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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	55402
(Address of principal executive offices)	(Zip code)

Charles D. Gariboldi  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 year end:   August 31

Date of reporting period:  February 28, 2006

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.

Item 1. Report to Shareholders

	FIRST AMERICAN FUNDS.	2006
		Semiannual Report
		MONEY
		MARKET
		FUNDS

Table of Contents

Schedule of Investments	7
Statements of Assets and Liabilities	18
Statements of Operations	20
Statements of Changes in Net Assets	22
Financial Highlights	26
Notes to Financial Statements	36
Notice to Shareholders	43

An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

FIRST AMERICAN FUNDS ONLINE

@ firstamericanfunds.com
Visit the First American Funds website for useful information on each of our funds, including fund prices, performance, fund management bios, dividends, and downloadable fact sheets.
Online features and functionality include:
•	The ability to deepen your understanding of the fund family by learning about the full range of investment choices available to you through First American Funds
•	The ability to educate yourself through market and investment strategy commentaries

1

Government Obligations fund

Expense Example

As a shareholder of the Government Obligations Fund (the "fund"), you incur ongoing costs, including advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2005, to February 28, 2006.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value 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" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Expense Examples

	Beginning Account Value (9/1/05)		Ending Account Value (2/28/06)		Expenses Paid During Period1 (9/1/05 to 2/28/06)
Class A Actual2	$	1,000.00	$	1,016.70	$	3.75
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class D Actual2	$	1,000.00	$	1,017.40	$	3.00
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01
Class Y Actual2	$	1,000.00	$	1,018.20	$	2.25
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.26
Class Z Actual2	$	1,000.00	$	1,019.40	$	1.00
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00
Piper Jaffray Actual2	$	1,000.00	$	1,016.40	$	4.05
Piper Jaffray Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.78	$	4.06

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, 0.20%, and 0.81% for Class A, Class D, Class Y, Class Z, and Piper Jaffray 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).

²Based on the actual returns for the six-month period ended February 28, 2006 of 1.67%, 1.74%, 1.82%, 1.94%, and 1.64% for Class A, Class D, Class Y, Class Z, and Piper Jaffray Class, respectively.

Portfolio Allocation as of February 28, 20063 (% of net assets)
Repurchase Agreements	61.5	%
U.S. Government Agency Obligations	45.1	%
Other Assets and Liabilities, Net	(6.6	)%
	100.0	%

³Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.

FIRST AMERICAN FUNDS Semiannual Report 2006

2

Prime Obligations fund

Expense Example

As a shareholder of the Prime Obligations Fund (the "fund"), you incur two types of costs: (1) transaction costs (for example, any contingent deferred sales charges that may apply on Class B or Class C shares); and (2) ongoing costs, including advisory fees, distribution and/or service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2005, to February 28, 2006.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value 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" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as contingent deferred sales charges. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. Therefore, the second line of the table for each class 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.

Expense Examples

	Beginning Account Value (9/1/05)		Ending Account Value (2/28/06)		Expenses Paid During Period1 (9/1/05 to 2/28/06)
Class A Actual2	$	1,000.00	$	1,016.80	$	3.90
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.93	$	3.91
Class B Actual2	$	1,000.00	$	1,014.50	$	6.14
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.16
Class C Actual2	$	1,000.00	$	1,014.50	$	6.14
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.16
Class D Actual2	$	1,000.00	$	1,017.50	$	3.15
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.67	$	3.16
Class I Actual2	$	1,000.00	$	1,018.70	$	2.00
Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.01
Class Y Actual2	$	1,000.00	$	1,018.30	$	2.40
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.41	$	2.41
Class Z Actual2	$	1,000.00	$	1,019.70	$	1.00
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00
Piper Jaffray Actual2	$	1,000.00	$	1,016.30	$	4.40
Piper Jaffray Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.43	$	4.41

¹  Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.78%, 1.23%, 1.23%, 0.63%, 0.40%, 0.48%, 0.20%, and 0.88% for Class A, Class B, Class C, Class D, Class I, Class Y, Class Z, and Piper Jaffray 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, 2006 of 1.68%, 1.45%, 1.45%, 1.75%, 1.87%, 1.83%, 1.97%, and 1.63% for Class A, Class B, Class C, Class D, Class I, Class Y, Class Z, and Piper Jaffray Class, respectively.

Portfolio Allocation as of February 28, 20063 (% of net assets)
Commercial Paper	31.6	%
Certificates of Deposit	24.0	%
Extendible Floating Rate Corporate Notes	14.4	%
Structured Investment Vehicles	14.1	%
Floating Rate Funding Agreements	6.3	%
Corporate Notes	5.0	%
Repurchase Agreements	3.5	%
Structured Notes	1.9	%
Euro Time Deposit	0.6	%
Other Assets and Liabilities, Net	(1.4	)%
	100.0	%

³Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.

FIRST AMERICAN FUNDS Semiannual Report 2006

3

Tax Free Obligations fund

Expense Example

As a shareholder of the Tax Free Obligations Fund (the "fund"), you incur ongoing costs, including advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2005, to February 28, 2006.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value 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" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Expense Examples

	Beginning Account Value (9/1/05)		Ending Account Value (2/28/06)		Expenses Paid During Period1 (9/1/05 to 2/28/06)
Class A Actual2	$	1,000.00	$	1,010.60	$	3.74
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class D Actual2	$	1,000.00	$	1,011.40	$	2.99
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01
Class Y Actual2	$	1,000.00	$	1,012.10	$	2.25
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.26
Class Z Actual2	$	1,000.00	$	1,013.40	$	1.00
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00
Piper Jaffray Actual2	$	1,000.00	$	1,010.40	$	3.94
Piper Jaffray Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.88	$	3.96

¹  Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, 0.20%, and 0.79% for Class A, Class D, Class Y, Class Z, and Piper Jaffray 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, 2006 of 1.06%, 1.14%, 1.21%, 1.34%, and 1.04% for Class A, Class D, Class Y, Class Z, and Piper Jaffray Class, respectively.

Portfolio Allocationas of February 28, 20063 (% of net assets)
Variable Rate Demand Notes - Weekly	88.2	%
Municipal Notes	8.9	%
Commercial Paper	2.1	%
Variable Rate Demand Notes - Daily	0.6	%
Other Assets and Liabilities, Net	0.2	%
	100.0	%

³Portfolio allocations are subject to change at any time and are not recommendations to buy or sell a security.

FIRST AMERICAN FUNDS Semiannual Report 2006

4

Treasury Obligations fund

Expense Example

As a shareholder of the Treasury Obligations Fund (the "fund"), you incur ongoing costs, including advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2005, to February 28, 2006.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value 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" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Expense Examples

	Beginning Account Value (9/1/05)		Ending Account Value (2/28/06)		Expenses Paid During Period1 (9/1/05 to 2/28/06)
Class A Actual2	$	1,000.00	$	1,016.30	$	3.75
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class D Actual2	$	1,000.00	$	1,017.00	$	3.00
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01
Class Y Actual2	$	1,000.00	$	1,017.80	$	2.25
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.26
Class Z Actual2	$	1,000.00	$	1,019.00	$	1.00
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00
Piper Jaffray Actual2	$	1,000.00	$	1,016.10	$	3.95
Piper Jaffray Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.88	$	3.96
Reserve Actual2	$	1,000.00	$	1,015.30	$	4.70
Reserve Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.13	$	4.71

¹  Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, 0.20%, 0.79%, and 0.94% for Class A, Class D, Class Y, Class Z, Piper Jaffray 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, 2006 of 1.63%, 1.70%, 1.78%, 1.90%, 1.61%, and 1.53% for Class A, Class D, Class Y, Class Z, Piper Jaffray Class, and Reserve Class, respectively.

Portfolio Allocationas of February 28, 20063(% of net assets)
Repurchase Agreements	98.5	%
U.S. Treasury Obligation	1.8	%
Other Assets and Liabilities, Net	(0.3	)%
	100.0	%

³Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.

FIRST AMERICAN FUNDS Semiannual Report 2006

5

U.S. Treasury Money Market fund

Expense Example

As a shareholder of the U.S. Treasury Money Market Fund (the "fund"), you incur ongoing costs, including advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2005, to February 28, 2006.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value 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" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the fund, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Expense Examples

	Beginning Account Value (9/1/05)		Ending Account Value (2/28/06)		Expenses Paid During Period1 (9/1/05 to 2/28/06)
Class A Actual2	$	1,000.00	$	1,015.00	$	3.75
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class D Actual2	$	1,000.00	$	1,015.70	$	3.00
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01
Class Y Actual2	$	1,000.00	$	1,016.50	$	2.25
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.26
Class Z Actual2	$	1,000.00	$	1,018.00	$	1.00
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00

¹  Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, and 0.20% for Class A, Class D, Class Y, and Class Z, 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, 2006 of 1.50%, 1.57%, 1.65%, and 1.80% for Class A, Class D, Class Y, and Class Z, respectively.

Portfolio Allocationas of February 28, 20063 (% of net assets)
U.S. Treasury Obligations	100.2	%
Money Market Fund	0.1	%
Other Assets and Liabilities, Net	(0.3	)%
	100.0	%

³Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.

FIRST AMERICAN FUNDS Semiannual Report 2006

6

Schedule of Investments February 28, 2006 (unaudited)

Government Obligations Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government Agency Obligations – 45.1%
Federal Farm Credit Bank 4.550%, 04/04/2006 (a)	$	300,000	$	299,994
4.520%, 08/22/2006 (a)		50,000		49,993
Federal Home Loan Bank 4.599%, 03/03/2006 (a)		58,165		58,164
4.360%, 03/10/2006 (a)(b)		50,000		49,994
4.360%, 03/13/2006 (a)		50,000		49,990
4.360%, 03/13/2006 (a)		25,000		24,995
4.404%, 03/28/2006 (a)		50,000		49,997
2.220%, 04/27/2006		4,000		3,990
4.605%, 05/10/2006 (a)(b)		50,000		49,995
2.000%, 07/07/2006		5,000		4,970
4.500%, 11/03/2006		20,000		20,000
3.520%, 12/29/2006		12,560		12,436
Federal Home Loan Mortgage Corporation 4.367%, 03/20/2006 (a)		135,000		134,949
4.406%, 04/06/2006 (a)		49,000		48,977
3.830%, 06/20/2006		25,000		25,000
4.150%, 09/05/2006		25,000		25,000
4.170%, 10/18/2006		25,000		25,000
4.610%, 11/24/2006		12,500		12,500
4.800%, 02/20/2007		25,000		25,000
Federal National Mortgage Association 4.270%, 03/01/2006		39,513		39,513
4.270%, 03/01/2006		72,373		72,373
4.270%, 03/01/2006		30,900		30,900
4.520%, 03/01/2006 (a)		50,000		49,998
4.360%, 03/21/2006 (a)		112,500		112,443
4.540%, 05/01/2006		100,000		99,231
4.540%, 05/01/2006		30,173		29,941
4.540%, 05/01/2006		5,221		5,181
4.620%, 05/01/2006		75,000		74,413
2.500%, 05/10/2006		10,000		9,977
4.685%, 06/01/2006		199,235		196,847
2.500%, 06/15/2006 (b)		15,000		14,933
4.530%, 07/03/2006		75,000		73,830
4.000%, 08/08/2006 (b)		25,000		24,992
2.750%, 08/11/2006 (b)		32,750		32,532
4.560%, 10/02/2006		25,000		24,319
2.625%, 11/15/2006 (b)		25,000		24,644
Total U.S. Government Agency Obligations (Cost $1,887,011)				1,887,011
Repurchase Agreements – 61.5%
Bank of America 4.550%, dated 02/28/2006, matures 03/01/2006, repurchase price $375,047,396 (collateralized by U.S. Treasury Obligations: Total market value $382,500,301)		375,000		375,000
BNP Paribas 4.560%, dated 02/28/2006, matures 03/01/2006, repurchase price $350,044,333 (collateralized by U.S. Treasury Obligations: Total market value $357,000,788)		350,000		350,000
CS First Boston 4.560%, dated 02/28/2006, matures 03/01/2006, repurchase price $750,095,000 (collateralized by U.S. Treasury Obligations: Total market value $765,004,156)		750,000		750,000
Goldman Sachs 4.550%, dated 02/28/2006, matures 03/01/2006, repurchase price $450,057,000 (collateralized by U.S. Treasury Obligations: Total market value $459,002,044)		450,000		450,000

Government Obligations Fund (concluded)

DESCRIPTION	PAR (000)		VALUE (000)
UBS Warburg 4.560%, dated 02/28/2006, matures 03/01/2006, repurchase price $644,693,472 (collateralized by U.S. Treasury Obligations: Total market value $657,505,537)	$	644,612	$	644,612
Total Repurchase Agreements (Cost $2,569,612)				2,569,612
Investments Purchased with Proceeds fromSecurities Lending (c) – 4.8%
(Cost $200,856)				200,856
Total Investments – 111.4% (Cost $4,657,479)				4,657,479
Other Assets and Liabilities, Net – (11.4)%				(477,857	)
Total Net Assets – 100.0%			$	4,179,622

(a)  Variable Rate Security – The rate shown is the rate in effect as of February 28, 2006. The date shown is the next reset date.

(b)  This security or a portion of this security is out on loan at February 28, 2006. Total loaned securities had a market value of $196,847,833 at February 28, 2006. See note 2 in Notes to Financial Statements.

(c)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. As of February 28, 2006, the cash collateral was invested solely in a repurchase agreement.

FIRST AMERICAN FUNDS Semiannual Report 2006

7

Schedule of Investments February 28, 2006 (unaudited)

Prime Obligations Fund

DESCRIPTION	PAR (000)		VALUE (000)
Commercial Paper – 31.6%
Asset-Backed (a) – 23.6%
Chesham Finance 4.530%, 03/01/2006	$	431,246	$	431,246
4.440%, 03/28/2006		50,000		49,833
4.540%, 04/03/2006		70,000		69,709
Concord Minutemen Capital 4.510%, 03/06/2006		75,229		75,182
4.520%, 03/17/2006		54,483		54,374
4.460%, 04/10/2006		100,000		99,504
4.610%, 05/02/2006		52,000		51,587
Corporate Asset Funding 4.520%, 03/03/2006		73,500		73,481
4.510%, 03/09/2006		75,000		74,925
Edison Asset Securitization 4.500%, 03/08/2006		50,000		49,956
4.350%, 04/17/2006		42,279		42,039
Falcon Asset Securitization Corporation 4.515%, 03/06/2006		84,519		84,466
4.515%, 03/07/2006		122,382		122,290
4.510%, 03/10/2006		101,451		101,337
4.510%, 03/21/2006		51,208		51,080
4.520%, 03/28/2006		89,412		89,109
Kitty Hawk Funding (Guarantor: Bank of America)
4.510%, 03/10/2006		150,000		149,831
4.515%, 03/16/2006		54,327		54,225
Old Line Funding 4.480%, 03/01/2006		35,125		35,125
Ranger Funding 4.515%, 03/06/2006		131,350		131,268
4.515%, 03/08/2006		106,859		106,765
4.510%, 03/10/2006		30,000		29,966
4.510%, 03/15/2006		100,000		99,825
4.510%, 03/27/2006		64,391		64,181
Scaldis Capital 4.520%, 03/01/2006		115,000		115,000
4.515%, 03/07/2006		300,000		299,774
Sheffield Receivables Corporation 4.515%, 03/06/2006		150,000		149,906
4.510%, 03/07/2006		44,550		44,516
4.510%, 03/10/2006		105,495		105,376
4.510%, 03/15/2006		58,864		58,761
4.515%, 03/20/2006		50,000		49,881
Thames Asset Global Securitization Corporation 4.390%, 03/07/2006		26,454		26,435
4.515%, 03/08/2006		32,859		32,830
4.520%, 03/14/2006		37,105		37,044
4.520%, 03/14/2006		26,258		26,215
4.520%, 03/15/2006		159,291		159,011
4.520%, 03/17/2006		16,582		16,549
4.520%, 03/20/2006		75,000		74,821
4.440%, 04/06/2006		61,933		61,658
Variable Funding Corporation 4.520%, 03/09/2006 (b)		75,000		75,000
Windmill Funding Corporation 4.515%, 03/10/2006		65,000		64,927
4.515%, 03/16/2006		48,500		48,409
4.510%, 03/17/2006		190,000		189,619
4.515%, 03/21/2006		75,000		74,812
4.520%, 03/24/2006		15,000		14,957
Total Asset-Backed				3,916,805

Prime Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Secured Liquidity Notes (a) – 4.1%
Emerald Trust Certificates (MBNA Master Certificates) 4.430%, 03/08/2006	$	165,763	$	165,620
4.450%, 03/15/2006		139,250		139,009
4.480%, 03/29/2006		83,000		82,711
4.610%, 04/25/2006		35,000		34,753
Rams Funding 4.560%, 03/06/2006		86,564		86,509
4.580%, 03/27/2006		125,000		124,586
4.590%, 03/28/2006		56,000		55,807
Total Secured Liquidity Notes				688,995
Non Asset-Backed – 3.9%
CS First Boston 4.510%, 03/06/2006		25,000		24,984
Lehman Brothers 4.560%, 03/01/2006		69,975		69,975
Rabobank Nederland 4.550%, 03/01/2006 (b)		125,000		125,000
UBS Americas 4.550%, 03/01/2006		250,000		250,000
4.500%, 03/23/2006		125,000		124,656
4.545%, 04/03/2006		50,000		49,792
Total Non Asset-Backed				644,407
Total Commercial Paper (Cost $5,250,207)				5,250,207
Certificates of Deposit – 24.0%
Abby National 4.530%, 03/28/2006		100,000		100,000
4.530%, 03/28/2006		100,000		100,000
4.530%, 03/28/2006		100,000		100,000
American Express 4.520%, 03/06/2006		100,000		100,000
4.440%, 03/14/2006		25,000		25,000
4.520%, 03/20/2006		100,000		100,000
4.520%, 03/23/2006		100,000		100,000
Barclays Bank NY 4.550%, 03/28/2006		100,000		100,000
3.850%, 03/31/2006		50,000		50,000
5.010%, 02/13/2007		100,000		100,000
Branch Banking & Trust 4.530%, 03/28/2006		150,000		150,000
4.555%, 03/31/2006		100,000		100,000
CIBC NY 4.530%, 03/06/2006		100,000		100,000
4.520%, 03/07/2006		150,000		150,000
4.520%, 03/13/2006		100,000		100,000
4.530%, 03/27/2006		100,000		100,000
CitiCorp 4.360%, 03/01/2006		75,000		75,000
CS First Boston NY
4.530%, 03/03/2006		150,000		150,000
4.530%, 03/10/2006		75,000		75,000
4.530%, 03/20/2006		175,000		175,000
HBOS 3.750%, 04/21/2006		50,000		50,000
Mercantile Bankshares 4.580%, 04/03/2006		60,000		60,000
Natexis Banque 4.465%, 03/28/2006		100,000		100,000
4.540%, 03/28/2006		150,000		150,000
4.540%, 03/28/2006		100,000		100,000
4.495%, 03/31/2006		75,000		75,000

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

FIRST AMERICAN FUNDS Semiannual Report 2006

8

Prime Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Rabobank Nederland NY 4.758%, 11/28/2006	$	100,000	$	100,004
Royal Bank of Canada NY 4.530%, 03/24/2006		100,000		100,000
Royal Bank of Scotland NY
3.840%, 03/31/2006		100,000		100,000
4.170%, 09/21/2006		75,000		75,000
Societe Generale NY 4.540%, 03/28/2006		100,000		100,000
Svenska Handelsbanken NY 3.740%, 06/14/2006		50,000		50,000
3.755%, 06/14/2006		50,000		50,000
4.340%, 10/03/2006		100,000		99,990
4.765%, 11/14/2006		100,000		100,000
4.790%, 01/16/2007		100,000		100,000
4.970%, 02/07/2007		50,000		50,000
UBS Stamford 4.535%, 03/28/2006		150,000		150,000
3.750%, 04/27/2006		50,000		50,000
Wells Fargo 4.800%, 12/27/2006		75,000		75,000
4.850%, 01/30/2007		100,000		100,000
5.000%, 02/13/2007		100,000		100,000
Total Certificates of Deposit (Cost $3,984,994)				3,984,994
Extendible Floating Rate Corporate Notes (b) – 14.4%
Allstate Global Funding 4.571%, 03/27/2006 (a)		69,000		69,000
4.571%, 03/27/2006 (a)		100,000		100,000
American Express Credit 4.620%, 03/20/2006 (a)		115,000		115,001
Bayeriche Landesbank NY 4.591%, 03/24/2006 (a)		300,000		300,000
BNP Paribas 4.551%, 03/26/2006 (a)		124,000		124,000
General Electric Capital Corporation 4.670%, 03/09/2006		300,000		300,000
4.670%, 03/17/2006 (a)		200,000		200,000
Goldman Sachs Group 4.670%, 03/15/2006 (a)		177,000		177,000
Marshall & Isley 4.550%, 03/15/2006 (a)		50,000		50,000
Metlife Global Funding 4.560%, 03/07/2006 (a)		85,000		85,000
4.675%, 03/28/2006 (a)		95,000		95,000
Morgan Stanley Dean Witter 4.600%, 03/15/2006 (a)		100,000		100,000
4.651%, 03/27/2006 (a)		95,000		95,000
Royal Bank of Canada NY 4.537%, 03/01/2006 (a)		100,000		100,000
Royal Bank of Scotland NY 4.540%, 03/21/2006 (a)		259,000		259,002
Societe Generale 4.540%, 03/02/2006 (a)		34,000		34,000
Wells Fargo Bank 4.560%, 03/15/2006 (a)		100,000		100,000
Westlb AG NY 4.527%, 03/30/2006 (a)		100,000		100,000
Total Extendible Floating Rate Corporate Notes (Cost $2,403,003)				2,403,003

Prime Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Structured Investment Vehicles (a) – 14.1%
Beta Finance 4.558%, 03/01/2006 (b)	$	100,000	$	99,993
4.570%, 03/01/2006 (b)		100,000		99,999
4.628%, 03/01/2006 (b)		100,000		100,003
3.710%, 06/16/2006		100,000		100,000
4.370%, 10/06/2006		50,000		50,000
Cheyne Finance LLC 4.508%, 04/06/2006 (b)		100,000		99,983
4.588%, 04/25/2006 (b)		100,000		99,982
4.593%, 04/25/2006 (b)		100,000		99,982
4.745%, 05/25/2006 (b)		100,000		99,979
Dorada Finance 3.745%, 06/16/2006		50,000		49,999
K2 USA LLC 4.560%, 03/01/2006 (b)		150,000		149,986
4.565%, 03/01/2006 (b)		65,000		64,993
4.570%, 03/01/2006 (b)		50,000		50,000
4.165%, 08/07/2006		40,000		39,999
4.175%, 09/22/2006		85,000		85,000
Links Finance LLC 4.565%, 03/01/2006 (b)		100,000		99,995
4.565%, 03/01/2006 (b)		100,000		99,990
4.570%, 03/01/2006 (b)		100,000		100,000
4.000%, 07/20/2006		100,000		99,996
Sigma Finance 4.565%, 03/01/2006 (b)		200,000		199,980
4.565%, 03/01/2006 (b)		100,000		100,000
4.570%, 03/01/2006 (b)		50,000		49,999
4.570%, 03/01/2006 (b)		100,000		99,996
4.575%, 03/01/2006 (b)		100,000		99,996
4.595%, 03/01/2006 (b)		100,000		100,001
Total Structured Investment Vehicles (Cost $2,339,851)				2,339,851
Floating Rate Funding Agreements (b) – 6.3%
AI Life Funding Agreement 4.620%, 04/01/2006		75,000		75,000
4.620%, 04/01/2006		100,000		100,000
Allstate Life Insurance Funding Agreement 4.800%, 04/15/2006		100,000		100,000
Anchor National Life Funding Agreement 4.750%, 03/01/2006		75,000		75,000
Bear Stearns 4.620%, 03/01/2006		200,000		200,000
Sun Life Insurance 4.780%, 03/01/2006		75,000		75,000
Transamerica Occidental Funding Agreement 4.720%, 03/01/2006		400,000		400,000
United of Omaha 4.620%, 03/01/2006		25,000		25,000
Total Floating Rate Funding Agreements (Cost $1,050,000)				1,050,000
Corporate Notes – 5.0%
AIG Global Funding 4.950%, 05/26/2006 (b)		12,000		12,004
Bank of America Securities Master Note 4.633%, 03/01/2006 (b)		200,000		200,000
Bear Stearns Master Note 4.688%, 03/01/2006 (b)		200,000		200,000
Chesham Finance 4.545%, 03/30/2006 (a) (b)		100,000		99,993

FIRST AMERICAN FUNDS Semiannual Report 2006

9

Schedule of Investments February 28, 2006 (unaudited)

Prime Obligations Fund (concluded)

DESCRIPTION	PAR (000)		VALUE (000)
Goldman Sachs Group 4.633%, 03/01/2006 (b)	$	125,000	$	125,000
Morgan Stanley Dean Witter 4.620%, 03/01/2006 (b)		100,000		100,000
4.623%, 03/01/2006 (b)		60,000		60,000
Washington Mutual 6.250%, 05/15/2006		35,565		35,718
Total Corporate Notes (Cost $832,715)				832,715
Structured Notes – 1.9%
3M 5.645%, 12/12/2006 (a)		114,000		114,765
Wachovia Asset Securitization Series 2004-HM2A, Class AMM 4.571%, 03/25/2006 (a) (b)		57,020		57,020
Series 2005-HM1A, Class AMM 4.571%, 03/25/2006 (a) (b)		78,705		78,705
Wal-Mart 5.586%, 06/01/2006		65,000		65,297
Total Structured Notes (Cost $315,787)				315,787
Euro Time Deposit – 0.6%
National City Time Deposit 4.520%, 03/01/2006  (Cost $94,483)		94,483		94,483
Repurchase Agreements – 3.5%
UBS Warburg 4.520%, dated 02/28/2006, matures 03/01/2006, repurchase price $490,421,748 (collateralized by U.S. Treasury obligations: Total market value $492,805,922)		483,139		483,139
UBS Warburg 4.560%, dated 02/28/2006, matures 03/01/2006, repurchase price $105,956,421 (collateralized by U.S. Treasury obligations: Total market value $107,499,406)		105,388		105,388
Total Repurchase Agreements (Cost $588,527)				588,527
Total Investments – 101.4% (Cost $16,859,567)				16,859,567
Other Assets and Liabilities, Net – (1.4)%				(234,721	)
Total Net Assets – 100.0%			$	16,624,846

(a)  Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under the guidelines established by the funds' board of directors. As of February 28, 2006, the value of these investments was $9,499,137,059 or 57.1% of total net assets.

(b)  Variable Rate Security – The rate shown is the rate in effect as of February 28, 2006. The date shown is the next reset date.

Tax Free Obligations Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 99.8%
Alabama – 0.3%
Birmingham Public Educational Building Authority, Student Housing UAB II, Series A (LOC: Regions Bank) 3.190%, 03/07/2006 (a)	$	6,000	$	6,000
Arizona – 0.3%
Arizona Health Facilities, The Terraces Project, Series B2 (LOC: Sovereign Bank) (LOC: Lloyds TSB Bank) 3.190%, 03/07/2006 (a)		5,000		5,000
Arkansas – 0.3%
Little Rock Residential Housing & Public Facilities Board, Pleasant Woods Project (INS: FNMA) 3.200%, 03/07/2006 (a)		6,390		6,390
California – 1.1%
ABN AMRO Munitops Certificates Trust (General Obligation) (INS: AMBAC) (SPA: ABN AMRO Bank) 3.040%, 07/20/2006 (a) (b)		17,530		17,530
California State Economic Recovery, Series C-11 (LOC: BNP Paribas) 3.170%, 03/07/2006 (a)		5,380		5,380
California Statewide Communities Development Authority, Senior Living Facility (LOC: Sovereign Bank) (LOC: Bank of New York) 3.160%, 03/07/2006 (a)		550		550
				23,460
Colorado – 2.8%
Colorado Educational & Cultural Facilities, Linfield Christian School (LOC: Evangelical Christian) (LOC: Wescorp Credit Union) 3.250%, 03/07/2006 (a)		8,750		8,750
Colorado Educational & Cultural Facilities, Mesivta Greater L.A. (LOC: Bank of America) 3.190%, 03/07/2006 (a)		5,000		5,000
Colorado Health Facilities Authority, Bethesda Living Centers (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)		8,900		8,900
Colorado Health Facilities Authority, Covenant Retirement, Series A (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)		12,900		12,900
Colorado Health Facilities Authority, Frasier Meadows Manor Project (LOC: J.P. Morgan Chase Bank) 3.190%, 03/07/2006 (a)		14,900		14,900
Moffat County Pollution Control (INS: AMBAC) (SPA: J.P. Morgan Chase Bank) 3.230%, 03/07/2006 (a)		6,835		6,835
				57,285
Connecticut – 0.7%
Connecticut State, Transportation Infrastucture (INS: AMBAC) (SPA: Westlb AG) 3.200%, 03/07/2006 (a)		14,395		14,395
District of Columbia – 0.9%
District of Columbia, American Society, Series A (LOC: Wachovia Bank) 3.200%, 03/07/2006 (a)		10,000		10,000
District of Columbia, The Washington Home (LOC: Wachovia Bank) 3.190%, 03/07/2006 (a)		9,400		9,400
				19,400

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

FIRST AMERICAN FUNDS Semiannual Report 2006

10

Tax Free Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Florida – 5.8%
Broward County Educational Facilities Authority, City College (LOC: Citibank) 3.190%, 03/07/2006 (a)	$	8,025	$	8,025
Florida Municipal Power Agency (Commercial Paper) 3.100%, 04/05/2006		17,348		17,348
Highlands County Health Facilities, Adventist Health Systems, Series A (LOC: Suntrust Bank) 3.200%, 03/07/2006 (a)		12,100		12,100
Highlands County Health Facilities, Adventist Health Systems, Sunbelt, Series A (INS: FGIC) (SPA: Bank One) 3.190%, 03/07/2006 (a)		13,100		13,100
Highlands County Health Facilities, Adventist Health Systems, Sunbelt, Series A (LOC: Suntrust Bank) 3.190%, 03/07/2006 (a)		37,320		37,320
Miami-Dade County Development Authority, Gulliver School Project (LOC: Bank of America) 3.240%, 03/07/2006 (a)		3,550		3,550
Orange County Health Facilities Authority, Adventist Health Systems, Sunbelt (LOC: Suntrust Bank) 3.190%, 03/07/2006 (a)		22,000		22,000
Temple Terrace, Lifepath Hospice Project (LOC: Suntrust Bank) 3.190%, 03/07/2006 (a)		6,000		6,000
				119,443
Georgia – 4.6%
Albany-Dougherty County Hospital Authority, Phoebe Putney Memorial Hospital (INS: AMBAC) (SPA: Suntrust Bank) 3.190%, 03/07/2006 (a)		18,430		18,430
Clayton County Development Authority, Delta Airlines Project, Series A (LOC: General Electric Capital) 3.260%, 03/07/2006 (a)		2,450		2,450
Cobb County Development Authority, Presbyterian, Series B (LOC: Allied Irish Bank, PLC) 3.210%, 03/07/2006 (a)		5,350		5,350
Fayette County Development Authority, Catholic School Properties (LOC: Wachovia Bank) 3.200%, 03/07/2006 (a)		10,715		10,715
Fulton County Development Authority, Catholic Education, North Georgia (LOC: Wachovia Bank) 3.200%, 03/07/2006 (a)		13,095		13,095
Fulton County Development Authority, Pace Academy Project (LOC: Bank of America) 3.190%, 03/07/2006 (a)		1,925		1,925
Fulton County Development Authority, United Way Metropolitan Atlanta Project (LOC: Wachovia Bank) 3.200%, 03/07/2006 (a)		7,400		7,400
Gordon County Hospital Authority, Adventist Health Systems, Series A (LOC: Suntrust Bank) 3.190%, 03/07/2006 (a)		1,155		1,155
Medical Center Hospital Authority, Spring Harbor at Green Island (LOC: Bank of Scotland) 3.190%, 03/07/2006 (a)		13,500		13,500

Tax Free Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Rockdale County Hospital Authority (LOC: Suntrust Bank) 3.190%, 03/07/2006 (a)	$	10,405	$	10,405
Thomasville Hospital Authority, J.D. Archbold (LOC: Suntrust Bank) 3.190%, 03/07/2006 (a)		11,250		11,250
				95,675
Idaho – 0.3%
Boise Urban Renewal Agency, Capital City (LOC: Bank of America) 3.240%, 03/07/2006 (a)		4,275		4,275
University of Idaho Foundation Authority (LOC: First Security Bank) 3.260%, 03/07/2006 (a) (b)		2,650		2,650
				6,925
Illinois – 16.3%
ABN AMRO Munitops Certificates Trust, Series 1998-3 (INS: FGIC) (SPA: ABN AMRO) 3.230%, 03/07/2006 (a) (b)		6,000		6,000
Aurora Economic Development, Aurora Christian School (LOC: Fifth Third Bank) 3.190%, 03/07/2006 (a)		15,660		15,660
Aurora Economic Development, Aurora Christian School, Series B (LOC: Fifth Third Bank) 3.190%, 03/07/2006 (a)		2,600		2,600
Chicago, Series B-1 (General Obligation) (INS: FSA) (SPA: J.P. Morgan Chase Bank) 3.190%, 03/07/2006 (a)		24,400		24,400
Cook County, Catholic Theological University Project (LOC: Harris Trust & Savings) 3.200%, 03/07/2006 (a)		12,000		12,000
Illinois Development Finance Authority (LOC: Northern Trust) 3.200%, 03/07/2006 (a)		3,500		3,500
Illinois Development Finance Authority, Aurora (LOC: Allied Irish Bank, PLC) 3.450%, 03/07/2006 (a)		6,740		6,740
Illinois Development Finance Authority, Chinese American Service Project (LOC: LaSalle Bank) 3.220%, 03/07/2006 (a)		4,625		4,625
Illinois Development Finance Authority, Lake Forest (LOC: Northern Trust) 3.200%, 03/07/2006 (a)		6,255		6,255
Illinois Development Finance Authority, Loyola Academy (LOC: J.P. Morgan Chase Bank) 3.200%, 03/07/2006 (a)		4,000		4,000
Illinois Development Finance Authority, Mount Carmel High School Project (LOC: J.P. Morgan Chase Bank) 3.200%, 03/07/2006 (a)		14,000		14,000
Illinois Development Finance Authority, Presbyterian Home Lake, Series A (INS: FSA) (SPA: First Union National Bank) 3.200%, 03/07/2006 (a)		37,550		37,550
Illinois Development Finance Authority, Roosevelt University (LOC: J.P. Morgan Chase Bank) 3.200%, 03/07/2006 (a)		13,000		13,000
Illinois Development Finance Authority, Roosevelt University (LOC: J.P. Morgan Chase Bank) 3.200%, 03/07/2006 (a)		10,000		10,000

FIRST AMERICAN FUNDS Semiannual Report 2006

11

Schedule of Investments February 28, 2006 (unaudited)

Tax Free Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Illinois Development Finance Authority, Solomon Schechter Day Schools (LOC: LaSalle Bank) 3.220%, 03/07/2006 (a)	$	5,000	$	5,000
Illinois Development Finance Authority, United Way/Crusade Mercy (LOC: LaSalle Bank) 3.220%, 03/07/2006 (a)		3,870		3,870
Illinois Educational Facilities Authority, Chicago Zoological Society (LOC: Northern Trust) 3.200%, 03/07/2006 (a)		5,000		5,000
Illinois Finance Authority, Friendship Village – Schamburg, Series C (LOC: LaSalle Bank) 3.190%, 03/07/2006 (a)		11,000		11,000
Illinois Finance Authority, Illinois Institute of Technology (LOC: Harris Trust & Savings) 3.200%, 03/07/2006 (a)		4,900		4,900
Illinois Finance Authority, Kohl Children's Museum (LOC: Fifth Third Bank) 3.200%, 03/07/2006 (a)		5,360		5,360
Illinois Finance Authority, Landing at Plymouth Place, Series B (LOC: Sovereign Bank) (LOC: Lloyd's TSB Bank) 3.200%, 03/07/2006 (a)		5,000		5,000
Illinois Finance Authority, Landing at Plymouth Place, Series C (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)		18,300		18,300
Illinois Finance Authority, Merit School of Music Project (LOC: LaSalle Bank) 3.230%, 03/07/2006 (a)		4,000		4,000
Illinois Finance Authority, Rest Haven Christian, Series B (LOC: KBC Bank) 3.210%, 03/07/2006 (a)		3,125		3,125
Illinois Finance Authority, Rest Haven Christian, Series C (LOC: Sovereign Bank) (LOC: KBC Bank) 3.210%, 03/07/2006 (a)		7,145		7,145
Illinois Finance Authority, Smith Village, Series C (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)		10,500		10,500
Illinois Finance Authority, Thresholds Project (LOC: Northern Trust) 3.200%, 03/07/2006 (a)		8,000		8,000
Illinois Health Facilities Authority Lifelink (LOC: J.P. Morgan Chase Bank) 3.200%, 03/07/2006 (a)		7,925		7,925
Illinois Health Facilities Authority, Franciscan Eldercare, Series B (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)		1,750		1,750
Illinois Health Facilities Authority, Franciscan Eldercare, Series C (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)		11,320		11,320
Illinois Health Facilities Authority, Franciscan Eldercare, Series E (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)		5,660		5,660
Illinois Health Facilities, Central Baptist Home, Series B (LOC: Allied Irish Bank, PLC) 3.210%, 03/07/2006 (a)		3,070		3,070
Illinois Health Facilities, Lutheran Home and Services (LOC: Fifth Third Bank) 3.230%, 03/07/2006 (a)		13,695		13,695
Illinois Health Facilities, Lutheran Home and Services Project (LOC: Allied Irish Bank, PLC) 3.210%, 03/07/2006 (a)		12,880		12,880

Tax Free Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Illinois Health Facilities, Series C (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)	$	1,050	$	1,050
Illinois State (General Obligation) 4.500%, 05/30/2006		10,000		10,033
Macon County – Milikin University (INS: AMBAC) (SPA: J.P. Morgan Chase Bank) 3.200%, 03/07/2006 (a)		4,400		4,400
Northern Cook County Solid Waste Agency (LOC: Northern Trust) 3.200%, 03/07/2006 (a)		5,400		5,400
St. Clair County, McKendree College Project (LOC: Bank of America) 3.195%, 03/07/2006 (a)		6,150		6,150
Yorkville, MPI Grande Project (LOC: LaSalle Bank) 3.220%, 03/07/2006 (a)		3,205		3,205
				338,068
Indiana – 5.1%
Evansville Economic Development, Good Samaritan Home (LOC: Fifth Third Bank) 3.230%, 03/07/2006 (a)		6,730		6,730
Fort Wayne Industries Economic Development, Lutheran Homes Project (LOC: Fifth Third Bank) 3.280%, 03/07/2006 (a)		5,130		5,130
Indiana Bond Bank, Series A (LOC: Bank of New York) 4.500%, 02/01/2007		42,000		42,468
Indiana Health Facilities Financing Authority, Henry County Memorial Hospital (LOC: Fifth Third Bank) 3.230%, 03/07/2006 (a)		18,350		18,350
Indiana Health Facilities Financing Authority, Major Hospital Project (LOC: J.P. Morgan Chase Bank) 3.230%, 03/07/2006 (a)		18,800		18,800
Indiana Health Facilities Financing Authority, Westview Hospital (LOC: Fifth Third Bank) 3.220%, 03/07/2006 (a)		13,185		13,185
				104,663
Iowa – 1.6%
Iowa Financial Authority, Health Care Facilities, Unity Healthcare (LOC: Bank of America) 3.210%, 03/07/2006 (a)		14,505		14,505
Iowa Financial Retirement Authority, Deerfield Retirement, Series A (LOC: LaSalle Bank) 3.190%, 03/07/2006 (a)		15,000		15,000
Iowa Financial Retirement Authority, Wesley Retirement Services (LOC: Wells Fargo Bank) 3.190%, 03/07/2006 (a)		4,000		4,000
				33,505
Kansas – 0.4%
Prairie Village Revenue, Claridge Court (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)		8,890		8,890
Kentucky – 0.1%
Lexington-Fayette Urban County Government, Residential Facilities, Richmond Place Association Project (LOC: Bank of America) 2.750%, 04/01/2006 (a)		2,630		2,630

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

FIRST AMERICAN FUNDS Semiannual Report 2006

12

Tax Free Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Maryland – 1.7%
Carroll County, Fairhaven & Copper, Series B (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)	$	11,545	$	11,545
Gaithersburg Economic Development, Asbury Methodist (LOC: KBC Bank) 3.210%, 03/07/2006 (a)		2,800		2,800
Gaithersburg Economic Development, Asbury Methodist, Series A (INS: MBIA) 3.190%, 03/07/2006 (a)		19,735		19,735
				34,080
Massachusetts – 3.8%
ABN AMRO Munitops Certificates Trust, Series 1998-12 (INS: MBIA) (SPA: ABN AMRO Bank) 3.210%, 03/07/2006 (a) (b)		12,000		12,000
ABN AMRO Munitops Certificates Trust, Series 2000-2 (INS: FGIC) (SPA: ABN AMRO Bank) 3.200%, 03/07/2006 (a) (b)		10,000		10,000
Massachusetts Development Financing Agency, Senior Living Facility, New England Deaconess Association (LOC: Sovereign Bank) (LOC: Lloyd's TSB Bank) 3.180%, 03/07/2006 (a)		18,855		18,855
Massachusetts State Health & Educational Facilities Authority, Hallmark Health Systems, Series B (INS: FSA, General Obligation of Institution) (SPA: Fleet National Bank) 3.180%, 03/07/2006 (a)		23,105		23,105
State of Massachusetts, Series C (General Obligation) (SPA: State Street Bank) 3.200%, 03/07/2006 (a)		14,300		14,300
				78,260
Michigan – 3.9%
Georgetown Township Economic Development, Sunset Manor Project (LOC: LaSalle Bank) 3.190%, 03/07/2006 (a)		9,600		9,600
Grand Rapids Economic Development Corporation, St. Dominic Project (LOC: Allied Irish Bank, PLC) 3.230%, 03/07/2006 (a)		12,000		12,000
Jackson County Economic Development, Vista Grande Villa, Series A (LOC: LaSalle Bank) 2.980%, 03/01/2006 (a)		100		100
Michigan Municipal Bond Authority, Detroit School District, Series A (LOC: J.P. Morgan Chase Bank) 3.750%, 03/21/2006		30,000		30,014
State of Michigan Strategic Fund, Holland Home Group, Series A (LOC: Fifth Third Bank) 3.190%, 03/07/2006 (a)		10,645		10,645
State of Michigan Strategic Fund, Lutheran Social Services (LOC: National City Bank) 3.240%, 03/07/2006 (a)		18,320		18,320
				80,679
Minnesota – 1.6%
Eden Prairie, Multifamily Housing Authority 3.230%, 03/07/2006 (a)		14,105		14,105
Mendota Heights Revenue, St. Thomas Academy Project (LOC: Allied Irish Bank, PLC) 3.200%, 03/07/2006 (a)		1,765		1,765

Tax Free Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Minnesota State Higher Educational FaciIities, Bethel College (INS: General Obligation of Institution) (LOC: Allied Irish Bank, PLC) 3.250%, 03/07/2006 (a)	$	4,745	$	4,745
Minnesota State Higher Educational Facilities, Bethel College, Series 5 (LOC: Allied Irish Bank, PLC) 3.200%, 03/07/2006 (a)		2,700		2,700
Oak Park Heights Multi-Family, Boutwells Landing (INS: FHLMC) 3.180%, 03/07/2006 (a)		9,000		9,000
				32,315
Mississippi – 1.0%
Medical Center Educational Building, Adult Hospital (INS: AMBAC) (SPA: AmSouth Bank) 3.190%, 03/07/2006 (a)		20,000		20,000
Missouri – 1.3%
Jackson County Industrial Development Authority, YMCA Greater Kansas City (LOC: Bank of America) 3.240%, 03/07/2006 (a)		7,100		7,100
Missouri State Health & Educational Facilities (LOC: J.P. Morgan Chase Bank) 3.210%, 03/07/2006 (a)		8,740		8,740
Missouri State Highways & Transportation Commission, Series B-1 (LOC: State Street Bank) 3.180%, 03/07/2006 (a)		6,000		6,000
St. Louis County Industrial Development Authority, Friendship Village West (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)		6,000		6,000
				27,840
Nevada – 0.9%
ABN AMRO Munitops Certificates Trust, Nevada State (General Obligation) (INS: MBIA) (SPA: ABN AMRO Bank) 3.220%, 03/07/2006 (a) (b)		18,500		18,500
New Hampshire – 0.1%
New Hampshire Health & Educational Facilities Authority, Colby-Sawyer College (LOC: Allied Irish Bank, PLC) 3.200%, 03/07/2006 (a)		2,875		2,875
New Jersey – 1.1%
New Jersey State Tax & Revenue Anticipation Notes, Series A 4.000%, 06/23/2006		22,500		22,567
New York – 3.5%
ABN AMRO Munitops Certificates Trust, Series 1999-3 (INS: MBIA) (SPA: ABN AMRO Bank) 3.280%, 03/07/2006 (a) (b)		21,402		21,402
ABN AMRO Munitops Certificates Trust, Series 1999-13 (INS: FGIC) (SPA: ABN AMRO Bank) 3.190%, 03/07/2006 (a) (b)		7,561		7,561
ABN AMRO Munitops Certificates Trust, Series 2000-7 (INS: FGIC) (SPA: ABN AMRO Bank) 3.280%, 03/07/2006 (a) (b)		27,565		27,565
New York City Housing Development, The Crest, Series A (LOC: Landesbank Hessen-Thuringen Bank) 3.200%, 03/07/2006 (a)		10,000		10,000
New York State Dormitory Authority, Glen Eddy (INS: General Obligation of Institution) (LOC: Sovereign Bank) (LOC: Bank of Nova Scotia) 3.150%, 03/07/2006 (a)		6,800		6,800
				73,328

FIRST AMERICAN FUNDS Semiannual Report 2006

13

Schedule of Investments February 28, 2006 (unaudited)

Tax Free Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
North Carolina – 1.9%
North Carolina Community Health Care Facilities, Pennybyrn, Series C (LOC: Bank of America) 3.190%, 03/07/2006 (a)	$	10,000	$	10,000
North Carolina Student Housing, Fayetteville University (LOC: Wachovia Bank) 3.200%, 03/07/2006 (a)		9,465		9,465
North Carolina Student Housing, NCCU Real Estate, Series A (LOC: Wachovia Bank) 3.200%, 03/07/2006 (a)		9,285		9,285
North Carolina Wolfpack Club Project (LOC: Bank of America) 3.190%, 03/07/2006 (a)		10,200		10,200
				38,950
North Dakota – 0.2%
Mercer County Pollution Control (LOC: LaSalle Bank) 3.220%, 03/07/2006 (a)		3,600		3,600
Ohio – 6.5%
Akron Bath Copley, Summa Health Systems, Series B (LOC: J.P. Morgan Chase Bank) 3.210%, 03/07/2006 (a)		6,145		6,145
Cuyahoga County Metrohealth System (LOC: National City Bank) 3.220%, 03/07/2006 (a)		11,900		11,900
Franklin County Health Care Facilities (LOC: National City Bank) 3.210%, 03/07/2006 (a)		3,500		3,500
Franklin County Health Care Facilities, Friendship Village Dublin, Series B (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)		5,700		5,700
Franklin County Health Care Facilities, Mother Angeline McCrory Project (LOC: Allied Irish Bank, PLC) 3.230%, 03/07/2006 (a)		16,690		16,690
Franklin County Health Care Facilities, Presbyterian, Series B (LOC: National City Bank) 3.210%, 03/07/2006 (a)		5,000		5,000
Franklin County Health Care Facilities, Wesley Glen, Series A (LOC: Fifth Third Bank) 3.200%, 03/07/2006 (a)		4,340		4,340
Franklin County Health Care Facilities, Wesley Glen, Series B (LOC: Fifth Third Bank) 3.200%, 03/07/2006 (a)		2,120		2,120
Franklin County Health Care Facilities, Wesley Ridge Residence, Series C (LOC: Fifth Third Bank) 3.200%, 03/07/2006 (a)		10,200		10,200
Fulton County Health Center (LOC: J.P. Morgan Chase Bank) 3.210%, 03/07/2006 (a)		12,300		12,300
Logan County Health Care Facilities (LOC: Fifth Third Bank) 3.230%, 03/07/2006 (a)		10,510		10,510
Lucas County Facilities Improvement, Toledo Society (LOC: Fifth Third Bank) 3.180%, 03/07/2006 (a)		9,200		9,200
Middleburg Heights Hospital Improvement Revenue (LOC: Fifth Third Bank) 3.210%, 03/07/2006 (a)		2,200		2,200
Pike County Health Care Facilities, Hill View (LOC: Fifth Third Bank) 3.190%, 03/07/2006 (a)		6,850		6,850

Tax Free Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Sandusky County Hospital Facilities, Memorial Hospital (LOC: Fifth Third Bank) 3.210%, 03/07/2006 (a)	$	18,000	$	18,000
Summit County Port Authority, Lawrence School Project (LOC: Fifth Third Bank) 3.190%, 03/07/2006 (a)		10,475		10,475
				135,130
Oklahoma – 0.5%
Oklahoma Authority Revenue, American Cancer Society Project (LOC: Bank of America) 3.240%, 03/07/2006 (a)		2,645		2,645
Tulsa Industrial Authority Revenue Floating (INS: MBIA) 3.220%, 03/07/2006 (a) (b)		7,970		7,970
				10,615
Oregon – 1.1%
Clackamas County Hospital Facilities, Senior Living Facility, Mary's Woods (LOC: Sovereign Bank) (LOC: KBC Bank) 3.210%, 03/07/2006 (a)		15,520		15,520
Clackamas County Hospital Facilities, Willamette, Series A-1 (LOC: Sovereign Bank) (LOC: Bank of New York) 3.200%, 03/07/2006 (a)		7,105		7,105
				22,625
Pennsylvania – 2.1%
Chester County Health & Educational Facilities Retirement Community, Kendal Crosslands Project (LOC: Allied Irish Bank, PLC) 3.210%, 03/07/2006 (a)		5,000		5,000
Delaware County Authority Revenue, Riddle Village Project, Series A (LOC: Sovereign Bank) (LOC: Lloyds TSB Bank) 3.190%, 03/07/2006 (a)		8,230		8,230
Lebanon County Health Facilities, Health Center, United Church of Christ (LOC: Wachovia Bank) 3.200%, 03/07/2006 (a)		9,765		9,765
Lehigh County General Purpose, Phoebe Devitt Homes, Series B (LOC: Sovereign Bank) (LOC: Scotia Bank) 3.200%, 03/07/2006 (a)		3,805		3,805
Philadelphia Hospitals & Higher Educational Facilities Authority, Temple University Health, Series A (LOC: Wachovia Bank) 3.230%, 03/07/2006 (a)		10,000		10,000
Westmoreland County Industrial Development, Redstone Retirement, Series B (LOC: Sovereign Bank) (LOC: Scotia Bank) 3.200%, 03/07/2006 (a)		6,000		6,000
				42,800
Rhode Island – 0.3%
Rhode Island Health & Education Revenue, Jewish Services Agency (LOC: Sovereign Bank) (LOC: Bank of New York) 3.190%, 03/07/2006 (a)		6,750		6,750
South Carolina – 1.6%
Charleston Waterworks & Sewer, Series A (SPA: Bank of America) 3.190%, 03/07/2006 (a)		8,665		8,665
Greenville County School District (INS: South Carolina School District Enhancement Program) 4.000%, 06/01/2006		25,000		25,075
				33,740

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

FIRST AMERICAN FUNDS Semiannual Report 2006

14

Tax Free Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Tennessee – 3.2%
Jefferson City Health & Educational Facilities, Carson Newman College (LOC: Suntrust Bank) 3.190%, 03/07/2006 (a)	$	8,000	$	8,000
Knox County Health Educational & Housing Facilities Board, Volunteer Student Housing Project (LOC: Allied Irish Bank, PLC) 3.190%, 03/07/2006 (a)		19,800		19,800
Met Government Nashville & Davidson (LOC: Societe Generale) 3.230%, 03/07/2006 (a)		7,035		7,035
Rutherford County Industrial Development – Square D Company (LOC: Societe Generale) 3.430%, 03/07/2006 (a)		4,100		4,100
Sullivan County Health, Educational & Housing Facilities, Wellmont Health System (LOC: Bank of America) 3.190%, 03/07/2006 (a)		27,045		27,045
				65,980
Texas – 12.4%
ABN AMRO Munitops Certificates Trust, Frisco School District (INS: PSF-Guaranteed) (SPA: ABN AMRO Bank) 3.230%, 03/07/2006 (a) (b)		9,695		9,695
ABN AMRO Munitops Certificates Trust, Williamson County (INS: FSA) (SPA: ABN AMRO Bank) 3.280%, 03/07/2006 (a) (b)		10,395		10,395
Bexar County Health Facilities, Air Force Village (LOC: Bank of America) 3.190%, 03/07/2006 (a)		34,400		34,400
3.190%, 03/07/2006 (a)		12,000		12,000
Crawford Educational Facilities, Prince Peace Christian School (LOC: Wachovia Bank) 3.210%, 03/07/2006 (a)		5,825		5,825
Galena Park Independent School District (Guaranty: Texas Permanent School Fund) 3.220%, 03/07/2006 (a) (b)		20,965		20,965
Gregg County Health Facilities Development, Good Shepherd Medical Center Project (LOC: KBC Bank) 3.180%, 03/07/2006 (a)		21,055		21,055
Harris County Health Facilities Development, Seven Acres Jewish Senior Care (LOC: J.P. Morgan Chase Bank) 3.230%, 03/07/2006 (a)		19,000		19,000
HFDC Central Texas, Village De San Antonio, Series C (LOC: Sovereign Bank) (LOC: KBC Bank) 3.210%, 03/07/2006 (a)		2,200		2,200
Houston Independent School District, Schoolhouse (INS: PSF-Guaranteed) (SPA: Bank of America) 2.770%, 06/14/2006		6,000		6,000
Kendall County Health Facilities, Morningside Ministries (LOC: J.P. Morgan Chase Bank) 3.200%, 03/07/2006 (a)		14,700		14,700
Midland County Health Facilities, Manor Park Project (LOC: Wells Fargo Bank) 3.230%, 03/07/2006 (a)		17,860		17,860
Texas State Tax & Revenue Anticipation Notes 4.500%, 08/31/2006		45,900		46,221
Travis County Health Facilities, Querencia Barton Creek, Series C (LOC: LaSalle Bank) 3.200%, 03/07/2006 (a)		11,000		11,000

Tax Free Obligations Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
University of Texas (Commercial Paper) 3.000%, 03/01/2006	$	24,300	$	24,300
3.250%, 06/08/2006		2,500		2,500
				258,116
Virginia – 0.5%
Alexandria Industrial Development Authority, Goodwin House (LOC: Wachovia Bank) 2.980%, 03/01/2006		10,000		10,000
Washington – 3.2%
ABN AMRO Munitops Certificates Trust, Washington State (General Obligation) (INS: MBIA-Insured Bond Certificate) (SPA: ABN AMRO Bank) 3.200%, 03/07/2006 (a) (b)		19,000		19,000
Seattle Water System Revenue, Series B (LOC: Bayerische Landesbank) 3.100%, 03/07/2006 (a)		17,520		17,520
Washington State Higher Educational Facilities, Cornish College Arts Project, Series A (LOC: Bank of America) 3.250%, 03/07/2006 (a)		6,160		6,160
Washington State Housing Financial Nonprofit Revenue, Kenney Home Project (LOC: Wells Fargo Bank) 3.190%, 03/07/2006 (a)		17,620		17,620
Washington State Housing Financial Nonprofit Revenue, Open Window School Project (LOC: Bank of America) 3.240%, 03/07/2006 (a)		6,600		6,600
				66,900
West Virginia – 1.9%
ABN AMRO Munitops Certificates Trust, West Virginia (INS: FGIC) (SPA: ABN AMRO Bank) 3.230%, 03/07/2006 (a) (b)		30,995		30,995
Monongalia County, Trinity Christian School (LOC: Fifth Third Bank) 3.190%, 03/07/2006 (a)		9,060		9,060
West Virginia State Hospital Financing Authority, Pallottine Health, Series A1 (LOC: J.P. Morgan Chase Bank) 3.200%, 03/07/2006 (a)		135		135
				40,190
Wisconsin – 4.1%
Wisconsin State Health & Educational Facilities, Aurora Health Care, Series C (LOC: KBC Bank) (LOC: Bank of Nova Scotia) 3.180%, 03/07/2006 (a)		15,555		15,555
Wisconsin State Health & Educational Facilities, Community Health, Series B (LOC: Fifth Third Bank) 3.190%, 03/07/2006 (a)		4,900		4,900
Wisconsin State Health & Educational Facilities, Felician Services, Series A (INS: AMBAC) (SPA: J.P. Morgan Chase Bank) 3.110%, 03/07/2006 (a)		75		75
Wisconsin State Health & Educational Facilities, Froedtert & Community Health, Series C (INS: AMBAC) (SPA: Morgan Stanley Bank) 3.190%, 03/07/2006 (a)		36,800		36,800
Wisconsin State Health & Educational Facilities, Marantha Baptist (LOC: J.P. Morgan Chase Bank) 3.190%, 03/07/2006 (a)		10,800		10,800

FIRST AMERICAN FUNDS Semiannual Report 2006

15

Schedule of Investments February 28, 2006 (unaudited)

Tax Free Obligations Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Wisconsin State Health & Educational Facilities, Marshfield, Series B (LOC: M&I Bank) 3.220%, 03/07/2006 (a)	$	5,000	$	5,000
Wisconsin State Health & Educational Facilities, University of Wisconsin Medical Foundation (LOC: LaSalle Bank) 3.180%, 03/07/2006 (a)		15		15
Wisconsin State Health & Educational Facilities, Watertown Memorial Hospital Project (LOC: J.P. Morgan Chase Bank) 3.210%, 03/07/2006 (a)		3,960		3,960
Wisconsin State Health, Marshfield (LOC: Morgan Guaranty) 3.200%, 03/07/2006 (a)		8,000		8,000
				85,105
Multistate – 0.8%
Clipper Tax-Exempt Trust 3.300%, 03/07/2006 (a) (b)		17,005		17,005
Total Municipal Bonds (Cost $2,069,679)				2,069,679
Short-Term Investment – 0.0%
AIM TFIT-Tax-Free Cash Reserve Portfolio (Cost $1)		689		1
Total Investments – 99.8% (Cost $2,069,680)				2,069,680
Other Assets and Liabilities, Net – 0.2%				4,787
Total Net Assets – 100.0%			$	2,074,467

(a)  Variable Rate Security – The rate shown is the rate in effect as of February 28, 2006. The date shown is the next reset date.

(b)  Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under the guidelines established by the funds' board of directors. As of February 28, 2006, the value of these investments was $239,233,000 or 11.5% of total net assets.

AMBAC – American Municipal Bond Assurance Company

FGIC – Financial Guaranty Insurance Corporation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assistance

INS – Insured

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

PLC – Public Liability Company

PSF – Permanent School Fund

SPA – Standby Purchase Agreement

Treasury Obligations Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Treasury Obligation – 1.8%
U.S. Treasury Note
2.500%, 10/31/2006 (Cost $197,629)	$	200,000	$	197,629
Repurchase Agreements – 98.5%
ABN AMRO
4.520%, dated 02/28/2006, matures 03/01/2006, repurchase price $2,000,251,111 (collateralized by U.S. Treasury Obligations: Total market value $2,040,000,109)		2,000,000		2,000,000
Bank of America 4.510%, dated 02/28/2006, matures 03/01/2006, repurchase price $750,093,958 (collateralized by U.S. Treasury Obligations: Total market value $765,001,162)		750,000		750,000
Bear Stearns 4.520%, dated 02/28/2006, matures 03/01/2006, repurchase price $1,500,188,333 (collateralized by U.S. Treasury Obligations: Total market value $1,530,837,656)		1,500,000		1,500,000
Citigroup 4.450%, dated 02/28/2006, matures 03/01/2006, repurchase price $250,030,903 (collateralized by U.S. Treasury Obligations: Total market value $255,000,770)		250,000		250,000
CS First Boston 4.520%, dated 02/28/2006, matures 03/01/2006, repurchase price $1,200,150,667 (collateralized by U.S. Treasury Obligations: Total market value $1,224,007,943)		1,200,000		1,200,000
Deutsche Bank 4.520%, dated 02/28/2006, matures 03/01/2006, repurchase price $1,500,188,333 (collateralized by U.S. Treasury Obligations: Total market value $1,530,000,065)		1,500,000		1,500,000
Greenwich Capital 4.520%, dated 02/28/2006, matures 03/01/2006, repurchase price $750,094,167 (collateralized by U.S. Treasury Obligations: Total market value $765,006,208)		750,000		750,000
Morgan Stanley 4.520%, dated 02/28/2006, matures 03/01/2006, repurchase price $2,000,251,111 (collateralized by U.S. Treasury Obligations: Total market value $2,040,000,136)		2,000,000		2,000,000
UBS Warburg 4.520%, dated 02/28/2006, matures 03/01/2006, repurchase price $1,066,994,950 (collateralized by U.S. Treasury Obligations: Total market value $1,088,203,715)		1,066,861		1,066,861
Total Repurchase Agreements (Cost $11,016,861)				11,016,861
Total Investments – 100.3% (Cost $11,214,490)				11,214,490
Other Assets and Liabilities, Net – (0.3)%				(34,893	)
Total Net Assets – 100.0%			$	11,179,597

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

FIRST AMERICAN FUNDS Semiannual Report 2006

16

U.S. Treasury Money Market Fund

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
U.S. Treasury Obligations – 100.2%
U.S. Treasury Bills (a) 2.925%, 03/02/2006	$	66,707	$	66,699
4.025%, 03/09/2006		88,556		88,477
4.070%, 03/16/2006		38,730		38,664
4.270%, 03/23/2006		20,000		19,948
4.167%, 03/30/2006		40,000		39,866
4.028%, 04/06/2006		50,000		49,799
4.205%, 04/13/2006		20,000		19,900
4.295%, 04/20/2006		10,000		9,940
4.325%, 04/27/2006		10,000		9,931
4.375%, 05/04/2006		15,000		14,883
4.406%, 05/11/2006		25,000		24,783
4.457%, 05/18/2006		20,000		19,807
4.376%, 05/25/2006		20,000		19,793
U.S. Treasury Note 1.500%, 03/31/2006		50,000		49,882
Total U.S. Treasury Obligations (Cost $472,372)				472,372
Money Market Fund - 0.1%
Goldman Sachs Financial Square Tax Exempt Fund (Cost $263)		263,262		263
Total Investments - 100.3% (Cost $472,635)				472,635
Other Assets and Liabilities, Net - (0.3)%				(1,112	)
Total Net Assets - 100.0%			$	471,523

(a)  Yield shown is the effective yield as of February 28, 2006.

FIRST AMERICAN FUNDS Semiannual Report 2006

17

Statements of Assets and Liabilities February 28, 2006 (unaudited), in thousands, except per share data

	Government Obligations Fund			Prime Obligations Fund			Tax Free Obligations Fund
ASSETS:
Investments in securities, at amortized cost (note 2)	$	1,887,011		$	16,271,040		$	2,069,680
Investments purchased with proceeds from securities lending (cost: $200,856, $0, $0, $0, and $0) (note 2)		200,856			—			—
Repurchase agreements, at amortized cost (note 2)		2,569,612			588,527			—
Cash		1			694			1,280
Receivable for dividends and interest		9,380			63,042			8,768
Receivable for capital shares sold		13			23,879			—
Prepaid expenses and other assets		83			156			31
Total assets		4,666,956			16,947,338			2,079,759
LIABILITIES:
Dividends payable		13,525			52,971			4,596
Payable for investment securities purchased		271,260			199,980			—
Payable upon return of securities loaned		200,856			—			—
Payable for capital shares redeemed		—			62,647			—
Payable to affiliates (note 3)		652			3,471			338
Payable for distribution and shareholder servicing fees		1,004			3,360			337
Accrued expenses and other liabilities		37			63			21
Total liabilities		487,334			322,492			5,292
Net assets	$	4,179,622		$	16,624,846		$	2,074,467
COMPOSITION OF NET ASSETS:
Portfolio capital	$	4,179,662		$	16,624,678		$	2,074,471
Undistributed (distributions in excess of) net investment income		(32	)		173			(11	)
Accumulated net realized gain (loss) on investments (note 2)		(8	)		(5	)		7
Net assets	$	4,179,622		$	16,624,846		$	2,074,467
Class A:
Net assets	$	164,649		$	1,552,264		$	144,554
Shares issued and outstanding ($0.01 par value — 5 billion authorized*)		164,581			1,552,304			144,589
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00
Class B:
Net assets		—		$	8,712			—
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		—			8,717			—
Net asset value, offering price, and redemption price per share		—		$	1.00			—
Class C:
Net assets		—		$	9,342			—
Shares issued and outstanding ($0.01 par value — 1 billion authorized)		—			9,342			—
Net asset value, offering price, and redemption price per share		—		$	1.00			—
Class D:
Net assets	$	994,130		$	862,615		$	33,430
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		994,148			862,622			33,430
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00
Class I:
Net assets		—		$	1,299,653			—
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		—			1,299,692			—
Net asset value, offering price, and redemption price per share		—		$	1.00			—
Class Y:
Net assets	$	2,437,234		$	5,770,372		$	895,653
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		2,437,339			5,770,296			895,656
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00
Class Z:
Net assets	$	298,006		$	4,064,890		$	811,674
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		298,009			4,064,903			811,688
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00
Piper Jaffray:
Net assets	$	285,603		$	3,056,998		$	189,156
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		285,671			3,056,996			189,173
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00
Reserve Class:
Net assets		—			—			—
Shares issued and outstanding ($0.01 par value — 5 billion authorized)		—			—			—
Net asset value, offering price, and redemption price per share		—			—			—

  *  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 Semiannual Report 2006

18

	Treasury Obligations Fund			U.S. Treasury Money Market Fund
ASSETS:
Investments in securities, at amortized cost (note 2)	$	197,629		$	472,635
Investments purchased with proceeds from securities lending (cost: $200,856, $0, $0, $0, and $0) (note 2)		—			—
Repurchase agreements, at amortized cost (note 2)		11,016,861			—
Cash		1			—
Receivable for dividends and interest		3,054			331
Receivable for capital shares sold		1			—
Prepaid expenses and other assets		36			16
Total assets		11,217,582			472,982
LIABILITIES:
Dividends payable		33,067			1,323
Payable for investment securities purchased		—			—
Payable upon return of securities loaned		—			—
Payable for capital shares redeemed		2			—
Payable to affiliates (note 3)		1,799			6
Payable for distribution and shareholder servicing fees		3,090			115
Accrued expenses and other liabilities		27			15
Total liabilities		37,985			1,459
Net assets	$	11,179,597		$	471,523
COMPOSITION OF NET ASSETS:
Portfolio capital	$	11,179,741		$	471,534
Undistributed (distributions in excess of) net investment income		(5	)		—
Accumulated net realized gain (loss) on investments (note 2)		(139	)		(11	)
Net assets	$	11,179,597		$	471,523
Class A:
Net assets	$	1,218,826		$	6,518
Shares issued and outstanding ($0.01 par value — 5 billion authorized*)		1,218,810			6,518
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00
Class B:
Net assets		—			—
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		—			—
Net asset value, offering price, and redemption price per share		—			—
Class C:
Net assets		—			—
Shares issued and outstanding ($0.01 par value — 1 billion authorized)		—			—
Net asset value, offering price, and redemption price per share		—			—
Class D:
Net assets	$	4,751,614		$	200,592
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		4,751,700			200,591
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00
Class I:
Net assets		—			—
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		—			—
Net asset value, offering price, and redemption price per share		—			—
Class Y:
Net assets	$	3,246,295		$	264,094
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		3,246,345			264,106
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00
Class Z:
Net assets	$	891,443		$	319
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		891,449			319
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00
Piper Jaffray:
Net assets	$	30,177			—
Shares issued and outstanding ($0.01 par value — 20 billion authorized)		30,177			—
Net asset value, offering price, and redemption price per share	$	1.00			—
Reserve Class:
Net assets	$	1,041,242			—
Shares issued and outstanding ($0.01 par value — 5 billion authorized)		1,041,272			—
Net asset value, offering price, and redemption price per share	$	1.00			—

FIRST AMERICAN FUNDS Semiannual Report 2006

19

Statements of Operations For the six-month period ended February 28, 2006 (unaudited), in thousands

	Government Obligations Fund			Prime Obligations Fund			Tax Free Obligations Fund			Treasury Obligations Fund			U.S. Treasury Money Market Fund
INVESTMENT INCOME:
Interest income	$	94,586		$	339,303		$	30,131		$	214,832		$	8,173
Securities lending income		53			—			—			19			—
Total investment income		94,639			339,303			30,131			214,851			8,173
EXPENSES (note 3):
Investment advisory fees		2,313			8,198			1,039			5,355			216
Administration fees and expenses		1,783			6,363			806			4,124			169
Transfer agent fees and expenses		1,464			6,776			719			3,048			118
Custodian fees		116			410			52			268			12
Registration fees		49			66			51			41			45
Professional fees		43			57			25			53			27
Postage and printing fees		41			132			17			70			6
Directors' fees		37			100			19			61			10
Other expenses		70			136			34			111			31
Distribution and shareholder servicing fees – Class A		538			4,064			395			2,907			16
Distribution and shareholder servicing fees – Class B		—			49			—			—			—
Distribution and shareholder servicing fees – Class C		—			54			—			—			—
Distribution and shareholder servicing fees – Class D		2,701			1,789			56			9,213			420
Distribution and shareholder servicing fees – Piper Jaffray Class		715			7,394			480			84			—
Distribution and shareholder servicing fees – Reserve Class		—			—			—			3,942			—
Shareholder servicing fees – Class I		—			1,690			—			—			—
Shareholder servicing fees – Class Y		2,941			6,654			1,149			3,670			271
Total expenses		12,811			43,932			4,842			32,947			1,341
Less: Fee waivers (note 3)		(1,084	)		(1,587	)		(558	)		(2,187	)		(202	)
Less: Indirect payments from the custodian		(1	)		(6	)		(1	)		—	(1)		—	(1)
Total net expenses		11,726			42,339			4,283			30,760			1,139
Investment income – net		82,913			296,964			25,848			184,091			7,034
Net realized gain (loss) on investments		—			(5	)		7			(57	)		1
Net increase in net assets resulting from operations	$	82,913		$	296,959		$	25,855		$	184,034		$	7,035

(1) Due to the presentation of the financial statements in thousands, the numbers round to zero.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

20

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Statements of Changes in Net Assets in thousands

	Government Obligations Fund									Prime Obligations Fund
	Six-Month Period Ended 2/28/06 (unaudited)			Eleven-Month Fiscal Period Ended 8/31/05			Year Ended 9/30/04			Six-Month Period Ended 2/28/06 (unaudited)			Eleven-Month Fiscal Period Ended 8/31/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	82,913		$	79,225		$	21,738		$	296,964		$	307,271		$	121,223
Net realized gain (loss) on investments		—			(8	)		19			(5	)		—			51
Net increase in net assets resulting from operations		82,913			79,217			21,757			296,959			307,271			121,274
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(3,619	)		(2,819	)		(667	)		(27,258	)		(20,956	)		(5,968	)
Class B		—			—			—			(141	)		(155	)		(10	)
Class C		—			—			—			(155	)		(172	)		(13	)
Class D		(23,412	)		(19,442	)		(4,810	)		(15,792	)		(12,427	)		(4,713	)
Class I		—			—			—			(31,183	)		(34,090	)		(15,694	)
Class Y		(42,936	)		(42,136	)		(12,630	)		(97,625	)		(101,007	)		(44,841	)
Class Z		(8,262	)		(9,895	)		(2,117	)		(76,567	)		(87,606	)		(35,276	)
Piper Jaffray Class		(4,685	)		(4,933	)		(1,514	)		(48,243	)		(50,858	)		(14,707	)
Reserve Class		—			—			—			—			—			—
Net realized gain on investments:
Class A		—			(1	)		—			—			(4	)		(2	)
Class D		—			(3	)		—			—			(2	)		—
Class I		—			—			—			—			(4	)		—
Class Y		—			(5	)		—			—			(16	)		(3	)
Class Z		—			(2	)		—			—			(15	)		(1	)
Piper Jaffray Class		—			(1	)		—			—			(10	)		—
Total distributions		(82,914	)		(79,237	)		(21,738	)		(296,964	)		(307,322	)		(121,228	)
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE:
Class A:
Proceeds from sales		3,602,737			1,713,823			624,638			4,013,583			5,989,710			5,207,624
Reinvestment of distributions		692			668			285			12,384			11,208			4,044
Payments for redemptions		(3,592,632	)		(1,705,401	)		(631,572	)		(3,617,211	)		(6,153,575	)		(5,409,696	)
Increase (decrease) in net assets from Class A transactions		10,797			9,090			(6,649	)		408,756			(152,657	)		(198,028	)
Class B:
Proceeds from sales		—			—			—			3,367			10,047			13,329
Reinvestment of distributions		—			—			—			125			127			5
Payments for redemptions		—			—			—			(5,384	)		(14,945	)		(6,039	)
Increase (decrease) in net assets from Class B transactions		—			—			—			(1,892	)		(4,771	)		7,295
Class C:
Proceeds from sales		—			—			—			6,400			23,753			22,153
Reinvestment of distributions		—			—			—			114			113			5
Payments for redemptions		—			—			—			(9,723	)		(30,664	)		(9,546	)
Increase (decrease) in net assets from Class C transactions		—			—			—			(3,209	)		(6,798	)		12,612
Class D:
Proceeds from sales		2,930,286			4,874,399			3,121,709			15,434,409			9,562,303			6,374,861
Reinvestment of distributions		10			14			4			43			82			46
Payments for redemptions		(3,686,060	)		(3,958,625	)		(3,190,547	)		(15,258,616	)		(9,588,331	)		(6,294,647	)
Increase (decrease) in net assets from Class D transactions		(755,764	)		915,788			(68,834	)		175,836			(25,946	)		80,260
Class I:
Proceeds from sales		—			—			—			4,947,568			11,053,677			9,002,857
Reinvestment of distributions		—			—			—			715			942			1,055
Payments for redemptions		—			—			—			(5,627,948	)		(10,722,753	)		(8,988,148	)
Increase (decrease) in net assets from Class I transactions		—			—			—			(679,665	)		331,866			15,764

  (1)  Commencement of operations.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

22

	Tax Free Obligations Fund									Treasury Obligations Fund									U.S. Treasury Money Market Fund
	Six-Month Period Ended 2/28/06 (unaudited)			Eleven-Month Fiscal Period Ended 8/31/05			Year Ended 9/30/04			Six-Month Period Ended 2/28/06 (unaudited)			Eleven-Month Fiscal Period Ended 8/31/05			Year Ended 9/30/04			Six-Month Period Ended 2/28/06 (unaudited)			10/25/04 (1) to 8/31/05
OPERATIONS:
Investment income – net	$	25,848		$	28,965		$	8,667		$	184,091		$	172,673		$	57,912		$	7,034		$	5,062
Net realized gain (loss) on investments		7			1			52			(57	)		(20	)		—			1			(12	)
Net increase in net assets resulting from operations		25,855			28,966			8,719			184,034			172,653			57,912			7,035			5,050
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1,693	)		(1,762	)		(538	)		(18,978	)		(18,944	)		(4,766	)		(99	)		(67	)
Class B		—			—			—			—			—			—			—			—
Class C		—			—			—			—			—			—			—			—
Class D		(326	)		(253	)		(97	)		(78,485	)		(83,398	)		(28,158	)		(3,327	)		(539	)
Class I		—			—			—			—			—			—			—			—
Class Y		(11,235	)		(12,880	)		(5,755	)		(52,254	)		(55,856	)		(23,682	)		(3,601	)		(4,445	)
Class Z		(10,582	)		(11,502	)		(1,391	)		(17,712	)		(13,836	)		(981	)		(7	)		(11	)
Piper Jaffray Class		(2,013	)		(2,569	)		(886	)		(539	)		(565	)		(325	)		—			—
Reserve Class		—			—			—			(16,123	)		(74	)		—			—			—
Net realized gain on investments:
Class A		—			(7	)		(6	)		—			—			—			—			—
Class D		—			(1	)		(1	)		—			—			—			—			—
Class I		—			—			—			—			—			—			—			—
Class Y		—			(34	)		(48	)		—			—			—			—			—
Class Z		—			(22	)		—			—			—			—			—			—
Piper Jaffray Class		—			(8	)		(18	)		—			—			—			—			—
Total distributions		(25,849	)		(29,038	)		(8,740	)		(184,091	)		(172,673	)		(57,912	)		(7,034	)		(5,062	)
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE:
Class A:
Proceeds from sales		224,611			428,980			418,277			1,894,074			22,115,413			3,731,445			66,434			49,406
Reinvestment of distributions		989			1,048			296			288			255			115			1			—
Payments for redemptions		(209,291	)		(461,307	)		(475,924	)		(1,850,280	)		(22,138,241	)		(4,157,309	)		(65,146	)		(44,177	)
Increase (decrease) in net assets from Class A transactions		16,309			(31,279	)		(57,351	)		44,082			(22,573	)		(425,749	)		1,289			5,229
Class B:
Proceeds from sales		—			—			—			—			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—			—			—
Payments for redemptions		—			—			—			—			—			—			—			—
Increase (decrease) in net assets from Class B transactions		—			—			—			—			—			—			—			—
Class C:
Proceeds from sales		—			—			—			—			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—			—			—
Payments for redemptions		—			—			—			—			—			—			—			—
Increase (decrease) in net assets from Class C transactions		—			—			—			—			—			—			—			—
Class D:
Proceeds from sales		57,558			86,964			173,329			8,121,342			64,599,851			25,492,341			358,246			747,296
Reinvestment of distributions		—			—			—			3			10			1			—			—
Payments for redemptions		(39,821	)		(85,405	)		(178,537	)		(8,148,765	)		(64,718,980	)		(26,314,282	)		(788,085	)		(116,866	)
Increase (decrease) in net assets from Class D transactions		17,737			1,559			(5,208	)		(27,420	)		(119,119	)		(821,940	)		(429,839	)		630,430
Class I:
Proceeds from sales		—			—			—			—			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—			—			—
Payments for redemptions		—			—			—			—			—			—			—			—
Increase (decrease) in net assets from Class I transactions		—			—			—			—			—			—			—			—

FIRST AMERICAN FUNDS Semiannual Report 2006

23

Statements of Changes in Net Assets in thousands (continued)

	Government Obligations Fund									Prime Obligations Fund
	Six-Month Period Ended 2/28/06 (unaudited)			Eleven-Month Fiscal Period Ended 8/31/05			Year Ended 9/30/04			Six-Month Period Ended 2/28/06 (unaudited)			Eleven-Month Fiscal Period Ended 8/31/05			Year Ended 9/30/04
Class Y:
Proceeds from sales	$	9,166,047		$	22,624,167		$	16,379,683		$	21,952,001		$	42,560,109		$	68,772,198
Reinvestment of distributions		10,721			10,355			4,330			30,458			32,520			17,792
Payments for redemptions		(9,197,850	)		(21,878,418	)		(16,232,248	)		(21,155,762	)		(42,958,365	)		(70,311,174	)
Increase (decrease) in net assets from Class Y transactions		(21,082	)		756,104			151,765			826,697			(365,736	)		(1,521,184	)
Class Z:
Proceeds from sales		1,240,734			2,268,232			885,277			62,484,881			111,215,880			42,070,958
Reinvestment of distributions		—			—			—			7,085			6,074			2,503
Payments for redemptions		(1,361,895	)		(2,274,003	)		(460,335	)		(62,221,495	)		(110,805,063	)		(41,924,285	)
Increase (decrease) in net assets from Class Z transactions		(121,161	)		(5,771	)		424,942			270,471			416,891			149,176
Piper Jaffray Class:
Proceeds from sales		143,774			247,453			401,555			1,351,022			2,087,317			3,069,685
Reinvestment of distributions		4,526			4,494			1,272			46,039			46,536			12,410
Payments for redemptions		(148,943	)		(262,131	)		(482,733	)		(1,211,869	)		(2,364,078	)		(3,239,104	)
Increase (decrease) in net assets from Piper Jaffray transactions		(643	)		(10,184	)		(79,906	)		185,192			(230,225	)		(157,009	)
Reserve Class (2):
Proceeds from sales		—			—			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		—			—			—			—			—			—
Fund merger (note 5)		—			—			—			—			—			—
Increase in net assets from Reserve Class transactions		—			—			—			—			—			—
Increase (decrease) in net assets from capital share transactions		(887,853	)		1,665,027			421,318			1,182,186			(37,376	)		(1,611,114	)
Total increase (decrease) in net assets		(887,854	)		1,665,007			421,337			1,182,181			(37,427	)		(1,611,068	)
Net assets at beginning of period		5,067,476			3,402,469			2,981,132			15,442,665			15,480,092			17,091,160
Net assets at end of period	$	4,179,622		$	5,067,476		$	3,402,469		$	16,624,846		$	15,442,665		$	15,480,092
Undistributed (distributions in excess of) net investment income	$	(32	)	$	(31	)	$	(27	)	$	173		$	173		$	173

  (1)  Commencement of operations.

  (2)  Share class commenced operations on August 31, 2005.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

24

	Tax Free Obligations Fund									Treasury Obligations Fund									U.S. Treasury Money Market Fund
	Six-Month Period Ended 2/28/06 (unaudited)			Eleven-Month Fiscal Period Ended 8/31/05			Year Ended 9/30/04			Six-Month Period Ended 2/28/06 (unaudited)			Eleven-Month Fiscal Period Ended 8/31/05			Year Ended 9/30/04			Six-Month Period Ended 2/28/06 (unaudited)			10/25/04 (1) to 8/31/05
Class Y:
Proceeds from sales	$	1,413,938		$	2,335,792		$	1,948,928		$	21,899,063		$	26,383,632		$	21,043,156		$	769,434		$	1,063,571
Reinvestment of distributions		1,924			1,637			810			10,144			10,317			4,417			—			—
Payments for redemptions		(1,395,626	)		(2,230,250	)		(2,062,138	)		(21,841,538	)		(26,053,557	)		(21,779,713	)		(707,027	)		(861,872	)
Increase (decrease) in net assets from Class Y transactions		20,236			107,179			(112,400	)		67,669			340,392			(732,140	)		62,407			201,699
Class Z:
Proceeds from sales		3,180,469			8,052,571			1,033,492			6,306,513			7,984,060			683,068			15,755			149,662
Reinvestment of distributions		2,589			886			173			3,731			152			30			—			—
Payments for redemptions		(2,977,989	)		(7,931,967	)		(548,536	)		(6,065,278	)		(7,504,076	)		(516,751	)		(15,437	)		(149,661	)
Increase (decrease) in net assets from Class Z transactions		205,069			121,490			485,129			244,966			480,136			166,347			318			1
Piper Jaffray Class:
Proceeds from sales		129,104			228,367			278,202			36,337			106,685			172,841			—			—
Reinvestment of distributions		1,940			2,417			764			518			517			141			—			—
Payments for redemptions		(135,259	)		(245,880	)		(325,845	)		(41,227	)		(104,278	)		(351,106	)		—			—
Increase (decrease) in net assets from Piper Jaffray transactions		(4,215	)		(15,096	)		(46,879	)		(4,372	)		2,924			(178,124	)		—			—
Reserve Class (2):
Proceeds from sales		—			—			—			1,153,037			161			—			—			—
Reinvestment of distributions		—			—			—			10,604			—			—			—			—
Payments for redemptions		—			—			—			(1,155,859	)		(71,516	)		—			—			—
Fund merger (note 5)		—			—			—			—			1,104,823			—			—			—
Increase in net assets from Reserve Class transactions		—			—			—			7,782			1,033,468			—			—			—
Increase (decrease) in net assets from capital share transactions		255,136			183,853			263,291			332,707			1,715,228			(1,991,606	)		(365,825	)		837,359
Total increase (decrease) in net assets		255,142			183,781			263,270			332,650			1,715,208			(1,991,606	)		(365,824	)		837,347
Net assets at beginning of period		1,819,325			1,635,544			1,372,274			10,846,947			9,131,739			11,123,345			837,347			—
Net assets at end of period	$	2,074,467		$	1,819,325		$	1,635,544		$	11,179,597		$	10,846,947		$	9,131,739		$	471,523		$	837,347
Undistributed (distributions in excess of) net investment income	$	(11	)	$	(10	)	$	9		$	(5	)	$	(5	)	$	(5	)	$	—		$	—

FIRST AMERICAN FUNDS Semiannual Report 2006

25

Financial Highlights For a share outstanding throughout the indicated period

			Net Asset Value Beginning of Period		Net Investment Income		Dividends from Net Investment Income			Net Asset Value End of Period		Total Return (8)
Government Obligations Fund
Class A
	2006	(1)	$	1.00	$	0.017	$	(0.017	)	$	1.00		1.67	%
	2005	(2)		1.00		0.017		(0.017	)		1.00		1.73
	2004	(3)(4)		1.00		0.004		(0.004	)		1.00		0.45
	2003	(3)		1.00		0.006		(0.006	)		1.00		0.52
	2002	(3)		1.00		0.014		(0.014	)		1.00		1.41
	2001	(5)		1.00		0.001		(0.001	)		1.00		0.05
Class D
	2006	(1)	$	1.00	$	0.017	$	(0.017	)	$	1.00		1.74	%
	2005	(2)		1.00		0.019		(0.019	)		1.00		1.87
	2004	(3)		1.00		0.006		(0.006	)		1.00		0.60
	2003	(3)		1.00		0.008		(0.008	)		1.00		0.78
	2002	(3)		1.00		0.015		(0.015	)		1.00		1.56
	2001	(3)		1.00		0.046		(0.046	)		1.00		4.68
Class Y
	2006	(1)	$	1.00	$	0.018	$	(0.018	)	$	1.00		1.82	%
	2005	(2)		1.00		0.020		(0.020	)		1.00		2.01
	2004	(3)		1.00		0.007		(0.007	)		1.00		0.75
	2003	(3)		1.00		0.009		(0.009	)		1.00		0.93
	2002	(3)		1.00		0.017		(0.017	)		1.00		1.71
	2001	(3)		1.00		0.047		(0.047	)		1.00		4.84
Class Z
	2006	(1)	$	1.00	$	0.019	$	(0.019	)	$	1.00		1.94	%
	2005	(2)		1.00		0.022		(0.022	)		1.00		2.25
	2004	(6)		1.00		0.008		(0.008	)		1.00		0.84
Piper Jaffray Class
	2006	(1)	$	1.00	$	0.016	$	(0.016	)	$	1.00		1.64	%
	2005	(2)		1.00		0.017		(0.017	)		1.00		1.70
	2004	(3)(7)		1.00		0.004		(0.004	)		1.00		0.43
	2003	(3)		1.00		0.006		(0.006	)		1.00		0.65
	2002	(3)		1.00		0.014		(0.014	)		1.00		1.41
	2001	(3)		1.00		0.044		(0.044	)		1.00		4.53

  (1)  For the six-month period ended February 28, 2006 (unaudited). All ratios for the period have been annualized, except total return.

  (2)  For the period October 1, 2004 to August 31, 2005. Effective in 2005, the fund's fiscal year end was changed from September 30 to August 31. All ratios for the period
have been annualized, except total return.

  (3)  For the period October 1 to September 30 in the year indicated.

  (4)  On December 1, 2003, existing Class S shares of the fund were designated as Class A shares.

  (5)  For the period from September24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized, except total
return.

  (6)  For the period from December 1, 2003, when the class of shares was first offered, to September 30, 2004. All ratios for the period have been annualized, except total
return.

  (7)  On December 1, 2003, existing Class A shares of the fund were designated as Piper Jaffray Class shares.

  (8)  Total return would have been lower had certain expenses not been waived.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

26

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)
Government Obligations Fund
Class A
	2006	(1)	$	164,649		0.75	%		3.36	%		0.79	%		3.32	%
	2005	(2)		153,852		0.75			1.88			0.80			1.83
	2004	(3)(4)		144,764		0.75			0.45			0.80			0.40
	2003	(3)		60,206		0.75			0.67			0.81			0.61
	2002	(3)		101,513		0.75			1.42			0.81			1.36
	2001	(5)		96,036		0.70			2.66			0.80			2.56
Class D
	2006	(1)	$	994,130		0.60	%		3.47	%		0.64	%		3.43	%
	2005	(2)		1,749,894		0.60			2.07			0.65			2.02
	2004	(3)		834,112		0.60			0.60			0.65			0.55
	2003	(3)		902,940		0.60			0.73			0.65			0.68
	2002	(3)		428,307		0.60			1.57			0.66			1.51
	2001	(3)		609,315		0.60			4.51			0.66			4.45
Class Y
	2006	(1)	$	2,437,234		0.45	%		3.65	%		0.49	%		3.61	%
	2005	(2)		2,458,316		0.45			2.22			0.50			2.17
	2004	(3)		1,702,220		0.45			0.75			0.50			0.70
	2003	(3)		1,550,445		0.45			0.93			0.51			0.87
	2002	(3)		1,562,880		0.45			1.68			0.51			1.62
	2001	(3)		1,041,700		0.45			4.75			0.51			4.69
Class Z
	2006	(1)	$	298,006		0.20	%		3.88	%		0.24	%		3.84	%
	2005	(2)		419,167		0.20			2.37			0.25			2.32
	2004	(6)		424,941		0.20			1.12			0.25			1.07
Piper Jaffray Class
	2006	(1)	$	285,603		0.81	%		3.28	%		0.89	%		3.20	%
	2005	(2)		286,247		0.78			1.83			0.90			1.71
	2004	(3)(7)		296,432		0.76			0.42			0.88			0.30
	2003	(3)		467,541		0.73			0.65			0.78			0.60
	2002	(3)		528,343		0.75			1.39			0.81			1.33
	2001	(3)		490,164		0.75			4.41			0.81			4.35

FIRST AMERICAN FUNDS Semiannual Report 2006

27

Financial Highlights For a share outstanding throughout the indicated period

			Net Asset Value Beginning of Period		Net Investment Income		Dividends from Net Investment Income			Net Asset Value End of Period		Total Return (8)
Prime Obligations Fund
Class A
	2006	(1)	$	1.00	$	0.017	$	(0.017	)	$	1.00		1.68	%
	2005	(2)		1.00		0.017		(0.017	)		1.00		1.75
	2004	(3)(4)		1.00		0.005		(0.005	)		1.00		0.48
	2003	(3)		1.00		0.007		(0.007	)		1.00		0.67
	2002	(3)		1.00		0.014		(0.014	)		1.00		1.46
	2001	(5)		1.00		—		—			1.00		0.04
Class B
	2006	(1)	$	1.00	$	0.014	$	(0.014	)	$	1.00		1.45	%
	2005	(2)		1.00		0.013		(0.013	)		1.00		1.33
	2004	(3)		1.00		0.001		(0.001	)		1.00		0.11
	2003	(3)		1.00		0.001		(0.001	)		1.00		0.04
	2002	(3)		1.00		0.007		(0.007	)		1.00		0.75
	2001	(3)		1.00		0.038		(0.038	)		1.00		3.92
Class C
	2006	(1)	$	1.00	$	0.014	$	(0.014	)	$	1.00		1.45	%
	2005	(2)		1.00		0.013		(0.013	)		1.00		1.33
	2004	(3)		1.00		0.001		(0.001	)		1.00		0.11
	2003	(3)		1.00		0.001		(0.001	)		1.00		0.14
	2002	(3)		1.00		0.007		(0.007	)		1.00		0.75
	2001	(3)		1.00		0.038		(0.038	)		1.00		3.90
Class D
	2006	(1)	$	1.00	$	0.017	$	(0.017	)	$	1.00		1.75	%
	2005	(2)		1.00		0.019		(0.019	)		1.00		1.89
	2004	(3)		1.00		0.006		(0.006	)		1.00		0.63
	2003	(3)		1.00		0.008		(0.008	)		1.00		0.82
	2002	(3)		1.00		0.016		(0.016	)		1.00		1.61
	2001	(3)		1.00		0.047		(0.047	)		1.00		4.81
Class I
	2006	(1)	$	1.00	$	0.019	$	(0.019	)	$	1.00		1.87	%
	2005	(2)		1.00		0.021		(0.021	)		1.00		2.10
	2004	(3)		1.00		0.009		(0.009	)		1.00		0.86
	2003	(3)		1.00		0.010		(0.010	)		1.00		1.05
	2002	(3)		1.00		0.018		(0.018	)		1.00		1.84
	2001	(5)		1.00		0.001		(0.001	)		1.00		0.06
Class Y
	2006	(1)	$	1.00	$	0.018	$	(0.018	)	$	1.00		1.83	%
	2005	(2)		1.00		0.020		(0.020	)		1.00		2.03
	2004	(3)		1.00		0.008		(0.008	)		1.00		0.78
	2003	(3)		1.00		0.010		(0.010	)		1.00		0.97
	2002	(3)		1.00		0.017		(0.017	)		1.00		1.76
	2001	(3)		1.00		0.048		(0.048	)		1.00		4.96
Class Z
	2006	(1)	$	1.00	$	0.020	$	(0.020	)	$	1.00		1.97	%
	2005	(2)		1.00		0.023		(0.023	)		1.00		2.29
	2004	(3)		1.00		0.011		(0.011	)		1.00		1.06
	2003	(6)		1.00		0.002		(0.002	)		1.00		0.16
Piper Jaffray Class
	2006	(1)	$	1.00	$	0.016	$	(0.016	)	$	1.00		1.63	%
	2005	(2)		1.00		0.017		(0.017	)		1.00		1.68
	2004	(3)(7)		1.00		0.004		(0.004	)		1.00		0.42
	2003	(3)		1.00		0.006		(0.006	)		1.00		0.63
	2002	(3)		1.00		0.014		(0.014	)		1.00		1.43
	2001	(3)		1.00		0.045		(0.045	)		1.00		4.61

  (1)  For the six-month period ended February 28, 2006 (unaudited). All ratios for the period have been annualized, except total return.

  (2)  For the period October 1, 2004 to August 31, 2005. Effective in 2005, the fund's fiscal year end was changed from September 30 to August 31. All ratios for the period
have been annualized, except total return.

  (3)  For the period October 1 to September 30 in the year indicated.

  (4)  On December 1, 2003, existing Class S shares of the fund were designated as Class A shares.

  (5)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized, except total return.

  (6)  For the period from August 1, 2003, when the class of shares was first offered, to September 30, 2003. All ratios for the period have been annualized, except total return.

  (7)  On December 1, 2003, existing Class A shares of the fund were designated as Piper Jaffray Class shares.

  (8)  Total return would have been lower had certain expenses not been waived.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

28

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)
Prime Obligations Fund
Class A
	2006	(1)	$	1,552,264		0.78	%		3.35	%		0.79	%		3.34	%
	2005	(2)		1,143,508		0.78			1.86			0.80			1.84
	2004	(3)(4)		1,296,169		0.78			0.50			0.80			0.48
	2003	(3)		120,863		0.78			0.59			0.80			0.57
	2002	(3)		34,147		0.78			1.31			0.81			1.28
	2001	(5)		—		—			—			—			—
Class B
	2006	(1)	$	8,712		1.23	%		2.88	%		1.24	%		2.87	%
	2005	(2)		10,605		1.23			1.38			1.25			1.36
	2004	(3)		15,376		1.14			0.15			1.16			0.13
	2003	(3)		8,079		1.36			0.10			1.38			0.08
	2002	(3)		10,350		1.48			0.73			1.51			0.70
	2001	(3)		7,393		1.48			3.74			1.51			3.71
Class C
	2006	(1)	$	9,342		1.23	%		2.87	%		1.24	%		2.86	%
	2005	(2)		12,551		1.23			1.39			1.25			1.37
	2004	(3)		19,349		1.15			0.17			1.17			0.15
	2003	(3)		6,736		1.33			0.07			1.35			0.05
	2002	(3)		2,958		1.48			0.71			1.51			0.68
	2001	(3)		2,163		1.49			3.66			1.51			3.64
Class D
	2006	(1)	$	862,615		0.63	%		3.52	%		0.64	%		3.51	%
	2005	(2)		686,779		0.63			2.04			0.65			2.02
	2004	(3)		712,727		0.63			0.62			0.65			0.60
	2003	(3)		632,464		0.63			0.80			0.65			0.78
	2002	(3)		623,431		0.63			1.61			0.66			1.58
	2001	(3)		738,871		0.63			4.55			0.65			4.53
Class I
	2006	(1)	$	1,299,653		0.40	%		3.68	%		0.44	%		3.64	%
	2005	(2)		1,979,318		0.40			2.29			0.45			2.24
	2004	(3)		1,647,456		0.40			0.87			0.45			0.82
	2003	(3)		1,631,687		0.40			1.07			0.42			1.05
	2002	(3)		2,578,732		0.40			1.85			0.43			1.82
	2001	(5)		2,932,264		0.48			3.00			0.54			2.94
Class Y
	2006	(1)	$	5,770,372		0.48	%		3.67	%		0.49	%		3.66	%
	2005	(2)		4,943,677		0.48			2.18			0.50			2.16
	2004	(3)		5,309,431		0.48			0.76			0.50			0.74
	2003	(3)		6,830,595		0.48			0.98			0.50			0.96
	2002	(3)		8,666,782		0.48			1.73			0.51			1.70
	2001	(3)		7,577,143		0.48			4.78			0.50			4.76
Class Z
	2006	(1)	$	4,064,890		0.20	%		3.95	%		0.24	%		3.91	%
	2005	(2)		3,794,421		0.20			2.44			0.25			2.39
	2004	(3)		3,377,543		0.20			1.09			0.25			1.04
	2003	(6)		3,228,365		0.20			0.97			0.22			0.95
Piper Jaffray Class
	2006	(1)	$	3,056,998		0.88	%		3.26	%		0.89	%		3.25	%
	2005	(2)		2,871,806		0.85			1.80			0.90			1.75
	2004	(3)(7)		3,102,041		0.84			0.41			0.88			0.37
	2003	(3)		4,632,371		0.81			0.64			0.83			0.62
	2002	(3)		5,728,745		0.81			1.42			0.84			1.39
	2001	(3)		5,784,153		0.83			4.46			0.85			4.44

FIRST AMERICAN FUNDS Semiannual Report 2006

29

Financial Highlights For a share outstanding throughout the indicated period

			Net Asset Value Beginning of Period		Net Investment Income		Dividends from Net Investment Income			Net Asset Value End of Period		Total Return (8)
Tax Free Obligations Fund
Class A
	2006	(1)	$	1.00	$	0.011	$	(0.011	)	$	1.00		1.06	%
	2005	(2)		1.00		0.012		(0.012	)		1.00		1.22
	2004	(3)(4)		1.00		0.003		(0.003	)		1.00		0.35
	2003	(3)		1.00		0.005		(0.005	)		1.00		0.45
	2002	(3)		1.00		0.008		(0.008	)		1.00		0.85
	2001	(5)		1.00		—		—			1.00		0.02
Class D
	2006	(1)	$	1.00	$	0.011	$	(0.011	)	$	1.00		1.14	%
	2005	(2)		1.00		0.013		(0.013	)		1.00		1.36
	2004	(3)		1.00		0.005		(0.005	)		1.00		0.50
	2003	(3)		1.00		0.006		(0.006	)		1.00		0.60
	2002	(3)		1.00		0.010		(0.010	)		1.00		1.01
	2001	(3)		1.00		0.028		(0.028	)		1.00		2.86
Class Y
	2006	(1)	$	1.00	$	0.012	$	(0.012	)	$	1.00		1.21	%
	2005	(2)		1.00		0.015		(0.015	)		1.00		1.50
	2004	(3)		1.00		0.006		(0.006	)		1.00		0.65
	2003	(3)		1.00		0.008		(0.008	)		1.00		0.76
	2002	(3)		1.00		0.011		(0.011	)		1.00		1.16
	2001	(3)		1.00		0.029		(0.029	)		1.00		3.02
Class Z
	2006	(1)	$	1.00	$	0.013	$	(0.013	)	$	1.00		1.34	%
	2005	(2)		1.00		0.017		(0.017	)		1.00		1.73
	2004	(6)		1.00		0.007		(0.007	)		1.00		0.75
Piper Jaffray Class
	2006	(1)	$	1.00	$	0.010	$	(0.010	)	$	1.00		1.04	%
	2005	(2)		1.00		0.012		(0.012	)		1.00		1.21
	2004	(3)(7)		1.00		0.004		(0.004	)		1.00		0.36
	2003	(3)		1.00		0.005		(0.005	)		1.00		0.48
	2002	(3)		1.00		0.008		(0.008	)		1.00		0.85
	2001	(3)		1.00		0.027		(0.027	)		1.00		2.72

  (1)  For the six-month period ended February 28, 2006 (unaudited). All ratios for the period have been annualized, except total return.

  (2)  For the period October 1, 2004 to August 31, 2005. Effective in 2005, the fund's fiscal year end was changed from September 30 to August 31. All ratios for the period
have been annualized, except total return.

  (3)  For the period October 1 to September 30 in the year indicated.

  (4)  On December 1, 2003, existing Class S shares of the fund were designated as Class A shares.

  (5)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized, except total
return.

  (6)  For the period from December 1, 2003, when the class of shares was first offered, to September 30, 2004. All ratios for the period have been annualized, except total
return.

  (7)  On December 1, 2003, existing Class A shares of the fund were designated as Piper Jaffray Class shares.

  (8)  Total return would have been lower had certain expenses not been waived.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

30

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)
Tax Free Obligations Fund
Class A
	2006	(1)	$	144,554		0.75	%		2.14	%		0.80	%		2.09	%
	2005	(2)		128,245		0.75			1.27			0.80			1.22
	2004	(3)(4)		159,531		0.75			0.34			0.80			0.29
	2003	(3)		123,272		0.75			0.48			0.81			0.42
	2002	(3)		206,647		0.75			0.88			0.81			0.82
	2001	(5)		402,813		0.70			1.67			0.76			1.61
Class D
	2006	(1)	$	33,430		0.60	%		2.32	%		0.65	%		2.27	%
	2005	(2)		15,693		0.60			1.49			0.65			1.44
	2004	(3)		14,134		0.60			0.48			0.65			0.43
	2003	(3)		19,343		0.60			0.59			0.65			0.54
	2002	(3)		20,952		0.60			1.03			0.66			0.97
	2001	(3)		32,615		0.60			2.84			0.66			2.78
Class Y
	2006	(1)	$	895,653		0.45	%		2.44	%		0.50	%		2.39	%
	2005	(2)		875,414		0.45			1.62			0.50			1.57
	2004	(3)		768,269		0.45			0.63			0.50			0.58
	2003	(3)		880,685		0.45			0.72			0.50			0.67
	2002	(3)		584,132		0.45			1.14			0.51			1.08
	2001	(3)		443,276		0.45			2.93			0.51			2.87
Class Z
	2006	(1)	$	811,674		0.20	%		2.71	%		0.25	%		2.66	%
	2005	(2)		606,603		0.20			1.87			0.25			1.82
	2004	(6)		485,135		0.20			0.96			0.25			0.91
Piper Jaffray Class
	2006	(1)	$	189,156		0.79	%		2.10	%		0.90	%		1.99	%
	2005	(2)		193,370		0.76			1.29			0.91			1.14
	2004	(3)(7)		208,475		0.75			0.34			0.88			0.21
	2003	(3)		348,974		0.72			0.48			0.77			0.43
	2002	(3)		406,204		0.75			0.85			0.81			0.79
	2001	(3)		497,631		0.74			2.63			0.80			2.57

FIRST AMERICAN FUNDS Semiannual Report 2006

31

Financial Highlights For a share outstanding throughout the indicated period

			Net Asset Value Beginning of Period		Net Investment Income		Dividends from Net Investment Income			Net Asset Value End of Period		Total Return (9)
Treasury Obligations Fund
Class A
	2006	(1)	$	1.00	$	0.016	$	(0.016	)	$	1.00		1.63	%
	2005	(2)		1.00		0.016		(0.016	)		1.00		1.65
	2004	(3)(4)		1.00		0.004		(0.004	)		1.00		0.39
	2003	(3)		1.00		0.006		(0.006	)		1.00		0.56
	2002	(3)		1.00		0.013		(0.013	)		1.00		1.34
	2001	(5)		1.00		0.001		(0.001	)		1.00		0.05
Class D
	2006	(1)	$	1.00	$	0.017	$	(0.017	)	$	1.00		1.70	%
	2005	(2)		1.00		0.018		(0.018	)		1.00		1.79
	2004	(3)		1.00		0.005		(0.005	)		1.00		0.54
	2003	(3)		1.00		0.007		(0.007	)		1.00		0.71
	2002	(3)		1.00		0.015		(0.015	)		1.00		1.49
	2001	(3)		1.00		0.045		(0.045	)		1.00		4.54
Class Y
	2006	(1)	$	1.00	$	0.018	$	(0.018	)	$	1.00		1.78	%
	2005	(2)		1.00		0.019		(0.019	)		1.00		1.93
	2004	(3)		1.00		0.007		(0.007	)		1.00		0.69
	2003	(3)		1.00		0.009		(0.009	)		1.00		0.86
	2002	(3)		1.00		0.016		(0.016	)		1.00		1.64
	2001	(3)		1.00		0.046		(0.046	)		1.00		4.70
Class Z
	2006	(1)	$	1.00	$	0.019	$	(0.019	)	$	1.00		1.90	%
	2005	(2)		1.00		0.021		(0.021	)		1.00		2.16
	2004	(6)		1.00		0.008		(0.008	)		1.00		0.80
Piper Jaffray Class
	2006	(1)	$	1.00	$	0.016	$	(0.016	)	$	1.00		1.61	%
	2005	(2)		1.00		0.016		(0.016	)		1.00		1.64
	2004	(3)(7)		1.00		0.005		(0.005	)		1.00		0.46
	2003	(3)		1.00		0.006		(0.006	)		1.00		0.61
	2002	(3)		1.00		0.013		(0.013	)		1.00		1.34
	2001	(3)		1.00		0.043		(0.043	)		1.00		4.44
Reserve Class
	2006	(1)	$	1.00	$	0.015	$	(0.015	)	$	1.00		1.53	%
	2005	(8)		1.00		—		—			1.00		0.01

  (1)  For the six-month period ended February 28, 2006 (unaudited). All ratios for the period have been annualized, except total return.

  (2)  For the period October 1, 2004 to August 31, 2005. Effective in 2005, the fund's fiscal year end was changed from September 30 to August 31. All ratios for the period
have been annualized, except total return.

  (3)  For the period October 1 to September 30 in the year indicated.

  (4)  On December 1, 2003, existing Class S shares of the fund were designated as Class A shares.

  (5)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized, except total
return.

  (6)  For the period from December 1, 2003, when the class of shares was first offered, to September 30, 2004. All ratios for the period have been annualized, except total
return.

  (7)  On December 1, 2003, existing Class A shares of the fund were designated as Piper Jaffray Class shares.

  (8)  Reserve Class shares have been offered since August 31, 2005. All ratios for the period have been annualized, except total return.

  (9)  Total return would have been lower had certain expenses not been waived.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

32

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)
Treasury Obligations Fund
Class A
	2006	(1)	$	1,218,826		0.75	%		3.26	%		0.79	%		3.22	%
	2005	(2)		1,174,750		0.75			1.77			0.80			1.72
	2004	(3)(4)		1,197,325		0.75			0.39			0.80			0.34
	2003	(3)		1,354,195		0.75			0.57			0.80			0.52
	2002	(3)		1,648,326		0.75			1.34			0.81			1.28
	2001	(5)		2,035,433		0.70			2.46			0.82			2.34
Class D
	2006	(1)	$	4,751,614		0.60	%		3.41	%		0.64	%		3.37	%
	2005	(2)		4,779,060		0.60			1.93			0.65			1.88
	2004	(3)		4,898,189		0.60			0.53			0.65			0.48
	2003	(3)		5,720,129		0.60			0.68			0.65			0.63
	2002	(3)		5,155,284		0.60			1.48			0.66			1.42
	2001	(3)		3,996,702		0.60			4.40			0.66			4.34
Class Y
	2006	(1)	$	3,246,295		0.45	%		3.56	%		0.49	%		3.52	%
	2005	(2)		3,178,640		0.45			2.10			0.50			2.05
	2004	(3)		2,838,253		0.45			0.68			0.50			0.63
	2003	(3)		3,570,394		0.45			0.85			0.51			0.79
	2002	(3)		2,996,616		0.45			1.62			0.51			1.56
	2001	(3)		2,929,764		0.45			4.48			0.51			4.42
Class Z
	2006	(1)	$	891,443		0.20	%		3.81	%		0.24	%		3.77	%
	2005	(2)		646,481		0.20			2.45			0.25			2.40
	2004	(6)		166,347		0.20			0.99			0.25			0.94
Piper Jaffray Class
	2006	(1)	$	30,177		0.79	%		3.20	%		0.89	%		3.10	%
	2005	(2)		34,549		0.76			1.75			0.90			1.61
	2004	(3)(7)		31,625		0.75			0.35			0.81			0.29
	2003	(3)		478,627		0.70			0.55			0.75			0.50
	2002	(3)		230,541		0.75			1.29			0.81			1.23
	2001	(3)		132,245		0.70			4.00			0.76			3.94
Reserve Class
	2006	(1)	$	1,041,242		0.94	%		3.07	%		0.99	%		3.02	%
	2005	(8)		1,033,467		0.94			2.60			1.00			2.54

FIRST AMERICAN FUNDS Semiannual Report 2006

33

Financial Highlights For a share outstanding throughout the indicated period

			Net Asset Value Beginning of Period		Net Investment Income		Dividends from Net Investment Income			Net Asset Value End of Period		Total Return (3)
U.S. Treasury Money Market Fund
Class A
	2006	(1)	$	1.00	$	0.015	$	(0.015	)	$	1.00		1.50	%
	2005	(2)		1.00		0.015		(0.015	)		1.00		1.49
Class D
	2006	(1)	$	1.00	$	0.016	$	(0.016	)	$	1.00		1.57	%
	2005	(2)		1.00		0.016		(0.016	)		1.00		1.63
Class Y
	2006	(1)	$	1.00	$	0.016	$	(0.016	)	$	1.00		1.65	%
	2005	(2)		1.00		0.017		(0.017	)		1.00		1.75
Class Z
	2006	(1)	$	1.00	$	0.018	$	(0.018	)	$	1.00		1.80	%
	2005	(2)		1.00		0.020		(0.020	)		1.00		2.00

  (1)  For the six-month period ended February 28, 2006 (unaudited). All ratios for the period have been annualized, except total return.

  (2)  For the period October 25, 2004, when the class of shares was offered, to August 31, 2005. All ratios for the period have been annualized, except total return.

  (3)  Total return would have been lower had certain expenses not been waived.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

34

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)
U.S. Treasury Money Market Fund
Class A
	2006	(1)	$	6,518		0.75	%		3.02	%		0.84	%		2.93	%
	2005	(2)		5,229		0.75			1.51			0.82			1.44
Class D
	2006	(1)	$	200,592		0.60	%		3.18	%		0.69	%		3.09	%
	2005	(2)		630,430		0.60			2.34			0.67			2.27
Class Y
	2006	(1)	$	264,094		0.45	%		3.32	%		0.54	%		3.23	%
	2005	(2)		201,687		0.45			2.08			0.52			2.01
Class Z
	2006	(1)	$	319		0.20	%		3.48	%		0.29	%		3.39	%
	2005	(2)		1		0.20			2.37			0.27			2.30

FIRST AMERICAN FUNDS Semiannual Report 2006

35

Notes to Financial Statements(unaudited as to February 28, 2006)

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 B, Class C, Class D, Class I, Class Y, Class Z, Piper Jaffray, and Reserve shares. Prior to December 1, 2003, Class A shares were named Class S shares and Piper Jaffray shares were named Class A shares. Class A shares are not subject to sales charges. Class B and Class C shares of Prime Obligations Fund are 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 in establishing a systematic exchange program that will be used to purchase Class B and Class C shares, respectively, of those funds. Class B shares may be subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. Class D, Class I, Class Y, Class Z, Piper Jaffray, and Reserve shares are offered only to qualifying institutional investors. Class B, 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. Piper Jaffray shares are not offered by U.S. Treasury Money Market Fund. Reserve shares are offered by Treasury Obligations Fund only. On February 22, 2006, the funds' board of directors authorized the creation of an additional share class in each fund, the Institutional Investor shares, effective March 31, 2006.

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, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class' servicing or distribution arrangements.

On June 22, 2005, the funds' board of directors approved a change in the funds' fiscal year end from September 30 to August 31, effective with the eleven-month period ended August 31, 2005.

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, which approximates market 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 Securities and Exchange Act of 1940, the market values of the securities held in the funds are determined weekly using prices supplied by the funds' pricing services. These values are then compared to the securities' amortized cost. Securities whose market price varies by more than 0.5% are identified and validated with the pricing agent. If the difference between the aggregate market price and aggregate amortized cost of all securities held by a fund exceeds 50% of the allowable 0.5% threshold, the funds' administrator will notify the funds' board of directors. The board of directors will then determine what action, if any, to take. No such notification was required during the six-month period ended February 28, 2006.

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.

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.

FIRST AMERICAN FUNDS Semiannual Report 2006

36

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 that the differences arise.

The tax 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 or year in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended February 28, 2006, the fiscal period ended August 31, 2005, and the fiscal year ended September 30, 2004 (adjusted by dividends payable as of February 28, 2006, August 31, 2005, and September 30, 2004) were as follows (000):

	2006
Fund	Ordinary Income		Tax-Exempt Income		Capital Gain		Total
Government Obligations Fund	$	80,319	$	—	$	—	$	80,319
Prime Obligations Fund		283,415		—		—		283,415
Tax Free Obligations Fund		—		24,279		—		24,279
Treasury Obligations Fund		176,464		—		—		176,464
U.S. Treasury Money Market Fund		6,563		—		—		6,563
	2005
Fund	Ordinary Income		Tax-Exempt Income		Capital Gain		Total
Government Obligations Fund	$	71,511	$	—	$	—	$	71,511
Prime Obligations Fund		283,513		—		51		283,564
Tax Free Obligations Fund		2		27,205		51		27,258
Treasury Obligations Fund		154,897		—		—		154,897
U.S. Treasury Money Market Fund (1)		4,210		—		—		4,210

(1)  The fund commenced operations on October 25, 2004.

	2004
Fund	Ordinary Income		Tax-Exempt Income		Capital Gain		Total
Government Obligations Fund	$	19,914	$	—	$	—	$	19,914
Prime Obligations Fund		114,322		—		—		114,322
Tax Free Obligations Fund		20		7,917		65		8,002
Treasury Obligations Fund		54,652		—		—		54,652

As of August 31, 2005, the components of accumulated earnings (deficit) on a tax-basis were as follows (000):

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long Term Capital Gains		Accumulated Earnings		Accumulated Capital and Post-October Losses			Total Accumulated Earnings
Government Obligations Fund	$	10,899	$	—	$	—	$	10,899	$	(8	)	$	10,891
Prime Obligations Fund		39,597		—		—		39,597		—			39,597
Tax Free Obligations Fund		—		3,016		—		3,016		—			3,016
Treasury Obligations Fund		25,436		—		—		25,436		(82	)		25,354
U.S Treasury Money Market Fund		852		—		—		852		(12	)		840

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, 2005.

As of August 31, 2005, Treasury Obligations Fund had a capital loss carryforward of $63,000 that will expire in 2008.

REPURCHASE AGREEMENTS – Each fund (other than U.S. Treasury Money Market Fund) may enter into repurchase agreements with member banks of the Federal Reserve or registered broker dealers whom the funds' investment advisor deems creditworthy under guidelines approved by the funds' board of directors, subject to the seller's agreement to repurchase such securities at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the fund plus interest negotiated on the basis of current short-term rates.

FIRST AMERICAN FUNDS Semiannual Report 2006

37

Notes to Financial Statementscontinued

Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Each fund may also invest in triparty repurchase agreements. Securities held as collateral for triparty 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 ensure that the market 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, other than U.S. Treasury Money Market Fund, each fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutional borrowers of securities. Currently, only Government Obligations Fund and Treasury Obligations Fund lend their 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 securi ty fail financially. As of February 28, 2006, only Government Obligations had securities out to loan and cash collateral invested was as follows (000):

	Repurchase Agreements
Government Obligations Fund	$	200,856

U.S. Bancorp Asset Management, Inc. ("USBAM") serves as the securities lending agent for the fund in transactions involving the lending of portfolio securities on behalf of the fund. USBAM 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"). Effective January 1, 2006, USBAM receives fees equal to 32% of the funds' income from securities lending transactions. Prior to January 1, 2006, such fees were 35% of the fund's income from securities lending transactions. Fees paid to USBAM from Government Obligations Fund and Treasury Obligations Fund for the six-month period ended February 28, 2006 were $26,096 and $11,930, respectively.

EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are generally allocated to the funds on the basis of 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, 2006.

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the "Plan"), non-interested directors of the First American Fund family may participate and elect to defer receipt of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of selected open-end First American Funds as designated by the board of directors. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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

3 >  Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the "Agreement"), 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 based upon average daily net assets. The annual fee for each fund is 0.10%. USBAM has contractually

FIRST AMERICAN FUNDS Semiannual Report 2006

38

agreed to waive fees and reimburse other fund expenses until October 31, 2006, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			B			C			D			I			Y			Z			Piper Jaffray			Reserve
Government Obligations Fund		0.75	%		—	%		—	%		0.60	%		—	%		0.45	%		0.20	%		0.81	%		—	%
Prime Obligations Fund		0.78			1.23			1.23			0.63			0.40			0.48			0.20			0.88			—
Tax Free Obligations Fund		0.75			—			—			0.60			—			0.45			0.20			0.79			—
Treasury Obligations Fund		0.75			—			—			0.60			—			0.45			0.20			0.79			0.94
U.S. Treasury Money Market Fund		0.75			—			—			0.60			—			0.45			0.20			—			—

ADMINISTRATION FEES – USBAM serves as the funds' administrator (the "Administrator") pursuant to an administration contract between USBAM and the funds. U.S. Bancorp Fund Services, LLC ("USBFS") serves as sub-administrator pursuant to a sub-administration contract between USBFS and USBAM. USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). Both U.S. Bank and USBFS are direct subsidiaries of U.S.Bancorp. Under the adminstration agreement, the Administrator is compensated to provide, or compensate other entities to provide, services to the funds. These services include various legal, oversight and administrative services, and accounting services. The funds pay the Administrator 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 0.10% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.085% on the next $17 billion of the aggregate average daily net assets, 0.07% on the next $25 billion of the aggregate average daily net assets, and 0.05% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse the Administrator and sub-administrator for any out-of-pocket expenses incurred in providing administration services.

For the six-month period ended February 28, 2006, administration fees paid to USBAM by the funds included in this semiannual report were as follows (000):

Fund	Amount
Government Obligations Fund	$	1,781
Prime Obligations Fund		6,305
Tax Free Obligations Fund		799
Treasury Obligations Fund		4,124
U.S. Treasury Money Market Fund		167

TRANSFER AGENT FEES – USBFS serves as the funds' transfer agent pursuant to a transfer agent and shareholder servicing agreement with FAF. FAF pays transfer agent fees of $18,500 per share class and additional per account fees for transfer agent services. These fees are allocated to each fund based upon the fund's pro rata share of the aggregate average daily net assets of the funds that comprise FAF. Under the transfer agent and shareholder servicing agreement, FAF also pays USBFS a fee equal, on an annual basis, to 0.10% of each fund's average daily net assets for Class A shares and 0.05% for all other share classes. This fee compensates USBFS for providing certain shareholder services and reimburses USBFS for its payments to financial institutions that establish and maintain omnibus accounts and provide customary services for such accounts. In addition to these fees, the funds may reimburse USBFS for any out-of-pocket expenses incurred in providing transfer agent services.

For the six-month period ended February 28, 2006, transfer agent fees paid to USBFS by the funds included in this semiannual report were as follows (000):

Fund	Amount
Government Obligations Fund	$	1,247
Prime Obligations Fund		4,050
Tax Free Obligations Fund		575
Treasury Obligations Fund		3,055
U.S. Treasury Money Market Fund		113

During the six-month period ended February 28, 2006, transfer agent fees of $581,640 were waived on Class Z of Prime Obligations Fund.

FIRST AMERICAN FUNDS Semiannual Report 2006

39

Notes to Financial Statementscontinued

Each fund, except U.S. Treasury Money Market Fund, currently pays to Piper Jaffray an annual fee equal to 0.15% of a fund's average daily net assets attributable to its Piper Jaffray shares for certain recordkeeping services. During the six month period ended February 28, 2006, recordkeeping fees of $57,191, $57,557, and $10,107 were waived on the Piper Jaffray shares of Government Obligations Fund, Tax Free Obligations Fund, and Treasury Obligations Fund, respectively.

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.

Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund's custodian expenses. These credits, if any, are disclosed as "Indirect payments from the custodian" in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred which will increase the fund's custodian expenses. For the six-month period ended February 28, 2006, custodian fees for the Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund were increased by $233, $0, $578, $29, and $1,524 as a result of overdrafts and reduced by $886, $5,866, $663, $279, and $5 as a result of interest earned, respectively.

OTHER FEES – In addition to the investment advisory fees, custodian fees, distribution and shareholder servicing fees, and administration fees, each fund is responsible for paying most other operating expenses, including: registration fees, legal, auditing, 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, 2006, legal fees and expenses were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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 under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00%, 0.15%, 0.25%, and 0.50% of each fund's average daily net assets attributable to Class A shares, Class B shares, Class C shares, Class D shares, Piper Jaffray shares, and Reserve shares, respectively. No distribution or shareholder servicing fees are paid by Class Y , Class I, or Class Z shares. These fees ma y be used by Quasar to provide compensation for sales support and distribution activities for each class of the funds. In addition, for Class B shares and Class C shares, a portion of these fees may be used to provide compensation for shareholder servicing activities.

Under these distribution and shareholder servicing agreements, the following amounts were retained by Quasar for the six-month period ended February 28, 2006 (000):

Fund	Amount
Government Obligations Fund	$	1,282
Prime Obligations Fund		2,600
Tax Free Obligations Fund		219
Treasury Obligations Fund		7,538
U.S. Treasury Money Market Fund		166

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, Piper Jaffray, and Reserve 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, Piper Jaffray, and Reserve shares, and a fee equal to an annual rate of 0.20% of the average daily net assets attributable to Class I shares. During the six-month period ended February 28, 2006, shareholder servicing fees of $253,541 and $52,845 were wa ived on Class I of Prime Obligations Fund and Reserve Class of Treasury Obligations Fund, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

40

Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the six-month period ended February 28, 2006 (000):

Fund	Amount
Government Obligations Fund	$	5,255
Prime Obligations Fund		14,938
Tax Free Obligations Fund		1,621
Treasury Obligations Fund		12,185
U.S. Treasury Money Market Fund		542

CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge ("CDSC") is imposed on redemptions made in the Class B shares. The CDSC varies depending on the number of years from time of payment for the purchase of Class B shares until the redemption of such shares. Class B shares automatically convert to Class A shares after eight years.

Year Since Purchase	Contingent Deferred Sales Charge as a Percentage of Dollar Amount Subject to Charge
First		5.00	%
Second		5.00
Third		4.00
Fourth		3.00
Fifth		2.00
Sixth		1.00
Seventh		—
Eighth		—

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

The CDSC for Class B shares and Class C shares is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less. For the six-month period ended February 28, 2006, total front-end sales charges and CDSCs retained by affiliates of USBAM for distributing shares of Prime Obligations Fund were $2,369.

Prime Obligations Fund Class B shares converted to Class A shares (reflected as proceeds from sales of Class A shares and payments for redemptions of Class B shares) during the six-month period ended February 28, 2006, the fiscal period ended August 31, 2005, and the fiscal year ended September 30, 2004 in the amount of 233,268; 275,153; and 348,038 shares respectively.

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, 2006, the percentage of portfolio investments by each category was as follows:

	Tax Free Obligations Fund
Weekly Variable Rate Demand Notes		87.6	%
Municipal Notes & Bonds		9.8
Commercial Paper		2.1
Daily Variable Rate Demand Notes		0.5
		100.0	%

FIRST AMERICAN FUNDS Semiannual Report 2006

41

Notes to Financial Statementscontinued

The Tax Free Obligations Fund invests in longer-term securities that include revenue bonds, tax and revenue anticipation notes, and general obligation bonds. At February 28, 2006, the percentage of portfolio investments in longer-term securities by each revenue source, was as follows:

	Tax Free Obligations Fund
Revenue Bonds		3.6	%
Tax and Revenue Anticipation Notes		3.3
General Obligations		2.8
		9.7	%

The implied credit ratings of all portfolio holdings as a percentage of total market value of investments at February 28, 2006, were as follows:

Standard & Poor's/ Moody's/Fitch Ratings	Tax Free Obligations Fund
AAA		32.8	%
AA		67.2
A		—
NR		—
		100.0	%

Individual security ratings are based on information from Moody's Investors Service, Standard & Poor's, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two rating agencies, the lower rating is used. If only one rating agency provides a rating, that rating is used.

5 >  Fund Merger

On August 16, 2005, shareholders of Treasury Reserve Fund approved the Agreement and Plan of Reorganization recommended by the funds' board of directors, providing for the merger of Treasury Reserve Fund Class A shares into Treasury Obligations Fund Reserve shares at the close of business on August 30, 2005. The following table illustrates the specifics of the merger (000):

Acquired Fund	Acquiring Fund	Acquired Funds Net Assets		Shares Issued to Shareholders of Acquired Fund		Aquiring Fund Net Assets		Combined Net Assets		Tax Status of Transfer
Treasury Reserve Fund Class A	Treasury Obligations Fund (1) Reserve shares		$1,104,823		1,104,846		$9,840,427		$10,945,250	Non-taxable

(1)  Accounting survivor.

6 >  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.

7 >  Investment Advisor Name Change

Effective March 31, 2006, USBAM changed its name to FAF Advisors, Inc.

FIRST AMERICAN FUNDS Semiannual Report 2006

42

NOTICE TO SHAREHOLDERS (unaudited)

How to Obtain a Copy of the Funds' Proxy Voting Policies and Proxy Voting Record

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commision's website at http://www.sec.gov.

Form N-Q Holdings Information

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds' Forms N-Q are available (1) without charge upon request by calling 800.677.FUND and (2) on the U.S. Securities and Exchange Commision's website at http://www.sec.gov. In addition, you may review and copy the funds' Forms N-Q at the Commission's Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

FIRST AMERICAN FUNDS Semiannual Report 2006

43

(This page has been left blank intentionally.)

Board of Directors First American Funds, Inc.

Virginia Stringer

Chairperson of First American Funds, Inc.

Owner and President of Strategic Management Resources, Inc.

Benjamin Field III

Director of First American Funds, Inc.

Retired; former Senior Vice President, Chief Financial Officer,
and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Funds, Inc.

Retired; former Vice President of Cargo-United Airlines

Victoria Herget

Director of First American Funds, Inc.

Investment Consultant; former Managing Director of Zurich Scudder Investments

Leonard Kedrowski

Director of First American Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Funds, Inc.

Retired; former President and Chief Executive Officer of Weirton Steel

Joseph Strauss

Director of First American Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Funds, Inc.

Owner and President of Jim Wade Homes

First American Funds’ Board of Directors is comprised entirely of independent directors.

FIRST AMERICAN FUNDS ONLINE

Direct fund correspondence to:

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio.

This report is for the information of shareholders of the First American 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

FAF Advisors, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

ADMINISTRATOR

FAF Advisors, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

SUB-ADMINISTRATOR

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

180 East Fifth Street

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

First American Funds

P.O. Box 1330
Minneapolis, MN 55440-1330

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

_{0066-06 4/2006 SAR-MM}

Item 2—Code of Ethics

Not applicable to semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to 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 the 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 registrant’s disclosure controls and procedures within 90 days of the date of

this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 — Exhibits

(a)(1) Not applicable.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act are filed as exhibits hereto.

(a)(3) Not applicable.

(b) Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act are filed as exhibits hereto.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

First American Funds, Inc.

By:	/s/ Thomas S. Schreier, Jr.
	Thomas S. Schreier, Jr.
	President

Date: May 8, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Thomas S. Schreier, Jr.
	Thomas S. Schreier, Jr.
	President

Date: May 8, 2006

By:	/s/ Charles D. Gariboldi
	Charles D. Gariboldi
	Treasurer

Date: May 8, 2006

EX-99.CERT

Exhibit 99.CERT

CERTIFICATIONS PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Thomas S. Schreier, Jr., certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: May 8, 2006

/s/ Thomas S. Schreier, Jr.

Thomas S. Schreier, Jr.

President

I, Charles D. Gariboldi, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: May 8, 2006

/s/ Charles D. Gariboldi

Charles D. Gariboldi

Treasurer

EX-99.906CERT

Exhibit 99.906CERT

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), the undersigned officers of First American Funds, Inc. (the “Funds”) do hereby certify, to the best of each such officer’s knowledge, that:

1.The N-CSR of the Funds (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Reports fairly presents, in all material respects, the financial condition and results of the operations of the Funds.

By:	/s/ Thomas S. Schreier, Jr.
	Thomas S. Schreier, Jr.
	President

Date: May 8, 2006

By:	/s/ Charles D. Gariboldi
	Charles D. Gariboldi
	Treasurer

Date: May 8, 2006