Oklahoma – 0.8%
Hulbert Economic Development Authority (LOC: Bank of America)
0.290%, 03/07/2011 Δ		4,000		4,000
Oklahoma State Development Finance Authority, Duncan Regional Hospital (LOC: Bank of America)
0.240%, 03/01/2011 Δ		3,000		3,000

				7,000

Pennsylvania – 3.6%
Butler County Industrial Development Authority, Concordia Lutheran, Series A (LOC: Bank of America)
0.240%, 03/07/2011 Δ		8,285		8,285
Delaware County Revenue Authority, Riddle Village Project (LOC: Sovereign Bank) (LOC: Banco Santander)
0.390%, 03/07/2011 Δ		8,580		8,580
Delaware County Revenue Authority, Riddle Village Project, Series A (LOC: Sovereign Bank) (LOC: Banco Santander)
0.390%, 03/07/2011 Δ		7,720		7,720
Lehigh County General Purpose, Phoebe Devitt Homes, Series B (LOC: Sovereign Bank) (LOC: Banco Santander)
0.390%, 03/07/2011 Δ		2,870		2,870
Pennsylvania State, Series 11056 (General Obligation)
0.260%, 03/07/2011 Δ n		3,775		3,775

				31,230

Rhode Island – 0.5%
Rhode Island Health & Educational Building Revenue, Pennfield School (LOC: Sovereign Bank) (LOC: Bank of New York)
0.310%, 03/07/2011 Δ		4,475		4,475

South Carolina – 3.9%
Charleston County School District, Series C (General Obligation) (INS: SCSDE)
1.500%, 03/01/2011		8,925		8,925
South Carolina Jobs Economic Development Authority, Anmed Health Project, Series C (LOC: Branch Banking & Trust)
0.250%, 03/07/2011 Δ		4,000		4,000
South Carolina Jobs Economic Development Authority, Anmed Health Project, Series D (LOC: Branch Banking & Trust)
0.260%, 03/07/2011 Δ		3,000		3,000
South Carolina Jobs Economic Development Authority, Regional Medical Center, Orangeburg (LOC: Branch Banking & Trust)
0.270%, 03/07/2011 Δ		3,525		3,525
South Carolina Jobs Economic Development Authority, Woodlands at Furman Project, Series C (LOC: Sovereign Bank) (LOC:
Natixis)
0.320%, 03/07/2011 Δ		10,000		10,000
South Carolina Jobs Economic Development Authority, Woodlands at Furman Project, Series D (LOC: Sovereign Bank) (LOC:
Natixis)
0.320%, 03/07/2011 Δ		5,000		5,000

				34,450

Tennessee – 0.2%
Blount County Public Building Authority, Series E8A (LOC: Branch Banking & Trust)
0.270%, 03/07/2011 Δ		1,400		1,400

Texas – 8.5%
Fort Bend Independent School District, Series 2852 (General Obligation) (INS: PSF-Guaranteed)
0.260%, 03/07/2011 Δ n		895		895
Harris County Health Facilities Development, Baylor College Medicine, Series B (LOC: Northern Trust)
0.240%, 03/07/2011 Δ		2,500		2,500
Houston Airport System (LOC: Barclays Bank)
0.220%, 03/07/2011 Δ		10,350		10,350
Hunt County Health Facilities Development, Greenville (LOC: Morgan Guaranty Trust)
0.290%, 03/07/2011 Δ		4,300		4,300
Midland County Health Facilities, Manor Park Project (LOC: Wells Fargo Bank)
0.290%, 03/07/2011 Δ		15,555		15,555
Texas State
2.000%, 08/31/2011		30,000		30,248
University of Texas, Series A
0.180%, 03/07/2011 Δ		10,955		10,955

				74,803

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 15

Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)


Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >


Virginia – 3.4%
Chesapeake Bay Bridge & Tunnel, Series A (LOC: Branch Banking & Trust)
0.270%, 03/07/2011 Δ	$	3,750	$	3,750
Loudoun County Industrial Development Authority, Howard Hughes Medical, Series A
0.220%, 03/07/2011 Δ		10,000		10,000
Loudoun County Industrial Development Authority, Howard Hughes Medical, Series E
0.220%, 03/07/2011 Δ		12,235		12,235
Loudoun County Industrial Development Authority, Howard Hughes Medical, Series F
0.220%, 03/07/2011 Δ		3,880		3,880

				29,865

Washington – 3.7%
King County (General Obligation)
2.000%, 06/15/2011		15,000		15,070
Washington State (General Obligation)
0.260%, 03/07/2011 Δ n		2,755		2,755
Washington State Housing Finance Commission, Annie Wright School (LOC: Bank of America)
0.230%, 03/01/2011 Δ		4,065		4,065
Washington State Housing Finance Commission, Emerald Heights (LOC: Bank of America)
0.250%, 03/01/2011 Δ		8,070		8,070
Washington State Housing Financial Nonprofit Revenue, Skyline at First Hill Project, Series C (LOC: Bank of America)
0.240%, 03/07/2011 Δ		2,800		2,800

				32,760

West Virginia – 0.3%
West Virginia State Hospital Finance Authority, United Health, Series B (LOC: JPMorgan Chase Bank)
0.210%, 03/01/2011 Δ		2,800		2,800

Wisconsin – 1.2%
Wisconsin State Health & Educational Facilities, Goodwill Industries (LOC: Wells Fargo Bank)
0.250%, 03/07/2011 Δ		805		805
Wisconsin State Health & Educational Facilities, National Regency (LOC: JPMorgan Chase Bank)
0.240%, 03/01/2011 Δ		1,450		1,450
Wisconsin State Health & Educational Facilities, St. Norbert College (LOC: JPMorgan Chase Bank)
0.270%, 03/07/2011 Δ		5,735		5,735
Wisconsin State Health & Educational Facilities, Watertown Memorial Hospital Project (LOC: Bank One)
0.240%, 03/07/2011 Δ		2,860		2,860

				10,850

Total Municipal Debt
(Cost $881,479)				881,479

Government Agency Debt – 0.0%
Federal Home Loan Bank
0.070%, 03/01/2011 ¤
(Cost $269)		269		269

Total Investments 5 – 100.5%
(Cost $881,748)				881,748

Other Assets and Liabilities, Net – (0.5)%				(4,470	)

Total Net Assets – 100.0%			$	877,278

Tax Free Obligations Fund (concluded)


>		Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

Δ		Variable Rate Security – The rate shown is the rate in effect as of February 28, 2010.

n		Securities 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 February 28, 2011, the value of these investments was $13,985 or 1.6% 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.

5		On February 28, 2011, the cost of investments for federal income tax purposes was approximately $881,748. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.


FHLMC –	Federal Home Loan Mortgage Corporation


FNMA –	Federal National Mortgage Association


INS –	Insured


LOC –	Letter of Credit


MSDCEP –	Minnesota School District Credit Enhancement Program


PSF –	Permanent School Fund


SCSDE –	South Carolina School District Enhancement Program


SPA –	Standby Purchase Agreement

The accompanying notes are an integral part of the financial statements.

16 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT


Treasury Obligations Fund
DESCRIPTION	PAR		VALUE >


Treasury Debt – 22.6%
U.S. Treasury Strips
0.153%, 05/15/2011 6	$	25,000	$	24,992
0.219%, 08/15/2011 6		25,000		24,975
0.262%, 11/15/2011 6		30,000		29,944
U.S. Treasury Notes
0.875%, 04/30/2011		100,000		100,089
0.875%, 05/31/2011		100,000		100,148
4.875%, 05/31/2011		200,000		202,279
1.000%, 08/31/2011		500,000		501,750
4.625%, 08/31/2011		25,000		25,544
1.000%, 10/31/2011		350,000		351,744
4.625%, 10/31/2011		100,000		102,913
0.750%, 11/30/2011		350,000		351,230
4.500%, 11/30/2011		100,000		103,124
4.750%, 01/31/2012		200,000		208,161

Total Treasury Debt
(Cost $2,126,893)				2,126,893

Treasury Repurchase Agreements – 77.4%
Bank of America Securities
0.170%, dated 2/28/2011, matures 03/01/2011, repurchase price $740,697 (Collateralized by U.S. Treasury Debt:
Total market value $755,508)		740,694		740,694
Barclays Capital
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $600,003 (Collateralized by U.S. Treasury Debt:
Total market value $612,000)		600,000		600,000
Credit Agricole Securities (USA)
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $1,950,010 (Collateralized by U.S. Treasury Debt:
Total market value $1,989,000)		1,950,000		1,950,000
Credit Suisse Securities USA
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $300,002 (Collateralized by U.S. Treasury Debt:
Total market value $306,002)		300,000		300,000
HSBC Securities USA
0.170%, dated 2/28/2011, matures 03/01/2011, repurchase price $900,004 (Collateralized by U.S. Treasury Debt:
Total market value $918,002)		900,000		900,000
ING Financial Markets
0.170%, dated 2/28/2011, matures 03/01/2011, repurchase price $200,001 (Collateralized by U.S. Treasury Debt: Total market value $204,005)		200,000		200,000
RBS Securities
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $1,300,007 (Collateralized by U.S. Treasury Debt:
Total market value $1,326,000)		1,300,000		1,300,000
Societe Generale, NY
0.170%, dated 2/28/2011, matures 03/01/2011, repurchase price $500,002 (Collateralized by U.S. Treasury Debt:
Total market value $510,000)		500,000		500,000
UBS Securities
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $800,004 (Collateralized by U.S. Treasury Debt:
Total market value $816,000)		800,000		800,000

Total Treasury Repurchase Agreements
(Cost $7,290,694)				7,290,694

Investments Purchased with Proceeds from Securities Lending † – 0.3%
Treasury Repurchase Agreement – 0.3%
Credit Suisse Securities USA
0.180%, dated 02/28/2011, matures 03/01/2011, repurchase price $31,563 (Collateralized by U.S. Treasury Obligations:
Total market value $32,195)		31,563		31,563
Money Market Fund – 0.0%
Dreyfus Treasury Prime Cash Management Fund Institutional Shares, 0.000% Ω		861		1

Total Investments Purchased with Proceeds from Securities Lending
(Cost $31,564)				31,564

Total Investments 5 – 100.3%
(Cost $9,449,151)				9,449,151

Other Assets and Liabilities, Net – (0.3)%				(24,734	)

Total Net Assets – 100.0%			$	9,424,417


>		Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

6		This security or a portion of this security is out on loan at February 28, 2011. Total loaned securities had a value of $30,926 at February 28, 2011.

†		The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the invested collateral is monitored on a daily basis. The cash collateral received is invested in U.S. Government securities or other high-grade debt obligations. See note 2 in Notes to Financial Statements.

Ω		The rate shown is the annualized seven-day effective yield as of February 28, 2011.

5		On February 28, 2011, the cost of investments for federal income tax purposes was approximately $9,449,151. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 17

Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)


U.S. Treasury Money Market Fund
DESCRIPTION	PAR		VALUE >


Treasury Debt – 100.0%
U.S. Treasury Bills Ä
0.140%, 03/03/2011	$	39,953	$	39,953
0.125%, 03/10/2011		80,117		80,115
0.130%, 03/17/2011		44,948		44,945
0.128%, 03/24/2011		66,994		66,989
0.153%, 03/31/2011		782		782
0.126%, 04/07/2011		59,453		59,445
0.121%, 04/14/2011		64,537		64,527
0.125%, 04/15/2011		5,000		4,999
0.126%, 04/21/2011		17,975		17,972
0.146%, 04/28/2011		15,130		15,126
0.139%, 05/05/2011		40,000		39,990
0.143%, 05/19/2011		28,928		28,919
0.169%, 06/02/2011		1,070		1,070
0.172%, 06/09/2011		19,508		19,499
0.183%, 06/16/2011		30,502		30,485
0.191%, 06/30/2011		16,583		16,572
0.173%, 07/14/2011		222		222
0.183%, 07/21/2011		7,854		7,848
0.192%, 07/28/2011		16,308		16,295
0.167%, 08/04/2011		9,123		9,116
0.145%, 08/18/2011		595		595
0.170%, 08/25/2011		2,783		2,781

Total Treasury Debt
(Cost $568,245)				568,245

Total Investments 5 – 100.0%
(Cost $568,245)				568,245

Other Assets and Liabilities, Net – 0.0%				(35	)

Total Net Assets – 100.0%			$	568,210


>		Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

Ä		Yield shown is effective yield as of February 28, 2011.

5		On February 28, 2011, the cost of investments for federal income tax purposes was approximately $568,245. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

The accompanying notes are an integral part of the financial statements.

18 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT


Statements of Assets and Liabilities	February 28, 2011 (unaudited), all dollars and shares are rounded to thousands (000), except per share data



	Government			Prime			Tax Free		Treasury			U.S. Treasury
	Obligations			Obligations			Obligations		Obligations			Money Market
	Fund			Fund			Fund		Fund			Fund

ASSETS:
Investments in securities, at value ^† (note 2)	$	6,916,673		$	16,526,194		$	881,748	$	2,126,893		$	568,245
Investments purchased with proceeds from securities lending, at value (note 2)		—			—			—		31,564			—
Repurchase agreements, at value (note 2)		5,407,883			2,011,423			—		7,290,694			—
Cash		1			—			1		—			—
Receivable for interest		13,771			11,199			897		8,259			—
Receivable for capital shares sold		27			435			—		5			—
Other prepaid expenses and other assets		108			204			12		124			6


Total assets		12,338,463			18,549,455			882,658		9,457,539			568,251


LIABILITIES:
Bank overdraft		—			25			—		—			—
Dividends payable		62			470			—		—			—
Payable for investments purchased		66,259			50,000			5,200		—			—
Payable upon return of securities loaned (note 2)		—			—			—		31,564			—
Payable for capital shares redeemed		24			3,463			—		—			—
Payable to affiliates (note 3)		1,877			3,300			164		1,223			41
Payable for distribution and shareholder servicing fees		82			437			15		317			—
Accrued expenses and other liabilities		18			18			1		18			—


Total liabilities		68,322			57,713			5,380		33,122			41


Net assets	$	12,270,141		$	18,491,742		$	877,278	$	9,424,417		$	568,210


COMPOSITION OF NET ASSETS:
Portfolio capital	$	12,270,159		$	18,491,812		$	877,272	$	9,425,071		$	568,191
Undistributed (distributions in excess of) net investment income		289			160			6		(43	)		(8	)
Accumulated net realized gain (loss) on investments (note 2)		(307	)		(230	)		—		(611	)		27


Net assets	$	12,270,141		$	18,491,742		$	877,278	$	9,424,417		$	568,210


Class A:
Net assets	$	253,364		$	1,308,891		$	74,997	$	613,896		$	41,806
Shares issued and outstanding ($0.01 par value – 5 billion authorized*)		253,367			1,309,073			75,023		613,922			41,801
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00	$	1.00		$	1.00
Class C:
Net assets	$	—		$	577		$	—	$	—		$	—
Shares issued and outstanding ($0.01 par value – 1 billion authorized)		—			576			—		—			—
Net asset value, offering price, and redemption price per share	$	—		$	1.00		$	—	$	—		$	—
Class D:
Net assets	$	2,436,051		$	1,275,623		$	29,520	$	2,464,021		$	105,386
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		2,436,070			1,275,534			29,516		2,464,251			105,370
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00	$	1.00		$	1.00
Class I:
Net assets	$	—		$	2,010,378		$	—	$	—		$	—
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		—			2,010,465			—		—			—
Net asset value, offering price, and redemption price per share	$	—		$	1.00		$	—	$	—		$	—
Class Y:
Net assets	$	4,333,498		$	3,568,752		$	571,852	$	4,243,108		$	317,651
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		4,333,603			3,568,801			571,822		4,243,373			317,623
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00	$	1.00		$	1.00
Class Z:
Net assets	$	4,097,387		$	9,551,313		$	181,779	$	1,219,975		$	89,748
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		4,097,373			9,551,521			181,761		1,220,147			89,737
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	$	1,149,841		$	776,208		$	19,130	$	533,322		$	13,619
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		1,149,830			776,032			19,130		533,274			13,609
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00	$	1.00		$	1.00
Reserve Class:
Net assets	$	—		$	—		$	—	$	350,095		$	—
Shares issued and outstanding ($0.01 par value – 5 billion authorized)		—			—			—		350,152			—
Net asset value, offering price, and redemption price per share	$	—		$	—		$	—	$	1.00		$	—


^† Including securities loaned, at value	$	—		$	—		$	—	$	30,926		$	—


*	20 billion shares were authorized for U.S. Treasury Money Market Fund.

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 19


Statements of Operations	For the six-month period ended February 28, 2011 (unaudited), all dollars are rounded to thousands (000)



	Government			Prime			Tax Free			Treasury			U.S. Treasury
	Obligations			Obligations			Obligations			Obligations			Money Market
	Fund			Fund			Fund			Fund			Fund

INVESTMENT INCOME:
Interest income	$	15,163		$	30,170		$	1,259		$	9,742		$	412
Securities lending income (note 2)		7			—			—			90			—


Total investment income		15,170			30,170			1,259			9,832			412


EXPENSES (note 3):
Investment advisory fees		6,267			9,159			458			4,602			277
Administration fees		8,025			11,955			606			6,040			370
Transfer agent fees		60			132			59			70			59
Custodian fees		313			458			23			230			14
Legal fees		9			9			9			9			9
Audit fees		16			16			16			16			16
Registration fees		15			50			22			15			12
Postage and printing fees		98			138			8			61			4
Directors’ fees		29			29			29			29			29
Other fees and expenses		69			93			33			70			34
Distribution and shareholder servicing (12b-1) fees:
Class A		326			1,618			96			888			53
Class B		—			2			—			—			—
Class C		—			7			—			—			—
Class D		1,771			1,042			24			1,849			89
Reserve Class		—			—			—			1,021			—
Shareholder servicing (non 12b-1) fees:
Class A		326			1,618			96			888			53
Class D		2,952			1,737			40			3,081			148
Class I		—			1,652			—			—			—
Class Y		5,693			4,385			689			4,753			363
Reserve Class		—			—			—			510			—
Institutional Investor Class		562			404			9			265			13


Total expenses		26,531			34,504			2,217			24,397			1,543


Less: Fee waivers (note 3)		(11,700	)		(8,817	)		(973	)		(14,587	)		(1,131	)


Total net expenses		14,831			25,687			1,244			9,810			412


Investment income – net		339			4,483			15			22			—


Net gain on investments		2			12			—			6			8


Net increase in net assets resulting from operations	$	341		$	4,495		$	15		$	28		$	8

The accompanying notes are an integral part of the financial statements.

20 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT


Statements of Changes in Net Assets	all dollars are rounded to thousands (000)



	Government						Prime
	Obligations Fund						Obligations Fund

	Six-Month						Six-Month
	Period Ended						Period Ended
	2/28/11			Year Ended			2/28/11			Year Ended
	(unaudited)			8/31/10			(unaudited)			8/31/10

OPERATIONS:
Investment income – net	$	339		$	2,867		$	4,483		$	13,014
Net realized gain (loss) on investments		2			119			12			176


Net increase (decrease) in net assets resulting from operations		341			2,986			4,495			13,190


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			—			(33	)
Class C		—			—			—			—
Class D		—			—			—			(36	)
Class I		—			—			—			(45	)
Class Y		—			—			—			(97	)
Class Z		(339	)		(2,738	)		(4,458	)		(12,463	)
Institutional Investor Class		—			(129	)		(25	)		(340	)
Reserve Class		—			—			—			—


Total distributions		(339	)		(2,867	)		(4,483	)		(13,014	)


CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE:
Class A:
Proceeds from sales		328,234			1,357,368			1,327,942			2,644,701
Reinvestment of distributions		—			—			23			—
Payments for redemptions		(370,309	)		(1,592,243	)		(1,343,162	)		(2,997,343	)


Increase (decrease) in net assets from Class A transactions		(42,075	)		(234,875	)		(15,197	)		(352,642	)


Class B:
Proceeds from sales		—			—			—			740
Reinvestment of distributions		—			—			—			—
Payments for redemptions		—			—			(1,154	)		(1,030	)


Decrease in net assets from Class B transactions		—			—			(1,154	)		(290	)


Class C:
Proceeds from sales		—			—			50			1,051
Reinvestment of distributions		—			—			—			—
Payments for redemptions		—			—			(2,016	)		(1,816	)


Decrease in net assets from Class C transactions		—			—			(1,966	)		(765	)


Class D:
Proceeds from sales		3,871,471			9,424,827			2,095,912			5,203,670
Reinvestment of distributions		—			—			—			—
Payments for redemptions		(3,961,376	)		(9,872,773	)		(2,333,430	)		(6,163,678	)


Increase (decrease) in net assets from Class D transactions		(89,905	)		(447,946	)		(237,518	)		(960,008	)


Class I:
Proceeds from sales		—			—			7,865,234			13,682,893
Reinvestment of distributions		—			—			1			1
Payments for redemptions		—			—			(7,488,222	)		(17,325,045	)


Increase (decrease) in net assets from Class I transactions		—			—			377,013			(3,642,151	)


Class Y:
Proceeds from sales		14,285,208			21,924,830			52,061,375			88,360,691
Reinvestment of distributions		—			—			18			16
Payments for redemptions		(15,093,063	)		(23,620,941	)		(52,233,701	)		(91,869,250	)


Increase (decrease) in net assets from Class Y transactions		(807,855	)		(1,696,111	)		(172,308	)		(3,508,543	)


Class Z:
Proceeds from sales		42,837,129			60,736,061			19,186,973			60,402,827
Reinvestment of distributions		130			652			301			1,840
Payments for redemptions		(43,032,449	)		(64,846,723	)		(19,244,044	)		(64,542,541	)


Decrease in net assets from Class Z transactions		(195,190	)		(4,110,010	)		(56,770	)		(4,137,874	)


Institutional Investor Class:
Proceeds from sales		2,510,125			12,166,569			4,229,130			7,716,104
Reinvestment of distributions		—			3			1			7
Payments for redemptions		(2,443,119	)		(13,958,791	)		(4,378,785	)		(8,484,233	)


Increase (decrease) in net assets from Institutional Investor Class transactions		67,006			(1,792,219	)		(149,654	)		(768,122	)


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		(1,068,019	)		(8,281,161	)		(257,554	)		(13,370,395	)


Total increase (decrease) in net assets		(1,068,017	)		(8,281,042	)		(257,542	)		(13,370,219	)
Net assets at beginning of period		13,338,158			21,619,200			18,749,284			32,119,503


Net assets at end of period	$	12,270,141		$	13,338,158		$	18,491,742		$	18,749,284


Undistributed (distributions in excess of) net investment income	$	289		$	(37	)	$	160		$	160

The accompanying notes are an integral part of the financial statements.

22 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT



Tax Free						Treasury						U.S. Treasury
Obligations Fund						Obligations Fund						Money Market Fund

Six-Month						Six-Month						Six-Month
Period Ended						Period Ended						Period Ended
2/28/11			Year Ended			2/28/11			Year Ended			2/28/11			Year Ended
(unaudited)			8/31/10			(unaudited)			8/31/10			(unaudited)			8/31/10


$	15		$	165		$	22		$	116		$	—		$	—
	—			2			6			(541	)		8			19


	15			167			28			(425	)		8			19




	—			(4	)		—			(8	)		—			—
	—			—			—			—			—			—
	—			(1	)		—			(26	)		—			—
	—			—			—			—			—			—
	—			(28	)		—			(33	)		—			—
	(15	)		(131	)		(22	)		(40	)		—			—
	—			(1	)		—			(5	)		—			—
	—			—			—			(4	)		—			—


	(15	)		(165	)		(22	)		(116	)		—			—




	74,113			135,792			822,947			2,054,150			23,402			116,419
	2			—			—			—			—			—
	(73,419	)		(186,021	)		(1,077,710	)		(2,125,820	)		(33,086	)		(127,125	)


	696			(50,229	)		(254,763	)		(71,670	)		(9,684	)		(10,706	)



	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—


	—			—			—			—			—			—



	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—


	—			—			—			—			—			—



	37,460			50,278			3,691,939			6,239,051			196,818			607,563
	—			—			—			—			—			—
	(36,320	)		(70,782	)		(3,936,690	)		(6,941,544	)		(207,068	)		(625,814	)


	1,140			(20,504	)		(244,751	)		(702,493	)		(10,250	)		(18,251	)



	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—


	—			—			—			—			—			—



	1,068,048			1,255,154			7,820,983			13,514,189			1,528,286			1,810,752
	1			—			1			—			—			—
	(1,070,056	)		(1,434,703	)		(6,875,802	)		(14,908,262	)		(1,526,334	)		(1,921,942	)


	(2,007	)		(179,549	)		945,182			(1,394,073	)		1,952			(111,190	)



	247,738			1,066,951			3,997,604			8,081,976			199,616			259,845
	—			5			17			11			—			—
	(414,214	)		(1,450,172	)		(4,176,546	)		(8,609,911	)		(206,904	)		(400,299	)


	(166,476	)		(383,216	)		(178,925	)		(527,924	)		(7,288	)		(140,454	)




	168,085			133,271			1,339,438			3,945,889			62,071			560,488
	—			—			—			—			—			—
	(161,400	)		(136,037	)		(1,286,865	)		(3,991,175	)		(85,648	)		(672,943	)


	6,685			(2,766	)		52,573			(45,286	)		(23,577	)		(112,455	)



	—			—			531,055			783,113			—			—
	—			—			1			—			—			—
	—			—			(597,314	)		(969,065	)		—			—


	—			—			(66,258	)		(185,952	)		—			—


	(159,962	)		(636,264	)		253,058			(2,927,398	)		(48,847	)		(393,056	)


	(159,962	)		(636,262	)		253,064			(2,927,939	)		(48,839	)		(393,037	)
	1,037,240			1,673,502			9,171,353			12,099,292			617,049			1,010,086


$	877,278		$	1,037,240		$	9,424,417		$	9,171,353		$	568,210		$	617,049


$	6		$	88		$	(43	)	$	(16	)	$	(8	)	$	(3	)

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 23

Financial Highlights For a share outstanding throughout the indicated periods.



	Net Asset					Distributions			Net Asset
	Value		Net			from Net			Value
	Beginning		Investment			Investment			End of		Total
	of Period		Income			Income			Period		Return⁴

Government Obligations Fund
Class A
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		—			—			1.00		0.00
2009²		1.00		0.004			(0.004	)		1.00		0.36
2008²		1.00		0.028			(0.028	)		1.00		2.79
2007²		1.00		0.046			(0.046	)		1.00		4.66
2006²		1.00		0.038			(0.038	)		1.00		3.86
Class D
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		—			—			1.00		0.00
2009²		1.00		0.004			(0.004	)		1.00		0.44
2008²		1.00		0.029			(0.029	)		1.00		2.95
2007²		1.00		0.047			(0.047	)		1.00		4.82
2006²		1.00		0.039			(0.039	)		1.00		4.01
Class Y
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		—			—			1.00		0.00
2009²		1.00		0.005			(0.005	)		1.00		0.55
2008²		1.00		0.031			(0.031	)		1.00		3.10
2007²		1.00		0.049			(0.049	)		1.00		4.97
2006²		1.00		0.041			(0.041	)		1.00		4.17
Class Z
2011¹	$	1.00	$	0.000	⁵	$	(0.000	)⁵	$	1.00		0.01	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.04
2009²		1.00		0.008			(0.008	)		1.00		0.79
2008²		1.00		0.033			(0.033	)		1.00		3.36
2007²		1.00		0.051			(0.051	)		1.00		5.23
2006²		1.00		0.043			(0.043	)		1.00		4.43
Institutional Investor Class
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		—			—			1.00		0.00
2009²		1.00		0.007			(0.007	)		1.00		0.69
2008²		1.00		0.032			(0.032	)		1.00		3.25
2007²		1.00		0.050			(0.050	)		1.00		5.13
2006³		1.00		0.020			(0.020	)		1.00		2.03


	¹	For the six-month period ended February 28, 2011 (unaudited). All ratios for the period have been annualized, except total return.

	²	For the period September 1 to August 31 in the fiscal year indicated.

	³	For the period from March 31, 2006, when the class of shares was first offered, to August 31, 2006. All ratios for the period have been annualized, except total return.

	⁴	Total return would have been lower had certain expenses not been waived.

	⁵	Rounds to zero.

The accompanying notes are an integral part of the financial statements.

24 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT



											Ratio of Net
								Ratio of			Investment
					Ratio of Net			Expenses			Income (Loss)
		Ratio of			Investment			to Average			to Average
Net Assets		Expenses to			Income			Net Assets			Net Assets
End of		Average			to Average			(Excluding			(Excluding
Period (000)		Net Assets			Net Assets			Waivers)			Waivers)



$	253,364		0.24	%		0.00	%		0.79	%		(0.55	)%
	295,439		0.27			0.00			0.78			(0.51	)
	530,312		0.67			0.31			0.79			0.19
	710,680		0.75			2.58			0.78			2.55
	384,673		0.75			4.56			0.78			4.53
	429,573		0.75			3.96			0.80			3.91

$	2,436,051		0.24	%		0.00	%		0.64	%		(0.40	)%
	2,525,955		0.27			0.00			0.63			(0.36	)
	2,973,885		0.59			0.40			0.65			0.34
	2,628,910		0.60			2.59			0.63			2.56
	1,320,996		0.60			4.71			0.63			4.68
	1,307,002		0.60			3.90			0.65			3.85

$	4,333,498		0.24	%		0.00	%		0.49	%		(0.25	)%
	5,141,352		0.27			0.00			0.48			(0.21	)
	6,837,427		0.48			0.52			0.50			0.50
	6,935,957		0.45			2.81			0.48			2.78
	3,649,102		0.45			4.86			0.48			4.83
	3,128,539		0.45			4.17			0.50			4.12

$	4,097,387		0.23	%		0.02	%		0.24	%		0.01	%
	4,292,577		0.23			0.05			0.23			0.05
	8,402,541		0.24			0.59			0.24			0.59
	1,915,386		0.20			3.04			0.23			3.01
	784,556		0.20			5.10			0.23			5.07
	434,248		0.20			4.34			0.25			4.29

$	1,149,841		0.24	%		0.00	%		0.34	%		(0.10	)%
	1,082,835		0.27			0.01			0.33			(0.05	)
	2,875,035		0.34			0.49			0.34			0.49
	461,342		0.30			3.16			0.33			3.13
	442,701		0.30			5.01			0.33			4.98
	19,271		0.30			4.90			0.35			4.85

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 25

Financial Highlights For a share outstanding throughout the indicated periods.



	Net Asset					Distributions			Net Asset
	Value		Net			from Net			Value
	Beginning		Investment			Investment			End of		Total
	of Period		Income			Income			Period		Return⁴

Prime Obligations Fund
Class A
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.007			(0.007	)		1.00		0.67
2008²		1.00		0.031			(0.031	)		1.00		3.17
2007²		1.00		0.046			(0.046	)		1.00		4.70
2006²		1.00		0.038			(0.038	)		1.00		3.88
Class C
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		—			—			1.00		0.00
2009²		1.00		0.004			(0.004	)		1.00		0.45
2008²		1.00		0.027			(0.027	)		1.00		2.71
2007²		1.00		0.042			(0.042	)		1.00		4.26
2006²		1.00		0.034			(0.034	)		1.00		3.42
Class D
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.008			(0.008	)		1.00		0.79
2008²		1.00		0.033			(0.033	)		1.00		3.32
2007²		1.00		0.048			(0.048	)		1.00		4.86
2006²		1.00		0.040			(0.040	)		1.00		4.04
Class I
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.010			(0.010	)		1.00		0.98
2008²		1.00		0.035			(0.035	)		1.00		3.56
2007²		1.00		0.050			(0.050	)		1.00		5.10
2006²		1.00		0.042			(0.042	)		1.00		4.28
Class Y
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.009			(0.009	)		1.00		0.92
2008²		1.00		0.034			(0.034	)		1.00		3.48
2007²		1.00		0.049			(0.049	)		1.00		5.02
2006²		1.00		0.041			(0.041	)		1.00		4.20
Class Z
2011¹	$	1.00	$	0.001		$	(0.001	)	$	1.00		0.05	%
2010²		1.00		0.001			(0.001	)		1.00		0.10
2009²		1.00		0.012			(0.012	)		1.00		1.18
2008²		1.00		0.037			(0.037	)		1.00		3.77
2007²		1.00		0.052			(0.052	)		1.00		5.31
2006²		1.00		0.044			(0.044	)		1.00		4.49
Institutional Investor Class
2011¹	$	1.00	$	0.000	⁵	$	(0.000	)⁵	$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.02
2009²		1.00		0.011			(0.011	)		1.00		1.08
2008²		1.00		0.036			(0.036	)		1.00		3.66
2007²		1.00		0.051			(0.051	)		1.00		5.20
2006³		1.00		0.020			(0.020	)		1.00		2.05


	¹	For the six-month period ended February 28, 2011 (unaudited). All ratios for the period have been annualized, except total return.

	²	For the period September 1 to August 31 in the fiscal year indicated.

	³	For the period from March 31, 2006, when the class of shares was first offered, to August 31, 2006. All ratios for the period have been annualized, except total return.

	⁴	Total return would have been lower had certain expenses not been waived.

	⁵	Rounds to zero.

The accompanying notes are an integral part of the financial statements.

26 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT



											Ratio of Net
								Ratio of			Investment
					Ratio of Net			Expenses			Income (Loss)
		Ratio of			Investment			to Average			to Average
Net Assets		Expenses to			Income			Net Assets			Net Assets
End of		Average			to Average			(Excluding			(Excluding
Period (000)		Net Assets			Net Assets			Waivers)			Waivers)



$	1,308,891		0.33	%		0.00	%		0.79	%		(0.46	)%
	1,324,087		0.33			0.00			0.78			(0.45	)
	1,676,718		0.76			0.71			0.81			0.66
	2,315,088		0.78			3.08			0.78			3.08
	2,048,485		0.78			4.60			0.78			4.60
	1,707,450		0.78			3.81			0.79			3.80

$	577		0.34	%		0.00	%		1.24	%		(0.90	)%
	2,543		0.33			0.00			1.23			(0.90	)
	3,312		0.98			0.43			1.26			0.15
	5,060		1.23			2.65			1.23			2.65
	10,545		1.23			4.18			1.23			4.18
	14,486		1.23			3.41			1.24			3.40

$	1,275,623		0.33	%		0.00	%		0.64	%		(0.31	)%
	1,513,140		0.34			0.00			0.64			(0.30	)
	2,473,134		0.64			0.71			0.66			0.69
	1,936,019		0.63			3.07			0.63			3.07
	1,102,093		0.63			4.76			0.63			4.76
	965,305		0.63			4.00			0.64			3.99

$	2,010,378		0.33	%		0.00	%		0.44	%		(0.11	)%
	1,633,364		0.34			0.00			0.43			(0.09	)
	5,275,495		0.45			0.81			0.46			0.80
	1,608,965		0.40			3.49			0.43			3.46
	1,652,385		0.40			4.98			0.43			4.95
	1,932,477		0.40			4.16			0.44			4.12

$	3,568,752		0.33	%		0.00	%		0.49	%		(0.16	)%
	3,741,060		0.34			0.00			0.48			(0.14	)
	7,249,566		0.51			0.89			0.51			0.89
	8,092,898		0.48			3.35			0.48			3.35
	6,189,316		0.48			4.90			0.48			4.90
	5,900,840		0.48			4.15			0.49			4.14

$	9,551,313		0.24	%		0.09	%		0.24	%		0.09	%
	9,608,076		0.23			0.10			0.23			0.10
	13,745,864		0.25			1.03			0.26			1.02
	8,864,378		0.20			3.49			0.23			3.46
	6,100,756		0.20			5.19			0.23			5.16
	5,095,307		0.20			4.48			0.24			4.44

$	776,208		0.32	%		0.01	%		0.33	%		0.00	%
	925,862		0.31			0.03			0.33			0.01
	1,693,975		0.35			0.95			0.36			0.94
	1,354,758		0.30			3.64			0.33			3.61
	777,714		0.30			5.09			0.33			5.06
	228,587		0.30			4.93			0.34			4.89

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 27

Financial Highlights For a share outstanding throughout the indicated periods.



	Net Asset					Distributions			Net Asset
	Value		Net			from Net			Value
	Beginning		Investment			Investment			End of		Total
	of Period		Income			Income			Period		Return⁴

Tax Free Obligations Fund
Class A
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.004			(0.004	)		1.00		0.47
2008²		1.00		0.018			(0.018	)		1.00		1.86
2007²		1.00		0.029			(0.029	)		1.00		2.94
2006²		1.00		0.024			(0.024	)		1.00		2.45
Class D
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.005			(0.005	)		1.00		0.52
2008²		1.00		0.020			(0.020	)		1.00		2.01
2007²		1.00		0.031			(0.031	)		1.00		3.09
2006²		1.00		0.026			(0.026	)		1.00		2.61
Class Y
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.006			(0.006	)		1.00		0.59
2008²		1.00		0.021			(0.021	)		1.00		2.17
2007²		1.00		0.032			(0.032	)		1.00		3.25
2006²		1.00		0.027			(0.027	)		1.00		2.76
Class Z
2011¹	$	1.00	$	0.000	⁵	$	(0.000	)⁵	$	1.00		0.01	%
2010²		1.00		—			—			1.00		0.03
2009²		1.00		0.008			(0.008	)		1.00		0.80
2008²		1.00		0.024			(0.024	)		1.00		2.42
2007²		1.00		0.035			(0.035	)		1.00		3.51
2006²		1.00		0.030			(0.030	)		1.00		3.02
Institutional Investor Class
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.01
2009²		1.00		0.007			(0.007	)		1.00		0.70
2008²		1.00		0.023			(0.023	)		1.00		2.32
2007²		1.00		0.034			(0.034	)		1.00		3.40
2006³		1.00		0.014			(0.014	)		1.00		1.37


	¹	For the six-month period ended February 28, 2011 (unaudited). All ratios for the period have been annualized, except total return.

	²	For the period September 1 to August 31 in the fiscal year indicated.

	³	For the period from March 31, 2006, when the class of shares was first offered, to August 31, 2006. All ratios for the period have been annualized, except total return.

	⁴	Total return would have been lower had certain expenses not been waived.

	⁵	Rounds to zero.

The accompanying notes are an integral part of the financial statements.

28 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT



											Ratio of Net
								Ratio of			Investment
					Ratio of Net			Expenses			Income (Loss)
		Ratio of			Investment			to Average			to Average
Net Assets		Expenses to			Income			Net Assets			Net Assets
End of		Average			to Average			(Excluding			(Excluding
Period (000)		Net Assets			Net Assets			Waivers)			Waivers)



$	74,997		0.28	%		0.00	%		0.83	%		(0.55	)%
	74,301		0.26			0.00			0.81			(0.55	)
	124,530		0.63			0.60			0.83			0.40
	255,762		0.75			1.80			0.79			1.76
	172,416		0.75			2.90			0.80			2.85
	172,800		0.75			2.43			0.80			2.38

$	29,520		0.27	%		0.00	%		0.67	%		(0.40	)%
	28,380		0.26			0.00			0.66			(0.40	)
	48,884		0.57			0.64			0.68			0.53
	159,924		0.60			1.75			0.64			1.71
	51,119		0.60			3.05			0.65			3.00
	47,306		0.60			2.60			0.65			2.55

$	571,852		0.28	%		0.00	%		0.53	%		(0.25	)%
	573,858		0.26			0.00			0.51			(0.25	)
	753,405		0.49			0.69			0.53			0.65
	1,281,930		0.45			2.12			0.49			2.08
	1,197,152		0.45			3.20			0.50			3.15
	884,041		0.45			2.71			0.50			2.66

$	181,779		0.26	%		0.01	%		0.27	%		0.00	%
	348,256		0.24			0.03			0.26			0.01
	731,472		0.27			0.75			0.28			0.74
	644,429		0.20			2.52			0.24			2.48
	923,878		0.20			3.46			0.25			3.41
	711,489		0.20			2.99			0.25			2.94

$	19,130		0.27	%		0.00	%		0.37	%		(0.10	)%
	12,445		0.25			0.00			0.35			(0.10	)
	15,211		0.37			0.80			0.38			0.79
	41,342		0.30			2.31			0.34			2.27
	35,327		0.30			3.35			0.35			3.30
	10,092		0.30			3.26			0.35			3.21

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 29

Financial Highlights For a share outstanding throughout the indicated periods.



	Net Asset					Distributions			Net Asset
	Value		Net			from Net			Value
	Beginning		Investment			Investment			End of		Total
	of Period		Income			Income			Period		Return⁴

Treasury Obligations Fund
Class A
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.001			(0.001	)		1.00		0.07
2008²		1.00		0.023			(0.023	)		1.00		2.30
2007²		1.00		0.045			(0.045	)		1.00		4.55
2006²		1.00		0.037			(0.037	)		1.00		3.79
Class D
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.001			(0.001	)		1.00		0.11
2008²		1.00		0.024			(0.024	)		1.00		2.45
2007²		1.00		0.046			(0.046	)		1.00		4.71
2006²		1.00		0.039			(0.039	)		1.00		3.95
Class Y
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.002			(0.002	)		1.00		0.18
2008²		1.00		0.027			(0.027	)		1.00		2.60
2007²		1.00		0.048			(0.048	)		1.00		4.86
2006²		1.00		0.040			(0.040	)		1.00		4.10
Class Z
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.004			(0.004	)		1.00		0.36
2008²		1.00		0.028			(0.028	)		1.00		2.86
2007²		1.00		0.051			(0.051	)		1.00		5.13
2006²		1.00		0.043			(0.043	)		1.00		4.36
Institutional Investor Class
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.003			(0.003	)		1.00		0.28
2008²		1.00		0.027			(0.027	)		1.00		2.75
2007²		1.00		0.049			(0.049	)		1.00		5.02
2006³		1.00		0.020			(0.020	)		1.00		2.00
Reserve Class
2011¹	$	1.00	$	—		$	—		$	1.00		0.00	%
2010²		1.00		0.000	⁵		(0.000	)⁵		1.00		0.00
2009²		1.00		0.001			(0.001	)		1.00		0.06
2008²		1.00		0.024			(0.024	)		1.00		2.11
2007²		1.00		0.043			(0.043	)		1.00		4.35
2006²		1.00		0.035			(0.035	)		1.00		3.60


	¹	For the six-month period ended February 28, 2011 (unaudited). All ratios for the period have been annualized, except total return.

	²	For the period September 1 to August 31 in the fiscal year indicated.

	³	For the period from March 31, 2006, when the class of shares was first offered, to August 31, 2006. All ratios for the period have been annualized, except total return.

	⁴	Total return would have been lower had certain expenses not been waived.

	⁵	Rounds to zero.

The accompanying notes are an integral part of the financial statements.

30 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT



											Ratio of Net
								Ratio of			Investment
					Ratio of Net			Expenses			Income (Loss)
		Ratio of			Investment			to Average			to Average
Net Assets		Expenses to			Income			Net Assets			Net Assets
End of		Average			to Average			(Excluding			(Excluding
Period (000)		Net Assets			Net Assets			Waivers)			Waivers)



$	613,896		0.22	%		0.00	%		0.79	%		(0.57	)%
	868,658		0.20			0.00			0.78			(0.58	)
	940,369		0.53			0.09			0.79			(0.17	)
	1,391,961		0.75			2.34			0.78			2.31
	1,719,685		0.75			4.46			0.78			4.43
	1,496,419		0.75			3.76			0.79			3.72

$	2,464,021		0.21	%		0.00	%		0.63	%		(0.42	)%
	2,708,770		0.20			0.00			0.63			(0.43	)
	3,411,407		0.50			0.15			0.64			0.01
	6,868,518		0.60			2.45			0.63			2.42
	7,232,055		0.60			4.61			0.63			4.58
	6,051,333		0.60			3.93			0.64			3.89

$	4,243,108		0.21	%		0.00	%		0.49	%		(0.28	)%
	3,297,924		0.20			0.00			0.48			(0.28	)
	4,692,210		0.41			0.19			0.49			0.11
	5,482,050		0.45			2.62			0.48			2.59
	6,143,979		0.45			4.75			0.48			4.72
	5,395,566		0.45			4.14			0.49			4.10

$	1,219,975		0.21	%		0.00	%		0.24	%		(0.03	)%
	1,398,900		0.20			0.00			0.23			(0.03	)
	1,926,914		0.23			0.38			0.24			0.37
	3,713,560		0.20			2.74			0.23			2.71
	2,596,399		0.20			4.98			0.23			4.95
	877,206		0.20			4.29			0.24			4.25

$	533,322		0.21	%		0.00	%		0.34	%		(0.13	)%
	480,749		0.20			0.00			0.33			(0.13	)
	526,060		0.31			0.32			0.34			0.29
	766,652		0.30			2.68			0.33			2.65
	693,614		0.30			4.89			0.33			4.86
	437,586		0.30			4.87			0.34			4.83

$	350,095		0.22	%		0.00	%		0.99	%		(0.77	)%
	416,352		0.20			0.00			0.98			(0.78	)
	602,332		0.56			0.08			0.99			(0.35	)
	973,250		0.93			2.13			0.98			2.08
	1,167,569		0.94			4.27			0.98			4.23
	1,361,851		0.94			3.57			0.99			3.52

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 31

Financial Highlights For a share outstanding throughout the indicated periods.



	Net Asset				Distributions			Net Asset
	Value		Net		from Net			Value
	Beginning		Investment		Investment			End of		Total
	of Period		Income		Income			Period		Return⁴

U.S. Treasury Money Market Fund
Class A
2011¹	$	1.00	$	—	$	—		$	1.00		0.00	%
2010²		1.00		—		—			1.00		0.00
2009²		1.00		0.001		(0.001	)		1.00		0.08
2008²		1.00		0.020		(0.020	)		1.00		2.00
2007²		1.00		0.043		(0.043	)		1.00		4.31
2006²		1.00		0.035		(0.035	)		1.00		3.56
Class D
2011¹	$	1.00	$	—	$	—		$	1.00		0.00	%
2010²		1.00		—		—			1.00		0.00
2009²		1.00		0.001		(0.001	)		1.00		0.12
2008²		1.00		0.021		(0.021	)		1.00		2.15
2007²		1.00		0.044		(0.044	)		1.00		4.47
2006²		1.00		0.037		(0.037	)		1.00		3.71
Class Y
2011¹	$	1.00	$	—	$	—		$	1.00		0.00	%
2010²		1.00		—		—			1.00		0.00
2009²		1.00		0.002		(0.002	)		1.00		0.16
2008²		1.00		0.023		(0.023	)		1.00		2.30
2007²		1.00		0.046		(0.046	)		1.00		4.62
2006²		1.00		0.038		(0.038	)		1.00		3.87
Class Z
2011¹	$	1.00	$	—	$	—		$	1.00		0.00	%
2010²		1.00		—		—			1.00		0.00
2009²		1.00		0.003		(0.003	)		1.00		0.27
2008²		1.00		0.025		(0.025	)		1.00		2.56
2007²		1.00		0.048		(0.048	)		1.00		4.88
2006²		1.00		0.041		(0.041	)		1.00		4.15
Institutional Investor Class
2011¹	$	1.00	$	—	$	—		$	1.00		0.00	%
2010²		1.00		—		—			1.00		0.00
2009²		1.00		0.002		(0.002	)		1.00		0.22
2008²		1.00		0.024		(0.024	)		1.00		2.46
2007²		1.00		0.047		(0.047	)		1.00		4.78
2006³		1.00		0.019		(0.019	)		1.00		1.91


	¹	For the six-month period ended February 28, 2011 (unaudited). All ratios for the period have been annualized, except total return.

	²	For the period September 1 to August 31 in the fiscal year indicated.

	³	For the period from March 31, 2006, when the class of shares was first offered, to August 31, 2006. All ratios for the period have been annualized, except total return.

	⁴	Total return would have been lower had certain expenses not been waived.

The accompanying notes are an integral part of the financial statements.

32 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT



											Ratio of Net
								Ratio of			Investment
					Ratio of Net			Expenses to			Income (Loss)
		Ratio of			Investment			Average			to Average
Net Assets		Expenses to			Income			Net Assets			Net Assets
End of		Average			to Average			(Excluding			(Excluding
Period (000)		Net Assets			Net Assets			Waivers)			Waivers)



$	41,806		0.15	%		0.00	%		0.84	%		(0.69	)%
	51,490		0.12			0.00			0.82			(0.70	)
	62,194		0.44			0.11			0.77			(0.22	)
	89,497		0.75			1.64			0.80			1.59
	17,727		0.75			4.25			0.82			4.18
	66,783		0.75			3.96			0.84			3.87

$	105,386		0.15	%		0.00	%		0.69	%		(0.54	)%
	115,634		0.13			0.00			0.68			(0.55	)
	133,882		0.42			0.16			0.64			(0.06	)
	321,431		0.60			2.09			0.65			2.04
	230,031		0.60			4.37			0.67			4.30
	188,499		0.60			3.62			0.69			3.53

$	317,651		0.15	%		0.00	%		0.54	%		(0.39	)%
	315,695		0.12			0.00			0.52			(0.40	)
	426,875		0.36			0.18			0.50			0.04
	570,751		0.45			2.22			0.50			2.17
	462,391		0.45			4.53			0.52			4.46
	355,081		0.45			3.91			0.54			3.82

$	89,748		0.15	%		0.00	%		0.29	%		(0.14	)%
	97,034		0.14			0.00			0.27			(0.13	)
	237,487		0.23			0.30			0.25			0.28
	219,278		0.20			2.33			0.25			2.28
	117,843		0.20			4.80			0.27			4.73
	124,961		0.20			4.66			0.29			4.57

$	13,619		0.15	%		0.00	%		0.39	%		(0.24	)%
	37,196		0.12			0.00			0.37			(0.25	)
	149,648		0.29			0.22			0.36			0.15
	125,216		0.30			1.68			0.35			1.63
	2,452		0.30			4.69			0.37			4.62
	16,084		0.30			4.68			0.39			4.59

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 33


Notes to Financial Statements	(unaudited as to February 28, 2011), all dollars and shares are rounded to thousands (000)


1 >	Organization

The Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Funds, Inc. (“FAF”), which is a member of the First American Family of Funds. FAF is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company. FAF’s articles of incorporation permit the board of directors to create additional funds in the future.

FAF offers Class A, Class C, Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares. Class A shares are not subject to sales charges. During the period, Class B and Class C shares of Prime Obligations Fund were only available pursuant to an exchange for Class B and Class C shares, respectively, of another fund in the First American Family of Funds or certain other unaffiliated funds, or for Class C shares, in establishing a systematic exchange program that would be used to purchase Class C shares of those funds. Effective September 21, 2010, Class B and Class C shares of Prime Obligations Fund closed to new investors and additional investments. There were no Class B shares outstanding at February 28, 2011. Class C shares may be subject to a contingent deferred sales charge for 12 months. Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares are offered only to qualifying institutional investors. Class C and Class I shares are not offered by Government Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, or U.S. Treasury Money Market Fund. Reserve Class shares are offered by Treasury Obligations Fund only.

The funds’ prospectuses provide descriptions of each fund’s investment objective, principal investment strategies, and principal risks. All classes of shares of a fund have identical voting, dividend, liquidation and other rights, and the same terms and conditions, except that certain fees and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class’s servicing or distribution arrangements.


2 >	Summary of Significant Accounting Policies

The significant accounting policies followed by the funds are as follows:

SECURITY VALUATIONS – Investment securities held are stated at amortized cost (except for investments in other money market funds), 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 funds are determined at least once per week using prices supplied by the funds’ independent pricing services. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities. 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 comparison, which will be determined pursuant to procedures approved by the board of directors. If the difference between the aggregate market price and aggregate amortized cost of all securities held by a fund exceeds 0.25%, the funds’ administrator will notify the funds’ board of directors and will monitor the deviation on a daily basis. If the difference exceeds 0.50%, a meeting of the board of directors will be convened, and the board will determine what action, if any, to take. During the six-month period ended February 28, 2011, the differences between the aggregate market price and the aggregate amortized cost of all securities did not exceed 0.25% for any fund. Investments in other money market funds are valued at their respective net asset values on the valuation date.

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 is 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. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or

34 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT

comparable companies; information from broker-dealers; and/or evaluation of the forces that influence the market in which the securities are purchased and sold.

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

As of February 28, 2011, each fund’s investments were classified as follows:


							Total
Fund	Level 1		Level 2		Level 3		Fair Value

Government Obligations Fund
Government Agency Debt	$	—	$	6,763,306	$	—	$	6,763,306
Government Agency Repurchase Agreements		—		4,882,883		—		4,882,883
Treasury Repurchase Agreement		—		525,000		—		525,000
Treasury Debt		—		153,367		—		153,367


Total Investments	$	—	$	12,324,556	$	—	$	12,324,556


Prime Obligations Fund
Certificates of Deposit	$	—	$	5,505,496	$	—	$	5,505,496
Financial Company Commercial Paper		—		2,854,616		—		2,854,616
Asset Backed Commercial Paper		—		2,777,176		—		2,777,176
Other Notes		—		1,889,225		—		1,889,225
Government Agency Debt		—		1,518,300		—		1,518,300
Treasury Debt		—		985,105		—		985,105
Investment Companies		419,177		—		—		419,177
Variable Rate Demand Notes		—		407,226		—		407,226
Other Commercial Paper		—		169,873		—		169,873
Treasury Repurchase Agreements		—		1,444,306		—		1,444,306
Government Agency Repurchase Agreement		—		567,117		—		567,117


Total Investments	$	419,177	$	18,118,440	$	—	$	18,537,617


Tax Free Obligations Fund
Municipal Debt	$	—	$	881,479	$	—	$	881,479
Government Agency Debt		—		269		—		269


Total Investments	$	—	$	881,748	$	—	$	881,748


Treasury Obligations Fund
Treasury Debt	$	—	$	2,126,893	$	—	$	2,126,893
Treasury Repurchase Agreements		—		7,290,694		—		7,290,694
Investments Purchased with Proceeds from Securities Lending		1		31,563		—		31,564


Total Investments	$	1	$	9,449,150	$	—	$	9,449,151


U.S. Treasury Money Market Fund
Treasury Debt	$	—	$	568,245	$	—	$	568,245


Total Investments	$	—	$	568,245	$	—	$	568,245

Refer to the Schedule of Investments for further security classification.

During the six-month period ended February 28, 2011, there were no significant transfers between valuation levels.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At February 28, 2011, the funds did not hold any restricted securities other than the Rule 144A securities disclosed in the Schedules of Investments. None of the funds held illiquid securities at February 28, 2011.

SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis.

DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared daily and are payable in cash or reinvested in additional shares of the fund at net asset value on the first business day of the following month.

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 35


Notes to Financial Statements	(unaudited as to February 28, 2011), all dollars and shares are rounded to thousands (000)

FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required.

As of February 28, 2011 the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all tax returns filed for the last three years.

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which the differences arise.

The character of distributions 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 six-month period ended February 28, 2011 (estimated) and fiscal year ended August 31, 2010 (adjusted by dividends payable as of February 28, 2011 and August 31, 2010) were as follows:


	February 28, 2011

	Ordinary		Tax-Exempt		Capital
Fund	Income		Income		Gain		Total

Government Obligations Fund	$	420	$	—	$	—	$	420
Prime Obligations Fund		5,657		—		—		5,657
Tax Free Obligations Fund		—		70		—		70
Treasury Obligations Fund		115		—		—		115
U.S. Treasury Money Market Fund		—		—		—		—

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, 2010.


	August 31, 2010

	Ordinary		Tax-Exempt		Capital
Fund	Income		Income		Gain		Total

Government Obligations Fund	$	4,098	$	—	$	—	$	4,098
Prime Obligations Fund		14,238		—		—		14,238
Tax Free Obligations Fund		—		195		—		195
Treasury Obligations Fund		35		—		—		35
U.S. Treasury Money Market Fund		—		—		—		—

As of August 31, 2010, the funds’ most recent completed fiscal year end, the components of accumulated earnings (deficit) on a tax-basis were as follows:


							Accumulated					Total
	Undistributed		Undistributed		Undistributed		Capital and					Accumulated
	Ordinary		Tax Exempt		Long-Term		Post-October			Unrealized		Earnings
Fund	Income		Income		Capital Gains		Losses			Appreciation		(Deficit)

Government Obligations Fund	$	472	$	—	$	—	$	(326	)	$	—	$	146
Prime Obligations Fund		1,864		—		—		(242	)		—		1,622
Tax Free Obligations Fund		—		75		—		—			—		75
Treasury Obligations Fund		93		—		—		(617	)		—		(524	)
U.S. Treasury Money Market Fund		21		—		—		—			—		21

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, 2010 and the deferral of wash sale losses.

As of August 31, 2010, 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	2011		2012		2013		2014			2015			2016			2017			2018		Total

Prime Obligations Fund	$	—	$	—	$	—	$	—		$	(170	)	$	—		$	(72	)	$	—	$	(242	)
Treasury Obligations Fund		—		—		—		(20	)		(57	)		(540	)		—			—		(617	)

36 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT

Government Obligations Fund incurred a loss of $326 for tax purposes, for the period from November 1, 2009 to August 31, 2010. As permitted by tax regulations, the funds intend to elect to defer and treat those losses as arising in the fiscal year ending August 31, 2011.

REPURCHASE AGREEMENTS – Each fund (other than U.S. Treasury Money Market Fund) may enter into repurchase agreements with counterparties whom the funds’ investment advisor deems creditworthy, subject to the seller’s agreement to repurchase such securities from the funds at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the fund plus interest, at a rate that is negotiated on the basis of current short-term rates.

Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Each such fund may also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained in a segregated account by the broker’s custodian bank until the maturity of the repurchase agreement. Provisions of the repurchase agreements are designed to ensure that the value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the fund may be delayed or limited.

SECURITIES LENDING – In order to generate additional income, Government Obligations Fund and Treasury Obligations Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to maintain collateral in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then “marked to market” daily until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. Cash collateral is invested in short-term, high quality U.S. dollar-denominated securities that would be eligible for investment by a money market fund under Rule 2a-7 of the Investment Company Act of 1940. As of February 28, 2011, Treasury Obligations Fund had securities on loan with a total value of $30,926.

U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the fund. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). As the securities lending agent, U.S. Bank receives fees of up to 25% of each fund’s net income from securities lending transactions and pays half of such fees to U.S. Bancorp Asset Management, Inc. (USBAM) for certain securities lending services provided by USBAM. For the six-month period ended February 28, 2011, Government Obligations Fund and Treasury Obligations Fund paid $2 and $23, respectively, to U.S. Bank for serving as the securities lending agent. The fund’s income from securities lending is recorded on the Statements of Operations as securities lending income net of fees paid to U.S. Bank.

EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including relative net assets of all funds within the First American Family of Funds. Class specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class. Income, other expenses, and realized and unrealized gains and losses of a fund are allocated to each respective class in proportion to the relative net assets of each class.

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended February 28, 2011.

DEFERRED COMPENSATION PLAN – Prior to January 1, 2011, non-interested directors of the First American Family of Funds were able to defer receipt of part or all of their annual compensation under a Deferred Compensation Plan (the “Plan”). Deferred amounts were treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, as designated by each director. The Plan was terminated effective December 31, 2010. All amounts held in the Plan are 100% vested and outstanding account balances under the Plan are obligations of the funds into which amounts were deferred. Deferred amounts remain in the funds until distributed in accordance with the Plan.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.

EVENTS SUBSEQUENT TO PERIOD END – Management has evaluated fund related events and transactions that

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 37


Notes to Financial Statements	(unaudited as to February 28, 2011), all dollars and shares are rounded to thousands (000)

occurred subsequent to February 28, 2011 through the date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the funds’ financial statements.


3 >	Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), USBAM manages each fund’s assets and furnishes related office facilities, equipment, research and personnel. The Agreement requires each fund to pay USBAM a monthly fee equal, on an annual basis, to 0.10% of the fund’s average daily net assets. At September 1, 2008 USBAM had agreed to waive fees and reimburse other fund expenses so that total fund operating expenses (excluding fees paid for participation in the U.S. Department of the Treasury’s Temporary Guarantee Program for Money Market Funds), as a percentage of average daily net assets, would not exceed the following amounts:


																			Institutional
Fund	A			C			D			I			Y			Z			Investor			Reserve

Government Obligations Fund		0.75	%		—	%		0.60	%		—	%		0.45	%		0.20	%		0.30	%		—	%
Prime Obligations Fund		0.78			1.23			0.63			0.40			0.48			0.20			0.30			—
Tax Free Obligations Fund		0.75			—			0.60			—			0.45			0.20			0.30			—
Treasury Obligations Fund		0.75			—			0.60			—			0.45			0.20			0.30			0.94
U.S. Treasury Money Market Fund		0.75			—			0.60			—			0.45			0.20			0.30			—

Effective October 30, 2008 for Treasury Obligations Fund and December 22, 2008 for each other fund, the Board of Directors approved the termination of these fee waivers and reimbursements. However, the advisor agreed to waive or reimburse certain fees and expenses and the Board of Directors approved the suspension or reduction of 12b-1 fee payments, as needed, to prevent each fund’s yield for each share class from falling below 0%. In order to maintain this minimum yield, USBAM voluntarily waived or reimbursed investment advisory fees of $139 for U.S. Treasury Money Market Fund during the six-month period ended February 28, 2011. Effective February 1, 2011, the advisor contractually agreed to waive fees and reimburse other fund expenses through January 31, 2012, so that total annual fund operating expenses, after waivers, do not exceed 0.20% for Government Obligations Fund Class Z shares. Waivers and reimbursements by the advisor are otherwise voluntary and may be terminated at any time by the advisor.

ADMINISTRATION FEES – USBAM serves as the funds’ administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. USBAM is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, USBAM is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.20% of the aggregate average daily Class A share net assets and 0.15% of the aggregate average daily net assets for all other share classes of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.185% for Class A shares and 0.135% for all other classes on the next $17 billion of the aggregate average daily net assets, 0.17% for Class A shares and 0.12% for all other classes on the next $25 billion of aggregate average daily net assets, and 0.15% for Class A shares and 0.10% for all other classes of the aggregate average daily net assets in excess of $50 billion. Effective July 1, 2010, such administration fees are based on the aggregate average daily net assets of all open-end funds in the First American Family of Funds. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse USBAM and the sub-administrator for any out-of-pocket expenses incurred in providing administration services. In order to maintain minimum yields for each fund, USBAM voluntarily waived or reimbursed administration fees of $1,064, $91, $64, $2,065, and $273 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 28, 2011.

TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAF. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based upon the number of accounts within that fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.

CUSTODIAN FEES – U.S. Bank serves as the funds’ custodian pursuant to a custodian agreement with FAF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.

DISTRIBUTION AND SHAREHOLDER SERVICING (12b-1) FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as distributor of the funds pursuant to a distribution agreement with FAF. Under the distribution agreement, and pursuant to a plan adopted by each fund

38 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT

under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 0.15%, and 0.50% of each fund’s average daily net assets attributable to Class A shares, Class C shares, Class D shares, and Reserve Class shares, respectively. No distribution or shareholder servicing fees are paid by Institutional Investor Class shares, Class Y shares, Class I shares, or Class Z shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. In order to maintain minimum yields for each fund, 12b-1 distribution and shareholder servicing fees were reimbursed or suspended in the amounts of $2,094, $2,506, $120, $3,559 and $142 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the six-month ended February 28, 2011.

Under the distribution agreement, the following amounts were retained by affiliates of USBAM for the fiscal year ended August 31, 2010:


Fund	Amount

Government Obligations Fund	$	1
Prime Obligations Fund		115
Treasury Obligations Fund		198

SHAREHOLDER SERVICING (NON-12b-1) FEES – FAF has also adopted and entered into a shareholder servicing plan and agreement with USBAM, under which USBAM has agreed to provide FAF, or will enter into written agreements with other service providers pursuant to which the service providers will provide FAF, with non-distribution-related services to shareholders of Class A, Class D, Class I, Class Y shares, Institutional Investor Class, and Reserve Class shares. Each fund pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.25% of the average daily net assets attributable to Class A, Class D, Class Y, and Reserve Class shares, a fee equal to an annual rate of 0.20% of the average daily net assets attributable to Class I shares, and a fee equal to an annual rate of 0.10% of the average daily net assets attributable to Institutional Investor Class shares. In order to maintain minimum yields for each fund, USBAM voluntarily waived or reimbursed shareholder servicing fees of $8,542, $6,220, $789, $8,963, and $577 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 28, 2011.

Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the six-month period ended February 28, 2011 after waivers:


Fund	Amount

Government Obligations Fund	$	990
Prime Obligations Fund		3,577
Tax Free Obligations Fund		45
Treasury Obligations Fund		535
U.S. Treasury Money Market Fund		—

OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended February 28, 2011, legal fees and expenses of $10 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

CONTINGENT DEFERRED SALES CHARGES – A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first twelve months.

The CDSC for Class C shares is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less. For the six-month period ended February 28, 2011, there were no front-end sales charges or CDSCs retained by affiliates of USBAM for distributing shares of Prime Obligations Fund.


4 >	Portfolio Characteristics of the Tax Free Obligations Fund

The Tax Free Obligations Fund invests in five different types of municipal securities. At February 28, 2011, the percentage of portfolio investments by each category was as follows:


	Tax Free
	Obligations
	Fund

Weekly Variable Rate Demand Notes		69.3	%
Daily Variable Rate Demand Notes		11.3
Other Municipal Notes & Bonds		15.9
Commercial Paper & Put Bonds		3.5


		100.0	%

The Tax Free Obligations Fund invests in longer-term securities that include revenue bonds, tax and revenue anticipation notes, and general obligation bonds. At

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 39


Notes to Financial Statements	(unaudited as to February 28, 2011), all dollars and shares are rounded to thousands (000)

February 28, 2011, the percentage of total portfolio investments by each revenue source, was as follows:


	Tax Free
	Obligations
	Fund

Revenue Bonds		86.3	%
General Obligations		9.4
Tax and Revenue Anticipation Notes		4.3


		100.0	%

The implied credit ratings of all portfolio holdings as a percentage of total value of investments at February 28, 2011, were as follows:


	Tax Free
	Obligations
Standard & Poor’s/Moody’s/Fitch Ratings	Fund

AAA		42.0	%
AA		43.8
A		14.2


		100.0	%

Individual security ratings are based on information from Moody’s Investor Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security the lowest rating is used, unless ratings are provided by all three agencies, in which case the middle rating is used.


5 >	Indemnifications

The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.


6 >	New Accounting Pronouncement

On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standard Update for Fair Value Measurements and Disclosures: Improving Disclosures about Fair Value Measurements. The update provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires the funds to disclose purchases, sales, issuances and settlements on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2010. At this time management is evaluating the implications of the update and the impact to the financial statements.


7 >	Regulated Investment Company Modernization Act

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act is the first major piece of legislation affecting Regulated Investment Companies (“RICs”) since 1986 and it modernizes several of the federal income and excise tax provisions related to RICs. Some highlights of the enacted provisions are as follows:

New capital losses may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss.

The Modernization Act contains simplification provisions, which are aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests. Additionally, the Modernization Act exempts RICs from the preferential dividend rule and repealed the 60-day designation requirement for certain types of pay-through income and gains.

Finally, the Modernization Act contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

Except for the simplification provisions related to RIC qualification, the Modernization Act is effective for taxable years beginning after December 22, 2010. The provisions related to RIC qualification are effective for taxable years for which the extended due date of the tax return is after December 22, 2010.

40 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT


Notice to Shareholders	February 28, 2011 (unaudited)

HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities, is available at www.FirstAmericanFunds.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.3863.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds’ Forms N-Q are available without charge upon request (1) by calling 800.677.3863 and (2) on the U.S. Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.

MONTHLY PORTFOLIO HOLDINGS

Each fund will make portfolio holdings information publicly available by posting the information at www.FirstAmericanFunds.com on a monthly basis. The funds will post such information within 5 business days of the calendar month-end.

FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 41

First American Funds’ Privacy Pledge

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.

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

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 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:


•	First American Funds, Inc.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

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.


INVESTMENT ADVISOR U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, Minnesota 55402 ADMINISTRATOR U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, Minnesota 55402 TRANSFER AGENT U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202		CUSTODIAN U.S. Bank National Association 60 Livingston Avenue St. Paul, Minnesota 55101 DISTRIBUTOR Quasar Distributors, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202		INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 220 South Sixth Street Suite 1400 Minneapolis, Minnesota 55402 COUNSEL Dorsey & Whitney LLP 50 South Sixth Street Suite 1500 Minneapolis, Minnesota 55402

In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.Fund or visit FirstAmericanFunds.com.

0040-08 4/2011 SAR MONEY

Item 2—Code of Ethics

Not applicable to the semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to the semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to the semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8—Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10—Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, 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.


(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.



Explanation of Financial Statements			1

Holdings Summaries			2

Expense Examples			3

Schedule of Investments			6

Statements of Assets and Liabilities			19

Statements of Operations			20

Statements of Changes in Net Assets			22

Financial Highlights			24

Notes to Financial Statements			34

Notice to Shareholders			41