OMB APPROVAL

OMB Number: 3235-0570

Expires: September 30, 2007

Estimated average burden

hours per response: 19.4

 

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 811-05309

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

800 Nicollet Mall, Minneapolis, MN
(Address of principal executive offices) 55402
(Zip code)

Charles D. Gariboldi, Jr., 800 Nicollet Mall, Minneapolis, MN 55402
(Name and address of agent for service)

Registrant’s telephone number, including area code:       800-677-3863

Date of fiscal period end:       June 30

Date of reporting period:       December 31, 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

Table of Contents

Schedule of Investments	16
Statements of Assets and Liabilities	70
Statements of Operations	72
Statements of Changes in Net Assets	74
Financial Highlights	80
Notes to Financial Statements	90
Notice to Shareholders	100
Certification
Certification

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

Mutual fund investing involves risk; principal loss is possible.

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

We stand behind our commitment to serve you with excellence. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.

First American Funds Semiannual Report 2006       1

Arizona Tax Free FUND

Expense Example

As a shareholder of the Arizona Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,043.80	$	3.86
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class C Actual2	$	1,000.00	$	1,040.80	$	5.92
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85
Class Y Actual2	$	1,000.00	$	1,045.10	$	2.58
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	78.9%
General Obligations5	14.6
Certificates of Participation5	4.6
Short-Term Investments	0.6
Other Assets and Liabilities, Net6	1.3
	100.0%

Credit Quality Distribution as of December 31, 2006⁴ (% of market value)

AAA	40.3%
AA	13.1
A	15.1
BBB	21.6
BB	0.9
Non-rated	9.0
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, 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 December 31, 2006 of 4.38%, 4.08%, and 4.51% for Class A, Class C, and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 9.8% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

2      First American Funds Semiannual Report 2006

California Intermediate Tax Free FUND

Expense Example

As a shareholder of the California Intermediate Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,038.50	$	4.37
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class Y Actual2	$	1,000.00	$	1,039.20	$	3.60
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	71.1%
General Obligations5	19.1
Certificates of Participation5	8.0
Short-Term Investment	0.9
Other Assets and Liabilities, Net6	0.9
	100.0%

Credit Quality Distribution as of December 31, 2006⁴ (% of market value)

AAA	57.5%
AA	5.1
A	19.2
BBB	15.6
Non-rated	2.6
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, 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 December 31, 2006 of 3.85% and 3.92% for Class A and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 9.5% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds Semiannual Report 2006       3

California Tax Free FUND

Expense Example

As a shareholder of the California Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,046.00	$	3.87
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class C Actual2	$	1,000.00	$	1,043.50	$	5.92
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85
Class Y Actual2	$	1,000.00	$	1,047.20	$	2.58
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	81.7%
General Obligations5	10.8
Certificates of Participation5	4.2
Short-Term Investments	1.0
Other Assets and Liabilities, Net6	2.3
	100.0%

Credit Quality Distribution as of December 31, 2006⁴ (% of market value)

AAA	48.4%
AA	14.8
A	16.3
BBB	16.8
Non-rated	3.7
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, 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 December 31, 2006 of 4.60%, 4.35%, and 4.72% for Class A, Class C, and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 17.1% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

4      First American Funds Semiannual Report 2006

Colorado Intermediate Tax Free fund

Expense Example

As a shareholder of the Colorado Intermediate Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,038.70	$	4.37
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class Y Actual2	$	1,000.00	$	1,039.60	$	3.60
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	73.2%
General Obligations5	20.1
Certificates of Participation5	5.3
Short-Term Investment	1.3
Other Assets and Liabilities, Net6	0.1
	100.0%

Credit Quality Distribution as of December 31, 2006⁴ (% of market value)

AAA	43.1%
AA	17.3
A	16.0
BBB	15.0
BB	0.7
Non-rated	7.9
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, 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 December 31, 2006 of 3.87% and 3.96% for Class A and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 10.0% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds Semiannual Report 2006       5

Colorado Tax Free FUND

Expense Example

As a shareholder of the Colorado Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,041.80	$	3.86
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class ?C? Actual2	$	1,000.00	$	1,039.80	$	5.91
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85
Class ?Y? Actual2	$	1,000.00	$	1,043.00	$	2.57
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	78.5%
Certificates of Participation5	11.1
General Obligations5	9.2
Short-Term Investments	0.7
Other Assets and Liabilities, Net6	0.5
	100.0%

Credit Quality Distribution as of December 31, 2006⁴ (% of market value)

AAA	42.7%
AA	11.2
A	22.6
BBB	18.3
Non-rated	5.2
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, 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 December 31, 2006 of 4.18%, 3.98%, and 4.30% for Class A, Class C, and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 8.5% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

6      First American Funds Semiannual Report 2006

Intermediate Tax Free FUND

Expense Example

As a shareholder of the Intermediate Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,038.80	$	4.37
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class Y Actual2	$	1,000.00	$	1,039.70	$	3.60
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	66.3%
General Obligations5	31.3
Certificates of Participation5	2.5
Short-Term Investment	0.2
Other Assets and Liabilities, Net6	(0.3)
	100.0%

Credit Quality Distribution as of December 31, 2006⁴ (% of market value)

AAA	54.1%
AA	10.6
A	14.0
BBB	11.3
BB	0.9
Non-rated	9.1
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, 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 December 31, 2006 of 3.88% and 3.97% for Class A and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 22.2% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds Semiannual Report 2006       7

Minnesota Intermediate Tax Free FUND

Expense Example

As a shareholder of the Minnesota Intermediate Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,037.40	$	4.37
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class Y Actual2	$	1,000.00	$	1,038.40	$	3.60
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	66.4	%
General Obligations5	32.2
Certificate of Participation5	0.5
Short-Term Investments	0.8
Other Assets and Liabilities, Net6	0.1
	100.0	%

Credit Quality Distribution as of December 31, 2006⁴ (% of market value)

AAA	37.4	%
AA	17.0
A	18.0
BBB	14.1
BB	2.7
Non-rated	10.8
	100.0	%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, 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 December 31, 2006 of 3.74% and 3.84% for Class A and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 7.8% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

8      First American Funds Semiannual Report 2006

Minnesota Tax Free fund

Expense Example

As a shareholder of the Minnesota Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,044.10	$	4.89
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84
Class C Actual2	$	1,000.00	$	1,041.20	$	6.95
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87
Class Y Actual2	$	1,000.00	$	1,044.50	$	3.61
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	89.2%
General Obligations5	7.7
Short-Term Investments	2.2
Other Assets and Liabilities, Net6	0.9
	100.0%

Credit Quality Distribution as of December 31, 2006⁴ (% of market value)

AAA	32.3%
AA	8.3
A	25.7
BBB	10.1
BB	2.2
Non-rated	21.4
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, 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 December 31, 2006 of 4.41%, 4.12%, and 4.45% for Class A, Class C, and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 12.9% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds Semiannual Report 2006       9

Missouri Tax Free fund

Expense Example

As a shareholder of the Missouri Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,042.50	$	4.89
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84
Class C Actual2	$	1,000.00	$	1,040.70	$	6.94
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87
Class Y Actual2	$	1,000.00	$	1,043.80	$	3.61
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	77.7%
General Obligations5	16.3
Certificates of Participation5	5.6
Short-Term Investments	0.4
	100.0%

Credit Quality Distribution as of December 31, 2006⁴  (% of market value)

AAA	57.7%
AA	17.4
A	6.9
BBB	8.0
BB	1.2
Non-rated	8.8
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, 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 December 31, 2006 of 4.25%, 4.07%, and 4.38% for Class A, Class C, and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 19.6% of the fund’s net assets were pre-refunded or escrowed to maturity issues.

10      First American Funds Semiannual Report 2006

Nebraska Tax Free FUND

Expense Example

As a shareholder of the Nebraska Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,042.00	$	3.86
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class C Actual2	$	1,000.00	$	1,040.20	$	5.91
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85
Class Y Actual2	$	1,000.00	$	1,042.40	$	2.57
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	76.0%
General Obligations5	19.6
Certificates of Participation5	3.3
Short-Term Investments	0.8
Other Assets and Liabilities, Net6	0.3
	100.0%

Credit Quality Distribution as of December 31, 2006⁴ (% of market value)

AAA	29.4%
AA	31.2
A	17.4
BBB	4.7
Non-rated	17.3
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, 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 December 31, 2006 of 4.20%, 4.02%, and 4.24% for Class A, Class C, and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 0.6% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds Semiannual Report 2006       11

Ohio Tax Free FUND

Expense Example

As a shareholder of the Ohio Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,044.10	$	3.86
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class C Actual2	$	1,000.00	$	1,041.60	$	5.92
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85
Class Y Actual2	$	1,000.00	$	1,044.50	$	2.58
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	58.4	%
General Obligations5	35.9
Certificate of Participation5	3.2
Short-Term Investments	2.0
Other Assets and Liabilities, Net6	0.5
	100.0	%

Credit Quality Distribution as of December 31, 2006⁴ (% of market value)

AAA	36.3	%
AA	34.9
A	22.0
BBB	5.8
Non-rated	1.0
	100.0	%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, 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 December 31, 2006 of 4.41%, 4.16%, and 4.45% for Class A, Class C, and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 5.0% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

12      First American Funds Semiannual Report 2006

Oregon Intermediate Tax Free FUND

Expense Example

As a shareholder of the Oregon Intermediate Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,035.60	$	4.36
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class Y Actual2	$	1,000.00	$	1,037.50	$	3.59
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

Portfolio Allocation as of December 31, 2006³  (% of net assets)

General Obligations5	53.8%
Revenue Bonds5	37.9
Certificates of Participation5	6.1
Short-Term Investments	1.7
Other Assets and Liabilities, Net6	0.5
	100.0%

Credit Quality Distribution as of December 31, 2006⁴  (% of market value)

AAA	60.7%
AA	24.4
A	5.7
BBB	4.9
Non-rated	4.3
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, 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 December 31, 2006 of 3.56% and 3.75% for Class A and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 20.5% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds Semiannual Report 2006       13

Short Tax Free fund

Expense Example

As a shareholder of the Short Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,021.50	$	3.82
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class Y Actual2	$	1,000.00	$	1,022.20	$	3.06
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	86.9%
General Obligations5	13.2
Short-Term Investment	0.2
Other Assets and Liabilities, Net6	(0.3)
	100.0%

Credit Quality Distribution as of December 31, 2006⁴  (% of market value)

AAA	38.6%
AA	20.9
A	19.6
BBB	14.8
BB	0.3
Non-rated	5.8
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, 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 December 31, 2006 of 2.15% and 2.22% for Class A and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 6.6% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

14      First American Funds Semiannual Report 2006

Tax Free fund

Expense Example

As a shareholder of the Tax Free Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,043.30	$	4.89
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84
Class C Actual2	$	1,000.00	$	1,041.40	$	6.95
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87
Class Y Actual2	$	1,000.00	$	1,044.60	$	3.61
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Revenue Bonds5	78.5%
General Obligations5	19.5
Certificates of Participation5	0.8
Short-Term Investments	1.4
Other Assets and Liabilities, Net6	(0.2)
	100.0%

Credit Quality Distribution as of December 31, 2006⁴  (% of market value)

AAA	34.8%
AA	8.4
A	21.5
BBB	18.6
BB	1.0
Non-rated	15.7
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, 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 December 31, 2006 of 4.33%, 4.14%, and 4.46% for Class A, Class C, and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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 agencies, the lower rating is used. If only one agency provides a rating, that rating is used.
5	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 14.4% of the fund’s net assets were pre-refunded or escrowed to maturity issues.
6	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds Semiannual Report 2006       15

Schedule of  Investments December 31, 2006 (unaudited), all dollars are rounded to thousands (000)

Arizona Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 98.1%
Revenue Bonds – 78.9%
Continuing Care Retirement Communities – 7.2%
Arizona Health Facilities Authority, The Terraces Project, Series A
	7.500%, 11/15/2023	$	200	$	226
Illinois Finance Authority, Three Crowns Park Plaza, Series A
	5.875%, 02/15/2026		100		105
Maricopa County Industrial Development Authority, Senior Living Health Care Revenue, Immanuel Care, Series A (GNMA)
	4.850%, 08/20/2026		750		770
North Carolina Community Health Care Facilities, Presbyterian Homes
	5.400%, 10/01/2027		270		280
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	5.000%, 09/01/2025		400		412
Tempe Industrial Development Authority, Friendship Village Project, Series A
	5.375%, 12/01/2013		200		203
					1,996
Education – 7.2%
Gilbert Industrial Development Authority, Southwest Student Services, Pre-refunded 02/01/2009 @ 102
	5.850%, 02/01/2019 (a)		1,000		1,062
Glendale Industrial Development Authority, Midwestern University
	5.250%, 05/15/2014		140		149
Glendale Industrial Development Authority, Midwestern University, Series A
	5.750%, 05/15/2021		250		268
Northern Arizona University (FGIC)
	4.500%, 06/01/2031		250		251
Pima County, Industrial Development Authority, Education Revenue, Paradise Education Center Project
	5.875%, 06/01/2022		250		258
					1,988
Healthcare – 21.1%
Arizona Health Facilities Authority, Blood Systems Incorporated
	4.750%, 04/01/2025		300		303
Arizona Health Facilities Authority, John C. Lincoln Health Network
	5.750%, 12/01/2032		150		160
Glendale Industrial Development Authority
	4.625%, 12/01/2027		200		197
Halifax Medical Center, Florida Hospital Revenue, Series A
	5.000%, 06/01/2038		375		383
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A
	5.250%, 02/15/2030		400		425
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
	5.000%, 07/01/2020		130		131
Iowa Hospital Revenue, Washington County Hospital Project
	5.375%, 07/01/2026		250		258
Johnson City, Tennessee Health & Elderly Facilities Authority
	7.500%, 07/01/2025		100		117
Maricopa County Hospital, Sun Health Corporation
	5.000%, 04/01/2025		200		206
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A
	5.375%, 07/01/2023		500		530
Maricopa County Industrial Development Authority, Mayo Clinic
	5.000%, 11/15/2031		500		526
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Pre-refunded 12/01/2011 @ 101
	5.700%, 12/01/2021 (a)		1,000		1,097
University Medical Center Corporation, Hospital Revenue
	5.000%, 07/01/2016		250		262
	5.000%, 07/01/2024		500		515
Yavapai Industrial Development Authority, Yavapai Regional Medical Center, Series A (RAAI)
	5.250%, 08/01/2021		375		397
	6.000%, 08/01/2033		100		108
Yuma Industrial Development Authority, Yuma Regional Medical Center, Escrowed to Maturity (MBIA)
	5.500%, 08/01/2017 (b)		250		258
					5,873
Housing – 3.7%
Douglas Community Housing Corporation, Rancho La Perilla, Series A (GNMA)
	5.900%, 07/20/2020		500		526
	6.000%, 07/20/2025		475		498
Phoenix Industrial Development Authority, The Phoenix Authority, Series 1A (FHLMC) (FNMA) (GNMA)
	5.875%, 06/01/2016		5		5
					1,029
Lease Revenue – 3.8%
Arizona Game & Fish Department, Administration Building Project (MLO)
	4.500%, 07/01/2032		200		194
Nogales Municipal Development Authority (MBIA) (MLO)
	4.500%, 06/01/2031		250		251
Peoria Municipal Development Authority (MLO)
	5.000%, 07/01/2015		310		337
Pinal County Industrial Development Authority Correctional Facilities Contract, Florence West Prison Project, Series A (ACA) (MLO)
	5.000%, 10/01/2016		250		263
					1,045
Miscellaneous – 5.0%
Aleutians East Burough Project, Aleutian Pribilof Islands, Alaska (ACA)
	5.500%, 06/01/2036		250		267
Arizona Student Loan Acquisition Authority, Series A (AMT)
	5.900%, 05/01/2024		100		106

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

16      First American Funds Semiannual Report 2006

Arizona Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Greater Arizona Infrastructure Development Authority, Series A (MBIA)
	5.625%, 08/01/2020	$	200	$	210
Greater Arizona Infrastructure Development Authority, Series B
	5.250%, 08/01/2026		750		796
					1,379
Tax Revenue – 11.2%
Greater Arizona Development Authority, Infrastructure Revenue, Pinal County Road Project, Series 1 (MBIA)
	4.500%, 08/01/2025		750		755
Marana, Tangerine Farms Road Improvement District
	4.600%, 01/01/2026		250		249
Ohio County, West Virginia, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B
	5.625%, 03/01/2036		135		140
Phoenix Civic Improvements, Excise Tax Revenue
	5.750%, 07/01/2016		300		317
Queen Creek Improvement District #001
	5.000%, 01/01/2020		300		307
Scottsdale Municipal Property Corporation, Excise Tax Revenue, Convertible CABs, Series C (AMBAC)
	0.000% through 06/30/2013, thereafter 4.550%, 07/01/2021 (c)		500		374
Tempe, Excise Tax Revenue, Series A, Pre-refunded 07/01/2009 @ 100
	5.625%, 07/01/2020 (a)		300		313
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment
	5.000%, 02/01/2026		270		281
Yuma Improvement District #68
	4.700%, 01/01/2021		365		372
					3,108
Transportation – 5.3%
Arizona State Transportation Highway Board, Series A
	5.000%, 07/01/2009		400		413
Phoenix Civic Improvements, Series B (AMT) (FGIC)
	5.250%, 07/01/2021		250		262
	5.250%, 07/01/2027		750		785
					1,460
Utilities – 14.4%
Cottonwood Water Revenue (XLCA)
	5.000%, 07/01/2017		250		270
Gilbert Water Municipal Property Wastewater System & Utility
	5.000%, 04/01/2017		375		377
Glendale Water & Sewer Revenue (FGIC)
	5.000%, 07/01/2019		1,000		1,079
Mesa Utility System Revenue (FGIC)
	4.250%, 07/01/2025		750		737
	4.500%, 07/01/2028		635		638
Tucson Water, Series 1994-A (MBIA)
	6.250%, 07/01/2016		170		203
Yavapai Industrial Development Authority, Waste Management Incorporated Project, Series A-1 (AMT)
	4.900%, 03/01/2028 (d)		400		407
Yavapai Industrial Development Authority, Waste Management Incorporated Project, Series A-2, Mandatory Put 03/01/2008 @ 100 (AMT)
	4.450%, 03/01/2028		300		301
					4,012
Total Revenue Bonds					21,890
General Obligations – 14.6%
California State
	4.750%, 02/01/2024		100		103
Centerra Community Facilities Distributors
	5.500%, 07/15/2029		196		202
Chandler Public & Recreational Improvements
	5.800%, 07/01/2018		250		268
Greenlee County School District #18, Morenci
	5.000%, 07/01/2012		165		170
Maricopa County Unified School District #48, Scottsdale School Improvement Project 2004, Series B (FSA)
	4.750%, 07/01/2018		250		266
Peoria (FGIC)
	5.400%, 04/01/2015		100		104
	5.000%, 04/01/2018		575		590
	5.000%, 04/01/2019		125		128
Phoenix
	5.250%, 07/01/2019		350		366
	5.250%, 07/01/2020		250		257
	5.375%, 07/01/2025		750		789
Puerto Rico Commonwealth, Government Development, Series B
	5.000%, 12/01/2014		250		266
Tucson
	5.500%, 07/01/2018		250		283
Tucson (MBIA)
	4.250%, 07/01/2018		250		255
Total General Obligations					4,047
Certificates of Participation – 4.6%
Arizona Board of Regents, Northern Arizona University Projects (AMBAC)
	4.500%, 09/01/2030		500		502
Northern Arizona University, Research Projects (AMBAC) (MLO)
	5.000%, 09/01/2023		140		149
Pinal County (MLO)
	5.000%, 12/01/2014		400		424
Tucson (MBIA) (MLO)
	5.500%, 07/01/2015		200		205
Total Certificates of Participation					1,280
Total Municipal Bonds (Cost $26,071)					27,217

First American Funds Semiannual Report 2006       17

Schedule of  Investments continued

Short-Term Investments – 0.6%
Money Market Fund – 0.5%
Federated Arizona Municipal Money Market Fund			131,425	$	131
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
	5.011%, 01/11/2007 (e)	$	35		35
Total Short-Term Investments (Cost $166)					166
Total Investments – 98.7% (Cost $26,237)					27,383
Other Assets and Liabilities, Net – 1.3%					369
Total Net Assets – 100.0%				$	27,752

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(d)	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006.
(e)	Yield shown is effective yield as of December 31, 2006.

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to AMT was $1,861 which represents 6.7% of total net assets.

FGIC – Financial Guaranty Insurance Corporation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

XLCA – XL Capital Assurance Inc.

California Intermediate Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 98.2%
Revenue Bonds – 71.1%
Continuing Care Retirement Communities – 4.4%
Association of Bay Area Governments Financial Authority, Odd Fellows Home of California (CMI)
	4.950%, 08/15/2007	$	500	$	504
California Health Facilities Financing Authority, Paradise Valley Estates (CMI)
	4.125%, 01/01/2010		500		504
	4.375%, 01/01/2012		540		550
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
	5.000%, 11/15/2012		500		527
La Verne, Brethren Hillcrest Homes, Series B (ACA)
	5.600%, 02/15/2033		500		532
					2,617
Education – 9.6%
Association of Bay Area Governments Financial Authority, Schools of the Sacred Heart, Series A
	5.800%, 06/01/2008		200		204
California Educational Facilities Authority, Golden Gate University
	5.000%, 10/01/2020		505		528
California Educational Facilities Authority, Lutheran University, Series C
	4.750%, 10/01/2015		675		703
California Educational Facilities Authority, University of Redlands, Series A
	5.000%, 10/01/2020		500		525
California Educational Facilities Authority, University of the Pacific
	5.000%, 11/01/2015		300		325
California Educational Facilities Authority, Woodbury University
	4.400%, 01/01/2015		450		452
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A
	5.650%, 03/01/2007		380		381
	5.750%, 03/01/2008		400		406
California State Higher Educational Facilities Authority, Occidental College Project, Pre-refunded 10/01/2007 @ 102 (MBIA)
	5.300%, 10/01/2010 (a)		500		517
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Partially Escrowed to Maturity
	6.000%, 06/01/2010 (b)		495		522
California State Higher Educational Facilities Authority, University of Redlands, Series A, Escrowed to Maturity
	5.550%, 06/01/2009 (b)		225		235
California State Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/2010 @ 101
	5.700%, 06/01/2011 (a)		250		269
	5.750%, 06/01/2012 (a)		260		280
California Statewide Communities Development Authority, Viewpoint Schools (ACA)
	4.125%, 10/01/2014		405		403
					5,750

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

18      First American Funds Semiannual Report 2006

California Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Healthcare – 14.6%
California Health Facilities Financing Authority, Casa Colina
	5.500%, 04/01/2013	$	300	$	317
California Health Facilities Financing Authority, Catholic Healthcare West, Series I, Mandatory Put 07/01/2014 @ 100
	4.950%, 07/01/2026		450		476
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI)
	4.750%, 11/01/2019		1,200		1,235
California Health Facilities Financing Authority, Valleycare Medical Center, Series A (CMI)
	4.625%, 05/01/2013		300		309
	4.800%, 05/01/2014		715		740
California State Health Facilities Authority, Casa de las Campanas, Series A (CMI)
	5.375%, 08/01/2009		250		256
California Statewide Communities Development Authority, Daughters of Charity Health, Series G
	5.250%, 07/01/2013		500		531
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
	7.250%, 11/15/2011 (b)		430		467
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
	3.850%, 11/01/2029		1,000		992
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation (AMBAC)
	5.000%, 06/01/2012		150		152
Iowa Hospital Revenue, Washington County Hospital Project
	5.000%, 07/01/2014		250		254
Loma Linda University Medical Center, Hospital Revenue, Series A
	5.000%, 12/01/2015		600		635
Marysville Hospital, Fremont Rideout Health Project, Series A (AMBAC)
	5.000%, 01/01/2010		500		517
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de la Concepcion, Series A
	5.500%, 11/15/2009		650		676
Rancho Mirage Joint Powers Finance Authority, Eisenhower Medical Center, Series A (MBIA)
	5.125%, 07/01/2008		500		511
Turlock California Health Facilities Revenue, Emanuel Medical Center (MLO)
	5.000%, 10/15/2024		700		722
					8,790
Housing – 3.5%
Association of Bay Area Governments Financial Authority, Archstone Redwood Housing Project, Series A
	5.300%, 10/01/2008		500		509
Aztec Shops, California State Auxiliary Organization, San Diego State University
	5.400%, 09/01/2011		1,035		1,089
California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series D (AMT) (FNMA) (GNMA)
	5.250%, 06/01/2010		10		10
California Statewide Communities Development Authority, Equity Residential, Series B, Mandatory Put 06/15/2009 @ 100
	5.200%, 12/01/2029		500		515
					2,123
Lease Revenue – 8.6%
California State Public Works Board, California Community Colleges, Series A (MLO)
	4.875%, 12/01/2018		200		206
California State Public Works Board, Department of Corrections & Rehabilitation, Series F (FGIC)(MLO)
	5.000%, 11/01/2016		1,750		1,919
California State Public Works Board, Department of Health Services (MBIA) (MLO)
	5.200%, 11/01/2012		500		526
California State Public Works Board, Department of Mental Health (MLO)
	5.500%, 06/01/2016		540		599
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Convertible CABs, Series A (FSA) (MLO)
	0.000% through 05/31/2010, thereafter 4.550%, 06/01/2022 (c)		150		131
Lincoln Public Financing Authority, Lease Revenue, City Hall Project (AMBAC)(MLO)
	4.250%, 08/01/2017		155		159
Los Angeles Community Redevelopment Agency, Lease Revenue, Manchester Social Services Project (AMBAC) (MLO)
	5.000%, 09/01/2016		1,500		1,630
					5,170
Miscellaneous – 5.1%
California Infrastructure & Economic Development, Salvation Army Western (AMBAC)
	4.000%, 09/01/2018		1,000		1,002
Children’s Trust Fund, Puerto Rico Tobacco Settlement Issue, Escrowed to Maturity
	5.000%, 07/01/2008 (b)		250		256
Golden West Schools Financing Authority, Series A (MBIA)
	5.700%, 02/01/2013		720		801
	5.750%, 02/01/2014		520		587
Golden West Schools Financing Authority, Series A, Zero Coupon Bond (MBIA)
	3.780%, 02/01/2012 (d)		535		442
					3,088
Recreational Facility Authority – 0.9%
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/2012 @ 101
	6.000%, 07/01/2022 (a)		500		563

First American Funds Semiannual Report 2006       19

Schedule of  Investments continued

California Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Tax Revenue – 11.3%
Antioch Area Public Facilities Financing Agency, Special Tax, Community Facilities District #1989-1 (AMBAC)
	4.000%, 08/01/2018	$	1,365	$	1,372
Dinuba Redevelopment Agency, Tax Allocation, Merged City Redevelopment Project #2 (AMBAC)
	4.250%, 09/01/2015		275		284
Long Beach Community Facilities District #5, Towne Center Special Tax
	6.100%, 10/01/2012		165		169
Manteca Redevelopment Agency, Tax Allocation, Sub-Amended Merged Project Area (XLCA)
	4.000%, 10/01/2019		605		596
Murrieta Community Facilities District #2, The Oaks Area
	5.750%, 09/01/2020		250		266
Norco, Special Tax, Community Facilities District #97-1 (AGTY)
	4.500%, 10/01/2016		260		271
Palm Desert Financing Authority, Tax Allocation Revenue, Project Area #4, Series A (MBIA)
	4.750%, 10/01/2013		655		697
	4.400%, 10/01/2018		250		258
Poway Unified School District, Special Tax, Community Facilities District #6-4
	5.000%, 09/01/2023		400		405
San Bernardino Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI)
	5.000%, 09/01/2016		500		534
San Francisco City & County Redevelopment Financing Authority, Tax Allocation Revenue, Mission Bay North Redevelopment Project, Series B (RAAI)
	4.000%, 08/01/2012		295		297
	4.100%, 08/01/2014		325		328
	4.250%, 08/01/2016		250		253
Shafter Community Development Agency, Tax Allocation Revenue, Community Development Project Area #1, Series A (FSA)
	4.250%, 11/01/2017		180		185
Southern California Logistics Airport Authority (XLCA)
	4.250%, 12/01/2018		285		289
Upland Community Redevelopment Agency, Tax Allocation, Merged Project, Series A (AMBAC)
	4.250%, 09/01/2015		190		197
	4.250%, 09/01/2016		195		201
	4.000%, 09/01/2019		220		218
					6,820
Transportation – 2.8%
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC)
	3.905%, 10/01/2014 (d)		1,000		741
San Francisco City & County International Airports Commission, Second Series, Issue 25 (AMT) (FSA)
	5.500%, 05/01/2008		500		512
San Francisco City & County International Airports Commission, SFO Fuel, Series A (AMT) (FSA)
	5.250%, 01/01/2007		450		450
					1,703
Utilities – 10.3%
Banning Water Utility Authority, Enterprise Revenue, Referendum and Improvement Projects (FGIC)
	5.000%, 11/01/2020		1,025		1,110
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT)
	4.100%, 09/01/2014		750		748
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AMT) (AGTY)
	5.000%, 07/01/2027		250		258
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company, Series A, Mandatory Put 04/01/2013 @ 100 (XLCA)
	4.100%, 04/01/2028		500		512
California Statewide Communities Development Authority, Water Revenue, Series B (FSA)
	4.250%, 10/01/2017		635		653
Chino Basin Regional Financing Authority, Inland Empire Utility Agency Sewer Project, Pre-refunded 11/01/2009 @ 101 (MBIA)
	5.200%, 11/01/2011 (a)		405		428
Imperial, Wastewater Treatment Facility (FGIC)
	5.000%, 10/15/2020		1,000		1,058
Metropolitan Water District of Southern California, Series B, Pre-refunded 01/01/2007 @ 102 (MBIA)
	4.875%, 07/01/2010 (a)		190		194
Richmond Wastewater Systems, Pre-refunded 08/01/2009 @ 102 (FGIC)
	5.200%, 08/01/2011 (a)		500		531
Signal Hill, Water Revenue (MBIA)
	4.375%, 11/01/2018		345		357
Whittier Utility Authority (MBIA)
	4.400%, 06/01/2017		305		313
	4.500%, 06/01/2018		65		67
					6,229
Total Revenue Bonds					42,853
General Obligations – 19.1%
Alisal Union School District, Series C, Zero Coupon Bond (FGIC)
	3.593%, 08/01/2008 (d)		860		813
Baldwin Park Unified School District Election 2002, Zero Coupon Bond (AMBAC)
	4.490%, 08/01/2020 (d)		1,000		542

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

20      First American Funds Semiannual Report 2006

California Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
California State
	5.000%, 02/01/2017	$	1,000	$	1,066
	5.125%, 04/01/2024		500		533
California State, Water Reservoir Development, Series Q
	4.750%, 03/01/2020		200		200
Chabot-Las Positas Community College District, Election of 2004-B, Zero Coupon Bond (AMBAC)
	4.370%, 08/01/2019 (d)		400		230
Foothill-De Anza Community College District
	6.000%, 08/01/2011		300		327
Fresno Unified School District, Series A (MBIA)
	6.050%, 08/01/2011		500		551
Jefferson Union High School District, San Mateo County, Series A (MBIA)
	6.250%, 02/01/2014		300		348
Los Angeles Unified School District Election of 2005, Series C (AMBAC)
	5.000%, 07/01/2015		1,000		1,094
Pomona Unified School District, Series A (MBIA)
	6.150%, 08/01/2015		500		566
Puerto Rico Commonwealth, Series B (FSA)
	6.500%, 07/01/2015		1,000		1,199
Roseville Joint Union High School District, Election of 2004, Series B (FGIC)
	5.000%, 08/01/2018		550		597
Roseville Joint Union High School District, Series E
	5.200%, 08/01/2020		600		634
San Diego Community College, District Election of 2002 (FSA)
	5.000%, 05/01/2019		1,000		1,080
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC)
	4.130%, 09/01/2017 (d)		1,000		646
Walnut Valley Unified School District, Series A, Pre-refunded 08/01/2010 @ 102 (FSA)
	5.000%, 08/01/2012 (a)		255		273
West Covina Unified School District, Series A (MBIA)
	5.350%, 02/01/2020		770		845
Total General Obligations					11,544
Certificates of Participation – 8.0%
Bakersfield Convention Center Expansion Project, Pre-refunded 04/01/2007 @ 101 (MBIA) (MLO)
	5.500%, 04/01/2010 (a)		250		254
California Special Districts Association Financial Corporation, Vector Control District, Series TT (XLCA) (MLO)
	4.000%, 06/01/2015		190		193
	4.000%, 06/01/2016		195		198
Cawelo Water District (AMBAC) (MLO)
	4.375%, 03/01/2024		400		400
Grossmont Unified High School District, Pre-refunded 09/01/2008 @ 102 (FSA) (MLO)
	5.400%, 09/01/2013 (a)		300		315
Kern County Board of Education, Series A (MBIA) (MLO)
	4.300%, 06/01/2016		500		518
Kern County Board of Education, Series A (MBIA) (MLO)
	5.200%, 05/01/2012		325		338
Kern County Board of Education, Series A, Pre-refunded 05/01/2008 @ 102 (MBIA) (MLO)
	5.200%, 05/01/2012 (a)		580		604
Los Angeles County Schools, Regionalized Business Services Financing Project, Series A (MLO)
	5.000%, 09/01/2008		200		204
Los Angeles, Sonnenblick Del Rio, West Los Angeles (AMBAC) (MLO)
	5.375%, 11/01/2010		405		421
Paradise Unified School District, Measure M Project, Series A (AMBAC) (MLO)
	5.250%, 09/01/2007		300		303
Poway California (MLO)
	4.500%, 08/01/2016		585		613
Travis Unified School District (FGIC) (MLO)
	4.500%, 09/01/2016		425		447
Total Certificates of Participation					4,808
Total Municipal Bonds (Cost $57,291)					59,205
Short-Term Investment – 0.9%
Blackrock Liquidity Funds (Cost $558)			557,899		558
Total Investments – 99.1% (Cost $57,849)					59,763
Other Assets and Liabilities, Net – 0.9%					521
Total Net Assets – 100.0%				$	60,284

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(d)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006.

ACA – American Capital Access

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $1,978 or 3.3% of total net assets.

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

XLCA – XL Capital Assurance Inc.

First American Funds Semiannual Report 2006       21

Schedule of  Investments continued

California Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 96.7%
Revenue Bonds – 81.7%
Continuing Care Retirement Community – 0.7%
Association of Bay Area Governments Finance Authority, Lincoln Glen Manor Senior Citizens (CMI)
	6.100%, 02/15/2025	$	250	$	257
Education – 13.8%
Association of Bay Area Governments Financial Authority, Schools of the Sacred Heart, Series A
	5.900%, 06/01/2010		200		210
California Educational Facilities Authority, University of Redlands, Series A
	5.000%, 10/01/2020		500		525
California Educational Facilities Authority, University of the Pacific
	5.000%, 11/01/2030		1,000		1,050
California Educational Facilities Authority, Woodbury University
	4.500%, 01/01/2016		470		475
California Municipal Financing Authority, Education Revenue, American Heritage Education Foundation Project, Series A
	5.250%, 06/01/2026		400		419
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A
	6.750%, 03/01/2019		380		408
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Partially Pre-refunded 06/01/2010 @ 101
	6.625%, 06/01/2020 (a)		215		232
California State Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/2010 @ 101
	5.950%, 06/01/2015 (a)		310		336
California State University Foundation, Monterey Bay, Pre-refunded 06/01/2011 @ 100 (MBIA)
	5.300%, 06/01/2022 (a)		500		536
University of California, Series K, Pre-refunded 09/01/2008 @ 101
	5.000%, 09/01/2020 (a)		1,000		1,034
					5,225
Healthcare – 11.2%
California Health Facilities Financing Authority, Casa Colina
	5.500%, 04/01/2013		50		53
California Health Facilities Financing Authority, Cedars-Sinai Medical Center
	5.000%, 11/15/2015		500		532
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI)
	4.750%, 11/01/2019		560		576
California Statewide Communities Development Authority, Adventist Health, Series A
	5.000%, 03/01/2030		300		311
California Statewide Communities Development Authority, Daughters of Charity Healthcare, Series A
	5.250%, 07/01/2030		100		105
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
	7.250%, 11/15/2011 (b)		215		234
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
	3.850%, 11/01/2029		400		397
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation (AMBAC)
	5.000%, 06/01/2012		350		355
California Statewide Communities Development Authority, Redlands Community Hospital, Series A (RAAI)
	5.000%, 04/01/2015		500		534
Loma Linda University Medical Center, Hospital Revenue, Series A
	5.000%, 12/01/2015		400		423
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de La Concepcion, Series A
	5.500%, 11/15/2008		400		411
Turlock California Health Facilities Revenue, Emanuel Medical Center (MLO)
	5.000%, 10/15/2024		300		309
					4,240
Housing – 5.9%
Aztec Shops, California State Auxiliary Organization, San Diego University
	5.200%, 09/01/2008		455		463
California State Department of Veterans Affairs, Series C (AMT)
	5.500%, 12/01/2019		180		190
California State Housing Finance Agency, Single Family Mortgage, Series B (AMT) (FNMA) (GNMA)
	5.650%, 06/01/2010		5		5
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/2008 @ 100
	5.250%, 06/01/2029		500		507
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
	5.150%, 12/01/2031		1,000		1,046
					2,211
Lease Revenue – 7.9%
California State Public Works Board, California Community Colleges, Series B (MLO)
	5.500%, 06/01/2019		1,035		1,146
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Convertible CABs, Series A (FSA) (MLO)
	0.000% through 05/31/2010, thereafter
	4.550%, 06/01/2022 (c)		1,250		1,094
Los Angeles Community Redevelopment Agency, Lease Revenue, Manchester Social Services Project (AMBAC) (MLO)
	5.000%, 09/01/2016		700		761
					3,001

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

22      First American Funds Semiannual Report 2006

California Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Miscellaneous – 10.6%
California Infrastructure & Economic Development, Salvation Army Western (AMBAC)
	4.000%, 09/01/2018	$	680	$	681
Golden West Schools Financing Authority, Glendora Unified School District (MBIA)
	5.500%, 09/01/2019		910		1,048
Golden West Schools Financing Authority, Series A (MBIA)
	5.750%, 02/01/2014		250		282
	5.800%, 08/01/2022		320		386
	5.800%, 08/01/2023		345		418
Sacramento City Financing Authority, Pre-refunded 06/01/2010 @ 101 (MLO)
	5.400%, 06/01/2018 (a)		455		487
	5.500%, 06/01/2023 (a)		645		692
					3,994
Recreational Facility Authority – 1.5%
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/2012 @ 101
	6.000%, 07/01/2022 (a)		500		563
Tax Revenue – 17.3%
Grass Valley Community Redevelopment Agency, Tax Allocation
	6.400%, 12/01/2034		400		424
Irvine Unified School District Financing Authority, Special Tax Group II, Series A
	5.000%, 09/01/2026		225		226
Long Beach Community Facilities District #5, Towne Center Special Tax
	6.100%, 10/01/2012		250		256
Los Angeles
	5.625%, 03/01/2019		200		213
Los Angeles County Community Facilities District #3, Special Tax, Series A (AMBAC)
	5.250%, 09/01/2018		715		752
Murrieta Community Facilities District #2, The Oaks Area
	5.750%, 09/01/2020		125		133
Norco, Special Tax, Community Facilities District #97-1 (AGTY)
	4.875%, 10/01/2030		500		516
Ohio County, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B
	5.625%, 03/01/2036		155		161
Palm Desert Financing Authority, Tax Allocation Revenue, Project Area #4, Series A (MBIA)
	5.000%, 10/01/2029		1,000		1,063
Poway Unified School District, Special Tax, Community Facilities District #6-4
	5.000%, 09/01/2023		250		253
San Bernardino Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI)
	5.000%, 09/01/2016		350		374
San Francisco City & County Redevelopment Financing Authority, Tax Allocation Revenue, Mission Bay North Redevelopment Project, Series B (RAAI)
	4.300%, 08/01/2017		365		369
	4.375%, 08/01/2018		380		384
San Jose Redevelopment Agency, Tax Allocation, Merged Area Redevelopment Project, Series C (MBIA)
	4.250%, 08/01/2030		1,000		951
Solana Beach Public Financing Authority, Assessment Revenue
	5.000%, 09/02/2026		100		100
Stockton Public Financing Revenue, Assessment Districts, Senior Lien, Series A (RAAI)
	4.375%, 09/02/2020		365		363
					6,538
Transportation – 1.0%
Puerto Rico Commonwealth Highway & Transportation Authority, Series X (MBIA)
	5.500%, 07/01/2015		100		113
San Francisco Airport Commission, SFO Fuel Company (AMT) (FSA)
	5.625%, 01/01/2012		250		259
					372
Utilities – 11.8%
Banning Water Utility Authority, Enterprise Revenue, Referendum and Improvement Projects (FGIC)
	5.000%, 11/01/2023		1,190		1,279
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series A-2 (AMT)
	5.400%, 04/01/2025		500		532
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AMT) (AGTY)
	5.000%, 07/01/2027		250		258
California State, Pre-refunded 10/01/2010 @ 100
	5.250%, 10/01/2019 (a)		460		487
	5.250%, 10/01/2019 (a)		35		37
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company, Series C, Mandatory Put 11/01/2016 @ 100 (FGIC)
	4.250%, 11/01/2033		500		517
Compton Sewer Authority (MBIA)
	5.375%, 09/01/2023		1,150		1,203
South Bayside Waste Management Authority (AMBAC)
	5.750%, 03/01/2020		150		159
					4,472
Total Revenue Bonds					30,873
General Obligations – 10.8%
Acalanes Unified High School District, Zero Coupon Bond, Pre-refunded 08/01/2010 @ 70.92 (FGIC)
	3.680%, 08/01/2016 (a) (d)		700		436
California State
	5.250%, 10/01/2019		105		110
	5.000%, 02/01/2024		700		734
Glendora Unified School District, Series A, Pre-refunded 09/01/2010 @ 101 (FSA)
	5.350%, 09/01/2020 (a)		340		364

First American Funds Semiannual Report 2006       23

Schedule of  Investments continued

California Tax Free Fund (continued)
DESCRIPTION		PAR/SHARES		VALUE
Jefferson Union High School District, San Mateo County, Series A (MBIA)
	6.250%, 08/01/2020	$	460	$	569
Pomona Unified School District, Series A (MBIA)
	5.950%, 02/01/2017		855		1,007
Puerto Rico Commonwealth, Government Development, Series B
	5.000%, 12/01/2014		200		213
Puerto Rico Commonwealth, Public Improvements, Series A (FGIC)
	5.500%, 07/01/2019		200		231
Sacramento Unified School District, Series A, Pre-refunded 07/01/2009 @ 102
	5.750%, 07/01/2017 (a)		400		429
Total General Obligations					4,093
Certificates of Participation – 4.2%
Cawelo Water District (AMBAC) (MLO)
	4.375%, 03/01/2024		300		300
Escondido, Series A (FGIC) (MLO)
	5.625%, 09/01/2020		300		322
Los Angeles, Sonnenblick del Rio Senior Lien (AMBAC) (MLO)
	6.000%, 11/01/2019		330		360
Ridgecrest Civic Center Project, Pre-refunded 03/01/2009 @ 101 (MLO)
	6.250%, 03/01/2021 (a)		250		266
West Kern County Water District, Pre-refunded 06/01/2010 @ 101 (MLO)
	5.200%, 06/01/2014 (a)		320		339
Total Certificates of Participation					1,587
Total Municipal Bonds (Cost $34,888)					36,553
Short-Term Investments – 1.0%
Money Market Fund – 1.0%
Blackrock Liquidity Funds			362,008		362
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bill
	5.040%, 01/11/2007 (e)	$	10		10
Total Short-Term Investments (Cost $372)					372
Total Investments – 97.7% (Cost $35,260)					36,925
Other Assets and Liabilities, Net – 2.3%					873
Total Net Assets – 100.0%				$	37,798

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call and price indicated.
(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(d)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006.
(e)	Yield shown is effective yield as of December 31, 2006.

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $2,290 or 6.1% of total net assets.

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

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

24      First American Funds Semiannual Report 2006

Colorado Intermediate Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 98.6%
Revenue Bonds – 73.2%
Continuing Care Retirement Communities – 1.9%
Colorado State Health Facilities Authority, Christian Living Communities Project, Series A
	5.250%, 01/01/2014	$	250	$	257
Colorado State Health Facilities Authority, Covenant Retirement Communities
	5.000%, 12/01/2016		500		522
					779
Education – 5.1%
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Project, Series A (CIFG)
	4.000%, 06/15/2017		200		200
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Escrowed to Maturity
	6.250%, 09/15/2011 (a)		280		294
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
	6.375%, 12/01/2011 (a)		605		644
Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School, Pre-refunded 11/01/2009 @ 100
	6.850%, 11/01/2016 (b)		440		477
Colorado State Educational & Cultural Facilities Authority, Northwest Nazarene Project
	4.500%, 11/01/2015		550		540
					2,155
Healthcare – 23.3%
Colorado State Health Facilities Authority, Adventist Health, Sunbelt, Series E
	5.000%, 11/15/2012		500		526
Colorado State Health Facilities Authority, Boulder Hospital (MBIA)
	5.000%, 10/01/2010		500		522
Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A, Escrowed to Maturity
	5.000%, 03/01/2012 (a)		500		530
Colorado State Health Facilities Authority, Evangelical Lutheran Project, Series A
	4.200%, 06/01/2013		200		200
Colorado State Health Facilities Authority, Evangelical Lutheran Project
	5.000%, 06/01/2016		250		264
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
	5.250%, 12/01/2013		860		926
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project
	5.375%, 01/01/2016		700		711
Colorado State Health Facilities Authority, Parkview Medical Center
	5.500%, 09/01/2007		250		253
	5.750%, 09/01/2008		250		257
	5.500%, 09/01/2009		500		518
Colorado State Health Facilities Authority, Steamboat Springs Health Project
	5.300%, 09/15/2009		160		161
Colorado State Health Facilities Authority, The Devereux Foundation (RAAI)
	4.200%, 11/01/2013		80		81
Colorado State Health Facilities Authority, Vail Valley Medical Center Project
	5.000%, 01/15/2013		300		313
	5.750%, 01/15/2022		800		850
Colorado State Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI)
	5.000%, 05/15/2012		165		173
	5.000%, 05/15/2013		500		528
Colorado State Health Facilities Authority, Evangelical Lutheran
	6.900%, 12/01/2025		135		150
Colorado State Health Facilities Authority, Evangelical Lutheran, Pre-refunded 12/01/2010 @ 102
	6.900%, 12/01/2025 (b)		215		243
Delta County Memorial Hospital District
	5.350%, 09/01/2017		500		519
La Junta County Hospital, Arkansas Valley Regional Medical Center Project
	5.400%, 04/01/2008		335		338
	5.500%, 04/01/2009		355		361
Montrose Memorial Hospital
	5.300%, 12/01/2013		260		271
	5.450%, 12/01/2014		390		411
University of Colorado Hospital Authority
	5.000%, 11/15/2014		300		310
Washington County Iowa Hospital, Washington County Hospital Project
	5.125%, 07/01/2016		350		359
					9,775
Miscellaneous – 6.5%
Colorado Educational & Cultural Facilities Authority, Colorado Public Radio
	4.800%, 07/01/2009		250		253
	4.900%, 07/01/2010		265		271
Colorado Educational & Cultural Facilities Authority, National Conference of State Legislatures
	5.250%, 06/01/2013		700		736
Colorado Educational & Cultural Facilities Authority, Frontier Academy (CIFG)
	4.000%, 06/01/2015		565		568
Denver City & County, Helen G. Bonfils Foundation Project, Series B
	5.125%, 12/01/2017		900		909
					2,737
Recreational Facility Authority – 0.5%
Hyland Hills Metropolitan Park & Recreation District, Series A
	6.100%, 12/15/2009		210		214
Revolving Fund – 0.1%
Colorado Water Resource & Power Development Authority, Small Water Resources, Series A (FGIC)
	5.700%, 11/01/2015		55		59

First American Funds Semiannual Report 2006       25

Schedule of  Investments continued

Colorado Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Tax Revenue – 5.8%
Caldwell Idaho Urban Renewal Agency Revenue, Series A (RAAI)
	4.000%, 03/01/2018	$	560	$	546
Larimer County Sales & Use Tax (AMBAC)
	5.000%, 12/15/2010		460		483
Longmont Sales & Use Tax, Pre-refunded 11/15/2010 @ 100
	5.500%, 11/15/2015 (b)		500		533
Superior Open Space Sales & Use Tax
	4.500%, 06/01/2013		100		101
	4.600%, 06/01/2014		225		229
Westminster Sales & Use Tax, Series A (FGIC)
	5.250%, 12/01/2011		500		517
					2,409
Transportation – 16.9%
Colorado Department of Transportation (AMBAC)
	6.000%, 06/15/2010		1,000		1,076
E-470 Public Highway Authority, Series B, Zero Coupon Bond (MBIA)
	4.150%, 09/01/2017 (c)		1,575		1,016
	4.260%, 09/01/2019 (c)		960		563
	4.360%, 09/01/2022 (c)		1,000		509
E-470 Public Highway Authority, Series C, Convertible CABs (MBIA)
	0.000% through 09/01/2011, thereafter 5.000%, 09/01/2017 (d)		500		431
Eagle County Air Terminal Revenue, Airport Terminal Improvement Project, Series B (AMT)
	5.250%, 05/01/2020		200		203
Northwest Parkway Public Highway Authority, Convertible CABs (FSA)
	0.000% through 06/15/2011, thereafter 5.200%, 06/15/2014 (d)		750		654
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC)
	0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 (d)		2,000		1,761
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC)
	0.000% through 06/15/2011, thereafter 5.350%, 06/15/2016 (d)		1,000		891
					7,104
Utilities – 13.1%
Arapahoe County Water & Wastewater Authority, Escrowed to Maturity
	5.750%, 12/01/2008 (a)		160		166
Arapahoe County Water & Wastewater Authority, Pre-refunded 12/01/2009 @ 100
	6.000%, 12/01/2011 (b)		185		197
Boulder Water & Sewer
	5.750%, 12/01/2010		1,545		1,664
Broomfield Water Activity Enterprise (MBIA)
	5.500%, 12/01/2017		500		536
Colorado Water Resource & Power Development Authority, Small Water Resources, Series A, Pre-refunded 11/01/2010 @ 100 (FGIC)
	5.700%, 11/01/2015 (b)		45		48
Denver City & County Wastewater (FGIC)
	5.250%, 11/01/2017		1,260		1,353
Inverness Water & Sanitation District, Arapahoe & Douglas Counties, Series A (RAAI)
	4.250%, 12/01/2016		600		612
Platte River Power Authority, Series DD (MBIA)
	5.375%, 06/01/2017		875		898
					5,474
Total Revenue Bonds					30,706
General Obligations – 20.1%
Arapahoe County School District #5, Cherry Creek, Pre-refunded 12/15/2009 @ 100 (STAID)
	5.500%, 12/15/2011 (b)		1,000		1,053
Cordillera Metropolitan School District, Eagle County (RAAI)
	5.000%, 12/01/2013		620		657
Denver West Metropolitan School District
	4.125%, 12/01/2014		150		148
	4.200%, 12/01/2015		480		472
Douglas County School District #RE-1, Douglas & Elbert Counties, Series B, Zero Coupon Bond (FSA) (STAID)
	4.009%, 12/15/2015 (c)		585		410
Garfield County School District #RE-2 (FSA) (STAID)
	5.250%, 12/01/2019		1,530		1,644
High Plains Metropolitan District, Series B  (LOC: Compass Bank)
	4.375%, 12/01/2015		900		917
Jefferson County School District #R-001 (MBIA) (STAID)
	6.250%, 12/15/2009		1,000		1,073
SBC Metropolitan School District (ACA)
	4.250%, 12/01/2015		445		440
West Metro Fire Protection District, Series A (MBIA)
	4.750%, 12/01/2014		335		358
Westglenn Metropolitan District
	6.000%, 12/01/2014		1,220		1,270
Total General Obligations					8,442
Certificates of Participation – 5.3%
Aims Junior College (MBIA) (MLO)
	4.000%, 12/15/2011		500		507
	4.100%, 12/15/2017		525		529
Garfield County Building Corporation (AMBAC) (MLO)
	5.300%, 12/01/2011		400		420
Glendale (MLO) (XLCA)
	4.500%, 12/01/2017		200		208
Pueblo County, Capital Construction (MLO)
	4.400%, 12/01/2016		410		410
Snowmass Village (FSA) (MLO)
	4.000%, 12/01/2017		150		150
Total Certificates of Participation					2,224
Total Municipal Bonds (Cost $39,474)					41,372

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

26      First American Funds Semiannual Report 2006

Colorado Intermediate Tax Free Fund (concluded)
DESCRIPTION		SHARES		VALUE
Short-Term Investment – 1.3%
First American Tax Free Obligations Fund, Class Z (e)
	(Cost $558)		558,587	$	558
Total Investments – 99.9% (Cost $40,032)					41,930
Other Assets and Liabilities, Net – 0.1%					36
Total Net Assets – 100.0%				$	41,966

(a)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(b)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(c)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006.
(d)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(e)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $203, which represents 0.5% of net assets.

CIFG –	CDC IXIS Financial Guaranty
FGIC –	Financial Guaranty Insurance Corporation

FSA – Financial Security Assurance

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

STAID – State Aid Withholding

XLCA – XL Capital Assurance Inc.

Colorado Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 98.8%
Revenue Bonds – 78.5%
Continuing Care Retirement Communities – 5.8%
Colorado Health Facilities, Christian Living Communities, Series A
	5.750%, 01/01/2026	$	100	$	105
Colorado State Health Facilities Authority, Covenant Retirement Communities
	5.250%, 12/01/2025		200		209
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B
	6.125%, 12/01/2033		350		382
Illinois Finance Authority, Three Crowns Park Plaza, Series A
	5.875%, 02/15/2026		100		106
North Carolina Community Health Care Facilities, Presbyterian Homes
	5.400%, 10/01/2027		220		228
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	5.000%, 09/01/2025		325		335
					1,365
Education – 6.4%
Colorado Educational & Cultural Facilities Authority, Academy Charter School Project, Series A
	4.625%, 12/15/2028		330		331
Colorado State Board of Agriculture, Auxiliary Facility Systems (AMBAC)
	5.125%, 03/01/2017		200		202
Colorado State Educational & Cultural Facilities Authority, Ave Marie School Project (RAAI)
	6.000%, 12/01/2016		200		214
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
	6.375%, 12/01/2011 (a)		425		452
Colorado State Educational & Cultural Facilities Authority, Northwest Nazarene Project
	4.500%, 11/01/2015		300		295
					1,494
Healthcare – 24.8%
Boulder County Longmont United Hospital Project (RAAI)
	5.300%, 12/01/2010		330		347
Colorado Health Facilities, Catholic Heath Initiatives, Series A
	5.000%, 09/01/2026		250		263
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A
	5.250%, 06/01/2034		230		240
Colorado State Health Facilities Authority, Evangelical Lutheran Project
	5.000%, 06/01/2016		300		317
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
	4.625%, 12/01/2024		325		327
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project
	5.375%, 01/01/2016		300		305

First American Funds Semiannual Report 2006       27

Schedule of  Investments continued

Colorado Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Colorado State Health Facilities Authority, Parkview Medical Center
	5.600%, 09/01/2011	$	300	$	319
Colorado State Health Facilities Authority, Portercare Adventist Project, Pre-refunded 11/15/2011 @ 101
	6.500%, 11/15/2023 (b)		600		678
Colorado State Health Facilities Authority, Poudre Valley Health Care, Series F
	5.000%, 03/01/2025		350		361
Colorado State Health Facilities Authority, Steamboat Springs Health Project
	5.300%, 09/15/2009		155		156
Colorado State Health Facilities Authority, Vail Valley Medical Center
	5.000%, 01/15/2020		250		261
	5.800%, 01/15/2027		500		531
Colorado State Health Facilities Authority, Evangelical Lutheran
	6.900%, 12/01/2025		60		67
Colorado State Health Facilities Authority, Evangelical Lutheran, Pre-refunded 12/01/2010 @ 102
	6.900%, 12/01/2025 (b)		90		102
Delta County Memorial Hospital District
	5.350%, 09/01/2017		220		228
Halifax Medical Center, Florida Hospital Revenue, Series A
	5.000%, 06/01/2038		325		332
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
	5.000%, 07/01/2020		100		101
Iowa Hospital Revenue, Washington County Hospital Project
	5.375%, 07/01/2026		225		233
La Junta, Arkansas Valley Regional Medical Center Project
	6.100%, 04/01/2024		100		104
Montrose Memorial Hospital
	6.375%, 12/01/2023		130		146
New Hampshire Health & Educational Facilities Authority, The Memorial Hospital
	5.250%, 06/01/2036		100		104
University of Alabama at Birmingham, Hospital Revenue, Series A
	4.500%, 09/01/2031		250		248
					5,770
Housing – 4.1%
Burlingame Housing, Multifamily Revenue, Housing Project (MBIA)
	4.500%, 11/01/2029		750		753
Colorado State Housing & Finance Authority, Multifamily Project, Class I, Series B-4
	5.900%, 04/01/2031		100		104
Colorado State Housing & Finance Authority, Series E-2 (AMT)
	7.000%, 02/01/2030		50		52
Colorado State Housing & Finance Authority, Single Family Housing Program, Series A-2 (AMT)
	7.450%, 10/01/2016		5		5
Colorado State Housing & Finance Authority, Single Family Housing Program, Series B-2 (AMT)
	7.100%, 04/01/2017		30		31
					945
Lease Revenue – 2.1%
Lakeville Minnesota Housing & Redevelopment Authority, Ice Arena Project
	4.625%, 02/01/2032		500		494
Miscellaneous – 4.7%
Aleutians East Burough Project, Aleutian Pribilof Islands, Alaska (ACA)
	5.500%, 06/01/2036		200		213
Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures
	5.250%, 06/01/2021		750		781
Denver City & County, Helen G. Bonfils Foundation Project, Series B
	5.125%, 12/01/2017		100		101
					1,095
Recreational Facility Authority – 2.1%
Denver Convention Center, Hotel Authority Revenue (XLCA)
	4.500%, 12/01/2025		500		502
Tax Revenue – 5.1%
Douglas County Sales & Use Tax Revenue (FSA)
	5.625%, 10/15/2020		200		213
Larimer County Sales & Use Tax (AMBAC)
	5.625%, 12/15/2018		100		107
Mountain Village Metropolitan District, San Miguel County (MBIA)
	5.200%, 12/01/2017		200		204
Ohio County, West Virginia, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B
	5.625%, 03/01/2036		100		104
Superior Open Space Sales & Use Tax
	5.000%, 06/01/2026		330		339
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment
	5.000%, 02/01/2026		210		218
					1,185
Transportation – 13.6%
Denver City & County Airport, Series E (MBIA)
	5.250%, 11/15/2023		500		511
E-470 Public Highway Authority, Series A (MBIA)
	5.000%, 09/01/2018		500		542
Eagle County Air Terminal Revenue, Airport Terminal Improvement Project, Series B (AMT)
	5.250%, 05/01/2020		110		112
Northwest Parkway Public Highway Authority, Convertible CABs (FSA)
	0.000% through 06/15/2011, thereafter 5.200%, 06/15/2014 (c)		750		654
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC)
	0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 (c)		500		440

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

28      First American Funds Semiannual Report 2006

Colorado Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC)
	0.000% through 06/15/2011, thereafter 5.700%, 06/15/2021 (c)	$	1,000	$	901
					3,160
Utilities – 9.8%
Arapahoe County Water & Wastewater (MBIA) (MLO)
	5.000%, 12/01/2026		250		263
Boulder Water & Sewer
	5.700%, 12/01/2019		300		320
Broomfield Water Activity Enterprise (MBIA)
	5.500%, 12/01/2019		400		428
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT)
	5.700%, 07/01/2018		250		276
Fort Collins Wastewater Utility Enterprise (FSA)
	5.500%, 12/01/2020		300		319
Inver Grove Heights, Minnesota, Nursing Home Revenue, Presbyterian Homes Care
	5.375%, 10/01/2026		150		152
Platte River Power Authority, Series DD (MBIA)
	5.375%, 06/01/2017		500		513
					2,271
Total Revenue Bonds					18,281
General Obligations – 9.2%
Antelope Water System
	4.875%, 12/01/2025		175		177
Boulder Open Space Acquisition
	5.450%, 08/15/2016		350		370
Castlewood Ranch (XLCA)
	4.250%, 12/01/2029		350		338
Douglas County School District #RE1, Douglas & Elbert Counties, Series B (STAID)
	5.000%, 12/15/2015		200		219
El Paso County School District #49, Falcon, Series A, Pre-refunded 12/01/2009 @ 105 (FSA) (STAID)
	6.000%, 12/01/2018 (b)		200		222
Highlands Ranch Metropolitan School District #2 (FSA)
	5.000%, 06/15/2016		20		20
Midcities Metropolitan School District #2 (RAAI)
	5.125%, 12/01/2030		200		212
Puerto Rico Commonwealth, Government Development, Series B
	5.000%, 12/01/2014		200		213
SBC Metropolitan District (ACA)
	5.000%, 12/01/2025		115		119
Vista Ridge Metropolitan School District, Limited Tax, Series A (RAAI)
	4.500%, 12/01/2031		250		242
Total General Obligations					2,132
Certificates of Participation – 11.1%
Arapahoe County Building Finance Authority, Pre-refunded 02/15/2010 @ 100 (AMBAC) (MLO)
	5.250%, 02/15/2021 (b)		200		209
Broomfield County Open Space Park & Recreation Facilities (AMBAC) (MLO)
	5.500%, 12/01/2020		800		848
Broomfield County, Westminster Open Space Foundation
	4.625%, 12/01/2025		330		335
Colorado Springs Old City Hall Project (FSA) (MLO)
	5.500%, 12/01/2017		200		212
	5.500%, 12/01/2020		200		212
Garfield County, Pre-refunded 12/01/2009 @ 101 (AMBAC) (MLO)
	5.750%, 12/01/2019 (b)		300		320
Pueblo County, Capital Construction (MLO)
	5.000%, 12/01/2024		200		209
Snowmass Village (FSA)
	4.250%, 12/01/2026		250		243
Total Certificates of Participation					2,588
Total Municipal Bonds (Cost $21,736)					23,001
Short-Term Investments – 0.7%
Money Market Fund – 0.6%
First American Tax Free Obligations Fund, Class Z (d)			142,094		142
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
	5.012%, 01/11/2007(e)	$	25		25
Total Short Term Investments (Cost $167)					167
Total Investments – 99.5% (Cost $21,903)					23,168
Other Assets and Liabilities, Net – 0.5%					116
Total Net Assets – 100.0%				$	23,284

(a)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(b)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(c)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(d)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
(e)	Yield shown is effective yield as of December 31, 2006.

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $476, which represents 2.0% of net assets.

FSA – Financial Security Assurance

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

STAID – State Aid Withholding

XLCA – XL Capital Assurance Inc.

First American Funds Semiannual Report 2006       29

Schedule of  Investments continued

Intermediate Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 100.1%
Alabama – 1.3%
Revenue Bonds – 1.3%
Alabama State Docks Department, Pre-refunded 10/01/2008 @ 102 (MBIA)
	5.250%, 10/01/2010 (a)	$	3,000	$	3,140
Anniston Regional Medical Center Board, Northeast Alabama Regional Medical Center Project, Escrowed to Maturity
	8.000%, 07/01/2011 (b)		1,400		1,540
Health Care Authority for Baptist Health, Series D
	5.000%, 11/15/2015		800		840
Montgomery BMC Special Care Facilities Finance Authority, Baptist Health, Convertible CABs, Series A-2, Pre-refunded 11/15/2014 @ 100 (MBIA)
	0.000% through 11/15/2007,
	thereafter 5.000%, 11/15/2016 (a) (c)		2,000		2,058
University of Alabama at Birmingham, Hospital Revenue, Series A
	4.000%, 09/01/2016		500		490
					8,068
Alaska – 0.1%
Revenue Bond – 0.1%
Aleutians East Burough Project, Aleutian Pribilof Islands (ACA)
	4.375%, 06/01/2015		400		400
Arizona – 2.3%
Revenue Bonds – 1.9%
Arizona Game & Fish Department, AGF Administration Building Project (MLO)
	4.500%, 07/01/2015		250		257
	4.125%, 07/01/2017		365		359
Arizona Health Facilities Authority, The Terraces Project, Series A
	7.500%, 11/15/2023		3,300		3,727
Phoenix Street & Highway User
	6.500%, 07/01/2009		180		182
	6.250%, 07/01/2011		900		909
Tempe Industrial Development Authority, Friendship Village Project, Series A
	5.375%, 12/01/2013		1,300		1,318
Tucson Airport Authority (FSA)
	5.000%, 06/01/2013		3,760		4,013
Tucson Water Revenue (MBIA)
	4.000%, 07/01/2017		1,250		1,255
					12,020
General Obligations – 0.4%
Maricopa County School District #69, Paradise Valley (MBIA)
	5.300%, 07/01/2011		1,000		1,068
Maricopa County Unified School District #48, Scottsdale School Improvement Project 2004, Series B (FSA)
	4.750%, 07/01/2018		1,150		1,223
					2,291
Certificate of Participation – 0.0%
Northern Arizona University, Research Projects (AMBAC) (MLO)
	4.250%, 09/01/2016		130		133
					14,444
Arkansas – 1.0%
Revenue Bonds – 1.0%
Pulaski County, Residential Housing Facilities Board, Escrowed to Maturity (FHA) (VA)
	7.250%, 06/01/2010 (b)		1,675		1,773
University of Arkansas, Fayetteville, Series B (FGIC)
	4.500%, 11/01/2016		2,000		2,094
University of Arkansas, UAMS Campus (FGIC)
	5.000%, 03/01/2015		1,000		1,084
Washington County Hospital Revenue, Regional Medical Center, Series B
	5.000%, 02/01/2016		1,145		1,203
					6,154
California – 5.4%
Revenue Bonds – 2.8%
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC)
	3.905%, 10/01/2014 (d)		2,000		1,482
Association of Bay Area Governments Financial Authority, Archstone Redwood Housing Project, Series A
	5.300%, 10/01/2008		290		295
Association of Bay Area Governments Finance Authority for Nonprofit Corporations, Elder Care Alliance (CMI)
	4.500%, 08/15/2012		335		342
	5.000%, 08/15/2017		1,215		1,271
California Educational Facilities Authority, Lutheran University, Series C
	5.000%, 10/01/2024		1,000		1,042
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT)
	4.100%, 09/01/2014		250		249
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/2008 @ 100
	5.250%, 06/01/2029		1,000		1,015
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
	7.250%, 11/15/2011 (b)		1,245		1,353
California Statewide Communities Development Authority, Health Facilities, Adventist Health, Series A
	5.000%, 03/01/2030		700		725
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
	3.850%, 11/01/2029		1,180		1,170
California Statewide Communities Development Authority, Kaiser Permanente, Series I, Mandatory Put 05/01/2011 @ 100
	3.450%, 04/01/2035		500		490
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
	5.000%, 11/15/2012		1,210		1,276
Dinuba Redevelopment Agency, Tax Allocation, Merged City Redevelopment Project #2 (AMBAC)
	4.250%, 09/01/2016		320		330

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

30      First American Funds Semiannual Report 2006

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Golden State Tobacco Securitization, California Tobacco Settlement, Series A, Convertible CABs (FSA) (MLO)
	0.000% through 06/01/2010,
	thereafter 4.550%, 06/01/2022 (c)	$	1,600	$	1,401
Golden State Tobacco Securitization, Series B, Pre-refunded 06/01/2010 @ 100 (MLO)
	5.600%, 06/01/2028 (a)		2,450		2,606
San Bernardino County Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI)
	5.000%, 09/01/2016		575		615
Upland Community Redevelopment Agency Tax Allocation, Merged Project (AMBAC)
	4.250%, 09/01/2026		1,400		1,360
Woodland Financial Authority (MLO) (XLCA)
	4.700%, 03/01/2019		815		850
					17,872
General Obligations – 2.6%
ABC Unified School District, Series A (MBIA)
	4.900%, 02/01/2020		1,565		1,714
California State
	5.000%, 02/01/2016		1,000		1,063
	5.000%, 02/01/2017		2,000		2,132
	5.000%, 11/01/2018		5,000		5,241
	5.000%, 02/01/2021		1,500		1,580
	5.125%, 04/01/2024		500		533
Chabot-Las Positas Community College District, Election of 2004-B, Zero Coupon Bond (AMBAC)
	4.370%, 08/01/2019 (d)		1,390		799
Roseville Joint Unified High School District
	5.100%, 08/01/2019		390		411
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC)
	4.130%, 09/01/2017 (d)		1,000		646
Santa Monica Community College District, Capital Appreciation, 2002 Election, Series C, Zero Coupon Bond (MBIA)
	4.052%, 08/01/2016 (d)		2,000		1,357
Victor Elementary School District, Series A, Zero Coupon Bond (FGIC)
	4.380%, 08/01/2023 (d)		2,030		989
					16,465
					34,337
Colorado – 9.8%
Revenue Bonds – 7.1%
Adams County Pollution Control Revenue, Public Service Company Colorado Project, Series A (MBIA)
	4.375%, 09/01/2017		5,000		5,102
Arapahoe County, Single Family, Escrowed to Maturity, Zero Coupon Bond
	3.790%, 09/01/2010 (b) (d)		9,320		8,120
Colorado Department of Transportation (AMBAC)
	6.000%, 06/15/2008		3,000		3,102
Colorado Health Facilities Authority, Parkview Medical Center
	5.000%, 09/01/2016		640		665
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Pre-refunded 09/15/2011 @ 100
	6.750%, 09/15/2015 (a)		1,200		1,337
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
	6.375%, 12/01/2011 (b)		600		638
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/2011 @ 100
	6.750%, 12/01/2016 (a)		1,500		1,702
	7.250%, 12/01/2021 (a)		1,500		1,734
Colorado State Educational & Cultural Facilities Authority, Pinnacle Charter School Project, Escrowed to Maturity
	5.250%, 12/01/2011 (b)		1,005		1,048
Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A, Escrowed to Maturity
	5.000%, 03/01/2012 (b)		745		789
Colorado State Health Facilities Authority, Christian Living Communities Project, Series A
	5.250%, 01/01/2014		600		617
	5.250%, 01/01/2015		620		637
Colorado State Health Facilities Authority, Covenant Retirement Communities
	5.000%, 12/01/2016		500		522
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
	4.250%, 12/01/2015		1,250		1,266
Colorado State Health Facilities Authority, Retirement Facilities, Escrowed to Maturity, Zero Coupon Bond
	4.300%, 07/15/2020 (b) (d)		10,000		5,620
Colorado State Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI)
	5.000%, 05/15/2012		500		525
	5.000%, 05/15/2013		405		428
Colorado State Housing Finance Authority, Series A-2
	7.150%, 11/01/2014		40		40
Denver City & County Airport Revenue, Series A (FGIC)
	4.000%, 11/15/2016		315		317
E-470 Public Highway Authority, Convertible CABs, Series C (MBIA)
	0.000% through 09/01/2011,
	thereafter 5.000%, 09/01/2017 (c)		1,500		1,292
Mesa County, Escrowed to Maturity, Zero Coupon Bond
	3.830%, 12/01/2011 (b) (d)		5,500		4,563
Montrose Memorial Hospital
	5.700%, 12/01/2017		2,170		2,327
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC)
	0.000% through 06/15/2011,
	thereafter 5.250%, 06/15/2015 (c)		2,750		2,422
					44,813
General Obligations – 2.4%
Denver City & County School District #1 (FSA) (STAID)
	4.000%, 12/01/2014		4,545		4,617
El Paso County School District #2, Harrison (FGIC) (STAID)
	5.500%, 12/01/2016		1,280		1,382
El Paso County School District #49, Falcon (MBIA)
	5.000%, 12/01/2017		1,000		1,092

First American Funds Semiannual Report 2006       31

Schedule of  Investments continued

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
High Plains Metropolitan District, Series B (LOC: Compass Bank)
	4.375%, 12/01/2015	$	350	$	356
Jefferson County School District #R-1 (MBIA)
	6.500%, 12/15/2011		5,100		5,742
Midcities Metropolitan District #2 (RAAI)
	4.875%, 12/01/2016		385		408
Vista Ridge Metropolitan School District, Limited Tax, Series A (RAAI)
	4.125%, 12/01/2017		715		707
	4.250%, 12/01/2018		745		740
					15,044
Certificates of Participation – 0.3%
Aims Junior College District (MBIA)(MLO)
	4.250%, 12/15/2016		500		514
Colorado State Department of Corrections, State Penitentiary II Project, Series B (AMBAC) (MLO)
	5.000%, 03/01/2014		1,250		1,341
					1,855
					61,712
Connecticut – 0.9%
Revenue Bonds – 0.9%
Connecticut State Health & Educational Facilities Authority, Griffin Hospital, Series B (RAAI)
	5.000%, 07/01/2014		1,185		1,265
Mashantucket Western Pequot Tribe, Series A, Pre-refunded 09/01/2007 @ 101
	6.400%, 09/01/2011 (a) (e)		4,170		4,289
					5,554
Florida – 0.8%
Revenue Bonds – 0.4%
Lee County Industrial Development Authority, Shell Point Village Health Project, Series A
	5.500%, 11/15/2008		1,000		1,020
Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community
	5.250%, 10/01/2013		1,400		1,467
					2,487
Certificate of Participation – 0.4%
Clay County School Board, Series B (MBIA) (MLO)
	5.000%, 07/01/2018		2,205		2,362
					4,849
Georgia – 0.2%
Revenue Bond – 0.1%
Cherokee County Water & Sewer Authority, Escrowed to Maturity (MBIA)
	11.250%, 08/01/2007 (b)		600		626
General Obligations – 0.1%
Fayette County School District, Convertible CABs (FSA)
	0.000% through 09/01/2010,
	thereafter 4.150%, 03/01/2014 (c)		500		431
Fayette County School District, Convertible CABs (FSA)
	0.000% through 09/01/2010,
	thereafter 4.250%, 03/01/2015 (c)		265		229
Fayette County School District, Convertible CABs (FSA)
	0.000% through 09/01/2010,
	thereafter 4.350%, 03/01/2016 (c)		300		260
					920
					1,546
Idaho – 0.2%
Certificates of Participation – 0.2%
Madison County Hospital Revenue (MLO)
	5.000%, 09/01/2012		500		524
	5.250%, 09/01/2015		295		317
	5.250%, 09/01/2016		500		541
					1,382
Illinois – 17.5%
Revenue Bonds – 8.6%
Chicago, Midway Airport Project, Series C (MBIA)
	5.500%, 01/01/2014		1,300		1,429
Chicago, Park District, Parking Facilities Authority, Escrowed to Maturity (ACA)
	5.500%, 01/01/2008 (b)		3,585		3,653
Chicago, Single Family Mortgages, Series A (AMT) (FHLMC) (FNMA) (GNMA)
	5.250%, 03/01/2013		10		10
Chicago Water, Zero Coupon Bond (FGIC)
	3.733%, 11/01/2008 (d)		5,150		4,811
	3.760%, 11/01/2009 (d)		6,450		5,803
Granite Single Family Mortgage, Series A, Escrowed to Maturity
	7.750%, 10/01/2011 (b)		560		621
Illinois Development Finance Authority, Midwestern University, Series B
	5.750%, 05/15/2016		350		372
Illinois Finance Authority, Clare at Water Tower Project, Series A
	5.400%, 05/15/2014		1,000		1,014
	5.500%, 05/15/2015		1,000		1,016
Illinois Finance Authority, Friendship Village Schaumburg, Series A
	5.000%, 02/15/2015		2,500		2,520
Illinois Finance Authority, Landing at Plymouth Project, Series A
	5.250%, 05/15/2014		1,320		1,336
Illinois Finance Authority, Peoples Gas, Light and Coke Co., Series A, Mandatory Put 06/01/2016 @ 100 (AMBAC)
	4.300%, 06/01/2035		2,000		2,048
Illinois Health Facilities Authority, St. Benedict, Series 2003A-2
	5.750%, 11/15/2015		2,750		2,751
Illinois Sports Facilities Authority, State Tax Supported, Convertible CABs (AMBAC)
	0.000% through 06/15/2010,
	thereafter 4.750%, 06/15/2013 (c)		1,405		1,259
Illinois Sports Facilities Authority, State Tax Supported, Convertible CABs (AMBAC)
	0.000% through 06/15/2010,
	thereafter 5.100%, 06/15/2016 (c)		1,620		1,492
Illinois State Development Finance Authority, Elgin School District, Zero Coupon Bond
	4.180%, 01/01/2018 (d)		2,750		1,744
Illinois State Development Finance Authority, Elmhurst Community School #205, Pre-refunded 01/01/2011 @ 100 (FSA)
	6.375%, 01/01/2013 (a)		1,025		1,127

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

32      First American Funds Semiannual Report 2006

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Illinois State Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI)
	4.350%, 12/01/2010	$	1,605	$	1,632
Illinois State Health Facilities Authority, Evangelical, Escrowed to Maturity
	6.750%, 04/15/2012 (b)		1,320		1,447
Illinois State Health Facilities Authority, Mercy Hospital & Medical Center, Escrowed to Maturity
	10.000%, 01/01/2015 (b)		695		866
Illinois State Sales Tax
	6.000%, 06/15/2009		2,500		2,638
	5.100%, 06/15/2010		2,000		2,092
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A (FGIC)
	5.550%, 12/15/2011		675		716
Metropolitan Pier & Exposition Authority, State Sales Tax, Convertible CABs, Series B
	0.000% through 06/15/2012,
	thereafter 5.200%, 06/15/2017 (c)		1,000		830
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Escrowed to Maturity, Zero Coupon Bond (FGIC)
	3.710%, 06/15/2009 (b) (d)		1,465		1,338
Morton Grove, Residential Housing, Escrowed to Maturity (MBIA)
	7.350%, 09/01/2009 (b)		5,570		6,091
Southwestern Illinois Development Authority Revenue, Anderson Hospital
	5.125%, 08/15/2026		2,000		2,073
Southwestern Illinois Development Authority Revenue, Local Government, Triad School District 2 (MBIA)
	4.250%, 10/01/2017		350		357
	5.000%, 10/01/2018		1,000		1,085
					54,171
General Obligations – 8.9%
Champaign County Community Unit School District #004
	8.250%, 01/01/2009		1,315		1,427
Chicago, City Colleges, Zero Coupon Bond (FGIC)
	3.980%, 01/01/2015 (d)		10,000		7,294
Chicago, Convertible CABs, Series A (MBIA)
	0.000% through 01/01/2011,
	thereafter 5.300%, 01/01/2016 (c)		2,000		1,796
Chicago, Project & Refunding (FSA)
	5.500%, 01/01/2013		1,000		1,093
Chicago, Project & Refunding, Series A (FGIC)
	5.250%, 01/01/2011		5,000		5,286
Cook County Community Unit School District #65, Evanston, Series A (FSA)
	6.375%, 05/01/2009		3,000		3,180
Cook County Community Unit School District #102, La Grange, Zero Coupon Bond (FGIC)
	3.910%, 12/01/2013 (d)		2,440		1,866
Cook County Community Unit School District #401, Elmwood Park, Zero Coupon Bond (FSA)
	3.840%, 12/01/2011 (d)		3,625		3,006
Cook County School District #088, Bellwood, Series B (FSA)
	5.000%, 12/01/2017		1,675		1,797
Cook County School District #123, Oak Lawn, Capital Appreciation, Zero Coupon Bond (MBIA)
	4.018%, 12/01/2015 (d)		2,250		1,578
Cook County School District #209, Proviso Township, Convertible CABs (FSA)
	0.000% through 12/01/2007,
	thereafter 5.000%, 12/01/2016 (c)		1,000		1,036
Cook County, Series A (MBIA)
	6.250%, 11/15/2011		1,000		1,111
Du Page County Community High School District #94, West Chicago (FSA)
	7.250%, 11/01/2009		1,780		1,946
Evanston
	4.000%, 01/01/2019		1,555		1,536
Illinois State, First Series
	5.500%, 08/01/2015		4,500		4,762
Lake County Community Unit School District #60, Waukegan, Series B (FSA)
	7.500%, 12/01/2008		3,640		3,896
Lake County School District #56, Gurnee (FGIC)
	8.375%, 01/01/2010		1,290		1,456
Madison & Jersey Counties Unit School District #11, Alton, Capital Appreciation, Zero Coupon Bond (FSA)
	4.280%, 12/01/2019 (d)		2,100		1,215
Rockford School District #205 (FGIC)
	5.000%, 02/01/2014		500		537
St. Clair County (FGIC)
	6.000%, 10/01/2011		1,000		1,078
Will County School District #86, Joliet, Zero Coupon Bond (FSA)
	4.170%, 11/01/2017 (d)		3,870		2,474
Winnebago & Boone Counties School District #205, Series C, Partially Escrowed to Maturity (FGIC)
	6.000%, 02/01/2008 (b)		5,065		5,193
Winnebago County School District #122, Harlem-Love Park, Zero Coupon Bond (FSA)
	4.170%, 01/01/2017 (d)		3,000		1,985
					56,548
					110,719
Indiana – 1.9%
Revenue Bonds – 1.7%
Crown Point Multi-School Building, First Mortgage (MBIA) (MLO)
	7.625%, 01/15/2008		1,000		1,040
Evansville Vanderburgh, Public Leasing, Pre-refunded 01/15/2012 @ 100 (MBIA) (MLO)
	5.750%, 07/15/2018 (a)		1,000		1,094
Franklin Township Independent School Building Corporation, Escrowed to Maturity
	5.750%, 07/15/2009 (b)		1,235		1,300
Indiana Transportation Finance Authority, Escrowed to Maturity
	5.750%, 06/01/2012 (b)		180		195
Indiana Transportation Finance Authority, Series A (AMBAC)
	5.750%, 06/01/2012		1,820		2,002
Indiana University, Series K, Zero Coupon Bond (MBIA)
	3.830%, 08/01/2011 (d)		250		210
St. Joseph County Hospital Authority (MBIA)
	4.750%, 08/15/2012		1,000		1,020

First American Funds Semiannual Report 2006       33

Schedule of  Investments continued

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
St. Joseph County Independent Economic Development Revenue, Holy Cross Village, Notre Dame Project, Series A
	5.750%, 05/15/2016	$	450	$	472
	5.550%, 05/15/2019		230		234
St. Joseph County Independent Hospital Authority, Health Facilities Revenue, Madison Center Obligation Group Project
	5.250%, 02/15/2028		2,295		2,351
Zionsville Community Schools Building, First Mortgage Bonds, Pre-refunded 01/15/2012 @ 100 (FGIC) (MLO) (STAID)
	5.750%, 07/15/2015 (a)		775		848
					10,766
General Obligation – 0.2%
Gary Sanitation District, Special Tax District (RAAI)
	3.750%, 02/01/2011		1,260		1,252
					12,018
Iowa – 2.8%
Revenue Bonds – 2.8%
Iowa Finance Authority Health Facilities Revenue, Care Initiatives Project, Series A
	5.250%, 07/01/2013		1,250		1,295
Iowa Finance Authority Retirement Community, Friendship Haven Project, Series A
	5.750%, 11/15/2019		500		506
Iowa Higher Education Authority, Central College
	5.450%, 10/01/2026		1,000		1,054
Iowa Higher Education Authority, Grand View College
	4.500%, 10/01/2015		200		202
	4.600%, 10/01/2017		300		303
	4.700%, 10/01/2019		405		409
	4.750%, 10/01/2024		1,000		1,003
Iowa Higher Education Authority, Wartburg College Project, Pre-refunded 10/01/2012 @ 100 (ACA) (MBIA)
	5.500%, 10/01/2028 (a)		2,000		2,178
Iowa Higher Education Authority, Wartburg College Project, Series A
	4.700%, 10/01/2016		925		946
	4.750%, 10/01/2017		1,100		1,125
	4.800%, 10/01/2018		1,155		1,182
	5.000%, 10/01/2023		1,475		1,512
Iowa State University, Science & Technology University Revenue, Dorm ISU (AMBAC)
	4.000%, 07/01/2013		595		607
	4.000%, 07/01/2014		650		662
Muscatine Electric, Escrowed to Maturity
	9.700%, 01/01/2013 (b)		1,790		2,100
Xenia Rural Water Revenue (CIFG)
	4.000%, 12/01/2015		1,240		1,249
	4.000%, 12/01/2016		1,500		1,505
					17,838
Kansas – 2.8%
Revenue Bonds – 2.0%
Butler County Public Building Authority (MBIA) (MLO)
	6.375%, 10/01/2010		1,000		1,091
Johnson County Residual Housing, Escrowed to Maturity, Zero Coupon Bond
	3.830%, 05/01/2012 (b) (d)		7,500		6,125
Kansas State Development Finance Authority, Health Facilities Revenue, Hays Medical Center, Series L
	4.500%, 11/15/2017		1,405		1,420
La Cygne Environmental Improvement Revenue, Kansas City Power & Light (XLCA)
	4.050%, 03/01/2015		1,000		1,016
Olathe Senior Living Facility Revenue, Catholic Care Campus, Series A
	5.750%, 11/15/2013		700		728
	5.750%, 11/15/2014		765		799
	5.750%, 11/15/2015		820		858
Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA)
	6.700%, 06/01/2029		375		379
					12,416
General Obligations – 0.8%
Johnson County School District #231, Series B (AMBAC)
	4.000%, 10/01/2012		585		594
	4.000%, 10/01/2017		1,500		1,505
Johnson County Unified School District #232, Series A (FSA)
	4.250%, 09/01/2016		2,000		2,057
Sedgwick County School District #267 (AMBAC)
	5.250%, 11/01/2012		1,045		1,132
					5,288
					17,704
Kentucky – 0.6%
Revenue Bonds – 0.6%
Kentucky State Turnpike Authority, Escrowed to Maturity
	7.200%, 07/01/2009 (b)		690		723
	6.000%, 07/01/2011 (b)		540		568
Louisville Water, Escrowed to Maturity
	6.375%, 11/01/2007 (b)		1,000		1,023
	6.000%, 11/15/2007 (b)		1,250		1,274
					3,588
Louisiana – 0.8%
Revenue Bonds – 0.6%
Louisiana Local Government Environmental Facilities, Community Development Authority (AMT)
	6.650%, 01/01/2025		730		784
Louisiana Public Facilities Authority, Pennington Medical Foundation Project
	5.000%, 07/01/2021		1,000		1,049
St. Tammany Parish Sales Tax Revenue, District #03, Sales & Use Tax (CIFG)
	5.000%, 06/01/2017		1,405		1,529
					3,362

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

34      First American Funds Semiannual Report 2006

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
General Obligation – 0.2%
Louisiana, Series B (CIFG)
	5.000%, 07/15/2015	$	1,300	$	1,404
					4,766
Maine – 0.3%
General Obligation – 0.3%
Maine Municipal Bond Bank, Series B (FSA)
	5.750%, 11/01/2010		2,000		2,151
Maryland – 0.3%
Revenue Bonds – 0.3%
Maryland State Department of Transportation
	4.250%, 02/15/2017		1,000		1,027
Westminster Educational Facilities Revenue, McDaniel College
	5.000%, 11/01/2013		350		370
	4.000%, 11/01/2015		700		690
					2,087
Massachusetts – 3.5%
Revenue Bonds – 3.0%
Boston Industrial Development Financing Authority, Crosstown Center Project (AMT)
	6.500%, 09/01/2035		1,975		2,045
Massachusetts Bay Transportation Authority, General Transportation System Project, Series C (FGIC)
	5.750%, 03/01/2010		2,100		2,231
Massachusetts Bay Transportation Authority, Series A
	6.250%, 03/01/2012		1,875		2,095
Massachusetts State Commonwealth, Special Obligation, Series A
	5.500%, 06/01/2013		1,000		1,100
Massachusetts State Health & Educational Authority Revenue, Berkshire Health System, Series F (AGTY)
	5.000%, 10/01/2015		2,000		2,159
Massachusetts State Health & Educational Facilities Authority, Partners Healthcare System, Series A (MBIA)
	5.100%, 07/01/2010		3,000		3,050
Massachusetts State Port Authority
	5.750%, 07/01/2012		1,000		1,098
Massachusetts State Port Authority, Escrowed to Maturity
	13.000%, 07/01/2013 (b)		3,680		4,864
Massachusetts State, Multifamily Housing, Escrowed to Maturity (FHA)
	6.350%, 04/01/2008 (b)		430		432
					19,074
General Obligation – 0.5%
Massachusetts State, Series A, Pre-refunded 01/01/2011 @ 100
	5.125%, 01/01/2016 (a)		3,000		3,159
					22,233
Michigan – 4.4%
Revenue Bonds – 2.3%
Detroit Water Supply, Escrowed to Maturity (FGIC)
	6.250%, 07/01/2012 (b)		285		305
Michigan State Hospital Finance Authority, Henry Ford Health Systems, Series A, Pre-refunded 03/01/2013 @ 100
	5.500%, 03/01/2015 (a)		3,500		3,836
Michigan State Hospital Finance Authority, Henry Ford Hospital, Escrowed to Maturity
	9.000%, 05/01/2008 (b)		2,470		2,573
Michigan State Housing Development Authority, Green Hill Project (FNMA)
	5.125%, 07/15/2008		850		851
Romulus Economic Development Corporation, Partnership Project, Escrowed to Maturity
	7.000%, 11/01/2015 (b)		1,300		1,573
Wayne Charter County Airport, Series A (AMT) (MBIA)
	5.250%, 12/01/2009		5,000		5,181
					14,319
General Obligations – 2.1%
Chippewa Valley Schools, Pre-refunded 05/01/2012 @ 100 (MQSBLF)
	5.500%, 05/01/2014 (a)		1,775		1,932
Constantine Public Schools (MQSBLF)
	5.000%, 05/01/2016		1,075		1,141
Detroit (AMT) (FSA)
	5.750%, 04/01/2009		1,255		1,310
Lakeshore Public Schools (MQSBLF)
	5.000%, 05/01/2012		1,160		1,220
Lakeview Public Schools (MQSBLF)
	5.000%, 05/01/2014		1,985		2,080
Rochester Community School District, Series 1, Pre-refunded 05/01/2010 @ 100 (FGIC)
	5.375%, 05/01/2011 (a)		2,000		2,107
South Lyon Community Schools (FGIC)
	4.000%, 05/01/2018		1,400		1,387
Woodhaven Brownstown School District (FSA) (MQSBLF)
	5.000%, 05/01/2014		2,000		2,157
					13,334
					27,653
Minnesota – 3.1%
Revenue Bonds – 2.8%
Aitkin Health Care Facilities, Riverwood Healthcare Center
	5.375%, 02/01/2017		1,590		1,631
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMBAC) (AMT)
	5.375%, 01/01/2010		3,000		3,077
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC)
	5.750%, 01/01/2010		1,000		1,057
Minneapolis Hospital & Rehabilitation, Escrowed to Maturity
	10.000%, 06/01/2013 (b)		850		1,022
Minnesota Agricultural & Economic Development Board, Health Care Systems, Series A
	5.875%, 11/15/2011		2,135		2,288
Minnesota State Higher Education Facilities Revenue, College of Art & Design, Series 6-K
	5.000%, 05/01/2012		295		306

First American Funds Semiannual Report 2006       35

Schedule of  Investments continued

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Minnesota State Municipal Power Agency, Electric Revenue
	4.375%, 10/01/2025	$	1,800	$	1,767
Monticello Big Lake Community Hospital District, Health Care Facilities, Series C
	5.250%, 12/01/2011		1,940		2,026
Northfield Hospital Revenue
	5.000%, 11/01/2012		785		813
St. Paul Housing & Redevelopment Authority (AMBAC)
	6.500%, 02/01/2009		1,315		1,351
St. Paul Port Authority Hotel, Pre-refunded 08/01/2008 @ 100
	8.050%, 08/01/2021 (a)		2,335		2,493
					17,831
General Obligations – 0.3%
Hopkins Independent School District #270, School Building, Series C (FSA) (MSDCEP)
	4.000%, 02/01/2020		1,000		980
Prior Lake Independent School District #719, School Building, Series B (MBIA) (MSDCEP)
	4.000%, 02/01/2020 (f)		1,070		1,053
					2,033
					19,864
Mississippi – 0.1%
Revenue Bond – 0.1%
Mississippi Development Bank Special Obligation, Hattiesburg Water & Sewer (AMBAC)
	4.125%, 08/01/2017		425		430
Missouri – 1.6%
Revenue Bonds – 1.4%
Hannibal Industrial Development Authority, Health Facilities Revenue, Hannibal Regional Hospital
	4.350%, 03/01/2014		1,405		1,416
Joplin Individual Development Authority Health Facilities, Freeman Health System Project
	4.125%, 02/15/2009		750		749
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Iatan 2 Project, Series A (AMBAC)
	5.000%, 01/01/2014		2,065		2,224
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Plum Point Project (MBIA)
	4.200%, 01/01/2018		1,000		1,012
Missouri State Health & Educational Facilities Revenue, Senior Living Facilities, Lutheran, Series B
	4.350%, 02/01/2015		850		852
	4.375%, 02/01/2016		930		929
Osage Beach Tax Increment, Prewitts Project
	4.800%, 05/01/2016		1,650		1,639
					8,821
Certificates of Participation – 0.2%
Texas County, Justice Center Project (AGTY) (MLO)
	4.250%, 12/01/2015		625		639
	4.150%, 12/01/2018		560		558
					1,197
					10,018
Montana – 0.9%
Revenue Bonds – 0.9%
Montana Facilities Financial Authority, Health Care Facilities Revenue, Master Loan Project, North Montgomery Group Project
	4.500%, 10/01/2014		435		453
Montana Financial Authority Revenue, Senior Living, St. Johns Lutheran, Series A
	5.750%, 05/15/2016		1,800		1,855
	6.000%, 05/15/2025		1,675		1,734
Montana State Board of Regents Higher Education Revenue, Montana State University, Series K (AMBAC)
	4.250%, 11/15/2018		1,350		1,370
					5,412
Nebraska – 1.4%
Revenue Bonds – 1.3%
Douglas County Hospital Authority #002, Nebraska Medical Center, Clarkson Regional Health Guaranty (GTY)
	5.000%, 11/15/2011		2,860		2,978
Douglas County Zoo Facilities Revenue, Omaha’s Henry Doory Zoo Project
	4.750%, 09/01/2017		745		770
	4.750%, 09/01/2018		740		763
Lancaster County Hospital Authority #1, Hospital Revenue, BryanLGH Medical Center Project
	4.000%, 06/01/2018		2,000		1,947
Nebraska Investment Financial Authority, Great Plains Regional Medical Center (RAAI)
	4.700%, 11/15/2011		500		517
	4.800%, 11/15/2012		500		521
	4.900%, 11/15/2013		600		627
					8,123
General Obligation – 0.1%
Lincoln-Lancaster County Public Building, Tax Supported Lease Rental (MLO)
	4.500%, 10/15/2015		1,020		1,067
					9,190
Nevada – 1.1%
Revenue Bonds – 0.7%
Carson City, Carson-Tahoe Hospital Project
	5.750%, 09/01/2011		1,000		1,055
	5.750%, 09/01/2012		1,055		1,123
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B
	6.750%, 11/15/2023		2,150		2,196
					4,374
General Obligation – 0.4%
Washoe County, Escrowed to Maturity
	9.875%, 08/01/2009 (b)		2,265		2,477
					6,851

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

36      First American Funds Semiannual Report 2006

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
New Hampshire – 0.4%
Revenue Bonds – 0.4%
New Hampshire Health & Education Facilities Authority
	5.375%, 07/01/2024	$	1,250	$	1,335
New Hampshire State Health & Educational Facilities Authority, Speare Memorial Hospital
	5.500%, 07/01/2025		1,000		1,042
					2,377
New Jersey – 1.0%
Revenue Bonds – 1.0%
New Jersey Economic Development Authority, Cigarette Tax
	5.500%, 06/15/2016		2,000		2,185
New Jersey Health Care Facilities, Capital Health Systems, Series A
	5.500%, 07/01/2012		1,500		1,598
New Jersey State Transportation Trust Fund Authority, Series A
	5.500%, 06/15/2008		2,000		2,051
New Jersey State Turnpike Authority, Escrowed to Maturity
	6.750%, 01/01/2009 (b)		605		605
					6,439
New York – 3.1%
Revenue Bonds – 1.3%
Hempstead Town Industrial Development Agency (MBIA)
	5.000%, 12/01/2008		2,000		2,042
Long Island Power Authority, New York Electric System Revenue, Series D (MBIA)
	5.000%, 09/01/2014		2,000		2,158
Long Island Power Authority, Series B
	5.250%, 12/01/2013		4,000		4,348
					8,548
General Obligations – 1.8%
New York, Series A
	5.750%, 08/01/2015		3,220		3,522
New York, Series C
	5.500%, 03/15/2014		3,000		3,228
New York, Series D
	5.500%, 06/01/2012		2,000		2,163
New York, Series G (XLCA)
	5.500%, 08/01/2012		2,000		2,178
					11,091
					19,639
North Carolina – 2.1%
Revenue Bonds – 1.9%
North Carolina Eastern Power Agency, Series D
	5.375%, 01/01/2013		2,955		3,168
North Carolina Medical Care Commission Health Care Facilities Revenue, First Mortgage Presbyterian, Series B
	4.875%, 10/01/2013		2,035		2,068
	5.000%, 10/01/2014		2,120		2,171
North Carolina Medical Care Commission Health Care Facilities Revenue, First Mortgage, Salemtowne
	5.000%, 10/01/2014		1,115		1,142
	4.625%, 10/01/2015		620		615
	5.000%, 10/01/2016		1,065		1,085
North Carolina Power Agency #1, Series A (FSA)
	5.250%, 01/01/2016		2,000		2,154
					12,403
Certificate of Participation – 0.2%
Sampson County (FSA) (MLO)
	5.000%, 06/01/2017		1,000		1,091
					13,494
North Dakota – 0.2%
Revenue Bond – 0.2%
Ward County Health Care Facilities Revenue, Trinity Obligated Group
	5.000%, 07/01/2014		1,180		1,235
Ohio – 1.7%
Revenue Bonds – 1.0%
Lorain County Hospital Facilities, Catholic Healthcare Partners, Series B (MBIA)
	5.375%, 09/01/2009		1,000		1,030
Miami County Hospital Facilities, Upper Valley Medical Center
	5.250%, 05/15/2016		750		801
Ohio State Higher Education Facilities Revenue, John Carroll University Project
	4.000%, 04/01/2014		1,135		1,142
	4.500%, 04/01/2015		1,000		1,040
	4.300%, 04/01/2018		550		553
Ohio State Water Development Authority, Escrowed to Maturity
	9.375%, 12/01/2010 (b)		1,110		1,221
Richland County Hospital Facilities, Series A
	5.650%, 11/15/2008		595		614
					6,401
General Obligations – 0.5%
Hilliard School District, Series A (MBIA)
	5.000%, 12/01/2017		1,260		1,377
Lakota Local School District (FSA)
	4.200%, 12/01/2017		220		224
Westerville City School District (XLCA)
	4.000%, 12/01/2019		2,000		1,962
					3,563
Certificate of Participation – 0.2%
Akron (AGTY) (MLO)
	5.000%, 12/01/2015		1,000		1,067
					11,031

First American Funds Semiannual Report 2006       37

Schedule of  Investments continued

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Oklahoma – 1.8%
Revenue Bonds – 1.8%
Cherokee County Economic, Escrowed to Maturity, Zero Coupon Bond (AMBAC)
	3.780%, 11/01/2011 (b) (d)	$	3,340	$	2,786
McClain County Economic Development Authority, Educational Facilities Lease Revenue, Newcastle Public Schools Project (MLO)
	5.000%, 09/01/2009		510		521
	5.000%, 09/01/2011		345		357
	5.000%, 09/01/2012		355		370
	4.125%, 09/01/2013		250		250
Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project (AMT)
	5.750%, 01/01/2023		1,430		1,488
Pottawatomie County Educational Facilities Lease Revenue, Shawnee Public Schools Project (MLO)
	5.000%, 09/01/2011		1,000		1,039
South Oklahoma City, Pre-refunded 02/01/2010 @ 100
	9.750%, 02/01/2013 (a)		3,270		3,673
Tulsa Educational Facilities Authority, Holland Hall School Project, Series B
	4.600%, 12/01/2009		1,195		1,218
					11,702
Oregon – 0.8%
Revenue Bond – 0.0%
Tri-County Metropolitan Transportation District, Payroll Tax & Grant (MBIA)
	4.000%, 05/01/2014		200		201
General Obligations – 0.4%
Clackamas County School District #108, Estacada (FSA) (SBG)
	5.250%, 06/15/2017		1,205		1,348
Lane County School District #52, Bethel (SBG)
	5.500%, 06/15/2009		1,000		1,045
					2,393
Certificate of Participation – 0.4%
Oregon State Department of Administrative Services, Series E (FSA) (MLO)
	5.000%, 11/01/2014		2,170		2,313
					4,907
Pennsylvania – 1.5%
Revenue Bonds – 1.0%
Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center (RAAI)
	5.000%, 12/15/2015		1,275		1,365
	5.000%, 12/15/2017		1,405		1,496
Montgomery County Industrial Development Authority, Whitemarsh Continued Care Project
	6.125%, 02/01/2028		1,000		1,063
Westmoreland County Independent Development Authority Revenue, Retirement Community, Redstone, Series A
	5.375%, 01/01/2014		1,100		1,133
	5.500%, 01/01/2016		1,200		1,251
					6,308
General Obligations – 0.5%
Central Greene School District, Capital Appreciation, Escrowed to Maturity, Zero Coupon Bond (MBIA) (STAID)
	3.630%, 12/01/2007 (b) (d)		2,000		1,935
Ephrata Area School District (FGIC) (STAID)
	4.500%, 04/15/2018		1,500		1,558
					3,493
					9,801
South Carolina – 1.5%
Revenue Bonds – 1.5%
Charleston EDL Excellence Finance, Charleston County School District Project (MLO)
	5.000%, 12/01/2013		2,000		2,131
Lexington County Health Services District, Lexington Medical Center
	5.500%, 11/01/2023		2,000		2,129
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A
	6.000%, 08/01/2013		1,000		1,108
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C
	6.000%, 08/01/2013		2,000		2,217
South Carolina State Public Service Authority, Series A (MBIA)
	5.500%, 01/01/2010		1,665		1,753
					9,338
South Dakota – 1.3%
Revenue Bonds – 0.7%
South Dakota State Health & Educational Facilities Authority, Sioux Valley Hospital
	5.250%, 11/01/2008		900		921
South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement
	5.900%, 09/01/2007		755		765
	4.750%, 09/01/2011		530		546
	5.000%, 09/01/2012		1,000		1,046
	5.000%, 09/01/2013		1,000		1,049
					4,327
Certificates of Participation – 0.6%
Deadwood (ACA) (MLO)
	5.500%, 11/01/2007		800		810
	5.600%, 11/01/2008		845		869
	5.000%, 11/01/2018		2,385		2,478
					4,157
					8,484
Tennessee – 2.6%
Revenue Bonds – 2.3%
Metropolitan Government Nashville & Davidson County, Escrowed to Maturity
	6.400%, 04/01/2011 (b)		1,030		1,140
Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/2012 @ 100
	6.000%, 09/01/2016 (a)		1,500		1,678
Shelby County Health, Educational & Housing Facilities Board, St. Jude’s Children’s Research
	5.000%, 07/01/2009		400		407
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project (RAAI)
	5.000%, 09/01/2016		2,000		2,109

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

38      First American Funds Semiannual Report 2006

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Escrowed to Maturity
	6.250%, 09/01/2011 (b)	$	1,465	$	1,609
	6.250%, 09/01/2012 (b)		1,085		1,213
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Pre-refunded 09/01/2012 @ 101
	6.500%, 09/01/2013 (a)		2,215		2,522
Tennessee Energy Acquisition Corporation, Gas Revenue, Series A
	5.000%, 09/01/2014		3,500		3,748
					14,426
General Obligation – 0.3%
Memphis (MBIA)
	5.000%, 10/01/2016		2,000		2,191
					16,617
Texas – 8.4%
Revenue Bonds – 3.9%
Abilene Health Facilities Development, Sears Methodist Retirement, Series A
	5.300%, 11/15/2007		1,000		1,009
	5.350%, 11/15/2008		1,300		1,325
Brazos River Authority, Electric Company Project, Series 1999-B, Mandatory Put 04/01/2013 @ 100 (AMT)
	6.750%, 09/01/2034		2,000		2,215
Brazos River Authority, Electric Company Project, Series C, Mandatory Put 11/01/2011 @ 100 (AMT)
	5.750%, 05/01/2036		1,585		1,681
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT)
	5.700%, 05/15/2033		1,000		1,061
El Paso Water & Sewer Revenue, Series A (FSA)
	4.000%, 03/01/2017		1,640		1,637
	4.000%, 03/01/2018		650		643
Grapevine Industrial Development, Air Cargo (AMT)
	6.500%, 01/01/2024		490		528
Gregg County Health Facilities Development, Good Shepherd Medical Center, Series A
	5.750%, 10/01/2009		2,895		2,986
	5.000%, 10/01/2013		1,230		1,284
Houston Health Facilities Development, Buckingham Senior Living Community, Series A
	7.000%, 02/15/2023		2,000		2,238
Odessa Housing Finance, Escrowed to Maturity, Zero Coupon Bond (MBIA)
	3.860%, 06/01/2012 (b) (d)		1,465		1,191
San Antonio Electric & Gas, Series A
	5.250%, 02/01/2013		2,135		2,220
Tarrant County Cultural Education Financial Corporation Retirement Facilities, Northwest Senior Housing, Edgemere Project, Series A
	5.750%, 11/15/2014		1,235		1,302
Travis County Health Facilities, Development Retirement Facilities Revenue, Querencia Barton Creek Project
	5.250%, 11/15/2017		1,000		1,013
	5.500%, 11/15/2025		900		920
Tyler Health Facilities, Mother Frances Hospital
	5.250%, 07/01/2012		1,000		1,051
					24,304
General Obligations – 4.5%
Austin
	5.000%, 09/01/2013		4,510		4,760
Brownsville (MBIA)
	5.000%, 02/15/2017		2,125		2,280
Cypress-Fairbanks Independent School District, Pre-refunded 02/15/2010 @ 100 (PSFG)
	5.500%, 02/15/2018 (a)		4,000		4,215
Frisco (FGIC)
	5.000%, 02/15/2018		1,125		1,173
	5.000%, 02/15/2019		1,675		1,746
Irving Independent School District, Series A, Zero Coupon Bond (PSFG)
	3.745%, 02/15/2009 (d)		5,000		4,620
Kaufman County (FSA)
	5.000%, 02/15/2017		1,000		1,052
Keller Independent School District (PSFG)
	5.375%, 08/15/2014		235		251
North Harris Montgomery Community College District (FGIC)
	5.375%, 02/15/2015		2,535		2,725
Port Houston Authority, Harris County, Series B (AMT) (FGIC)
	5.500%, 10/01/2012		2,405		2,573
San Antonio
	4.125%, 02/01/2019		1,000		993
	4.250%, 02/01/2020		1,140		1,140
United Independent School District (PSFG)
	5.000%, 08/15/2015		1,000		1,083
					28,611
					52,915
Utah – 0.9%
Revenue Bonds – 0.7%
Salt Lake & Sandy Metropolitan Water District, Series A (AMBAC)
	5.000%, 07/01/2015		2,500		2,705
South Jordan, Sales Tax, Pre-refunded 08/15/2011 @ 100 (AMBAC)
	5.500%, 08/15/2018 (a)		1,000		1,078
Utah State Housing Finance Agency, Single Family Mortgages, Issue F-1 (FHA) (VA)
	6.300%, 01/01/2018		20		21
Utah State Housing Finance Agency, Single Family Mortgages, Series III, Class R (FHA) (VA)
	5.950%, 07/01/2008		380		388
					4,192
General Obligation – 0.2%
Ashley Valley Water & Sewer, Escrowed to Maturity (AMBAC)
	10.900%, 01/01/2010 (b)		1,095		1,212
					5,404

First American Funds Semiannual Report 2006       39

Schedule of  Investments continued

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Virginia – 0.5%
Revenue Bonds – 0.5%
Richmond Industrial Development Authority, Government Facilities (AMBAC) (MLO)
	5.000%, 07/15/2018	$	1,795	$	1,968
Riverside Regional Jail Authority (MBIA)
	5.700%, 07/01/2008		905		914
					2,882
Washington – 4.1%
Revenue Bonds – 0.6%
Energy Northwest, Washington Wind Project, Series A, Pre-refunded 01/01/2007 @ 103
	5.200%, 07/01/2010 (a)		1,950		2,009
Energy Northwest, Wind Project (MBIA)
	4.500%, 07/01/2015		1,000		1,041
Snohomish County Housing Authority
	6.300%, 04/01/2016		1,035		1,039
					4,089
General Obligations – 3.5%
Clark County School District #37, Vancouver (FSA)
	5.250%, 12/01/2014		1,515		1,663
King County (AMBAC)
	5.000%, 12/01/2012		2,000		2,134
King County, Series B, Pre-refunded 12/01/2007 @ 102
	5.850%, 12/01/2013 (a)		3,000		3,119
Snohomish County (MBIA)
	5.375%, 12/01/2019		5,000		5,341
Spokane County School District #081, Spokane, Convertible CABs (MBIA)
	0.000% through 12/01/2008,
	thereafter 5.000%, 06/01/2016 (c)		1,000		970
Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond (FGIC)
	3.978%, 12/01/2014 (d)		5,690		4,165
Washington State, Series C
	5.500%, 07/01/2014		2,275		2,525
Washington State, Series S-5, Zero Coupon Bond (FGIC)
	4.060%, 01/01/2016 (d)		3,000		2,089
					22,006
					26,095
West Virginia – 0.3%
Revenue Bond – 0.3%
Brooke Pleasants & Tyler Wetzel Counties, Single Family Mortgage, Escrowed to Maturity
	7.400%, 08/15/2010 (b)		1,675		1,881
Wisconsin – 2.4%
Revenue Bonds – 2.1%
Franklin Solid Waste Disposal Revenue, Waste Management Wisconsin, Series A, Mandatory Put 05/01/2016 @ 100 (AMT)
	4.950%, 11/01/2016		2,000		2,088
Wisconsin State Health & Educational Facilities Authority, Aurora Health Care, Series A
	5.500%, 02/15/2020		1,500		1,555
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project
	5.750%, 12/01/2019		2,000		2,037
Wisconsin State Health & Educational Facilities Authority, Fort Healthcare Income Project
	5.375%, 05/01/2018		1,250		1,332
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B
	6.250%, 02/15/2009		500		522
	5.500%, 02/15/2013		850		899
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A
	6.125%, 04/01/2024		1,500		1,584
Wisconsin State Health & Educational Facilities Authority, Vernon Memorial Healthcare Project
	4.650%, 03/01/2015		1,150		1,159
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services
	5.750%, 08/15/2011		645		689
Wisconsin State Health & Educational Facilities Authority, Wisconsin Medical College
	5.000%, 12/01/2015		1,450		1,560
					13,425
General Obligation – 0.3%
Door County, Series A, Crossover Refunded 09/01/2011 @ 100 (FGIC)
	5.125%, 09/01/2016 (g)		1,720		1,813
					15,238
Wyoming – 0.4%
Revenue Bond – 0.4%
Lincoln County, Pacificorp Project, Mandatory Put 06/03/2012 @ 100 (AMT)
	4.125%, 11/01/2025		2,250		2,241
Total Municipal Bonds (Cost $604,594)					632,688
Short Term Investment – 0.2%
First American Tax Free Obligations Fund, Class Z (h)
	(Cost $1,604)		1,603,755		1,604
Total Investments – 100.3% (Cost $606,198)					634,292
Other Assets and Liabilities, Net – (0.3)%					(2,146	)
Total Net Assets – 100.0%				$	632,146

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(d)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006.
(e)	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 December 31, 2006, the value of these investments was $4,289 or 0.7% of total net assets.

(f)  Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $1,055 or 0.2% of total net assets. See note 2 in Notes to Financial Statements.

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

40      First American Funds Semiannual Report 2006

Intermediate Tax Free Fund (concluded)

(g)	Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.
(h)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

ACA – American Capital Access

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $27,588, which represents 4.4% of total net assets.

CIFG – CDC IXIS Financial Guaranty

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

GTY –	Guaranty
LOC –	Letter of Credit

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MQSBLF – Michigan Qualified School Board Loan Fund Program

MSDCEP – Minnesota School District Credit Enhancement Program

PSFG – Permanent School Fund Guarantee

RAAI – Radian Asset Assurance Inc.

SBG – School Board Guaranty

STAID – State Aid Withholding

VA – Veterans Administration

XLCA – XL Capital Assurance Inc.

Minnesota Intermediate Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 99.1%
Revenue Bonds – 66.4%
Economic Development – 1.7%
Minneapolis Community Development Agency, Series G-3, Pre-refunded 12/01/2011 @ 100
	5.350%, 12/01/2021 (a)	$	1,000	$	1,074
Minneapolis Development Revenue, Common Bond, Series 1A (AMT)
	4.550%, 12/01/2013		480		485
	4.625%, 12/01/2014		505		512
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series B (AMT)
	6.500%, 08/01/2008		710		728
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series C (AMT)
	6.625%, 08/01/2008		645		662
					3,461
Education – 9.6%
Minneapolis, The Blake School Project
	5.000%, 09/01/2012		445		465
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4
	4.850%, 10/01/2009		520		530
	5.000%, 10/01/2011		500		511
	5.000%, 10/01/2012		500		510
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 6-C
	4.750%, 05/01/2018		1,075		1,100
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 6-J1
	5.000%, 05/01/2013		320		334
	5.000%, 05/01/2016		375		393
	5.000%, 05/01/2020		1,295		1,344
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 6-K
	5.000%, 05/01/2013		310		323
	5.000%, 05/01/2014		320		335
	5.000%, 05/01/2015		340		358
	5.000%, 05/01/2016		355		373
	5.000%, 05/01/2017		370		388
Minnesota State Higher Education Facilities Authority, Minneapolis College of Art and Design, Series 5-K
	5.000%, 05/01/2011		250		256
Minnesota State Higher Education Facilities Authority, St. Benedict College
	5.100%, 03/01/2011		2,885		2,906
Minnesota State Higher Education Facilities Authority, St. Benedict College, Series 5-W
	4.200%, 03/01/2012		345		348
Minnesota State Higher Education Facilities Authority, St. Catherine College, Series 5-N1
	5.250%, 10/01/2022		1,500		1,563
Minnesota State Higher Education Facilities Authority, St. John’s University, Series 5-I, Escrowed to Maturity (MBIA)
	5.000%, 10/01/2011 (b)		255		270
Minnesota State Higher Education Facilities Authority, St. John’s University, Series 5-I, Pre-refunded 10/01/2011 @ 100 (MBIA)
	5.000%, 10/01/2012 (a)		480		507

First American Funds Semiannual Report 2006       41

Schedule of  Investments continued

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 4, Pre-refunded 04/01/2008 @ 100
	5.250%, 04/01/2012 (a)	$	385	$	393
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 6-I
	4.000%, 04/01/2014		1,045		1,056
Moorhead Educational Facilities, Concordia College, Series A
	4.100%, 12/15/2014		845		858
	4.200%, 12/15/2015		880		898
	4.300%, 12/15/2016		925		944
	5.000%, 12/15/2018		1,005		1,078
	5.000%, 12/15/2019		1,060		1,132
					19,173
Healthcare – 26.8%
Aitkin Health Care Facilities, Riverwood Healthcare Center
	5.250%, 02/01/2015		735		750
Bemidji Health Care Facilities, North County Health Services
	4.125%, 09/01/2013		300		302
	4.250%, 09/01/2014		485		491
	4.250%, 09/01/2015		500		505
	5.000%, 09/01/2017		500		533
	5.000%, 09/01/2018		1,050		1,116
	5.000%, 09/01/2019		1,110		1,176
Cuyuna Range Hospital District
	5.000%, 06/01/2016		425		437
	5.000%, 06/01/2019		1,320		1,348
Cuyuna Range Hospital District, Series A
	5.500%, 06/01/2010		435		444
	5.650%, 06/01/2012		940		960
Duluth Economic Development Authority, Benedictine Health System
	5.375%, 02/15/2022		2,045		2,173
Glencoe Health Care Facilities, Pre-refunded 04/01/2011 @ 101
	7.400%, 04/01/2021 (a)		1,000		1,137
Glencoe Health Care Facilities, Regional Health Services Project
	5.000%, 04/01/2013		760		792
	5.000%, 04/01/2014		800		840
	5.000%, 04/01/2015		845		885
	5.000%, 04/01/2017		1,815		1,893
Hastings Health Care Facility, Regina Medical Center (ACA)
	5.000%, 09/15/2013		500		506
Inver Grove Heights Nursing Home Revenue, Presbyterian Homes Care
	5.000%, 10/01/2016		430		430
Maple Grove Health Care Facilities, North Memorial
	4.500%, 09/01/2017		1,730		1,755
Marshall Medical Center Gross Revenue, Avera Marshall Regional Medical Center Project
	4.500%, 11/01/2013		345		351
	4.750%, 11/01/2020		1,155		1,172
Minneapolis & St. Paul Housing & Redevelopment Authority, Healthspan, Series A (AMBAC)
	5.000%, 11/15/2013		1,000		1,008
Minneapolis Healthcare System, Allina Health System, Series A
	6.000%, 11/15/2023		2,500		2,760
	5.750%, 11/15/2032		1,300		1,405
Minneapolis Healthcare System, Fairview Health Services, Series A, Escrowed to Maturity
	5.000%, 05/15/2012 (b)		605		643
Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A (MBIA)
	5.000%, 02/15/2010		2,000		2,077
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project
	5.500%, 02/01/2011		280		294
	5.500%, 02/01/2012		200		212
	5.500%, 02/01/2015		730		775
Minnesota Agricultural & Economic Development Board, Fairview Healthcare Systems, Series A (MBIA)
	5.500%, 11/15/2017		305		315
	5.750%, 11/15/2026		10		10
Minnesota Agricultural & Economic Development Board, Fairview Healthcare Systems, Series A, Pre-refunded 11/15/2007 @ 102 (MBIA)
	5.750%, 11/15/2026 (a)		490		509
Monticello, Big Lake Community Hospital, Series C
	5.750%, 12/01/2015		2,320		2,419
New Hope Housing & Health Care Facilities, Masonic Home North Ridge
	5.300%, 03/01/2007		685		686
	5.500%, 03/01/2010		500		512
Northfield Hospital Revenue
	5.000%, 11/01/2011		375		387
	5.000%, 11/01/2013		880		914
	5.000%, 11/01/2014		920		956
	5.500%, 11/01/2017		1,080		1,166
Northfield Housing & Redevelopment Authority, Northfield Retirement Center, Series B
	5.125%, 12/01/2026		750		736
Plymouth Health Facilities, Westhealth Project, Series A (FSA)
	6.200%, 06/01/2011		1,360		1,363
Redwood Falls Hospital Facilities Revenue
	5.000%, 12/01/2021		1,015		1,033
Rochester, St. Mary’s Hospital, Escrowed to Maturity
	5.750%, 10/01/2007 (b)		285		289
Shakopee Health Care Facilities, St. Francis Regional Medical Center
	4.000%, 09/01/2012		305		304
	5.000%, 09/01/2017		1,785		1,868
St. Cloud Health Care, St. Cloud Hospital Obligated Group (FSA)
	5.500%, 05/01/2008		1,450		1,486
St. Paul Housing & Redevelopment Authority, Health Partners Obligation Group
	5.250%, 05/15/2019		1,000		1,065
St. Paul Housing & Redevelopment Authority, HealthEast Project
	5.150%, 11/15/2020		1,790		1,838
St. Paul Port Authority, HealthEast Midway Campus, Series A (MLO)
	5.250%, 05/01/2015		1,500		1,527
	5.750%, 05/01/2025		2,000		2,074

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

42      First American Funds Semiannual Report 2006

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Stillwater Health Care, Health Systems Obligation Group
	4.250%, 06/01/2015	$	300	$	301
	4.250%, 06/01/2016		760		757
Todd, Morrison, Cass & Wadena Counties, United Hospital District
	4.250%, 12/01/2012		425		428
	4.000%, 12/01/2013		400		398
Winona Health Care Facilities, Series A
	5.300%, 07/01/2017		525		552
	5.350%, 07/01/2018		590		621
					53,684
Housing – 1.3%
Dakota County Housing & Redevelopment Authority, Single Family Mortgages (AMT) (FNMA) (GNMA)
	5.125%, 10/01/2020		62		62
Minnesota State Housing Finance Agency, Rental Housing, Series D (MBIA)
	5.450%, 08/01/2007		235		235
Minnesota State Housing Finance Agency, Single Family Mortgages, Series B (AMT)
	5.550%, 07/01/2024		335		338
Moorhead Senior Housing Revenue, Sheyenne Crossing Project
	5.600%, 04/01/2025		2,000		2,040
South St. Paul Housing & Redevelopment Authority, Single Family Mortgages (FNMA)
	5.100%, 09/01/2007		10		10
					2,685
Lease Revenue – 3.9%
Andover Economic Development Authority, Andover Community Center (MLO)
	5.000%, 02/01/2019		1,225		1,286
Eden Prairie Housing & Redevelopment Authority, Series A (MLO)
	5.000%, 12/01/2011		255		268
Lakeville Housing & Redevelopment Authority, Lease Revenue, Ice Arena Project (MLO)
	4.500%, 02/01/2021		840		845
Pine County Housing & Redevelopment Authority, Series A (MLO)
	4.500%, 02/01/2015		440		448
	4.500%, 02/01/2016		465		472
	4.500%, 02/01/2017		385		388
St. Paul Housing & Redevelopment Authority, Smith Avenue Transit Center (MLO)
	4.000%, 06/01/2012		1,500		1,510
St. Paul Port Authority, Office Building (MLO)
	5.000%, 12/01/2019		2,415		2,558
					7,775
Miscellaneous – 1.7%
Commissioner of Iron Range Resources & Rehabilitation, Minnesota Educational Facilities (MSDCEP) (XLCA)
	4.500%, 10/01/2018		1,180		1,218
Minnesota State Retirement Systems Building
	5.450%, 06/01/2012		550		580
Seaway Port Authority of Duluth, Cargill Income Project
	4.200%, 05/01/2013		1,500		1,513
					3,311
Recreational Facility Authority – 1.2%
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Escrowed to Maturity
	6.700%, 08/01/2007 (b)		495		503
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Pre-refunded 08/01/2008 @ 103
	6.875%, 08/01/2010 (a)		1,685		1,804
					2,307
Revolving Funds – 1.3%
Minnesota Public Facilities Authority, Drinking Water, Series B, Pre-refunded 03/01/2009 @ 100
	5.125%, 03/01/2019 (a)		2,000		2,065
Minnesota Public Facilities Authority, Water Pollution Control
	5.000%, 03/01/2009		590		592
					2,657
Tax Revenue – 3.0%
Childrens Trust Fund, Puerto Rico, Tobacco Settlement
	4.000%, 05/15/2012		500		495
Minneapolis Tax Increment Revenue, Grant Park Project
	5.200%, 02/01/2022		1,000		1,005
Minneapolis, St. Anthony Falls Project
	5.000%, 02/01/2017		1,040		1,039
	5.300%, 02/01/2021		570		580
St. Anthony Housing & Redevelopment Authority, Silver Lake Village Project
	5.000%, 08/01/2015		855		867
St. Paul Port Authority, Energy Park, Tax Increment, Escrowed to Maturity (FSA)
	5.000%, 02/01/2008 (b)		2,100		2,115
					6,101
Transportation – 6.0%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (MBIA)
	5.000%, 01/01/2020		2,200		2,331
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC)
	5.750%, 01/01/2010		2,880		3,043
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) Pre-refunded 01/01/2011 @ 100
	5.625%, 01/01/2014(a)		1,000		1,039
Minneapolis & St. Paul Metropolitan Airports Commission, Series C (FGIC) Pre-refunded 01/01/2011 @ 100
	5.125%, 01/01/2020(a)		3,095		3,263
Minnesota Public Facilities Authority Transportation
	5.000%, 03/01/2012		970		1,007
Puerto Rico Commonwealth, Highway Transportation Authority, Series X (MBIA)
	5.500%, 07/01/2013		1,250		1,354
					12,037

First American Funds Semiannual Report 2006       43

Schedule of  Investments continued

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Utilities – 9.9%
Chaska Electric, Series A
	5.600%, 10/01/2008	$	680	$	700
	5.650%, 10/01/2009		720		753
	5.650%, 10/01/2010		760		805
	4.000%, 10/01/2012		500		503
	4.200%, 10/01/2015		1,000		1,013
Cohasset Pollution Control, Allete Project (RAAI)
	4.950%, 07/01/2022		2,230		2,298
Princeton Public Utility System
	4.100%, 04/01/2015		450		450
Rochester Electric Utility
	5.000%, 12/01/2016		1,150		1,194
Shakopee Public Utilities, Series A (FSA)
	4.250%, 02/01/2018		295		299
Southern Minnesota Municipal Power Agency, Series A (AMBAC)
	5.000%, 01/01/2011		1,270		1,313
	5.250%, 01/01/2014		3,415		3,728
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA)
	4.240%, 01/01/2020 (c)		3,500		2,028
	4.280%, 01/01/2021 (c)		5,000		2,763
Western Minnesota Municipal Power Agency, Series A (AMBAC)
	5.500%, 01/01/2011		1,000		1,036
	5.500%, 01/01/2012		1,000		1,067
					19,950
Total Revenue Bonds					133,141
General Obligations – 32.2%
Anoka County Capital Improvements, Series B
	4.550%, 01/01/2011		1,960		2,007
Anoka County Capital Improvements, Series D
	4.000%, 02/01/2018		200		199
Anoka-Hennepin Independent School District #11 (MSDCEP)
	5.000%, 02/01/2014		2,000		2,098
Anoka-Hennepin Independent School District #11, Series A (MSDCEP)
	5.000%, 02/01/2012		1,000		1,050
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/2010 @ 100 (MSDCEP)
	5.375%, 02/01/2013 (d)		600		630
Bloomington Independent School District #271, Series B, Crossover Refunded 02/01/2010 @ 100 (MSDCEP)
	5.250%, 02/01/2011 (d)		1,000		1,045
Buffalo Independent School District #877, Series B (FSA) (MSDCEP)
	4.500%, 02/01/2013		325		340
Cambridge Independent School District #911, Series A (MSDCEP)
	4.000%, 02/01/2016		1,060		1,070
Centennial Independent School District #12, Series A (FSA) (MSDCEP)
	5.000%, 02/01/2014		1,040		1,101
Crow Wing County, Series A (MBIA)
	4.500%, 02/01/2014		1,480		1,552
Dakota County, Capital Improvements, Series C
	4.850%, 02/01/2010		1,000		1,036
Foley Independent School District #51, School Building, Series A (MSDCEP)
	4.000%, 02/01/2017		1,140		1,148
Kingsland Independent School District #2137, School Building, Series A (FSA) (MSDCEP)
	4.125%, 02/01/2020		515		512
Lake Superior Independent School District #381, Series C (FSA) (MSDCEP)
	4.000%, 10/01/2017		1,000		1,005
Lakeville Independent School District #194 (MSDCEP)
	5.000%, 02/01/2016		2,000		2,050
Lakeville Independent School District #194, Series A, Crossover Refunded 02/01/2008 @ 100 (MSDCEP)
	5.125%, 02/01/2022 (d)		1,000		1,016
Lakeville Independent School District #194, Series A, Crossover Refunded 02/01/2013 @ 100 (FGIC) (MSDCEP)
	5.000%, 02/01/2022 (d)		2,435		2,592
Moorhead Independent School District #152 (MSDCEP)
	5.000%, 04/01/2012		1,220		1,297
	4.000%, 04/01/2015		1,100		1,116
Moorhead Independent School District #152, Crossover Refunded 04/01/2012 @ 100 (FGIC) (MSDCEP)
	5.000%, 04/01/2015 (d)		3,450		3,657
	5.000%, 04/01/2016 (d)		2,510		2,661
Mounds View Independent School District #621, Series A (MBIA) (MSDCEP)
	5.000%, 02/01/2018		2,340		2,463
	5.000%, 02/01/2019		2,565		2,700
Mounds View Independent School District #621, Series A (MSDCEP)
	5.250%, 02/01/2010		1,230		1,289
Mounds View Independent School District #621, Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP)
	5.250%, 02/01/2012 (d)		1,000		1,057
	5.350%, 02/01/2016 (d)		1,000		1,061
Northfield Independent School District #659 (MSDCEP)
	4.600%, 02/01/2013		1,100		1,141
	5.000%, 02/01/2015		1,295		1,364
Pequot Lakes Independent School District #186, Crossover Refunded 02/01/2012 @ 100 (FGIC) (MSDCEP)
	5.125%, 02/01/2018 (d)		500		532
Perham (AMT)
	5.850%, 05/01/2015		1,205		1,261
Pipestone-Jasper Independent School District #2689, Crossover Refunded 03/01/2009 @ 100 (FGIC) (MSDCEP)
	5.400%, 03/01/2013 (d)		1,095		1,136
Prior Lake Independent School District #719, School Building, Series A (FSA) (MSDCEP)
	4.000%, 02/01/2020 (e)		680		669
Prior Lake Independent School District #719, School Building, Series B (MBIA) (MSDCEP)
	4.000%, 02/01/2020 (e)		1,000		984
Puerto Rico Commonwealth (MBIA)
	6.000%, 07/01/2014		1,605		1,844
Puerto Rico Commonwealth, Government Development, Series B
	5.000%, 12/01/2014		1,000		1,065
Puerto Rico Commonwealth, Series A (XLCA)
	5.500%, 07/01/2017		1,000		1,139

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

44      First American Funds Semiannual Report 2006

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR/SHARES		VALUE
Ramsey County, Series D
	5.000%, 02/01/2014	$	2,000	$	2,166
Robbinsdale Independent School District #281, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP)
	5.000%, 02/01/2020 (d)		1,215		1,286
Rochester Independent School District #535, Series A (MSDCEP)
	5.000%, 02/01/2015		1,595		1,673
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 89.37 (FSA) (MSDCEP)
	4.030%, 02/01/2013 (c) (d)		1,055		801
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 94.63 (FSA) (MSDCEP)
	4.030%, 02/01/2012 (c) (d)		1,790		1,439
South Washington County, Independent School District #833, Series B (FSA) (MSDCEP)
	5.000%, 02/01/2015		1,030		1,089
St. Louis Park Independent School District #283, Crossover Refunded 02/01/2009 @ 100 (MSDCEP)
	5.250%, 02/01/2010 (d)		1,000		1,031
	5.600%, 02/01/2015 (d)		725		752
St. Michael Independent School District #885, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP)
	5.000%, 02/01/2014 (d)		1,690		1,789
	5.000%, 02/01/2017 (d)		1,000		1,058
Stillwater Independent School District #834 (MSDCEP)
	4.750%, 02/01/2011		2,140		2,186
Stillwater Independent School District #834, Series A (FSA) (MSDCEP)
	4.500%, 02/01/2015		505		525
Total General Obligations					64,682
Certificate of Participation – 0.5%
Northeast Metropolitan Intermediate School District #916 (MLO)
	4.250%, 01/01/2015		1,000		1,009
Total Municipal Bonds (Cost $191,497)					198,832
Short-Term Investments – 0.8%
Blackrock Liquidity Funds			47,829		48
Federated Minnesota Municipal Cash Trust			1,454,162		1,454
Total Short-Term Investments (Cost $1,502)					1,502
Total Investments – 99.9% (Cost $192,999)					200,334
Other Assets and Liabilities, Net – 0.1%					217
Total Net Assets – 100.0%				$	200,551

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006.
(d)	Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.
(e)	Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $1,656 or 0.8% of total net assets. See note 2 in Notes to Financial Statements.

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $8,130, which represents 4.1% of total net assets.

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MSDCEP – Minnesota School District Credit Enhancement Program

RAAI – Radian Asset Assurance Inc.

XLCA – XL Capital Assurance Inc.

First American Funds Semiannual Report 2006       45

Schedule of  Investments continued

Minnesota Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 96.9%
Revenue Bonds – 89.2%
Continuing Care Retirement Communities – 2.1%
Colorado Health Facilities, Christian Living Communities, Series A
	5.750%, 01/01/2026	$	500	$	526
	5.750%, 01/01/2037		300		314
Golden Valley, Covenant Retirement Communities, Series A
	5.500%, 12/01/2029		1,750		1,815
Prior Lake Senior Housing Revenue, Shepards Path Senior Housing, Series B
	5.700%, 08/01/2036		1,000		1,030
					3,685
Economic Development – 4.5%
Minneapolis Community Development, Series G-3, Pre-refunded 12/01/2011 @ 100
	5.450%, 12/01/2031 (a)		3,250		3,504
Minnesota Agricultural & Economic Development Board, Minnesota Small Business Program, Series A (AMT)
	5.550%, 08/01/2016		500		510
Minnesota Agricultural & Economic Development Board, Small Business Development, Series B (AMT)
	7.250%, 08/01/2020		1,000		1,051
Minnesota Agricultural & Economic Development Board, Small Business Development, Series C (AMT)
	7.250%, 08/01/2020		1,385		1,456
Minnesota Agricultural & Economic Development Board, Small Business Development, Series D (AMT)
	7.250%, 08/01/2020		1,120		1,178
					7,699
Education – 6.9%
Golden Valley, The Breck School
	5.750%, 10/01/2014		1,000		1,047
Minneapolis, The Blake School Project
	5.450%, 09/01/2021		2,000		2,109
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 5-D, Pre-refunded 05/01/2010 @ 100
	6.625%, 05/01/2020 (a)		1,000		1,069
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 6-K
	5.000%, 05/01/2026		1,750		1,811
Minnesota State Higher Education Facilities Authority, St. John University, Series 6-G
	5.000%, 10/01/2022		1,000		1,065
	4.500%, 10/01/2026		1,000		1,006
Minnesota State Higher Education Facilities Authority, Vermilion Community College, Series 3-T
	6.000%, 01/01/2013		470		474
Moorhead Educational Facilities, Concordia College, Series A
	5.000%, 12/15/2021		1,070		1,139
	5.000%, 12/15/2024		1,240		1,313
St. Paul Housing & Redevelopment Authority, Community Peace Academy, Series A
	5.000%, 12/01/2036		800		810
					11,843
Healthcare – 29.7%
Aitkin Health Care Facilities, Riverwood Healthcare Center
	5.500%, 02/01/2024		1,050		1,079
Cuyuna Range Hospital District
	5.500%, 06/01/2035		350		359
Cuyuna Range Hospital District, Series A
	6.000%, 06/01/2029		3,000		3,063
Duluth Economic Development Authority, Benedictine Health System
	5.250%, 02/15/2028		1,000		1,052
	5.250%, 02/15/2033		1,660		1,735
Fergus Falls Health Care Facilities Authority, Broen Memorial Home, Series A
	7.000%, 11/01/2019		1,000		1,001
Glencoe Health Care Services Facilities Project, Glencoe Regional Health
	5.000%, 04/01/2020		500		518
	5.000%, 04/01/2025		1,000		1,033
	5.000%, 04/01/2031		1,500		1,540
Glencoe Health Care Services Facilities Project, Glencoe Regional Health, Pre-refunded 04/01/2011 @ 101
	7.500%, 04/01/2031 (a)		1,700		1,939
Madelia Hospital Revenue, Medelia Community Hospital Project
	5.250%, 10/01/2031		500		503
	5.300%, 10/01/2036		600		606
Maple Grove Health Care Facilities, North Memorial Health Care
	5.000%, 09/01/2035		2,000		2,074
Marshall Medical Center, Weiner Memorial Medical Center Project, Series A
	5.250%, 11/01/2016		305		322
	5.850%, 11/01/2023		875		955
Minneapolis Healthcare System, Allina Health System, Series A
	6.000%, 11/15/2023		1,500		1,656
	5.750%, 11/15/2032		2,400		2,595
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A
	6.375%, 11/15/2029		125		135
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A (MBIA)
	5.500%, 11/15/2011		500		517
	5.500%, 11/15/2017		205		212
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Pre-refunded 11/15/2010 @ 101
	6.375%, 11/15/2029 (a)		3,875		4,276
Monticello, Big Lake Community Hospital, Series A
	5.750%, 12/01/2019		1,000		1,020
Monticello, Big Lake Community Hospital, Series C
	6.200%, 12/01/2022		1,000		1,053
New Hope Housing & Healthcare Facilities Authority, Masonic Home North Ridge
	5.750%, 03/01/2015		1,600		1,655
Northfield Housing & Redevelopment Authority, Northfield Retirement Project, Series A
	5.375%, 12/01/2036		1,000		994

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

46      First American Funds Semiannual Report 2006

Minnesota Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Redwood Falls Hospital Revenue, Redwood Area Hospital Project
	5.125%, 12/01/2036	$	3,000	$	3,055
Rochester Health Care Facilities, Mayo Clinic
	5.000%, 11/15/2031		1,000		1,053
Shakopee Health Care Facilities, St. Francis Regional Medical Center
	5.250%, 09/01/2034		2,000		2,097
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series B
	5.500%, 07/01/2025		2,000		2,155
St. Paul Housing & Redevelopment Authority, Episcopal Nursing Home
	5.630%, 10/01/2033		2,325		2,394
St. Paul Housing & Redevelopment Authority, Health Partners Obligated Group
	5.250%, 05/15/2026		2,000		2,115
St. Paul Housing & Redevelopment Authority, HealthEast Project
	6.000%, 11/15/2030		800		883
St. Paul Housing & Redevelopment Authority, Regions Hospital
	5.250%, 05/15/2018		500		510
St. Paul Port Authority, HealthEast Midway Campus, Series A (MLO)
	5.875%, 05/01/2030		900		931
St. Paul Port Authority, HealthEast Midway Campus, Series B (MLO)
	6.000%, 05/01/2030		1,800		1,864
Stillwater Health Care, Health Systems Obligation Group
	5.000%, 06/01/2035		1,000		1,038
Winona Health Care Facilities, Series A
	6.000%, 07/01/2034		1,000		1,093
					51,080
Housing – 12.7%
Cottage Grove Senior Housing Revenue, PHS/Cottage Grove Inc. Project, Series A
	5.000%, 12/01/2031		850		843
Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project (GNMA)
	5.900%, 04/20/2042		2,000		2,129
Eden Prairie Multifamily Housing, Parkway Apartments Project, Series A
	5.700%, 08/20/2022		1,000		1,041
Eden Prairie Multifamily Housing, Preserve Place (GNMA)
	5.500%, 01/20/2018		500		515
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Mandatory Put 02/15/2009 @100 (AMT) (FNMA)
	3.050%, 06/15/2034		2,000		1,955
Hopkins Elderly Housing, St. Theresa Project, Series A (GNMA)
	5.600%, 11/20/2017		500		515
Hopkins Multifamily Housing, Renaissance Project
	6.250%, 04/01/2015		500		513
Maplewood Multifamily Housing, Carefree Cottages ll, Mandatory Put 04/15/2019 @ 100 (AMT) (FNMA)
	4.800%, 04/15/2034		2,000		2,028
Minneapolis & St. Paul Housing Financing Board, Single Family, Series A4 (AMT) (FHLMC) (FNMA) (GNMA)
	5.000%, 11/01/2038		1,000		1,025
Minnesota State Housing Finance Agency, Rental Housing, Series A
	3.850%, 02/01/2013		1,430		1,434
Minnesota State Housing Finance Agency, Residential Housing, Series B (AMT)
	4.750%, 07/01/2026		1,000		1,010
	5.650%, 07/01/2033		750		778
Minnesota State Housing Finance Agency, Residential Housing, Series B1-RMK (AMT)
	5.350%, 07/01/2033		1,385		1,425
Minnesota State Housing Finance Agency, Residential Housing, Series F (AMT)
	5.400%, 07/01/2030		2,380		2,455
Minnesota State Housing Finance Agency, Single Family Mortgage, Series C (AMT)
	6.100%, 07/01/2030		400		414
Moorhead Senior Housing Revenue, Sheyenne Crossing Project
	5.650%, 04/01/2041		1,620		1,640
Pine City Health Care & Housing Revenue, North Branch, Series A (GNMA)
	5.000%, 10/20/2047		550		571
St. Louis Park, Multifamily Housing, Park Ridge Apartments (FHA) (GNMA)
	5.250%, 11/01/2020		500		517
White Bear Lake, Multifamily Housing, Lake Square, Series A (FHA)
	6.000%, 08/01/2020		1,020		1,042
					21,850
Lease Revenue – 5.8%
Anoka County Housing & Redevelopment Authority, Ice Arena, Series A (MLO)
	4.450%, 03/15/2026		1,000		996
Lakeville Housing & Redevelopment Authority, Ice Arena Project (MLO)
	4.500%, 02/01/2026		1,000		990
	4.625%, 02/01/2032		585		577
New Brighton Economic Development Authority, Public Safety Facility, Leasing Project, Series A (MLO)
	4.900%, 02/01/2015		850		873
	5.000%, 02/01/2016		895		921
	5.100%, 02/01/2017		900		927
Pine County Housing & Redevelopment Authority, Series A (MLO)
	5.000%, 02/01/2028		1,000		1,033
	5.000%, 02/01/2031		1,890		1,948
St. Paul Port Authority, Office Building at Robert St.-3-11 (MLO)
	4.000%, 12/01/2013		1,695		1,717
					9,982

First American Funds Semiannual Report 2006       47

Schedule of  Investments continued

Minnesota Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Miscellaneous – 5.6%
Little Canada Commercial Development, RLF Minnesota Project (MLO)
	5.000%, 04/01/2013	$	1,040	$	1,043
Minnesota State Retirement Systems Building
	5.875%, 06/01/2027		7,000		7,469
Seaway Port Authority of Duluth, Cargill Income Project
	4.200%, 05/01/2013		1,130		1,139
					9,651
Recreational Facility Authority – 2.5%
Moorhead, Golf Course, Series B
	5.875%, 12/01/2021		2,000		2,033
St. Paul Port Authority, Radisson Kellogg Project, Series 2, Pre-refunded 08/01/2008 @ 103
	7.375%, 08/01/2029 (a)		2,000		2,172
					4,205
Tax Revenue – 2.0%
Duluth Economic Development Authority
	8.000%, 08/01/2008		120		125
Minneapolis, St. Anthony Falls Project
	5.650%, 02/01/2027		400		408
	5.750%, 02/01/2027		300		309
Puerto Rico Commonwealth Infrastructure Financing Authority, Series B
	5.000%, 07/01/2031		1,500		1,574
St. Anthony Housing & Redevelopment Authority, Silver Lake Village
	5.625%, 02/01/2031		1,000		1,022
					3,438
Transportation – 2.5%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Pre-refunded 01/01/2010 @ 101 (FGIC)
	5.750%, 01/01/2032 (a)		3,000		3,204
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMBAC) (AMT)
	5.000%, 01/01/2019		1,000		1,059
					4,263
Utilities – 14.9%
Chaska Electric, Series A
	6.100%, 10/01/2030		45		48
Chaska Electric, Series A, Pre-refunded 10/01/2010 @ 100
	6.100%, 10/01/2030 (a)		4,955		5,375
Minnesota Municipal Power Agency, Electricity Revenue
	5.000%, 10/01/2035		500		521
Puerto Rico Electric Power Authority, Series SS (MBIA)
	5.000%, 07/01/2024		2,000		2,147
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA)
	4.200%, 01/01/2019 (b)		4,000		2,429
	4.340%, 01/01/2024 (b)		12,000		5,782
	4.340%, 01/01/2025 (b)		7,000		3,231
	4.360%, 01/01/2026 (b)		8,300		3,657
	4.360%, 01/01/2027 (b)		3,000		1,266
Western Minnesota Municipal Power Agency (AMBAC)
	5.500%, 01/01/2015		550		586
Western Minnesota Municipal Power Agency, Escrowed to Maturity (MBIA)
	9.750%, 01/01/2016 (c)		410		584
					25,626
Total Revenue Bonds					153,322
General Obligations – 7.7%
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/2010 @ 100 (MSDCEP)
	5.750%, 02/01/2017 (d)		1,000		1,061
Becker Independent School District #726, Series A, Crossover Refunded 02/01/2010 @ 100 (FSA) (MSDCEP)
	6.000%, 02/01/2021 (d)		1,000		1,067
Brooklyn Center Independent School District #286, Series A (MSDCEP)
	4.500%, 02/01/2029		1,135		1,141
Chaska Independent School District #112, Series A, Crossover Refunded 02/01/2009 @ 100 (FSA) (MSDCEP)
	5.700%, 02/01/2018 (d)		1,000		1,042
Delano Independent School District #879, Series A, Crossover Refunded 02/01/2011 @ 100 (FSA) (MSDCEP)
	5.875%, 02/01/2025 (d)		1,000		1,081
Minneapolis Sports Arena
	5.100%, 04/01/2013		500		509
	5.100%, 10/01/2013		250		254
Perham, Disposal System (AMT)
	6.000%, 05/01/2022		1,500		1,580
Sauk Rapids Independent School District #47, Series A, Crossover Refunded 02/01/2011 @ 100 (MBIA) (MSDCEP)
	5.750%, 02/01/2023 (d)		2,000		2,153
St. Louis Park Independent School District #283, Crossover Refunded 02/01/2009 @ 100 (MSDCEP)
	5.700%, 02/01/2017 (d)		2,000		2,077
St. Michael Independent School District #885, Series A (FSA) (MSDCEP)
	4.750%, 02/01/2028		1,200		1,251
Total General Obligations					13,216
Total Municipal Bonds (Cost $157,342)					166,538
Short-Term Investments – 2.2%
Money Market Fund – 2.1%
Federated Minnesota Municipal Cash Trust			3,681,011		3,681
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
	4.968%, 01/11/2007 (e)	$	115		115
Total Short-Term Investments (Cost $3,796)					3,796
Total Investments – 99.1% (Cost $161,138)					170,334
Other Assets and Liabilities, Net – 0.9%					1,619
Total Net Assets – 100.0%				$	171,953

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

48      First American Funds Semiannual Report 2006

Minnesota Tax Free Fund (concluded)

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006.
(c)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(d)	Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.
(e)	Yield shown is effective yield as of December 31, 2006.

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $17,924, which represents 10.4% of total net assets.

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MSDCEP – Minnesota School District Credit Enhancement Program

Missouri Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 99.6%
Revenue Bonds – 77.7%
Continuing Care Retirement Communities – 3.5%
Cole County Industrial Development Authority, Lutheran Services Heisinger Project
	5.250%, 02/01/2024	$	2,000	$	2,090
Illinois Financing Authority, Friendship Village, Schaumburg, Series A
	5.375%, 02/15/2025		1,800		1,832
Missouri State Health & Educational Facilities Authority, Senior Living Facilities, Lutheran Senior, Series A
	5.375%, 02/01/2035		1,500		1,571
					5,493
Education – 7.1%
Missouri State Health & Educational Facilities Authority, University of Missouri-Columbia Arena Project
	5.000%, 11/01/2019		2,540		2,668
Missouri State Health & Educational Facilities Authority, Washington University, Series A
	5.000%, 02/15/2019		1,465		1,575
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Pre-refunded 06/15/2011 @ 100
	5.125%, 06/15/2041 (a)		2,150		2,275
Missouri State Health & Educational Facilities Authority, Washington University, Series B
	4.250%, 01/15/2035 (b)		685		659
University of Missouri, Pre-refunded 11/01/2007 @ 101
	5.800%, 11/01/2027 (a)		4,000		4,111
					11,288
Healthcare – 16.3%
Barton County Hospital Revenue
	5.375%, 07/01/2027		1,000		1,020
Boone County Hospital
	5.050%, 08/01/2020		1,200		1,237
Cape Girardeau County Authority, Southeast Missouri Hospital Association
	5.625%, 06/01/2022		1,500		1,574
Carthage Hospital Revenue
	6.000%, 04/01/2038		1,000		1,021
Hannibal Industrial Development Authority Health Facilities
	4.300%, 03/01/2013		1,345		1,354
	5.000%, 03/01/2022		1,000		1,039
Hermann Area Hospital District Revenue
	5.100%, 09/01/2031		1,000		990
Joplin Industrial Development Authority Healthcare Facilities, Freeman Health Systems Project
	5.500%, 02/15/2024		2,000		2,158
Missouri State Health & Educational Facilities Authority, BJC Health Systems, Series A, Escrowed to Maturity
	6.750%, 05/15/2012 (c)		3,310		3,795
Missouri State Health & Educational Facilities Authority, Jefferson Memorial Hospital (RAAI)
	4.250%, 08/15/2013		735		748
	5.000%, 08/15/2019		2,300		2,420
Missouri State Health & Educational Facilities Authority, Lake Regional Health System Project
	5.000%, 02/15/2012		515		535

First American Funds Semiannual Report 2006       49

Schedule of  Investments continued

Missouri Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Missouri State Health & Educational Facilities Authority, SSM Health, Series A, Pre-refunded 06/01/2008 @ 101 (MBIA)
	5.000%, 06/01/2018 (a)	$	1,555	$	1,601
Missouri State Health & Educational Facilities Authority, SSM Health, Series B (MBIA)
	5.000%, 06/01/2018		445		456
Missouri State Health & Educational Facilities Authority, St. Lukes Episcopal
	5.000%, 12/01/2017 (b)		1,000		1,059
Missouri State Health & Educational Facilities Authority, St. Lukes Health Systems, Series A
	5.000%, 11/15/2014		3,000		3,222
Saline County Industrial Development Authority, Health Facilities, John Fitzgibbon Memorial Hospital
	5.625%, 12/01/2035		1,000		1,018
St. Louis County Industrial Development Authority, Ranken-Jordan Project, Series A
	6.625%, 11/15/2035		500		523
					25,770
Housing – 3.1%
Missouri State Housing Development Commission, Homeownership Loan Program, Series B (AMT) (GNMA) (FNMA)
	4.800%, 09/01/2031		2,500		2,524
Missouri State Housing Development Commission, Homeownership Loan Program, Series C1 (AMT) (GNMA) (FNMA)
	5.000%, 09/01/2037		1,000		1,023
University City Industrial Development Authority, Multifamily Housing, Series A (GNMA)
	5.950%, 12/20/2025		1,400		1,416
					4,963
Lease Revenue – 16.2%
Clay County, Public Building Authority (MLO)
	5.125%, 05/15/2014		2,000		2,038
Kansas City Municipal Assistance, Capital Appreciation Leasehold, Series B-1, Zero Coupon Bond (MLO)
	4.420%, 04/15/2027 (d)		2,000		824
Kansas City Special Facilities Revenue, MCI Overhaul Base Project, Series G (AMT) (MLO)
	4.750%, 09/01/2028		4,000		4,030
Missouri State Board of Public Buildings, Series A (MLO)
	5.000%, 10/15/2027		1,000		1,055
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A (MBIA) (MLO)
	5.000%, 05/01/2023		2,000		2,084
	5.000%, 05/01/2024		5,130		5,345
	5.125%, 05/01/2026		5,000		5,220
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A (MLO)
	5.000%, 05/01/2017		1,000		1,045
Missouri State Financial Board Infrastructure Facilities, Branson, Series A (MLO)
	5.000%, 12/01/2017		1,000		1,030
	5.375%, 12/01/2022		750		782
Springfield Public Building, Capital Improvement Project (AMBAC) (MLO)
	5.000%, 03/01/2024		2,000		2,111
					25,564
Miscellaneous – 1.4%
Platte County Industrial Development Transportation Authority (MLO)
	4.000%, 12/01/2014		780		788
St. Louis Industrial Development Authority, St. Louis Science Center, Series A (RAAI)
	4.000%, 02/15/2014		315		318
Sugar Creek, Lafarge North America, Series A (AMT)
	5.650%, 06/01/2037		1,000		1,060
					2,166
Revolving Funds – 12.3%
Missouri State Environmental Improvement & Energy Resources Authority, Series A, State Revolving Fund Program, Pre-refunded 07/01/2010 @ 100
	5.500%, 07/01/2016 (a)		1,875		1,989
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, State Revolving Fund Program
	5.500%, 07/01/2016		620		656
	4.750%, 07/01/2020		2,000		2,116
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water
	5.500%, 07/01/2014		2,000		2,192
	5.250%, 01/01/2015		2,180		2,262
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program
	5.375%, 07/01/2016		2,000		2,253
	5.000%, 07/01/2023		6,655		6,955
	4.750%, 07/01/2025		1,000		1,043
					19,466
Tax Revenue – 5.5%
Belton Increment Tax Revenue, Town Center Project
	5.500%, 03/01/2020		250		254
	5.625%, 03/01/2025		600		609
Branson Industrial Development Authority Tax Increment Revenue, Branson Landing Retail Project
	5.500%, 06/01/2029		1,000		1,021
Brentwood Tax Increment Revenue, Brentwood Square Project
	4.125%, 05/01/2011		250		248
Fenton Tax Increment Revenue, Gravois Bluffs Redevelopment Project
	5.000%, 04/01/2014		1,000		1,048
Howard Bend Levee District (XLCA)
	5.500%, 03/01/2026		1,745		2,042
Osage Beach Tax Increment Revenue, Prewitt’s Point Project
	5.000%, 05/01/2023		1,455		1,445

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

50      First American Funds Semiannual Report 2006

Missouri Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Riverside Tax Increment Revenue, L-385 Levee Project (MLO)
	5.250%, 05/01/2020	$	1,000	$	1,035
St. Joseph Industrial Development Authority, Tax Increment Revenue, Shoppes at North Village Project
	5.375%, 11/01/2023		1,000		1,015
					8,717
Transportation – 6.5%
Missouri State Highways & Transportation Road, Series A, Pre-refunded 02/01/2011 @ 100
	5.250%, 02/01/2020 (a)		5,000		5,303
Missouri State Highways & Transportation Road, Series A, Pre-refunded 02/01/2012 @ 100
	5.000%, 02/01/2022 (a)		3,725		3,958
Puerto Rico Commonwealth Highway & Transportation Authority, Series K
	5.000%, 07/01/2017		1,000		1,064
					10,325
Utilities – 5.8%
Kansas City Water, Series B
	5.000%, 12/01/2016		2,200		2,224
Metropolitan St. Louis Sewer District, Series A (MBIA)
	5.000%, 05/01/2023		1,075		1,141
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Plum Point Project (MBIA)
	5.000%, 01/01/2016		1,500		1,635
Missouri State Development Financial Board, Independence Water System (AMBAC)
	5.000%, 11/01/2024		1,000		1,063
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Kansas City Power & Light
	4.000%, 01/02/2012		1,000		996
North Central Regional Water Commission, Waterworks Systems Revenue
	5.000%, 01/01/2037		2,070		2,045
					9,104
Total Revenue Bonds					122,856
General Obligations – 16.3%
Columbia School District, Crossover Refunded 03/01/2007 @ 100
	6.300%, 03/01/2011 (e)		365		367
Jackson County School District #7, Lee’s Summit (MBIA) (MDDP)
	4.250%, 03/01/2016		1,100		1,133
Jefferson City School District, Series A (MDDP)
	6.700%, 03/01/2011		1,000		1,075
Miller County School District #2 (FSA)
	5.000%, 03/01/2017		1,000		1,088
North Kansas City School District #74 (MDDP)
	5.000%, 03/01/2022		1,000		1,080
Platte County School District #R-3 (MBIA)
	5.000%, 03/01/2024		685		726
Platte County School District #R-3, Pre-refunded 03/01/2014 @ 100 (MBIA)
	5.000%, 03/01/2024 (a)		315		341
Puerto Rico Municipal Finance Agency, Pre-refunded 08/01/2009 @ 101
	5.500%, 08/01/2023 (a)		3,000		3,175
Richmond Heights, Manhasset Village Neighborhood
	4.500%, 04/01/2026		690		674
St. Charles Community College (MBIA)
	5.250%, 02/15/2018		1,390		1,561
St. Charles County, Francis Howell School District (FGIC) (MDDP)
	5.250%, 03/01/2018		2,095		2,349
St. Joseph School District (FSA) (MDDP)
	5.250%, 03/01/2017		1,500		1,675
St. Louis County
	5.000%, 02/01/2012		3,250		3,458
St. Louis County Public Safety, Pre-refunded 08/15/2009 @ 100 (FGIC)
	5.125%, 02/15/2017 (a)		4,185		4,347
St. Louis County Rockwood School District #R-6, Series A
	5.000%, 02/01/2014		2,000		2,140
St. Louis County School District, Series A
	5.000%, 03/01/2016		500		537
Total General Obligations					25,726
Certificates of Participation – 5.6%
Cottleville (MLO)
	5.125%, 08/01/2026		200		203
	5.250%, 08/01/2031		1,100		1,121
Gladstone, Series A (XLCA) (MLO)
	4.000%, 06/01/2018		775		766
Hazelwood School District, Energy Improvements Project (MLO)
	4.200%, 03/01/2013		405		410
	4.500%, 03/01/2017		515		529
	4.500%, 03/01/2018		445		455
Ozark Community Center Project (MLO)
	4.800%, 09/01/2023		500		496
Taney County (MBIA) (MLO)
	4.000%, 04/01/2016		635		639
Texas County Justice Center Project (AGTY) (MLO)
	4.500%, 12/01/2025		3,660		3,680
Union, Series A (MLO)
	5.200%, 07/01/2023		520		535
Total Certificates of Participation					8,834
Total Municipal Bonds (Cost $151,455)					157,416
Short-Term Investments – 0.4%
Money Market Fund – 0.4%
First American Tax Free Obligations Fund, Class Z (f)			592,939		593
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bill
	4.900%, 01/11/2007 (g)	$	35		35
Total Short-Term Investments (Cost $628)					628
Total Investments – 100.0% (Cost $152,083)					158,044
Other Assets and Liabilities, Net – 0.0%					(40	)
Total Net Assets – 100.0%				$	158,004

First American Funds Semiannual Report 2006       51

Schedule of  Investments continued

Missouri Tax Free Fund (concluded)

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $1,728 or 1.1% of total net assets. See note 2 in Notes to Financial Statements.
(c)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(d)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006.
(e)	Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.

(f)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

(g)  Yield shown is effective yield as of December 31, 2006.

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $8,637, which represents 5.5% of total net assets.

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MDDP – Missouri Direct Deposit Program

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

XLCA – XL Capital Assurance Inc.

Nebraska Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 98.9%
Revenue Bonds – 76.0%
Continuing Care Retirement Communities – 3.5%
Colorado Health Facilities, Christian Living Communities, Series A
	5.750%, 01/01/2026	$	100	$	105
Illinois Finance Authority, Three Crowns Park Plaza, Series A
	5.875%, 02/15/2026		200		211
North Carolina Community Health Care Facilities, Presbyterian Homes
	5.400%, 10/01/2027		410		425
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	5.000%, 09/01/2025		600		618
					1,359
Education – 15.9%
Nebraska Educational Finance Authority, Concordia University Project
	5.350%, 12/15/2018		650		662
Nebraska Educational Finance Authority, Creighton University Project, Series A (AMBAC)
	5.000%, 09/01/2009		500		511
Nebraska Educational Finance Authority, Midland Lutheran College Project
	5.200%, 10/01/2020		350		359
Nebraska Educational Finance Authority, Wesleyan University Project (RAAI)
	5.000%, 04/01/2017		605		630
Nebraska Utility Corporation, University of Nebraska, Lincoln Project
	5.250%, 01/01/2015		1,045		1,116
University of Nebraska Facility Corporation, Medical Center Research Project
	5.000%, 02/15/2015		500		528
University of Nebraska, Kearney Student Fees
	5.000%, 07/01/2030		500		527
University of Nebraska, Lincoln Memorial Stadium Project, Series A
	5.000%, 11/01/2015		500		532
University of Nebraska, Lincoln Student Fees
	5.000%, 07/01/2022		750		785
University of Nebraska, Omaha Student Housing Project
	5.000%, 05/15/2023		500		530
					6,180
Healthcare – 24.8%
Douglas County Hospital Authority #2, Girls & Boys Town Project
	4.500%, 09/01/2030		1,000		988
Douglas County Hospital Authority #2, Nebraska Medical Center
	5.000%, 11/15/2016		700		745
Halifax Medical Center, Florida, Hospital Revenue, Series A
	5.000%, 06/01/2038		600		613
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A
	5.250%, 02/15/2030		600		638
Inver Grove Heights, Minnesota, Nursing Home Revenue, Presbyterian Homes Care
	5.500%, 10/01/2033		275		279

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

52      First American Funds Semiannual Report 2006

Nebraska Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
	5.000%, 07/01/2020	$	200	$	202
Iowa Hospital Revenue, Washington County Hospital Project
	5.375%, 07/01/2026		400		414
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project
	4.250%, 06/01/2022		600		583
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project, Series A (AMBAC)
	5.000%, 06/01/2019		500		519
	5.125%, 06/01/2021		1,200		1,249
Madison County Hospital Authority #1, Faith Regional Health Services Project (RAAI)
	5.500%, 07/01/2021		1,000		1,064
Nebraska Investment Finance Authority, Great Plains Regional Medical Center (RAAI)
	5.200%, 11/15/2016		250		263
	5.300%, 11/15/2017		805		851
New Hampshire Health & Educational Facilities Authority, The Memorial Hospital
	5.250%, 06/01/2036		150		156
Platte County Hospital Authority #1, Columbus Community Hospital Project (RAAI)
	5.850%, 05/01/2014		650		693
University of Alabama at Birmingham, Hospital Revenue, Series A
	4.500%, 09/01/2031		400		396
					9,653
Housing – 5.7%
Nebraska Investment Finance Authority, Single Family Housing, Series A (AMT)
	5.150%, 03/01/2016		340		350
Nebraska Investment Finance Authority, Single Family Housing, Series C (AMT)
	4.400%, 09/01/2020		680		680
Nebraska Investment Finance Authority, Single Family Housing, Series D (AMT)
	4.950%, 09/01/2026		500		512
Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments (GNMA)
	5.150%, 11/20/2022		655		678
					2,220
Miscellaneous – 1.9%
Aleutians East Burough Project, Aleutian Pribilof Islands, Alaska (ACA)
	5.500%, 06/01/2036		400		427
Washington County Wastewater Facilities, Cargill Income Project (AMT)
	5.900%, 11/01/2027		300		326
					753
Recreational Facility Authority – 6.3%
Douglas County Zoo Facility, Omaha Henry Doory Zoo Project
	4.750%, 09/01/2024		1,365		1,388
Omaha Convention Hotel Corporation, Series A (AMBAC)
	5.125%, 04/01/2026		1,000		1,052
					2,440
Revolving Funds – 1.5%
Nebraska Investment Finance Authority, Drinking Water System Revolving Fund
	5.150%, 01/01/2016		580		593
Tax Revenue – 2.9%
Ohio County, West Virginia, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B
	5.625%, 03/01/2036		200		207
Omaha Special Tax Revenue, Series A
	5.125%, 02/01/2032		500		526
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment
	5.000%, 02/01/2026		400		416
					1,149
Utilities – 13.5%
Alliance Electrical Systems (AMBAC)
	5.000%, 12/15/2014		260		265
	5.100%, 12/15/2015		460		469
Burt County Public Power District Electric Systems
	4.850%, 07/01/2026		335		339
Cuming County Public Power District Electric Systems
	3.900%, 12/01/2014		130		129
Grand Island Electrical Systems (MBIA)
	5.125%, 08/15/2016		750		792
Hastings Electrical Systems (FSA)
	5.000%, 01/01/2015		250		262
Lincoln Electrical Systems
	5.000%, 09/01/2015		500		527
	5.000%, 09/01/2026		250		263
Omaha Public Power District, Nebraska City, Series A (AMBAC)
	4.550%, 02/01/2026		750		759
Omaha Public Power Electrical Systems, Escrowed to Maturity
	6.200%, 02/01/2017 (a)		210		243
Omaha Sanitation & Sewer (MBIA)
	4.250%, 11/15/2029		1,250		1,211
					5,259
Total Revenue Bonds					29,606
General Obligations – 19.6%
Brown County
	4.350%, 06/15/2026 (b)		200		197
	4.700%, 12/15/2026		400		403
Douglas County School District #10, Elkhorn Public Schools
	4.500%, 07/15/2026		500		503
Douglas County School District #17, Millard Public Schools, Series A (FSA)
	4.500%, 06/15/2025		250		251
Douglas County School District #54, Ralston Public Schools (FSA)
	5.000%, 12/15/2016		845		889
Hayes County School District #79
	4.550%, 11/15/2022		170		171
	4.600%, 11/15/2023		180		181
La Vista
	4.800%, 12/15/2026		345		348
La Vista, Off-Street Parking
	4.700%, 04/15/2025		500		502

First American Funds Semiannual Report 2006       53

Schedule of  Investments continued

Nebraska Tax Free Fund (concluded)
DESCRIPTION		PAR/SHARES		VALUE
Lancaster County School District #1, Lincoln Public Schools
	5.000%, 01/15/2017	$	750	$	793
	5.250%, 07/15/2019		220		232
Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental
	4.500%, 10/15/2026		750		752
Omaha-Douglas Public Building
	4.900%, 05/01/2016		500		522
	5.100%, 05/01/2020		300		315
Puerto Rico Commonwealth, Government Development, Series B
	5.000%, 12/01/2014		400		426
Saunders County (FSA)
	5.000%, 11/01/2030		650		671
Scotts Bluff County
	4.550%, 01/15/2026		500		505
Total General Obligation Bonds					7,661
Certificates of Participation – 3.3%
Western Nebraska Community College (MLO)
	4.700%, 10/15/2010		295		297
	4.800%, 10/15/2011		195		196
	4.900%, 10/15/2012		250		252
	5.000%, 10/15/2013		300		302
	5.100%, 10/15/2014		250		252
					1,299
Total Municipal Bonds (Cost $37,321)					38,566
Short-Term Investments – 0.8%
Money Market Fund – 0.7%
First American Tax Free Obligations Fund, Class Z (c)			248,206		248
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
	5.014%, 01/11/2007 (d)	$	50		50
Total Short Term Investments (Cost $298)					298
Total Investments – 99.7% (Cost $37,619)					38,864
Other Assets and Liabilities, Net – 0.3%					111
Total Net Assets – 100.0%				$	38,975

(a)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(b)	Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $197 or 0.5% of total net assets. See note 2 in Notes to Financial Statements.
(c)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
(d)	Yield shown is effective yield as of December 31, 2006.

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $1,868, which represents 4.8% of total net assets.

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

Ohio Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 97.5%
Revenue Bonds – 58.4%
Continuing Care Retirement Community – 6.1%
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A
	5.000%, 07/01/2026	$	800	$	825
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A (RAAI)
	5.125%, 07/01/2022		500		521
Hamilton County Health Care, Ref-Life Enriching Communities Project, Series A
	5.000%, 01/01/2027		400		408
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	5.000%, 09/01/2025		400		412
Toledo-Lucas County Port Authority Facilities, St. Mary Woods Project, Series A
	6.000%, 05/15/2024		400		410
					2,576
Education – 17.5%
Cincinnati Port Development Authority, Economic Development Authority, Sisters of Mercy
	5.000%, 10/01/2025		250		262
Ohio State Higher Educational Facilities, Baldwin-Wallace College Project
	5.000%, 12/01/2013		750		782
Ohio State Higher Educational Facilities, College of Wooster Project
	5.000%, 09/01/2020		400		422
Ohio State Higher Educational Facilities, Mount Union College Project
	5.000%, 10/01/2031		1,000		1,044
Ohio State Higher Educational Facilities, Ohio Northern University Project
	5.000%, 05/01/2026		1,000		1,054
Ohio State Higher Educational Facilities, Wittenburg University Project
	5.000%, 12/01/2024		505		520
Ohio State Higher Educational Facilities, Xavier University Project (FGIC)
	5.250%, 05/01/2016		1,000		1,074
Ohio State University, Series B
	5.250%, 06/01/2016		1,000		1,085
University of Cincinnati, Series A (FGIC)
	5.500%, 06/01/2014		1,000		1,080
					7,323
Healthcare – 11.5%
Akron, Bath & Copley Joint Township Hospital Facilities, Summa Health Systems, Series A (RAAI)
	5.250%, 11/15/2016		800		862
Butler County Hospital Facilities, Cincinnati Children’s Hospital, Series K (FGIC)
	4.250%, 05/15/2030		500		479
Erie County Hospital Facilities, Firelands Regional Medical Center, Series A
	5.500%, 08/15/2022		500		531
Fairfield County Hospital Facilities, Fairfield Medical Center (RAAI)
	5.000%, 06/15/2022		500		517

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

54      First American Funds Semiannual Report 2006

Ohio Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Hamilton County Hospital Facilities, Children’s Medical Center, Series F (FGIC)
	5.200%, 05/15/2009	$	1,000	$	1,019
Lorain County Hospital, Catholic Healthcare
	5.500%, 10/01/2017		350		376
Miami County Hospital Facilities, Upper Valley Medical Center
	5.250%, 05/15/2018		125		133
	5.250%, 05/15/2026		250		264
Richland County Hospital Facilities, Medcentral Health Systems
	5.250%, 11/15/2036		600		636
					4,817
Housing – 2.4%
Ohio Housing Finance Agency, Residential Mortgage Backed Securities, Series E (AMT) (FNMA) (GNMA)
	4.850%, 09/01/2026		1,000		1,021
Lease Revenue – 7.1%
Cleveland-Cuyahoga County Port Authority, Rita Project (MLO) (RAAI)
	5.000%, 11/15/2019		750		789
Ohio State Building Authority, State Facility, Administration Building Fund, Series A (FSA) (MLO)
	5.500%, 04/01/2016		1,000		1,083
Riversouth Authority Revenue, Riversouth Area Redevelopment, Series A (MLO)
	5.250%, 12/01/2017		1,000		1,084
					2,956
Miscellaneous – 2.8%
Aleutians East Burough Project, Aleutian Pribilof Islands, Alaska (ACA)
	5.500%, 06/01/2036		150		160
Toledo-Lucas County Port Authority Facilities, Cargill Income Project, Series B
	4.500%, 12/01/2015		1,000		1,024
					1,184
Revolving Funds – 5.0%
Ohio State Water Development Authority, Escrowed to Maturity (AMBAC)
	5.800%, 12/01/2011 (a)		1,000		1,018
Ohio State Water Development Authority, Water Pollution Control, Pre-refunded 06/01/2012 @ 100
	5.050%, 12/01/2021 (b)		1,000		1,068
					2,086
Tax Revenue – 1.0%
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project
	5.250%, 12/01/2023		400		420
Utilities – 5.0%
Hamilton Electric Systems, Series A
	4.300%, 10/15/2016		1,000		1,029
Montgomery County Water, Greater Moraine Beaver (AMBAC)
	5.375%, 11/15/2016		1,000		1,083
					2,112
Total Revenue Bonds					24,495
General Obligations – 35.9%
Cincinnati
	5.000%, 12/01/2016		1,000		1,056
	5.000%, 12/01/2017		1,000		1,051
Cincinnati School District, Classroom Construction & Improvement
	5.250%, 12/01/2019		535		607
Dayton City School District, School Facilities Construction & Improvement, Series D (FGIC)
	5.000%, 12/01/2011		500		530
Ohio State Common Schools, Series A (FGIC)
	5.125%, 09/15/2022		1,750		1,848
Ohio State Higher Education, Series A
	5.000%, 02/01/2019		1,000		1,043
	5.000%, 08/01/2022		1,000		1,047
Ohio State Higher Education, Series B
	5.000%, 11/01/2015		1,000		1,055
Ohio State Higher Educational Facilities, John Carroll University Project
	5.000%, 04/01/2019		1,000		1,066
Ohio State Infrastructure Improvement, Series A
	5.500%, 02/01/2020		1,000		1,161
Ohio State Parks & Recreational Facilities, Series II-A
	5.250%, 02/01/2020		1,000		1,089
Puerto Rico Commonwealth, Government Development, Series B
	5.000%, 12/01/2014		260		277
Solon
	5.000%, 12/01/2021		1,000		1,060
Springfield City School District (FGIC)
	5.200%, 12/01/2023		1,000		1,076
Toledo City School District, School Facilities Improvement (FSA)
	5.000%, 12/01/2014		1,000		1,075
Total General Obligations					15,041
Certificate of Participation – 3.2%
Midview Local School District, School Buildings Facilities Project (MLO)
	5.250%, 11/01/2017		1,270		1,352
Total Municipal Bonds (Cost $39,603)					40,888
Short-Term Investments – 2.0%
Money Market Fund – 1.9%
Federated Ohio Municipal Cash Trust			778,648		779
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
	4.931%, 01/11/2007 (c)	$	25		25
Total Short Term Investments (Cost $804)					804
Total Investments – 99.5% (Cost $40,407)					41,692
Other Assets and Liabilities, Net – 0.5%					242
Total Net Assets – 100.0%				$	41,934

(a)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(b)	Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
(c)	Security has been deposited as initial margin on open futures contract. Yield shown is effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements.

First American Funds Semiannual Report 2006       55

Schedule of  Investments continued

Ohio Tax Free Fund (concluded)

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006 the aggregate market value of securities subject to the AMT was $1,021, which represents 2.4% of total net assets.

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

Schedule of Open Futures Contracts

	Number of			Notional
	Contracts			Contract			Settlement	Unrealized
Description	Sold			Value			Month	Appreciation
U.S. Treasury 10 Year Note Futures		(20	)	$	(2,149	)	March 2007	$	23

Oregon Intermediate Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 97.8%
Revenue Bonds – 37.9%
Continuing Care Retirement Communities – 3.2%
Clackamas County Hospital Facilities Authority, Mary’s Woods, Series A, Pre-refunded 05/15/2009 @ 102
	6.125%, 05/15/2013 (a)	$	1,000	$	1,075
Clackamas County Hospital Facilities Authority, Robison Jewish Home
	5.125%, 10/01/2024		1,000		1,022
Multnomah County Hospital Facilities Authority, Terwilliger Plaza Project, Series A
	5.250%, 12/01/2026		1,000		1,031
Oregon State Health, Housing, Educational & Cultural Facilities Authority, Oregon Baptist Retirement Homes
	8.000%, 11/15/2026		890		906
					4,034
Economic Development – 1.2%
Port Morrow
	6.250%, 06/01/2015		1,500		1,501
Education – 4.3%
Forest Grove Campus Improvement, Pacific University Project, Series A (RAAI)
	5.000%, 05/01/2022		3,130		3,289
Multnomah County Educational Facilities, University of Portland (AMBAC)
	5.700%, 04/01/2015		1,000		1,047
Oregon State Facilities Authority, Linfield College Project, Series A
	5.000%, 10/01/2025		1,000		1,039
					5,375
Healthcare – 7.9%
Clackamas County Hospital Facilities Authority, Legacy Health Systems
	5.250%, 02/15/2011		2,000		2,090
	5.375%, 02/15/2012		1,000		1,044
Klamath Falls Community Hospital Authority, Merle West Medical Center Project (AGTY)
	4.750%, 09/01/2020		2,025		2,119
Medford Hospital Facilities Authority, Asante Health Systems, Series A (MBIA)
	5.250%, 08/15/2011		325		335
	5.375%, 08/15/2012		320		330
Multnomah County Hospital Facilities Authority, Providence Health Systems
	5.250%, 10/01/2022		1,000		1,072
Salem Hospital Facilities Authority, Pre-refunded 08/15/2008 @ 101
	5.250%, 08/15/2014 (a)		1,000		1,036
Salem Hospital Facilities Authority, Salem Hospital Project, Series A
	5.000%, 08/15/2027		1,000		1,054
Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A
	5.000%, 03/01/2012		690		727
					9,807
Housing – 2.1%
Oregon State Housing & Community Services, Series A
	6.000%, 07/01/2016		5		5
	6.400%, 07/01/2018		220		222

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

56      First American Funds Semiannual Report 2006

Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Oregon State Housing & Community Services, Series E (FHA)
	5.750%, 07/01/2013	$	325	$	330
Oregon State Housing & Community Services, Single Family, Series A
	4.050%, 01/01/2018		355		356
Portland Housing Authority, Pearl Court Project (AMT)
	4.000%, 01/01/2011		230		229
	4.050%, 01/01/2012		235		234
	4.100%, 01/01/2013		245		244
	4.150%, 01/01/2014		200		199
	4.200%, 01/01/2015		270		269
	4.250%, 01/01/2016		280		279
	4.300%, 01/01/2017		290		289
					2,656
Recreational Facility Authority – 0.9%
Portland Urban Renewal & Redevelopment, Convention Center, Series A (AMBAC)
	5.750%, 06/15/2015		1,000		1,074
Tax Revenue – 2.4%
Medford Urban Renewal Agency
	4.500%, 06/01/2013		1,010		1,039
Oregon State Department of Administrative Services Lottery, Series A (FSA)
	5.000%, 04/01/2012		1,050		1,091
Seaside Urban Renewal Agency, Greater Seaside Urban Renewal
	4.750%, 06/01/2015		280		292
Tri-County Metropolitan Transportation District, Series 1, Escrowed to Maturity (MGT)
	4.900%, 06/01/2009 (b)		500		515
					2,937
Transportation – 7.5%
Oregon State Department of Transportation, Highway User Tax, Pre-refunded 11/15/2010 @ 100
	5.125%, 11/15/2014 (a)		2,260		2,379
Oregon State Department of Transportation, Highway User Tax, Series A
	5.000%, 11/15/2020		1,085		1,162
	5.000%, 11/15/2024		1,325		1,411
Oregon State Department of Transportation, Highway User Tax, Series A, Pre-refunded 11/15/2012 @ 100
	5.500%, 11/15/2016 (a)		1,000		1,097
Portland International Airport, Series 12-A (FGIC)
	5.250%, 07/01/2011		1,165		1,209
	5.250%, 07/01/2012		2,000		2,068
					9,326
Utilities – 8.4%
Eugene Electric Utilities (FSA)
	5.000%, 08/01/2011		1,305		1,315
	4.800%, 08/01/2013		690		701
Lane County Metropolitan Wastewater Management (FGIC)
	5.000%, 11/01/2021		820		887
Port of St. Helens Pollution Control, Portland General Electric
	4.800%, 04/01/2010		2,450		2,461
	4.800%, 06/01/2010		400		402
Portland Water Systems, Second Lien, Series A (MBIA)
	4.375%, 10/01/2024		1,635		1,645
Washington County Clean Water Services (MBIA)
	5.000%, 10/01/2014		1,000		1,084
Washington County Clean Water Services (FGIC)
	5.125%, 10/01/2014		1,790		1,895
					10,390
Total Revenue Bonds					47,100
General Obligations – 53.8%
Chemeketa Community College District, Escrowed to Maturity (FGIC)
	5.500%, 06/01/2013 (b)		2,170		2,394
Clackamas Community College District (MBIA)
	5.000%, 05/01/2019		1,145		1,242
Clackamas County School District #7, Lake Oswego, Pre-refunded 06/01/2011 @ 100
	5.500%, 06/01/2012 (a)		1,240		1,331
Clackamas County School District #7J, Lake Oswego (FSA)
	5.250%, 06/01/2025		200		230
Clackamas County School District #86, Canby (FSA) (SBG)
	5.000%, 06/15/2018		1,000		1,081
	5.000%, 06/15/2021		1,305		1,402
Clackamas County School District #86, Canby, Pre-refunded 06/15/2010 @ 100 (SBG)
	5.500%, 06/15/2015 (a)		1,835		1,944
Clackamas County School District #115, Series A, Zero Coupon Bond (MBIA) (SBG)
	4.588%, 06/15/2024 (c)		2,430		1,100
Clackamas County School District #115, Series B (MBIA) (SBG)
	4.500%, 06/15/2021		1,975		2,027
Columbia River Fire & Rescue District (AMBAC)
	5.000%, 01/01/2029		465		501
Deschutes & Jefferson Counties School District #2, Pre-refunded 06/15/2011 @ 100
	5.500%, 06/15/2014 (a)		1,725		1,855
Deschutes & Jefferson Counties School District #2-J, Redmond, Series A (FGIC) (SBG)
	5.000%, 06/15/2013		1,250		1,342
Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (FGIC) (SBG)
	4.260%, 06/15/2021 (c)		1,000		544
Deschutes County (FSA)
	5.000%, 12/01/2014		1,755		1,872
Hood River County School District (SBG)
	5.250%, 06/15/2016		1,030		1,093
Jackson County School District #549, Medford (SBG)
	5.000%, 06/15/2012		2,000		2,128
Lake Oswego (MBIA)
	5.250%, 06/01/2013		1,035		1,127
Lane & Douglas Counties School District #97-J (FGIC) (SBG)
	5.375%, 06/15/2016		1,235		1,388
Lane County School District #19, Springfield, Zero Coupon Bond (FSA) (SBG)
	4.502%, 06/15/2024 (c)		2,555		1,166
Lane County School District #40, Creswell (SBG)
	5.000%, 06/15/2011		1,120		1,168

First American Funds Semiannual Report 2006       57

Schedule of  Investments continued

Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Lane County School District #52, Bethel, Pre-refunded 06/15/2010 @ 100 (SBG)
	5.350%, 06/15/2011 (a)	$	1,285	$	1,355
Linn County Community School District, Pre-refunded 06/15/2013 @ 100 (FGIC) (SBG)
	5.550%, 06/15/2021 (a)		1,000		1,108
McMinnville School District #40 (FSA)
	5.500%, 06/15/2012		620		676
	5.500%, 06/15/2013		1,000		1,100
Metro
	5.250%, 09/01/2014		1,000		1,070
Morrow County School District #1 (FSA) (SBG)
	5.000%, 06/15/2014		605		653
Multnomah County, Series A, Pre-refunded 04/01/2010 @ 100
	5.125%, 04/01/2013 (a)		1,000		1,045
Multnomah County School District #7, Reynolds, Pre-refunded 06/15/2011 @ 100 (SBG)
	5.625%, 06/15/2015 (a)		1,000		1,081
Multnomah-Clackamas County School District #10, Gresham-Barlow, Pre-refunded 06/15/2011 @ 100 (FSA) (SBG)
	5.500%, 06/15/2013 (a)		1,780		1,914
Multnomah-Clackamas County School District #10JT, Gresham-Barlow (FSA) (SBG)
	5.250%, 06/15/2017		1,000		1,119
Multnomah-Clackamas County School District #28-302, Centennial, Pre-refunded 06/15/2011 @ 100 (FGIC) (SBG)
	5.500%, 06/15/2014 (a)		1,500		1,613
Multnomah-Clackamas County School District #28JT, Zero Coupon Bond (AMBAC)
	4.023%, 06/01/2016 (c)		1,000		683
Oregon State Board of Higher Education, Series D
	5.000%, 08/01/2020		1,000		1,066
Oregon State Pollution Control, Series A
	4.875%, 11/01/2011		455		459
Portland Community College Services, Pre-refunded 06/01/2011 @ 100
	5.375%, 06/01/2015 (a)		1,375		1,471
Portland Emergency Facilities, Series A
	5.000%, 06/01/2012		1,060		1,091
Puerto Rico Commonwealth, Government Development, Series B
	5.000%, 12/01/2014		1,000		1,065
Puerto Rico Public Buildings Authority, Series J, Mandatory Put 07/01/2012 @ 100 (AMBAC) (COMGTY)
	5.000%, 07/01/2036		1,000		1,063
Salem-Keizer School District #24-J (FSA)
	5.100%, 06/01/2012		2,000		2,039
Salem-Keizer School District #24-J, Pre-refunded 06/01/2009 @ 100 (SBG)
	5.250%, 06/01/2012 (a)		1,000		1,039
Tri-County Metropolitan Transportation District, Light Rail Extension, Series A
	5.250%, 07/01/2012		1,000		1,045
Tualatin Hills Park & Recreation District (FGIC)
	5.750%, 03/01/2013		870		968
Umatilla County School District #016-R, Pendleton (FGIC)
	5.250%, 07/01/2014		1,540		1,692
Wasco County School District #12
	5.500%, 06/15/2014		1,080		1,202
Washington, Multnomah & Yamill Counties School District #1-J
	5.000%, 11/01/2014		1,000		1,085
Washington, Multnomah & Yamill Counties School District #1-J, Pre-refunded 06/01/2009 @ 100
	5.250%, 06/01/2012 (a)		1,185		1,231
Washington & Clackamas Counties School District #23-J, Tigard (FGIC)
	5.500%, 06/01/2013		1,000		1,103
Washington & Clackamas Counties School District #23-J, Tigard, Zero Coupon Bond
	3.908%, 06/15/2014 (c)		1,030		772
Washington County
	5.000%, 06/01/2022		2,000		2,178
Washington County School District #48-J, Beaverton, Series A (FSA)
	5.000%, 06/01/2016		1,500		1,623
Wilsonville
	5.000%, 12/01/2010		110		111
Yamill County School District #29-J, Newberg (FGIC) (SBG)
	5.250%, 06/15/2015		2,010		2,225
	5.250%, 06/15/2016		1,835		2,045
Total General Obligations					66,925
Certificates of Participation – 6.1%
Multnomah County (MLO)
	4.750%, 08/01/2011		1,685		1,727
Oregon State Department of Administrative Services, Series A (AMBAC) (MLO)
	5.000%, 05/01/2014		1,240		1,286
Oregon State Department of Administrative Services, Series A (FSA) (MLO)
	5.000%, 05/01/2014		1,200		1,279
Oregon State Department of Administrative Services, Series A (FGIC) (MLO)
	5.000%, 11/01/2018		1,060		1,156
Oregon State Department of Administrative Services, Series B (AMBAC) (MLO)
	5.000%, 11/01/2011		315		321
Oregon State Department of Administrative Services, Series B (FSA) (MLO)
	5.000%, 05/01/2018		1,680		1,790
Total Certificates of Participation					7,559
Total Municipal Bonds (Cost $118,265)					121,584
Short-Term Investments – 1.7%
Money Market Fund – 1.7%
First American Tax Free Obligations Fund, Class Z (d)			2,137,566		2,138
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bill
	4.900%, 01/11/2007 (e)	$	10		10
Total Short-Term Investments (Cost $2,148)					2,148
Total Investments – 99.5% (Cost $120,413)					123,732
Other Assets and Liabilities, Net – 0.5%					609
Total Net Assets – 100.0%				$	124,341

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

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

58      First American Funds Semiannual Report 2006

Oregon Intermediate Tax Free Fund (concluded)

(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006.
(d)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
(e)	Yield shown is the effective yield as of December 31, 2006.

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $1,743, which represents 1.4% of total net assets.

COMGTY – Commonwealth Guaranty

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FSA – Financial Security Assurance

MBIA – Municipal Bond Insurance Association

MGT –	Morgan Guaranty Trust
MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

SBG – School Board Guaranty

Short Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 100.1%
Alabama – 0.6%
General Obligation – 0.6%
Mobile Warrant, Escrowed to Maturity
	6.200%, 02/15/2007 (a)	$	1,280	$	1,284
Arizona – 3.3%
Revenue Bonds – 3.3%
Glendale Industrial Development Authority
	4.250%, 05/15/2008		1,240		1,245
Maricopa County Hospital, Sun Health Corporation
	5.000%, 04/01/2011		3,815		3,945
University Medical Center (PUFG)
	5.000%, 07/01/2007		300		301
	5.000%, 07/01/2008		700		709
	5.000%, 07/01/2009		500		511
					6,711
California – 3.4%
Revenue Bonds – 0.8%
California Statewide Community Development Authority, Daughters of Charity Health
	5.000%, 07/01/2009		500		512
Contra Costa Transportation Authority, Series A, Escrowed to Maturity
	6.875%, 03/01/2007 (a)		1,070		1,076
					1,588
General Obligation – 2.6%
California State
	5.000%, 09/01/2011		5,000		5,285
					6,873
Colorado – 0.7%
Revenue Bonds – 0.7%
Colorado Health Facilities Authority, Covenant Retirement Communities
	4.500%, 12/01/2009		500		505
Colorado Health Facilities Authority, Evangelical Lutheran
	5.000%, 06/01/2010		435		448
Colorado Health Facilities Authority, Vail Valley Medical Center Project
	4.000%, 01/15/2007		500		500
					1,453
District of Columbia – 0.3%
General Obligation – 0.3%
District of Columbia, Series A
	5.000%, 06/01/2007		630		634
Florida – 13.1%
Revenue Bonds – 13.1%
Florida Hurricane Catastrophe Fund Financial Corporation, Series A
	5.000%, 07/01/2010		15,000		15,656
Florida State Department of Environmental Protection Preservation, Florida Forever, Series B (MBIA)
	5.000%, 07/01/2011		10,000		10,535
					26,191

First American Funds Semiannual Report 2006       59

Schedule of  Investments continued

Short Tax Free Fund (continued)
DESCRIPTION			PAR		VALUE
Georgia – 1.1%
Revenue Bond – 1.1%
Cartersville Development Authority, Sewer Facilities, Anheuser Busch (AMT)
		5.625%, 05/01/2009	$	2,075	$	2,154
Illinois – 7.8%
Revenue Bonds – 6.6%
Chicago Sales Tax Revenue
		5.000%, 01/01/2011		3,165		3,317
Illinois Educational Facilities Authority, Art Institute of Chicago, Pre-refunded 03/01/2008 @ 100
		3.100%, 03/01/2034 (b)		565		560
Illinois Educational Facilities Authority, Art Institute of Chicago, Unrefunded, Mandatory Put 03/01/2008 @ 100
		3.100%, 03/01/2034		1,435		1,419
Illinois Development Finance Authority, People’s Gas, Light & Coke, Series B, Mandatory Put 02/01/2008 @ 100 (AMBAC)
		3.050%, 02/01/2033		3,000		2,977
Illinois Finance Authority, Clare at Watertower Project, Series A
		5.100%, 05/15/2011		1,000		998
Illinois Finance Authority, DePaul University, Series A
		5.000%, 10/01/2007		1,000		1,009
		5.000%, 10/01/2009		2,355		2,421
Illinois Finance Authority, Landing at Plymouth Project, Series A
		5.000%, 05/15/2011		500		500
						13,201
General Obligations – 1.2%
Cook County High Schol District #209,
	Convertible CABs (FSA) 0.000% through 11/30/2007, thereafter 4.000%, 12/01/2008 (c)			1,485		1,451
Lake County School District #112, Highland Park
		9.000%, 12/01/2007		1,000		1,047
						2,498
						15,699
Indiana – 3.6%
Revenue Bond – 3.6%
Indiana Health Facility Financing Authority, Ascension Health Credit
		5.000%, 05/01/2009		7,000		7,208
Iowa – 0.5%
Revenue Bond – 0.5%
Iowa Finance Authority Health Facilities, Care Initiatives Project, Series A
		5.000%, 07/01/2009		1,000		1,013
Kansas – 0.7%
Revenue Bond – 0.7%
Augusta Electric Generating & Distribution System, Escrowed to Maturity
		6.700%, 11/15/2007 (a)		1,440		1,458
Kentucky – 0.2%
Revenue Bonds – 0.2%
Kentucky State Turnpike Authority, Escrowed to Maturity
		6.125%, 07/01/2007 (a)		115		117
Owensboro Electric, Light & Power, Escrowed to Maturity
		6.850%, 01/01/2008 (a)		305		309
						426
Louisiana – 1.1%
Revenue Bond – 1.1%
Tangipahoa Parish Hospital District #1, North Oaks Medical Center Project
		5.000%, 02/01/2011		2,035		2,107
Michigan – 0.1%
Revenue Bond – 0.1%
Michigan State Hospital Finance Authority, Harper-Grace Hospital, Escrowed to Maturity
		7.125%, 05/01/2009 (a)		245		255
Minnesota – 2.4%
Revenue Bonds – 2.4%
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Mandatory Put 02/15/2009 @ 100 (AMT) (FNMA)
		3.050%, 06/15/2034		2,000		1,954
Minnesota Municipal Power Agency
		4.500%, 10/01/2010		1,000		1,026
Minnesota State Higher Education Facilities Authority, Series 4S, Mandatory Put 04/01/2008 @ 100 (LOC: Allied Irish Bank)
		4.600%, 04/01/2028 (d)		815		822
Monticello, Big Lake Community Hospital District, Series C
		4.250%, 12/01/2007		440		441
Northwestern Mutual Life Insurance Company Tax-Exempt Mortgage Trust #1 (LOC: Credit Suisse First Boston)
		7.605%, 02/01/2009 (d)		16		16
St. Paul Port Authority Lease Revenue, HealthEast Midway Campus (MLO)
		5.000%, 05/01/2010		555		560
						4,819
Mississippi – 1.5%
General Obligation – 1.5%
Mississippi State, Escrowed to Maturity
		6.200%, 02/01/2008 (a)		2,980		3,045
Missouri – 2.6%
Revenue Bond – 1.9%
Illinois Missouri Bi-state Development Agency, Metropolitan District, Mandatory Put 10/01/2009 @ 100 (LOC: JP Morgan Chase Bank)
		3.950%, 10/01/2035		2,500		2,514
Osage Beach Tax Increment, Prewitt’s Point Project
		4.625%, 05/01/2011		1,290		1,283
						3,797

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

60      First American Funds Semiannual Report 2006

Short Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
General Obligations – 0.7%
Blue Springs Neighborhood Improvements, Series A
	4.125%, 03/01/2009	$	1,500	$	1,501
					5,298
Nebraska – 1.0%
Revenue Bonds – 1.0%
Douglas County Hospital Authority #002, Nebraska Medical Center (GTY)
	5.000%, 11/15/2007		1,000		1,009
	5.000%, 11/15/2008		1,000		1,019
					2,028
Nevada – 2.9%
Revenue Bonds – 2.9%
Clark County Pollution Control, Series A, Mandatory Put 03/02/2009 @ 100 (AMT)
	3.250%, 06/01/2031		3,000		2,928
Clark County Pollution Control, Series C, Mandatory Put 03/02/2009 @ 100 (AMT)
	3.250%, 06/01/2031		3,000		2,928
					5,856
New Jersey – 4.0%
Revenue Bonds – 4.0%
New Jersey Economic Development Authority, Cigarette Tax
	5.000%, 06/15/2007		2,000		2,010
New Jersey Healthcare Facilities Financing Authority, Capital Health Systems, Series A
	5.000%, 07/01/2007		2,465		2,478
	5.000%, 07/01/2008		1,585		1,607
New Jersey State Turnpike Authority, Escrowed to Maturity
	6.750%, 01/01/2009 (a)		1,895		1,894
					7,989
New Mexico – 1.0%
Revenue Bond – 1.0%
Gallup Pollution Control, Tri-state Generation (AMBAC)
	5.000%, 08/15/2010		1,910		1,989
New York – 4.5%
Revenue Bonds – 2.7%
Monroe County Airport Authority, Greater Rochester International (AMT) (MBIA)
	5.000%, 01/01/2009		1,175		1,203
New York State Dormitory Authority, Rochester General Hospital
	5.000%, 12/01/2010		1,970		2,053
New York Urban Development, Correctional & Youth Facilities, Series A, Mandatory Put 01/01/2009 @ 100 (MLO)
	5.250%, 01/01/2021		2,000		2,059
					5,315
General Obligation – 1.8%
New York, Series A
	5.000%, 08/01/2011		3,435		3,613
					8,928
North Carolina – 2.3%
Revenue Bonds – 2.3%
North Carolina Medical Care Commission, Health Care Facilities, 1st Mortgage Presbyterian, Series B
	5.000%, 10/01/2007		410		412
	5.000%, 10/01/2008		1,530		1,545
North Carolina Medical Care Commission, Health Care Facilities, Series A
	2.500%, 11/01/2007		1,000		989
University North Carolina Chapel Hill, University Hospital, Series A
	5.000%, 02/01/2010		1,060		1,098
	5.000%, 02/01/2011		500		522
					4,566
Ohio – 2.5%
Revenue Bond – 2.5%
Allen County Economic Development, Young Men’s Christian Association, Mandatory Put 04/14/2008 @ 100
	3.000%, 04/15/2018 (d)		5,000		4,947
Oklahoma – 0.6%
Revenue Bond – 0.6%
Ponca City Utility Authority, Escrowed to Maturity
	6.000%, 07/01/2008 (a)		1,110		1,150
Oregon – 7.9%
Revenue Bond – 7.9%
Oregon State Department of Administrative Services (FSA)
	5.000%, 09/01/2011		15,000		15,862
Pennsylvania – 3.5%
Revenue Bonds – 3.5%
Chartiers Valley Industrial & Commercial Development Authority, Friendship Village South, Series A
	3.450%, 08/15/2007		300		298
Hampden Township Sewer Authority, Escrowed to Maturity
	6.150%, 04/01/2007 (a)		760		764
Pennsylvania Higher Education Facilities Authority, University of Pennsylvania, Health Systems, Series B
	5.000%, 08/15/2008		5,000		5,088
Ringgold School District Authority, Escrowed to Maturity
	6.700%, 01/15/2008 (a)		815		831
					6,981
Puerto Rico – 2.2%
General Obligation – 2.2%
Puerto Rico Commonwealth, Series C, Mandatory Put 07/01/2008 @ 100
	5.000%, 07/01/2018		4,250		4,315
South Carolina – 0.4%
Revenue Bond – 0.4%
Charleston County Hospital Facilities, Carealliance Health Services, Series A
	5.000%, 08/15/2007		700		704

First American Funds Semiannual Report 2006       61

Schedule of  Investments continued

Short Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
South Dakota – 4.6%
Revenue Bonds – 4.6%
Sioux Falls Health Facilities, Dow Rummel Village Project, Series B, Mandatory Put 11/15/2007 @ 100
	4.750%, 11/15/2033	$	1,675	$	1,686
South Dakota State Health & Educational Facilities Authority, Avera Health
	4.000%, 07/01/2031		7,500		7,500
					9,186
Tennessee – 0.8%
Revenue Bond – 0.8%
Clarksville Natural Gas Acquisition Corporation
	5.000%, 12/15/2008		1,500		1,538
Texas – 12.8%
Revenue Bonds – 12.0%
Brazos River Harbor Naval District, Brazoria County Environmental, Dow Chemical Project, Series A-3, Mandatory Put 05/15/2007 @ 100 (AMT)
	4.950%, 05/15/2033		3,000		3,012
Dallas Fort Worth International Airport, Series A (AMT)
	5.000%, 11/01/2007		1,500		1,513
Houston Health Facilities Development, Buckingham Senior Living Community, Series A
	4.900%, 02/15/2010		1,020		1,030
Richardson Hospital Authority
	5.000%, 12/01/2007		1,230		1,240
San Antonio Electric & Gas
	5.250%, 02/01/2010		5,000		5,227
Southeast Hospital Financing Agency, Memorial Hospital System Project, Escrowed to Maturity
	8.500%, 12/01/2008 (a)		365		386
Texas State Public Finance Authority (FGIC)
	5.000%, 02/01/2010		10,650		11,059
Tyler Health Facilities Development, Mother Frances Hospital
	5.000%, 07/01/2007		575		578
					24,045
General Obligation – 0.8%
Donna Independent School District
	4.000%, 02/15/2011		1,505		1,521
					25,566
Virginia – 1.0%
Revenue Bond – 1.0%
Virginia State Housing Development Authority (AMT)
	3.600%, 01/01/2009		2,000		1,994
Washington – 1.0%
Revenue Bond – 1.0%
Washington State Higher Educational Facilities Authority, University Puget Sound Project, Series A, Mandatory Put 04/01/2008 @ 100 (LOC: Bank of America)
	5.000%, 10/01/2030		2,000		2,031
West Virginia – 1.6%
Revenue Bond – 1.6%
West Virginia Commerce of Highways, Special Surface Transportation, Series A (FSA)
	4.000%, 09/01/2011		3,250		3,291
Wisconsin – 2.5%
Revenue Bonds – 1.0%
Wisconsin State Health & Educational Facilities Authority, Froedtert & Community Health, Series A
	5.000%, 04/01/2010		1,000		1,036
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services, Series A
	5.000%, 08/15/2007		1,000		1,006
					2,042
General Obligation – 1.5%
Wisconsin State Certificates of Participation, Master Lease, Series A (MLO)
	5.000%, 09/01/2011		2,885		3,039
					5,081
Total Municipal Bonds (Cost $201,184)					200,630
Short-Term Investment – 0.2%
First American Tax Free Obligations Fund, Class Z (e)
	(Cost $392)		392,357		392
Total Investments – 100.3% (Cost $201,576)					201,022
Other Assets and Liabilities, Net – (0.3)%					(664	)
Total Net Assets – 100.0%				$	200,358

(a)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(b)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(c)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(d)	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006.
(e)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $17,686, which represents 8.8% of total net assets.

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GTY –	Assured Guaranty
LOC –	Letter of Credit

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

PUFG – Permanent University Fund Guarantee

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

62      First American Funds Semiannual Report 2006

Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 98.8%
Alabama – 0.7%
Revenue Bonds – 0.7%
Bessemer Water Revenue (AMBAC)
	5.750%, 07/01/2016	$	2,500	$	2,554
Camden Industrial Development Board, Weyerhauser Company, Series A
	6.125%, 12/01/2024		1,000		1,107
Camden Industrial Development Board, Weyerhauser Company, Series B (AMT)
	6.375%, 12/01/2024		350		384
					4,045
Alaska – 1.5%
Revenue Bonds – 1.1%
Alaska Energy Authority, Bradley Lake, Third Series (FSA)
	6.000%, 07/01/2010		1,000		1,074
	6.000%, 07/01/2011		4,040		4,414
Alaska State Housing Finance Corporation, Series A (MBIA)
	5.900%, 12/01/2019		695		705
					6,193
General Obligation – 0.4%
Anchorage, Series B (MBIA)
	5.000%, 07/01/2022		2,000		2,102
					8,295
Arizona – 1.3%
Revenue Bonds – 1.3%
Arizona Health Facilities Authority, The Terraces Project, Series A
	7.500%, 11/15/2023		3,000		3,388
Maricopa County Industrial Development Authority, Mayo Clinic
	5.000%, 11/15/2031		500		526
Maricopa County Industrial Development Authority, Senior Living Healthcare Revenue, Immanuel Care, Series A (GNMA)
	4.850%, 08/20/2026		1,760		1,806
Tempe Industrial Development Authority, Friendship Village Project, Series A
	5.375%, 12/01/2013		1,300		1,318
					7,038
Arkansas – 0.3%
Revenue Bond – 0.3%
Washington County Arkansas Hospital, Regional Medical Center, Series B
	5.000%, 02/01/2030		1,500		1,541
California – 12.5%
Revenue Bonds – 7.1%
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AMT)(AGTY)
	5.000%, 07/01/2027		2,500		2,583
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series C (AMT)
	5.125%, 11/01/2023		5,000		5,252
California State Department of Water, Series A, Pre-refunded 05/01/2012 @ 101
	5.375%, 05/01/2022 (a)		4,500		4,933
California State Public Works Board Mental Health-Coalinga, Series A (MLO)
	5.500%, 06/01/2019		3,000		3,320
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
	5.250%, 11/15/2023		4,000		4,236
Chula Vista Industrial Development, San Diego Gas & Electric, Series A (AMT)
	4.900%, 03/01/2023		2,500		2,601
Golden State Tobacco Securitization, Series B, Pre-refunded 06/01/2013 @ 100
	5.500%, 06/01/2033 (a)		6,940		7,673
University of California, Series J
	4.000%, 05/15/2010 (b)		6,105		6,190
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
	5.000%, 12/01/2022		1,000		1,028
					37,816
General Obligations – 5.4%
California State
	5.000%, 02/01/2021		5,500		5,791
	4.750%, 04/01/2022		500		508
	5.000%, 09/01/2027		10,000		10,606
	4.500%, 03/01/2030		10,000		9,971
	5.000%, 02/01/2033		2,000		2,087
					28,963
					66,779
Colorado – 3.6%
Revenue Bonds – 3.4%
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT)
	5.700%, 07/01/2018		1,590		1,757
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/2011 @ 100
	7.250%, 12/01/2021 (a)		1,500		1,734
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B
	6.125%, 12/01/2033		1,150		1,255
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities
	5.900%, 10/01/2027		2,500		2,720
	5.000%, 06/01/2029		2,000		2,059
Colorado State Health Facilities Authority, Parkview Medical Center
	6.500%, 09/01/2020		1,000		1,096
Colorado State Health Facilities Authority, Vail Valley Medical Center
	5.800%, 01/15/2027		1,500		1,592
La Junta Hospital, Arkansas Valley Medical Center Project
	6.000%, 04/01/2019		1,000		1,040
Montrose Memorial Hospital
	6.000%, 12/01/2028		1,000		1,085
	6.000%, 12/01/2033		1,000		1,083
Northwest Parkway Public Highway Authority, Zero Coupon Bond (AMBAC)
	4.410%, 06/15/2029 (c)		10,000		2,754
					18,175

First American Funds Semiannual Report 2006       63

Schedule of  Investments continued

Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
General Obligation – 0.2%
Antelope Water Systems General Improvement District
	5.125%, 12/01/2035	$	1,000	$	1,016
					19,191
Florida – 2.9%
Revenue Bonds – 2.9%
Capital Trust Agency, Fort Lauderdale Project (AMT)
	5.750%, 01/01/2032		1,000		1,045
Florida Hurricane Catastrophe Fund Financial Corporation, Series A
	5.000%, 07/01/2010		5,000		5,219
Florida State Department of Transportation, Alligator Alley (FGIC)
	5.125%, 07/01/2013		1,280		1,302
Palm Beach County Health Facilities Authority Retirement Community, Acts Retirement Life, Series A
	4.500%, 11/15/2036		8,000		7,794
					15,360
Georgia – 2.4%
Revenue Bonds – 2.4%
Fulton County Development Authority, Maxon Atlantic Station, Series A, Mandatory Put 03/01/2015 @ 100 (AMT)
	5.125%, 03/01/2026		2,300		2,345
Fulton County Residential Care Facilities, Canterbury Court Project, Series A
	6.125%, 02/15/2026		1,500		1,589
	6.125%, 02/15/2034		2,500		2,642
Gainesville & Hall County Hospital Authority, Northeast Georgia Health Systems Project
	5.500%, 05/15/2031		5,000		5,215
Georgia Municipal Electric Authority Power, Series BB (MBIA)
	5.250%, 01/01/2025		1,000		1,147
					12,938
Idaho – 0.4%
Certificates of Participation – 0.4%
Madison County Hospital
	5.250%, 09/01/2026		1,000		1,064
	5.250%, 09/01/2030		1,000		1,059
					2,123
Illinois – 9.0%
Revenue Bonds – 5.9%
Bolingbrook, Residential Mortgages, Escrowed to Maturity (FGIC)
	7.500%, 08/01/2010 (d)		880		945
Illinois Development Finance Authority, Adventist Health System, Pre-refunded 11/15/2009 @ 101
	5.500%, 11/15/2029 (a)		5,000		5,303
Illinois Financial Authority, Clare At Water Tower Project, Series A
	6.000%, 05/15/2025		2,350		2,449
Illinois Financial Authority, Friendship Village Schaumburg, Series A
	5.375%, 02/15/2025		1,700		1,731
Illinois Financial Authority, Landing at Plymouth Place Project, Series A
	6.000%, 05/15/2037		2,300		2,450
Illinois Financial Authority, Luther Oaks Project, Series A
	6.000%, 08/15/2039		2,000		2,108
Illinois Health Facilities Authority, Covenant Retirement Communities
	5.875%, 12/01/2031		4,500		4,739
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI)
	5.500%, 12/01/2022		4,000		4,287
Illinois Health Facilities Authority, Lutheran Senior Ministries, Series A, Pre-refunded 08/15/2011 @ 101
	7.375%, 08/15/2031 (a)		3,000		3,480
Illinois State Development Finance Authority, Waste Management Incorporated Project (AMT)
	5.850%, 02/01/2007		1,000		1,002
Illinois State Toll Highway Authority, Series A
	6.300%, 01/01/2012		1,000		1,113
Northern Illinois University, Auxiliary Facilities Systems, Partially Pre-refunded 04/01/2007 @ 100 (FGIC)
	5.700%, 04/01/2016 (a)		1,000		1,005
Rockford Multifamily Housing, Rivers Edge Apartments, Series A (AMT) (GNMA)
	5.875%, 01/20/2038		1,215		1,246
					31,858
General Obligations – 3.1%
Cook County, Series A (MBIA)
	6.250%, 11/15/2012		9,090		10,273
Cook County Community School District #97, Oak Park, Series B (FGIC)
	9.000%, 12/01/2011		2,235		2,752
Illinois State (FGIC)
	5.250%, 02/01/2013		1,400		1,416
St. Clair County (FGIC)
	6.000%, 10/01/2011		2,020		2,177
					16,618
					48,476
Indiana – 2.8%
Revenue Bonds – 2.8%
Indiana Health & Educational Facilities Hospital Financing Authority, Clarian Health Obligation Group, Series A
	5.000%, 02/15/2039		700		722
Indiana State Municipal Power Agency, Power Supply, Series B (MBIA)
	6.000%, 01/01/2011		1,000		1,085
	6.000%, 01/01/2012		1,000		1,103
Indiana Transportation Finance Authority, Series A (AMBAC)
	5.750%, 06/01/2012		3,185		3,503
Indianapolis Airport Authority, Special Facilities, Federal Express Corporation Project (AMT) (AGTY)
	5.100%, 01/15/2017		3,000		3,168
Portage Economic Development, Ameriplex Project
	5.000%, 07/15/2023		1,000		1,024
	5.000%, 01/15/2027		775		788
St. Joseph County Industries Hospital Authority, Madison Center Obligation Group Project
	5.250%, 02/15/2028		3,500		3,586
					14,979

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

64      First American Funds Semiannual Report 2006

Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Iowa – 2.8%
Revenue Bonds – 2.8%
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
	5.000%, 07/01/2020	$	1,570	$	1,584
Iowa Higher Education Loan Authority, Central College Project (RAAI)
	5.500%, 10/01/2031		1,500		1,583
Iowa Higher Education Loan Authority, Private College Facility – Simpson College
	5.100%, 12/01/2035		2,000		2,044
Iowa Higher Education Loan Authority, Wartburg College, Series A
	5.100%, 10/01/2025		1,635		1,679
Iowa Hospital Revenue, Washington County Hospital Project
	5.375%, 07/01/2026		650		672
Muscatine Electric, Escrowed to Maturity
	6.700%, 01/01/2013 (d)		830		895
Washington County, Hospital Revenue
	5.500%, 07/01/2032		1,250		1,300
Xenia Rural Water District (CIFG)
	4.625%, 12/01/2036		5,000		5,010
					14,767
Kansas – 0.4%
Revenue Bond – 0.4%
Olathe Senior Living Facility, Catholic Care Campus, Series A
	6.000%, 11/15/2038		2,000		2,137
Louisiana – 1.8%
Revenue Bonds – 1.8%
Baton Rouge Sales & Use Tax, Public Improvements, Series A (FGIC)
	5.250%, 08/01/2015		2,030		2,104
Jefferson Parish, Drain Sales Tax (AMBAC)
	5.000%, 11/01/2011		1,000		1,052
Jefferson Parish, Home Mortgage Authority, Escrowed to Maturity (FGIC) (FHA)
	7.100%, 08/01/2011 (d)		1,000		1,121
Lafayette, Public Improvement Sales Tax, Series B (FGIC)
	7.000%, 03/01/2008		1,000		1,037
Louisiana Public Facilities Authority, Tulane University of Louisiana, Series A-1 (MBIA)
	5.100%, 11/15/2014		1,500		1,544
Rapides Financial Authority, Cleco Power LLC Project (AMBAC) (AMT)
	4.700%, 11/01/2036		3,000		2,981
					9,839
Massachusetts – 0.7%
Revenue Bonds – 0.7%
Boston Industrial Development Financing Authority, Crosstown Center Project (AMT)
	6.500%, 09/01/2035		2,470		2,557
Massachusetts State Health & Educational Facilities Authority, U Mass Memorial Issue, Series D
	5.000%, 07/01/2033		1,000		1,018
					3,575
Michigan – 1.1%
Revenue Bond – 0.4%
Kent Hospital Financial Authority, Metropolitan Hospital Project, Series A
	5.250%, 07/01/2030		2,000		2,079
General Obligations – 0.7%
Thornapple Kellogg School Building & Site (MQSBLF)
	5.500%, 05/01/2014		1,485		1,619
	5.500%, 05/01/2016		1,810		1,973
					3,592
					5,671
Minnesota – 6.1%
Revenue Bonds – 6.1%
Cuyuna Range Hospital District
	5.200%, 06/01/2025		1,000		1,022
Cuyuna Range Hospital District, Series A
	6.000%, 06/01/2029		650		664
Duluth Economic Development Authority, Benedictine Health System
	5.250%, 02/15/2033		3,500		3,658
Fergus Falls Health Care Facilities Authority, Series A
	7.000%, 11/01/2019		150		150
Maple Grove Health Care Facilities, North Memorial Health Care
	4.250%, 09/01/2025		1,000		971
Minneapolis Healthcare System, Fairview Health Services, Series A, Pre-refunded 05/15/2012 @ 101
	5.625%, 05/15/2032 (a)		7,000		7,709
Minnesota Agriculture & Economic Development Board, Health Care System, Fairview, Series A
	6.375%, 11/15/2029		95		103
Minnesota Agriculture & Economic Development Board, Health Care System, Fairview, Series A, Pre-refunded 11/15/2010 @ 101
	6.375%, 11/15/2029 (a)		2,905		3,206
Monticello, Big Lake Community Hospital, Series C
	6.200%, 12/01/2022		2,995		3,153
Shakopee Health Care Facilities St. Francis Regional Medical Center
	5.250%, 09/01/2034		1,000		1,048
Southern Minnesota Municipal Power Agency, Capital Appreciation, Series A, Zero Coupon Bond (MBIA)
	4.280%, 01/01/2021 (c)		5,000		2,763
	4.320%, 01/01/2023 (c)		3,000		1,514
	4.340%, 01/01/2024 (c)		2,245		1,082
St. Paul Housing & Redevelopment Authority, Health Care Facilities, Healthpartners Obligated Group Project
	5.250%, 05/15/2026		1,500		1,586
St. Paul Housing & Redevelopment Hospital Authority, HealthEast Project
	5.250%, 11/15/2014		990		1,030
Stillwater Health Care, Health System Obligation Group
	5.000%, 06/01/2035		3,000		3,114
					32,773

First American Funds Semiannual Report 2006       65

Schedule of  Investments continued

Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Missouri – 0.2%
Revenue Bond – 0.2%
Sugar Creek, Lafarge North America, Series A (AMT)
	5.650%, 06/01/2037	$	1,000	$	1,059
Montana – 1.2%
Revenue Bonds – 1.2%
Forsyth Pollution Control, Northwestern Corporation
	4.650%, 08/01/2023		3,500		3,596
Montana Facilities Financial Authority, Senior Living St. John’s Lutheran, Series A
	6.125%, 05/15/2036		2,500		2,617
					6,213
Nebraska – 3.7%
Revenue Bonds – 3.7%
Douglas County Zoo Facility, Omaha Henry Doory Zoo Project
	4.750%, 09/01/2024		2,750		2,797
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project
	4.250%, 06/01/2022		4,200		4,084
Nebraska Educational Finance Authority, Concordia University Project
	5.250%, 12/15/2015		500		510
	5.350%, 12/15/2018		540		550
Nebraska Educational Finance Authority, Midland Lutheran College, Series A
	5.600%, 09/15/2029		1,800		1,874
Omaha Metropolitan Utilities, Water Revenue, Series A
	4.250%, 12/01/2021		1,500		1,495
Omaha Sanitation & Sewer (MBIA)
	4.250%, 11/15/2029		6,750		6,536
Washington County Wastewater Facilities, Cargill Project (AMT)
	5.900%, 11/01/2027		1,700		1,850
					19,696
Nevada – 3.1%
Revenue Bonds – 3.1%
Carson City, Carson-Tahoe Hospital Project
	5.750%, 09/01/2031		5,000		5,280
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (AMBAC) (AMT)
	5.250%, 07/01/2034		4,000		4,239
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (FGIC) (AMT)
	4.750%, 09/01/2036		4,000		4,025
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B
	6.000%, 11/15/2023		750		766
	6.750%, 11/15/2023		2,300		2,350
					16,660
New Hampshire – 0.4%
Revenue Bonds – 0.4%
New Hampshire Health & Educational Facilities Authority Covenant Health
	5.375%, 07/01/2024		1,250		1,335
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital
	5.875%, 07/01/2034		800		846
					2,181
New Jersey – 0.7%
Revenue Bond – 0.7%
Camden County, Municipal Utilities Authority Sewer Revenue Refunding, Series C (FGIC)
	5.100%, 07/15/2012		3,500		3,607
New York – 2.9%
Revenue Bond – 2.2%
Liberty Development Corporation, Goldman Sachs Headquarters
	5.250%, 10/01/2035		10,000		11,577
General Obligation – 0.7%
New York, Series C, Pre-refunded 03/15/2012 @ 100
	5.250%, 03/15/2032 (a)		3,590		3,867
					15,444
North Carolina – 1.8%
Revenue Bonds – 1.8%
North Carolina Medical Care Community Health Care Facilities, 1st Mortgage Presbyterian, Series B
	5.000%, 10/01/2015		500		511
	5.200%, 10/01/2021		2,000		2,059
North Carolina Medical Care Community Health Care Facilities, Pennybyrn at Maryfield, Series A
	6.000%, 10/01/2023		4,700		4,968
North Carolina Medical Care Community Health Care Facilities, Presbyterian Homes
	5.400%, 10/01/2027		2,100		2,177
					9,715
North Dakota – 0.5%
Revenue Bond – 0.5%
North Dakota State Board of Higher Education, Bismarck State College
	5.350%, 05/01/2030		2,500		2,553
Ohio – 2.3%
Revenue Bonds – 1.2%
Cincinnati Water System, Pre-refunded 06/01/2011 @ 100
	5.000%, 12/01/2020 (a)		125		132
Miami County Hospital Facilities, Upper Valley Medical Center
	5.250%, 05/15/2026		1,000		1,058
Ohio State Higher Educational Facility, Baldwin-Wallace College Project
	5.125%, 12/01/2017		1,490		1,556
	5.250%, 12/01/2019		1,540		1,613
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project
	5.250%, 12/01/2023		2,000		2,100
					6,459

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

66      First American Funds Semiannual Report 2006

Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
General Obligation – 1.1%
Cincinnati School District, Classroom Construction & Improvement (FGIC)
	5.250%, 12/01/2019	$	5,000	$	5,675
					12,134
Oklahoma – 0.6%
Revenue Bonds – 0.6%
Norman Regional Hospital Authority
	5.375%, 09/01/2029		1,000		1,056
	5.375%, 09/01/2036		2,325		2,445
					3,501
Oregon – 4.0%
Revenue Bonds – 4.0%
Gilliam County Solid Waste Disposal, Waste Management Project (AMT)
	5.250%, 07/01/2029		1,500		1,565
Oregon State Department of Administrative Services (FSA)
	5.000%, 09/01/2011		12,500		13,218
Washington County Unified Sewer Agency, Series 1 (FGIC)
	5.750%, 10/01/2010		6,110		6,558
					21,341
Pennsylvania – 2.4%
Revenue Bonds – 0.4%
Erie County Industrial Development Authority, International Paper Company Project, Series A (AMT)
	5.000%, 11/01/2018		1,350		1,375
Westmoreland County Industrial Development Authority, Redstone Retirement Community, Series A
	5.750%, 01/01/2026		1,200		1,265
					2,640
General Obligations – 2.0%
Chester Upland School Authority, Series A (FSA)
	5.250%, 09/01/2017		2,000		2,020
Montgomery County, Series C
	4.250%, 12/15/2031		3,500		3,387
Pennsylvania State (AMBAC)
	5.125%, 09/15/2011		5,000		5,089
					10,496
					13,136
Puerto Rico – 1.9%
Revenue Bonds – 1.8%
Puerto Rico Commonwealth Infrastructure Financing Authority, Series B
	5.000%, 07/01/2031		4,000		4,197
Puerto Rico Electric Power Authority, Series RR (CIFG)
	5.000%, 07/01/2029		5,000		5,306
					9,503
General Obligation – 0.1%
Puerto Rico Public Improvements (MBIA)
	5.750%, 07/01/2026		500		534
					10,037
South Carolina – 2.4%
Revenue Bonds – 1.4%
Georgetown County Environmental Improvement, International Paper, Series A (AMT)
	5.550%, 12/01/2029		700		736
Lexington County Health Services District, Lexington Medical Center
	5.500%, 11/01/2023		2,000		2,129
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A
	6.125%, 08/01/2023		1,250		1,393
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C, Pre-refunded 08/01/2013 @ 100
	6.375%, 08/01/2034 (a)		1,250		1,440
South Carolina State Public Service Authority, Santee Cooper, Series A
	5.000%, 01/01/2030		2,000		2,128
					7,826
General Obligation – 1.0%
Lexington School District #2, Brookland-Cayce School District Project, Series B (CIFG) (MLO)
	4.750%, 12/01/2031		5,000		5,141
					12,967
South Dakota – 1.8%
Revenue Bonds – 1.3%
Sioux Falls, Dow Rummel Village Project, Series A, Pre-refunded 11/15/2012 @ 100
	6.625%, 11/15/2023 (a)		2,200		2,494
South Dakota Economic Development Finance Authority, DTS Project, Series A (AMT)
	5.500%, 04/01/2019		1,055		1,093
South Dakota Economic Development Finance Authority, Pooled Loan Project – Davis Family, Series 4-A (AMT)
	6.000%, 04/01/2029		1,400		1,449
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	5.000%, 09/01/2025		645		664
	5.000%, 09/01/2031		1,250		1,280
					6,980
General Obligation – 0.1%
Sioux Falls School District #49-5, Series B
	4.750%, 07/01/2020		510		536
Certificate of Participation – 0.4%
Deadwood (ACA) (MLO)
	5.000%, 11/01/2020		2,000		2,061
					9,577

First American Funds Semiannual Report 2006       67

Schedule of  Investments continued

Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Tennessee – 2.3%
Revenue Bonds – 2.3%
Johnson City Health & Educational Facilities Authority Mountain States Health, Series A
	7.500%, 07/01/2033	$	2,500	$	2,918
Shelby County Health, Educational & Housing Facilities Board Methodist Healthcare, Pre-refunded 09/01/2012 @ 100
	6.500%, 09/01/2021 (a)		3,000		3,431
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Pre-refunded 09/01/2012 @ 101
	6.250%, 09/01/2032 (a)		5,500		6,193
					12,542
Texas – 9.6%
Revenue Bonds – 7.4%
Abilene Health Facilities Development, Sears Methodist Retirement Project
	5.875%, 11/15/2018		500		514
	6.000%, 11/15/2029		2,000		2,051
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A
	5.875%, 11/15/2018		2,500		2,557
	7.000%, 11/15/2033		4,000		4,436
Bexar County Housing Finance Authority, American Opportunity Housing, Colinas LLC Project, Series A (MBIA)
	5.800%, 01/01/2031		2,000		2,102
Brazos River Authority PCR-Texas Utility Company (AMT)
	7.700%, 04/01/2033		2,500		2,936
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT)
	5.700%, 05/15/2033		2,500		2,653
Crawford Education Facilities, University of St. Thomas Project
	5.250%, 10/01/2022		1,300		1,331
	5.375%, 10/01/2027		1,750		1,805
Harris County Health Facilities Development, Memorial Hospital Systems Project, Series A (MBIA)
	5.500%, 06/01/2017		8,000		8,209
Red River Authority Sewer & Solidwaste Disposal Excel Corporation Project (AMT)
	6.100%, 02/01/2022		3,775		4,028
Tarrant County Cultural Education Retirement Facilities, Northwest Senior Housing Edgemere Project, Series A
	6.000%, 11/15/2026		1,600		1,723
Texas Water Development Board, Series A
	5.500%, 07/15/2010		2,500		2,504
Travis County Health Facilities, Querencia Barton Creek Project
	5.500%, 11/15/2025		1,300		1,328
	5.650%, 11/15/2035		1,100		1,132
					39,309
General Obligations – 2.2%
Cypress-Fairbanks Independent School District, Pre-refunded 02/15/2010 @ 100 (PSFG)
	5.500%, 02/15/2018 (a)		5,000		5,269
Fort Bend Independent School District, Escrowed to Maturity (PSFG)
	5.000%, 02/15/2014 (d)		500		541
Laredo Independent School District (PSFG)
	6.750%, 08/01/2009		2,290		2,461
Remington Municipal Utility District #1, Series A, Pre-refunded 09/01/2008 @ 100 (RAAI)
	5.800%, 09/01/2025 (a)		1,000		1,036
Spring Branch Independent School District, Pre-refunded 02/01/2010 @ 100 (PSFG)
	5.750%, 02/01/2025 (a)		2,400		2,540
					11,847
					51,156
Utah – 0.2%
Revenue Bonds – 0.2%
Intermountain Power Agency, Utah Power Supply, Series A, (AMBAC)
	6.500%, 07/01/2011		365		406
Intermountain Power Agency, Utah Power Supply, Series A, Escrowed to Maturity (AMBAC)
	6.500%, 07/01/2011 (d)		635		709
					1,115
Vermont – 0.2%
Revenue Bond – 0.2%
Vermont Economic Development Authority, Wake Robin Corporation Project, Series A
	5.250%, 05/01/2026		1,000		1,017
Virginia – 0.2%
Revenue Bond – 0.2%
Arlington County Industrial Development Authority, Berkeley Apartments (AMT) (FNMA)
	5.850%, 12/01/2020		1,000		1,067
Washington – 3.0%
Revenue Bonds – 0.5%
Snohomish County Public Utilities District #1, Escrowed to Maturity
	6.750%, 01/01/2012 (d)		1,000		1,080
Washington State Public Power Supply System, Nuclear Project #3, Series A (FSA)
	5.250%, 07/01/2016		1,000		1,027
Washington State Public Power Supply System, Nuclear Project #3, Series B
	7.125%, 07/01/2016		600		747
					2,854
General Obligations – 2.5%
King County, Series F
	5.125%, 12/01/2014		5,000		5,064
Washington State Motor Vehicle Fuel Tax, Series D, Pre-refunded 01/01/2007 @ 100 (FGIC)
	5.375%, 01/01/2022 (a)		8,000		8,001
					13,065
					15,919
Wisconsin – 2.4%
Revenue Bonds – 2.4%
Amery, Apple River Hospital Project, Pre-refunded 06/01/2008 @ 100
	5.700%, 06/01/2013 (a)		1,440		1,482
Wisconsin State Health & Educational Facilities Authority, Attic Angel Obligation Group, Pre-refunded 11/17/2008 @ 102
	5.750%, 11/15/2027 (a)		1,000		1,054

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

68      First American Funds Semiannual Report 2006

Tax Free Fund (continued)
DESCRIPTION		PAR/SHARES		VALUE
Wisconsin State Health & Educational Facilities Authority, Beaver Dam Community Hospitals, Series A
	6.750%, 08/15/2034	$	1,000	$	1,094
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project
	6.000%, 12/01/2024		1,000		1,035
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B
	6.000%, 02/15/2025		3,500		3,776
Wisconsin State Health & Educational Facilities Authority, New Castle Place Project, Series A
	7.000%, 12/01/2031		2,000		2,090
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A
	6.250%, 04/01/2034		2,000		2,118
					12,649
Wyoming – 0.7%
Revenue Bonds – 0.7%
Teton County Hospital District, St. John’s Medical Center
	6.750%, 12/01/2022		2,100		2,251
	6.750%, 12/01/2027		1,500		1,602
					3,853
Total Municipal Bonds (Cost $501,777)					528,666
Short-Term Investments – 1.4%
Money Market Fund – 1.3%
First American Tax Free Obligations Fund, Class Z (e)			7,015,302		7,015
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
	4.923%, 01/11/2007 (f)	$	285		285
Total Short-Term Investments (Cost $7,300)					7,300
Total Investments – 100.2% (Cost $509,077)					535,966
Other Assets and Liabilities, Net – (0.2)%					(774	)
Total Net Assets – 100.0%				$	535,192

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Security purchased on a when-issued basis. On December 31, 2006, the total cost of investment purchased on a when-issued basis was $6,203 or 1.2% of total net assets. See note 2 in Notes to Financial Statements.
(c)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006.
(d)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(e)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

(f)  Yield shown is the effective yield as of December 31, 2006.

ACA – American Capital Access

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $56,024, which represents 10.5% of total net assets.

CIFG – CDC IXIS Financial Guaranty

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MQSBLF – Michigan Qualified School Board Loan Fund Program

PSFG – Permanent School Fund Guarantee

RAAI – Radian Asset Assurance Inc.

First American Funds Semiannual Report 2006       69

Statements of  Assets and Liabilities December 31, 2006 (unaudited), all dollars and shares are rounded to thousands (000), except per share data

			California				Colorado
	Arizona		Intermediate		California		Intermediate		Colorado
	Tax Free Fund		Tax Free Fund		Tax Free Fund		Tax Free Fund		Tax Free Fund
Investments in unaffiliated securities, at cost	$	26,237	$	57,849	$	35,260	$	39,474	$	21,761
Investments in affiliated money market fund, at cost		—		—		—		558		142
ASSETS:
Investments in unaffiliated securities, at value (note 2)	$	27,383	$	59,763	$	36,925	$	41,372	$	23,026
Investments in affiliated money market fund, at value (note 2)		—		—		—		558		142
Receivable for dividends and interest		471		749		443		265		188
Receivable for investment securities sold		—		—		483		—		—
Receivable for capital shares sold		—		6		82		1		3
Receivable for variation margin		—		—		—		—		—
Receivable from advisor		9		—		6		—		9
Prepaid expenses and other assets		10		9		10		9		9
Total assets		27,873		60,527		37,949		42,205		23,377
LIABILITIES:
Dividends payable		76		184		101		129		48
Payable for investment securities purchased		—		—		—		—		—
Payable for investment securities purchased on a when-issued basis		—		—		—		—		—
Payable for capital shares redeemed		—		—		3		62		—
Payable to affiliates (note 3)		13		29		15		18		12
Payable for distribution and shareholder servicing fees		3		1		3		1		4
Accrued expenses and other liabilities		29		29		29		29		29
Total liabilities		121		243		151		239		93
Net assets	$	27,752	$	60,284	$	37,798	$	41,966	$	23,284
COMPOSITION OF NET ASSETS:
Portfolio capital	$	26,543	$	58,337	$	36,059	$	39,923	$	21,948
Undistributed net investment income		28		25		38		44		36
Accumulated net realized gain (loss) on investments (note 2)		35		8		36		101		35
Net unrealized appreciation (depreciation) of investments		1,146		1,914		1,665		1,898		1,265
Net unrealized appreciation on futures contracts		—		—		—		—		—
Net assets	$	27,752	$	60,284	$	37,798	$	41,966	$	23,284
Class A:
Net assets	$	8,541	$	5,991	$	10,616	$	7,388	$	9,187
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		773		584		947		703		846
Net asset value and redemption price per share	$	11.05	$	10.26	$	11.21	$	10.51	$	10.86
Maximum offering price per share (1)	$	11.54	$	10.50	$	11.71	$	10.75	$	11.34
Class C:
Net assets	$	1,444		—	$	2,118		—	$	3,093
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		131		—		189		—		285
Net asset value, offering price, and redemption price per share (2)	$	11.03		—	$	11.22		—	$	10.84
Class Y:
Net assets	$	17,767	$	54,293	$	25,064	$	34,578	$	11,004
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1,608		5,281		2,234		3,298		1,011
Net asset value, offering price, and redemption price per share	$	11.05	$	10.28	$	11.22	$	10.49	$	10.88

(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge. For a description of front-end sales charges, see note 1 in Notes to Financial Statements.
(2)	Class C has a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

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

70      First American Funds Semiannual Report 2006

		Minnesota											Oregon
Intermediate		Intermediate		Minnesota		Missouri		Nebraska		Ohio			Intermediate		Short
Tax Free Fund		Tax Free Fund		Tax Free Fund		Tax Free Fund		Tax Free Fund		Tax Free Fund			Tax Free Fund		Tax Free Fund			Tax Free Fund
$	604,594	$	192,999	$	161,138	$	151,490	$	37,371	$	40,407		$	118,275	$	201,184		$	502,062
	1,604		—		—		593		248		—			2,138		392			7,015
$	632,688	$	200,334	$	170,334	$	157,451	$	38,616	$	41,692		$	121,594	$	200,630		$	528,951
	1,604		—		—		593		248		—			2,138		392			7,015
	7,603		2,874		2,076		2,244		501		385			1,020		3,193			6,970
	26		—		—		—		—		—			—		—			—
	139		109		116		58		5		—			40		—			653
	—		—		—		—		—		3			—		—			—
	—		—		—		—		6		5			—		—			—
	21		9		10		9		9		9			9		22			27
	642,081		203,326		172,536		160,355		39,385		42,094			124,801		204,237			543,616
	1,947		594		339		476		116		115			364		507			1,722
	3,486		—		—		—		—		—			—		—			—
	1,055		1,656		—		1,728		197		—			—		—			6,203
	3,043		380		100		24		51		—			—		3,244			149
	369		112		91		87		15		16			66		97			306
	4		3		24		6		2		—			1		—			9
	31		30		29		30		29		29			29		31			35
	9,935		2,775		583		2,351		410		160			460		3,879			8,424
$	632,146	$	200,551	$	171,953	$	158,004	$	38,975	$	41,934		$	124,341	$	200,358		$	535,192
$	602,856	$	192,901	$	162,333	$	151,797	$	37,653	$	40,628		$	120,799	$	202,724		$	507,781
	777		139		141		96		36		33			196		181			63
	419		176		283		150		41		(35	)		27		(1,993	)		459
	28,094		7,335		9,196		5,961		1,245		1,285			3,319		(554	)		26,889
	—		—		—		—		—		23			—		—			—
$	632,146	$	200,551	$	171,953	$	158,004	$	38,975	$	41,934		$	124,341	$	200,358		$	535,192
$	30,905	$	24,715	$	107,860	$	26,858	$	6,965	$	917		$	8,662	$	3,145		$	38,095
	2,856		2,470		9,633		2,248		663		88			874		323			3,461
$	10.82	$	10.01	$	11.20	$	11.95	$	10.51	$	10.41		$	9.91	$	9.75		$	11.01
$	11.07	$	10.24	$	11.70	$	12.48	$	10.98	$	10.87		$	10.14	$	9.97		$	11.50
	—		—	$	12,143	$	304	$	1,399	$	190			—		—		$	2,217
	—		—		1,089		26		134		18			—		—			202
	—		—	$	11.15	$	11.92	$	10.44	$	10.28			—		—		$	10.96
$	601,241	$	175,836	$	51,950	$	130,842	$	30,611	$	40,827		$	115,679	$	197,213		$	494,880
	55,667		17,659		4,646		10,945		2,914		3,925			11,667		20,232			44,908
$	10.80	$	9.96	$	11.18	$	11.95	$	10.50	$	10.40		$	9.92	$	9.75		$	11.02

First American Funds Semiannual Report 2006       71

Statements of  Operations For the six-month period ended December 31, 2006 (unaudited), all dollars are rounded to thousands (000)

				California						Colorado
	Arizona			Intermediate			California			Intermediate			Colorado
	Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	667		$	1,330		$	902		$	1,041		$	569
Dividends from affiliated money market fund		—			—			—			3			8
Total investment income		667			1,330			902			1,044			577
EXPENSES (note 3):
Investment advisory fees		69			147			95			107			57
Administration fees		34			70			46			51			29
Transfer agent fees		39			29			39			29			39
Custodian fees		1			2			1			1			1
Professional fees		21			21			21			21			21
Registration fees		5			4			4			4			4
Postage and printing fees		—	(1)		1			1			1			—	(1)
Directors’ fees		8			8			8			8			8
Other expenses		9			9			9			9			9
Distribution and shareholder servicing fees – Class A		11			6			14			11			11
Distribution and shareholder servicing fees – Class C		6			—			10			—			13
Total expenses		203			297			248			242			192
Less: Fee waivers (note 3)		(118	)		(87	)		(131	)		(86	)		(113	)
Less: Indirect payments from custodian (note 3)		—	(1)		—	(1)		—	(1)		—	(1)		—	(1)
Total net expenses		85			210			117			156			79
Investment income – net		582			1,120			785			888			498
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain (loss) on investments		99			102			95			137			55
Net realized gain (loss) on futures contracts		(15	)		—			7			—			(5	)
Net change in unrealized appreciation or depreciation of investments		522			1,004			842			619			405
Net change in unrealized appreciation or depreciation of futures contracts		(10	)		—			—			—			(15	)
Net gain on investments		596			1,106			944			756			440
Net increase in net assets resulting from operations	$	1,178		$	2,226		$	1,729		$	1,644		$	938

(1)   Due to the presentation of the financial statements in thousands, the number rounds to zero.

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

72      First American Funds Semiannual Report 2006

			Minnesota															Oregon
Intermediate			Intermediate			Minnesota			Missouri			Nebraska			Ohio			Intermediate			Short
Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund
$	15,760		$	4,775		$	4,242		$	3,797		$	938		$	936		$	2,827		$	4,012		$	13,086
	101			—			—			22			7			—			20			52			165
	15,861			4,775			4,242			3,819			945			936			2,847			4,064			13,251
	1,609			510			422			407			100			106			308			563			1,301
	745			237			196			190			48			51			144			261			600
	31			30			41			39			39			38			29			29			40
	16			5			4			4			1			2			3			7			13
	24			22			22			22			21			21			22			22			23
	13			4			5			5			5			4			4			14			18
	13			4			3			3			1			1			2			4			10
	12			9			8			8			8			8			8			9			11
	10			9			10			10			9			9			9			9			10
	41			32			132			34			9			1			12			4			48
	—			—			47			1			6			1			—			—			9
	2,514			862			890			723			247			242			541			922			2,083
	(235	)		(129	)		(131	)		(117	)		(133	)		(134	)		(103	)		(242	)		(204	)
	—	(1)		—	(1)		—	(1)		—	(1)		—	(1)		—			—			(1	)		(2	)
	2,279			733			759			606			114			108			438			679			1,877
	13,582			4,042			3,483			3,213			831			828			2,409			3,385			11,374
	1,258			331			398			736			89			16			283			(757	)		2,731
	—			—			(94	)		5			(27	)		(10	)		3			—			(124	)
	10,108			3,287			3,381			3,051			818			1,005			1,735			2,276			8,289
	—			—			—			—			(20	)		23			—			—			—
	11,366			3,618			3,685			3,792			860			1,034			2,021			1,519			10,896
$	24,948		$	7,660		$	7,168		$	7,005		$	1,691		$	1,862		$	4,430		$	4,904		$	22,270

First American Funds Semiannual Report 2006       73

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

											California
		Arizona									Intermediate
		Tax Free Fund									Tax Free Fund
		Six-Month			Nine-Month						Six-Month			Nine-Month
		Period Ended			Fiscal						Period Ended			Fiscal
		12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended
		(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05
OPERATIONS:
Investment income – net		$	582		$	817		$	943		$	1,120		$	1,623		$	2,007
Net realized gain on investments			99			94			215			102			207			174
Net realized gain (loss) on futures contracts			(15	)		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments			522			(713	)		(401	)		1,004			(1,353	)		(809	)
Net change in unrealized appreciation or depreciation of futures contracts			(10	)		10			—			—			—			—
Net increase in net assets resulting from operations			1,178			208			757			2,226			477			1,372
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(173	)		(284	)		(412	)		(81	)		(115	)		(142	)
	Class C		(25	)		(39	)		(64	)		—			—			—
	Class Y		(363	)		(487	)		(516	)		(1,030	)		(1,509	)		(1,860	)
Net realized gain on investments:
	Class A		(44	)		(80	)		(99	)		(30	)		(14	)		(25	)
	Class C		(8	)		(11	)		(18	)		—			—			—
	Class Y		(91	)		(119	)		(113	)		(271	)		(160	)		(331	)
Total distributions			(704	)		(1,020	)		(1,222	)		(1,412	)		(1,798	)		(2,358	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		218			1,018			2,145			2,651			972			1,367
	Reinvestment of distributions		76			302			422			60			77			120
	Payments for redemptions		(957	)		(1,534	)		(1,831	)		(198	)		(1,460	)		(852	)
Increase (decrease) in net assets from Class A transactions			(663	)		(214	)		736			2,513			(411	)		635
Class C:
	Proceeds from sales		69			125			201			—			—			—
	Reinvestment of distributions		24			45			65			—			—			—
	Payments for redemptions (note 3)		(32	)		(394	)		(192	)		—			—			—
Increase (decrease) in net assets from Class C transactions			61			(224	)		74			—			—			—
Class Y:
	Proceeds from sales		3,025			5,805			5,175			3,465			9,187			6,384
	Reinvestment of distributions		90			117			73			54			47			80
	Payments for redemptions		(1,248	)		(3,869	)		(499	)		(1,729	)		(5,573	)		(3,209	)
Increase (decrease) in net assets from Class Y transactions			1,867			2,053			4,749			1,790			3,661			3,255
Increase (decrease) in net assets from capital share transactions			1,265			1,615			5,559			4,303			3,250			3,890
Total increase (decrease) in net assets			1,739			803			5,094			5,117			1,929			2,904
Net assets at beginning of period			26,013			25,210			20,116			55,167			53,238			50,334
Net assets at end of period		$	27,752		$	26,013		$	25,210		$	60,284		$	55,167		$	53,238
Undistributed net investment income at end of period		$	28		$	7		$	—		$	25		$	16		$	17

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

74      First American Funds Semiannual Report 2006

									Colorado
California									Intermediate									Colorado
Tax Free Fund									Tax Free Fund									Tax Free Fund
Six-Month			Nine-Month						Six-Month			Nine-Month						Six-Month			Nine-Month
Period Ended			Fiscal						Period Ended			Fiscal						Period Ended			Fiscal
12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended
(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05
$	785		$	1,075		$	1,189		$	888		$	1,412		$	2,004		$	498		$	708		$	937
	95			45			66			137			293			284			55			158			586
	7			8			—			—			—			—			(5	)		3			—
	842			(895	)		(182	)		619			(1,489	)		(1,134	)		405			(714	)		(804	)
	—			—			—			—			—			—			(15	)		15			—
	1,729			233			1,073			1,644			216			1,154			938			170			719
	(214	)		(344	)		(400	)		(175	)		(346	)		(577	)		(196	)		(275	)		(420	)
	(39	)		(91	)		(60	)		—			—			—			(60	)		(91	)		(153	)
	(511	)		(632	)		(744	)		(703	)		(1,055	)		(1,500	)		(245	)		(310	)		(419	)
	(33	)		(23	)		(89	)		(58	)		(74	)		(44	)		(69	)		(271	)		(77	)
	(7	)		(6	)		(13	)		—			—			—			(24	)		(98	)		(30	)
	(79	)		(36	)		(149	)		(271	)		(209	)		(125	)		(83	)		(217	)		(70	)
	(883	)		(1,132	)		(1,455	)		(1,207	)		(1,684	)		(2,246	)		(677	)		(1,262	)		(1,169	)
	907			1,708			4,192			199			88			4,258			840			1,620			303
	141			249			383			159			276			428			232			460			421
	(1,471	)		(2,773	)		(2,086	)		(2,667	)		(3,840	)		(4,917	)		(495	)		(1,468	)		(2,770	)
	(423	)		(816	)		2,489			(2,309	)		(3,476	)		(231	)		577			612			(2,046	)
	379			1,135			1,840			—			—			—			73			132			485
	33			58			65			—			—			—			74			178			172
	(1,954	)		(585	)		(109	)		—			—			—			(98	)		(556	)		(950	)
	(1,542	)		608			1,796			—			—			—			49			(246	)		(293	)
	3,882			7,852			6,071			4,111			4,709			6,325			1,639			4,754			1,391
	38			30			33			58			57			53			31			33			15
	(1,145	)		(5,145	)		(2,349	)		(2,569	)		(5,572	)		(8,784	)		(968	)		(2,514	)		(2,293	)
	2,775			2,737			3,755			1,600			(806	)		(2,406	)		702			2,273			(887	)
	810			2,529			8,040			(709	)		(4,282	)		(2,637	)		1,328			2,639			(3,226	)
	1,656			1,630			7,658			(272	)		(5,750	)		(3,729	)		1,589			1,547			(3,676	)
	36,142			34,512			26,854			42,238			47,988			51,717			21,695			20,148			23,824
$	37,798		$	36,142		$	34,512		$	41,966		$	42,238		$	47,988		$	23,284		$	21,695		$	20,148
$	38		$	17		$	9		$	44		$	34		$	23		$	36		$	39		$	7

First American Funds Semiannual Report 2006       75

Statements of  Changes in Net Assets continued

											Minnesota
		Intermediate									Intermediate
		Tax Free Fund									Tax Free Fund
		Six-Month			Nine-Month						Six-Month			Nine-Month
		Period Ended			Fiscal						Period Ended			Fiscal
		12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended
		(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05
OPERATIONS:
Investment income – net		$	13,582		$	20,171		$	27,443		$	4,042		$	6,441		$	9,362
Net realized gain on investments			1,258			881			1,758			331			874			1,370
Net realized gain (loss) on futures contracts			—			—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments			10,108			(16,513	)		(13,264	)		3,287			(5,474	)		(4,978	)
Net change in unrealized appreciation or depreciation of futures contracts			—			—			—			—			—			—
Net increase in net assets resulting from operations			24,948			4,539			15,937			7,660			1,841			5,754
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(622	)		(1,012	)		(1,423	)		(486	)		(843	)		(1,267	)
	Class C		—			—			—			—			—			—
	Class Y		(12,183	)		(19,466	)		(26,720	)		(3,482	)		(5,686	)		(8,038	)
Net realized gain on investments:
	Class A		(42	)		(85	)		(194	)		(124	)		(183	)		(114	)
	Class C		—			—			—			—			—			—
	Class Y		(798	)		(1,527	)		(3,485	)		(892	)		(1,195	)		(683	)
Total distributions			(13,645	)		(22,090	)		(31,822	)		(4,984	)		(7,907	)		(10,102	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		2,352			3,630			7,869			237			2,992			5,677
	Reinvestment of distributions		479			824			1,256			368			738			1,026
	Payments for redemptions		(5,026	)		(5,699	)		(8,912	)		(2,778	)		(8,720	)		(8,801	)
Increase (decrease) in net assets from Class A transactions			(2,195	)		(1,245	)		213			(2,173	)		(4,990	)		(2,098	)
Class C:
	Proceeds from sales		—			—			—			—			—			—
	Reinvestment of distributions		—			—			—			—			—			—
	Payments for redemptions (note 3)		—			—			—			—			—			—
Increase (decrease) in net assets from Class C transactions			—			—			—			—			—			—
Class Y:
	Proceeds from sales		54,472			84,989			111,544			9,524			17,422			16,162
	Reinvestment of distributions		1,314			2,325			3,541			213			352			335
	Payments for redemptions		(61,575	)		(115,490	)		(96,251	)		(11,700	)		(34,284	)		(32,427	)
Increase (decrease) in net assets from Class Y transactions			(5,789	)		(28,176	)		18,834			(1,963	)		(16,510	)		(15,930	)
Increase (decrease) in net assets from capital share transactions			(7,984	)		(29,421	)		19,047			(4,136	)		(21,500	)		(18,028	)
Total increase (decrease) in net assets			3,319			(46,972	)		3,162			(1,460	)		(27,566	)		(22,376	)
Net assets at beginning of period			628,827			675,799			672,637			202,011			229,577			251,953
Net assets at end of period		$	632,146		$	628,827		$	675,799		$	200,551		$	202,011		$	229,577
Undistributed net investment income at end of period		$	777		$	—		$	46		$	139		$	65		$	153

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

76      First American Funds Semiannual Report 2006

Minnesota									Missouri									Nebraska
Tax Free Fund									Tax Free Fund									Tax Free Fund
Six-Month			Nine-Month						Six-Month			Nine-Month						Six-Month			Nine-Month
Period Ended			Fiscal						Period Ended			Fiscal						Period Ended			Fiscal
12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended
(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05
$	3,483		$	5,120		$	6,796		$	3,213		$	5,183		$	6,983		$	831		$	1,243		$	1,528
	398			382			399			736			622			1,283			89			153			67
	(94	)		51			—			5			—			—			(27	)		8			—
	3,381			(3,439	)		20			3,051			(4,893	)		(2,964	)		818			(1,126	)		(332	)
	—			—			—			—			—			—			(20	)		20			—
	7,168			2,114			7,215			7,005			912			5,302			1,691			298			1,263
	(2,090	)		(3,313	)		(4,455	)		(494	)		(811	)		(1,038	)		(137	)		(204	)		(239	)
	(206	)		(285	)		(361	)		(5	)		(5	)		(7	)		(24	)		(41	)		(65	)
	(1,102	)		(1,648	)		(1,939	)		(2,649	)		(4,402	)		(5,959	)		(653	)		(991	)		(1,277	)
	(282	)		(259	)		(552	)		(199	)		(217	)		(140	)		(33	)		(11	)		—
	(32	)		(25	)		(49	)		(2	)		(2	)		(1	)		(7	)		(3	)		—
	(140	)		(115	)		(210	)		(972	)		(1,080	)		(783	)		(142	)		(49	)		—
	(3,852	)		(5,645	)		(7,566	)		(4,321	)		(6,517	)		(7,928	)		(996	)		(1,299	)		(1,581	)
	10,435			12,726			8,058			1,126			798			4,587			290			780			3,144
	1,504			2,905			4,005			340			524			621			92			117			113
	(7,298	)		(19,024	)		(20,033	)		(2,007	)		(3,624	)		(1,714	)		(446	)		(952	)		(989	)
	4,641			(3,393	)		(7,970	)		(541	)		(2,302	)		3,494			(64	)		(55	)		2,268
	2,344			1,999			933			82			25			2			97			158			411
	161			289			384			7			6			8			21			31			47
	(937	)		(1,559	)		(1,841	)		(3	)		(1	)		(34	)		(231	)		(229	)		(736	)
	1,568			729			(524	)		86			30			(24	)		(113	)		(40	)		(278	)
	7,099			11,180			8,746			6,824			14,690			22,140			1,984			4,187			7,132
	111			158			211			226			279			279			66			75			93
	(5,043	)		(7,977	)		(5,285	)		(16,855	)		(23,600	)		(21,183	)		(3,337	)		(4,541	)		(4,286	)
	2,167			3,361			3,672			(9,805	)		(8,631	)		1,236			(1,287	)		(279	)		2,939
	8,376			697			(4,822	)		(10,260	)		(10,903	)		4,706			(1,464	)		(374	)		4,929
	11,692			(2,834	)		(5,173	)		(7,576	)		(16,508	)		2,080			(769	)		(1,375	)		4,611
	160,261			163,095			168,268			165,580			182,088			180,008			39,744			41,119			36,508
$	171,953		$	160,261		$	163,095		$	158,004		$	165,580		$	182,088		$	38,975		$	39,744		$	41,119
$	141		$	56		$	182		$	96		$	31		$	66		$	36		$	19		$	12

First American Funds Semiannual Report 2006       77

Statements of  Changes in Net Assets continued

											Oregon
		Ohio									Intermediate
		Tax Free Fund									Tax Free Fund
		Six-Month			Nine-Month						Six-Month			Nine-Month
		Period Ended			Fiscal						Period Ended			Fiscal
		12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended
		(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05
OPERATIONS:
Investment income – net		$	828		$	1,194		$	1,552		$	2,409		$	3,714		$	5,287
Net realized gain (loss) on investments			16			36			58			283			255			590
Net realized gain (loss) on futures contracts			(10	)		9			—			3			—			—
Net change in unrealized appreciation or depreciation of investments			1,005			(1,077	)		(282	)		1,735			(3,575	)		(3,269	)
Net change in unrealized appreciation or depreciation of futures contracts			23			—			—			—			—			—
Net increase in net assets resulting from operations			1,862			162			1,328			4,430			394			2,608
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(15	)		(24	)		(36	)		(162	)		(268	)		(317	)
	Class C		(4	)		(5	)		(4	)		—			—			—
	Class Y		(792	)		(1,178	)		(1,524	)		(2,118	)		(3,398	)		(4,973	)
Net realized gain on investments:
	Class A		(2	)		(1	)		(3	)		(36	)		(42	)		(30	)
	Class C		—			—			—			—			—			—
	Class Y		(84	)		(40	)		(130	)		(478	)		(514	)		(481	)
Total distributions			(897	)		(1,248	)		(1,697	)		(2,794	)		(4,222	)		(5,801	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		128			152			253			70			2,798			2,055
	Reinvestment of distributions		9			15			25			115			197			226
	Payments for redemptions		(79	)		(291	)		(480	)		(1,113	)		(2,604	)		(1,426	)
Increase (decrease) in net assets from Class A transactions			58			(124	)		(202	)		(928	)		391			855
Class C:
	Proceeds from sales		1			80			110			—			—			—
	Reinvestment of distributions		1			2			1			—			—			—
	Payments for redemptions (note 3)		(26	)		(42	)		(55	)		—			—			—
Increase (decrease) in net assets from Class C transactions			(24	)		40			56			—			—			—
Class Y:
	Proceeds from sales		2,935			4,878			8,183			6,744			9,313			19,409
	Reinvestment of distributions		150			182			238			299			352			405
	Payments for redemptions		(3,806	)		(4,500	)		(6,200	)		(4,210	)		(28,397	)		(21,076	)
Increase (decrease) in net assets from Class Y transactions			(721	)		560			2,221			2,833			(18,732	)		(1,262	)
Increase (decrease) in net assets from capital share transactions			(687	)		476			2,075			1,905			(18,341	)		(407	)
Total increase (decrease) in net assets			278			(610	)		1,706			3,541			(22,169	)		(3,600	)
Net assets at beginning of period			41,656			42,266			40,560			120,800			142,969			146,569
Net assets at end of period		$	41,934		$	41,656		$	42,266		$	124,341		$	120,800		$	142,969
Undistributed net investment income at end of period		$	33		$	16		$	29		$	196		$	67		$	19

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

78      First American Funds Semiannual Report 2006

Short
Tax Free Fund									Tax Free Fund
Six-Month			Nine-Month						Six-Month			Nine-Month
Period Ended			Fiscal						Period Ended			Fiscal
12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended
(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05
$	3,385		$	5,998		$	10,162		$	11,374		$	16,568		$	20,609
	(757	)		(611	)		(387	)		2,731			2,831			1,085
	—			—			—			(124	)		—			—
	2,276			(2,031	)		(6,969	)		8,289			(11,649	)		(206	)
	—			—			—			—			—			—
	4,904			3,356			2,806			22,270			7,750			21,488
	(46	)		(79	)		(134	)		(795	)		(1,170	)		(1,623	)
	—			—			—			(41	)		(72	)		(105	)
	(3,277	)		(6,055	)		(10,086	)		(10,556	)		(15,430	)		(18,782	)
	—			—			—			(307	)		(122	)		(379	)
	—			—			—			(18	)		(9	)		(28	)
	—			—			—			(3,975	)		(1,492	)		(4,002	)
	(3,323	)		(6,134	)		(10,220	)		(15,692	)		(18,295	)		(24,919	)
	84			1,175			2,110			3,672			4,203			4,259
	41			64			104			790			1,055			1,669
	(323	)		(1,984	)		(4,320	)		(3,391	)		(6,155	)		(7,589	)
	(198	)		(745	)		(2,106	)		1,071			(897	)		(1,661	)
	—			—			—			79			30			277
	—			—			—			42			74			126
	—			—			—			(142	)		(554	)		(352	)
	—			—			—			(21	)		(450	)		51
	13,143			32,598			67,779			65,175			80,167			69,526
	249			439			676			1,183			902			1,078
	(53,638	)		(124,043	)		(150,873	)		(33,433	)		(51,758	)		(47,832	)
	(40,246	)		(91,006	)		(82,418	)		32,925			29,311			22,772
	(40,444	)		(91,751	)		(84,524	)		33,975			27,964			21,162
	(38,863	)		(94,529	)		(91,938	)		40,553			17,419			17,731
	239,221			333,750			425,688			494,639			477,220			459,489
$	200,358		$	239,221		$	333,750		$	535,192		$	494,639		$	477,220
$	181		$	119		$	255		$	63		$	81		$	185

First American Funds Semiannual Report 2006       79

Financial Highlights  For a share outstanding throughout the indicated periods.

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
Arizona Tax Free Fund
Class A
	2006 (1)	$	10.85	$	0.23	$	0.25		$	(0.22	)	$	(0.06	)	$	11.05
	2006 (2)		11.19		0.33		(0.25	)		(0.33	)		(0.09	)		10.85
	2005 (3)		11.42		0.46		(0.07	)		(0.49	)		(0.13	)		11.19
	2004 (3)		11.33		0.49		0.12			(0.47	)		(0.05	)		11.42
	2003 (3)		11.41		0.46		(0.06	)		(0.45	)		(0.03	)		11.33
	2002 (3)		10.99		0.48		0.44			(0.48	)		(0.02	)		11.41
Class C
	2006 (1)	$	10.84	$	0.21	$	0.23		$	(0.19	)	$	(0.06	)	$	11.03
	2006 (2)		11.18		0.30		(0.25	)		(0.30	)		(0.09	)		10.84
	2005 (3)		11.41		0.42		(0.08	)		(0.44	)		(0.13	)		11.18
	2004 (3)		11.31		0.43		0.14			(0.42	)		(0.05	)		11.41
	2003 (3)		11.40		0.42		(0.08	)		(0.40	)		(0.03	)		11.31
	2002 (3)		10.98		0.44		0.44			(0.44	)		(0.02	)		11.40
Class Y
	2006 (1)	$	10.85	$	0.24	$	0.25		$	(0.23	)	$	(0.06	)	$	11.05
	2006 (2)		11.19		0.35		(0.25	)		(0.35	)		(0.09	)		10.85
	2005 (3)		11.43		0.50		(0.09	)		(0.52	)		(0.13	)		11.19
	2004 (3)		11.33		0.50		0.15			(0.50	)		(0.05	)		11.43
	2003 (3)		11.41		0.48		(0.06	)		(0.47	)		(0.03	)		11.33
	2002 (3)		10.99		0.51		0.44			(0.51	)		(0.02	)		11.41
California Intermediate Tax Free Fund
Class A
	2006 (1)	$	10.11	$	0.19	$	0.20		$	(0.19	)	$	(0.05	)	$	10.26
	2006 (2)		10.35		0.28		(0.20	)		(0.29	)		(0.03	)		10.11
	2005 (3)		10.55		0.39		(0.13	)		(0.39	)		(0.07	)		10.35
	2004 (3)		10.64		0.40		(0.05	)		(0.41	)		(0.03	)		10.55
	2003 (3)		10.80		0.41		(0.14	)		(0.41	)		(0.02	)		10.64
	2002 (3)		10.41		0.42		0.39			(0.42	)		—			10.80
Class Y
	2006 (1)	$	10.13	$	0.20	$	0.20		$	(0.20	)	$	(0.05	)	$	10.28
	2006 (2)		10.37		0.30		(0.21	)		(0.30	)		(0.03	)		10.13
	2005 (3)		10.57		0.40		(0.13	)		(0.40	)		(0.07	)		10.37
	2004 (3)		10.66		0.41		(0.05	)		(0.42	)		(0.03	)		10.57
	2003 (3)		10.81		0.43		(0.14	)		(0.42	)		(0.02	)		10.66
	2002 (3)		10.43		0.43		0.38			(0.43	)		—			10.81
California Tax Free Fund
Class A
	2006 (1)	$	10.96	$	0.23	$	0.28		$	(0.22	)	$	(0.04	)	$	11.21
	2006 (2)		11.24		0.33		(0.26	)		(0.33	)		(0.02	)		10.96
	2005 (3)		11.40		0.44		(0.05	)		(0.44	)		(0.11	)		11.24
	2004 (3)		11.40		0.46		0.08			(0.46	)		(0.08	)		11.40
	2003 (3)		11.63		0.47		(0.16	)		(0.47	)		(0.07	)		11.40
	2002 (3)		11.17		0.48		0.50			(0.47	)		(0.05	)		11.63
Class C
	2006 (1)	$	10.97	$	0.21	$	0.27		$	(0.19	)	$	(0.04	)	$	11.22
	2006 (2)		11.25		0.30		(0.26	)		(0.30	)		(0.02	)		10.97
	2005 (3)		11.41		0.40		(0.05	)		(0.40	)		(0.11	)		11.25
	2004 (3)		11.41		0.41		0.09			(0.42	)		(0.08	)		11.41
	2003 (3)		11.64		0.43		(0.16	)		(0.43	)		(0.07	)		11.41
	2002 (3)		11.18		0.42		0.52			(0.43	)		(0.05	)		11.64
Class Y
	2006 (1)	$	10.97	$	0.24	$	0.28		$	(0.23	)	$	(0.04	)	$	11.22
	2006 (2)		11.25		0.35		(0.26	)		(0.35	)		(0.02	)		10.97
	2005 (3)		11.40		0.47		(0.04	)		(0.47	)		(0.11	)		11.25
	2004 (3)		11.40		0.48		0.09			(0.49	)		(0.08	)		11.40
	2003 (3)		11.63		0.49		(0.15	)		(0.50	)		(0.07	)		11.40
	2002 (3)		11.17		0.49		0.52			(0.50	)		(0.05	)		11.63

(1)	For the six-month period ended December 31, 2006 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
(2)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period October 1 to September 30 in the year indicated.
(4)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

80      First American Funds Semiannual Report 2006

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Income			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (4)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	4.38	%	$	8,541		0.75	%		4.10	%		1.60	%		3.25	%		10	%
	0.73			9,041		0.75			4.02			1.47			3.30			47
	3.49			9,547		0.75			4.14			1.18			3.71			20
	5.50			9,008		0.75			4.16			1.12			3.79			21
	3.61			11,928		0.75			4.03			1.09			3.69			37
	8.69			12,413		0.75			4.40			1.37			3.78			30
	4.08	%	$	1,444		1.15	%		3.70	%		2.17	%		2.68	%		10	%
	0.42			1,358		1.15			3.62			2.22			2.55			47
	3.08			1,628		1.15			3.74			1.93			2.96			20
	5.17			1,588		1.15			3.76			1.87			3.04			21
	3.10			1,857		1.15			3.63			1.84			2.94			37
	8.28			2,910		1.15			4.00			2.12			3.03			30
	4.51	%	$	17,767		0.50	%		4.35	%		1.35	%		3.50	%		10	%
	0.92			15,614		0.50			4.27			1.22			3.55			47
	3.65			14,035		0.50			4.39			0.93			3.96			20
	5.85			9,520		0.50			4.42			0.87			4.05			21
	3.86			9,244		0.50			4.28			0.84			3.94			37
	8.95			10,656		0.50			4.64			1.12			4.02			30
	3.85	%	$	5,991		0.85	%		3.63	%		1.24	%		3.24	%		10	%
	0.78			3,441		0.85			3.73			1.22			3.36			21
	2.51			3,946		0.85			3.71			1.10			3.46			29
	3.36			3,381		0.85			3.78			1.06			3.57			20
	2.58			4,262		0.85			3.86			1.06			3.65			17
	8.01			4,870		0.85			4.01			1.14			3.72			23
	3.92	%	$	54,293		0.70	%		3.82	%		0.99	%		3.53	%		10	%
	0.88			51,726		0.70			3.89			0.97			3.62			21
	2.66			49,292		0.70			3.86			0.85			3.71			29
	3.51			46,953		0.70			3.93			0.81			3.82			20
	2.83			44,600		0.70			4.02			0.81			3.91			17
	8.05			45,212		0.70			4.16			0.89			3.97			23
	4.60	%	$	10,616		0.75	%		3.98	%		1.43	%		3.30	%		19	%
	0.63			10,783		0.75			3.99			1.34			3.40			24
	3.50			11,888		0.75			3.88			1.15			3.48			14
	4.93			9,513		0.75			4.03			1.09			3.69			16
	2.85			11,143		0.75			4.16			1.08			3.83			20
	9.10			12,954		0.75			4.26			1.31			3.70			33
	4.35	%	$	2,118		1.15	%		3.55	%		2.03	%		2.67	%		19	%
	0.33			3,592		1.15			3.60			2.09			2.66			24
	3.11			3,068		1.15			3.47			1.90			2.72			14
	4.52			1,294		1.15			3.65			1.84			2.96			16
	2.45			1,101		1.15			3.75			1.83			3.07			20
	8.69			1,115		1.15			3.86			2.06			2.95			33
	4.72	%	$	25,064		0.50	%		4.23	%		1.18	%		3.55	%		19	%
	0.82			21,767		0.50			4.24			1.09			3.65			24
	3.85			19,556		0.50			4.12			0.90			3.72			14
	5.19			16,047		0.50			4.29			0.84			3.95			16
	3.11			15,243		0.50			4.40			0.83			4.07			20
	9.36			11,853		0.50			4.51			1.06			3.95			33

First American Funds Semiannual Report 2006       81

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			from			Value
		Beginning		Investment		(Losses) on			Investment			Realized			Return of			End of
		of Period		Income		Investments			Income			Gains			Capital			Period
Colorado Intermediate Tax Free Fund
Class A
	2006 (1)	$	10.40	$	0.22	$	0.18		$	(0.21	)	$	(0.08	)	$	—		$	10.51
	2006 (2)		10.74		0.32		(0.28	)		(0.32	)		(0.06	)		—			10.40
	2005 (3)		10.98		0.42		(0.19	)		(0.43	)		(0.04	)		—			10.74
	2004 (3)		11.08		0.45		(0.11	)		(0.44	)		—			—			10.98
	2003 (3)		11.12		0.41		(0.02	)		(0.43	)		—			—			11.08
	2002 (3)		10.79		0.47		0.32			(0.46	)		—			—			11.12
Class Y
	2006 (1)	$	10.38	$	0.22	$	0.19		$	(0.22	)	$	(0.08	)	$	—		$	10.49
	2006 (2)		10.72		0.33		(0.28	)		(0.33	)		(0.06	)		—			10.38
	2005 (3)		10.95		0.43		(0.18	)		(0.44	)		(0.04	)		—			10.72
	2004 (3)		11.05		0.46		(0.11	)		(0.45	)		—			—			10.95
	2003 (3)		11.10		0.43		(0.03	)		(0.45	)		—			—			11.05
	2002 (3)		10.76		0.49		0.33			(0.48	)		—			—			11.10
Colorado Tax Free Fund
Class A
	2006 (1)	$	10.73	$	0.23	$	0.22		$	(0.24	)	$	(0.08	)	$	—		$	10.86
	2006 (2)		11.30		0.35		(0.26	)		(0.34	)		(0.32	)		—			10.73
	2005 (3)		11.52		0.49		(0.11	)		(0.51	)		(0.09	)		—			11.30
	2004 (3)		11.57		0.51		0.02			(0.50	)		(0.08	)		—			11.52
	2003 (3)		11.65		0.50		(0.10	)		(0.48	)		—			—			11.57
	2002 (3)		11.09		0.48		0.56			(0.47	)		(0.01	)		—			11.65
Class C
	2006 (1)	$	10.71	$	0.22	$	0.21		$	(0.22	)	$	(0.08	)	$	—		$	10.84
	2006 (2)		11.28		0.32		(0.27	)		(0.30	)		(0.32	)		—			10.71
	2005 (3)		11.50		0.43		(0.10	)		(0.46	)		(0.09	)		—			11.28
	2004 (3)		11.56		0.44		0.03			(0.45	)		(0.08	)		—			11.50
	2003 (3)		11.63		0.44		(0.08	)		(0.43	)		—			—			11.56
	2002 (3)		11.08		0.44		0.56			(0.44	)		(0.01	)		—			11.63
Class Y
	2006 (1)	$	10.75	$	0.25	$	0.22		$	(0.26	)	$	(0.08	)	$	—		$	10.88
	2006 (2)		11.32		0.37		(0.26	)		(0.36	)		(0.32	)		—			10.75
	2005 (3)		11.53		0.51		(0.09	)		(0.54	)		(0.09	)		—			11.32
	2004 (3)		11.59		0.52		0.03			(0.53	)		(0.08	)		—			11.53
	2003 (3)		11.67		0.51		(0.09	)		(0.50	)		—			—			11.59
	2002 (3)		11.10		0.48		0.60			(0.50	)		(0.01	)		—			11.67
Intermediate Tax Free Fund
Class A
	2006 (1)	$	10.63	$	0.23	$	0.18		$	(0.21	)	$	(0.01	)	$	—		$	10.82
	2006 (2)		10.92		0.32		(0.26	)		(0.32	)		(0.03	)		—			10.63
	2005 (3)		11.18		0.44		(0.19	)		(0.45	)		(0.06	)		—			10.92
	2004 (3)		11.30		0.44		(0.10	)		(0.45	)		(0.01	)		—			11.18
	2003 (3)		11.32		0.44		(0.03	)		(0.43	)		—			—			11.30
	2002 (3)		10.95		0.43		0.40			(0.43	)		—			(0.03	)		11.32
Class Y
	2006 (1)	$	10.61	$	0.23	$	0.19		$	(0.22	)	$	(0.01	)	$	—		$	10.80
	2006 (2)		10.90		0.33		(0.26	)		(0.33	)		(0.03	)		—			10.61
	2005 (3)		11.16		0.46		(0.19	)		(0.47	)		(0.06	)		—			10.90
	2004 (3)		11.28		0.46		(0.11	)		(0.46	)		(0.01	)		—			11.16
	2003 (3)		11.30		0.46		(0.03	)		(0.45	)		—			—			11.28
	2002 (3)		10.93		0.44		0.40			(0.44	)		—			(0.03	)		11.30

(1)	For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(2)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period October 1 to September 30 in the year indicated.
(4)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

82      First American Funds Semiannual Report 2006

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Income			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (4)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	3.87	%	$	7,388		0.85	%		4.03	%		1.33	%		3.55	%		18	%
	0.37			9,577		0.85			4.02			1.27			3.60			17
	2.11			13,426		0.85			3.85			1.10			3.60			20
	3.12			13,969		0.85			4.00			1.06			3.79			4
	3.64			22,555		0.85			3.79			1.06			3.58			14
	7.56			15,244		0.85			4.48			1.11			4.22			15
	3.96	%	$	34,578		0.70	%		4.18	%		1.08	%		3.80	%		18	%
	0.49			32,661		0.70			4.18			1.02			3.86			17
	2.36			34,562		0.70			4.01			0.85			3.86			20
	3.29			37,748		0.70			4.15			0.81			4.04			4
	3.71			47,854		0.70			3.94			0.81			3.83			14
	7.83			48,398		0.70			4.60			0.86			4.44			15
	4.18	%	$	9,187		0.75	%		4.29	%		1.71	%		3.33	%		16	%
	0.77			8,507		0.75			4.30			1.52			3.53			35
	3.36			8,362		0.75			4.23			1.18			3.80			30
	4.71			10,598		0.75			4.25			1.09			3.91			12
	3.53			13,843		0.75			4.23			1.07			3.91			14
	9.72			19,633		0.75			4.32			1.30			3.77			22
	3.98	%	$	3,093		1.15	%		3.89	%		2.29	%		2.75	%		16	%
	0.47			3,007		1.15			3.90			2.27			2.78			35
	2.95			3,423		1.15			3.83			1.93			3.05			30
	4.21			3,787		1.15			3.85			1.84			3.16			12
	3.23			4,284		1.15			3.83			1.82			3.16			14
	9.23			3,705		1.15			3.95			2.05			3.05			22
	4.30	%	$	11,004		0.50	%		4.54	%		1.46	%		3.58	%		16	%
	0.96			10,181		0.50			4.58			1.27			3.81			35
	3.70			8,363		0.50			4.48			0.93			4.05			30
	4.87			9,439		0.50			4.51			0.84			4.17			12
	3.78			9,516		0.50			4.49			0.82			4.17			14
	10.07			9,244		0.50			4.59			1.05			4.04			22
	3.88	%	$	30,905		0.85	%		4.08	%		1.02	%		3.91	%		14	%
	0.56			32,521		0.85			3.95			1.05			3.75			15
	2.31			34,658		0.85			3.98			1.05			3.78			15
	3.06			35,276		0.85			3.98			1.05			3.78			10
	3.74			34,231		0.85			3.91			1.05			3.71			15
	7.78			29,838		0.85			3.87			1.03			3.69			28
	3.97	%	$	601,241		0.70	%		4.23	%		0.77	%		4.16	%		14	%
	0.67			596,306		0.70			4.10			0.80			4.00			15
	2.47			641,141		0.70			4.13			0.80			4.03			15
	3.22			637,361		0.70			4.13			0.80			4.03			10
	3.90			696,994		0.70			4.05			0.80			3.95			15
	7.95			485,592		0.70			4.04			0.78			3.96			28

First American Funds Semiannual Report 2006       83

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
Minnesota Intermediate Tax Free Fund
Class A
	2006 (1)	$	9.88	$	0.19	$	0.18		$	(0.19	)	$	(0.05	)	$	10.01
	2006 (2)		10.16		0.29		(0.22	)		(0.29	)		(0.06	)		9.88
	2005 (3)		10.34		0.39		(0.15	)		(0.39	)		(0.03	)		10.16
	2004 (3)		10.44		0.39		(0.08	)		(0.39	)		(0.02	)		10.34
	2003 (3)		10.51		0.40		(0.04	)		(0.41	)		(0.02	)		10.44
	2002 (3)		10.21		0.43		0.29			(0.42	)		—			10.51
Class Y
	2006 (1)	$	9.83	$	0.20	$	0.18		$	(0.20	)	$	(0.05	)	$	9.96
	2006 (2)		10.11		0.30		(0.22	)		(0.30	)		(0.06	)		9.83
	2005 (3)		10.29		0.40		(0.15	)		(0.40	)		(0.03	)		10.11
	2004 (3)		10.40		0.41		(0.10	)		(0.40	)		(0.02	)		10.29
	2003 (3)		10.46		0.42		(0.03	)		(0.43	)		(0.02	)		10.40
	2002 (3)		10.17		0.45		0.27			(0.43	)		—			10.46
Minnesota Tax Free Fund
Class A
	2006 (1)	$	10.97	$	0.23	$	0.25		$	(0.22	)	$	(0.03	)	$	11.20
	2006 (2)		11.21		0.35		(0.21	)		(0.35	)		(0.03	)		10.97
	2005 (3)		11.23		0.45		0.03			(0.45	)		(0.05	)		11.21
	2004 (3)		11.34		0.44		(0.01	)		(0.45	)		(0.09	)		11.23
	2003 (3)		11.39		0.48		(0.05	)		(0.45	)		(0.03	)		11.34
	2002 (3)		11.06		0.47		0.34			(0.47	)		(0.01	)		11.39
Class C
	2006 (1)	$	10.93	$	0.21	$	0.24		$	(0.20	)	$	(0.03	)	$	11.15
	2006 (2)		11.17		0.31		(0.20	)		(0.32	)		(0.03	)		10.93
	2005 (3)		11.19		0.41		0.03			(0.41	)		(0.05	)		11.17
	2004 (3)		11.31		0.39		(0.01	)		(0.41	)		(0.09	)		11.19
	2003 (3)		11.36		0.43		(0.04	)		(0.41	)		(0.03	)		11.31
	2002 (3)		11.04		0.43		0.33			(0.43	)		(0.01	)		11.36
Class Y
	2006 (1)	$	10.96	$	0.24	$	0.25		$	(0.24	)	$	(0.03	)	$	11.18
	2006 (2)		11.20		0.36		(0.20	)		(0.37	)		(0.03	)		10.96
	2005 (3)		11.22		0.48		0.03			(0.48	)		(0.05	)		11.20
	2004 (3)		11.33		0.47		(0.01	)		(0.48	)		(0.09	)		11.22
	2003 (3)		11.38		0.51		(0.05	)		(0.48	)		(0.03	)		11.33
	2002 (3)		11.05		0.49		0.35			(0.50	)		(0.01	)		11.38
Missouri Tax Free Fund
Class A
	2006 (1)	$	11.76	$	0.23	$	0.27		$	(0.22	)	$	(0.09	)	$	11.95
	2006 (2)		12.14		0.34		(0.29	)		(0.34	)		(0.09	)		11.76
	2005 (3)		12.32		0.45		(0.12	)		(0.45	)		(0.06	)		12.14
	2004 (3)		12.37		0.45		(0.02	)		(0.45	)		(0.03	)		12.32
	2003 (3)		12.47		0.45		(0.04	)		(0.45	)		(0.06	)		12.37
	2002 (3)		12.05		0.46		0.47			(0.47	)		(0.04	)		12.47
Class C
	2006 (1)	$	11.73	$	0.20	$	0.28		$	(0.20	)	$	(0.09	)	$	11.92
	2006 (2)		12.12		0.30		(0.30	)		(0.30	)		(0.09	)		11.73
	2005 (3)		12.29		0.40		(0.11	)		(0.40	)		(0.06	)		12.12
	2004 (3)		12.35		0.40		(0.03	)		(0.40	)		(0.03	)		12.29
	2003 (3)		12.46		0.40		(0.04	)		(0.41	)		(0.06	)		12.35
	2002 (3)		12.05		0.41		0.48			(0.44	)		(0.04	)		12.46
Class Y
	2006 (1)	$	11.76	$	0.24	$	0.28		$	(0.24	)	$	(0.09	)	$	11.95
	2006 (2)		12.15		0.36		(0.30	)		(0.36	)		(0.09	)		11.76
	2005 (3)		12.32		0.48		(0.11	)		(0.48	)		(0.06	)		12.15
	2004 (3)		12.38		0.48		(0.03	)		(0.48	)		(0.03	)		12.32
	2003 (3)		12.48		0.49		(0.05	)		(0.48	)		(0.06	)		12.38
	2002 (3)		12.06		0.48		0.48			(0.50	)		(0.04	)		12.48

(1)	For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(2)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period October 1 to September 30 in the year indicated.
(4)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

84      First American Funds Semiannual Report 2006

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Income			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (4)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	3.74	%	$	24,715		0.85	%		3.83	%		1.06	%		3.62	%		12	%
	0.74			26,526		0.85			3.85			1.08			3.62			11
	2.33			32,326		0.85			3.78			1.06			3.57			15
	3.03			35,047		0.85			3.77			1.05			3.57			8
	3.55			31,044		0.85			3.85			1.05			3.65			15
	7.23			19,914		0.85			4.27			1.03			4.09			15
	3.84	%	$	175,836		0.70	%		3.98	%		0.81	%		3.87	%		12	%
	0.85			175,485		0.70			4.00			0.83			3.87			11
	2.50			197,251		0.70			3.93			0.81			3.82			15
	3.10			216,906		0.70			3.92			0.80			3.82			8
	3.82			238,958		0.70			4.01			0.80			3.91			15
	7.31			251,597		0.70			4.41			0.78			4.33			15
	4.41	%	$	107,860		0.95	%		4.08	%		1.09	%		3.94	%		8	%
	1.28			101,142		0.95			4.15			1.10			4.00			11
	4.42			106,783		0.95			4.04			1.06			3.93			16
	3.94			114,981		0.95			3.87			1.05			3.77			25
	3.90			125,916		0.95			4.25			1.06			4.14			23
	7.23			135,607		0.95			4.22			1.09			4.08			26
	4.12	%	$	12,143		1.35	%		3.68	%		1.66	%		3.37	%		8	%
	0.98			10,359		1.35			3.75			1.85			3.25			11
	4.02			9,841		1.35			3.64			1.81			3.18			16
	3.45			10,387		1.35			3.47			1.80			3.02			25
	3.51			11,951		1.35			3.85			1.81			3.39			23
	7.10			11,703		1.35			3.80			1.84			3.31			26
	4.45	%	$	51,950		0.70	%		4.33	%		0.84	%		4.19	%		8	%
	1.47			48,760		0.70			4.40			0.85			4.25			11
	4.69			46,471		0.70			4.29			0.81			4.18			16
	4.20			42,900		0.70			4.12			0.80			4.02			25
	4.16			47,858		0.70			4.50			0.81			4.39			23
	7.84			54,638		0.70			4.47			0.84			4.33			26
	4.25	%	$	26,858		0.95	%		3.73	%		1.09	%		3.59	%		12	%
	0.38			26,972		0.95			3.74			1.09			3.60			20
	2.74			30,188		0.95			3.65			1.06			3.54			19
	3.60			27,114		0.95			3.68			1.05			3.58			15
	3.45			28,141		0.95			3.69			1.06			3.58			20
	7.99			26,496		0.95			3.81			1.06			3.70			25
	4.07	%	$	304		1.35	%		3.33	%		1.66	%		3.02	%		12	%
	0.00			214		1.35			3.34			1.84			2.85			20
	2.42			190		1.35			3.25			1.81			2.79			19
	3.11			218		1.35			3.28			1.80			2.83			15
	3.05			279		1.35			3.30			1.81			2.84			20
	7.58			21		1.35			3.28			1.81			2.82			25
	4.38	%	$	130,842		0.70	%		3.99	%		0.84	%		3.85	%		12	%
	0.49			138,394		0.70			3.99			0.84			3.85			20
	3.08			151,710		0.70			3.90			0.81			3.79			19
	3.77			152,676		0.70			3.93			0.80			3.83			15
	3.71			168,094		0.70			3.94			0.81			3.83			20
	8.25			142,344		0.70			4.06			0.81			3.95			25

First American Funds Semiannual Report 2006       85

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
Nebraska Tax Free Fund
Class A
	2006 (1)	$	10.33	$	0.21	$	0.23		$	(0.21	)	$	(0.05	)	$	10.51
	2006 (2)		10.58		0.31		(0.24	)		(0.30	)		(0.02	)		10.33
	2005 (3)		10.66		0.39		(0.05	)		(0.42	)		—			10.58
	2004 (3)		10.66		0.41		0.03			(0.40	)		(0.04	)		10.66
	2003 (3)		10.70		0.41		(0.04	)		(0.40	)		(0.01	)		10.66
	2002 (3)		10.20		0.41		0.49			(0.40	)		—			10.70
Class C
	2006 (1)	$	10.26	$	0.19	$	0.22		$	(0.18	)	$	(0.05	)	$	10.44
	2006 (2)		10.50		0.27		(0.22	)		(0.27	)		(0.02	)		10.26
	2005 (3)		10.58		0.35		(0.06	)		(0.37	)		—			10.50
	2004 (3)		10.58		0.35		0.04			(0.35	)		(0.04	)		10.58
	2003 (3)		10.63		0.36		(0.04	)		(0.36	)		(0.01	)		10.58
	2002 (3)		10.14		0.36		0.50			(0.37	)		—			10.63
Class Y
	2006 (1)	$	10.33	$	0.22	$	0.22		$	(0.22	)	$	(0.05	)	$	10.50
	2006 (2)		10.58		0.32		(0.23	)		(0.32	)		(0.02	)		10.33
	2005 (3)		10.66		0.43		(0.07	)		(0.44	)		—			10.58
	2004 (3)		10.65		0.43		0.04			(0.42	)		(0.04	)		10.66
	2003 (3)		10.69		0.43		(0.03	)		(0.43	)		(0.01	)		10.65
	2002 (3)		10.19		0.43		0.50			(0.43	)		—			10.69
Ohio Tax Free Fund
Class A
	2006 (1)	$	10.17	$	0.19	$	0.26		$	(0.19	)	$	(0.02	)	$	10.41
	2006 (2)		10.42		0.29		(0.25	)		(0.28	)		(0.01	)		10.17
	2005 (3)		10.52		0.36		(0.06	)		(0.36	)		(0.04	)		10.42
	2004 (3)		10.54		0.36		0.07			(0.35	)		(0.10	)		10.52
	2003 (3)		10.58		0.36		(0.03	)		(0.37	)		—			10.54
	2002 (4)		10.00		0.15		0.59			(0.16	)		—			10.58
Class C
	2006 (1)	$	10.05	$	0.11	$	0.31		$	(0.17	)	$	(0.02	)	$	10.28
	2006 (2)		10.32		0.25		(0.26	)		(0.25	)		(0.01	)		10.05
	2005 (3)		10.41		0.32		(0.05	)		(0.32	)		(0.04	)		10.32
	2004 (3)		10.44		0.29		0.09			(0.31	)		(0.10	)		10.41
	2003 (3)		10.57		0.32		(0.12	)		(0.33	)		—			10.44
	2002 (4)		10.00		0.13		0.58			(0.14	)		—			10.57
Class Y
	2006 (1)	$	10.17	$	0.21	$	0.24		$	(0.20	)	$	(0.02	)	$	10.40
	2006 (2)		10.43		0.30		(0.25	)		(0.30	)		(0.01	)		10.17
	2005 (3)		10.53		0.38		(0.05	)		(0.39	)		(0.04	)		10.43
	2004 (3)		10.55		0.38		0.07			(0.37	)		(0.10	)		10.53
	2003 (3)		10.57		0.39		(0.02	)		(0.39	)		—			10.55
	2002 (4)		10.00		0.16		0.58			(0.17	)		—			10.57
Oregon Intermediate Tax Free Fund
Class A
	2006 (1)	$	9.78	$	0.19	$	0.16		$	(0.18	)	$	(0.04	)	$	9.91
	2006 (2)		10.07		0.27		(0.25	)		(0.27	)		(0.04	)		9.78
	2005 (3)		10.30		0.36		(0.19	)		(0.36	)		(0.04	)		10.07
	2004 (3)		10.43		0.37		(0.05	)		(0.37	)		(0.08	)		10.30
	2003 (3)		10.49		0.37		(0.03	)		(0.38	)		(0.02	)		10.43
	2002 (3)		10.18		0.40		0.31			(0.40	)		—			10.49
Class Y
	2006 (1)	$	9.78	$	0.20	$	0.17		$	(0.19	)	$	(0.04	)	$	9.92
	2006 (2)		10.07		0.28		(0.25	)		(0.28	)		(0.04	)		9.78
	2005 (3)		10.30		0.38		(0.19	)		(0.38	)		(0.04	)		10.07
	2004 (3)		10.43		0.39		(0.05	)		(0.39	)		(0.08	)		10.30
	2003 (3)		10.49		0.40		(0.05	)		(0.39	)		(0.02	)		10.43
	2002 (3)		10.18		0.42		0.31			(0.42	)		—			10.49

(1)	For the six-month period ended December 31, 2006 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
(2)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period October 1 to September 30 in the year indicated.
(4)	For the period from April 30, 2002, when the class of shares was first offered, to September 30, 2002. All ratios for the period have been annualized, except total return and portfolio turnover.
(5)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

86      First American Funds Semiannual Report 2006

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Income			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (5)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	4.20	%	$	6,965		0.75	%		3.96	%		1.41	%		3.30	%		12	%
	0.65			6,910		0.75			3.89			1.30			3.34			35
	3.20			7,136		0.75			3.78			1.12			3.41			21
	4.18			4,925		0.75			3.82			1.08			3.49			17
	3.57			4,869		0.75			3.87			1.07			3.55			15
	9.09			4,904		0.75			3.98			1.29			3.44			35
	4.02	%	$	1,399		1.15	%		3.56	%		1.99	%		2.72	%		12	%
	0.46			1,487		1.15			3.49			2.05			2.59			35
	2.81			1,565		1.15			3.38			1.87			2.66			21
	3.80			1,861		1.15			3.42			1.83			2.74			17
	3.10			1,657		1.15			3.46			1.82			2.79			15
	8.66			982		1.15			3.57			2.04			2.68			35
	4.24	%	$	30,611		0.50	%		4.21	%		1.16	%		3.55	%		12	%
	0.85			31,347		0.50			4.14			1.05			3.59			35
	3.45			32,418		0.50			4.03			0.87			3.66			21
	4.54			29,722		0.50			4.07			0.83			3.74			17
	3.82			28,120		0.50			4.11			0.82			3.79			15
	9.37			27,348		0.50			4.22			1.04			3.68			35
	4.41	%	$	917		0.75	%		3.67	%		1.38	%		3.04	%		10	%
	0.40			841		0.75			3.60			1.28			3.07			11
	2.86			988		0.75			3.41			1.11			3.05			13
	4.16			1,200		0.75			3.43			1.08			3.10			19
	3.22			849		0.75			3.52			1.09			3.18			22
	7.42			453		0.75			3.25			1.23			2.77			3
	4.16	%	$	190		1.15	%		3.27	%		1.96	%		2.46	%		10	%
	(0.08	)		209		1.15			3.22			2.03			2.34			11
	2.58			174		1.15			3.01			1.86			2.30			13
	3.69			120		1.15			3.03			1.83			2.35			19
	1.95			215		1.15			3.08			1.84			2.39			22
	7.13			1		1.15			3.01			1.98			2.18			3
	4.45	%	$	40,827		0.50	%		3.92	%		1.13	%		3.29	%		10	%
	0.49			40,606		0.50			3.85			1.03			3.32			11
	3.12			41,104		0.50			3.66			0.86			3.30			13
	4.42			39,240		0.50			3.68			0.82			3.36			19
	3.65			39,465		0.50			3.78			0.84			3.44			22
	7.41			38,083		0.50			3.74			0.98			3.26			3
	3.56	%	$	8,662		0.85	%		3.78	%		1.11	%		3.52	%		18	%
	0.16			9,456		0.85			3.62			1.11			3.36			13
	1.67			9,356		0.85			3.56			1.06			3.35			20
	3.20			8,700		0.85			3.62			1.05			3.42			12
	3.31			8,189		0.85			3.67			1.05			3.47			17
	7.23			7,030		0.85			3.95			1.05			3.75			18
	3.75	%	$	115,679		0.70	%		3.92	%		0.86	%		3.76	%		18	%
	0.28			111,344		0.70			3.77			0.86			3.61			13
	1.82			133,613		0.70			3.71			0.81			3.60			20
	3.35			137,869		0.70			3.77			0.80			3.67			12
	3.46			146,244		0.70			3.82			0.80			3.72			17
	7.39			151,928		0.70			4.10			0.80			4.00			18

First American Funds Semiannual Report 2006       87

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
Short Tax Free Fund
Class A
	2006 (1)	$	9.68	$	0.14	$	0.07		$	(0.14	)	$	—		$	9.75
	2006 (2)		9.78		0.19		(0.09	)		(0.20	)		—			9.68
	2005 (3)		9.96		0.24		(0.17	)		(0.25	)		—			9.78
	2004 (3)		10.18		0.26		(0.17	)		(0.25	)		(0.06	)		9.96
	2003 (4)		10.00		0.26		0.19			(0.27	)		—			10.18
Class Y
	2006 (1)	$	9.68	$	0.15	$	0.07		$	(0.15	)	$	—		$	9.75
	2006 (2)		9.78		0.21		(0.10	)		(0.21	)		—			9.68
	2005 (3)		9.96		0.26		(0.18	)		(0.26	)		—			9.78
	2004 (3)		10.18		0.27		(0.17	)		(0.26	)		(0.06	)		9.96
	2003 (4)		10.00		0.28		0.18			(0.28	)		—			10.18
Tax Free Fund
Class A
	2006 (1)	$	10.86	$	0.23	$	0.24		$	(0.23	)	$	(0.09	)	$	11.01
	2006 (2)		11.10		0.35		(0.20	)		(0.35	)		(0.04	)		10.86
	2005 (3)		11.18		0.47		0.03			(0.47	)		(0.11	)		11.10
	2004 (3)		11.28		0.47		0.02			(0.48	)		(0.11	)		11.18
	2003 (3)		11.44		0.47		(0.03	)		(0.47	)		(0.13	)		11.28
	2002 (3)		10.99		0.47		0.44			(0.46	)		—			11.44
Class C
	2006 (1)	$	10.81	$	0.21	$	0.24		$	(0.21	)	$	(0.09	)	$	10.96
	2006 (2)		11.05		0.32		(0.20	)		(0.32	)		(0.04	)		10.81
	2005 (3)		11.13		0.42		0.03			(0.42	)		(0.11	)		11.05
	2004 (3)		11.24		0.43		—			(0.43	)		(0.11	)		11.13
	2003 (3)		11.40		0.42		(0.02	)		(0.43	)		(0.13	)		11.24
	2002 (3)		10.96		0.42		0.45			(0.43	)		—			11.40
Class Y
	2006 (1)	$	10.87	$	0.24	$	0.24		$	(0.24	)	$	(0.09	)	$	11.02
	2006 (2)		11.11		0.37		(0.20	)		(0.37	)		(0.04	)		10.87
	2005 (3)		11.19		0.50		0.02			(0.49	)		(0.11	)		11.11
	2004 (3)		11.29		0.50		0.01			(0.50	)		(0.11	)		11.19
	2003 (3)		11.45		0.50		(0.03	)		(0.50	)		(0.13	)		11.29
	2002 (3)		11.00		0.49		0.45			(0.49	)		—			11.45

(1)	For the six-month period ended December 31, 2006 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
(2)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period October 1 to September 30 in the year indicated.
(4)	For the period from October 25, 2002, when the class of shares was first offered, to September 30, 2003. All ratios for the period have been annualized, except total return and portfolio turnover.
(5)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

88      First American Funds Semiannual Report 2006

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Income			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (5)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	2.15	%	$	3,145		0.75	%		2.88	%		1.08	%		2.55	%		38	%
	1.02			3,321		0.75			2.65			1.08			2.32			22
	0.67			4,103		0.75			2.46			1.06			2.15			37
	0.90			6,329		0.75			2.55			1.05			2.25			30
	4.54			6,448		0.75			2.67			1.05			2.37			54
	2.22	%	$	197,213		0.60	%		3.04	%		0.83	%		2.81	%		38	%
	1.13			235,900		0.60			2.80			0.83			2.57			22
	0.83			329,647		0.60			2.62			0.81			2.41			37
	1.05			419,359		0.60			2.70			0.80			2.50			30
	4.66			396,918		0.60			3.00			0.80			2.80			54
	4.33	%	$	38,095		0.95	%		4.14	%		1.03	%		4.06	%		16	%
	1.37			36,519		0.95			4.28			1.06			4.17			13
	4.51			38,205		0.95			4.20			1.06			4.09			8
	4.45			40,156		0.95			4.18			1.05			4.08			23
	4.06			42,942		0.95			4.21			1.05			4.11			23
	8.56			43,708		0.95			4.20			1.02			4.13			39
	4.14	%	$	2,217		1.35	%		3.74	%		1.60	%		3.49	%		16	%
	1.06			2,210		1.35			3.87			1.81			3.41			13
	4.13			2,712		1.35			3.80			1.81			3.34			8
	3.92			2,682		1.35			3.77			1.80			3.32			23
	3.67			4,880		1.35			3.81			1.80			3.36			23
	8.14			6,199		1.35			3.82			1.77			3.40			39
	4.46	%	$	494,880		0.70	%		4.39	%		0.78	%		4.31	%		16	%
	1.57			455,910		0.70			4.53			0.81			4.42			13
	4.77			436,303		0.70			4.45			0.81			4.34			8
	4.71			416,651		0.70			4.43			0.80			4.33			23
	4.31			460,634		0.70			4.46			0.80			4.36			23
	8.84			497,140		0.70			4.47			0.77			4.40			39

First American Funds Semiannual Report 2006       89

Notes to  Financial Statements (unaudited as of December 31, 2006), all dollars and shares are rounded to thousands (000)

1 > Organization

The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, Oregon Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of December 31, 2006, FAIF offered 39 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company. FAIF’s articles of incorporation permit the board of directors to create additional funds in the future. The Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund are each diversified open-end management investment companies. The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund are each non-diversified open-end management investment companies. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

The funds offer Class A and Class Y shares. The Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund also offer Class C shares. Class A shares of Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund are sold with a maximum front-end sales charge of 4.25%. Class A shares of California Intermediate Tax Free Fund, Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund are sold with a maximum front-end sales charge of 2.25%. Class C shares may be subject to a contingent deferred sales charge of 1.00% for 12 months. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts.

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

On February 23, 2006, the funds’ board of directors approved a change in the funds’ fiscal year-end from September 30 to June 30, effective with the nine-month fiscal period ended June 30, 2006.

2 > Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. At December 31, 2006, the funds held no fair-valued securities. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date.

SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or

90      First American Funds Semiannual Report 2006

sale. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. The resulting gain/loss is calculated as the difference between the fair value and the underlying cost of the security on the transaction date. Each fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the fund instead of cash.

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 the net asset value on the last business day of each month. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually.

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.

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to book and tax differences for straddle loss deferrals and classification of dividends paid by the funds. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the fiscal period that the differences arise.

The character of distributions made during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended December 31, 2006 (estimated), the nine-month fiscal period ended June 30, 2006, and the year ended September 30, 2005, were as follows:

	December 31, 2006
	Tax Exempt		Ordinary		Long Term
Fund	Income		Income		Gain		Total
Arizona Tax Free Fund	$	561	$	—	$	143	$	704
California Intermediate Tax Free Fund		1,111		—		301		1,412
California Tax Free Fund		764		—		119		883
Colorado Intermediate Tax Free Fund		878		—		329		1,207
Colorado Tax Free Fund		501		—		176		677
Intermediate Tax Free Fund		12,805		—		840		13,645
Minnesota Intermediate Tax Free Fund		3,968		—		1,016		4,984
Minnesota Tax Free Fund		3,398		—		454		3,852
Missouri Tax Free Fund		3,148		—		1,173		4,321
Nebraska Tax Free Fund		814		—		182		996
Ohio Tax Free Fund		811		—		86		897
Oregon Intermediate Tax Free Fund		2,280		—		514		2,794
Short Tax Free Fund		3,323		—		—		3,323
Tax Free Fund		11,392		—		4,300		15,692

	June 30, 2006
	Tax Exempt		Ordinary		Long Term
Fund	Income		Income		Gain		Total
Arizona Tax Free Fund	$	807	$	3	$	210	$	1,020
California Intermediate Tax Free Fund		1,622		85		91		1,798
California Tax Free Fund		1,067		12		53		1,132
Colorado Intermediate Tax Free Fund		1,396		22		266		1,684
Colorado Tax Free Fund		667		54		541		1,262
Intermediate Tax Free Fund		20,212		93		1,785		22,090
Minnesota Intermediate Tax Free Fund		6,508		27		1,372		7,907
Minnesota Tax Free Fund		5,235		29		381		5,645
Missouri Tax Free Fund		5,218		2		1,297		6,517
Nebraska Tax Free Fund		1,236		—		63		1,299
Ohio Tax Free Fund		1,207		—		41		1,248
Oregon Intermediate Tax Free Fund		3,646		20		556		4,222
Short Tax Free Fund		6,134		—		—		6,134
Tax Free Fund		16,637		262		1,396		18,295

First American Funds Semiannual Report 2006       91

Notes to  Financial Statements continued

	September 30, 2005
	Tax Exempt		Ordinary		Long Term
Fund	Income		Income		Gain		Total
Arizona Tax Free Fund	$	984	$	3	$	235	$	1,222
California Intermediate Tax Free Fund		2,002		27		329		2,358
California Tax Free Fund		1,203		53		199		1,455
Colorado Intermediate Tax Free Fund		2,077		—		169		2,246
Colorado Tax Free Fund		992		—		177		1,169
Intermediate Tax Free Fund		28,143		—		3,679		31,822
Minnesota Intermediate Tax Free Fund		9,305		—		797		10,102
Minnesota Tax Free Fund		6,755		—		811		7,566
Missouri Tax Free Fund		7,004		—		924		7,928
Nebraska Tax Free Fund		1,581		—		—		1,581
Ohio Tax Free Fund		1,564		—		133		1,697
Oregon Intermediate Tax Free Fund		5,290		—		511		5,801
Short Tax Free Fund		10,220		—		—		10,220
Tax Free Fund		20,510		—		4,409		24,919

As of June 30, 2006, the funds’ most recently completed nine-month fiscal period-end, the components of accumulated earnings (deficit) on a tax basis were as follows:

							Accumulated									Total
	Undistributed		Undistributed		Undistributed		Capital and			Unrealized			Other			Accumulated
	Ordinary		Tax Exempt		Long Term		Post-October			Appreciation			Accumulated			Earnings
Fund	Income		Income		Capital Gains		Losses			(Depreciation)			Losses			(Deficit)
Arizona Tax Free Fund	$	—	$	7	$	108	$	—		$	624		$	(4	)	$	735
California Intermediate Tax Free Fund		16		15		192		—			910			—			1,133
California Tax Free Fund		—		17		53		—			823			—			893
Colorado Intermediate Tax Free Fund		6		32		289		—			1,279			—			1,606
Colorado Tax Free Fund		3		36		183		—			860			(7	)		1,075
Intermediate Tax Free Fund		—		—		1		—			17,986			—			17,987
Minnesota Intermediate Tax Free Fund		5		60		861		—			4,048			—			4,974
Minnesota Tax Free Fund		26		55		419		—			5,815			(11	)		6,304
Missouri Tax Free Fund		—		31		582		—			2,910			—			3,523
Nebraska Tax Free Fund		—		19		187		—			427			(6	)		627
Ohio Tax Free Fund		2		16		57		—			280			(14	)		341
Oregon Intermediate Tax Free Fund		5		62		255		—			1,584			—			1,906
Short Tax Free Fund		—		119		—		(1,236	)		(2,830	)		—			(3,947	)
Tax Free Fund		74		66		2,093		—			18,600			—			20,833

The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses deferred due to straddles.

As of June 30, 2006, Short Tax Free Fund had a capital loss carryforward of $788, of which $238 will expire in 2013 and $550 will expire in 2014 if not offset by subsequent capital gains.

The Short Tax Free Fund incurred a loss of $448 for tax purposes for the period from November 1, 2005 to June 30, 2006. As permitted by tax regulations, the fund intends to elect to defer and treat those losses as arising in the fiscal year ending June 30, 2007.

FUTURES TRANSACTIONS – In order to protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, each fund may enter into futures contracts. Upon entering into a futures contract, the fund is required to deposit cash or pledge U.S. government securities. The margin required for a futures contract is set by the exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract.

Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close

92      First American Funds Semiannual Report 2006

of the year will be recognized as capital gains (losses) for federal income tax purposes. At December 31, 2006, Ohio Tax Free Fund had outstanding futures contracts as disclosed in its Schedule of Investments.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. At December 31, 2006, the following funds had outstanding commitments to purchase securities on a when-issued or forward-commitment basis:

Fund	Cost
Intermediate Tax Free Fund	$	1,055
Minnesota Intermediate Tax Free Fund		1,656
Missouri Tax Free Fund		1,728
Nebraska Tax Free Fund		197
Tax Free Fund		6,203

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, and may have contractual restrictions on resale. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At December 31, 2006, no fund had investments in illiquid securities.

INVERSE FLOATERS – As part of their investment strategy, the funds may invest in certain securities for which the potential income return is inversely related to changes in a floating interest rate (“inverse floaters”). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Inverse floaters may be characterized as derivative securities and may subject a fund to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market values of such securities will generally be more volatile than those of fixed-rate, tax-exempt securities. To the extent the funds invest in inverse floaters, the net asset value of the funds’ shares may be more volatile than if the funds did not invest in such securities. At December 31, 2006, no fund had investments in inverse floaters.

EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including evenly across all funds, allocated based on relative net assets of all funds within the First American Family of Funds, or a combination of both methods. 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 Securities and Exchange Commission, 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 December 31, 2006.

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all 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.

First American Funds Semiannual Report 2006       93

Notes to  Financial Statements continued

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors, Inc. (“FAF Advisors”) manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee equal, on an annual basis, to 0.50% of the fund’s average daily net assets. FAF Advisors has agreed to waive fees and reimburse other fund expenses at least through June 30, 2007, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			C			Y
Arizona Tax Free Fund		0.75	%		1.15	%		0.50	%
California Intermediate Tax Free Fund		0.85			NA			0.70
California Tax Free Fund		0.75			1.15			0.50
Colorado Intermediate Tax Free Fund		0.85			NA			0.70
Colorado Tax Free Fund		0.75			1.15			0.50
Intermediate Tax Free Fund		0.85			NA			0.70
Minnesota Intermediate Tax Free Fund		0.85			NA			0.70
Minnesota Tax Free Fund		0.95			1.35			0.70
Missouri Tax Free Fund		0.95			1.35			0.70
Nebraska Tax Free Fund		0.75			1.15			0.50
Ohio Tax Free Fund		0.75			1.15			0.50
Oregon Intermediate Tax Free Fund		0.85			NA			0.70
Short Tax Free Fund		0.75			NA			0.60
Tax Free Fund		0.95			1.35			0.70

NA = Not Applicable

The funds may invest in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acts as the investment advisor to both the investing funds and the related money market funds, FAF Advisors will reimburse each investing fund an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. For financial statement purposes, these reimbursements are recorded as investment income.

ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors 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 administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, and administrative services and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% 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 FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

For the six-month period ended December 31, 2006, administration fees paid to FAF Advisors by the funds included in this semiannual report were as follows:

Fund	Amount
Arizona Tax Free Fund	$	30
California Intermediate Tax Free Fund		64
California Tax Free Fund		41
Colorado Intermediate Tax Free Fund		46
Colorado Tax Free Fund		25
Intermediate Tax Free Fund		699
Minnesota Intermediate Tax Free Fund		221
Minnesota Tax Free Fund		183
Missouri Tax Free Fund		177
Nebraska Tax Free Fund		44
Ohio Tax Free Fund		46
Oregon Intermediate Tax Free Fund		134
Short Tax Free Fund		244
Tax Free Fund		565

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

For the six-month period ended December 31, 2006, transfer agent fees paid to USBFS by the funds included in this semiannual report were as follows:

Fund	Amount
Arizona Tax Free Fund	$	37
California Intermediate Tax Free Fund		27
California Tax Free Fund		36
Colorado Intermediate Tax Free Fund		27
Colorado Tax Free Fund		37
Intermediate Tax Free Fund		27
Minnesota Intermediate Tax Free Fund		28
Minnesota Tax Free Fund		41
Missouri Tax Free Fund		36
Nebraska Tax Free Fund		36
Ohio Tax Free Fund		36
Oregon Intermediate Tax Free Fund		27
Short Tax Free Fund		27
Tax Free Fund		38

94      First American Funds Semiannual Report 2006

CUSTODIAN FEES – U.S. Bank serves as the custodian for each fund pursuant to a custodian agreement with FAIF. 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 custodian” in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.

For the six-month period ended December 31, 2006, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned as follows:

Fund	Increased			Decreased
Arizona Tax Free Fund	$	—	*	$	—	*
California Intermediate Tax Free Fund		—	*		—	*
California Tax Free Fund		—	*		—	*
Colorado Intermediate Tax Free Fund		—	*		—	*
Colorado Tax Free Fund		—	*		—	*
Intermediate Tax Free Fund		—	*		—	*
Minnesota Intermediate Tax Free Fund		—	*		—	*
Minnesota Tax Free Fund		—	*		—	*
Missouri Tax Free Fund		—	*		—	*
Nebraska Tax Free Fund		—	*		—	*
Ohio Tax Free Fund		—	*		—
Oregon Intermediate Tax Free Fund		—	*		—
Short Tax Free Fund		1			1
Tax Free Fund		—	*		2

* Rounds to zero.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under Rule 12b-1 of the Investment Company Act, each of the funds pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25% and 0.65% of each fund’s average daily net assets of Class A and Class C shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

Quasar is currently waiving a portion of its 12b-1 fees for Class A shares, limiting its fees to 0.15% of average daily net assets for California Intermediate Tax Free Fund, Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund.

Prior to October 1, 2006, each of the funds paid Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 1.00% of each fund’s average daily net assets of Class C shares. Quasar waived a portion of its 12b-1 fees for Class C shares, limiting its fees to 0.65% of average daily net assets for Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund.

For the six-month period ended December 31, 2006, total distribution and shareholder servicing fees waived by Quasar for the funds included in this semiannual report were as follows:

Fund	Amount
Arizona Tax Free Fund	$	1
California Intermediate Tax Free Fund		2
California Tax Free Fund		2
Colorado Intermediate Tax Free Fund		4
Colorado Tax Free Fund		3
Intermediate Tax Free Fund		16
Minnesota Intermediate Tax Free Fund		13
Minnesota Tax Free Fund		10
Missouri Tax Free Fund		—	*
Nebraska Tax Free Fund		1
Ohio Tax Free Fund		—	*
Oregon Intermediate Tax Free Fund		5
Short Tax Free Fund		4
Tax Free Fund		2

* Rounds to zero.

Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended December 31, 2006:

Fund	Amount
Arizona Tax Free Fund	$	1
California Intermediate Tax Free Fund		2
California Tax Free Fund		14
Colorado Intermediate Tax Free Fund		5
Colorado Tax Free Fund		6
Intermediate Tax Free Fund		16
Minnesota Intermediate Tax Free Fund		10
Minnesota Tax Free Fund		29
Missouri Tax Free Fund		29
Nebraska Tax Free Fund		3
Ohio Tax Free Fund		1
Oregon Intermediate Tax Free Fund		5
Short Tax Free Fund		2
Tax Free Fund		18

OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended December 31, 2006, legal fees and expenses of $24 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

First American Funds Semiannual Report 2006       95

Notes to  Financial Statements continued

CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on redemptions made in the Class C shares for the first 12 months. The CDSC 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 December 31, 2006, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:

Fund	Amount
Arizona Tax Free Fund	$	5
California Intermediate Tax Free Fund		9
California Tax Free Fund		28
Colorado Intermediate Tax Free Fund		—	*
Colorado Tax Free Fund		1
Intermediate Tax Free Fund		—	*
Minnesota Intermediate Tax Free Fund		2
Minnesota Tax Free Fund		127
Missouri Tax Free Fund		25
Nebraska Tax Free Fund		1
Ohio Tax Free Fund		—	*
Oregon Intermediate Tax Free Fund		—	*
Short Tax Free Fund		—	*
Tax Free Fund		9

* Rounds to zero.

4 > Capital Share Transactions

FAIF has 324 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

										California
	Arizona									Intermediate									California
	Tax Free Fund									Tax Free Fund									Tax Free Fund
	Six-Month			Nine-Month						Six-Month			Nine-Month						Six-Month			Nine-Month
	Period			Fiscal Period			Year			Period			Fiscal Period			Year			Period			Fiscal Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
	12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05
Class A:
Shares issued		20			92			189			257			94			131			82			154			373
Shares issued in lieu of cash distributions		7			27			37			6			8			11			12			23			33
Shares redeemed		(87	)		(139	)		(162	)		(19	)		(143	)		(81	)		(131	)		(250	)		(184	)
Total Class A transactions		(60	)		(20	)		64			244			(41	)		61			(37	)		(73	)		222
Class C:
Shares issued		7			11			18			—			—			—			34			102			163
Shares issued in lieu of cash distributions		2			4			6			—			—			—			3			5			6
Shares redeemed		(3	)		(36	)		(17	)		—			—			—			(175	)		(53	)		(9	)
Total Class C transactions		6			(21	)		7			—			—			—			(138	)		54			160
Class Y:
Shares issued		275			525			459			336			894			609			348			705			536
Shares issued in lieu of cash distributions		8			10			6			5			5			8			3			3			3
Shares redeemed		(113	)		(351	)		(44	)		(167	)		(544	)		(307	)		(102	)		(462	)		(207	)
Total Class Y transactions		170			184			421			174			355			310			249			246			332
Net increase in capital shares		116			143			492			418			314			371			74			227			714

96      First American Funds Semiannual Report 2006

	Colorado
	Intermediate									Colorado									Intermediate
	Tax Free Fund									Tax Free Fund									Tax Free Fund
	Six-Month			Nine-Month						Six-Month			Nine-Month						Six-Month			Nine-Month
	Period			Fiscal Period			Year			Period			Fiscal Period			Year			Period			Fiscal Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
	12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05
Class A:
Shares issued		19			8			392			77			146			26			217			337			714
Shares issued in lieu of cash distributions		15			26			39			21			42			37			44			76			114
Shares redeemed		(251	)		(363	)		(454	)		(45	)		(135	)		(243	)		(464	)		(528	)		(809	)
Total Class A transactions		(217	)		(329	)		(23	)		53			53			(180	)		(203	)		(115	)		19
Class C:
Shares issued		—			—			—			6			12			42			—			—			—
Shares issued in lieu of cash distributions		—			—			—			7			16			15			—			—			—
Shares redeemed		—			—			—			(9	)		(51	)		(83	)		—			—			—
Total Class C transactions		—			—			—			4			(23	)		(26	)		—			—			—
Class Y:
Shares issued		388			444			583			150			432			122			5,048			7,885			10,127
Shares issued in lieu of cash distributions		6			5			5			3			3			1			121			216			321
Shares redeemed		(243	)		(526	)		(810	)		(89	)		(227	)		(202	)		(5,703	)		(10,731	)		(8,735	)
Total Class Y transactions		151			(77	)		(222	)		64			208			(79	)		(534	)		(2,630	)		1,713
Net increase (decrease) in capital shares		(66	)		(406	)		(245	)		121			238			(285	)		(737	)		(2,745	)		1,732

	Minnesota
	Intermediate									Minnesota									Missouri
	Tax Free Fund									Tax Free Fund									Tax Free Fund
	Six-Month			Nine-Month						Six-Month			Nine-Month						Six-Month			Nine-Month
	Period			Fiscal Period			Year			Period			Fiscal Period			Year			Period			Fiscal Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
	12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05
Class A:
Shares issued		24			298			553			932			1,143			716			94			67			374
Shares issued in lieu of cash distributions		37			74			100			134			262			356			28			44			51
Shares redeemed		(277	)		(869	)		(859	)		(653	)		(1,711	)		(1,782	)		(168	)		(303	)		(140	)
Total Class A transactions		(216	)		(497	)		(206	)		413			(306	)		(710	)		(46	)		(192	)		285
Class C:
Shares issued		—			—			—			211			181			83			7			2			—
Shares issued in lieu of cash distributions		—			—			—			14			26			34			1			—			1
Shares redeemed		—			—			—			(84	)		(140	)		(164	)		—			—			(3	)
Total Class C transactions		—			—			—			141			67			(47	)		8			2			(2	)
Class Y:
Shares issued		954			1,745			1,581			637			1,004			779			566			1,228			1,808
Shares issued in lieu of cash distributions		21			35			33			10			14			19			19			23			23
Shares redeemed		(1,174	)		(3,437	)		(3,175	)		(451	)		(718	)		(471	)		(1,405	)		(1,975	)		(1,732	)
Total Class Y transactions		(199	)		(1,657	)		(1,561	)		196			300			327			(820	)		(724	)		99
Net increase (decrease) in capital shares		(415	)		(2,154	)		(1,767	)		750			61			(430	)		(858	)		(914	)		382

																			Oregon
	Nebraska									Ohio									Intermediate
	Tax Free Fund									Tax Free Fund									Tax Free Fund
	Six-Month			Nine-Month						Six-Month			Nine-Month						Six-Month			Nine-Month
	Period			Fiscal Period			Year			Period			Fiscal Period			Year			Period			Fiscal Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
	12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05
Class A:
Shares issued		27			74			295			12			15			24			7			281			202
Shares issued in lieu of cash distributions		9			11			11			1			1			2			12			19			22
Shares redeemed		(42	)		(91	)		(93	)		(8	)		(28	)		(45	)		(112	)		(263	)		(139	)
Total Class A transactions		(6	)		(6	)		213			5			(12	)		(19	)		(93	)		37			85
Class C:
Shares issued		9			15			39			—			8			10			—			—			—
Shares issued in lieu of cash distributions		2			3			4			—			—			—			—			—			—
Shares redeemed		(22	)		(22	)		(70	)		(3	)		(4	)		(5	)		—			—			—
Total Class C transactions		(11	)		(4	)		(27	)		(3	)		4			5			—			—			—
Class Y:
Shares issued		189			398			669			282			473			779			676			938			1,909
Shares issued in lieu of cash distributions		6			7			9			14			18			22			30			35			39
Shares redeemed		(317	)		(433	)		(403	)		(365	)		(436	)		(590	)		(425	)		(2,855	)		(2,067	)
Total Class Y transactions		(122	)		(28	)		275			(69	)		55			211			281			(1,882	)		(119	)
Net increase (decrease) in capital shares		(139	)		(38	)		461			(67	)		47			197			188			(1,845	)		(34	)

First American Funds Semiannual Report 2006       97

Notes to  Financial Statements continued

	Short
	Tax Free Fund									Tax Free Fund
	Six-Month			Nine-Month						Six-Month			Nine-Month
	Period			Fiscal Period			Year			Period			Fiscal Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05
Class A:
Shares issued		9			121			213			334			383			382
Shares issued in lieu of cash distributions		4			7			11			71			96			150
Shares redeemed		(33	)		(204	)		(440	)		(307	)		(559	)		(682	)
Total Class A transactions		(20	)		(76	)		(216	)		98			(80	)		(150	)
Class C:
Shares issued		—			—			—			7			3			25
Shares issued in lieu of cash distributions		—			—			—			4			7			11
Shares redeemed		—			—			—			(13	)		(51	)		(32	)
Total Class C transactions		—			—			—			(2	)		(41	)		4
Class Y:
Shares issued		1,348			3,350			6,860			5,886			7,282			6,235
Shares issued in lieu of cash distributions		26			45			69			107			82			97
Shares redeemed		(5,502	)		(12,753	)		(15,310	)		(3,022	)		(4,706	)		(4,293	)
Total Class Y transactions		(4,128	)		(9,358	)		(8,381	)		2,971			2,658			2,039
Net increase (decrease) in capital shares		(4,148	)		(9,434	)		(8,597	)		3,067			2,537			1,893

5 > Investment Security Transactions

During the six-month period ended December 31, 2006, purchases of securities and proceeds from sales of securities, other than government securities and temporary investments in short-term securities, were as follows:

Fund	Purchases		Sales
Arizona Tax Free Fund	$	3,931	$	2,744
California Intermediate Tax Free Fund		11,987		5,351
California Tax Free Fund		7,618		6,860
Colorado Intermediate Tax Free Fund		7,501		8,609
Colorado Tax Free Fund		4,339		3,573
Intermediate Tax Free Fund		86,742		87,738
Minnesota Intermediate Tax Free Fund		24,633		27,788
Minnesota Tax Free Fund		21,341		13,302
Missouri Tax Free Fund		19,200		28,400
Nebraska Tax Free Fund		4,808		6,198
Ohio Tax Free Fund		4,131		5,199
Oregon Intermediate Tax Free Fund		22,378		22,202
Short Tax Free Fund		83,891		100,197
Tax Free Fund		110,307		79,161

The aggregate gross unrealized appreciation and depreciation for securities held by the funds and the total cost of securities for federal income tax purposes at December 31, 2006, were as follows:

	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost
Arizona Tax Free Fund	$	1,168	$	(22	)	$	1,146		$	26,237
California Intermediate Tax Free Fund		1,942		(28	)		1,914			57,849
California Tax Free Fund		1,693		(28	)		1,665			35,260
Colorado Intermediate Tax Free Fund		1,929		(31	)		1,898			40,032
Colorado Tax Free Fund		1,286		(21	)		1,265			21,903
Intermediate Tax Free Fund		28,347		(253	)		28,094			606,198
Minnesota Intermediate Tax Free Fund		7,432		(97	)		7,335			192,999
Minnesota Tax Free Fund		9,295		(99	)		9,196			161,138
Missouri Tax Free Fund		6,022		(61	)		5,961			152,083
Nebraska Tax Free Fund		1,272		(27	)		1,245			37,619
Ohio Tax Free Fund		1,314		(29	)		1,285			40,407
Oregon Intermediate Tax Free Fund		3,383		(64	)		3,319			120,413
Short Tax Free Fund		376		(930	)		(554	)		201,576
Tax Free Fund		27,205		(316	)		26,889			509,077

6 > Concentration of Credit Risk

The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund invest in debt instruments of municipal issuers in specific states. Although these funds monitor investment concentration, the issuers’ ability to meet their obligations may be affected by economic developments in the specific state or region. Additionally, each state has various guidelines relating to the tax treatment of the income distributed from each fund.

7 > 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.

8 > New Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006, and is to

98      First American Funds Semiannual Report 2006

be applied to all open tax years as of the effective date. Recent Securities and Exchange Commission guidance allows implementing FIN 48 in fund net asset value calculations as late as the funds’ last net asset value calculation in the first required financial statement reporting period. As a result, the funds will incorporate FIN 48 in their semiannual report on December 31, 2007.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosure about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of December 31, 2006, the funds do not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the Statement of Operations for a fiscal period.

First American Funds Semiannual Report 2006       99

 NOTICE TO SHAREHOLDERS December 31, 2006 (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 Commission’s website at www.sec.gov.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the 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 Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

QUARTERLY PORTFOLIO HOLDINGS

Each fund will make portfolio holdings information publicly available by posting the information at www.firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 days of the calendar quarter-end.

100      First American Funds Semiannual Report 2006

Board of Directors First American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; former Owner and President of Strategic Management

Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Retired; former Senior Financial Advisor, Senior Vice President, Chief

Financial Officer, and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Director of Charterhouse Group, Inc.

Victoria Herget

Director of First American Investment Funds, Inc.

Investment Consultant; former Managing Director of Zurich Scudder Investments

John Kayser

Director of First American Investment Funds, Inc.

Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of William Blair & Company, LLC

Leonard Kedrowski

Director of First American Investment Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Investment Funds, Inc.

Owner and Chief Executive Officer of RKR Consultants, Inc.

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

First American Investment Funds’ Board of Directors is comprised entirely of

independent directors.

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 Investment 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

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55101

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

220 South Sixth Street

Suite 1400

Minneapolis, Minnesota 55402

COUNSEL

Dorsey & Whitney LLP

50 South Sixth Street

Suite 1500

Minneapolis, Minnesota 55402

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.

0042-07 2/2007 SAR-TAXFREEINCOME

Table of Contents

Schedule of Investments	15
Statements of Assets and Liabilities	44
Statements of Operations	48
Statements of Changes in Net Assets	50
Financial Highlights	54
Notes to Financial Statements	66
Notice to Shareholders	78

Mutual fund investing involves risk; principal loss is possible.

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

We stand behind our commitment to serve you with excellence. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.

First American Funds Semiannual Report 2006       1

Core Bond fund

Expense Example

As a shareholder of the Core Bond Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,046.50	$	4.90
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84
Class B Actual2	$	1,000.00	$	1,040.90	$	8.75
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.64	$	8.64
Class C Actual2	$	1,000.00	$	1,041.70	$	8.75
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.64	$	8.64
Class R Actual2	$	1,000.00	$	1,045.20	$	6.19
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.16	$	6.11
Class Y Actual2	$	1,000.00	$	1,046.90	$	3.61
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% for Class A, Class B, Class C, Class R, and Class Y, 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 December 31, 2006 of 4.65%, 4.09%, 4.17%, 4.52%, and 4.69% for Class A, Class B, Class C, Class R, and Class Y, respectively.

2      First American Funds Semiannual Report 2006

Core Bond fund continued

Portfolio Allocation as of December 31, 2006¹  (% of net assets)

U.S. Government Agency Mortgage-Backed Securities	34.5%
Asset-Backed Securities	21.2
U.S. Government & Agency Securities	14.6
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	14.3
Corporate Bonds	11.7
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	3.3
Short-Term Investments	3.5
Other Assets and Liabilities, Net2	(3.1)
	100.0%

Credit Quality Distribution as of December 31, 2006³ (% of market value)

AAA	86.0%
AA	3.2
A	2.7
BBB	8.1
	100.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	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.

First American Funds Semiannual Report 2006       3

High Income Bond fund

Expense Example

As a shareholder of the High Income Bond Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,083.30	$	5.78
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60
Class B Actual2	$	1,000.00	$	1,079.60	$	9.70
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.88	$	9.40
Class C Actual2	$	1,000.00	$	1,079.50	$	9.70
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.88	$	9.40
Class R Actual2	$	1,000.00	$	1,081.80	$	7.08
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87
Class Y Actual2	$	1,000.00	$	1,084.60	$	4.47
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.10%, 1.85%, 1.85%, 1.35%, and 0.85% for Class A, Class B, Class C, Class R, and Class Y, 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 December 31, 2006 of 8.33%, 7.96%, 7.95%, 8.18%, and 8.46% for Class A, Class B, Class C, Class R, and Class Y, respectively.

4      First American Funds Semiannual Report 2006

High Income Bond fund continued

Portfolio Allocation as of December 31, 2006¹  (% of net assets)

High Yield Corporate Bonds	87.6%
Closed-End Funds	2.4
Preferred Stocks	2.2
High Grade Corporate Bonds	2.0
Convertible Securities	1.9
Common Stocks	1.1
Short-Term Investments	1.5
Other Assets and Liabilities, Net2	1.3
	100.0%

Credit Quality Distribution as of December 31, 2006³ (% of market value)

AAA	1.6%
BBB	2.5
BB	28.7
B	46.7
CCC	13.3
C	0.1
D	0.9
Non-Rated	6.2
	100.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	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.

First American Funds Semiannual Report 2006       5

Inflation Protected Securities fund

Expense Example

As a shareholder of the Inflation Protected Securities Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,016.00	$	4.32
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class C Actual2	$	1,000.00	$	1,011.10	$	8.11
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.13
Class R Actual2	$	1,000.00	$	1,014.10	$	5.58
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60
Class Y Actual2	$	1,000.00	$	1,016.20	$	3.05
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85%, 1.60%, 1.10%, and 0.60% for Class A, Class C, Class R, and Class Y, 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 December 31, 2006 of 1.60%, 1.11%, 1.41%, and 1.62% for Class A, Class C, Class R, and Class Y, respectively.

6      First American Funds Semiannual Report 2006

Inflation Protected Securities fund continued

Portfolio Allocation as of December 31, 2006¹  (% of net assets)

U.S. Government & Agency Securities	86.4%
Asset-Backed Securities	5.8
Corporate Bonds	5.7
Common Stocks	0.5
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	0.3
Municipal Bond	0.3
Convertible Security	0.1
Short-Term Investment	0.2
Other Assets and Liabilities, Net2	0.7
	100.0%

Credit Quality Distribution as of December 31, 2006³ (% of market value)

AAA	93.5%
AA	3.2
A	1.1
BBB	0.6
BB	1.0
B	0.1
Non-Rated	0.5
	100.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	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.

First American Funds Semiannual Report 2006       7

Intermediate Government Bond fund

Expense Example

As a shareholder of the Intermediate Government Bond Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,035.70	$	3.85
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class Y Actual2	$	1,000.00	$	1,036.50	$	3.08
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06

Portfolio Allocation as of December 31, 2006³  (% of net assets)

U.S. Government & Agency Securities	99.4%
Short-Term Investment	1.0
Other Assets and Liabilities, Net4	(0.4)
	100.0%

Credit Quality Distribution as of December 31, 2006⁵ (% of market value)

AAA	97.5%
AA	2.5
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, 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 December 31, 2006 of 3.57% and 3.65% for Class A and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
5	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.

8      First American Funds Semiannual Report 2006

Intermediate Term Bond fund

Expense Example

As a shareholder of the Intermediate Term Bond Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,038.80	$	4.37
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class Y Actual2	$	1,000.00	$	1,038.70	$	3.60
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

Portfolio Allocation as of December 31, 2006³  (% of net assets)

U.S. Government & Agency Securities	34.1%
Asset-Backed Securities	23.9
Corporate Bonds	21.1
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	11.3
U.S. Government Agency Mortgage-Backed Securities	5.8
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	2.9
Municipal Bond	0.3
Other Assets and Liabilities, Net4	0.6
	100.0%

Credit Quality Distribution as of December 31, 2006⁵  (% of market value)

AAA	76.1%
AA	3.3
A	6.5
BBB	14.1
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, 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 December 31, 2006 of 3.88% and 3.87% for Class A and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
5	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.

First American Funds Semiannual Report 2006       9

Short Term Bond fund

Expense Example

As a shareholder of the Short Term Bond Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,026.50	$	3.83
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class Y Actual2	$	1,000.00	$	1,028.30	$	3.07
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06

Portfolio Allocation as of December 31, 2006³  (% of net assets)

Asset-Backed Securities	37.2%
U.S. Government Agency Mortgage-Backed Securities	17.4
Corporate Bonds	14.2
U.S. Government & Agency Securities	13.9
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	11.3
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	6.0
	100.0%

Credit Quality Distribution as of December 31, 2006⁴ (% of market value)

AAA	82.5%
AA	4.8
A	5.2
BBB	6.6
BB	0.4
B	0.5
	100.0%

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, 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 December 31, 2006 of 2.65% and 2.83% for Class A and Class Y, respectively.
3	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
4	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.

10      First American Funds Semiannual Report 2006

Total Return Bond fund

Expense Example

As a shareholder of the Total Return Bond Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 July 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,039.20	$	5.14
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09
Class B Actual2	$	1,000.00	$	1,035.40	$	8.98
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.38	$	8.89
Class C Actual2	$	1,000.00	$	1,035.50	$	8.98
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.38	$	8.89
Class R Actual2	$	1,000.00	$	1,039.00	$	6.42
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.36
Class Y Actual2	$	1,000.00	$	1,040.60	$	3.86
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.00%, 1.75%, 1.75%, 1.25%, and 0.75% for Class A, Class B, Class C, Class R, and Class Y, 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 December 31, 2006 of 3.92%, 3.54%, 3.55%, 3.90%, and 4.06% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds Semiannual Report 2006       11

Total Return Bond fund continued

Portfolio Allocation as of December 31, 2006¹  (% of net assets)

U.S. Government Agency Mortgage-Backed Securities	27.4%
Corporate Bonds	17.6
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	17.3
Asset-Backed Securities	17.0
U.S. Government & Agency Securities	13.6
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	4.6
Common Stocks	0.5
Municipal Bond	0.3
Convertible Security	0.1
Short-Term Investments	13.0
Other Assets and Liabilities, Net2	(11.4)
	100.0%

Credit Quality Distribution as of December 31, 2006³ (% of market value)

AAA	83.8%
AA	2.7
A	1.3
BBB	7.1
BB	3.7
B	0.9
CCC	0.1
Non-Rated	0.4
	100.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	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.

12      First American Funds Semiannual Report 2006

U.S. Government Mortgage fund

Expense Example

As a shareholder of the U.S. Government Mortgage Fund (the “fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. 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 June 1, 2006, to December 31, 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 sales charges (loads). 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

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/06 to
	Value (7/01/06)		Value (12/31/06)		12/31/06)
Class A Actual2	$	1,000.00	$	1,047.20	$	4.90
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84
Class B Actual2	$	1,000.00	$	1,043.10	$	8.75
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.64	$	8.64
Class C Actual2	$	1,000.00	$	1,042.30	$	8.75
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.64	$	8.64
Class R Actual2	$	1,000.00	$	1,046.00	$	6.19
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.16	$	6.11
Class Y Actual2	$	1,000.00	$	1,047.50	$	3.61
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% for Class A, Class B, Class C, Class R, and Class Y, 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 December 31, 2006 of 4.72%, 4.31%, 4.23%, 4.60%, and 4.75% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds Semiannual Report 2006       13

U.S. Government Mortgage fund continued

Portfolio Allocation as of December 31, 2006¹  (% of net assets)

U.S. Government Agency Mortgage-Backed Securities	92.7%
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	19.3
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	4.1
Asset-Backed Securities	3.6
Short-Term Investments	2.2
Other Assets and Liabilities, Net2	(21.9)
	100.0%

Credit Quality Distribution as of December 31, 2006³ (% of market value)

AAA	95.7%
AA	4.3
	100.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	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.

14      First American Funds Semiannual Report 2006

Schedule of  Investments December 31, 2006 (unaudited), all dollars are rounded to thousands (000)

Core Bond Fund
DESCRIPTION		PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 34.5%
Adjustable Rate (a) – 4.3%
Federal Home Loan Mortgage Corporation Pool
	6.602%, 05/01/2025, #846757	$	308	$	314
	6.596%, 04/01/2029, #847190		2,242		2,291
	6.681%, 03/01/2030, #847180 (b)		3,228		3,293
	6.507%, 07/01/2030, #847240		3,507		3,579
	6.657%, 06/01/2031, #846984 (b)		1,272		1,292
	5.790%, 07/01/2036, #1K1238 (b)		13,324		13,430
Federal National Mortgage Association Pool
	6.959%, 08/01/2030, #555843 (b)		8,178		8,441
	6.998%, 03/01/2031, #545359		940		952
	6.822%, 09/01/2033, #725553		2,786		2,851
	5.281%, 11/01/2034, #735054 (b)		12,403		12,269
	4.863%, 09/01/2035, #745168 (b)		12,681		12,538
	5.731%, 09/01/2036, #884778 (b)		13,573		13,660
					74,910
Fixed Rate – 30.2%
Federal Home Loan Mortgage Corporation Pool
	4.000%, 04/01/2008, #M90808 (b)		7,076		6,986
	4.000%, 10/01/2010, #M80855 (b)		11,013		10,706
	4.500%, 03/01/2018, #P10023 (b)		2,844		2,796
	4.500%, 05/01/2018, #P10032 (b)		5,960		5,858
	5.000%, 05/01/2018, #E96700		10,577		10,415
	6.500%, 01/01/2028, #G00876		1,274		1,305
	6.500%, 11/01/2028, #C00676		2,556		2,622
	6.500%, 12/01/2028, #C00689		1,773		1,819
	6.500%, 04/01/2029, #C00742		1,064		1,091
	6.500%, 07/01/2031, #A17212 (b)		5,107		5,227
	6.000%, 11/01/2033, #A15521		4,225		4,263
Federal National Mortgage Association Pool
	7.750%, 06/01/2008, #001464		3		3
	3.790%, 07/01/2013, #386314 (b)		24,908		23,133
	5.500%, 02/01/2014, #440780 (b)		2,457		2,468
	7.000%, 02/01/2015, #535206		652		671
	7.000%, 08/01/2016, #591038 (b)		1,215		1,249
	5.500%, 12/01/2017, #673010 (b)		4,740		4,751
	5.000%, 06/01/2018, #555545 (b)		7,394		7,285
	5.000%, 11/01/2018, #750989		17,797		17,536
	4.500%, 01/01/2019, #755666 (b)		4,314		4,172
	5.000%, 11/01/2019, #725934		3,564		3,508
	5.500%, 01/01/2020, #735386		8,453		8,469
	5.500%, 06/01/2020, #735792		7,143		7,157
	5.000%, 02/01/2021, #745279 (b)		23,955		23,551
	6.000%, 10/01/2022, #254513 (b)		4,634		4,695
	5.500%, 10/01/2024, #255456		12,394		12,328
	5.500%, 01/01/2025, #255575		10,569		10,513
	5.500%, 02/01/2025, #255628		15,045		14,965
	7.000%, 04/01/2026, #340798		539		557
	7.000%, 05/01/2026, #250551		538		556
	6.000%, 01/01/2029 (c)		18,045		18,163
	6.500%, 02/01/2029, #252255		2,128		2,184
	6.500%, 12/01/2031, #254169		6,314		6,432
	6.000%, 04/01/2032, #745101		11,899		12,123
	7.000%, 07/01/2032, #254379		3,033		3,120
	7.000%, 07/01/2032, #545813 (b)		1,356		1,396
	7.000%, 07/01/2032, #545815 (b)		841		865
	6.000%, 09/01/2032, #254447 (b)		5,281		5,329
	6.000%, 03/01/2033, #688330 (b)		7,995		8,068
	5.500%, 04/01/2033, #694605 (b)		10,159		10,056
	6.500%, 05/01/2033, #555798 (b)		6,852		7,014
	5.500%, 06/01/2033, #843435 (b)		7,306		7,233
	5.500%, 07/01/2033, #709446 (b)		12,084		11,961
	5.500%, 07/01/2033, #728667		4,572		4,525
	5.500%, 08/01/2033, #733380 (b)		11,603		11,484
	5.000%, 10/01/2033, #741897		12,687		12,272
	5.500%, 10/01/2033, #555800 (b)		17,368		17,191
	6.000%, 11/01/2033, #772130		1,004		1,013
	6.000%, 11/01/2033, #772256		1,154		1,163
	5.500%, 12/01/2033, #756202 (b)		8,643		8,555
	6.000%, 12/01/2033, #756200		4,096		4,131
	5.500%, 01/01/2034 (c)		36,095		35,666
	5.000%, 03/01/2034, #725205 (b)		8,121		7,856
	5.000%, 03/01/2034, #725248 (b)		4,036		3,904
	5.000%, 03/01/2034, #725250		7,262		7,024
	5.500%, 04/01/2034, #725424 (b)		10,610		10,502
	5.500%, 05/01/2034, #357571		13,460		13,316
	5.000%, 06/01/2034, #782909		5,909		5,712
	6.500%, 06/01/2034, #735273 (b)		10,415		10,654
	5.500%, 08/01/2034, #745563		13,349		13,213
	5.500%, 10/01/2034, #255411		2,418		2,392
	6.000%, 10/01/2034, #781776		2,143		2,159
	6.500%, 04/01/2036, #831377		6,572		6,696
	6.500%, 04/01/2036, #852909 (b)		6,685		6,811
	6.500%, 07/01/2036, #831683		9,263		9,438
	6.000%, 08/01/2036, #885536		7,618		7,669
	6.500%, 08/01/2036, #893318		8,528		8,689
	6.000%, 09/01/2036, #900555 (b)		15,740		15,886
Government National Mortgage Association Pool
	5.750%, 08/20/2023, #008259		2		2
	7.500%, 11/15/2030, #537699 (b)		685		715
					523,237
Total U.S. Government Agency Mortgage-Backed Securities (Cost $605,016)					598,147
Asset-Backed Securities – 21.2%
Automotive – 3.5%
FTN Financial Auto Securitization Trust Series 2004-A, Class A
	2.050%, 06/15/2010 (d)		9,075		9,056
Harley-Davidson Motorcycle Trust  Series 2005-4, Class A2
	4.850%, 06/15/2012		7,325		7,285
Hertz Vehicle Financing Series 2005-2A, Class A6
	5.080%, 11/25/2011 (d)		14,690		14,597
Triad Auto Receivables Owner Trust Series 2006-A, Class A3
	4.770%, 01/12/2011		11,140		11,074
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4
	4.860%, 04/20/2012		18,400		18,291
					60,303
Commercial – 13.4%
Bank of America Commercial Mortgage Series 2004-5, Class A3
	4.561%, 11/10/2041		14,830		14,403
Series 2006-2, Class A4
	5.741%, 05/10/2045		4,085		4,224
Bear Stearns Commercial Mortgage Securities Series 2005-PW10, Class A4
	5.405%, 12/11/2040 (b)		10,185		10,234

First American Funds Semiannual Report 2006       15

Schedule of  Investments continued

Core Bond Fund (continued)
DESCRIPTION		PAR		VALUE
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX
	5.449%, 02/05/2019 (d)	$	9,225	$	9,284
Series 2005-LP5, Class A2
	4.630%, 05/10/2043		14,130		13,884
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2
	6.538%, 06/15/2031		4,819		4,851
GE Capital Commercial Mortgage Corporation Series 2005-C3, Class A2
	4.853%, 07/10/2045		11,590		11,453
GMAC Commercial Mortgage Securities Series 2004-C2, Class A1
	3.896%, 08/10/2038		7,566		7,414
Series 2005-C1, Class A2
	4.471%, 05/10/2043		19,200		18,780
Greenwich Capital Commercial Funding Series 2003-C1, Class A2
	3.285%, 07/05/2035		14,170		13,553
GS Mortgage Securities II Series 2006-GG8, Class A4
	5.560%, 11/10/2039		17,960		18,242
Series 2006-RR2, Class A1
	5.689%, 06/23/2046 (d)		14,735		14,888
Series 2006-RR3, Class A1S
	5.659%, 07/18/2056 (d)		17,390		17,662
J.P. Morgan Chase Commercial Mortgage Securities Series 2005-LDP5, Class A4
	5.179%, 12/15/2044 (a)		8,635		8,603
LB-UBS Commercial Mortgage Trust Series 2003-C3, Class A2
	3.086%, 05/15/2027		19,520		18,953
Series 2005-C7, Class A2
	5.103%, 11/15/2030		12,790		12,743
Nomura Asset Securities Series 1998-D6, Class A1B
	6.590%, 03/15/2030		12,359		12,508
Wachovia Bank Commercial Mortgage Trust Series 2005-C19, Class A5
	4.661%, 05/15/2044		21,390		20,720
					232,399
Credit Cards – 1.5%
Citibank Credit Card Issuance Trust Series 2006-A4, Class A4
	5.450%, 05/10/2013		11,485		11,641
MBNA Credit Card Master Note Trust Series 2005-A1, Class A1
	4.200%, 09/15/2010		14,285		14,110
					25,751
Home Equity – 0.1%
Amresco Residential Security Mortgage Series 1997-3, Class A9
	6.960%, 03/25/2027		137		136
Countrywide Asset-Backed Certificates Series 2003-SC1, Class M2
	6.850%, 09/25/2023 (a)		1,112		1,116
Saxon Asset Securities Trust Series 2004-1, Class A
	5.620%, 03/25/2035 (a)		431		431
					1,683
Other – 2.7%
Global Signal Trust Series 2004-2A, Class A
	4.232%, 12/15/2014 (d)		11,480		11,174
Series 2006-1, Class C
	5.707%, 02/15/2036 (d)		8,093		8,144
GRP/ AG Real Estate Asset Trust Series 2004-2, Class A
	4.210%, 07/25/2034 (d)		75		74
Series 2005-1, Class A
	4.850%, 01/25/2035 (d)		1,009		1,001
Small Business Administration Series 2005-P10B, Class 1
	4.940%, 08/10/2015		10,625		10,505
Series 2006-P10B, Class 1
	5.681%, 08/10/2016		16,972		17,211
					48,109
Total Asset-Backed Securities (Cost $372,020)					368,245
U.S. Government & Agency Securities – 14.6%
U.S. Agency Debentures – 4.2%
Federal National Mortgage Association
	3.875%, 02/15/2010 (b)		19,000		18,416
	5.125%, 04/15/2011 (b)		17,350		17,474
	6.125%, 03/15/2012 (b)		9,200		9,687
	5.250%, 08/01/2012 (b)		28,285		28,422
					73,999
U.S. Treasuries – 10.4%
U.S. Treasury Bonds
	9.000%, 11/15/2018 (b)		10,855		14,926
	8.750%, 08/15/2020 (b)		6,300		8,710
	6.250%, 08/15/2023 (b)		18,500		21,294
	7.625%, 02/15/2025 (b)		6,055		8,014
	5.500%, 08/15/2028 (b)		8,950		9,669
	4.500%, 02/15/2036 (b)		15,105		14,364
U.S. Treasury Notes
	4.625%, 11/15/2009 (b)		12,225		12,187
	2.375%, 04/15/2011 (b)		16,646		16,580
	4.625%, 08/31/2011 (b)		19,695		19,632
	2.500%, 07/15/2016 (b)		34,275		34,535
	4.625%, 11/15/2016		20,250		20,117
					180,028
Total U.S. Government & Agency Securities (Cost $256,925)					254,027
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 14.3%
Adjustable Rate (a) – 6.9%
Bank of America Mortgage Securities Series 2004-G, Class 2A3
	4.232%, 08/25/2034		1,367		1,362
Citigroup Mortgage Loan Trust Series 2005-7, Class 2A1A
	4.861%, 09/25/2035		11,908		11,744
GMAC Mortgage Corporation Loan Trust Series 2003-AR2, Class 4A1
	4.733%, 12/19/2033		12,080		11,757
Residential Funding Mortgage Securities I Series 2006-SA2, Class 4A1
	5.879%, 08/25/2036		12,927		12,893

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

16      First American Funds Semiannual Report 2006

Core Bond Fund (continued)
DESCRIPTION		PAR		VALUE
Sequoia Mortgage Trust Series 2004-4, Class X1
	0.765%, 05/20/2034 (e)	$	86,565	$	432
Structured Adjustable Rate Mortgage Loan Trust Series 2004-11, Class A
	7.268%, 08/25/2034		1,096		1,100
Wachovia Mortgage Loan Trust Series 2005-B, Class 1A1
	4.957%, 10/20/2035		9,274		9,270
Washington Mutual Series 2004-AR7, Class A6
	3.943%, 07/25/2034		12,035		11,689
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Class A1
	4.802%, 02/25/2033		4,831		4,860
Series 2003-O, Class 5A1
	4.806%, 01/25/2034		12,771		12,475
Series 2004-C, Class A1
	4.937%, 04/25/2034		17,515		17,039
Series 2004-N, Class A3
	4.099%, 08/25/2034		12,801		12,668
Series 2006-AR1, Class 2A2
	5.561%, 03/25/2036		13,213		13,073
					120,362
Fixed Rate – 7.4%
ABN AMRO Mortgage Series 2003-7, Class A1
	4.750%, 07/25/2018		18,445		17,921
Bank of America Mortgage Securities Series 2003-6, Class 1A30
	4.750%, 08/25/2033		7,350		7,223
Countrywide Alternative Loan Trust Series 2004-12CB, Class 1A1
	5.000%, 07/25/2019		7,337		7,177
Series 2004-2CB, Class 1A1
	4.250%, 03/25/2034		5,056		4,956
Series 2004-24CB, Class 1A1
	6.000%, 11/25/2034		5,812		5,814
Credit Suisse First Boston Mortgage Securities Series 2005-3, Class 5A1
	5.500%, 07/25/2020		8,095		8,076
Series 2003-8, Class DB1
	6.245%, 04/25/2033		5,217		5,244
First Horizon Mortgage Pass-Through Trust Series 2004-4, Class 2A1
	4.500%, 07/25/2019		3,681		3,645
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7
	6.500%, 01/25/2035		8,677		8,777
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1
	5.500%, 08/25/2019		6,930		6,915
Master Alternative Loans Trust Series 2005-2, Class 1A3
	6.500%, 03/25/2035		3,921		3,960
Master Asset Securitization Trust Series 2003-6, Class 3A1
	5.000%, 07/25/2018		8,958		8,852
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A
	6.192%, 11/25/2034		6,878		6,923
Residential Asset Mortgage Products Series 2003-SL1, Class M1
	7.317%, 04/25/2031		8,382		8,676
Series 2004-SL4, Class A3
	6.500%, 07/25/2032		3,985		4,050
Washington Mutual Series 2004-CB1, Class 1A
	5.250%, 06/25/2019		11,011		10,907
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Class A1
	4.750%, 12/25/2018		8,901		8,615
Westam Mortgage Financial Series 11, Class A
	6.360%, 08/26/2020		71		71
					127,802
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $250,212)					248,164
Corporate Bonds – 11.7%
Banking – 1.0%
First National Bank of Chicago
	8.080%, 01/05/2018		1,388		1,563
J.P. Morgan Chase
	5.150%, 10/01/2015		5,660		5,554
J.P. Morgan Chase Capital XX Series T
	6.550%, 09/29/2036 (b)		2,850		2,943
Lloyds
	6.267%, 12/31/2049 (a) (d)		5,000		5,000
Wells Fargo Capital X
	5.950%, 12/15/2036		2,760		2,705
					17,765
Basic Industry – 0.9%
Celulosa Arauco y Constitucion
	5.625%, 04/20/2015 (b)		3,000		2,948
Falconbridge
	7.350%, 06/05/2012		5,135		5,549
Southern Copper
	7.500%, 07/27/2035		2,640		2,862
Teck Cominco Limited
	6.125%, 10/01/2035		2,785		2,676
Vale Overseas
	6.250%, 01/11/2016		2,380		2,403
					16,438
Brokerage – 1.2%
Bear Stearns
	5.550%, 01/22/2017		3,425		3,422
Merrill Lynch
	6.050%, 05/16/2016 (b)		9,170		9,491
Morgan Stanley
	5.375%, 10/15/2015		8,270		8,196
					21,109
Capital Goods – 0.3%
C10 Capital
	6.722%, 12/29/2049 (a) (d)		2,000		1,994
Siemens Financiering
	6.125%, 08/17/2026 (d)		3,070		3,137
					5,131

First American Funds Semiannual Report 2006       17

Schedule of  Investments continued

Core Bond Fund (continued)
DESCRIPTION		PAR		VALUE
Communications – 2.4%
Comcast
	7.050%, 03/15/2033 (b)	$	6,900	$	7,378
Embarq
	7.995%, 06/01/2036		3,020		3,143
News America Holdings
	7.700%, 10/30/2025		4,015		4,515
Sprint Capital
	6.900%, 05/01/2019		6,270		6,465
Telecom Italia Capital
	4.000%, 11/15/2008		5,765		5,614
	7.200%, 07/18/2036 (b)		2,855		2,983
Time Warner Entertainment
	8.375%, 07/15/2033		4,690		5,668
Verizon Global Funding
	7.750%, 12/01/2030		4,275		5,015
					40,781
Consumer Cyclical – 0.2%
DaimlerChrysler
	4.875%, 06/15/2010		3,735		3,641
Duty Free International (f) (g)
	7.000%, 01/15/2004		2,191		438
					4,079
Electric – 1.6%
Florida Power & Light
	5.650%, 02/01/2037		4,160		4,104
MidAmerican Energy Holdings
	5.875%, 10/01/2012		8,845		9,004
Ohio Power Series K
	6.000%, 06/01/2016		4,100		4,210
Oncor Electric Delivery
	7.000%, 05/01/2032		5,115		5,595
Pacific Gas & Electric
	6.050%, 03/01/2034 (b)		4,650		4,690
					27,603
Energy – 1.3%
Gazprom International
	7.201%, 02/01/2020 (d)		5,170		5,467
Nexen
	5.875%, 03/10/2035		4,140		3,876
Petro-Canada
	5.350%, 07/15/2033		3,155		2,766
Tengizcheveroil Finance
	6.124%, 11/15/2014 (d)		4,655		4,643
XTO Energy
	6.100%, 04/01/2036		5,430		5,299
					22,051
Finance – 0.7%
American General Finance
	3.875%, 10/01/2009		7,545		7,261
Capital One Capital III
	7.686%, 08/15/2036 (b)		4,350		4,927
					12,188
Insurance – 1.1%
Liberty Mutual Group
	6.500%, 03/15/2035 (d)		4,805		4,683
Marsh & McLennan
	5.750%, 09/15/2015		7,660		7,536
ZFS Finance USA Trust II
	6.450%, 12/15/2065 (a) (d)		6,385		6,512
					18,731
Real Estate – 0.7%
Health Care Properties – REIT Series MTN
	6.300%, 09/15/2016		4,540		4,612
Prologis 2006 – REIT
	5.750%, 04/01/2016		6,835		6,877
					11,489
Sovereign – 0.2%
United Mexican States
	5.625%, 01/15/2017 (b)		3,835		3,839
Technology – 0.1%
Chartered Semiconductor
	6.375%, 08/03/2015		1,715		1,720
Total Corporate Bonds (Cost $202,946)					202,924
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 3.3%
Fixed Rate – 3.2%
Federal Home Loan Mortgage Corporation Series 2763, Class TA
	4.000%, 03/15/2011 (b)		9,498		9,304
Series 6, Class C
	9.050%, 06/15/2019		31		31
Series 1022, Class J
	6.000%, 12/15/2020		44		43
Series 162, Class F
	7.000%, 05/15/2021		128		127
Series 188, Class H
	7.000%, 09/15/2021		308		307
Series 1790, Class A
	7.000%, 04/15/2022		100		102
Series 2901, Class UB
	5.000%, 03/15/2033 (b)		5,000		4,795
Federal National Mortgage Association Series 1998-M1, Class A2
	6.250%, 01/25/2008		1,102		1,104
Series 1988-24, Class G
	7.000%, 10/25/2018		65		67
Series 1989-24, Class H
	9.000%, 07/25/2019		59		64
Series 1989-90, Class E
	8.700%, 12/25/2019		9		9
Series 1990-30, Class E
	6.500%, 03/25/2020		38		39
Series 1990-61, Class H
	7.000%, 06/25/2020		43		44
Series 1990-72, Class B
	9.000%, 07/25/2020		35		37
Series 1990-102, Class J
	6.500%, 08/25/2020		43		44
Series 1990-105, Class J
	6.500%, 09/25/2020		443		455
Series 1991-56, Class M
	6.750%, 06/25/2021		168		171
Series 1992-120, Class C
	6.500%, 07/25/2022		66		68
Series 2005-44, Class PC
	5.000%, 11/25/2027		13,520		13,321

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

18      First American Funds Semiannual Report 2006

Core Bond Fund (continued)
DESCRIPTION			PAR/SHARES		VALUE
Series 2003-92, Class KH
		5.000%, 03/25/2032	$	12,770	$	12,350
Series 2005-62, Class JE
		5.000%, 06/25/2035		13,148		12,951
						55,433
Z-Bonds (h) – 0.1%
Federal Home Loan Mortgage Corporation Series 1118, Class Z
		8.250%, 07/15/2021		64		67
Federal National Mortgage Association Series 1991-134, Class Z
		7.000%, 10/25/2021		307		317
	Series 1996-35, Class Z
		7.000%, 07/25/2026		1,391		1,421
						1,805
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $57,809)						57,238
Short-Term Investments – 3.5%
Money Market Fund – 3.4%
First American Prime Obligations Fund, Class Z (i)				60,128,917		60,129
U.S. Treasury Obligations – 0.1%
U.S. Treasury Bills
		4.681%, 03/01/2007 (j)	$	325		323
		4.783%, 04/05/2007 (j)		630		622
						945
Total Short-Term Investments (Cost $61,074)						61,074
Investments Purchased with Proceeds from Securities Lending (k) – 34.6%
		(Cost $599,586)				599,586
Total Investments – 137.7% (Cost $2,405,588)						2,389,405
Other Assets and Liabilities, Net – (37.7)%						(653,875	)
Total Net Assets – 100.0%					$	1,735,530

(a)	Variable Rate Security – The rate shown is the rate in effect at December 31, 2006.
(b)	This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $582,947 at December 31, 2006. See note 2 in Notes to Financial Statements.
(c)	Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $54,028 or 3.1% of total net assets. See note 2 in Notes to Financial Statements.
(d)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $117,316 or 6.8% of total net assets. See note 2 in Notes to Financial Statements.
(e)	Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of December 31, 2006.

(f)  Security is fair valued and illiquid. As of December 31, 2006, the value of this investment was $438 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(g)	Security is in default at December 31, 2006.
(h)	Z-Bonds – Represents securities that pay no interest or principal during their accrual periods, but accrue additional principal at specified rates. Interest rate shown represents current yield based upon the cost basis and estimated future cash flows.

(i)	Investment in affiliated security. This money market fund is advised by FAF Advisors Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
(j)	Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements.

(k)  The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
U.S. Treasury 2 Year Note Futures		1,296		$	264,425		March 2007	$	(884	)
U.S. Treasury 5 Year Note Futures		751			78,902		March 2007		(668	)
U.S. Treasury 10 Year Note Futures		(1,463	)		(157,227	)	March 2007		1,799
U.S. Treasury Long Bond Futures		448			49,924		March 2007		(860	)
								$	(613	)

Credit Default Swap Agreements

Pay/

Reference

Buy/Sell

Receive

Expiration

Notional

Unrealized

Counterparty

Entity

Protection

Fixed Rate

Date

Amount

Depreciation

J.P. Morgan

ABX-HE-BBB

Sell

2.420%

05/25/2046

$

5,900

$

(234

)

J.P. Morgan

The Kroger Company

Buy

0.350%

12/20/2011

4,800

(6

)

J.P. Morgan

Safeway, Inc.

Buy

0.410%

12/20/2011

4,800

(12

)

$

(252

)

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Receive

5.303%

10/26/2008

$

239,000

$

(423

)

Citigroup

3-Month LIBOR

Pay

5.360%

10/26/2016

58,000

799

UBS

3-Month LIBOR

Receive

5.050%

09/27/2008

48,000

129

$

505

First American Funds Semiannual Report 2006       19

Schedule of  Investments continued

High Income Bond Fund
DESCRIPTION			PAR		VALUE
High Yield Corporate Bonds – 87.6%
Basic Industry – 13.7%
AK Steel
		7.750%, 06/15/2012	$	1,000	$	1,007
Allegheny Technologies
		8.375%, 12/15/2011		1,000		1,070
Basell AF SCAl
		8.375%, 08/15/2015 (a) (b) (c)		1,250		1,284
Crystal U.S. Holdings Series B, 0.000% through 10/01/2009 thereafter 10.500%
		0.000%, 10/01/2014		1,000		860
Domtar
		7.125%, 08/15/2015 (a)		1,500		1,470
Equistar Chemicals
		10.625%, 05/01/2011		2,000		2,130
Evraz Group
		8.250%, 11/10/2015 (a) (b)		1,000		1,029
FMG Finance
		10.000%, 09/01/2013 (a) (b)		1,500		1,541
Griffin Coal Mining
		9.500%, 12/01/2016 (a) (b) (c)		800		824
Hexion
		9.750%, 11/15/2014 (b) (c)		1,750		1,774
Ineos Group Holdings
		8.500%, 02/15/2016 (a) (b) (c)		1,000		955
James River Coal
		9.375%, 06/01/2012 (c)		1,000		900
LPG International
		7.250%, 12/20/2015 (a)		1,000		1,005
Lyondell Chemical
		8.000%, 09/15/2014		1,250		1,297
Massey Energy
		6.875%, 12/15/2013		1,000		940
Mercer International
		9.250%, 02/15/2013 (a) (c)		1,500		1,466
Metals USA Holding
		11.365%, 01/15/2012 (b) (d)		1,000		960
Millar Western Forest
		7.750%, 11/15/2013 (a)		1,000		897
Momentive Performance
		10.125%, 12/01/2014 (b)		1,000		1,005
Neenah
		9.500%, 01/01/2017 (b)		1,500		1,507
Neenah Paper
		7.375%, 11/15/2014		1,500		1,433
Newark Group
		9.750%, 03/15/2014		1,300		1,303
Noble Group Limited
		6.625%, 03/17/2015 (a) (b)		750		681
Peabody Energy Series B
		6.875%, 03/15/2013		1,000		1,025
PNA Group
		10.750%, 09/01/2016 (b)		500		517
Rock-Tenn
		8.200%, 08/15/2011		750		791
Sappi Papier Holding
		7.500%, 06/15/2032 (a) (b)		750		701
Sino Forest
		9.125%, 08/17/2011 (a) (b)		1,000		1,081
Stone Container
		8.375%, 07/01/2012		2,000		1,960
Tembec Industries
		8.625%, 06/30/2009 (a) (c)		500		343
Vedanta Resources
		6.625%, 02/22/2010 (a) (b)		1,000		988
Verso Paper Holdings
		9.125%, 08/01/2014 (b) (c)		1,000		1,043
Witco
		6.875%, 02/01/2026		900		788
						36,575
Capital Goods – 5.2%
Allied Waste North America
		6.125%, 02/15/2014		1,000		950
	Series B
		5.750%, 02/15/2011		1,000		967
Case New Holland
		9.250%, 08/01/2011		1,000		1,059
		7.250%, 01/15/2016		1,000		1,012
Chart Industries
		9.125%, 10/15/2015 (b)		1,850		1,952
Crown Cork & Seal
		7.375%, 12/15/2026		1,000		935
DRS Technologies
		7.625%, 02/01/2018		1,000		1,030
Esco
		8.625%, 12/15/2013 (b)		500		514
Mid America Waste Systems
		12.250%, 02/15/2020 (e) (f) (g) (h)		250		—
Nortek
		8.500%, 09/01/2014		500		490
Owens-Brockway Glass Container
		8.875%, 02/15/2009		1,000		1,023
Ply Gem Industries
		9.000%, 02/15/2012		1,000		850
RBS Global & Rexnord
		9.500%, 08/01/2014 (b)		1,000		1,040
Sequa
		9.000%, 08/01/2009		1,000		1,070
TFS Acquisition
		12.871%, 08/01/2014 (b) (d)		1,000		1,020
						13,912
Communications – 13.7%
Adelphia Communications
		7.875%, 05/01/2009 (e) (f)		1,500		1,353
C & M Finance
		8.100%, 02/01/2016 (a) (b) (c)		1,000		1,028
CCH I
		11.000%, 10/01/2015		750		770
CCO Holdings
		9.485%, 12/15/2010 (d)		1,000		1,020
Charter Communications Holdings
		8.000%, 04/30/2012 (b)		2,000		2,078
Citizens Communications
		9.000%, 08/15/2031		1,000		1,085
Cricket Communications
		9.375%, 11/01/2014 (b)		1,250		1,319
CSC Holdings
		7.875%, 02/15/2018		500		499
	Series B
		7.625%, 04/01/2011 (c)		1,000		1,019
Echostar
		6.625%, 10/01/2014		2,000		1,949
		7.000%, 10/01/2013		800		799
Excelcomindo Finance
		7.125%, 01/18/2013 (a) (b)		1,000		1,005
Horizon PCS
		11.375%, 07/15/2012		900		1,003

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

20      First American Funds Semiannual Report 2006

High Income Bond Fund (continued)
DESCRIPTION		PAR		VALUE
Idearc
	8.000%, 11/15/2016 (b)	$	2,000	$	2,030
Intelsat Bermuda
	10.484%, 01/15/2012 (a) (d)		1,000		1,009
Level 3 Communications
	11.500%, 03/01/2010 (c)		1,000		1,060
Level 3 Financing
	12.250%, 03/15/2013		1,250		1,416
Metropcs Wireless
	9.250%, 11/01/2014 (b)		1,250		1,306
Nextel Partners
	8.125%, 07/01/2011		1,000		1,041
Panamsat
	9.000%, 08/15/2014		649		686
	9.000%, 06/15/2016 (b)		2,000		2,117
Quebecor Media
	7.750%, 03/15/2016 (a)		1,000		1,021
Qwest
	8.875%, 03/15/2012		2,000		2,227
	7.500%, 06/15/2023 (c)		1,000		1,008
Qwest Capital Funding
	7.000%, 08/03/2009		2,000		2,035
R.H. Donnelley Series A-3
	8.875%, 01/15/2016		1,500		1,575
Sirius Satellite Radio
	9.625%, 08/01/2013 (c)		500		492
Time Warner Telecommunications Holdings
	9.250%, 02/15/2014		1,000		1,069
Vimpelcom
	8.250%, 05/23/2016 (a) (b)		1,500		1,575
					36,594
Consumer Cyclical – 17.9%
Affiliated Computer Services
	4.700%, 06/01/2010		1,500		1,431
AMC Entertainment
	8.000%, 03/01/2014		1,000		992
Arvinmeritor
	8.750%, 03/01/2012 (c)		1,000		1,027
Autonation
	7.000%, 04/15/2014		1,500		1,511
Bally Total Fitness
	10.500%, 07/15/2011 (c)		1,000		977
Beazer Homes USA
	8.375%, 04/15/2012		1,000		1,027
Blockbuster
	9.000%, 09/01/2012 (c)		1,000		967
Bon-Ton Department Stores
	10.250%, 03/15/2014 (c)		500		511
Buffalo Thunder Development Authority
	9.375%, 12/15/2014 (b)		1,000		1,015
Buffets
	12.500%, 11/01/2014 (b)		500		504
Burlington Coat Factory
	11.125%, 04/15/2014 (b)		500		487
Chaoda Modern Agriculture
	7.750%, 02/08/2010 (a) (b) (c)		1,000		1,000
Ford Motor
	7.450%, 07/16/2031 (c)		1,500		1,177
Ford Motor Credit
	5.800%, 01/12/2009		2,000		1,964
	9.875%, 08/10/2011		1,000		1,070
	7.000%, 10/01/2013 (c)		1,000		955
	8.000%, 12/15/2016		500		494
Galaxy Entertainment
	9.875%, 12/15/2012 (a) (b) (c)		500		535
General Motors
	6.375%, 05/01/2008 (c)		1,000		995
	8.250%, 07/15/2023		2,500		2,325
General Motors Acceptance
	8.000%, 11/01/2031 (c)		1,000		1,148
Glenoit
	11.000%, 04/15/2007 (e) (f) (g) (h)		100		—
Goodyear Tire & Rubber
	7.857%, 08/15/2011 (c)		500		503
	9.140%, 12/01/2009 (b) (d)		500		502
Hanesbrands
	8.734%, 12/15/2014 (b) (d)		1,000		1,017
Harrah’s Operating Company
	5.625%, 06/01/2015 (c)		1,250		1,072
K Hovnanian Enterprises
	6.250%, 01/15/2016 (c)		1,250		1,181
	7.500%, 05/15/2016		500		503
Lear
	8.500%, 12/01/2013(b)		1,000		970
Levi Strauss & Co.
	9.750%, 01/15/2015		750		808
Libbey Glass
	12.436%, 06/01/2011 (b) (d)		800		860
Linens ’N Things
	11.132%, 01/15/2014 (c) (d)		1,000		970
Lippo Karwaci Finance
	8.875%, 03/09/2011 (a)		1,000		960
Majestic Star
	9.750%, 01/15/2011		500		495
MGM Mirage
	8.375%, 02/01/2011 (c)		2,000		2,075
	6.875%, 04/01/2016		1,000		960
Neiman Marcus Group
	10.375%, 10/15/2015 (c)		1,000		1,113
NPC International
	9.500%, 05/01/2014		750		769
Oxford Industries
	8.875%, 06/01/2011		1,055		1,089
Rite Aid
	9.500%, 02/15/2011		1,500		1,569
Sally Holdings
	10.500%, 11/15/2016 (b) (c)		750		765
Service Corporation International
	7.375%, 10/01/2014		750		784
Six Flags
	9.750%, 04/15/2013 (c)		1,000		939
Standard Pacific
	7.000%, 08/15/2015 (c)		500		481
Swift & Co.
	12.500%, 01/01/2010 (c)		500		511
Tenneco Automotive
	8.625%, 11/15/2014 (c)		1,000		1,020
The Restaurant Company
	10.000%, 10/01/2013		500		471
Vicorp Restaurants
	10.500%, 04/15/2011		475		456
Visteon
	7.000%, 03/10/2014		500		438
Warnaco
	8.875%, 06/15/2013		1,150		1,222
Wynn Las Vegas
	6.625%, 12/01/2014 (c)		1,000		994
					47,609

First American Funds Semiannual Report 2006       21

Schedule of  Investments continued

High Income Bond Fund (continued)
DESCRIPTION		PAR		VALUE
Consumer Non Cyclical – 6.6%
Albertson’s
	8.700%, 05/01/2030	$	1,000	$	1,044
	7.250%, 05/01/2013		1,000		1,017
CDRV Investors
	9.870%, 12/01/2011 (b) (d)		1,000		975
Delhaize America
	9.000%, 04/15/2031		1,000		1,187
HCA
	6.750%, 07/15/2013 (c)		2,250		2,019
	9.625%, 11/15/2016 (b)		1,000		1,075
National Mentor Holdings
	11.250%, 07/01/2014 (b)		1,000		1,063
Omnicare
	6.125%, 06/01/2013		1,250		1,197
Reynolds American
	6.500%, 07/15/2010		1,000		1,014
	7.625%, 06/01/2016		1,000		1,060
Stater Brothers Holdings
	8.125%, 06/15/2012 (c)		1,000		1,015
Supervalu
	7.500%, 05/15/2012		1,000		1,031
	7.500%, 11/15/2014		250		261
Tenet Healthcare
	9.250%, 02/01/2015 (c)		3,500		3,500
					17,458
Electric – 8.7%
AES
	9.500%, 06/01/2009		2,000		2,140
AES Red Oak Series B
	9.200%, 11/30/2029		1,000		1,128
Allegheny Energy Supply
	7.800%, 03/15/2011		1,155		1,239
Aquila
	14.875%, 07/01/2012		1,000		1,305
Ava Capital Trust III
	6.500%, 04/01/2034		2,685		2,671
CMS Energy
	8.500%, 04/15/2011		2,000		2,175
Dynegy Holdings
	8.375%, 05/01/2016		500		525
Dynegy-Roseton Danskamme Series B
	7.670%, 11/08/2016		2,000		2,073
Edison Mission Energy
	7.500%, 06/15/2013		1,000		1,045
Mirant Americas Generation
	9.125%, 05/01/2031 (c)		1,000		1,060
Mission Energy Holdings
	13.500%, 07/15/2008		2,750		3,032
NRG Energy
	7.375%, 02/01/2016		2,000		2,010
Reliant Energy
	9.500%, 07/15/2013		750		804
TXU
	4.800%, 11/15/2009		1,000		976
Utilicorp Canada Finance
	7.750%, 06/15/2011 (a) (c)		1,000		1,055
					23,238
Energy – 5.4%
Allis-Chalmers Energy
	9.000%, 01/15/2014 (b)		500		502
Baytex Energy
	9.625%, 07/15/2010 (a)		1,250		1,303
Bluewater Finance
	10.250%, 02/15/2012 (a)		1,000		1,047
Chesapeake Energy
	7.500%, 06/15/2014 (c)		2,000		2,078
	7.000%, 08/15/2014		1,000		1,016
Encore Acquisition
	6.250%, 04/15/2014		1,000		938
Ocean Rig ASA
	9.370%, 04/04/2011 (d)		1,000		1,000
Range Resources
	7.375%, 07/15/2013		1,000		1,025
Tesoro
	6.625%, 11/01/2015		2,000		1,985
Verasun Energy
	9.875%, 12/15/2012		1,500		1,590
Whiting Petroleum
	7.250%, 05/01/2013		950		952
	7.000%, 02/01/2014		1,000		998
					14,434
Finance – 1.0%
Finova Group
	7.500%, 11/15/2009 (f)		500		145
Gazprombank
	6.500%, 09/23/2015		1,500		1,499
NCO Group
	11.875%, 11/15/2014 (b)		1,000		1,013
					2,657
Insurance – 0.6%
Unumprovident Finance
	6.850%, 11/15/2015 (a) (b) (c)		1,500		1,560
Natural Gas – 5.8%
El Paso
	6.375%, 02/01/2009		1,000		1,010
Enterprise Products
	8.375%, 08/01/2066 (d)		1,800		1,950
Semgroup
	8.750%, 11/15/2015 (b)		1,500		1,507
Sonat
	7.000%, 02/01/2018		1,500		1,530
Southern Union
	7.200%, 11/01/2066 (d)		1,800		1,775
Targa Resources
	8.500%, 11/01/2013 (b)		1,000		1,008
Tennessee Gas Pipeline
	7.500%, 04/01/2017		1,500		1,637
Transportadora Gas Norte
	6.500%, 12/31/2012 (a) (b)		850		803
Williams
	6.375%, 10/01/2010 (b)		1,000		1,006
Williams Partners
	7.500%, 06/15/2011 (b)		2,000		2,085
	7.250%, 02/01/2017 (b)		1,000		1,020
					15,331

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

22      First American Funds Semiannual Report 2006

High Income Bond Fund (continued)
DESCRIPTION			PAR/SHARES		VALUE
Real Estate – 0.8%
Greentown China Holdings
		9.000%, 11/08/2013 (a) (b)	$	750	$	772
Senior Housing Trust – REIT
		8.625%, 01/15/2012		1,350		1,465
						2,237
Sovereigns (a) – 0.6%
Federal Republic of Brazil
		6.000%, 01/17/2017		500		492
Republic of Venezuela
		9.250%, 09/15/2027 (c)		800		1,020
						1,512
Technology – 4.0%
Avnet
		6.000%, 09/01/2015		1,500		1,479
Compucom Systems
		12.000%, 11/01/2014 (b)		500		515
Freescale Semiconductor
		9.125%, 12/15/2014 (b)		1,000		994
		10.125%, 12/15/2016 (b)		1,900		1,902
Magnachip Semiconductor
		8.000%, 12/15/2014 (a) (c)		1,000		670
NXP BV/ NXP Funding
		7.875%, 10/15/2014 (a) (b) (c)		1,000		1,034
		9.500%, 10/15/2015 (a) (b)		1,750		1,794
Seagate Technology
		6.800%, 10/01/2016 (a)		1,750		1,759
Spansion
		11.250%, 01/15/2016 (b)		500		525
						10,672
Transportation – 3.6%
American Airlines Series 2001-1
		7.379%, 11/23/2017		978		949
Britannia Bulk PLC
		11.000%, 12/01/2011 (a) (b)		500		469
Continental Airlines Series 2001-1, Class B
		7.033%, 12/15/2012		285		283
	Series 99-2
		7.566%, 09/15/2021		1,711		1,728
Delta Air Lines
		7.900%, 12/15/2009 (c) (e) (f)		1,000		670
Hertz
		8.875%, 01/01/2014 (b)		1,750		1,833
Navios Maritime Holdings
		9.500%, 12/15/2014 (b)		1,000		1,005
Quality Distribution
		9.000%, 11/15/2010		500		488
United Airlines Series 2000-2
		7.811%, 04/01/2011 (e) (f)		1,964		2,170
						9,595
Total High Yield Corporate Bonds (Cost $228,998)						233,384
Closed-End Funds – 2.4%
Aberdeen Asia-Pacific Income Fund (c)				205,000		1,273
Calamos Global Total Return				14,200		242
Eaton Vance Floating-Rate Income Trust				90,000		1,661
Evergreen Managed Income Fund				70,000		1,197
Pioneer Floating Rate Trust				87,500	$	1,689
Van Kampen Senior Income Trust (c)				30,000		264
Total Closed-End Funds (Cost $6,105)						6,326
Preferred Stocks – 2.2%
Basic Industry – 0.2%
Freeport-McMoran Copper & Gold
		5.500%, 12/31/2049		500		652
Communications – 0.2%
Pegasus Communications, Fractional Shares (e) (g) (h)				0.15		—
Rural Cellular Series B (PIK)				500		625
						625
Consumer Cyclical – 0.3%
General Motors Series B				40,000		847
Energy – 0.3%
NRG Energy				2,500		674
Finance – 0.2%
E*Trade Financial				15,000		437
Real Estate – 1.0%
Homebanc – REIT Series A				15,000		369
iStar Financial – REIT Series G				20,000		510
National Retail Properties – REIT				16,000		407
NorthStar Realty Finance – REIT Series A				24,000		636
Thornburg Mortgage – REIT Series D (c) (e)				25,000		612
						2,534
Total Preferred Stocks (Cost $5,594)						5,769
High Grade Corporate Bonds – 2.0%
Basic Industry – 1.0%
Southern Copper
		7.500%, 07/27/2035 (a)	$	1,000		1,084
Vale Overseas
		6.875%, 11/21/2036 (a)		1,250		1,282
Westvaco
		7.950%, 02/15/2031		500		547
						2,913
Energy – 0.3%
Gaz Capital
		6.212%, 11/22/2016 (b)		800		806
Communications – 0.3%
Alamosa Delaware
		11.000%, 07/31/2010		650		702
Insurance – 0.4%
Ohio Casualty
		7.300%, 06/15/2014		1,000		1,068
Total High Grade Corporate Bonds (Cost $5,278)						5,489
Convertible Securities – 1.9%
Basic Industry – 0.3%
Coeur d’Alene Mines
		1.250%, 01/15/2024		750		709

First American Funds Semiannual Report 2006       23

Schedule of  Investments continued

High Income Bond Fund (continued)
DESCRIPTION		PAR/SHARES		VALUE
Energy – 0.1%
Entergy		$	4,400	$	262
Technology – 0.7%
Gateway
	1.500%, 12/31/2009		1,000		861
Nortel Networks
	4.250%, 09/01/2008 (a)		1,000		967
					1,828
Transportation – 0.8%
Airtran Holdings
	7.000%, 07/01/2023		500		664
Delta Air Lines
	2.875%, 02/18/2024 (b) (f)		2,500		1,619
					2,283
Total Convertible Securities (Cost $4,332)					5,082
Common Stocks – 1.1%
Communications – 0.0%
Sullivan Broadcast Holdings, Escrow Shares (e) (f) (g) (h)			400		—
Energy – 0.7%
ARC Energy Trust (i)			15,000		287
Canadian Oil Sands Trust			12,500		349
Canetic Resources Trust (c)			29,000		403
Harvest Energy Trust (c)			17,000		382
NAL Oil & Gas Trust (i)			20,000		211
Peyto Energy Trust (c) (i)			15,000		228
					1,860
Real Estate – 0.4%
iStar Financial – REIT (c)			10,000		478
NorthStar Realty Finance – REIT			35,000		580
					1,058
Total Common Stocks (Cost $3,009)					2,918
Asset-Backed Security – 0.0%
Manufactured Housing – 0.0%
Green Tree Financial Series 1998-1, Class A4
	6.040%, 11/01/2029 (g) (Cost $10)	$	10		10
Short-Term Investments – 1.5%
Money Market Fund – 1.5%
First American Prime Obligations Fund, Class Z (j)			3,993,850		3,994
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bill
	4.783%, 04/05/2007 (k)	$	100		99
Total Short-Term Investments (Cost $4,093)					4,093
Investments Purchased with Proceeds from Securities Lending (l) – 17.5%
	(Cost $46,593)				46,593
Total Investments – 116.2% (Cost $304,012)					309,664
Other Assets and Liabilities, Net – (16.2)%					(43,282	)
Total Net Assets – 100.0%				$	266,382

(a)	Represents a foreign high yield (non-investment grade) U.S. dollar denominated bond. On December 31, 2006, the value of these investments was $37,785 which represented 14.2% of total net assets.
(b)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $67,414 or 25.3% of total net assets. See note 2 in Notes to Financial Statements.
(c)	This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $45,283 at December 31, 2006. See note 2 in Notes to Financial Statements.
(d)	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006.
(e)	Non-income producing security.

(f)  Security in default at December 31, 2006.

(g)	Security considered illiquid. As of December 31, 2006, the value of these investments was $10 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(h)	Security is fair valued. As of December 31, 2006, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(i)	Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted.
(j)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

(k)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements.

(l)  The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

PIK – Payment-in-kind interest is generally paid by issuing additional shares or par of the security rather than paying cash.

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
U.S. Treasury 2 Year Note Futures		(129	)	$	(26,320	)	March 2007	$	86
U.S. Treasury 5 Year Note Futures		268			28,157		March 2007		(199	)
U.S. Treasury 10 Year Note Futures		(203	)		(21,816	)	March 2007		250
U.S. Treasury Long Bond Futures		28			3,120		March 2007		(53	)
								$	84

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

24      First American Funds Semiannual Report 2006

Inflation Protected Securities Fund
DESCRIPTION			PAR		VALUE
U.S. Government & Agency Securities – 86.4%
Inflation Protected U.S. Treasuries (a) – 86.4%
U.S. Treasury Bonds
		2.375%, 01/15/2025 (b)	$	33,033	$	32,887
		2.000%, 01/15/2026		23,974		22,547
		3.625%, 04/15/2028 (b)		20,154		24,333
		3.875%, 04/15/2029 (b)		15,500		19,520
U.S. Treasury Notes
		3.625%, 01/15/2008		10,494		10,606
		3.875%, 01/15/2009 (b)		15,015		15,427
		4.250%, 01/15/2010 (b)		11,937		12,563
		0.875%, 04/15/2010 (b)		36,117		34,241
		3.500%, 01/15/2011		5,537		5,765
		2.375%, 04/15/2011 (b)		18,914		18,838
		3.000%, 07/15/2012		6,062		6,238
		1.875%, 07/15/2013		4,094		3,955
		2.000%, 01/15/2014		3,031		2,945
		2.000%, 07/15/2014		3,400		3,300
		1.625%, 01/15/2015 (b)		19,687		18,531
		1.875%, 07/15/2015		16,447		15,761
		2.000%, 01/15/2016		21,304		20,570
		2.500%, 07/15/2016		19,838		19,989
Total U.S. Government & Agency Securities (Cost $295,248)						288,016
Asset-Backed Securities – 5.8%
Commercial – 5.4%
Banc of America Commercial Mortgage Series 2006-2, Class A4
		5.741%, 05/10/2045 (c)		4,590		4,746
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2
		6.538%, 06/15/2031		237		238
GMAC Commercial Mortgage Securities Series 2003-C3, Class A2
		4.223%, 04/10/2040		2,000		1,952
GS Mortgage Securities II Series 2006-GG8, Class A4
		5.560%, 11/10/2039		10,000		10,157
	Series 2003-C1, Class A2A
		3.590%, 01/10/2040		500		491
Nomura Asset Securities Series 1998-D6, Class A1B
		6.590%, 03/15/2030		496		502
						18,086
Other – 0.4%
Global Signal Trust Series 2006-1, Class C
		5.707%, 02/15/2036 (d)		1,330		1,338
GRP/ AG Real Estate Asset Trust Series 2005-1, Class A
		4.850%, 01/25/2035 (d)		125		124
						1,462
Total Asset-Backed Securities (Cost $19,614)						19,548
Corporate Bonds – 5.7%
Banking – 1.5%
HSBC Finance
		2.550%, 02/10/2010 (c)		950		900
		3.290%, 06/10/2011 (c)		1,900		1,760
SLM Series MTN, Class A
		3.342%, 02/01/2010 (c)		2,400		2,277
						4,937
Basic Industry – 0.7%
Evraz Group
		8.250%, 11/10/2015 (d)		500		514
FMG Finance
		10.000%, 09/01/2013 (d)		500		514
Griffin Coal Mining
		9.500%, 12/01/2016 (d)		500		515
Southern Copper
		7.500%, 07/27/2035		950		1,030
						2,573
Brokerage – 0.4%
Merrill Lynch
		3.222%, 03/02/2009 (c)		1,550		1,477
Foreign Agency – 0.6%
KFW Series MTN
		3.910%, 03/03/2008 (c)		1,900		1,884
Insurance – 1.9%
Jackson National Life Fund, Series MTN
		4.380%, 05/01/2014 (c) (d)		3,900		3,714
Principal Life
		3.460%, 03/01/2012		900		808
Protective Life Secured Trust
		2.820%, 09/10/2011 (c)		900		820
		3.240%, 07/10/2012 (c)		1,000		915
						6,257
Sovereigns (e) – 0.6%
Federal Republic of Brazil
		11.000%, 08/17/2040 (b)		600		795
Republic of Venezuela
		9.250%, 09/15/2027 (b)		835		1,065
						1,860
Total Corporate Bonds (Cost $19,079)						18,988
Common Stocks – 0.5%
Energy – 0.5%
ARC Energy Trust (f)				11,000		210
Baytex Energy Trust				4,289		81
Canadian Oil Sands Trust				6,725		188
Canetic Resources Trust (b)				20,100		279
Harvest Energy Trust (b)				11,725		263
NAL Oil & Gas Trust				15,900		168
Penn West Energy Trust				2,439		75
Peyto Energy Trust (b) (f)				19,000		289
Total Common Stocks (Cost $1,611)						1,553

First American Funds Semiannual Report 2006       25

Schedule of  Investments continued

Inflation Protected Securities Fund (continued)
DESCRIPTION		PAR/CONTRACTS		VALUE
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 0.3%
Fixed Rate – 0.3%
Federal Home Loan Mortgage Corporation Series 2763, Class TA
	4.000%, 03/15/2011	$	331	$	324
Federal Home Loan Mortgage Corporation Pool
	4.000%, 10/01/2010, #M80855 (b)		707		687
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $1,038)					1,011
Municipal Bond – 0.3%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
	6.950%, 09/01/2016 (Cost $1,000)		1,000		1,022
Convertible Security – 0.1%
Basic Industry – 0.1%
Coeur d’Alene Mines 1.250%, 01/15/2024
	(Cost $346)		350		331
Options Purchased – 0.0%
Call Options Purchased – 0.0%
Euro Currency Futures, March 2007 Futures Call Expires 03/19/2007 Exercise Price $1.35			35		1
Japanese Yen Currency Futures, March 2007 Futures Call Expires 03/19/2007 Exercise Price $89.00			65		1
Japanese Yen Currency Futures, March 2007 Futures Call Expires 03/19/2007 Exercise Price $89.50			35		—
Total Options Purchased (Cost $68)					2
Short-Term Investment – 0.2%
U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill
	4.783%, 04/05/2007 (g)
	(Cost $568)	$	575		568
Investments Purchased with Proceeds from Securities Lending (h) – 51.8%
	(Cost $172,705)				172,705
Total Investments – 151.1%
	(Cost $511,277)				503,744
Other Assets and Liabilities, Net – (51.1)%					(170,397	)
Total Net Assets – 100.0%				$	333,347

(a)	U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
(b)	This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $168,716 at December 31, 2006.
(c)	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006.

[(d)]  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $6,719 or 2.0% of total net assets.

(e)  Represents a foreign high yield (non-investment grade) U.S. dollar denominated bond. On December 31, 2006, the value of these investments was $1,860 which represents 0.6% of total net assets.

[(f)]  Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted.

(g)	Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements.
(h)	The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased/			Contract			Settlement	Appreciation/
	(Sold)			Value			Month	(Depreciation)
Description
British Pound Currency Futures		43		$	5,260		March 2007	$	(21	)
Euro Bund Futures		31			4,748		March 2007		(107	)
Euro Currency Futures		20			3,309		March 2007		(4	)
Japanese 10 Year Bond Futures		(11	)		(12,391	)	March 2007		4
Japanese Yen Currency Futures		35			3,712		March 2007		(57	)
Long Gilt Futures		24			5,081		March 2007		(72	)
U.S. Treasury 2 Year Note Futures		(387	)		(78,960	)	March 2007		262
U.S. Treasury 5 Year Note Futures		229			24,059		March 2007		(177	)
U.S. Treasury 10 Year Note Futures		(94	)		(10,102	)	March 2007		125
U.S. Treasury Long Bond Futures		28			3,120		March 2007		(56	)
								$	(103	)

Credit Default Swap Agreements

Pay/

Unrealized

Reference

Buy/Sell

Receive

Expiration

Notional

Appreciation/

Counterparty

Entity

Protection

Fixed Rate

Date

Amount

(Depreciation)

Credit Suisse

ABX-HE-BBB

Sell

2.420%

5/25/2046

$

1,300

$

(51

)

J.P. Morgan

Dow Jones CDX HY6 Index

Sell

3.450%

6/20/2011

4,950

193

J.P. Morgan

Dow Jones CDX HY7 Index

Sell

3.250%

12/20/2011

7,000

116

UBS

Dow Jones CDX HY7 Index

Sell

3.250%

12/20/2011

7,500

(10

)

$

248

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation/

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Receive

5.303%

10/26/2008

$

48,000

$

(85

)

Citigroup

3-Month LIBOR

Pay

5.360%

10/26/2016

12,000

165

UBS

3-Month LIBOR

Receive

5.050%

9/27/2008

9,000

24

$

104

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

26      First American Funds Semiannual Report 2006

Intermediate Government Bond Fund
DESCRIPTION		PAR/SHARES		VALUE
U.S. Government & Agency Securities – 99.4%
U.S. Agency Debentures – 59.9%
Federal Farm Credit Bank
	3.250%, 06/15/2007	$	500	$	496
	2.625%, 09/17/2007		390		383
	3.000%, 12/17/2007		1,805		1,770
	4.125%, 07/17/2009		1,100		1,077
	5.750%, 01/18/2011		1,800		1,853
	4.875%, 02/18/2011		1,600		1,594
Federal Home Loan Bank
	4.625%, 01/18/2008		1,315		1,307
	4.250%, 05/16/2008		1,600		1,582
	4.100%, 06/13/2008		650		641
	4.375%, 09/17/2010		890		874
	6.000%, 06/29/2011		875		878
	5.375%, 08/19/2011		1,000		1,017
	5.625%, 06/13/2016		900		926
Tennessee Valley Authority
	5.375%, 11/13/2008		2,455		2,470
	5.625%, 01/18/2011		2,000		2,046
	6.790%, 05/23/2012		3,175		3,444
					22,358
U.S. Treasuries – 39.5%
U.S. Treasury Bonds
	11.750%, 11/15/2014		1,575		1,867
	7.250%, 05/15/2016		305		363
	9.125%, 05/15/2018		785		1,080
	9.000%, 11/15/2018		1,075		1,478
	8.125%, 08/15/2019		780		1,019
U.S. Treasury Notes
	4.375%, 05/15/2007		1,235		1,232
	4.625%, 11/30/2008		1,395		1,390
	3.875%, 05/15/2010		265		258
	3.625%, 06/15/2010		1,425		1,376
	3.875%, 09/15/2010		270		262
	4.375%, 12/15/2010		895		885
	2.375%, 04/15/2011		391		390
	5.125%, 06/30/2011		1,285		1,307
	4.625%, 08/31/2011		595		593
	2.500%, 07/15/2016		815		821
	4.875%, 08/15/2016		395		400
					14,721
Total U.S. Government & Agency Securities
	(Cost $37,598)				37,079
Short-Term Investment – 1.0%
First American U.S. Treasury Money Market Fund, Class Z (a)
	(Cost $355)		355,480		355
Total Investments – 100.4%
	(Cost $37,953)				37,434
Other Assets and Liabilities, Net – (0.4)%					(151	)
Total Net Assets – 100.0%				$	37,283

(a)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Intermediate Term Bond Fund
DESCRIPTION		PAR		VALUE
U.S. Government & Agency Securities – 34.1%
U.S. Agency Debentures – 13.0%
Federal Agricultural Mortgage Corporation
	5.500%, 07/15/2011 (a)	$	13,900	$	14,155
Federal Home Loan Mortgage Corporation
	4.500%, 08/04/2008 (b)		11,420		11,322
	5.750%, 05/11/2011 (b)		17,600		17,617
Federal National Mortgage Association
	7.250%, 01/15/2010 (b)		11,170		11,884
	4.500%, 02/15/2011 (b)		12,345		12,161
	5.125%, 04/15/2011 (b)		20,600		20,747
	6.125%, 03/15/2012 (b)		7,020		7,392
	5.250%, 08/01/2012 (b)		15,225		15,299
					110,577
U.S. Treasuries – 21.1%
U.S. Treasury Bonds
	9.125%, 05/15/2018 (b)		18,175		24,998
	9.000%, 11/15/2018 (b)		7,240		9,956
	8.750%, 05/15/2020 (b)		7,630		10,522
U.S. Treasury Notes
	4.875%, 08/15/2009 (b)		41,995		42,121
	2.375%, 04/15/2011 (b)		8,674		8,639
	5.125%, 06/30/2011 (b)		28,455		28,935
	4.625%, 08/31/2011 (b)		28,895		28,804
	2.500%, 07/15/2016 (b)		17,580		17,713
	4.625%, 11/15/2016		8,520		8,464
					180,152
Total U.S. Government & Agency Securities (Cost $291,615)					290,729
Asset-Backed Securities – 23.9%
Automotive – 6.0%
Harley Davidson Motorcycle Trust Series 2005-4, Class A2
	4.850%, 06/15/2012		4,240		4,217
Hertz Vehicle Financing Series 2005-2A, Class A6
	5.080%, 11/25/2011 (a)		8,425		8,372
Honda Auto Receivables Owner Trust Series 2005-5, Class A4
	4.690%, 02/15/2011		9,895		9,812
Series 2005-6, Class A4
	4.930%, 03/18/2011		7,400		7,369
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4
	4.860%, 04/20/2012		10,940		10,875
Wachovia Auto Owner Trust Series 2005-B, Class A4
	4.840%, 04/20/2011		10,960		10,898
					51,543
Commercial – 11.2%
Banc of America Commercial Mortgage Series 2006-2, Class A4
	5.741%, 05/10/2045		5,085		5,258
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX
	5.449%, 02/05/2019 (a)		5,040		5,072
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2
	6.538%, 06/15/2031		3,341		3,363

First American Funds Semiannual Report 2006       27

Schedule of  Investments continued

Intermediate Term Bond Fund (continued)
DESCRIPTION		PAR		VALUE
GMAC Commercial Mortgage Securities Series 2004-C2, Class A1
	3.896%, 08/10/2038	$	5,231	$	5,126
Greenwich Capital Commercial Funding Series 2003-C1, Class A2
	3.285%, 07/05/2035		5,000		4,782
GS Mortgage Securities II Series 2006-GG8, Class A2
	5.479%, 11/10/2039		20,495		20,678
Series 2006-GG8, Class A4
	5.560%, 11/10/2039		17,515		17,790
Series 2003-C1, Class A2A
	3.590%, 01/10/2040		13,840		13,587
Series 2006-RR2, Class A1
	5.689%, 06/23/2046 (a)		7,525		7,603
Nomura Asset Securities Series 1998-D6, Class A1B
	6.590%, 03/15/2030		11,769		11,911
					95,170
Credit Cards – 1.8%
Citibank Credit Card Issuance Trust Series 2004-A4, Class A4
	3.200%, 08/24/2009		3,000		2,960
MBNA Credit Card Master Note Trust Series 2003-A1, Class A1
	3.300%, 07/15/2010		12,560		12,296
					15,256
Home Equity – 0.5%
Amresco Residential Security Mortgage Series 1997-3, Class A9
	6.960%, 03/25/2027		93		93
Contimortgage Home Equity Loan Trust Series 1997-2, Class A9
	7.090%, 04/15/2028		185		184
Countrywide Asset-Backed Certificates Series 2003-5, Class AF5
	5.739%, 02/25/2034		3,760		3,761
Saxon Asset Securities Trust Series 2004-1, Class A
	5.620%, 03/25/2035 (c)		343		342
					4,380
Manufactured Housing – 1.2%
Green Tree Financial Series 1996-9, Class A5
	7.200%, 01/15/2028		195		201
Origen Manufactured Housing Series 2005-A, Class A2
	4.490%, 05/15/2018		10,095		9,954
					10,155
Other – 3.2%
Global Signal Trust Series 2004-2A, Class A
	4.232%, 12/15/2014 (a)		7,390		7,193
Series 2006-1, Class C
	5.707%, 02/15/2036 (a)		4,420		4,448
GRP/ AG Real Estate Asset Trust Series 2004-2, Class A
	4.210%, 07/25/2034 (a)		37		37
Series 2005-1, Class A
	4.850%, 01/25/2035 (a)		629		624
Small Business Administration Series 2005-P10B, Class 1
	4.940%, 08/10/2015		6,337		6,265
Series 2006-P10B, Class 1
	5.681%, 08/10/2016		8,446		8,565
					27,132
Total Asset-Backed Securities (Cost $206,068)					203,636
Corporate Bonds – 21.1%
Banking – 1.1%
Credit Suisse First Boston
	3.875%, 01/15/2009 (b)		6,270		6,112
J.P. Morgan Chase
	5.150%, 10/01/2015		3,290		3,229
					9,341
Basic Industry – 1.2%
Celulosa Arauco Constitucion
	5.625%, 04/20/2015		2,000		1,966
Falconbridge
	7.350%, 06/05/2012		3,385		3,657
Teck Cominco
	5.375%, 10/01/2015		2,810		2,722
Vale Overseas
	6.250%, 01/11/2016		1,525		1,540
					9,885
Brokerage – 1.5%
Bear Stearns
	5.550%, 01/22/2017		1,655		1,654
Merrill Lynch
	6.050%, 05/16/2016 (b)		4,695		4,859
Morgan Stanley
	5.375%, 10/15/2015		6,550		6,491
					13,004
Capital Goods – 0.4%
C5 Capital
	6.196%, 12/31/2049 (a) (c)		3,000		2,991
Communications – 3.5%
Comcast Cable Communications
	7.125%, 06/15/2013		6,220		6,703
Deutsche Telecom
	8.500%, 06/15/2010		3,690		3,996
Embarq
	7.082%, 06/01/2016		2,520		2,565
Sprint Capital
	8.375%, 03/15/2012		7,370		8,191
Telecom Italia Capital
	6.200%, 07/18/2011 (b)		3,520		3,572
	5.250%, 10/01/2015 (b)		2,710		2,532
Verizon Communications
	5.550%, 02/15/2016 (b)		2,260		2,252
					29,811
Consumer Cyclical – 2.4%
AOL Time Warner
	6.750%, 04/15/2011		6,805		7,124
CBS
	5.625%, 08/15/2012		3,320		3,275
DaimlerChrysler
	6.500%, 11/15/2013		2,230		2,289

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

28      First American Funds Semiannual Report 2006

Intermediate Term Bond Fund (continued)
DESCRIPTION		PAR		VALUE
Mohawk Industries
	5.750%, 01/15/2011	$	3,935	$	3,938
Quest Diagnostic
	5.125%, 11/01/2010		3,490		3,437
					20,063
Consumer Non Cyclical – 0.5%
Schering-Plough
	5.550%, 12/01/2013		4,595		4,608
Electric – 2.9%
DTE Energy
	7.050%, 06/01/2011		4,600		4,875
MidAmerican Energy Holdings
	3.500%, 05/15/2008		4,600		4,485
National Rural Utilities
	5.750%, 08/28/2009 (b)		3,850		3,898
Ohio Power Series K
	6.000%, 06/01/2016 (b)		2,100		2,156
Oncor Electric Delivery
	6.375%, 01/15/2015		3,140		3,237
Pacific Gas & Electric
	4.200%, 03/01/2011		5,935		5,682
					24,333
Energy – 1.3%
Gazprom International
	7.201%, 02/01/2020 (a)		3,500		3,701
Tengizcheveroil Finance
	6.124%, 11/15/2014 (a)		3,095		3,087
XTO Energy
	7.500%, 04/15/2012		4,070		4,422
					11,210
Finance – 0.7%
American General Finance
	3.875%, 10/01/2009		4,345		4,181
Capital One Financial
	6.150%, 09/01/2016		1,775		1,836
					6,017
Industrial Other – 0.5%
Johnson Controls
	5.250%, 01/15/2011		4,720		4,683
Insurance – 0.9%
Liberty Mutual Group
	5.750%, 03/15/2014 (a) (b)		4,340		4,324
Marsh & McLennan
	5.750%, 09/15/2015		3,720		3,660
					7,984
Miscellaneous – 1.4%
Core Investment Grade Trust
	4.642%, 11/30/2007		12,367		12,255
Real Estate – 1.9%
Health Care – REIT
	5.875%, 05/15/2015		3,775		3,728
Istar Financial – REIT
	5.650%, 09/15/2011		4,225		4,216
Mack-Cali Realty – REIT
	7.250%, 03/15/2009		4,500		4,647
Prologis 2006 – REIT
	5.750%, 04/01/2016		3,525		3,546
					16,137
Sovereign – 0.2%
United Mexican States
	5.625%, 01/15/2017 (b)		1,400		1,401
Technology – 0.7%
Chartered Semiconductor
	5.750%, 08/03/2010		1,500		1,499
Motorola
	8.000%, 11/01/2011		3,900		4,316
					5,815
Total Corporate Bonds (Cost $178,961)					179,538
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 11.3%
Adjustable Rate (c) – 8.0%
CS First Boston Mortgage Securities Series 2003-AR24, Class 2A4
	4.029%, 10/25/2033		13,390		13,129
Sequoia Mortgage Trust Series 2004-4, Class X1
	0.765%, 05/20/2034 (d)		48,741		243
Structured Mortgage Loan Trust Series 2004-11, Class A
	7.268%, 08/25/2034		757		760
Washington Mutual Series 2003-AR10, Class A6
	4.062%, 10/25/2033		16,305		15,994
Wells Fargo Mortgage Backed Securities Trust Series 2003-J, Class 2A5
	4.450%, 10/25/2033		11,500		10,999
Series 2003-O, Class 5A1
	4.806%, 01/25/2034		9,259		9,044
Series 2004-E, Class A5
	3.662%, 05/25/2034		9,010		8,816
Series 2004-N, Class A3
	4.099%, 08/25/2034		8,862		8,771
					67,756
Fixed Rate – 3.3%
Banc of America Mortgage Securities Series 2005-5, Class 1A21
	5.000%, 06/25/2035		7,898		7,829
Bank of America Mortgage Securities Series 2003-6, Class 1A29
	4.250%, 08/25/2033		9,000		8,875
Countrywide Alternative Loan Trust Series 2004-2CB, Class 1A1
	4.250%, 03/25/2034		3,432		3,364
Salomon Brothers Mortgage Securities Series 1986-1, Class A
	6.000%, 12/25/2011		87		86
Structured Asset Securities Corporation Series 2005-6, Class 5A6
	5.000%, 05/25/2035		8,396		8,313
Westam Mortgage Financial Series 11, Class A
	6.360%, 08/26/2020		39		39
					28,506
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $97,746)					96,262

First American Funds Semiannual Report 2006       29

Schedule of  Investments continued

Intermediate Term Bond Fund (continued)
DESCRIPTION		PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 5.8%
Adjustable Rate (c) – 1.8%
Federal Home Loan Mortgage Corporation Pool
	7.168%, 01/01/2028, #786281	$	1,371	$	1,401
	6.596%, 04/01/2029, #847190		2,149		2,197
	6.773%, 10/01/2030, #847209		3,995		4,097
	6.601%, 05/01/2031, #847161 (b)		1,367		1,403
	6.595%, 09/01/2033, #847210 (b)		3,706		3,795
Federal National Mortgage Association Pool
	6.966%, 09/01/2033, #725111		2,633		2,675
					15,568
Fixed Rate – 4.0%
Federal Home Loan Mortgage Corporation Series K001, Class A3
	6.003%, 01/25/2012		8,333		8,373
Federal Home Loan Mortgage Corporation Pool
	4.000%, 10/01/2010, #M80855 (b)		6,016		5,849
Federal National Mortgage Association Pool
	3.900%, 06/01/2010, #461013 (b)		10,958		10,527
	3.790%, 07/01/2013, #386314 (b)		9,571		8,889
					33,638
Total U.S. Government Agency Mortgage-Backed Securities (Cost $50,041)					49,206
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 2.9%
Fixed Rate – 2.9%
Federal Home Loan Mortgage Corporation Series 2763, Class TA
	4.000%, 03/15/2011 (b)		6,430		6,299
Series 2718, Class MD
	4.500%, 06/15/2017 (b)		8,635		8,339
Series 1167, Class E
	7.500%, 11/15/2021		27		27
Series 1286, Class A
	6.000%, 05/15/2022		91		91
Federal National Mortgage Association Series 1990-89, Class K
	6.500%, 07/25/2020		20		20
Series 2004-76, Class CE
	4.500%, 02/25/2021 (b)		9,815		9,580
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $24,652)					24,356
Municipal Bond – 0.3%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
	6.950%, 09/01/2016 (Cost $2,130)		2,130		2,176
Short-Term Investment – 0.0%
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bill
	4.783%, 04/05/2007 (e) (Cost $163)		165		163
Investments Purchased with Proceeds from Securities Lending (f) – 41.7%
	(Cost $354,757)				354,757
Total Investments – 141.1%
	(Cost $1,206,133)				1,200,823
Other Assets and Liabilities, Net – (41.1)%					(349,584	)
Total Net Assets – 100.0%				$	851,239

(a)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $61,607 or 7.2% of total net assets.
(b)	This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $345,504 at December 31, 2006. See note 2 in Notes to Financial Statements.
(c)	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006.
(d)	Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of December 31, 2006.
(e)	Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements.

(f)  The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, fixed income securities, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
U.S. Treasury 2 Year Note Futures		475		$	96,915		March 2007	$	(328	)
U.S. Treasury 5 Year Note Futures		243			25,530		March 2007		(239	)
U.S. Treasury 10 Year Note Futures		(148	)		(15,905	)	March 2007		167
U.S. Treasury Long Bond Futures		(163	)		(18,164	)	March 2007		308
								$	(92	)

Credit Default Swap Agreements

Pay/

Reference

Buy/Sell

Receive

Expiration

Notional

Unrealized

Counterparty

Entity

Protection

Fixed Rate

Date

Amount

Depreciation

J.P. Morgan

ABX-HE-BBB

Sell

2.420%

05/25/2046

$

3,000

$

(119

)

J.P. Morgan

The Kroger Company

Buy

0.350%

12/20/2011

2,400

(3

)

J.P. Morgan

Safeway, Inc.

Buy

0.410%

12/20/2011

2,400

(6

)

$

(128

)

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Receive

5.303%

10/26/2008

$

117,000

$

(207

)

Citigroup

3-Month LIBOR

Pay

5.360%

10/26/2016

29,000

399

UBS

3-Month LIBOR

Receive

5.050%

09/27/2008

24,000

65

$

257

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

30      First American Funds Semiannual Report 2006

Short Term Bond Fund
DESCRIPTION			PAR		VALUE
Asset-Backed Securities – 37.2%
Automotive – 8.5%
Auto Bond Receivables Trust Series 1993-I, Class A
		6.125%, 11/15/2021 (a) (b) (c)	$	106	$	—
Capital One Auto Finance Trust Series 2003-A, Class A4A
		2.470%, 01/15/2010		3,593		3,573
Ford Credit Auto Owner Trust Series 2005-B, Class A3
		4.170%, 01/15/2009		6,982		6,944
FTN Financial Auto Securitization Trust Series 2004-A, Class B
		2.500%, 06/15/2010 (d)		721		719
Harley-Davidson Motorcycle Trust Series 2003-2, Class A2
		2.070%, 02/15/2011		3,716		3,634
Hertz Vehicle Financing Series 2005-2A, Class A2
		4.930%, 02/25/2010 (d)		5,460		5,428
M&I Auto Loan Trust Series 2005-1, Class A2
		4.750%, 06/20/2008		2,255		2,253
Nissan Auto Receivables Owner Trust Series 2006-B, Class A3
		5.160%, 02/15/2010		6,000		5,992
Toyota Auto Receivables Owner Trust Series 2003-B, Class A4
		2.790%, 01/15/2010		1,396		1,394
	Series 2003-A, Class A4
		2.200%, 03/15/2010		1,608		1,606
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4
		4.860%, 04/20/2012		7,000		6,958
WFS Financial Owner Trust Series 2004-3, Class A3
		3.300%, 03/17/2009		1,013		1,010
						39,511
Commercial – 18.3%
Banc of America Commercial Mortgage Series 2004-2, Class A1
		2.764%, 11/10/2038		3,940		3,825
	Series 2004-4, Class A2
		4.041%, 07/10/2042		7,169		7,023
Bear Stearns Commercial Mortgage Securities Series 2002-TOP6, Class A1
		5.920%, 10/15/2036		2,605		2,636
	Series 2004-T14, Class A1
		3.570%, 01/12/2041		2,595		2,537
Commercial Mortgage
	Series 2004-LB3A, Class A1
		3.765%, 07/10/2037		3,939		3,885
GE Capital Commercial Mortgage Corporation Series 2001-2, Class A2
		5.850%, 08/11/2033		9,582		9,631
GMAC Commercial Mortgage Securities Series 1999-C1, Class A2
		6.175%, 05/15/2033		5,667		5,736
	Series 2004-C1, Class A2
		4.100%, 03/10/2038		4,000		3,890
Greenwich Capital Commercial Funding Series 2004-GG1, Class A2
		3.835%, 06/10/2036		1,220		1,210
	Series 2005-GG5, Class A2
		5.117%, 04/10/2037		12,305		12,261
GS Mortgage Securities Series 2004-C1, Class A1
		3.659%, 10/10/2028		5,825		5,672
GS Mortgage Securities II Series 2003-C1, Class A2A
		3.590%, 01/10/2040		11,015		10,813
JP Morgan Chase Commercial Mortgage Securities Series 2001-CIB3, Class A2
		6.044%, 11/15/2035		4,378		4,451
LB-UBS Commercial Mortgage Trust Series 2003-C3, Class A2
		3.086%, 05/15/2027		6,200		6,020
	Series 2004-C2, Class A1
		2.946%, 03/15/2029		6,263		6,018
						85,608
Credit Cards – 3.9%
Citibank Credit Card Issuance Trust Series 2004-A1, Class A1
		2.550%, 01/20/2009		800		799
Household Credit Card Master Note Trust I Series 2006-1, Class A
		5.100%, 06/15/2012		4,950		4,952
MBNA Credit Card Master Note Trust Series 2005-A1, Class A1
		4.200%, 09/15/2010		10,000		9,878
Providian Gateway Master Trust Series 2004-DA, Class A
		3.350%, 09/15/2011 (d)		2,625		2,592
						18,221
Equipment Leases – 0.6%
CIT Equipment Collateral Series 2004-VT1, Class A3
		2.200%, 03/20/2008		799		796
CNH Equipment Trust Series 2004-A, Class A3B
		2.940%, 10/15/2008		1,878		1,864
						2,660
Home Equity – 1.1%
Countrywide Asset-Backed Certificates Series 2003-5, Class AF5
		5.739%, 02/25/2034		2,133		2,133
Equivantage Home Equity Loan Trust Series 1996-1, Class A
		6.550%, 10/25/2025		99		98
	Series 1996-4, Class A
		7.250%, 01/25/2028		466		465
IMC Home Equity Loan Trust Series 1998-3, Class A7
		6.720%, 08/20/2029		2,091		2,087
New Century Home Equity Loan Trust Series 1997-NC6, Class A7
		7.690%, 01/25/2029 (e)		415		414
						5,197

First American Funds Semiannual Report 2006       31

Schedule of  Investments continued

Short Term Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Manufactured Housing – 0.7%
Origen Manufactured Housing Series 2005-B, Class A2
		5.247%, 12/15/2018	$	3,230	$	3,212
Other – 2.0%
Global Signal Trust Series 2004-2A, Class A
		4.232%, 12/15/2014 (d)		6,380		6,210
	Series 2006-1, Class C
		5.707%, 02/15/2036 (d)		2,750		2,768
GRP/ AG Real Estate Asset Trust Series 2004-2, Class A
		4.210%, 07/25/2034 (d)		37		37
	Series 2005-1, Class A
		4.850%, 01/25/2035 (d)		452		448
						9,463
Utilities – 2.1%
Detroit Edison Securitization Funding Series 2001-1, Class A3
		5.875%, 03/01/2010		2,660		2,669
Massachusetts RRB Special Purpose Trust Series 1999-1, Class A4
		6.910%, 09/15/2009		2,085		2,098
Peco Energy Transition Trust Series 1999-A, Class A6
		6.050%, 03/01/2009		2,984		2,988
Public Service New Hampshire Funding Series 2001-1, Class A2
		5.730%, 11/01/2010		2,007		2,017
						9,772
Total Asset-Backed Securities (Cost $175,553)						173,644
U.S. Government Agency Mortgage-Backed Securities – 17.4%
Adjustable Rate (e) – 7.5%
Federal Home Loan Mortgage Corporation Pool
		6.992%, 12/01/2026, #756591		1,109		1,134
		6.681%, 01/01/2029, #846946 (f)		759		780
		7.045%, 10/01/2029, #786853		532		538
		6.931%, 04/01/2030, #972055 (f)		515		529
		6.014%, 05/01/2030, #847014 (f)		715		726
		6.216%, 06/01/2031, #847367		359		367
		6.598%, 08/01/2032, #847331 (f)		5,420		5,544
		6.842%, 09/01/2032, #847652		2,351		2,412
		6.550%, 10/01/2032, #847063 (f)		537		551
		4.223%, 05/01/2033, #780456		2,007		1,988
Federal National Mortgage Association Pool
		6.586%, 11/01/2025, #433988 (f)		940		943
		6.250%, 02/01/2028, #415285		59		60
		6.579%, 10/01/2030, #847241 (f)		3,012		3,092
		6.045%, 06/01/2031, #625338 (f)		619		627
		6.766%, 12/01/2031, #535363		1,858		1,882
		6.902%, 03/01/2032, #545791		177		179
		6.671%, 05/01/2032, #545717		1,203		1,223
		7.021%, 05/01/2032, #634948 (f)		344		351
		4.493%, 10/01/2032, #661645 (f)		1,010		1,010
		4.702%, 12/01/2032, #671884		1,783		1,787
		7.254%, 04/01/2034, #775389		400		405
		4.264%, 07/01/2034, #795242 (f)		4,295		4,222
		5.937%, 08/01/2036, #555369 (f)		876		890
Government National Mortgage Association Pool
		5.750%, 08/20/2021, #8824		248		251
		5.750%, 07/20/2022, #8006 (f)		298		301
		5.750%, 09/20/2025, #8699		165		168
		5.375%, 04/20/2026, #8847		160		161
		5.750%, 08/20/2027, #80106		50		51
		5.375%, 01/20/2028, #80154		85		86
		5.375%, 05/20/2029, #80283 (f)		366		369
		5.375%, 06/20/2029, #80291 (f)		660		666
		4.875%, 11/20/2030, #80469 (f)		412		412
		5.375%, 04/20/2031, #80507 (f)		209		211
		5.500%, 08/20/2031, #80535 (f)		748		748
		5.500%, 02/20/2032, #80580 (f)		195		196
						34,860
Fixed Rate – 9.9%
Federal Home Loan Mortgage Corporation Series K001, Class A3,
		6.003%, 01/25/2012		4,629		4,652
Federal Home Loan Mortgage Corporation Pool
		7.750%, 07/01/2009, #184513		6		6
Federal National Mortgage Association Pool
		6.195%, 06/01/2007, #410601 (f)		4,826		4,813
		4.250%, 09/15/2007 (f)		15,000		14,897
		6.625%, 09/15/2009 (f)		6,355		6,617
		3.900%, 06/01/2010, #461013 (f)		6,710		6,446
		5.500%, 05/01/2012, #254340 (f)		1,199		1,200
		4.000%, 12/01/2013, #255039 (f)		4,755		4,594
		4.000%, 07/01/2014, #255322 (f)		3,294		3,176
						46,401
Total U.S. Government Agency Mortgage-Backed Securities (Cost $81,831)						81,261
Corporate Bonds – 14.2%
Banking – 1.8%
HSBC Finance
		6.750%, 05/15/2011		3,500		3,704
Popular North America
		3.875%, 10/01/2008		4,925		4,798
						8,502
Brokerage – 1.4%
Goldman Sachs Group
		7.350%, 10/01/2009 (f)		2,500		2,637
Morgan Stanley
		4.000%, 01/15/2010		4,000		3,871
						6,508
Communications – 1.1%
Comcast Cable Communications
		6.875%, 06/15/2009		2,305		2,385
Vodafone Airtouch
		7.750%, 02/15/2010		2,500		2,664
						5,049
Consumer Cyclical – 2.4%
Federated Department Stores
		6.300%, 04/01/2009		3,000		3,050
Ford Motor Credit
		6.625%, 06/16/2008		2,500		2,498
Harrah’s Operating Company
		5.500%, 07/01/2010		2,000		1,960
Quest Diagnostic
		5.125%, 11/01/2010		1,990		1,960
Time Warner
		5.500%, 11/15/2011		2,000		1,995
						11,463

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

32      First American Funds Semiannual Report 2006

Short Term Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Consumer Non Cyclical – 0.5%
Baxter International
		5.196%, 02/16/2008	$	2,500	$	2,494
Electric – 1.9%
MidAmerican Energy Holdings
		3.500%, 05/15/2008		5,900		5,752
Oncor Electric Delivery
		5.000%, 09/01/2007		3,000		2,988
						8,740
Energy – 0.9%
PEMEX Project Funding Master Trust
		6.125%, 08/15/2008		4,000		4,032
Finance – 1.3%
American Express Travel
		5.250%, 11/21/2011 (d)		2,450		2,448
Ameriprise Financial
		5.350%, 11/15/2010		1,000		1,002
International Lease Finance
		5.000%, 04/15/2010		2,525		2,497
						5,947
Natural Gas – 0.5%
Oneok
		5.510%, 02/16/2008		2,500		2,498
Real Estate – 1.1%
Istar Financial – REIT
		6.000%, 12/15/2010		2,500		2,532
Simon Property Group – REIT
		6.375%, 11/15/2007		2,500		2,519
						5,051
Technology – 0.9%
Chartered Semiconductor
		5.750%, 08/03/2010		1,500		1,499
Motorola
		8.000%, 11/01/2011		2,450		2,711
						4,210
Transportation – 0.4%
FedEx
		5.500%, 08/15/2009		2,000		2,008
Total Corporate Bonds (Cost $66,730)						66,502
U.S. Government & Agency Securities – 13.9%
U.S. Agency Debentures – 8.1%
Federal Home Loan Mortgage Corporation
		3.875%, 06/15/2008 (f)		15,000		14,747
Federal National Mortgage Association
		5.400%, 02/01/2008 (f)		6,000		6,012
		4.000%, 09/02/2008 (f)		10,000		9,813
		4.250%, 05/15/2009 (f)		7,500		7,380
						37,952
U.S. Treasuries – 5.8%
U.S. Treasury Notes
		4.375%, 12/31/2007 (f)		2,000		1,988
		4.875%, 08/31/2008 (f)		6,105		6,104
		2.375%, 04/15/2011 (f)		14,267		14,210
		4.625%, 08/31/2011 (f)		4,775		4,760
						27,062
Total U.S. Government & Agency Securities (Cost $65,573)						65,014
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 11.3%
Adjustable Rate (e) – 9.6%
Adjustable Rate Mortgage Trust Series 2005-10, Class 1A21
		4.727%, 01/25/2036		3,909		3,877
Citigroup Mortgage Loan Trust Series 2005-7, Class 2A1A
		4.861%, 09/25/2035		4,018		3,962
GSR Mortgage Loan Trust Series 2005-AR1, Class B1
		4.880%, 01/25/2035		2,183		2,150
JP Morgan Mortgage Trust Series 2004-A1, Class 3A1
		4.974%, 02/25/2034		1,992		1,946
Structured Mortgage Loan Trust Series 2004-11, Class A
		7.268%, 08/25/2034		597		600
Washington Mutual Series 2003-AR3, Class A5
		3.927%, 04/25/2033		5,843		5,761
	Series 2003-AR10, Class A6
		4.062%, 10/25/2033		7,000		6,866
	Series 2004-AR7, Class A6
		3.943%, 07/25/2034		5,000		4,856
Wells Fargo Mortgage Backed Securities Trust Series 2004-E, Class A5
		3.662%, 05/25/2034		5,868		5,741
	Series 2004-N, Class A3
		4.099%, 08/25/2034		5,585		5,527
	Series 2005-AR10, Class 2A5
		4.109%, 06/25/2035		3,462		3,403
						44,689
Fixed Rate – 1.7%
Citigroup Mortgage Loan Trust Series 2005-WF1, Class A2
		4.490%, 02/25/2035		6,650		6,577
First Horizon Mortgage Pass-Through Trust Series 2004-4, Class 2A1
		4.500%, 07/25/2019		1,037		1,027
Residential Accredited Loans Series 2003-QS17, Class CB7
		5.500%, 09/25/2033		576		574
						8,178
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $53,357)						52,867

First American Funds Semiannual Report 2006       33

Schedule of  Investments continued

Short Term Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 6.0%
Fixed Rate – 6.0%
Federal Home Loan Mortgage Corporation Series 2822, Class VM
		5.000%, 04/15/2010	$	3,056	$	3,028
	Series 2763, Class TA
		4.000%, 03/15/2011 (f)		4,624		4,530
	Series 1022, Class J
		6.000%, 12/15/2020		43		43
	Series 2738, Class UA
		3.570%, 12/15/2023 (f)		3,498		3,423
	Series 2589, Class GK
		4.000%, 03/15/2026 (f)		2,207		2,177
	Series 2731, Class PV
		4.500%, 05/15/2026 (f)		5,000		4,894
Federal National Mortgage Association Series 2004-76, Class CE
		4.500%, 02/25/2021 (f)		6,000		5,856
	Series 1992-150, Class MA
		5.500%, 09/25/2022		118		118
	Series 2004-90, Class GA
		4.350%, 03/25/2034 (f)		4,119		3,986
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $28,679)						28,055
Short-Term Investment – 0.0%
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bill
		4.783%, 04/05/2007 (g)
		(Cost $99)		100		99
Investments Purchased with Proceeds from Securities Lending (h) – 34.7%
		(Cost $162,322)				162,322
Total Investments – 134.7% (Cost $634,144)						629,764
Other Assets and Liabilities, Net – (34.7)%						(162,357	)
Total Net Assets – 100.0%					$	467,407

(a)	Security is fair valued and illiquid. As of December 31, 2006, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(b)	Security in default at December 31, 2006.
(c)	Non-income producing security.
(d)	Security purchased within 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 guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $20,650 or 4.4% of total net assets. See note 2 in Notes to Financial Statements.
(e)	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006.

(f)  This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $157,506 at December 31, 2006. See note 2 in Notes to Financial Statements.

(g)	Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements.
(h)	The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
U.S. Treasury 2 Year Note Futures		647		$	132,008		March 2007	$	(400	)
U.S. Treasury 5 Year Note Futures		(431	)		(45,282	)	March 2007		265
U.S. Treasury 10 Year Note Futures		(77	)		(8,275	)	March 2007		95
								$	(40	)

Credit Default Swap Agreements

					Pay/
	Reference		Buy/Sell		Receive		Expiration		Notional		Unrealized
Counterparty	Entity		Protection		Fixed Rate		Date		Amount		Depreciation
J.P. Morgan		ABX-HE-BBB		Sell		2.420%		05/25/2046	$	1,650	$	(66	)
J.P. Morgan	Dow Jones CDX IG7 Index			Sell		0.250%		12/20/2009		25,000		(107	)
J.P. Morgan	The Kroger Company			Buy		0.350%		12/20/2011		1,300		(2	)
J.P. Morgan	Safeway, Inc.			Buy		0.410%		12/20/2011		1,300		(3	)
											$	(178	)

Interest Rate Swap Agreements

		Pay/
	Floating	Receive
	Rate	Floating		Fixed		Expiration		Notional		Unrealized
Counterparty	Index	Rate		Rate		Date		Amount		Appreciation
UBS	3-Month LIBOR		Receive		4.773%		01/17/2011	$	12,000	$	142

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

34      First American Funds Semiannual Report 2006

Total Return Bond Fund
DESCRIPTION		PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 27.4%
Adjustable Rate (a) – 4.0%
Federal Home Loan Mortgage Corporation Pool
	7.341%, 10/01/2029, #1L0117	$	1,353	$	1,381
	6.507%, 07/01/2030, #847240		1,487		1,517
	6.455%, 05/01/2033, #847411		961		980
	5.790%, 07/01/2036, #1K1238 (b)		3,530		3,558
Federal National Mortgage Association Pool
	6.822%, 09/01/2033, #725553		582		596
	5.281%, 11/01/2034, #735054 (b)		1,847		1,827
	6.340%, 01/01/2035, #745548		1,628		1,654
	4.863%, 09/01/2035, #745168 (b)		2,500		2,472
	5.310%, 12/01/2035, #850865 (b)		6,725		6,718
	5.731%, 09/01/2036, #884778 (b)		3,413		3,435
					24,138
Fixed Rate – 23.4%
Federal Home Loan Mortgage Corporation Pool
	4.000%, 04/01/2008, #M90808 (b)		1,753		1,731
	5.000%, 09/01/2018, #E99575		1,166		1,148
	5.500%, 12/01/2020, #G11810 (b)		3,332		3,330
	6.500%, 07/01/2031, #A17212 (b)		3,455		3,536
Federal National Mortgage Association Pool
	3.900%, 06/01/2010, #461013 (b)		5,000		4,803
	5.500%, 12/01/2018, #735575 (b)		1,879		1,884
	5.000%, 01/01/2019 (c)		6,000		5,897
	5.500%, 01/01/2020, #735386		1,430		1,433
	5.500%, 06/01/2020, #735792		1,209		1,211
	5.000%, 02/01/2021, #745279 (b)		1,994		1,960
	5.500%, 02/01/2025, #255628		3,025		3,009
	6.000%, 01/01/2029 (c)		10,900		10,972
	6.000%, 04/01/2032, #745101		1,131		1,153
	5.500%, 06/01/2033, #843435 (b)		1,236		1,224
	5.000%, 10/01/2033, #741897		1,418		1,371
	5.500%, 10/01/2033, #555800		3,719		3,681
	5.500%, 11/01/2033, #555967 (b)		6,901		6,831
	5.500%, 01/01/2034 (c)		18,060		17,846
	5.000%, 03/01/2034, #725205 (b)		1,313		1,270
	5.000%, 03/01/2034, #725250		1,174		1,136
	5.500%, 04/01/2034, #725424 (b)		3,261		3,228
	5.000%, 05/01/2034, #725456		1,160		1,122
	5.000%, 06/01/2034, #782909		904		874
	5.500%, 08/01/2034, #745563		2,239		2,217
	5.500%, 09/01/2034, #725773 (b)		2,109		2,086
	6.000%, 04/01/2035, #735503		3,662		3,693
	5.500%, 08/01/2035, #829679 (b)		4,886		4,830
	5.500%, 09/01/2035, #842230		2,678		2,648
	5.500%, 10/01/2035, #735899 (b)		3,077		3,044
	6.000%, 01/01/2036, #831215		3,329		3,352
	6.000%, 01/01/2036, #852347		3,335		3,358
	6.500%, 04/01/2036, #831377		1,491		1,519
	6.500%, 04/01/2036, #852909 (b)		1,008		1,027
	6.500%, 07/01/2036, #831683		2,272		2,315
	6.500%, 08/01/2036, #893318		2,185		2,226
	6.500%, 09/01/2036, #897129		16,979		17,299
	6.000%, 11/01/2036, #902786		5,994		6,034
	5.500%, 01/01/2037, #906059		6,000		5,929
					142,227
Total U.S. Government Agency Mortgage-Backed Securities (Cost $167,183)					166,365
Corporate Bonds – 17.6%
Banking – 0.8%
J.P. Morgan Chase
	5.150%, 10/01/2015		1,495		1,467
J.P. Morgan Chase Capital XX, Series T
	6.550%, 09/29/2036 (b)		860		888
SOC General Real Estate
	7.640%, 12/29/2049 (a) (d)		1,465		1,488
Wells Fargo Capital X
	5.950%, 12/15/2036		945		926
					4,769
Basic Industry – 2.0%
Celulosa Arauco Y Constitucion
	8.625%, 08/15/2010		1,500		1,647
Evraz Group
	8.250%, 11/10/2015 (d) (e)		700		720
Falconbridge
	7.350%, 06/05/2012		1,500		1,621
FMG Finance
	10.000%, 09/01/2013 (d) (e)		685		704
Griffin Coal Mining
	9.500%, 12/01/2016 (b) (d)		880		906
Ineos Group Holdings
	8.500%, 02/15/2016 (b) (d) (e)		655		626
LPG International
	7.250%, 12/20/2015 (e)		805		809
Noble Group Limited
	6.625%, 03/17/2015 (d) (e)		770		699
Sino Forest
	9.125%, 08/17/2011 (d) (e)		1,170		1,265
Southern Copper
	7.500%, 07/27/2035		915		992
Teck Cominco Limited
	6.125%, 10/01/2035		1,175		1,129
Vale Overseas
	6.250%, 01/11/2016		640		646
Vedanta Resources
	6.625%, 02/22/2010 (d) (e)		575		568
					12,332
Brokerage – 0.9%
Bear Stearns
	5.550%, 01/22/2017		1,110		1,109
Merrill Lynch
	6.050%, 05/16/2016 (b)		2,365		2,448
Morgan Stanley
	5.375%, 10/15/2015		1,995		1,977
					5,534
Capital Goods – 0.5%
Case New Holland
	7.125%, 03/01/2014		820		833
Chart Industries
	9.125%, 10/15/2015 (d)		585		617
Owens-Illinois
	8.100%, 05/15/2007 (b)		500		501
Siemens Financiering
	6.125%, 08/17/2026 (d)		960		981
					2,932

First American Funds Semiannual Report 2006       35

Schedule of  Investments continued

Total Return Bond Fund (continued)
DESCRIPTION		PAR		VALUE
Communications – 2.2%
C & M Finance
	8.100%, 02/01/2016 (d) (e)	$	565	$	581
Comcast
	7.050%, 03/15/2033 (b)		2,335		2,497
Echostar
	7.000%, 10/01/2013		800		799
Embarq
	7.995%, 06/01/2036		960		999
News America Holdings
	7.750%, 01/20/2024		680		759
Sprint Capital
	6.900%, 05/01/2019		1,785		1,840
	8.750%, 03/15/2032 (b)		300		361
Telecom Italia Capital
	4.000%, 11/15/2008		1,170		1,139
	7.200%, 07/18/2036 (b)		925		966
Time Warner Entertainment
	8.375%, 07/15/2033		1,340		1,619
Verizon Communications
	7.750%, 12/01/2030		980		1,150
Vimpelcom
	8.250%, 05/23/2016 (d) (e)		700		735
					13,445
Consumer Cyclical – 0.9%
Autonation
	7.000%, 04/15/2014		935		942
DaimlerChrysler
	4.875%, 06/15/2010		1,315		1,282
Galaxy Entertainment
	9.875%, 12/15/2012 (d) (e)		575		616
General Motors
	8.250%, 07/15/2023		1,060		986
Lippo Karwaci Finance
	8.875%, 03/09/2011 (e)		575		552
MGM Mirage
	6.625%, 07/15/2015		1,125		1,071
					5,449
Consumer Non Cyclical – 0.3%
Fisher Scientific International
	6.750%, 08/15/2014		785		800
Omnicare
	6.125%, 06/01/2013		905		867
					1,667
Electric – 1.3%
Edison Mission Energy
	7.500%, 06/15/2013		530		554
Florida Power & Light
	5.650%, 02/01/2037		985		971
MidAmerican Energy Holdings
	5.875%, 10/01/2012		1,185		1,206
NRG Energy
	7.250%, 02/01/2014		1,285		1,295
Ohio Power Series K
	6.000%, 06/01/2016		1,045		1,073
Oncor Electric Delivery
	7.000%, 05/01/2032		1,455		1,592
Pacific Gas & Electric
	6.050%, 03/01/2034 (b)		1,590		1,604
					8,295
Energy – 1.3%
Gaz Capital
	6.212%, 11/22/2016 (d)		1,100		1,108
Gazprom International
	7.201%, 02/01/2020 (d)		705		746
Nexen
	5.875%, 03/10/2035		1,000		936
Petro-Canada
	5.350%, 07/15/2033		955		837
Tengizcheveroil Finance
	6.124%, 11/15/2014 (d)		1,250		1,247
Tesoro
	6.625%, 11/01/2015		1,315		1,305
XTO Energy
	6.100%, 04/01/2036		1,905		1,859
					8,038
Finance – 0.4%
Capital One Capital III
	7.686%, 08/15/2036 (b)		1,535		1,739
Gazprombank
	6.500%, 09/23/2015		720		720
					2,459
Insurance – 1.1%
Liberty Mutual Group
	6.500%, 03/15/2035 (a) (d)		1,195		1,165
Marsh & McLennan
	5.750%, 09/15/2015		2,250		2,213
Unumprovident
	5.997%, 05/15/2008		1,040		1,044
ZFS Finance USA Trust II
	6.450%, 12/15/2065 (d)		2,045		2,086
					6,508
Natural Gas – 0.3%
Enterprise Products
	8.375%, 08/01/2066		860		931
Southern Union
	7.200%, 11/01/2066		715		705
					1,636
Real Estate – 0.8%
Greentown China Holdings
	9.000%, 11/08/2013 (d) (e)		1,185		1,221
Health Care Properties – REIT Series MTN
	6.300%, 09/15/2016		1,355		1,376
Prologis 2006 – REIT
	5.750%, 04/01/2016		2,275		2,289
					4,886
Sovereigns – 3.8%
Bundersrepublic Deutschland
	3.250%, 07/04/2015 (f)                             EUR		5,100		6,399
Federal Republic of Brazil
	6.000%, 01/17/2017 (e)	$	3,055		3,009
Republic of Venezuela
	9.250%, 09/15/2027 (b) (e)		1,940		2,474
Russian Federation 5.000% through 03/31/2007 thereafter 7.500%
	5.000%, 03/31/2030 (d)		1,070		1,210

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

36      First American Funds Semiannual Report 2006

Total Return Bond Fund (continued)
DESCRIPTION			PAR		VALUE
United Kingdom Gilt Treasury
		4.750%, 03/07/2020 (f)                             GBP		4,400	$	8,704
United Mexican States
		5.625%, 01/15/2017 (b)	$	1,095		1,096
						22,892
Technology – 0.9%
Avnet
		6.000%, 09/01/2015		1,145		1,129
Chartered Semiconductor
		6.375%, 08/03/2015		590		593
Freescale Semiconductor
		9.125%, 12/15/2014 (d)		560		556
LG Electronics
		5.000%, 06/17/2010 (d)		785		769
NXP BV/ NXP Funding
		7.875%, 10/15/2014 (b) (d) (e)		775		801
Seagate Technology
		6.375%, 10/01/2011 (e)		1,320		1,320
						5,168
Transportation – 0.1%
Hertz
		8.875%, 01/01/2014 (d)		500		524
Total Corporate Bonds (Cost $105,801)						106,534
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 17.3%
Adjustable Rate (a) – 7.3%
Citigroup Mortgage Loan Trust Series 2005-7, Class 2A1A
		4.861%, 09/25/2035		2,061		2,033
GMAC Mortgage Corporation Loan Trust Series 2003-AR2, Class 4A1
		4.733%, 12/19/2033		2,568		2,499
GSR Mortgage Loan Trust Series 2005-AR1, Class B1
		4.880%, 01/25/2035		2,233		2,199
J.P. Morgan Trust Series 2004-A1, Class 3A1
		4.974%, 02/25/2034		4,769		4,658
Residential Funding Mortgage Securities I Series 2006-SA2, Class 4A1
		5.879%, 08/25/2036		3,089		3,081
Wachovia Mortgage Loan Trust Series 2005-B, Class 1A1
		4.957%, 10/20/2035		1,510		1,509
Washington Mutual Series 2003-AR1, Class A5
		3.970%, 03/25/2033		1,327		1,307
	Series 2003-AR10, Class A6
		4.062%, 10/25/2033		5,082		4,985
	Series 2004-AR7, Class A6
		3.943%, 07/25/2034		2,630		2,554
Wells Fargo Mortgage Backed Securities Trust Series 2003-O, Class 5A1
		4.806%, 01/25/2034		6,629		6,476
	Series 2004-C, Class A1
		4.937%, 04/25/2034		4,557		4,433
	Series 2005-AR10, Class 2A5
		4.109%, 06/25/2035		4,214		4,142
	Series 2006-AR1, Class 2A2
		5.561%, 03/25/2036		4,614		4,564
						44,440
Fixed Rate – 10.0%
ABN AMRO Mortgage Series 2003-7, Class A1
		4.750%, 07/25/2018		2,962		2,878
Chase Mortgage Finance Series 2003-S12, Class 1A1
		4.750%, 12/25/2018		2,830		2,760
	Series 2003-S11, Class 1A1
		5.000%, 10/25/2033		2,961		2,835
	Series 2003-S13, Class A16
		5.000%, 11/25/2033		7,605		7,345
Chaseflex Trust Series 2005-2, Class 4A1
		5.000%, 05/25/2020		3,187		3,110
Citigroup Mortgage Loan Trust Series 2005-WF1, Class A2
		4.490%, 02/25/2035		2,000		1,978
Countrywide Alternative Loan Trust Series 2004-12CB, Class 1A1
		5.000%, 07/25/2019		1,537		1,504
	Series 2004-24CB, Class 2A1
		5.000%, 11/25/2019		2,007		1,959
Credit Suisse First Boston Mortgage Securities Series 2005-3, Class 5A1
		5.500%, 07/25/2020		2,220		2,215
First Horizon Mortgage Pass-Through Trust Series 2004-4, Class 2A1
		4.500%, 07/25/2019		983		974
GSMPS Mortgage Loan Trust Series 2003-1, Class B1
		6.937%, 03/25/2043		3,114		3,185
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1
		5.500%, 08/25/2019		1,039		1,036
	Series 2005-4F, Class B1
		5.727%, 05/25/2035		2,402		2,362
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A
		6.192%, 11/25/2034		3,331		3,353
Residential Accredit Loans Series 2005-QS12, Class A7
		5.500%, 08/25/2035		4,038		4,034
Residential Funding Mortgage Securities I Series 2004-S9, Class 2A1
		4.750%, 12/25/2019		1,508		1,468
Washington Mutual Series 2002-S8, Class 2A7
		5.250%, 01/25/2018		7,067		6,965
	Series 2004-CB1, Class 1A
		5.250%, 06/25/2019		2,186		2,166
Wells Fargo Mortgage Backed Securities Trust Series 2004-7, Class 2A2
		5.000%, 07/25/2019		5,555		5,437
	Series 2004-8, Class A1
		5.000%, 08/25/2019		3,308		3,231
						60,795
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $105,063)						105,235

First American Funds Semiannual Report 2006       37

Schedule of  Investments continued

Total Return Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Asset-Backed Securities – 17.0%
Automotive – 2.1%
FTN Financial Auto Securitization Trust Series 2004-A, Class A
		2.050%, 06/15/2010 (d)	$	2,171	$	2,167
Harley Davidson Motorcycle Trust Series 2005-4, Class A2
		4.850%, 06/15/2012		1,190		1,183
Hertz Vehicle Financing Series 2005-2A, Class A6
		5.080%, 11/25/2011 (d)		2,690		2,673
Triad Auto Receivables Owner Trust Series 2006-A, Class A3
		4.770%, 01/12/2011		2,195		2,182
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4
		4.860%, 04/20/2012		4,255		4,230
						12,435
Commercial – 12.8%
Banc of America Commercial Mortgage Series 2006-2, Class A4
		5.741%, 05/10/2045		785		812
Bear Stearns Commercial Mortgage Securities Series 2005-PW10, Class A4
		5.405%, 12/11/2040 (b)		1,750		1,758
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX
		5.449%, 02/05/2019 (d)		1,805		1,816
	Series 2005-LP5, Class A2
		4.630%, 05/10/2043		5,750		5,650
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2
		6.538%, 06/15/2031		2,157		2,172
GE Capital Commercial Mortgage Corporation
	Series 2005-C3, Class A2
		4.853%, 07/10/2045		7,405		7,318
GMAC Commercial Mortgage Securities Series 2005-C1, Class A2
		4.471%, 05/10/2043		3,750		3,668
Greenwich Capital Commercial Funding Series 2003-C1, Class A2
		3.285%, 07/05/2035		1,500		1,435
	Series 2005-GG5, Class A2
		5.117%, 04/10/2037		6,625		6,601
	Series 2005-GG5, Class A5
		5.224%, 04/10/2037		7,159		7,108
GS Mortgage Securities II Series 2006-GG8, Class A2
		5.479%, 11/10/2039		12,540		12,652
	Series 2006-GG8, Class A4
		5.560%, 11/10/2039		12,600		12,798
	Series 2006-RR2, Class A1
		5.689%, 06/23/2046 (d)		3,230		3,263
	Series 2006-RR3, Class A1S
		5.659%, 07/18/2056 (d)		4,310		4,377
J.P. Morgan Chase Commercial Mortgage Securities Series 2005-LDP5, Class A4
		5.179%, 12/15/2044		1,510		1,504
LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A2
		5.103%, 11/15/2030		2,500		2,491
Nomura Asset Securities Series 1998-D6, Class A1B
		6.590%, 03/15/2030		2,305		2,333
						77,756
Credit Cards – 0.6%
Citibank Credit Card Issuance Trust Series 2006-A4, Class A4
		5.450%, 05/10/2013		1,860		1,885
MBNA Credit Card Master Note Trust Series 2003-A1, Class A1
		3.300%, 07/15/2010		405		397
	Series 2005-A1, Class A1
		4.200%, 09/15/2010		825		815
Providian Gateway Master Trust Series 2004-DA, Class A
		3.350%, 09/15/2011 (d)		620		612
						3,709
Equipment Leases – 0.1%
Caterpillar Financial Asset Trust Series 2004-A, Class A3
		3.130%, 01/26/2009		586		581
Home Equity – 0.0%
GRMT Mortgage Loan Trust Series 2001-1A, Class M1
		7.772%, 07/20/2031 (d)		218		218
Manufactured Housing – 0.5%
Green Tree Financial Series 1996-8, Class A7
		8.050%, 10/15/2027		404		421
Origen Manufactured Housing Series 2005-A, Class A2
		4.490%, 05/15/2018		2,355		2,322
						2,743
Other – 0.7%
GRP/AG Real Estate Asset Trust Series 2005-1, Class A
		4.850%, 01/25/2035 (d)		148		146
Small Business Administration Series 2006-P10B, Class 1
		5.681%, 08/10/2016		4,116		4,174
						4,320
Recreational Vehicles – 0.2%
J.P. Morgan RV Marine Trust Series 2004-1A, Class A1
		3.120%, 04/15/2011 (d)		1,301		1,287
Total Asset-Backed Securities (Cost $103,225)						103,049
U.S. Government & Agency Securities – 13.6%
U.S. Agency Debentures – 0.9%
Federal National Mortgage Association
		5.250%, 08/01/2012 (b)		5,590		5,617
U.S. Treasuries – 12.7%
U.S. Treasury Bonds
		6.250%, 08/15/2023 (b)		2,570		2,958
		6.875%, 08/15/2025 (b)		6,940		8,592
		4.500%, 02/15/2036 (b)		11,945		11,359

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

38      First American Funds Semiannual Report 2006

Total Return Bond Fund (continued)
DESCRIPTION			PAR/SHARES		VALUE
U.S. Treasury Notes
		4.875%, 08/31/2008 (b)	$	5,455	$	5,455
		4.875%, 10/31/2008		18,000		18,008
		2.375%, 04/15/2011 (b)		4,825		4,806
		4.625%, 08/31/2011 (b)		8,725		8,697
		4.500%, 11/30/2011 (b)		210		208
		2.500%, 07/15/2016 (b)		11,353		11,439
		4.625%, 11/15/2016		5,485		5,449
						76,971
Total U.S. Government & Agency Securities (Cost $83,030)						82,588
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 4.6%
Fixed Rate – 4.6%
Federal Home Loan Mortgage Corporation Series 2937, Class JD
		5.000%, 03/15/2028 (b)		4,000		3,946
	Series 2690, Class OE
		5.000%, 11/15/2028 (b)		4,000		3,934
	Series 2901, Class UB
		5.000%, 03/15/2033 (b)		5,000		4,795
Federal National Mortgage Association Series 2005-44, Class PC
		5.000%, 11/25/2027		7,750		7,636
	Series 2003-81, Class MB
		5.000%, 05/25/2029 (b)		3,375		3,328
	Series 2003-92, Class KH
		5.000%, 03/25/2032		1,810		1,750
	Series 2005-62, Class JE
		5.000%, 06/25/2035		2,774		2,733
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $28,129)						28,122
Common Stocks – 0.5%
Energy – 0.5%
ARC Energy Trust (b) (f)				20,800		398
Baytex Energy Trust				15,459		293
Canadian Oil Sands Trust, ADR				15,050		421
Canetic Resources Trust (b)				33,550		466
Harvest Energy Trust (b)				18,575		417
NAL Oil & Gas Trust (f)				21,219		224
NAL Oil & Gas Trust				5,600		59
Penn West Energy Trust (b)				8,795		269
Peyto Energy Trust (b) (f)				23,000		349
Total Common Stocks (Cost $2,987)						2,896
Municipal Bond – 0.3%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
		6.950%, 09/01/2016
		(Cost $2,000)	$	2,000		2,043
Convertible Security – 0.1%
Basic Industry – 0.1%
Coeur d’Alene Mines
		1.250%, 01/15/2024
		(Cost $876)		900		851

Total Return Bond Fund (continued)
DESCRIPTION			CONTRACTS/SHARES/PAR		VALUE
Options Purchased – 0.0%
Call Options Purchased – 0.0%
Euro FX Currency Futures, January 2007 Futures Call Expires 01/05/2007 Exercise Price $1.35				48	$	2
Euro FX Currency Futures, January 2007 Futures Call Expires 01/05/2007 Exercise Price $1.36				72		1
Japanese Yen Currency Futures, January 2007 Futures Call Expires 01/05/2007 Exercise Price $89.00				176		1
Japanese Yen Currency Futures, January 2007 Futures Call Expires 01/05/2007 Exercise Price $89.50				48		—
						4
Put Options Purchased – 0.0%
Euro FX Currency Futures, January 2007 Futures Put Expires 01/05/2007 Exercise Price $1.31				72		9
Total Options Purchased (Cost $200)						13
Short-Term Investments – 13.0%
Money Market Fund – 12.8%
First American Prime Obligations Fund, Class Z (g)				77,895,474		77,895
U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill
	4.783%, 04/05/2007 (h)		$	1,055		1,042
Total Short-Term Investments (Cost $78,937)						78,937
Investments Purchased with Proceeds from Securities Lending (i) – 25.3%
		(Cost $153,483)				153,483
Total Investments – 136.7% (Cost $830,914)						830,116
Other Assets and Liabilities, Net – (36.7)%						(222,746	)
Total Net Assets – 100.0%					$	607,370

(a)	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006.
(b)	This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a market value of $149,722 at December 31, 2006. See note 2 in Notes to Financial Statements.
(c)	Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $34,870 or 5.7% of total net assets. See note 2 in Notes to Financial Statements.
(d)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $38,498 or 6.3% of total net assets. See note 2 in Notes to Financial Statements.
(e)	Represents a foreign high yield (non-investment grade) U.S. dollar denominated bond. On December 31, 2006, the value of these investments was $16,700, which represents 2.7% of total net assets.

First American Funds Semiannual Report 2006       39

Schedule of  Investments continued

Total Return Bond Fund (continued)

(f)  Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted.

(g)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
(h)	Security has been deposited as initial margin on open futures contracts and swap agreements. Rate shown is the rate in effect at December 31, 2006. See note 2 in Notes to Financial Statements.

(i)  The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in various short-term, fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
British Pounds Currency Futures		48		$	5,872		March 2007	$	(28	)
Canadian Currency Futures		71			6,107		March 2007		(101	)
Euro Currency Futures		79			13,071		March 2007		10
Euro Bund Futures		10			1,532		March 2007		(12	)
Eurodollar 90 Day Futures		(183	)		(173,940	)	December 2007		91
Japanese Yen Currency Futures		84			8,908		March 2007		(112	)
Japanese 10 Year Bond Futures		(29	)		(32,666	)	March 2007		35
U.S. Treasury 2 Year Note Futures		249			50,804		March 2007		(183	)
U.S. Treasury 5 Year Note Futures		(12	)		(1,261	)	March 2007		6
U.S. Treasury Long Bond Futures		135			15,044		March 2007		(241	)
								$	(535	)

Credit Default Swap Agreements

Pay/

Unrealized

Reference

Buy/Sell

Receive

Expiration

Notional

Appreciation

Counterparty

Entity

Protection

Fixed Rate

Date

Amount

(Depreciation)

J.P. Morgan

ABX-HE-BBB

Sell

2.420%

5/25/2046

$

6,450

$

(116

)

Dow Jones CDX

J.P. Morgan

HY6 Index

Sell

3.450%

6/20/2011

5,940

243

Dow Jones CDX

J.P. Morgan

HY7 Index

Sell

3.250%

12/20/2011

18,000

(3

)

J.P. Morgan

The Kroger Company

Buy

0.350%

12/20/2011

1,300

(2

)

J.P. Morgan

Safeway, Inc.

Buy

0.410%

12/20/2011

1,300

(3

)

Turkey Government

J.P. Morgan

International Bond

Buy

1.870%

12/20/2011

4,300

(48

)

Dow Jones CDX

UBS

HY7 Index

Sell

3.250%

12/20/2011

15,000

(11

)

$

60

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Receive

5.303%

10/26/2008

$

64,000

$

(113

)

Citigroup

3-Month LIBOR

Pay

5.360%

10/26/2016

16,000

221

UBS

3-Month LIBOR

Receive

5.050%

9/27/2008

12,000

32

$

140

Schedule of Open Written Call Options

							Number
	Exercise		Premium		Expiration		of
Option	Price		Received		Date		Contracts		Value
Euro-Bond Futures – March 2007		$120.00		$24		3/8/2007		109	$	(2	)

Schedule of Open Written Put Options

							Number
	Exercise		Premium		Expiration		of
Option	Price		Received		Date		Contracts		Value
Euro-Bond Futures – March 2007		$116.00		$33		3/8/2007		145	$	(132	)

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

40      First American Funds Semiannual Report 2006

U.S. Government Mortgage Fund
DESCRIPTION			PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 92.7%
Adjustable Rate (a) – 2.9%
Federal National Mortgage Association Pool
		4.863%, 09/01/2035, #745168 (b)	$	4,946	$	4,891
Fixed Rate – 89.8%
Federal Home Loan Mortgage Corporation Pool
		7.500%, 04/01/2008, #E45929		8		8
		7.000%, 07/01/2011, #E20252		28		29
		7.000%, 11/01/2011, #E65619		2		2
		7.500%, 09/01/2012, #G10735		136		141
		6.000%, 10/01/2013, #E72802		241		245
		5.500%, 01/01/2014, #E00617		908		911
		7.000%, 09/01/2014, #E00746		154		158
		5.000%, 04/01/2020, #B18125		3,224		3,168
		6.000%, 09/01/2022, #C90580		665		675
		6.500%, 01/01/2028, #G00876		405		415
		6.500%, 11/01/2028, #C00676		904		928
		7.500%, 01/01/2030, #C35768		64		67
		6.500%, 03/01/2031, #G01244		681		699
		5.000%, 09/01/2033, #C01622		2,108		2,038
		6.000%, 08/01/2036, #A51416		1,226		1,235
Federal National Mortgage Association Pool
		7.000%, 11/01/2011, #250738		13		14
		7.000%, 11/01/2011, #349630		13		14
		7.000%, 11/01/2011, #351122		19		19
		6.000%, 04/01/2013, #425550		160		162
		6.500%, 08/01/2013, #251901		136		139
		6.000%, 11/01/2013, #556195		221		225
		7.000%, 10/01/2014, #252799		102		105
		5.500%, 04/01/2016, #580516		787		790
		6.500%, 07/01/2017 #254373		919		942
		7.000%, 07/01/2017, #254414		872		896
		5.500%, 12/01/2017, #673010 (b)		664		665
		5.500%, 04/01/2018, #695765		857		859
		4.500%, 05/01/2018, #254720 (b)		4,062		3,928
		5.000%, 07/01/2018, #555621 (b)		1,383		1,363
		5.000%, 11/01/2018, #750989		2,948		2,904
		5.500%, 09/01/2019, #725793		3,684		3,691
		6.000%, 12/01/2021, #254138		617		626
		6.000%, 01/01/2022, #254179		731		741
		6.500%, 06/01/2022, #254344		686		703
		6.000%, 10/01/2022, #254513 (b)		802		813
		5.500%, 10/01/2024, #255456		2,109		2,098
		5.500%, 02/01/2025, #255628		1,512		1,504
		7.000%, 12/01/2027, #313941		474		490
		6.000%, 01/01/2029 (c)		10,795		10,866
		7.000%, 09/01/2031, #596680		1,174		1,204
		6.500%, 12/01/2031, #254169		1,263		1,286
		6.000%, 04/01/2032, #745101		3,714		3,784
		6.500%, 06/01/2032, #596712		3,145		3,205
		6.500%, 07/01/2032, #545759		1,427		1,460
		7.000%, 07/01/2032, #545815 (b)		294		303
		6.000%, 08/01/2032, #656269 (b)		1,020		1,038
		5.500%, 03/01/2033, #689109		2,663		2,636
		5.500%, 04/01/2033, #703392 (b)		3,020		2,989
		5.500%, 05/01/2033, #704523		2,209		2,187
		5.500%, 06/01/2033, #843435 (b)		3,689		3,652
		5.500%, 07/01/2033, #726520 (b)		2,991		2,960
		5.500%, 07/01/2033, #728667		1,748		1,730
		4.500%, 08/01/2033, #555680 (b)		2,119		1,991
		5.000%, 08/01/2033, #736158 (b)		2,773		2,682
		5.500%, 08/01/2033, #728855		1,642		1,625
		5.500%, 08/01/2033, #733380 (b)		2,321		2,297
		5.000%, 09/01/2033, #734566		3,074		2,974
		5.000%, 10/01/2033, #747533 (b)		2,972		2,875
		5.500%, 11/01/2033, #555967 (b)		3,312		3,278
		5.500%, 12/01/2033, #756202 (b)		1,949		1,929
		5.000%, 01/01/2034 (c)		7,500		7,240
		5.500%, 01/01/2034 (c)		18,000		17,786
		6.000%, 01/01/2034, #763687		2,562		2,581
		5.500%, 04/01/2034, #774999		1,131		1,119
		5.000%, 05/01/2034, #780889 (b)		5,276		5,101
		6.500%, 06/01/2034, #735273 (b)		1,974		2,019
		4.500%, 09/01/2034, #725866		1,270		1,192
		5.000%, 09/01/2034, #725772 (b)		4,907		4,744
		5.500%, 03/01/2035, #815979		1,433		1,417
		6.500%, 08/01/2036, #893318		4,901		4,994
		5.000%, 12/01/2036, #904147		3,000		2,896
Government National Mortgage Association Pool
		9.000%, 11/15/2009, #359559		18		19
		8.000%, 10/15/2010, #414750		64		66
		7.500%, 12/15/2022, #347332		106		110
		7.000%, 09/15/2027, #455304		20		20
		6.500%, 07/15/2028, #780825		725		746
		6.500%, 08/20/2031, #003120		299		307
		7.500%, 12/15/2031, #570134		157		164
		6.000%, 09/15/2034, #633605 (b)		2,153		2,185
						148,067
Total U.S. Government Agency Mortgage-Backed Securities (Cost $154,818)						152,958
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 19.3%
Adjustable Rate (a) – 2.0%
Sequoia Mortgage Trust
	Series 2004-5, Class X1
		0.800%, 06/20/2034 (d)		34,453		196
Wells Fargo Mortgage Backed Securities Trust
	Series 2003-D, Class A1
		4.802%, 03/25/2033		793		797
	Series 2006-AR1, Class 2A2
		5.561%, 03/25/2036		2,431		2,405
						3,398
Fixed Rate – 17.3%
Chase Mortgage Finance Corporation Series 2003-S10, Class A1
		4.750%, 11/25/2018		2,904		2,810
Countrywide Alternative Loan Trust Series 2004-24CB, Class 1A1
		6.000%, 11/25/2034		1,562		1,562
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7
		6.500%, 01/25/2035		1,865		1,887
GSMPS Mortgage Loan Trust Series 2003-1, Class B1
		6.937%, 03/25/2043		1,024		1,047
GSR Mortgage Loan Trust Series 2005-4F, Class B1
		5.727%, 05/25/2035		1,441		1,417
Master Alternative Loans Trust Series 2005-2, Class 1A3
		6.500%, 03/25/2035		939		948
Master Asset Securitization Trust Series 2003-6, Class 3A1
		5.000%, 07/25/2018		990		979

First American Funds Semiannual Report 2006       41

Schedule of  Investments continued

U.S. Government Mortgage Fund (continued)
DESCRIPTION			PAR		VALUE
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A
		6.192%, 11/25/2034	$	2,367	$	2,383
Residential Accredit Loans Series 2003-QS12, Class M1
		5.000%, 06/25/2018		950		927
Residential Asset Mortgage Products Series 2003-SL1, Class M1
		7.317%, 04/25/2031		2,741		2,837
	Series 2004-SL4, Class A3
		6.500%, 07/25/2032		2,080		2,114
Residential Funding Mortgage Securitization Trust Series 2003-S8, Class A1
		5.000%, 05/25/2018		2,579		2,525
Washington Mutual Series 2003-S13, Class 21A1
		4.500%, 12/25/2018		2,093		2,012
Washington Mutual MSC Mortgage Series 2003-MS9, Class CB1
		7.453%, 04/25/2033		1,593		1,650
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Class A1
		4.750%, 12/25/2018		3,532		3,418
						28,516
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $32,528)						31,914
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 4.1%
Fixed Rate – 4.1%
Federal Home Loan Mortgage Corporation Series 2382, Class DA
		5.500%, 10/15/2030		318		319
Federal National Mortgage Association Series 2004-29, Class WG
		4.500%, 05/25/2019		2,000		1,868
	Series 2003-92, Class KH
		5.000%, 03/25/2032		3,645		3,525
	Series 2002-W1, Class 2A
		7.500%, 02/25/2042		999		1,036
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
		(Cost $6,814)				6,748
Asset-Backed Securities – 3.6%
Commercial – 3.1%
GS Mortgage Securities II Series 2006-GG8, Class A2
		5.479%, 11/10/2039		5,000		5,045
Home Equity – 0.0%
GRMT Mortgage Loan Trust Series 2001-1A, Class M1
		7.772%, 07/20/2031 (e)		73		72
Manufactured Housing – 0.5%
Origen Manufactured Housing Series 2005-B, Class M1
		5.990%, 01/15/2037		750		743
Total Asset-Backed Securities (Cost $5,915)						5,860
Short-Term Investments – 2.2%
Money Market Fund – 2.1%
First American Government Obligations Fund, Class Z (f)				3,520,444	$	3,520
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
		4.783%, 04/05/2007 (g)	$	105		104
Total Short-Term Investments (Cost $3,624)						3,624
Investments Purchased with Proceeds from Securities Lending (h) – 32.5%
		(Cost $53,641)				53,641
Total Investments – 154.4% (Cost $257,340)						254,745
Other Assets and Liabilities, Net – (54.4)%						(89,810	)
Total Net Assets – 100.0%					$	164,935

(a)	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006.
(b)	This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $51,703 at December 31, 2006. See note 2 in Notes to Financial Statements.
(c)	Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $36,076 or 21.9% of total net assets. See note 2 in Notes to Financial Statements.
(d)	Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of December 31, 2006.
(e)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” This security has been determined to be liquid under guidelines established by the fund’s board of directors. As of December 31, 2006, the value of this investment was $72 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(f)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

(g)	Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements.
(h)	The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

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

42      First American Funds Semiannual Report 2006

U.S. Government Mortgage Fund (concluded)

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
	(Sold)			Value			Month	(Depreciation)
Description
U.S. Treasury 2 Year Note Futures		74		$	15,098		March 2007	$	(51	)
U.S. Treasury 5 Year Note Futures		(138	)		(14,499	)	March 2007		115
U.S. Treasury 10 Year Note Futures		(89	)		(9,565	)	March 2007		116
								$	180

Credit Default Swap Agreements

Pay/

Reference

Buy/Sell

Receive

Expiration

Notional

Unrealized

Counterparty

Entity

Protection

Fixed Rate

Date

Amount

Depreciation

J.P. Morgan

ABX-HE-BBB

Sell

2.420%

05/25/2046

$

600

$

(24

)

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Receive

5.303%

10/26/2008

$

22,000

$

(39

)

Citigroup

3-Month LIBOR

Pay

5.360%

10/26/2016

5,000

69

UBS

3-Month LIBOR

Receive

5.050%

09/27/2008

4,000

11

$

41

First American Funds Semiannual Report 2006       43

Statements of  Assets and Liabilities December 31, 2006 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data

							Inflation
	Core			High Income			Protected
	Bond Fund			Bond Fund			Securities Fund
Investments in unaffiliated securities, at cost	$	1,745,873		$	253,425		$	338,572
Investments in affiliated money market fund, at cost		60,129			3,994			—
Investments purchased with proceeds from securities lending, at cost (note 2)		599,586			46,593			172,705
Premiums received on options written, at cost (note 6)		—			—			—
Cash denominated in foreign currencies, at cost		—			—			438
ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	1,729,690		$	259,077		$	331,039
Investments in affiliated money market fund, at value (note 2)		60,129			3,994			—
Investments purchased with proceeds from securities lending, at value (note 2)		599,586			46,593			172,705
Cash		3,908			185			891
Receivable for dividends and interest		11,925			5,120			2,912
Receivable for investment securities sold		279			—			—
Receivable for capital shares sold		1,956			304			299
Receivable for swap agreements		191			—			558
Receivable for variation margin		2			16			40
Receivable from advisor		—			—			—
Prepaid expenses and other assets		39			37			34
Total assets		2,407,705			315,326			508,478
LIABILITIES:
Cash denominated in foreign currencies, at value		—			—			435
Liabilities for options written, at value		—			—			—
Bank overdraft		—			—			—
Dividends payable		4,766			1,492			557
Payable upon return of securities loaned (note 2)		599,586			46,593			172,705
Payable for investment securities purchased		3,481			502			—
Payable for investment securities purchased on a when-issued basis		54,028			—			—
Payable for capital shares redeemed		9,191			123			1,222
Payable for variation margin		—			—			—
Payable for swap agreements		—			—			—
Payable to affiliates (note 3)		1,061			184			176
Payable for distribution and shareholder servicing fees		33			20			2
Accrued expenses and other liabilities		29			30			34
Total liabilities		672,175			48,944			175,131
Net assets	$	1,735,530		$	266,382		$	333,347
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,777,260		$	266,359		$	355,955
Undistributed (distributions in excess of) net investment income		187			(39	)		(4,831	)
Accumulated net realized loss on investments (note 2)		(25,374	)		(5,679	)		(10,496	)
Net unrealized appreciation (depreciation) of investments		(16,183	)		5,657			(7,533	)
Net unrealized appreciation (depreciation) on futures contracts		(613	)		84			(103	)
Net unrealized appreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		—			—			3
Net unrealized depreciation on options written		—			—			—
Net unrealized appreciation (depreciation) on swap agreements		253			—			352
Net assets	$	1,735,530		$	266,382		$	333,347
* Including securities loaned, at value	$	582,947		$	45,283		$	168,716

(1)   Due to the presentation of the financial statements in thousands, the number rounds to zero.

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

44      First American Funds Semiannual Report 2006

Intermediate
Government			Intermediate Term			Short Term			Total Return			U.S. Government
Bond Fund			Bond Fund			Bond Fund			Bond Fund			Mortgage Fund
$	37,598		$	851,376		$	471,822		$	599,536		$	200,179
	355			—			—			77,895			3,520
	—			354,757			162,322			153,483			53,641
	—			—			—			57			—
	—			—			—			238			—
$	37,079		$	846,066		$	467,442		$	598,738		$	197,584
	355			—			—			77,895			3,520
	—			354,757			162,322			153,483			53,641
	—			—			739			—			—
	424			8,386			2,989			4,753			748
	—			180			175			17,888			—
	59			7,325			207			3,921			97
	—			98			—			744			10
	—			—			—			—			15
	5			—			—			—			—
	22			22			23			39			36
	37,944			1,216,834			633,897			857,461			255,651
	—			—			—			232			—
	—			—			—			134			—
	—			1,242			—			1,533			119
	303			1,966			1,287			1,717			463
	—			354,757			162,322			153,483			53,641
	—			—			—			55,828			—
	—			—			—			34,870			36,076
	304			7,059			2,588			1,907			282
	—			15			7			15			—
	—			—			8			—			—
	22			514			234			331			90
	—	(1)		5			9			8			12
	32			37			35			33			33
	661			365,595			166,490			250,091			90,716
$	37,283		$	851,239		$	467,407		$	607,370		$	164,935
$	39,781		$	878,723		$	490,819		$	627,004		$	173,732
	(324	)		7			(423	)		(16	)		(26	)
	(1,655	)		(22,218	)		(18,533	)		(18,417	)		(6,373	)
	(519	)		(5,310	)		(4,380	)		(798	)		(2,595	)
	—			(92	)		(40	)		(535	)		180
	—			—			—			9			—
	—			—			—			(77	)		—
	—			129			(36	)		200			17
$	37,283		$	851,239		$	467,407		$	607,370		$	164,935
	—		$	345,504		$	157,506		$	149,722		$	51,703

First American Funds Semiannual Report 2006       45

Statements of  Assets and Liabilities continued

					Inflation
	Core		High Income		Protected
	Bond Fund		Bond Fund		Securities Fund
Class A:
Net assets	$	116,421	$	34,655	$	4,566
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		10,626		3,591		485
Net asset value and redemption price per share	$	10.96	$	9.65	$	9.42
Maximum offering price per share (1)	$	11.45	$	10.08	$	9.84
Class B:
Net assets	$	12,496	$	5,995		—
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1,149		624		—
Net asset value, offering price, and redemption price per share (2)	$	10.87	$	9.61		—
Class C:
Net assets	$	4,481	$	8,536	$	382
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		410		888		41
Net asset value per share (2)	$	10.92	$	9.62	$	9.40
Class R:
Net assets	$	47	$	78	$	892
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		4		8		95
Net asset value, offering price, and redemption price per share	$	10.98	$	9.79	$	9.42
Class Y:
Net assets	$	1,602,085	$	217,118	$	327,507
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		146,268		22,483		34,751
Net asset value, offering price, and redemption price per share	$	10.95	$	9.66	$	9.42

(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge. For a description of front-end sales charges, see note 1 in Notes to Financial Statements.
(2)	Class B and C have a contingent deferred sales charge. For a description of this sales charges, see notes 1 and 3 in Notes to Financial Statements.

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

46      First American Funds Semiannual Report 2006

Intermediate
Government		Intermediate Term		Short Term		Total Return		U.S. Government
Bond Fund		Bond Fund		Bond Fund		Bond Fund		Mortgage Fund
$	1,653	$	33,788	$	73,296	$	13,766	$	15,528
	206		3,432		7,395		1,376		1,489
$	8.05	$	9.85	$	9.91	$	10.01	$	10.43
$	8.24	$	10.08	$	10.14	$	10.45	$	10.89
	—		—		—	$	3,288	$	5,664
	—		—		—		330		542
	—		—		—	$	9.97	$	10.45
	—		—		—	$	2,245	$	4,138
	—		—		—		225		398
	—		—		—	$	9.95	$	10.39
	—		—		—	$	193	$	9
	—		—		—		19		1
	—		—		—	$	10.06	$	10.42
$	35,630	$	817,451	$	394,111	$	587,878	$	139,596
	4,427		83,305		39,747		58,771		13,380
$	8.05	$	9.81	$	9.92	$	10.00	$	10.43

First American Funds Semiannual Report 2006       47

Statements of  Operations For the six-month period ended December 31, 2006 (unaudited), all dollars are rounded to thousands (000)

							Inflation
	Core			High Income			Protected
	Bond Fund			Bond Fund			Securities Fund
INVESTMENT INCOME:
Interest income from unaffiliated securities	$	45,816		$	9,771		$	5,270
Dividends from affiliated money market fund		881			135			94
Dividends from unaffiliated securities		—			452			26
Less: Foreign taxes withheld		—			(16	)		(4	)
Securities lending income		340			48			76
Other income		—			—			—
Total investment income		47,037			10,390			5,462
EXPENSES (note 3):
Investment advisory fees		4,594			923			887
Administration fees		2,062			314			401
Transfer agent fees		116			59			49
Custodian fees		49			7			9
Professional fees		33			24			25
Registration fees		27			28			23
Postage and printing fees		34			5			6
Directors’ fees		19			9			10
Other expenses		12			10			10
Distribution and shareholder servicing fees – Class A		159			43			6
Distribution and shareholder servicing fees – Class B		67			30			—
Distribution and shareholder servicing fees – Class C		24			46			2
Distribution and shareholder servicing fees – Class R		—	(1)		—	(1)		1
Total expenses		7,196			1,498			1,429
Less: Fee waivers (note 3)		(489	)		(254	)		(351	)
Less: Indirect payments from custodian (note 3)		(15	)		(3	)		(2	)
Total net expenses		6,692			1,241			1,076
Investment income – net		40,345			9,149			4,386
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN, FOREIGN CURRENCY TRANSACTIONS, AND SWAP AGREEMENTS – NET (note 5):
Net realized gain (loss) on investments		1,551			1,069			(4,271	)
Net realized loss on futures contracts		(2,603	)		(236	)		(1,891	)
Net realized gain on options written		—			—			—
Net realized gain (loss) on swap agreements		1,576			220			177
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		—			—			(8	)
Net change in unrealized appreciation or depreciation of investments		44,068			11,019			6,792
Net change in unrealized appreciation or depreciation of futures contracts		(1,434	)		46			(539	)
Net change in unrealized appreciation or depreciation of options written		—			—			—
Net change in unrealized appreciation or depreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		—			—			10
Net change in unrealized appreciation or depreciation of swap agreements		734			8			871
Net gain on investments, futures contracts, options written, foreign currency transactions, and swap agreements		43,892			12,126			1,141
Net increase in net assets resulting from operations	$	84,237		$	21,275		$	5,527

(1)   Due to the presentation of the financial statements in thousands, the number rounds to zero.

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

48      First American Funds Semiannual Report 2006

Intermediate
Government			Intermediate Term			Short Term			Total Return			U.S. Government
Bond Fund			Bond Fund			Bond Fund			Bond Fund			Mortgage Fund
$	904		$	21,440		$	10,165		$	12,157		$	4,311
	16			187			242			656			92
	—			—			—			41			—
	—			—			—			(6	)		—
	—			151			62			75			19
	—			—			1			10			—
	920			21,778			10,470			12,933			4,422
	105			2,251			1,281			1,400			418
	61			1,030			586			544			199
	29			32			54			58			58
	1			23			13			13			4
	23			27			26			25			24
	13			13			13			28			25
	1			16			9			8			3
	8			13			11			10			8
	9			10			10			10			10
	2			47			97			19			20
	—			—			—			17			31
	—			—			—			12			23
	—			—			—			1			—	(1)
	252			3,462			2,100			2,145			823
	(123	)		(271	)		(494	)		(332	)		(163	)
	(1	)		(9	)		(7	)		(7	)		(1	)
	128			3,182			1,599			1,806			659
	792			18,596			8,871			11,127			3,763
	(50	)		(4,214	)		(214	)		803			526
	—			(2,205	)		(847	)		(4,622	)		(487	)
	—			—			—			17			—
	—			799			(1,701	)		510			50
	—			—			—			(6	)		—
	777			21,775			5,993			9,637			3,734
	—			(426	)		(307	)		(1,025	)		110
	—			—			—			(77	)		—
	—			—			—			14			—
	—			761			2,261			766			98
	727			16,490			5,185			6,017			4,031
$	1,519		$	35,086		$	14,056		$	17,144		$	7,794

First American Funds Semiannual Report 2006       49

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

		Core
		Bond Fund
		Six-Month			Nine-Month
		Period Ended			Fiscal
		12/31/06			Period Ended			Year Ended
		(unaudited)			6/30/06			9/30/05
OPERATIONS:
Investment income – net		$	40,345		$	59,008		$	71,560
Net realized gain (loss) on investments			1,551			(20,529	)		13,556
Net realized gain (loss) on futures contracts			(2,603	)		1,242			(4,532	)
Net realized gain on options written			—			—			1,881
Net realized gain (loss) on swap agreements			1,576			(564	)		727
Net realized gain (loss) on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency			—			—			—
Net change in unrealized appreciation or depreciation of investments			44,068			(43,955	)		(28,161	)
Net change in unrealized appreciation or depreciation of futures contracts			(1,434	)		719			1,442
Net change in unrealized appreciation or depreciation of options written			—			—			—
Net change in unrealized appreciation or depreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency			—			—			—
Net change in unrealized appreciation or depreciation of swap agreements			734			(432	)		(49	)
Net increase (decrease) in net assets resulting from operations			84,237			(4,511	)		56,424
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(2,698	)		(4,573	)		(6,383	)
	Class B		(239	)		(390	)		(572	)
	Class C		(85	)		(154	)		(240	)
	Class R		(1	)		(1	)		—
	Class Y		(38,658	)		(55,592	)		(68,228	)
Net realized gain on investments:
	Class A		—			(961	)		(120	)
	Class B		—			(99	)		(14	)
	Class C		—			(39	)		(6	)
	Class R		—			—			—
	Class Y		—			(10,418	)		(1,148	)
Return of capital:
	Class A		—			—			—
	Class B		—			—			—
	Class C		—			—			—
	Class R		—			—			—
	Class Y		—			—			—
Total distributions			(41,681	)		(72,227	)		(76,711	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		6,282			13,680			23,283
	Reinvestment of distributions		1,890			4,002			5,127
	Payments for redemptions		(29,676	)		(38,200	)		(50,134	)
Increase (decrease) in net assets from Class A transactions			(21,504	)		(20,518	)		(21,724	)
Class B:
	Proceeds from sales		217			392			1,003
	Reinvestment of distributions		215			443			514
	Payments for redemptions		(2,072	)		(3,458	)		(5,294	)
Decrease in net assets from Class B transactions			(1,640	)		(2,623	)		(3,777	)
Class C:
	Proceeds from sales		211			499			884
	Reinvestment of distributions		78			187			239
	Payments for redemptions		(1,105	)		(2,513	)		(2,913	)
Increase (decrease) in net assets from Class C transactions			(816	)		(1,827	)		(1,790	)
Class R:
	Proceeds from sales		11			21			15
	Reinvestment of distributions		1			1			—
	Payments for redemptions		(1	)		(2	)		—
Increase in net assets from Class R transactions			11			20			15
Class Y:
	Proceeds from sales		253,351			371,109			403,595
	Reinvestment of distributions		12,196			21,911			22,339
	Payments for redemptions		(382,610	)		(368,968	)		(422,205	)
Increase (decrease) in net assets from Class Y transactions			(117,063	)		24,052			3,729
Increase (decrease) in net assets from capital share transactions			(141,012	)		(896	)		(23,547	)
Total increase (decrease) in net assets			(98,456	)		(77,634	)		(43,834	)
Net assets at beginning of period			1,833,986			1,911,620			1,955,454
Net assets at end of period		$	1,735,530		$	1,833,986		$	1,911,620
Undistributed (distributions in excess of) net investment income		$	187		$	1,523		$	868

(1)   Due to the presentation of the financial statements in thousands, the number rounds to zero.

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

50      First American Funds Semiannual Report 2006

									Inflation									Intermediate
High Income									Protected									Government
Bond Fund									Securities Fund									Bond Fund
Six-Month			Nine-Month						Six-Month			Nine-Month						Six-Month			Nine-Month
Period Ended			Fiscal						Period Ended			Fiscal						Period Ended			Fiscal
12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended
(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05
$	9,144		$	13,743		$	19,572		$	4,386		$	12,924		$	8,605		$	792		$	1,573		$	3,080
	1,069			2,412			7,856			(4,271	)		(4,813	)		(139	)		(50	)		(1,404	)		54
	(236	)		382			573			(1,891	)		427			11			—			—			64
	—			—			—			—			—			94			—			—			63
	220			257			272			177			7			133			—			—			—
	—			—			—			(8	)		3			—			—			—			—
	11,024			(8,241	)		(9,575	)		6,792			(12,920	)		(1,405	)		777			(4	)		(2,006	)
	46			(34	)		27			(539	)		500			(64	)		—			—			53
	—			—			—			—			—			—			—			—			—
	—			—			—			10			(7	)		—			—			—			—
	8			(98	)		90			871			(609	)		90			—			—			—
	21,275			8,421			18,815			5,527			(4,488	)		7,325			1,519			165			1,308
	(1,186	)		(1,758	)		(2,729	)		(141	)		(272	)		(138	)		(46	)		(46	)		(64	)
	(186	)		(306	)		(494	)		—			—			—			—			—			—
	(282	)		(515	)		(929	)		(12	)		(29	)		(17	)		—			—			—
	(2	)		(2	)		(1	)		(12	)		—			—			—			—			—
	(7,707	)		(10,947	)		(15,519	)		(10,452	)		(12,527	)		(7,166	)		(1,104	)		(1,570	)		(3,114	)
	—			—			—			—			(5	)		—			—			(11	)		(84	)
	—			—			—			—			—			—			—			—			—
	—			—			—			—			(1	)		—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			(194	)		(6	)		—			(393	)		(4,844	)
	—			—			(3	)		—			—			—			—			—			—
	—			—			(1	)		—			—			—			—			—			—
	—			—			(1	)		—			—			—			—			—			—
	—			—			—	(1)		—			—			—			—			—			—
	—			—			(15	)		—			—			—			—			—			—
	(9,363	)		(13,528	)		(19,692	)		(10,617	)		(13,028	)		(7,327	)		(1,150	)		(2,020	)		(8,106	)
	8,768			7,253			6,693			555			869			7,676			7			305			1,284
	679			1,219			2,001			115			202			100			37			45			134
	(5,927	)		(12,438	)		(18,399	)		(1,088	)		(2,558	)		(869	)		(92	)		(576	)		(1,194	)
	3,520			(3,966	)		(9,705	)		(418	)		(1,487	)		6,907			(48	)		(226	)		224
	249			481			760			—			—			—			—			—			—
	97			182			310			—			—			—			—			—			—
	(611	)		(1,738	)		(2,383	)		—			—			—			—			—			—
	(265	)		(1,075	)		(1,313	)		—			—			—			—			—			—
	515			623			521			85			159			886			—			—			—
	166			451			828			11			29			17			—			—			—
	(2,430	)		(4,393	)		(5,303	)		(262	)		(440	)		(44	)		—			—			—
	(1,749	)		(3,319	)		(3,954	)		(166	)		(252	)		859			—			—			—
	4			74			45			943			1			1			—			—			—
	1			1			1			12			—			—			—			—			—
	(4	)		(4	)		(43	)		(39	)		(1	)		—			—			—			—
	1			71			3			916			—			1			—			—			—
	31,838			47,522			75,166			96,685			103,440			294,003			4,381			7,101			14,803
	1,112			1,446			1,986			2,804			3,541			2,104			368			664			4,328
	(30,876	)		(47,035	)		(103,437	)		(84,956	)		(41,339	)		(26,687	)		(12,257	)		(32,533	)		(72,879	)
	2,074			1,933			(26,285	)		14,533			65,642			269,420			(7,508	)		(24,768	)		(53,748	)
	3,581			(6,356	)		(41,254	)		14,865			63,903			277,187			(7,556	)		(24,994	)		(53,524	)
	15,493			(11,463	)		(42,131	)		9,775			46,387			277,185			(7,187	)		(26,849	)		(60,322	)
	250,889			262,352			304,483			323,572			277,185			—			44,470			71,319			131,641
$	266,382		$	250,889		$	262,352		$	333,347		$	323,572		$	277,185		$	37,283		$	44,470		$	71,319
$	(39	)	$	180		$	19		$	(4,831	)	$	1,400		$	1,292		$	(324	)	$	34		$	77

First American Funds Semiannual Report 2006       51

Statements of  Changes in Net Assets continued

		Intermediate Term
		Bond Fund
		Six-Month			Nine-Month
		Period Ended			Fiscal
		12/31/06			Period Ended			Year Ended
		(unaudited)			6/30/06			9/30/05
OPERATIONS:
Investment income – net		$	18,596		$	30,772		$	42,144
Net realized gain (loss) on investments			(4,214	)		(12,420	)		(2,596	)
Net realized gain (loss) on futures contracts			(2,205	)		1,169			(730	)
Net realized gain (loss) on options written			—			—			1,217
Net realized gain (loss) on swap agreements			799			(320	)		639
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency			—			—			—
Net change in unrealized appreciation or depreciation of investments			21,775			(15,431	)		(18,673	)
Net change in unrealized appreciation or depreciation of futures contracts			(426	)		227			624
Net change in unrealized appreciation or depreciation of options written			—			—			—
Net change in unrealized appreciation or depreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency			—			—			—
Net change in unrealized appreciation or depreciation of swap agreements			761			(605	)		(27	)
Net increase (decrease) in net assets resulting from operations			35,086			3,392			22,598
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(785	)		(1,298	)		(1,797	)
	Class B		—			—			—
	Class C		—			—			—
	Class R		—			—			—
	Class Y		(18,591	)		(30,598	)		(40,236	)
Net realized gain on investments:
	Class A		—			(166	)		(561	)
	Class B		—			—			—
	Class C		—			—			—
	Class R		—			—			—
	Class Y		—			(3,712	)		(11,243	)
Return of capital:
	Class A		—			—			—
	Class B		—			—			—
	Class C		—			—			—
	Class R		—			—			—
	Class Y		—			—			—
Total distributions			(19,376	)		(35,774	)		(53,837	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		1,989			5,185			8,671
	Reinvestment of distributions		665			1,300			2,041
	Payments for redemptions		(7,815	)		(15,250	)		(24,078	)
Decrease in net assets from Class A transactions			(5,161	)		(8,765	)		(13,366	)
Class B:
	Proceeds from sales		—			—			—
	Reinvestment of distributions		—			—			—
	Payments for redemptions		—			—			—
Decrease in net assets from Class B transactions			—			—			—
Class C:
	Proceeds from sales		—			—			—
	Reinvestment of distributions		—			—			—
	Payments for redemptions		—			—			—
Decrease in net assets from Class C transactions			—			—			—
Class R:
	Proceeds from sales		—			—			—
	Reinvestment of distributions		—			—			—
	Payments for redemptions		—			—			—
Increase in net assets from Class R transactions			—			—			—
Class Y:
	Proceeds from sales		82,237			143,333			245,371
	Reinvestment of distributions		6,903			13,089			20,576
	Payments for redemptions		(185,921	)		(300,854	)		(381,218	)
Increase (decrease) in net assets from Class Y transactions			(96,781	)		(144,432	)		(115,271	)
Increase (decrease) in net assets from capital share transactions			(101,942	)		(153,197	)		(128,637	)
Total increase (decrease) in net assets			(86,232	)		(185,579	)		(159,876	)
Net assets at beginning of period			937,471			1,123,050			1,282,926
Net assets at end of period		$	851,239		$	937,471		$	1,123,050
Undistributed (distributions in excess of) net investment income		$	7		$	787		$	1,447

(1)   Due to the presentation of the financial statements in thousands, the number rounds to zero.

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

52      First American Funds Semiannual Report 2006

Short Term									Total Return									U.S. Government
Bond Fund									Bond Fund									Mortgage Fund
Six-Month			Nine-Month						Six-Month			Nine-Month						Six-Month			Nine-Month
Period Ended			Fiscal						Period Ended			Fiscal						Period Ended			Fiscal
12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended			12/31/06			Period Ended			Year Ended
(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05			(unaudited)			6/30/06			9/30/05
$	8,871		$	15,272		$	25,989		$	11,127		$	11,839		$	12,422		$	3,763		$	6,048		$	8,223
	(214	)		(4,403	)		(6,244	)		803			(4,994	)		5,824			526			(1,518	)		696
	(847	)		2,746			(2,529	)		(4,622	)		1,189			(465	)		(487	)		502			43
	—			—			142			17			8			157			—			—			(102	)
	(1,701	)		(825	)		783			510			(51	)		857			50			(24	)		—
	—			—			—			(6	)		(12	)		(6	)		—			—			—
	5,993			(445	)		(7,121	)		9,637			(8,227	)		(8,750	)		3,734			(4,359	)		(3,451	)
	(307	)		(703	)		1,494			(1,025	)		588			165			110			(36	)		112
	—			—			—			(77	)		—			—			—			—			—
	—			—			—			14			(3	)		(2	)		—			—			—
	2,261			(148	)		(2,149	)		766			(559	)		(7	)		98			(81	)		—
	14,056			11,494			10,365			17,144			(222	)		10,195			7,794			532			5,521
	(1,395	)		(2,415	)		(3,144	)		(348	)		(520	)		(841	)		(354	)		(702	)		(1,230	)
	—			—			—			(68	)		(98	)		(167	)		(110	)		(211	)		(312	)
	—			—			—			(47	)		(67	)		(118	)		(82	)		(168	)		(300	)
	—			—			—			(4	)		—			—			—	(1)		—			—
	(8,155	)		(15,530	)		(23,671	)		(11,222	)		(10,831	)		(11,336	)		(3,265	)		(5,464	)		(7,495	)
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			(43	)		—			—			—			—			—			—
	—			—			—	(1)		—			—			—			—			—			—
	—			—			—	(1)		—			—			—			—			—			—
	—			—			—	(1)		—			—			—			—			—			—
	—			—			(328	)		—			—			—			—			—			—
	(9,550	)		(17,945	)		(27,186	)		(11,689	)		(11,516	)		(12,462	)		(3,811	)		(6,545	)		(9,337	)
	528			2,067			6,342			586			2,182			2,495			1,210			1,271			5,292
	1,045			1,915			2,512			285			429			686			293			599			1,097
	(7,712	)		(22,185	)		(39,475	)		(2,869	)		(5,664	)		(4,969	)		(2,417	)		(9,687	)		(14,192	)
	(6,139	)		(18,203	)		(30,621	)		(1,998	)		(3,053	)		(1,788	)		(914	)		(7,817	)		(7,803	)
	—			—			—			54			106			240			16			326			742
	—			—			—			52			76			125			95			186			275
	—			—			—			(530	)		(792	)		(1,417	)		(1,197	)		(1,607	)		(2,090	)
	—			—			—			(424	)		(610	)		(1,052	)		(1,086	)		(1,095	)		(1,073	)
	—			—			—			174			127			90			100			65			309
	—			—			—			21			58			105			66			157			284
	—			—			—			(489	)		(456	)		(1,107	)		(1,271	)		(1,491	)		(4,390	)
	—			—			—			(294	)		(271	)		(912	)		(1,105	)		(1,269	)		(3,797	)
	—			—			—			179			13			2			3			6			1
	—			—			—			4			—			—			—			—			—
	—			—			—			(8	)		(1	)		—			—			(2	)		—
	—			—			—			175			12			2			3			4			1
	56,550			72,120			149,034			309,107			214,597			94,268			16,220			19,923			35,129
	2,789			5,642			7,911			2,030			1,706			1,633			590			876			960
	(123,735	)		(242,927	)		(459,960	)		(106,713	)		(105,757	)		(58,054	)		(20,951	)		(33,662	)		(45,987	)
	(64,396	)		(165,165	)		(303,015	)		204,424			110,546			37,847			(4,141	)		(12,863	)		(9,898	)
	(70,535	)		(183,368	)		(333,636	)		201,883			106,624			34,097			(7,243	)		(23,040	)		(22,570	)
	(66,029	)		(189,819	)		(350,457	)		207,338			94,886			31,830			(3,260	)		(29,053	)		(26,386	)
	533,436			723,255			1,073,712			400,032			305,146			273,316			168,195			197,248			223,634
$	467,407		$	533,436		$	723,255		$	607,370		$	400,032		$	305,146		$	164,935		$	168,195		$	197,248
$	(423	)	$	256		$	2,148		$	(16	)	$	546		$	117		$	(26	)	$	22		$	132

First American Funds Semiannual Report 2006       53

Financial Highlights  For a share outstanding throughout the indicated period.

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
Core Bond Fund
Class A
	2006 (1) (2)	$	10.71	$	0.23	$	0.30		$	(0.28	)	$	—		$	10.96
	2006 (2) (3)		11.15		0.33		(0.37	)		(0.33	)		(0.07	)		10.71
	2005 (2) (4)		11.27		0.40		(0.09	)		(0.42	)		(0.01	)		11.15
	2004 (2) (4)		11.56		0.38		(0.09	)		(0.41	)		(0.17	)		11.27
	2003 (4)		11.45		0.42		0.15			(0.46	)		—			11.56
	2002 (4)		11.37		0.55		0.08			(0.55	)		—			11.45
Class B
	2006 (1) (2)	$	10.63	$	0.19	$	0.25		$	(0.20	)	$	—		$	10.87
	2006 (2) (3)		11.07		0.26		(0.36	)		(0.27	)		(0.07	)		10.63
	2005 (2) (4)		11.19		0.31		(0.09	)		(0.33	)		(0.01	)		11.07
	2004 (2) (4)		11.48		0.29		(0.09	)		(0.32	)		(0.17	)		11.19
	2003 (4)		11.38		0.35		0.12			(0.37	)		—			11.48
	2002 (4)		11.29		0.47		0.09			(0.47	)		—			11.38
Class C
	2006 (1) (2)	$	10.67	$	0.19	$	0.26		$	(0.20	)	$	—		$	10.92
	2006 (2) (3)		11.12		0.26		(0.37	)		(0.27	)		(0.07	)		10.67
	2005 (2) (4)		11.24		0.31		(0.09	)		(0.33	)		(0.01	)		11.12
	2004 (2) (4)		11.53		0.29		(0.09	)		(0.32	)		(0.17	)		11.24
	2003 (4)		11.42		0.34		0.14			(0.37	)		—			11.53
	2002 (4)		11.34		0.47		0.08			(0.47	)		—			11.42
Class R (5)
	2006 (1) (2)	$	10.73	$	0.22	$	0.25		$	(0.22	)	$	—		$	10.98
	2006 (2) (3)		11.17		0.31		(0.36	)		(0.32	)		(0.07	)		10.73
	2005 (2) (4)		11.30		0.38		(0.10	)		(0.40	)		(0.01	)		11.17
	2004 (2) (4)		11.56		0.38		(0.10	)		(0.37	)		(0.17	)		11.30
	2003 (4)		11.45		0.42		0.15			(0.46	)		—			11.56
	2002 (4)		11.37		0.55		0.08			(0.55	)		—			11.45
Class Y
	2006 (1) (2)	$	10.70	$	0.24	$	0.26		$	(0.25	)	$	—		$	10.95
	2006 (2) (3)		11.15		0.35		(0.38	)		(0.35	)		(0.07	)		10.70
	2005 (2) (4)		11.27		0.42		(0.08	)		(0.45	)		(0.01	)		11.15
	2004 (2) (4)		11.56		0.40		(0.08	)		(0.44	)		(0.17	)		11.27
	2003 (4)		11.45		0.45		0.15			(0.49	)		—			11.56
	2002 (4)		11.37		0.58		0.08			(0.58	)		—			11.45

(1)	For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(2)	Per share data calculated using average shares outstanding method.
(3)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(4)	For the period October 1 to September 30 in the year indicated.
(5)	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(6)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

54      First American Funds Semiannual Report 2006

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return (6)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	4.65	%	$	116,421		0.95	%		4.18	%		1.01	%		4.12	%		65	%
	(0.34	)		134,845		0.95			3.98			1.03			3.90			139
	2.75			161,410		0.95			3.51			1.05			3.41			208
	2.60			184,805		0.95			3.30			1.05			3.20			182
	5.08			191,754		0.95			3.58			1.05			3.48			196
	5.77			122,354		0.95			4.93			1.03			4.85			115
	4.09	%	$	12,496		1.70	%		3.43	%		1.76	%		3.37	%		65	%
	(0.91	)		13,819		1.70			3.23			1.78			3.15			139
	2.00			17,078		1.70			2.76			1.80			2.66			208
	1.83			21,046		1.70			2.58			1.80			2.48			182
	4.23			28,096		1.70			2.83			1.80			2.73			196
	5.12			16,741		1.70			4.17			1.78			4.09			115
	4.17	%	$	4,481		1.70	%		3.43	%		1.76	%		3.37	%		65	%
	(1.01	)		5,183		1.70			3.22			1.78			3.14			139
	1.99			7,266		1.70			2.76			1.80			2.66			208
	1.81			9,132		1.70			2.58			1.80			2.48			182
	4.30			13,424		1.70			2.85			1.80			2.75			196
	5.02			9,672		1.70			4.18			1.78			4.10			115
	4.52	%	$	47		1.20	%		3.91	%		1.32	%		3.79	%		65	%
	(0.51	)		34		1.20			3.77			1.43			3.54			139
	2.51			16		1.20			3.37			1.45			3.12			208
	2.53			1		0.95			3.37			1.05			3.27			182
	5.08			39,236		0.95			3.58			1.05			3.48			196
	5.77			33,270		0.95			4.93			1.03			4.85			115
	4.69	%	$	1,602,085		0.70	%		4.42	%		0.76	%		4.36	%		65	%
	(0.24	)		1,680,105		0.70			4.24			0.78			4.16			139
	3.01			1,725,850		0.70			3.77			0.80			3.67			208
	2.87			1,740,470		0.70			3.58			0.80			3.48			182
	5.34			1,955,909		0.70			3.83			0.80			3.73			196
	6.04			1,204,555		0.70			5.18			0.78			5.10			115

First American Funds Semiannual Report 2006       55

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from			Value
		Beginning		Investment		(Losses) on			Investment			Return of			End of
		of Period		Income		Investments			Income			Capital			Period
High Income Bond Fund (1)
Class A
	2006 (2) (3)	$	9.22	$	0.32	$	0.44		$	(0.33	)	$	—		$	9.65
	2006 (3) (4)		9.41		0.49		(0.20	)		(0.48	)		—			9.22
	2005 (3) (5)		9.45		0.66		(0.04	)		(0.66	)		—	(7)		9.41
	2004 (3) (5)		9.13		0.68		0.32			(0.68	)		—			9.45
	2003 (3) (5)		7.90		0.68		1.24			(0.69	)		—			9.13
	2002 (5)		9.23		0.65		(1.21	)		(0.70	)		(0.07	)		7.90
Class B
	2006 (2) (3)	$	9.18	$	0.29	$	0.43		$	(0.29	)	$	—		$	9.61
	2006 (3) (4)		9.37		0.43		(0.19	)		(0.43	)		—			9.18
	2005 (3) (5)		9.41		0.58		(0.03	)		(0.59	)		—	(7)		9.37
	2004 (3) (5)		9.09		0.61		0.32			(0.61	)		—			9.41
	2003 (3) (5)		7.87		0.61		1.24			(0.63	)		—			9.09
	2002 (5)		9.19		0.69		(1.31	)		(0.63	)		(0.07	)		7.87
Class C
	2006 (2) (3)	$	9.19	$	0.29	$	0.43		$	(0.29	)	$	—		$	9.62
	2006 (3) (4)		9.38		0.43		(0.19	)		(0.43	)		—			9.19
	2005 (3) (5)		9.42		0.58		(0.03	)		(0.59	)		—	(7)		9.38
	2004 (3) (5)		9.10		0.61		0.32			(0.61	)		—			9.42
	2003 (3) (5)		7.89		0.61		1.23			(0.63	)		—			9.10
	2002 (5)		9.21		0.64		(1.27	)		(0.62	)		(0.07	)		7.89
Class R (6)
	2006 (2) (3)	$	9.35	$	0.31	$	0.45		$	(0.32	)	$	—		$	9.79
	2006 (3) (4)		9.53		0.49		(0.20	)		(0.47	)		—			9.35
	2005 (3) (5)		9.60		0.62		(0.04	)		(0.65	)		—	(7)		9.53
	2004 (3) (5)		9.21		0.69		0.32			(0.62	)		—			9.60
	2003 (3) (5)		7.98		0.71		1.22			(0.70	)		—			9.21
	2002 (5)		9.32		0.73		(1.30	)		(0.70	)		(0.07	)		7.98
Class Y
	2006 (2) (3)	$	9.23	$	0.33	$	0.44		$	(0.34	)	$	—		$	9.66
	2006 (3) (4)		9.42		0.51		(0.20	)		(0.50	)		—			9.23
	2005 (3) (5)		9.46		0.68		(0.03	)		(0.69	)		—	(7)		9.42
	2004 (3) (5)		9.13		0.70		0.34			(0.71	)		—			9.46
	2003 (3) (5)		7.92		0.69		1.24			(0.72	)		—			9.13
	2002 (5)		9.24		0.74		(1.28	)		(0.71	)		(0.07	)		7.92

(1)	The financial highlights for the High Income Bond Fund as set forth herein include the historical financial highlights of the First American High Yield Bond Fund Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares. The assets of the First American High Yield Bond Fund were acquired by High Income Bond Fund on March 14, 2003. In connection with such acquisition, Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares of the First American High Yield Bond Fund were exchanged for Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares of High Income Bond Fund, respectively. Historical per-share amounts have been adjusted to reflect the conversion ratios utilized for the merger of the High Income Bond Fund and the First American High Yield Bond Fund.
(2)	For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	Per share data calculated using average shares outstanding method.
(4)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(5)	For the period October 1 to September 30 in the year indicated.
(6)	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(7)	Includes a tax return of capital of less than $0.01.
(8)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

56      First American Funds Semiannual Report 2006

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return (8)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	8.33	%	$	34,655		1.10	%		6.78	%		1.29	%		6.59	%		41	%
	3.14			29,573		1.10			6.94			1.29			6.75			68
	6.74			34,144		1.02			6.88			1.27			6.63			77
	11.30			43,842		1.00			7.25			1.26			6.99			80
	25.30			42,013		1.06			7.72			1.24			7.54			122
	(6.66	)		23,900		1.10			7.64			1.47			7.27			86
	7.96	%	$	5,995		1.85	%		6.03	%		2.04	%		5.84	%		41	%
	2.57			5,988		1.85			6.19			2.04			6.00			68
	5.97			7,191		1.77			6.13			2.02			5.88			77
	10.52			8,521		1.75			6.50			2.01			6.24			80
	24.33			8,939		1.81			7.00			1.99			6.82			122
	(7.26	)		774		1.80			7.49			2.28			7.01			86
	7.95	%	$	8,536		1.85	%		6.03	%		2.04	%		5.84	%		41	%
	2.56			9,873		1.85			6.19			2.04			6.00			68
	5.96			13,403		1.77			6.13			2.02			5.88			77
	10.51			17,349		1.75			6.50			2.01			6.24			80
	24.14			19,685		1.80			7.01			1.98			6.83			122
	(7.34	)		7,213		1.83			7.08			2.26			6.65			86
	8.18	%	$	78		1.35	%		6.54	%		1.62	%		6.27	%		41	%
	3.09			73		1.35			6.82			1.69			6.48			68
	6.23			4		1.33			6.31			1.73			5.91			77
	11.29			1		1.00			7.33			1.26			7.07			80
	25.11			777		1.00			7.86			1.18			7.68			122
	(6.66	)		87		1.01			8.46			1.57			7.90			86
	8.46	%	$	217,118		0.85	%		7.03	%		1.04	%		6.84	%		41	%
	3.34			205,382		0.85			7.19			1.04			7.00			68
	7.01			207,610		0.77			7.13			1.02			6.88			77
	11.69			234,770		0.75			7.49			1.01			7.23			80
	25.29			179,416		0.83			7.97			1.01			7.79			122
	(6.33	)		21,157		0.82			8.19			1.27			7.74			86

First American Funds Semiannual Report 2006       57

Financial Highlights  continued

							Realized and
		Net Asset					Unrealized			Distributions			Distributions			Net Asset
		Value		Net			Gains			from Net			from Net			Value
		Beginning		Investment			(Losses) on			Investment			Realized			End of
		of Period		Income			Investments			Income			Gains			Period
Inflation Protected Securities Fund (1)
Class A
	2006 (2)	$	9.54	$	0.12		$	0.04		$	(0.28	)	$	—		$	9.42
	2006 (3)		10.12		0.38			(0.55	)		(0.40	)		(0.01	)		9.54
	2005 (4)		10.00		0.51			(0.02	)		(0.37	)		—			10.12
Class C
	2006 (2)	$	9.53	$	0.10		$	0.01		$	(0.24	)	$	—		$	9.40
	2006 (3)		10.11		0.31			(0.53	)		(0.35	)		(0.01	)		9.53
	2005 (4)		10.00		0.40			0.02			(0.31	)		—			10.11
Class R
	2006 (2)	$	9.55	$	(0.06	)	$	0.20		$	(0.27	)	$	—		$	9.42
	2006 (3)		10.13		0.38			(0.56	)		(0.39	)		(0.01	)		9.55
	2005 (4)		10.00		0.43			0.05			(0.35	)		—			10.13
Class Y
	2006 (2)	$	9.55	$	0.12		$	0.04		$	(0.29	)	$	—		$	9.42
	2006 (3)		10.13		0.42			(0.57	)		(0.42	)		(0.01	)		9.55
	2005 (4)		10.00		0.51			0.01			(0.39	)		—			10.13

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(4)	Commenced operations on October 1, 2004. All ratios for the period have been annualized, except total return and portfolio turnover.
(5)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

58      First American Funds Semiannual Report 2006

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return (5)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	1.60	%		$  4,566		0.85	%		2.48	%		1.05	%		2.28	%		49	%
	(1.69	)		5,042		0.85			5.20			1.08			4.97			85
	4.93			6,917		0.85			5.04			1.09			4.80			23
	1.11	%		$   382		1.60	%		2.02	%		1.80	%		1.82	%		49	%
	(2.26	)		552		1.60			4.29			1.83			4.06			85
	4.18			855		1.60			3.98			1.84			3.74			23
	1.41	%		$   892		1.10	%		(1.17	)%		1.30	%		(1.37	)%		49	%
	(1.80	)		1		1.10			5.17			1.48			4.79			85
	4.81			1		1.10			4.22			1.49			3.83			23
	1.62	%		$327,507		0.60	%		2.48	%		0.80	%		2.28	%		49	%
	(1.50	)		317,977		0.60			5.73			0.83			5.50			85
	5.24			269,412		0.60			5.05			0.84			4.81			23

First American Funds Semiannual Report 2006       59

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Dividends			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			from			Value
		Beginning		Investment		(Losses) on			Investment			Realized			Return of			End of
		of Period		Income		Investments			Income			Gains			Capital			Period
Intermediate Government Bond Fund
Class A
	2006 (1) (2)	$	7.99	$	0.15	$	0.14		$	(0.23	)	$	—		$	—		$	8.05
	2006 (2) (3)		8.26		0.22		(0.22	)		(0.22	)		(0.05	)		—			7.99
	2005 (2) (4)		8.82		0.27		(0.15	)		(0.28	)		(0.40	)		—			8.26
	2004 (2) (4)		10.01		0.24		(0.16	)		(0.24	)		(1.03	)		—			8.82
	2003 (5)		10.00		0.32		0.02			(0.33	)		—			—			10.01
Class Y
	2006 (1) (2)	$	7.99	$	0.15	$	0.14		$	(0.23	)	$	—		$	—		$	8.05
	2006 (2) (3)		8.25		0.22		(0.20	)		(0.23	)		(0.05	)		—			7.99
	2005 (2) (4)		8.82		0.28		(0.16	)		(0.29	)		(0.40	)		—			8.25
	2004 (2) (4)		10.01		0.26		(0.17	)		(0.25	)		(1.03	)		—			8.82
	2003 (5)		10.00		0.34		0.01			(0.34	)		—			—			10.01
Intermediate Term Bond Fund
Class A
	2006 (1) (2)	$	9.68	$	0.20	$	0.18		$	(0.21	)	$	—		$	—		$	9.85
	2006 (2) (3)		9.99		0.29		(0.27	)		(0.30	)		(0.03	)		—			9.68
	2005 (2) (4)		10.25		0.34		(0.17	)		(0.33	)		(0.10	)		—			9.99
	2004 (2) (4)		10.46		0.31		(0.10	)		(0.31	)		(0.11	)		—			10.25
	2003 (4)		10.35		0.39		0.12			(0.40	)		—			—			10.46
	2002 (4)		10.26		0.50		0.10			(0.50	)		—			(0.01	)		10.35
Class Y
	2006 (1) (2)	$	9.65	$	0.20	$	0.18		$	(0.22	)	$	—		$	—		$	9.81
	2006 (2) (3)		9.96		0.30		(0.27	)		(0.31	)		(0.03	)		—			9.65
	2005 (2) (4)		10.22		0.36		(0.17	)		(0.35	)		(0.10	)		—			9.96
	2004 (2) (4)		10.43		0.33		(0.11	)		(0.32	)		(0.11	)		—			10.22
	2003 (4)		10.32		0.41		0.12			(0.42	)		—			—			10.43
	2002 (4)		10.23		0.52		0.10			(0.52	)		—			(0.01	)		10.32

(1)	For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(2)	Per share data calculated using average shares outstanding method.
(3)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(4)	For the period October 1 to September 30 in the year indicated.
(5)	Commenced operations on October 25, 2002. All ratios for the period ended September 30, 2003, have been annualized, except total return and portfolio turnover.
(6)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

60      First American Funds Semiannual Report 2006

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return (6)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	3.57	%	$	1,653		0.75	%		3.62	%		1.44	%		2.93	%		40	%
	0.06			1,689		0.75			3.56			1.26			3.05			70
	1.40			1,970		0.75			3.21			1.09			2.87			161
	0.98			1,872		0.75			2.69			1.03			2.41			53
	3.53			2,502		0.75			3.22			1.05			2.92			74
	3.65	%	$	35,630		0.60	%		3.77	%		1.19	%		3.18	%		40	%
	0.30			42,781		0.60			3.70			1.01			3.29			70
	1.43			69,349		0.60			3.34			0.84			3.10			161
	1.14			129,769		0.60			2.84			0.78			2.66			53
	3.64			334,869		0.60			3.68			0.80			3.48			74
	3.88	%	$	33,788		0.85	%		3.99	%		1.01	%		3.83	%		57	%
	0.23			38,296		0.75			3.88			1.03			3.60			113
	1.69			48,426		0.75			3.39			1.05			3.09			118
	2.06			63,219		0.75			2.97			1.04			2.68			169
	5.09			78,682		0.75			3.89			1.05			3.59			133
	6.11			65,291		0.75			4.96			1.02			4.69			40
	3.87	%	$	817,451		0.70	%		4.14	%		0.76	%		4.08	%		57	%
	0.34			899,175		0.60			4.03			0.78			3.85			113
	1.85			1,074,624		0.60			3.55			0.80			3.35			118
	2.22			1,219,707		0.60			3.12			0.79			2.93			169
	5.25			1,296,529		0.60			4.05			0.80			3.85			133
	6.29			978,406		0.60			5.11			0.77			4.94			40

First American Funds Semiannual Report 2006       61

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Dividends			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			from			Value
		Beginning		Investment		(Losses) on			Investment			Realized			Return of			End of
		of Period		Income		Investments			Income			Gains			Capital			Period
Short Term Bond Fund
Class A
	2006 (1) (2)	$	9.83	$	0.13	$	0.13		$	(0.18	)	$	—		$	—		$	9.91
	2006 (2) (3)		9.93		0.23		(0.06	)		(0.27	)		—			—			9.83
	2005 (2) (4)		10.11		0.27		(0.16	)		(0.29	)		—			—	(6)		9.93
	2004 (2) (4)		10.26		0.23		(0.15	)		(0.23	)		—			—			10.11
	2003 (4)		10.29		0.28		(0.01	)		(0.30	)		—			—			10.26
	2002 (4)		10.27		0.42		0.04			(0.43	)		—			(0.01	)		10.29
Class Y
	2006 (1) (2)	$	9.83	$	0.14	$	0.14		$	(0.19	)	$	—		$	—		$	9.92
	2006 (2) (3)		9.93		0.24		(0.06	)		(0.28	)		—			—			9.83
	2005 (2) (4)		10.11		0.28		(0.16	)		(0.29	)		—			(0.01	)		9.93
	2004 (2) (4)		10.26		0.25		(0.16	)		(0.24	)		—			—			10.11
	2003 (4)		10.30		0.30		(0.02	)		(0.32	)		—			—			10.26
	2002 (4)		10.27		0.43		0.05			(0.44	)		—			(0.01	)		10.30
Total Return Bond Fund
Class A
	2006 (1) (2)	$	9.86	$	0.23	$	0.16		$	(0.24	)	$	—		$	—		$	10.01
	2006 (2) (3)		10.18		0.31		(0.33	)		(0.30	)		—			—			9.86
	2005 (2) (4)		10.25		0.43		(0.07	)		(0.43	)		—			—			10.18
	2004 (2) (4)		10.23		0.46		0.03			(0.47	)		—			—	(6)		10.25
	2003 (4)		9.60		0.51		0.63			(0.51	)		—			—			10.23
	2002 (4)		10.01		0.57		(0.39	)		(0.58	)		(0.01	)		—			9.60
Class B
	2006 (1) (2)	$	9.82	$	0.19	$	0.16		$	(0.20	)	$	—		$	—		$	9.97
	2006 (2) (3)		10.14		0.25		(0.32	)		(0.25	)		—			—			9.82
	2005 (2) (4)		10.21		0.35		(0.07	)		(0.35	)		—			—			10.14
	2004 (2) (4)		10.20		0.39		0.01			(0.39	)		—			—	(6)		10.21
	2003 (4)		9.57		0.44		0.63			(0.44	)		—			—			10.20
	2002 (4)		9.98		0.49		(0.38	)		(0.51	)		(0.01	)		—			9.57
Class C
	2006 (1) (2)	$	9.80	$	0.19	$	0.16		$	(0.20	)	$	—		$	—		$	9.95
	2006 (2) (3)		10.12		0.25		(0.32	)		(0.25	)		—			—			9.80
	2005 (2) (4)		10.20		0.35		(0.07	)		(0.36	)		—			—			10.12
	2004 (2) (4)		10.18		0.39		0.02			(0.39	)		—			—	(6)		10.20
	2003 (4)		9.55		0.44		0.63			(0.44	)		—			—			10.18
	2002 (4)		9.97		0.49		(0.40	)		(0.50	)		(0.01	)		—			9.55
Class R (5)
	2006 (1) (2)	$	9.90	$	0.22	$	0.17		$	(0.23	)	$	—		$	—		$	10.06
	2006 (2) (3)		10.23		0.30		(0.34	)		(0.29	)		—			—			9.90
	2005 (2) (4)		10.29		0.41		(0.07	)		(0.40	)		—			—			10.23
	2004 (2) (4)		10.23		0.48		—			(0.42	)		—			—	(6)		10.29
	2003 (4)		9.60		0.51		0.63			(0.51	)		—			—			10.23
	2002 (4)		10.01		0.56		(0.38	)		(0.58	)		(0.01	)		—			9.60
Class Y
	2006 (1) (2)	$	9.85	$	0.24	$	0.16		$	(0.25	)	$	—		$	—		$	10.00
	2006 (2) (3)		10.17		0.33		(0.33	)		(0.32	)		—			—			9.85
	2005 (2) (4)		10.24		0.46		(0.07	)		(0.46	)		—			—			10.17
	2004 (2) (4)		10.23		0.49		0.01			(0.49	)		—			—	(6)		10.24
	2003 (4)		9.59		0.54		0.64			(0.54	)		—			—			10.23
	2002 (4)		10.00		0.59		(0.39	)		(0.60	)		(0.01	)		—			9.59

(1)	For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(2)	Per share data calculated using average shares outstanding method.
(3)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(4)	For the period October 1 to September 30 in the year indicated.
(5)	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(6)	Includes a tax return of capital of less than $0.01.
(7)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

62      First American Funds Semiannual Report 2006

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	2.65	%	$	73,296		0.75	%		3.34	%		1.03	%		3.06	%		31	%
	1.75			78,771		0.75			3.11			1.04			2.82			60
	1.08			97,863		0.75			2.68			1.05			2.38			64
	0.76			130,531		0.75			2.28			1.05			1.98			89
	2.71			159,451		0.75			2.75			1.05			2.45			60
	4.59			163,358		0.75			4.06			1.04			3.77			59
	2.83	%	$	394,111		0.60	%		3.48	%		0.78	%		3.30	%		31	%
	1.87			454,665		0.60			3.26			0.79			3.07			60
	1.23			625,392		0.60			2.83			0.80			2.63			64
	0.91			943,181		0.60			2.43			0.80			2.23			89
	2.76			832,266		0.60			2.84			0.80			2.64			60
	4.85			484,583		0.60			4.18			0.79			3.99			59
	3.92	%	$	13,766		1.00	%		4.52	%		1.14	%		4.38	%		83	%
	(0.17	)		15,522		1.00			4.14			1.17			3.97			166
	3.57			19,113		1.00			4.20			1.25			3.95			285
	4.89			21,034		1.00			4.54			1.25			4.29			132
	12.26			13,522		1.00			5.15			1.26			4.89			91
	1.83			8,663		1.00			5.77			1.27			5.50			117
	3.54	%	$	3,288		1.75	%		3.77	%		1.89	%		3.63	%		83	%
	(0.74	)		3,657		1.75			3.40			1.92			3.23			166
	2.81			4,395		1.75			3.45			2.00			3.20			285
	3.97			5,474		1.75			3.83			2.00			3.58			132
	11.46			13,576		1.75			4.46			2.01			4.20			91
	1.07			18,728		1.75			5.02			2.02			4.75			117
	3.55	%	$	2,245		1.75	%		3.78	%		1.89	%		3.64	%		83	%
	(0.74	)		2,501		1.75			3.40			1.92			3.23			166
	2.71			2,858		1.75			3.46			2.00			3.21			285
	4.11			3,789		1.75			3.81			2.00			3.56			132
	11.50			5,752		1.75			4.43			2.01			4.17			91
	0.98			5,283		1.75			5.02			2.02			4.75			117
	3.90	%	$	193		1.25	%		4.26	%		1.46	%		4.05	%		83	%
	(0.44	)		14		1.25			4.05			1.57			3.58			166
	3.40			3		1.25			3.98			1.65			3.58			285
	4.83			1		1.00			4.64			1.25			4.39			132
	12.25			2,668		1.00			5.21			1.26			4.95			91
	1.84			3,557		1.00			5.77			1.27			5.50			117
	4.06	%	$	587,878		0.75	%		4.77	%		0.89	%		4.63	%		83	%
	0.02			378,338		0.75			4.43			0.92			4.26			166
	3.83			278,777		0.75			4.43			1.00			4.18			285
	5.05			243,018		0.75			4.80			1.00			4.55			132
	12.65			245,877		0.75			5.42			1.01			5.16			91
	2.08			204,801		0.75			6.03			1.02			5.76			117

First American Funds Semiannual Report 2006       63

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Dividends			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
U.S. Government Mortgage Fund
Class A
	2006 (1) (2)	$	10.18	$	0.18	$	0.30		$	(0.23	)	$	—		$	10.43
	2006 (2) (3)		10.53		0.33		(0.32	)		(0.36	)		—			10.18
	2005 (2) (4)		10.72		0.41		(0.14	)		(0.46	)		—			10.53
	2004 (2) (4)		10.89		0.38		(0.09	)		(0.46	)		—			10.72
	2003 (4)		11.16		0.35		(0.05	)		(0.45	)		(0.12	)		10.89
	2002 (4)		11.01		0.50		0.20			(0.55	)		—			11.16
Class B
	2006 (1) (2)	$	10.20	$	0.10	$	0.34		$	(0.19	)	$	—		$	10.45
	2006 (2) (3)		10.54		0.27		(0.31	)		(0.30	)		—			10.20
	2005 (2) (4)		10.74		0.33		(0.15	)		(0.38	)		—			10.54
	2004 (2) (4)		10.90		0.30		(0.08	)		(0.38	)		—			10.74
	2003 (4)		11.18		0.28		(0.06	)		(0.38	)		(0.12	)		10.90
	2002 (4)		11.03		0.42		0.20			(0.47	)		—			11.18
Class C
	2006 (1) (2)	$	10.15	$	0.10	$	0.33		$	(0.19	)	$	—		$	10.39
	2006 (2) (3)		10.49		0.27		(0.31	)		(0.30	)		—			10.15
	2005 (2) (4)		10.68		0.33		(0.14	)		(0.38	)		—			10.49
	2004 (2) (4)		10.84		0.30		(0.09	)		(0.37	)		—			10.68
	2003 (4)		11.13		0.29		(0.08	)		(0.38	)		(0.12	)		10.84
	2002 (4)		11.00		0.46		0.15			(0.48	)		—			11.13
Class R (5)
	2006 (1) (2)	$	10.17	$	0.15	$	0.32		$	(0.22	)	$	—		$	10.42
	2006 (2) (3)		10.51		0.31		(0.31	)		(0.34	)		—			10.17
	2005 (2) (4)		10.72		0.37		(0.14	)		(0.44	)		—			10.51
	2004 (2) (4)		10.85		0.39		(0.10	)		(0.42	)		—			10.72
	2003 (4)		11.12		0.30		—			(0.45	)		(0.12	)		10.85
	2002 (4)		10.97		0.49		0.20			(0.54	)		—			11.12
Class Y
	2006 (1) (2)	$	10.19	$	0.20	$	0.29		$	(0.25	)	$	—		$	10.43
	2006 (2) (3)		10.53		0.35		(0.31	)		(0.38	)		—			10.19
	2005 (2) (4)		10.73		0.43		(0.14	)		(0.49	)		—			10.53
	2004 (2) (4)		10.89		0.41		(0.08	)		(0.49	)		—			10.73
	2003 (4)		11.16		0.37		(0.04	)		(0.48	)		(0.12	)		10.89
	2002 (4)		11.01		0.53		0.19			(0.57	)		—			11.16

(1)	For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(2)	Per share data calculated using average shares outstanding method.
(3)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(4)	For the period October 1 to September 30 in the year indicated.
(5)	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(6)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

64      First American Funds Semiannual Report 2006

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return (6)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	4.72	%	$	15,528		0.95	%		4.34	%		1.15	%		4.14	%		154	%
	0.09			16,059		0.95			4.27			1.11			4.11			220
	2.59			24,504		0.95			3.80			1.08			3.67			251
	2.74			32,815		0.95			3.53			1.05			3.43			127
	2.79			24,667		0.95			2.98			1.06			2.87			175
	6.53			16,985		0.95			4.61			1.08			4.48			197
	4.31	%	$	5,664		1.70	%		3.60	%		1.90	%		3.40	%		154	%
	(0.38	)		6,595		1.70			3.52			1.86			3.36			220
	1.72			7,926		1.70			3.05			1.83			2.92			251
	2.02			9,155		1.70			2.79			1.80			2.69			127
	1.96			11,397		1.70			2.22			1.81			2.11			175
	5.79			6,235		1.70			3.85			1.83			3.72			197
	4.23	%	$	4,138		1.70	%		3.60	%		1.90	%		3.40	%		154	%
	(0.38	)		5,127		1.70			3.52			1.86			3.36			220
	1.82			6,585		1.70			3.05			1.83			2.92			251
	2.02			10,520		1.70			2.79			1.80			2.69			127
	1.91			18,801		1.70			2.19			1.81			2.08			175
	5.78			5,834		1.70			3.92			1.83			3.79			197
	4.60	%	$	9		1.20	%		4.08	%		1.46	%		3.82	%		154	%
	0.04			7		1.20			4.04			1.51			3.73			220
	2.18			3		1.20			3.42			1.48			3.14			251
	2.74			1		0.95			3.58			1.05			3.48			127
	2.79			17,296		0.95			3.04			1.06			2.93			175
	6.55			21,355		0.95			4.59			1.08			4.46			197
	4.75	%	$	139,596		0.70	%		4.59	%		0.90	%		4.39	%		154	%
	0.38			140,407		0.70			4.52			0.86			4.36			220
	2.75			158,230		0.70			4.05			0.83			3.92			251
	3.09			171,143		0.70			3.79			0.80			3.69			127
	3.03			214,531		0.70			3.27			0.81			3.16			175
	6.79			181,046		0.70			4.84			0.83			4.71			197

First American Funds Semiannual Report 2006       65

Notes to  Financial Statements (unaudited as of December 31, 2006), all dollars and shares are rounded to thousands (000)

1 > Organization

The Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of December 31, 2006, FAIF offered 39 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Each fund is a diversified open-end management investment company.

FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Class A shares of Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund are sold with a front-end sales charge of 2.25%. Class A shares of Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund are sold with a front-end sales charge of 4.25%. Class B shares are 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 R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Class B, Class C, and Class R shares are not offered by Intermediate Government Bond Fund, Intermediate Term Bond Fund, or Short Term Bond Fund. Class B shares are not offered by Inflation Protected Securities Fund.

The funds’ prospectus provides descriptions of each fund’s investment objective, principal investment strategies, and principal risks. All classes of shares in 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 February 23, 2006, the funds’ board of directors approved a change in the funds’ fiscal year-end from September 30 to June 30, effective with the nine-month fiscal period ended June 30, 2006.

2 > Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask price will be the closing price. If the last trade is below the bid, the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition (trading in similar securities of the same issuer or comparable companies); information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs (American Depositary Receipts), and various other indices, may be reviewed in the course of making a good faith determination of a security’s fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of December 31, 2006, Core

66      First American Funds Semiannual Report 2006

Bond Fund, High Income Bond Fund, and Short Term Bond Fund held fair value securities with a value of $438, $0, and $0, respectively, or 0.0%, 0.0% and 0.0%, respectively, of total net assets. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchanges on which they trade. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date.

SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. The resulting gain/loss is calculated as the difference between the fair value and the underlying cost of the security on the transaction date. Each fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the fund instead of cash.

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 last business day of each month. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually.

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.

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to deferred wash sale and straddle losses, paydowns on pass through obligations, expiration of capital loss carryforwards, and tax mark-to-market adjustments under Section 311(e) of the Taxpayer Relief Act of 1997. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the fiscal period that the differences arise.

The tax character of distributions made during the six-month period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended December 31, 2006 (estimated), nine-month fiscal period ended June 30, 2006, and the year ended September 30, 2005, were as follows:

	December 31, 2006
	Ordinary		Long Term		Return of
Fund	Income		Gain		Capital		Total
Core Bond Fund	$	41,681	$	—	$	—	$	41,681
High Income Bond Fund		9,363		—		—		9,363
Inflation Protected Securities Fund		10,617		—		—		10,617
Intermediate Government Bond Fund		1,150		—		—		1,150
Intermediate Term Bond Fund		19,376		—		—		19,376
Short Term Bond Fund		9,550		—		—		9,550
Total Return Bond Fund		11,689		—		—		11,689
U.S. Government Mortgage Fund		3,811		—		—		3,811

	June 30, 2006
	Ordinary		Long Term		Return of
Fund	Income		Gain		Capital		Total
Core Bond Fund	$	72,227	$	—	$	—	$	72,227
High Income Bond Fund		13,528		—		—		13,528
Inflation Protected Securities Fund		13,028		—		—		13,028
Intermediate Government Bond Fund		1,834		186		—		2,020
Intermediate Term Bond Fund		35,774		—		—		35,774
Short Term Bond Fund		17,945		—		—		17,945
Total Return Bond Fund		11,516		—		—		11,516
U.S. Government Mortgage Fund		6,545		—		—		6,545

First American Funds Semiannual Report 2006       67

Notes to  Financial Statements continued

	September 30, 2005
	Ordinary		Long Term		Return of
Fund	Income		Gain		Capital		Total
Core Bond Fund	$	75,437	$	1,274	$	—	$	76,711
High Income Bond Fund		19,672		—		20		19,692
Inflation Protected Securities Fund		7,327		—		—		7,327
Intermediate Government Bond Fund		3,179		4,927		—		8,106
Intermediate Term Bond Fund		42,052		11,785		—		53,837
Short Term Bond Fund		26,815		—		371		27,186
Total Return Bond Fund		12,462		—		—		12,462
U.S. Government Mortgage Fund		9,337		—		—		9,337

As of June 30, 2006, the funds’ most recently completed nine-month fiscal period-end, the components of accumulated earnings (deficit) on a tax basis were as follows:

			Accumulated
	Undistributed		Capital and						Other			Total
	Ordinary		Post-October			Unrealized			Accumulated			Accumulated
Fund	Income		Losses			Depreciation			Gains (Losses)			Deficit
Core Bond Fund	$	1,898	$	(24,544	)	$	(61,629	)	$	(11	)	$	(84,286	)
High Income Bond Fund		172		(6,600	)		(5,460	)		(1	)		(11,889	)
Inflation Protected Securities Fund		1,368		(2,416	)		(16,404	)		(66	)		(17,518	)
Intermediate Government Bond Fund		34		(1,541	)		(1,360	)		—			(2,867	)
Intermediate Term Bond Fund		973		(16,237	)		(27,915	)		(15	)		(43,194	)
Short Term Bond Fund		256		(15,295	)		(12,685	)		(194	)		(27,918	)
Total Return Bond Fund		597		(14,563	)		(11,117	)		(6	)		(25,089	)
U.S. Government Mortgage Fund		22		(6,367	)		(6,435	)		—			(12,780	)

The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and straddles, tax mark-to-market adjustments for certain derivatives in accordance with IRC Section 1256, and tax mark-to-market adjustments made under Section 311(e) of the Taxpayer Relief Act of 1997.

As of June 30, 2006, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows:

	Expiration Year
Fund	2007		2008		2009		2010		2011		2012		2013		2014		Total
Core Bond Fund	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,584	$	3,584
High Income Bond Fund		—		—		—		—		6,600		—		—		—		6,600
Inflation Protected Securities Fund		—		—		—		—		—		—		—		256		256
Intermediate Government Bond Fund		—		—		—		—		—		—		—		134		134
Intermediate Term Bond Fund		—		—		—		—		—		—		—		6,285		6,285
Short Term Bond Fund		135		642		—		—		4		—		2,223		8,101		11,105
Total Return Bond Fund		7,439		—		—		—		3,708		—		—		472		11,619
U.S. Government Mortgage Fund		—		—		—		—		—		3,145		1,293		555		4,993

In accordance with Section 382 of the Internal Revenue Code, utilization of all or a portion of the above capital loss carryforwards is limited on an annual basis for Total Return Bond Fund to $7,439 for the current tax year. For the nine-month fiscal period ended June 30, 2006, Short Term Bond Fund and Total Return Bond Fund, had capital loss carryforwards of $604 and $8,799, respectively, that expired unused.

Certain funds incurred a loss for tax purposes for the period from November 1, 2005 to June 30, 2006. As permitted by tax regulations, the funds intend to elect to defer and treat these losses as arising in the fiscal year ending June 30, 2007. The following funds had deferred losses:

Fund	Amount
Core Bond Fund	$	20,960
Inflation Protected Securities Fund		2,160
Intermediate Government Bond Fund		1,407
Intermediate Term Bond Fund		9,952
Short Term Bond Fund		4,190
Total Return Bond Fund		2,944
U.S. Government Mortgage Fund		1,373

FUTURES TRANSACTIONS – In order to gain exposure or protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, each fund may enter into futures contracts. Upon entering into a futures contract, the fund is required to deposit cash or

68      First American Funds Semiannual Report 2006

pledge U.S. government securities. The margin required for a futures contract is set by the exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract.

Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes.

As of December 31, 2006, the following funds had outstanding futures contracts as disclosed in their Schedule of Investments: Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance returns. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When an option written expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon exercise of the option. As of December 31, 2006, Total Return Bond Fund held options written as disclosed in its Schedule of Investments.

Options purchased are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchased put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. As of December 31, 2006, the Inflation Protected Securities Fund and Total Return Bond Fund held options purchased as disclosed in their Schedule of Investments.

INFLATION-INDEXED BONDS – The funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

FOREIGN CURRENCY TRANSLATION – The books and records of the Inflation Protected Securities Fund and the Total Return Bond Fund relating to the funds’ non-U.S. dollar denominated investments are maintained in U.S. dollars on the following basis:

•  market value of investment securities, assets, and liabilities are translated at the current rate of exchange; and

•  purchases and sales of investment securities, income, and expenses are translated at the relevant rates of exchange prevailing on the respective dates of such transactions.

The funds do not isolate the portion of gains and losses on investments in debt securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of debt securities. The funds do isolate the effect of fluctuations in foreign currency rates when determining the gain or loss upon sale or maturity of foreign currency denominated debt obligations pursuant to the federal income tax regulations. Such amounts are categorized as foreign currency gain(loss) for both financial reporting and income tax reporting purposes.

The funds report certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

First American Funds Semiannual Report 2006       69

Notes to  Financial Statements continued

For the six-month period ended December 31, 2006, Inflation Protected Securities Fund and Total Return Bond Fund had non-U.S. dollar denominated investments with a total value of $499 and $16,074, respectively, or 0.1% and 2.6%, respectively, of total net assets.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to their delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. At December 31, 2006, Core Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund had when-issued or forward-commitment securities outstanding with a total cost of $54,028, $34,870, and $36,076, respectively.

In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date. As an inducement for the fund to “rollover” its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage. As of and for the six-month period ended December 31, 2006, the funds had no outstanding dollar roll transactions.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At December 31, 2006, Core Bond Fund, High Income Bond Fund, and Short Term Bond Fund had investments in illiquid securities with a total value of $438, $10, and $0, respectively, or 0.0%, 0.0%, and 0.0%, respectively, of total net assets.

Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows:

Core Bond Fund	Par		Dates Acquired		Cost Basis
Duty Free International	$	2,191		1/99-7/99	$	2,187

High Income Bond Fund	Shares/Par		Dates Acquired		Cost Basis
Glenoit	$	100		3/97-8/97	$	100
Green Tree Financial		10		5/99		10
Mid America Waste Systems		250		3/03		—
Pegasus Communications, Fractional Shares		0.15		10/97		—
Sullivan Broadcast Holdings, Escrow Shares		400		3/03		—

Short Term Bond Fund	Par		Dates Acquired		Cost Basis
Auto Bond Receivables Trust	$	106		11/98-11/00	$	106

SECURITIES LENDING – In order to generate additional income, a fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to maintain collateral in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then marked-to-market daily until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. During the six-month period ended December 31, 2006, cash collateral was invested in short-term, high quality U.S. dollar-denominated securities that would have been eligible for investment by a money market fund under Investment Company Act Rule 2a-7.

70      First American Funds Semiannual Report 2006

As of December 31, 2006, cash collateral was invested as follows:

									Other
	Commercial		Corporate		Repurchase		Money Market		Short-Term
Fund	Paper		Obligations		Agreements		Funds		Securities		Total
Core Bond Fund	$	170,658	$	195,055	$	221,955	$	6,509	$	5,409	$	599,586
High Income Bond Fund		13,261		15,158		17,248		420		506		46,593
Inflation Protected Securities Fund		49,156		56,184		63,932		1,875		1,558		172,705
Intermediate Term Bond Fund		100,973		115,408		131,324		3,851		3,201		354,757
Short Term Bond Fund		46,201		52,806		60,089		1,464		1,762		162,322
Total Return Bond Fund		43,685		49,930		56,817		1,666		1,385		153,483
U.S. Government Mortgage Fund		15,268		17,450		19,857		484		582		53,641

FAF Advisors, Inc. (“FAF Advisors”), serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. FAF Advisors 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”). FAF Advisors receives fees as a percentage of each fund’s net income from securities lending transactions. In addition, beginning February 1, 2007, collateral for securities on loan is invested in a money market fund administered by FAF Advisors and FAF Advisors receives an administration fee equal to 0.02% of such fund’s average daily net assets. Fees paid to FAF Advisors by the funds for the six-month period ended December 31, 2006, were as follows:

Fund	Amount
Core Bond Fund	$	209
High Income Bond Fund		32
Inflation Protected Securities Fund		48
Intermediate Term Bond Fund		87
Short Term Bond Fund		37
Total Return Bond Fund		51
U.S. Government Mortgage Fund		12

Income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to FAF Advisors.

SWAP AGREEMENTS – The funds may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The funds may enter into interest rate and credit default swap agreements to manage exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal). As of December 31, 2006, the following funds had outstanding interest rate swap agreements: Core Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a specified issuer on its obligation (typically corporate issues or sovereign issues of an emerging country). The fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As of December 31, 2006, the following funds had outstanding credit default swap agreements: Core Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

Swaps are marked-to-market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap agreement is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the fund are included as part of miscellaneous income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

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

First American Funds Semiannual Report 2006       71

Notes to  Financial Statements continued

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 December 31, 2006.

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all 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 amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for each fund is as follows:

Fund
Core Bond Fund	0.50	%
High Income Bond Fund	0.70
Inflation Protected Securities Fund	0.50
Intermediate Government Bond Fund	0.50
Intermediate Term Bond Fund	0.50
Short Term Bond Fund	0.50
Total Return Bond Fund	0.60
U.S. Government Mortgage Fund	0.50

FAF Advisors has agreed to waive fees and reimburse other fund expenses at least through June 30, 2007, 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			R			Y
Core Bond Fund		0.95	%		1.70	%		1.70	%		1.20	%		0.70	%
High Income Bond Fund		1.10			1.85			1.85			1.35			0.85
Inflation Protected Securities Fund		0.85			NA			1.60			1.10			0.60
Intermediate Government Bond Fund		0.75			NA			NA			NA			0.60
Intermediate Term Bond Fund		0.85			NA			NA			NA			0.70
Short Term Bond Fund		0.75			NA			NA			NA			0.60
Total Return Bond Fund		1.00			1.75			1.75			1.25			0.75
U.S. Government Mortgage Fund		0.95			1.70			1.70			1.20			0.70

NA = Not Applicable

The funds may invest in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acts as the investment advisor to both the investing funds and the related money market funds, FAF Advisors will reimburse each investing fund an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. For financial statement purposes, these reimbursements are recorded as investment income.

ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors 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 administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight and administrative services and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on a annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% 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 FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

72      First American Funds Semiannual Report 2006

For the six-month period ended December 31, 2006, administration fees paid to FAF Advisors by the funds included in this semiannual report were as follows:

Fund	Amount
Core Bond Fund	$	1,993
High Income Bond Fund		286
Inflation Protected Securities Fund		385
Intermediate Government Bond Fund		46
Intermediate Term Bond Fund		977
Short Term Bond Fund		556
Total Return Bond Fund		510
U.S. Government Mortgage Fund		181

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

For the six-month period ended December 31, 2006, transfer agent fees paid to USBFS by the funds included in this semiannual report were as follows:

Fund	Amount
Core Bond Fund	$	124
High Income Bond Fund		61
Inflation Protected Securities Fund		45
Intermediate Government Bond Fund		27
Intermediate Term Bond Fund		28
Short Term Bond Fund		58
Total Return Bond Fund		55
U.S. Government Mortgage Fund		56

CUSTODIAN FEES – U.S. Bank serves as the custodian for each fund pursuant to a custodian agreement with FAIF. 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 custodian” in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.

For the six-month period ended December 31, 2006, custodian fees were increased as a result of overdrafts, and decreased as a result of interest earned as follows:

Fund	Increased			Decreased
Core Bond Fund	$	3		$	15
High Income Bond Fund		—	*		3
Inflation Protected Securities Fund		—	*		2
Intermediate Government Bond Fund		—			1
Intermediate Term Bond Fund		—	*		9
Short Term Bond Fund		—			7
Total Return Bond Fund		1			7
U.S. Government Mortgage Fund		—	*		1

* Rounds to zero.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. 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%, and 0.50% of each fund’s average daily net assets of the Class A shares, Class B shares, Class C shares, and Class R shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

Quasar is currently waiving fees equal to an annual rate of 0.10% of average daily net assets for Class A shares of the Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund.

For the six-month period ended December 31, 2006, total distribution and shareholder servicing fees waived by Quasar for the funds included in this semiannual report were as follows:

Fund	Amount
Intermediate Government Bond Fund	$	1
Intermediate Term Bond Fund		19
Short Term Bond Fund		39

During the period, FAF Advisors also provided shareholder services pursuant to a shareholder servicing plan and agreement with FAIF with respect to the Class R shares of the Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund. Under the shareholder servicing plan and agreement, each fund was required to pay FAF Advisors a monthly shareholder servicing fee equal to an annual rate of 0.15% of each fund’s average daily net assets attributable to Class R shares. FAF Advisors waived all fees under this plan and agreement. This agreement was terminated in September 2006.

First American Funds Semiannual Report 2006       73

Notes to  Financial Statements continued

Under the distribution agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended December 31, 2006:

Fund	Amount
Core Bond Fund	$	125
High Income Bond Fund		21
Inflation Protected Securities Fund		7
Intermediate Government Bond Fund		1
Intermediate Term Bond Fund		19
Short Term Bond Fund		32
Total Return Bond Fund		21
U.S. Government Mortgage Fund		29

OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended December 31, 2006, legal fees and expenses of $17 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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.

	CDSC as a Percentage
	of Dollar Amount
Year Since Purchase	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 12 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 December 31, 2006, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:

Fund	Amount
Core Bond Fund	$	46
High Income Bond Fund		18
Inflation Protected Securities Fund		2
Intermediate Government Bond Fund		—	*
Intermediate Term Bond Fund		4
Short Term Bond Fund		3
Total Return Bond Fund		11
U.S. Government Mortgage Fund		28

* Rounds to zero.

74      First American Funds Semiannual Report 2006

4 > Capital Share Transactions

FAIF has 324 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

		Core									High Income									Inflation Protected
		Bond Fund									Bond Fund									Securities Fund
					Nine-Month									Nine-Month									Nine-Month
		Six-Month			Fiscal						Six-Month			Fiscal						Six-Month			Fiscal
		Period			Period			Year			Period			Period			Year			Period			Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
		12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05
Class A:
	Shares issued		576			1,251			2,069			939			777			702			58			89			759
	Shares issued in lieu of cash distributions		173			366			456			72			131			210			12			21			10
	Shares redeemed		(2,719	)		(3,497	)		(4,450	)		(627	)		(1,329	)		(1,924	)		(113	)		(265	)		(86	)
Total Class A transactions			(1,970	)		(1,880	)		(1,925	)		384			(421	)		(1,012	)		(43	)		(155	)		683
Class B:
	Shares issued		20			36			90			27			52			80			—			—			—
	Shares issued in lieu of cash distributions		20			41			46			10			19			32			—			—			—
	Shares redeemed		(191	)		(320	)		(474	)		(65	)		(186	)		(250	)		—			—			—
Total Class B transactions			(151	)		(243	)		(338	)		(28	)		(115	)		(138	)		—			—			—
Class C:
	Shares issued		19			46			79			55			67			55			9			16			87
	Shares issued in lieu of cash distributions		7			17			21			17			49			87			1			3			2
	Shares redeemed		(102	)		(231	)		(259	)		(259	)		(470	)		(555	)		(27	)		(46	)		(4	)
Total Class C transactions			(76	)		(168	)		(159	)		(187	)		(354	)		(413	)		(17	)		(27	)		85
Class R:
	Shares issued		1			2			1			—			8			4			98			—			—
	Shares issued in lieu of cash distributions		—			—			—			—			—			—			1			—			—
	Shares redeemed		—			—			—			—			—			(5	)		(4	)		—			—
Total Class R transactions			1			2			1			—			8			(1	)		95			—			—
Class Y:
	Shares issued		23,208			33,967			35,837			3,357			5,066			7,861			10,007			10,606			29,019
	Shares issued in lieu of cash distributions		1,117			2,008			1,987			118			155			209			291			362			207
	Shares redeemed		(35,034	)		(33,812	)		(37,508	)		(3,252	)		(5,008	)		(10,853	)		(8,848	)		(4,262	)		(2,631	)
Total Class Y transactions			(10,709	)		2,163			316			223			213			(2,783	)		1,450			6,706			26,595
Net increase (decrease) in capital shares			(12,905	)		(126	)		(2,105	)		392			(669	)		(4,347	)		1,485			6,524			27,363

		Intermediate Government									Intermediate Term									Short Term
		Bond Fund									Bond Fund									Bond Fund
					Nine-Month									Nine-Month									Nine-Month
		Six-Month			Fiscal						Six-Month			Fiscal						Six-Month			Fiscal
		Period			Period			Year			Period			Period			Year			Period			Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
		12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05
Class A:
	Shares issued		1			38			154			202			526			856			53			209			632
	Shares issued in lieu of cash distributions		5			5			16			68			132			202			106			194			251
	Shares redeemed		(11	)		(71	)		(143	)		(794	)		(1,549	)		(2,379	)		(778	)		(2,246	)		(3,940	)
Total Class A transactions			(5	)		(28	)		27			(524	)		(891	)		(1,321	)		(619	)		(1,843	)		(3,057	)
Class B:
	Shares issued		—			—			—			—			—			—			—			—			—
	Shares issued in lieu of cash distributions		—			—			—			—			—			—			—			—			—
	Shares redeemed		—			—			—			—			—			—			—			—			—
Total Class B transactions			—			—			—			—			—			—			—			—			—
Class C:
	Shares issued		—			—			—			—			—			—			—			—			—
	Shares issued in lieu of cash distributions		—			—			—			—			—			—			—			—			—
	Shares redeemed		—			—			—			—			—			—			—			—			—
Total Class C transactions			—			—			—			—			—			—			—			—			—
Class R:
	Shares issued		—			—			—			—			—			—			—			—			—
	Shares issued in lieu of cash distributions		—			—			—			—			—			—			—			—			—
	Shares redeemed		—			—			—			—			—			—			—			—			—
Total Class R transactions			—			—			—			—			—			—			—			—			—
Class Y:
	Shares issued		541			873			1,733			8,390			14,632			24,296			5,700			7,298			14,851
	Shares issued in lieu of cash distributions		45			82			514			704			1,336			2,038			281			572			791
	Shares redeemed		(1,511	)		(4,004	)		(8,559	)		(18,991	)		(30,661	)		(37,799	)		(12,474	)		(24,595	)		(45,948	)
Total Class Y transactions			(925	)		(3,049	)		(6,312	)		(9,897	)		(14,693	)		(11,465	)		(6,493	)		(16,725	)		(30,306	)
Net decrease in capital shares			(930	)		(3,077	)		(6,285	)		(10,421	)		(15,584	)		(12,786	)		(7,112	)		(18,568	)		(33,363	)

First American Funds Semiannual Report 2006       75

Notes to  Financial Statements continued

		Total Return									U.S. Government
		Bond Fund									Mortgage Fund
					Nine-Month									Nine-Month
		Six-Month			Fiscal						Six-Month			Fiscal
		Period			Period			Year			Period			Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended
		12/31/06			6/30/06			9/30/05			12/31/06			6/30/06			9/30/05
Class A:
	Shares issued		58			217			243			117			123			496
	Shares issued in lieu of cash distributions		29			43			67			28			58			103
	Shares redeemed		(286	)		(563	)		(484	)		(233	)		(932	)		(1,331	)
Total Class A transactions			(199	)		(303	)		(174	)		(88	)		(751	)		(732	)
Class B:
	Shares issued		5			10			24			2			31			69
	Shares issued in lieu of cash distributions		5			8			12			9			18			26
	Shares redeemed		(53	)		(79	)		(138	)		(115	)		(155	)		(196	)
Total Class B transactions			(43	)		(61	)		(102	)		(104	)		(106	)		(101	)
Class C:
	Shares issued		17			12			9			10			6			29
	Shares issued in lieu of cash distributions		2			6			10			6			15			27
	Shares redeemed		(49	)		(46	)		(108	)		(123	)		(144	)		(413	)
Total Class C transactions			(30	)		(28	)		(89	)		(107	)		(123	)		(357	)
Class R:
	Shares issued		18			1			—			—			1			—
	Shares issued in lieu of cash distributions		1			—			—			—			—			—
	Shares redeemed		(1	)		—			—			—			—			—
Total Class R transactions			18			1			—			—			1			—
Class Y:
	Shares issued		30,819			21,351			9,193			1,558			1,917			3,291
	Shares issued in lieu of cash distributions		202			171			159			57			85			91
	Shares redeemed		(10,656	)		(10,524	)		(5,666	)		(2,018	)		(3,248	)		(4,309	)
Total Class Y transactions			20,365			10,998			3,686			(403	)		(1,246	)		(927	)
Net increase (decrease) in capital shares			20,111			10,607			3,321			(702	)		(2,225	)		(2,117	)

Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the six-month period ended December 31, 2006, the nine-month fiscal period ended June 30, 2006, and the fiscal year ended September 30, 2005, were as follows:

	Six-Month		Nine-Month
	Period		Fiscal Period		Year
	Ended		Ended		Ended
Fund	12/31/06		6/30/06		9/30/05
Core Bond Fund		81		88		134
High Income Bond Fund		4		14		16
Total Return Bond Fund		23		35		52
U.S. Government Mortgage Fund		17		23		42

5 > Investment Security Transactions

During the six-month period ended December 31, 2006, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows:

	U.S. Government				Other Investment
	Securities				Securities
Fund	Purchases		Sales		Purchases		Sales
Core Bond Fund	$	976,155	$	1,134,115	$	200,610	$	220,269
High Income Bond Fund		654		654		108,146		103,684
Inflation Protected Securities Fund		139,067		157,303		32,316		11,548
Intermediate Government Bond Fund		15,874		24,898		—		—
Intermediate Term Bond Fund		356,293		353,907		144,885		247,812
Short Term Bond Fund		85,724		114,855		69,713		101,700
Total Return Bond Fund		379,608		284,553		213,583		105,171
U.S. Government Mortgage Fund		282,276		301,843		11,738		14,818

The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased with proceeds from securities lending) for federal income tax purposes at December 31, 2006, were as follows:

	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost
Core Bond Fund	$	7,839	$	(24,022	)	$	(16,183	)	$	2,405,588
High Income Bond Fund		8,122		(2,470	)		5,652			304,012
Inflation Protected Securities Fund		643		(8,176	)		(7,533	)		511,277
Intermediate Government Bond Fund		117		(636	)		(519	)		37,953
Intermediate Term Bond Fund		3,814		(9,124	)		(5,310	)		1,206,133
Short Term Bond Fund		446		(4,826	)		(4,380	)		634,144
Total Return Bond Fund		3,038		(3,836	)		(798	)		830,914
U.S. Government Mortgage Fund		264		(2,859	)		(2,595	)		257,340

6 > Options Written

Transactions in options written for the six-month period ended December 31, 2006, were as follows:

	Put Options Written						Call Options Written
	Number of			Premium			Number of			Premium
Total Return Bond Fund	Contracts			Amount			Contracts			Amount
Balance at June 30, 2006		—		$	—			—		$	—
Opened		168			44			194			41
Expired		—			—			(85	)		(17	)
Closed		(23	)		(11	)		—			—
Balance at December 31, 2006		145		$	33			109		$	24

7 > Concentration of Risks

High Income Bond Fund, Inflation Protected Securities Fund, and Total Return Bond Fund invest in lower-rated

76      First American Funds Semiannual Report 2006

(e.g., rated Ba or lower by Moody’s or BB or lower by Standard & Poor’s or Fitch) corporate and foreign debt obligations, which are commonly referred to as “junk bonds.” Lower-rated securities will usually offer higher yields than higher-rated securities. However, there is more risk associated with these investments. These lower-rated bonds may be more susceptible to real or perceived adverse economic conditions than investment grade bonds. Lower-rated securities tend to have more price volatility and carry more risk to principal than higher-rated securities.

8 > 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.

9 > New Accounting Pronouncement

On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. Recent Securities and Exchange Commission guidance allows implementing FIN 48 in fund net asset value calculations as late as the fund’s last net asset value calculation in the first required financial statement reporting period. As a result, the funds will incorporate FIN 48 in their semiannual report on December 31, 2007.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosure about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of December 31, 2006, the funds do not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the Statement of Operations for a fiscal period.

First American Funds Semiannual Report 2006       77

 NOTICE TO SHAREHOLDERS December 31, 2006 (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 Commission’s website at www.sec.gov.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the 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 Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

QUARTERLY PORTFOLIO HOLDINGS

Each fund will make portfolio holdings information publicly available by posting the information at www.firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 days of the calendar quarter-end.

78      First American Funds Semiannual Report 2006

Board of Directors First American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; former Owner and President of Strategic Management

Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Retired; former Senior Financial Advisor, Senior Vice President, Chief

Financial Officer, and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Director of Charterhouse Group, Inc.

Victoria Herget

Director of First American Investment Funds, Inc.

Investment Consultant; former Managing Director of Zurich Scudder Investments

John Kayser

Director of First American Investment Funds, Inc.

Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of William Blair & Company, LLC

Leonard Kedrowski

Director of First American Investment Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Investment Funds, Inc.

Owner and Chief Executive Officer of RKR Consultants, Inc.

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

First American Investment Funds’ Board of Directors is comprised entirely of

independent directors.

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 Investment 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

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55101

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

220 South Sixth Street

Suite 1400

Minneapolis, Minnesota 55402

COUNSEL

Dorsey & Whitney LLP

50 South Sixth Street

Suite 1500

Minneapolis, Minnesota 55402

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.

0042-07 2/2007 SAR-INCOME

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11—Controls and Procedures

(a)

The registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the 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 Investment Funds, Inc.

By:

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

Date: March 9, 2007

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: March 9, 2007

By:

/s/ Charles D. Gariboldi, Jr. Charles D. Gariboldi, Jr.
Treasurer

Date: March 9, 2007