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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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:       October 31

Date of reporting period:       April 30, 2007

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

First American Funds Online	1
Holdings Summaries	2
Expense Examples	3
Schedule of Investments	5
Statements of Assets and Liabilities	30
Statements of Operations	31
Statements of Changes in Net Assets	32
Financial Highlights	34
Notes to Financial Statements	40
Notice to Shareholders	47
Certifications
Certifications

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 2007       1

Holdings Summaries

Equity Index Fund

Top 10 Holdings as of April 30, 2007¹  (% of net assets)

Exxon Mobil	3.4	%
General Electric	2.9
Citigroup	2.0
Microsoft	1.9
AT&T	1.8
Bank of America	1.8
Procter & Gamble	1.5
Pfizer	1.4
Johnson & Johnson	1.4
JP Morgan Chase	1.4

Sector Allocation as of April 30, 2007¹  (% of net assets)

Financials	21.1	%
Information Technology	14.9
Healthcare	12.1
Industrials	10.9
Consumer Discretionary	10.2
Energy	10.1
Consumer Staples	9.3
Utilities	3.6
Telecommunication Services	3.5
Materials	3.0
Short-Term Investments	1.3
	100.0	%

Mid Cap Index Fund

Top 10 Holdings as of April 30, 2007¹  (% of net assets)

First American Prime Obligations Fund, Class Z	1.3	%
Precision Castparts	1.2
Noble Energy	0.9
MEMC Electronic Materials	0.8
Expeditors International of Washington	0.7
Microchip Technology	0.7
Lam Research	0.6
Cameron International	0.6
Southwestern Energy	0.6
Manpower	0.6

Sector Allocation as of April 30, 2007¹  (% of net assets)

Financials	16.4	%
Industrials	16.2
Information Technology	15.4
Consumer Discretionary	14.2
Healthcare	10.9
Energy	8.2
Utilities	7.9
Materials	6.1
Consumer Staples	2.5
Telecommunication Services	0.7
Short-Term Investments	1.6
Other Assets and Liabilities, Net2	(0.1	)
	100.0	%

Small Cap Index Fund

Top 10 Holdings as of April 30, 2007¹  (% of net assets)

First American Prime Obligations Fund, Class Z	2.0%
U.S. Treasury Bill, 4.790%, 08/09/2007	0.3
Varian Semiconductor Equipment Associates	0.3
Brocade Communications Systems	0.3
Big Lots	0.3
AK Steel Holding	0.2
Sotheby’s Holdings, Class A	0.2
Chaparral Steel Company	0.2
Phillips Van-Heusen	0.2
Hologic	0.2

Sector Allocation as of April 30, 2007¹  (% of net assets)

Financials	20.3	%
Information Technology	18.5
Consumer Discretionary	15.3
Industrials	14.7
Healthcare	11.4
Materials	5.3
Energy	4.9
Consumer Staples	3.2
Utilities	2.8
Short-Term Investments	2.3
Telecommunication Services	1.3
	100.0	%

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

2      First American Funds Semiannual Report 2007

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from November 1, 2006 to April 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Equity Index

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual2	$	1,000.00	$	1,082.50	$	3.20
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.11
Class B Actual2	$	1,000.00	$	1,078.30	$	7.06
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.00	$	6.85
Class C Actual2	$	1,000.00	$	1,078.70	$	7.06
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.00	$	6.85
Class R Actual2	$	1,000.00	$	1,081.40	$	4.49
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.48	$	4.36
Class Y Actual2	$	1,000.00	$	1,083.90	$	1.91
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	1.86

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.62%, 1.37%, 1.37%, 0.87%, and 0.37% 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 April 30, 2007 of 8.25%, 7.83%, 7.87%, 8.14%, and 8.39% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds Semiannual Report 2007       3

Expense Examples continued

Mid Cap Index

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual2	$	1,000.00	$	1,116.40	$	3.94
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class B Actual2	$	1,000.00	$	1,112.00	$	7.85
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50
Class C Actual2	$	1,000.00	$	1,112.00	$	7.85
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50
Class R Actual2	$	1,000.00	$	1,114.50	$	5.24
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01
Class Y Actual2	$	1,000.00	$	1,116.90	$	2.62
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.50%, 1.50%, 1.00%, and 0.50% 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 April 30, 2007 of 11.64%, 11.20%, 11.20%, 11.45%, and 11.69% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Index Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual4	$	1,000.00	$	1,064.60	$	4.25
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.68	$	4.16
Class B Actual4	$	1,000.00	$	1,060.90	$	8.07
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.96	$	7.90
Class C Actual4	$	1,000.00	$	1,060.40	$	8.07
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.96	$	7.90
Class R Actual4	$	1,000.00	$	1,063.80	$	5.53
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.44	$	5.41
Class Y Actual4	$	1,000.00	$	1,066.00	$	2.97
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.92	$	2.91

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.83%, 1.58%, 1.58%, 1.08%, and 0.58% 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).
4	Based on the actual returns for the six-month period ended April 30, 2007 of 6.46%, 6.09%, 6.04%, 6.38%, and 6.60% for Class A, Class B, Class C, Class R, and Class Y, respectively.

4      First American Funds Semiannual Report 2007

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Equity Index Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 98.7%
Consumer Discretionary – 10.2%
Abercrombie & Fitch, Class A (a)		3,467	$	283
Amazon.com (a) (b)		47,358		2,904
Apollo Group, Class A (a) (b)		22,317		1,056
Autonation (a) (b)		25,661		524
Autozone (a) (b)		8,469		1,127
Bed Bath & Beyond (a) (b)		45,638		1,859
Best Buy (a)		63,580		2,966
Big Lots (a) (b)		17,547		565
Black & Decker (a)		12,055		1,094
Brunswick (a)		14,302		468
Carnival (a)		66,091		3,231
CBS, Class B		118,592		3,768
Centex (a)		19,628		879
Circuit City Stores		31,528		550
Clear Channel Communications		72,375		2,564
Coach (b)		58,031		2,834
Comcast, Class A (a) (b)		486,351		12,966
D.R. Horton		41,586		922
Darden Restaurants		20,738		860
Dillard’s, Class A		9,415		326
DIRECTV Group (b)		96,540		2,301
Dollar General (a)		45,902		980
Dow Jones & Company		8,961		326
Eastman Kodak (a)		43,578		1,085
Family Dollar Stores (a)		23,732		756
Federated Department Stores (a)		82,376		3,618
Ford Motor (a)		288,881		2,323
Fortune Brands		22,038		1,765
Gannett (a)		36,695		2,094
Gap		88,053		1,581
General Motors (a)		88,555		2,766
Genuine Parts		26,532		1,311
Goodyear Tire & Rubber (a) (b)		27,247		906
Harley-Davidson (a)		40,274		2,550
Harman International Industries (a)		9,587		1,169
Harrah’s Entertainment		25,045		2,136
Hasbro		24,228		766
Hilton Hotels (a)		59,951		2,038
Home Depot		321,731		12,184
H&R Block (a)		55,698		1,259
IAC/ InterActiveCorp (a) (b)		25,623		977
International Game Technology (a)		51,451		1,962
Interpublic Group of Companies (a) (b)		64,632		820
J.C. Penney		36,461		2,884
Johnson Controls (a)		28,733		2,940
Jones Apparel Group		17,927		599
KB HOME		11,974		528
Kohl’s (a) (b)		47,420		3,511
Leggett & Platt (a)		28,142		662
Lennar		21,462		917
Limited (a)		53,275		1,469
Liz Claiborne (a)		16,348		731
Lowe’s (a)		237,003		7,243
Marriott International, Class A		50,262		2,272
Mattel (a)		61,936		1,753
McDonald’s		192,917		9,314
McGraw-Hill (a)		58,694		3,846
New York Times, Class A (a)		22,172		519
Newell Rubbermaid		41,705		1,279
News		374,949		8,395
Nike, Class B (a)		58,096		3,129
Nordstrom (a)		34,440		1,891
Office Depot (b)		48,599		1,634
Officemax (a)		10,772		530
Omnicom Group (a)		27,670		2,897
Polo Ralph Lauren (a)		4,613		425
Pulte Homes (a)		32,991		887
RadioShack (a)		20,585		598
Sears (a) (b)		13,824		2,639
Sherwin-Williams		18,718		1,194
Snap-On		8,965		489
Stanley Works (a)		12,437		725
Staples		111,839		2,774
Starbucks (a) (b)		117,543		3,646
Starwood Hotels & Resorts Worldwide		32,598		2,185
Target (a)		134,542		7,988
Tiffany & Company (a)		22,646		1,080
Time Warner (a)		640,576		13,215
TJX		66,944		1,867
Tribune		47,193		1,548
V.F. (a)		13,446		1,181
Viacom, Class B (a) (b)		115,633		4,770
Walt Disney (a)		306,407		10,718
Wendy’s International		17,351		654
Whirlpool (a)		12,013		1,274
Wyndham Worldwide (b)		31,442		1,088
Yum! Brands		41,876		2,590
				211,897
Consumer Staples – 9.3%
Altria Group		318,320		21,939
Anheuser-Busch		118,685		5,838
Archer-Daniels-Midland		100,683		3,896
Avon Products		72,781		2,897
Brown-Forman, Class B		8,505		544
Campbell Soup		28,149		1,101
Clorox		23,022		1,544
Coca-Cola Enterprises		35,052		769
Coca-Cola		320,400		16,722
Colgate-Palmolive		79,191		5,364
ConAgra Foods		81,098		1,993
Constellation Brands, Class A (a) (b)		28,056		629
Costco Wholesale (a)		72,219		3,869
CVS		236,801		8,582
Dean Foods		5,175		188
Estee Lauder, Class A		7,896		406
General Mills		50,220		3,008
H.J. Heinz		51,182		2,411
Hershey Foods (a)		27,739		1,525
Kellogg (a)		39,364		2,083
Kimberly-Clark		71,504		5,089
Kraft Foods, Class A		241,812		8,093
Kroger		110,684		3,266
McCormick		20,498		761
Molson Coors Brewing (a)		9,767		921
Pepsi Bottling		21,110		693
PepsiCo		256,847		16,975
Procter & Gamble		500,054		32,158
Reynolds American (a)		26,596		1,709
Safeway (a)		68,576		2,489
Sara Lee (a)		116,134		1,906
SUPERVALU (a)		30,856		1,416
Sysco (a)		101,195		3,313
Tyson Foods, Class A (a)		38,675		811
UST (a)		25,016		1,418
Walgreen		154,662		6,790
Wal-Mart Stores		380,707		18,243

First American Funds Semiannual Report 2007       5

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Whole Foods Market (a)		19,768	$	925
Wrigley, William Jr. (a)		31,604		1,861
				194,145
Energy – 10.1%
Anadarko Petroleum		73,714		3,439
Apache		51,163		3,709
Baker Hughes		52,368		4,210
BJ Services (a)		46,014		1,319
Chesapeake Energy (a)		58,384		1,970
Chevron (a)		341,940		26,600
ConocoPhillips		254,773		17,669
Consol Energy		27,291		1,143
Devon Energy (a)		70,650		5,148
El Paso		99,793		1,497
ENSCO International (a)		20,658		1,165
EOG Resources (a)		37,374		2,745
Exxon Mobil		902,703		71,657
Halliburton (a)		146,086		4,641
Hess		37,020		2,101
Kinder Morgan		12,903		1,375
Marathon Oil		54,273		5,511
Murphy Oil		23,768		1,318
Nabors Industries (a) (b)		45,205		1,452
National-Oilwell Varco (a) (b)		26,770		2,271
Noble		21,187		1,784
Occidental Petroleum (a)		125,423		6,359
Peabody Energy		39,988		1,919
Rowan (a)		16,969		622
Schlumberger (a)		179,945		13,285
Smith International (a)		29,599		1,552
Spectra Energy		92,047		2,402
Sunoco		20,900		1,579
Transocean (b)		50,049		4,314
Valero Energy		94,263		6,620
Weatherford International (a) (b)		52,530		2,757
Williams (a)		91,476		2,699
XTO Energy (a)		57,075		3,097
				209,929
Financials – 21.1%
ACE		45,193		2,687
AFLAC (a)		76,509		3,928
Allstate		108,259		6,747
Ambac Financial Group (a)		16,662		1,530
American Express		189,344		11,488
American International Group		400,104		27,971
Ameriprise Financial		35,864		2,133
AON		49,658		1,924
Apartment Investment & Management – REIT		15,116		836
Archstone-Smith Trust – REIT (a)		33,337		1,737
Assurant (a)		7,009		403
Avalonbay Communities – REIT (a)		11,891		1,454
Bank of America		723,267		36,814
Bank of New York		117,741		4,766
BB&T (a)		82,890		3,450
Bear Stearns		16,375		2,550
Boston Properties – REIT (a)		17,105		2,011
Capital One Financial		64,646		4,801
CB Richard Ellis Group (a) (b)		23,923		810
Charles Schwab		155,415		2,972
Chicago Mercantile Exchange (a)		5,360		2,770
Chubb		56,213		3,026
Cincinnati Financial		23,960		1,084
CIT Group (a)		30,869		1,841
Citigroup		778,914		41,765
Comerica (a)		25,315		1,567
Commerce Bancorp (a)		28,315		947
Compass Bancshares (a)		13,893		947
Countrywide Financial		91,760		3,402
Developers Diversified Realty – REIT (a)		12,275		799
E*TRADE Financial (a) (b)		65,964		1,456
Equity Residential Properties Trust – REIT (a)		44,033		2,044
Fannie Mae		147,872		8,713
Federated Investors, Class B		12,900		492
Fifth Third Bancorp (a)		84,740		3,440
First Horizon National (a)		19,183		752
Franklin Resources		22,623		2,971
Freddie Mac		105,243		6,818
Genworth Financial, Class A (a)		51,718		1,887
Goldman Sachs Group (a)		66,899		14,625
Hartford Financial Services Group (a)		44,278		4,481
Host Hotels & Resorts – REIT (a)		80,781		2,071
Hudson City Bancorp		37,188		495
Huntington Bancshares (a)		32,375		718
J.P. Morgan Chase (a)		541,391		28,206
Janus Capital Group (a)		37,212		931
KeyCorp (a)		62,386		2,226
Kimco Realty – REIT (a)		33,361		1,604
Legg Mason (a)		19,207		1,905
Lehman Brothers Holdings (a)		82,617		6,219
Lincoln National (a)		46,162		3,284
Loew’s		61,785		2,924
M&T Bank		12,214		1,360
Marsh & McLennan		80,625		2,561
Marshall & Ilsley (a)		31,518		1,513
MBIA (a)		20,587		1,432
Mellon Financial		65,969		2,832
Merrill Lynch (a)		140,631		12,689
Metlife (a)		116,668		7,665
MGIC Investment (a)		15,404		949
Moody’s		38,046		2,516
Morgan Stanley (a)		165,584		13,911
National City (a)		73,530		2,688
Northern Trust		28,319		1,783
Plum Creek Timber – REIT (a)		28,382		1,127
PNC Financial Services		42,063		3,117
Principal Financial Group		50,455		3,203
Progressive (a)		122,896		2,835
Prologis – REIT (a)		33,043		2,141
Prudential Financial		79,158		7,520
Public Storage – REIT (a)		14,540		1,357
Regions Financial (a)		112,500		3,948
SAFECO (a)		19,228		1,283
Simon Property Group – REIT (a)		30,929		3,565
SLM		63,671		3,427
Sovereign Bancorp		57,822		1,403
State Street (a)		54,885		3,780
SunTrust Banks (a)		52,298		4,415
Synovus Financial (a)		45,400		1,433
T. Rowe Price Group (a)		38,296		1,903
Torchmark		15,904		1,086
Travelers		104,770		5,668
U.S. Bancorp (a) (c)		278,022		9,550
UnumProvident		52,696		1,311
Vornado Realty Trust – REIT		20,001		2,373
Wachovia		277,067		15,388
Washington Mutual		151,299		6,352
Wells Fargo		510,626		18,326

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

6      First American Funds Semiannual Report 2007

Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE
XL Capital Limited, Class A (a)		24,942	$	1,945
Zions Bancorporation		13,276		1,086
				438,863
Healthcare – 12.1%
Abbott Laboratories (a)		239,308		13,550
Aetna		89,752		4,208
Allergan (a)		19,527		2,367
AmerisourceBergen (a)		32,434		1,621
Amgen (a) (b)		188,171		12,069
Applied Biosystems Group – Applera (a)		30,322		947
Barr Pharmaceuticals (b)		12,664		612
Bausch & Lomb		8,429		496
Baxter International		94,640		5,359
Becton, Dickinson & Company		38,707		3,046
Biogen IDEC (b)		51,784		2,445
Biomet (a)		38,099		1,646
Boston Scientific (b)		187,116		2,889
Bristol-Myers Squibb (a)		296,693		8,563
C.R. Bard		15,952		1,326
Cardinal Health		66,513		4,653
Celgene (a) (b)		53,133		3,250
CIGNA		18,923		2,944
Coventry Health Care (a) (b)		25,315		1,464
Eli Lilly (a)		155,802		9,213
Express Scripts (a) (b)		22,465		2,147
Forest Laboratories, Class A (a) (b)		51,854		2,759
Genzyme (b)		37,880		2,474
Gilead Sciences (b)		66,955		5,472
Hospira (b)		25,240		1,023
Humana (b)		25,320		1,601
IMS Health		36,008		1,056
Johnson & Johnson		455,640		29,261
King Pharmaceuticals (a) (b)		37,869		774
Laboratory Corporation of America (a) (b)		20,552		1,622
Manor Care		12,194		791
McKesson HBOC (a)		46,528		2,737
Medco Health Solutions (a) (b)		47,094		3,674
Medimmune (a) (b)		38,159		2,163
Medtronic (a)		183,061		9,689
Merck (a)		335,560		17,261
Millipore (a) (b)		7,569		559
Mylan Laboratories		33,291		730
Patterson Companies (a) (b)		21,251		766
PerkinElmer		20,554		497
Pfizer		1,123,925		29,739
Quest Diagnostics (a)		25,521		1,248
Schering-Plough		224,997		7,139
St. Jude Medical (a) (b)		56,339		2,411
Stryker (a)		44,750		2,906
Tenet Healthcare (a) (b)		72,248		536
Thermo Fisher Scientific (a) (b)		62,658		3,262
UnitedHealth Group (a)		200,607		10,644
Varian Medical Systems (a) (b)		10,199		431
Watson Pharmaceuticals (a) (b)		16,832		460
Wellpoint (b)		95,676		7,556
Wyeth Pharmaceuticals		204,027		11,323
Zimmer Holdings (b)		38,038		3,442
				250,821
Industrials – 10.9%
3M		121,229		10,034
Allied Waste Industries (a) (b)		32,673		437
American Standard		27,382		1,508
Avery Dennison		16,469		1,024
Boeing		126,417		11,757
Burlington Northern Santa Fe		57,180		5,006
C.H. Robinson Worldwide		25,175		1,346
Caterpillar		102,276		7,427
Cintas (a)		21,118		791
Cooper Industries, Class A		28,514		1,419
CSX (a)		67,793		2,927
Cummins (a)		12,390		1,142
Danaher (a)		36,243		2,580
Deere & Company		36,990		4,047
Dover		25,743		1,239
Eaton		22,600		2,016
Emerson Electric		127,043		5,970
Equifax (a)		19,991		796
FedEx (a)		45,579		4,806
Fluor		12,275		1,174
General Dynamics		59,771		4,692
General Electric		1,613,187		59,462
Goodrich		18,217		1,035
Honeywell International		131,722		7,137
Illinois Tool Works (a)		62,495		3,207
Ingersoll-Rand, Class A (a)		50,690		2,263
ITT Industries		28,123		1,795
L-3 Communications Holdings		15,448		1,389
Lockheed Martin (a)		54,470		5,237
Masco (a)		65,110		1,772
Monster Worldwide (a) (b)		19,748		830
Norfolk Southern		63,227		3,366
Northrop Grumman		54,400		4,006
Paccar (a)		38,856		3,263
Pall (a)		19,272		808
Parker Hannifin		17,930		1,652
Pitney Bowes (a)		27,368		1,314
R.R. Donnelley & Sons		33,218		1,335
Raytheon (a)		67,847		3,633
Robert Half International (a)		26,304		876
Rockwell Automation		26,155		1,557
Rockwell Collins		27,187		1,785
Ryder System (a)		9,657		508
Southwest Airlines (a)		123,218		1,768
Terex (b)		14,329		1,116
Textron (a)		20,395		2,074
Tyco International		307,555		10,036
Union Pacific		38,848		4,438
United Parcel Service, Class B (a)		165,178		11,633
United Technologies (a)		156,655		10,516
W.W. Grainger		13,136		1,085
Waste Management (a)		83,919		3,139
				226,173
Information Technology – 14.9%
ADC Telecommunications (a) (b)		17,997		331
Adobe Systems (a) (b)		92,189		3,831
Advanced Micro Devices (a) (b)		83,622		1,156
Affiliated Computer Services, Class A (b)		20,390		1,222
Agilent Technologies (a) (b)		65,655		2,257
Altera (b)		55,438		1,250
Analog Devices (a)		56,223		2,171
Apple Computer (a) (b)		129,221		12,896
Applied Materials		231,451		4,449
Autodesk (b)		35,249		1,455
Automatic Data Processing		89,462		4,004
Avaya (b)		70,817		915
BMC Software (a) (b)		33,171		1,074
Broadcom, Class A (a) (b)		69,471		2,261
CA (a)		63,861		1,741
Ciena (a) (b)		13,076		381

First American Funds Semiannual Report 2007       7

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Cisco Systems (a) (b)		939,082	$	25,111
Citrix Systems (a) (b)		28,020		913
Cognizant Technology Solutions, Class A (a) (b)		18,504		1,654
Computer Sciences (b)		26,205		1,455
Compuware (b)		61,323		605
Convergys (b)		21,554		545
Corning (a) (b)		239,586		5,683
Dell (b)		360,440		9,087
eBay (a) (b)		179,484		6,092
Electronic Arts (a) (b)		45,823		2,310
Electronic Data Systems (a)		74,449		2,177
EMC (a) (b)		363,165		5,513
Fidelity National Information Services		10,333		522
First Data		120,988		3,920
Fiserv (a) (b)		28,464		1,513
Google, Class A (a) (b)		32,582		15,359
Hewlett-Packard		431,462		18,182
IBM		241,969		24,732
Intel		903,620		19,428
Intuit (b)		54,187		1,542
Jabil Circuit (a)		27,908		650
JDS Uniphase (a) (b)		32,578		537
Juniper Networks (a) (b)		87,226		1,950
KLA-Tencor (a)		29,523		1,640
Lexmark International Group, Class A (a) (b)		18,036		983
Linear Technology (a)		46,602		1,744
LSI Logic (a) (b)		119,313		1,014
Maxim Integrated Products		50,158		1,591
Micron Technology (a) (b)		91,302		1,047
Microsoft		1,317,956		39,460
Molex (a)		22,069		659
Motorola (a)		376,467		6,524
National Semiconductor (a)		55,170		1,451
NCR (b)		28,087		1,416
Network Appliance (b)		57,041		2,123
Novell (a) (b)		58,749		429
Novellus Systems (a) (b)		20,463		662
NVIDIA (b)		53,023		1,744
Oracle (a) (b)		614,898		11,560
Paychex		51,199		1,900
PMC-Sierra (a) (b)		32,214		249
QLogic (b)		24,727		442
QUALCOMM (a)		250,960		10,992
SanDisk (a) (b)		34,786		1,511
Sanmina – SCI (a) (b)		82,376		284
Seagate Technology, Escrow Shares (b) (d)		44,886		—
Solectron (a) (b)		141,326		473
Sun Microsystems (a) (b)		537,597		2,806
Symantec (a) (b)		165,054		2,905
Tektronix (a)		12,876		378
Tellabs (a) (b)		70,212		746
Teradyne (a) (b)		29,710		518
Texas Instruments		231,060		7,942
Unisys (a) (b)		50,524		396
VeriSign (a) (b)		37,850		1,035
Waters (b)		17,033		1,012
Western Union (a)		120,339		2,533
Xerox (b)		146,632		2,713
Xilinx		53,061		1,564
Yahoo! (a) (b)		190,764		5,349
				310,669
Materials – 3.0%
Air Products and Chemicals		34,731		2,657
Alcoa		133,501		4,738
Allegheny Technologies (a)		15,604		1,710
Ashland		11,019		661
Ball		10,539		534
Bemis		16,184		538
Dow Chemical (a)		149,984		6,691
E.I. Du Pont de Nemours (a)		141,205		6,943
Eastman Chemical (a)		11,432		774
Ecolab (a)		28,227		1,214
Freeport-McMoRan Copper & Gold (a)		57,907		3,889
Hercules (b)		16,792		316
International Flavors & Fragrances		10,817		526
International Paper (a)		69,359		2,616
MeadWestvaco (a)		27,878		930
Monsanto		83,307		4,914
Newmont Mining (a)		69,948		2,917
NuCor (a)		50,315		3,193
Pactiv (a) (b)		23,004		796
PPG Industries		25,875		1,904
Praxair (a)		50,418		3,255
Rohm & Haas (a)		22,123		1,132
Sealed Air		25,106		826
Sigma-Aldrich		20,564		865
Temple-Inland (a)		17,974		1,065
United States Steel (a)		17,758		1,803
Vulcan Materials (a)		15,618		1,931
Weyerhaeuser		34,604		2,741
				62,079
Telecommunication Services – 3.5%
ALLTEL		55,129		3,456
AT&T		967,654		37,468
CenturyTel (a)		20,275		934
Citizens Communications (a)		48,840		760
Embarq (a)		23,350		1,402
Qwest Communications International (a) (b)		244,288		2,169
Sprint (a)		456,222		9,138
Verizon Communications (a)		434,236		16,579
Windstream (a)		73,885		1,080
				72,986
Utilities – 3.6%
AES (b)		102,693		2,258
Allegheny Energy (b)		24,896		1,331
Ameren (a)		29,420		1,547
American Electric Power		60,176		3,022
Centerpoint Energy (a)		46,461		875
CMS Energy		34,220		634
Consolidated Edison (a)		35,670		1,828
Constellation Energy		25,763		2,296
Dominion Resources (a)		52,955		4,830
DTE Energy (a)		25,328		1,281
Duke Energy		194,147		3,984
Dynegy, Class A (b)		59,699		562
Edison International		49,589		2,596
Entergy		35,329		3,997
Exelon		104,448		7,876
FirstEnergy		50,243		3,439
FPL Group		60,378		3,887
Integrys Energy Group		4,748		266
KeySpan		27,315		1,131
Nicor (a)		6,932		355
NiSource		39,709		977
PG&E (a)		59,167		2,994
Pinnacle West Capital		15,472		747
PPL (a)		55,383		2,415
Progress Energy (a)		37,334		1,887

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

8      First American Funds Semiannual Report 2007

Equity Index Fund (concluded)
DESCRIPTION		SHARES/PAR		VALUE
Public Service Enterprises (a)			36,283	$	3,137
Questar (a)			10,217		992
Sempra Energy (a)			39,794		2,526
Southern			113,239		4,279
TECO Energy (a)			30,211		542
TXU (a)			78,949		5,179
Xcel Energy (a)			62,906		1,515
					75,185
Total Common Stocks (Cost $1,208,368)					2,052,747
Short-Term Investments – 1.3%
Money Market Fund – 1.2%
First American Prime Obligations Fund, Class Z (c)			24,231,485		24,231
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
	4.790%, 08/09/2007 (e)	$	2,700		2,664
Total Short-Term Investments (Cost $26,895)					26,895
Investment Purchased with Proceeds from Securities Lending – 23.7%
Mount Vernon Securities Lending Prime Portfolio (c) (f)
	(Cost $493,368)		493,368,096		493,368
Total Investments – 123.7.0% (Cost $1,728,631)					2,573,010
Other Assets and Liabilities, Net – (23.7)%					(492,769	)
Total Net Assets – 100.0%				$	2,080,241

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a value of $472,926 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	Non-income producing security.
(c)	Investment in affiliated security. As of April 30, 2007, the market value of these investments was $527,149 or 25.3% of total net assets. See notes 3 and 4 in Notes to Financial Statements.
(d)	Security is fair valued and illiquid. As of April 30, 2007, the value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(e)	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2007. See note 2 in Notes to Financial Statements.

(f)  In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of		Notional
	Contracts		Contract		Settlement	Unrealized
Description	Purchased		Value		Month	Appreciation
S&P 500 Futures		72	$	26,791	June 2007	$	831

Mid Cap Index Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 98.5%
Consumer Discretionary – 14.2%
99 Cents Only Stores (a)		15,920	$	228
Advanced Auto Parts		31,640		1,304
Aeropostale (a)		16,509		679
American Eagle Outfitters (b)		60,556		1,785
American Greetings, Class A (b)		17,531		446
AnnTaylor Stores (a)		21,893		842
Applebee’s International (b)		23,439		637
ArvinMeritor (b)		21,579		446
Bandag (b)		3,601		182
Barnes & Noble (b)		16,180		640
Beazer Homes USA (b)		13,000		434
Belo, Class A (b)		26,439		509
BLYTH (b)		8,304		217
Bob Evans Farms		11,163		410
Borders Group (b)		18,706		395
BorgWarner (b)		17,268		1,345
Boyd Gaming		12,735		579
Brinker International		37,374		1,162
Callaway Golf (b)		20,224		363
CarMax (a)		64,220		1,600
Catalina Marketing, Class C		11,016		349
CBRL Group (b)		8,147		363
Charming Shoppes (a) (b)		36,190		452
Cheesecake Factory (a) (b)		24,115		666
Chico’s FAS (a) (b)		52,858		1,393
Claire’s Stores		28,684		934
Coldwater Creek (a) (b)		18,400		381
Corinthian Colleges (a) (b)		26,319		364
DeVry		17,966		593
Dick’s Sporting Goods (a) (b)		11,240		630
Dollar Tree Stores (a)		30,695		1,207
Entercom Communications (b)		8,377		232
Foot Locker		46,839		1,114
Furniture Brands International (b)		14,977		241
Gamestop, Class A (a)		44,483		1,476
Gentex (b)		44,247		788
Hanesbrands (a) (b)		28,316		753
Harte-Hanks		15,009		392
Hovnanian Enterprises, Class A (a) (b)		10,987		264
International Speedway, Class A		10,795		533
John Wiley & Sons, Class A		12,594		472
Laureate Education (a)		15,262		901
Lear (a)		22,199		815
Lee Enterprises (b)		13,960		365
M.D.C. Holdings (b)		10,333		530
Matthews International, Class A		5,091		215
Media General, Class A (b)		7,384		271
Modine Manufacturing		10,284		238
Mohawk Industries (a) (b)		16,220		1,462
Netflix (a) (b)		18,275		405
NVR (a)		1,404		1,157
O’Reilly Automotive (a) (b)		33,659		1,198
OSI Restaurant Partners		21,681		863
Pacific Sunwear of California (a)		20,871		437
Payless ShoeSource (a)		19,782		631
PetSmart (b)		41,561		1,379
Phillips Van-Heusen (b)		16,737		936
Regis		13,903		532
Rent-A-Center (a)		21,274		592
Ross Stores (b)		42,496		1,409
Ruby Tuesday		18,583		497
Ryland Group (b)		13,158		583
Saks		41,698		873

First American Funds Semiannual Report 2007       9

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Scholastic (a)		7,700	$	238
Scientific Games, Class A (a) (b)		19,782		659
Strayer Education		3,549		441
Thor Industries (b)		10,675		425
Timberland, Class A (a)		15,679		405
Toll Brothers (a) (b)		36,235		1,079
Travelcenters, Fractional Shares (a) (c)		.70		—
Tupperware (b)		16,322		459
Urban Outfitters (a)		33,834		872
Valassis Communications (a) (b)		14,609		280
Washington Post, Class B		1,675		1,246
Westwood One (b)		19,507		133
Williams-Sonoma (b)		34,175		1,204
				51,530
Consumer Staples – 2.5%
Alberto-Culver		24,115		586
BJ’s Wholesale Club (a)		19,545		675
Church & Dwight (b)		19,233		976
Energizer Holdings (a)		17,680		1,718
Hansen Natural (a) (b)		18,186		695
Hormel Foods		21,902		834
JM Smucker		17,660		986
Lancaster Colony		7,091		299
PepsiAmericas (b)		18,225		440
Ruddick (b)		10,303		309
Smithfield Foods (a) (b)		28,943		885
Tootsie Roll Industries (b)		8,188		237
Universal (b)		7,110		446
				9,086
Energy – 8.2%
Arch Coal		43,466		1,568
Cameron International (a) (b)		33,586		2,169
Cimarex Energy		23,059		908
Denbury Resources (a) (b)		36,372		1,203
Encore Acquisition (a)		10,823		289
FMC Technologies (a) (b)		21,155		1,499
Forest Oil (a) (b)		16,778		591
Frontier Oil		30,369		1,073
Grant Prideco (a) (b)		39,327		2,027
Hanover Compressor (a) (b)		31,045		671
Helmerich & Payne		31,691		1,023
Newfield Exploration (a)		39,035		1,708
Noble Energy		53,233		3,131
Overseas Shipholding Group		8,929		632
Patterson-UTI Energy (b)		48,288		1,178
Pioneer Natural Resources (b)		37,562		1,886
Plains Exploration & Production (a)		23,403		1,100
Pogo Producing (b)		17,466		843
Pride International (a) (b)		49,268		1,616
Quicksilver Resources (a) (b)		16,619		696
Southwestern Energy (a)		51,398		2,159
Superior Energy Services (a) (b)		22,428		815
Tidewater (b)		17,576		1,111
				29,896
Financials – 16.4%
A.G. Edwards (b)		24,069		1,744
AMB Property – REIT		26,575		1,619
American Financial Group (b)		20,941		739
AmeriCredit (a)		35,572		897
Arthur J. Gallagher (b)		29,364		821
Associated Banc-Corp		39,822		1,289
Astoria Financial		27,161		721
Bank of Hawaii		15,773		834
Brown & Brown (b)		34,098		878
Cathay General Bancorp (b)		12,581		413
City National (b)		12,778		936
Colonial BancGroup (b)		46,052		1,108
Commerce Group		5,077		166
Cousins Properties (b)		13,136		441
Cullen/ Frost Bankers		15,714		804
Eaton Vance (b)		38,255		1,462
Everest Re Group		19,726		1,985
Fidelity National Title Group		66,344		1,691
First American (b)		28,340		1,459
First Niagara Financial Group		25,799		351
FirstMerit (b)		25,552		534
GATX (b)		15,660		767
Greater Bay Bancorp (b)		16,505		426
Hanover Insurance Group		15,336		705
HCC Insurance Holdings		34,349		1,053
Highwoods Properties – REIT (b)		17,048		695
Horace Mann Educators (b)		13,496		284
Hospitality Properties Trust – REIT (b)		26,081		1,187
IndyMac Bancorp (b)		19,791		598
Investors Financial Services		19,943		1,234
Jefferies Group (b)		30,353		962
Leucadia National (b)		49,026		1,478
Liberty Property Trust – REIT		27,064		1,310
Macerich – REIT (b)		21,305		2,027
Mack-Cali Realty – REIT		17,871		875
Mercury General (b)		10,762		583
MoneyGram International (b)		26,169		744
New York Community Bancorp (b)		78,016		1,362
Nuveen Investments, Class A (b)		23,758		1,266
Ohio Casualty (b)		18,512		586
Old Republic International		69,239		1,473
PMI Group (b)		26,037		1,262
Potlatch – REIT		11,653		506
Protective Life		21,048		987
Radian Group (b)		24,203		1,406
Raymond James Financial		27,345		839
Rayonier – REIT (b)		23,698		1,028
Regency Centers – REIT (b)		20,161		1,661
SEI Investments		18,974		1,158
StanCorp Financial Group		16,377		780
SVB Financial (a) (b)		11,733		601
TCF Financial (b)		33,441		906
UDR – REIT (b)		40,522		1,217
Unitrin		12,312		580
W.R. Berkley		51,630		1,677
Waddell & Reed Financial, Class A		25,521		618
Washington Federal		27,581		654
Webster Financial (b)		17,082		759
Weingarten Realty Investors – REIT (b)		24,732		1,184
Westamerica Bancorporation		9,879		463
Wilmington Trust		20,587		833
				59,626
Healthcare – 10.9%
Advanced Medical Optics (a) (b)		17,685		715
Affymetrix (a) (b)		20,362		535
Apria Healthcare Group (a) (b)		13,200		419
Beckman Coulter (b)		18,677		1,173
Cephalon (a) (b)		18,510		1,474
Cerner (a) (b)		18,104		964
Charles River Laboratories International (a) (b)		20,580		975
Community Health Systems (a)		27,891		1,026
Covance (a) (b)		19,756		1,195
Cytyc (a)		33,850		1,192

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

10      First American Funds Semiannual Report 2007

Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
DENTSPLY International		46,329	$	1,548
Edwards Lifesciences (a)		17,588		862
Gen-Probe (a) (b)		15,590		797
Health Management Associates, Class A		71,024		759
Health Net (a) (b)		33,728		1,823
Henry Schein (a) (b)		26,548		1,384
Hillenbrand Industries		18,472		1,130
Intuitive Surgical (a)		11,168		1,448
Invitrogen (a) (b)		15,124		990
Lifepoint Hospitals (a)		17,527		640
Lincare Holdings (a)		28,266		1,115
Martek Biosciences (a) (b)		9,731		210
Medicis Pharmaceutical, Class A (b)		15,698		477
Millennium Pharmaceuticals (a) (b)		95,246		1,055
Mine Safety Appliances (b)		8,035		339
Omnicare (b)		37,021		1,228
Par Pharmaceutical Companies (a)		10,828		292
PDL BioPharma (a) (b)		34,618		874
Perrigo (b)		23,418		445
Pharmaceutical Product Development (b)		29,296		1,057
Psychiatric Solutions (a) (b)		15,988		561
Resmed (a) (b)		22,939		969
Sepracor (a) (b)		32,947		1,769
STERIS		19,518		499
Techne (a) (b)		11,459		676
Triad Hospitals (a)		26,423		1,404
Universal Health Services		17,324		1,052
Valeant Pharmaceuticals International (b)		28,426		512
Varian (a)		9,567		554
VCA Antech (a) (b)		24,808		978
Ventana Medical Systems (a)		9,843		478
Vertex Pharmaceuticals (a) (b)		38,169		1,173
WellCare Group (a)		10,042		809
				39,575
Industrials – 16.2%
AGCO (a) (b)		27,778		1,159
AirTran Holdings (a) (b)		27,389		302
Alaska Air Group (a) (b)		12,002		355
Alexander & Baldwin (b)		12,968		693
Alliant Techsystems (a) (b)		10,300		959
AMETEK (b)		32,320		1,173
Avis Budget Group (a)		30,169		849
Brinks		13,646		866
Career Education (a) (b)		28,508		842
Carlisle Companies		17,989		741
ChoicePoint (a) (b)		23,232		882
Con-way		14,453		790
Copart (a)		22,673		657
Corporate Executive Board (b)		12,146		773
Crane (b)		15,304		651
Deluxe		15,558		589
Donaldson		20,949		752
DRS Technologies		11,960		602
Dun & Bradstreet		18,942		1,710
Dycom Industries (a) (b)		12,672		328
Expeditors International of Washington (b)		64,070		2,678
Fastenal (b)		38,019		1,563
Federal Signal		14,752		233
Flowserve (b)		16,954		1,034
Graco (b)		21,063		832
Granite Construction		10,357		624
Harsco		25,123		1,281
Herman Miller (b)		19,438		669
HNI		15,104		630
Hubbell, Class B (b)		18,052		933
ITT Educational Services (a)		9,951		967
J.B. Hunt Transport Services		31,977		865
Jacobs Engineering Group (a)		35,704		1,801
JetBlue Airways (a) (b)		53,635		532
Joy Global (b)		33,937		1,718
KBR (a)		50,327		1,040
Kelly Services, Class A		6,163		177
Kennametal		11,835		835
Korn/ Ferry International (a) (b)		12,709		300
Lincoln Electric Holdings		13,053		832
Manpower (b)		26,311		2,111
MSC Industrial Direct, Class A (b)		16,459		802
Navigant Consulting (a)		15,681		301
Nordson		10,219		468
Oshkosh Truck (b)		22,165		1,240
Pentair (b)		30,106		968
Precision Castparts		40,755		4,243
Quanta Services (a) (b)		37,635		1,035
Republic Services		51,810		1,447
Rollins (b)		9,283		214
Roper Industries (b)		26,369		1,478
Sequa, Class A (a)		2,027		238
Sotheby’s Holdings, Class A (b)		16,718		863
SPX (b)		17,396		1,233
Stericycle (a) (b)		13,272		1,157
Swift Transportation (a) (b)		16,574		518
Teleflex (b)		12,318		885
Thomas & Betts (a)		16,281		887
Timken (b)		28,408		937
Trinity Industries (b)		24,229		1,124
United Rentals (a) (b)		20,080		673
Werner Enterprises (b)		15,865		300
YRC Worldwide (a) (b)		17,840		710
				59,049
Information Technology – 15.4%
3Com (a)		118,705		478
Activision (a) (b)		75,406		1,508
Acxiom		20,461		462
ADTRAN (b)		19,528		497
Advent Software (a)		6,103		205
Alliance Data Systems (a) (b)		20,022		1,275
Amphenol, Class A (b)		53,817		1,890
Andrew (a) (b)		46,258		505
Arrow Electronics (a) (b)		36,672		1,449
Atmel (a)		128,968		686
Avnet (a) (b)		38,774		1,586
Avocent (a) (b)		15,309		429
BISYS Group (a)		37,090		429
Broadridge Financial Solutions (a)		41,288		827
Cadence Design Systems (a) (b)		84,499		1,876
CDW (b)		18,058		1,300
Ceridian (a)		41,821		1,412
CheckFree (a) (b)		26,901		905
CommScope (a) (b)		17,694		825
Cree (a) (b)		23,670		483
CSG Systems International (a) (b)		14,962		401
Cypress Semiconductor (a) (b)		53,372		1,218
Diebold		19,965		952
DST Systems (a) (b)		17,857		1,394
F5 Networks (a)		12,113		930
Fair Isaac		18,992		678
Fairchild Semiconductor International, Class A (a)		36,843		648
Gartner, Class A (a)		18,336		463
Global Payments (b)		18,000		684

First American Funds Semiannual Report 2007       11

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Mid Cap Index Fund (continued)
DESCRIPTION		SHARES		VALUE
Harris			40,297	$	2,069
Imation			9,750		360
Ingram Micro (a)			41,815		820
Integrated Device Technology (a)			60,130		901
International Rectifier (a) (b)			21,717		766
Intersil, Class A			42,324		1,261
Jack Henry & Associates			22,950		545
KEMET (a) (b)			26,648		226
Lam Research (a) (b)			42,876		2,306
Lattice Semiconductor (a)			34,415		188
Macrovision (a)			16,007		389
McAfee (a)			48,755		1,584
MEMC Electronic Materials (a)			50,445		2,768
Mentor Graphics (a)			24,509		397
Micrel (a)			17,856		224
Microchip Technology (b)			65,250		2,632
MPS Group (a)			31,562		432
National Instruments			16,989		473
Palm (a) (b)			31,173		526
Parametric Technology (a) (b)			30,852		548
Plantronics			14,545		365
Polycom (a)			26,991		899
Powerwave Technologies (a) (b)			38,560		240
RF Micro Devices (a) (b)			59,161		370
Semtech (a)			22,370		323
Silicon Laboratories (a) (b)			16,870		554
SRA International, Class A (a) (b)			11,294		276
Sybase (a)			27,448		664
Synopsys (a)			42,432		1,174
Tech Data (a)			17,358		617
Transaction Systems Architects (a) (b)			11,147		354
TriQuint Semiconductor (a) (b)			44,367		229
UTStarcom (a) (b)			32,899		235
ValueClick (a) (b)			29,541		845
Vishay Intertechnology (a)			56,533		941
Western Digital (a) (b)			66,179		1,170
Wind River Systems (a)			22,943		226
Zebra Technology, Class A (a) (b)			21,622		860
					56,152
Materials – 6.1%
Airgas			23,506		1,047
Albemarle			23,441		995
Bowater (b)			17,942		393
Cabot Microelectronics			19,016		861
Chemtura (b)			74,589		823
Commercial Metals (b)			36,746		1,232
Cytec Industries			12,154		667
Ferro			12,857		268
Florida Rock Industries (b)			14,259		986
FMC			11,811		909
Glatfelter (b)			10,783		161
Louisiana Pacific (b)			31,702		625
Lubrizol			20,865		1,251
Lyondell Chemical (b)			63,635		1,980
Martin Marietta Materials			14,250		2,078
Minerals Technologies			6,183		393
Olin (b)			21,509		369
Packaging Corporation of America			23,998		594
Reliance Steel & Aluminum			19,345		1,149
RPM (b)			36,020		766
Scotts			13,715		617
Sensient Technologies			13,955		365
Sonoco Products			30,512		1,301
Steel Dynamics			26,721		1,184
Valspar			31,085		841
Worthington Industries (b)			21,951		488
					22,343
Telecommunication Services – 0.7%
Cincinnati Bell (a) (b)			76,029		385
NeuStar, Class A (a) (b)			15,853		456
Telephone & Data Systems			31,461		1,792
					2,633
Utilities – 7.9%
AGL Resources			24,981		1,088
Alliant Energy (b)			37,247		1,631
Aqua America (b)			39,548		874
Aquila (a)			112,615		465
Black Hills (b)			10,286		410
DPL			35,425		1,111
Duquesne Light Holdings			23,837		475
Energy East			47,180		1,143
Equitable Resources (b)			36,462		1,896
Great Plains Energy (b)			22,815		745
Hawaiian Electric Industries (b)			24,846		654
IDACORP			12,977		447
MDU Resources Group (b)			55,185		1,672
National Fuel Gas (b)			24,156		1,136
Northeast Utilities (b)			46,381		1,492
NSTAR (b)			32,791		1,177
OGE Energy			26,164		1,006
ONEOK			33,075		1,601
Pepco Holdings (b)			59,999		1,771
PNM Resources (b)			21,037		685
Puget Energy			31,922		824
SCANA			35,133		1,529
Sierra Pacific Resources (a)			61,515		1,123
Vectren (b)			23,362		679
Westar Energy (b)			26,629		725
WGL Holdings (b)			14,749		499
Wisconsin Energy			35,925		1,753
					28,611
Total Common Stocks (Cost $252,432)					358,501
Short-Term Investments – 1.6%
Money Market Fund – 1.3%
First American Prime Obligations Fund, Class Z (d)			4,920,846		4,921
U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill (e)
	4.790%, 08/09/2007	$	1,000		987
Total Short-Term Investments (Cost $5,908)					5,908
Investment Purchased with Proceeds from Securities Lending – 41.9%
Mount Vernon Securities Lending Prime Portfolio (d) (f)
	(Cost $152,650)		152,650,414		152,650
Total Investments – 142.0% (Cost $410,990)					517,059
Other Assets and Liabilities, Net – (42.0)%					(153,055	)
Total Net Assets – 100.0%				$	364,004

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

12      First American Funds Semiannual Report 2007

Mid Cap Index Fund (concluded)

(a)	Non-income producing security.
(b)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $145,147 at April 30, 2007. See note 2 in Notes to Financial Statements.
(c)	Security is fair valued and illiquid. As of April 30, 2007, the value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(d)	Investment in affiliated security. As of April 30, 2007, the market value of these investments was $157,571 or 43.3% of total net assets. See note 3 in Notes to Financial Statements.
(e)	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2007. See note 2 in Notes to Financial Statements.

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

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of
	Contracts		Notional
	Purchased		Contract		Settlement	Unrealized
Description	(Sold)		Value		Month	Appreciation
S&P MidCap 400 Futures		12	$	5,269	June 2007	$	293

Small Cap Index Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 97.7%
Consumer Discretionary – 15.3%
1-800 Flowers (a)		2,466	$	20
99 Cents Only Stores (a)		4,711		67
A.C. Moore Arts & Crafts (a)		1,672		34
Aaron Rents (b)		4,243		120
Aeropostale (a)		5,363		221
AFC Enterprises (a)		2,602		49
Aftermarket Technology (a)		2,246		62
Ambassadors Group		1,957		66
Ambassadors International		739		30
American Axle & Manufacturing Holdings (b)		4,842		135
American Greetings, Class A (b)		5,513		140
America’s Car-Mart (a)		977		13
Ameristar Casinos		2,537		77
Andersons (b)		1,472		68
Applebee’s International (b)		7,040		191
Arbitron		2,961		146
Arctic Cat		1,451		26
ArvinMeritor (b)		6,931		143
Asbury Automotive Group (b)		1,378		40
Audible (a) (b)		2,783		27
Avatar Holdings (a) (b)		571		43
Bally Technologies (a) (b)		5,406		126
Bally Total Fitness Holding (a)		3,805		3
Bandag (b)		906		46
Bebe Stores		2,442		43
Belo, Class A (b)		8,551		165
Big 5 Sporting Goods (b)		2,245		57
Big Lots (a) (b)		11,108		358
BJs Restaurants (a)		1,504		31
Blockbuster, Class A (a) (b)		18,754		116
Blount International (a) (b)		3,920		53
Blue Nile (a) (b)		1,375		65
Bluegreen (a)		2,437		27
BLYTH		2,683		70
Bob Evans Farms		3,875		142
Bon-Ton Stores		473		23
Books-A-Million		1,464		24
Borders Group		5,828		123
Brookfield Homes (b)		1,212		41
Brown Shoe		4,135		112
Buckle		1,238		44
Buffalo Wild Wings (a) (b)		810		53
Build-A-Bear Workshop (a) (b)		1,521		42
Building Materials Holding (b)		2,847		41
Cabelas (a)		2,984		71
Cache (a)		1,342		23
California Coastal Communities		836		15
California Pizza Kitchen (a) (b)		2,271		76
Callaway Golf (b)		7,445		134
Carmike Cinemas		1,203		30
Carters (a) (b)		4,567		120
Casual Male Retail Group (a) (b)		2,913		34
Catalina Marketing, Class C		4,541		144
Cato, Class A		2,967		64
Cavco Industries (a)		443		17
CBRL Group (b)		2,417		108
CEC Entertainment (a)		3,316		138
Century Casinos (a)		2,099		18
Champion Enterprise (a)		7,500		77
Charlotte Russe Holding (a)		1,616		44
Charming Shoppes (a) (b)		12,037		150
Charter Communications, Class A (a) (b)		37,736		114
Cherokee		764		35

First American Funds Semiannual Report 2007       13

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Children’s Place Retail Stores (a) (b)		2,215	$	117
Chipotle Mexican Grill (a) (b)		2,100		126
Christopher & Banks		3,897		67
Churchill Downs		783		37
Citadel Broadcasting		3,629		33
Citi Trends (a)		652		26
CKE Restaurants (b)		6,486		132
CKX (a)		5,256		55
Coinmach Service		2,558		27
Columbia Sportswear		1,074		67
Conn’s (a) (b)		806		21
Cooper Tire & Rubber (b)		5,290		102
Core Mark Holding (a)		801		28
Corinthian Colleges (a) (b)		8,473		117
Cosi (a) (b)		3,550		18
Cost Plus (a) (b)		2,447		24
Courier		1,043		41
Cox Radio (a)		3,810		54
Crocs (a) (b)		1,024		57
Crown Media Holdings, Class A (a) (b)		2,148		12
CSK Auto (a)		4,308		72
CSS Industries		712		28
Cumulus Media, Class A (a)		3,361		32
Deb Shops		188		5
Deckers Outdoor (a) (b)		1,126		85
Delias (a)		1,996		17
Denny’s (a)		10,082		47
DeVry		5,921		195
Directed Electronics (a) (b)		967		10
Domino’s Pizza		3,729		120
Dover Downs Gaming & Entertainment		1,280		17
Dover Motorsports		2,081		12
Dress Barn (a) (b)		4,467		89
Drew Industries (a) (b)		1,723		50
Drugstore.com (a)		7,802		21
DSW (a) (b)		1,437		56
Emmis Communications, Class A		3,380		34
Entercom Communications (b)		3,128		87
Entravision Communications (a)		6,791		67
Ethan Allen Interiors (b)		3,251		115
Finish Line, Class A		4,456		59
Fisher Communications (a)		548		27
Fleetwood Enterprises (a) (b)		6,326		53
Fossil (a)		4,262		120
Fred’s		3,925		57
Fuel Systems Solutions (a)		1,155		20
Furniture Brands International		4,846		78
Gaiam (a)		1,680		26
Gaylord Entertainment (a) (b)		3,960		217
Gemstar-TV Guide International (a)		26,073		116
Genesco (a)		2,464		125
GenTek (a)		1,055		35
Gray Television		4,585		49
Great Wolf Resorts (a)		2,676		34
Group 1 Automotive		2,444		100
GSI Commerce (a) (b)		3,851		85
Guess ?		4,327		170
Guitar Center (a) (b)		2,804		130
Gymboree (a)		3,437		131
Harris Interactive (a)		6,171		37
Hartmarx (a)		3,238		21
Haverty Furniture (b)		2,038		26
Heelys (a) (b)		625		21
Hibbett Sports (a)		3,151		92
Home Solutions of America (a) (b)		4,808		23
Hooker Furniture		926		20
Hot Topic (a)		4,343		49
Hovnanian Enterprises, Class A (a) (b)		4,928		118
Iconix Brand Group (a)		4,117		83
IHOP (b)		1,807		106
Insight Enterprises (a)		4,747		94
Interactive Data (b)		3,166		91
Interface, Class A		4,775		80
INVESTools (a)		6,356		87
iRobot (a) (b)		905		14
Isle of Capri Casinos (a) (b)		1,485		36
J. Crew Group (a) (b)		1,843		75
Jack in the Box (a)		3,058		204
JAKKS Pacific (a)		2,730		66
Jo-Ann Stores (a)		2,365		71
Jos. A. Bank Clothiers (a) (b)		1,776		69
Journal Communications, Class A		3,905		53
Journal Register		2,639		15
K2 (a)		4,609		70
Kellwood		2,570		72
Kenneth Cole Productions		902		23
Keystone Automotive Industries (a) (b)		1,745		58
Kimball International		1,916		34
Krispy Kreme Doughnuts (a) (b)		5,859		57
K-Swiss, Class A		2,742		79
Lakes Entertainment (a)		2,171		27
Landry’s Restaurants		1,610		48
La-Z-Boy (b)		5,087		59
LeapFrog Enterprises (a)		3,420		37
Lear (a)		7,417		272
Lee Enterprises (b)		4,726		124
Levitt, Class A (b)		1,903		16
Life Time Fitness (a) (b)		2,955		152
Lifetime Brands (b)		1,164		25
Lin TV, Class A (a)		2,832		45
Lithia Motors (b)		1,630		44
Live Nation (a)		6,163		125
LKQ (a) (b)		4,619		104
LodgeNet Entertainment (a)		1,632		56
Lodgian (a)		2,011		28
Luby’s (a)		2,106		21
M/ I Homes		1,319		39
Maidenform Brands (a)		1,502		31
Marcus		2,206		48
Marine Products		1,449		13
MarineMax (a) (b)		1,435		28
Martha Stewart Living (b)		2,462		47
Marvel Entertainment (a) (b)		4,866		144
McCormick & Schmick’s Seafood Restaurants (a)		1,002		27
Media General, Class A (b)		2,145		79
Mediacom Communications (a)		5,449		47
Men’s Wearhouse		4,625		200
Meritage Homes (a)		2,276		79
Midas (a) (b)		1,699		37
Modine Manufacturing		3,278		76
Monaco Coach		2,895		44
Monarch Casino & Resort (a)		1,117		30
Monro Muffler Brake		1,100		38
Morgans Hotel Group (a)		1,859		41
Morningstar (a)		1,453		76
Mortons Restaurant Group (a)		387		7
Movado Group		1,947		64
MTR Gaming Group (a)		2,477		40
Multimedia Games (a)		2,908		33
National Cinemedia (a)		2,917		77

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

14      First American Funds Semiannual Report 2007

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
National Presto Industries		428	$	25
Nautilus		3,227		45
Netflix (a) (b)		4,281		95
New York & Company (a)		2,209		31
Noble International		1,129		18
Oakley		2,345		57
O’Charleys (a)		2,439		51
Orleans Homebuilders (b)		309		3
Outdoor Channel Holdings (a)		852		9
Overstock.com (a)		1,193		21
Oxford Industries (b)		1,516		70
P.F. Chang’s China Bistro (a) (b)		2,608		100
Pacific Sunwear of California (a)		7,161		150
Palm Harbor Homes (a) (b)		1,060		16
Papa John’s International (a)		2,565		79
Payless ShoeSource (a)		6,546		209
Pep Boys – Manny, Moe & Jack (b)		5,334		99
Perry Ellis International (a)		1,055		35
PetMed Express (a)		1,938		21
Phillips Van-Heusen (b)		5,434		304
Pier 1 Imports (b)		8,565		65
Pinnacle Entertainment (a)		5,794		163
Playboy Enterprises, Class B (a)		2,269		22
Polaris Industries (b)		3,442		174
Prestige Brand Holdings (a)		3,069		40
Priceline.com (a) (b)		2,295		128
PRIMEDIA (a)		20,511		51
Private Media Group (a) (b)		2,603		6
Progressive Gaming International (a) (b)		3,595		16
Quantum Fuel Systems Technologies Worldwide (a) (b)		5,918		8
Quiksilver (a) (b)		11,900		158
Radio One (a)		7,428		52
RARE Hospitality International (a)		3,798		111
Raser Technologies (a) (b)		2,097		12
RC2 (a) (b)		2,152		86
RCN (a)		2,496		67
Red Robin Gourmet Burgers (a) (b)		1,683		67
Regis		4,491		172
Rent-A-Center (a)		6,742		188
Restoration Hardware (a)		2,908		18
Retail Ventures (a) (b)		1,828		37
Riviera Holdings (a)		965		29
Ruby Tuesday		6,291		168
Russ Berrie and Company (a)		241		4
Ruth’s Chris Steak House (a)		1,802		36
Salem Communications		1,382		16
Sauer-Danfoss		1,100		33
Scholastic (a)		3,343		103
Sealy (b)		1,525		26
Select Comfort (a) (b)		5,327		99
Shiloh Industries		498		5
Shoe Carnival (a)		870		27
Shuffle Master (a) (b)		3,420		58
Sinclair Broadcast Group, Class A		4,585		75
Six Flags (a)		6,995		42
Skechers USA (a)		1,047		33
Skyline		671		22
Smith & Wesson (a) (b)		3,013		41
Sonic Automotive, Class A (b)		2,964		85
Sonic (a)		5,804		130
Source Interlink Companies (a) (b)		3,515		23
Spanish Broadcasting System (a)		4,547		15
Speedway Motorsports		1,485		58
Stage Stores		4,230		93
Stamps.com (a)		1,915		27
Stanley Furniture		1,095		24
Steak ’N Shake (a)		3,103		50
Stein Mart		2,713		44
Steinway Musical Instruments		851		27
Steven Madden		2,047		61
Strayer Education		1,411		175
Stride Rite		3,611		51
Sun-Times Media Group		7,811		48
Superior Industries International		1,550		35
Systemax (b)		949		16
Talbots (b)		2,349		55
Tarragon Realty Investors (a)		1,203		12
Technical Olympic USA (b)		1,567		7
Tempur-Pedic International		4,666		121
Tenneco Automotive (a) (b)		4,607		138
Texas Roadhouse, Class A (a) (b)		5,257		77
Timberland, Class A (a) (b)		4,817		124
TiVo (a) (b)		7,852		50
Triarc, Class B (b)		5,425		88
True Religion Apparel (a) (b)		1,361		20
Trump Entertainment Resorts (a) (b)		3,004		49
Tuesday Morning (b)		2,842		40
Tupperware (b)		5,563		156
Tween Brands (a) (b)		3,305		129
Under Armour (a) (b)		2,148		108
UniFirst		1,031		43
Universal Electronics (a)		1,566		44
Vail Resorts (a)		2,977		170
Valassis Communications (a) (b)		4,700		90
ValueVision Media (a)		2,437		28
Visteon (a) (b)		12,589		115
Volcom (a)		1,355		57
Warnaco Group, Class A (a)		4,625		131
WCI Communities (a)		3,434		75
West Marine (a) (b)		1,439		21
Westwood One		6,384		43
Wet Seal, Class A (a)		6,119		37
Weyco Group		236		6
Winnebago Industries (b)		3,202		103
WMS Industries (a) (b)		2,452		98
Wolverine World Wide		5,742		164
World Wrestling Entertainment		2,097		36
Xerium Technologies		1,754		14
Zale (a)		4,711		131
Zumiez (a) (b)		1,489		59
				20,856
Consumer Staples – 3.2%
Alico (b)		514		30
Alliance One International (a)		9,526		93
American Oriental Bioengineering (a) (b)		4,614		46
Arden Group, Class A		128		17
Boston Beer, Class A (a)		565		18
Casey’s General Stores		4,890		123
Central European Distribution (a) (b)		2,968		88
Central Garden & Pet, Class A (a) (b)		4,275		61
Chattem (a) (b)		1,715		98
Chiquita Brands International (b)		4,140		61
Coca-Cola Bottling		491		27
Darling International (a)		6,972		54
Delta & Pine Land		3,500		144
Diamond Foods		1,230		20
Elizabeth Arden (a)		2,778		63
Farmer Brothers		747		16
Flowers Foods (b)		5,020		157

First American Funds Semiannual Report 2007       15

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Great Atlantic & Pacific Tea (a)		1,927	$	62
Green Mountain Coffee Roasters (a) (b)		571		35
Hain Celestial Group (a)		3,015		91
Imperial Sugar (b)		1,167		35
Ingles Markets, Class A		1,157		42
Inter Parfums		546		13
J&J Snack Foods		1,380		54
Jones Soda (a) (b)		2,259		56
Lancaster Colony		2,003		85
Lance (b)		3,274		72
Longs Drug Stores		3,131		171
M & F Worldwide (a)		1,078		69
Mannatech (b)		1,753		27
Maui Land & Pineapple (a)		476		16
Medifast (a)		1,200		9
MGP Ingredients		986		20
Nash-Finch (b)		1,417		55
National Beverage (a)		1,153		18
NBTY (a)		5,356		265
Nu Skin Enterprises, Class A		5,735		99
Pantry (a)		2,201		99
Parlux Fragrances (a) (b)		1,384		6
Pathmark Stores (a)		5,014		63
Peets Coffee & Tea (a)		1,360		35
Performance Food Group (a)		3,400		106
Pilgrim’s Pride (b)		3,890		142
Playtex Products (a)		5,770		88
Premium Standard Farms		892		19
PriceSmart		822		14
Ralcorp Holdings (a)		2,605		171
Reddy Ice Holdings		1,277		37
Revlon (a) (b)		21,633		28
Ruddick (b)		3,526		106
Sanderson Farms (b)		1,800		71
Seaboard (b)		35		87
Smart & Final (a)		1,387		30
Spartan Stores		2,257		58
Spectrum Brands (a) (b)		3,562		25
Tiens Biotech Group USA (a) (b)		625		3
Tootsie Roll Industries (b)		3,248		94
Topps		4,116		41
Treehouse Foods (a)		2,854		86
United Natural Foods (a) (b)		4,151		129
Universal (b)		2,395		150
USANA Health Sciences (a) (b)		951		38
Vector Group (b)		4,156		76
Village Super Market		340		15
WD-40 Company		1,712		59
Weis Markets		834		36
Wild Oats Markets (a)		3,416		62
				4,384
Energy – 4.9%
Allis Chalmers Energy (a)		2,316		45
Alon USA Energy (b)		958		36
Arena Resources (a) (b)		1,103		52
Atlas America (a)		1,708		102
ATP Oil & Gas (a) (b)		1,974		86
Atwood Oceanics (a) (b)		2,800		176
Aurora Oil & Gas (a) (b)		8,156		21
Aventine Renewable Energy (a)		2,748		53
Basic Energy Services (a)		1,278		33
Berry Petroleum, Class A		3,472		118
Bill Barrett (a) (b)		2,941		108
Bois D’ Arc Energy (a)		1,447		22
Brigham Exploration (a)		4,699		28
Bristow Group (a)		2,298		86
Bronco Drilling (a) (b)		1,404		25
Callon Petroleum (a)		2,099		29
Carbo Ceramics (b)		2,253		98
Carrizo Oil & Gas (a)		2,168		80
Clayton Williams Energy (a)		521		14
Complete Production Services (a) (b)		2,129		51
Comstock Resources (a) (b)		4,227		120
Crosstex Energy (b)		2,405		72
Dawson Geophysical (a)		777		40
Delek US Holdings		513		10
Delta Petroleum (a) (b)		5,177		112
Dril-Quip (a)		2,287		115
Edge Petroleum (a) (b)		1,734		24
Encore Acquisition (a) (b)		4,943		132
Energy Partners (a)		3,030		51
Evergreen Energy (a) (b)		6,949		42
EXCO Resources (a)		5,372		90
Exploration Company of Delaware (a)		3,013		31
Gasco Energy (a) (b)		8,349		15
GeoGlobal Resources (a) (b)		3,096		18
Giant Industries (a)		1,422		107
GMX Resources (a) (b)		818		27
Goodrich Petroleum (a) (b)		1,299		46
Grey Wolf (a)		21,201		152
Gulf Island Fabrication (b)		665		20
GulfMark Offshore (a)		1,630		78
Gulfport Energy (a)		1,322		20
Hanover Compressor (a) (b)		10,085		218
Harvest Natural Resources (a)		3,642		37
Hercules Offshore (a) (b)		2,094		66
Hornbeck Offshore Services (a) (b)		2,222		70
Houston Exploration (a)		2,819		156
Hydril (a) (b)		1,656		160
Input/ Output (a) (b)		6,932		97
International Coal Group (a) (b)		10,899		61
James River Coal (a) (b)		1,618		15
Lone Star Technologies (a)		3,027		201
Lufkin Industries		1,456		91
Mariner Energy (a) (b)		7,134		161
MarkWest Hydrocarbon		615		37
Matrix Service (a)		2,126		52
McMoRan Exploration (a)		2,402		31
Meridian Resource (a)		8,478		22
Metretek Technologies (a)		1,622		20
Natco Group (a)		1,510		58
Newpark Resources (a)		9,283		76
NGP Capital Resources		1,712		27
NTR Acquisition (a)		2,385		22
Oil States International (a) (b)		4,799		163
Pacific Ethanol (a) (b)		2,601		38
Parallel Petroleum (a) (b)		3,708		86
Parker Drilling (a)		10,452		113
Penn Virginia (b)		1,834		147
Petrocorp, Escrow Shares (a) (c)		2,040		—
Petrohawk Energy (a) (b)		13,990		202
Petroleum Development (a) (b)		1,420		74
PetroQuest Energy (a) (b)		4,472		51
PHI (a)		1,448		39
Pioneer Drilling (a)		4,273		59
PrimeEnergy (a)		77		4
Quest Resource (a) (b)		2,020		19
RAM Energy Resources (a) (b)		2,117		10
Rentech (a) (b)		14,276		34
Resource America, Class A		1,773		39

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

16      First American Funds Semiannual Report 2007

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Rosetta Resources (a) (b)		5,185	$	112
RPC		3,146		52
Stone Energy (a)		2,584		77
SulphCo (a) (b)		3,593		17
Superior Well Services (a)		1,080		27
Swift Energy (a) (b)		2,866		116
Syntroleum (a)		4,341		14
Toreador Resources (a)		1,189		19
Transmeridian Exploration (a) (b)		7,095		19
Trico Marine Service (a)		874		34
Union Drilling (a)		893		14
Universal Compression Holdings (a)		2,881		192
US BioEnergy (a)		501		7
Vaalco Energy (a)		5,952		32
VeraSun Energy (a) (b)		1,314		26
Warren Resources (a) (b)		5,510		73
Western Refining		2,295		91
Westmoreland Coal (a)		691		16
W-H Energy Services (a)		3,176		172
Whiting Petroleum (a)		3,558		157
World Fuel Services		2,706		125
				6,733
Financials – 20.3%
1st Source		1,367		34
21st Century Insurance Group		3,034		63
Acadia Realty Trust – REIT		2,973		80
Accredited Home Lenders Holdings (a) (b)		2,189		26
Advance America Cash Advance Centers (b)		6,642		114
Advanta, Class B		1,901		87
Affirmative Insurance		953		15
Affordable Residential Communities – REIT (a)		4,528		53
Agree Realty – REIT		368		12
Alabama National BanCorporation (b)		1,469		92
Alexander’s – REIT (a)		232		89
Alexandria Real Estate Equities – REIT (b)		2,329		247
Alfa		3,445		62
AMCORE Financial		2,238		64
American Campus Communities – REIT (b)		1,617		50
American Equity Investment Life Holding (b)		5,711		78
American Financial Realty Trust – REIT (b)		12,287		130
American Home Mortgage Investment – REIT (b)		4,324		107
American Physicians Capital (a)		1,118		44
American West Bancorp		1,111		22
Ameris Bancorp		1,239		28
Amtrust Financial Services (b)		1,212		15
Anchor Bancorp		1,921		52
Anthracite Capital – REIT		6,106		71
Anworth Mortgage Asset – REIT (b)		5,669		54
Apollo Investment (b)		7,623		167
Arbor Realty Trust – REIT		918		28
Ares Capital		3,796		68
Argonaut Group (a) (b)		3,211		108
Arrow Financial		1,361		30
Ashford Hospitality Trust – REIT (b)		5,860		70
Asta Funding		1,139		50
Baldwin & Lyons, Class B		905		22
BancFirst		922		39
Bancorp Bank (a)		1,104		27
BancTrust Financial Group		1,240		25
Bank Mutual		6,591		78
Bank of Granite		1,581		26
Bank of the Ozarks		1,551		46
BankAtlantic Bancorp, Class A		4,612		44
BankFinancial (b)		1,730		28
BankUnited Financial, Class A (b)		2,794		60
Banner		1,220		46
Berkshire Hills Bancorp		726		23
BFC Financial (a)		956		3
BioMed Realty Trust – REIT (b)		6,215		178
Boston Private Financial (b)		3,392		94
Bristol West Holdings		1,847		41
Brookline Bancorp (b)		6,861		82
Cadence Financial		272		5
Calamos Asset Management		2,561		60
Camden National		651		26
Capital City Bank Group		1,449		43
Capital Corporation of the West		1,032		25
Capital Lease Funding – REIT		3,230		36
Capital Southwest (b)		304		47
Capital Trust – REIT		1,497		71
Capitol Bancorp		1,428		43
Cardinal Financial		2,518		24
Cascade Bancorp (b)		2,280		49
Cash America International (b)		2,912		126
Cathay General Bancorp (b)		4,770		156
CBRE Realty Finance – REIT		1,015		13
Cedar Shopping Centers – REIT		4,180		67
Centennial Bank Holdings (a)		4,998		44
Center Financial		1,375		22
Centerline Holdings		5,382		97
Centerstate Banks of Florida (b)		311		5
Central Pacific Financial		2,998		103
Chemical Financial (b)		2,466		66
Chittenden (b)		4,913		143
Citizens Banking (b)		7,314		146
Citizens First Bancorp		542		11
City Bank		1,284		40
City Holdings		1,907		72
Clayton Holdings (a)		890		16
Clifton Savings Bancorp		2,036		24
CNA Surety (a)		1,651		34
Coastal Financial		1,960		31
CoBiz (b)		1,846		34
Cohen & Steers (b)		1,571		81
Columbia Bancorp Oregon		565		12
Columbia Banking System		1,656		50
Commerce Group (b)		5,058		165
Community Bancorp – Nevada (a)		218		7
Community Bank System		3,220		66
Community Banks		2,387		56
Community Trust Bancorp		1,651		55
Compass Diversified Trust		1,354		21
CompuCredit (a) (b)		2,028		73
Consolidated-Tomoka Land		558		42
Corporate Office Properties Trust – REIT (b)		3,730		176
Corus Bankshares (b)		4,098		69
Cousins Properties – REIT (b)		3,768		126
Crawford & Company		1,640		11
Credit Acceptance (a)		687		18
Crescent Real Estate Equities – REIT (b)		7,213		148
Crystal River Capital – REIT		198		5
CVB Financial (b)		7,179		85
DCT Industrial Trust – REIT (b)		13,119		147
Deerfield Triarc Capital – REIT (b)		4,236		69
Delphi Financial Group, Class A		4,090		175
DiamondRock Hospitality – REIT		7,386		135
Digital Realty Trust – REIT		3,093		125
Dime Community Bancshares		3,192		42
Dollar Financial (a)		971		28
Donegal Group, Class A		1,616		25

First American Funds Semiannual Report 2007       17

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Doral Financial (a) (b)		9,094	$	13
Downey Financial (b)		1,684		113
EastGroup Properties – REIT (b)		2,757		138
Education Realty Trust – REIT (b)		2,645		38
eHealth (a)		558		12
EMC Insurance Group		583		15
Employers Holdings (a)		3,225		64
Enterprise Financial Services (b)		999		24
Entertainment Properties Trust – REIT (b)		2,833		171
Equity Inns – REIT (b)		5,996		103
Equity Lifestyle Properties – REIT (b)		2,487		135
Equity One – REIT (b)		4,053		113
eSpeed, Class A (a)		2,505		23
Extra Space Storage – REIT (b)		5,489		103
Ezcorp (a)		3,664		56
F.N.B. (b)		6,144		103
F.N.B. – Virginia		772		26
Farmers Capital Bank		874		25
FBL Financial Group, Class A		922		36
Federal Agricultural Mortgage, Class C		1,189		33
FelCor Lodging Trust – REIT		5,480		140
Fieldstone Investment – REIT		5,433		20
Financial Federal (b)		2,761		73
First Acceptance (a)		1,941		20
First Bancorp – North Carolina		1,267		26
First Bancorp of Puerto Rico (b)		7,238		91
First Busey		1,472		30
First Cash Financial Services (a)		2,759		63
First Charter		3,188		70
First Commonwealth Financial – Pennsylvania		7,402		82
First Community Bancorp		1,945		107
First Community Bancshares – Nevada		982		32
First Financial – Indiana		1,432		41
First Financial Bancorp – Ohio		3,385		50
First Financial Bankshares (b)		2,027		78
First Financial Holdings		1,377		47
First Indiana		1,607		31
First Industrial Realty Trust – REIT (b)		4,765		209
First Merchants		2,063		45
First Midwest Bancorp (b)		4,781		172
First Niagara Financial Group		10,931		149
First Place Financial		1,642		33
First Potomac Realty Trust – REIT (b)		2,080		54
First Regional Bancorp (a)		929		23
First Republic Bank – California		2,377		129
First South Bancorp (b)		406		11
First State Bancorp – New Mexico		1,648		34
FirstBank Fractional Shares (a) (c)		0.29		—
FirstFed Financial (a) (b)		1,804		111
FirstMerit (b)		7,382		154
Flagstar Bancorp (b)		3,955		47
Flushing Financial (b)		2,439		38
FPIC Insurance Group (a)		1,136		52
Franklin Bank (a)		1,304		20
Franklin Street Properties – REIT (b)		5,302		96
Freedom Acquisition Holdings (a)		5,127		48
Fremont General (b)		6,473		49
Friedman Billings Ramsey Group – REIT (b)		14,406		80
Frontier Financial (b)		4,076		101
GAMCO Investors (b)		484		22
GB&T Bancshares		1,446		24
Getty Realty – REIT		2,175		62
GFI Group (a) (b)		1,232		85
Glacier Bancorp		4,919		106
Gladstone Capital (b)		1,349		32
Gladstone Investment		1,290		18
Glimcher Realty Trust – REIT (b)		3,604		97
GMH Communities Trust – REIT		4,009		40
Gramercy Capital – REIT		1,222		40
Great American Financial Resources		1,023		25
Great Southern Bancorp		1,161		32
Greater Bay Bancorp (b)		4,953		128
Greene County Bancshares		401		13
Greenhill & Company (b)		1,821		115
Hancock Holding (b)		2,657		104
Hanmi Financial		4,137		68
Harleysville Group		1,584		48
Harleysville National		3,066		52
Harris & Harris Group (a) (b)		2,167		29
Healthcare Realty Trust – REIT (b)		4,443		151
Heartland Financial USA		1,422		36
Heritage Commerce		1,553		34
Hersha Hospitality Trust – REIT		3,950		47
HFF (a)		1,466		23
Highland Distressed Opportunities (a)		1,683		25
Highland Hospitality – REIT (b)		6,093		116
Highwoods Properties – REIT (b)		5,317		217
Hilb, Rogal & Hobbs (b)		3,363		146
Home Properties – REIT (b)		3,314		185
HomeBanc – REIT		5,572		16
Horace Mann Educators (b)		4,768		100
Horizon Financial		1,409		30
IBERIABANK		1,097		58
IMPAC Mortgage Holdings – REIT (b)		7,487		42
Independence Holdings		669		14
Independent Bank (b)		1,482		44
Independent Bank – Michigan		2,546		42
Infinity Property & Casualty		2,311		107
Inland Real Estate – REIT (b)		6,788		123
Innkeepers USA Trust – REIT (b)		4,228		74
Integra Bank		1,815		41
International Bancshares		4,035		116
International Securities Exchange (b)		3,931		262
Intervest Bancshares (a)		498		13
Investors Bancorp (a) (b)		3,982		57
Investors Real Estate Trust – REIT		4,580		48
Irwin Financial		2,184		35
ITLA Capital		645		33
James River Group		943		29
JER Investment Trust – REIT		1,874		33
Kansas City Life Insurance		60		3
KBW (a)		333		11
Kearny Financial		2,850		40
Kite Realty Group Trust – REIT		2,652		53
KKR Financial (b)		7,577		202
KNBT Bancorp		2,849		43
Knight Capital Group, Class A (a) (b)		10,268		166
Kohlberg Capital		1,312		24
LaBranche (a) (b)		5,215		42
Lakeland Bancorp (b)		2,135		28
Lakeland Financial		1,186		26
LandAmerica Financial Group (b)		1,752		141
LaSalle Hotel Properties – REIT (b)		3,818		177
Lexington Corporate Properties Trust – REIT (b)		7,332		153
LTC Properties – REIT		1,977		50
Luminent Mortgage Capital – REIT		4,710		39
Macatawa Bank		1,915		31
MAF Bancorp (b)		3,284		132
Maguire Properties – REIT		4,090		147
MainSource Financial Group (b)		1,403		23

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

18      First American Funds Semiannual Report 2007

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
MarketAxess Holdings (a)		2,918	$	48
Marlin Business Services (a)		820		19
MB Financial (b)		2,797		94
MBT Financial		1,709		21
MCG Capital		4,745		84
Meadowbrook Insurance Group (a)		2,599		29
Medallion Financial		1,190		14
Medical Properties Trust – REIT (b)		3,089		44
Mercantile Bank		915		25
Meruelo Maddux Properties (a)		3,510		28
MetroCorp Bancshares		211		4
MFA Mortgage Investments – REIT		9,190		67
Mid-America Apartment Communities – REIT		2,068		112
Midland		1,131		50
Mid-State Bancshares		2,194		81
Midwest Banc Holdings (b)		1,484		25
Move (a)		9,856		46
MVC Capital (b)		1,730		30
Nara Bancorp		2,094		35
NASB Financial		441		14
National Financial Partners (b)		3,826		176
National Health Investors – REIT		2,609		89
National Interstate		1,637		39
National Penn Bancshares (b)		4,908		91
National Penn Bancshares, Fractional Shares (a) (c)		0.50		—
National Retail Properties – REIT (b)		5,971		143
National Western Life Insurance, Class A		248		66
Nationwide Health Properties – REIT (b)		7,550		242
Navigators Group (a)		1,185		61
NBT Bancorp		3,404		75
NetBank		5,462		11
NewAlliance Bancshares (b)		10,799		169
Newcastle Investment – REIT (b)		4,864		142
NorthStar Realty Finance – REIT		5,745		85
Northwest Bancorp		2,045		56
NovaStar Financial – REIT (b)		3,591		26
NYMAGIC		432		18
OceanFirst Financial		1,320		22
Ocwen Financial (a)		3,645		52
Odyssey RE Holdings		765		32
Ohio Casualty (b)		5,877		186
Old National Bancorp		6,602		118
Old Second Bancorp		1,607		47
Omega Financial		1,482		42
OMEGA Healthcare Investors – REIT (b)		5,774		97
optionsXpress Holdings (b)		2,379		59
Oriental Financial Group		2,365		27
Pacific Capital Bancorp		4,849		131
Park National (b)		1,169		104
Parkway Properties – REIT		1,595		85
Partners Trust Financial Group		4,182		46
Pennsylvania – REIT (b)		4,001		186
Penson Worldwide (a)		771		21
Peoples Bancorp – Ohio		1,222		31
PFF Bancorp		2,018		57
Phoenix Companies		10,884		162
Pinnacle Financial Partners (a) (b)		1,134		33
Piper Jaffray (a)		1,828		117
Placer Sierra Bancshares		792		22
PMA Capital (a)		3,171		30
Post Properties – REIT		4,395		206
Potlatch – REIT		3,800		165
Premierwest Bancorp		1,782		23
Presidential Life		2,267		43
PrivateBancorp (b)		1,744		57
ProAssurance (a) (b)		2,895		156
Prosperity Bancshares (b)		2,869		100
Provident Bankshares (b)		3,241		104
Provident Financial Services		6,041		104
Provident New York Bancorp		4,049		55
PS Business Parks – REIT		1,570		108
QC Holdings		687		9
Quadra Realty Trust (a)		1,618		23
RAIT Investment Trust – REIT		5,476		154
Ramco-Gershenson Properties Trust – REIT		2,078		77
Realty Income – REIT (b)		7,848		219
Redwood Trust – REIT		2,159		108
Renasant		1,526		36
Republic Bancorp – Kentucky, Class A		979		18
Republic Property Trust – REIT		2,677		30
Rewards Network (a)		2,738		11
RLI		2,209		123
Rockville Financial		1,178		17
S&T Bancorp (b)		2,557		83
Safety Insurance Group		1,413		57
Sanders Morris Harris Group		1,728		20
Sandy Spring Bancorp		1,544		50
Santander Bancorp		633		11
Saul Centers – REIT (b)		1,077		56
SCBT Financial		936		34
SCPIE Holdings (a)		1,039		23
SeaBright Insurance Holdings (a)		1,643		31
Seacoast Banking (b)		1,666		38
Security Bank		1,289		25
Selective Insurance Group		5,664		148
Senior Housing Properties Trust – REIT (b)		6,521		149
Shore Bancshares		416		10
Sierra Bancorp		444		12
Signature Bank (a)		2,581		81
Simmons First National, Class A		1,597		42
Smithtown Bancorp		884		20
Southside Bancshares		1,125		25
Southwest Bancorp – Oklahoma		1,500		37
Sovran Self Storage – REIT (b)		2,117		117
Spirit Finance – REIT		7,771		112
State Auto Financial		1,613		48
Sterling Bancorp		2,045		35
Sterling Bancshares		7,546		86
Sterling Financial – Pennsylvania		2,845		47
Sterling Financial – Washington		4,540		134
Stewart Information Services		1,899		76
Stifel Financial (a) (b)		1,447		65
Strategic Hotels & Resorts – REIT		6,914		150
Suffolk Bancorp		1,014		32
Sun Bancorp – New Jersey (a)		1,516		29
Sun Communities – REIT		2,100		63
Sunstone Hotel Investors – REIT (b)		5,487		156
Superior Bancorp (a)		1,590		16
Susquehanna Bancshares (b)		4,900		109
SVB Financial (a) (b)		3,728		191
SWS Group		2,330		61
SY Bancorp		1,341		32
Tanger Factory Outlet Centers – REIT (b)		3,573		145
Taylor Capital Group		549		16
Technology Investment Capital		1,541		26
Tejon Ranch (a)		1,076		54
Texas Capital Bancshares (a)		2,482		50
Thomas Weisel Partners Group (a)		701		14
TierOne		2,245		55

First American Funds Semiannual Report 2007       19

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Tompkins Trustco		895	$	35
Tower Group		2,054		63
Tradestation Group (a)		2,652		32
Triad Guaranty (a)		920		41
TriCo Bancshares		1,619		35
TrustCo Bank Corporation of New York (b)		7,974		73
Trustmark		4,997		133
UCBH Holdings (b)		9,640		173
UMB Financial (b)		2,331		91
Umpqua Holdings (b)		5,516		138
Union Bankshares		1,570		37
United Bankshares		3,655		122
United Community Banks		3,309		98
United Community Financial		3,229		33
United Fire & Casualty		1,773		65
United PanAm Financial (a)		773		11
United Security Bancshares (b)		762		14
Universal American Financial (a)		3,909		73
Universal Health Realty Income Trust – REIT		1,463		52
Univest Corporation of Pennsylvania		1,367		31
Urstadt Biddle Properties, Class A – REIT		2,727		49
USB Holding		1,331		27
USB Holding, Fractional Shares (a) (c)		0.10		—
USI Holdings (a)		4,540		77
U-Store-It Trust – REIT (b)		4,202		77
Vineyard National Bancorp		1,011		23
Virginia Commerce Bancorp (a) (b)		2,039		38
Virginia Financial Group		1,139		25
W Holding Company (b)		10,711		52
Waddell & Reed Financial, Class A		8,315		201
Washington Real Estate Investment Trust – REIT		4,655		176
Washington Trust Bancorp		1,508		39
WesBanco		2,412		71
West Bancorp (b)		1,953		30
West Coast Bancorp – Oregon		1,756		55
Westamerica Bancorporation		3,092		145
Western Alliance Bancorp (a) (b)		901		29
Westfield Financial		1,508		15
Willow Grove Bancorp		851		10
Wilshire Bancorp		2,018		28
Winston Hotels – REIT		3,322		49
Winthrop Realty Trust – REIT		3,976		26
Wintrust Financial (b)		2,542		109
World Acceptance (a)		1,804		77
WSFS Financial (b)		629		41
Yardville National Bancorp		997		34
Zenith National Insurance (b)		3,816		176
				27,643
Healthcare – 11.4%
Abaxis (a)		2,198		50
ABIOMED (a)		2,081		27
ACADIA Pharmaceuticals (a)		2,501		34
Accuray (a)		498		12
Adams Respiratory Therapeutics (a) (b)		2,966		111
Adolor (a) (b)		4,498		16
Advanced Magnetics (a) (b)		942		62
ADVENTRX Pharmaceuticals (a)		6,864		19
Affymax (a)		137		5
Affymetrix (a) (b)		6,636		174
Air Methods (a)		1,072		30
Akorn (a) (b)		4,542		33
Albany Molecular Research (a)		2,503		24
Alexion Pharmaceuticals (a)		3,214		135
Align Technology (a)		5,486		124
Alkermes (a) (b)		9,518		156
Alliance Imaging (a)		1,826		16
Allscripts Healthcare Solutions (a) (b)		4,294		114
Alnylam Pharmaceuticals (a) (b)		3,621		68
Alpharma, Class A		4,176		101
Altus Pharmaceuticals (a)		547		8
Amedisys (a) (b)		2,432		76
American Medical Systems (a) (b)		6,867		122
AMERIGROUP (a)		5,094		143
AMN Healthcare Services (a)		3,338		81
Amsurg, Class A (a)		2,929		67
Anadys Pharmaceuticals (a)		2,941		12
Analogic		1,362		83
AngioDynamics (a)		1,627		27
Applera (a)		7,255		102
Apria Healthcare Group (a) (b)		4,171		132
Arena Pharmaceuticals (a) (b)		5,397		70
Ariad Pharmaceuticals (a)		6,456		30
Array Biopharma (a)		3,685		51
Arrow International (b)		1,926		61
ArthroCare (a) (b)		2,643		109
Aspect Medical Systems (a) (b)		1,734		27
AtheroGenics (a) (b)		4,178		14
Auxilium Pharmaceuticals (a) (b)		2,205		33
AVANIR Pharmaceuticals (a) (b)		3,364		12
AVI BioPharma (a) (b)		5,190		14
Bentley Pharmaceuticals (a)		2,078		20
BioCryst Pharmaceuticals (a) (b)		2,373		20
Bioenvision (a) (b)		4,327		14
BioMarin Pharmaceutical (a) (b)		8,769		142
Bio-Rad Laboratories, Class A (a)		1,855		131
Bio-Reference Labs (a)		1,193		32
Biosite (a)		1,579		146
Bradley Pharmaceuticals (a)		1,503		30
Bruker BioSciences (a)		3,402		39
Cadence Pharmaceuticals (a)		235		4
Candela (a)		2,505		29
Capital Senior Living (a) (b)		2,246		26
Caraco Pharmaceutical Laboratories (a)		1,326		19
Cell Genesys (a) (b)		6,033		26
Centene (a) (b)		4,420		92
Cepheid (a)		5,636		64
Cerus (a)		2,836		21
Chemed		2,573		129
Coley Pharmaceutical Group (a) (b)		1,851		18
CombinatoRx (a)		2,513		15
Computer Programs & Systems		820		26
Conceptus (a) (b)		2,354		49
CONMED (a) (b)		2,763		84
Corvel (a)		778		21
Cross Country Healthcare (a)		3,205		63
Cubist Pharmaceuticals (a) (b)		5,631		121
CV Therapeutics (a)		5,648		48
Cyberonics (a) (b)		2,119		46
Cypress Bioscience (a)		3,358		31
Cytokinetics (a)		3,196		21
Datascope		1,291		48
deCODE Genetics (a) (b)		6,250		23
Dendreon (a) (b)		8,003		120
Dendrite International (a)		3,668		58
DepoMed (a)		2,712		9
Dexcom (a) (b)		1,738		14
Digene (a) (b)		1,717		79
Diversa (a) (b)		2,633		19
DJ Orthopedics (a)		2,240		88
Durect (a) (b)		5,687		25

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

20      First American Funds Semiannual Report 2007

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Eclipsys (a) (b)		4,671	$	88
Emageon (a)		2,164		25
Emeritus (a)		511		17
Emisphere Technologies (a)		2,460		8
Encysive Pharmaceuticals (a) (b)		5,796		19
Enzo Biochem (a)		2,661		45
Enzon (a) (b)		4,305		37
eResearch Technology (a)		5,630		49
ev3 (a) (b)		1,298		23
Exelixis (a) (b)		8,703		93
Five Star Quality Care (a) (b)		3,261		36
FoxHollow Technologies (a)		2,035		45
Genesis HealthCare (a)		1,925		123
Genitope (a) (b)		2,591		10
Genomic Health (a)		1,285		21
Genta (a)		13,402		5
Gentiva Health Services (a)		2,639		49
Geron (a) (b)		6,732		48
Greatbatch (a)		2,145		62
GTx (a)		1,265		25
Haemonetics (a) (b)		2,582		124
Hana Biosciences (a)		2,966		5
HealthExtras (a) (b)		2,638		82
HealthSpring (a)		1,311		31
HealthTronics (a)		3,575		17
Healthways (a) (b)		3,395		144
Hi-Tech Pharmaceutical (a)		871		12
Hologic (a) (b)		5,283		304
Horizon Health (a)		1,124		22
Human Genome Sciences (a) (b)		12,927		139
Hythiam (a) (b)		2,682		19
ICU Medical (a) (b)		1,493		62
Idenix Pharmaceuticals (a) (b)		2,550		18
I-Flow (a) (b)		2,189		34
Illumina (a) (b)		5,356		175
Immucor (a) (b)		6,671		218
Incyte (a) (b)		8,227		63
Indevus Pharmaceuticals (a)		5,346		39
Integra LifeSciences (a) (b)		1,872		85
InterMune (a) (b)		2,641		76
Invacare (b)		3,052		57
inVentiv Health (a) (b)		2,789		106
Inverness Medical Innovations (a)		3,194		128
IRIS International (a)		1,906		26
Isis Pharmaceuticals (a) (b)		8,009		82
Kendle International (a)		1,268		43
Kensey Nash (a)		1,063		27
Keryx Biopharmaceuticals (a) (b)		4,454		45
Kindred Healthcare (a)		2,772		97
K-V Pharmaceutical, Class A (a) (b)		3,781		98
Kyphon (a) (b)		4,350		203
LCA-Vision (b)		2,134		90
Lexicon Genetics (a)		6,966		24
LHC Group (a)		927		24
LifeCell (a) (b)		3,296		97
Luminex (a) (b)		3,303		46
Magellan Health Services (a)		3,588		154
MannKind (a) (b)		2,585		38
Martek Biosciences (a) (b)		3,323		72
Matria Healthcare (a) (b)		2,157		63
Matthews International, Class A		3,101		131
Maxygen (a)		2,809		30
Medarex (a) (b)		12,018		165
MedCath (a) (b)		851		25
Medical Action Industries (a)		1,423		32
Medicines (a)		4,929		112
Medicis Pharmaceutical, Class A (b)		5,355		163
Mentor		3,573		139
Merge Technologies (a)		1,826		9
Meridian Bioscience		1,935		58
Merit Medical Systems (a)		2,956		34
Metabasis Therapeutics (a)		2,123		16
Metabolix (a)		316		8
MGI Pharma (a) (b)		7,683		169
Mine Safety Appliances (b)		3,040		128
Molina Healthcare (a)		1,273		38
Momenta Pharmaceuticals (a) (b)		2,429		38
Monogram Biosciences (a)		13,396		25
MWI Veterinary Supply (a)		342		13
Myriad Genetics (a) (b)		3,730		136
NABI Biopharmaceuticals (a)		5,902		31
Nastech Pharmaceutical (a) (b)		2,252		30
National Healthcare		635		33
Natus Medical (a)		1,901		34
Nektar Therapeutics (a) (b)		8,930		110
Neurocrine Biosciences (a)		3,873		49
NeuroMetrix (a) (b)		1,288		13
Nighthawk Radiology Holdings (a) (b)		650		13
Northfield Laboratories (a) (b)		2,596		12
Northstar Neuroscience (a)		1,109		15
Novavax (a)		6,345		19
Noven Pharmaceuticals (a)		2,329		55
NPS Pharmaceuticals (a)		4,385		17
NuVasive (a) (b)		3,421		88
Nuvelo (a)		5,271		20
NxStage Medical (a) (b)		1,241		16
Odyssey Healthcare (a)		3,400		45
Omnicell (a)		2,792		64
Onyx Pharmaceuticals (a) (b)		4,523		121
Option Care		2,374		32
OraSure Technologies (a)		4,725		35
OSI Pharmaceuticals (a) (b)		5,597		194
Osiris Therapeutics (a) (b)		358		5
Owens & Minor		3,937		139
Pain Therapeutics (a) (b)		3,266		25
Palomar Medical Technologies (a) (b)		1,713		70
Panacos Pharmaceuticals (a)		5,181		25
Par Pharmaceutical Companies (a) (b)		3,426		92
PAREXEL International (a) (b)		2,757		108
Penwest Pharmaceuticals (a) (b)		2,509		30
Peregrine Pharmaceuticals (a)		18,002		18
Perrigo (b)		7,541		143
PharmaNet Development Group (a) (b)		1,966		54
Pharmion (a)		2,376		72
PolyMedica		2,221		90
POZEN (a)		2,521		37
PRA International (a)		1,414		32
Progenics Pharmaceutical (a)		2,302		56
PSS World Medical (a) (b)		6,824		137
Psychiatric Solutions (a) (b)		5,206		183
Quidel (a)		3,105		43
Radiation Therapy Services (a) (b)		1,269		37
Regeneron Pharmaceutical (a) (b)		4,923		134
RehabCare Group (a)		1,533		25
Renovis (a)		2,452		10
Res-Care (a)		2,235		40
Rigel Pharmaceuticals (a)		2,250		24
Salix Pharmaceuticals (a) (b)		4,807		63
Sangamo BioSciences (a) (b)		2,681		20
Santarus (a) (b)		4,712		36

First American Funds Semiannual Report 2007       21

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Savient Pharmaceuticals (a) (b)		5,125	$	59
Sciele Pharma (a) (b)		2,915		72
Senomyx (a) (b)		3,080		41
Sirona Dental Systems (b)		1,720		57
Somaxon Pharmaceuticals (a)		366		7
SonoSite (a) (b)		1,681		49
Spectranetics (a)		3,160		33
Stereotaxis (a)		2,403		25
STERIS		5,950		152
Stewart Enterprises, Class A (b)		9,121		69
Sun Healthcare Group (a)		2,675		34
Sunrise Senior Living (a) (b)		4,242		162
SuperGen (a)		4,864		31
SurModics (a) (b)		1,594		65
Symbion (a)		1,444		32
Symmetry Medical (a) (b)		3,604		61
Tanox (a) (b)		2,393		45
Telik (a) (b)		5,139		31
Thoratec (a)		5,046		99
Trimeris (a)		1,739		13
TriZetto Group (a) (b)		4,401		86
Trubion Pharmaceuticals (a)		472		8
United Therapeutics (a) (b)		2,313		129
Valeant Pharmaceuticals International (b)		9,152		165
Varian (a)		2,999		174
Ventana Medical Systems (a)		2,836		138
Viasys Healthcare (a)		3,294		105
ViroPharma (a) (b)		6,747		102
Visicu (a)		713		7
VistaCare, Class A (a)		1,288		12
Vital Images (a) (b)		1,300		40
Vital Signs		572		33
Volcano (a)		360		7
West Pharmaceutical Services		3,140		156
Wright Medical Group (a)		3,189		75
XenoPort (a)		1,966		84
Young Innovations		530		14
Zoll Medical (a)		1,894		46
ZymoGenetics (a) (b)		3,875		58
				15,451
Industrials – 14.7%
3D Systems (a) (b)		1,395		27
A.O. Smith		1,839		70
AAON		973		24
AAR (a) (b)		3,495		107
ABM Industries		4,148		117
ABX Air (a)		6,261		41
ACCO Brands (a)		4,266		101
Accuride (a)		2,339		34
Actuant, Class A		2,831		150
Acuity Brands		4,417		261
Administaff		2,359		78
Advisory Board (a) (b)		1,875		89
AirTran Holdings (a)		8,928		98
Alaska Air Group (a) (b)		3,878		115
Albany International, Class A (b)		2,628		101
Allegiant Travel (a)		88		3
Amerco (a)		1,009		71
American Commercial Lines (a)		6,039		178
American Ecology		1,610		36
American Railcar Industries		933		30
American Reprographics (a) (b)		2,697		90
American Science & Engineering (a) (b)		954		45
American Superconductor (a) (b)		3,504		51
American Woodmark (b)		1,194		41
Ameron International		859		59
Ampco-Pittsburgh		742		27
Amrep (b)		173		10
Apogee Enterprises		3,087		74
Applied Industrial Technology		4,397		118
ARGON ST (a)		1,320		35
Arkansas Best		2,485		98
Asset Acceptance Capital (a)		1,733		32
Astec Industries (a) (b)		1,734		71
ASV (a) (b)		2,158		33
Atlas Air Worldwide Holdings (a) (b)		1,888		109
Badger Meter		1,228		29
Baldor Electric		2,919		115
Barnes Group (b)		3,655		89
Barrett Business Services		720		16
Basin Water (a) (b)		616		4
BE Aerospace (a) (b)		7,617		279
Beacon Roofing Supply (a) (b)		4,523		71
BlueLinx Holdings		751		9
Bowne & Company		2,952		49
Brady, Class A		4,337		142
Briggs & Stratton (b)		5,030		149
Bright Horizons Family Solutions (a) (b)		2,565		99
Bucyrus International		3,103		195
Builders FirstSource (a)		1,121		18
Capstone Turbine (a) (b)		14,054		14
Cascade		1,286		80
Casella Waste Systems (a)		2,133		20
CBIZ (a)		5,386		37
CDI		885		26
Celadon Group (a)		1,999		33
Central Parking		984		22
Cenveo (a)		5,576		143
Ceradyne (a) (b)		2,680		158
Chart Industries (a)		804		15
China BAK Battery (a) (b)		2,797		10
Circor International		1,735		63
CLARCOR		4,753		150
Clean Harbors (a) (b)		1,543		72
Coinstar (a)		2,654		82
Color Kinetics (a) (b)		1,356		27
Columbus McKinnon (a)		1,890		47
Comfort Systems USA		4,171		52
Commercial Vehicle Group (a)		2,177		43
COMSYS IT Partners (a)		1,572		36
Consolidated Graphics (a)		1,260		95
Cornell (a)		645		15
CoStar Group (a)		1,651		81
CRA International (a)		1,098		57
Cubic		1,393		28
Curtiss-Wright (b)		4,186		180
Deluxe		5,300		201
Diamond Management & Technology Consultation		2,928		33
Dollar Thrifty Automotive (a)		2,424		114
DXP Enterprises (a)		179		9
Dycom Industries (a)		3,966		103
Dynamex (a)		1,396		37
Dynamic Materials (a)		1,218		40
DynCorp International (a)		2,585		39
EDO		1,649		45
Educate (a)		2,192		17
EGL (a)		3,095		123
Electro Rent (a)		1,986		26
EMCOR Group (a)		3,094		194
Encore Wire (b)		2,403		67

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

22      First American Funds Semiannual Report 2007

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Energy Conversion Devices (a) (b)		3,840	$	136
EnerSys (a)		4,461		73
ENGlobal (a) (b)		1,665		11
Ennis Business Forms		2,693		66
EnPro Industries (a)		2,074		78
ESCO Technologies (a) (b)		2,537		116
Esterline Technologies (a)		2,390		100
Evergreen Solar (a) (b)		6,902		67
Exponent (a)		1,685		36
ExpressJet Holdings (a)		4,746		28
Federal Signal		4,174		66
First Advantage (a)		357		8
First Consulting Group (a)		2,215		22
First Solar (a) (b)		2,004		120
Flanders (a)		1,525		10
Florida East Coast Industries (b)		3,341		236
Forward Air		3,096		94
Franklin Electric (b)		2,197		94
FreightCar America		1,299		65
Frontier Airlines Holdings (a) (b)		3,560		21
FTD Group		1,647		29
FTI Consulting (a) (b)		3,913		144
FuelCell Energy (a) (b)		5,032		35
G&K Services, Class A		2,065		72
Gehl Company (a)		690		20
GenCorp (a) (b)		5,686		76
General Cable (a) (b)		5,010		288
Genesee & Wyoming, Class A (a)		3,556		97
Genlyte Group (a) (b)		2,529		197
Geo Group (a)		2,382		122
Geo Group, Fractional Shares (a) (c)		0.50		—
GEVITY HR		2,594		48
Global Cash Access Holdings (a) (b)		3,440		54
Goodman Global (a)		2,434		45
Gorman-Rupp		1,272		41
Granite Construction		3,407		205
Greenbrier Companies (b)		1,332		31
Griffon (a)		2,927		70
H & E Equipment Services (a)		1,183		28
Healthcare Services Group (b)		2,602		73
Heartland Express (b)		5,955		103
HEICO (b)		2,025		73
Heidrick & Struggles International (a) (b)		1,804		85
Herley Industries (a)		1,263		19
Herman Miller (b)		6,387		220
Hexcel (a) (b)		9,180		199
Horizon Lines, Class A		1,138		39
Houston Wire & Cable (a)		515		15
Hub Group (a) (b)		3,936		142
Hudson Highland Group (a)		2,666		43
Huron Consulting Group (a) (b)		1,790		108
ICT Group (a)		700		13
IHS, Class A (a)		2,290		95
II-VI (a) (b)		2,311		63
IKON Office Solutions (b)		10,547		158
Infrasource Services (a)		2,364		79
InnerWorkings (a) (b)		476		6
Innovative Solutions & Support (a)		1,489		40
Insituform Technologies, Class A (a) (b)		2,674		55
Insteel Industries		1,440		24
Integrated Electrical Services (a)		1,584		38
Interline Brands (a)		2,801		61
Interpool		911		24
Ionatron (a) (b)		2,726		17
Jackson Hewitt Tax Service		3,489		96
JetBlue Airways (a) (b)		17,086		169
John H. Harland		2,640		139
K&F Industries Holdings (a)		1,937		52
Kadant (a)		1,548		42
Kaman		2,444		61
Kaydon (b)		2,774		132
Kelly Services, Class A		1,918		55
Kenexa (a) (b)		1,591		49
Kforce (a)		2,861		39
Knight Transportation (b)		5,631		110
Knoll (b)		2,906		67
Korn/ Ferry International (a) (b)		4,083		96
Labor Ready (a)		5,154		112
Ladish (a) (b)		1,448		59
Lawson Products		438		16
Layne Christensen (a)		1,088		41
LB Foster (a)		1,054		24
LECG (a)		2,007		29
Lindsay Manufacturing		1,134		35
LSI Industries		2,083		33
Marten Transport (a) (b)		1,647		30
MasTec (a)		3,725		43
McGrath Rentcorp		2,280		69
Medis Technologies (a) (b)		2,114		32
Mercury Computer Systems (a)		2,324		32
Mesa Air Group (a)		3,514		24
Middleby (a)		689		95
Miller Industries (a)		987		23
Mobile Mini (a)		3,423		103
Moog, Class A (a)		3,567		152
MTC Technologies (a)		998		21
Mueller Industries (b)		3,463		114
Mueller Water Products, Class A (b)		9,352		135
NACCO Industries, Class A		516		82
Navigant Consulting (a) (b)		4,182		80
NCI Building Systems (a) (b)		2,012		101
Nordson		2,895		133
NuCo2 (a)		1,122		28
Old Dominion Freight Lines (a) (b)		2,986		88
On Assignment (a)		2,631		29
Orbital Sciences (a) (b)		5,852		122
Pacer International (b)		3,864		99
Patriot Transportation Holdings (a)		60		5
PeopleSupport (a) (b)		1,871		23
Perini (a)		1,882		80
PGT (a)		599		6
PHH (a)		5,240		160
Pico Holdings (a)		919		41
Pike Electric (a)		1,214		25
Plug Power (a) (b)		7,471		24
Portfolio Recovery Associates (a) (b)		1,592		89
Powell Industries (a)		741		23
Power-One (a) (b)		6,881		29
Pre-Paid Legal Services (a)		1,146		65
PW Eagle (b)		1,086		35
Quality Distribution (a)		796		7
Raven Industries		1,711		49
RBC Bearings (a)		2,113		80
Regal-Beloit (b)		3,024		139
Republic Airways Holdings (a)		3,358		71
Resources Connection (a) (b)		4,735		143
Robbins & Myers		1,370		53
Rollins (b)		2,871		66
Rush Enterprises (a)		2,421		50
Saia (a) (b)		1,442		40

First American Funds Semiannual Report 2007       23

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
SAIC (a)		7,392	$	135
Schawk		1,597		29
School Specialty (a)		1,961		65
Sequa, Class A (a)		651		76
SI International (a)		1,057		28
Simpson Manufacturing (b)		3,640		117
SIRVA (a)		5,122		13
SkyWest (b)		6,134		167
Sotheby’s Holdings, Class A (b)		6,219		321
Spherion (a)		5,655		48
Standard Parking (a)		527		18
Standard Register		1,611		20
Standex International (b)		1,216		33
Star Maritime Acquisition (a) (b)		1,950		21
Sterling Construction (a)		897		19
TAL International Group		1,310		33
Taleo (a)		1,400		21
Team (a) (b)		656		23
Tecumseh Products, Class A (a)		1,728		18
Teledyne Technologies (a)		3,324		147
Teletech Holdings (a)		3,212		121
Tennant		1,453		46
Tetra Tech (a)		5,717		119
The Lamson & Sessions Company (a) (b)		1,434		36
The Provident Service (a) (b)		996		24
Titan International		2,172		61
TransDigm Group (a) (b)		839		32
Tredegar (b)		2,993		70
Trex (a) (b)		1,219		25
Triumph Group		1,565		95
TurboChef Technologies (a) (b)		1,329		18
U.S. Xpress Enterprises (a)		775		11
UAP Holding (b)		5,259		145
United Industrial (b)		927		45
United Stationers (a)		2,882		172
Universal Forest Products		1,681		78
Universal Technical Institute (a)		2,199		55
Universal Truckload Services (a)		355		8
USA Truck (a)		619		10
Valmont Industries		1,816		114
Vertrue (a)		698		33
Viad		2,192		89
Vicor		2,131		23
Volt Information Sciences (a) (b)		1,408		36
Wabash National		3,253		51
Washington Group International (a)		2,712		181
Waste Connections (a)		6,048		188
Waste Industries USA		769		20
Waste Services (a)		2,649		26
Watsco (b)		2,724		145
Watson Wyatt & Company Holdings (b)		4,001		189
Watts Water Technologies, Class A		2,749		111
Werner Enterprises (b)		5,441		103
Westinghouse Air Brake Technologies		4,662		173
Williams Scotsman International (a)		3,074		68
Woodward Governor (b)		3,123		154
				19,984
Information Technology – 18.5%
24/7 Real Media (a)		5,005		50
3Com (a)		38,499		155
Acacia Research – Acacia Technology (a)		2,877		43
Access Integrated Technology, Class A (a) (b)		1,380		9
Acme Packet (a) (b)		879		12
Actel (a)		2,542		37
Actuate (a)		5,823		33
Adaptec (a)		11,801		46
ADTRAN (b)		6,391		163
Advanced Analogic Technologies (a) (b)		3,062		25
Advanced Energy Industries (a) (b)		3,083		76
Advent Software (a)		1,963		66
Aeroflex (a) (b)		7,396		104
Agile Software (a)		5,780		42
Agilysys		3,222		68
AMIS Holdings (a)		4,359		51
Amkor Technology (a)		10,062		141
ANADIGICS (a) (b)		4,852		52
Anaren (a)		1,928		36
Andrew (a) (b)		15,583		170
Anixter International (a) (b)		3,022		216
Ansoft (a)		1,494		48
ANSYS (a)		3,241		166
Applied Micro Circuits (a)		29,060		82
aQuantive (a) (b)		7,489		229
Ariba (a)		7,244		64
Arris Group (a)		10,517		156
Art Technology Group (a)		11,382		28
Aspen Technology (a)		8,519		116
Asyst Technologies (a)		4,766		34
Atheros Communications (a)		5,305		142
ATMI (a) (b)		3,244		100
Audiovox (a)		1,704		25
Authorize Net Holdings (a)		2,811		50
Avanex (a) (b)		16,984		30
Avid Technology (a) (b)		4,101		136
Avocent (a) (b)		4,742		133
Axcelis Technologies (a) (b)		10,609		81
Bankrate (a) (b)		1,044		42
BearingPoint (a) (b)		18,317		134
Bel Fuse		1,053		37
Belden CDT (b)		4,184		234
Benchmark Electronics (a) (b)		6,271		133
BISYS Group (a)		11,764		136
Black Box		1,696		62
Blackbaud		4,333		96
Blackboard (a) (b)		2,864		98
Blue Coat Systems (a) (b)		1,495		52
Bookham (a) (b)		5,895		13
Borland Software (a)		7,693		43
Bottomline Technologies (a) (b)		1,567		19
Brightpoint (a)		5,237		70
Brocade Communications Systems (a)		38,181		373
Brooks Automation (a)		7,341		128
Cabot Microelectronics (a)		2,470		79
CACI International (a)		2,974		136
CAlAmp (a)		2,402		20
Carrier Access (a)		2,148		10
Cass Information Systems		600		20
C-COR.net (a)		4,721		58
Checkpoint Systems (a)		3,803		84
Chordiant Software (a)		3,276		43
CIBER (a)		5,624		46
Cirrus Logic (a)		8,602		71
CMGI (a)		45,449		95
CNET Networks (a)		14,745		124
Cogent (a)		4,468		63
Cognex		4,347		94
Coherent (a)		2,884		91
Cohu		2,285		47
CommScope (a) (b)		5,727		267
Commvault Systems (a)		856		15

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

24      First American Funds Semiannual Report 2007

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Comtech Group (a)		1,510	$	27
Comtech Telecommunications (a) (b)		2,212		84
Concur Technologies (a) (b)		3,176		56
Conexant Systems (a) (b)		47,275		73
Convera (a)		2,904		9
Covansys (a)		3,021		101
CPI International (a)		730		14
Credence Systems (a)		9,840		37
CSG Systems International (a) (b)		4,693		126
CTS		3,530		46
CyberSource (a)		2,806		36
Cymer (a) (b)		3,652		148
Daktronics (b)		3,815		87
DealerTrack Holdings (a)		1,091		36
Digi International (a)		2,412		31
Digital River (a) (b)		3,887		227
Diodes (a)		1,828		67
Dionex (a) (b)		1,941		134
Ditech Networks (a)		3,555		31
Divx (a)		694		14
DSP Group (a) (b)		2,764		51
DTS (a) (b)		1,918		43
Eagle Test Systems (a)		270		5
EarthLink (a) (b)		11,272		86
Echelon (a)		3,118		40
eCollege.com (a)		1,870		35
eFunds (a)		4,515		126
Electro Scientific Industries (a)		2,787		57
Electronics for Imaging (a)		5,623		150
EMCORE (a)		4,093		20
Emulex (a)		8,189		172
Entegris (a) (b)		13,081		153
Epicor Software (a) (b)		5,861		85
EPIQ Systems (a) (b)		1,433		34
Equinix (a)		2,814		235
Euronet Worldwide (a) (b)		3,624		101
Exar (a)		2,240		30
Excel Technologies (a)		1,237		33
Extreme Networks (a)		11,724		48
FalconStor Software (a)		3,824		44
FEI (a)		2,343		87
Finisar (a) (b)		23,084		84
Flir Systems (a) (b)		6,446		261
FormFactor (a) (b)		4,502		186
Forrester Research (a)		1,591		41
Foundry Networks (a) (b)		14,145		214
Gartner, Class A (a)		5,073		128
Gateway (a) (b)		27,129		59
Genesis Microchip (a)		3,490		30
Gerber Scientific (a)		2,332		23
Global Imaging Systems (a)		4,652		134
Harmonic (a) (b)		7,256		60
Harris Stratex Networks, Class A (a)		2,482		49
Heartland Payment Systems (b)		1,095		27
Hittite Microwave (a)		1,101		50
HouseValues (a) (b)		1,491		7
Hutchinson Technology (a) (b)		2,491		47
Hypercom (a)		5,816		34
i2 Technologies (a) (b)		1,463		37
ID Systems (a) (b)		1,144		14
iGATE (a)		2,232		15
Ikanos Communications (a)		1,708		13
Imation		3,111		115
Infocrossing (a) (b)		2,236		36
Informatica (a)		8,474		125
Information Services Group (a)		3,140		24
InfoSpace (a)		3,069		79
infoUSA		3,457		32
Integral Systems		1,154		27
InterDigital Communications (a) (b)		5,088		167
Intermec (a) (b)		4,640		104
InterNAP Network Services (a)		4,153		64
Internet Capital Group (a) (b)		3,853		46
Inter-Tel		2,072		52
InterVoice (a)		4,204		27
Interwoven (a)		4,200		64
Intevac (a)		2,153		52
iPass (a) (b)		5,804		31
Isilon Systems (a)		259		3
Itron (a) (b)		2,494		168
Ixia (a) (b)		4,429		38
IXYS (a)		2,622		24
J2 Global Communications (a)		5,009		144
Jack Henry & Associates		7,630		181
JDA Software (a)		3,080		55
Jupitermedia (a) (b)		2,238		16
Keane (a)		4,249		60
KEMET (a) (b)		8,535		72
Komag (a) (b)		2,984		82
Kopin (a)		7,033		24
Kronos (a)		3,153		172
Kulicke & Soffa (a)		5,953		59
L-1 Identity Solutions (a) (b)		6,756		130
Landauer		915		43
Lattice Semiconductor (a)		11,225		61
Lawson Software (a) (b)		12,236		109
Lionbridge Technologies (a)		6,167		31
Liquidity Services (a)		801		17
Littelfuse (a) (b)		2,195		88
Lo-Jack (a)		1,856		34
Loral Space & Communications (a)		869		42
LTX (a)		6,070		36
Macrovision (a) (b)		5,086		123
Magma Design Automation (a)		3,414		47
Magna Entertainment (a)		4,576		14
Manhattan Associates (a) (b)		2,701		78
ManTech International (a)		1,698		52
Marchex		2,162		28
Mattson Technology (a)		4,796		48
Maximus		2,012		70
Maxwell Technologies (a) (b)		1,483		18
Measurement Specialties (a)		1,441		29
Mentor Graphics (a)		7,859		127
Methode Electronics, Class A		3,423		52
Micrel (a)		6,769		85
Micros Systems (a) (b)		3,774		207
Microsemi (a) (b)		6,865		159
MicroStrategy (a)		936		106
Microtune (a)		5,204		22
Midway Games (a) (b)		3,691		25
Mindspeed Technologies (a)		11,380		26
MIPS Technologies, Class A (a)		4,714		40
MKS Instruments (a)		3,427		92
Mobility Electronics (a) (b)		3,091		9
Monolithic Power Systems (a)		2,018		28
MoSys (a) (b)		2,329		20
MPS Group (a)		10,149		139
MRV Communications (a)		12,910		45
MTS Systems		1,795		76
Multi-Fineline Electronix (a) (b)		833		13

First American Funds Semiannual Report 2007       25

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Neoware Systems (a) (b)		2,046	$	24
Ness Technologies (a)		2,071		28
Net 1 UEPS Technologies (a) (b)		4,940		124
NETGEAR (a)		3,361		113
Netlogic Microsystems (a)		1,646		51
NetRatings (a)		1,309		27
NetScout Systems (a)		2,735		23
Newport (a) (b)		3,873		61
Nextest Systems (a)		622		8
NIC		3,511		20
Novatel Wireless (a)		3,224		59
Nuance Communications (a) (b)		12,350		190
Omniture (a)		1,229		23
OmniVision Technologies (a) (b)		5,235		71
ON Semiconductor (a)		14,238		152
Online Resources (a)		2,314		26
Openwave Systems (a)		9,434		69
Oplink Communications (a)		1,616		27
OPNET Technologies (a)		1,333		15
Opnext (a)		509		7
Opsware (a) (b)		8,109		65
Orbcomm (a) (b)		407		5
OSI Systems (a)		1,596		42
OYO Geospace (a)		407		30
Packeteer (a)		3,415		32
Palm (a) (b)		9,015		152
Parametric Technology (a) (b)		10,957		195
Park Electrochemical (b)		1,982		55
ParkerVision (a) (b)		1,945		21
Paxar (a)		3,851		116
PDF Solutions (a)		2,049		23
Pegasystems		1,612		15
Perficient (a)		1,808		38
Pericom Semiconductor (a)		2,709		27
Perot Systems, Class A (a)		8,390		150
Phase Forward (a)		3,505		56
Photon Dynamics (a)		1,829		22
Photronics (a) (b)		4,101		62
Plantronics		4,625		116
Plexus (a)		4,575		96
PLX Technology (a)		2,582		27
Polycom (a)		8,470		282
Powerwave Technologies (a) (b)		11,402		71
Presstek (a)		3,246		20
Progress Software (a)		3,814		115
QAD		1,425		14
Quality Systems (b)		1,670		68
Quantum (a) (b)		19,343		53
Quest Software (a)		6,506		111
Rackable Systems (a) (b)		2,859		34
Radiant Systems (a) (b)		2,518		34
RadiSys (a)		2,060		31
Radyne Comstream (a)		1,858		16
RAE Systems (a)		3,981		11
RealNetworks (a)		10,517		79
Renaissance Learning		986		12
RF Micro Devices (a) (b)		18,824		118
RightNow Technologies (a)		1,551		23
Rofin-Sinar Technologies (a)		1,657		110
Rogers (a)		1,691		77
Rudolph Technologies (a)		2,405		42
S1 (a)		6,311		41
Safeguard Scientifics (a)		12,414		37
Sapient (a) (b)		8,018		58
SAVVIS (a)		3,175		164
ScanSource (a) (b)		2,491		72
Secure Computing (a) (b)		5,145		42
Semitool (a)		1,777		18
Semtech (a)		6,099		88
Sigma Designs (a)		2,351		55
Silicon Image (a)		7,972		70
Silicon Storage Technology (a) (b)		8,899		37
Sirenza Microdevices (a) (b)		2,539		23
SiRF Technology Holdings (a) (b)		5,050		123
Skyworks Solutions (a)		15,777		109
Smith Micro Software (a) (b)		2,044		32
Sohu.com (a)		2,752		70
Sonic Solutions (a)		2,642		34
SonicWALL (a)		5,855		48
Sonus Networks (a)		24,838		192
SPSS (a)		1,985		73
SRA International, Class A (a) (b)		3,588		88
Staktek Holdings (a)		1,232		3
Standard Microsystems (a)		2,277		73
StarTek		1,169		11
Stratasys (a) (b)		996		47
SunPower (a) (b)		1,048		64
Superior Essex (a)		1,861		66
Supertex (a)		1,143		37
Sybase (a)		8,756		212
Sycamore Networks (a)		18,408		68
Sykes Enterprises (a)		2,700		50
Symmetricom (a)		4,888		40
Synaptics (a)		2,422		73
SYNNEX (a)		890		17
Syntel		825		29
Take-Two Interactive Software (a) (b)		7,036		135
TALX		2,994		103
TASER International (a) (b)		6,466		56
Technitrol		3,989		107
Tekelec (a)		5,682		81
Terremark Worldwide (a)		3,499		29
Tessera Technologies (a) (b)		4,540		194
The Knot (a) (b)		1,675		36
ThermoGenesis (a)		5,554		19
TheStreet.com		1,897		19
THQ (a) (b)		6,279		210
TIBCO Software (a)		20,706		189
TNS		2,489		30
Transaction Systems Architects (a)		3,678		117
Transmeta (a)		20,202		10
TranSwitch (a) (b)		13,165		19
Travelzoo (a)		280		8
Trident Microsystems (a)		5,720		121
TriQuint Semiconductor (a) (b)		13,739		71
TTM Technologies (a)		4,367		40
Tyler Technologies (a)		4,005		48
Ultimate Software Group (a)		2,240		62
Ultratech (a) (b)		2,618		36
United Online (b)		5,483		79
Universal Display (a) (b)		2,606		41
UTStarcom (a) (b)		11,773		84
VA Software (a) (b)		6,416		23
ValueClick (a)		9,430		270
Varian Semiconductor Equipment Associates (a) (b)		5,630		374
Vasco Data Security International (a)		2,802		60
Veeco Instruments (a)		2,900		53
ViaSat (a) (b)		2,273		78
Vignette (a)		2,927		54

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

26      First American Funds Semiannual Report 2007

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Virage Logic (a)		1,765	$	13
Volterra Semiconductor (a)		1,934		31
WebEx Communications (a)		4,095		232
webMethods (a)		5,344		49
Websense (a) (b)		4,396		109
WebSideStory (a) (b)		1,807		20
Wind River Systems (a)		7,476		73
Witness Systems (a)		3,461		94
Wright Express (a) (b)		3,964		125
X-Rite		2,384		30
Zhone Technologies (a)		9,779		14
Zoran (a)		4,821		96
Zygo (a)		1,865		30
				25,112
Materials – 5.3%
A. Schulman		2,361		55
A.M. Castle & Company		980		33
AEP Industries (a)		745		32
AK Steel Holding (a) (b)		10,822		330
Alpha Natural Resources (a) (b)		5,260		91
AMCOL International (b)		2,286		55
American Vanguard (b)		1,915		28
AptarGroup		3,296		241
Arch Chemicals		2,356		71
Balchem		1,712		31
Bowater (b)		4,940		108
Brush Engineered Metals (a) (b)		1,909		92
Buckeye Technologies (a)		3,161		40
Calgon Carbon (a) (b)		3,862		31
Cambrex		2,782		67
Caraustar Industries (a)		3,045		22
Century Aluminum (a) (b)		2,274		108
CF Industries Holdings		5,150		204
Chaparral Steel Company (b)		4,529		319
Chesapeake		1,950		29
Claymont Steel Holdings (a)		528		12
Cleveland-Cliffs (b)		4,098		284
Coeur D’Alene Mines (a) (b)		27,340		112
Compass Minerals International		2,775		95
Deltic Timber		1,002		50
Ferro		4,656		97
Georgia Gulf (b)		3,613		58
Gibraltar Industries		2,166		48
Glatfelter (b)		3,870		58
GrafTech International (a)		10,282		103
Graphic Packaging (a)		8,155		42
Greif, Class A		3,250		181
H.B. Fuller		5,785		148
Headwaters (a) (b)		4,159		90
Hecla Mining (a)		11,723		103
Hercules (a)		11,032		208
Innospec		1,322		71
Koppers Holdings		1,030		30
Mercer International (a)		2,654		33
Metal Management		2,529		122
Minerals Technologies		1,976		126
Myers Industries		3,041		68
Neenah Paper		1,153		44
NewMarket Group		1,694		80
NL Industries		909		11
NN		1,952		23
Olin (b)		7,112		122
Olympic Steel		865		29
OM Group (a)		2,884		151
Omnova Solutions (a)		4,280		22
Pioneer Companies (a)		1,473		43
PolyOne (a)		9,726		64
Quanex		3,714		160
Rock-Tenn, Class A		3,087		118
Rockwood Holdings (a)		3,128		96
Royal Gold (b)		1,904		56
RTI International Metals (a)		2,240		211
Ryerson Tull (b)		2,562		105
Schnitzer Steel Industries, Class A (b)		2,312		120
Schweitzer-Mauduit International		1,684		46
Sensient Technologies		4,500		118
Silgan Holdings (b)		2,353		135
Spartech		3,567		100
Steel Technologies		1,238		37
Stepan		370		11
Stillwater Mining (a) (b)		4,062		63
Symyx Technologies (a)		3,446		40
Terra Industries (a)		9,520		168
Texas Industries (b)		2,399		183
Tronox		4,269		59
US Concrete (a)		3,452		29
USEC (a) (b)		8,463		171
W.R. Grace & Company (a)		6,674		177
Wausau-Mosinee Paper		4,483		60
Wheeling-Pittsburgh (a)		912		22
Worthington Industries (b)		7,111		158
Zoltek Companies (a) (b)		1,675		51
				7,209
Telecommunication Services – 1.3%
Alaska Communications Systems Group		4,335		69
Atlantic Tele-Network		544		14
Cbeyond (a) (b)		1,599		56
Centennial Communications, Class A (a)		2,215		18
Cincinnati Bell (a) (b)		24,288		123
Cogent Communications Group (a)		2,167		55
Consolidated Communications Holdings		1,433		28
Covad Communications Group (a)		30,251		28
CT Communications		1,867		46
Dobson Communications, Class A (a) (b)		14,510		132
EMS Technologies (a)		1,566		29
Eschelon Telecom (a)		966		28
FairPoint Communications		2,705		51
Fibertower (a) (b)		11,671		53
General Communication, Class A (a)		5,258		75
GlobalStar (a) (b)		1,207		12
Golden Telecom		2,146		126
IDT (b)		4,603		51
InPhonic (a)		1,930		18
Iowa Telecommunication Services		3,081		63
iPCS (a)		1,539		77
North Pittsburgh		1,530		32
NTELOS Holdings (a)		1,463		29
Paetec Holding (a)		5,450		57
Premiere Global Services (a)		7,187		87
Shenandoah Telecommunications		740		33
SureWest Communications		1,545		39
Syniverse Holdings (a) (b)		2,334		24
Time Warner Telecom, Class A (a) (b)		14,078		289
USA Mobility		2,654		57
Vonage Holdings (a) (b)		3,234		10
Wireless Facilities (a) (b)		6,811		8
				1,817

First American Funds Semiannual Report 2007       27

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION		SHARES/PAR		VALUE
Utilities – 2.8%
Allete (b)			2,470	$	120
American States Water			1,868		67
Aquila (a)			36,772		152
Avista			5,110		121
Black Hills (b)			3,270		130
California Water Service			1,881		73
Cascade Natural Gas			968		25
CH Energy Group			1,730		83
CLECO			5,422		152
Duquesne Light Holdings			8,016		160
El Paso Electric (a)			4,797		127
Empire District Electric (b)			2,984		74
EnergySouth			721		28
IDACORP			4,209		145
ITC Holdings			1,444		61
Laclede Group			2,348		74
MGE Energy			2,273		82
New Jersey Resources (b)			2,945		158
Nicor (b)			4,480		230
Northwest Natural Gas (b)			2,315		118
NorthWestern			3,492		123
Ormat Technologies (b)			751		27
Otter Tail (b)			2,898		99
Piedmont Natural Gas (b)			6,722		177
PNM Resources (b)			6,569		214
Portland General Electric			2,776		80
SJW			1,623		56
South Jersey Industries			3,095		122
Southwest Gas (b)			3,863		146
Southwest Water			2,261		31
UIL Holdings			2,504		85
UniSource Energy Holding			3,632		139
Westar Energy (b)			8,284		225
WGL Holdings (b)			4,200		142
					3,846
Total Common Stocks (Cost $90,597)					133,035
Warrants – 0.0%
Pegasus Wireless Warrants (b) (d) (Cost $0)			604		—
Short-Term Investments – 2.3%
Money Market Fund – 2.0%
First American Prime Obligations Fund, Class Z (e)			2,779,863		2,780
U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill (f)
	4.790%, 08/09/2007	$	400		395
Total Short-Term Investments (Cost $3,175)					3,175
Investment Purchased with Proceeds from Securities Lending – 41.2%
Mount Vernon Securities Lending Prime Portfolio (e) (g)
	(Cost $56,066)		56,066,195		56,066
Total Investments – 141.2% (Cost $149,838)					192,276
Other Assets and Liabilities, Net – (41.2)%					(56,137	)
Total Net Assets – 100.0%				$	136,139

(a)	Non-income producing security.
(b)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $52,755 at April 30, 2007. See note 2 in Notes to Financial Statements.
(c)	Security is fair valued and illiquid. As of April 30, 2007, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(d)	Security is considered illiquid and or restricted. As of April 30, 2007, the value of this investment was $0 or 0% of total net assets. See note 2 in Notes to Financial Statements.
(e)	Investment in affiliated security. As of April 30, 2007, the market value of these investments was $58,846 or 43.2% of total net assets. See note 3 in Notes to Financial Statements.

(f)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2007. See note 2 in Notes to Financial Statements.

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

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of
	Contracts		Notional
	Purchased		Contract		Settlement	Unrealized
Description	(Sold)		Value		Month	Appreciation
Russell 2000 Futures		7	$	2,866	June 2007	$	73

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

28      First American Funds Semiannual Report 2007

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Statements of  Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data

	Equity			Mid Cap		Small Cap
	Index Fund			Index Fund		Index Fund
Investments in unaffiliated securities, at cost	$	1,204,619		$	253,419	$	90,992
Investments in affiliated securities, at cost		30,644			4,921		2,780
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		493,368			152,650		56,066
ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	2,045,861		$	359,488	$	133,430
Investments in affiliated securities, at value (note 2)		33,781			4,921		2,780
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		493,368			152,650		56,066
Cash		1,100			—		—
Receivable for dividends and interest		1,864			236		110
Receivable for investment securities sold		—			28		181
Receivable for capital shares sold		672			129		49
Prepaid expenses and other assets		34			40		32
Total assets		2,576,680			517,492		192,648
LIABILITIES:
Bank overdraft		—			28		—
Payable upon return of securities loaned (note 2)		493,368			152,650		56,066
Payable for investment securities purchased		—			218		—
Payable for capital shares redeemed		2,054			335		280
Payable for variation margin		245			78		56
Payable to affiliates (note 3)		629			154		80
Payable for distribution and shareholder servicing fees		92			11		6
Accrued expenses and other liabilities		51			14		21
Total liabilities		496,439			153,488		56,509
Net assets	$	2,080,241		$	364,004	$	136,139
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,127,688		$	240,876	$	87,015
Undistributed (distributions in excess of) net investment income		(148	)		78		25
Accumulated net realized gain on investments and futures contracts		107,491			16,688		6,588
Net unrealized appreciation of investments		844,379			106,069		42,438
Net unrealized appreciation of futures contracts		831			293		73
Net assets	$	2,080,241		$	364,004	$	136,139
* Including securities loaned, at value	$	472,926		$	145,147	$	52,755
Class A:
Net assets	$	215,953		$	17,119	$	10,832
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		7,875			1,134		715
Net asset value, and redemption price per share	$	27.42		$	15.10	$	15.15
Maximum offering price per share(1)	$	29.02		$	15.98	$	16.03
Class B:
Net assets	$	36,164		$	2,374	$	1,340
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1,337			160		91
Net asset value, offering price, and redemption price per share(2)	$	27.05		$	14.80	$	14.65
Class C:
Net assets	$	20,211		$	4,855	$	2,897
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		743			327		196
Net asset value, offering price, and redemption price per share(2)	$	27.22		$	14.85	$	14.80
Class R:
Net assets	$	5,075		$	5,069	$	458
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		185			338		31
Net asset value, offering price, and redemption price per share	$	27.39		$	15.01	$	14.95
Class Y:
Net assets	$	1,802,838		$	334,587	$	120,612
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		65,763			22,140		7,961
Net asset value, offering price, and redemption price per share	$	27.41		$	15.11	$	15.15

(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
(2)	Class B and C have 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.

30      First American Funds Semiannual Report 2007

Statements of  Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

	Equity			Mid Cap			Small Cap
	Index Fund			Index Fund			Index Fund
INVESTMENT INCOME:
Dividends from unaffiliated securities	$	19,359		$	3,177		$	841
Dividends from affiliated securities		894			390			124
Interest from unaffiliated securities		66			25			10
Securities lending income		268			99			115
Total investment income		20,587			3,691			1,090
EXPENSES (note 3):
Investment advisory fees		2,548			463			298
Administration fees		2,273			416			202
Transfer agent fees		203			59			58
Custodian fees		51			10			4
Professional fees		21			21			21
Registration fees		30			26			26
Postage and printing fees		41			7			3
Directors’ fees		8			11			11
Other expenses		23			16			18
Distribution and shareholder servicing fees – Class A		274			20			13
Distribution and shareholder servicing fees – Class B		199			13			7
Distribution and shareholder servicing fees – Class C		100			23			14
Distribution and shareholder servicing fees – Class R		10			11			1
Total expenses		5,781			1,096			676
Less: Fee waivers (note 3)		(1,414	)		(95	)		(206	)
Less: Indirect payments from custodian (note 3)		(2	)		(1	)		(1	)
Total net expenses		4,365			1,000			469
Investment income – net		16,222			2,691			621
REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 6):
Net realized gain on unaffiliated investments		361			16,676			6,980
Net realized gain on affiliated investments		93			—			—
Net realized gain on in-kind distribution (note 8)		121,979			—			—
Net realized gain on futures contracts		2,497			1,470			420
Net change in unrealized appreciation or depreciation of unaffiliated investments		23,315			20,824			2,017
Net change in unrealized appreciation or depreciation of affiliated investments		(526	)		—			—
Net change in unrealized appreciation or depreciation of futures contracts		239			(29	)		(25	)
Net gain on investments and futures contracts		147,958			38,941			9,392
Net increase in net assets resulting from operations	$	164,180		$	41,632		$	10,013

First American Funds Semiannual Report 2007       31

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

		Equity						Mid Cap						Small Cap
		Index Fund						Index Fund						Index Fund
		Six-Month						Six-Month						Six-Month
		Period Ended						Period Ended						Period Ended
		4/30/07			Year Ended			4/30/07			Year Ended			4/30/07			Year Ended
		(unaudited)			10/31/06			(unaudited)			10/31/06			(unaudited)			10/31/06
OPERATIONS:
Investment income – net		$	16,222		$	33,848		$	2,691		$	3,641		$	621		$	1,084
Net realized gain on unaffiliated investments			361			47,833			16,676			16,650			6,980			19,061
Net realized gain on affiliated investments			93			394			—			—			—			—
Net realized gain on in-kind distribution			121,979			—			—			—			—			—
Net realized gain (loss) on futures contracts			2,497			1,901			1,470			(149	)		420			115
Net change in unrealized appreciation or depreciation of unaffiliated investments			23,315			241,470			20,824			24,440			2,017			8,715
Net change in unrealized appreciation or depreciation of affiliated investments			(526	)		1,034			—			—			—			—
Net change in unrealized appreciation or depreciation of futures contracts			239			29			(29	)		333			(25	)		91
Net increase in net assets resulting from operations			164,180			326,509			41,632			44,915			10,013			29,066
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(1,518	)		(3,188	)		(96	)		(118	)		(31	)		(65	)
	Class B		(149	)		(338	)		(5	)		(3	)		—	(1)		—	(1)
	Class C		(74	)		(153	)		(11	)		(5	)		(1	)		(1	)
	Class R		(24	)		(26	)		(27	)		(3	)		(1	)		(1	)
	Class Y		(14,605	)		(30,181	)		(2,474	)		(3,558	)		(563	)		(1,226	)
Net realized gain on investments:
	Class A		(2,670	)		—			(684	)		(865	)		(1,272	)		(306	)
	Class B		(488	)		—			(118	)		(215	)		(166	)		(45	)
	Class C		(235	)		—			(207	)		(203	)		(336	)		(71	)
	Class R		(42	)		—			(197	)		(7	)		(37	)		(5	)
	Class Y		(20,073	)		—			(15,634	)		(20,352	)		(17,014	)		(4,372	)
Total distributions			(39,878	)		(33,886	)		(19,453	)		(25,329	)		(19,421	)		(6,092	)
CAPITAL SHARE TRANSACTIONS (note 5):
Class A:
	Proceeds from sales		26,968			41,039			3,627			4,721			1,067			2,728
	Reinvestment of distributions		3,728			2,685			735			948			1,226			366
	Payments for redemptions		(57,602	)		(80,483	)		(3,006	)		(6,088	)		(1,476	)		(4,016	)
Increase (decrease) in net assets from Class A transactions			(26,906	)		(36,759	)		1,356			(419	)		817			(922	)
Class B:
	Proceeds from sales		775			1,830			77			226			202			267
	Reinvestment of distributions		611			327			120			210			161			42
	Payments for redemptions (note 3)		(10,879	)		(21,365	)		(635	)		(1,406	)		(271	)		(668	)
Increase (decrease) in net assets from Class B transactions			(9,493	)		(19,208	)		(438	)		(970	)		92			(359	)
Class C:
	Proceeds from sales		1,016			1,467			419			1,893			273			1,234
	Reinvestment of distributions		283			145			197			190			297			68
	Payments for redemptions (note 3)		(3,017	)		(8,052	)		(360	)		(1,365	)		(160	)		(1,040	)
Increase (decrease) in net assets from Class C transactions			(1,718	)		(6,440	)		256			718			410			262
Class R:
	Proceeds from sales		1,920			2,111			1,063			3,997			167			264
	Reinvestment of distributions		66			26			224			9			38			6
	Payments for redemptions		(606	)		(753	)		(522	)		(130	)		(12	)		(38	)
Increase in net assets from Class R transactions			1,380			1,384			765			3,876			193			232
Class Y:
	Proceeds from sales		172,510			279,571			33,410			46,865			15,088			25,574
	Reinvestment of distributions		21,959			18,320			9,712			13,587			8,900			3,038
	Payments for redemptions		(434,094	)		(496,343	)		(62,624	)		(87,249	)		(30,669	)		(67,311	)
Decrease in net assets from Class Y transactions			(239,625	)		(198,452	)		(19,502	)		(26,797	)		(6,681	)		(38,699	)
Decrease in net assets from capital share transactions			(276,362	)		(259,475	)		(17,563	)		(23,592	)		(5,169	)		(39,486	)
Total increase (decrease) in net assets			(152,060	)		33,148			4,616			(4,006	)		(14,577	)		(16,512	)
Net assets at beginning of period			2,232,301			2,199,153			359,388			363,394			150,716			167,228
Net assets at end of period		$	2,080,241		$	2,232,301		$	364,004		$	359,388		$	136,139		$	150,716
Undistributed (distributions in excess of) net investment income at end of period		$	(148	)	$	—		$	78		$	—		$	25		$	—

(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.

32      First American Funds Semiannual Report 2007

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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			Distributions			Value
		Beginning		Investment		(Losses) on			Investment			Realized			from Return			End of
		of Period		Income		Investments			Income			Gains			of Capital			Period
Equity Index Fund (1)
Class A
	2007 (2)	$	25.80	$	0.18	$	1.93		$	(0.19	)	$	(0.30	)	$	—		$	27.42
	2006 (3)		22.59		0.33		3.21			(0.33	)		—			—			25.80
	2005 (4)		23.00		0.01		(0.40	)		(0.02	)		—			—	(7)		22.59
	2005 (5)		20.91		0.34		2.09			(0.34	)		—			—	(7)		23.00
	2004 (5)		18.70		0.23		2.22			(0.24	)		—			—	(7)		20.91
	2003 (5)		15.31		0.21		3.38			(0.20	)		—			—			18.70
	2002 (5)		19.50		0.18		(4.19	)		(0.18	)		—			—			15.31
Class B
	2007 (2)	$	25.47	$	0.09	$	1.89		$	(0.10	)	$	(0.30	)	$	—		$	27.05
	2006 (3)		22.31		0.15		3.17			(0.16	)		—			—			25.47
	2005 (4)		22.72		—		(0.40	)		(0.01	)		—			—	(7)		22.31
	2005 (5)		20.66		0.18		2.06			(0.18	)		—			—	(7)		22.72
	2004 (5)		18.48		0.08		2.19			(0.09	)		—			—	(7)		20.66
	2003 (5)		15.13		0.08		3.35			(0.08	)		—			—			18.48
	2002 (5)		19.29		0.03		(4.15	)		(0.04	)		—			—			15.13
Class C
	2007 (2)	$	25.62	$	0.08	$	1.92		$	(0.10	)	$	(0.30	)	$	—		$	27.22
	2006 (3)		22.44		0.15		3.19			(0.16	)		—			—			25.62
	2005 (4)		22.85		—		(0.40	)		(0.01	)		—			—	(7)		22.44
	2005 (5)		20.78		0.18		2.07			(0.18	)		—			—	(7)		22.85
	2004 (5)		18.59		0.08		2.20			(0.09	)		—			—	(7)		20.78
	2003 (5)		15.23		0.08		3.36			(0.08	)		—			—			18.59
	2002 (5)		19.41		0.03		(4.17	)		(0.04	)		—			—			15.23
Class R (6)
	2007 (2)	$	25.77	$	0.15	$	1.93		$	(0.16	)	$	(0.30	)	$	—		$	27.39
	2006 (3)		22.57		0.26		3.21			(0.27	)		—			—			25.77
	2005 (4)		22.98		0.01		(0.40	)		(0.02	)		—			—	(7)		22.57
	2005 (5)		20.91		0.26		2.11			(0.30	)		—			—	(7)		22.98
	2004 (5)		18.70		0.23		2.20			(0.22	)		—			—	(7)		20.91
	2003 (5)		15.30		0.21		3.39			(0.20	)		—			—			18.70
	2002 (5)		19.50		0.18		(4.20	)		(0.18	)		—			—			15.30
Class Y
	2007 (2)	$	25.79	$	0.22	$	1.92		$	(0.22	)	$	(0.30	)	$	—		$	27.41
	2006 (3)		22.58		0.39		3.21			(0.39	)		—			—			25.79
	2005 (4)		22.99		0.02		(0.41	)		(0.02	)		—			—	(7)		22.58
	2005 (5)		20.91		0.40		2.08			(0.40	)		—			—	(7)		22.99
	2004 (5)		18.69		0.29		2.22			(0.29	)		—			—	(7)		20.91
	2003 (5)		15.30		0.25		3.38			(0.24	)		—			—			18.69
	2002 (5)		19.49		0.23		(4.19	)		(0.23	)		—			—			15.30

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year-end was changed from September 30 to October 31. 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.

34      First American Funds Semiannual Report 2007

														Ratio of Net
								Ratio of Net			Ratio of			Investment
								Investment			Expenses to			Income (Loss)
					Ratio of			Income			Average			to Average
			Net Assets		Expenses to			(Loss) to			Net Assets			Net Assets			Portfolio
Total			End of		Average			Average			(Excluding			(Excluding			Turnover
Return (8)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	8.25	%	$	215,953		0.62	%		1.40	%		0.76	%		1.26	%		1	%
	15.76			229,185		0.62			1.36			0.77			1.21			3
	(1.70	)		234,629		0.62			0.69			0.79			0.52			—
	11.69			238,379		0.62			1.53			0.79			1.36			4
	13.12			234,349		0.62			1.13			0.79			0.96			1
	23.58			158,324		0.62			1.22			0.80			1.04			1
	(20.75	)		139,007		0.62			0.91			0.80			0.73			8
	7.83	%	$	36,164		1.37	%		0.67	%		1.51	%		0.53	%		1	%
	14.94			43,369		1.37			0.63			1.52			0.48			3
	(1.78	)		56,097		1.37			(0.06	)		1.54			(0.23	)		—
	10.86			58,857		1.37			0.79			1.54			0.62			4
	12.31			69,828		1.37			0.38			1.54			0.21			1
	22.72			71,624		1.37			0.47			1.55			0.29			1
	(21.40	)		66,835		1.37			0.16			1.55			(0.02	)		8
	7.87	%	$	20,211		1.37	%		0.65	%		1.51	%		0.51	%		1	%
	14.93			20,714		1.37			0.62			1.52			0.47			3
	(1.78	)		24,195		1.37			(0.05	)		1.54			(0.22	)		—
	10.84			26,258		1.37			0.79			1.54			0.62			4
	12.28			30,111		1.37			0.38			1.54			0.21			1
	22.65			31,330		1.37			0.47			1.55			0.29			1
	(21.38	)		21,637		1.37			0.16			1.55			(0.02	)		8
	8.14	%	$	5,075		0.87	%		1.11	%		1.01	%		0.97	%		1	%
	15.47			3,419		0.87			1.08			1.15			0.80			3
	(1.72	)		1,715		0.87			0.44			1.19			0.12			—
	11.38			1,663		0.87			1.14			1.19			0.82			4
	13.00			333		0.62			1.13			0.79			0.96			1
	23.66			52,925		0.62			1.22			0.80			1.04			1
	(20.79	)		42,964		0.62			0.93			0.80			0.75			8
	8.39	%	$	1,802,838		0.37	%		1.65	%		0.51	%		1.51	%		1	%
	16.07			1,935,614		0.37			1.61			0.52			1.46			3
	(1.69	)		1,882,517		0.37			0.94			0.54			0.77			—
	11.92			1,940,567		0.37			1.78			0.54			1.61			4
	13.45			1,979,198		0.37			1.38			0.54			1.21			1
	23.89			1,771,795		0.37			1.46			0.55			1.28			1
	(20.56	)		1,135,653		0.37			1.16			0.55			0.98			8

First American Funds Semiannual Report 2007       35

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 (Loss)			Investments			Income			Gains			Period
Mid Cap Index Fund (1)
Class A
	2007 (2)	$	14.25	$	0.09		$	1.51		$	(0.09	)	$	(0.66	)	$	15.10
	2006 (3)		13.52		0.11			1.55			(0.11	)		(0.82	)		14.25
	2005 (4)		13.82		—			(0.30	)		—			—			13.52
	2005 (5)		11.84		0.09			2.40			(0.09	)		(0.42	)		13.82
	2004 (5)		10.36		0.05			1.67			(0.05	)		(0.19	)		11.84
	2003 (5)		8.51		0.04			2.08			(0.04	)		(0.23	)		10.36
	2002 (5)		9.38		0.04			(0.49	)		(0.04	)		(0.38	)		8.51
Class B
	2007 (2)	$	13.98	$	0.04		$	1.47		$	(0.03	)	$	(0.66	)	$	14.80
	2006 (3)		13.28		—			1.53			(0.01	)		(0.82	)		13.98
	2005 (4)		13.59		(0.01	)		(0.30	)		—			—			13.28
	2005 (5)		11.67		(0.01	)		2.37			(0.02	)		(0.42	)		13.59
	2004 (5)		10.25		(0.03	)		1.64			—			(0.19	)		11.67
	2003 (5)		8.44		(0.03	)		2.07			—			(0.23	)		10.25
	2002 (5)		9.33		(0.03	)		(0.48	)		—			(0.38	)		8.44
Class C
	2007 (2)	$	14.03	$	0.03		$	1.48		$	(0.03	)	$	(0.66	)	$	14.85
	2006 (3)		13.32		—			1.55			(0.02	)		(0.82	)		14.03
	2005 (4)		13.63		(0.01	)		(0.30	)		—			—			13.32
	2005 (5)		11.70		(0.01	)		2.38			(0.02	)		(0.42	)		13.63
	2004 (5)		10.28		(0.03	)		1.64			—			(0.19	)		11.70
	2003 (5)		8.47		(0.03	)		2.07			—			(0.23	)		10.28
	2002 (5)		9.38		(0.02	)		(0.51	)		—			(0.38	)		8.47
Class R (6)
	2007 (2)	$	14.19	$	0.07		$	1.49		$	(0.08	)	$	(0.66	)	$	15.01
	2006 (3)		13.48		0.07			1.55			(0.09	)		(0.82	)		14.19
	2005 (4)		13.78		—			(0.30	)		—			—			13.48
	2005 (5)		11.83		0.04			2.41			(0.08	)		(0.42	)		13.78
	2004 (5)		10.36		0.06			1.65			(0.05	)		(0.19	)		11.83
	2003 (5)		8.50		0.04			2.09			(0.04	)		(0.23	)		10.36
	2002 (5)		9.38		0.04			(0.50	)		(0.04	)		(0.38	)		8.50
Class Y
	2007 (2)	$	14.27	$	0.11		$	1.49		$	(0.10	)	$	(0.66	)	$	15.11
	2006 (3)		13.53		0.15			1.56			(0.15	)		(0.82	)		14.27
	2005 (4)		13.83		0.01			(0.31	)		—			—			13.53
	2005 (5)		11.84		0.12			2.41			(0.12	)		(0.42	)		13.83
	2004 (5)		10.37		0.08			1.66			(0.08	)		(0.19	)		11.84
	2003 (5)		8.51		0.06			2.09			(0.06	)		(0.23	)		10.37
	2002 (5)		9.38		0.06			(0.49	)		(0.06	)		(0.38	)		8.51

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six months ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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)	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.

36      First American Funds Semiannual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	11.64	%	$	17,119		0.75	%		1.21	%		0.80	%		1.16	%		6	%
	12.70			14,722		0.75			0.77			0.81			0.71			7
	(2.17	)		14,318		0.75			0.26			0.80			0.21			1
	21.43			14,827		0.75			0.68			0.82			0.61			15
	16.80			11,987		0.75			0.47			0.80			0.42			14
	25.45			5,332		0.75			0.45			0.84			0.36			23
	(5.45	)		3,581		0.75			0.37			0.83			0.29			19
	11.20	%	$	2,374		1.50	%		0.49	%		1.55	%		0.44	%		6	%
	11.87			2,678		1.50			0.03			1.56			(0.03	)		7
	(2.28	)		3,485		1.50			(0.49	)		1.55			(0.54	)		1
	20.57			3,546		1.50			(0.08	)		1.57			(0.15	)		15
	15.88			3,133		1.50			(0.27	)		1.55			(0.32	)		14
	24.63			2,419		1.50			(0.30	)		1.59			(0.39	)		23
	(6.07	)		1,475		1.50			(0.37	)		1.58			(0.45	)		19
	11.20	%	$	4,855		1.50	%		0.47	%		1.55	%		0.42	%		6	%
	11.96			4,320		1.50			0.02			1.56			(0.04	)		7
	(2.27	)		3,388		1.50			(0.49	)		1.55			(0.54	)		1
	20.60			3,533		1.50			(0.08	)		1.57			(0.15	)		15
	15.83			2,653		1.50			(0.27	)		1.55			(0.32	)		14
	24.55			1,756		1.50			(0.30	)		1.59			(0.39	)		23
	(6.22	)		795		1.50			(0.37	)		1.58			(0.45	)		19
	11.45	%	$	5,069		1.00	%		0.97	%		1.05	%		0.92	%		6	%
	12.40			4,032		1.00			0.47			1.17			0.30			7
	(2.18	)		131		1.00			0.01			1.20			(0.19	)		1
	21.09			122		1.00			0.28			1.22			0.06			15
	16.62			1		0.75			0.49			0.80			0.44			14
	25.60			4,134		0.75			0.46			0.84			0.37			23
	(5.56	)		3,393		0.75			0.37			0.83			0.29			19
	11.69	%	$	334,587		0.50	%		1.47	%		0.55	%		1.42	%		6	%
	13.05			333,636		0.50			1.03			0.56			0.97			7
	(2.17	)		342,072		0.50			0.51			0.55			0.46			1
	21.82			353,354		0.50			0.92			0.57			0.85			15
	16.97			313,403		0.50			0.73			0.55			0.68			14
	25.86			239,174		0.50			0.71			0.59			0.62			23
	(5.23	)		198,545		0.50			0.63			0.58			0.55			19

First American Funds Semiannual Report 2007       37

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 (Loss)			Investments			Income			Gains			Period
Small Cap Index Fund (1)
Class A
	2007 (2)	$	16.23	$	0.05		$	0.92		$	(0.04	)	$	(2.01	)	$	15.15
	2006 (3)		14.12		0.07			2.56			(0.10	)		(0.42	)		16.23
	2005 (4)		14.57		—			(0.45	)		—			—			14.12
	2005 (5)		13.38		0.07			2.17			(0.06	)		(0.99	)		14.57
	2004 (5)		11.47		0.04			1.98			(0.03	)		(0.08	)		13.38
	2003 (5)		8.55		0.04			2.92			(0.04	)		—			11.47
	2002 (5)		9.68		0.05			(1.13	)		(0.05	)		—			8.55
Class B
	2007 (2)	$	15.77	$	(0.01	)	$	0.90		$	—		$	(2.01	)	$	14.65
	2006 (3)		13.76		(0.04	)		2.48			(0.01	)		(0.42	)		15.77
	2005 (4)		14.21		(0.01	)		(0.44	)		—			—			13.76
	2005 (5)		13.15		(0.03	)		2.08			—			(0.99	)		14.21
	2004 (5)		11.33		(0.06	)		1.96			—			(0.08	)		13.15
	2003 (5)		8.47		(0.03	)		2.90			(0.01	)		—			11.33
	2002 (5)		9.63		(0.03	)		(1.13	)		—			—			8.47
Class C
	2007 (2)	$	15.92	$	(0.01	)	$	0.90		$	—		$	(2.01	)	$	14.80
	2006 (3)		13.88		(0.04	)		2.51			(0.01	)		(0.42	)		15.92
	2005 (4)		14.34		(0.01	)		(0.45	)		—			—			13.88
	2005 (5)		13.26		(0.03	)		2.10			—			(0.99	)		14.34
	2004 (5)		11.43		(0.06	)		1.97			—			(0.08	)		13.26
	2003 (5)		8.54		(0.03	)		2.93			(0.01	)		—			11.43
	2002 (5)		9.68		(0.03	)		(1.11	)		—			—			8.54
Class R (6)
	2007 (2)	$	16.04	$	0.03		$	0.92		$	(0.03	)	$	(2.01	)	$	14.95
	2006 (3)		13.97		0.03			2.53			(0.07	)		(0.42	)		16.04
	2005 (4)		14.43		—			(0.46	)		—			—			13.97
	2005 (5)		13.31		0.04			2.11			(0.04	)		(0.99	)		14.43
	2004 (5)		11.41		0.03			1.97			(0.02	)		(0.08	)		13.31
	2003 (5)		8.52		0.05			2.88			(0.04	)		—			11.41
	2002 (5)		9.64		0.05			(1.12	)		(0.05	)		—			8.52
Class Y
	2007 (2)	$	16.23	$	0.07		$	0.92		$	(0.06	)	$	(2.01	)	$	15.15
	2006 (3)		14.12		0.11			2.55			(0.13	)		(0.42	)		16.23
	2005 (4)		14.57		0.01			(0.46	)		—			—			14.12
	2005 (5)		13.43		0.11			2.12			(0.10	)		(0.99	)		14.57
	2004 (5)		11.51		0.07			1.99			(0.06	)		(0.08	)		13.43
	2003 (5)		8.57		0.07			2.94			(0.07	)		—			11.51
	2002 (5)		9.70		0.07			(1.13	)		(0.07	)		—			8.57

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except per share data.
(3)	For the period November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. 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)	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.

38      First American Funds Semiannual Report 2007

														Ratio of Net
								Ratio of Net			Ratio of			Investment
								Investment			Expenses to			Income (Loss)
					Ratio of			Income			Average			to Average
			Net Assets		Expenses to			(Loss) to			Net Assets			Net Assets			Portfolio
Total			End of		Average			Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	6.46	%	$	10,832		0.83	%		0.62	%		1.11	%		0.34	%		2	%
	19.02			10,639		0.83			0.47			1.08			0.22			17
	(3.09	)		10,067		0.83			0.27			1.01			0.09			—
	17.08			10,323		0.90			0.53			1.03			0.40			23
	17.71			8,749		0.93			0.30			1.02			0.21			25
	34.77			3,480		0.93			0.42			1.05			0.30			41
	(11.28	)		1,908		0.93			0.46			1.09			0.30			49
	6.09	%	$	1,340		1.58	%		(0.12	)%		1.86	%		(0.40	)%		2	%
	18.07			1,333		1.58			(0.28	)		1.83			(0.53	)		17
	(3.17	)		1,498		1.58			(0.48	)		1.76			(0.66	)		—
	15.82			1,555		1.65			(0.23	)		1.78			(0.36	)		23
	16.83			1,494		1.68			(0.46	)		1.77			(0.55	)		25
	33.87			993		1.68			(0.33	)		1.80			(0.45	)		41
	(12.03	)		424		1.68			(0.29	)		1.84			(0.45	)		49
	6.04	%	$	2,897		1.58	%		(0.13	)%		1.86	%		(0.41	)%		2	%
	18.15			2,662		1.58			(0.28	)		1.83			(0.53	)		17
	(3.21	)		2,068		1.58			(0.48	)		1.76			(0.66	)		—
	15.84			2,256		1.65			(0.23	)		1.78			(0.36	)		23
	16.77			1,939		1.68			(0.46	)		1.77			(0.55	)		25
	33.94			1,268		1.68			(0.33	)		1.80			(0.45	)		41
	(11.72	)		447		1.68			(0.26	)		1.84			(0.42	)		49
	6.38	%	$	458		1.08	%		0.36	%		1.36	%		0.08	%		2	%
	18.75			280		1.08			0.23			1.47			(0.16	)		17
	(3.19	)		23		1.08			0.02			1.41			(0.31	)		—
	16.45			11		1.15			0.30			1.43			0.02			23
	17.65			1		0.93			0.24			0.99			0.18			25
	34.54			3,210		0.93			0.52			1.05			0.40			41
	(11.26	)		13,576		0.93			0.42			1.09			0.26			49
	6.60	%	$	120,612		0.58	%		0.88	%		0.86	%		0.60	%		2	%
	19.32			135,802		0.58			0.72			0.83			0.47			17
	(3.09	)		153,572		0.58			0.52			0.76			0.34			—
	16.93			164,156		0.65			0.78			0.78			0.65			23
	18.02			156,411		0.68			0.54			0.77			0.45			25
	35.23			119,102		0.68			0.68			0.80			0.56			41
	(11.09	)		94,749		0.68			0.68			0.84			0.52			49

First American Funds Semiannual Report 2007       39

Notes to  Financial Statements  (unaudited as of April 30, 2007), all dollars and shares are rounded to thousands (000)

1 > Organization

The Equity Index Fund, Mid Cap Index Fund, and Small Cap Index 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 April 30, 2007, 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. The Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund are each diversified open-end management investment companies.

FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. 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.

The funds’ prospectus provides descriptions of each fund’s investment objective, principal investment strategies, and principal risks. All classes of shares 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’s servicing or distribution arrangements.

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 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. As of April 30, 2007, the Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund had fair valued securities with a total market value of $0, $0, and $0 or 0.0%, 0.0%, and 0.0%, respectively, of total net assets for the fund. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. Investments in open-end mutual funds are valued at their respective net asset values 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.

DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared and paid quarterly for Mid Cap Index Fund and Small Cap Index Fund and monthly for Equity Index Fund. Distributions are payable in cash or reinvested in additional shares of the fund. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually.

40      First American Funds Semiannual Report 2007

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-to-tax differences. These differences are primarily due to losses deferred from wash sales, the tax recognition of mark to market gains (losses) on open futures contracts, proceeds from securities litigation, and the sale of real estate investment trust securities (“REITs”). To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which 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 or year in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) are recorded by the fund. The distributions paid during the six-month period ended April 30, 2007 (estimated) and the fiscal year ended October 31, 2006, were as follows:

	April 30, 2007
	Ordinary		Long Term
Fund	Income		Gain		Total
Equity Index Fund	$	16,370	$	23,508	$	39,878
Mid Cap Index Fund		2,613		16,840		19,453
Small Cap Index Fund		596		18,825		19,421

	October 31, 2006
	Ordinary		Long Term
Fund	Income		Gain		Total
Equity Index Fund	$	33,446	$	440	$	33,886
Mid Cap Index Fund		4,985		20,344		25,329
Small Cap Index Fund		1,293		4,799		6,092

As of October 31, 2006, the funds’ most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows:

	Undistributed		Undistributed				Total
	Ordinary		Long Term		Unrealized		Accumulated
Fund	Income		Capital Gains		Appreciation		Earnings
Equity Index Fund	$	—	$	23,507	$	804,744	$	828,251
Mid Cap Index Fund		424		16,416		84,109		100,949
Small Cap Index Fund		765		18,059		39,708		58,532

The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts.

FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market, the funds may enter into S&P and Russell Index futures contracts and other stock index 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.

The funds’ investment in stock index futures contracts is designed to maintain sufficient liquidity to meet redemption requests and to increase the level of fund assets devoted to replicating the composition of the S&P and Russell Indices while reducing transaction costs. 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.

The funds’ outstanding futures contracts as of April 30, 2007, are disclosed in the Schedule of Investments.

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

First American Funds Semiannual Report 2007       41

Notes to  Financial Statements  continued

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 April 30, 2007, Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund had investments in illiquid securities with a total value of $0, $0, and $0 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:

Equity Index Fund	Shares		Dates Acquired	Cost Basis
Seagate Technology, Escrow Shares		45	11/00 to 11/02	$	—

Mid Cap Index Fund	Shares			Date Acquired		Cost Basis
Travelcenters, Fractional Share		—	*		10/01	$	—	*

Small Cap Index Fund	Shares			Dates Acquired		Cost Basis
FirstBank, Fractional Share		—	*		8/05	$	—
Geo Group, Fractional Share		—	*		10/06		—	*
National Penn, Fractional Share		—	*		10/05		—	*
Pegasus Wireless, Warrants		604			8/06		—
Petrocorp, Escrow Shares		2		6/03 to 8/05			—
USB Holding Company, Fractional Share		—	*		8/05		—

*  Due to the presentation of the financial statements in thousands, the number rounds to zero.

SECURITIES LENDING – In order to generate additional income, each fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to receive collateral from the borrower 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. If the value of the securities on loan increases, additional collateral is received from the borrower. 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. 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. Effective January 23, 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. Securities lending fees paid to FAF Advisors by the funds for the six-month period ended April 30, 2007, were as follows:

Fund	Amount
Equity Index Fund	$	121
Mid Cap Index Fund		46
Small Cap Index Fund		53

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

SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities is recorded as an adjustment to realized or unrealized gains or losses. For the six-month period ended April 30, 2007, Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund recorded $38, $16, and $24, respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolios.

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 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 April 30, 2007.

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

42      First American Funds Semiannual Report 2007

compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, preselected by each director. 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 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 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 Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund is 0.25%, 0.25%, and 0.40%, respectively. FAF Advisors has agreed to waive fees and reimburse other fund expenses through February 29, 2008, 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
Equity Index Fund		0.62	%		1.37	%		1.37	%		0.87	%		0.37	%
Mid Cap Index Fund		0.75			1.50			1.50			1.00			0.50
Small Cap Index Fund		0.83			1.58			1.58			1.08			0.58

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, administrative, 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.

For the six-month period ended April 30, 2007, administration fees paid to FAF Advisors by the funds included in this semiannual report were as follows:

Fund	Amount
Equity Index Fund	$	2,270
Mid Cap Index Fund		413
Small Cap Index Fund		166

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 April 30, 2007, transfer agent fees paid to USBFS by the funds included in this semiannual report were as follows:

Fund	Amount
Equity Index Fund	$	188
Mid Cap Index Fund		54
Small Cap Index Fund		54

CUSTODIAN FEES – U.S. Bank serves as the funds’ custodian 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 the custodian” in the Statement of Operations. Conversely, the custodian

First American Funds Semiannual Report 2007       43

Notes to  Financial Statements  continued

charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses. For the six-month period ended April 30, 2007, custodian fees for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund were increased by $0, $0*, and $0* as a result of overdrafts and decreased by $2, $1, and $1 as a result of interest earned, respectively.

* Rounds to zero.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as 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 attributable to Class A shares, Class B shares, Class C shares and Class R shares, respectively. Class Y shares pay no distribution or shareholder servicing fees. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2007:

Fund	Amount
Equity Index Fund	$	238
Mid Cap Index Fund		28
Small Cap Index Fund		17

OTHER FEES AND EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended April 30, 2007, legal fees and expenses of $9 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 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 twelve months.

The CDSC for Class B shares and Class C shares is imposed on the value of the purchased shares or the value at the time of redemption, whichever is less.

For the six-month period ended April 30, 2007, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:

Fund	Amount
Equity Index Fund	$	97
Mid Cap Index Fund		13
Small Cap Index Fund		6

4 > Investment in Common Stock of Affiliate

As disclosed in the Schedule of Investments, Equity Index Fund owns common stock issued by U.S. Bancorp. For the six-month period ended April 30, 2007, Equity Index Fund recorded a net realized gain from the sale of U.S. Bancorp common stock of $668 and $228 of dividend income from U.S. Bancorp common stock. At April 30, 2007, Equity Index Fund had an unrealized gain of $3,137 with respect to its investment in U.S. Bancorp common stock.

44      First American Funds Semiannual Report 2007

5 > 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:

		Equity						Mid Cap						Small Cap
		Index Fund						Index Fund						Index Fund
		Six-Month						Six-Month						Six-Month
		Period			Year			Period			Year			Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended
		4/30/07			10/31/06			4/30/07			10/31/06			4/30/07			10/31/06
Class A:
	Shares issued		1,020			1,707			255			338			70			177
	Shares issued in lieu of cash distributions		141			111			52			70			84			25
	Shares redeemed		(2,168	)		(3,323	)		(206	)		(434	)		(95	)		(259	)
Total Class A transactions			(1,007	)		(1,505	)		101			(26	)		59			(57	)
Class B:
	Shares issued		30			78			5			16			13			18
	Shares issued in lieu of cash distributions		23			14			9			16			11			3
	Shares redeemed		(419	)		(903	)		(45	)		(103	)		(18	)		(45	)
Total Class B transactions			(366	)		(811	)		(31	)		(71	)		6			(24	)
Class C:
	Shares issued		38			62			30			139			19			84
	Shares issued in lieu of cash distributions		11			6			14			14			21			5
	Shares redeemed		(115	)		(337	)		(25	)		(99	)		(11	)		(71	)
Total Class C transactions			(66	)		(269	)		19			54			29			18
Class R:
	Shares issued		73			87			74			283			12			18
	Shares issued in lieu of cash distributions		2			1			16			—			3			—
	Shares redeemed		(23	)		(31	)		(36	)		(9	)		(1	)		(3	)
Total Class R transactions			52			57			54			274			14			15
Class Y:
	Shares issued		6,510			11,626			2,288			3,363			979			1,699
	Shares issued in lieu of cash distributions		830			762			689			998			608			208
	Shares redeemed		(16,617	)		(20,707	)		(4,223	)		(6,256	)		(1,994	)		(4,415	)
Total Class Y transactions			(9,277	)		(8,319	)		(1,246	)		(1,895	)		(407	)		(2,508	)
Net decrease in capital shares			(10,664	)		(10,847	)		(1,103	)		(1,664	)		(299	)		(2,556	)

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 April 30, 2007 and the fiscal year ended October 31, 2006, as follows:

	Six-Month
	Period Ended		Year Ended
Fund	4/30/07		10/31/06
Equity Index Fund		251		373
Mid Cap Index Fund		30		42
Small Cap Index Fund		2		2

6 > Investment Security Transactions

During the six-month period ended April 30, 2007, purchases of securities and proceeds from sales of securities other than temporary investments in short-term securities, were as follows:

Fund	Purchases		Sales
Equity Index Fund	$	25,657	$	336,701
Mid Cap Index Fund		21,094		46,694
Small Cap Index Fund		2,268		25,827

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 April 30, 2007, were as follows:

	Aggregate		Aggregate					Federal
	Gross		Gross					Income
Fund	Appreciation		Depreciation			Net		Tax Cost
Equity Index Fund	$	943,858	$	(99,479	)	$	844,379	$	1,728,631
Mid Cap Index Fund		128,832		(22,763	)		106,069		410,990
Small Cap Index Fund		49,928		(7,490	)		42,438		149,838

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 > Redemption-in-Kind Transaction

On November 1, 2006, the U.S. Bancorp Pension Plan redeemed $205,549 from the First American Equity Index Fund as a redemption-in-kind transaction. In this transaction, the fund distributed a proportionate amount of securities in the fund’s portfolio to the U.S. Bancorp Pension Plan. Remaining shareholders in the fund did not recognize any additional capital gains from the transactions.

First American Funds Semiannual Report 2007       45

Notes to  Financial Statements  continued

9 > 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 a more-likely-than-not threshold would be recorded as a tax 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 that 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 state reporting period. As a result, the funds will incorporate FIN 48 in its semiannual report on April 30, 2008.

In September 2006, FASB issued Statement on 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 disclosures 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 April 30, 2007, the fund does 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 measurements reported in the Statement of Operations for a fiscal period.

46      First American Funds Semiannual Report 2007

 NOTICE TO SHAREHOLDERS April 30, 2007 (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.

First American Funds Semiannual Report 2007       47

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 CEO 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 6/2007 SAR-INDEX

Table of Contents

First American Funds Online		1
Holdings Summaries		2
Expense Examples		8
Real Estate Securities Fund
	Schedule of Investments	16
	Statement of Assets and Liabilities	18
	Statement of Operations	19
	Statements of Changes in Net Assets	20
	Financial Highlights	22
International Funds
	Schedule of Investments	24
	Statements of Assets and Liabilities	29
	Statements of Operations	30
	Statements of Changes in Net Assets	31
	Financial Highlights	32
Small Cap Funds
	Schedule of Investments	36
	Statements of Assets and Liabilities	43
	Statements of Operations	44
	Statements of Changes in Net Assets	45
	Financial Highlights	46
Mid Cap Funds
	Schedule of Investments	54
	Statements of Assets and Liabilities	57
	Statements of Operations	58
	Statements of Changes in Net Assets	59
	Financial Highlights	60
Large Cap Funds
	Schedule of Investments	64
	Statements of Assets and Liabilities	67
	Statements of Operations	68
	Statements of Changes in Net Assets	69
	Financial Highlights	70
Growth & Income Funds
	Schedule of Investments	76
	Statements of Assets and Liabilities	84
	Statements of Operations	85
	Statements of Changes in Net Assets	86
	Financial Highlights	88
Notes to Financial Statements		92
Notice to Shareholders		106

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 2007       1

Holdings Summaries

Real Estate Securities Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

Simon Property Group	7.5	%
Vornado Realty Trust	5.4
Prologis	4.5
Archstone-Smith Trust	4.2
Host Marriott	4.2
Boston Properties	4.0
General Growth Properties	3.7
Public Storage	3.7
Avalonbay Communities	3.6
SL Green Realty	3.1

Sector Allocation as of April 30, 2007¹ (% of net assets)

Apartments	17.4	%
Office	16.3
Malls	14.8
Hotels	11.1
Community Centers	10.4
Industrials	9.9
Healthcare	6.8
Diversified	6.2
Self Storage	4.3
Net Lease	1.5
Real Estate Service Provider	1.0
Manufactured Homes	0.5
Short-Term Investment	0.1
Other Assets & Liabilities, Net2	(0.3	)
	100.0	%

International Fund

Top 10 Holdings as of April 30, 2007¹  (% of net assets)

Total	4.0	%
HSBC	3.3
Eni	2.9
UBS	2.7
Tesco	2.3
Vodafone	2.3
GlaxoSmithKline	2.2
Nestle	2.1
Roche	2.0
Axa	1.9

Country Allocation as of April 30, 2007¹ (% of net assets)

Great Britain	21.1	%
Japan	19.0
France	15.9
Switzerland	12.9
Italy	5.6
Germany	4.7
Hong Kong	4.6
Netherlands	4.1
Brazil	2.7
Spain	2.4
Belgium	2.0
Finland	1.6
Australia	1.5
Sweden	1.4
Ireland	0.8
South Korea	0.7
Mexico	0.4
Other Assets & Liabilities, Net2	(1.4	)
	100.0	%

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

2      First American Funds Semiannual Report 2007

International Select Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

State Street GA Prime Fund	17.5%
Samsung Electronics, ADR	1.4
Nestle	1.3
Unicredito Italiano	1.1
Kookmin Bank, ADR	1.0
Novartis	1.0
Allianz	0.9
WPP Group	0.9
Vodafone Group, ADR	0.9
Diageo	0.9

Country Allocation as of April 30, 2007¹ (% of net assets)

Great Britain	13.0%
Japan	11.4
Switzerland	6.1
France	5.6
Italy	4.9
Germany	4.9
South Korea	4.5
Brazil	4.4
Netherlands	2.8
Taiwan	2.2
Canada	1.8
India	1.8
Spain	1.8
South Africa	1.8
Sweden	1.6
China	1.5
Australia	1.5
Mexico	1.4
Israel	1.2
Hong Kong	1.1
Indonesia	0.9
Egypt	0.9
Finland	0.8
Denmark	0.8
Austria	0.7
Singapore	0.7
Luxembourg	0.7
Turkey	0.7
Ireland	0.5
Greece	0.5
Russia	0.5
Thailand	0.5
Norway	0.4
Hungary	0.4
Philippines	0.4
Portugal	0.3
Bahrain	0.1
Short-Term Investments	17.9
Other Assets & Liabilities, Net2	(3.0)
	100.0%

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

First American Funds Semiannual Report 2007       3

Holdings Summaries continued

Small Cap Growth Opportunities Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

First American Prime Obligations Fund, Class Z	4.0%
Emulex	3.0
Conn’s	2.4
American Medical Systems	2.0
PMC-Sierra	1.9
Quest Software	1.9
Integra LifeSciences	1.9
Avocent	1.7
Texas Roadhouse, Class A	1.6
New York & Company	1.6

Sector Allocation as of April 30, 2007¹ (% of net assets)

Information Technology	26.0%
Healthcare	19.1
Industrials	18.8
Consumer Discretionary	16.1
Financials	8.2
Energy	6.4
Consumer Staples	2.4
Short-Term Investment	4.0
Other Assets & Liabilities, Net2	(1.0)
	100.0%

Small Cap Select Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

First American Prime Obligations Fund, Class Z	4.0%
Pediatrix Medical Group	2.0
Nautilus	1.8
Emulex	1.7
East West Bancorp	1.7
Entegris	1.7
AirTran Holdings	1.7
AMETEK	1.6
WESCO International	1.6
SonoSite	1.5

Sector Allocation as of April 30, 2007¹ (% of net assets)

Information Technology	19.6%
Financials	17.5
Industrials	16.7
Healthcare	14.8
Consumer Discretionary	14.4
Energy	6.0
Materials	3.5
Consumer Staples	2.8
Investment Company	0.7
Telecommunication Services	0.7
Utilities	0.4
Short-Term Investment	4.0
Other Assets & Liabilities, Net2	(1.1)
	100.0%

Small Cap Value Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

First American Prime Obligations Fund, Class Z	2.9%
Emulex	1.5
El Paso Electric	1.5
BISYS Group	1.4
Commercial Metals	1.4
Men’s Wearhouse	1.4
AMETEK	1.4
Sciele Pharma	1.4
Regal-Beloit	1.3
Newcastle Investment	1.3

Sector Allocation as of April 30, 2007¹ (% of net assets)

Financials	29.6%
Consumer Discretionary	14.4
Information Technology	13.7
Industrials	13.1
Healthcare	8.1
Materials	6.6
Utilities	5.3
Energy	4.4
Consumer Staples	3.0
Short-Term Investment	2.9
Other Assets & Liabilities, Net2	(1.1)
	100.0%

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

4      First American Funds Semiannual Report 2007

Small-Mid Cap Core Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

PMI Group	3.0%
Emulex	2.8
Intersil, Class A	2.7
Albemarle	2.6
NutriSystem	2.5
Republic Services	2.3
AMETEK	2.2
WESCO International	2.2
ESCO Technologies	2.2
Ambac Financial Group	2.0

Sector Allocation as of April 30, 2007¹ (% of net assets)

Industrials	21.5%
Financials	18.5
Information Technology	16.4
Consumer Discretionary	14.4
Healthcare	9.8
Energy	6.1
Materials	4.4
Utilities	3.6
Consumer Staples	3.1
Short-Term Investment	0.7
Other Assets & Liabilities, Net2	1.5
	100.0%

Mid Cap Growth Opportunities Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

Thermo Fisher Scientific	3.4%
American Tower, Class A	2.8
Precision Castparts	2.5
Autodesk	2.3
Scientific Games, Class A	2.1
Abercrombie & Fitch, Class A	2.1
NII Holdings, Class B	2.1
NVIDIA	2.0
Nordstrom	1.9
Paychex	1.8

Sector Allocation as of April 30, 2007¹ (% of net assets)

Information Technology	22.7%
Consumer Discretionary	18.2
Industrials	16.9
Healthcare	14.7
Financials	10.1
Energy	7.7
Telecommunication Services	5.9
Consumer Staples	1.9
Materials	1.0
Short-Term Investment	0.8
Other Assets & Liabilities, Net2	0.1
	100.0%

Mid Cap Value Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

First American Prime Obligations Fund, Class Z	2.6%
CIT Group	2.4
Electronic Data Systems	2.3
Supervalu	2.2
Owens-Illinois	2.2
Corn Products International	2.1
Freeport-McMoRan Copper & Gold, Class B	2.1
Ambac Financial Group	2.1
Entergy	2.0
Marshall & Ilsley	2.0

Sector Allocation as of April 30, 2007¹ (% of net assets)

Financials	23.8%
Consumer Discretionary	14.1
Industrials	10.7
Utilities	9.9
Materials	9.8
Consumer Staples	9.6
Information Technology	9.5
Energy	6.1
Healthcare	3.0
Telecommunication Services	1.2
Short-Term Investment	2.6
Other Assets & Liabilities, Net2	(0.3)
	100.0%

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

First American Funds Semiannual Report 2007       5

Holdings Summaries continued

Large Cap Growth Opportunities Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

Microsoft	4.1	%
Cisco Systems	3.7
Goldman Sachs Group	3.0
Intel	2.8
Target	2.7
First American Prime Obligation Fund, Class Z	2.3
Google, Class A	2.3
Boeing	2.2
Hewlett-Packard	2.2
United Technologies	2.2

Sector Allocation as of April 30, 2007¹ (% of net assets)

Information Technology	30.6%
Industrials	16.2
Consumer Discretionary	12.9
Healthcare	12.7
Financials	10.8
Consumer Staples	7.3
Energy	4.9
Telecommunication Services	2.2
Materials	1.4
Short-Term Investment	2.3
Other Assets & Liabilities, Net2	(1.3)
	100.0%

Large Cap Select Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

American International Group	4.5	%
Microsoft	3.8
Citigroup	3.6
Morgan Stanley	3.3
Cisco Systems	3.0
Wyeth Pharmaceuticals	2.7
PMI Group	2.7
Comcast, Class A	2.6
IBM	2.5
Oracle	2.5

Sector Allocation as of April 30, 2007¹ (% of net assets)

Financials	22.4%
Information Technology	22.3
Energy	10.9
Healthcare	9.5
Consumer Discretionary	8.8
Consumer Staples	8.8
Industrials	8.2
Materials	3.2
Telecommunication Services	3.0
Investment Company	2.4
Other Assets & Liabilities, Net2	0.5
	100.0%

Large Cap Value Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

Exxon Mobil	4.6	%
J.P. Morgan Chase	3.6
Pfizer	3.6
AT&T	3.5
Texas Instruments	3.1
Alcoa	2.7
Wachovia	2.5
Occidental Petroleum	2.5
Morgan Stanley	2.4
Wal-Mart Stores	2.4

Sector Allocation as of April 30, 2007¹ (% of net assets)

Financials	28.2%
Energy	13.7
Information Technology	10.4
Consumer Staples	9.5
Materials	7.9
Healthcare	7.5
Consumer Discretionary	7.2
Industrials	6.1
Telecommunication Services	5.3
Utilities	3.4
Short-Term Investment	1.0
Other Assets & Liabilities, Net2	(0.2)
	100.0%

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

6      First American Funds Semiannual Report 2007

Balanced Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

U.S. Treasury Note, 2.625%, 05/15/2008	3.0	%
iShares MSCI EAFE Index Fund	3.0
American International Group	2.2
Microsoft	1.9
Citigroup	1.8
Morgan Stanley	1.7
Cisco Systems	1.5
Wyeth Pharmaceuticals	1.4
PMI Group	1.3
Comcast, Class A	1.3

Portfolio Allocation as of April 30, 2007¹ (% of net assets)

Stocks	53.6	%
Bonds	39.7
Investment Companies	4.5
Short-Term Investments	1.2
Other Assets & and Liabilities, Net2	1.0
	100.0	%

Equity Income Fund

Top 10 Holdings as of April 30, 2007¹ (% of net assets)

Exxon Mobil	3.7	%
General Electric	3.6
Bank of America	3.4
AT&T	3.3
Wyeth Pharmaceuticals	3.2
American International Group	3.1
First American Prime Obligations Fund, Class Z	3.1
Citigroup	3.0
BP, ADR	2.9
Intel	2.8

Sector Allocation as of April 30, 2007¹ (% of net assets)

Financials	21.4	%
Energy	12.1
Industrials	11.6
Healthcare	10.5
Information Technology	10.3
Consumer Staples	8.2
Telecommunication Services	8.1
Consumer Discretionary	7.3
Materials	3.7
Utilities	3.3
Convertible Corporate Bonds	0.6
Short-Term Investment	3.1
Other Assets & Liabilities, Net2	(0.2)
	100.0	%

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

First American Funds Semiannual Report 2007       7

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2006, to April 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Real Estate Securities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual2	$	1,000.00	$	1,062.30	$	6.19
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.79	$	6.06
Class B Actual2	$	1,000.00	$	1,058.50	$	10.00
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.08	$	9.79
Class C Actual2	$	1,000.00	$	1,058.60	$	10.00
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.08	$	9.79
Class R Actual2	$	1,000.00	$	1,060.90	$	7.46
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.30
Class Y Actual2	$	1,000.00	$	1,063.70	$	4.91
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.03	$	4.81

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.21%, 1.96%, 1.96%, 1.46%, and 0.96% 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 April 30, 2007 of 6.23%, 5.85%, 5.86%, 6.09%, and 6.37% for Class A, Class B, Class C, Class R, and Class Y, respectively.

8      First American Funds Semiannual Report 2007

International Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual2	$	1,000.00	$	1,102.60	$	7.77
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45
Class B Actual2	$	1,000.00	$	1,098.90	$	11.66
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.69	$	11.18
Class C Actual2	$	1,000.00	$	1,098.60	$	11.66
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.69	$	11.18
Class R Actual2	$	1,000.00	$	1,101.60	$	9.07
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.17	$	8.70
Class Y Actual2	$	1,000.00	$	1,103.80	$	6.47
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.21

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.49%, 2.24%, 2.24%, 1.74%, and 1.24% 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 April 30, 2007 of 10.26%, 9.89%, 9.86%, 10.16%, and 10.38% for Class A, Class B, Class C, Class R, and Class Y, respectively.

International Select Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (12/22/06 to
	Value (12/22/06)		Value (4/30/07)		4/30/07)
Class A Actual4	$	1,000.00	$	1,083.70	$	5.53
Class A Hypothetical (5% return before expenses)	$	$1,000.00	$	1,012.50	$	5.34
Class B Actual4	$	1,000.00	$	1,081.50	$	8.30
Class B Hypothetical (5% return before expenses)	$	$1,000.00	$	1,009.83	$	8.02
Class C Actual4	$	1,000.00	$	1,080.50	$	8.30
Class C Hypothetical (5% return before expenses)	$	$1,000.00	$	1,009.83	$	8.02
Class R Actual4	$	1,000.00	$	1,082.60	$	6.45
Class R Hypothetical (5% return before expenses)	$	$1,000.00	$	1,011.61	$	6.23
Class Y Actual4	$	1,000.00	$	1,084.70	$	4.60
Class Y Hypothetical (5% return before expenses)	$	$1,000.00	$	1,013.39	$	4.45

3	Expenses are equal to the fund’s annualized expense ratio for the period December 22, 2006 through April 30, 2007 of 1.49%, 2.24%, 2.24%, 1.74%, and 1.24% 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 since inception/365 (to reflect the period since inception).
4	Based on the actual returns for the period December 22, 2006 through April 30, 2007 of 8.37%, 8.15%, 8.05%, 8.26%, and 8.47% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds Semiannual Report 2007       9

Expense Examples (continued)

Small Cap Growth Opportunities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual2	$	1,000.00	$	1,075.50	$	7.56
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.35
Class B Actual2	$	1,000.00	$	1,071.60	$	11.40
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.79	$	11.08
Class C Actual2	$	1,000.00	$	1,071.30	$	11.40
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.79	$	11.08
Class R Actual2	$	1,000.00	$	1,074.30	$	8.85
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.27	$	8.60
Class Y Actual2	$	1,000.00	$	1,077.00	$	6.28
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.74	$	6.11

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.47%, 2.22%, 2.22%, 1.72%, and 1.22% 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 April 30, 2007 of 7.55%, 7.16%, 7.13%, 7.43%, and 7.70% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Select Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual4	$	1,000.00	$	1,058.30	$	6.28
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.16
Class B Actual4	$	1,000.00	$	1,054.00	$	10.08
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.98	$	9.89
Class C Actual4	$	1,000.00	$	1,053.30	$	10.08
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.98	$	9.89
Class R Actual4	$	1,000.00	$	1,056.00	$	7.54
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.46	$	7.40
Class Y Actual4	$	1,000.00	$	1,058.70	$	5.00
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.93	$	4.91

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.23%, 1.98%, 1.98%, 1.48%, and 0.98% 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).
4	Based on the actual returns for the six-month period ended April 30, 2007 of 5.83%, 5.40%, 5.33%, 5.60%, and 5.87% for Class A, Class B, Class C, Class R, and Class Y, respectively.

10      First American Funds Semiannual Report 2007

Small Cap Value Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual2	$	$1,000.00	$	1,046.50	$	6.39
Class A Hypothetical (5% return before expenses)	$	$1,000.00	$	1,018.55	$	6.31
Class B Actual2	$	$1,000.00	$	1,042.80	$	10.18
Class B Hypothetical (5% return before expenses)	$	$1,000.00	$	1,014.83	$	10.04
Class C Actual2	$	$1,000.00	$	1,042.70	$	10.18
Class C Hypothetical (5% return before expenses)	$	$1,000.00	$	1,014.83	$	10.04
Class R Actual2	$	$1,000.00	$	1,045.90	$	7.66
Class R Hypothetical (5% return before expenses)	$	$1,000.00	$	1,017.31	$	7.55
Class Y Actual2	$	$1,000.00	$	1,048.30	$	5.13
Class Y Hypothetical (5% return before expenses)	$	$1,000.00	$	1,019.79	$	5.06

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.26%, 2.01%, 2.01%, 1.51%, and 1.01% 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 April 30, 2007 of 4.65%, 4.28%, 4.27%, 4.59%, and 4.83% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small-Mid Cap Core Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual4	$	1,000.00	$	1,087.80	$	7.30
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.80	$	7.05
Class B Actual4	$	1,000.00	$	1,083.90	$	11.16
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.08	$	10.79
Class C Actual4	$	1,000.00	$	1,084.70	$	11.16
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.08	$	10.79
Class Y Actual4	$	1,000.00	$	1,090.00	$	6.01
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.04	$	5.81

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.41%, 2.16%, 2.16%, and 1.16% for Class A, Class B, 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).
4	Based on the actual returns for the six-month period ended April 30, 2007 of 8.78%, 8.39%, 8.47%, and 9.00% for Class A, Class B, Class C, and Class Y, respectively.

First American Funds Semiannual Report 2007       11

Expense Examples (continued)

Mid Cap Growth Opportunities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual2	$	1,000.00	$	1,117.90	$	6.41
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.74	$	6.11
Class B Actual2	$	1,000.00	$	1,114.10	$	10.33
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.03	$	9.84
Class C Actual2	$	1,000.00	$	1,113.80	$	10.32
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.03	$	9.84
Class R Actual2	$	1,000.00	$	1,116.70	$	7.71
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.35
Class Y Actual2	$	1,000.00	$	1,119.40	$	5.10
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.98	$	4.86

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.22%, 1.97%, 1.97%, 1.47%, and 0.97% 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 April 30, 2007 of 11.79%, 11.41%, 11.38%, 11.67%, and 11.94% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Mid Cap Value Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual4	$	1,000.00	$	1,103.50	$	6.36
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.74	$	6.11
Class B Actual4	$	1,000.00	$	1,099.60	$	10.26
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.03	$	9.84
Class C Actual4	$	1,000.00	$	1,099.70	$	10.26
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.03	$	9.84
Class R Actual4	$	1,000.00	$	1,102.30	$	7.66
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.35
Class Y Actual4	$	1,000.00	$	1,105.40	$	5.06
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.98	$	4.86

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.22%, 1.97%, 1.97%, 1.47%, and 0.97% 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).
4	Based on the actual returns for the six-month period ended April 30, 2007 of 10.35%, 9.96%, 9.97%, 10.23%, and 10.54% for Class A, Class B, Class C, Class R, and Class Y, respectively.

12      First American Funds Semiannual Report 2007

Large Cap Growth Opportunities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual2	$	1,000.00	$	1,081.40	$	6.14
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.89	$	5.96
Class B Actual2	$	1,000.00	$	1,077.80	$	9.99
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.17	$	9.69
Class C Actual2	$	1,000.00	$	1,077.30	$	9.99
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.17	$	9.69
Class R Actual2	$	1,000.00	$	1,080.20	$	7.43
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.20
Class Y Actual2	$	1,000.00	$	1,082.80	$	4.85
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.13	$	4.71

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.19%, 1.94%, 1.94%, 1.44%, and 0.94% 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 April 30, 2007 of 8.14%, 7.78%, 7.73%, 8.02%, and 8.28% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Large Cap Select Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual4	$	1,000.00	$	1,070.60	$	6.11
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.89	$	5.96
Class B Actual4	$	1,000.00	$	1,066.50	$	9.94
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.17	$	9.69
Class C Actual4	$	1,000.00	$	1,065.80	$	9.94
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.17	$	9.69
Class R Actual4	$	1,000.00	$	1,069.00	$	7.39
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.20
Class Y Actual4	$	1,000.00	$	1,071.70	$	4.83
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.13	$	4.71

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.19%, 1.94%, 1.94%, 1.44%, and 0.94% 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).
4	Based on the actual returns for the six-month period ended April 30, 2007 of 7.06%, 6.65%, 6.58%, 6.90%, and 7.17% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds Semiannual Report 2007       13

Expense Examples (continued)

Large Cap Value Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual2	$	$1,000.00	$	$1,075.10	$	$6.02
Class A Hypothetical (5% return before expenses)	$	$1,000.00	$	$1,018.99	$	$5.86
Class B Actual2	$	$1,000.00	$	$1,070.80	$	$9.86
Class B Hypothetical (5% return before expenses)	$	$1,000.00	$	$1,015.27	$	$9.59
Class C Actual2	$	$1,000.00	$	$1,070.80	$	$9.86
Class C Hypothetical (5% return before expenses)	$	$1,000.00	$	$1,015.27	$	$9.59
Class R Actual2	$	$1,000.00	$	$1,073.60	$	$7.30
Class R Hypothetical (5% return before expenses)	$	$1,000.00	$	$1,017.75	$	$7.10
Class Y Actual2	$	$1,000.00	$	$1,076.20	$	$4.74
Class Y Hypothetical (5% return before expenses)	$	$1,000.00	$	$1,020.23	$	$4.61

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.17%, 1.92%, 1.92%, 1.42%, and 0.92% 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 April 30, 2007 of 7.51%, 7.08%, 7.08%, 7.36%, and 7.62% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Balanced Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual4	$	1,000.00	$	1,057.20	$	5.61
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51
Class B Actual4	$	1,000.00	$	1,052.60	$	9.42
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.62	$	9.25
Class C Actual4	$	1,000.00	$	1,053.20	$	9.42
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.62	$	9.25
Class R Actual4	$	1,000.00	$	1,057.30	$	6.89
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76
Class Y Actual4	$	1,000.00	$	1,058.40	$	4.34
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26

3	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).
4	Based on the actual returns for the six-month period ended April 30, 2007 of 5.72%, 5.26%, 5.32%, 5.73%, and 5.84% for Class A, Class B, Class C, Class R, and Class Y, respectively.

14      First American Funds Semiannual Report 2007

Equity Income Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/06 to
	Value (11/01/06)		Value (4/30/07)		4/30/07)
Class A Actual2	$	1,000.00	$	1,079.20	$	6.03
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.99	$	5.86
Class B Actual2	$	1,000.00	$	1,075.80	$	9.88
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.27	$	9.59
Class C Actual2	$	1,000.00	$	1,075.60	$	9.88
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.27	$	9.59
Class R Actual2	$	1,000.00	$	1,078.00	$	7.32
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.75	$	7.10
Class Y Actual2	$	1,000.00	$	1,081.20	$	4.75
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.23	$	4.61

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.17%, 1.92%, 1.92%, 1.42%, and 0.92% 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 April 30, 2007 of 7.92%, 7.58%, 7.56%, 7.80%, and 8.12% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds Semiannual Report 2007       15

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Real Estate Securities Fund
DESCRIPTION		SHARES		VALUE
Real Estate Common Stock (a) – 100.2%
Apartments – 17.4%
American Campus Communities (b) (c)			81,721	$	2,502
Apartment Investment & Management (b) (c)			152,165		8,415
Archstone-Smith Trust (b) (c)			856,221		44,618
Avalonbay Communities (b) (c)			310,450		37,956
BRE Properties (b) (c)			260,423		15,636
Camden Property Trust (b) (c)			218,913		15,247
Equity Residential Properties Trust (b) (c)			676,809		31,424
Essex Property Trust (b) (c)			138,759		17,880
Home Properties (b) (c)			69,584		3,876
Mid-America Apartment Communities (b)			122,619		6,615
					184,169
Community Centers – 10.4%
Acadia Realty Trust (b)			77,345		2,079
Developers Diversified Realty (b) (c)			192,456		12,529
Equity One (b) (c)			127,113		3,550
Federal Realty Investment Trust (b) (c)			201,847		18,201
Kimco Realty (b) (c)			644,028		30,958
Kite Realty Group Trust (b)			121,856		2,437
Regency Centers (b)			337,094		27,777
Saul Centers (b) (c)			141,041		7,323
Weingarten Realty Investors (b) (c)			112,850		5,401
					110,255
Diversified – 6.2%
Cousins Properties (b) (c)			119,464		4,010
Florida East Coast Industries (c)			1,560		110
Forest City Enterprises, Class A			1,835		123
Vornado Realty Trust (b) (c)			478,761		56,795
Washington Real Estate Investment Trust (b)			126,178		4,777
					65,815
Healthcare – 6.8%
Brookdale Senior Living (c)			188,880		8,577
Capital Senior Living (c)			353,707		4,107
Cogdell Spencer (b)			498,897		10,322
Five Star Quality Care			355,420		3,913
Health Care Property Investors (b) (c)			543,210		19,224
Health Care REIT (b) (c)			54,922		2,485
Healthcare Realty Trust (b) (c)			9,420		321
Nationwide Health Properties (b) (c)			122,730		3,935
Universal Health Realty Income Trust (b)			27,440		966
Ventas (b) (c)			422,136		17,797
					71,647
Hotels – 11.1%
Ashford Hospitality Trust (b)			972,122		11,665
DiamondRock Hospitality (b) (c)			283,517		5,186
Gaylord Entertainment (c)			26,854		1,472
Highland Hospitality (b) (c)			201,681		3,842
Hilton Hotels (c)			213,862		7,271
Host Marriott (b) (c)			1,736,407		44,521
LaSalle Hotel Properties (b) (c)			141,906		6,589
Marriott International, Class A			633,974		28,662
Starwood Hotels & Resorts Worldwide			102,215		6,850
Strategic Hotels & Resorts (b)			57,507		1,245
Sunstone Hotel Investors (b) (c)			11,209		320
					117,623
Industrials – 9.9%
AMB Property (b)			266,111		16,209
DCT Industrial Trust (b) (c)			140,211		1,575
EastGroup Properties (b) (c)			487,645		24,436
First Potomac Realty Trust (b) (c)			323,971		8,362
Prologis (b) (c)			738,616		47,862
PS Business Parks (b)			92,851		6,397
					104,841
Malls – 14.8%
CBL & Associates Properties (b) (c)			22,971		1,044
General Growth Properties (b) (c)			617,419		39,422
Macerich (b) (c)			319,357		30,377
Simon Property Group (b) (c)			693,111		79,902
Taubman Centers (b)			99,755		5,592
					156,337
Manufactured Homes – 0.5%
American Land Lease (b)			34,792		896
Equity Lifestyle Properties (b) (c)			84,340		4,577
					5,473
Net Lease – 1.5%
National Retail Properties (b) (c)			317,690		7,608
Realty Income (b) (c)			285,836		7,975
					15,583
Office – 16.3%
Alexandria Real Estate Equities (b) (c)			32,211		3,410
BioMed Realty Trust (b) (c)			223,538		6,418
Boston Properties (b) (c)			363,012		42,676
Brookfield Properties (c)			515,957		21,190
Corporate Office Properties Trust (b) (c)			255,392		12,032
Digital Realty Trust (b)			178,495		7,220
Douglas Emmett (b)			240,017		6,252
Duke Realty (b) (c)			61,331		2,644
Highwoods Properties (b) (c)			81,623		3,329
Kilroy Realty (b) (c)			213,254		16,192
Liberty Property Trust (b) (c)			394,466		19,088
SL Green Realty (b) (c)			231,477		32,615
					173,066
Real Estate Service Provider – 1.0%
HFF, Inc. (d)			662,934		10,594
Self Storage – 4.3%
Extra Space Storage (b) (c)			162,230		3,035
Public Storage (b) (c)			415,079		38,735
Sovran Self Storage (b) (c)			28,874		1,596
U-Store-It Trust (b) (c)			144,252		2,656
					46,022
Total Real Estate Common Stock (Cost $827,782)					1,061,425
Private Real Estate Companies – 0.0%
Beacon Capital (d) (e) (f)			33,750		34
Newcastle Investment Holdings (d) (e) (f)			35,000		266
Total Private Real Estate Companies (Cost $588)					300
Short-Term Investment – 0.1%
First American Prime Obligations Fund, Class Z (g)
	(Cost $975)		975,471		975

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

16      First American Funds Semiannual Report 2007

Real Estate Securities Fund (concluded)
DESCRIPTION		VALUE
Investment Purchased with Proceeds from Securities Lending – 41.4%
Mount Vernon Securities Lending Prime Portfolio (h)
	(Cost $438,666)	$	438,666
Total Investments – 141.7% (Cost $1,268,011)			1,501,366
Other Assets and Liabilities, Net – (41.7)%			(442,278	)
Total Net Assets – 100.0%		$	1,059,088

(a)	The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 6 in Notes to Financial Statements.
(b)	Real Estate Investment Trust. As of April 30, 2007, the market value of these investments was $968,556, or 91.5% of total net assets.
(c)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $418,505 at April 30, 2007. See note 2 in Notes to Financial Statements.
(d)	Non-income producing security.
(e)	Security is considered illiquid or restricted. As of April 30, 2007, the value of these investments was $300 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(f)  Security is fair valued. As of April 30, 2007, the value of these investments was $300 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(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)

The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

First American Funds Semiannual Report 2007       17

Statement of  Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data

	Real Estate
	Securities Fund
Investments in unaffiliated securities, at cost	$	828,370
Investment in affiliated money market fund, at cost		975
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		438,666
ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	1,061,725
Investment in affiliated money market fund, at value (note 2)		975
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		438,666
Receivable for dividends and interest		964
Receivable for investment securities sold		20,428
Receivable for capital shares sold		2,599
Prepaid expenses and other assets		47
Total assets		1,525,404
LIABILITIES:
Bank overdraft		800
Payable for investment securities purchased		23,297
Payable upon return of securities loaned (note 2)		438,666
Payable for capital shares redeemed		2,600
Payable to affiliates (note 3)		842
Payable for distribution and shareholder servicing fees		89
Accrued expenses and other liabilities		22
Total liabilities		466,316
Net assets	$	1,059,088
COMPOSITION OF NET ASSETS:
Portfolio capital	$	739,551
Distributions in excess of net investment income		(202	)
Accumulated net realized gain on investments		86,384
Net unrealized appreciation of investments		233,355
Net assets	$	1,059,088
* Including securities loaned, at value	$	418,505
Class A:
Net assets	$	259,181
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		10,149
Net asset value and redemption price per share	$	25.54
Maximum offering price per share (1)	$	27.03
Class B:
Net assets	$	9,177
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		366
Net asset value, offering price, and redemption price per share (2)	$	25.06
Class C:
Net assets	$	23,325
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		927
Net asset value, offering price, and redemption price per share (2)	$	25.15
Class R:
Net assets	$	18,745
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		728
Net asset value, offering price, and redemption price per share	$	25.76
Class Y:
Net assets	$	748,660
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		29,076
Net asset value, offering price, and redemption price per share	$	25.75

(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
(2)	Class B and C have 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.

18      First American Funds Semiannual Report 2007

Statement of  Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

	Real Estate
	Securities Fund
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	343
Dividends from unaffiliated securities		10,898
Less: Foreign taxes withheld		(32	)
Securities lending income		233
Total investment income		11,442
EXPENSES (note 3):
Investment advisory fees		3,722
Administration fees		1,191
Transfer agent fees		84
Custodian fees		28
Professional fees		21
Registration fees		35
Postage and printing fees		27
Directors’ fees		10
Other expenses		10
Distribution and shareholder servicing fees – Class A		320
Distribution and shareholder servicing fees – Class B		43
Distribution and shareholder servicing fees – Class C		90
Distribution and shareholder servicing fees – Class R		36
Total expenses		5,617
Less: Indirect payments from custodian (note 3)		(2	)
Total net expenses		5,615
Investment income – net		5,827
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET (note 5):
Net realized gain on investments		87,451
Net change in unrealized appreciation or depreciation of investments		(32,248	)
Net gain on investments		55,203
Net increase in net assets resulting from operations	$	61,030

First American Funds Semiannual Report 2007       19

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

		Real Estate
		Securities Fund
		Six-Month
		Period Ended
		4/30/07			Year Ended
		(unaudited)			10/31/06
OPERATIONS:
Investment income – net		$	5,827		$	17,379
Net realized gain on affiliated investments			—			755
Net realized gain on unaffiliated investments			87,451			98,123
Net change in unrealized appreciation or depreciation of investments			(32,248	)		169,252
Net increase in net assets resulting from operations			61,030			285,509
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(1,403	)		(4,468	)
	Class B		(31	)		(98	)
	Class C		(81	)		(122	)
	Class R		(86	)		(80	)
	Class Y		(4,428	)		(16,193	)
Net realized gain on investments:
	Class A		(21,330	)		(16,449	)
	Class B		(722	)		(526	)
	Class C		(1,281	)		(558	)
	Class R		(931	)		(24	)
	Class Y		(65,821	)		(59,801	)
Total distributions			(96,114	)		(98,319	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		75,426			96,251
	Reinvestment of distributions		20,701			20,510
	Payments for redemptions		(55,918	)		(64,650	)
Increase in net assets from Class A transactions			40,209			52,111
Class B:
	Proceeds from sales		2,537			2,324
	Reinvestment of distributions		691			550
	Payments for redemptions (note 3)		(1,006	)		(1,261	)
Increase in net assets from Class B transactions			2,222			1,613
Class C:
	Proceeds from sales		13,021			6,990
	Reinvestment of distributions		1,108			634
	Payments for redemptions (note 3)		(2,276	)		(1,722	)
Increase in net assets from Class C transactions			11,853			5,902
Class R:
	Proceeds from sales		13,682			9,837
	Reinvestment of distributions		1,010			104
	Payments for redemptions		(4,731	)		(1,736	)
Increase in net assets from Class R transactions			9,961			8,205
Class Y:
	Proceeds from sales		112,133			184,391
	Reinvestment of distributions		39,503			40,096
	Payments for redemptions		(135,755	)		(112,601	)
Increase in net assets from Class Y transactions			15,881			111,886
Increase in net assets from capital share transactions			80,126			179,717
Total increase in net assets			45,042			366,907
Net assets at beginning of period			1,014,046			647,139
Net assets at end of period		$	1,059,088		$	1,014,046
Undistributed (distributions in excess of) net investment income at end of period		$	(202	)	$	—

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

20      First American Funds Semiannual Report 2007

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Financial Highlights  For a share outstanding throughout the indicated periods.

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Distributions
		Value		Net		Gains			from Net			from Net			from			Net Asset
		Beginning		Investment		(Losses) on			Investment			Realized			Return of			Value
		of Period		Income		Investments			Income			Gains			Capital			End of Period
Real Estate Securities Fund (1)
Class A
	2007 (2)	$	26.49	$	0.12	$	1.43		$	(0.13	)	$	(2.37	)	$	—		$	25.54
	2006 (3)		21.42		0.47		7.77			(0.58	)		(2.59	)		—			26.49
	2005 (4)		21.81		0.03		(0.42	)		—			—			—			21.42
	2005 (5)		18.62		0.69		4.47			(0.55	)		(1.42	)		—			21.81
	2004 (5)		16.00		0.63		3.21			(0.62	)		(0.60	)		—			18.62
	2003 (5)		13.68		0.69		2.65			(0.69	)		(0.33	)		—			16.00
	2002 (5)		13.12		0.71		0.61			(0.69	)		—			(0.07	)		13.68
Class B
	2007 (2)	$	26.08	$	0.02	$	1.42		$	(0.09	)	$	(2.37	)	$	—		$	25.06
	2006 (3)		21.14		0.29		7.66			(0.42	)		(2.59	)		—			26.08
	2005 (4)		21.53		0.01		(0.40	)		—			—			—			21.14
	2005 (5)		18.41		0.54		4.40			(0.40	)		(1.42	)		—			21.53
	2004 (5)		15.85		0.50		3.17			(0.51	)		(0.60	)		—			18.41
	2003 (5)		13.55		0.57		2.64			(0.58	)		(0.33	)		—			15.85
	2002 (5)		13.02		0.59		0.61			(0.60	)		—			(0.07	)		13.55
Class C
	2007 (2)	$	26.17	$	0.01	$	1.43		$	(0.09	)	$	(2.37	)	$	—		$	25.15
	2006 (3)		21.21		0.28		7.70			(0.43	)		(2.59	)		—			26.17
	2005 (4)		21.61		0.01		(0.41	)		—			—			—			21.21
	2005 (5)		18.47		0.54		4.42			(0.40	)		(1.42	)		—			21.61
	2004 (5)		15.89		0.50		3.19			(0.51	)		(0.60	)		—			18.47
	2003 (5)		13.62		0.59		2.62			(0.61	)		(0.33	)		—			15.89
	2002 (5)		13.08		0.62		0.59			(0.60	)		—			(0.07	)		13.62
Class R(6)
	2007 (2)	$	26.72	$	0.07	$	1.46		$	(0.12	)	$	(2.37	)	$	—		$	25.76
	2006 (3)		21.61		0.35		7.90			(0.55	)		(2.59	)		—			26.72
	2005 (4)		22.00		0.02		(0.41	)		—			—			—			21.61
	2005 (5)		18.80		0.72		4.43			(0.53	)		(1.42	)		—			22.00
	2004 (5)		16.00		0.61		3.24			(0.45	)		(0.60	)		—			18.80
	2003 (5)		13.69		0.69		2.64			(0.69	)		(0.33	)		—			16.00
	2002 (5)		13.12		0.70		0.62			(0.68	)		—			(0.07	)		13.69
Class Y
	2007 (2)	$	26.67	$	0.16	$	1.44		$	(0.15	)	$	(2.37	)	$	—		$	25.75
	2006 (3)		21.54		0.53		7.82			(0.63	)		(2.59	)		—			26.67
	2005 (4)		21.92		0.03		(0.41	)		—			—			—			21.54
	2005 (5)		18.71		0.74		4.49			(0.60	)		(1.42	)		—			21.92
	2004 (5)		16.06		0.69		3.22			(0.66	)		(0.60	)		—			18.71
	2003 (5)		13.73		0.73		2.66			(0.73	)		(0.33	)		—			16.06
	2002 (5)		13.15		0.73		0.63			(0.71	)		—			(0.07	)		13.73

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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)	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.

22      First American Funds Semiannual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	6.23	%	$	259,181		1.21	%		0.94	%		1.21	%		0.94	%		116	%
	43.25			228,186		1.23			2.06			1.23			2.06			161
	(1.79	)		133,339		1.23			1.48			1.23			1.48			11
	28.99			135,745		1.23			3.43			1.25			3.41			118
	24.98			86,996		1.23			3.63			1.26			3.60			127
	25.92			35,754		1.23			4.82			1.28			4.77			69
	10.07			15,422		1.23			5.06			1.32			4.97			99
	5.85	%	$	9,177		1.96	%		0.19	%		1.96	%		0.19	%		116	%
	42.17			7,288		1.98			1.30			1.98			1.30			161
	(1.81	)		4,419		1.98			0.74			1.98			0.74			11
	27.98			4,700		1.98			2.69			2.00			2.67			118
	24.06			4,412		1.98			2.91			2.01			2.88			127
	25.03			3,559		1.98			4.10			2.03			4.05			69
	9.21			2,577		1.98			4.27			2.07			4.18			99
	5.86	%	$	23,325		1.96	%		0.11	%		1.96	%		0.11	%		116	%
	42.16			12,281		1.98			1.25			1.98			1.25			161
	(1.85	)		4,669		1.98			0.75			1.98			0.75			11
	28.00			4,954		1.98			2.68			2.00			2.66			118
	24.12			4,247		1.98			2.92			2.01			2.89			127
	24.88			3,229		1.98			4.12			2.03			4.07			69
	9.27			986		1.98			4.43			2.07			4.34			99
	6.09	%	$	18,745		1.46	%		0.53	%		1.46	%		0.53	%		116	%
	42.87			9,423		1.48			1.50			1.60			1.38			161
	(1.77	)		57		1.48			1.23			1.63			1.08			11
	28.60			36		1.48			3.37			1.65			3.20			118
	24.94			1		1.23			3.57			1.26			3.54			127
	25.80			2,524		1.23			4.87			1.28			4.82			69
	10.13			1,224		1.23			5.00			1.32			4.91			99
	6.37	%	$	748,660		0.96	%		1.19	%		0.96	%		1.19	%		116	%
	43.58			756,868		0.98			2.31			0.98			2.31			161
	(1.73	)		504,655		0.98			1.74			0.98			1.74			11
	29.25			525,196		0.98			3.66			1.00			3.64			118
	25.33			414,544		0.98			3.95			1.01			3.92			127
	26.19			194,933		0.98			5.13			1.03			5.08			69
	10.40			120,091		0.98			5.27			1.07			5.18			99

First American Funds Semiannual Report 2007       23

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

International Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 101.4%
Australia – 1.5%
BHP Billiton		1,052,000	$	25,684
Belgium – 2.0%
Dexia (a)		570,000		18,591
Fortis		340,800		15,318
				33,909
Brazil – 2.7%
Companhia Vale do Rio Doce – ADR		691,062		28,064
Petroleo Brasileiro – ADR		178,125		18,032
				46,096
Finland – 1.6%
Nokia Oyj		1,104,770		27,869
France – 15.9%
Accor		182,000		17,143
Axa (a)		735,632		33,776
BNP Paribas (a)		272,089		31,565
Compagnie de Saint-Gobain (a)		307,000		32,781
Imerys (a) (b)		189,400		18,114
Lafarge (a)		166,700		27,063
Pernod-Ricard (a)		87,700		18,675
Sanofi-Aventis		304,700		27,891
Total (a) (b)		940,260		69,314
				276,322
Germany – 4.7%
BASF (a)		92,100		10,992
Deutsche Post		600,000		20,631
Linde		76,442		8,563
SAP (a)		269,000		12,923
Siemens		230,400		27,812
				80,921
Great Britain – 21.1%
Barclays		2,245,000		32,410
BG Group		1,284,965		18,516
British Land		430,000		12,560
Burberry Group		984,600		13,527
Centrica (b)		1,630,542		12,564
GlaxoSmithKline		1,325,000		38,217
ICAP		1,192,695		12,003
Kingfisher		3,210,521		17,384
Man Group (b)		1,141,700		12,784
Morrison Supermarket		2,947,700		17,980
Smith & Nephew		1,505,163		18,781
Standard Chartered		967,000		29,888
Tesco		4,358,800		40,082
Vodafone (b)		13,750,325		39,119
Wolseley		1,150,000		27,667
WPP Group (b)		1,485,503		21,995
				365,477
Hong Kong – 4.6%
Esprit Holdings		1,875,500		22,731
HSBC (a)		3,145,600		57,752
				80,483
Ireland – 0.8%
Bank of Ireland		650,000		13,951
Italy – 5.6%
Banca Intesa (a)		2,208,600		18,506
Eni (a)		1,530,800		50,767
Unicredito Italiano (a)		2,803,900		28,808
				98,081
Japan – 19.0%
Astellas Pharma		446,700		19,541
The Bank of Yokohama		1,783,000		13,053
Canon		393,300		22,066
Daikin Industries (a)		430,000		14,532
Hirose Electric (a)		78,000		9,477
Honda Motor		253,900		8,721
Mitsubishi UFJ Financial Group		2,651		27,576
Mitsubishi		1,083,500		23,096
Mitsui Fudosan		754,000		22,009
Mizuho Financial Group		1,627		9,791
Nidec (a)		248,000		15,646
Nippon Oil		925		7
Nissan Motor (a)		738,500		7,428
Nitto Denko (a)		290,200		12,808
Nomura Holdings		512,800		9,800
Seven & I Holdings (b)		545,600		15,733
Shin-Etsu Chemical		253,000		16,329
SMC		110,400		14,113
Sony		442,500		23,531
Sumitomo Mitsui Financial Group (a)		2,552		22,295
Sumitomo		1,297,200		22,217
				329,769
Mexico – 0.4%
Fomento Economico Mexicano – ADR		63,400		6,828
Netherlands – 4.1%
ING Group (a)		569,500		25,940
Philips Electronics (a)		447,000		18,357
Reed Elsevier (a)		762,124		14,325
Wolters Kluwer (a)		449,700		13,320
				71,942
South Korea – 0.7%
Samsung Electronics		20,830		12,739
Spain – 2.4%
Altadis (a)		270,000		17,629
Banco Bilbano Vizcaya Argentaria (a)		1,031,100		24,654
				42,283
Sweden – 1.4%
Ericsson (a)		6,546,500		25,015
Switzerland – 12.9%
ABB		791,700		15,820
Adecco (a)		247,600		17,025
Holcim (a)		190,000		20,353
Nestle (a)		90,560		35,850
Novartis		550,100		31,958
Roche		183,600		34,573
UBS (a) (b)		721,700		46,903
Zurich Financial Services (a)		71,800		20,834
				223,316
Total Common Stocks (Cost $1,216,502)				1,760,685

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

24      First American Funds Semiannual Report 2007

International Fund (concluded)
DESCRIPTION		SHARES		VALUE
Investment Purchased with Proceeds from Securities Lending (c) – 22.4%
State Street Navigator Prime Fund
	(Cost $388,462)		388,462,139	$	388,462
Total Investments – 123.8% (Cost $1,604,964)					2,149,147
Other Assets and Liabilities, Net – (23.8)%					(413,323	)
Total Net Assets – 100.0%				$	1,735,824

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $371,467 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	Non-income producing security.
(c)	In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested as noted in the schedule above. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

At April 30, 2007, sector diversification of the fund was as follows:

	% of
	Net Assets			Value
Financials*		31.2	%	$	540,767
Industrials		16.4			285,008
Consumer Discretionary		9.9			172,200
Healthcare		9.8			170,961
Materials		9.6			167,970
Consumer Staples		7.9			137,044
Information Technology		7.2			125,735
Energy		5.8			99,886
Telecommunication Services		2.3			39,119
Utilities		1.3			21,995
Total Foreign Common Stock		101.4			1,760,685
Total Investments Purchased with Proceeds from Securities Lending		22.4			388,462
Total Investments		123.8			2,149,147
Other Assets and Liabilities, Net		(23.8	)		(413,323	)
Net Assets		100.0	%	$	1,735,824

*   The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements.

First American Funds Semiannual Report 2007       25

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

International Select Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 85.1%
Australia – 1.5%
National Australia Bank		15,460	$	549
Rio Tinto		18,157		1,240
Woodside Petroleum		30,536		993
				2,782
Austria – 0.7%
Erste Bank der Oesterreichischen Sparkassen		17,870		1,431
Bahrain – 0.1%
Investcorp Bank, ADR (a)		8,200		203
Brazil – 4.4%
AES Tiete		10,078,600		346
Banco Itau Holding Financeira, ADR		19,355		747
Bradespar (a)		9,151		306
Brasil Telecom, ADR		10,400		552
Cia Vale do Rio Doce		34,400		1,191
Companhia de Bebidas das Americas, ADR		13,908		795
CPFL Energia (a)		14,200		220
Iochpe Maxion (a)		20,600		226
JHSF Participacoes (a)		15,900		65
Klabin		143,400		442
Petroleo Brasileiro, ADR		15,532		1,572
Souza Cruz		19,199		424
Tam, ADR		13,500		347
Tele Norte Leste, ADR		26,040		426
Telemar Norte Lest (a)		16,400		385
Ultrapar, ADR		7,500		232
				8,276
Canada – 1.8%
Cameco		24,700		1,152
Manulife Financial		32,219		1,164
Patheon (a)		84,800		375
Suncor Energy		9,868		794
				3,485
China – 1.5%
China Petroleum & Chemical		880,000		767
CNOOC, ADR		4,600		393
Focus Media Holdings, ADR (a)		20,050		742
Foxconn International Holdings (a)		298,000		893
				2,795
Denmark – 0.8%
Vestas Wind System (a)		22,252		1,439
Egypt – 0.9%
Eastern Tobacco		5,511		404
Orascom Construction Industries (a)		13,172		761
Orascom Telecom Holdings (a)		36,100		494
				1,659
Finland – 0.8%
Nokia Oyj		36,250		914
Stora Enso, ADR		35,330		646
				1,560
France – 5.6%
Alcatel-Lucent, ADR		55,870		740
BNP Paribas		6,560		761
Carrefour		5,250		404
Electricite de France (a)		9,397		817
Iliad		9,237		935
L’oreal		9,020		1,079
LVMH Moet Hennessy Louis Vuitton		6,576		766
Sanofi-Aventis		9,850		902
Thales		13,450		817
Total (a)		18,300		1,349
Total, ADR		10,316		760
Vivendi Universal		31,000		1,279
				10,609
Germany – 4.9%
Adidas		13,772		819
Allianz		7,900		1,798
BASF		3,450		412
Deutsche Telekom		32,700		599
Eurocastle Investment (a)		7,430		392
Henkel KGAA		4,940		777
Metro		20,160		1,554
RWE		6,786		717
SAP, ADR		15,531		746
Siemens		6,240		753
Wachker Chemie (a)		3,898		709
				9,276
Great Britain – 13.0%
Arm Holdings		363,253		966
Autonomy (a)		60,475		902
BAE Systems		60,960		552
Barclays		80,664		1,164
BP, ADR		16,030		1,079
British Sky Broadcasting Group		69,392		795
Cadbury Schweppes		114,800		1,518
Carnival		15,212		766
Dawnay Day Treveria (a)		303,450		590
Diageo		79,490		1,676
GlaxoSmithKline		54,740		1,579
Kingfisher		257,280		1,393
Michael Page International		99,294		1,137
Northern Rock		33,425		715
Prudential		98,049		1,457
Reckitt Benckiser		13,793		755
Royal Bank of Scotland		31,625		1,211
Scottish & Southern Energy		17,690		529
Smith & Nephew		70,515		880
Standard Chartered		21,510		665
Tesco		89,705		825
Vodafone Group, ADR		60,050		1,725
WPP Group (a)		118,500		1,754
				24,633
Greece – 0.5%
National Bank of Greece, ADR		86,043		983
Hong Kong – 1.1%
Cheung Kong Holdings		37,590		487
China Netcom Group (a)		107,000		263
Esprit Holdings		113,100		1,371
				2,121
Hungary – 0.4%
Gedeon Richter		1,350		277
Mol Hungarian Oil		4,479		545
				822
India – 1.8%
Grasim Industries, ADR (a)		4,300		256
HDFC Bank, ADR		11,358		825
Infosys Technologies, ADR		18,893		989
Satyam Computer Services, ADR		21,100		525
State Bank of India, ADR		12,780		868
				3,463

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

26      First American Funds Semiannual Report 2007

International Select Fund (continued)
DESCRIPTION	SHARES		VALUE
Indonesia – 0.9%
Astra International		296,500	$	466
Bank Mandiri Persero		1,882,000		628
Telekomunikasi Indonesia, ADR		7,900		363
United Tractors		384,500		330
				1,787
Ireland – 0.5%
Anglo Irish Bank (a)		46,170		1,038
Israel – 1.2%
Bank Hapoalim B.M.		134,300		701
Icl-israel Chem		70,596		539
Teva Pharmaceutical Industries, ADR		26,058		998
				2,238
Italy – 4.9%
Alleanza Assicurazioni		62,000		871
Ansaldo STS (a)		59,310		818
Arnoldo Mondadori Editore		70,000		771
Banco Popolare di Verona e Novara		15,010		501
Eni		29,550		980
Mediaset		96,350		1,089
Saipem		38,567		1,207
Telecom Italia		353,760		864
Unicredito Italiano		211,850		2,177
				9,278
Japan – 11.4%
Astellas Pharma		3,501		153
Daiwa House Industry		18,557		291
Daiwa Securities Group		46,030		513
Fuji Television Network		355		832
The Joyo Bank		160,804		986
Kose		31,484		877
Mid REIT (a)		76		424
Mitsui-Soko		72,881		523
New City Residence Investment (a)		62		352
NGK Insulators		63,000		1,375
Nidec		10,000		631
Nippon Commercial Investment (a)		77		391
Nippon Residential		65		418
Nipponkoa Insurance		152,390		1,268
Nitto Denko		19,000		839
Nomura Holdings		14,228		272
ORIX		3,860		1,029
Seven & I Holdings (a)		39,822		1,148
Sharp		37,000		679
SMC		8,500		1,087
Sugi Pharmacy		21,720		430
Sumitomo Bakelite		101,711		720
Sumitomo Forestry		39,475		408
Sumitomo Mitsui Financial Group		97		847
Sumitomo Trust & Banking		109,540		1,070
Suzuki Motor		22,732		646
Takeda Pharmaceutical		13,100		849
Toyota Motor		19,000		1,154
West Japan Railway		133		602
Yamada Denki		7,700		711
				21,525
Luxembourg – 0.7%
Millicom International Cellular, ADR (a)		15,762		1,281
Mexico – 1.4%
Cemex, ADR (a)		21,800		709
Desarrolladora Homex, ADR (a)		6,100		354
Fomento Economico Mexicano, ADR		2,100		226
Grupo Televisa, ADR		14,300		401
Kimberly-Clark de Mexico		56,800		251
Wal Mart de Mexico, ADR		17,743		698
				2,639
Netherlands – 2.8%
Corporate Express		56,283		756
Heineken		18,570		994
ING Group		26,720		1,217
Koninklijke Philips Electronics, ADR		21,584		886
Philips Electronics		15,460		635
Unilever NV CVA (a)		25,920		791
				5,279
Norway – 0.4%
Renewable Energy (a)		30,134		862
Philippines – 0.4%
Philippine Long Distance Telephone, ADR		13,600		726
Portugal – 0.3%
Energias de Portugal, ADR		9,920		555
Russia – 0.5%
Evraz Group (a)		7,200		254
Mobile Telesystems, ADR (a)		12,800		705
				959
Singapore – 0.7%
DBS Group Holdings		27,120		376
Keppel		70,000		979
				1,355
South Africa – 1.8%
Aquarius Platinum		12,100		359
Imperial Holdings (a)		30,648		689
Kumba Iron Ore (a)		27,000		585
Murray & Roberts Holdings (a)		39,300		337
Naspers		10,400		261
Sanlam (a)		73,100		245
Steinhoff International Holdings		140,500		495
Truworths International		67,300		372
				3,343
South Korea – 4.5%
AmorePacific (a)		46		30
Hite Brewery		4,110		578
Hyundai Motor, GDR		45,213		1,205
Kangwon Land		22,810		471
Kookmin Bank, ADR (a)		21,150		1,900
KT, ADR (a)		9,500		215
Lotte Shopping, GDR (a)(b)		22,600		425
Samsung Electronics, GDR (a)		8,372		2,575
Shinhan Financial Group, ADR (a)		8,800		987
Woongjin Coway		3,380		113
				8,499
Spain – 1.8%
Banco Bilbano Vizcaya Argentaria		53,544		1,280
Banco Santander Central Hispano		53,274		959
Telefonica		52,704		1,184
				3,423
Sweden – 1.6%
Ericsson		338,620		1,294
Nordea Bank		48,850		845
Oriflame Cosmetics (a)		17,500		918
				3,057

First American Funds Semiannual Report 2007       27

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

International Select Fund (continued)
DESCRIPTION		SHARES/PAR		VALUE
Switzerland – 6.1%
ABB			56,198	$	1,123
Clariant			37,490		620
Holcim			9,307		997
Nestle			6,409		2,537
Novartis			32,252		1,874
Roche			7,212		1,358
Syngenta			4,749		943
Synthes (a)			5,345		698
UBS (a)			21,522		1,399
					11,549
Taiwan – 2.2%
Advantech			88,000		259
Chinatrust Financial Holdings			764,000		599
Fubon Financial			517,000		449
Hon Hai Precision Industry			92,000		607
Novatek Microelectronics			79,000		388
Taiwan Semiconductor Manufacturing, ADR			306,565		1,266
United Microelectronics, ADR			175,690		576
					4,144
Thailand – 0.5%
Bangkok Bank			115,006		370
Kasikornbank			268,400		542
Thai Union Frozen Products			41,200		26
					938
Turkey – 0.7%
Ford Otomotiv Sanayi (a)			1,500		13
Turkcell Iletisim Hizmet, ADR			70,400		995
Turkiye Is Bankasi (a)			50,500		239
					1,247
Total Common Stocks
	(Cost $153,227)				161,259
Short-Term Investments – 17.9%
Money Market Fund – 17.5%
State Street GA Prime Fund			33,008,591		33,009
U.S. Treasury Obligation – 0.4%
U.S. Treasury Bill
	4.790%, 08/09/2007 (c)	$	800		789
Total Short-Term Investments
	(Cost $33,798)				33,798
Total Investments – 103.0%
	(Cost $187,025)				195,057
Other Assets and Liabilities, Net – (3.0)%					(5,611	)
Total Net Assets – 100.0%				$	189,446

(a)	Non-income producing security
(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.” This security has been determined to be liquid under the guidelines established by the fund’s board of directors. As of April 30, 2007, the value of this investment was $425 or 0.2% of total net assets. See note 2 in Notes to Financial Statements.
(c)	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2007. See note 2 in Notes to Financial Statements.

ADR –	American Depository Receipt
GDR –	Global Depository Receipt

Schedule of Open Futures Contracts

	Number of		Notional
	Contracts		Contract		Settlement	Unrealized
Description	Purchased		Value		Month	Appreciation
E-Mini MSCI EAFE Futures		242	$	26,954	June 2007	$	531

At April 30, 2007, sector diversification of the fund was as follows:

	% of
	Net Assets			Value
Foreign Common Stock
Financials		21.4	%	$	40,609
Consumer Discretionary		11.8			22,363
Consumer Staples		10.4			19,715
Industrials		8.1			15,316
Information Technology		8.0			15,133
Energy		6.2			11,823
Materials		6.2			11,721
Telecommunication Services		6.2			11,712
Healthcare		5.1			9,683
Utilities		1.7			3,184
Total Foreign Common Stock		85.1			161,259
Total Short-Term Investments		17.9			33,798
Total Investments		103.0			195,057
Other Assets and Liabilities, Net		(3.0	)		(5,611	)
Net Assets		100.0	%	$	189,446

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

28      First American Funds Semiannual Report 2007

Statements of  Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data

				International
	International			Select
	Fund			Fund
Investments in securities, at cost	$	1,216,502		$	187,025
Investment purchased with proceeds from securities lending, at cost (note 2)		388,462			—
Cash denominated in foreign currencies, at cost		—			487
ASSETS:
Investments in securities, at value* (note 2)	$	1,760,685		$	195,057
Investment purchased with proceeds from securities lending, at value (note 2)		388,462			—
Cash denominated in foreign currencies, at value (note 2)		—			486
Cash		—			12,072
Receivable for dividends and interest		7,059			510
Receivable for investment securities sold		2,328			1,514
Receivable for capital shares sold		504			484
Receivable for foreign withholding tax reclaim		592			30
Prepaid expenses and other assets		35			82
Total assets		2,159,665			210,235
LIABILITIES:
Bank overdraft		20,683			—
Payable for investment securities purchased		—			20,240
Payable for capital shares redeemed		12,827			75
Payable upon return of securities loaned (note 2)		388,462			—
Payable for variation margin		—			174
Payable to affiliates (note 3)		1,794			133
Payable to custodian		—			156
Payable for distribution and shareholder servicing fees		24			—	(3)
Accrued expenses and other liabilities		51			11
Total liabilities		423,841			20,789
Net assets	$	1,735,824		$	189,446
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,114,991		$	179,384
Undistributed net investment income		5,455			768
Accumulated net realized gain on investments, futures contracts, and foreign currency transactions		71,167			732
Net unrealized appreciation of investments		544,183			8,032
Net unrealized appreciation of futures contracts		—			531
Net unrealized appreciation (depreciation) of foreign currency, and translation of other assets and liabilities in foreign currency (note 2)		28			(1	)
Net assets	$	1,735,824		$	189,446
* Including securities loaned, at value	$	371,467		$	—
Class A:
Net assets	$	56,162		$	988
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		3,533			91
Net asset value and redemption price per share	$	15.90		$	10.83
Maximum offering price per share (1)	$	16.83		$	11.46
Class B:
Net assets	$	7,131		$	86
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		485			8
Net asset value, offering price, and redemption price per share (2)	$	14.69		$	10.81
Class C:
Net assets	$	7,624		$	71
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		501			7
Net asset value, offering price, and redemption price per share (2)	$	15.22		$	10.80
Class R:
Net assets	$	1		$	11
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		—	(3)		1
Net asset value, offering price, and redemption price per share	$	15.94		$	10.82
Class Y:
Net assets	$	1,664,906		$	188,290
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		103,472			17,369
Net asset value, offering price, and redemption price per share	$	16.09		$	10.84

(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
(2)	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
(3)	Due to the presentation of the financial statements in thousands, the number rounds to zero.

First American Funds Semiannual Report 2007       29

Statements of  Operations all dollars are rounded to thousands (000)

	International			International
	Fund			Select Fund
	Six-Month
	Period Ended			12/22/06 (1)
	4/30/07			to 4/30/07
	(unaudited)			(unaudited)
INVESTMENT INCOME:
Interest	$	230		$	281
Dividends		19,288			1,162
Less: Foreign taxes withheld		(1,435	)		(105	)
Securities lending income		419			—
Other income		5			—
Total investment income		18,507			1,338
EXPENSES (note 3):
Investment advisory fees		8,807			418
Administration fees		1,974			103
Transfer agent fees		97			41
Custodian fees		305			171
Professional fees		21			20
Registration fees		25			27
Postage and printing fees		38			5
Directors’ fees		9			9
Other expenses		10			9
Distribution and shareholder servicing fees – Class A		68			—	(2)
Distribution and shareholder servicing fees – Class B		36			—	(2)
Distribution and shareholder servicing fees – Class C		39			—	(2)
Distribution and shareholder servicing fees – Class R		—	(2)		—	(2)
Total expenses		11,429			803
Less: Fee waivers (note 3)		(108	)		(267	)
Less: Indirect payments from custodian (note 3)		(257	)		(15	)
Total net expenses		11,064			521
Investment income – net		7,443			817
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS – NET (note 5):
Net realized gain on investments		80,516			595
Net realized gain on futures contracts		—			231
Net realized loss on foreign currency transactions		(548	)		(94	)
Net change in unrealized appreciation or depreciation of investments		88,581			8,032
Net change in unrealized appreciation or depreciation of futures contracts		—			531
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		(12	)		(1	)
Net gain on investments, futures contracts, and foreign currency transactions		168,537			9,294
Net increase in net assets resulting from operations	$	175,980		$	10,111

(1)	Commencement of operations.
(2)	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.

30      First American Funds Semiannual Report 2007

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

		International						International
		Fund						Select Fund
		Six-Month						12/22/06(1)
		Period Ended			Year			to
		4/30/07			Ended			4/30/07
		(unaudited)			10/31/06			(unaudited)
OPERATIONS:
Investment income – net		$	7,443		$	19,673		$	817
Net realized gain on investments			80,516			90,776			595
Net realized gain on futures contracts			—			—			231
Net realized loss on foreign currency transactions			(548	)		(677	)		(94	)
Net change in unrealized appreciation or depreciation of investments			88,581			265,816			8,032
Net change in unrealized appreciation or depreciation of futures contracts			—			—			531
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)			(12	)		103			(1	)
Net increase in net assets resulting from operations			175,980			375,691			10,111
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(468	)		(525	)		—	(2)
	Class B		(15	)		(23	)		—	(2)
	Class C		(13	)		(22	)		—	(2)
	Class R		—	(2)		—			—	(2)
	Class Y		(18,658	)		(19,388	)		(49	)
Net realized gain on investments:
	Class A		(947	)		—			—
	Class B		(136	)		—			—
	Class C		(148	)		—			—
	Class R		—	(2)		—			—
	Class Y		(29,781	)		—			—
Total distributions			(50,166	)		(19,958	)		(49	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		7,341			12,874			950
	Reinvestment of distributions		1,276			475			—	(2)
	Payments for redemptions		(8,823	)		(19,829	)		(9	)
Increase (decrease) in net assets from Class A transactions			(206	)		(6,480	)		941
Class B:
	Proceeds from sales		341			1,144			82
	Reinvestment of distributions		143			23			—	(2)
	Payments for redemptions (note 3)		(1,045	)		(2,076	)		—
Increase (decrease) in net assets from Class B transactions			(561	)		(909	)		82
Class C:
	Proceeds from sales		641			902			69
	Reinvestment of distributions		142			21			—	(2)
	Payments for redemptions (note 3)		(1,789	)		(2,057	)		—
Increase (decrease) in net assets from Class C transactions			(1,006	)		(1,134	)		69
Class R:
	Proceeds from sales		1			1			10
	Reinvestment of distributions		—	(2)		—			—	(2)
	Payments for redemptions		—	(2)		(2	)		—
Increase (decrease) in net assets from Class R transactions			1			(1	)		10
Class Y:
	Proceeds from sales		83,374			230,406			188,250
	Reinvestment of distributions		29,171			11,130			48
	Payments for redemptions		(306,728	)		(361,882	)		(10,016	)
Increase (decrease) in net assets from Class Y transactions			(194,183	)		(120,346	)		178,282
Increase (decrease) in net assets from capital share transactions			(195,955	)		(128,870	)		179,384
Total increase (decrease) in net assets			(70,141	)		226,863			189,446
Net assets at beginning of period			1,805,965			1,579,102			—
Net assets at end of period		$	1,735,824		$	1,805,965		$	189,446
Undistributed net investment income at end of period		$	5,455		$	17,166		$	768

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

First American Funds Semiannual Report 2007       31

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 (Loss)			Investments			Income			Gains			Period
International Fund (1)
Class A
	2007 (2)	$	14.80	$	0.05		$	1.44		$	(0.13	)	$	(0.26	)	$	15.90
	2006 (3)		12.01		0.12			2.80			(0.13	)		—			14.80
	2005 (4)		12.24		0.01			(0.24	)		—			—			12.01
	2005 (5)		10.19		0.09			2.02			(0.06	)		—			12.24
	2004 (5)		8.99		0.03			1.22			(0.05	)		—			10.19
	2003 (5)		7.33		0.06			1.60			—			—			8.99
	2002 (5)		8.96		—			(1.63	)		—			—			7.33
Class B
	2007 (2)	$	13.65	$	(0.01	)	$	1.34		$	(0.03	)	$	(0.26	)	$	14.69
	2006 (3)		11.09		0.02			2.58			(0.04	)		—			13.65
	2005 (4)		11.31		—			(0.22	)		—			—			11.09
	2005 (5)		9.43		—			1.88			—			—			11.31
	2004 (5)		8.34		(0.05	)		1.14			—			—			9.43
	2003 (5)		6.85		—			1.49			—			—			8.34
	2002 (5)		8.45		(0.06	)		(1.54	)		—			—			6.85
Class C
	2007 (2)	$	14.13	$	(0.01	)	$	1.38		$	(0.02	)	$	(0.26	)	$	15.22
	2006 (3)		11.47		0.02			2.67			(0.03	)		—			14.13
	2005 (4)		11.70		—			(0.23	)		—			—			11.47
	2005 (5)		9.76		—			1.94			—			—			11.70
	2004 (5)		8.63		(0.05	)		1.18			—			—			9.76
	2003 (5)		7.09		—			1.54			—			—			8.63
	2002 (5)		8.75		(0.06	)		(1.60	)		—			—			7.09
Class R (6)
	2007 (2)	$	14.81	$	0.05		$	1.43		$	(0.09	)	$	(0.26	)	$	15.94
	2006 (3)		11.94		0.05			2.82			—			—			14.81
	2005 (4)		12.17		(0.02	)		(0.21	)		—			—			11.94
	2005 (5)		10.11		0.09			1.97			—			—			12.17
	2004 (5)		8.98		(0.01	)		1.19			(0.05	)		—			10.11
	2003 (5)		7.31		0.04			1.63			—			—			8.98
	2002 (5)		8.96		0.01			(1.66	)		—			—			7.31
Class Y
	2007 (2)	$	14.99	$	0.07		$	1.45		$	(0.16	)	$	(0.26	)	$	16.09
	2006 (3)		12.16		0.16			2.83			(0.16	)		—			14.99
	2005 (4)		12.39		0.01			(0.24	)		—			—			12.16
	2005 (5)		10.31		0.12			2.05			(0.09	)		—			12.39
	2004 (5)		9.10		0.06			1.23			(0.08	)		—			10.31
	2003 (5)		7.40		0.09			1.61			—			—			9.10
	2002 (5)		9.03		0.03			(1.66	)		—			—			7.40

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six months ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
(8)	In 2003, 0.14% of Class R share’s and 0.13% of Class Y share’s total return was a result of the reimbursement by the advisor related to foreign currency principal trades between the International Fund and U.S. Bank. Excluding the reimbursement, total return for Class R and Class Y shares would have been 22.71% and 22.84%, respectively.

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

32      First American Funds Semiannual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	10.26	%	$	56,162		1.49	%		0.63	%		1.53	%		0.59	%		7	%
	24.50			52,489		1.51			0.89			1.54			0.86			17
	(1.88	)		48,439		1.51			0.58			1.55			0.54			—
	20.80			48,851		1.56			0.77			1.61			0.72			74
	13.91			44,851		1.60			0.31			1.64			0.27			77
	22.65			39,251		1.60			0.77			1.65			0.72			82
	(18.19	)		37,232		1.60			0.04			1.66			(0.02	)		72
	9.89	%	$	7,131		2.24	%		(0.14	)%		2.28	%		(0.18	)%		7	%
	23.50			7,172		2.26			0.15			2.29			0.12			17
	(1.95	)		6,632		2.26			(0.17	)		2.30			(0.21	)		—
	19.94			6,819		2.31			—			2.36			(0.05	)		74
	13.12			7,371		2.35			(0.48	)		2.39			(0.52	)		77
	21.75			7,936		2.35			0.02			2.40			(0.03	)		82
	(18.94	)		7,459		2.35			(0.68	)		2.41			(0.74	)		72
	9.86	%	$	7,624		2.24	%		(0.16	)%		2.28	%		(0.20	)%		7	%
	23.53			8,049		2.26			0.16			2.29			0.13			17
	(1.97	)		7,520		2.26			(0.17	)		2.30			(0.21	)		—
	19.88			7,915		2.31			(0.01	)		2.36			(0.06	)		74
	13.14			8,542		2.35			(0.52	)		2.39			(0.56	)		77
	21.72			10,439		2.35			(0.01	)		2.40			(0.06	)		82
	(18.97	)		11,027		2.35			(0.71	)		2.41			(0.77	)		72
	10.16	%	$	1		1.74	%		0.60	%		1.82	%		0.52	%		7	%
	24.04			1		1.76			0.39			1.91			0.24			17
	(1.89	)		1		1.76			0.33			1.95			0.14			—
	20.38			163		1.81			0.77			2.01			0.57			74
	13.16			1		1.60			(0.11	)		1.64			(0.15	)		77
	22.85	% (8)		8,533		1.60			0.57			1.65			0.52			82
	(18.42	)		10,817		1.60			0.16			1.66			0.10			72
	10.38	%	$	1,664,906		1.24	%		0.86	%		1.28	%		0.82	%		7	%
	24.81			1,738,254		1.26			1.16			1.29			1.13			17
	(1.86	)		1,516,510		1.26			0.83			1.30			0.79			—
	21.12			1,523,057		1.31			1.07			1.36			1.02			74
	14.13			1,145,409		1.35			0.59			1.39			0.55			77
	22.97	% (8)		991,027		1.35			1.08			1.40			1.03			82
	(18.05	)		540,495		1.35			0.36			1.41			0.30			72

First American Funds Semiannual Report 2007       33

Financial Highlights  For a share outstanding throughout the indicated periods

						Realized and
		Net Asset				Unrealized		Distributions			Net Asset
		Value		Net		Gains		from Net			Value
		Beginning		Investment		on		Investment			End of
		of Period		Income		Investments		Income			Period
International Select Fund (1)(2)
Class A
	2007	$	10.00	$	0.09	$	0.75	$	(0.01	)	$	10.83
Class B
	2007	$	10.00	$	0.07	$	0.74	$	—		$	10.81
Class C
	2007	$	10.00	$	0.06	$	0.74	$	—		$	10.80
Class R
	2007	$	10.00	$	0.04	$	0.79	$	(0.01	)	$	10.82
Class Y
	2007	$	10.00	$	0.07	$	0.78	$	(0.01	)	$	10.84

(1)	Per share data calculated using average shares outstanding method.
(2)	Commenced operations on December 22, 2006. All ratios for the period ended April 30, 2007 (unaudited) have been annualized, except total return and portfolio turnover.
(3)	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.

34      First American Funds Semiannual Report 2007

														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 (3)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	8.37	%	$	988		1.49	%		2.32	%		2.16	%		1.65	%		22	%
	8.15	%	$	86		2.24	%		1.86	%		2.91	%		1.19	%		22	%
	8.05	%	$	71		2.24	%		1.54	%		2.91	%		0.87	%		22	%
	8.26	%	$	11		1.74	%		1.14	%		2.41	%		0.47	%		22	%
	8.47	%	$	188,290		1.24	%		1.94	%		1.91	%		1.27	%		22	%

First American Funds Semiannual Report 2007       35

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small Cap Growth Opportunities Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 97.0%
Consumer Discretionary – 16.1%
Carrols Restaurant Group (a) (b)		307,725	$	4,622
Children’s Place Retail Stores (b)		95,252		5,036
Christopher & Banks (a)		243,312		4,212
Citi Trends (a) (b)		76,953		3,050
Conn’s (a) (b)		293,035		7,604
Cosi (a) (b)		702,229		3,644
Dress Barn (a) (b)		227,676		4,533
New York & Company (a) (b)		367,239		5,130
Ruth’s Chris Steak House (b)		237,770		4,720
Scientific Games, Class A (a) (b)		113,789		3,788
Texas Roadhouse, Class A (a) (b)		360,167		5,266
				51,605
Consumer Staples – 2.4%
Central Garden & Pet, Class A (a) (b)		141,216		2,022
Central Garden & Pet (a) (b)		66,565		986
Pantry (b)		100,851		4,537
				7,545
Energy – 6.4%
Arena Resources (a) (b)		69,210		3,249
Atwood Oceanics (a) (b)		40,369		2,539
Ember Resources (b) (c)		1,500,283		3,717
Goodrich Petroleum (a) (b)		75,200		2,642
Oceaneering International (a) (b)		56,867		2,704
Parallel Petroleum (a) (b)		157,947		3,650
Superior Energy Services (a) (b)		56,938		2,069
				20,570
Financials – 8.2%
Corporate Office Properties Trust – REIT (a)		52,360		2,467
First Mercury Financial (b)		113,944		2,359
First Potomac Realty Trust – REIT (a)		121,534		3,137
PennantPark Investment (b)		221,937		3,324
Prosperity Bancshares (a)		92,258		3,200
Sunstone Hotel Investors – REIT (a)		120,817		3,446
SVB Financial (a) (b)		85,928		4,401
Waddell & Reed Financial, Class A		154,889		3,751
				26,085
Healthcare – 19.1%
Amedisys (b)		51,367		1,610
American Medical Systems (a) (b)		354,713		6,289
AngioDynamics (b)		172,456		2,870
ArthroCare (a) (b)		98,904		4,081
BioMarin Pharmaceutical (a) (b)		253,338		4,094
Durect (a) (b)		585,996		2,619
Human Genome Sciences (a) (b)		279,179		3,007
Illumina (a) (b)		124,808		4,072
Integra LifeSciences (a) (b)		130,288		5,937
Keryx Biopharmaceuticals (a) (b)		215,176		2,195
Kyphon (a) (b)		67,792		3,160
Medicis Pharmaceutical, Class A (a)		105,097		3,195
Myriad Genetics (a) (b)		89,837		3,284
Pediatrix Medical Group (a) (b)		69,727		3,978
Salix Pharmaceuticals (a) (b)		289,336		3,767
Techne (a) (b)		40,327		2,378
TriZetto Group (a) (b)		234,885		4,576
				61,112
Industrials – 18.8%
Administaff		120,512		4,000
Advisory Board (a) (b)		65,957		3,132
AMETEK (a)		100,329		3,640
BE Aerospace (a) (b)		133,119		4,879
DRS Technologies (a)		95,143		4,787
ESCO Technologies (a) (b)		90,731		4,134
Forward Air (a)		103,131		3,146
Genlyte Group (a) (b)		33,101		2,582
McGrath Rentcorp		134,461		4,054
Mobile Mini (a) (b)		112,132		3,361
Mueller Water Products, Class A (a)		251,547		3,622
Navigant Consulting (a) (b)		159,248		3,054
PGT (a) (b)		302,964		3,120
RBC Bearings (b)		131,934		5,015
Resources Connection (a) (b)		106,306		3,207
WESCO International (a) (b)		69,382		4,383
				60,116
Information Technology (d) – 26.0%
aQuantive (a) (b)		112,100		3,431
ATMI (a) (b)		106,832		3,304
Avocent (a) (b)		190,454		5,335
Cirrus Logic (b)		400,911		3,320
Emulex (b)		452,145		9,486
Forrester Research (b)		99,602		2,568
Ixia (a) (b)		527,525		4,526
Lawson Software (a) (b)		515,028		4,584
Micrel (b)		388,394		4,874
Microsemi (a) (b)		218,342		5,046
Orbotech (b)		192,512		4,414
PMC-Sierra (a) (b)		778,068		6,014
Quest Software (a) (b)		352,986		6,004
RADVision (b)		217,782		4,815
Semtech (a) (b)		335,525		4,838
Silicon Motion Technology – ADR (b)		124,474		3,020
Sirenza Microdevices (a) (b)		438,624		3,996
Tridium, Class B, Escrow Shares (b) (c) (e)		278,500		23
Varian Semiconductor Equipment Associates (a) (b)		55,136		3,659
VideoPropulsion (b) (c) (e)		784,710		—
				83,257
Total Common Stocks (Cost $283,083)				310,290
Warrants – 0.0%
Hollis-Eden Pharmaceuticals, Warrants (c) (e)		70,545		5
Kuhlman Company, Warrants (c) (e)		281,680		—
Total Warrants (Cost $434)				5
Short-Term Investment – 4.0%
First American Prime Obligations Fund, Class Z (f) (Cost $12,909)		12,909,319		12,909
Investment Purchased with Proceeds from Securities Lending – 47.4%
Mount Vernon Securities Lending Prime Portfolio (g) (Cost $151,481)		151,480,568		151,481
Total Investments – 148.4% (Cost $447,907)				474,685
Other Assets and Liabilities, Net – (48.4)%				(154,822	)
Total Net Assets – 100.0%			$	319,863

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $142,661 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	Non-income producing security.

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

36      First American Funds Semiannual Report 2007

Small Cap Growth Opportunities Fund (concluded)

(c)	Security considered illiquid or restricted. As of April 30, 2007, the market value of these investments was $3,745 or 1.2% of total net assets. See Note 2 in Notes to Financial Statements.
(d)	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements.
(e)	Security is fair valued. As of April 30, 2007, the value of these investments was $28 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 to this fund. See note 3 in Notes to Financial Statements.
(g)	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

REIT – Real Estate Investment Trust

First American Funds Semiannual Report 2007       37

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small Cap Select Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 96.4%
Consumer Discretionary – 14.4%
Cato, Class A		306,356	$	6,620
Children’s Place Retail Stores (a) (b)		246,651		13,040
Christopher & Banks (b)		626,492		10,844
Cosi (a) (b) (c)		2,673,156		13,874
GSI Commerce (a) (b)		252,311		5,576
Hibbett Sports (a) (b)		331,721		9,670
Interface, Class A		516,971		8,711
Journal Communications, Class A		981,300		13,238
McCormick & Schmick’s Seafood Restaurants (a) (b)		210,679		5,640
Nautilus (b)		1,503,157		20,759
P.F. Chang’s China Bistro (a) (b)		281,367		10,762
Ruth’s Chris Steak House (a)		354,443		7,036
Scientific Games, Class A (a) (b)		435,981		14,514
Texas Roadhouse, Class A (a) (b)		644,946		9,429
Tween Brands (a) (b)		219,379		8,591
WMS Industries (a) (b)		125,083		4,986
				163,290
Consumer Staples – 2.8%
Central Garden & Pet (a) (b)		234,566		3,474
Central Garden & Pet, Class A (a) (b)		469,133		6,718
Pantry (a)		105,008		4,724
Reliv International (b) (d)		571,379		6,085
USANA Health Sciences (a) (b)		281,193		11,203
				32,204
Energy – 6.0%
Arena Resources (a) (b)		152,511		7,160
Atwood Oceanics (a) (b)		49,710		3,127
Brigham Exploration (a)		1,099,753		6,665
Comstock Resources (a) (b)		427,819		12,129
Edge Petroleum (a) (b)		875,457		12,020
Helix Energy Solutions Group (a) (b)		447,054		17,104
St. Mary Land & Exploration (b)		289,238		10,592
				68,797
Financials – 17.5%
Affiliated Managers Group (a) (b)		98,129		11,543
BioMed Realty Trust – REIT (b)		549,322		15,771
Columbia Banking System (b)		214,547		6,512
Cullen/ Frost Bankers		327,963		16,782
Dime Community Bancshares (b)		496,885		6,614
East West Bancorp (b)		483,291		19,264
First Financial Bankshares (b)		88,206		3,414
First Potomac Realty Trust – REIT (b)		482,625		12,457
Independent Bank (b)		197,183		5,856
Investors Financial Services		179,085		11,082
Kite Realty Group Trust – REIT (b)		461,468		9,229
Knight Capital Group, Class A (a) (b)		693,283		11,231
LaSalle Hotel Properties – REIT (b)		157,024		7,291
Nara Bancorp (b)		304,569		5,028
Nelnet, Class A (b)		415,340		11,168
Newcastle Investment – REIT (b)		111,609		3,260
Platinum Underwriters Holdings		494,270		16,914
South Financial Group (b)		290,028		6,563
Thomas Weisel Partners Group (a) (b)		599,668		11,849
Umpqua Holdings (b)		270,905		6,756
				198,584
Healthcare – 14.8%
AngioDynamics (a)		576,178		9,587
Caliper Life Sciences (a)		336,859		1,907
Conceptus (a) (b)		38,199		790
Curis (a)		1,297,908		2,687
Dexcom (a) (b)		695,045		5,540
DJO (a) (b)		295,820		11,555
Exelixis (a) (b)		577,957		6,207
Healthways (a) (b)		154,621		6,559
Human Genome Sciences (a) (b)		423,591		4,562
ICU Medical (a) (b)		329,046		13,738
ImmunoGen (a)		749,671		4,063
K-V Pharmaceutical, Class A (a) (b)		446,024		11,601
LCA-Vision (b)		182,688		7,667
Magellan Health Services (a) (b)		268,925		11,537
Medarex (a) (b)		386,566		5,292
Merge Technologies (a) (b)		550,199		2,756
Pediatrix Medical Group (a) (b)		391,994		22,363
Salix Pharmaceuticals (a) (b)		716,884		9,334
Senomyx (a) (b)		542,624		7,309
SonoSite (a) (b)		603,897		17,501
SurModics (a) (b)		149,157		6,060
				168,615
Industrials – 16.7%
AirTran Holdings (a) (b)		1,715,586		18,888
AMETEK (b)		493,181		17,893
BE Aerospace (a) (b)		206,591		7,571
Columbus McKinnon (a)		183,991		4,556
CRA International (a) (b)		106,147		5,474
Energy Conversion Devices (a) (b)		158,716		5,620
ESCO Technologies (a) (b)		285,946		13,028
Forward Air (b)		451,644		13,780
Genlyte Group (a) (b)		79,531		6,204
Lennox International (b)		314,115		10,620
NCI Building Systems (a) (b)		239,900		11,988
NutriSystem (a) (b)		233,111		14,453
PeopleSupport (a) (b)		955,518		12,011
Power-One (a) (b)		1,639,314		6,983
Steelcase, Class A		319,006		6,227
Timken (b)		500,875		16,519
WESCO International (a) (b)		282,045		17,817
				189,632
Information Technology – 19.6%
ADC Telecommunications (a) (b)		820,646		15,100
Advanced Analogic Technologies (a) (b)		1,193,277		9,678
aQuantive (a) (b)		344,023		10,531
BISYS Group (a)		934,540		10,813
Digital River (a) (b)		80,633		4,719
Emulex (a) (b)		939,508		19,711
Entegris (a) (b)		1,631,655		19,123
F5 Networks (a)		144,428		11,089
Harris Stratex Networks, Class A (a) (b)		511,449		10,198
Hutchinson Technology (a) (b)		247,993		4,712
Ixia (a)		185,188		1,589
Photronics (a) (b)		826,840		12,444
Plexus (a) (b)		648,440		13,591
PMC-Sierra (a) (b)		1,885,671		14,576
Progress Software (a)		441,080		13,290
Rudolph Technologies (a)		442,795		7,647
Silicon Laboratories (a) (b)		296,719		9,735
Stratasys (a) (b)		80,494		3,826
Tessera Technologies (a) (b)		225,081		9,631
TIBCO Software (a) (b)		895,320		8,165
Trident Microsystems (a)		573,002		12,165
				222,333

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

38      First American Funds Semiannual Report 2007

Small Cap Select Fund (concluded)
DESCRIPTION	SHARES		VALUE
Materials – 3.5%
Albemarle		170,820	$	7,251
Century Aluminum (a) (b)		142,698		6,751
Headwaters (a) (b)		139,349		3,020
Schnitzer Steel Industries, Class A (b)		217,148		11,272
Terra Industries (a)		408,428		7,205
Texas Industries (b)		49,837		3,796
				39,295
Telecommunication Services – 0.7%
General Communication, Class A (a) (b)		536,366		7,633
Utilities – 0.4%
NSTAR (b)		134,009		4,811
Total Common Stocks (Cost $1,003,301)				1,095,194
Investment Company – 0.7%
iShares Nasdaq Biotechnology Index Fund (a) (b) (Cost $8,057)		99,750		8,171
Short-Term Investment – 4.0%
First American Prime Obligations Fund, Class Z (e) (Cost $45,595)		45,595,155		45,595
Investment Purchased with Proceeds from Securities Lending – 47.5%
Mount Vernon Securities Lending Prime Portfolio (f) (Cost $539,646)		539,646,086		539,646
Total Investments – 148.6% (Cost $1,596,599)				1,688,606
Other Assets and Liabilities, Net – (48.6)%				(552,563	)
Total Net Assets – 100.0%			$	1,136,043

(a)	Non-income producing security.
(b)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $506,031 at April 30, 2007. See note 2 in Notes to Financial Statements.
(c)	A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings of that company represents 5% or more of the outstanding voting securities of the company. Transactions with companies that are or were affiliates during the six-month period ended April 30, 2007 are as follows:

	Beginning		Purchase		Sales		Ending		Dividend
Issuer	Cost		Cost		Cost		Cost		Income		Value
Cosi	$	6,496	$	7,040	$	—	$	13,536	$	—	$	13,874

(d)	Security considered illiquid or restricted. As of April 30, 2007, the market value of this investment was $6,085 or 0.5% of total net assets. See note 2 in Notes to Financial Statements.
(e)	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.

(f)  The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

First American Funds Semiannual Report 2007       39

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small Cap Value Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 98.2%
Consumer Discretionary 14.4%
Aaron Rents (a)		194,294	$	5,512
Aeropostale (a) (b)		99,608		4,099
Ameristar Casinos		116,337		3,532
Belo, Class A (a)		231,446		4,460
CBRL Group (a)		104,726		4,669
Charming Shoppes (a) (b)		205,854		2,573
Domino’s Pizza		171,046		5,516
Ethan Allen Interiors (a)		115,652		4,083
Interface, Class A		275,834		4,648
Jos. A. Bank Clothiers (a) (b)		140,824		5,441
Men’s Wearhouse (a)		134,644		5,826
Nautilus (a)		373,669		5,160
Wolverine World Wide (a)		190,064		5,432
				60,951
Consumer Staples – 3.0%
Elizabeth Arden (b)		207,260		4,665
Nu Skin Enterprises, Class A		232,724		4,033
Pantry (b)		88,528		3,983
				12,681
Energy – 4.4%
Brigham Exploration (b)		503,537		3,052
Cimarex Energy (a)		126,318		4,977
Global Industries (b)		208,738		4,333
Penn Virginia (a)		28,754		2,302
Swift Energy (a) (b)		96,381		3,918
				18,582
Financials (c) – 29.6%
Alabama National BanCorporation (a)		83,585		5,234
American Equity Investment Life Holding (a)		258,288		3,526
Apollo Investment		58,989		1,296
BioMed Realty Trust – REIT (a)		136,245		3,912
Capitol Bancorp (a)		105,580		3,183
Cathay General Bancorp (a)		123,757		4,058
CBL & Associates Properties – REIT (a)		31,363		1,425
Cowen Group (b)		185,593		3,116
Crescent Real Estate Equities – REIT (a)		112,862		2,315
Delphi Financial Group, Class A (a)		120,845		5,160
First Midwest Bancorp (a)		145,969		5,246
First Niagara Financial Group (a)		76,426		1,039
First Potomac Realty Trust – REIT (a)		173,236		4,471
FPIC Insurance Group (b)		106,683		4,914
Frontier Financial (a)		175,884		4,371
Independent Bank		129,132		3,835
Knight Capital Group, Class A (b)		195,558		3,168
LaSalle Hotel Properties – REIT (a)		71,993		3,343
Mercantile Bank		130,920		3,530
Mid-America Apartment Communities – REIT (a)		80,245		4,329
National Retail Properties – REIT (a)		180,375		4,320
Newcastle Investment – REIT		191,562		5,596
Ohio Casualty (a)		154,354		4,884
PFF Bancorp		133,473		3,756
Piper Jaffray (b)		52,069		3,322
Provident Bankshares (a)		154,101		4,937
PS Business Parks – REIT		58,661		4,042
Redwood Trust – REIT (a)		94,540		4,747
Selective Insurance Group (a)		202,084		5,270
Sterling Bancshares (a)		377,016		4,309
Triad Guaranty (a) (b)		66,423		2,937
Waddell & Reed Financial, Class A (a)		209,958		5,085
				124,676
Healthcare – 8.1%
Horizon Health (a) (b)		134,244		2,601
Pediatrix Medical Group (b)		79,540		4,538
Perrigo (a)		250,621		4,762
Res-Care (b)		195,595		3,501
Sciele Pharma (a) (b)		231,924		5,733
Sierra Health Services (b)		62,109		2,572
STERIS (a)		166,990		4,268
Varian (a) (b)		68,408		3,965
Vital Signs		37,156		2,120
				34,060
Industrials – 13.1%
AMETEK (a)		158,311		5,744
Armor Holdings (a) (b)		60,607		4,333
Brady, Class A (a)		101,350		3,330
Crane (a)		105,351		4,479
Esterline Technologies (a) (b)		112,996		4,715
Forward Air		67,620		2,063
Kforce (a) (b)		160,037		2,197
Moog, Class A (a) (b)		83,924		3,568
NCI Building Systems (a) (b)		22,204		1,110
Nordson		88,591		4,060
Regal-Beloit (a)		122,518		5,651
SkyWest (a)		81,236		2,210
Trinity Industries (a)		74,145		3,440
URS (b)		100,240		4,381
WESCO International (a) (b)		61,287		3,872
				55,153
Information Technology – 13.7%
AMIS Holdings (b)		398,698		4,625
Andrew (a) (b)		354,172		3,867
BISYS Group (b)		525,892		6,085
Emulex (b)		302,959		6,356
Entegris (a) (b)		299,546		3,511
Hutchinson Technology (a) (b)		145,363		2,762
Inter-Tel (a)		168,252		4,243
Komag (a) (b)		80,261		2,208
Palm (a) (b)		115,366		1,947
Plantronics		155,554		3,906
Progress Software (b)		173,595		5,230
Rudolph Technologies (a) (b)		144,878		2,502
Silicon Image (b)		305,781		2,679
TIBCO Software (a) (b)		432,691		3,946
United Online (a)		268,515		3,875
				57,742
Materials – 6.6%
Albemarle		75,831		3,219
AptarGroup		35,703		2,615
Arch Chemicals (a)		141,117		4,265
Commercial Metals (a)		176,678		5,924
Headwaters (a) (b)		118,524		2,569

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

40      First American Funds Semiannual Report 2007

Small Cap Value Fund (concluded)
DESCRIPTION		SHARES		VALUE
Innophos Holdings (a)			198,147	$	3,271
Terra Industries (b)			129,709		2,288
Texas Industries (a)			46,544		3,545
					27,696
Utilities – 5.3%
Black Hills (a)			79,202		3,153
El Paso Electric (b)			234,154		6,182
Northwest Natural Gas (a)			56,625		2,877
PNM Resources (a)			82,284		2,678
South Jersey Industries (a)			68,968		2,709
Westar Energy (a)			169,288		4,608
					22,207
Total Common Stocks (Cost $365,199)					413,748
Short-Term Investment – 2.9%
First American Prime Obligations Fund, Class Z (d)
	(Cost $12,111)		12,110,867		12,111
Investment Purchased with Proceeds from Securities Lending – 43.1%
Mount Vernon Securities Lending Prime Portfolio (e)
	(Cost $181,526)		181,526,328		181,526
Total Investments – 144.2% (Cost $558,836)					607,385
Other Assets and Liabilities, Net – (44.2)%					(186,058	)
Total Net Assets – 100.0%				$	421,327

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $171,928 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	Non-income producing security.
(c)	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements.
(d)	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.
(e)	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

First American Funds Semiannual Report 2007       41

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Small-Mid Cap Core Fund
DESCRIPTION		SHARES		VALUE
Common Stocks – 97.8%
Consumer Discretionary – 14.4%
Abercrombie & Fitch, Class A (a)			16,025	$	1,309
Belo, Class A (a)			59,118		1,139
BorgWarner (a)			15,441		1,203
Children’s Place Retail Stores (a) (b)			17,181		908
Interface, Class A			107,301		1,808
Men’s Wearhouse (a)			40,981		1,773
Nautilus (a)			90,507		1,250
Newell Rubbermaid			31,044		952
NutriSystem (a) (b)			50,471		3,129
Polo Ralph Lauren			13,710		1,263
Stanley Works (a)			22,193		1,294
WMS Industries (a) (b)			44,654		1,780
					17,808
Consumer Staples – 3.1%
Corn Products International			55,245		2,200
Pantry (b)			36,205		1,629
					3,829
Energy – 6.1%
Cameron International (b)			34,095		2,202
Cimarex Energy (a)			60,260		2,374
St. Mary Land & Exploration			23,641		866
Sunoco (a)			27,750		2,096
					7,538
Financials – 18.5%
Affiliated Managers Group (a) (b)			18,909		2,224
Ambac Financial Group (a)			27,275		2,504
Camden Property Trust – REIT			15,459		1,077
CIT Group			31,203		1,861
City National (a)			30,996		2,269
Cullen/ Frost Bankers (a)			21,378		1,094
IndyMac Bancorp (a)			25,275		764
Knight Capital Group, Class A (b)			59,857		970
LaSalle Hotel Properties – REIT (a)			44,230		2,054
PMI Group (a)			75,812		3,675
Triad Guaranty (a) (b)			24,080		1,065
Ventas (a)			30,133		1,270
W.R. Berkley			59,646		1,938
					22,765
Healthcare – 9.8%
Coventry Health Care (b)			28,991		1,677
DENTSPLY International			60,686		2,027
Human Genome Sciences (a) (b)			89,406		963
King Pharmaceuticals (b)			55,341		1,132
LCA-Vision (a)			42,829		1,797
Pediatrix Medical Group (a) (b)			41,106		2,345
Sciele Pharma (a) (b)			88,596		2,190
					12,131
Industrials – 21.5%
AMETEK (a)			75,817		2,751
Armor Holdings (a) (b)			30,390		2,173
Con-way			35,002		1,912
Dun & Bradstreet			22,580		2,039
ESCO Technologies (a) (b)			58,231		2,653
Forward Air (a)			41,992		1,281
Joy Global (a)			28,540		1,445
L-3 Communications Holdings			12,944		1,164
Landstar System			31,424		1,518
Lennox International			30,839		1,043
Navigant Consulting (a) (b)			49,580		951
Republic Services			102,539		2,864
Steelcase, Class A			52,126		1,017
UAL (b)			27,822		929
WESCO International (a) (b)			43,437		2,744
					26,484
Information Technology – 16.4%
Autodesk (b)			59,757		2,466
BISYS Group (b)			70,967		821
Emulex (b)			165,212		3,466
F5 Networks (b)			14,687		1,128
Harris (a)			35,442		1,820
Intersil, Class A			110,361		3,288
MEMC Electronic Materials (a) (b)			29,185		1,602
Plexus (b)			84,613		1,773
TIBCO Software (a) (b)			199,165		1,816
Trident Microsystems (b)			94,112		1,998
					20,178
Materials – 4.4%
Albemarle			74,944		3,181
Headwaters (a) (b)			49,227		1,067
Steel Dynamics (a)			27,066		1,199
					5,447
Utilities – 3.6%
NSTAR (a)			25,286		908
PNM Resources (a)			31,221		1,016
Westar Energy (a)			47,900		1,304
Wisconsin Energy			25,425		1,240
					4,468
Total Common Stocks (Cost $110,371)					120,648
Short-Term Investment – 0.7%
First American Prime Obligations Fund, Class Z (c)
	(Cost $825)		825,081		825
Investment Purchased with Proceeds from Securities Lending – 38.9%
Mount Vernon Securities Lending Prime Portfolio (d)
	(Cost $47,939)		47,938,976		47,939
Total Investments – 137.4% (Cost $159,135)					169,412
Other Assets and Liabilities, Net – (37.4)%					(46,086	)
Total Net Assets – 100.0%				$	123,326

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $45,624 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	Non-income producing security.
(c)	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.
(d)	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

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

42      First American Funds Semiannual Report 2007

Statements of  Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data

		Small Cap
		Growth
		Opportunities			Small Cap			Small Cap			Small-Mid Cap
		Fund			Select Fund			Value Fund			Core Fund
Investments in unaffiliated securities, at cost		$	283,517		$	997,822		$	365,199		$	110,371
Investments in affiliated securities, at cost			12,909			59,131			12,111			825
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)			151,481			539,646			181,526			47,939
ASSETS:
Investments in unaffiliated securities, at value* (note 2)		$	310,295		$	1,089,491		$	413,748		$	120,648
Investments in affiliated securities, at value (note 2)			12,909			59,469			12,111			825
Affiliated investment purchased with proceeds from securities lending, at value (note 2)			151,481			539,646			181,526			47,939
Receivable for dividends and interest			151			738			386			47
Receivable for investment securities sold			9,780			13,790			165			2,260
Receivable for capital shares sold			448			1,814			130			582
Prepaid expenses and other assets			38			46			34			25
Total assets			485,102			1,704,994			608,100			172,326
LIABILITIES:
Bank overdraft			—			554			—			—
Payable for capital shares redeemed			388			11,619			563			144
Payable upon return of securities loaned (note 2)			151,481			539,646			181,526			47,939
Payable for investment securities purchased			13,007			16,127			4,297			779
Payable to affiliates (note 3)			318			897			346			110
Payable for distribution and shareholder servicing fees			39			102			23			16
Accrued expenses and other liabilities			6			6			18			12
Total liabilities			165,239			568,951			186,773			49,000
Net assets		$	319,863		$	1,136,043		$	421,327		$	123,326
COMPOSITION OF NET ASSETS:
Portfolio capital		$	283,680		$	1,009,864		$	344,178		$	556,718
Distributions in excess of net investment income			(1,348	)		(752	)		(193	)		(17	)
Accumulated net realized gain (loss) on investments			10,753			34,924			28,793			(443,652	)
Net unrealized appreciation of investments			26,778			92,007			48,549			10,277
Net assets		$	319,863		$	1,136,043		$	421,327		$	123,326
	* Including securities loaned, at value	$	142,661		$	506,031		$	171,928		$	45,624
Class A:
Net assets		$	151,610		$	283,088		$	59,633		$	24,041
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)			7,346			20,431			4,390			2,308
Net asset value and redemption price per share		$	20.64		$	13.86		$	13.58		$	10.41
Maximum offering price per share (1)		$	21.84		$	14.67		$	14.37		$	11.02
Class B:
Net assets		$	5,826		$	14,911		$	7,139		$	7,855
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)			311			1,304			593			869
Net asset value, offering price, and redemption price per share (2)		$	18.71		$	11.44		$	12.04		$	9.04
Class C:
Net assets		$	2,534		$	27,761		$	4,285		$	5,409
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)			130			2,137			348			549
Net asset value, offering price, and redemption price per share (2)		$	19.53		$	12.99		$	12.29		$	9.86
Class R (3):
Net assets		$	1,285		$	21,242		$	3,159		$	—
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)			63			1,553			235			—
Net asset value, offering price, and redemption price per share		$	20.51		$	13.68		$	13.43		$	—
Class Y:
Net assets		$	158,608		$	789,041		$	347,111		$	86,021
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)			7,234			53,087			24,932			7,941
Net asset value, offering price, and redemption price per share		$	21.93		$	14.86		$	13.92		$	10.83

(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
(2)	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
(3)	Class R is not offered by the Small-Mid Cap Core Fund.

First American Funds Semiannual Report 2007       43

Statements of  Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

	Small Cap
	Growth
	Opportunities			Small Cap			Small Cap			Small-Mid Cap
	Fund			Select Fund			Value Fund			Core Fund
INVESTMENT INCOME:
Dividends from affiliated securities	$	227		$	920		$	196		$	35
Dividends from unaffiliated securities		353			3,174			3,114			681
Less: Foreign taxes withheld		—			1			—			—
Securities lending income		246			890			159			55
Total investment income		826			4,985			3,469			771
EXPENSES (note 3):
Investment advisory fees		1,593			3,728			1,475			406
Administration fees		354			1,191			473			126
Transfer agent fees		80			156			84			114
Custodian fees		8			27			11			3
Professional fees		21			21			21			21
Registration fees		30			33			28			22
Postage and printing fees		9			26			11			3
Directors’ fees		11			10			11			11
Other expenses		10			10			10			10
Distribution and shareholder servicing fees – Class A		179			331			73			31
Distribution and shareholder servicing fees – Class B		30			75			37			41
Distribution and shareholder servicing fees – Class C		13			112			22			26
Distribution and shareholder servicing fees – Class R (1)		3			22			6			—
Total expenses		2,341			5,742			2,262			814
Less: Fee waivers (note 3)		(163	)		—			—			(42	)
Less: Indirect payments from custodian (note 3)		(4	)		(5	)		(3	)		—	(2)
Total net expenses		2,174			5,737			2,259			772
Investment income (loss) – net		(1,348	)		(752	)		1,210			(1	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain on investments		16,491			70,461			30,400			7,375
Net change in unrealized appreciation or depreciation of investments		8,367			(9,675	)		(11,553	)		2,523
Net gain on investments		24,858			60,786			18,847			9,898
Net increase in net assets resulting from operations	$	23,510		$	60,034		$	20,057		$	9,897

(1)	Class R is not offered by the Small-Mid Cap Core Fund.
(2)	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 2007

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

		Small Cap Growth						Small Cap						Small Cap						Small-Mid Cap
		Opportunities Fund						Select Fund						Value Fund						Core Fund
		Six-Month						Six-Month						Six-Month						Six-Month
		Period Ended						Period Ended						Period Ended						Period Ended
		4/30/07			Year Ended			4/30/07			Year Ended			4/30/07			Year Ended			4/30/07			Year Ended
		(unaudited)			10/31/06			(unaudited)			10/31/06			(unaudited)			10/31/06			(unaudited)			10/31/06
OPERATIONS:
Investment income (loss) – net		$	(1,348	)	$	(2,332	)	$	(752	)	$	(1,912	)	$	1,210		$	1,680		$	(1	)	$	149
Net realized gain (loss) on affiliated investments			—			(2,847	)		—			684			—			—			—			—
Net realized gain on unaffiliated investments			16,491			20,657			70,461			152,452			30,400			77,955			7,375			4,374
Net realized loss on in-kind redemption			—			(247	)		—			—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments			8,367			16,707			(9,675	)		23,065			(11,553	)		(534	)		2,523			10,366
Net increase in net assets resulting from operations			23,510			31,938			60,034			174,289			20,057			79,101			9,897			14,889
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		—			—			—			—			(94	)		(145	)		—			—
	Class B		—			—			—			—			—			—			—			—
	Class C		—			—			—			—			—			—			—			—
	Class R		—			—			—			—			(3	)		(2	)		—			—
	Class Y		—			—			—			—			(1,306	)		(1,819	)		(109	)		—
Net realized gain on investments:
	Class A		(8,975	)		(15,190	)		(33,807	)		(21,746	)		(9,082	)		(10,660	)		—			—
	Class B		(443	)		(1,681	)		(2,398	)		(3,108	)		(1,323	)		(2,162	)		—			—
	Class C		(178	)		(580	)		(2,921	)		(2,833	)		(764	)		(1,094	)		—			—
	Class R		(81	)		(1	)		(578	)		(130,679	)		(320	)		(75,707	)		—			—
	Class Y		(10,242	)		(38,069	)		(94,474	)		(82	)		(52,686	)		(19	)		—			—
Total distributions			(19,919	)		(55,521	)		(134,178	)		(158,448	)		(65,578	)		(91,608	)		(109	)		—
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		20,692			80,056			105,445			133,764			5,825			12,626			3,649			11,715
	Reinvestment of distributions		8,788			14,824			24,845			21,190			8,932			10,483			—			—
	Payments for redemptions		(18,185	)		(32,674	)		(49,981	)		(40,923	)		(6,557	)		(10,454	)		(7,928	)		(11,925	)
Increase (decrease) in net assets from Class A transactions			11,295			62,206			80,309			114,031			8,200			12,655			(4,279	)		(210	)
Class B:
	Proceeds from sales		138			523			1,365			2,081			126			422			191			416
	Reinvestment of distributions		412			1,555			2,264			2,956			1,220			2,072			—			—
	Payments for redemptions (note 3)		(1,236	)		(2,849	)		(2,169	)		(3,022	)		(1,059	)		(2,975	)		(1,689	)		(3,430	)
Increase (decrease) in net assets from Class B transactions			(686	)		(771	)		1,460			2,015			287			(481	)		(1,498	)		(3,014	)
Class C:
	Proceeds from sales		418			999			10,698			7,783			731			825			936			2,029
	Reinvestment of distributions		151			576			2,706			2,746			736			1,069			—			—
	Payments for redemptions (note 3)		(700	)		(1,520	)		(2,655	)		(5,254	)		(1,015	)		(1,809	)		(937	)		(2,015	)
Increase (decrease) in net assets from Class C transactions			(131	)		55			10,749			5,275			452			85			(1	)		14
Class R (1):
	Proceeds from sales		326			1,386			19,079			2,537			1,472			1,900			—			—
	Reinvestment of distributions		81			1			578			82			323			22			—			—
	Payments for redemptions		(453	)		(76	)		(1,015	)		(352	)		(261	)		(196	)		—			—
Increase (decrease) in net assets from Class R transactions			(46	)		1,311			18,642			2,267			1,534			1,726			—			—
Class Y:
	Proceeds from sales		8,143			40,576			128,102			129,554			29,085			50,760			19,759			49,629
	Reinvestment of distributions		7,633			29,517			71,615			103,456			46,881			66,461			38			—
	Payments for redemptions		(41,678	)		(77,933	)		(91,803	)		(195,174	)		(46,770	)		(99,660	)		(7,783	)		(22,033	)
Increase (decrease) in net assets from Class Y transactions			(25,902	)		(7,840	)		107,914			37,836			29,196			17,561			12,014			27,596
Increase (decrease) in net assets from capital share transactions			(15,470	)		54,961			219,074			161,424			39,669			31,546			6,236			24,386
Total increase (decrease) in net assets			(11,879	)		31,378			144,930			177,265			(5,852	)		19,039			16,024			39,275
Net assets at beginning of period			331,742			300,364			991,113			813,848			427,179			408,140			107,302			68,027
Net assets at end of period		$	319,863		$	331,742		$	1,136,043		$	991,113		$	421,327		$	427,179		$	123,326		$	107,302
Undistributed (distributions in excess of) net investment income at end of period		$	(1,348	)	$	—		$	(752	)	$	—		$	(193	)	$	—		$	(17	)	$	93

(1)   Class R is not offered by the Small-Mid Cap Core Fund.

First American Funds Semiannual Report 2007       45

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			Value
		Beginning		Investment			(Losses) on			Realized			Return of			End of
		of Period		Loss			Investments			Gains			Capital			Period
Small Cap Growth Opportunities Fund
Class A
	2007 (1)(2)	$	20.49	$	(0.10	)	$	1.57		$	(1.32	)	$	—		$	20.64
	2006 (2)(3)		22.79		(0.18	)		2.37			(4.49	)		—			20.49
	2005 (2)(4)		23.75		(0.02	)		(0.94	)		—			—			22.79
	2005 (2)(5)		21.74		(0.32	)		5.28			(2.95	)		—			23.75
	2004 (2)(5)		21.95		(0.35	)		0.27			(0.13	)		—			21.74
	2003 (2)(5)		13.86		(0.28	)		8.37			—			—			21.95
	2002 (5)		16.89		(0.26	)		(2.74	)		—			(0.03	)		13.86
Class B
	2007 (1)(2)	$	18.76	$	(0.16	)	$	1.43		$	(1.32	)	$	—		$	18.71
	2006 (2)(3)		21.36		(0.31	)		2.20			(4.49	)		—			18.76
	2005 (2)(4)		22.27		(0.03	)		(0.88	)		—			—			21.36
	2005 (2)(5)		20.69		(0.45	)		4.98			(2.95	)		—			22.27
	2004 (2)(5)		21.05		(0.50	)		0.27			(0.13	)		—			20.69
	2003 (2)(5)		13.39		(0.40	)		8.06			—			—			21.05
	2002 (5)		16.44		(0.39	)		(2.63	)		—			(0.03	)		13.39
Class C
	2007 (1)(2)	$	19.53	$	(0.16	)	$	1.48		$	(1.32	)	$	—		$	19.53
	2006 (2)(3)		22.05		(0.32	)		2.29			(4.49	)		—			19.53
	2005 (2)(4)		23.00		(0.04	)		(0.91	)		—			—			22.05
	2005 (2)(5)		21.28		(0.48	)		5.15			(2.95	)		—			23.00
	2004 (2)(5)		21.65		(0.49	)		0.25			(0.13	)		—			21.28
	2003 (2)(5)		13.77		(0.43	)		8.31			—			—			21.65
	2002 (5)		16.90		(0.19	)		(2.91	)		—			(0.03	)		13.77
Class R (6)
	2007 (1)(2)	$	20.39	$	(0.12	)	$	1.56		$	(1.32	)	$	—		$	20.51
	2006 (2)(3)		22.75		(0.23	)		2.36			(4.49	)		—			20.39
	2005 (2)(4)		23.72		(0.03	)		(0.94	)		—			—			22.75
	2005 (2)(5)		21.74		(0.48	)		5.41			(2.95	)		—			23.72
	2004 (2)(5)		21.95		(0.42	)		0.34			(0.13	)		—			21.74
	2003 (2)(5)		13.86		(0.28	)		8.37			—			—			21.95
	2002 (5)		16.89		(0.26	)		(2.74	)		—			(0.03	)		13.86
Class Y
	2007 (1)(2)	$	21.66	$	(0.08	)	$	1.67		$	(1.32	)	$	—		$	21.93
	2006 (2)(3)		23.81		(0.13	)		2.47			(4.49	)		—			21.66
	2005 (2)(4)		24.81		(0.02	)		(0.98	)		—			—			23.81
	2005 (2)(5)		22.55		(0.27	)		5.48			(2.95	)		—			24.81
	2004 (2)(5)		22.70		(0.32	)		0.30			(0.13	)		—			22.55
	2003 (2)(5)		14.30		(0.25	)		8.65			—			—			22.70
	2002 (5)		17.38		(0.25	)		(2.80	)		—			(0.03	)		14.30

(1)	For the six-month period ended April 30, 2007 (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 November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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)	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.

46      First American Funds Semiannual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Loss to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Loss to			Net Assets			Assets			Portfolio
Total			End of		Average			Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	7.55	%	$	151,610		1.47	%		(0.95	)%		1.58	%		(1.06	)%		50	%
	9.91			138,786		1.47			(0.88	)		1.58			(0.99	)		209
	(4.04	)		78,357		1.47			(1.17	)		1.56			(1.26	)		14
	24.21			84,567		1.82			(1.42	)		1.87			(1.47	)		190
	(0.39	)		101,031		1.93			(1.42	)		1.96			(1.45	)		178
	58.37			81,999		1.93			(1.63	)		1.97			(1.67	)		137
	(17.84	)		44,834		1.93			(1.53	)		1.97			(1.57	)		123
	7.16	%	$	5,826		2.22	%		(1.71	)%		2.33	%		(1.82	)%		50	%
	9.03			6,540		2.22			(1.62	)		2.33			(1.73	)		209
	(4.09	)		8,271		2.22			(1.93	)		2.31			(2.02	)		14
	23.27			8,760		2.57			(2.16	)		2.62			(2.21	)		190
	(1.13	)		9,063		2.68			(2.16	)		2.71			(2.19	)		178
	57.21			6,441		2.68			(2.38	)		2.72			(2.42	)		137
	(18.45	)		3,779		2.68			(2.28	)		2.72			(2.32	)		123
	7.13	%	$	2,534		2.22	%		(1.70	)%		2.33	%		(1.81	)%		50	%
	9.11			2,664		2.22			(1.63	)		2.33			(1.74	)		209
	(4.13	)		2,962		2.22			(1.93	)		2.31			(2.02	)		14
	23.28			3,152		2.57			(2.20	)		2.62			(2.25	)		190
	(1.14	)		4,669		2.68			(2.07	)		2.71			(2.10	)		178
	57.23			1,529		2.68			(2.38	)		2.72			(2.42	)		137
	(18.42	)		260		2.68			(2.31	)		2.72			(2.35	)		123
	7.43	%	$	1,285		1.72	%		(1.21	)%		1.83	%		(1.32	)%		50	%
	9.62			1,323		1.72			(1.16	)		1.95			(1.39	)		209
	(4.09	)		5		1.72			(1.43	)		1.96			(1.67	)		14
	24.06			5		2.07			(2.14	)		2.27			(2.34	)		190
	(0.39	)		1		1.93			(1.67	)		1.96			(1.70	)		178
	58.37			3,694		1.93			(1.62	)		1.97			(1.66	)		137
	(17.84	)		2,027		1.93			(1.53	)		1.97			(1.57	)		123
	7.70	%	$	158,608		1.22	%		(0.71	)%		1.33	%		(0.82	)%		50	%
	10.16			182,429		1.22			(0.63	)		1.33			(0.74	)		209
	(4.03	)		210,769		1.22			(0.92	)		1.31			(1.01	)		14
	24.47			220,772		1.57			(1.15	)		1.62			(1.20	)		190
	(0.11	)		224,432		1.68			(1.25	)		1.71			(1.28	)		178
	58.74			382,389		1.68			(1.38	)		1.72			(1.42	)		137
	(17.62	)		208,439		1.68			(1.28	)		1.72			(1.32	)		123

First American Funds Semiannual Report 2007       47

Financial Highlights  For a share outstanding throughout the indicated periods.

							Realized and
		Net Asset					Unrealized			Distributions			Net Asset
		Value		Net			Gains			from Net			Value
		Beginning		Investment			(Losses) on			Realized			End of
		of Period		Income (Loss)			Investments			Gains			Period
Small Cap Select Fund (1)
Class A
	2007 (2)	$	15.12	$	(0.02	)	$	0.84		$	(2.08	)	$	13.86
	2006 (3)		15.33		(0.05	)		3.05			(3.21	)		15.12
	2005 (4)		15.82		(0.01	)		(0.48	)		—			15.33
	2005 (5)		15.95		(0.08	)		3.10			(3.15	)		15.82
	2004 (5)		14.52		(0.12	)		2.60			(1.05	)		15.95
	2003 (5)		10.68		(0.09	)		3.93			—			14.52
	2002 (5)		11.97		(0.10	)		(0.30	)		(0.89	)		10.68
Class B
	2007 (2)	$	12.88	$	(0.06	)	$	0.70		$	(2.08	)	$	11.44
	2006 (3)		13.58		(0.13	)		2.64			(3.21	)		12.88
	2005 (4)		14.02		(0.02	)		(0.42	)		—			13.58
	2005 (5)		14.56		(0.17	)		2.78			(3.15	)		14.02
	2004 (5)		13.42		(0.22	)		2.41			(1.05	)		14.56
	2003 (5)		9.95		(0.17	)		3.64			—			13.42
	2002 (5)		11.28		(0.19	)		(0.25	)		(0.89	)		9.95
Class C
	2007 (2)	$	14.36	$	(0.07	)	$	0.78		$	(2.08	)	$	12.99
	2006 (3)		14.79		(0.16	)		2.94			(3.21	)		14.36
	2005 (4)		15.28		(0.02	)		(0.47	)		—			14.79
	2005 (5)		15.60		(0.19	)		3.02			(3.15	)		15.28
	2004 (5)		14.32		(0.24	)		2.57			(1.05	)		15.60
	2003 (5)		10.62		(0.18	)		3.88			—			14.32
	2002 (5)		11.97		(0.20	)		(0.26	)		(0.89	)		10.62
Class R (6)
	2007 (2)	$	14.98	$	(0.04	)	$	0.82		$	(2.08	)	$	13.68
	2006 (3)		15.24		(0.09	)		3.04			(3.21	)		14.98
	2005 (4)		15.73		(0.01	)		(0.48	)		—			15.24
	2005 (5)		15.91		(0.08	)		3.05			(3.15	)		15.73
	2004 (5)		14.49		(0.13	)		2.60			(1.05	)		15.91
	2003 (5)		10.66		(0.09	)		3.92			—			14.49
	2002 (5)		11.94		(0.10	)		(0.29	)		(0.89	)		10.66
Class Y
	2007 (2)	$	16.06	$	—		$	0.88		$	(2.08	)	$	14.86
	2006 (3)		16.06		(0.01	)		3.22			(3.21	)		16.06
	2005 (4)		16.57		(0.01	)		(0.50	)		—			16.06
	2005 (5)		16.54		(0.04	)		3.22			(3.15	)		16.57
	2004 (5)		14.98		(0.09	)		2.70			(1.05	)		16.54
	2003 (5)		11.00		(0.06	)		4.04			—			14.98
	2002 (5)		12.26		(0.07	)		(0.30	)		(0.89	)		11.00

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the fiscal year ended October 31, 2006. All ratios for the period have been annualized, except total return and portfolio turnover.
(4)	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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)	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.

48      First American Funds Semiannual Report 2007

														Ratio of Net
														Investment
								Ratio of Net			Ratio of			Income
								Investment			Expenses to			(Loss) to
					Ratio of			Income			Average			Average
			Net Assets		Expenses to			(Loss) to			Net Assets			Net Assets			Portfolio
Total			End of		Average			Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	5.83	%	$	283,088		1.23	%		(0.29	)%		1.23	%		(0.29	)%		44	%
	22.46			222,293		1.24			(0.38	)		1.24			(0.38	)		111
	(3.10	)		104,568		1.25			(0.92	)		1.25			(0.92	)		14
	20.46			107,270		1.22			(0.53	)		1.25			(0.56	)		122
	17.64			97,775		1.21			(0.76	)		1.24			(0.79	)		116
	35.96			73,445		1.21			(0.73	)		1.25			(0.77	)		145
	(4.56	)		33,586		1.21			(0.81	)		1.25			(0.85	)		171
	5.40	%	$	14,911		1.98	%		(1.04	)%		1.98	%		(1.04	)%		44	%
	21.59			15,077		1.99			(1.14	)		1.99			(1.14	)		111
	(3.14	)		13,406		2.00			(1.67	)		2.00			(1.67	)		14
	19.45			14,023		1.97			(1.28	)		2.00			(1.31	)		122
	16.88			13,050		1.96			(1.51	)		1.99			(1.54	)		116
	34.88			11,541		1.96			(1.48	)		2.00			(1.52	)		145
	(5.23	)		4,613		1.96			(1.56	)		2.00			(1.60	)		171
	5.33	%	$	27,761		1.98	%		(1.04	)%		1.98	%		(1.04	)%		44	%
	21.64			18,794		1.99			(1.14	)		1.99			(1.14	)		111
	(3.21	)		13,453		2.00			(1.67	)		2.00			(1.67	)		14
	19.58			14,418		1.97			(1.28	)		2.00			(1.31	)		122
	16.79			13,841		1.96			(1.50	)		1.99			(1.53	)		116
	34.84			11,128		1.96			(1.47	)		2.00			(1.51	)		145
	(5.09	)		3,096		1.96			(1.61	)		2.02			(1.67	)		171
	5.60	%	$	21,242		1.48	%		(0.55	)%		1.48	%		(0.55	)%		44	%
	22.23			2,697		1.49			(0.59	)		1.62			(0.72	)		111
	(3.11	)		333		1.50			(1.14	)		1.65			(1.29	)		14
	20.16			312		1.47			(0.53	)		1.65			(0.71	)		122
	17.60			19		1.21			(0.81	)		1.24			(0.84	)		116
	35.93			11,627		1.21			(0.75	)		1.25			(0.79	)		145
	(4.48	)		7,640		1.21			(0.80	)		1.25			(0.84	)		171
	5.87	%	$	789,041		0.98	%		0.04	%		0.98	%		0.04	%		44	%
	22.81			732,252		0.99			(0.15	)		0.99			(0.15	)		111
	(3.08	)		682,088		1.00			(0.67	)		1.00			(0.67	)		14
	20.73			715,496		0.97			(0.28	)		1.00			(0.31	)		122
	17.98			770,981		0.96			(0.52	)		0.99			(0.55	)		116
	36.18			1,024,146		0.96			(0.48	)		1.00			(0.52	)		145
	(4.19	)		403,027		0.96			(0.55	)		1.00			(0.59	)		171

First American Funds Semiannual Report 2007       49

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 (Loss)			Investments			Income			Gains			Period
Small Cap Value Fund (1)
Class A
	2007 (2)	$	15.38	$	0.03		$	0.63		$	(0.02	)	$	(2.44	)	$	13.58
	2006 (3)		16.34		0.03			2.86			(0.04	)		(3.81	)		15.38
	2005 (4)		16.78		0.01			(0.45	)		—			—			16.34
	2005 (5)		16.84		0.03			2.63			(0.06	)		(2.66	)		16.78
	2004 (5)		14.28		0.03			3.13			(0.04	)		(0.56	)		16.84
	2003 (5)		11.26		—			3.02			—			—			14.28
	2002 (5)		13.40		(0.02	)		(0.13	)		—			(1.99	)		11.26
Class B
	2007 (2)	$	13.93	$	(0.02	)	$	0.57		$	—		$	(2.44	)	$	12.04
	2006 (3)		15.19		(0.07	)		2.62			—			(3.81	)		13.93
	2005 (4)		15.61		—			(0.42	)		—			—			15.19
	2005 (5)		15.92		(0.09	)		2.47			(0.03	)		(2.66	)		15.61
	2004 (5)		13.60		(0.08	)		2.96			—			(0.56	)		15.92
	2003 (5)		10.80		(0.08	)		2.88			—			—			13.60
	2002 (5)		13.01		(0.11	)		(0.11	)		—			(1.99	)		10.80
Class C
	2007 (2)	$	14.17	$	(0.02	)	$	0.58		$	—		$	(2.44	)	$	12.29
	2006 (3)		15.39		(0.07	)		2.66			—			(3.81	)		14.17
	2005 (4)		15.82		—			(0.43	)		—			—			15.39
	2005 (5)		16.10		(0.09	)		2.50			(0.03	)		(2.66	)		15.82
	2004 (5)		13.74		(0.08	)		3.00			—			(0.56	)		16.10
	2003 (5)		10.91		(0.09	)		2.92			—			—			13.74
	2002 (5)		13.13		(0.11	)		(0.12	)		—			(1.99	)		10.91
Class R (6)
	2007 (2)	$	15.24	$	0.01		$	0.64		$	(0.02	)	$	(2.44	)	$	13.43
	2006 (3)		16.29		(0.01	)		2.84			(0.07	)		(3.81	)		15.24
	2005 (4)		16.74		0.01			(0.46	)		—			—			16.29
	2005 (5)		16.83		(0.01	)		2.64			(0.06	)		(2.66	)		16.74
	2004 (5)		14.27		0.03			3.12			(0.03	)		(0.56	)		16.83
	2003 (5)		11.26		0.01			3.01			(0.01	)		—			14.27
	2002 (5)		13.40		(0.01	)		(0.14	)		—			(1.99	)		11.26
Class Y
	2007 (2)	$	15.71	$	0.05		$	0.65		$	(0.05	)	$	(2.44	)	$	13.92
	2006 (3)		16.62		0.07			2.90			(0.07	)		(3.81	)		15.71
	2005 (4)		17.06		0.01			(0.45	)		—			—			16.62
	2005 (5)		17.05		0.07			2.67			(0.07	)		(2.66	)		17.06
	2004 (5)		14.44		0.08			3.16			(0.07	)		(0.56	)		17.05
	2003 (5)		11.38		0.03			3.05			(0.02	)		—			14.44
	2002 (5)		13.48		0.02			(0.12	)		(0.01	)		(1.99	)		11.38

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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)	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.

50      First American Funds Semiannual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	4.65	%	$	59,633		1.26	%		0.39	%		1.26	%		0.39	%		33	%
	20.78			57,922		1.26			0.21			1.26			0.21			96
	(2.62	)		46,467		1.25			0.78			1.25			0.78			15
	16.78			48,128		1.24			0.19			1.26			0.17			72
	22.70			43,192		1.23			0.21			1.25			0.19			34
	26.86			32,416		1.23			0.02			1.25			—			49
	(2.19	)		27,205		1.23			(0.12	)		1.26			(0.15	)		37
	4.28	%	$	7,139		2.01	%		(0.36	)%		2.01	%		(0.36	)%		33	%
	19.88			7,855		2.01			(0.53	)		2.01			(0.53	)		96
	(2.69	)		8,913		2.00			0.03			2.00			0.03			15
	15.90			9,325		1.99			(0.56	)		2.01			(0.58	)		72
	21.76			9,901		1.98			(0.51	)		2.00			(0.53	)		34
	25.93			12,560		1.98			(0.73	)		2.00			(0.75	)		49
	(2.91	)		12,008		1.98			(0.87	)		2.01			(0.90	)		37
	4.27	%	$	4,285		2.01	%		(0.36	)%		2.01	%		(0.36	)%		33	%
	19.89			4,405		2.01			(0.53	)		2.01			(0.53	)		96
	(2.72	)		4,590		2.00			0.03			2.00			0.03			15
	15.92			4,808		1.99			(0.56	)		2.01			(0.58	)		72
	21.83			4,609		1.98			(0.52	)		2.00			(0.54	)		34
	25.94			4,354		1.98			(0.74	)		2.00			(0.76	)		49
	(2.96	)		4,873		1.98			(0.87	)		2.01			(0.90	)		37
	4.59	%	$	3,159		1.51	%		0.12	%		1.51	%		0.12	%		33	%
	20.44			1,849		1.51			(0.09	)		1.63			(0.21	)		96
	(2.69	)		4		1.50			0.59			1.65			0.44			15
	16.60			4		1.49			(0.04	)		1.66			(0.21	)		72
	22.69			1		1.23			0.22			1.25			0.20			34
	26.79			1,351		1.23			0.04			1.25			0.02			49
	(2.19	)		424		1.24			(0.11	)		1.27			(0.14	)		37
	4.83	%	$	347,111		1.01	%		0.64	%		1.01	%		0.64	%		33	%
	21.01			355,148		1.01			0.47			1.01			0.47			96
	(2.58	)		348,166		1.00			1.03			1.00			1.03			15
	17.08			363,261		0.99			0.44			1.01			0.42			72
	23.02			367,774		0.98			0.50			1.00			0.48			34
	27.10			428,846		0.98			0.27			1.00			0.25			49
	(1.83	)		368,092		0.98			0.13			1.01			0.10			37

First American Funds Semiannual Report 2007       51

Financial Highlights  For a share outstanding throughout the indicated periods.

							Realized and
		Net Asset					Unrealized			Distributions			Net Asset
		Value		Net			Gains			from Net			Value
		Beginning		Investment			(Losses) on			Investment			End of
		of Period		Income (Loss)			Investments			Income			Period
Small-Mid Cap Core Fund (1)(2)
Class A
	2007 (3)	$	9.57	$	—		$	0.84		$	—		$	10.41
	2006 (4)		8.03		0.01			1.53			—			9.57
	2005 (5)		8.31		(0.01	)		(0.27	)		—			8.03
	2005 (6)		7.40		(0.07	)		0.98			—			8.31
	2004 (6)		7.05		(0.07	)		0.42			—			7.40
	2003 (6)		4.29		(0.03	)		2.79			—			7.05
	2002 (6)		6.36		(0.07	)		(2.00	)		—			4.29
Class B
	2007 (3)	$	8.34	$	(0.03	)	$	0.73		$	—		$	9.04
	2006 (4)		7.06		(0.04	)		1.32			—			8.34
	2005 (5)		7.31		(0.01	)		(0.24	)		—			7.06
	2005 (6)		6.55		(0.11	)		0.87			—			7.31
	2004 (6)		6.29		(0.11	)		0.37			—			6.55
	2003 (6)		3.86		(0.07	)		2.50			—			6.29
	2002 (6)		5.77		(0.11	)		(1.80	)		—			3.86
Class C
	2007 (3)	$	9.09	$	(0.04	)	$	0.81		$	—		$	9.86
	2006 (4)		7.69		(0.05	)		1.45			—			9.09
	2005 (5)		7.97		(0.01	)		(0.27	)		—			7.69
	2005 (6)		7.14		(0.12	)		0.95			—			7.97
	2004 (6)		6.86		(0.12	)		0.40			—			7.14
	2003 (6)		4.20		(0.07	)		2.73			—			6.86
	2002 (6)		6.28		(0.12	)		(1.96	)		—			4.20
Class Y
	2007 (3)	$	9.95	$	0.01		$	0.88		$	(0.01	)	$	10.83
	2006 (4)		8.34		0.04			1.57			—			9.95
	2005 (5)		8.63		—			(0.29	)		—			8.34
	2005 (6)		7.66		(0.05	)		1.02			—			8.63
	2004 (6)		7.28		(0.05	)		0.43			—			7.66
	2003 (6)		4.42		(0.01	)		2.87			—			7.28
	2002 (6)		6.53		(0.05	)		(2.06	)		—			4.42

(1)	Per share data calculated using average shares outstanding method.
(2)	The financial highlights for Small-Mid Cap Core Fund as set forth herein include the historical financial highlights of the First American Technology Fund. Effective October 3, 2005, the fund’s name and strategy changed.
(3)	For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(4)	For the period November 1 to October 31 in the year indicated.
(5)	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
(6)	For the period October 1 to September 30 in the year indicated.
(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.

52      First American Funds Semiannual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	8.78	%	$	24,041		1.41	%		(0.06	)%		1.48	%		(0.13	)%		70	%
	19.18			26,190		1.39			0.12			1.46			0.05			110
	(3.37	)		22,339		1.34			(0.86	)		1.34			(0.86	)		80
	12.30			23,016		1.42			(0.83	)		1.50			(0.91	)		197
	4.96			27,356		1.23			(0.86	)		1.28			(0.91	)		51
	64.34			27,936		1.23			(0.52	)		1.29			(0.58	)		110
	(32.55	)		18,267		1.23			(0.89	)		1.70			(1.36	)		288
	8.39	%	$	7,855		2.16	%		(0.81	)%		2.23	%		(0.88	)%		70	%
	18.13			8,689		2.14			(0.58	)		2.21			(0.65	)		110
	(3.42	)		10,054		2.09			(1.61	)		2.09			(1.61	)		80
	11.60			10,685		2.17			(1.59	)		2.25			(1.67	)		197
	4.13			13,445		1.98			(1.60	)		2.03			(1.65	)		51
	62.95			16,016		1.98			(1.26	)		2.04			(1.32	)		110
	(33.10	)		11,190		1.98			(1.64	)		2.45			(2.11	)		288
	8.47	%	$	5,409		2.16	%		(0.83	)%		2.23	%		(0.90	)%		70	%
	18.21			4,986		2.14			(0.64	)		2.21			(0.71	)		110
	(3.51	)		4,253		2.09			(1.61	)		2.09			(1.61	)		80
	11.62			4,485		2.17			(1.59	)		2.25			(1.67	)		197
	4.08			6,000		1.98			(1.60	)		2.03			(1.65	)		51
	63.33			7,056		1.98			(1.25	)		2.04			(1.31	)		110
	(33.12	)		5,064		1.98			(1.64	)		2.45			(2.11	)		288
	9.00	%	$	86,021		1.16	%		0.16	%		1.23	%		0.09	%		70	%
	19.30			67,437		1.14			0.35			1.21			0.28			110
	(3.36	)		31,381		1.09			(0.61	)		1.09			(0.61	)		80
	12.66			33,537		1.17			(0.58	)		1.25			(0.66	)		197
	5.22			43,758		0.98			(0.60	)		1.03			(0.65	)		51
	64.71			59,817		0.98			(0.24	)		1.04			(0.30	)		110
	(32.31	)		44,134		0.98			(0.64	)		1.45			(1.11	)		288

First American Funds Semiannual Report 2007       53

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Mid Cap Growth Opportunities Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 99.1%
Consumer Discretionary – 18.2%
Abercrombie & Fitch, Class A (a)		448,726	$	36,643
Chico’s FAS (a) (b)		612,503		16,146
Chipolte Mexican Grill, Class A (a) (b)		141,900		9,256
Chipolte Mexican Grill, Class B (a) (b)		71,996		4,314
Dick’s Sporting Goods (a) (b)		403,078		22,609
International Game Technology (a)		376,006		14,341
Newell Rubbermaid		568,635		17,440
Nordstrom (a)		598,934		32,893
NutriSystem (a) (b)		274,091		16,994
Office Depot (b)		870,569		29,269
Omnicom Group (a)		250,078		26,186
Polo Ralph Lauren (a)		337,851		31,119
Scientific Games, Class A (a) (b)		1,123,054		37,386
Texas Roadhouse, Class A (a) (b)		934,239		13,659
WMS Industries (a) (b)		310,743		12,386
				320,641
Consumer Staples – 1.9%
Bare Escentuals (b)		332,588		13,446
Estee Lauder, Class A		398,303		20,481
				33,927
Energy – 7.7%
Cameron International (a) (b)		392,368		25,335
Chesapeake Energy (a)		284,392		9,598
Hess (a)		256,609		14,562
Smith International (a)		443,304		23,247
Weatherford International (a) (b)		427,410		22,435
Williams		485,851		14,333
XTO Energy (a)		501,328		27,207
				136,717
Financials – 10.1%
Affiliated Managers Group (a) (b)		130,017		15,294
AllianceBernstein Holding		173,113		15,746
Ambac Financial Group (a)		251,572		23,094
Bear Stearns (a)		102,046		15,889
CIT Group		285,220		17,013
ICICI Bank – ADR (a)		563,025		23,039
Northern Trust		333,608		21,001
PMI Group (a)		623,527		30,222
W.R. Berkley		514,308		16,710
				178,008
Healthcare – 14.7%
Applied Biosystems Group – Applera		760,383		23,754
Celgene (a) (b)		420,752		25,733
Coventry Health Care (b)		495,068		28,630
DENTSPLY International (a)		620,014		20,715
Healthways (a) (b)		591,675		25,099
Henry Schein (a) (b)		397,024		20,697
Humana (b)		313,372		19,818
Medco Health Solutions (b)		301,185		23,498
Pediatrix Medical Group (a) (b)		206,487		11,780
Thermo Fisher Scientific (a) (b)		1,158,629		60,318
				260,042
Industrials – 16.9%
American Reprographics (a) (b)		410,383		13,625
C.H. Robinson Worldwide (a)		183,408		9,805
Cooper Industries, Class A		368,313		18,327
Cummins		332,874		30,678
Dun & Bradstreet (a)		232,322		20,979
L-3 Communications Holdings		261,128		23,483
Landstar		441,687		21,338
Monster Worldwide (a) (b)		492,422		20,706
MSC Industrial Direct, Class A (a)		467,292		22,776
Precision Castparts (a)		424,146		44,158
Republic Services		1,017,022		28,405
Rockwell Collins (a)		318,205		20,896
Roper Industries (a)		410,859		23,033
				298,209
Information Technology – 22.7%
Alliance Data Systems (a) (b)		381,748		24,302
Amphenol, Class A (a)		505,652		17,753
Autodesk (b)		975,839		40,273
Cognizant Technology Solutions, Class A (a) (b)		205,355		18,359
Cognos (a) (b)		417,394		17,994
F5 Networks (b)		300,964		23,108
Fairchild Semiconductor International, Class A (a) (b)		1,143,109		20,119
Intersil, Class A (a)		1,072,944		31,963
Juniper Networks (a) (b)		1,189,678		26,601
Lam Research (a) (b)		254,870		13,707
Maxim Integrated Products		768,771		24,385
MEMC Electronic Materials (b)		463,951		25,462
Network Appliance (b)		710,990		26,456
NVIDIA (b)		1,053,037		34,634
Paychex (a)		871,422		32,330
SiRF Technology Holdings (a) (b)		460,423		11,170
Trident Microsystems (a) (b)		541,967		11,506
				400,122
Materials – 1.0%
Freeport-McMoRan Copper & Gold, Class B (a)		263,581		17,702
Telecommunication Services – 5.9%
American Tower, Class A (b)		1,315,745		49,998
NeuStar, Class A (a) (b)		615,185		17,693
NII Holdings, Class B (a) (b)		474,088		36,386
				104,077
Total Common Stocks   (Cost $1,406,816)				1,749,445
Short-Term Investment – 0.8%
First American Prime Obligations Fund, Class Z (c)   (Cost $13,913)		13,912,885		13,913
Investment Purchased with Proceeds from Securities Lending – 38.4%
Mount Vernon Securities Lending Prime Portfolio (d)   (Cost $677,628)		677,627,682		677,628
Total Investments – 138.3%   (Cost $2,098,357)				2,440,986
Other Assets and Liabilities, Net – (38.3)%				(676,554	)
Total Net Assets – 100.0%			$	1,764,432

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $644,445 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	Non-income producing security.
(c)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 2 in Notes to Financial Statements.
(d)	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

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

54      First American Funds Semiannual Report 2007

Mid Cap Value Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 97.7%
Consumer Discretionary – 14.1%
BorgWarner (a)		139,819	$	10,893
Ford Motor (a)		1,409,275		11,331
Fortune Brands (a)		138,687		11,109
Gannett (a)		356,997		20,370
Gap		825,537		14,818
Hovnanian Enterprises, Class A (a) (b)		328,253		7,875
Newell Rubbermaid		369,271		11,326
Pulte Homes (a)		201,685		5,425
R.H. Donnelley (a) (b)		213,703		16,688
Sherwin-Williams		122,530		7,814
Standard-Pacific (a)		416,070		8,675
Stanley Works (a)		195,858		11,415
Talbots (a)		575,460		13,523
WMS Industries (a) (b)		200,344		7,986
				159,248
Consumer Staples – 9.6%
ConAgra Foods		478,057		11,751
Corn Products International		601,272		23,943
Pantry (a) (b)		351,755		15,825
Pepsi Bottling		477,002		15,650
Pilgrim’s Pride (a)		261,515		9,548
Supervalu (a)		546,059		25,064
Tyson Foods, Class A (a)		318,358		6,673
				108,454
Energy – 6.1%
GlobalSantaFe		270,705		17,306
Hess (a)		114,508		6,498
National-Oilwell Varco (b)		99,585		8,450
Noble Energy		225,715		13,274
Peabody Energy (a)		233,548		11,206
Sunoco (a)		161,287		12,182
				68,916
Financials – 23.8%
Ambac Financial Group (a)		254,894		23,399
AmeriCredit (b)		225,676		5,694
Amvescap – ADR		244,435		5,796
AON (a)		215,842		8,364
Boston Properties – REIT (a)		104,430		12,277
Brookfield Properties (a)		119,767		4,919
Camden Property Trust – REIT (a)		114,990		8,009
CIT Group		449,434		26,809
City National (a)		172,011		12,595
Comerica (a)		118,821		7,356
Developers Diversified Realty – REIT (a)		125,111		8,145
Health Care Property Investors – REIT (a)		128,923		4,563
IndyMac Bancorp (a)		279,644		8,456
KeyCorp (a)		417,407		14,893
Marshall & Ilsley (a)		464,001		22,281
Northern Trust		349,006		21,970
PMI Group (a)		401,773		19,474
Prologis – REIT (a)		146,873		9,517
StanCorp Financial Group		150,109		7,145
TD Ameritrade (a) (b)		643,992		10,980
Ventas (a)		112,766		4,754
W.R. Berkley		482,761		15,685
Weingarten Realty Investors – REIT (a)		106,426		5,093
				268,174
Healthcare – 3.0%
AmerisourceBergen (a)		106,526		5,325
CIGNA		37,808		5,883
Community Health Systems (b)		298,957		11,002
King Pharmaceuticals (a) (b)		567,638		11,608
				33,818
Industrials – 10.7%
AirTran Holdings (a) (b)		1,445,282		15,913
American Standard		284,899		15,686
Con-way		161,565		8,826
Crane (a)		299,262		12,722
Ingersoll-Rand, Class A		345,783		15,439
J.B. Hunt Transport Services		222,275		6,015
Joy Global (a)		250,564		12,686
Republic Services		656,905		18,347
Werner Enterprises (a)		759,529		14,363
				119,997
Information Technology – 9.5%
Avnet (a) (b)		170,870		6,989
Electronic Data Systems (a)		890,849		26,048
Fairchild Semiconductor International, Class A (a)(b)		851,172		14,981
Harris (a)		399,929		20,536
Intersil, Class A		547,383		16,307
Juniper Networks (b)		278,441		6,226
Sybase (b)		425,458		10,292
Xerox (b)		309,918		5,733
				107,112
Materials – 9.8%
Airgas		397,032		17,688
Bemis		416,042		13,821
Freeport-McMoRan Copper & Gold, Class B		354,345		23,798
Owens-Illinois (b)		821,712		24,725
PPG Industries (a)		129,517		9,530
Rohm & Haas		399,783		20,457
				110,019
Telecommunication Services – 1.2%
Qwest Communications International (a) (b)		642,459		5,705
Time Warner Telecom, Class A (a) (b)		374,948		7,686
				13,391
Utilities – 9.9%
Constellation Energy (a)		199,076		17,742
Edison International		332,603		17,412
Entergy (a)		201,784		22,830
PPL (a)		488,273		21,293
Sempra Energy		329,909		20,942
TECO Energy (a)		612,418		10,993
				111,212
Total Common Stocks (Cost $938,366)				1,100,341
Short-Term Investment – 2.6%
First American Prime Obligations Fund, Class Z (c)   (Cost $29,377)		29,376,914		29,377

First American Funds Semiannual Report 2007       55

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Mid Cap Value Fund (concluded)
DESCRIPTION	SHARES		VALUE
Investment Purchased with Proceeds from Securities Lending – 33.3%
Mount Vernon Securities Lending Prime Portfolio (d)   (Cost $374,614)		374,614,403	$	374,614
Total Investments – 133.6% (Cost $1,342,357)				1,504,332
Other Assets and Liabilities, Net – (33.6)%				(378,049	)
Total Net Assets – 100.0%			$	1,126,283

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $355,310 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	Non-income producing security.
(c)	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.
(d)	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

REIT – Real Estate Investment Trust

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

56      First American Funds Semiannual Report 2007

Statements of  Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data

	Mid Cap
	Growth
	Opportunities			Mid Cap
	Fund			Value Fund
Investments in unaffiliated securities, at cost	$	1,406,816		$	938,366
Investment in affiliated money market fund, at cost		13,913			29,377
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		677,628			374,614
ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	1,749,445		$	1,100,341
Investment in affiliated money market fund, at value (note 2)		13,913			29,377
Affiliated investments purchased with proceeds from securities lending, at value (note 2)		677,628			374,614
Receivable for dividends and interest		450			529
Receivable for investment securities sold		23,297			—
Receivable for capital shares sold		947			1,244
Prepaid expenses and other assets		39			49
Total assets		2,465,719			1,506,154
LIABILITIES:
Payable for investment securities purchased		19,448			3,441
Payable upon return of securities loaned (note 2)		677,628			374,614
Payable for capital shares redeemed		2,690			827
Payable to affiliates (note 3)		1,372			872
Payable for distribution and shareholder servicing fees		118			92
Accrued expenses and other liabilities		31			25
Total liabilities		701,287			379,871
Net assets	$	1,764,432		$	1,126,283
COMPOSITION OF NET ASSETS:
Portfolio capital		1,319,506			888,765
Distributions in excess of net investment income		(3,273	)		(1,444	)
Accumulated net realized gain on investments		105,570			76,987
Net unrealized appreciation of investments		342,629			161,975
Net assets	$	1,764,432		$	1,126,283
*Including securities loaned, at value	$	644,445		$	355,310
Class A:
Net assets	$	382,557		$	258,263
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		9,065			9,356
Net asset value and redemption price per share	$	42.20		$	27.60
Maximum offering price per share (1)	$	44.66		$	29.21
Class B:
Net assets	$	15,425		$	8,807
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		402			335
Net asset value, offering price, and redemption price per share (2)	$	38.40		$	26.31
Class C:
Net assets	$	23,212		$	24,713
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		579			919
Net asset value, offering price, and redemption price per share (2)	$	40.06		$	26.88
Class R:
Net assets	$	21,728		$	32,178
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		519			1,170
Net asset value, offering price, and redemption price per share	$	41.84		$	27.50
Class Y:
Net assets	$	1,321,510		$	802,322
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		29,555			28,917
Net asset value, offering price, and redemption price per share	$	44.71		$	27.75

(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
(2)	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

First American Funds Semiannual Report 2007       57

Statements of  Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

	Mid Cap
	Growth
	Opportunities			Mid Cap
	Fund			Value Fund
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	622		$	766
Dividends from unaffiliated securities		4,218			8,355
Less: Foreign taxes withheld		—			(10	)
Securities lending income		567			200
Total investment income		5,407			9,311
EXPENSES (note 3):
Investment advisory fees		5,807			3,627
Administration fees		1,852			1,158
Transfer agent fees		205			130
Custodian fees		41			26
Professional fees		21			20
Registration fees		31			30
Postage and printing fees		44			24
Directors’ fees		9			10
Other expenses		10			10
Distribution and shareholder servicing fees – Class A		438			290
Distribution and shareholder servicing fees – Class B		77			43
Distribution and shareholder servicing fees – Class C		104			106
Distribution and shareholder servicing fees – Class R		47			62
Total expenses		8,686			5,536
Less: Indirect payments from custodian (note 3)		(6	)		(7	)
Total net expenses		8,680			5,529
Investment income (loss) – net		(3,273	)		3,782
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET (note 5):
Net realized gain on investments		138,661			78,209
Net change in unrealized appreciation or depreciation of investments		53,368			21,972
Net gain on investments		192,029			100,181
Net increase in net assets resulting from operations	$	188,756		$	103,963

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

58      First American Funds Semiannual Report 2007

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

		Mid Cap Growth						Mid Cap
		Opportunities Fund						Value Fund
		Six-Month						Six-Month
		Period Ended			Year			Period Ended			Year
		4/30/07			Ended			4/30/07			Ended
		(unaudited)			10/31/06			(unaudited)			10/31/06
OPERATIONS:
Investment income (loss) – net		$	(3,273	)	$	(1,535	)	$	3,782		$	5,929
Net realized gain on investments			138,661			161,244			78,209			62,972
Net change in unrealized appreciation or depreciation of investments			53,368			34,383			21,972			56,622
Net increase in net assets resulting from operations			188,756			194,092			103,963			125,523
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		—			—			(1,072	)		(693	)
	Class B		—			—			(14	)		(14	)
	Class C		—			—			(40	)		(21	)
	Class R		—			—			(91	)		(33	)
	Class Y		—			—			(4,009	)		(5,752	)
Net realized gain on investments:
	Class A		(30,495	)		(31,106	)		(12,946	)		(3,267	)
	Class B		(1,524	)		(1,639	)		(528	)		(485	)
	Class C		(1,884	)		(1,741	)		(1,174	)		(427	)
	Class R		(1,645	)		(1,068	)		(1,102	)		(81	)
	Class Y		(106,455	)		(121,918	)		(42,784	)		(31,352	)
Total distributions			(142,003	)		(157,472	)		(63,760	)		(42,125	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		62,027			138,564			118,562			109,279
	Reinvestment of distributions		29,160			30,411			13,622			3,794
	Payments for redemptions		(40,089	)		(166,778	)		(38,961	)		(23,533	)
Increase in net assets from Class A transactions			51,098			2,197			93,223			89,540
Class B:
	Proceeds from sales		668			2,403			725			1,757
	Reinvestment of distributions		1,419			1,544			513			483
	Payments for redemptions (note 3)		(2,395	)		(2,973	)		(1,304	)		(3,785	)
Increase (decrease) in net assets from Class B transactions			(308	)		974			(66	)		(1,545	)
Class C:
	Proceeds from sales		4,546			9,430			6,346			11,403
	Reinvestment of distributions		1,765			1,697			1,083			424
	Payments for redemptions (note 3)		(3,037	)		(7,181	)		(1,713	)		(2,366	)
Increase in net assets from Class C transactions			3,274			3,946			5,716			9,461
Class R:
	Proceeds from sales		5,515			13,794			14,982			17,551
	Reinvestment of distributions		1,645			1,068			1,184			108
	Payments for redemptions		(3,761	)		(2,657	)		(3,023	)		(1,395	)
Increase in net assets from Class R transactions			3,399			12,205			13,143			16,264
Class Y:
	Proceeds from sales		76,823			175,964			66,779			123,981
	Reinvestment of distributions		78,118			98,347			33,077			27,701
	Payments for redemptions		(113,884	)		(300,042	)		(54,858	)		(91,763	)
Increase (decrease) in net assets from Class Y transactions			41,057			(25,731	)		44,998			59,919
Increase (decrease) in net assets from capital share transactions			98,520			(6,409	)		157,014			173,639
Total increase in net assets			145,273			30,211			197,217			257,037
Net assets at beginning of period			1,619,159			1,588,948			929,066			672,029
Net assets at end of period		$	1,764,432		$	1,619,159		$	1,126,283		$	929,066
Undistributed (distributions in excess of) net investment income at end of period		$	(3,273	)	$	—		$	(1,444	)	$	—

First American Funds Semiannual Report 2007       59

Financial Highlights  For a share outstanding throughout the indicated period.

							Realized and
		Net Asset					Unrealized			Distributions			Net Asset
		Value		Net			Gains			from Net			Value
		Beginning		Investment			(Losses) on			Realized			End of
		of Period		Loss			Investments			Gains			Period
Mid Cap Growth Opportunities Fund
Class A
	2007 (1)(2)	$	41.43	$	(0.12	)	$	4.70		$	(3.81	)	$	42.20
	2006 (2)(3)		40.77		(0.11	)		5.04			(4.27	)		41.43
	2005 (2)(4)		41.55		(0.02	)		(0.76	)		—			40.77
	2005 (2)(5)		38.19		(0.24	)		9.65			(6.05	)		41.55
	2004 (2)(5)		33.68		(0.30	)		5.88			(1.07	)		38.19
	2003 (2)(5)		26.45		(0.18	)		7.41			—			33.68
	2002 (5)		28.33		(0.11	)		(1.77	)		—			26.45
Class B
	2007 (1)(2)	$	38.15	$	(0.25	)	$	4.31		$	(3.81	)	$	38.40
	2006 (2)(3)		38.12		(0.38	)		4.68			(4.27	)		38.15
	2005 (2)(4)		38.87		(0.05	)		(0.70	)		—			38.12
	2005 (2)(5)		36.31		(0.51	)		9.12			(6.05	)		38.87
	2004 (2)(5)		32.30		(0.55	)		5.63			(1.07	)		36.31
	2003 (2)(5)		25.56		(0.39	)		7.13			—			32.30
	2002 (5)		27.59		(0.18	)		(1.85	)		—			25.56
Class C
	2007 (1)(2)	$	39.65	$	(0.26	)	$	4.48		$	(3.81	)	$	40.06
	2006 (2)(3)		39.46		(0.40	)		4.86			(4.27	)		39.65
	2005 (2)(4)		40.23		(0.05	)		(0.72	)		—			39.46
	2005 (2)(5)		37.40		(0.53	)		9.41			(6.05	)		40.23
	2004 (2)(5)		33.24		(0.57	)		5.80			(1.07	)		37.40
	2003 (2)(5)		26.29		(0.40	)		7.35			—			33.24
	2002 (5)		28.33		(0.10	)		(1.94	)		—			26.29
Class R (6)
	2007 (1)(2)	$	41.15	$	(0.17	)	$	4.67		$	(3.81	)	$	41.84
	2006 (2)(3)		40.61		(0.23	)		5.04			(4.27	)		41.15
	2005 (2)(4)		41.40		(0.03	)		(0.76	)		—			40.61
	2005 (2)(5)		38.15		(0.31	)		9.61			(6.05	)		41.40
	2004 (2)(5)		33.66		(0.30	)		5.86			(1.07	)		38.15
	2003 (2)(5)		26.43		(0.17	)		7.40			—			33.66
	2002 (5)		28.29		(0.07	)		(1.79	)		—			26.43
Class Y
	2007 (1)(2)	$	43.62	$	(0.07	)	$	4.97		$	(3.81	)	$	44.71
	2006 (2)(3)		42.61		(0.01	)		5.29			(4.27	)		43.62
	2005 (2)(4)		43.42		(0.02	)		(0.79	)		—			42.61
	2005 (2)(5)		39.58		(0.16	)		10.05			(6.05	)		43.42
	2004 (2)(5)		34.78		(0.21	)		6.08			(1.07	)		39.58
	2003 (2)(5)		27.25		(0.09	)		7.62			—			34.78
	2002 (5)		29.11		(0.05	)		(1.81	)		—			27.25

(1)	For the six-month period ended April 30, 2007 (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 November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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)	Total return does not include 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 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Loss to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Loss			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	11.79	%	$	382,557		1.22	%		(0.57	)%		1.22	%		(0.57	)%		48	%
	12.69			322,385		1.23			(0.26	)		1.23			(0.26	)		75
	(1.88	)		314,830		1.23			(0.72	)		1.23			(0.72	)		9
	26.25			317,906		1.21			(0.62	)		1.24			(0.65	)		107
	16.88			173,436		1.20			(0.79	)		1.24			(0.83	)		135
	27.33			154,499		1.20			(0.58	)		1.25			(0.63	)		145
	(6.64	)		75,002		1.20			(0.34	)		1.26			(0.40	)		162
	11.41	%	$	15,425		1.97	%		(1.31	)%		1.97	%		(1.31	)%		48	%
	11.83			15,605		1.98			(1.02	)		1.98			(1.02	)		75
	(1.93	)		14,586		1.98			(1.47	)		1.98			(1.47	)		9
	25.29			14,922		1.96			(1.40	)		1.99			(1.43	)		107
	16.03			10,974		1.95			(1.54	)		1.99			(1.58	)		135
	26.37			9,055		1.95			(1.33	)		2.00			(1.38	)		145
	(7.36	)		4,227		1.95			(1.08	)		2.01			(1.14	)		162
	11.38	%	$	23,212		1.97	%		(1.31	)%		1.97	%		(1.31	)%		48	%
	11.84			19,540		1.98			(1.02	)		1.98			(1.02	)		75
	(1.91	)		15,435		1.98			(1.47	)		1.98			(1.47	)		9
	25.27			17,079		1.96			(1.40	)		1.99			(1.43	)		107
	16.03			12,356		1.95			(1.54	)		1.99			(1.58	)		135
	26.43			12,649		1.95			(1.33	)		2.00			(1.38	)		145
	(7.20	)		1,136		1.95			(1.07	)		2.01			(1.13	)		162
	11.67	%	$	21,728		1.47	%		(0.82	)%		1.47	%		(0.82	)%		48	%
	12.41			17,853		1.48			(0.57	)		1.61			(0.70	)		75
	(1.91	)		5,502		1.48			(0.97	)		1.63			(1.12	)		9
	25.95			5,501		1.46			(0.77	)		1.64			(0.95	)		107
	16.83			1		1.20			(0.81	)		1.24			(0.85	)		135
	27.36			10,284		1.20			(0.56	)		1.25			(0.61	)		145
	(6.58	)		5,869		1.20			(0.33	)		1.26			(0.39	)		162
	11.94	%	$	1,321,510		0.97	%		(0.31	)%		0.97	%		(0.31	)%		48	%
	12.98			1,243,776		0.98			(0.02	)		0.98			(0.02	)		75
	(1.86	)		1,238,595		0.98			(0.47	)		0.98			(0.47	)		9
	26.57			1,273,320		0.96			(0.40	)		0.99			(0.43	)		107
	17.18			1,168,220		0.95			(0.54	)		0.99			(0.58	)		135
	27.68			1,153,657		0.95			(0.30	)		1.00			(0.35	)		145
	(6.39	)		477,210		0.95			(0.08	)		1.01			(0.14	)		162

First American Funds Semiannual Report 2007       61

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			Distributions			Value
		Beginning		Investment			(Losses) on			Investment			Realized			from Return			End of
		of Period		Income (Loss)			Investments			Income			Gains			of Capital			Period
Mid Cap Value Fund (1)
Class A
	2007 (2)	$	26.65	$	0.07		$	2.57		$	(0.11	)	$	(1.58	)	$	—		$	27.60
	2006 (3)		24.04		0.14			3.89			(0.16	)		(1.26	)		—			26.65
	2005 (4)		24.88		(0.01	)		(0.83	)		—			—			—			24.04
	2005 (5)		20.09		0.13			4.76			(0.10	)		—			—			24.88
	2004 (5)		16.30		0.08			3.77			(0.06	)		—			—	(7)		20.09
	2003 (5)		13.29		0.18			2.96			(0.12	)		—			(0.01	)		16.30
	2002 (5)		13.74		0.13			(0.44	)		(0.10	)		—			(0.04	)		13.29
Class B
	2007 (2)	$	25.50	$	(0.02	)	$	2.45		$	(0.04	)	$	(1.58	)	$	—		$	26.31
	2006 (3)		23.12		(0.03	)		3.71			(0.04	)		(1.26	)		—			25.50
	2005 (4)		23.94		(0.02	)		(0.80	)		—			—			—			23.12
	2005 (5)		19.39		(0.05	)		4.60			—			—			—			23.94
	2004 (5)		15.81		(0.06	)		3.65			(0.01	)		—			—	(7)		19.39
	2003 (5)		12.92		0.07			2.87			(0.04	)		—			(0.01	)		15.81
	2002 (5)		13.37		0.01			(0.41	)		(0.01	)		—			(0.04	)		12.92
Class C
	2007 (2)	$	26.02	$	(0.03	)	$	2.52		$	(0.05	)	$	(1.58	)	$	—		$	26.88
	2006 (3)		23.57		(0.04	)		3.80			(0.05	)		(1.26	)		—			26.02
	2005 (4)		24.40		(0.02	)		(0.81	)		—			—			—			23.57
	2005 (5)		19.77		(0.03	)		4.66			—			—			—			24.40
	2004 (5)		16.12		(0.06	)		3.72			(0.01	)		—			—	(7)		19.77
	2003 (5)		13.17		0.07			2.93			(0.04	)		—			(0.01	)		16.12
	2002 (5)		13.63		0.01			(0.43	)		—			—			(0.04	)		13.17
Class R (6)
	2007 (2)	$	26.56	$	0.03		$	2.57		$	(0.08	)	$	(1.58	)	$	—		$	27.50
	2006 (3)		24.00		0.05			3.91			(0.14	)		(1.26	)		—			26.56
	2005 (4)		24.83		(0.01	)		(0.82	)		—			—			—			24.00
	2005 (5)		20.09		0.12			4.70			(0.08	)		—			—			24.83
	2004 (5)		16.31		0.07			3.76			(0.05	)		—			—	(7)		20.09
	2003 (5)		13.29		0.16			2.99			(0.12	)		—			(0.01	)		16.31
	2002 (5)		13.74		0.13			(0.44	)		(0.10	)		—			(0.04	)		13.29
Class Y
	2007 (2)	$	26.77	$	0.11		$	2.59		$	(0.14	)	$	(1.58	)	$	—		$	27.75
	2006 (3)		24.14		0.22			3.89			(0.22	)		(1.26	)		—			26.77
	2005 (4)		24.98		—			(0.84	)		—			—			—			24.14
	2005 (5)		20.17		0.18			4.78			(0.15	)		—			—			24.98
	2004 (5)		16.36		0.12			3.79			(0.10	)		—			—	(7)		20.17
	2003 (5)		13.33		0.21			2.98			(0.15	)		—			(0.01	)		16.36
	2002 (5)		13.77		0.17			(0.44	)		(0.13	)		—			(0.04	)		13.33

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six months ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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 less than $0.01.
(8)	Total return does not include 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 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (8)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	10.35	%	$	258,263		1.22	%		0.54	%		1.22	%		0.54	%		50	%
	17.36			156,576		1.24			0.50			1.24			0.50			70
	(3.38	)		56,125		1.23			(0.48	)		1.23			(0.48	)		10
	24.38			54,360		1.21			0.59			1.25			0.55			101
	23.65			28,561		1.20			0.41			1.25			0.36			83
	23.71			16,598		1.20			1.21			1.25			1.16			102
	(2.41	)		13,083		1.20			0.83			1.26			0.77			90
	9.96	%	$	8,807		1.97	%		(0.14	)%		1.97	%		(0.14	)%		50	%
	16.45			8,590		1.99			(0.17	)		1.99			(0.17	)		70
	(3.43	)		9,252		1.98			(1.25	)		1.98			(1.25	)		10
	23.47			10,157		1.96			(0.21	)		2.00			(0.25	)		101
	22.69			9,928		1.95			(0.35	)		2.00			(0.40	)		83
	22.84			10,154		1.95			0.50			2.00			0.45			102
	(3.07	)		10,410		1.95			0.08			2.01			0.02			90
	9.97	%	$	24,713		1.97	%		(0.20	)%		1.97	%		(0.20	)%		50	%
	16.47			18,162		1.99			(0.24	)		1.99			(0.24	)		70
	(3.40	)		7,439		1.98			(1.24	)		1.98			(1.24	)		10
	23.43			7,426		1.96			(0.15	)		2.00			(0.19	)		101
	22.69			3,342		1.95			(0.33	)		2.00			(0.38	)		83
	22.84			2,916		1.95			0.51			2.00			0.46			102
	(3.09	)		3,207		1.95			0.08			2.01			0.02			90
	10.23	%	$	32,178		1.47	%		0.21	%		1.47	%		0.21	%		50	%
	17.06			17,724		1.49			0.15			1.61			0.03			70
	(3.34	)		785		1.47			(0.69	)		1.62			(0.84	)		10
	24.04			380		1.46			0.52			1.65			0.33			101
	23.51			1		1.20			0.37			1.25			0.32			83
	23.80			966		1.20			1.07			1.25			1.02			102
	(2.40	)		158		1.20			0.87			1.26			0.81			90
	10.54	%	$	802,322		0.97	%		0.84	%		0.97	%		0.84	%		50	%
	17.63			728,014		0.99			0.81			0.99			0.81			70
	(3.36	)		598,428		0.98			(0.24	)		0.98			(0.24	)		10
	24.68			621,172		0.96			0.80			1.00			0.76			101
	23.95			433,879		0.95			0.66			1.00			0.61			83
	24.06			332,243		0.95			1.45			1.00			1.40			102
	(2.12	)		259,990		0.95			1.08			1.01			1.02			90

First American Funds Semiannual Report 2007       63

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Large Cap Growth Opportunities Fund
DESCRIPTION		SHARES		VALUE
Common Stocks – 99.0%
Consumer Discretionary – 12.9%
Best Buy (a)			212,738	$	9,924
International Game Technology (a)			201,438		7,683
Kohl’s (a) (b)			117,472		8,698
Lowe’s (a)			408,641		12,488
McGraw-Hill (a)			172,949		11,333
Nordstrom (a)			184,075		10,109
Omnicom Group (a)			94,552		9,900
Polo Ralph Lauren (a)			60,440		5,567
Starbucks (a) (b)			204,274		6,337
Target (a)			365,516		21,701
					103,740
Consumer Staples – 7.3%
Costco Wholesale (a)			147,614		7,908
CVS			381,585		13,828
PepsiCo			229,260		15,152
Procter & Gamble			116,836		7,514
Walgreen (a)			329,642		14,471
					58,873
Energy – 4.9%
Exxon Mobil			134,937		10,711
Schlumberger (a)			173,275		12,793
Weatherford International (a)(b)			144,663		7,593
XTO Energy (a)			156,768		8,508
					39,605
Financials – 10.8%
Ambac Financial Group (a)			73,228		6,722
American Express			176,263		10,694
American International Group			112,098		7,837
Charles Schwab (a)			529,107		10,116
CIT Group			101,818		6,073
Goldman Sachs Group (a)			111,687		24,416
ICICI Bank, ADR (a)			145,152		5,940
Morgan Stanley			108,777		9,138
PMI Group (a)			123,758		5,999
					86,935
Healthcare – 12.7%
Abbott Laboratories			241,549		13,676
Alcon (a)			48,644		6,564
Baxter International			186,018		10,534
Genentech (b)			92,841		7,426
McKesson (a)			161,996		9,530
Medco Health Solutions (a)(b)			154,558		12,059
Thermo Fisher Scientific (a)(b)			270,224		14,068
UnitedHealth Group (a)			305,176		16,193
Wellpoint (b)			150,420		11,879
					101,929
Industrials – 16.2%
Boeing			193,523		17,998
C.H. Robinson Worldwide (a)			142,104		7,597
Caterpillar			191,067		13,875
Cooper Industries, Class A			170,559		8,487
Cummins			60,652		5,590
Danaher (a)			118,422		8,430
Dun & Bradstreet (a)			72,687		6,564
Fastenal (a)			206,410		8,488
FedEx (a)			99,500		10,491
Precision Castparts (a)			91,836		9,561
Republic Services			250,600		6,999
Rockwell Collins (a)			122,592		8,051
United Technologies (a)			265,164		17,800
					129,931
Information Technology (c) – 30.6%
Amphenol, Class A (a)			186,806		6,559
Apple Computer (b)			86,565		8,639
Autodesk (b)			309,460		12,771
Cisco Systems (b)			1,117,628		29,885
Cognizant Technology Solutions, Class A (a) (b)			79,853		7,139
Corning (a)(b)			503,635		11,946
Google, Class A (a) (b)			38,519		18,157
Hewlett-Packard (a)			422,409		17,800
Intel (a)			1,035,099		22,255
MEMC Electronic Materials (a)(b)			111,946		6,144
Microsoft			1,093,169		32,730
Network Appliance (b)			251,676		9,365
NVIDIA (b)			180,869		5,949
Oracle (a)(b)			801,900		15,076
Paychex (a)			373,267		13,848
QUALCOMM			301,992		13,227
Texas Instruments			430,466		14,795
					246,285
Materials – 1.4%
Rio Tinto PLC, ADR (a)			45,807		11,177
Telecommunication Services – 2.2%
America Movil, Series L, ADR (a)			189,856		9,973
American Tower, Class A (b)			195,513		7,430
					17,403
Total Common Stocks (Cost $669,936)					795,878
Short-Term Investment – 2.3%
First American Prime Obligations Fund, Class Z (d)
	(Cost $18,336)		18,335,804		18,336
Investment Purchased with Proceeds from Securities Lending – 36.7%
Mount Vernon Securities Lending Prime Portfolio (e)
	(Cost $295,248)		295,248,259		295,248
Total Investments – 138.0% (Cost $983,520)					1,109,462
Other Assets and Liabilities, Net – (38.0)%					(305,319	)
Total Net Assets – 100.0%				$	804,143

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $281,954 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	Non-income producing security.
(c)	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements.
(d)	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.
(e)	In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

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

64      First American Funds Semiannual Report 2007

Large Cap Select Fund
DESCRIPTION		SHARES		VALUE
Common Stocks – 97.1%
Consumer Discretionary – 8.8%
Abercrombie & Fitch, Class A (a)			69,458	$	5,672
Comcast, Class A (a) (b)			477,658		12,734
Federated Department Stores (a)			143,870		6,319
Gap			292,689		5,254
Omnicom Group (a)			69,225		7,249
Starbucks (a) (b)			174,734		5,420
					42,648
Consumer Staples – 8.8%
Altria Group			160,611		11,069
Estee Lauder, Class A			184,923		9,509
Walgreen (a)			269,441		11,829
Wal-Mart Stores			210,296		10,077
					42,484
Energy – 10.9%
Apache			91,985		6,669
Exxon Mobil			148,449		11,784
Hess (a)			120,967		6,865
National-Oilwell Varco (b)			30,853		2,618
Occidental Petroleum			213,094		10,804
Tesoro (a)			46,758		5,667
Williams			288,050		8,497
					52,904
Financials – 22.4%
Affiliated Managers Group (a) (b)			40,510		4,765
AllianceBernstein Holding			82,982		7,548
Ambac Financial Group (a)			69,167		6,349
American International Group			308,449		21,564
CIT Group			90,211		5,381
Citigroup			324,529		17,401
Countrywide Financial (a)			214,874		7,967
Goldman Sachs Group			40,505		8,855
Morgan Stanley			191,009		16,047
PMI Group (a)			264,754		12,833
					108,710
Healthcare – 9.5%
Coventry Health Care (a) (b)			105,886		6,123
Novartis AG, ADR			166,113		9,650
Pfizer (a)			256,327		6,782
UnitedHealth Group (a)			190,208		10,092
Wyeth Pharmaceuticals			239,476		13,291
					45,938
Industrials – 8.2%
American Standard			143,280		7,889
Boeing			108,243		10,067
General Electric			245,856		9,062
L-3 Communications Holdings			74,489		6,699
UAL (a) (b)			179,053		5,980
					39,697
Information Technology – 22.3%
Cisco Systems (b)			543,296		14,528
Corning (a) (b)			280,079		6,644
Dell (b)			206,282		5,200
EMC (a) (b)			431,539		6,551
IBM			119,287		12,192
Intel			509,015		10,944
MEMC Electronic Materials (a) (b)			40,400		2,217
Microsoft			606,492		18,158
NVIDIA (b)			78,467		2,581
Oracle (a) (b)			636,366		11,964
QUALCOMM			173,427		7,596
Texas Instruments			268,965		9,244
					107,819
Materials – 3.2%
Freeport-McMoRan Copper & Gold, Class B (a)			136,152		9,144
Owens-Illinois (b)			207,869		6,255
					15,399
Telecommunication Services – 3.0%
ALLTEL			87,690		5,497
American Tower, Class A (b)			242,565		9,218
					14,715
Total Common Stocks (Cost $421,870)					470,314
Investment Company – 2.4%
iShares Nasdaq Biotechnology Index Fund (a) (b)
	(Cost $10,957)		139,651		11,440
Investment Purchased with Proceeds from Securities Lending – 25.9%
Mount Vernon Securities Lending Prime Portfolio (c)
	(Cost $125,442)		125,442,407		125,442
Total Investments – 125.4% (Cost $558,269)					607,196
Other Assets and Liabilities, Net – (25.4)%					(123,103	)
Total Net Assets – 100.0%				$	484,093

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $120,228 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	Non-income producing security.
(c)	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

First American Funds Semiannual Report 2007       65

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Large Cap Value Fund
DESCRIPTION		SHARES		VALUE
Common Stocks – 99.2%
Consumer Discretionary – 7.2%
Best Buy			190,982	$	8,909
Ford Motor (a)			1,071,946		8,619
Gannett			187,370		10,691
Gap			696,692		12,506
Pulte Homes (a)			213,382		5,740
Time Warner (a)			608,065		12,544
Yum! Brands			84,955		5,255
					64,264
Consumer Staples – 9.5%
Altria Group			154,055		10,617
Archer-Daniels-Midland			389,869		15,088
General Mills			197,008		11,801
Kraft Foods, Class A			146,912		4,917
Procter & Gamble			210,149		13,515
Tyson Foods, Class A (a)			382,056		8,008
Wal-Mart Stores			456,975		21,898
					85,844
Energy – 13.7%
Devon Energy			147,037		10,715
Exxon Mobil			519,440		41,233
GlobalSantaFe			174,805		11,175
Marathon Oil (a)			180,072		18,287
National-Oilwell Varco (a) (b)			79,544		6,749
Occidental Petroleum (a)			437,339		22,173
XTO Energy			237,094		12,867
					123,199
Financials (c) – 28.2%
ACE			320,916		19,082
Ambac Financial Group (a)			210,650		19,338
American International Group			302,566		21,152
Bank of America			327,776		16,684
CIT Group			253,965		15,149
Citigroup			340,406		18,253
Countrywide Financial (a)			332,707		12,337
Goldman Sachs Group (a)			34,966		7,644
J.P. Morgan Chase			620,064		32,305
Marshall & Ilsley (a)			182,647		8,771
Morgan Stanley			261,296		21,951
Northern Trust			270,414		17,022
Wachovia			402,801		22,371
Wells Fargo (a)			594,063		21,321
					253,380
Healthcare – 7.5%
Merck (a)			274,570		14,124
Novartis AG, ADR			157,143		9,128
Pfizer (a)			1,219,947		32,280
Wyeth Pharmaceuticals			220,767		12,253
					67,785
Industrials – 6.1%
American Standard			212,641		11,708
Caterpillar			188,947		13,721
General Electric			142,867		5,266
Ingersoll-Rand, Class A (a)			244,271		10,907
United Technologies			200,096		13,433
					55,035
Information Technology – 10.4%
Corning (a) (b)			593,049		14,067
Electronic Data Systems (a)			623,338		18,227
Hewlett-Packard			197,699		8,331
Intel			792,222		17,033
Juniper Networks (a) (b)			352,645		7,885
Texas Instruments (a)			804,170		27,639
					93,182
Materials – 7.9%
Alcoa			673,116		23,889
Freeport-McMoRan Copper & Gold, Class B (a)			287,041		19,278
Owens-Illinois (b)			401,971		12,095
Rohm & Haas (a)			314,211		16,078
					71,340
Telecommunication Services – 5.3%
AT&T			821,421		31,805
Verizon Communications (a)			415,673		15,870
					47,675
Utilities – 3.4%
Edison International			173,727		9,095
Exelon			125,283		9,448
FirstEnergy (a)			168,911		11,560
					30,103
Total Common Stocks (Cost $753,979)					891,807
Short-Term Investment – 1.0%
First American Prime Obligations Fund, Class Z (d)
	(Cost $8,893)		8,892,906		8,893
Investment Purchased with Proceeds from Securities Lending – 20.7%
Mount Vernon Securities Lending Prime Portfolio (e)
	(Cost $186,447)		186,446,584		186,447
Total Investments – 120.9% (Cost $949,319)					1,087,147
Other Assets and Liabilities, Net – (20.9)%					(187,739	)
Total Net Assets – 100.0%				$	899,408

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $177,458 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	Non-income producing security.
(c)	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements.
(d)	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.
(e)	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

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

66      First American Funds Semiannual Report 2007

Statements of  Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data

	Large Cap Growth			Large Cap			Large Cap
	Opportunities Fund			Select Fund			Value Fund
Investments in unaffiliated securities, at cost	$	669,936		$	432,827		$	753,979
Investment in affiliated money market fund, at cost		18,336			—			8,893
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		295,248			125,442			186,447
ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	795,878		$	481,754		$	891,807
Investment in affiliated money market fund, at value (note 2)		18,336			—			8,893
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		295,248			125,442			186,447
Receivable for dividends and interest		490			132			951
Receivable for investment securities sold		7,418			19,045			9,533
Receivable for capital shares sold		183			59			96
Prepaid expenses and other assets		33			34			33
Total assets		1,117,586			626,466			1,097,760
LIABILITIES:
Bank overdraft		—			2,174			—
Payable for investment securities purchased		16,015			13,511			9,216
Payable upon return of securities loaned (note 2)		295,248			125,442			186,447
Payable for capital shares redeemed		1,489			849			1,936
Payable to affiliates (note 3)		626			371			692
Payable for distribution and shareholder servicing fees		35			2			35
Accrued expenses and other liabilities		30			24			26
Total liabilities		313,443			142,373			198,352
Net assets	$	804,143		$	484,093		$	899,408
COMPOSITION OF NET ASSETS:
Portfolio capital	$	700,684		$	399,413		$	662,381
Undistributed (distributions in excess of) net investment income		217			(186	)		(1,220	)
Accumulated net realized gain (loss) on investments		(22,700	)		35,939			100,419
Net unrealized appreciation of investments		125,942			48,927			137,828
Net assets	$	804,143		$	484,093		$	899,408
* Including securities loaned, at value	$	281,954		$	120,228		$	177,458
Class A:
Net assets	$	88,915		$	7,584		$	117,406
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		2,811			475			5,372
Net asset value and redemption price per share	$	31.63		$	15.97		$	21.86
Maximum offering price per share (1)	$	33.47		$	16.90		$	23.13
Class B:
Net assets	$	11,912		$	686		$	8,929
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		399			44			421
Net asset value, offering price, and redemption price per share (2)	$	29.83		$	15.68		$	21.20
Class C:
Net assets	$	7,476		$	303		$	4,780
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		246			19			223
Net asset value, offering price, and redemption price per share (2)	$	30.43		$	15.68		$	21.49
Class R:
Net assets	$	658		$	32		$	176
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		21			2			8
Net asset value, offering price, and redemption price per share	$	31.41		$	15.90		$	21.83
Class Y:
Net assets	$	695,182		$	475,488		$	768,117
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		21,330			29,699			35,011
Net asset value, offering price, and redemption price per share	$	32.59		$	16.01		$	21.94

(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
(2)	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

First American Funds Semiannual Report 2007       67

Statements of  Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

	Large Cap Growth			Large Cap			Large Cap
	Opportunities Fund			Select Fund			Value Fund
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	182		$	93		$	382
Dividends from unaffiliated securities		4,117			3,317			10,276
Less: Foreign taxes withheld		(26	)		(28	)		(27	)
Securities lending income		161			58			90
Total investment income		4,434			3,440			10,721
EXPENSES (note 3):
Investment advisory fees		2,762			1,574			3,015
Administration fees		949			542			1,037
Transfer agent fees		161			60			127
Custodian fees		42			16			24
Professional fees		21			21			21
Registration fees		27			27			25
Postage and printing fees		21			12			23
Directors’ fees		10			11			10
Other expenses		10			10			10
Distribution and shareholder servicing fees – Class A		112			9			145
Distribution and shareholder servicing fees – Class B		64			3			46
Distribution and shareholder servicing fees – Class C		38			1			25
Distribution and shareholder servicing fees – Class R		2			—	(1)		—	(1)
Total expenses		4,219			2,286			4,508
Less: Indirect payments from custodian (note 3)		(1	)		(1	)		(2	)
Total net expenses		4,218			2,285			4,506
Investment income – net		216			1,155			6,215
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain on investments		50,119			36,630			101,031
Net change in unrealized appreciation or depreciation of investments		17,723			(4,017	)		(37,927	)
Net gain on investments		67,842			32,613			63,104
Net increase in net assets resulting from operations	$	68,058		$	33,768		$	69,319

(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.

68      First American Funds Semiannual Report 2007

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

		Large Cap Growth						Large Cap						Large Cap
		Opportunities Fund						Select Fund						Value Fund
		Six-Month						Six-Month						Six-Month
		Period Ended			Year			Period Ended			Year			Period Ended			Year
		4/30/07			Ended			4/30/07			Ended			4/30/07			Ended
		(unaudited)			10/31/06			(unaudited)			10/31/06			(unaudited)			10/31/06
OPERATIONS:
Investment income – net		$	216		$	1,286		$	1,155		$	2,823		$	6,215		$	11,200
Net realized gain on investments			50,119			49,878			36,630			8,397			101,031			79,006
Net change in unrealized appreciation or depreciation of investments			17,723			5,492			(4,017	)		34,939			(37,927	)		61,680
Net increase in net assets resulting from operations			68,058			56,656			33,768			46,159			69,319			151,886
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		—			—			(13	)		(29	)		(852	)		(1,231	)
	Class B		—			—			—			—	(1)		(49	)		(77	)
	Class C		—			—			—			—	(1)		(26	)		(32	)
	Class R		—			—			—	(1)		—	(1)		(1	)		—	(1)
	Class Y		(1,284	)		—			(1,406	)		(2,872	)		(6,507	)		(9,972	)
Net realized gain on investments:
	Class A		(1,036	)		—			(116	)		(250	)		(8,884	)		(3,787	)
	Class B		(160	)		—			(11	)		(26	)		(738	)		(419	)
	Class C		(93	)		—			(4	)		(8	)		(404	)		(170	)
	Class R		(6	)		—			(2	)		(1	)		(13	)		—	(1)
	Class Y		(8,372	)		—			(7,569	)		(14,936	)		(62,201	)		(23,452	)
Total distributions			(10,951	)		—			(9,121	)		(18,122	)		(79,675	)		(39,140	)
CAPITAL SHARE TRANSACTIONS (Note 4):
Class A:
	Proceeds from sales		6,661			13,213			864			4,957			5,940			10,688
	Reinvestment of distributions		985			—			109			143			9,016			4,696
	Payments for redemptions		(15,031	)		(33,886	)		(914	)		(4,049	)		(11,658	)		(32,648	)
Increase (decrease) in net assets from Class A transactions			(7,385	)		(20,673	)		59			1,051			3,298			(17,264	)
Class B:
	Proceeds from sales		342			736			46			193			245			627
	Reinvestment of distributions		158			—			10			23			765			486
	Payments for redemptions (note 3)		(3,358	)		(7,250	)		(44	)		(180	)		(1,734	)		(6,446	)
Increase (decrease) in net assets from Class B transactions			(2,858	)		(6,514	)		12			36			(724	)		(5,333	)
Class C:
	Proceeds from sales		580			538			53			73			352			540
	Reinvestment of distributions		90			—			4			8			386			198
	Payments for redemptions (note 3)		(2,107	)		(3,347	)		(15	)		(28	)		(1,041	)		(1,582	)
Increase (decrease) in net assets from Class C transactions			(1,437	)		(2,809	)		42			53			(303	)		(844	)
Class R:
	Proceeds from sales		65			261			17			133			27			146
	Reinvestment of distributions		6			—			2			1			14			1
	Payments for redemptions		(12	)		(14	)		(110	)		(30	)		(26	)		(2	)
Increase (decrease) in net assets from Class R transactions			59			247			(91	)		104			15			145
Class Y:
	Proceeds from sales		31,702			132,441			34,841			173,185			34,317			95,353
	Reinvestment of distributions		4,913			—			3,437			7,404			43,739			21,057
	Payments for redemptions		(185,068	)		(237,022	)		(63,169	)		(73,053	)		(126,802	)		(127,822	)
Increase (decrease) in net assets from Class Y transactions			(148,453	)		(104,581	)		(24,891	)		107,536			(48,746	)		(11,412	)
Increase (decrease) in net assets from capital share transactions			(160,074	)		(134,330	)		(24,869	)		108,780			(46,460	)		(34,708	)
Total increase (decrease) in net assets			(102,967	)		(77,674	)		(222	)		136,817			(56,816	)		78,038
Net assets at beginning of period			907,110			984,784			484,315			347,498			956,224			878,186
Net assets at end of period		$	804,143		$	907,110		$	484,093		$	484,315		$	899,408		$	956,224
Undistributed (distributions in excess of) net investment income at end of period		$	217		$	1,285		$	(186	)	$	78		$	(1,220	)	$	—

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

First American Funds Semiannual Report 2007       69

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			Distributions			Value
		Beginning		Investment			(Losses) on			Investment			Realized			from Return			End of
		of Period		Income (Loss)			Investments			Income			Gains			of Capital			Period
Large Cap Growth Opportunities Fund (1)
Class A
	2007 (2)	$	29.58	$	(0.02	)	$	2.41		$	—		$	(0.34	)	$	—		$	31.63
	2006 (3)		27.86		(0.02	)		1.74			—			—			—			29.58
	2005 (4)		28.02		(0.01	)		(0.15	)		—			—			—			27.86
	2005 (5)		25.00		(0.01	)		3.08			(0.04	)		—			(0.01	)		28.02
	2004 (5)		22.84		(0.03	)		2.20			(0.01	)		—			—	(7)		25.00
	2003 (5)		19.16		—			3.73			(0.05	)		—			—			22.84
	2002 (5)		24.44		—			(5.23	)		(0.05	)		—			—			19.16
Class B
	2007 (2)	$	28.01	$	(0.13	)	$	2.29		$	—		$	(0.34	)	$	—		$	29.83
	2006 (3)		26.58		(0.22	)		1.65			—			—			—			28.01
	2005 (4)		26.75		(0.03	)		(0.14	)		—			—			—			26.58
	2005 (5)		24.02		(0.20	)		2.96			(0.02	)		—			(0.01	)		26.75
	2004 (5)		22.10		(0.21	)		2.13			—			—			—	(7)		24.02
	2003 (5)		18.64		(0.18	)		3.64			—			—			—			22.10
	2002 (5)		23.94		(0.18	)		(5.09	)		(0.03	)		—			—			18.64
Class C
	2007 (2)	$	28.58	$	(0.13	)	$	2.32		$	—		$	(0.34	)	$	—		$	30.43
	2006 (3)		27.12		(0.23	)		1.69			—			—			—			28.58
	2005 (4)		27.29		(0.03	)		(0.14	)		—			—			—			27.12
	2005 (5)		24.51		(0.20	)		3.00			(0.01	)		—			(0.01	)		27.29
	2004 (5)		22.55		(0.21	)		2.17			—			—			—	(7)		24.51
	2003 (5)		19.03		(0.18	)		3.72			(0.02	)		—			—			22.55
	2002 (5)		24.44		(0.18	)		(5.19	)		(0.04	)		—			—			19.03
Class R (6)
	2007 (2)	$	29.41	$	(0.06	)	$	2.40		$	—		$	(0.34	)	$	—		$	31.41
	2006 (3)		27.78		(0.09	)		1.72			—			—			—			29.41
	2005 (4)		27.94		(0.02	)		(0.14	)		—			—			—	(7)		27.78
	2005 (5)		24.98		(0.16	)		3.17			(0.05	)		—			—	(7)		27.94
	2004 (5)		22.85		(0.02	)		2.16			(0.01	)		—			—			24.98
	2003 (5)		19.17		—			3.73			(0.05	)		—			—			22.85
	2002 (5)		24.45		—			(5.23	)		(0.05	)		—			—			19.17
Class Y
	2007 (2)	$	30.48	$	0.02		$	2.48		$	(0.05	)	$	(0.34	)	$	—		$	32.59
	2006 (3)		28.64		0.05			1.79			—			—			—			30.48
	2005 (4)		28.79		(0.01	)		(0.14	)		—			—			—			28.64
	2005 (5)		25.63		0.07			3.15			(0.04	)		—			(0.02	)		28.79
	2004 (5)		23.38		0.03			2.25			(0.02	)		—			(0.01	)		25.63
	2003 (5)		19.59		0.07			3.80			(0.08	)		—			—			23.38
	2002 (5)		24.93		0.06			(5.33	)		(0.07	)		—			—			19.59

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except per share data.
(3)	For the period November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. 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.

70      First American Funds Semiannual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (8)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	8.14	%	$	88,915		1.19	%		(0.15	)%		1.19	%		(0.15	)%		51	%
	6.17			90,285		1.19			(0.07	)		1.19			(0.07	)		94
	(0.57	)		104,960		1.21			(0.47	)		1.21			(0.47	)		6
	12.30			107,079		1.17			(0.03	)		1.20			(0.06	)		103
	9.52			112,379		1.15			(0.13	)		1.19			(0.17	)		113
	19.50			93,331		1.15			(0.02	)		1.19			(0.06	)		83
	(21.46	)		24,647		1.15			(0.02	)		1.22			(0.09	)		43
	7.78	%	$	11,912		1.94	%		(0.90	)%		1.94	%		(0.90	)%		51	%
	5.38			13,990		1.94			(0.82	)		1.94			(0.82	)		94
	(0.64	)		19,601		1.96			(1.22	)		1.96			(1.22	)		6
	11.47			20,239		1.92			(0.77	)		1.95			(0.80	)		103
	8.69			25,633		1.90			(0.87	)		1.94			(0.91	)		113
	18.58			37,853		1.90			(0.84	)		1.94			(0.88	)		83
	(22.06	)		2,928		1.90			(0.75	)		1.97			(0.82	)		43
	7.73	%	$	7,476		1.94	%		(0.90	)%		1.94	%		(0.90	)%		51	%
	5.38			8,424		1.94			(0.82	)		1.94			(0.82	)		94
	(0.62	)		10,739		1.96			(1.22	)		1.96			(1.22	)		6
	11.44			11,147		1.92			(0.78	)		1.95			(0.81	)		103
	8.69			12,811		1.90			(0.87	)		1.94			(0.91	)		113
	18.60			15,365		1.90			(0.81	)		1.94			(0.85	)		83
	(22.03	)		476		1.90			(0.73	)		1.97			(0.80	)		43
	8.02	%	$	658		1.44	%		(0.40	)%		1.44	%		(0.40	)%		51	%
	5.87			558		1.44			(0.32	)		1.57			(0.45	)		94
	(0.57	)		290		1.46			(0.72	)		1.61			(0.87	)		6
	12.04			290		1.42			(0.57	)		1.60			(0.75	)		103
	9.38			1		1.15			(0.08	)		1.19			(0.12	)		113
	19.51			15,890		1.15			(0.01	)		1.19			(0.05	)		83
	(21.45	)		2,376		1.15			—			1.22			(0.07	)		43
	8.28	%	$	695,182		0.94	%		0.10	%		0.94	%		0.10	%		51	%
	6.42			793,853		0.94			0.18			0.94			0.18			94
	(0.52	)		849,194		0.96			(0.22	)		0.96			(0.22	)		6
	12.58			849,382		0.92			0.26			0.95			0.23			103
	9.76			1,188,261		0.90			0.13			0.94			0.09			113
	19.78			1,072,174		0.90			0.31			0.94			0.27			83
	(21.23	)		255,311		0.90			0.24			0.97			0.17			43

First American Funds Semiannual Report 2007       71

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 (Loss)			Investments			Income			Gains			Period
Large Cap Select Fund (1)
Class A
	2007 (2)	$	15.18	$	0.02		$	1.04		$	(0.02	)	$	(0.25	)	$	15.97
	2006 (3)		14.30		0.06			1.48			(0.06	)		(0.60	)		15.18
	2005 (4)		14.47		—			(0.17	)		—			—			14.30
	2005 (5)		12.52		0.06			2.15			(0.06	)		(0.20	)		14.47
	2004 (5)		11.45		0.04			1.19			(0.05	)		(0.11	)		12.52
	2003 (7)		10.00		0.03			1.46			(0.04	)		—			11.45
Class B
	2007 (2)	$	14.94	$	(0.04	)	$	1.03		$	—		$	(0.25	)	$	15.68
	2006 (3)		14.12		(0.05	)		1.48			(0.01	)		(0.60	)		14.94
	2005 (4)		14.30		(0.01	)		(0.17	)		—			—			14.12
	2005 (5)		12.41		(0.05	)		2.15			(0.01	)		(0.20	)		14.30
	2004 (5)		11.41		(0.06	)		1.18			(0.01	)		(0.11	)		12.41
	2003 (7)		10.00		(0.03	)		1.45			(0.01	)		—			11.41
Class C
	2007 (2)	$	14.95	$	(0.04	)	$	1.02		$	—		$	(0.25	)	$	15.68
	2006 (3)		14.13		(0.05	)		1.48			(0.01	)		(0.60	)		14.95
	2005 (4)		14.31		(0.01	)		(0.17	)		—			—			14.13
	2005 (5)		12.43		(0.05	)		2.14			(0.01	)		(0.20	)		14.31
	2004 (5)		11.42		(0.06	)		1.19			(0.01	)		(0.11	)		12.43
	2003 (7)		10.00		(0.02	)		1.45			(0.01	)		—			11.42
Class R (6)
	2007 (2)	$	15.12	$	0.01		$	1.03		$	(0.01	)	$	(0.25	)	$	15.90
	2006 (3)		14.26		0.01			1.49			(0.04	)		(0.60	)		15.12
	2005 (4)		14.43		(0.01	)		(0.16	)		—			—			14.26
	2005 (5)		12.49		0.02			2.15			(0.03	)		(0.20	)		14.43
	2004 (5)		11.44		0.02			1.18			(0.04	)		(0.11	)		12.49
	2003 (7)		10.00		0.03			1.44			(0.03	)		—			11.44
Class Y
	2007 (2)	$	15.22	$	0.04		$	1.04		$	(0.04	)	$	(0.25	)	$	16.01
	2006 (3)		14.33		0.10			1.49			(0.10	)		(0.60	)		15.22
	2005 (4)		14.49		—			(0.16	)		—			—			14.33
	2005 (5)		12.53		0.09			2.16			(0.09	)		(0.20	)		14.49
	2004 (5)		11.45		0.07			1.19			(0.07	)		(0.11	)		12.53
	2003 (7)		10.00		0.05			1.45			(0.05	)		—			11.45

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. 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)	For the period from January 31, 2003, 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.
(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.

72      First American Funds Semiannual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return(8)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	7.06	%	$	7,584		1.19	%		0.23	%		1.19	%		0.23	%		64	%
	11.07			7,152		1.20			0.41			1.20			0.41			112
	(1.17	)		5,682		1.19			(0.20	)		1.19			(0.20	)		8
	17.83			5,299		1.17			0.41			1.22			0.36			176
	10.82			714		1.15			0.30			1.21			0.24			67
	14.91			215		1.15			0.42			1.24			0.33			65
	6.65	%	$	686		1.94	%		(0.52	)%		1.94	%		(0.52	)%		64	%
	10.32			643		1.95			(0.34	)		1.95			(0.34	)		112
	(1.26	)		573		1.94			(0.95	)		1.94			(0.95	)		8
	17.02			567		1.92			(0.36	)		1.97			(0.41	)		176
	9.89			270		1.90			(0.44	)		1.96			(0.50	)		67
	14.18			113		1.90			(0.35	)		1.99			(0.44	)		65
	6.58	%	$	303		1.94	%		(0.54	)%		1.94	%		(0.54	)%		64	%
	10.36			248		1.95			(0.35	)		1.95			(0.35	)		112
	(1.26	)		180		1.94			(0.95	)		1.94			(0.95	)		8
	16.91			182		1.92			(0.35	)		1.97			(0.40	)		176
	9.98			59		1.90			(0.45	)		1.96			(0.51	)		67
	14.27			26		1.90			(0.32	)		1.99			(0.41	)		65
	6.90	%	$	32		1.44	%		0.07	%		1.44	%		0.07	%		64	%
	10.79			118		1.45			0.08			1.57			(0.04	)		112
	(1.18	)		2		1.44			(0.45	)		1.59			(0.60	)		8
	17.54			2		1.42			0.14			1.62			(0.06	)		176
	10.60			1		1.32			0.18			1.38			0.12			67
	14.76			1		1.15			0.39			1.24			0.30			65
	7.17	%	$	475,488		0.94	%		0.48	%		0.94	%		0.48	%		64	%
	11.37			476,154		0.95			0.66			0.95			0.66			112
	(1.10	)		341,061		0.94			0.05			0.94			0.05			8
	18.14			329,656		0.92			0.67			0.97			0.62			176
	11.10			291,807		0.90			0.57			0.96			0.51			67
	15.02			126,391		0.90			0.71			0.99			0.62			65

First American Funds Semiannual Report 2007       73

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 (Loss)			Investments			Income			Gains			Period
Large Cap Value Fund (1)
Class A
	2007 (2)	$	22.12	$	0.12		$	1.47		$	(0.16	)	$	(1.69	)	$	21.86
	2006 (3)		19.56		0.21			3.19			(0.21	)		(0.63	)		22.12
	2005 (4)		20.06		—			(0.50	)		—			—			19.56
	2005 (5)		17.21		0.17			2.85			(0.17	)		—			20.06
	2004 (5)		14.97		0.15			2.24			(0.15	)		—			17.21
	2003 (5)		12.77		0.18			2.20			(0.18	)		—			14.97
	2002 (5)		15.98		0.14			(3.21	)		(0.14	)		—			12.77
Class B
	2007 (2)	$	21.54	$	0.04		$	1.42		$	(0.11	)	$	(1.69	)	$	21.20
	2006 (3)		19.12		0.06			3.11			(0.12	)		(0.63	)		21.54
	2005 (4)		19.62		(0.01	)		(0.49	)		—			—			19.12
	2005 (5)		16.87		0.03			2.78			(0.06	)		—			19.62
	2004 (5)		14.70		0.03			2.20			(0.06	)		—			16.87
	2003 (5)		12.55		0.08			2.15			(0.08	)		—			14.70
	2002 (5)		15.71		0.02			(3.15	)		(0.03	)		—			12.55
Class C
	2007 (2)	$	21.81	$	0.04		$	1.44		$	(0.11	)	$	(1.69	)	$	21.49
	2006 (3)		19.35		0.06			3.15			(0.12	)		(0.63	)		21.81
	2005 (4)		19.85		(0.01	)		(0.49	)		—			—			19.35
	2005 (5)		17.07		0.03			2.81			(0.06	)		—			19.85
	2004 (5)		14.87		0.03			2.23			(0.06	)		—			17.07
	2003 (5)		12.70		0.08			2.17			(0.08	)		—			14.87
	2002 (5)		15.90		0.02			(3.19	)		(0.03	)		—			12.70
Class R (6)
	2007 (2)	$	22.10	$	0.09		$	1.46		$	(0.13	)	$	(1.69	)	$	21.83
	2006 (3)		19.55		0.12			3.23			(0.17	)		(0.63	)		22.10
	2005 (4)		20.06		(0.01	)		(0.50	)		—			—			19.55
	2005 (5)		17.22		0.12			2.85			(0.13	)		—			20.06
	2004 (5)		14.96		0.17			2.23			(0.14	)		—			17.22
	2003 (5)		12.77		0.18			2.19			(0.18	)		—			14.96
	2002 (5)		15.97		0.13			(3.18	)		(0.15	)		—			12.77
Class Y
	2007 (2)	$	22.19	$	0.15		$	1.46		$	(0.17	)	$	(1.69	)	$	21.94
	2006 (3)		19.62		0.26			3.21			(0.27	)		(0.63	)		22.19
	2005 (4)		20.12		—			(0.50	)		—			—			19.62
	2005 (5)		17.26		0.22			2.86			(0.22	)		—			20.12
	2004 (5)		15.01		0.20			2.24			(0.19	)		—			17.26
	2003 (5)		12.80		0.22			2.20			(0.21	)		—			15.01
	2002 (5)		16.02		0.18			(3.22	)		(0.18	)		—			12.80

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. 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)	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.

74      First American Funds Semiannual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	7.51	%	$	117,406		1.17	%		1.13	%		1.17	%		1.13	%		45	%
	17.93			115,438		1.19			1.05			1.19			1.05			55
	(2.48	)		118,443		1.21			(0.17	)		1.21			(0.17	)		2
	17.62			121,809		1.17			0.90			1.20			0.87			61
	16.01			113,683		1.15			0.91			1.19			0.87			104
	18.71			88,024		1.15			1.30			1.20			1.25			94
	(19.37	)		85,182		1.15			0.86			1.20			0.81			82
	7.08	%	$	8,929		1.92	%		0.40	%		1.92	%		0.40	%		45	%
	17.04			9,815		1.94			0.32			1.94			0.32			55
	(2.55	)		13,826		1.96			(0.92	)		1.96			(0.92	)		2
	16.70			14,876		1.92			0.15			1.95			0.12			61
	15.19			21,829		1.90			0.19			1.94			0.15			104
	17.83			30,987		1.90			0.56			1.95			0.51			94
	(19.96	)		33,720		1.90			0.11			1.95			0.06			82
	7.08	%	$	4,780		1.92	%		0.39	%		1.92	%		0.39	%		45	%
	17.05			5,174		1.94			0.30			1.94			0.30			55
	(2.52	)		5,399		1.96			(0.92	)		1.96			(0.92	)		2
	16.75			5,710		1.92			0.15			1.95			0.12			61
	15.21			6,344		1.90			0.18			1.94			0.14			104
	17.76			6,844		1.90			0.56			1.95			0.51			94
	(19.97	)		7,524		1.90			0.11			1.95			0.06			82
	7.36	%	$	176		1.42	%		0.86	%		1.42	%		0.86	%		45	%
	17.63			164		1.44			0.58			1.55			0.47			55
	(2.54	)		7		1.46			(0.42	)		1.61			(0.57	)		2
	17.34			7		1.42			0.61			1.60			0.43			61
	16.05			1		1.15			1.00			1.19			0.96			104
	18.63			23,845		1.15			1.30			1.20			1.25			94
	(19.36	)		24,129		1.15			0.90			1.20			0.85			82
	7.62	%	$	768,117		0.92	%		1.39	%		0.92	%		1.39	%		45	%
	18.23			825,633		0.94			1.29			0.94			1.29			55
	(2.47	)		740,511		0.96			0.08			0.96			0.08			2
	17.92			764,679		0.92			1.17			0.95			1.14			61
	16.31			1,021,197		0.90			1.17			0.94			1.13			104
	19.04			874,267		0.90			1.55			0.95			1.50			94
	(19.22	)		825,179		0.90			1.11			0.95			1.06			82

First American Funds Semiannual Report 2007       75

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Balanced Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 53.6%
Consumer Discretionary – 5.2%
Abercrombie & Fitch, Class A (a)		25,525	$	2,084
Cato, Class A		4,907		106
Children’s Place Retail Stores (a) (b)		3,917		207
Christopher & Banks (a)		10,041		174
Comcast, Class A (a) (b)		175,536		4,680
Cosi (a) (b)		42,849		222
Federated Department Stores		52,871		2,322
Gap		107,561		1,931
GSI Commerce (a) (b)		4,443		98
Hibbett Sports (a) (b)		5,256		153
Interface, Class A		3,415		58
Journal Communications, Class A		15,466		209
McCormick & Schmick’s Seafood Restaurants (a) (b)		3,378		90
Nautilus (a)		23,737		328
NutriSystem (a) (b)		3,688		229
Omnicom Group		25,440		2,664
P.F. Chang’s China Bistro (a) (b)		4,402		168
Ruth’s Chris Steak House (b)		5,749		114
Scientific Games, Class A (a) (b)		6,905		230
Starbucks (a) (b)		64,213		1,992
Texas Roadhouse, Class A (a) (b)		10,182		149
Tween Brands (a) (b)		3,563		139
WMS Industries (a) (b)		1,496		60
				18,407
Consumer Staples – 4.5%
Altria Group		59,023		4,068
Central Garden & Pet, Class A (a) (b)		7,797		111
Central Garden & Pet (a) (b)		3,898		58
Estee Lauder, Class A		67,958		3,494
Pantry (b)		1,705		77
Reliv International (a)		9,571		102
USANA Health Sciences (a) (b)		4,387		175
Walgreen (a)		99,017		4,347
Wal-Mart Stores		77,282		3,703
				16,135
Energy – 5.9%
Apache		33,804		2,451
Arena Resources (a) (b)		2,407		113
Atwood Oceanics (a) (b)		769		48
Baytex Energy Trust		3,220		61
Brigham Exploration (b)		18,178		110
Canadian Oil Sands Trust		3,500		95
Canetic Resources Trust		6,500		87
Comstock Resources (a) (b)		7,130		202
Edge Petroleum (a) (b)		14,096		194
Exxon Mobil		54,554		4,331
Harvest Energy Trust		4,000		111
Helix Energy Solutions Group (a) (b)		6,464		247
Hess		44,454		2,523
NAL Oil & Gas Trust (b)		8,000		89
National-Oilwell Varco (b)		11,339		962
Occidental Petroleum		78,310		3,970
Penn West Energy Trust		2,065		62
St. Mary Land & Exploration		4,809		176
Tesoro (a)		17,183		2,083
Williams		105,856		3,123
				21,038
Financials – 12.1%
Affiliated Managers Group (a) (b)		16,528		1,944
AllianceBernstein Holding		30,495		2,774
Ambac Financial Group (a)		25,418		2,333
American International Group		113,353		7,924
BioMed Realty Trust – REIT		8,694		250
CIT Group		33,152		1,978
Citigroup		119,262		6,395
Columbia Banking System		3,519		107
Countrywide Financial		78,965		2,928
Cullen/ Frost Bankers (a)		5,099		261
Dime Community Bancshares		8,364		111
East West Bancorp		7,514		299
First Financial Bankshares (a)		1,422		55
First Potomac Realty Trust – REIT		8,122		210
Goldman Sachs Group		14,885		3,254
Independent Bank (a)		3,312		98
Investors Financial Services		3,031		188
Kite Realty Group Trust – REIT		7,705		154
Knight Capital Group, Class A (a) (b)		10,780		175
LaSalle Hotel Properties – REIT		2,533		118
Morgan Stanley		70,194		5,897
Nara Bancorp		4,947		82
Nelnet, Class A (a)		6,692		180
Newcastle Investment – REIT (a)		1,890		55
Platinum Underwriters Holdings (a)		8,330		285
PMI Group (a)		97,295		4,716
South Financial Group (a)		4,748		107
Thomas Weisel Partners Group (a) (b)		9,729		192
Umpqua Holdings (a)		4,445		111
				43,181
Healthcare – 5.5%
AngioDynamics (b)		9,111		152
Caliper Life Sciences (b)		5,983		34
Conceptus (a) (b)		604		12
Coventry Health Care (a) (b)		38,912		2,250
Curis (b)		21,324		44
Dexcom (a) (b)		11,286		90
DJ Orthopedics (b)		5,617		219
Exelixis (a) (b)		9,369		101
Healthways (a) (b)		2,582		110
Human Genome Sciences (a) (b)		6,946		75
ICU Medical (a) (b)		5,186		217
ImmunoGen (b)		12,562		68
K-V Pharmaceutical, Class A (a) (b)		5,173		135
LCA-Vision (a)		3,021		127
Magellan Health Services (a) (b)		3,903		167
Medarex (a) (b)		6,495		89
Merge Technologies (a) (b)		6,550		33
Novartis AG, ADR		61,045		3,546
Pediatrix Medical Group (a) (b)		6,318		360
Pfizer		94,198		2,492
Salix Pharmaceuticals (a) (b)		11,870		155
Senomyx (a) (b)		9,092		122
SonoSite (a) (b)		9,808		284
SurModics (a) (b)		2,456		100
UnitedHealth Group (a)		69,900		3,709
Wyeth Pharmaceuticals		88,006		4,884
				19,575
Industrials – 4.9%
AirTran Holdings (a) (b)		28,863		318
American Standard		52,654		2,899
AMETEK (a)		8,270		300
BE Aerospace (a) (b)		3,323		122
Boeing		39,778		3,699
Columbus McKinnon (b)		2,946		73
CRA International (a) (b)		1,747		90

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

76      First American Funds Semiannual Report 2007

Balanced Fund (continued)
DESCRIPTION	SHARES		VALUE
Energy Conversion Devices (a) (b)		2,603	$	92
ESCO Technologies (a) (b)		4,513		206
Forward Air (a)		7,704		235
General Electric		90,350		3,330
Genlyte Group (a) (b)		1,276		99
L-3 Communications Holdings		27,374		2,462
Lennox International (a)		5,358		181
NCI Building Systems (a) (b)		3,959		198
PeopleSupport (a) (b)		15,509		195
Power-One (a) (b)		28,937		123
Steelcase, Class A		5,317		104
Timken (a)		8,190		270
UAL (a) (b)		65,801		2,198
WESCO International (a) (b)		4,625		292
				17,486
Information Technology – 12.1%
ADC Telecommunications (a) (b)		13,043		240
Advanced Analogic Technologies (a) (b)		19,532		158
aQuantive (a) (b)		5,422		166
BISYS Group (b)		15,737		182
Cisco Systems (b)		199,657		5,339
Corning (a) (b)		102,927		2,441
Dell (b)		75,807		1,911
Digital River (a) (b)		1,269		74
EMC (b)		158,587		2,407
Emulex (a) (b)		14,751		310
Entegris (a) (b)		28,089		329
F5 Networks (b)		2,387		183
Harris Stratex Networks, Class A (a) (b)		8,530		170
Hutchinson Technology (a) (b)		4,276		81
IBM		43,837		4,481
Intel		187,059		4,022
Ixia (b)		2,956		25
MEMC Electronic Materials (b)		14,847		815
Microsoft		222,881		6,673
NVIDIA (b)		28,836		948
Oracle (b)		233,860		4,397
Photronics (a) (b)		13,307		200
Plexus (a) (b)		10,236		215
PMC-Sierra (a) (b)		29,792		230
Progress Software (b)		7,261		219
QUALCOMM		63,733		2,792
Rudolph Technologies (b)		7,018		121
Silicon Laboratories (a) (b)		4,755		156
Stratasys (b)		1,230		59
Tessera Technologies (a) (b)		3,790		162
Texas Instruments		98,843		3,397
TIBCO Software (a) (b)		15,094		138
Trident Microsystems (b)		8,657		184
				43,225
Materials – 1.8%
Albemarle		2,784		118
Century Aluminum (a) (b)		2,398		114
Freeport-McMoRan Copper & Gold, Class B		50,035		3,360
Headwaters (a) (b)		2,203		48
Owens-Illinois (b)		76,390		2,299
Schnitzer Steel Industries, Class A		3,626		188
Terra Industries (b)		6,540		115
Texas Industries		824		63
				6,305
Telecommunication Services – 1.6%
ALLTEL		32,225		2,020
American Tower, Class A (b)		89,141		3,387
General Communication, Class A (a) (b)		8,975		128
				5,535
Utilities – 0.0%
NSTAR (a)		2,157		78
Total Common Stocks (Cost $167,851)				190,965
Investment Companies – 4.5%
iShares MSCI EAFE Index Fund		133,900		10,599
iShares MSCI Emerging Markets Index Fund (a)		9,600		1,160
iShares Nasdaq Biotechnology Index Fund (a) (b)		52,938		4,337
Total Investment Companies (Cost $12,253)				16,096

U.S. Government Agency Mortgage-Backed Securities – 11.2%
Adjustable Rate (c) – 0.8%
Federal Home Loan Mortgage Corporation Pool
	7.168%, 01/01/2028, #786281	$	174	176
	5.784%, 07/01/2036, #1K1238 (a)		1,016	1,023
Federal National Mortgage Association Pool
	6.676%, 04/01/2018, #070009		40	40
	7.003%, 09/01/2033, #725553 (a)		656	668
	5.276%, 11/01/2034, #735054 (a)		804	795
				2,702
Fixed Rate – 10.4%
Federal Home Loan Mortgage Corporation Pool
	4.000%, 04/01/2008, #M90808		507	502
	6.500%, 04/01/2008, #E00225		5	5
	7.000%, 04/01/2008, #E46044		1	1
	4.000%, 10/01/2010, #M80855		792	771
	5.500%, 03/01/2013, #E00546		99	100
	4.500%, 05/01/2018, #P10032 (a)		396	390
	6.500%, 11/01/2028, #C00676		462	477
	7.000%, 12/01/2029, #G01091		86	89
	6.500%, 07/01/2031, #A17212 (a)		314	324
	6.000%, 05/01/2032, #C01361		109	111
Federal National Mortgage Association Pool
	3.790%, 07/01/2013, #386314 (a)		1,315	1,237
	6.000%, 09/01/2017, #653368		218	222
	5.000%, 07/01/2018, #555621 (a)		1,088	1,076
	5.000%, 12/01/2018, #725012		898	888
	4.500%, 06/01/2019, #045181		326	316
	5.000%, 11/01/2019, #725934		265	262
	5.500%, 01/01/2020, #735386 (a)		486	488
	5.500%, 06/01/2020, #735792		417	418
	5.000%, 02/01/2021, #745279		587	579
	5.000%, 02/01/2022, #912554 (a)		1,592	1,569
	6.000%, 10/01/2022, #254513 (a)		425	433
	5.500%, 10/01/2024, #255456 (a)		885	882
	5.500%, 12/01/2024, #357662		797	794
	5.500%, 02/01/2025, #255628 (a)		878	875
	5.500%, 10/01/2025, #255956 (a)		1,412	1,405
	7.000%, 04/01/2029, #323681		86	90
	6.500%, 12/01/2031, #254169 (a)		327	333
	6.000%, 04/01/2032, #745101		900	921
	6.500%, 05/01/2032, #640032		695	716
	7.000%, 07/01/2032, #545815 (a)		173	180
	6.000%, 09/01/2032, #254447		349	353
	6.000%, 01/01/2033, #676647		592	600

First American Funds Semiannual Report 2007       77

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Balanced Fund (continued)
DESCRIPTION			PAR		VALUE
		5.500%, 04/01/2033, #694605 (a)	$	977	$	968
		5.500%, 06/01/2033, #843435 (a)		459		455
		5.500%, 07/01/2033, #728667 (a)		491		487
		5.500%, 08/01/2033, #733380 (a)		1,110		1,101
		5.000%, 10/01/2033, #741897 (a)		779		755
		5.500%, 10/01/2033, #555800 (a)		1,136		1,127
		6.000%, 11/01/2033, #772130		179		181
		6.000%, 11/01/2033, #772256		203		206
		5.500%, 12/01/2033, #756202		690		685
		5.000%, 03/01/2034, #725205 (a)		869		842
		5.000%, 03/01/2034, #725250 (a)		780		756
		5.500%, 04/01/2034, #725424 (a)		411		407
		5.500%, 05/01/2034 (d)		3,000		2,966
		5.500%, 05/01/2034, #357571		753		746
		5.000%, 06/01/2034, #782909 (a)		377		365
		6.500%, 06/01/2034, #735273 (a)		727		749
		5.500%, 03/01/2036, #745354 (a)		1,265		1,253
		6.500%, 04/01/2036, #852909 (a)		680		694
		6.500%, 07/01/2036, #831683 (a)		641		655
		6.000%, 08/01/2036, #885536 (a)		1,540		1,552
		6.500%, 08/01/2036, #893318		545		557
		6.000%, 11/01/2036, #902786		1,151		1,160
		5.500%, 01/01/2037, #906059 (a)		993		982
Government National Mortgage Association Pool
		6.500%, 10/20/2010, #002108		9		9
		7.500%, 06/15/2027, #447728		9		9
		7.500%, 09/15/2027, #455516		9		9
		7.000%, 04/15/2029, #506639		165		173
						37,256
Total U.S. Government Agency Mortgage-Backed Securities
		(Cost $40,274)				39,958
U.S. Government & Agency Securities – 8.8%
U.S. Agency Debentures – 0.5%
Federal National Mortgage Association
		5.250%, 08/01/2012 (a)		1,745		1,767
U.S. Treasuries – 8.3%
U.S. Treasury Bond (STRIPS)
		0.000%, 02/15/2023 (a) (e)		1,795		826
U.S. Treasury Bonds
		8.125%, 08/15/2021 (a)		385		514
		7.625%, 02/15/2025 (a)		400		529
		6.875%, 08/15/2025 (a)		1,600		1,981
		4.500%, 02/15/2036 (a)		1,205		1,143
		4.750%, 02/15/2037 (a)		100		99
U.S. Treasury Notes
		2.625%, 05/15/2008		11,000		10,750
		4.750%, 02/15/2010 (a)		4,075		4,098
		4.625%, 12/31/2011 (a)		60		60
		4.750%, 01/31/2012 (a)		1,935		1,954
		2.000%, 04/15/2012 (f)		1,218		1,215
		3.000%, 07/15/2012 (a) (f)		1,216		1,276
		2.500%, 07/15/2016 (a) (f)		2,317		2,379
		4.625%, 11/15/2016 (a)		1,005		1,004
		4.625%, 02/15/2017 (a)		1,705		1,704
						29,532
Total U.S. Government & Agency Securities
		(Cost $31,245)				31,299
Asset-Backed Securities – 7.4%
Automotive – 0.7%
Harley-Davidson Motorcycle Trust Series 2005-4, Class A2
		4.850%, 06/15/2012	$	470		468
Hertz Vehicle Financing Series 2005-2A, Class A6
		5.080%, 11/25/2011 (g)		935		934
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4
		4.860%, 04/20/2012		1,170		1,166
						2,568
Commercial – 6.0%
Bank of America Commercial Mortgage Series 2004-5, Class A3
		4.561%, 11/10/2041		710		693
	Series 2006-2, Class A4
		5.930%, 05/10/2045		340		351
Bear Stearns Commercial Mortgage Securities Series 2005-PW10, Class A4
		5.405%, 12/11/2040 (a)		635		638
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX
		5.449%, 02/05/2019 (g)		585		590
Series 2004-RS1, Class A
		4.018%, 03/03/2041 (g)		664		655
Series 2005-LP5, Class A2
		4.630%, 05/10/2043		925		913
Series 2006-C8, Class A2B
		5.248%, 12/10/2046		2,535		2,538
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2
		6.538%, 06/15/2031		232		233
GE Capital Commercial Mortgage Corporation Series 2005-C3, Class A2
		4.853%, 07/10/2045		725		719
GMAC Commercial Mortgage Securities Series 2004-C2, Class A1
		3.896%, 08/10/2038		457		449
Series 2005-C1, Class A2
		4.471%, 05/10/2043		1,195		1,174
Greenwich Capital Commercial Funding Series 2003-C1, Class A2
		3.285%, 07/05/2035		1,761		1,699
Series 2005-GG5, Class A2
		5.117%, 04/10/2037		1,600		1,599
Series 2005-GG5, Class A5
		5.224%, 04/10/2037		750		745
GS Mortgage Securities II Series 2006-GG8, Class A2
		5.479%, 11/10/2039		3,500		3,536
Series 2006-RR2, Class A1
		5.812%, 06/23/2046 (c) (g)		985		1,002
Series 2006-RR3, Class A1S
		5.760%, 07/18/2056 (g)		1,065		1,075
J.P. Morgan Chase Commercial Mortgage Securities Series 2005-LDP5, Class A4
		5.354%, 12/15/2044 (c)		540		538

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

78      First American Funds Semiannual Report 2007

Balanced Fund (continued)
DESCRIPTION		PAR		VALUE
LB-UBS Commercial Mortgage Trust Series 2003-C3, Class A2
	3.086%, 05/15/2027	$	1,280	$	1,251
Series 2005-C7, Class A2
	5.103%, 11/15/2030		800		799
					21,197
Credit Cards – 0.2%
Citibank Credit Card Issuance Trust Series 2006-A4, Class A4
	5.450%, 05/10/2013		805		819
Home Equity – 0.0%
Saxon Asset Securities Trust Series 2004-1, Class A
	5.590%, 03/25/2035 (c)		4		4
Other – 0.5%
Global Signal Trust Series 2004-2A, Class A
	4.232%, 12/15/2014 (g)		750		730
GRP/ AG Real Estate Asset Trust Series 2005-1, Class A
	4.850%, 01/25/2035 (g)		42		42
Small Business Administration Series 2006-P10B, Class 1
	5.681%, 08/10/2016		1,141		1,155
					1,927
Total Asset-Backed Securities
	(Cost $26,459)				26,515
Corporate Bonds – 5.8%
Banking – 0.2%
J.P. Morgan Chase
	5.150%, 10/01/2015		550		541
Wells Fargo Capital X
	5.950%, 12/15/2036		230		225
					766
Basic Industry – 1.1%
Celulosa Arauco y Constitucion
	5.625%, 04/20/2015		345		341
Evraz Group
	8.250%, 11/10/2015 (g)		190		197
Falconbridge
	7.350%, 06/05/2012		435		477
FMG Finance
	10.000%, 09/01/2013 (g)		195		213
Freeport-McMoRan Copper & Gold
	8.375%, 04/01/2017 (a)		350		383
Griffin Coal Mining
	9.500%, 12/01/2016 (g)		200		214
Ineos Group Holdings
	8.500%, 02/15/2016 (a) (g)		410		397
LPG International
	7.250%, 12/20/2015		290		301
Noble Group Limited
	6.625%, 03/17/2015 (g)		255		244
Sino Forest
	9.125%, 08/17/2011 (g)		195		212
Southern Copper
	7.500%, 07/27/2035		190		210
Teck Cominco Limited
	6.125%, 10/01/2035		280		273
Vale Overseas
	6.250%, 01/11/2016	$	175		179
	6.875%, 11/21/2036		380		403
					4,044
Brokerage – 0.5%
Goldman Sachs Group
	5.625%, 01/15/2017		395		393
Merrill Lynch
	6.050%, 05/16/2016 (a)		790		814
Morgan Stanley
	5.375%, 10/15/2015		440		435
					1,642
Capital Goods – 0.2%
Chart Industries
	9.125%, 10/15/2015		195		207
Owens-Illinois
	8.100%, 05/15/2007 (a)		325		325
Siemens Financiering
	6.125%, 08/17/2026 (g)		225		229
					761
Communications – 0.2%
C & M Finance
	8.100%, 02/01/2016 (a) (g)		180		191
Telecom Italia Capital
	7.200%, 07/18/2036 (a)		320		342
Vimpelcom
	8.250%, 05/23/2016 (g)		230		247
					780
Consumer Cyclical – 0.6%
DaimlerChrysler
	6.500%, 11/15/2013		385		405
Duty Free International
	7.000%, 01/15/2004 (h) (i)		588		118
Galaxy Entertainment
	9.875%, 12/15/2012 (a) (g)		175		192
Home Depot
	5.875%, 12/16/2036		590		572
Lippo Karwaci Finance
	8.875%, 03/09/2011		175		175
MGM Mirage
	6.625%, 07/15/2015		290		281
Shimao Property Holdings
	8.000%, 12/01/2016 (g)		205		212
					1,955
Consumer Non Cyclical – 0.1%
Fisher Scientific International
	6.750%, 08/15/2014		220		228
JBS
	10.500%, 08/04/2016 (g)		140		160
					388
Electric – 0.6%
Edison Mission Energy
	7.500%, 06/15/2013		175		182
Florida Power & Light
	5.650%, 02/01/2037		415		409
ISA Capital Brasil
	8.800%, 01/30/2017 (a) (g)		180		194
MidAmerican Energy Holdings
	6.125%, 04/01/2036		465		473
Ohio Power, Series K
	6.000%, 06/01/2016		275		285

First American Funds Semiannual Report 2007       79

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Balanced Fund (continued)
DESCRIPTION		PAR		VALUE
Oncor Electric Delivery
	7.000%, 05/01/2032	$	225	$	247
Pacific Gas & Electric
	6.050%, 03/01/2034		230		235
					2,025
Energy – 0.6%
Bluewater Finance
	10.250%, 02/15/2012		300		313
Gaz Capital
	6.212%, 11/22/2016 (g)		320		324
Gazprom International
	7.201%, 02/01/2020 (g)		215		227
Petro-Canada
	5.350%, 07/15/2033		190		168
Tengizcheveroil Finance
	6.124%, 11/15/2014 (g)		370		369
Tesoro
	6.625%, 11/01/2015 (a)		375		383
TNK-BP Finance
	6.625%, 03/20/2017 (a) (g)		150		149
XTO Energy
	6.100%, 04/01/2036		345		339
					2,272
Finance – 0.5%
Capital One Financial
	6.150%, 09/01/2016		400		406
Gazprombank
	6.500%, 09/23/2015		240		241
SLM, Series MTN
	5.400%, 10/25/2011		350		336
Transcapit
	5.670%, 03/05/2014 (g)		640		632
					1,615
Insurance – 0.2%
Allied World Assurance
	7.500%, 08/01/2016		410		443
Unumprovident
	5.997%, 05/15/2008		335		336
					779
Natural Gas – 0.1%
Enterprise Products
	8.375%, 08/01/2066		180		199
Southern Union
	7.200%, 11/01/2066 (c)		155		158
					357
Real Estate – 0.3%
China Properties Group
	9.125%, 05/04/2014 (g)		145		145
Health Care Properties Series MTN
	6.300%, 09/15/2016		460		472
Prologis 2006
	5.750%, 04/01/2016		600		611
					1,228
Sovereigns – 0.1%
United Mexican States
	5.625%, 01/15/2017 (a)		305		310
Technology – 0.5%
Chartered Semiconductor
	6.375%, 08/03/2015 (a)	$	250		258
Ciena
	3.750%, 02/01/2008		120		118
Jabil Circuit
	5.875%, 07/15/2010		680		677
LG Electronics
	5.000%, 06/17/2010 (g)		340		336
Seagate Technology
	6.375%, 10/01/2011		450		448
					1,837
Total Corporate Bonds
	(Cost $20,947)				20,759
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 5.4%
Adjustable Rate (c) – 2.6%
Citigroup Mortgage Loan Trust Series 2004-HYB4, Class HAII
	5.342%, 10/25/2034		2,238		2,245
Series 2005-7, Class 2A1A
	4.861%, 09/25/2035		729		723
GMAC Mortgage Corporation Loan Trust Series 2003-AR2, Class 4A1
	4.733%, 12/19/2033		764		747
J.P. Morgan Trust Series 2004-A1, Class 3A1
	4.973%, 02/25/2034		1,309		1,293
Residential Funding Mortgage Securities I Series 2006-SA2, Class 4A1
	5.873%, 08/25/2036		991		991
Structured Mortgage Loan Trust Series 2004-11, Class A
	7.371%, 08/25/2034		60		61
Wachovia Mortgage Loan Trust Series 2005-B, Class 1A1
	4.963%, 10/20/2035		544		548
Washington Mutual Series 2004-AR7, Class A6
	3.942%, 07/25/2034		775		757
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Class A1
	4.788%, 02/25/2033		361		365
Series 2004-N, Class A3
	4.099%, 08/25/2034		636		631
Series 2006-AR1, Class 2A2
	5.556%, 03/25/2036		1,024		1,015
					9,376
Fixed Rate – 2.8%
ABN AMRO Mortgage Series 2003-7, Class A1
	4.750%, 07/25/2018		790		771
Bank of America Mortgage Securities Series 2003-6, Class 1A30
	4.750%, 08/25/2033		585		577
Countrywide Alternative Loan Trust Series 2004-12CB, Class 1A1
	5.000%, 07/25/2019		441		433
Series 2004-2CB, Class 1A1
	4.250%, 03/25/2034		347		341
Series 2004-24CB, Class 1A1
	6.000%, 11/25/2034		342		342

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

80      First American Funds Semiannual Report 2007

Balanced Fund (continued)
DESCRIPTION		PAR		VALUE
Credit Suisse First Boston Mortgage Securities Series 2005-3, Class 5A1
	5.500%, 07/25/2020	$	574	$	576
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7
	6.500%, 01/25/2035		532		540
GSMPS Mortgage Loan Trust Series 2003-1, Class B1
	6.954%, 03/25/2043		867		897
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1
	5.500%, 08/25/2019		411		414
Master Alternative Loans Trust Series 2005-2, Class 1A3
	6.500%, 03/25/2035		299		303
Master Asset Securitization Trust Series 2003-6, Class 3A1
	5.000%, 07/25/2018		667		662
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A
	6.158%, 11/25/2034		374		377
Residential Asset Mortgage Products Series 2004-SL4, Class A3
	6.500%, 07/25/2032		295		301
Residential Funding Mortgage Securities I Series 2004-S9, Class 2A1
	4.750%, 12/25/2019		856		836
Washington Mutual Series 2004-CB1, Class 1A
	5.250%, 06/25/2019		674		673
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Class A1
	4.750%, 12/25/2018		549		533
Series 2004-7, Class 2A2
	5.000%, 07/25/2019		1,465		1,439
Westam Mortgage Financial Series 11, Class A
	6.360%, 08/26/2020		1		1
					10,016
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
	(Cost $19,401)				19,392
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 1.1%
Fixed Rate – 1.1%
Federal Home Loan Mortgage Corporation Series 2763, Class TA
	4.000%, 03/15/2011 (a)		571		562
Series 85, Class C
	8.600%, 01/15/2021		83		87
Series 1136, Class H
	6.000%, 09/15/2021		57		57
Federal National Mortgage Association Series 1989-2, Class D
	8.800%, 01/25/2019		5		6
Series 1989-37, Class G
	8.000%, 07/25/2019		79		85
Series 1990-30, Class E
	6.500%, 03/25/2020		34		35
Series 1990-63, Class H
	9.500%, 06/25/2020		17		18
Series 1990-89, Class K
	6.500%, 07/25/2020		4		4
Series 1990-105, Class J
	6.500%, 09/25/2020	$	55		56
Series 2005-44, Class PC
	5.000%, 11/25/2027 (a)		1,139		1,129
Series 2003-81, Class MB
	5.000%, 05/25/2029 (a)		960		953
Series 2005-62, Class JE
	5.000%, 06/25/2035 (a)		806		798
Government National Mortgage Association Series 3, Class F
	6.500%, 06/17/2020		7		7
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
	(Cost $3,795)				3,797
Options Purchased – 0.0%
Call Options Purchased – 0.0%
U.S. Treasury 10 Year Note Futures, May 2007
Futures Call Expires 05/25/2007 Exercise Price: $109.00			55		10
Total Options Purchased
	(Cost $12)
Short-Term Investments – 1.2%
Money Market Fund – 1.0%
First American Prime Obligations Fund, Class Z (j)			3,694,345		3,694
U.S. Treasury Obligations – 0.2%
U.S. Treasury Bills
	4.847%, 06/28/2007 (k)	$	360		357
	4.789%, 08/09/2007 (k)		250		247
					604
Total Short-Term Investments
	(Cost $4,298)				4,298
Investment Purchased with Proceeds from Securities Lending – 26.9%
Mount Vernon Securities Lending Prime Portfolio (l)
	(Cost $95,849)		95,848,718		95,849
Total Investments – 125.9%
	(Cost $422,384)				448,938
Other Assets and Liabilities, Net – (25.9)%					(92,489	)
Total Net Assets – 100.0%				$	356,449

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a value of $92,975 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	Non-Income Producing security.
(c)	Variable Rate Security – The rate shown is the rate in effect at April 30, 2007.
(d)	Security purchased on a when-issued basis. On April 30, 2007, the total cost of investments purchased on a when-issued basis was $2,962 or 0.8% of total net assets. See note 2 in Notes to Financial Statements.
(e)	Principal Only.
(f)	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.
(g)	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

First American Funds Semiannual Report 2007       81

Schedule of  Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

Balanced Fund (continued)

the guidelines established by the fund’s board of directors. As of April 30, 2007, the value of these investments was $10,112 or 2.8% of total net assets. See note 2 in Notes to Financial Statements.

(h)	Security is fair valued and illiquid. As of April 30, 2007, the value of this investment was $118 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(i)	Security is in default at April 30, 2007.
(j)	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.
(k)	Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is effective yield as of April 30, 2007. See note 2 in Notes to Financial Statements.
(l)	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

REIT – Real Estate Investment Trust

STRIPS – Separate Trading of Registered Interest and Principal Securities

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
British Pounds Currency Futures		11		$	1,374		June 2007	$	(3	)
Euro Bund Futures		13			2,025		June 2007		(1	)
Euro Currency Futures		15			2,564		June 2007		58
Eurodollar 90 Day Futures		52			49,496		March 2008		(14	)
Japanese Yen Currency Futures		23			2,420		June 2007		(25	)
Swiss Franc Currency Futures		9			935		June 2007		3
S&P 500 Futures		9			3,349		June 2007		217
U.S. Treasury 2 Year Note Futures		(22	)		(4,504	)	June 2007		(6	)
U.S. Treasury 5 Year Note Futures		259			27,409		June 2007		34
U.S. Treasury 10 Year Note Futures		(157	)		(17,008	)	June 2007		41
U.S. Treasury Long Bond Futures		15			1,676		June 2007		5
								$	309

Credit Default Swap Agreements

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
Citigroup	Constellation Energy Group, Inc.		Buy		0.240%		06/20/2012	$	375	$	(1	)
Deutsche Bank	Countrywide Home Loan		Buy		0.700%		03/20/2017		300		4
Deutsche Bank	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		1,300		(2	)
J.P. Morgan	Bear Stearns Companies, Inc.		Buy		0.300%		03/20/2012		480		—
J.P. Morgan	Dow Jones CDX HVOL7 Index		Buy		0.750%		12/20/2011		650		3
J.P. Morgan	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		1,500		1
J.P. Morgan	Dow Jones CDX HY7 Index		Buy		3.250%		12/20/2011		3,000		(56	)
UBS	AmerisourceBergen Corp.		Buy		0.470%		06/20/2012		500		1
UBS	Cardinal Health, Inc.		Buy		0.270%		06/20/2012		500		1
UBS	Constellation Energy Group, Inc.		Buy		0.230%		06/20/2012		375		—
UBS	Home Depot		Buy		0.250%		6/20/2012		1,500		(3	)
UBS	McKesson Corp.		Buy		0.350%		6/20/2012		500		—
UBS	Dow Jones CDX EM6 Index		Buy		1.400%		12/20/2011		2,000		(9	)
UBS	Dow Jones CDX HVOL7 Index		Buy		0.750%		12/20/2011		750		2
										$	(59	)

Interest Rate Swap Agreements

		Pay/
	Floating	Receive
	Rate	Floating		Fixed		Expiration		Notional		Unrealized
Counterparty	Index	Rate		Rate		Date		Amount		Appreciation
Citigroup	3-Month LIBOR		Pay		5.360%		10/26/2016	$	4,000	$	63

Schedule of Open Written Put Options

	Exercise	Premium		Expiration		Number of		Market
Options	Price	Received		Date		Contracts		Value
Euro Bund Futures – May 2007	$113.00	$	6		05/24/2007		32	$	3
Euro Bund Futures – May 2007	114.00		18		05/24/2007		29		14
U.S. Treasury 10 Year Note Futures – May 2007	107.00		18		05/25/2007		100		8
U.S. Treasury 10 Year Note Futures – May 2007	108.00		22		05/25/2007		39		12
		$	64					$	37

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

82      First American Funds Semiannual Report 2007

Equity Income Fund
DESCRIPTION		SHARES		VALUE
Common Stocks – 96.5%
Consumer Discretionary – 7.3%
Brunswick (a)			191,173	$	6,263
Domino’s Pizza			342,096		11,033
Gap			743,214		13,341
Harrah’s Entertainment			124,576		10,626
McDonald’s			360,427		17,401
Talbots (a)			354,532		8,332
Time Warner (a)			786,059		16,216
Yum! Brands			215,446		13,327
					96,539
Consumer Staples – 8.2%
Altria Group			336,922		23,221
Avon Products			222,726		8,865
Coca-Cola			287,969		15,029
General Mills (a)			300,087		17,975
Kraft Foods, Class A			233,158		7,804
PepsiCo			208,125		13,755
Wal-Mart Stores			447,313		21,435
					108,084
Energy – 12.1%
Atlas Energy Resources			17,274		502
BP, ADR			567,791		38,224
Chevron (a)			357,297		27,794
ConocoPhillips			455,915		31,618
Enterra Energy Trust			448,218		2,326
Exxon Mobil			615,232		48,837
Halliburton (a)			322,919		10,259
					159,560
Financials – 21.4%
AllianceBernstein Holding			379,959		34,561
American International Group			580,286		40,568
Apartment Investment & Management – REIT (a)			313,525		17,338
Bank of America			867,969		44,179
Citigroup			732,432		39,273
Duke Realty – REIT (a)			176,842		7,624
Goldman Sachs Group (a)			82,795		18,100
ICICI Bank, ADR (a)			333,383		13,642
Merrill Lynch			201,121		18,147
Northern Trust			156,946		9,880
Wachovia (a)			575,411		31,958
Wells Fargo			181,442		6,512
					281,782
Healthcare – 10.5%
Abbott Laboratories (a)			552,851		31,302
Eli Lilly (a)			243,354		14,390
Johnson & Johnson			443,382		28,474
Pfizer			832,567		22,030
Wyeth Pharmaceuticals			759,702		42,163
					138,359
Industrials – 11.6%
3M (a)			165,929		13,734
Avery Dennison			150,912		9,387
Emerson Electric (a)			456,801		21,465
General Dynamics (a)			182,224		14,304
General Electric			1,286,917		47,436
Honeywell International (a)			514,110		27,854
United Parcel Service, Class B (a)			265,637		18,709
					152,889
Information Technology – 10.3%
Hewlett-Packard (a)			716,972		30,213
Intel			1,686,111		36,251
Microsoft			783,334		23,453
Motorola (a)			768,401		13,317
QUALCOMM (a)			331,326		14,512
Texas Instruments			523,297		17,986
					135,732
Materials – 3.7%
Dow Chemical (a)			208,450		9,299
E.I. Du Pont de Nemours (a)			466,652		22,945
Praxair (a)			260,064		16,787
					49,031
Telecommunication Services – 8.1%
ALLTEL (a)			192,991		12,099
AT&T			1,139,761		44,131
FairPoint Communications			332,194		6,232
Verizon Communications (a)			652,847		24,926
Vodafone Group, ADR (a)			499,120		14,340
Windstream (a)			361,216		5,281
					107,009
Utilities – 3.3%
Duke Energy			531,490		10,906
TECO Energy (a)			1,082,434		19,430
Xcel Energy (a)			518,402		12,488
					42,824
Total Common Stocks (Cost $882,480)					1,271,809
Convertible Corporate Bonds – 0.6%
Invitrogen
	2.000%, 08/01/2023	$	3,095		3,389
Medarex
	2.250%, 05/15/2011		3,934		4,839
Total Convertible Bonds (Cost $6,966)					8,228
Short-Term Investment – 3.1%
First American Prime Obligations Fund, Class Z (b)
	(Cost $40,310)		40,309,689		40,310
Investment Purchased with Proceeds from Securities Lending – 17.9%
Mount Vernon Securities Lending Prime Portfolio (c)
	(Cost $235,716)		235,716,459		235,716
Total Investments – 118.1% (Cost $1,165,472)					1,556,063
Other Assets and Liabilities, Net – (18.1)%					(238,619	)
Total Net Assets – 100.0%				$	1,317,444

(a)	This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a value of $225,233 at April 30, 2007. See note 2 in Notes to Financial Statements.
(b)	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.
(c)	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

REIT – Real Estate Investment Trust

First American Funds Semiannual Report 2007       83

Statements of  Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except per share data

	Balanced			Equity
	Fund			Income Fund
Investments in unaffiliated securities, at cost	$	322,841		$	889,446
Investment in affiliated money market fund, at cost		3,694			40,310
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		95,849			235,716
Premiums received on options written, at cost (note 6)		64			—
Cash denominated in foreign currencies, at cost		13			—
ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	349,395		$	1,280,037
Investment in affiliated money market fund, at value (note 2 )		3,694			40,310
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		95,849			235,716
Cash denominated in foreign currencies, at value		13			—
Cash		69			—
Receivable for dividends and interest		1,178			1,390
Receivable for investment securities sold		28,934			—
Receivable for capital shares sold		216			306
Receivable for variation margin		44			—
Prepaid expenses and other assets		33			34
Total assets		479,425			1,557,793
LIABILITIES:
Liabilities for options written, at value		37			—
Bank overdraft		—			1,100
Payable for investment securities purchased		21,763			1,156
Payable for investment securities purchased on a when-issued basis		2,962			—
Payable upon return of securities loaned (note 2)		95,849			235,716
Payable for capital shares redeemed		1,976			1,310
Payable for swap agreements		87			—
Payable to affiliates (note 3)		249			971
Payable for distribution and shareholder servicing fees		33			59
Accrued expenses and other liabilities		20			37
Total liabilities		122,976			240,349
Net assets	$	356,449		$	1,317,444
COMPOSITION OF NET ASSETS:
Portfolio capital	$	305,142		$	869,254
Undistributed (distributions in excess of) net investment income		419			(1,080	)
Accumulated net realized gain on investments, futures contracts, and swap agreements		23,994			58,679
Net unrealized appreciation of investments		26,554			390,591
Net unrealized appreciation of futures contracts		309			—
Net unrealized appreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—	(1)		—
Net unrealized appreciation on options written		27			—
Net unrealized appreciation of swap agreements		4			—
Net assets	$	356,449		$	1,317,444
* Including securities loaned, at value	$	92,975		$	225,233
Class A:
Net assets	$	105,619		$	175,800
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		8,839			11,303
Net asset value and redemption price per share	$	11.95		$	15.55
Maximum offering price per share (2)	$	12.65		$	16.46
Class B:
Net assets	$	10,545		$	18,411
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		890			1,197
Net asset value, offering price, and redemption price per share (3)	$	11.85		$	15.38
Class C:
Net assets	$	2,690		$	9,728
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		225			631
Net asset value, offering price, and redemption price per share (3)	$	11.93		$	15.41
Class R:
Net assets	$	24		$	492
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		2			32
Net asset value, offering price, and redemption price per share	$	12.05		$	15.53
Class Y:
Net assets	$	237,571		$	1,113,013
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		19,825			71,025
Net asset value, offering price, and redemption price per share	$	11.98		$	15.67

(1)	Due to the presentation of the financial statements in thousands, the number rounds to zero.
(2)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
(3)	Class B and C have 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.

84      First American Funds Semiannual Report 2007

Statements of  Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)

	Balanced			Equity
	Fund			Income Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	3,498		$	91
Dividends from affiliated money market fund		4			388
Dividends from unaffiliated securities		1,680			16,193
Less: Foreign taxes withheld		(15	)		(12	)
Securities lending income		76			112
Total investment income		5,243			16,772
EXPENSES (note 3):
Investment advisory fees		1,172			4,224
Administration fees		416			1,451
Transfer agent fees		106			145
Custodian fees		9			34
Professional fees		22			21
Registration fees		25			25
Postage and printing fees		9			33
Directors’ fees		11			9
Other expenses		10			10
Distribution and shareholder servicing fees – Class A		131			213
Distribution and shareholder servicing fees – Class B		60			96
Distribution and shareholder servicing fees – Class C		14			52
Distribution and shareholder servicing fees – Class R		—	(1)		1
Total expenses		1,985			6,314
Less: Fee waivers (note 3)		(242	)		—
Less: Indirect payments from custodian (note 3)		(1	)		—	(1)
Total net expenses		1,742			6,314
Investment income – net		3,501			10,458
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN, FOREIGN CURRENCY TRANSACTIONS, AND SWAP AGREEMENTS – NET (note 5):
Net realized gain on investments		24,993			59,553
Net realized loss on futures contracts		(264	)		—
Net realized loss on swap agreements		(271	)		—
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		—	(1)		—
Net change in unrealized appreciation or depreciation of investments		(7,846	)		32,593
Net change in unrealized appreciation or depreciation of futures contracts		244			—
Net change in unrealized appreciation or depreciation of options written		27			—
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		—	(1)		—
Net change in unrealized appreciation or depreciation of swap agreements		—	(1)		—
Net gain on investments, futures contracts, options written, foreign currency transactions, and swap agreements		16,883			92,146
Net increase in net assets resulting from operations	$	20,384		$	102,604

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

First American Funds Semiannual Report 2007       85

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

		Balanced						Equity
		Fund						Income Fund
		Six-Month						Six-Month
		Period Ended						Period Ended
		4/30/07			Year Ended			4/30/07			Year Ended
		(unaudited)			10/31/06			(unaudited)			10/31/06
OPERATIONS:
Investment income – net		$	3,501		$	6,826		$	10,458		$	21,407
Net realized gain on investments			24,993			26,905			59,553			141,083
Net realized gain (loss) on futures contracts			(264	)		115			—			—
Net realized gain (loss) on swap agreements			(271	)		128			—			—
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency			—	(1)		—			—			—
Net change in unrealized appreciation or depreciation of investments			(7,846	)		5,427			32,593			68,753
Net change in unrealized appreciation or depreciation of futures contracts			244			(32	)		—			—
Net change in unrealized appreciation or depreciation of options written			27			—			—			—
Net change in unrealized appreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)			—	(1)		—			—			—
Net change in unrealized appreciation or depreciation of swap agreements			—	(1)		43			—			—
Net increase in net assets resulting from operations			20,384			39,412			102,604			231,243
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(1,022	)		(1,852	)		(1,345	)		(2,470	)
	Class B		(67	)		(146	)		(104	)		(183	)
	Class C		(16	)		(23	)		(56	)		(119	)
	Class R		—	(1)		—	(1)		(3	)		(6	)
	Class Y		(2,657	)		(4,891	)		(10,030	)		(19,051	)
Net realized gain on investments:
	Class A		(7,413	)		—			(15,113	)		(975	)
	Class B		(926	)		—			(1,748	)		(119	)
	Class C		(207	)		—			(982	)		(83	)
	Class R		(2	)		—			(47	)		(2	)
	Class Y		(17,359	)		—			(99,232	)		(6,504	)
Total distributions			(29,669	)		(6,912	)		(128,660	)		(29,512	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		4,503			10,315			8,357			12,754
	Reinvestment of distributions		8,175			1,798			15,312			3,190
	Payments for redemptions		(11,082	)		(27,468	)		(16,502	)		(41,866	)
Increase (decrease) in net assets from Class A transactions			1,596			(15,355	)		7,167			(25,922	)
Class B:
	Proceeds from sales		162			406			644			971
	Reinvestment of distributions		956			138			1,750			285
	Payments for redemptions (note 3)		(3,990	)		(7,579	)		(3,349	)		(5,425	)
Decrease in net assets from Class B transactions			(2,872	)		(7,035	)		(955	)		(4,169	)
Class C:
	Proceeds from sales		221			518			370			918
	Reinvestment of distributions		213			23			961			199
	Payments for redemptions (note 3)		(695	)		(2,678	)		(2,547	)		(7,112	)
Decrease in net assets from Class C transactions			(261	)		(2,137	)		(1,216	)		(5,995	)
Class R:
	Proceeds from sales		19			31			43			113
	Reinvestment of distributions		2			—	(1)		50			8
	Payments for redemptions		(18	)		(11	)		(101	)		(100	)
Increase (decrease) in net assets from Class R transactions			3			20			(8	)		21
Class Y:
	Proceeds from sales		14,030			39,369			55,573			79,417
	Reinvestment of distributions		19,019			4,616			53,452			9,238
	Payments for redemptions		(36,573	)		(72,474	)		(103,879	)		(298,954	)
Increase (decrease) in net assets from Class Y transactions			(3,524	)		(28,489	)		5,146			(210,299	)
Increase (decrease) in net assets from capital share transactions			(5,058	)		(52,996	)		10,134			(246,364	)
Total decrease in net assets			(14,343	)		(20,496	)		(15,922	)		(44,633	)
Net assets at beginning of period			370,792			391,288			1,333,366			1,377,999
Net assets at end of period		$	356,449		$	370,792		$	1,317,444		$	1,333,366
Undistributed (distributions in excess of) net investment income at end of period		$	419		$	680		$	(1,080	)	$	—

(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.

86      First American Funds Semiannual Report 2007

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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
Balanced Fund
Class A
	2007 (1)(2)	$	12.27	$	0.11	$	0.56		$	(0.11	)	$	(0.88	)	$	11.95
	2006 (2)(3)		11.27		0.20		1.00			(0.20	)		—			12.27
	2005 (2)(4)		11.43		0.01		(0.17	)		—			—			11.27
	2005 (2)(5)		10.12		0.15		1.31			(0.15	)		—			11.43
	2004 (2)(5)		9.47		0.13		0.66			(0.14	)		—			10.12
	2003 (5)		8.38		0.17		1.08			(0.16	)		—			9.47
	2002 (2)(5)		9.50		0.20		(1.12	)		(0.20	)		—			8.38
Class B
	2007 (1)(2)	$	12.18	$	0.06	$	0.55		$	(0.06	)	$	(0.88	)	$	11.85
	2006 (2)(3)		11.18		0.11		1.00			(0.11	)		—			12.18
	2005 (2)(4)		11.34		—		(0.16	)		—			—			11.18
	2005 (2)(5)		10.04		0.07		1.30			(0.07	)		—			11.34
	2004 (2)(5)		9.41		0.05		0.65			(0.07	)		—			10.04
	2003 (5)		8.32		0.10		1.08			(0.09	)		—			9.41
	2002 (2)(5)		9.44		0.13		(1.12	)		(0.13	)		—			8.32
Class C
	2007 (1)(2)	$	12.25	$	0.06	$	0.56		$	(0.06	)	$	(0.88	)	$	11.93
	2006 (2)(3)		11.22		0.11		0.99			(0.07	)		—			12.25
	2005 (2)(4)		11.38		—		(0.16	)		—			—			11.22
	2005 (2)(5)		10.08		0.07		1.30			(0.07	)		—			11.38
	2004 (2)(5)		9.44		0.05		0.66			(0.07	)		—			10.08
	2003 (5)		8.35		0.09		1.10			(0.10	)		—			9.44
	2002 (2)(5)		9.49		0.13		(1.14	)		(0.13	)		—			8.35
Class R (6)
	2007 (1)(2)	$	12.35	$	0.09	$	0.59		$	(0.10	)	$	(0.88	)	$	12.05
	2006 (2)(3)		11.29		0.17		1.01			(0.12	)		—			12.35
	2005 (2)(4)		11.45		0.01		(0.17	)		—			—			11.29
	2005 (2)(5)		10.14		0.11		1.32			(0.12	)		—			11.45
	2004 (2)(5)		9.49		0.14		0.64			(0.13	)		—			10.14
	2003 (5)		8.39		0.15		1.10			(0.15	)		—			9.49
	2002 (2)(5)		9.50		0.20		(1.12	)		(0.19	)		—			8.39
Class Y
	2007 (1)(2)	$	12.30	$	0.12	$	0.57		$	(0.13	)	$	(0.88	)	$	11.98
	2006 (2)(3)		11.31		0.23		0.99			(0.23	)		—			12.30
	2005 (2)(4)		11.46		0.01		(0.16	)		—			—			11.31
	2005 (2)(5)		10.15		0.17		1.32			(0.18	)		—			11.46
	2004 (2)(5)		9.50		0.16		0.66			(0.17	)		—			10.15
	2003 (5)		8.40		0.19		1.09			(0.18	)		—			9.50
	2002 (2)(5)		9.53		0.23		(1.13	)		(0.23	)		—			8.40

(1)	For the six-month period ended April 30, 2007 (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 November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
(5)	For the period October 1 to September 30 in year indicated.
(6)	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(7)	Total return does not include 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 2007

														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 (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	5.72	%	$	105,619		1.10	%		1.80	%		1.24	%		1.66	%		72	%
	10.73			106,565		1.10			1.67			1.23			1.54			143
	(1.40	)		112,557		1.10			0.90			1.21			0.79			12
	14.51			114,388		1.06			1.35			1.21			1.20			147
	8.39			119,292		1.05			1.27			1.19			1.13			110
	14.98			98,016		1.05			1.75			1.23			1.57			156
	(9.90	)		98,557		1.05			2.07			1.23			1.89			79
	5.26	%	$	10,545		1.85	%		1.07	%		1.99	%		0.93	%		72	%
	9.93			13,809		1.85			0.92			1.98			0.79			143
	(1.41	)		19,409		1.85			0.15			1.96			0.04			12
	13.64			20,657		1.81			0.60			1.96			0.45			147
	7.46			28,101		1.80			0.54			1.94			0.40			110
	14.25			33,015		1.80			1.00			1.98			0.82			156
	(10.64	)		35,641		1.80			1.32			1.98			1.14			79
	5.32	%	$	2,690		1.85	%		1.06	%		1.99	%		0.92	%		72	%
	9.86			3,030		1.85			0.92			1.98			0.79			143
	(1.41	)		4,787		1.85			0.15			1.96			0.04			12
	13.61			5,528		1.81			0.60			1.96			0.45			147
	7.53			5,890		1.80			0.55			1.94			0.41			110
	14.24			7,089		1.80			0.99			1.98			0.81			156
	(10.77	)		2,233		1.80			1.32			1.98			1.14			79
	5.73	%	$	24		1.35	%		1.57	%		1.49	%		1.43	%		72	%
	10.49			23		1.35			1.38			1.61			1.12			143
	(1.40	)		1		1.35			0.65			1.61			0.39			12
	14.16			1		1.31			1.06			1.61			0.76			147
	8.22			1		1.05			1.39			1.19			1.25			110
	15.08			23,844		1.05			1.76			1.23			1.58			156
	(9.90	)		36,194		1.05			2.07			1.23			1.89			79
	5.84	%	$	237,571		0.85	%		2.06	%		0.99	%		1.92	%		72	%
	10.92			247,365		0.85			1.92			0.98			1.79			143
	(1.31	)		254,534		0.85			1.15			0.96			1.04			12
	14.76			262,557		0.81			1.60			0.96			1.45			147
	8.62			283,005		0.80			1.55			0.94			1.41			110
	15.35			363,157		0.80			2.00			0.98			1.82			156
	(9.74	)		290,288		0.80			2.32			0.98			2.14			79

First American Funds Semiannual Report 2007       89

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
Equity Income Fund (1)
Class A
	2007 (2)	$	15.90	$	0.11	$	1.09		$	(0.12	)	$	(1.43	)	$	15.55
	2006 (3)		13.67		0.20		2.32			(0.21	)		(0.08	)		15.90
	2005 (4)		13.89		0.01		(0.22	)		(0.01	)		—			13.67
	2005 (5)		12.77		0.20		1.15			(0.22	)		(0.01	)		13.89
	2004 (5)		11.56		0.18		1.23			(0.20	)		—			12.77
	2003 (5)		9.58		0.18		1.99			(0.19	)		—			11.56
	2002 (5)		12.13		0.16		(2.48	)		(0.19	)		(0.04	)		9.58
Class B
	2007 (2)	$	15.75	$	0.05	$	1.09		$	(0.08	)	$	(1.43	)	$	15.38
	2006 (3)		13.57		0.09		2.30			(0.13	)		(0.08	)		15.75
	2005 (4)		13.79		—		(0.22	)		—			—			13.57
	2005 (5)		12.68		0.10		1.14			(0.12	)		(0.01	)		13.79
	2004 (5)		11.49		0.08		1.22			(0.11	)		—			12.68
	2003 (5)		9.52		0.10		1.98			(0.11	)		—			11.49
	2002 (5)		12.07		0.09		(2.49	)		(0.11	)		(0.04	)		9.52
Class C
	2007 (2)	$	15.78	$	0.05	$	1.09		$	(0.08	)	$	(1.43	)	$	15.41
	2006 (3)		13.59		0.10		2.30			(0.13	)		(0.08	)		15.78
	2005 (4)		13.81		—		(0.22	)		—			—			13.59
	2005 (5)		12.70		0.11		1.13			(0.12	)		(0.01	)		13.81
	2004 (5)		11.51		0.08		1.22			(0.11	)		—			12.70
	2003 (5)		9.54		0.10		1.98			(0.11	)		—			11.51
	2002 (5)		12.09		0.10		(2.50	)		(0.11	)		(0.04	)		9.54
Class R (6)
	2007 (2)	$	15.88	$	0.09	$	1.09		$	(0.10	)	$	(1.43	)	$	15.53
	2006 (3)		13.66		0.17		2.31			(0.18	)		(0.08	)		15.88
	2005 (4)		13.88		0.01		(0.23	)		—			—			13.66
	2005 (5)		12.78		0.11		1.20			(0.20	)		(0.01	)		13.88
	2004 (5)		11.56		0.19		1.22			(0.19	)		—			12.78
	2003 (5)		9.57		0.19		1.99			(0.19	)		—			11.56
	2002 (5)		12.12		0.15		(2.47	)		(0.19	)		(0.04	)		9.57
Class Y
	2007 (2)	$	16.00	$	0.13	$	1.11		$	(0.14	)	$	(1.43	)	$	15.67
	2006 (3)		13.76		0.24		2.33			(0.25	)		(0.08	)		16.00
	2005 (4)		13.98		0.01		(0.21	)		(0.01	)		(0.01	)		13.76
	2005 (5)		12.85		0.24		1.15			(0.25	)		(0.01	)		13.98
	2004 (5)		11.63		0.21		1.24			(0.23	)		—			12.85
	2003 (5)		9.63		0.21		2.00			(0.21	)		—			11.63
	2002 (5)		12.20		0.21		(2.52	)		(0.22	)		(0.04	)		9.63

(1)	Per share data calculated using average shares outstanding method.
(2)	For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period November 1 to October 31 in the year indicated.
(4)	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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)	Total return does not include 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.

90      First American Funds Semiannual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average Net
			Net Assets		Expenses to			Income (Loss)			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	7.92	%	$	175,800		1.17	%		1.40	%		1.17	%		1.40	%		9	%
	18.66			171,814		1.18			1.40			1.18			1.40			23
	(1.53	)		171,998		1.20			0.70			1.20			0.70			—
	10.65			176,878		1.16			1.51			1.19			1.48			27
	12.26			184,381		1.15			1.39			1.19			1.35			12
	22.81			144,282		1.15			1.70			1.20			1.65			43
	(19.51	)		128,142		1.15			1.43			1.20			1.38			38
	7.58	%	$	18,411		1.92	%		0.68	%		1.92	%		0.68	%		9	%
	17.76			19,845		1.93			0.65			1.93			0.65			23
	(1.60	)		21,003		1.95			(0.05	)		1.95			(0.05	)		—
	9.86			21,639		1.91			0.78			1.94			0.75			27
	11.37			23,869		1.90			0.65			1.94			0.61			12
	21.97			22,156		1.90			0.95			1.95			0.90			43
	(20.10	)		18,699		1.90			0.80			1.95			0.75			38
	7.56	%	$	9,728		1.92	%		0.69	%		1.92	%		0.69	%		9	%
	17.80			11,225		1.93			0.68			1.93			0.68			23
	(1.59	)		15,313		1.95			(0.05	)		1.95			(0.05	)		—
	9.84			16,128		1.91			0.79			1.94			0.76			27
	11.34			19,300		1.90			0.66			1.94			0.62			12
	21.95			19,386		1.90			0.95			1.95			0.90			43
	(20.08	)		11,171		1.90			0.86			1.95			0.81			38
	7.80	%	$	492		1.42	%		1.16	%		1.42	%		1.16	%		9	%
	18.33			511		1.43			1.14			1.57			1.00			23
	(1.55	)		418		1.45			0.45			1.60			0.30			—
	10.33			415		1.41			0.83			1.59			0.65			27
	12.18			1		1.15			1.52			1.19			1.48			12
	22.91			17,170		1.15			1.80			1.20			1.75			43
	(19.47	)		36,522		1.15			1.34			1.20			1.29			38
	8.12	%	$	1,113,013		0.92	%		1.67	%		0.92	%		1.67	%		9	%
	18.89			1,129,971		0.93			1.65			0.93			1.65			23
	(1.50	)		1,169,267		0.95			0.95			0.95			0.95			—
	10.94			1,206,483		0.91			1.80			0.94			1.77			27
	12.54			1,404,431		0.90			1.65			0.94			1.61			12
	23.20			1,278,470		0.90			1.95			0.95			1.90			43
	(19.30	)		678,352		0.90			1.80			0.95			1.75			38

First American Funds Semiannual Report 2007       91

Notes to  Financial Statements  (unaudited as of April 30, 2007), all dollars and shares are rounded to thousands (000)

1 > Organization

The Real Estate Securities Fund, International Fund, International Select Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund, and Equity Income 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 April 30, 2007, 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 other than Real Estate Securities Fund is a diversified open-end management investment company. The Real Estate Securities Fund is a non-diversified, open-end management investment company. Prior to October 3, 2005, Small-Mid Cap Core Fund had different investment strategies, was named Technology Fund, and also was non-diversified. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. 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 R shares are not offered by the Small-Mid Cap Core Fund.

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

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 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. As of April 30, 2007, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund held fair valued securities with a total value of $300, $28, and $118, respectively, or 0.0%, 0.0%, and 0.0% of total net assets, respectively. The fair values of securities held by International Fund and International Select Fund are determined on each business day by an independent third party based on factors such as price changes for futures contracts, sector indices, American Depository Receipts, and currency exchange rates that occur between the close of the local market and the close of the New York Stock Exchange. The use of daily fair value pricing by the International Fund and International Select Fund may cause the net asset value of

92      First American Funds Semiannual Report 2007

their shares to differ significantly from the net asset value that would be determined without fair value pricing. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchange on which they trade unless they are fair valued as described above. 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 their respective net asset values 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.

DISTRIBUTIONS TO SHAREHOLDERS – The Equity Income Fund and Large Cap Value Fund declare and pay income dividends monthly. The Balanced Fund, Large Cap Select Fund, Mid Cap Value Fund, and Real Estate Securities Fund declare and pay income dividends quarterly. The Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund, International Fund, and International Select Fund declare and pay income dividends annually. Distributions are payable in cash or reinvested in additional shares of the funds. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually.

The Real Estate Securities Fund receives substantial distributions from holdings in real estate investment trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, Real Estate Securities Fund must use estimates in reporting the character of its income and distributions for financial statement purposes. The actual character of distributions to fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a fund shareholder may represent a return of capital.

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, foreign currency gains and losses, investments in limited partnerships and REITs, and the “mark-to-market” of certain passive foreign investment companies (“PFICs”) for tax purposes. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the fiscal period that the differences arise.

First American Funds Semiannual Report 2007       93

Notes to  Financial Statements continued

The 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 April 30, 2007 (estimated), and the year ended October 31, 2006, were as follows:

	April 30, 2007
	Ordinary		Long Term
Fund	Income		Gain		Total
Real Estate Securities Fund	$	6,029	$	90,085	$	96,114
International Fund		19,154		31,012		50,166
International Select Fund		49		—		49
Small Cap Growth Opportunities Fund		—		19,919		19,919
Small Cap Select Fund		—		134,178		134,178
Small Cap Value Fund		1,403		64,175		65,578
Small-Mid Cap Core Fund		109		—		109
Mid Cap Growth Opportunities Fund		—		142,003		142,003
Mid Cap Value Fund		5,226		58,534		63,760
Large Cap Growth Opportunities Fund		1,284		9,667		10,951
Large Cap Select Fund		1,419		7,702		9,121
Large Cap Value Fund		7,435		72,240		79,675
Balanced Fund		3,762		25,907		29,669
Equity Income Fund		11,538		117,122		128,660

	October 31, 2006
	Ordinary		Long Term
Fund	Income		Gain		Total
Real Estate Securities Fund	$	46,095	$	52,224	$	98,319
International Fund		19,958		—		19,958
Small Cap Growth Opportunities Fund		47,284		8,237		55,521
Small Cap Select Fund		50,757		107,691		158,448
Small Cap Value Fund		11,597		80,011		91,608
Mid Cap Growth Opportunities Fund		52,862		104,610		157,472
Mid Cap Value Fund		6,572		35,553		42,125
Large Cap Select Fund		10,875		7,247		18,122
Large Cap Value Fund		12,164		26,976		39,140
Balanced Fund		6,912		—		6,912
Equity Income Fund		21,829		7,683		29,512

As of October 31, 2006, the funds’ most recently completed year-end, components of accumulated earnings (deficit) on a tax-basis were as follows:

					Accumulated								Total
	Undistributed		Undistributed		Capital and			Unrealized		Other			Accumulated
	Ordinary		Long Term		Post-October			Appreciation		Accumulated			Earnings
Fund	Income		Capital Gains		Losses			(Depreciation)		Losses			(Deficit)
Real Estate Securities Fund	$	58,865	$	31,220	$	—		$	264,536	$	—		$	354,621
International Fund		17,437		31,015		(6,331	)		452,898		—			495,019
Small Cap Growth Opportunities Fund		17,478		2,440		—			12,757		(83	)		32,592
Small Cap Select Fund		58,724		75,288		(29,163	)		95,718		(244	)		200,323
Small Cap Value Fund		20,581		43,594		—			58,495		—			122,670
Small-Mid Cap Core Fund		93		—		(451,025	)		7,752		—			(443,180	)
Mid Cap Growth Opportunities Fund		—		142,003		(30,252	)		286,422		—			398,173
Mid Cap Value Fund		20,199		38,335		—			139,018		(237	)		197,315
Large Cap Growth Opportunities Fund		1,285		9,668		(70,958	)		106,357		—			46,352
Large Cap Select Fund		78		7,702		—			52,253		—			60,033
Large Cap Value Fund		18,830		53,409		—			175,144		—			247,383
Balanced Fund		2,871		23,715		—			34,091		(85	)		60,592
Equity Income Fund		3,900		113,225		—			357,121		—			474,246

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are primarily due to the tax deferral of losses on wash sales and investments in limited partnerships, the amount of gain (loss) recognized for tax

94      First American Funds Semiannual Report 2007

purposes due to mark-to-market adjustments on open futures contracts, and the mark-to-market for certain PFICs for tax purposes.

As of October 31, 2006, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the funds’ fiscal year-ends as follows:

	Expiration Year
Fund	2007		2008		2009		2010		2011		2012		2013		Total
International Fund	$	1,762	$	—	$	4,569	$	—	$	—	$	—	$	—	$	6,331
Small Cap Select Fund		—		—		29,163		—		—		—		—		29,163
Small-Mid Cap Core Fund		—		5,595		339,005		102,106		4,320		—		—		451,025
Mid Cap Growth Opportunities Fund		—		—		30,252		—		—		—		—		30,252
Large Cap Growth Opportunities Fund		—		—		70,958		—		—		—		—		70,958

In accordance with Section 382 of the Internal Revenue Code, utilization of all or a portion of the above capital loss carryovers is limited on an annual basis for International Fund, Small Cap Select Fund, Small-Mid Cap Core Fund, Mid Cap Growth Opportunities Fund, and Large Cap Growth Opportunities Fund to $4,046, $9,721, $1,524, $10,084, and $23,652, respectively.

FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, certain funds may enter into S&P stock index futures contracts and other stock index futures contracts. The Balanced Fund may also enter into interest rate index 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, 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.

At April 30, 2007, International Select Fund and Balanced Fund had outstanding futures contracts as disclosed in their Schedules of Investments.

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 a written option 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 April 30, 2007, the Balanced Fund held written options as disclosed in its Schedule of Investments.

Purchased options are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If a purchased option 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 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 call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. As of April 30, 2007, the Balanced Fund held options purchased as disclosed in its Schedule of Investments.

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

First American Funds Semiannual Report 2007       95

Notes to  Financial Statements continued

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 a notional amount of principal). As of April 30, 2007, Balanced Fund had outstanding interest rate swaps as disclosed in its Schedule of Investments.

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 reference entity on its obligation (typically a corporate issue or sovereign issue of an emerging country). The fund may use credit default swaps to provide a measure of protection against defaults of particular issuers (i.e., to reduce risk where the fund owns an issuance of or otherwise has exposure to the issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As of April 30, 2007, Balanced Fund had outstanding credit default swaps as disclosed in its Schedule of Investments.

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 on 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 on 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 an agreement may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreement, and that there may be unfavorable changes in interest rates.

FOREIGN CURRENCY TRANSLATION – The books and records of International Fund and International Select Fund relating to the funds’ non-U.S. dollar denominated investments are maintained in U.S. dollars on the following bases:

•  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 International Fund and International Select Fund do not isolate the portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The International Fund and International Select Fund 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. At April 30, 2007, International Fund did not have foreign currency holdings. The International Select Fund had foreign currency holdings consisting of multiple denominations.

FORWARD FOREIGN CURRENCY CONTRACTS – The International Fund and International Select Fund may enter into forward foreign currency contracts as hedges against either specific transactions or fund positions. The aggregate principal amount of the contracts are not recorded because the funds intend to settle the contracts prior to delivery. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The funds realize gains or losses at the time the forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes.

The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit a potential gain that might result should the value of the currency increase. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. The face or contract amount in U.S. dollars reflects the total exposure the fund has in that particular currency contract. In addition, there could be exposure to risks (limited to the amount of unrealized gains) if the counterparties to the contracts are unable to meet the terms of their contracts. At April 30, 2007, the funds had no outstanding forward currency contracts.

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 the fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. At April 30, 2007, Balanced Fund had when-

96      First American Funds Semiannual Report 2007

issued or forward-commitment securities outstanding with a total cost of $2,962.

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 “roll over” 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 April 30, 2007, the funds had no dollar rolls.

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 April 30, 2007, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, and Balanced Fund had investments in illiquid securities with a total value of $300, $3,745, $6,085, and $118, respectively, or 0.0%, 1.2%, 0.5%, and 0.0%, respectively, of total net assets.

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

			Dates
Real Estate Securities Fund	Shares		Acquired		Cost Basis
Beacon Capital		34		3/98	$	435
Newcastle Investment Holdings		35		6/98		153

			Dates
Small Cap Growth Opportunities Fund	Shares		Acquired		Cost Basis
Ember Resources		1,500		1/06-3/07	$	8,287
Hollis-Eden Pharmaceuticals Warrants		71		2/06		161
Kuhlman Company Warrants		282		1/06		273
Tridium, Class B, Escrow Shares		279		1/06		—	*
VideoPropulsion		785		12/99		—	*

* Rounds to zero.

			Dates
Small Cap Select Fund	Shares		Acquired		Cost Basis
Reliv International		571		4/06-2/07	$	5,940

			Dates
Balanced Fund	Par		Acquired		Cost Basis
Duty Free International	$	588		1/99-11/02	$	588

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 receive collateral from the borrower 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. If the value of the securities on loan increases, additional collateral is received from the borrower. 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.

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. With respect to International Fund and International Select Fund, a portion of this amount is paid to State Street Bank and Trust for acting as sub-lending agent. Effective January 23, 2007, for each fund other than International Fund and International Select Fund, collateral for securities on loan is invested in a money market fund administered by FAF Advisors, and FAF Advisors will receive an administration fee equal to 0.02% of such fund’s average daily net assets. For International Fund and International Select Fund, State Street Bank and Trust will continue to act as sub-lending agent and will receive a portion of FAF Advisors’ fee. Securities lending fees

First American Funds Semiannual Report 2007       97

Notes to  Financial Statements continued

paid to FAF Advisors by the funds during the six-month period ended April 30, 2007, were as follows:

Fund
Real Estate Securities Fund	$	138
Small Cap Growth Opportunities Fund		113
Small Cap Select Fund		509
Small Cap Value Fund		96
Small-Mid Cap Core Fund		26
Mid Cap Growth Opportunities Fund		246
Mid Cap Value Fund		108
Large Cap Growth Opportunities Fund		60
Large Cap Select Fund		28
Large Cap Value Fund		40
Balanced Fund		31
Equity Income Fund		45

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

SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities is recorded as an adjustment to realized or unrealized gains or losses. For the six-month period ended April 30, 2007, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Value Fund, Balanced Fund, and Equity Income Fund received settlement proceeds of $158, $314, $0 (due to rounding), $92, $161, $10, $250, $40, $629, and $371, respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolio.

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 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 April 30, 2007.

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, preselected by each Director. 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 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 net assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), 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:

	Advisory Fee
	as a % of Average
Fund	Daily Net Assets
Real Estate Securities Fund		0.70	%
International Fund		1.00
International Select Fund		1.00
Small Cap Growth Opportunities Fund		1.00
Small Cap Select Fund		0.70
Small Cap Value Fund		0.70
Small-Mid Cap Core Fund		0.70
Mid Cap Growth Opportunities Fund		0.70
Mid Cap Value Fund		0.70
Large Cap Growth Opportunities Fund*		0.65
Large Cap Select Fund*		0.65
Large Cap Value Fund*		0.65
Balanced Fund*		0.65
Equity Income Fund*		0.65

*  The advisory fees for Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund, and Equity Income Fund are equal to an annual rate of 0.65% of the average daily net assets up to $3 billion, 0.625% of the average daily net assets on the next $2 billion, and 0.60% of the average daily net assets in excess of $5 billion.

FAF Advisors has agreed to waive fees and reimburse other fund expenses for the following funds at least through February 29, 2008 (June 30, 2008 for Balanced Fund), so that total fund operating expenses, as a

98      First American Funds Semiannual Report 2007

percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			B			C			R			Y
International Fund		1.49	%		2.24	%		2.24	%		1.74	%		1.24	%
International Select Fund		1.49			2.24			2.24			1.74			1.24
Small Cap Growth Opportunities Fund		1.47			2.22			2.22			1.72			1.22
Small-Mid Cap Core Fund		1.41			2.16			2.16			N/A			1.16
Balanced Fund		1.10			1.85			1.85			1.35			0.85

N/A = 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 Advisor’s 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 provides, or engages 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 April 30, 2007, administration fees paid to FAF Advisors by the funds included in this report were as follows:

Fund
Real Estate Securities Fund	$	1,184
International Fund		1,961
International Select Fund		93
Small Cap Growth Opportunities Fund		355
Small Cap Select Fund		1,186
Small Cap Value Fund		469
Small-Mid Cap Core Fund		129
Mid Cap Growth Opportunities Fund		1,848
Mid Cap Value Fund		1,154
Large Cap Growth Opportunities Fund		946
Large Cap Select Fund		539
Large Cap Value Fund		1,033
Balanced Fund		402
Equity Income Fund		1,447

SUB-ADVISORY FEES – J.P. Morgan Investment Management Inc. (“JPMorgan”) serves as investment sub-advisor to the International Fund pursuant to a sub-advisory agreement with FAF Advisors. For the services under its sub-advisory agreement with FAF Advisors, JPMorgan is paid a monthly fee by FAF Advisors equal, on an annual basis, to 0.34% of the first $100 million of the fund’s average daily net assets, 0.30% of the next $250 million of the fund’s average daily net assets, 0.24% of the next $1.25 billion of the fund’s average daily net assets, and 0.22% of the fund’s average daily net assets in excess of $1.60 billion.

Altrinsic Global Advisors, LLC (“Altrinsic”), Hansberger Global Investors, Inc. (“HGI”), and Lazard Asset Management LLC (“Lazard”) each serve as investment sub-advisor to the International Select Fund pursuant to separate sub-advisory agreements with FAF Advisors. Each sub-advisor has discretion to select portfolio securities for its portion of the fund. For the services provided under their respective sub-advisory agreements with FAF Advisors, Altrinsic, HGI, and Lazard are paid monthly fees by FAF Advisors.

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 based on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based on 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.

First American Funds Semiannual Report 2007       99

Notes to  Financial Statements continued

For the six-month period ended April 30, 2007, transfer agent fees paid to USBFS by the funds included in this report were as follows:

Fund
Real Estate Securities Fund	$	81
International Fund		85
International Select Fund		36
Small Cap Growth Opportunities Fund		75
Small Cap Select Fund		155
Small Cap Value Fund		79
Small-Mid Cap Core Fund		108
Mid Cap Growth Opportunities Fund		195
Mid Cap Value Fund		126
Large Cap Growth Opportunities Fund		151
Large Cap Select Fund		54
Large Cap Value Fund		118
Balanced Fund		100
Equity Income Fund		135

CUSTODIAN FEES – U.S. Bank serves as the custodian for each fund other than International Fund and International Select Fund pursuant to a custodian agreement with FAIF. The fee for each fund (except International Fund and International Select Fund) is equal to an annual rate of 0.005% of average daily net assets. State Street Bank (“SSB”) serves as the custodian for International Fund and International Select Fund pursuant to a custodian agreement with FAIF. The International Fund and International Select Fund pay SSB various asset-based fees and transaction charges based on the issuer’s country. All fees are computed daily and paid monthly.

Under the custodian agreements, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. The International Fund and International Select Fund have also entered into agreements with SSB to receive certain credits to reduce the amount of custody fees incurred. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statement 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 April 30, 2007, custodian fees were increased as a result of overdrafts, and decreased as a result of interest earned (and, for International Fund and International Select Fund, as a result of other custodian credits) as follows:

Fund	Increased			Decreased
Real Estate Securities Fund	$	2		$	2
International Fund		—			257
International Select Fund		—			15
Small Cap Growth Opportunities Fund		—			4
Small Cap Select Fund		—			5
Small Cap Value Fund		1			3
Small-Mid Cap Core Fund		—	*		—	*
Mid Cap Growth Opportunities Fund		—			6
Mid Cap Value Fund		—	*		7
Large Cap Growth Opportunities Fund		21			1
Large Cap Select Fund		4			1
Large Cap Value Fund		1			2
Balanced Fund		—	*		1
Equity Income 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 attributable to 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.

Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2007:

Fund
Real Estate Securities Fund	$	182
International Fund		45
International Select Fund		—	*
Small Cap Growth Opportunities Fund		61
Small Cap Select Fund		178
Small Cap Value Fund		53
Small-Mid Cap Core Fund		29
Mid Cap Growth Opportunities Fund		258
Mid Cap Value Fund		125
Large Cap Growth Opportunities Fund		96
Large Cap Select Fund		7
Large Cap Value Fund		103
Balanced Fund		128
Equity Income Fund		212

*  Rounds to zero

OTHER FEES AND EXPENSES – In addition to investment advisory fees, custodian fees, distribution and shareholder servicing fees, transfer agent fees, and administration fees, each fund is responsible for paying other operating

100      First American Funds Semiannual Report 2007

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 April 30, 2007, legal fees and expenses of $42 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 April 30, 2007, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:

Fund
Real Estate Securities Fund	$	264
International Fund		54
International Select Fund		6
Small Cap Growth Opportunities Fund		20
Small Cap Select Fund		188
Small Cap Value Fund		29
Small-Mid Cap Core Fund		17
Mid Cap Growth Opportunities Fund		110
Mid Cap Value Fund		105
Large Cap Growth Opportunities Fund		38
Large Cap Select Fund		11
Large Cap Value Fund		43
Balanced Fund		40
Equity Income Fund		106

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:

		Real Estate						International						International
		Securities Fund						Fund						Select Fund
		Six-Month			Year			Six-Month			Year			12/22/2006*
		Period Ended			Ended			Period Ended			Ended			to
		4/30/2007			10/31/2006			4/30/2007			10/31/2006			4/30/2007
Class A:
	Shares issued		2,864			4,130			481			944			92
	Shares issued in lieu of cash distributions		837			997			85			37			—
	Shares redeemed		(2,167	)		(2,737	)		(580	)		(1,467	)		(1	)
Total Class A transactions			1,534			2,390			(14	)		(486	)		91
Class B:
	Shares issued		97			100			24			90			8
	Shares issued in lieu of cash distributions		29			27			10			2			—
	Shares redeemed		(39	)		(57	)		(74	)		(165	)		—
Total Class B transactions			87			70			(40	)		(73	)		8
Class C:
	Shares issued		501			295			44			69			7
	Shares issued in lieu of cash distributions		45			31			11			2			—
	Shares redeemed		(88	)		(77	)		(123	)		(157	)		—
Total Class C transactions			458			249			(68	)		(86	)		7
Class R:
	Shares issued		517			421			—			—			1
	Shares issued in lieu of cash distributions		40			5			—			—			—
	Shares redeemed		(182	)		(76	)		—			—			—
Total Class R transactions			375			350			—			—			1
Class Y:
	Shares issued		4,256			7,940			5,427			16,815			18,329
	Shares issued in lieu of cash distributions		1,584			1,946			1,920			865			5
	Shares redeemed		(5,141	)		(4,939	)		(19,855	)		(26,402	)		(965	)
Total Class Y transactions			699			4,947			(12,508	)		(8,722	)		17,369
Net increase (decrease) in capital shares			3,153			8,006			(12,630	)		(9,367	)		17,476

 *   Commencement of operations.

First American Funds Semiannual Report 2007       101

Notes to  Financial Statements continued

		Small Cap Growth						Small Cap						Small Cap
		Opportunities Fund						Select Fund						Value Fund
		Six-Month			Year			Six-Month			Year			Six-Month			Year
		Period Ended			Ended			Period Ended			Ended			Period Ended			Ended
		4/30/2007			10/31/2006			4/30/2007			10/31/2006			4/30/2007			10/31/2006
Class A:
	Shares issued		1,020			4,199			7,474			9,110			418			865
	Shares issued in lieu of cash distributions		449			735			1,842			1,595			671			769
	Shares redeemed		(897	)		(1,598	)		(3,584	)		(2,829	)		(466	)		(711	)
Total Class A transactions			572			3,336			5,732			7,876			623			923
Class B:
	Shares issued		7			27			117			169			10			32
	Shares issued in lieu of cash distributions		23			84			203			260			103			167
	Shares redeemed		(68	)		(149	)		(187	)		(245	)		(84	)		(222	)
Total Class B transactions			(38	)		(38	)		133			184			29			(23	)
Class C:
	Shares issued		22			50			814			568			57			61
	Shares issued in lieu of cash distributions		8			30			213			217			61			85
	Shares redeemed		(36	)		(78	)		(199	)		(385	)		(81	)		(133	)
Total Class C transactions			(6	)		2			828			400			37			13
Class R:
	Shares issued		16			68			1,405			176			109			133
	Shares issued in lieu of cash distributions		4			—			43			6			24			1
	Shares redeemed		(22	)		(3	)		(75	)		(24	)		(19	)		(13	)
Total Class R transactions			(2	)		65			1,373			158			114			121
Class Y:
	Shares issued		379			1,850			8,622			8,486			2,082			3,416
	Shares issued in lieu of cash distributions		368			1,388			4,956			7,353			3,430			4,769
	Shares redeemed		(1,935	)		(3,669	)		(6,090	)		(12,717	)		(3,182	)		(6,538	)
Total Class Y transactions			(1,188	)		(431	)		7,488			3,122			2,330			1,647
Net increase (decrease) in capital shares			(662	)		2,934			15,554			11,740			3,133			2,681

		Small-Mid Cap						Mid Cap Growth						Mid Cap
		Core Fund						Opportunities Fund						Value Fund
		Six-Month			Year			Six-Month			Year			Six-Month			Year
		Period Ended			Ended			Period Ended			Ended			Period Ended			Ended
		4/30/2007			10/31/2006			4/30/2007			10/31/2006			4/30/2007			10/31/2006
Class A:
	Shares issued		367			1,273			1,522			3,381			4,423			4,315
	Shares issued in lieu of cash distributions		—			—			747			775			525			155
	Shares redeemed		(797	)		(1,315	)		(986	)		(4,096	)		(1,467	)		(929	)
Total Class A transactions			(430	)		(42	)		1,283			60			3,481			3,541
Class B:
	Shares issued		22			52			18			63			29			73
	Shares issued in lieu of cash distributions		—			—			40			42			21			21
	Shares redeemed		(195	)		(435	)		(65	)		(79	)		(52	)		(157	)
Total Class B transactions			(173	)		(383	)		(7	)		26			(2	)		(63	)
Class C:
	Shares issued		99			231			118			240			244			460
	Shares issued in lieu of cash distributions		—			—			47			45			43			17
	Shares redeemed		(99	)		(235	)		(79	)		(183	)		(66	)		(95	)
Total Class C transactions			—			(4	)		86			102			221			382
Class R:(1)
	Shares issued		—			—			137			338			571			685
	Shares issued in lieu of cash distributions		—			—			42			27			46			4
	Shares redeemed		—			—			(94	)		(66	)		(114	)		(55	)
Total Class R transactions			—			—			85			299			503			634
Class Y:
	Shares issued		1,911			5,352			1,791			4,107			2,507			4,891
	Shares issued in lieu of cash distributions		4			—			1,890			2,385			1,268			1,130
	Shares redeemed		(750	)		(2,340	)		(2,638	)		(7,045	)		(2,050	)		(3,614	)
Total Class Y transactions			1,165			3,012			1,043			(553	)		1,725			2,407
Net increase (decrease) in capital shares			562			2,583			2,490			(66	)		5,928			6,901

(1)   Class R is not offered by the Small-Mid Cap Core Fund.

102      First American Funds Semiannual Report 2007

		Large Cap Growth						Large Cap						Large Cap
		Opportunities Fund						Select Fund						Value Fund
		Six-Month			Year			Six-Month			Year			Six-Month			Year
		Period Ended			Ended			Period Ended			Ended			Period Ended			Ended
		4/30/2007			10/31/2006			4/30/2007			10/31/2006			4/30/2007			10/31/2006
Class A:
	Shares issued		220			459			56			345			273			522
	Shares issued in lieu of cash distributions		33			—			7			10			426			237
	Shares redeemed		(494	)		(1,174	)		(59	)		(281	)		(545	)		(1,595	)
Total Class A transactions			(241	)		(715	)		4			74			154			(836	)
Class B:
	Shares issued		12			27			3			14			12			31
	Shares issued in lieu of cash distributions		5			—			1			1			37			25
	Shares redeemed		(117	)		(265	)		(3	)		(13	)		(84	)		(323	)
Total Class B transactions			(100	)		(238	)		1			2			(35	)		(267	)
Class C:
	Shares issued		20			19			3			5			16			26
	Shares issued in lieu of cash distributions		3			—			—			1			19			10
	Shares redeemed		(72	)		(120	)		(1	)		(2	)		(49	)		(78	)
Total Class C transactions			(49	)		(101	)		2			4			(14	)		(42	)
Class R:
	Shares issued		2			9			1			10			1			7
	Shares issued in lieu of cash distributions		—			—			—			—			1			—
	Shares redeemed		—			(1	)		(7	)		(2	)		(1	)		—
Total Class R transactions			2			8			(6	)		8			1			7
Class Y:
	Shares issued		1,012			4,473			2,253			12,008			1,605			4,621
	Shares issued in lieu of cash distributions		159			—			222			515			2,058			1,056
	Shares redeemed		(5,885	)		(8,081	)		(4,056	)		(5,046	)		(5,859	)		(6,211	)
Total Class Y transactions			(4,714	)		(3,608	)		(1,581	)		7,477			(2,196	)		(534	)
Net increase (decrease) in capital shares			(5,102	)		(4,654	)		(1,580	)		7,565			(2,090	)		(1,672	)

		Balanced						Equity
		Fund						Income Fund
		Six-Month			Year			Six-Month			Year
		Period Ended			Ended			Period Ended			Ended
		4/30/2007			10/31/2006			4/30/2007			10/31/2006
Class A:
	Shares issued		382			877			548			876
	Shares issued in lieu of cash distributions		700			154			1,015			220
	Shares redeemed		(927	)		(2,330	)		(1,068	)		(2,869	)
Total Class A transactions			155			(1,299	)		495			(1,773	)
Class B:
	Shares issued		14			34			42			67
	Shares issued in lieu of cash distributions		83			12			117			20
	Shares redeemed		(341	)		(648	)		(222	)		(375	)
Total Class B transactions			(244	)		(602	)		(63	)		(288	)
Class C:
	Shares issued		19			44			24			63
	Shares issued in lieu of cash distributions		18			2			64			14
	Shares redeemed		(59	)		(226	)		(168	)		(492	)
Total Class C transactions			(22	)		(180	)		(80	)		(415	)
Class R:
	Shares issued		2			3			3			8
	Shares issued in lieu of cash distributions		—			—			4			—
	Shares redeemed		(2	)		(1	)		(7	)		(7	)
Total Class R transactions			—			2			—			1
Class Y:
	Shares issued		1,179			3,312			3,590			5,379
	Shares issued in lieu of cash distributions		1,624			393			3,520			637
	Shares redeemed		(3,082	)		(6,111	)		(6,688	)		(20,386	)
Total Class Y transactions			(279	)		(2,406	)		422			(14,370	)
Net increase (decrease) in capital shares			(390	)		(4,485	)		774			(16,845	)

First American Funds Semiannual Report 2007       103

Notes to  Financial Statements continued

Class B shares converted to Class A shares (reflected above as Class A shares issued and Class B shares redeemed) during the six-month period ended April 30, 2007, and the fiscal year ended October 31, 2006, were as follows:

	Six-Month
	Period			Year
	Ended			Ended
Fund	4/30/07			10/31/06
Real Estate Securities Fund		7			13
International Fund		29			41
International Select Fund		—			—
Small Cap Growth Opportunities Fund		43			43
Small Cap Select Fund		86			66
Small Cap Value Fund		24			88
Small-Mid Cap Core Fund		64			143
Mid Cap Growth Opportunities Fund		42			19
Mid Cap Value Fund		24			78
Large Cap Growth Opportunities Fund		70			125
Large Cap Select Fund		—	*		1
Large Cap Value Fund		46			185
Balanced Fund		274			331
Equity Income Fund		150			110

*  The number rounds to zero.

5 > Investment Security Transactions

During the six-month period ended April 30, 2007, 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
Real Estate Securities Fund	$	—	$	—	$	1,247,896	$	1,228,834
International Fund		—		—		117,587		313,269
International Select Fund						223,301		19,470
Small Cap Growth Opportunities Fund		—		—		155,799		194,138
Small Cap Select Fund		—		—		546,919		458,377
Small Cap Value Fund		—		—		136,191		155,098
Small-Mid Cap Core Fund		—		—		84,554		80,470
Mid Cap Growth Opportunities Fund		—		—		785,989		835,113
Mid Cap Value Fund		—		—		600,579		507,494
Large Cap Growth Opportunities Fund		—		—		433,767		611,341
Large Cap Select Fund		—		—		309,466		342,477
Large Cap Value Fund		—		—		412,623		515,649
Balanced Fund		97,467		86,509		161,257		209,878
Equity Income Fund		—		—		114,582		246,000

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 tax purposes at April 30, 2007, were as follows:

								Federal
	Aggregate		Aggregate					Income
	Gross		Gross					Tax
Fund	Appreciation		Depreciation			Net		Cost
Real Estate Securities Fund	$	247,642	$	(14,287	)	$	233,355	$	1,268,011
International Fund		565,045		(20,862	)		544,183		1,604,964
International Select Fund		10,449		(2,417	)		8,032		187,025
Small Cap Growth Opportunities Fund		38,294		(11,516	)		26,778		447,907
Small Cap Select Fund		136,633		(44,626	)		92,007		1,596,599
Small Cap Value Fund		58,822		(10,273	)		48,549		558,836
Small-Mid Cap Core Fund		12,717		(2,440	)		10,277		159,135
Mid Cap Growth Opportunities Fund		363,645		(21,016	)		342,629		2,098,357
Mid Cap Value Fund		178,128		(16,153	)		161,975		1,342,357
Large Cap Growth Opportunities Fund		131,359		(5,417	)		125,942		983,520
Large Cap Select Fund		51,659		(2,732	)		48,927		558,269
Large Cap Value Fund		144,268		(6,440	)		137,828		949,319
Balanced Fund		29,541		(2,987	)		26,554		422,384
Equity Income Fund		393,939		(3,348	)		390,591		1,165,472

The difference between cost for financial statement purposes and federal tax purposes is primarily due to losses deferred from wash sales, investments in limited partnerships and REITs, the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts, and the mark-to-market of certain PFICs for tax purposes.

6 > Sector Risk

Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. Real Estate Securities Fund primarily invests in income-producing common stocks of publicly traded companies engaged in the real estate industry. The real estate industry has been subject to substantial fluctuations and declines on a local, regional, and national basis in the past and that may continue in the future. As of April 30, 2007, Small Cap Growth Opportunities Fund and Large Cap Growth Opportunities Fund each had a significant portion of their assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole. As of the same date, International Fund, Small Cap Value Fund, and Large Cap Value Fund had significant portions of their assets invested in the financials sector. The financials sector may be more greatly impacted by the performance of the overall economy, interest rates, competition, and consumer confidence and spending.

104      First American Funds Semiannual Report 2007

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 of 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 be applied to all open tax years as of that 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 April 30, 2008.

In September 2006, the FASB issued Statement on 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 disclosures 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 April 30, 2007, 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 measurements reported in the Statement of Operations for a fiscal period.

9 > Subsequent Event – Results of the Special Meeting

A special meeting of the shareholders of International Select Fund was held on May 17, 2007, for shareholders of record as of April 4, 2007. The shareholders of the fund voted on whether to approve a new investment sub-advisory agreement between HGI and FAF Advisors. Shareholders also voted on whether to approve a proposal to authorize a “manager-of-managers” structure for the fund. The results of the vote at the shareholder meeting held May 17, 2007, were as follows:

To approve an investment sub-advisory agreement between FAF Advisors and HGI with respect to the fund (not rounded):

For		Against		Abstain
	12,275,877		6,255		6,978

To authorize a “manager-of-managers” structure for the fund, whereby FAF Advisors, under certain circumstances, will be able to hire and replace sub-advisors to the fund without obtaining shareholder approval (not rounded):

For		Against		Abstain
	12,144,738		131,259		13,113

First American Funds Semiannual Report 2007       105

NOTICE TO SHAREHOLDERS April 30, 2007 (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 www.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 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.

106      First American Funds Semiannual Report 2007

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

CUSTODIANS

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55101

State Street Bank and Trust Company

2 Avenue de Lafayette

Boston, Massachusetts 02111

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 www.firstamericanfunds.com

0042-07 6/2007 SAR-EQUITY

Item 2—Code of Ethics

Not applicable to the semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to the semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to the semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), 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: June 29, 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: June 29, 2007

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

Date: June 29, 2007