N-CSR 1 c21990nvcsr.htm FORM N-CSR nvcsr
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05309
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:       October 31, 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.
 
 

 

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Item 1. Report to Shareholders

 

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Table of Contents
         
    1  
    2  
Expense Examples
     8  
Report of Independent Registered Public Accounting Firm
     10  
    11  
    36  
    38  
    39  
    40  
    46  
    53  
 Certifications
 Certifications
Mutual fund investing involves risk; principal loss is possible.
 
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

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Message to Shareholders December 10, 2007
Dear Shareholders:  
 
We invite you to take a few minutes to review the results of the fiscal year ended October 31, 2007.  
This report includes comparative performance graphs and tables, portfolio commentaries, complete listings of portfolio holdings, and additional fund information. We hope you will find this helpful in monitoring your investment portfolio.
Also, through our website, firstamericanfunds.com, we provide quarterly performance fact sheets on all First American Funds, the economic outlook as viewed by our senior investment officers, and other information about fund investments and portfolio strategies.
Please contact your financial professional if you have questions about First American Funds or contact First American Investor Services at 800.677.FUND.
We appreciate your investment with First American Funds and look forward to serving your financial needs in the future.
Sincerely,
     
-s- Virginia L. Stringer   -s- Thomas S. Schreier, Jr.
 
Virginia L. Stringer

Chairperson of the Board
First American Investment Funds, Inc.		   Thomas S. Schreier, Jr.

President
First American Investment Funds, Inc.
First American Funds  2007 Annual Report       1

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Equity Index Fund
Investment Objective: to provide investment results that correspond to the performance of the Standard & Poor’s
500 Index* (“S&P 500 Index”).
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Equity Index Fund (the “fund”), Class Y shares, returned 14.22% for the fiscal year October 31, 2007 (Class A shares returned 13.93% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P 500 Index, returned 14.56% for the same period.
General economic and market conditions
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
Fund Overview
The fund is invested to replicate the S&P 500 Index as closely as possible with consideration given to turnover costs and fees. As a result, the fund performed very similarly to the index. The index includes 500 leading companies in the major industries of the U.S. economy and covers about 75% of the dollar value of all traded stocks in the U.S. market.
The best-performing sectors during the fiscal year were energy, materials, and technology, having risen by 39%, 34%, and 27%, respectively. The only sector to post negative returns over the same period was financials, falling by 3%. Since the credit crisis that began in August, the overall consumer discretionary sector has fallen 0.5% with its constituent apparel and retailing industries falling 6% and 4%, respectively. Over the same three months technology firms have risen by 14.4%.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Exxon Mobil
     3.8 %
General Electric
     3.1  
Microsoft
     2.2  
AT&T
     1.9  
Procter & Gamble
     1.6  
Bank of America
     1.6  
Citigroup
     1.5  
Cisco Systems
     1.5  
Chevron
     1.4  
Johnson & Johnson
     1.4  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Financials
     19.2%  
Information Technology
     17.0  
Energy
     11.7  
Healthcare
     11.5  
Industrials
     11.4  
Consumer Staples
     9.5  
Consumer Discretionary
     9.0  
Telecommunication Services
     3.6  
Utilities
     3.3  
Materials
     3.3  
Short-Term Investments
     0.5  
       
      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      First American Funds  2007 Annual Report

Table of Contents

Annual Performance1,2
                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   10 years   2/01/99   9/24/01   1 year   5 years   10 years   2/01/99   9/24/01
Average annual return with sales charge (POP)
                                                                                
Class A
     7.67%       11.97%       5.90%       —       —       9.38%       13.52%       5.38%       —       —  
 
Class B
     8.05%       12.15%       5.70%       —       —       9.92%       13.71%       5.19%       —       —  
 
Class C
     12.09%       12.40%       —       2.55%       —       13.92%       13.93%       —       2.39%       —  
 
Average annual return without sales charge (NAV)
                                                                                
Class A
     13.93%       13.25%       6.50%       —       —       15.77%       14.81%       5.98%       —       —  
 
Class B
     13.05%       12.40%       5.70%       —       —       14.92%       13.95%       5.19%       —       —  
 
Class C
     13.09%       12.40%       —       2.55%       —       14.92%       13.93%       —       2.39%       —  
 
Class R
     13.65%       13.04%       —       —       8.55%       15.48%       14.61%       —       —       8.40%  
 
Class Y
     14.22%       13.53%       6.77%       —       —       16.07%       15.08%       6.24%       —       —  
 
S&P 500 Index3
     14.56%       13.88%       7.10%       3.93%       9.29%       16.44%       15.45%       6.57%       3.78%       9.14%  
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Mutual fund investing involves risk; principal loss is possible. Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Performance reflects contractual fee waivers in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 0.76%, 1.51%, 1.51%, 1.01%, and 0.51%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 0.62%, 1.37%, 1.37%, 0.87%, and 0.37%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
First American Equity Index Fund, Class A (NAV)
  
 
   $ 18,772      
 
First American Equity Index Fund, Class A (POP)
   - - - -   $ 17,737      
 
S&P 500 Index3
  
 
   $ 19,860      
 
  The chart at right, illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the S&P 500 Index3.
(LINE GRAPH)
 
*  This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3  An unmanaged, market capitalization-weighted index based on the average weighted performance of 500 widely held large-cap common stocks.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
First American Funds  2007 Annual Report       3

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Mid Cap Index Fund
Investment Objective: to provide investment results that correspond to the performance of the Standard & Poor’s MidCap 400 Index* (“S&P MidCap 400 Index”).
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Mid Cap Index Fund (the “fund”), Class Y shares, returned 16.52% for the fiscal year ended October 31, 2007 (Class A shares returned 16.32% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P MidCap 400 Index, returned 17.02% for the same period.
General economic and market conditions
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
Fund Overview
The fund is invested to replicate the S&P MidCap 400 Index as closely as possible with consideration given to turnover costs and fees. As a result, the fund performed very similarly to the index. The index includes stocks that reflect the risk and return characteristics of the broader mid-cap universe. Mid-cap stocks are now being recognized as an independent asset class and the capitalization range of this index covers about 10% of the U.S. equities market.
The best-performing sectors during the fiscal year were energy, materials, and telecommunications, having risen by 43%, 37%, and 33%, respectively. The only sector to post negative returns over the same period was financials, falling by 1.5%. A large portion of the financial sector’s performance can be explained by the 16% decline in the mid-cap banking industry.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
First American Prime Obligations Fund, Class Z
     7.2 %
Intuitive Surgical
     0.9  
Lyondell Chemical
     0.9  
Cameron International
     0.8  
Gamestop, Class A
     0.7  
Southwestern Energy
     0.7  
Harris
     0.6  
Amphenol, Class A
     0.6  
FMC Technologies
     0.6  
Hologic
     0.6  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Industrials
     14.2 %
Information Technology
     14.2  
Financials
     13.5  
Consumer Discretionary
     12.5  
Healthcare
     11.4  
Energy
     8.6  
Materials
     7.3  
Utilities
     7.0  
Consumer Staples
     2.9  
Telecommunication Services
     0.9  
Short-Term Investments
     7.4  
Other Assets and Liabilities, Net2
     0.1  
       
      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  2007 Annual Report

Table of Contents

Annual Performance1,2
                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   11/04/99   11/27/00   9/24/01   1 year   5 years   11/04/99   11/27/00   9/24/01
Average annual return with sales charge (POP)
                                                                                
Class A
     9.92%       15.64%       9.89%       —       —       11.48%       16.00%       9.65%       —       —  
 
Class B
     10.41%       15.88%       9.87%       —       —       12.08%       16.24%       9.64%       —       —  
 
Class C
     14.39%       16.10%       —       —       13.20%       16.14%       16.46%       —       —       12.92%  
 
Average annual return without sales charge (NAV)
                                                                                
Class A
     16.32%       16.97%       10.67%       —       —       18.00%       17.33%       10.43%       —       —  
 
Class B
     15.41%       16.10%       9.87%       —       —       17.08%       16.46%       9.64%       —       —  
 
Class C
     15.39%       16.10%       —       —       13.20%       17.14%       16.46%       —       —       12.92%  
 
Class R
     16.01%       16.76%       —       9.04%       —       17.60%       17.13%       —       8.74%       —  
 
Class Y
     16.52%       17.26%       10.94%       —       —       18.28%       17.63%       10.70%       —       —  
 
S&P MidCap 400 Index3
     17.02%       17.78%       11.74%       10.11%       14.89%       18.76%       18.17%       11.51%       9.82%       14.62%  
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Stocks of mid-capitalization companies may be slightly less volatile than those of small-capitalization companies, but they still involve substantial risk and may be subject to increased volatility and more price fluctuation than large-capitalization companies.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Performance reflects contractual fee waivers in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 0.81%, 1.56%, 1.56%, 1.06%, and 0.56%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least June 30, 2008 so that total annual fund operating expenses for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 0.75%, 1.50%, 1.50%, 1.00%, and 0.50%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.
Value of 10,000 Investment1,2,4  as of October 31, 2007
                 
First American Mid Cap Index Fund, Class A (NAV)
  
 
   $ 22,487      
 
First American Mid Cap Index Fund, Class A (POP)
   - - - -   $ 21,254      
 
S&P MidCap 400 Index3
  
 
   $ 24,281      
 
  The chart at right, illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 11/04/1999 to 10/31/2007) as compared to the S&P MidCap 400 Index3.
(CLASS A LINE GRAPH)
 
*  This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
 
3  An unmanaged, market value-weighted index of 400 mid-cap companies.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
First American Funds  2007 Annual Report       5

Table of Contents

Small Cap Index Fund
Investment Objective: to provide investment results that correspond to the performance of the Russell 2000 Index*.
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Small Cap Index Fund (the “fund”), Class Y shares, returned 8.84% for the fiscal year ended October 31, 2007 (Class A shares returned 8.56% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Index, returned 9.27% for the same period.
General economic and market conditions
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
Fund Overview
The fund is invested to replicate the Russell 2000 Index as closely as possible with consideration given to turnover costs and fees. The index includes the traded shares of U.S. companies ranked 1,001 through 3,000 in size, thereby skipping large- and mid-capitalization names in the list of investable companies.
The best-performing sectors during the fiscal year were materials and energy, having risen by 42% and 21%, respectively. The two sectors to post negative returns over the same period were financials and consumer discretionary, falling by 10% and 1%, respectively. Since the credit crisis that began in August, the consumer discretionary sector has fallen 0.7%, with the retailing and media industries falling 6% and 4%, respectively. Over the same three months healthcare companies rose by 14%.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Hologic
     0.6%  
First American Prime Obligations Fund, Class Z
     0.6  
Exterran Holdings
     0.4  
CF Industries Holdings
     0.4  
FLIR Systems
     0.3  
U.S. Treasury Bill, 3.813%, 01/24/2008
     0.3  
Chipotle Mexican Grill, Class B
     0.3  
Equinix
     0.3  
Sotheby’s Holdings, Class A
     0.3  
Priceline.com
     0.3  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Financials
     19.0%  
Information Technology
     18.5  
Industrials
     15.2  
Consumer Discretionary
     14.4  
Healthcare
     13.4  
Energy
     5.8  
Materials
     5.5  
Consumer Staples
     2.9  
Utilities
     2.8  
Telecommunication Services
     1.6  
Short-Term Investments
     0.9  
       
      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.
6      First American Funds  2007 Annual Report

Table of Contents

Annual Performance1,2
                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   12/30/98   12/11/00   9/24/01   1 year   5 years   12/30/98   12/11/00   9/24/01
Average annual return with sales charge (POP)
                                                                                
Class A
     2.61%       16.36%       8.81%       —       —       5.52%       16.40%       8.56%       —       —  
 
Class B
     3.07%       16.49%       —       8.23%       —       5.94%       16.58%       —       7.91%       —  
 
Class C
     6.83%       16.73%       —       —       12.13%       9.85%       16.80%       —       —       11.81%  
 
Average annual return without sales charge (NAV)
                                                                                
Class A
     8.56%       17.68%       9.51%       —       —       11.64%       17.73%       9.26%       —       —  
 
Class B
     7.78%       16.71%       —       8.23%       —       10.78%       16.80%       —       7.91%       —  
 
Class C
     7.78%       16.73%       —       —       12.13%       10.82%       16.80%       —       —       11.81%  
 
Class R
     8.34%       17.37%       9.30%       —       —       11.38%       17.44%       9.05%       —       —  
 
Class Y
     8.84%       17.91%       9.72%       —       —       11.93%       17.96%       9.47%       —       —  
 
Russell 2000 Index3
     9.27%       18.67%       9.59%       9.37%       14.35%       12.34%       18.75%       9.34%       9.04%       14.03%  
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Stocks of small-capitalization companies involve substanital risk. These stocks historically have experienced greater price volatility than stocks of larger companies, and they may be expected to do so in the future.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Performance reflects contractual fee waivers in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses, which the fund indirectly bears before waivers) for Class A, Class B, Class C, Class R, and Class Y shares was 1.11%, 1.86%, 1.86%, 1.36%, and 0.86%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least June 30, 2008 so that total annual fund operating expenses (net of acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 0.83%, 1.58%, 1.58%, 1.08%, and 0.58%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.
Value of 10,000 Investment1,2,4  as of October 31, 2007
                 
First American Small Cap Index Fund, Class A (NAV)
  
 
   $ 22,310      
 
First American Small Cap Index Fund, Class A (POP)
   - - - -   $ 21,087      
 
Russell 2000 Index3
  
 
   $ 22,465      
 
  The chart at right, illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 12/30/1998 to 10/31/2007) as compared to the Russell 2000 Index3.
(CLASS A LINE GRAPH)
 
*  This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
   On September 24, 2001, the Small Cap Index Fund became the successor by merger to the Firstar Small Cap Index Fund, a serier of Firstar Funds, Inc. Prior to the merger, the First American Fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar Small Cap Index Fund. The Firstar Small Cap Index Fund was organized on December 11, 2000, and, prior to that, was a separate series of Mercantile Mutual Funds, Inc.
3  An unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
First American Funds  2007 Annual Report       7

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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 May 1, 2007 to October 31, 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 Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period1 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual2
   $ 1,000.00     $ 1,052.50     $ 3.21  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,022.08     $ 3.16  
 
Class B Actual2
   $ 1,000.00     $ 1,048.40     $ 7.07  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,018.30     $ 6.97  
 
Class C Actual2
   $ 1,000.00     $ 1,048.40     $ 7.07  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,018.30     $ 6.97  
 
Class R Actual2
   $ 1,000.00     $ 1,051.00     $ 4.50  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.82     $ 4.43  
 
Class Y Actual2
   $ 1,000.00     $ 1,053.90     $ 1.92  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,023.34     $ 1.89  
 
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 October 31, 2007 of 5.25%, 4.84%, 4.84%, 5.10%, and 5.39% for Class A, Class B, Class C, Class R, and Class Y, respectively.
8      First American Funds  2007 Annual Report

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Expense Examples   concluded
Mid Cap Index Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period1 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual2
   $ 1,000.00     $ 1,041.90     $ 3.81  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,021.48     $ 3.77  
 
Class B Actual2
   $ 1,000.00     $ 1,037.80     $ 7.65  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.69     $ 7.58  
 
Class C Actual2
   $ 1,000.00     $ 1,037.70     $ 7.65  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.69     $ 7.58  
 
Class R Actual2
   $ 1,000.00     $ 1,040.90     $ 5.09  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.21     $ 5.04  
 
Class Y Actual2
   $ 1,000.00     $ 1,043.20     $ 2.52  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,022.74     $ 2.50  
 
1  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.74%, 1.49%, 1.49%, 0.99%, and 0.49% 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 October 31, 2007 of 4.19%, 3.78%, 3.77%, 4.09%, and 4.32% 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 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual4
   $ 1,000.00     $ 1,019.70     $ 4.17  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,021.07     $ 4.18  
 
Class B Actual4
   $ 1,000.00     $ 1,015.90     $ 7.98  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.29     $ 7.98  
 
Class C Actual4
   $ 1,000.00     $ 1,016.40     $ 7.98  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.29     $ 7.98  
 
Class R Actual4
   $ 1,000.00     $ 1,018.40     $ 5.49  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.76     $ 5.50  
 
Class Y Actual4
   $ 1,000.00     $ 1,021.00     $ 2.90  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,022.33     $ 2.91  
 
3  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.82%, 1.57%, 1.57%, 1.08%, and 0.57% 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 October 31, 2007 of 1.97%, 1.59%, 1.64%, 1.84%, and 2.10% for Class A, Class B, Class C, Class R, and Class Y, respectively.
First American Funds  2007 Annual Report       9

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Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors
First American Investment Funds, Inc.
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Equity Index, Mid Cap Index, and Small Cap Index funds (series of First American Investment Funds, Inc.) (the “funds”) as of October 31, 2007, and the related statements of operations, changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2007, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the funds listed above of First American Investment Funds, Inc. at October 31, 2007, the results of their operations, changes in their net assets, and their financial highlights for the periods indicated therein in conformity with U.S. generally accepted accounting principles.
-s- Ernst & Young LLP
Minneapolis, Minnesota
December 19, 2007
10      First American Funds  2007 Annual Report

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Equity Index Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 99.5%
Consumer Discretionary – 9.0%
Abercrombie & Fitch, Class A (a)
     12,558     $ 995  
Amazon.com (a) (b)
     44,612       3,977  
Apollo Group, Class A (a) (b)
     20,735       1,643  
Autonation (a) (b)
     23,956       424  
Autozone (a) (b)
     7,711       959  
Bed Bath & Beyond (b)
     42,507       1,443  
Best Buy (a)
     59,004       2,863  
Big Lots (a) (b)
     16,310       391  
Black & Decker (a)
     9,408       846  
Brunswick (a)
     13,279       296  
Carnival (a)
     61,090       2,931  
CBS, Class B (a)
     110,291       3,165  
Centex
     18,278       458  
Circuit City Stores
     24,406       194  
Clear Channel Communications
     66,765       2,522  
Coach (b)
     53,839       1,968  
Comcast, Class A (a) (b)
     451,177       9,497  
D.R. Horton
     39,576       502  
Darden Restaurants
     19,126       822  
Dillard’s, Class A (a)
     8,726       201  
DIRECTV Group (b)
     111,262       2,946  
Dow Jones & Company
     9,431       564  
E.W. Scripps, Class A (a)
     10,871       489  
Eastman Kodak
     40,327       1,156  
Expedia (b)
     29,583       966  
Family Dollar Stores (a)
     22,025       558  
Ford Motor (a) (b)
     297,824       2,642  
Fortune Brands
     20,313       1,702  
Gannett (a)
     34,042       1,444  
Gap (a)
     77,973       1,474  
General Motors (a)
     82,160       3,220  
Genuine Parts (a)
     24,606       1,207  
Goodyear Tire & Rubber (a) (b)
     29,788       898  
H&R Block (a)
     47,484       1,035  
Harley-Davidson (a)
     36,381       1,874  
Harman International Industries
     8,850       745  
Harrah’s Entertainment (a)
     26,922       2,376  
Hasbro
     22,421       669  
Home Depot (a)
     218,031       6,870  
IAC/ InterActiveCorp (a) (b)
     31,532       929  
International Game Technology (a)
     47,671       2,079  
Interpublic Group of Companies (a) (b)
     59,333       614  
J.C. Penney (a)
     32,215       1,812  
Johnson Controls
     85,419       3,735  
Jones Apparel Group (a)
     16,698       350  
KB HOME
     11,106       307  
Kohl’s (a) (b)
     43,758       2,405  
Leggett & Platt (a)
     26,139       508  
Lennar
     20,194       461  
Limited Brands (a)
     49,408       1,087  
Liz Claiborne (a)
     15,171       432  
Lowe’s (a)
     219,642       5,906  
Macy’s
     66,329       2,124  
Marriott International, Class A (a)
     46,545       1,913  
Mattel (a)
     57,491       1,201  
McDonald’s
     172,291       10,286  
McGraw-Hill (a)
     54,772       2,741  
New York Times, Class A (a)
     20,546       402  
Newell Rubbermaid (a)
     38,557       1,124  
News
     336,133       7,284  
Nike, Class B (a)
     53,815       3,566  
Nordstrom (a)
     28,650       1,130  
Office Depot (a) (b)
     39,901       749  
Officemax (a)
     9,922       314  
Omnicom Group (a)
     51,589       2,630  
Polo Ralph Lauren (a)
     8,844     $ 608  
Pulte Homes (a)
     30,763       457  
RadioShack (a)
     19,954       411  
Sears (a) (b)
     11,598       1,563  
Sherwin-Williams (a)
     17,473       1,117  
Snap-On
     8,307       415  
Stanley Works (a)
     11,497       662  
Staples
     103,748       2,421  
Starbucks (a) (b)
     107,224       2,861  
Starwood Hotels & Resorts Worldwide (a)
     30,168       1,715  
Target
     122,613       7,524  
Tiffany & Company
     21,105       1,143  
Time Warner (a)
     546,289       9,975  
TJX
     61,801       1,788  
Tribune
     12,196       369  
VF
     12,436       1,084  
Viacom, Class B (a) (b)
     102,914       4,249  
Walt Disney (a)
     283,761       9,827  
Wendy’s International
     12,592       438  
Whirlpool (a)
     11,121       881  
Wyndham Worldwide
     29,358       964  
Yum! Brands
     77,818       3,134  
             
              178,627  
             
Consumer Staples – 9.5%
Altria Group (a)
     303,523       22,136  
Anheuser-Busch
     110,085       5,645  
Archer-Daniels-Midland
     93,304       3,338  
Avon Products (a)
     67,813       2,779  
Brown-Forman, Class B
     10,972       812  
Campbell Soup
     25,692       950  
Clorox
     21,308       1,333  
Coca-Cola Enterprises (a)
     31,901       823  
Coca-Cola
     293,262       18,112  
Colgate-Palmolive (a)
     73,401       5,598  
ConAgra Foods
     75,441       1,790  
Constellation Brands, Class A (a) (b)
     27,356       687  
Costco Wholesale (a)
     65,558       4,409  
CVS
     219,365       9,163  
Dean Foods (a)
     18,760       521  
Estee Lauder, Class A (a)
     10,727       471  
General Mills
     46,309       2,673  
H.J. Heinz
     47,511       2,223  
Hershey Foods (a)
     25,795       1,112  
Kellogg
     36,532       1,929  
Kimberly-Clark
     61,554       4,364  
Kraft Foods, Class A
     223,548       7,469  
Kroger (a)
     102,681       3,018  
McCormick
     19,027       666  
Molson Coors Brewing
     13,666       782  
Pepsi Bottling (a)
     19,623       845  
PepsiCo
     238,400       17,575  
Procter & Gamble
     453,089       31,499  
Reynolds American (a)
     24,705       1,592  
Safeway
     63,588       2,162  
Sara Lee
     107,835       1,784  
SUPERVALU
     29,990       1,162  
Sysco
     94,213       3,231  
Tyson Foods, Class A
     35,820       566  
UST (a)
     23,204       1,237  
Walgreen
     143,349       5,684  
Wal-Mart Stores
     347,627       15,716  
Whole Foods Market (a)
     20,401       1,011  
Wrigley, William Jr. (a)
     29,158       1,798  
             
              188,665  
             
First American Funds  2007 Annual Report       11

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Equity Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Energy – 11.7%
Anadarko Petroleum
     68,472     $ 4,041  
Apache
     47,420       4,923  
Baker Hughes
     48,747       4,227  
BJ Services (a)
     42,699       1,075  
Chesapeake Energy (a)
     59,090       2,333  
Chevron (a)
     310,160       28,383  
ConocoPhillips
     236,262       20,073  
Consol Energy
     26,405       1,492  
Devon Energy
     65,622       6,129  
El Paso (a)
     101,053       1,785  
ENSCO International (a)
     21,036       1,167  
EOG Resources (a)
     34,611       3,066  
Exxon Mobil
     810,010       74,513  
Halliburton
     135,754       5,351  
Hess (a)
     39,376       2,820  
Marathon Oil (a)
     100,771       5,959  
Murphy Oil
     25,339       1,866  
Nabors Industries (a) (b)
     42,034       1,180  
National-Oilwell Varco (a) (b)
     51,068       3,740  
Noble Energy
     13,300       1,018  
Noble
     39,866       2,111  
Occidental Petroleum
     119,131       8,226  
Peabody Energy
     38,454       2,144  
Rowan (a)
     15,719       613  
Schlumberger (a)
     166,622       16,091  
Smith International (a)
     28,309       1,870  
Spectra Energy (a)
     85,476       2,221  
Sunoco
     17,527       1,290  
Tesoro (a)
     19,841       1,201  
Transocean (a) (b)
     41,584       4,964  
Valero Energy
     79,226       5,580  
Weatherford International (b)
     48,714       3,162  
Williams
     86,423       3,153  
XTO Energy
     55,325       3,672  
             
              231,439  
             
Financials – 19.2%
ACE
     44,105       2,673  
AFLAC (a)
     70,970       4,455  
Allstate (a)
     87,656       4,593  
Ambac Financial Group
     15,509       571  
American Capital Strategies (a)
     25,478       1,106  
American Express
     175,895       10,721  
American International Group
     370,750       23,402  
Ameriprise Financial
     33,191       2,090  
AON
     46,322       2,099  
Apartment Investment & Management – REIT (a)
     14,017       655  
Assurant
     14,320       837  
Avalonbay Communities – REIT (a)
     11,493       1,410  
Bank of America
     640,423       30,920  
Bank Of New York Mellon (a)
     164,279       8,025  
BB&T (a)
     76,759       2,838  
Bear Stearns (a)
     17,179       1,952  
Boston Properties – REIT (a)
     17,173       1,861  
Capital One Financial
     59,985       3,934  
CB Richard Ellis Group (a) (b)
     27,059       660  
Charles Schwab
     133,480       3,102  
Chubb
     51,649       2,755  
Cincinnati Financial
     22,343       889  
CIT Group (a)
     28,696       1,011  
Citigroup
     723,157       30,300  
CME Group
     7,069       4,710  
Comerica (a)
     23,547       1,099  
Commerce Bancorp (a)
     26,165       1,066  
Countrywide Financial
     85,066       1,320  
Developers Diversified Realty – REIT (a)
     18,031       909  
Discover Financial Services
     70,961       1,370  
E*TRADE Financial (a) (b)
     61,138     $ 681  
Equity Residential Properties Trust – REIT (a)
     41,980       1,754  
Fannie Mae
     136,892       7,808  
Federated Investors, Class B
     11,897       512  
Fifth Third Bancorp (a)
     78,500       2,455  
First Horizon National (a)
     17,763       463  
Franklin Resources (a)
     23,776       3,083  
Freddie Mac
     96,613       5,046  
General Growth Properties – REIT (a)
     35,368       1,923  
Genworth Financial, Class A (a)
     63,884       1,744  
Goldman Sachs Group
     58,947       14,614  
Hartford Financial Services Group (a)
     40,685       3,948  
Host Hotels & Resorts – REIT (a)
     75,639       1,676  
Hudson City Bancorp
     68,025       1,065  
Huntington Bancshares (a)
     52,722       944  
IntercontinentalExchange (a) (b)
     10,047       1,790  
JPMorgan Chase
     502,564       23,621  
Janus Capital Group (a)
     25,308       873  
KeyCorp (a)
     57,939       1,648  
Kimco Realty – REIT (a)
     36,530       1,517  
Legg Mason
     17,721       1,470  
Lehman Brothers Holdings (a)
     76,620       4,853  
Leucadia National
     23,755       1,203  
Lincoln National
     43,079       2,687  
Loew’s
     64,325       3,158  
M&T Bank (a)
     11,354       1,129  
Marsh & McLennan (a)
     74,356       1,925  
Marshall & Ilsley (a)
     37,393       1,597  
MBIA (a)
     19,093       822  
Merrill Lynch
     125,668       8,297  
MetLife
     107,590       7,408  
MGIC Investment
     14,465       280  
Moody’s (a)
     32,085       1,403  
Morgan Stanley (a)
     153,632       10,333  
National City (a)
     83,090       2,015  
Northern Trust
     26,187       1,970  
NYSE Euronext (a)
     38,133       3,580  
Plum Creek Timber – REIT (a)
     26,383       1,179  
PNC Financial Services (a)
     49,776       3,592  
Principal Financial Group
     43,585       2,949  
Progressive (a)
     114,543       2,119  
Prologis – REIT (a)
     37,030       2,657  
Prudential Financial (a)
     67,480       6,527  
Public Storage – REIT (a)
     17,705       1,434  
Regions Financial (a)
     104,435       2,832  
SAFECO
     18,030       1,044  
Simon Property Group – REIT (a)
     32,238       3,356  
SLM
     59,025       2,784  
Sovereign Bancorp
     53,740       775  
State Street (a)
     57,558       4,591  
SunTrust Banks
     48,271       3,504  
Synovus Financial
     41,706       1,099  
T. Rowe Price Group (a)
     35,295       2,267  
Torchmark
     14,816       965  
Travelers
     97,221       5,076  
U.S. Bancorp (a) (c)
     258,248       8,563  
UnumProvident (a)
     48,751       1,138  
Vornado Realty Trust – REIT (a)
     18,848       2,106  
Wachovia (a)
     276,120       12,627  
Washington Mutual
     132,966       3,707  
Wells Fargo
     472,729       16,078  
XL Capital Limited, Class A (a)
     26,834       1,931  
Zions Bancorporation
     12,033       711  
             
              380,239  
             
Healthcare – 11.5%
Abbott Laboratories
     221,884       12,119  
Aetna
     74,065       4,160  
12      First American Funds  2007 Annual Report

Table of Contents

                 
Equity Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Allergan (a)
     44,377     $ 2,999  
AmerisourceBergen
     26,001       1,225  
Amgen (a) (b)
     156,831       9,113  
Applied Biosystems Group – Applera (a)
     28,247       1,049  
Barr Pharmaceuticals (b)
     15,838       908  
Baxter International (a)
     94,022       5,642  
Becton, Dickinson & Company (a)
     35,940       3,000  
Biogen IDEC (a) (b)
     40,262       2,997  
Boston Scientific (a) (b)
     173,711       2,409  
Bristol-Myers Squibb
     284,016       8,518  
C.R. Bard (a)
     14,786       1,236  
Cardinal Health
     54,288       3,693  
Celgene (a) (b)
     54,823       3,618  
CIGNA (a)
     41,533       2,180  
Coventry Health Care (b)
     22,636       1,365  
Covidien (b)
     71,290       2,966  
Eli Lilly (a)
     143,006       7,744  
Express Scripts (b)
     37,211       2,348  
Forest Laboratories, Class A (b)
     45,870       1,792  
Genzyme (a) (b)
     37,509       2,850  
Gilead Sciences (b)
     134,763       6,225  
Hospira (b)
     23,478       970  
Humana (a) (b)
     23,426       1,756  
IMS Health
     28,319       714  
Johnson & Johnson
     418,009       27,242  
King Pharmaceuticals (a) (b)
     35,117       372  
Laboratory Corporation of America (a) (b)
     16,972       1,167  
Manor Care (a)
     10,601       706  
McKesson HBOC
     43,189       2,855  
Medco Health Solutions (a) (b)
     39,217       3,701  
Medtronic (a)
     169,055       8,020  
Merck
     311,063       18,123  
Millipore (a) (b)
     6,959       540  
Mylan Laboratories (a)
     30,496       459  
Patterson Companies (a) (b)
     19,678       770  
PerkinElmer
     19,194       528  
Pfizer
     1,012,821       24,925  
Quest Diagnostics (a)
     22,640       1,204  
Schering-Plough
     219,316       6,693  
St. Jude Medical (a) (b)
     48,824       1,989  
Stryker (a)
     41,376       2,938  
Tenet Healthcare (a) (b)
     66,906       235  
Thermo Fisher Scientific (a) (b)
     57,896       3,405  
UnitedHealth Group
     188,262       9,253  
Varian Medical Systems (a) (b)
     18,396       897  
Watson Pharmaceuticals (a) (b)
     15,674       479  
WellPoint (b)
     87,452       6,929  
Wyeth
     194,123       9,440  
Zimmer Holdings (b)
     35,360       2,457  
             
              228,923  
             
Industrials – 11.4%
3M
     103,935       8,976  
Allied Waste Industries (a) (b)
     29,788       377  
American Standard (a) (b)
     25,398       947  
Avery Dennison (a)
     15,433       894  
Boeing
     116,318       11,468  
Burlington Northern Santa Fe (a)
     48,380       4,216  
C.H. Robinson Worldwide (a)
     24,701       1,233  
Caterpillar (a)
     93,372       6,966  
Cintas (a)
     19,591       717  
Cooper Industries, Class A (a)
     26,447       1,386  
CSX
     62,853       2,814  
Cummins
     15,047       1,805  
Danaher (a)
     33,552       2,874  
Deere & Company (a)
     32,467       5,029  
Dover
     23,432       1,078  
Eaton
     20,946       1,939  
Emerson Electric (a)
     116,841     $ 6,107  
Equifax
     18,348       706  
Expeditors International of Washington (a)
     26,026       1,318  
FedEx (a)
     43,497       4,495  
Fluor
     11,280       1,782  
General Dynamics
     55,192       5,020  
General Electric
     1,474,978       60,710  
Goodrich
     17,142       1,194  
Honeywell International
     112,522       6,797  
Illinois Tool Works (a)
     57,833       3,312  
Ingersoll-Rand, Class A
     44,749       2,253  
ITT
     26,068       1,744  
Jacobs Engineering Group (a) (b)
     17,366       1,513  
L-3 Communications Holdings
     18,030       1,977  
Lockheed Martin (a)
     50,459       5,553  
Masco (a)
     54,507       1,313  
Monster Worldwide (a) (b)
     18,279       742  
Norfolk Southern
     58,768       3,035  
Northrop Grumman (a)
     50,480       4,221  
Paccar
     54,075       3,004  
Pall
     17,885       717  
Parker Hannifin (a)
     24,931       2,004  
Pitney Bowes (a)
     24,883       996  
Precision Castparts (a)
     19,741       2,957  
R.R. Donnelley & Sons
     30,737       1,238  
Raytheon (a)
     62,821       3,996  
Robert Half International (a)
     24,419       735  
Rockwell Automation
     24,035       1,656  
Rockwell Collins
     25,293       1,892  
Ryder System (a)
     8,968       429  
Southwest Airlines (a)
     114,208       1,623  
Terex (b)
     14,594       1,083  
Textron
     37,955       2,627  
Tyco International
     71,290       2,935  
Union Pacific
     37,868       4,849  
United Parcel Service, Class B
     153,032       11,493  
United Technologies
     142,847       10,941  
W.W. Grainger (a)
     10,929       983  
Waste Management (a)
     75,182       2,736  
             
              225,405  
             
Information Technology – 17.0%
Adobe Systems (b)
     85,541       4,097  
Advanced Micro Devices (a) (b)
     79,656       1,042  
Affiliated Computer Services, Class A (b)
     14,310       725  
Agilent Technologies (a) (b)
     61,150       2,253  
Akamai Technologies (a) (b)
     23,984       940  
Altera
     51,419       1,009  
Analog Devices
     47,204       1,579  
Apple (b)
     124,822       23,710  
Applied Materials
     199,434       3,873  
Autodesk (a) (b)
     32,634       1,596  
Automatic Data Processing
     83,218       4,124  
BMC Software (b)
     29,434       996  
Broadcom, Class A (a) (b)
     67,940       2,211  
CA (a)
     59,390       1,571  
Ciena (a) (b)
     12,329       590  
Cisco Systems (b)
     873,800       28,888  
Citrix Systems (b)
     26,073       1,121  
Cognizant Technology Solutions, Class A (b)
     41,490       1,720  
Computer Sciences (b)
     24,248       1,416  
Compuware (a) (b)
     43,887       439  
Convergys (b)
     20,008       367  
Corning (a)
     226,972       5,509  
Dell (b)
     334,760       10,244  
eBay (a) (b)
     163,749       5,911  
Electronic Arts (b)
     43,961       2,687  
Electronic Data Systems (a)
     68,677       1,483  
First American Funds  2007 Annual Report       13

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Equity Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
EMC (a) (b)
     302,832     $ 7,689  
Fidelity National Information Services (a)
     23,608       1,089  
Fiserv (a) (b)
     26,554       1,471  
Google, Class A (a) (b)
     32,899       23,260  
Hewlett-Packard
     377,937       19,532  
IBM
     197,134       22,891  
Intel
     830,363       22,337  
Intuit (a) (b)
     50,315       1,619  
Jabil Circuit
     25,862       562  
JDS Uniphase (b)
     30,494       465  
Juniper Networks (a) (b)
     74,457       2,680  
KLA-Tencor (a)
     27,327       1,439  
Lexmark International Group, Class A (a) (b)
     13,648       573  
Linear Technology (a)
     32,037       1,058  
LSI Logic (a) (b)
     110,820       731  
MEMC Electronic Materials (a) (b)
     32,201       2,358  
Microchip Technology
     31,492       1,045  
Micron Technology (a) (b)
     109,618       1,152  
Microsoft
     1,191,964       43,876  
Molex
     20,465       584  
Motorola
     334,028       6,276  
National Semiconductor (a)
     34,693       872  
Network Appliance (b)
     52,847       1,664  
Novell (b)
     54,847       415  
Novellus Systems (a) (b)
     19,037       541  
NVIDIA (a) (b)
     79,485       2,812  
Oracle (b)
     570,033       12,638  
Paychex
     47,360       1,979  
QLogic (a) (b)
     22,977       357  
QUALCOMM
     240,328       10,269  
SanDisk (a) (b)
     32,918       1,462  
Seagate Technology, Escrow Shares (b) (d)
     44,886       —  
Sun Microsystems (a) (b)
     515,230       2,942  
Symantec (a) (b)
     130,028       2,442  
Tektronix
     11,975       453  
Tellabs (a) (b)
     65,265       575  
Teradata (a) (b)
     26,058       743  
Teradyne (a) (b)
     27,565       340  
Texas Instruments
     211,031       6,880  
Tyco Electronics
     71,290       2,543  
Unisys (a) (b)
     46,602       283  
VeriSign (a) (b)
     35,315       1,204  
Waters (b)
     15,891       1,223  
Western Union
     111,607       2,460  
Xerox (b)
     135,993       2,372  
Xilinx
     49,570       1,209  
Yahoo! (a) (b)
     195,110       6,068  
               
              337,534  
               
Materials – 3.3%
Air Products and Chemicals
     32,283       3,159  
Alcoa
     125,633       4,974  
Allegheny Technologies (a)
     14,804       1,513  
Ashland
     10,388       610  
Ball (a)
     14,733       731  
Bemis (a)
     15,002       422  
Dow Chemical (a)
     139,187       6,269  
E.I. Du Pont de Nemours
     130,762       6,474  
Eastman Chemical (a)
     10,483       698  
Ecolab (a)
     26,237       1,238  
Freeport-McMoRan Copper & Gold (a)
     55,285       6,506  
Hercules (a)
     15,474       291  
International Flavors & Fragrances (a)
     9,938       519  
International Paper (a)
     62,857       2,323  
MeadWestvaco
     25,801       868  
Monsanto (a)
     78,435       7,658  
Newmont Mining (a)
     64,850       3,298  
Nucor (a)
     43,540       2,700  
Pactiv (b)
     21,521     $ 591  
PPG Industries
     24,020       1,795  
Praxair
     46,810       4,001  
Rohm & Haas
     20,515       1,064  
Sealed Air (a)
     23,281       580  
Sigma-Aldrich
     19,077       986  
Temple-Inland (a)
     15,529       833  
Titanium Metals (a) (b)
     12,080       425  
United States Steel
     17,121       1,847  
Vulcan Materials (a)
     14,543       1,244  
Weyerhaeuser
     31,874       2,420  
               
              66,037  
               
Telecommunication Services – 3.6%
ALLTEL
     51,170       3,641  
AT&T
     889,764       37,183  
CenturyTel (a)
     15,805       696  
Citizens Communications
     49,441       651  
Embarq (a)
     21,645       1,146  
Qwest Communications International (a) (b)
     231,391       1,661  
Sprint (a)
     417,586       7,141  
Verizon Communications
     416,062       19,168  
Windstream
     68,496       921  
               
              72,208
 
  
Utilities – 3.3%
AES (b)
     96,834       2,073  
Allegheny Energy (b)
     23,926       1,451  
Ameren (a)
     27,088       1,465  
American Electric Power
     55,676       2,684  
Centerpoint Energy (a)
     45,908       770  
CMS Energy
     32,525       552  
Consolidated Edison
     32,659       1,538  
Constellation Energy
     26,074       2,469  
Dominion Resources
     41,671       3,818  
DTE Energy (a)
     23,335       1,158  
Duke Energy
     181,850       3,486  
Dynegy, Class A (b)
     71,774       661  
Edison International
     45,906       2,670  
Entergy
     33,095       3,967  
Exelon
     96,853       8,018  
FirstEnergy
     46,745       3,258  
FPL Group (a)
     58,464       4,000  
Integrys Energy Group
     5,111       275  
Nicor (a)
     6,502       281  
NiSource
     39,573       809  
PG&E (a)
     55,197       2,701  
Pinnacle West Capital
     14,473       585  
PPL
     55,574       2,873  
Progress Energy (a)
     34,784       1,670  
Public Service Enterprise Group (a)
     36,478       3,487  
Questar (a)
     24,882       1,420  
Sempra Energy
     38,071       2,342  
Southern
     104,753       3,840  
TECO Energy (a)
     30,261       509  
Xcel Energy (a)
     59,040       1,331  
               
              66,161  
               
Total Common Stocks
(Cost $1,079,456)
             1,975,238  
               
Short-Term Investments – 0.5%
Money Market Fund – 0.4%
First American Prime Obligations Fund, Class Z (c)
     7,443,702       7,444  
               
14      First American Funds  2007 Annual Report

Table of Contents

                   
Equity Index Fund (concluded)
DESCRIPTION   SHARES/PAR   VALUE
 
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
                
 
3.813%, 01/24/2008 (e)
   $ 2,900     $ 2,874  
               
Total Short-Term Investments
(Cost $10,312)
             10,318  
               
Investment Purchased with Proceeds from Securities Lending – 21.7%
Mount Vernon Securities Lending Prime Portfolio (f) 
                
 
(Cost $432,259)
     432,258,520       432,259  
               
Total Investments – 121.7%
                
 
(Cost $1,522,027)
             2,417,815  
               
Other Assets and Liabilities, Net – (21.7)%
             (431,692 )
               
Total Net Assets – 100.0%
           $ 1,986,123  
               
(a)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a value of $424,260 at October 31, 2007. See note 2 in Notes to Financial Statements.
 
(b)  Non-income producing security.
 
(c)  Investment in affiliated security. As of October 31, 2007, the market value of these investments was $16,007 or 0.8% of total net assets. See notes 3 and 4 in Notes to Financial Statements.
 
(d)  Security is fair valued and illiquid. As of October 31, 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 October 31, 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   Notional        
    Contracts   Contract   Settlement   Unrealized
Description   Purchased   Value   Month   Appreciation
 
S&P 500 Futures
     25     $ 9,718     December 2007   $ 145  
                           
                 
Mid Cap Index Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 92.5%
Consumer Discretionary – 12.5%
99 Cents Only Stores (a) (b)
     14,937     $ 161  
Advanced Auto Parts
     29,417       1,004  
Aeropostale (a) (b)
     21,590       494  
American Eagle Outfitters
     60,190       1,431  
American Greetings, Class A (a)
     16,365       431  
AnnTaylor Stores (b)
     18,549       575  
Applebee’s International
     20,980       532  
ArvinMeritor (a)
     20,242       300  
Barnes & Noble
     15,118       584  
Belo, Class A (a)
     24,597       455  
BLYTH
     7,766       148  
Bob Evans Farms
     10,422       294  
Borders Group (a)
     17,473       269  
BorgWarner (a)
     16,116       1,704  
Boyd Gaming
     15,721       658  
Brinker International
     29,579       751  
Callaway Golf (a)
     18,739       325  
CarMax (a) (b)
     60,512       1,263  
CBRL Group (a)
     6,779       271  
Charming Shoppes (a) (b)
     33,621       250  
Cheesecake Factory (a) (b)
     21,710       487  
Chico’s FAS (a) (b)
     49,168       646  
Chipotle Mexican Grill, Class A (a) (b)
     9,236       1,284  
Coldwater Creek (a) (b)
     17,105       153  
Collective Brands (a) (b)
     18,409       340  
Corinthian Colleges (a) (b)
     23,694       388  
DeVry (a)
     16,714       914  
Dick’s Sporting Goods (b)
     23,226       775  
Dollar Tree Stores (b)
     26,379       1,010  
Entercom Communications (a)
     7,823       145  
Foot Locker
     43,603       649  
Furniture Brands International (a)
     13,964       168  
Gamestop, Class A (b)
     44,544       2,638  
Gentex (a)
     41,234       857  
Getty Images (b)
     13,131       371  
Guess?
     15,244       783  
Hanesbrands (b)
     26,856       834  
Harte-Hanks
     13,972       246  
Hovnanian Enterprises, Class A (a) (b)
     10,218       116  
International Speedway, Class A
     8,746       389  
John Wiley & Sons, Class A
     11,658       513  
Lamar Advertising, Class A (a)
     22,097       1,181  
Lear (a) (b)
     21,590       767  
Lee Enterprises (a)
     13,128       211  
Life Time Fitness (a) (b)
     8,868       538  
M.D.C. Holdings
     9,758       395  
Matthews International, Class A
     8,767       400  
Media General, Class A
     6,910       193  
Modine Manufacturing
     9,595       223  
Mohawk Industries (a) (b)
     15,196       1,297  
Netflix (a) (b)
     13,684       362  
NVR (a) (b)
     1,524       725  
O’Reilly Automotive (b)
     31,252       1,032  
Pacific Sunwear of California (a) (b)
     19,404       324  
PetSmart (a)
     38,740       1,160  
Phillips Van-Heusen (a)
     15,554       744  
Regis
     12,978       436  
Rent-A-Center (a) (b)
     19,825       317  
Ross Stores
     38,369       1,037  
Ruby Tuesday (a)
     14,473       231  
Ryland Group (a)
     12,281       349  
Saks (a)
     38,692       819  
Scholastic (b)
     7,155       283  
Scientific Games, Class A (a) (b)
     18,236       659  
Strayer Education
     3,540       660  
First American Funds  2007 Annual Report       15

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Mid Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Thor Industries (a)
     9,951     $ 478  
Timberland, Class A (a) (b)
     14,075       275  
Toll Brothers (a) (b)
     35,560       815  
Travelcenters Fractional Shares (b) (c)
     0.70       —  
Tupperware (a)
     16,184       584  
Urban Outfitters (a) (b)
     31,471       795  
Valassis Communications (a) (b)
     13,606       134  
Warnaco Group, Class A (b)
     12,960       527  
Washington Post, Class B (a)
     1,554       1,319  
Williams-Sonoma (a)
     24,969       785  
             
              45,661  
             
Consumer Staples – 2.9%
Alberto-Culver
     23,583       613  
BJ’s Wholesale Club (a) (b)
     18,181       652  
Church & Dwight (a)
     17,852       845  
Corn Products International
     20,979       892  
Energizer Holdings (a) (b)
     16,254       1,695  
Hansen Natural (b)
     16,946       1,152  
Hormel Foods
     20,385       744  
JM Smucker (a)
     16,455       879  
Lancaster Colony
     6,633       266  
NBTY (b)
     15,895       566  
PepsiAmericas
     16,984       607  
Ruddick (a)
     9,529       324  
Smithfield Foods (b)
     31,134       893  
Tootsie Roll Industries
     7,623       196  
Universal (a)
     6,537       319  
             
              10,643  
             
Energy – 8.6%
Arch Coal (a)
     40,466       1,659  
Bill Barrett (a) (b)
     9,298       435  
Cameron International (a) (b)
     31,308       3,048  
Cimarex Energy
     22,548       914  
Denbury Resources (b)
     33,814       1,914  
Encore Acquisition (a) (b)
     11,792       433  
Exterran Holdings (a) (b)
     17,911       1,508  
FMC Technologies (b)
     36,023       2,184  
Forest Oil (a) (b)
     24,640       1,197  
Frontier Oil
     29,694       1,360  
Grant Prideco (a) (b)
     36,638       1,801  
Helmerich & Payne
     29,128       921  
Newfield Exploration (b)
     36,311       1,955  
Overseas Shipholding Group
     7,960       592  
Patterson-UTI Energy (a)
     43,407       866  
Pioneer Natural Resources (a)
     35,019       1,787  
Plains Exploration & Production (a) (b)
     21,268       1,084  
Pogo Producing
     16,237       967  
Pride International (a) (b)
     45,772       1,689  
Quicksilver Resources (a) (b)
     15,551       886  
Southwestern Energy (b)
     47,830       2,474  
Superior Energy Services (a) (b)
     20,721       768  
Tidewater (a)
     16,407       897  
             
              31,339  
             
Financials – 13.5%
AMB Property – REIT (a)
     27,983       1,829  
American Financial Group
     19,366       579  
AmeriCredit (a) (b)
     33,172       468  
Arthur J. Gallagher
     27,367       728  
Associated Banc-Corp
     37,158       1,072  
Astoria Financial (a)
     23,032       599  
Bank of Hawaii
     14,737       783  
Brown & Brown
     31,715       799  
Cathay General Bancorp (a)
     11,534       357  
City National (a)
     11,920       806  
Colonial BancGroup (a)
     42,838       822  
Commerce Group
     9,108     $ 332  
Cousins Properties (a)
     12,354       356  
Cullen/ Frost Bankers
     14,476       770  
Duke Realty – REIT
     39,962       1,285  
Eaton Vance (a)
     35,664       1,784  
Equity One (a)
     10,429       273  
Everest Re Group (a)
     18,236       1,943  
Fidelity National Title Group (a)
     61,713       950  
First American
     26,333       793  
First Community Bancorp
     6,205       302  
First Niagara Financial Group (a)
     23,590       311  
FirstMerit (a)
     23,865       506  
GATX (a)
     14,408       590  
Hanover Insurance Group
     14,519       669  
HCC Insurance Holdings
     31,989       956  
Highwoods Properties – REIT (a)
     15,851       570  
Horace Mann Educators
     12,084       250  
Hospitality Properties Trust – REIT (a)
     25,603       1,014  
IndyMac Bancorp (a)
     19,601       263  
Jefferies Group (a)
     31,368       838  
Jones Lang LaSalle (a)
     10,507       1,002  
Liberty Property Trust – REIT
     25,151       946  
Macerich – REIT (a)
     19,799       1,697  
Mack-Cali Realty – REIT
     18,934       750  
Mercury General
     10,017       514  
MoneyGram International (a)
     23,210       370  
Nationwide Health Properties – REIT (a)
     25,094       783  
New York Community Bancorp (a)
     86,950       1,618  
Nuveen Investments, Class A
     22,083       1,431  
Old Republic International
     64,385       987  
PMI Group (a)
     24,224       388  
Potlatch – REIT (a)
     10,835       516  
Protective Life
     19,578       839  
Radian Group (a)
     22,517       284  
Raymond James Financial (a)
     26,392       983  
Rayonier – REIT
     22,067       1,066  
Regency Centers – REIT (a)
     18,704       1,337  
SEI Investments
     35,280       1,116  
StanCorp Financial Group
     15,269       842  
SVB Financial (a) (b)
     11,013       570  
TCF Financial (a)
     31,153       709  
UDR – REIT (a)
     37,698       895  
Unitrin
     14,565       675  
W.R. Berkley
     48,176       1,450  
Waddell & Reed Financial, Class A (a)
     23,765       789  
Washington Federal
     25,750       622  
Webster Financial
     15,937       578  
Weingarten Realty Investors – REIT (a)
     23,119       885  
Westamerica Bancorporation (a)
     8,328       400  
Wilmington Trust
     19,162       697  
             
              49,336  
             
Healthcare – 11.4%
Advanced Medical Optics (a) (b)
     16,933       465  
Affymetrix (a) (b)
     18,926       482  
Apria Healthcare Group (b)
     12,284       297  
Beckman Coulter
     17,380       1,231  
Cephalon (a) (b)
     18,727       1,381  
Cerner (a) (b)
     18,378       1,095  
Charles River Laboratories International (a) (b)
     19,157       1,111  
Community Health Systems (a) (b)
     26,805       883  
Covance (b)
     18,421       1,520  
DENTSPLY International
     43,143       1,789  
Edwards Lifesciences (a) (b)
     16,388       823  
Endo Pharmaceuticals (b)
     37,791       1,107  
Gen-Probe (b)
     14,481       1,014  
Health Management Associates, Class A
     67,908       449  
Health Net (b)
     30,835       1,653  
16      First American Funds  2007 Annual Report

Table of Contents

                 
Mid Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Henry Schein (b)
     24,681     $ 1,478  
Hillenbrand Industries
     17,174       948  
Hologic (b)
     32,002       2,174  
Intuitive Surgical (a) (b)
     10,572       3,456  
Invitrogen (a) (b)
     13,492       1,226  
Kindred Healthcare (a) (b)
     8,841       188  
Kyphon (b)
     12,722       902  
Lifepoint Hospitals (a) (b)
     16,310       498  
Lincare Holdings (a) (b)
     23,532       818  
Medicis Pharmaceutical, Class A (a)
     14,528       431  
Millennium Pharmaceuticals (a) (b)
     88,528       1,046  
Mine Safety Appliances
     7,420       340  
Omnicare (a)
     34,472       1,017  
Par Pharmaceutical Companies (b)
     10,085       186  
PDL BioPharma (a) (b)
     32,169       682  
Perrigo (a)
     21,788       516  
Pharmaceutical Product Development (a)
     29,263       1,236  
Psychiatric Solutions (a) (b)
     14,850       588  
Resmed (a) (b)
     21,315       883  
Sepracor (a) (b)
     29,741       819  
Service Corporation International
     40,062       580  
STERIS (a)
     18,156       527  
Techne (a) (b)
     10,631       693  
Universal Health Services
     14,950       729  
Valeant Pharmaceuticals International (a) (b)
     25,761       375  
Varian (b)
     8,928       660  
VCA Antech (a) (b)
     23,048       1,061  
Ventana Medical Systems (b)
     8,770       772  
Vertex Pharmaceuticals (b)
     36,723       1,188  
WellCare Group (b)
     11,652       282  
             
              41,599  
             
Industrials – 14.2%
AGCO (a) (b)
     25,861       1,543  
AirTran Holdings (a) (b)
     25,469       265  
Alaska Air Group (b)
     11,154       283  
Alexander & Baldwin
     12,067       632  
Alliant Techsystems (a) (b)
     9,409       1,039  
AMETEK
     30,076       1,414  
Avis Budget Group (b)
     29,064       607  
Brinks
     12,630       791  
Career Education (a) (b)
     26,596       951  
Carlisle Companies (a)
     16,810       663  
ChoicePoint (a) (b)
     21,657       852  
Con-way
     12,692       541  
Copart (b)
     20,199       775  
Corporate Executive Board (a)
     10,892       776  
Crane
     14,242       676  
Deluxe (a)
     14,464       583  
Donaldson
     19,453       834  
DRS Technologies (a)
     11,516       661  
Dun & Bradstreet
     16,310       1,580  
Dycom Industries (b)
     11,813       334  
Fastenal (a)
     35,368       1,573  
Federal Signal
     13,432       180  
Flowserve
     15,759       1,244  
Graco (a)
     18,383       724  
Granite Construction (a)
     9,619       412  
Harsco
     23,359       1,416  
Herman Miller (a)
     17,226       469  
HNI (a)
     13,420       582  
Hubbell, Class B
     16,809       925  
IDEX
     22,324       791  
ITT Educational Services (b)
     8,665       1,102  
J.B. Hunt Transport Services (a)
     26,133       724  
JetBlue Airways (a) (b)
     49,861       455  
Joy Global (a)
     30,261       1,757  
KBR (b)
     46,785       2,006  
Kelly Services, Class A
     5,671     $ 119  
Kennametal
     11,019       1,005  
Korn/ Ferry International (b)
     12,602       241  
Lincoln Electric Holdings
     12,099       874  
Manpower
     24,537       1,834  
MSC Industrial Direct, Class A
     13,169       641  
Navigant Consulting (a) (b)
     11,767       155  
Nordson
     9,512       509  
Oshkosh Truck (a)
     20,613       1,117  
Pentair (a)
     28,015       991  
Quanta Services (a) (b)
     47,391       1,564  
Republic Services
     45,505       1,556  
Rollins
     7,993       243  
Roper Industries (a)
     24,513       1,736  
Sequa, Class A (b)
     2,049       356  
Sotheby’s Holdings, Class A (a)
     18,350       994  
SPX
     16,255       1,647  
Stericycle (b)
     24,286       1,417  
Teleflex (a)
     11,493       841  
Thomas & Betts (b)
     14,309       801  
Timken (a)
     26,419       879  
Trinity Industries (a)
     22,715       821  
United Rentals (a) (b)
     20,455       699  
Werner Enterprises (a)
     13,571       258  
YRC Worldwide (a) (b)
     16,631       409  
             
              51,867  
             
Information Technology – 14.2%
3Com (b)
     111,892       546  
ACI Worldwide (b)
     10,379       237  
Activision (a) (b)
     79,076       1,870  
Acxiom
     19,012       250  
ADC Telecommunications (b)
     32,773       613  
ADTRAN
     17,072       411  
Advent Software (a) (b)
     5,737       317  
Alliance Data Systems (b)
     22,049       1,773  
Amphenol, Class A (a)
     50,086       2,217  
Andrew (a) (b)
     42,988       630  
Arrow Electronics (b)
     34,078       1,362  
Atmel (b)
     136,914       670  
Avnet (a) (b)
     41,976       1,751  
Avocent (a) (b)
     14,250       385  
Broadridge Financial Solutions
     38,370       767  
Cadence Design Systems (a) (b)
     78,681       1,542  
Ceridian (b)
     38,799       1,394  
CheckFree (a) (b)
     24,723       1,175  
CommScope (a) (b)
     17,248       814  
Cree (a) (b)
     23,737       665  
CSG Systems International (b)
     12,132       249  
Cypress Semiconductor (a) (b)
     42,270       1,545  
Diebold (a)
     18,586       778  
Digital River (a) (b)
     11,120       590  
DST Systems (a) (b)
     14,772       1,251  
F5 Networks (a) (b)
     23,591       850  
Fair Isaac
     17,795       675  
Fairchild Semiconductor International, Class A (a) (b)
     34,239       625  
Gartner, Class A (b)
     19,505       427  
Global Payments
     22,435       1,067  
Harris
     37,417       2,266  
Imation
     9,576       213  
Ingram Micro, Class A (b)
     40,930       869  
Integrated Device Technology (b)
     56,016       752  
International Rectifier (a) (b)
     20,197       674  
Intersil, Class A
     39,533       1,199  
Jack Henry & Associates (a)
     21,303       623  
KEMET (b)
     24,893       176  
Lam Research (a) (b)
     37,437       1,879  
First American Funds  2007 Annual Report       17

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                   
Mid Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Lattice Semiconductor (b)
     32,010     $ 134  
Macrovision (b)
     14,857       357  
McAfee (b)
     44,977       1,860  
Mentor Graphics (a) (b)
     25,087       402  
Micrel
     15,639       142  
MPS Group (a) (b)
     29,429       359  
National Instruments
     15,789       512  
NCR (b)
     50,111       1,383  
Palm (a) (b)
     29,144       263  
Parametric Technology (b)
     32,167       614  
Plantronics (a)
     13,538       370  
Polycom (b)
     25,074       702  
Powerwave Technologies (a) (b)
     35,820       199  
RF Micro Devices (a) (b)
     55,090       343  
Semtech (a) (b)
     18,398       315  
Silicon Laboratories (a) (b)
     15,713       687  
SRA International, Class A (b)
     10,407       286  
Sybase (a) (b)
     25,533       730  
Synopsys (b)
     39,394       1,113  
Tech Data (b)
     15,468       608  
TriQuint Semiconductor (b)
     38,946       244  
ValueClick (a) (b)
     28,005       762  
Vishay Intertechnology (b)
     52,627       663  
Western Digital (b)
     61,337       1,590  
Wind River Systems (b)
     21,338       267  
Zebra Technology, Class A (a) (b)
     19,339       756  
             
              51,758
 
  
Materials – 7.3%
Airgas
     22,190       1,120  
Albemarle
     22,207       1,061  
Cabot Microelectronics
     18,961       664  
Carpenter Technology
     7,149       1,036  
CF Industries Holdings (a)
     13,478       1,185  
Chemtura (a)
     69,524       648  
Cleveland-Cliffs
     11,538       1,104  
Commercial Metals
     34,237       1,074  
Cytec Industries
     11,760       784  
Ferro
     11,947       247  
Florida Rock Industries
     14,259       897  
FMC
     21,311       1,225  
Louisiana Pacific (a)
     29,514       486  
Lubrizol
     19,418       1,318  
Lyondell Chemical (a)
     70,986       3,368  
Martin Marietta Materials (a)
     12,050       1,559  
Minerals Technologies
     5,615       394  
Olin (a)
     19,960       455  
Packaging Corporation of America
     25,963       827  
Reliance Steel & Aluminum
     18,122       1,057  
RPM (a)
     33,480       717  
Scotts (a)
     12,162       558  
Sensient Technologies
     12,968       388  
Sonoco Products
     28,399       878  
Steel Dynamics (a)
     26,470       1,409  
Terra Industries (a) (b)
     25,727       949  
Valspar
     27,869       698  
Worthington Industries (a)
     20,506       513  
             
              26,619  
             
Telecommunication Services – 0.9%
Cincinnati Bell (a) (b)
     68,764       373  
NeuStar, Class A (a) (b)
     21,179       724  
Telephone & Data Systems
     29,832       2,082  
             
              3,179  
             
Utilities – 7.0%
AGL Resources
     21,761       860  
Alliant Energy
     34,901       1,396  
Aqua America (a)
     37,131     $ 864  
Aquila (a) (b)
     104,758       438  
Black Hills (a)
     10,128       450  
DPL (a)
     33,045       960  
Energy East
     43,862       1,223  
Equitable Resources (a)
     33,912       1,910  
Great Plains Energy (a)
     21,010       627  
Hawaiian Electric Industries
     23,116       536  
IDACORP (a)
     12,049       420  
MDU Resources Group
     51,368       1,447  
National Fuel Gas (a)
     22,405       1,086  
Northeast Utilities (a)
     43,134       1,330  
NSTAR (a)
     30,552       1,074  
OGE Energy (a)
     24,241       928  
ONEOK
     30,096       1,503  
Pepco Holdings
     55,942       1,594  
PNM Resources (a)
     21,486       537  
Puget Energy
     29,469       833  
SCANA (a)
     32,688       1,327  
Sierra Pacific Resources
     62,072       1,047  
Vectren (a)
     21,758       610  
Westar Energy (a)
     24,712       658  
WGL Holdings
     13,811       468  
Wisconsin Energy
     33,474       1,603  
             
              25,729  
             
Total Common Stocks
                
 
(Cost $239,525)
             337,730  
             
Short-Term Investments – 7.4%
Money Market Fund – 7.2%
First American Prime Obligations Fund, Class Z (d)
     26,182,661       26,183  
             
U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill
3.813%, 01/24/2008 (e)
   $ 1,000       991  
             
Total Short-Term Investments
                
 
(Cost $27,172)
             27,174  
             
Investment Purchased with Proceeds from
Securities Lending – 39.7%
Mount Vernon Securities Lending Prime Portfolio (f)
(Cost $144,912)
     144,912,282       144,912  
             
Total Investments – 139.6%
(Cost $411,609)
             509,816  
             
Other Assets and Liabilities, Net – (39.6)%
             (144,716 )
             
Total Net Assets – 100.0%
           $ 365,100  
             
(a)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $141,917 at October 31, 2007. See note 2 in Notes to Financial Statements.
 
(b)  Non-income producing security.
 
(c)  Security is fair valued and illiquid. As of October 31, 2007, the market 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. 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)  Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 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
18      First American Funds  2007 Annual Report

Table of Contents

Mid Cap Index Fund (concluded)
 
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 Mid Cap 400 Futures
     59     $ 26,907     December 2007   $ 257  
                           
                 
Small Cap Index Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 99.1%
Consumer Discretionary – 14.4%
1-800-Flowers.com, Class A (a)
     2,466     $ 30  
99 Cents Only Stores (a) (b)
     4,300       46  
A.C. Moore Arts & Crafts (a)
     1,672       28  
Aaron Rents (b)
     4,243       90  
Aeropostale (a) (b)
     7,229       166  
AFC Enterprises (a)
     2,602       35  
Aftermarket Technology (a)
     2,003       69  
Ambassadors Group
     1,762       32  
Ambassadors International
     739       15  
American Axle & Manufacturing Holdings
     4,102       113  
American Greetings, Class A (b)
     5,079       134  
Amerigon (a) (b)
     1,982       39  
Ameristar Casinos
     2,318       75  
Andersons
     1,472       73  
Applebee’s International
     6,873       174  
Arbitron (b)
     2,961       150  
Arctic Cat (b)
     1,101       16  
ArvinMeritor (b)
     6,519       97  
Asbury Automotive Group (b)
     1,780       33  
Avatar Holdings (a) (b)
     571       27  
Bally Technologies (a) (b)
     4,883       197  
Beazer Homes USA (b)
     3,585       40  
Bebe Stores
     2,442       34  
Belo, Class A (b)
     7,763       144  
Benihana (a)
     1,129       20  
Big 5 Sporting Goods (b)
     2,245       40  
BJs Restaurants (a)
     1,504       30  
Blockbuster, Class A (a) (b)
     17,610       93  
Blount International (a)
     3,696       45  
Blue Nile (a) (b)
     1,353       107  
Bluegreen (a) (b)
     2,437       18  
BLYTH
     2,331       44  
Bob Evans Farms
     3,281       92  
Bon-Ton Stores (b)
     939       17  
Books-A-Million
     1,464       20  
Borders Group (b)
     5,370       83  
Brookfield Homes (b)
     1,212       18  
Brown Shoe
     4,135       84  
Buckle
     1,238       53  
Buffalo Wild Wings (a)
     1,620       50  
Build-A-Bear Workshop (a) (b)
     1,521       29  
Building Materials Holding (b)
     2,847       22  
Cabelas (a) (b)
     2,984       58  
Cache (a)
     1,342       21  
California Pizza Kitchen (a)
     2,666       43  
Callaway Golf
     6,616       115  
Capella Education Company (a)
     985       61  
Carmike Cinemas (b)
     1,203       19  
Carrols Restaurant Group (a)
     912       10  
Carters (a) (b)
     4,567       101  
Casual Male Retail Group (a)
     2,913       24  
Cato, Class A (b)
     2,967       60  
CBRL Group (b)
     2,417       96  
CEC Entertainment (a)
     2,624       78  
Champion Enterprise (a) (b)
     7,038       83  
Charlotte Russe Holding (a)
     2,320       34  
Charming Shoppes (a) (b)
     11,352       84  
Charter Communications, Class A (a) (b)
     37,736       78  
Cherokee
     764       29  
Children’s Place Retail Stores (a)
     2,062       53  
Chipotle Mexican Grill, Class B (a)
     3,006       371  
Christopher & Banks (b)
     3,319       46  
Churchill Downs
     783       40  
Cinemark Holdings (a)
     2,567       44  
Citadel Broadcasting
     16,706       73  
First American Funds  2007 Annual Report       19

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Citi Trends (a) (b)
     1,271     $ 25  
CKE Restaurants (b)
     5,781       94  
CKX (a) (b)
     4,371       53  
Coinmach Service (b)
     2,558       34  
Coinstar (a)
     2,654       91  
Collective Brands (a) (b)
     5,987       111  
Columbia Sportswear (b)
     1,074       52  
Conn’s (a) (b)
     806       21  
Cooper Tire & Rubber
     5,461       122  
Core Mark Holding (a)
     801       28  
Corinthian Colleges (a) (b)
     7,945       130  
Courier
     1,043       39  
Cox Radio (a)
     3,049       37  
Crown Media Holdings, Class A (a)
     2,148       17  
CSK Auto (a) (b)
     4,308       49  
CSS Industries
     712       28  
Cumulus Media, Class A (a)
     3,361       35  
Deckers Outdoor (a)
     1,126       157  
Denny’s (a)
     10,082       49  
DeVry (b)
     5,497       301  
DG Fastchannel (a)
     1,213       30  
Dolan Media (a)
     974       26  
Domino’s Pizza (b)
     3,729       58  
Dover Downs Gaming & Entertainment
     1,280       14  
Dress Barn (a)
     4,294       70  
Drew Industries (a)
     1,723       68  
DSW (a) (b)
     1,437       32  
Eddie Bauer (a)
     2,792       21  
Emmis Communications, Class A
     2,918       15  
Entercom Communications (b)
     3,001       56  
Entravision Communications (a) (b)
     6,791       62  
Ethan Allen Interiors (b)
     2,427       75  
Exide Technologies (a) (b)
     6,974       58  
Finish Line, Class A
     4,456       17  
Fisher Communications (a)
     548       26  
Fleetwood Enterprises (a) (b)
     6,326       57  
Fossil (a)
     4,001       150  
Fred’s (b)
     3,674       39  
Furniture Brands International (b)
     4,433       53  
Gaiam (a)
     1,680       39  
Gander Mountain (a) (b)
     462       2  
Gatehouse Media
     30       —  
Gaylord Entertainment (a) (b)
     3,740       204  
Gemstar-TV Guide International (a)
     22,961       158  
Genesco (a)
     2,087       96  
GenTek (a)
     1,055       36  
G-iii Apparel Group (a)
     1,193       19  
Global Sources (a) (b)
     1,441       47  
Gray Television
     4,036       38  
Great Wolf Resorts (a)
     2,676       35  
Group 1 Automotive (b)
     2,226       69  
GSI Commerce (a) (b)
     1,832       52  
Gymboree (a)
     2,811       96  
Harris Interactive (a)
     4,835       22  
Haverty Furniture (b)
     2,038       17  
Hayes Lemmerz International (a) (b)
     8,714       41  
Heelys (a) (b)
     625       5  
Helen of Troy (a)
     2,779       50  
Hibbett Sports (a) (b)
     2,898       68  
Home Solutions of America (a) (b)
     3,616       9  
Hooker Furniture
     926       20  
Hot Topic (a)
     4,343       33  
Hovnanian Enterprises, Class A (a) (b)
     3,432       39  
Iconix Brand Group (a)
     4,649       106  
IHOP (b)
     1,612       102  
Insight Enterprises (a) (b)
     4,433       123  
Interactive Data
     3,166       102  
Interface, Class A
     4,775       91  
INVESTools (a)
     4,796       70  
iRobot (a) (b)
     1,301       24  
Isle of Capri Casinos (a) (b)
     1,485       30  
J. Crew Group (a) (b)
     3,572       134  
Jack in the Box (a)
     5,742       180  
JAKKS Pacific (a)
     2,730       72  
Jamba (a) (b)
     4,770       26  
Jo-Ann Stores (a)
     2,365       46  
Jos. A. Bank Clothiers (a) (b)
     1,776       52  
Journal Communications, Class A
     3,905       35  
Kellwood
     2,385       40  
Kenneth Cole Productions
     902       17  
Kimball International
     1,916       26  
Knology (a)
     2,387       40  
Krispy Kreme Doughnuts (a) (b)
     5,859       19  
K-Swiss, Class A
     2,505       59  
Lakes Entertainment (a)
     1,634       14  
Landry’s Restaurants (b)
     1,551       45  
La-Z-Boy (b)
     4,711       37  
LeapFrog Enterprises (a) (b)
     3,420       26  
Lear (a) (b)
     7,001       249  
Lee Enterprises (b)
     4,223       68  
Libbey (b)
     1,321       24  
Life Time Fitness (a) (b)
     2,955       179  
Lifetime Brands (b)
     1,164       19  
Lin TV, Class A (a)
     2,501       36  
Lithia Motors (b)
     1,630       28  
Live Nation (a)
     6,163       126  
LKQ (a) (b)
     4,619       178  
LodgeNet Entertainment (a) (b)
     2,084       45  
Lodgian (a)
     1,720       21  
Lululemon Athletica (a) (b)
     1,282       68  
M/ I Homes
     1,107       18  
Maidenform Brands (a)
     2,108       31  
Marcus
     1,941       37  
Marine Products
     1,449       12  
MarineMax (a) (b)
     1,435       20  
Martha Stewart Living (a) (b)
     2,462       34  
Marvel Entertainment (a) (b)
     4,866       120  
Matthews International, Class A
     3,101       141  
McCormick & Schmick’s Seafood Restaurants (a)
     1,002       17  
Media General, Class A
     2,028       57  
Mediacom Communications (a)
     5,449       31  
Men’s Wearhouse (b)
     4,736       200  
Meritage Homes (a) (b)
     2,276       37  
Midas (a)
     1,370       22  
Modine Manufacturing
     2,973       69  
Monaco Coach
     2,895       34  
Monarch Casino & Resort (a)
     1,007       31  
Monro Muffler Brake
     1,650       38  
Morgans Hotel Group (a)
     1,859       42  
Morningstar (a)
     1,359       101  
Mortons Restaurant Group (a)
     387       5  
Movado Group
     1,578       47  
MTR Gaming Group (a)
     1,880       16  
Multimedia Games (a) (b)
     2,708       24  
National Cinemedia (a)
     2,917       79  
National Presto Industries
     428       23  
Nautilus (b)
     2,893       19  
Netflix (a) (b)
     4,281       113  
New York & Company (a)
     2,209       16  
Nexstar Broadcasting Group (a)
     975       9  
Noble International
     1,129       21  
Oakley
     2,345       69  
O’Charleys
     2,439       39  
Orbitz Worldwide (a)
     3,106       33  
20      First American Funds  2007 Annual Report

Table of Contents

                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Overstock.com (a) (b)
     1,510     $ 59  
Oxford Industries (b)
     1,516       39  
P.F. Chang’s China Bistro (a) (b)
     2,365       69  
Pacific Sunwear of California (a) (b)
     6,440       108  
Palm Harbor Homes (a) (b)
     1,060       15  
Papa John’s International (a)
     1,973       46  
Pep Boys – Manny, Moe & Jack
     3,863       57  
Perry Ellis International (a)
     1,055       24  
PetMed Express (a)
     1,938       28  
Pier 1 Imports
     8,098       41  
Pinnacle Entertainment (a)
     5,436       159  
Playboy Enterprises, Class B (a)
     2,269       25  
Polaris Industries (b)
     3,280       161  
Premier Exibitions (a) (b)
     2,682       30  
Prestige Brand Holdings (a) (b)
     3,069       32  
Priceline.com (a) (b)
     3,475       324  
Primedia (a)
     4,043       37  
Quiksilver (a)
     11,841       160  
Radio One (a)
     7,016       24  
Raser Technologies (a) (b)
     2,851       32  
RC2 (a) (b)
     1,943       58  
RCN
     2,496       36  
Red Robin Gourmet Burgers (a)
     1,683       67  
Regis
     4,063       137  
Rent-A-Center (a) (b)
     6,453       103  
Retail Ventures (a) (b)
     2,358       20  
Riviera Holdings (a)
     927       26  
Ruby Tuesday (b)
     4,980       80  
Russ Berrie and Company (a)
     1,524       27  
Ruth’s Chris Steak House (a)
     1,802       23  
Salem Communications
     843       7  
Sally Beauty Holdings (a)
     8,583       79  
Sauer-Danfoss (b)
     1,100       28  
Scholastic (a)
     2,799       111  
Sealy (b)
     4,101       54  
Select Comfort (a) (b)
     4,521       52  
Shoe Carnival (a)
     870       14  
Shuffle Master (a) (b)
     3,420       47  
Shutterfly (a)
     1,339       45  
Sinclair Broadcast Group, Class A
     4,585       55  
Six Flags (a) (b)
     6,995       23  
Skechers U.S.A., Class A (a) (b)
     1,870       46  
Skyline
     671       24  
Smith & Wesson (a) (b)
     3,013       36  
Sonic Automotive, Class A
     2,843       72  
Sonic (a) (b)
     5,804       144  
Source Interlink Companies (a) (b)
     3,515       11  
Spanish Broadcasting System (a)
     3,696       10  
Spartan Motors (b)
     2,953       41  
Speedway Motorsports
     1,277       46  
Stage Stores
     4,230       79  
Stamps.com (a)
     1,597       22  
Standard Motor Products
     1,444       12  
Standard-Pacific (b)
     5,938       28  
Steak ’N Shake (a)
     2,672       40  
Stein Mart
     2,713       18  
Steiner Leisure (a)
     1,566       70  
Steinway Musical Instruments
     851       25  
Steven Madden
     2,047       46  
Stoneridge (a)
     1,302       13  
Strayer Education (b)
     1,411       263  
Sturm, Ruger & Company (a)
     2,077       19  
Sun-Times Media Group
     6,396       14  
Superior Industries International (b)
     1,550       31  
Syntax Brillian (a) (b)
     5,260       24  
Systemax (b)
     949       22  
Talbots (b)
     2,125       31  
Tarragon Realty Investors (a) (b)
     1,203       2  
Tempur-Pedic International (b)
     7,611       274  
Tenneco Automotive (a)
     4,438       136  
Texas Roadhouse, Class A (a)
     5,257       67  
Timberland, Class A (a) (b)
     4,330       84  
TiVo (a) (b)
     7,852       56  
Town Sports International Holdings (a)
     1,490       23  
Triarc, Class B
     5,425       61  
True Religion Apparel (a) (b)
     1,361       21  
Trump Entertainment Resorts (a) (b)
     3,004       23  
Tuesday Morning (b)
     2,842       22  
Tupperware
     5,563       201  
Tween Brands (a) (b)
     2,814       86  
Under Armour (a) (b)
     2,148       134  
UniFirst
     1,031       39  
Universal Electronics (a)
     1,370       49  
Vail Resorts (a)
     2,863       174  
Valassis Communications (a) (b)
     4,391       43  
ValueVision Media (a)
     2,437       13  
VistaPrint (a) (b)
     3,957       188  
Visteon (a)
     12,589       80  
Volcom (a)
     1,355       40  
Warnaco Group, Class A (a)
     4,246       173  
WCI Communities (a) (b)
     2,832       15  
West Marine (a) (b)
     1,439       16  
Westwood One (b)
     6,384       14  
Wet Seal, Class A (a) (b)
     7,734       20  
Weyco Group
     236       8  
Winnebago Industries (b)
     2,898       75  
WMS Industries (a) (b)
     3,678       128  
Wolverine World Wide (b)
     4,995       128  
World Wrestling Entertainment
     2,097       32  
Xerium Technologies
     1,754       7  
Zale (a) (b)
     4,491       95  
Zumiez (a) (b)
     1,489       62  
             
              18,438  
             
Consumer Staples – 2.9%
Alico
     408       19  
Alliance One International (a)
     9,526       62  
American Dairy (a) (b)
     595       13  
American Oriental Bioengineering (a) (b)
     4,614       64  
Arden Group, Class A
     107       15  
Boston Beer, Class A (a)
     565       29  
Cadiz (a) (b)
     1,089       21  
Cal-Maine Foods (b)
     1,155       28  
Casey’s General Stores
     4,633       132  
Central European Distribution (a) (b)
     2,968       158  
Central Garden & Pet, Class A (a)
     5,782       48  
Chattem (a) (b)
     1,555       116  
Chiquita Brands International (b)
     3,893       73  
Coca-Cola Bottling
     491       29  
Darling International (a)
     6,972       70  
Elizabeth Arden (a) (b)
     2,236       56  
Farmer Brothers
     747       19  
Flowers Foods
     7,038       154  
Fresh Del Monte Produce
     2,604       94  
Great Atlantic & Pacific Tea (a) (b)
     1,800       58  
Green Mountain Coffee Roasters (a) (b)
     1,713       64  
Hain Celestial Group (a) (b)
     3,015       106  
Imperial Sugar (b)
     1,167       30  
Ingles Markets, Class A
     1,157       32  
Inter Parfums
     546       13  
J&J Snack Foods
     1,380       49  
Jones Soda (a) (b)
     2,259       21  
Lancaster Colony
     2,003       80  
Lance
     2,843       60  
Longs Drug Stores
     3,022       159  
First American Funds  2007 Annual Report       21

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
M & F Worldwide (a) (b)
     1,078     $ 57  
Mannatech (b)
     1,753       14  
Maui Land & Pineapple (a)
     476       14  
MGP Ingredients
     986       9  
Nash-Finch (b)
     1,230       46  
National Beverage
     996       8  
Nu Skin Enterprises, Class A (b)
     4,613       80  
Pantry (a) (b)
     2,099       59  
Pathmark Stores (a)
     2,943       39  
Peets Coffee & Tea (a) (b)
     1,360       37  
Performance Food Group (a)
     3,240       87  
Pilgrim’s Pride
     3,890       115  
PriceSmart
     925       26  
Ralcorp Holdings (a)
     2,499       141  
Reddy Ice Holdings
     1,277       35  
Revlon (a)
     21,633       25  
Ruddick (b)
     3,526       120  
Sanderson Farms
     1,551       54  
Seaboard
     35       57  
Spartan Stores
     2,257       50  
Spectrum Brands (a)
     3,562       15  
Synutra International (a) (b)
     367       11  
Tiens Biotech Group USA (a) (b)
     625       2  
Tootsie Roll Industries
     3,248       84  
Treehouse Foods (a)
     2,854       80  
United Natural Foods (a) (b)
     3,926       114  
Universal
     2,395       117  
USANA Health Sciences (a) (b)
     774       32  
Vector Group (b)
     2,857       62  
Village Super Market
     340       19  
WD-40 Company (b)
     1,613       64  
Weis Markets
     834       37  
Winn Dixie Stores (a) (b)
     3,139       74  
             
              3,656  
             
Energy – 5.8%
Allis Chalmers Energy (a) (b)
     2,316       41  
Alon USA Energy
     958       35  
Arena Resources (a)
     2,588       94  
Arlington Tankers
     58       1  
Atlas America
     2,166       125  
ATP Oil & Gas (a) (b)
     1,974       113  
Atwood Oceanics (a) (b)
     2,748       231  
Aventine Renewable Energy (a) (b)
     2,748       29  
Basic Energy Services (a) (b)
     3,747       74  
Berry Petroleum, Class A (b)
     3,472       169  
Bill Barrett (a) (b)
     2,941       138  
Bois D’ Arc Energy (a)
     1,447       32  
BPZ Energy (a) (b)
     4,732       54  
Brigham Exploration (a)
     4,699       35  
Bristow Group (a)
     1,855       93  
Bronco Drilling (a) (b)
     2,385       32  
Cal Dive (a) (b)
     2,049       27  
Callon Petroleum (a)
     2,099       31  
Carbo Ceramics (b)
     1,924       86  
Carrizo Oil & Gas (a)
     2,168       111  
Clayton Williams Energy (a)
     521       16  
Complete Production Services (a)
     3,919       78  
Comstock Resources (a) (b)
     4,227       155  
Concho Resources (a)
     1,896       37  
Contango Oil & Gas Company (a)
     1,202       53  
Crosstex Energy (b)
     2,491       92  
Dawson Geophysical (a)
     777       62  
Delek US Holdings
     1,078       26  
Delta Petroleum (a) (b)
     6,021       113  
Dril-Quip (a)
     2,287       122  
Edge Petroleum (a) (b)
     2,609       24  
Encore Acquisition (a) (b)
     4,943       181  
Energy Partners (a)
     2,590       40  
Evergreen Energy (a) (b)
     7,671       36  
EXCO Resources (a)
     5,372       91  
Exterran Holdings (a) (b)
     5,585       470  
FX Energy (a)
     3,274       23  
General Maritime (b)
     2,624       74  
GeoGlobal Resources (a) (b)
     3,096       12  
Geokinetics (a)
     626       13  
Geomet (a)
     1,658       9  
GMX Resources (a) (b)
     909       35  
Golar LNG (b)
     3,199       83  
Goodrich Petroleum (a) (b)
     1,299       43  
Grey Wolf (a) (b)
     18,858       106  
Gulf Island Fabrication
     665       23  
GulfMark Offshore (a)
     1,686       79  
Gulfport Energy (a)
     1,811       40  
Harvest Natural Resources (a)
     3,443       47  
Hercules Offshore (a) (b)
     7,570       205  
Horizon Offshore (a)
     2,996       48  
Hornbeck Offshore Services (a) (b)
     2,222       87  
International Coal Group (a) (b)
     11,239       60  
Ion Geophysical (a) (b)
     6,519       99  
Kayne Anderson Energy
     917       23  
Knightsbridge Tankers (b)
     1,569       40  
Lufkin Industries
     1,456       87  
Mariner Energy (a) (b)
     7,134       178  
MarkWest Hydrocarbon
     615       37  
Matrix Service (a)
     2,126       63  
McMoRan Exploration (a) (b)
     2,624       32  
Meridian Resource (a)
     8,478       21  
Natco Group (a) (b)
     1,510       81  
Newpark Resources (a)
     8,245       52  
NGP Capital Resources
     1,712       27  
Nova Biosource Fuels (a) (b)
     2,875       8  
NTR Acquisition (a)
     2,385       23  
Oil States International (a) (b)
     4,799       207  
Oilsands Quest (a) (b)
     11,455       63  
Pacific Ethanol (a) (b)
     3,263       26  
Parallel Petroleum (a) (b)
     3,708       76  
Parker Drilling (a)
     10,452       88  
Penn Virginia (b)
     3,668       178  
Petrocorp, Escrow Shares (a) (b) (c)
     2,040       —  
Petrohawk Energy (a)
     15,552       288  
Petroleum Development (a)
     1,420       65  
PetroQuest Energy (a)
     4,409       57  
PHI (a)
     1,249       43  
Pioneer Drilling (a)
     4,273       52  
Rentech (a) (b)
     14,902       32  
Resource America, Class A (b)
     1,211       19  
Rosetta Resources (a)
     4,863       92  
RPC (b)
     3,146       35  
Ship Finance International (b)
     2,889       79  
Stone Energy (a)
     2,584       115  
SulphCo (a) (b)
     4,050       26  
Superior Offshore International (a)
     933       10  
Superior Well Services (a)
     1,436       29  
Swift Energy (a) (b)
     2,742       130  
T-3 Energy Services (a)
     497       24  
Toreador Resources (a) (b)
     1,383       15  
Trico Marine Service (a) (b)
     874       28  
TXCO Resources (a)
     3,013       35  
Union Drilling (a)
     904       12  
US BioEnergy (a)
     1,060       8  
Vaalco Energy (a)
     5,952       30  
Venoco (a)
     1,144       26  
VeraSun Energy (a) (b)
     3,026       41  
Warren Resources (a)
     5,510       84  
22      First American Funds  2007 Annual Report

Table of Contents

                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
W-H Energy Services (a)
     2,790     $ 161  
Whiting Petroleum (a) (b)
     3,558       192  
Willbros Group (a) (b)
     2,388       91  
World Fuel Services
     2,667       118  
             
              7,480  
             
Financials – 19.0%
1st Source
     1,166       22  
Abington Bancorp
     962       9  
ACA Capital Holdings (a) (b)
     751       3  
Acadia Realty Trust – REIT (b)
     2,973       79  
Advance America Cash Advance Centers
     6,119       59  
Advanta, Class B
     3,044       48  
Agree Realty – REIT
     368       12  
Alabama National BanCorporation
     1,469       116  
Alesco Financial (b)
     5,555       22  
Alexander’s – REIT (a)
     214       86  
Alexandria Real Estate Equities – REIT (b)
     2,329       240  
Alfa (b)
     3,445       63  
AMCORE Financial
     2,238       53  
American Campus Communities – REIT
     1,617       46  
American Equity Investment Life Holding (b)
     5,711       56  
American Financial Realty Trust – REIT
     12,287       83  
American Physicians Capital (b)
     1,118       49  
American West Bancorp
     1,111       21  
Ameris Bancorp
     1,239       21  
Amerisafe (a)
     1,723       28  
Amtrust Financial Services (b)
     2,347       33  
Anchor Bancorp (b)
     1,921       47  
Anthracite Capital – REIT
     6,106       51  
Anworth Mortgage Asset – REIT (b)
     5,669       39  
Apollo Investment (b)
     7,623       159  
Arbor Realty Trust – REIT
     918       17  
Ares Capital (b)
     4,138       69  
Argo Group International Holdings (a) (b)
     2,636       112  
Ashford Hospitality Trust – REIT (b)
     10,140       100  
Aspen Insurance
     8,083       221  
Assured Guaranty
     6,216       143  
Asta Funding (b)
     1,139       40  
Baldwin & Lyons, Class B
     905       24  
BancFirst
     731       33  
Banco Latinoamericano de Exportaciones
     2,496       49  
Bancorp Bank (a)
     1,104       20  
Bank Mutual
     5,073       56  
Bank of the Ozarks (b)
     1,551       45  
BankAtlantic Bancorp, Class A (b)
     4,612       19  
BankFinancial
     1,730       28  
BankUnited Financial, Class A (b)
     2,794       24  
Banner
     1,220       40  
Berkshire Hills Bancorp (b)
     726       20  
BioMed Realty Trust – REIT (b)
     6,215       148  
Boston Private Financial (b)
     3,392       98  
Brookline Bancorp (b)
     5,782       62  
Calamos Asset Management
     2,561       87  
Capital City Bank Group (b)
     1,449       41  
Capital Corporation of the West
     1,032       20  
Capital Lease Funding – REIT (b)
     3,230       30  
Capital Southwest (b)
     304       37  
Capital Trust – REIT (b)
     1,497       50  
Capitol Bancorp (b)
     1,428       30  
Cascade Bancorp (b)
     2,280       44  
Cash America International (b)
     2,723       106  
Cathay General Bancorp (b)
     4,770       148  
CBRE Realty Finance – REIT
     1,153       6  
Cedar Shopping Centers – REIT
     4,180       54  
Centennial Bank Holdings (a)
     4,998       28  
Center Financial
     1,375       18  
Centerline Holdings (b)
     5,382       74  
Central Pacific Financial
     2,818       63  
Chemical Financial (b)
     2,275       57  
Chittenden (b)
     4,228       151  
Citizens Banking (b)
     6,942       106  
Citizens (a) (b)
     1,692       15  
City Bank (b)
     1,284       31  
City Holdings
     1,907       72  
Clayton Holdings (a)
     890       4  
Clifton Savings Bancorp
     2,036       22  
CNA Surety (a)
     1,651       33  
CoBiz
     1,846       33  
Cohen & Steers (b)
     1,571       59  
Columbia Banking System
     1,656       51  
Commerce Group (b)
     5,058       185  
Community Bancorp – Nevada (a) (b)
     218       4  
Community Bank System
     3,220       67  
Community Banks
     2,387       72  
Community Trust Bancorp
     1,395       41  
Compass Diversified Trust
     1,940       31  
CompuCredit (a) (b)
     1,865       37  
Consolidated-Tomoka Land
     558       38  
Corporate Office Properties Trust – REIT (b)
     3,730       154  
Corus Bankshares (b)
     3,569       39  
Cousins Properties – REIT (b)
     3,768       108  
Cowen Group (a)
     1,449       18  
Crawford & Company (a)
     1,640       11  
Credit Acceptance (a)
     469       11  
Crystal River Capital – REIT
     2,292       33  
CVB Financial (b)
     6,081       71  
DCT Industrial Trust – REIT (b)
     14,955       160  
Deerfield Triarc Capital – REIT (b)
     4,236       40  
Delphi Financial Group, Class A (b)
     3,982       154  
Delta Financial (b)
     1,515       8  
DiamondRock Hospitality – REIT (b)
     7,386       142  
Digital Realty Trust – REIT (b)
     4,886       215  
Dime Community Bancshares
     3,192       46  
Dollar Financial (a)
     1,471       48  
Donegal Group, Class A
     1,616       28  
Downey Financial (b)
     1,684       69  
EastGroup Properties – REIT (b)
     2,177       104  
Education Realty Trust – REIT
     2,645       34  
eHealth (a) (b)
     558       16  
EMC Insurance Group
     583       15  
Employers Holdings
     3,225       62  
Encore Capital Group (a) (b)
     1,474       17  
Energy Infrastructure Acquisition (a)
     2,046       20  
Enstar Group
     643       82  
Enterprise Financial Services (b)
     999       22  
Entertainment Properties Trust – REIT (b)
     2,444       134  
Epoch Holdings
     797       11  
Equity Lifestyle Properties – REIT (b)
     2,169       109  
Equity One – REIT
     4,053       106  
eSpeed, Class A (a)
     2,505       25  
Evercore Partners
     804       21  
Extra Space Storage – REIT (b)
     5,489       86  
Ezcorp (a)
     3,664       48  
F.N.B. (b)
     5,535       92  
FBL Financial Group, Class A
     922       37  
FBR Capital Markets (a) (b)
     2,837       36  
Fcstone Group (a)
     807       28  
Federal Agricultural Mortgage, Class C (b)
     1,135       33  
FelCor Lodging Trust – REIT (b)
     5,480       115  
Financial Federal (b)
     2,491       67  
First Acceptance (a)
     1,941       8  
First Bancorp – North Carolina
     1,267       23  
First Bancorp of Puerto Rico (b)
     7,238       64  
First Busey
     1,472       31  
First American Funds  2007 Annual Report       23

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
First Cash Financial Services (a)
     2,408     $ 47  
First Charter (b)
     3,188       97  
First Commonwealth Financial – Pennsylvania (b)
     6,786       78  
First Community Bancorp
     1,945       95  
First Community Bancshares – Nevada
     982       34  
First Financial – Indiana
     1,210       37  
First Financial Bancorp – Ohio
     3,385       40  
First Financial Bankshares
     2,027       79  
First Financial Holdings
     1,377       40  
First Indiana
     1,313       42  
First Industrial Realty Trust – REIT (b)
     4,162       170  
First Merchants
     1,679       37  
First Mercury Financial (a)
     1,133       25  
First Midwest Bancorp (b)
     4,559       154  
First Niagara Financial Group (b)
     10,931       144  
First Place Financial
     1,642       27  
First Potomac Realty Trust – REIT (b)
     2,080       43  
First Regional Bancorp (a)
     929       22  
First South Bancorp (b)
     406       10  
First State Bancorp – New Mexico
     1,648       28  
FirstBank, Fractional Shares (a) (c)
     0.29       —  
FirstFed Financial (a) (b)
     1,619       69  
FirstMerit (b)
     7,382       157  
Flagstar Bancorp
     3,955       32  
Flushing Financial
     2,439       41  
FPIC Insurance Group (a)
     1,136       47  
Franklin Bank (a) (b)
     1,304       10  
Franklin Street Properties – REIT (b)
     5,302       86  
Freedom Acquisition Holdings (a) (b)
     5,127       68  
Fremont General (b)
     6,213       17  
Friedman Billings Ramsey Group – REIT (b)
     14,406       62  
Frontier Financial (b)
     3,591       80  
GAMCO Investors
     484       30  
Getty Realty – REIT
     2,175       62  
GFI Group (a)
     1,232       106  
Glacier Bancorp
     4,919       100  
Gladstone Capital (b)
     1,349       25  
Glimcher Realty Trust – REIT
     3,604       80  
GMH Communities Trust – REIT
     3,072       23  
Gramercy Capital – REIT
     1,222       32  
Great Southern Bancorp
     1,161       27  
Greene County Bancshares
     401       13  
Greenhill & Company (b)
     1,821       135  
Grubb & Ellis (a)
     1,449       12  
Hallmark Financial Services (a)
     379       6  
Hancock Holding (b)
     2,453       93  
Hanmi Financial
     4,137       46  
Harleysville Group
     1,584       49  
Harleysville National (b)
     2,656       40  
Healthcare Realty Trust – REIT (b)
     4,443       117  
Heartland Financial USA
     1,422       28  
Hercules Technology Growth Capital
     2,118       27  
Heritage Commerce
     1,355       25  
Hersha Hospitality Trust – REIT
     3,950       43  
HFF (a)
     1,466       15  
Highwoods Properties – REIT (b)
     5,317       191  
Hilb, Rogal & Hobbs (b)
     3,363       148  
Hilltop Holdings (a)
     4,528       54  
Home Properties – REIT (b)
     3,314       170  
Horace Mann Educators
     4,768       99  
Horizon Financial
     1,409       24  
IBERIABANK
     1,097       54  
IMPAC Mortgage Holdings – REIT (b)
     7,487       8  
Imperial Capital Bancorp
     645       14  
Independence Holdings
     669       11  
Independent Bank – Michigan
     2,070       22  
Independent Bank (b)
     1,482       44  
Infinity Property & Casualty
     1,778       72  
Inland Real Estate – REIT (b)
     5,327       79  
Integra Bank
     1,815       31  
Interactive Brokers Group (a)
     3,667       106  
International Bancshares
     4,438       97  
International Securities Exchange
     3,565       239  
Investors Bancorp (a) (b)
     3,982       60  
Investors Real Estate Trust – REIT (b)
     4,580       50  
IPC Holdings
     5,838       175  
Irwin Financial
     1,843       18  
James River Group
     943       32  
JER Investment Trust – REIT (b)
     1,874       21  
Kansas City Life Insurance
     60       3  
KBW (a) (b)
     2,683       81  
Kearny Financial
     1,963       26  
Kite Realty Group Trust – REIT
     2,652       48  
KNBT Bancorp
     2,849       49  
Knight Capital Group, Class A (a) (b)
     9,665       130  
Kohlberg Capital
     1,312       17  
LaBranche (a)
     5,215       29  
Ladenburg Thalman Financial Services (a) (b)
     8,982       17  
Lakeland Bancorp
     2,242       30  
Lakeland Financial
     1,186       25  
LandAmerica Financial Group (b)
     1,569       44  
LaSalle Hotel Properties – REIT (b)
     3,818       158  
Lexington Corporate Properties Trust – REIT (b)
     6,547       130  
LTC Properties – REIT (b)
     1,977       50  
Luminent Mortgage Capital – REIT (b)
     4,710       9  
Macatawa Bank
     2,010       22  
Maguire Properties – REIT (b)
     3,777       103  
MainSource Financial Group (b)
     1,403       24  
Marathon Acquisition (a) (b)
     3,471       28  
MarketAxess Holdings (a) (b)
     2,918       46  
Max Capital Hamilton
     5,531       156  
MB Financial (b)
     2,797       93  
MCG Capital
     4,745       66  
Meadowbrook Insurance Group (a)
     2,599       25  
Medical Properties Trust – REIT (b)
     3,089       41  
Meruelo Maddux Properties (a)
     3,510       17  
MFA Mortgage Investments – REIT (b)
     9,190       79  
Mid-America Apartment Communities – REIT (b)
     2,068       108  
Midland
     1,131       72  
Midwest Banc Holdings (b)
     1,484       20  
Mission West Properties
     1,707       20  
Montpelier Holdings
     10,251       184  
Move (a)
     9,856       25  
MVC Capital (b)
     2,225       38  
Nara Bancorp
     2,094       32  
NASB Financial (b)
     441       13  
National Financial Partners (b)
     3,826       209  
National Health Investors – REIT
     2,136       63  
National Interstate
     487       16  
National Penn Bancshares (b)
     5,055       85  
National Penn Bancshares, Fractional Shares (a) (c)
     0.50       —  
National Retail Properties – REIT (b)
     5,971       151  
National Western Life Insurance, Class A
     207       45  
Nationwide Health Properties – REIT (b)
     7,550       236  
Navigators Group (a)
     1,185       71  
NBT Bancorp
     3,119       77  
Nelnet, Class A (b)
     1,606       30  
NewAlliance Bancshares (b)
     10,799       151  
Newcastle Investment – REIT (b)
     4,029       60  
Newstar Financial (a)
     1,267       13  
Nexcen Brands (a)
     3,855       24  
NorthStar Realty Finance – REIT (b)
     5,745       54  
Northwest Bancorp (b)
     1,845       54  
24      First American Funds  2007 Annual Report

Table of Contents

                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Novastar Financial – REIT (b)
     897     $ 5  
NYMAGIC (b)
     432       12  
Ocwen Financial (a) (b)
     3,645       27  
Odyssey RE Holdings
     2,598       97  
Old National Bancorp (b)
     6,092       102  
Old Second Bancorp
     1,511       43  
Omega Financial
     1,160       32  
OMEGA Healthcare Investors – REIT (b)
     5,774       97  
optionsXpress Holdings
     4,006       119  
Oriental Financial Group
     2,365       30  
Pacific Capital Bancorp
     4,313       89  
Park National (b)
     1,111       88  
Parkway Properties – REIT
     1,595       69  
Partners Trust Financial Group
     4,182       52  
Patriot Capital Funding
     1,674       21  
PennantPark Investment (a)
     1,834       24  
Pennsylvania – REIT
     2,947       112  
Penson Worldwide (a)
     1,334       23  
Peoples Bancorp – Ohio
     1,222       31  
PFF Bancorp (b)
     2,018       22  
Phoenix Companies
     10,464       144  
Pinnacle Financial Partners (a)
     1,134       33  
Piper Jaffray Companies (a) (b)
     1,828       94  
Platinum Underwriters Holdings
     5,489       198  
PMA Capital (a)
     3,171       31  
Post Properties – REIT
     4,002       164  
Potlatch – REIT (b)
     3,800       181  
Presidential Life
     1,981       35  
Primus Guaranty (a) (b)
     4,129       38  
PrivateBancorp (b)
     1,744       49  
ProAssurance (a) (b)
     2,895       160  
Prospect Capital Corporation (b)
     1,823       27  
Prosperity Bancshares
     2,869       93  
Provident Bankshares (b)
     2,957       73  
Provident Financial Services (b)
     6,041       96  
Provident New York Bancorp
     4,049       51  
PS Business Parks – REIT
     1,570       92  
QC Holdings
     687       10  
Quadra Realty Trust (a)
     1,618       13  
RAIT Financial Trust – REIT (b)
     5,623       51  
Ramco-Gershenson Properties Trust – REIT
     2,078       59  
Realty Income – REIT (b)
     7,848       232  
Redwood Trust – REIT (b)
     2,159       57  
Renasant
     1,526       35  
Republic Bancorp – Kentucky, Class A
     979       15  
Resource Capital Corporation (b)
     2,020       21  
RLI
     2,209       129  
Rockville Financial
     1,178       18  
S&T Bancorp
     2,275       75  
Safety Insurance Group
     1,413       51  
Sanders Morris Harris Group
     1,728       16  
Sandy Spring Bancorp
     1,544       46  
Santander Bancorp
     403       6  
Saul Centers – REIT
     1,077       59  
SCBT Financial (b)
     936       30  
Scottish Group (a)
     6,236       16  
SeaBright Insurance Holdings (a)
     1,643       27  
Seacoast Banking (b)
     1,666       24  
Security Bank (b)
     1,289       13  
Security Capital Assurance (b)
     2,186       29  
Selective Insurance Group (b)
     5,664       138  
Senior Housing Properties Trust – REIT
     6,521       146  
Sierra Bancorp
     444       12  
Signature Bank (a)
     2,581       88  
Simmons First National, Class A
     1,296       35  
South Financial Group (b)
     6,800       141  
Southside Bancshares (b)
     1,182       26  
Southwest Bancorp – Oklahoma
     1,500       28  
Sovran Self Storage – REIT (b)
     1,888       89  
State Auto Financial
     1,613       44  
Sterling Bancorp
     2,045       30  
Sterling Bancshares (b)
     6,824       83  
Sterling Financial – Pennsylvania
     2,421       44  
Sterling Financial – Washington (b)
     4,540       102  
Stewart Information Services
     1,899       55  
Stifel Financial (a) (b)
     1,447       82  
Strategic Hotels & Resorts – REIT
     6,914       151  
Suffolk Bancorp
     1,014       34  
Sun Bancorp – New Jersey (a)
     1,591       28  
Sun Communities – REIT (b)
     2,100       64  
Sunstone Hotel Investors – REIT (b)
     5,487       153  
Superior Bancorp (a) (b)
     1,590       12  
Susquehanna Bancshares (b)
     4,782       96  
SVB Financial (a) (b)
     3,144       163  
SWS Group
     2,330       44  
SY Bancorp (b)
     1,341       34  
Tanger Factory Outlet Centers – REIT (b)
     3,573       151  
Taylor Capital Group
     549       14  
Technology Investment Capital (b)
     1,541       20  
Tejon Ranch (a)
     1,076       43  
Texas Capital Bancshares (a)
     2,482       55  
Thomas Properties Group
     2,178       27  
Thomas Weisel Partners Group (a) (b)
     1,978       31  
TierOne
     1,656       38  
Tompkins Trustco
     895       37  
Tower Group
     2,054       62  
Tradestation Group (a)
     2,652       32  
Triad Guaranty (a) (b)
     920       7  
TriCo Bancshares
     1,619       36  
TrustCo Bank Corporation of New York (b)
     6,889       73  
Trustmark (b)
     4,488       121  
UCBH Holdings (b)
     9,162       156  
UMB Financial (b)
     2,331       98  
Umpqua Holdings (b)
     5,516       93  
Union Bankshares
     1,570       34  
United American Indemnity (a)
     2,262       50  
United Bankshares
     3,299       100  
United Community Banks (b)
     3,309       73  
United Community Financial
     3,229       21  
United Fire & Casualty
     1,773       57  
United Security Bancshares (b)
     762       13  
Universal American Financial (a)
     3,909       95  
Universal Health Realty Income Trust – REIT
     1,463       54  
Univest Corporation of Pennsylvania
     1,367       30  
Urstadt Biddle Properties, Class A – REIT
     2,727       45  
US Global Investors (b)
     1,084       25  
USB Holding
     1,331       29  
USB Holding, Fractional Shares (a) (c)
     0.10       —  
U-Store-It Trust (b)
     4,202       54  
Virginia Commerce Bancorp (a) (b)
     2,039       29  
W Holding Company (b)
     10,711       23  
Waddell & Reed Financial, Class A (b)
     8,315       276  
Washington Real Estate Investment Trust – REIT (b)
     4,131       146  
Washington Trust Bancorp
     1,508       38  
WesBanco
     1,917       44  
West Coast Bancorp – Oregon
     1,756       48  
Westamerica Bancorporation (b)
     2,756       133  
Western Alliance Bancorp (a) (b)
     1,156       26  
Westfield Financial
     1,508       15  
Wilshire Bancorp
     2,018       21  
Winthrop Realty Trust – REIT
     3,976       22  
Wintrust Financial
     2,215       81  
World Acceptance (a) (b)
     1,804       58  
First American Funds  2007 Annual Report       25

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
WP Stewart & Company (b)
     1,147     $ 7  
WSFS Financial
     629       36  
Zenith National Insurance (b)
     3,595       144  
             
              24,356  
             
Healthcare – 13.4%
Abaxis (a)
     2,198       64  
ABIOMED (a) (b)
     2,081       28  
ACADIA Pharmaceuticals (a) (b)
     2,852       44  
Accuray (a) (b)
     1,197       24  
Acorda Therapeutics (a) (b)
     2,282       46  
Adams Respiratory Therapeutics (a) (b)
     3,266       144  
Affymax (a)
     390       11  
Affymetrix (a) (b)
     6,291       160  
Air Methods (a) (b)
     1,072       58  
Akorn (a) (b)
     4,542       34  
Albany Molecular Research (a) (b)
     2,376       43  
Alexion Pharmaceuticals (a)
     3,214       246  
Alexza Pharmaceuticals (a)
     1,860       15  
Align Technology (a) (b)
     5,486       114  
Alkermes (a)
     9,221       149  
Alliance Imaging (a)
     1,826       18  
Allos Therapeutics (a)
     3,830       22  
Allscripts Healthcare Solutions (a) (b)
     5,076       141  
Alnylam Pharmaceuticals (a) (b)
     3,223       102  
Alpharma, Class A (a)
     3,975       82  
Altus Pharmaceuticals (a)
     1,946       27  
AMAG Pharmaceuticals (a)
     1,306       85  
Amedisys (a) (b)
     2,432       103  
American Dental Partners (a)
     1,149       28  
American Medical Systems (a) (b)
     6,867       88  
AMERIGROUP (a) (b)
     4,838       169  
Amicus Therapeutics (a)
     456       8  
AMN Healthcare Services (a)
     3,338       63  
Amsurg, Class A (a)
     2,929       77  
Analogic
     1,279       73  
AngioDynamics (a)
     2,033       41  
Animal Health International (a)
     1,082       12  
Applera (a)
     7,255       118  
Apria Healthcare Group (a) (b)
     4,057       98  
Arena Pharmaceuticals (a) (b)
     5,397       52  
Ariad Pharmaceuticals (a)
     6,456       33  
ArQule (a) (b)
     3,555       28  
Array BioPharma (a) (b)
     3,685       41  
ArthroCare (a) (b)
     2,643       171  
Aspect Medical Systems (a)
     1,734       24  
Assisted Living Concept (a)
     5,520       49  
Auxilium Pharmaceuticals (a)
     2,508       66  
Beijing Medical Pharmaceuticals (a) (b)
     2,443       30  
Bentley Pharmaceuticals (a)
     1,752       24  
Biodel (a)
     459       8  
BioMarin Pharmaceutical (a) (b)
     8,769       243  
Biomimetic Therapeutics (a)
     983       14  
Bionovo (a) (b)
     4,129       10  
Bio-Rad Laboratories, Class A (a) (b)
     1,713       165  
Bio-Reference Labs (a)
     1,193       38  
Bradley Pharmaceuticals (a)
     1,492       29  
Bruker BioSciences (a)
     5,958       62  
Cadence Pharmaceuticals (a)
     1,482       21  
Cantel Medical (a)
     1,056       19  
Capital Senior Living (a) (b)
     2,246       20  
Caraco Pharmaceutical Laboratories (a)
     1,326       21  
Cell Genesys (a) (b)
     6,033       21  
Centene (a)
     4,229       99  
Cepheid (a)
     5,051       131  
Chemed
     2,320       133  
Computer Programs & Systems
     820       20  
Conceptus (a) (b)
     2,354       52  
CONMED (a)
     2,594       74  
Corvel (a)
     778       21  
Cross Country Healthcare (a)
     2,940       46  
CryoLife (a)
     2,063       14  
Cubist Pharmaceuticals (a) (b)
     5,074       119  
Cutera (a)
     1,242       30  
CV Therapeutics (a) (b)
     5,648       58  
Cyberonics (a) (b)
     2,119       31  
Cynosure (a)
     696       26  
Cypress Bioscience (a) (b)
     3,358       45  
Cytokinetics (a)
     3,196       16  
Cytrx (a) (b)
     7,960       30  
Datascope
     1,208       44  
Dendreon (a) (b)
     8,003       60  
Discovery Laboratories (a)
     7,757       19  
DJO (a)
     2,240       112  
Durect (a) (b)
     6,337       37  
Eclipsys (a)
     4,188       94  
Emergency Medical Services (a) (b)
     851       26  
Emergent Biosolutions (a)
     540       5  
Emeritus (a) (b)
     511       17  
Encysive Pharmaceuticals (a) (b)
     5,796       8  
Enzo Biochem (a)
     2,661       32  
Enzon (a) (b)
     4,305       41  
eResearch Technology (a)
     3,591       40  
ev3 (a) (b)
     4,248       62  
Exelixis (a) (b)
     8,703       96  
Genomic Health (a) (b)
     1,285       33  
Gentiva Health Services (a)
     2,639       50  
Genvec (a) (b)
     6,075       15  
Geron (a) (b)
     6,732       51  
Greatbatch (a) (b)
     2,145       53  
GTx (a)
     1,525       24  
Haemonetics (a)
     2,434       125  
Halozyme Therapeutics (a)
     5,904       54  
Hansen Medical (a) (b)
     877       34  
HealthExtras (a)
     2,638       77  
Healthsouth (a) (b)
     7,220       145  
HealthSpring (a)
     4,385       92  
Healthways (a) (b)
     3,321       202  
HMS Holdings (a)
     1,925       55  
Hologic (a)
     10,356       703  
Human Genome Sciences (a) (b)
     12,312       116  
Hythiam (a) (b)
     2,682       20  
ICU Medical (a) (b)
     1,184       47  
Idenix Pharmaceuticals (a)
     2,550       7  
I-Flow (a) (b)
     2,189       40  
Illumina (a) (b)
     4,915       276  
Immucor (a) (b)
     6,316       204  
Immunomedics (a)
     5,324       12  
Incyte (a) (b)
     8,227       71  
Indevus Pharmaceuticals (a)
     5,346       41  
Integra LifeSciences (a) (b)
     1,650       80  
InterMune (a) (b)
     2,641       53  
Invacare (b)
     2,639       71  
inVentiv Health (a) (b)
     2,789       118  
Inverness Medical Innovations (a) (b)
     4,508       271  
Isis Pharmaceuticals (a) (b)
     8,009       141  
Javelin Pharmaceuticals (a)
     3,898       21  
Kendle International (a) (b)
     1,268       51  
Kensey Nash (a)
     1,063       29  
Keryx Biopharmaceuticals (a) (b)
     4,454       46  
Kindred Healthcare (a) (b)
     2,772       59  
Kosan Biosciences (a)
     3,899       20  
K-V Pharmaceutical, Class A (a) (b)
     3,550       111  
Kyphon (a) (b)
     4,350       308  
LCA-Vision
     1,840       31  
26      First American Funds  2007 Annual Report

Table of Contents

                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
LHC Group (a) (b)
     927     $ 21  
LifeCell (a) (b)
     3,109       137  
Ligand Pharmaceuticals
     8,270       44  
Luminex (a) (b)
     3,303       53  
Magellan Health Services (a)
     3,588       151  
MannKind (a) (b)
     3,825       35  
Martek Biosciences (a) (b)
     2,958       90  
Masimo (a)
     359       12  
Matria Healthcare (a) (b)
     2,157       55  
Maxygen (a)
     2,706       20  
Medarex (a) (b)
     11,550       138  
MedCath (a)
     851       24  
Medical Action Industries (a)
     1,423       29  
Medicines (a) (b)
     4,744       91  
Medicis Pharmaceutical, Class A (b)
     5,121       152  
Medivation (a)
     1,957       41  
Mentor (b)
     3,496       149  
Meridian Bioscience (b)
     2,902       96  
Merit Medical Systems (a)
     2,618       34  
Metabolix (a)
     1,325       38  
MGI Pharma (a) (b)
     7,683       250  
Micrus Endovascular (a)
     1,376       27  
Mine Safety Appliances
     2,580       118  
Minrad International (a)
     4,319       19  
Molecular Insight Pharmaceuticals (a)
     459       3  
Molina Healthcare (a) (b)
     1,273       49  
Momenta Pharmaceuticals (a)
     2,429       32  
MWI Veterinary Supply (a)
     396       17  
Myriad Genetics (a) (b)
     3,730       206  
NABI Biopharmaceuticals (a)
     5,902       23  
Nastech Pharmaceutical (a) (b)
     2,252       31  
National Healthcare
     635       32  
Natus Medical (a)
     1,901       34  
Nektar Therapeutics (a)
     8,408       50  
Neurocrine Biosciences (a) (b)
     3,484       32  
Neurogen (a) (b)
     2,902       11  
Nighthawk Radiology Holdings (a) (b)
     1,933       45  
Northstar Neuroscience (a)
     1,109       15  
Novacea (a)
     606       5  
Noven Pharmaceuticals (a) (b)
     2,329       36  
NuVasive (a)
     3,421       146  
NxStage Medical (a) (b)
     1,853       27  
Obagi Medical Products (a) (b)
     212       5  
Odyssey Healthcare (a)
     3,400       35  
Omnicell (a)
     2,792       74  
Omrix Biopharmaceuticals (a)
     1,257       44  
Onyx Pharmaceuticals (a) (b)
     4,980       233  
OraSure Technologies (a)
     4,235       38  
Orexigen Therapeutics (a)
     669       10  
Orthofix International (a)
     1,517       82  
OSI Pharmaceuticals (a) (b)
     5,288       220  
Osiris Therapeutics (a) (b)
     1,172       17  
Owens & Minor
     3,715       151  
Pain Therapeutics (a)
     3,266       34  
Palomar Medical Technologies (a) (b)
     1,713       43  
Par Pharmaceutical Companies (a)
     3,426       63  
PAREXEL International (a)
     2,757       127  
Penwest Pharmaceuticals (a)
     2,136       18  
Perrigo (b)
     7,048       167  
PharmaNet Development Group (a) (b)
     1,712       55  
Pharmerica (a) (b)
     1,014       16  
Pharmion (a) (b)
     2,376       114  
PolyMedica (b)
     2,221       118  
Poniard Pharmaceuticals (a)
     2,133       10  
POZEN (a) (b)
     2,521       24  
PRA International (a)
     1,414       43  
Progenics Pharmaceutical (a)
     2,302       53  
Protalix Biotherapeutics (a)
     179       1  
PSS World Medical (a) (b)
     6,163       124  
Psychiatric Solutions (a) (b)
     5,206       206  
Quidel (a)
     2,667       55  
Radiation Therapy Services (a) (b)
     1,269       39  
Regeneration Technologies (a)
     2,731       29  
Regeneron Pharmaceutical (a) (b)
     5,837       128  
RehabCare Group (a)
     1,533       32  
Res-Care (a)
     2,235       55  
Rigel Pharmaceuticals (a)
     2,757       29  
Salix Pharmaceuticals (a) (b)
     4,324       51  
Santarus (a) (b)
     4,712       10  
Savient Pharmaceuticals (a)
     5,125       72  
Sciele Pharma (a) (b)
     2,915       74  
Seattle Genetics (a) (b)
     3,827       46  
Senomyx (a) (b)
     3,080       36  
Sirona Dental Systems (a) (b)
     1,720       58  
Sirtris Pharmaceuticals (a) (b)
     555       9  
Skilled Healthcare Group (a)
     2,054       34  
Somaxon Pharmaceuticals (a)
     932       8  
Sonic Innovations (a)
     2,419       25  
SonoSite (a)
     1,681       59  
Spectranetics (a)
     3,160       51  
Stereotaxis (a)
     2,403       37  
STERIS (b)
     5,950       173  
Stewart Enterprises, Class A
     9,121       83  
Sun Healthcare Group (a)
     3,938       64  
Sunrise Senior Living (a)
     4,100       152  
SuperGen (a)
     4,864       22  
SurModics (a) (b)
     1,392       79  
Symmetry Medical (a) (b)
     3,238       56  
Telik (a) (b)
     5,139       21  
Tercica (a) (b)
     3,023       19  
Thoratec (a) (b)
     5,046       101  
Tomotherapy (a) (b)
     564       12  
TriZetto Group (a) (b)
     4,401       72  
Trubion Pharmaceuticals (a) (b)
     792       11  
United Therapeutics (a) (b)
     1,906       130  
Valeant Pharmaceuticals International (a) (b)
     8,714       127  
Vanda Pharmaceuticals (a) (b)
     2,438       37  
Varian (a)
     2,812       208  
Ventana Medical Systems (a)
     2,555       225  
Verenium Corporation (a) (b)
     3,726       20  
ViroPharma (a)
     6,401       55  
Visicu (a)
     1,408       11  
Vital Images (a) (b)
     1,300       23  
Vital Signs (b)
     572       30  
Vivus (a)
     5,352       27  
Volcano (a)
     2,174       37  
West Pharmaceutical Services
     3,140       130  
Wright Medical Group (a)
     3,189       85  
XenoPort (a)
     1,966       96  
XOMA (a) (b)
     12,077       44  
Zoll Medical (a)
     1,894       46  
ZymoGenetics (a) (b)
     3,875       52  
             
              17,247  
             
Industrials – 15.2%
3D Systems (a) (b)
     1,395       31  
A.O. Smith
     1,839       69  
AAON
     1,459       27  
AAR (a) (b)
     3,495       112  
ABM Industries
     4,068       96  
ABX Air (a)
     6,158       39  
ACCO Brands (a) (b)
     4,266       91  
Accuride (a)
     2,339       24  
Actuant, Class A
     2,643       182  
Acuity Brands (b)
     3,983       190  
First American Funds  2007 Annual Report       27

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Administaff
     2,212     $ 88  
Advisory Board (a) (b)
     1,875       120  
Aecom Technology (a)
     3,691       125  
Aerovironment (a)
     496       13  
AirTran Holdings (a) (b)
     8,370       87  
Alaska Air Group (a)
     3,878       99  
Albany International, Class A (b)
     2,628       99  
Allegiant Travel (a)
     289       10  
Altra Holdings (a)
     916       15  
Amerco (a) (b)
     1,009       65  
American Commercial Lines (a) (b)
     6,039       90  
American Ecology
     1,487       36  
American Railcar Industries (b)
     933       21  
American Reprographics (a) (b)
     2,697       55  
American Science & Engineering (b)
     954       58  
American Superconductor (a) (b)
     3,693       100  
American Woodmark (b)
     1,194       30  
Ameron International
     859       93  
Ampco-Pittsburgh
     742       30  
Amrep (b)
     173       6  
Apogee Enterprises
     2,640       62  
Applied Industrial Technology (b)
     3,949       140  
ARGON ST (a)
     1,320       27  
Arkansas Best (b)
     2,067       57  
Arrowhead Research (a) (b)
     3,104       13  
Asset Acceptance Capital
     1,552       17  
Astec Industries (a)
     1,734       79  
ASV (a) (b)
     1,867       22  
Atlas Air Worldwide Holdings (a)
     1,223       72  
AZZ (a)
     1,068       36  
Badger Meter (b)
     1,228       47  
Baldor Electric (b)
     4,074       164  
Barnes Group (b)
     3,655       134  
Barrett Business Services
     720       12  
Beacon Roofing Supply (a) (b)
     4,059       36  
BlueLinx Holdings
     751       4  
Bowne & Company (b)
     2,952       51  
Brady, Class A (b)
     4,337       160  
Briggs & Stratton (b)
     4,535       102  
Bright Horizons Family Solutions (a)
     2,398       93  
Bucyrus International (b)
     3,379       279  
Builders FirstSource (a)
     1,121       8  
Cascade
     1,083       68  
Casella Waste Systems (a)
     2,084       31  
CBIZ (a) (b)
     5,386       48  
CDI (b)
     885       24  
Celadon Group (a)
     1,999       16  
Cenveo (a) (b)
     4,922       111  
Ceradyne (a) (b)
     2,493       171  
Chart Industries (a)
     1,159       38  
Circor International
     1,735       87  
CLARCOR
     4,753       173  
Clean Harbors (a) (b)
     1,520       75  
Coleman Cable (a) (b)
     769       10  
Columbus McKinnon (a)
     1,726       57  
Comfort Systems USA (b)
     4,171       61  
Commercial Vehicle Group (a)
     2,177       30  
COMSYS IT Partners (a)
     1,572       28  
Consolidated Graphics (a)
     965       62  
Cornell (a)
     645       16  
CoStar Group (a) (b)
     1,651       95  
CPI (b)
     477       16  
CRA International (a) (b)
     1,098       57  
Cubic
     1,393       63  
Curtiss-Wright
     4,051       228  
Deluxe (b)
     4,759       192  
Diamond Management & Technology Consultation
     2,589       28  
Dollar Thrifty Automotive (a)
     2,173       75  
Dycom Industries (a)
     3,966       112  
Dynamex (a)
     1,396       41  
Dynamic Materials
     1,218       67  
DynCorp International (a)
     2,585       59  
Eagle Bulk Shipping (b)
     3,826       130  
EDO (b)
     1,649       96  
Electro Rent (a)
     1,588       23  
EMCOR Group (a)
     5,848       201  
Encore Wire (b)
     2,152       45  
Energy Conversion Devices (a) (b)
     3,631       99  
EnerSys (a)
     1,961       36  
ENGlobal (a) (b)
     1,665       23  
Ennis Business Forms
     2,693       55  
EnPro Industries (a)
     2,074       85  
ESCO Technologies (a) (b)
     2,379       98  
Esterline Technologies (a) (b)
     2,345       128  
Evergreen Solar (a) (b)
     8,661       100  
Exponent (a)
     1,685       51  
ExpressJet Holdings (a) (b)
     4,746       16  
Federal Signal
     4,174       56  
First Advantage (a)
     357       7  
Flow International (a)
     3,417       29  
Force Protection (a) (b)
     6,241       112  
Forward Air (b)
     2,766       90  
Franklin Electric (b)
     1,769       77  
FreightCar America
     1,183       51  
FTD Group
     1,647       23  
FTI Consulting (a)
     3,913       212  
FuelCell Energy (a) (b)
     5,536       56  
Fuel-Tech (a) (b)
     1,587       47  
G&K Services, Class A
     1,973       80  
Gehl Company (a)
     690       13  
Genco Shipping & Trading (b)
     1,629       117  
GenCorp (a) (b)
     5,144       61  
Genesee & Wyoming, Class A (a)
     3,257       96  
Genlyte Group (a) (b)
     2,529       165  
Geo Group (a) (b)
     4,765       151  
Geoeye (a) (b)
     1,605       50  
GEVITY HR
     2,241       22  
Global Cash Access Holdings (a)
     3,239       32  
Goodman Global (a) (b)
     3,002       74  
Gorman-Rupp
     1,052       41  
Granite Construction (b)
     3,407       146  
Great Lakes Dredge & Dock (a)
     231       2  
Greenbrier Companies (b)
     1,332       36  
Griffon (a)
     2,734       42  
H & E Equipment Services (a)
     1,205       21  
Hardinge
     1,018       33  
Healthcare Services Group (b)
     3,903       86  
Heartland Express (b)
     5,315       74  
HEICO (b)
     2,025       110  
Heidrick & Struggles International (a) (b)
     1,804       78  
Herman Miller
     5,823       159  
Hexcel (a) (b)
     8,648       216  
Horizon Lines, Class A (b)
     3,084       97  
Houston Wire & Cable (a) (b)
     1,543       27  
Hub Group (a) (b)
     3,555       90  
Hudson Highland Group (a)
     2,313       27  
Hurco (a)
     512       29  
Huron Consulting Group (a) (b)
     1,790       125  
ICT Group (a)
     700       8  
IHS, Class A (a)
     2,798       176  
II-VI (a)
     2,311       80  
IKON Office Solutions
     9,860       130  
InnerWorkings (a) (b)
     2,137       34  
Innovative Solutions & Support (a)
     1,156       25  
28      First American Funds  2007 Annual Report

Table of Contents

                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Insituform Technologies, Class A (a) (b)
     2,674     $ 38  
Insteel Industries
     1,440       17  
Integrated Electrical Services (a) (b)
     1,226       29  
Interline Brands (a)
     2,665       64  
Ionatron (a) (b)
     2,726       10  
Jackson Hewitt Tax Service
     2,963       93  
JetBlue Airways (a) (b)
     16,373       149  
Kadant (a)
     1,278       42  
Kaman
     2,444       92  
Kaydon (b)
     2,680       144  
Kelly Services, Class A
     1,918       40  
Kenexa (a) (b)
     2,317       68  
Kforce (a)
     2,861       34  
Knight Transportation (b)
     5,631       90  
Knoll
     3,139       60  
Korn/ Ferry International (a)
     4,083       78  
Labor Ready (a)
     4,257       75  
Ladish (a)
     1,448       66  
Lawson Products
     438       16  
Layne Christensen (a)
     1,088       62  
LB Foster (a)
     1,054       45  
LECG (a)
     2,007       35  
Lindsay Manufacturing (b)
     1,134       56  
LSI Industries (b)
     2,083       39  
Marten Transport (a)
     1,647       23  
MasTec (a)
     3,725       59  
McGrath Rentcorp
     2,280       78  
Medis Technologies (a) (b)
     2,114       30  
Mercury Computer Systems (a)
     2,038       32  
Michael Baker (a)
     662       35  
Middleby (a)
     1,378       90  
Midwest Air Group (a)
     2,255       37  
Miller Industries (a)
     987       14  
Mobile Mini (a)
     3,423       61  
Moog, Class A (a)
     3,475       160  
MTC Technologies (a)
     998       18  
Mueller Industries
     3,463       125  
Mueller Water Products, Class A (b)
     10,524       124  
Multi Color
     441       10  
NACCO Industries, Class A
     516       53  
Navigant Consulting (a) (b)
     5,328       70  
NCI Building Systems (a) (b)
     1,850       72  
Nordic American Tanker Shipping (b)
     2,469       96  
Nordson (b)
     2,847       152  
NuCo2 (a)
     1,122       29  
Odyssey Marine Exploration (a)
     3,769       26  
Old Dominion Freight Lines (a)
     2,986       67  
On Assignment (a)
     2,631       22  
Orbital Sciences (a) (b)
     5,442       139  
Pacer International
     3,378       50  
Park-Ohio Holdings (a)
     736       18  
Patriot Transportation Holdings (a)
     60       6  
PeopleSupport (a)
     2,270       26  
Perini (a)
     2,448       140  
PGT (a)
     599       5  
PHH (a)
     4,907       110  
Pico Holdings (a)
     919       38  
Pike Electric (a)
     1,214       24  
Pinnacle Airlines (a)
     1,805       29  
Polypore International (a)
     703       12  
Portfolio Recovery Associates (b)
     1,592       72  
Powell Industries (a)
     741       31  
Power-One (a) (b)
     6,881       39  
Preformed Line Products
     24       1  
Pre-Paid Legal Services (a)
     826       49  
Protection One (a)
     244       3  
Raven Industries
     1,711       74  
RBC Bearings (a)
     2,113       85  
Regal-Beloit (b)
     2,931       144  
Republic Airways Holdings (a)
     3,070       65  
Resources Connection (b)
     4,735       108  
Robbins & Myers
     1,370       99  
Rollins
     2,598       79  
RSC Holdings (a)
     1,911       28  
Rush Enterprises (a)
     3,043       52  
Saia (a)
     1,442       20  
SAIC (a)
     8,003       158  
Schawk
     1,597       36  
School Specialty (a)
     1,961       66  
Sequa, Class A (a)
     651       113  
SI International (a)
     1,057       30  
Simpson Manufacturing (b)
     3,383       101  
SkyWest (b)
     5,918       162  
Sotheby’s Holdings, Class A (b)
     6,219       337  
Spherion (a)
     5,172       45  
Standard Parking (a)
     527       23  
Standard Register
     1,611       21  
Standex International
     1,216       26  
Stanley (a)
     734       19  
Star Maritime Acquisition (a) (b)
     1,950       29  
Sun Hydraulics
     1,023       37  
TAL International Group
     1,310       31  
Taleo (a)
     1,400       39  
TBS International (a)
     446       28  
Team (a) (b)
     1,312       42  
Tecumseh Products, Class A (a)
     1,419       26  
Teledyne Technologies (a)
     3,324       174  
Teletech Holdings (a)
     3,833       96  
Tennant
     1,453       69  
Tetra Tech (a) (b)
     5,328       124  
The Lamson & Sessions Company (a)
     1,434       39  
The Provident Service (a)
     996       32  
Titan International
     2,172       66  
TransDigm Group (a)
     839       38  
Tredegar
     2,993       52  
Trex (a) (b)
     1,219       13  
Triumph Group
     1,511       120  
TurboChef Technologies (a)
     1,803       28  
Twin Disc (b)
     419       28  
UAP Holding
     4,721       150  
Ultrapetrol Bahamas (a)
     1,396       26  
United Industrial
     782       63  
United Stationers (a)
     2,554       148  
Universal Forest Products
     1,531       55  
Universal Technical Institute (a)
     2,199       41  
Universal Truckload Services (a)
     355       6  
Valmont Industries (b)
     1,816       174  
Viad
     1,986       70  
Vicor
     1,784       25  
Volt Information Sciences (a)
     1,408       22  
Wabash National
     2,800       28  
Walter Industries
     4,775       146  
Washington Group International (a)
     2,677       261  
Waste Connections (a)
     6,048       204  
Waste Services (a)
     789       7  
Watsco
     2,100       87  
Watson Wyatt & Company Holdings (b)
     4,001       191  
Watts Water Technologies, Class A (b)
     2,749       78  
Werner Enterprises (b)
     4,266       81  
Westinghouse Air Brake Technologies
     4,468       168  
Woodward Governor
     2,749       184  
             
              19,488  
             
First American Funds  2007 Annual Report       29

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Information Technology – 18.5%
3Com (a)
     35,687     $ 174  
Acacia Research – Acacia Technology (a)
     2,877       47  
ACI Worldwide (a)
     3,408       78  
Acme Packet (a)
     2,025       29  
Actel (a)
     2,542       29  
Actuate (a) (b)
     5,823       51  
Adaptec (a)
     10,852       38  
ADTRAN
     5,401       130  
Advanced Analogic Technologies (a) (b)
     3,062       37  
Advanced Energy Industries (a)
     3,083       49  
Advent Software (a) (b)
     1,682       93  
Agilysys
     2,262       39  
Airvana (a)
     777       5  
AMIS Holdings (a)
     4,359       33  
Amkor Technology (a) (b)
     9,658       109  
ANADIGICS (a) (b)
     5,187       76  
Anaren (a)
     1,572       25  
Andrew (a) (b)
     14,280       209  
Anixter International (a) (b)
     2,832       203  
Ansoft (a) (b)
     1,494       45  
ANSYS (a)
     6,482       252  
Applied Micro Circuits (a) (b)
     25,970       84  
Ariba (a)
     7,244       94  
Arris Group (a) (b)
     9,997       115  
Art Technology Group (a) (b)
     11,382       52  
AsiaInfo Holdings (a)
     2,904       35  
Aspen Technology (a)
     8,077       141  
Asyst Technologies (a)
     4,766       23  
Atheros Communications (a) (b)
     5,305       186  
ATMI (a)
     3,142       101  
Audiovox (a)
     1,539       18  
Authorize Net Holdings (a) (b)
     2,811       66  
Avanex (a) (b)
     16,984       31  
Avid Technology (a) (b)
     4,101       121  
Avocent (a) (b)
     4,742       128  
Axcelis Technologies (a) (b)
     9,321       44  
Bankrate (a) (b)
     1,044       48  
BearingPoint (a) (b)
     18,317       88  
Bel Fuse
     1,053       33  
Belden CDT (b)
     4,184       244  
Benchmark Electronics (a) (b)
     6,271       129  
Black Box
     1,591       64  
Blackbaud
     4,030       109  
Blackboard (a) (b)
     2,619       131  
Blue Coat Systems (a)
     2,535       103  
Borland Software (a) (b)
     6,666       29  
Bottomline Technologies (a)
     1,567       25  
Brightpoint (a) (b)
     4,663       76  
Brooks Automation (a)
     7,341       95  
Cabot Microelectronics (a)
     2,181       87  
CACI International, Class A (a) (b)
     2,833       153  
Cass Information Systems
     600       22  
Cavium Networks (a) (b)
     281       8  
C-COR.net (a)
     4,721       58  
Checkpoint Systems (a) (b)
     3,803       115  
Chordiant Software (a)
     3,002       43  
CIBER (a)
     4,978       39  
Cirrus Logic (a)
     8,602       53  
CMGI (a)
     45,449       64  
CNET Networks (a)
     13,866       112  
Cogent (a)
     3,992       59  
Cognex
     4,056       73  
Coherent (a)
     2,884       95  
Cohu
     2,285       37  
Commvault Systems (a)
     3,253       66  
Comscore (a)
     545       20  
Comtech Group (a) (b)
     1,510       32  
Comtech Telecommunications (a) (b)
     2,212       120  
Comverge (a) (b)
     501       18  
Concur Technologies (a)
     3,176       114  
Conexant Systems (a)
     47,275       60  
CPI International (a)
     730       15  
Cray (a)
     2,976       18  
Credence Systems (a)
     9,840       30  
CSG Systems International (a)
     3,978       82  
CTS
     3,290       41  
CyberSource (a) (b)
     2,806       46  
Cymer (a) (b)
     2,910       124  
Daktronics (b)
     2,914       87  
Data Domain (a)
     536       18  
DealerTrack Holdings (a) (b)
     3,061       150  
Digi International (a)
     2,412       39  
Digital River (a) (b)
     3,791       201  
Diodes (a)
     2,742       91  
Dionex (a)
     1,744       153  
Ditech Networks (a)
     2,560       13  
Divx (a)
     2,129       27  
Double-take Software (a)
     769       18  
DSP Group (a)
     2,612       41  
DTS (a) (b)
     1,918       55  
Eagle Test Systems (a)
     270       3  
EarthLink (a) (b)
     11,272       89  
Echelon (a) (b)
     2,744       60  
Electro Scientific Industries (a)
     2,787       61  
Electronics for Imaging (a) (b)
     5,210       119  
Emulex (a)
     7,826       169  
Enernoc (a)
     343       16  
Entegris (a)
     11,119       101  
Epicor Software (a)
     5,861       68  
EPIQ Systems (a)
     2,149       42  
Equinix (a) (b)
     2,977       347  
Euronet Worldwide (a) (b)
     4,204       135  
Exar (a)
     2,240       27  
Excel Technologies (a)
     1,115       31  
Exlservice Holdings (a) (b)
     2,072       56  
Extreme Networks (a)
     11,724       51  
FalconStor Software (a)
     2,934       41  
FARO Technologies (a)
     1,345       39  
FEI (a) (b)
     3,251       94  
Finisar (a) (b)
     23,084       54  
FLIR Systems (a) (b)
     6,079       422  
FormFactor (a)
     4,350       170  
Forrester Research (a)
     1,591       38  
Foundry Networks (a) (b)
     13,359       282  
Gartner, Class A (a)
     6,325       138  
Genesis Microchip (a)
     3,490       26  
Gerber Scientific (a)
     2,332       26  
Glu Mobile (a)
     646       6  
Greenfield Online (a)
     1,990       30  
Harmonic (a)
     7,256       89  
Harris Stratex Networks, Class A (a) (b)
     2,482       47  
Heartland Payment Systems (b)
     1,095       33  
Hittite Microwave (a)
     1,101       55  
Hughes Communications (a)
     113       7  
Hutchinson Technology (a)
     2,491       59  
Hypercom (a)
     4,884       26  
i2 Technologies (a) (b)
     1,463       25  
Ibasis
     3,041       24  
iGATE (a)
     2,232       20  
Imation
     3,111       69  
Imergent (b)
     1,129       27  
Immersion (a) (b)
     2,384       39  
Infinera Corporation (a) (b)
     841       19  
30      First American Funds  2007 Annual Report

Table of Contents

                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Informatica (a)
     8,024     $ 137  
Information Services Group (a)
     3,140       24  
InfoSpace (b)
     3,025       58  
infoUSA
     3,212       34  
Integral Systems
     1,062       24  
Interactive Intelligence (a)
     1,194       31  
Interdigital (a)
     4,301       92  
Intermec (a) (b)
     4,994       127  
Internap Network Services (a)
     4,486       75  
Internet Capital Group (a)
     3,544       45  
InterVoice (a)
     3,562       35  
Interwoven (a)
     4,154       59  
Intevac (a)
     2,153       38  
iPass (a)
     4,628       22  
IPG Photonics (a)
     977       19  
Isilon Systems (a)
     781       4  
Itron (a) (b)
     2,536       273  
Ixia (a)
     4,018       42  
IXYS (a)
     2,622       28  
J2 Global Communications (a) (b)
     4,526       152  
Jack Henry & Associates (b)
     7,421       217  
JDA Software (a)
     2,354       59  
KEMET (a)
     7,699       54  
Keynote Systems (a)
     207       3  
Kulicke & Soffa (a) (b)
     5,514       42  
L-1 Identity Solutions (a) (b)
     5,430       101  
Landauer
     915       45  
Lattice Semiconductor (a)
     10,525       44  
Lawson Software (a)
     12,236       138  
Limelight Networks (a) (b)
     1,687       22  
Lionbridge Technologies (a)
     5,550       26  
Liquidity Services (a)
     801       10  
Littelfuse (a) (b)
     2,039       65  
Liveperson (a)
     3,366       19  
Lo-Jack (a) (b)
     1,856       33  
LoopNet (a)
     2,486       47  
Loral Space & Communications (a)
     869       35  
LTX (a)
     6,070       20  
Macrovision (a) (b)
     4,864       117  
Magma Design Automation (a) (b)
     3,414       51  
Magna Entertainment (a)
     4,576       10  
Manhattan Associates (a)
     2,473       75  
ManTech International (a)
     1,698       67  
Marchex (b)
     2,566       29  
Mattson Technology (a)
     4,796       42  
Maximus
     2,012       96  
Measurement Specialties (a) (b)
     1,441       40  
Mentor Graphics (a) (b)
     7,859       126  
Mercadolibre (a) (b)
     1,470       66  
Methode Electronics, Class A
     3,423       43  
Micrel
     5,094       46  
Micros Systems (a) (b)
     3,774       271  
Microsemi (a) (b)
     6,865       183  
MicroStrategy (a)
     877       86  
Microtune (a)
     5,204       31  
Midway Games (a) (b)
     2,121       7  
MIPS Technologies, Class A (a)
     4,225       33  
MKS Instruments (a) (b)
     4,516       91  
Monolithic Power Systems (a)
     2,018       44  
Monotype Imaging Holdings (a)
     405       6  
MPS Group (a) (b)
     9,403       115  
MRV Communications (a) (b)
     12,910       37  
MSC.Software (a)
     4,025       56  
MTS Systems (b)
     1,627       72  
Multi-Fineline Electronix (a) (b)
     833       12  
Ness Technologies (a)
     2,071       24  
Net 1 UEPS Technologies (a) (b)
     3,835       123  
Netezza (a)
     212       3  
NETGEAR (a) (b)
     3,361       119  
Netlogic Microsystems (a)
     1,646       55  
Network Equipment Technologies (a)
     2,418       36  
Newport (a) (b)
     3,206       44  
Nextwave Wireless (a)
     2,487       15  
NIC
     3,511       26  
Novatel Wireless (a)
     2,790       73  
Nuance Communications (a)
     12,350       273  
Omniture (a) (b)
     2,592       89  
OmniVision Technologies (a) (b)
     5,235       116  
ON Semiconductor (a) (b)
     22,259       227  
On2 Technologies (a) (b)
     10,350       12  
Online Resources (a)
     2,314       21  
Opentv (a)
     8,591       12  
Openwave Systems
     8,003       32  
Oplink Communications (a)
     1,804       27  
Opnext (a) (b)
     1,712       20  
Optium (a)
     1,123       12  
Orbcomm (a)
     2,406       20  
OSI Systems (a)
     1,596       40  
OYO Geospace (a)
     407       44  
Packeteer (a) (b)
     3,415       30  
Palm (a) (b)
     9,015       81  
Parametric Technology (a)
     10,533       201  
Park Electrochemical (b)
     1,853       58  
PC Connection (a)
     853       13  
PDF Solutions (a)
     2,049       16  
Pegasystems
     1,230       14  
Perficient (a)
     2,687       51  
Pericom Semiconductor (a)
     2,709       40  
Perot Systems, Class A (a)
     8,006       117  
Phase Forward (a)
     3,505       83  
Photronics (a) (b)
     4,101       45  
Plantronics (b)
     4,408       121  
Plexus (a)
     4,249       110  
PLX Technology (a)
     2,582       27  
PMC-Sierra (a)
     19,594       177  
Polycom (a) (b)
     8,470       237  
Powerwave Technologies (a) (b)
     11,402       63  
Progress Software (a) (b)
     3,762       123  
Pros Holdings (a)
     715       13  
QAD
     1,425       13  
Quality Systems (b)
     1,561       57  
Quantum (a) (b)
     19,343       77  
Quest Software (a) (b)
     6,257       109  
Rackable Systems (a) (b)
     2,859       39  
Radiant Systems (a)
     2,518       41  
RadiSys (a)
     2,060       28  
RealNetworks (a)
     9,369       68  
Renaissance Learning (b)
     781       11  
RF Micro Devices (a) (b)
     17,810       111  
RightNow Technologies (a) (b)
     1,551       31  
Rimage (a)
     927       24  
Rofin-Sinar Technologies (a)
     1,426       112  
Rogers (a)
     1,621       79  
Rudolph Technologies (a)
     2,405       31  
S1 (a)
     5,032       42  
Safeguard Scientifics (a) (b)
     12,414       29  
Sapient (a)
     7,476       52  
SAVVIS (a) (b)
     2,520       95  
ScanSource (a)
     2,491       92  
SeaChange International (a)
     2,701       17  
Secure Computing (a) (b)
     4,272       42  
Semitool (a)
     1,777       16  
Semtech (a) (b)
     6,099       104  
Sigma Designs (a) (b)
     2,553       150  
First American Funds  2007 Annual Report       31

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Silicon Graphics (a) (b)
     598     $ 11  
Silicon Image (a)
     7,972       51  
Silicon Storage Technology (a)
     8,899       30  
Sirenza Microdevices (a)
     3,607       60  
SiRF Technology Holdings (a) (b)
     5,050       151  
Skyworks Solutions (a) (b)
     15,614       144  
Smart Modular Technologies (a)
     4,598       41  
Smith Micro Software (a) (b)
     2,718       42  
Sohu.com (a) (b)
     2,520       151  
Solera Holdings (a)
     2,408       52  
Sonic Solutions (a) (b)
     2,617       31  
SonicWALL (a) (b)
     5,855       61  
Sonus Networks (a) (b)
     23,156       160  
Sourcefire (a)
     608       6  
Sourceforge (a)
     6,416       17  
Spansion (a)
     8,250       58  
SPSS (a)
     1,687       64  
SRA International, Class A (a)
     3,588       99  
Standard Microsystems (a)
     2,277       89  
Starent Networks (a)
     477       12  
STEC (a) (b)
     2,968       19  
Stratasys (a)
     1,992       52  
Super Micro Computer (a)
     847       8  
Superior Essex (a)
     1,861       62  
Supertex (a)
     1,143       42  
Switch & Data Facilities (a)
     1,170       23  
Sybase (a) (b)
     8,375       240  
Sycamore Networks (a)
     16,901       72  
Sykes Enterprises (a)
     2,700       48  
Symmetricom (a)
     4,888       23  
Synaptics (a) (b)
     2,422       132  
Synchronoss Technologies (a) (b)
     1,690       68  
SYNNEX (a)
     890       20  
Syntel (b)
     825       35  
Take-Two Interactive Software (a) (b)
     6,688       126  
TASER International (a) (b)
     5,693       95  
Technitrol
     3,989       117  
Techtarget (a) (b)
     706       12  
Techwell (a) (b)
     1,372       17  
Tekelec (a) (b)
     5,587       74  
Terremark Worldwide (a)
     4,757       37  
Tessera Technologies (a) (b)
     4,540       173  
The Knot (a) (b)
     2,532       49  
TheStreet.com (b)
     1,897       26  
THQ (a)
     6,137       166  
TIBCO Software (a) (b)
     19,120       175  
TNS
     2,489       40  
Travelzoo (a)
     678       12  
Trident Microsystems (a) (b)
     5,237       39  
TriQuint Semiconductor (a)
     13,739       86  
TTM Technologies (a)
     3,869       50  
Tyler Technologies (a)
     3,572       58  
Ultimate Software Group (a)
     2,240       77  
Ultra Clean Holdings (a)
     1,741       22  
Ultratech (a) (b)
     2,131       25  
Unica (a)
     900       12  
United Online (b)
     5,483       96  
Universal Display (a)
     2,606       49  
UTStarcom (a) (b)
     9,741       31  
ValueClick (a)
     9,155       249  
Vasco Data Security International (a)
     2,400       63  
Veeco Instruments (a) (b)
     2,900       52  
Veraz Networks (a) (b)
     572       5  
ViaSat (a)
     2,273       69  
Vignette (a)
     2,620       45  
Visual Sciences (a)
     1,807       33  
Vocus (a) (b)
     1,189       43  
Volterra Semiconductor (a) (b)
     1,934       24  
Websense (a)
     4,125       76  
Wind River Systems (a)
     6,845       86  
Wright Express (a) (b)
     3,964       153  
X-Rite (b)
     2,384       33  
Zoran (a)
     4,821       123  
Zygo (a)
     1,499       18  
             
              23,755  
             
Materials – 5.5%
A. Schulman
     2,361       56  
A.M. Castle & Company
     980       29  
AEP Industries (a)
     745       30  
Alpha Natural Resources (a)
     5,723       157  
AMCOL International (b)
     2,286       92  
American Vanguard
     1,915       34  
Apex Silver Mines (a) (b)
     5,378       110  
AptarGroup
     6,347       284  
Arch Chemicals
     2,229       102  
Balchem
     1,712       37  
Brush Engineered Metals (a)
     1,909       92  
Buckeye Technologies (a)
     3,161       57  
Calgon Carbon (a) (b)
     3,862       58  
Cambrex
     2,782       32  
Century Aluminum (a)
     2,320       135  
CF Industries Holdings (b)
     5,150       453  
Chesapeake (b)
     1,950       14  
Claymont Steel Holdings (a)
     528       11  
Coeur D’Alene Mines (a) (b)
     27,340       108  
Compass Minerals International
     2,775       102  
Deltic Timber
     1,002       56  
Ferro
     3,979       82  
Flotek Industries (a) (b)
     1,664       85  
General Moly (a) (b)
     4,451       43  
Georgia Gulf (b)
     3,154       38  
Gibraltar Industries
     2,166       39  
Glatfelter
     3,870       62  
GrafTech International (a)
     9,106       172  
Graphic Packaging (a)
     8,155       40  
Greif, Class A
     3,043       194  
H.B. Fuller (b)
     5,562       164  
Haynes International (a)
     1,068       93  
Headwaters (a) (b)
     3,614       52  
Hecla Mining (a) (b)
     11,723       113  
Hercules
     11,032       208  
Innophos Holdings
     1,906       30  
Innospec
     2,202       47  
Kaiser Aluminum
     1,384       105  
Koppers Holdings
     1,608       72  
Landec (a)
     1,993       30  
LSB Industries (a) (b)
     1,355       37  
Mercer International (a) (b)
     2,654       25  
Metal Management
     2,349       123  
Minerals Technologies
     1,751       123  
Myers Industries
     2,569       54  
Neenah Paper
     1,153       39  
NewMarket Group
     1,403       75  
NL Industries
     909       10  
Northwest Pipe (a)
     820       30  
Olin (b)
     6,762       154  
Olympic Steel
     865       23  
OM Group (a)
     2,734       145  
PolyOne (a)
     8,528       68  
Quanex
     3,402       140  
Rock-Tenn, Class A (b)
     3,087       90  
Rockwood Holdings (a) (b)
     3,128       122  
Royal Gold (b)
     1,904       67  
RTI International Metals (a)
     2,105       165  
32      First American Funds  2007 Annual Report

Table of Contents

                   
Small Cap Index Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Schnitzer Steel Industries, Class A (b)
     2,007     $ 133  
Schweitzer-Mauduit International
     1,541       43  
Sensient Technologies
     4,500       135  
Shengda Technologies (a) (b)
     1,586       13  
Silgan Holdings (b)
     2,353       128  
Spartech
     2,932       45  
Stepan
     370       13  
Stillwater Mining (a) (b)
     3,834       43  
Symyx Technologies (a)
     3,048       28  
Terra Industries (a) (b)
     8,515       314  
Texas Industries (b)
     2,399       175  
Tronox
     3,802       31  
Universal Stainless & Alloy (a)
     609       23  
Uranium Resources (a) (b)
     4,785       60  
US Concrete (a)
     3,452       17  
Us Gold Corporation (a)
     4,718       22  
USEC (a) (b)
     9,339       82  
Valhi
     232       6  
W.R. Grace & Company (a) (b)
     6,674       198  
Wausau-Mosinee Paper (b)
     4,342       43  
Wheeling-Pittsburgh (a) (b)
     912       18  
Worthington Industries (b)
     6,336       158  
Zoltek Companies (a)
     1,996       88  
               
              7,024  
               
Telecommunication Services – 1.6%
Alaska Communications Systems Group
     4,335       70  
Aruba Networks (a) (b)
     730       14  
Atlantic Tele-Network (b)
     544       20  
Bigband Networks (a)
     1,130       7  
Cbeyond (a) (b)
     1,892       74  
Centennial Communications, Class A (a)
     2,215       23  
Cincinnati Bell (a) (b)
     24,288       132  
Cogent Communications Group (a) (b)
     4,581       127  
Consolidated Communications Holdings
     1,433       28  
Dobson Communications, Class A (a)
     13,402       173  
EMS Technologies (a) (b)
     1,566       44  
FairPoint Communications (b)
     2,705       50  
Fibertower (a) (b)
     9,440       30  
General Communication, Class A (a)
     5,258       62  
Global Crossing (a) (b)
     2,215       47  
GlobalStar (a) (b)
     1,207       10  
Golden Telecom (b)
     1,442       149  
Hungarian Telephone & Cable (a)
     329       6  
ICO Global Communication Holdings (a)
     9,431       41  
IDT (b)
     4,603       37  
InPhonic (a) (b)
     2,265       1  
Iowa Telecommunication Services (b)
     3,081       61  
iPCS (a)
     1,539       55  
North Pittsburgh
     1,530       37  
NTELOS Holdings (a) (b)
     2,523       76  
Paetec Holding (a) (b)
     6,445       87  
Premiere Global Services (a)
     6,491       107  
Rural Cellular (a)
     1,119       50  
Shenandoah Telecommunications (b)
     2,142       51  
SureWest Communications
     1,326       35  
Syniverse Holdings (a)
     2,334       39  
Time Warner Telecom, Class A (a) (b)
     13,378       311  
USA Mobility
     2,117       33  
Vonage Holdings (a) (b)
     5,930       12  
               
              2,099
 
  
Utilities – 2.8%
Allete (b)
     2,470       108  
American States Water
     1,868       85  
Aquila (a) (b)
     34,359       144  
Avista
     4,837       107  
Black Hills (b)
     3,270       145  
California Water Service (b)
     1,881       83  
Central Vermont Public Service
     933       30  
CH Energy Group
     1,528       71  
CLECO
     5,422       143  
Consolidated Water (b)
     1,318       44  
El Paso Electric (a)
     4,198       102  
Empire District Electric
     2,984       72  
EnergySouth
     721       41  
IDACORP (b)
     4,033       141  
ITC Holdings (b)
     3,897       223  
Laclede Group
     2,348       82  
MGE Energy (b)
     2,273       76  
New Jersey Resources
     2,626       129  
Nicor (b)
     4,129       179  
Northwest Natural Gas
     2,315       111  
NorthWestern
     3,492       96  
Ormat Technologies
     751       40  
Otter Tail
     2,898       100  
Piedmont Natural Gas (b)
     6,722       172  
PNM Resources (b)
     6,569       164  
Portland General Electric
     2,776       78  
SEMCO Energy (a)
     345       3  
SJW (b)
     1,623       57  
South Jersey Industries
     3,095       116  
Southwest Gas
     3,863       115  
Southwest Water
     2,261       29  
UIL Holdings
     2,504       88  
UniSource Energy Holding (b)
     3,233       103  
Westar Energy (b)
     8,284       221  
WGL Holdings
     4,200       142  
               
              3,640  
               
Total Common Stocks
(Cost $89,833)
             127,183  
               
Warrants – 0.0%
Pegasus Wireless Warrants (b) (c)
                
 
(Cost $0)
     604       —  
               
Short-Term Investments – 0.9%
Money Market Fund – 0.6%
First American Prime Obligations Fund, Class Z (d)
     694,842       695  
               
U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
                
 
3.813%, 01/24/2008 (e)
   $ 400       396  
               
Total Short-Term Investments
(Cost $1,090)
             1,091  
               
Investment Purchased with Proceeds from Securities Lending – 47.4%
Mount Vernon Securities Lending Prime Portfolio (f)
                
 
(Cost $60,855)
     60,854,734       60,855  
               
Total Investments – 147.4%
(Cost $151,778)
             189,129  
               
Other Assets and Liabilities, Net – (47.4)%
             (60,813 )
               
Total Net Assets – 100.0%
           $ 128,316  
               
(a)  Non-income producing security.
 
(b)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $59,078 at October 31, 2007. See note 2 in Notes to Financial Statements.
 
(c)  Security is fair valued and illiquid. As of October 31, 2007, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
First American Funds  2007 Annual Report       33

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
Small Cap Index Fund (concluded)
 
(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)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 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   Notional        
    Contracts   Contract   Settlement   Unrealized
Description   Purchased   Value   Month   Appreciation
 
Russell 2000 Index Futures
     1     $ 416     December 2007   $ 9  
                           
34      First American Funds  2007 Annual Report

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Small Cap Index Fund (concluded)
 
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Table of Contents

Statements of  Assets and Liabilities     October 31, 2007, all dollars and shares are rounded to thousands (000),
except per share data

                                 
    Equity     Mid Cap     Small Cap    
    Index Fund     Index Fund     Index Fund    
                   
Investments in unaffiliated securities, at cost
   $ 1,076,458       $ 240,514       $ 90,228      
Investments in affiliated securities, at
cost
     13,310         26,183         695      
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)
     432,259         144,912         60,855      
                         
ASSETS:
                                
Investments in unaffiliated securities, at value* (note 2)
   $ 1,969,549       $ 338,721       $ 127,579      
Investments in affiliated securities, at value (note 2)
     16,007         26,183         695      
Affiliated investment purchased with proceeds from securities lending, at value (note 2)
     432,259         144,912         60,855      
Cash
     32         52         82      
Receivable for dividends and interest
     1,921         302         103      
Receivable for investment securities sold
     —         311         300      
Receivable for capital shares sold
     610         54         32      
Receivable for variation margin
     123         448         7      
Prepaid expenses and other assets
     36         45         36      
                         
Total assets
     2,420,537         511,028         189,689      
                         
LIABILITIES:
                                
Payable upon return of securities loaned (note 2)
     432,259         144,912         60,855      
Payable for investment securities purchased
     —         575         107      
Payable for capital shares redeemed
     1,428         284         331      
Payable to affiliates (note 3)
     624         138         70      
Payable for distribution and shareholder servicing fees
     92         13         6      
Accrued expenses and other liabilities
     11         6         4      
                         
Total liabilities
     434,414         145,928         61,373      
                         
Net assets
   $ 1,986,123       $ 365,100       $ 128,316      
                         
COMPOSITION OF NET ASSETS:
                                
Portfolio capital
   $ 1,070,170       $ 232,474       $ 79,794      
Undistributed (distributions in excess of) net investment income
     (11 )       371         84      
Accumulated net realized gain on investments (note 2)
     20,031         33,791         11,078      
Net unrealized appreciation of investments
     895,788         98,207         37,351      
Net unrealized appreciation of futures contracts
     145         257         9      
                         
Net assets
   $ 1,986,123       $ 365,100       $ 128,316      
                         
* Including securities loaned, at value
   $ 424,260       $ 141,917       $ 59,078      
                         
The accompanying notes are an integral part of the financial statements.
36      First American Funds  2007 Annual Report

Table of Contents

                             
    Equity   Mid Cap   Small Cap    
    Index Fund   Index Fund   Index Fund    
 
Class A:
                            
Net assets
   $ 213,957     $ 17,868     $ 9,109      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     7,462       1,139       593      
Net asset value and redemption price per share
   $ 28.67     $ 15.69     $ 15.37      
Maximum offering price per share1
   $ 30.34     $ 16.60     $ 16.26      
Class B:
                            
Net assets
   $ 31,343     $ 2,248     $ 1,245      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     1,109       146       84      
Net asset value, offering price, and redemption price per share2
   $ 28.27     $ 15.36     $ 14.86      
Class C:
                            
Net assets
   $ 19,585     $ 5,287     $ 2,916      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     688       343       194      
Net asset value, offering price, and redemption price per share2
   $ 28.45     $ 15.41     $ 15.02      
Class R:
                            
Net assets
   $ 7,230     $ 5,913     $ 703      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     253       379       46      
Net asset value, offering price, and redemption price per share
   $ 28.63     $ 15.60     $ 15.16      
Class Y:
                            
Net assets
   $ 1,714,008     $ 333,784     $ 114,343      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     59,799       21,257       7,439      
Net asset value, offering price, and redemption price per share
   $ 28.66     $ 15.70     $ 15.37      
 
  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  2007 Annual Report       37

Table of Contents

Statements of  Operations    For the year ended October 31, 2007, all dollars are rounded to thousands (000)
                                 
    Equity     Mid Cap     Small Cap    
    Index Fund     Index Fund     Index Fund    
                    
INVESTMENT INCOME:
                                
Dividends from unaffiliated securities
   $ 38,052       $ 5,603       $ 1,941      
Dividends from affiliated securities
     1,688         659         230      
Interest from unaffiliated securities
     134         49         20      
Securities lending income
     632         249         280      
                         
Total investment income
     40,506         6,560         2,471      
                         
EXPENSES (note 3):
                                
Investment advisory fees
     5,103         925         568      
Administration fees
     4,547         834         372      
Transfer agent fees
     403         121         118      
Custodian fees
     102         19         7      
Professional fees
     42         42         42      
Registration fees
     67         53         52      
Postage and printing fees
     82         18         13      
Directors’ fees
     16         22         23      
Other expenses
     54         33         37      
Distribution and shareholder servicing fees – Class A
     543         42         26      
Distribution and shareholder servicing fees – Class B
     366         24         13      
Distribution and shareholder servicing fees – Class C
     199         49         28      
Distribution and shareholder servicing fees – Class R
     25         25         2      
                         
Total expenses
     11,549         2,207         1,301      
                         
Less: Fee waivers (note 3)
     (2,885 )       (227 )       (411 )    
Less: Indirect payments from custodian (note 3)
     (4 )       (2 )       (2 )    
                         
Total net expenses
     8,660         1,978         888      
                         
Investment income – net
     31,846         4,582         1,583      
                         
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 6):
                                
Net realized gain on unaffiliated investments
     37,487         38,080         13,831      
Net realized gain on affiliated investments
     767         —         —      
Net realized gain on in-kind distribution (note 8)
     121,979         —         —      
Net realized gain on futures contracts
     1,031         1,065         231      
Net change in unrealized appreciation or depreciation of unaffiliated investments
     75,164         12,962         (3,070 )    
Net change in unrealized appreciation or depreciation of affiliated investments
     (966 )       —         —      
Net change in unrealized appreciation or depreciation of futures contracts
     (447 )       (65 )       (89 )    
                         
Net gain on investments and futures contracts
     235,015         52,042         10,903      
                         
Net increase in net assets resulting from operations
   $ 266,861       $ 56,624       $ 12,486      
                         
The accompanying notes are an integral part of the financial statements.
38      First American Funds  2007 Annual Report

Table of Contents

Statements of  Changes in Net Assets    all dollars are rounded to thousands (000)
                                                             
    Equity     Mid Cap     Small Cap      
    Index Fund     Index Fund     Index Fund      
                   
    Year Ended   Year Ended     Year Ended   Year Ended     Year Ended   Year Ended      
    10/31/07   10/31/06     10/31/07   10/31/06     10/31/07   10/31/06      
                   
OPERATIONS:
                                                          
Investment income – net
   $ 31,846     $ 33,848       $ 4,582     $ 3,641       $ 1,583     $ 1,084        
Net realized gain on unaffiliated investments
     37,487       47,833         38,080       16,650         13,831       19,061        
Net realized gain on affiliated investments
     767       394         —       —         —       —        
Net realized gain on in-kind distribution
     121,979       —         —       —         —       —        
Net realized gain (loss) on futures contracts
     1,031       1,901         1,065       (149 )       231       115        
Net change in unrealized appreciation or depreciation of unaffiliated investments
     75,164       241,470         12,962       24,440         (3,070 )     8,715        
Net change in unrealized appreciation or depreciation of affiliated investments
     (966 )     1,034         —       —         —       —        
Net change in unrealized appreciation or depreciation of futures contracts
     (447 )     29         (65 )     333         (89 )     91        
               
Net increase in net assets resulting from operations
     266,861       326,509         56,624       44,915         12,486       29,066        
               
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                                                          
Investment income – net:
                                                          
 
Class A
     (2,903 )     (3,188 )       (145 )     (118 )       (82 )     (65 )      
 
Class B
     (253 )     (338 )       (5 )     (3 )       (2 )     —        
 
Class C
     (134 )     (153 )       (10 )     (5 )       (5 )     (1 )      
 
Class R
     (56 )     (26 )       (35 )     (3 )       (3 )     (1 )      
 
Class Y
     (28,278 )     (30,181 )       (3,806 )     (3,558 )       (1,322 )     (1,226 )      
Net realized gain on investments:
                                                          
 
Class A
     (2,670 )     —         (684 )     (865 )       (1,272 )     (306 )      
 
Class B
     (488 )     —         (119 )     (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
     (55,132 )     (33,886 )       (20,842 )     (25,329 )       (20,239 )     (6,092 )      
               
CAPITAL SHARE TRANSACTIONS (note 5):
                                                          
Class A:
                                                          
 
Proceeds from sales
     40,302       41,039         6,269       4,721         1,987       2,728        
 
Reinvestment of distributions
     5,055       2,685         781       948         1,274       366        
 
Payments for redemptions
     (83,782 )     (80,483 )       (5,602 )     (6,088 )       (4,270 )     (4,016 )      
               
Increase (decrease) in net assets from Class A transactions
     (38,425 )     (36,759 )       1,448       (419 )       (1,009 )     (922 )      
               
Class B:
                                                          
 
Proceeds from sales
     1,244       1,830         218       226         413       267        
 
Reinvestment of distributions
     711       327         120       210         163       42        
 
Payments for redemptions (note 3)
     (17,733 )     (21,365 )       (992 )     (1,406 )       (598 )     (668 )      
               
Decrease in net assets from Class B transactions
     (15,778 )     (19,208 )       (654 )     (970 )       (22 )     (359 )      
               
Class C:
                                                          
 
Proceeds from sales
     1,794       1,467         938       1,893         428       1,234        
 
Reinvestment of distributions
     338       145         197       190         301       68        
 
Payments for redemptions (note 3)
     (5,352 )     (8,052 )       (636 )     (1,365 )       (339 )     (1,040 )      
               
Increase (decrease) in net assets from Class C transactions
     (3,220 )     (6,440 )       499       718         390       262        
               
Class R:
                                                          
 
Proceeds from sales
     4,337       2,111         2,240       3,997         598       264        
 
Reinvestment of distributions
     98       26         232       9         40       6        
 
Payments for redemptions
     (1,177 )     (753 )       (1,070 )     (130 )       (216 )     (38 )      
               
Increase in net assets from Class R transactions
     3,258       1,384         1,402       3,876         422       232        
               
Class Y:
                                                          
 
Proceeds from sales
     299,763       279,571         52,493       46,865         22,880       25,574        
 
Reinvestment of distributions
     29,030       18,320         10,219       13,587         9,132       3,038        
 
Payments for redemptions
     (732,535 )     (496,343 )       (95,477 )     (87,249 )       (46,440 )     (67,311 )      
               
Decrease in net assets from Class Y transactions
     (403,742 )     (198,452 )       (32,765 )     (26,797 )       (14,428 )     (38,699 )      
               
Decrease in net assets from capital share transactions
     (457,907 )     (259,475 )       (30,070 )     (23,592 )       (14,647 )     (39,486 )      
               
Total increase (decrease) in net assets
     (246,178 )     33,148         5,712       (4,006 )       (22,400 )     (16,512 )      
Net assets at beginning of year
     2,232,301       2,199,153         359,388       363,394         150,716       167,228        
               
Net assets at end of year
   $ 1,986,123     $ 2,232,301       $ 365,100     $ 359,388       $ 128,316     $ 150,716        
               
Undistributed (distributions in excess of) net investment income at end of year
   $ (11 )   $ —       $ 371     $ —       $ 84     $ —        
               
First American Funds  2007 Annual Report       39

Table of Contents

Financial Highlights    For a share outstanding throughout the indicated periods.
                                                                           
                Realized and                            
    Net Asset           Unrealized     Distributions     Distributions         Net Asset      
    Value     Net     Gains or     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       $ 0.37       $ 3.16       $ (0.36 )     $ (0.30 )     $ —     $ 28.67        
 
2006 2
     22.59         0.33         3.21         (0.33 )       —         —       25.80        
 
2005 3
     23.00         0.01         (0.40 )       (0.02 )       —         — 6     22.59        
 
2005 4
     20.91         0.34         2.09         (0.34 )       —         — 6     23.00        
 
2004 4
     18.70         0.23         2.22         (0.24 )       —         — 6     20.91        
 
2003 4
     15.31         0.21         3.38         (0.20 )       —         —       18.70        
Class B
                                                                        
 
2007 2
   $ 25.47       $ 0.17       $ 3.11       $ (0.18 )     $ (0.30 )     $ —     $ 28.27        
 
2006 2
     22.31         0.15         3.17         (0.16 )       —         —       25.47        
 
2005 3
     22.72         —         (0.40 )       (0.01 )       —         — 6     22.31        
 
2005 4
     20.66         0.18         2.06         (0.18 )       —         — 6     22.72        
 
2004 4
     18.48         0.08         2.19         (0.09 )       —         — 6     20.66        
 
2003 4
     15.13         0.08         3.35         (0.08 )       —         —       18.48        
Class C
                                                                        
 
2007 2
   $ 25.62       $ 0.17       $ 3.14       $ (0.18 )     $ (0.30 )     $ —     $ 28.45        
 
2006 2
     22.44         0.15         3.19         (0.16 )       —         —       25.62        
 
2005 3
     22.85         —         (0.40 )       (0.01 )       —         — 6     22.44        
 
2005 4
     20.78         0.18         2.07         (0.18 )       —         — 6     22.85        
 
2004 4
     18.59         0.08         2.20         (0.09 )       —         — 6     20.78        
 
2003 4
     15.23         0.08         3.36         (0.08 )       —         —       18.59        
Class R 5
                                                                        
 
2007 2
   $ 25.77       $ 0.29       $ 3.17       $ (0.30 )     $ (0.30 )     $ —     $ 28.63        
 
2006 2
     22.57         0.26         3.21         (0.27 )       —         —       25.77        
 
2005 3
     22.98         0.01         (0.40 )       (0.02 )       —         — 6     22.57        
 
2005 4
     20.91         0.26         2.11         (0.30 )       —         — 6     22.98        
 
2004 4
     18.70         0.23         2.20         (0.22 )       —         — 6     20.91        
 
2003 4
     15.30         0.21         3.39         (0.20 )       —         —       18.70        
Class Y
                                                                        
 
2007 2
   $ 25.79       $ 0.44       $ 3.16       $ (0.43 )     $ (0.30 )     $ —     $ 28.66        
 
2006 2
     22.58         0.39         3.21         (0.39 )       —         —       25.79        
 
2005 3
     22.99         0.02         (0.41 )       (0.02 )       —         — 6     22.58        
 
2005 4
     20.91         0.40         2.08         (0.40 )       —         — 6     22.99        
 
2004 4
     18.69         0.29         2.22         (0.29 )       —         — 6     20.91        
 
2003 4
     15.30         0.25         3.38         (0.24 )       —         —       18.69        
                                                 
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
 
  6   Includes a tax return of capital of less than $0.01.
 
  7   Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
40      First American Funds  2007 Annual Report

Table of Contents

                                                                           
                                  Ratio of Net            
                            Ratio of     Investment            
                      Ratio of Net     Expenses to     Income (Loss) to            
                Ratio of     Investment     Average     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      
                                            
             
             
      13.93 %     $ 213,957         0.62 %       1.37 %       0.76 %       1.23 %       4 %      
      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        
      13.05 %     $ 31,343         1.37 %       0.63 %       1.51 %       0.49 %       4 %      
      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        
      13.09 %     $ 19,585         1.37 %       0.62 %       1.51 %       0.48 %       4 %      
      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        
      13.65 %     $ 7,230         0.87 %       1.07 %       1.01 %       0.93 %       4 %      
      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        
      14.22 %     $ 1,714,008         0.37 %       1.62 %       0.51 %       1.48 %       4 %      
      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        
                                                           
First American Funds  2007 Annual Report       41

Table of Contents

Financial Highlights    For a share outstanding throughout the indicated periods.
                                                                   
                Realized and                        
    Net Asset     Net     Unrealized     Distributions     Distributions     Net Asset      
    Value     Investment     Gains     from Net     from Net     Value      
    Beginning     Income     (Losses) on     Investment     Realized     End of      
    of Period     (Loss)     Investments     Income     Gains     Period      
                                     
Mid Cap Index Fund 1
                                                                
Class A
                                                                
 
2007 2
   $ 14.25       $ 0.15       $ 2.08       $ (0.13 )     $ (0.66 )     $ 15.69        
 
2006 2
     13.52         0.11         1.55         (0.11 )       (0.82 )       14.25        
 
2005 3
     13.82         —         (0.30 )       —         —         13.52        
 
2005 4
     11.84         0.09         2.40         (0.09 )       (0.42 )       13.82        
 
2004 4
     10.36         0.05         1.67         (0.05 )       (0.19 )       11.84        
 
2003 4
     8.51         0.04         2.08         (0.04 )       (0.23 )       10.36        
Class B
                                                                
 
2007 2
   $ 13.98       $ 0.04       $ 2.03       $ (0.03 )     $ (0.66 )     $ 15.36        
 
2006 2
     13.28         —         1.53         (0.01 )       (0.82 )       13.98        
 
2005 3
     13.59         (0.01 )       (0.30 )       —         —         13.28        
 
2005 4
     11.67         (0.01 )       2.37         (0.02 )       (0.42 )       13.59        
 
2004 4
     10.25         (0.03 )       1.64         —         (0.19 )       11.67        
 
2003 4
     8.44         (0.03 )       2.07         —         (0.23 )       10.25        
Class C
                                                                
 
2007 2
   $ 14.03       $ 0.04       $ 2.03       $ (0.03 )     $ (0.66 )     $ 15.41        
 
2006 2
     13.32         —         1.55         (0.02 )       (0.82 )       14.03        
 
2005 3
     13.63         (0.01 )       (0.30 )       —         —         13.32        
 
2005 4
     11.70         (0.01 )       2.38         (0.02 )       (0.42 )       13.63        
 
2004 4
     10.28         (0.03 )       1.64         —         (0.19 )       11.70        
 
2003 4
     8.47         (0.03 )       2.07         —         (0.23 )       10.28        
Class R 5
                                                                
 
2007 2
   $ 14.19       $ 0.11       $ 2.07       $ (0.11 )     $ (0.66 )     $ 15.60        
 
2006 2
     13.48         0.07         1.55         (0.09 )       (0.82 )       14.19        
 
2005 3
     13.78         —         (0.30 )       —         —         13.48        
 
2005 4
     11.83         0.04         2.41         (0.08 )       (0.42 )       13.78        
 
2004 4
     10.36         0.06         1.65         (0.05 )       (0.19 )       11.83        
 
2003 4
     8.50         0.04         2.09         (0.04 )       (0.23 )       10.36        
Class Y
                                                                
 
2007 2
   $ 14.27       $ 0.19       $ 2.07       $ (0.17 )     $ (0.66 )     $ 15.70        
 
2006 2
     13.53         0.15         1.56         (0.15 )       (0.82 )       14.27        
 
2005 3
     13.83         0.01         (0.31 )       —         —         13.53        
 
2005 4
     11.84         0.12         2.41         (0.12 )       (0.42 )       13.83        
 
2004 4
     10.37         0.08         1.66         (0.08 )       (0.19 )       11.84        
 
2003 4
     8.51         0.06         2.09         (0.06 )       (0.23 )       10.37        
                                                 
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
 
  6   Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
42      First American Funds  2007 Annual Report

Table of Contents

                                                                       
                                  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 6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)   Rate    
                                        
             
             
      16.32 %     $ 17,868         0.75 %       1.02 %       0.81 %       0.96 %     15 %    
      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      
      15.41 %     $ 2,248         1.50 %       0.32 %       1.56 %       0.26 %     15 %    
      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      
      15.39 %     $ 5,287         1.50 %       0.28 %       1.56 %       0.22 %     15 %    
      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      
      16.01 %     $ 5,913         1.00 %       0.78 %       1.06 %       0.72 %     15 %    
      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      
      16.52 %     $ 333,784         0.50 %       1.29 %       0.56 %       1.23 %     15 %    
      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      
                                                   
First American Funds  2007 Annual Report       43

Table of Contents

Financial Highlights     For a share outstanding throughout the indicated periods.
                                                                   
                Realized and                        
    Net Asset     Net     Unrealized     Distributions     Distributions     Net Asset      
    Value     Investment     Gains or     from Net     from Net     Value      
    Beginning     Income     (Losses) on     Investment     Realized     End of      
    of Period     (Loss)     Investments     Income     Gains     Period      
                                     
Small Cap Index Fund 1
                                                                
Class A
                                                                
 
2007 2
   $ 16.23       $ 0.14       $ 1.13       $ (0.12 )     $ (2.01 )     $ 15.37        
 
2006 2
     14.12         0.07         2.56         (0.10 )       (0.42 )       16.23        
 
2005 3
     14.57         —         (0.45 )       —         —         14.12        
 
2005 4
     13.38         0.07         2.17         (0.06 )       (0.99 )       14.57        
 
2004 4
     11.47         0.04         1.98         (0.03 )       (0.08 )       13.38        
 
2003 4
     8.55         0.04         2.92         (0.04 )       —         11.47        
Class B
                                                                
 
2007 2
   $ 15.77       $ 0.03       $ 1.09       $ (0.02 )     $ (2.01 )     $ 14.86        
 
2006 2
     13.76         (0.04 )       2.48         (0.01 )       (0.42 )       15.77        
 
2005 3
     14.21         (0.01 )       (0.44 )       —         —         13.76        
 
2005 4
     13.15         (0.03 )       2.08         —         (0.99 )       14.21        
 
2004 4
     11.33         (0.06 )       1.96         —         (0.08 )       13.15        
 
2003 4
     8.47         (0.03 )       2.90         (0.01 )       —         11.33        
Class C
                                                                
 
2007 2
   $ 15.92       $ 0.03       $ 1.10       $ (0.02 )     $ (2.01 )     $ 15.02        
 
2006 2
     13.88         (0.04 )       2.51         (0.01 )       (0.42 )       15.92        
 
2005 3
     14.34         (0.01 )       (0.45 )       —         —         13.88        
 
2005 4
     13.26         (0.03 )       2.10         —         (0.99 )       14.34        
 
2004 4
     11.43         (0.06 )       1.97         —         (0.08 )       13.26        
 
2003 4
     8.54         (0.03 )       2.93         (0.01 )       —         11.43        
Class R 5
                                                                
 
2007 2
   $ 16.04       $ 0.11       $ 1.11       $ (0.09 )     $ (2.01 )     $ 15.16        
 
2006 2
     13.97         0.03         2.53         (0.07 )       (0.42 )       16.04        
 
2005 3
     14.43         —         (0.46 )       —         —         13.97        
 
2005 4
     13.31         0.04         2.11         (0.04 )       (0.99 )       14.43        
 
2004 4
     11.41         0.03         1.97         (0.02 )       (0.08 )       13.31        
 
2003 4
     8.52         0.05         2.88         (0.04 )       —         11.41        
Class Y
                                                                
 
2007 2
   $ 16.23       $ 0.18       $ 1.13       $ (0.16 )     $ (2.01 )     $ 15.37        
 
2006 2
     14.12         0.11         2.55         (0.13 )       (0.42 )       16.23        
 
2005 3
     14.57         0.01         (0.46 )       —         —         14.12        
 
2005 4
     13.43         0.11         2.12         (0.10 )       (0.99 )       14.57        
 
2004 4
     11.51         0.07         1.99         (0.06 )       (0.08 )       13.43        
 
2003 4
     8.57         0.07         2.94         (0.07 )       —         11.51        
                                                 
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
 
  6   Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
44      First American Funds  2007 Annual Report

Table of Contents

                                                                       
                                  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 6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)   Rate    
                                        
             
             
      8.56 %     $ 9,109         0.83 %       0.92 %       1.12 %       0.63 %     12 %    
      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      
             
      7.78 %     $ 1,245         1.58 %       0.17 %       1.87 %       (0.12 )%     12 %    
      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      
             
      7.78 %     $ 2,916         1.58 %       0.17 %       1.87 %       (0.12 )%     12 %    
      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      
             
      8.34 %     $ 703         1.08 %       0.71 %       1.37 %       0.42 %     12 %    
      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      
             
      8.84 %     $ 114,343         0.58 %       1.16 %       0.87 %       0.87 %     12 %    
      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      
                                                   
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Notes to  Financial Statements    October 31, 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 October 31, 2007, FAIF offered 42 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. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value.
 
  The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts (other than currency forward contracts), swaps, and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available.
 
  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 October 31, 2007, the Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund had fair
46      First American Funds  2007 Annual Report

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  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.
 
  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.
 
  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.
 
  On the Statements of Assets and Liabilities the following reclassifications were made:
                         
    Accumulated   Undistributed    
    Net Realized   Net Investment   Portfolio
Fund   Gain (Loss)   Income   Capital
 
Equity Index Fund
   $ (123,794 )   $ (233 )   $ 124,027  
Mid Cap Index Fund
     (3,895 )     (210 )     4,105  
Small Cap Index Fund
     (2,172 )     (85 )     2,257  
 
  The tax character of distributions paid during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period or year in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) are recorded by the fund. The tax character of distributions paid during the fiscal year ended October 31, 2007 and the fiscal year ended October 31, 2006, were as follows:
                         
    October 31, 2007
 
    Ordinary   Long Term    
Fund   Income   Gain   Total
 
Equity Index Fund
   $ 31,624     $ 23,508     $ 55,132  
Mid Cap Index Fund
     4,340       16,502       20,842  
Small Cap Index Fund
     2,149       18,090       20,239  
 
                         
    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, 2007, the components of accumulated earnings (deficit) on a tax basis were as follows:
                                         
    Undistributed   Undistributed   Other       Total
    Ordinary   Long Term   Accumulated   Unrealized   Accumulated
Fund   Income   Capital Gains   Losses   Appreciation   Earnings
 
Equity Index Fund
   $ 1,052     $ 35,765       —     $ 879,147     $ 915,964  
Mid Cap Index Fund
     1,139       34,688       —       96,805       132,632  
Small Cap Index Fund
     972       10,894       (82 )     36,743       48,527  
 
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Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
  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, 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, 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.
 
  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 October 31, 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 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 October 31, 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 Shares
     — *     10/01     $ —  
 
                         
Small Cap Index Fund   Shares   Dates Acquired   Cost Basis
 
FirstBank, Fractional Share
     — *     8/05     $ —  
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.
 
  U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities
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  lending transactions. Collateral for securities on loan is invested in a money market fund administered by FAF Advisors, Inc. (“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 U.S. Bank by the funds for the fiscal year ended October 31, 2007, were as follows:
         
Fund   Amount
 
Equity Index Fund
   $ 264  
Mid Cap Index Fund
     108  
Small Cap Index Fund
     112  
 
  Each fund’s income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to U.S. Bank.
 
  SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities is recorded as an adjustment to realized or unrealized gains or losses when cash is received. For the fiscal year ended October 31, 2007, Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund recorded $449, $555, and $112, 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 fiscal year ended October 31, 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 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 June 30, 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.
 
  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. 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
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Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
  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.
 
  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.
 
  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 charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses. For the fiscal year ended October 31, 2007, custodian fees for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund were unchanged as a result of overdrafts and decreased by $4, $2, and $2, respectively, as a result of interest earned.
 
  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 fiscal year ended October 31, 2007:
         
Fund   Amount
 
Equity Index Fund
   $ 438  
Mid Cap Index Fund
     52  
Small Cap Index Fund
     29  
 
  OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying 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 fiscal year ended October 31, 2007, legal fees and expenses of $16 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 fiscal year ended October 31, 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
   $ 155  
Mid Cap Index Fund
     23  
Small Cap Index Fund
     13  
 
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
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  the fiscal year ended October 31, 2007, Equity Index Fund recorded a net realized gain from the sale of U.S. Bancorp common stock of $767 and $440 of dividend income from U.S. Bancorp common stock. At October 31, 2007, Equity Index Fund had an unrealized gain of $2,697 with respect to its investment in U.S. Bancorp common stock.
5 > Capital Share Transactions
  FAIF has 358 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    
                   
    Year   Year     Year   Year     Year   Year    
    Ended   Ended     Ended   Ended     Ended   Ended    
    10/31/07   10/31/06     10/31/07   10/31/06     10/31/07   10/31/06    
                   
Class A:
                                                        
 
Shares issued
     1,499       1,707         428       338         131       177      
 
Shares issued in lieu of cash distributions
     189       111         55       70         87       25      
 
Shares redeemed
     (3,108 )     (3,323 )       (377 )     (434 )       (281 )     (259 )    
                 
Total Class A transactions
     (1,420 )     (1,505 )       106       (26 )       (63 )     (57 )    
                 
Class B:
                                                        
 
Shares issued
     47       78         15       16         28       18      
 
Shares issued in lieu of cash distributions
     27       14         9       16         11       3      
 
Shares redeemed
     (668 )     (903 )       (69 )     (103 )       (40 )     (45 )    
                 
Total Class B transactions
     (594 )     (811 )       (45 )     (71 )       (1 )     (24 )    
                 
Class C:
                                                        
 
Shares issued
     66       62         64       139         29       84      
 
Shares issued in lieu of cash distributions
     13       6         14       14         21       5      
 
Shares redeemed
     (200 )     (337 )       (43 )     (99 )       (23 )     (71 )    
                 
Total Class C transactions
     (121 )     (269 )       35       54         27       18      
                 
Class R:
                                                        
 
Shares issued
     160       87         151       283         40       18      
 
Shares issued in lieu of cash distributions
     4       1         16       —         3       —      
 
Shares redeemed
     (44 )     (31 )       (72 )     (9 )       (14 )     (3 )    
                 
Total Class R transactions
     120       57         95       274         29       15      
                 
Class Y:
                                                        
 
Shares issued
     11,085       11,626         3,523       3,363         1,488       1,699      
 
Shares issued in lieu of cash distributions
     1,087       762         722       998         623       208      
 
Shares redeemed
     (27,413 )     (20,707 )       (6,374 )     (6,256 )       (3,040 )     (4,415 )    
                 
Total Class Y transactions
     (15,241 )     (8,319 )       (2,129 )     (1,895 )       (929 )     (2,508 )    
                 
Net decrease in capital shares
     (17,256 )     (10,847 )       (1,938 )     (1,664 )       (937 )     (2,556 )    
                 
  Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the fiscal year ended October 31, 2007 and the fiscal year ended October 31, 2006, as follows:
                 
    Year Ended   Year Ended
Fund   10/31/07   10/31/06
 
Equity Index Fund
     397       373  
Mid Cap Index Fund
     41       42  
Small Cap Index Fund
     4       2  
 
6 > Investment Security Transactions
  During the fiscal year ended October 31, 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
   $ 79,808     $ 556,691  
Mid Cap Index Fund
     52,012       111,257  
Small Cap Index Fund
     16,068       47,067  
 
  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 October 31, 2007, were as follows:
                                 
    Aggregate   Aggregate       Federal
    Gross   Gross       Income
Fund   Appreciation   Depreciation   Net   Tax Cost
 
Equity Index Fund
   $ 960,899     $ (81,752 )   $ 879,147     $ 1,538,668  
Mid Cap Index Fund
     120,563       (23,758 )     96,805       413,011  
Small Cap Index Fund
     46,539       (9,796 )     36,743       152,386  
 
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
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Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
  recognize any additional capital gains from the transactions.
9 > New Accounting Pronouncement
  On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. Recent Securities and Exchange Commission guidance allows implementing FIN 48 in fund net asset value calculations as late as the 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. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.
 
  In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosure about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of October 31, 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.
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Notice to  Shareholders    October 31, 2007 (unaudited)
TAX INFORMATION
  The information set forth below is for each fund’s fiscal year as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal periods of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2008 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.
 
  For the fiscal year ended October 31, 2007, each fund has designated long term capital gains, ordinary income, and tax exempt income with regard to distributions paid during the period as follows:
                         
    Long Term   Ordinary    
    Capital Gains   Income   Total
    Distributions   Distributions   Distributions
Fund   (Tax Basis)a   (Tax Basis)a   (Tax Basis)
 
Equity Index Fund
     43 %     57 %     100 %
Mid Cap Index Fund
     79       21       100  
Small Cap Index Fund
     89       11       100  
 
  a  Based on a percentage of the fund’s total distributions.
Shareholder Notification of Federal Tax Status:
  Each fund has designated the following percentages of the ordinary income distributions during the fiscal year ended October 31, 2007 as dividends qualifying for the dividends received deduction available to corporate shareholders:
         
 
Equity Index Fund
     100.00 %
Mid Cap Index Fund
     97.63  
Small Cap Index Fund
     76.15  
 
  In addition, each fund has designated the following percentages of the ordinary income distributions from net investment income during the fiscal year ended October 31, 2007 as qualified dividend income available to individual shareholders under the Jobs and Growth Tax Relief Reconciliation Act of 2003:
         
 
Equity Index Fund
     100.00 %
Mid Cap Index Fund
     97.68  
Small Cap Index Fund
     76.67  
 
Additional Information Applicable to Foreign Shareholders Only:
  The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for each fund were as follows:
         
Fund    
 
Equity Index Fund
     3.36 %
Mid Cap Index Fund
     9.80  
Small Cap Index Fund
     7.67  
 
  The percentage of ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for each fund were as follows:
         
Fund    
 
Equity Index Fund
     0.00 %
Mid Cap Index Fund
     7.93  
Small Cap Index Fund
     35.34  
 
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.
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Notice to  Shareholders    October 31, 2007 (unaudited)
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.
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
  The Board of Directors of the funds (the “Board”), which is comprised entirely of independent directors, oversees the management of each fund and, as required by law, determines annually whether to renew the funds’ advisory agreement with FAF Advisors, Inc. (“FAF Advisors”).
 
  At a meeting on May 1-3, 2007, the Board considered information relating to the funds’ investment advisory agreement with FAF Advisors (the “Agreement”). In advance of the meeting, the Board received materials relating to the Agreement, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 19-21, 2007, the Board concluded its consideration of and approved the Agreement through June 30, 2008.
 
  Although the Agreement, which is with First American Investment Funds, Inc., relates to all of the funds, the Board separately considered and approved the Agreement with respect to each fund. In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of FAF Advisors’ services to the funds, (2) the investment performance of the funds, (3) the profitability of FAF Advisors related to the funds, including an analysis of FAF Advisors’ cost of providing services and comparative expense information, (4) whether economies of scale may be realized as the funds grow and whether fee levels are adjusted to enable fund investors to share in these economies of scale, and (5) other benefits that accrue to FAF Advisors through its relationship with the funds. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board’s decision to approve the Agreement.
 
  Before approving the Agreement, the Board met in executive session with its independent counsel on numerous occasions to consider the materials provided by FAF Advisors and the terms of the Agreement. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each fund. In reaching its conclusions, the Board considered the following:
Nature, Quality and Extent of Investment Advisory Services
  The Board examined the nature, quality and extent of the services provided by FAF Advisors to each fund. The Board reviewed FAF Advisors’ key personnel who provide investment management services to each fund as well as the fact that, under the Agreement, FAF Advisors has the authority and responsibility to make and execute investment decisions for each fund within the framework of that fund’s investment policies and restrictions, subject to review by the Board. The Board further considered that FAF Advisors’ duties with respect to each fund include (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the fund’s investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the funds, including the funds’ distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered FAF Advisors’ representation that the services provided by FAF Advisors under the Agreement are the type of services customarily provided by investment advisors in the fund industry.
 
  The Board also considered compliance reports about FAF Advisors from the funds’ Chief Compliance Officer.
 
  Based on the foregoing, the Board concluded that each fund is likely to benefit from the nature, extent and quality of the services provided by FAF Advisors under the Agreement.
Investment Performance of the Funds
  The Board considered the performance of each fund, including how the fund performed versus the median performance of a group of comparable funds selected by an independent data service (the “performance universe”) and how the fund performed versus its benchmark index. The performance periods reviewed by the Board all ended on January 31, 2007.
 
  Equity Index Fund. The Board noted that the objective of the fund is to provide investment results that correspond to the performance of the Standard & Poor’s 500 Composite Index and that the fund’s prospectus states the goal of attaining “at
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  least 95%” correlation with the Index. The Board considered that results over the past three years on a gross-of-fees basis have a correlation to the Index of over 99%, even though, net of fees, the fund performed below its benchmark index for the one-, three-, five- and ten-year periods. The fund’s performance also was comparable to that of its performance universe for all periods, except that for the ten-year period Class A shares underperformed the performance universe. The Board concluded that, in light of the fund’s close tracking of its benchmark index and competitive performance vis-à-vis its performance universe, it would be in the interest of the fund and its shareholders to renew the Agreement.
 
  Mid Cap Index Fund. The Board noted that the objective of the fund is to provide investment results that correspond to the performance of the Standard & Poor’s MidCap 400 Composite Index and that the fund’s prospectus states the goal of attaining “at least 95%” correlation with the Index. The Board considered that results over the past three years on a gross-of-fees basis have a correlation to the Index of over 99%, even though, net of fees, the fund performed below its benchmark index for the one-, three-and five-year periods. The fund’s performance was equal to or better than that of its performance universe for the three- and five-year periods while the fund underperformed its performance universe for the one-year period. The Board concluded that, in light of the fund’s close tracking of its benchmark index and competitive performance vis-à-vis its performance universe for longer periods, it would be in the interest of the fund and its shareholders to renew the Agreement.
 
  Small Cap Index Fund. The Board noted that the objective of the fund is to provide investment results that correspond to the performance of the Russell 2000 Index and that the fund’s prospectus states the goal of attaining “at least 95%” correlation with the Index. The Board considered that results over the past three years on a gross-of-fees basis have a correlation to the Index of over 99%, even though, net of fees, the fund performed below its benchmark index for the one-, three- and five-year periods. The Board noted that the fund outperformed its performance universe for the one-year period while it underperformed its performance universe for the three-and five-year periods. The Board concluded that, in light of the fund’s close tracking of its benchmark index and its competitive one-year versus that of its performance universe, it would be in the interest of the fund and its shareholders to renew the Agreement.
Costs of Services and Profits Realized by FAF Advisors
  The Board reviewed FAF Advisors’ estimated costs in serving as the funds’ investment manager, including the costs associated with the personnel and systems necessary to manage each fund. The Board also considered the reported profitability of FAF Advisors and its affiliates resulting from their relationship with each fund. For each fund, the Board reviewed fee and expense information as compared to that of other funds and accounts managed by FAF Advisors and of comparable funds managed by other advisors. The Board found that while the management fees for FAF Advisors’ institutional separate accounts are lower than the funds’ management fees, the funds receive additional services from FAF Advisors that separate accounts do not receive.
 
  Using information provided by an independent data service, the Board also evaluated each fund’s advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and each fund’s total expense ratio after waivers compared to the median total expense ratio, after waivers, of comparable funds. The Board considered FAF Advisors’ pricing philosophy. FAF Advisors attempts generally to maintain each fund’s total operating expenses at a level that approximates its peer group median total expense ratio. FAF Advisors noted that, in keeping with this pricing philosophy, it intended to waive its investment advisory fees to the extent necessary to maintain the funds’ total expense ratios at levels generally in line with their respective peer groups. The Board concluded that FAF Advisors’ pricing philosophy is a reasonable one and that the funds’ advisory fees and total expense ratios are reasonable in light of the services provided.
 
  Further detail considered by the Board regarding the advisory fees and total expense ratios of each fund is set forth below:
 
  Equity Index Fund. The Board considered that the fund’s contractual advisory fee, as well as its advisory fee and total expense ratio after waivers, are competitive with the peer group median. The Board concluded that the fund’s advisory fee and total expense ratio are reasonable.
 
  Mid Cap Index Fund. The Board considered that the fund’s contractual advisory fee is equal to that of the peer group median, and that the fund’s advisory fee and the fund’s total expense ratio, after waivers, are competitive with the peer group median. The Board concluded that the fund’s advisory fee and total expense ratio are reasonable.
 
  Small Cap Index Fund. The Board considered that, while the fund’s contractual advisory fee is higher than that of the peer group median, the fund’s advisory fee, after waivers, and the fund’s total expense ratio, after waivers, are lower than the peer group median. The Board concluded that the fund’s advisory fee and total expense ratio are reasonable.
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Notice to  Shareholders    October 31, 2007 (unaudited)
Economies of Scale in Providing Investment Advisory Services
  The Board considered the extent to which each fund’s investment advisory fee reflects economies of scale for the benefit of fund shareholders. Based on information provided by FAF Advisors, the Board noted that profitability will likely increase somewhat as assets grow over time. The Board considered that, although the funds do not have advisory fee breakpoints in place, FAF Advisors has committed to waive advisory fees to the extent necessary to keep each fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The Board considered FAF Advisors’ assertion that the median total expense ratio of a fund’s peer group will necessarily reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group and any economies of scale which those funds realize. Therefore, by capping a fund’s total expense ratio at a level close to the median, fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules and any such economies of scale. In light of FAF Advisors’ commitment to keep total fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each fund and its shareholders to renew the Agreement.
Other Benefits to FAF Advisors
  In evaluating the benefits that accrue to FAF Advisors through its relationship with the funds, the Board noted that FAF Advisors and certain of its affiliates serve the funds in various capacities, including as advisor, administrator, sub-administrator, transfer agent, distributor, custodian and securities lending agent, and receive compensation from the funds in connection with providing services to the funds. The Board considered that each service provided to the funds by FAF Advisors or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.
 
  The Board also considered FAF Advisors’ use of the funds’ portfolio brokerage transactions to obtain research. The Board concluded, based on its own review and on representations of FAF Advisors, that FAF Advisors’ use of “soft” commission dollars was consistent with regulatory requirements.
 
  After full consideration of these factors, the Board concluded that approval of the Agreement was in the best interest of each fund and its shareholders.
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Directors and Officers of the Funds
                         
Independent Directors
 
    Other
    Position(s)   Term of Office       Number of Portfolios   Directorships
Name, Address, and   Held   and Length of   Principal Occupation(s)   in Fund Complex   Held by
Year of Birth   with Funds   Time Served   During Past 5 Years   Overseen by Director   Director †
 
Benjamin R. Field III
P.O. Box 1329
Minneapolis, MN
55440-1329
(1938)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003   Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through February 2004   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Roger A. Gibson
P.O. Box 1329
Minneapolis, MN
55440-1329
(1946)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997   Director, Charterhouse Group, Inc., a private equity firm, since October 2005; Vice President and Chief Operating Officer, Cargo – United Airlines, from July 2001 through July 2004   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Victoria J. Herget
P.O. Box 1329
Minneapolis, MN
55440-1329
(1951)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003   Investment consultant and non-profit board member   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
John P. Kayser
P.O. Box 1329
Minneapolis, MN
55440-1329
(1949)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 2006   Retired; Principal from 1983 to 2004 and Chief Financial Officer and Chief Administrative Officer from 1988 to 2002, William Blair & Company, LLC   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Leonard W. Kedrowski
P.O. Box 1329
Minneapolis, MN
55440-1329
(1941)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993   Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Richard K. Riederer
P.O. Box 1329
Minneapolis, MN
55440-1329
(1944)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001   Owner and Chief Executive Officer, RKR Consultants, Inc. and non-profit board member since 2005; Director, President, and Chief Executive Officer, Weirton Steel through 2001   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios   Cleveland Cliffs Inc (a producer of iron ore pellets)
 
Joseph D. Strauss
P.O. Box 1329
Minneapolis, MN
55440-1329
(1940)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 1991   Attorney At Law, Owner, and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning and public relations organization; Owner, Chairman and Chief Executive Officer, Excensus™, LLC, a strategic demographic planning and application development firm since 2001   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
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Notice to  Shareholders    October 31, 2007 (unaudited)
                         
Independent Directors — concluded
 
    Other
    Position(s)   Term of Office       Number of Portfolios   Directorships
Name, Address, and   Held   and Length of   Principal Occupation(s)   in Fund Complex   Held by
Year of Birth   with Funds   Time Served   During Past 5 Years   Overseen by Director   Director †
 
Virginia L. Stringer
P.O. Box 1329
Minneapolis, MN
55440-1329
(1944)		   Chair; Director   Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FAIF since September 1987   Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company through 2003   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
James M. Wade
P.O. Box 1329
Minneapolis, MN
55440-1329
(1943)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001   Owner and President, Jim Wade Homes, a homebuilding company   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
†  Includes only directorships in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act or subject to the requirements of Section 15(d) of the Securities Exchange Act, or any company registered as an investment company under the Investment Company Act.
The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800-677-FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.
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Officers
 
    Position(s)   Term of Office    
Name, Address, and   Held   and Length of    
Year of Birth   with Funds   Time Served   Principal Occupation(s) During Past 5 Years
 
Thomas S. Schreier, Jr.
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1962)*		   President   Re-elected by the Board annually; President of FAIF since February 2001   Chief Executive Officer of FAF Advisors, Inc.; Chief Investment Officer of FAF Advisors, Inc., since September 2007
 
Jeffery M. Wilson
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1956)*		   Vice President – Administration   Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000   Senior Vice President of FAF Advisors, Inc.
 
Charles D. Gariboldi, Jr.
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1959)*		   Treasurer   Re-elected by the Board annually; Treasurer of FAIF since October 2004   Mutual Funds Treasurer, FAF Advisors, Inc., since October 2004; prior thereto, Vice President of Investment Accounting and Fund Treasurer for Thrivent Financial for Lutherans
 
Jill M. Stevenson
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1965)*		   Assistant Treasurer   Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005   Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director, Senior Project Manager, FAF Advisors, Inc. from May 2003 to September 2005; prior thereto, Vice President, Director of Operations, Paladin Investment Associates, LLC
 
David H. Lui
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1960)*		   Chief Compliance Officer   Re-elected by the Board annually; Chief Compliance Officer of FAIF since March 2005   Chief Compliance Officer for First American Funds and FAF Advisors, Inc., since March 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004 to March 2005; prior thereto, Vice President, Charles Schwab & Co., Inc.
 
Jason K. Mitchell
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1976)*		   Anti-Money Laundering Officer   Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since September 2006   Compliance Manager, FAF Advisors, Inc., since June 2006; prior thereto, Compliance Analyst, FAF Advisors, Inc. from October 2004 to June 2006; prior thereto, Senior Systems Helpdesk Analyst, Wachovia Retirement Services from November 2002 to October 2004; prior thereto, Senior Retirement Plan Specialist, PFPC, Inc.
 
Kathleen L. Prudhomme
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1953)*		   Secretary   Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998 through December 2004   Deputy General Counsel, FAF Advisors, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
 
James D. Alt
Dorsey & Whitney LLP
50 South Sixth Street
Suite 1500,
Minneapolis, MN 55402
(1951)		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002   Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
 
Brett L. Agnew
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1971)*		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004   Counsel, FAF Advisors, Inc., since August 2004; prior thereto, Senior Counsel, Thrivent Financial for Lutherans
 
First American Funds  2007 Annual Report       59

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Notice to  Shareholders    October 31, 2007 (unaudited)
             
Officers — concluded
 
    Position(s)   Term of Office    
Name, Address, and   Held   and Length of    
Year of Birth   with Funds   Time Served   Principal Occupation(s) During Past 5 Years
 
James R. Arnold
U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
(1957)*		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003   Senior Vice President, U.S. Bancorp Fund Services, LLC
 
Richard J. Ertel
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1967)*		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004   Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc. from September 2004 to May 2006; prior to that, Counsel, FAF Advisors, Inc. from May 2003 to August 2004; prior to May 2003, Associate Counsel, Hartford Life and Accident Insurance Company
 
*  Messrs. Schreier, Wilson, Gariboldi, Lui, Mitchell, Agnew and Ertel, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of FAF Advisors, Inc., which serves as investment adviser and administrator for FAIF. Mr. Arnold is an officer of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as Transfer Agent for FAIF.
60      First American Funds  2007 Annual Report

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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.

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(FIRST AMERICAN FUNDS LOGO)
  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. The views expressed in this report reflect those of the portfolio managers only through the period ended October 31, 2007. The portfolio managers’ views are subject to change at any time based upon market or other conditions.  
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.
0153-07 12/2007 AR-INDEX

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Table of Contents
           
    1  
Management Discussions and Performance Summaries
     2  
    35  
    43  
Real Estate Securities Fund
        
      44  
      46  
      47  
      48  
      50  
International Funds
        
      52  
      57  
      58  
      59  
      60  
Small Cap Funds
        
      64  
      71  
      72  
      74  
      76  
Mid Cap Funds
        
      84  
      87  
      88  
      89  
      90  
Large Cap Funds
        
      94  
      98  
      99  
      100  
      102  
Balanced and Equity Income Funds
        
      108  
      117  
      118  
      119  
      120  
    124  
    138  
Mutual fund investing involves risk; principal loss is possible.
  NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

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Message to Shareholders     December 10, 2007
Dear Shareholders:  
 
We invite you to take a few minutes to review the results of the fiscal year ended October 31, 2007.  
This report includes comparative performance graphs and tables, portfolio commentaries, complete listings of portfolio holdings, and additional fund information. We hope you will find this helpful in monitoring your investment portfolio.
Also, through our website, firstamericanfunds.com, we provide quarterly performance fact sheets on all First American Funds, the economic outlook as viewed by our senior investment officers, and other information about fund investments and portfolio strategies.
Please contact your financial professional if you have questions about First American Funds or contact First American Investor Services at 800.677.FUND.
We appreciate your investment with First American Funds and look forward to serving your financial needs in the future.
Sincerely,
     
-s- Virginia L. Stringer   -s- Thomas S. Schreier, Jr.
 
Virginia L. Stringer

Chairperson of the Board
First American Investment Funds, Inc.		   Thomas S. Schreier, Jr.

President
First American Investment Funds, Inc.
First American Funds  2007 Annual Report       1

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Real Estate Securities Fund
Investment Objective: to provide above-average current income and long-term capital appreciation
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Real Estate Securities Fund (the “fund”), Class Y shares, returned 1.01% for the fiscal year ended October 31, 2007 (Class A shares returned 0.78% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI U.S. REIT Index*, returned -0.29% for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
The fund benefited from individual stock selection. The portfolio had a bias toward growth and higher-quality companies, and continues to invest on a relative-value basis (with focus on individual stocks rather than economic or market cycles). Early in the fiscal year, an emphasis on coastal markets, which experienced better job growth and better supply/demand dynamics, proved beneficial. As the year progressed, the fund reduced its holdings in job markets with exposure to the financial services industry. The fund’s best-performing sectors were apartments, community centers, and offices.
What did not work for the fund and why?
The commercial mortgage REIT sector and real estate services sector underperformed due to negative market sentiment about the mortgage environment and slowing commercial real estate transaction volume.
What strategic moves were made by the fund and why?
The fund’s early emphasis on coastal markets was a successful strategy. The fund invests on a relative-value basis. One result of this is a fairly balanced position across the various property types. The fund was overweight in the industrial sector, given employment and gross domestic product growth and favorable supply/demand characteristics in that sector. In early 2007, the fund gained the ability to invest up to 15% of assets in non-dollar denominated real estate stocks. At the end of the fiscal year, the fund had less than 3% of assets in non-dollar denominated stocks.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Simon Property Group
     7.5 %
Prologis
     5.1  
Vornado Realty Trust
     4.7  
Host Marriott
     4.3  
Public Storage
     4.2  
Boston Properties
     4.0  
Marriott International, Class A
     3.9  
SL Green Realty
     3.4  
Duke Realty
     2.9  
Macerich
     2.8  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Office
     17.2 %
Apartments
     14.3  
Malls
     14.0  
Hotels
     11.9  
Industrials
     10.3  
Community Centers
     9.8  
Diversified
     6.2  
Healthcare
     6.1  
Self Storage
     4.5  
Investment Companies
     2.3  
International
     0.6  
Net Lease
     0.4  
Real Estate Service Provider
     0.3  
Manufactured Homes
     0.3  
Mortgage
     0.3  
Student Housing
     0.1  
Short-Term Investment
     0.7  
Other Assets and Liabilities, Net2
     0.7  
       
      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  2007 Annual Report

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Annual Performance1,2
                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   10 years   2/1/2000   9/24/2001   1 year   5 years   10 years   2/1/2000   9/24/2001
Average annual return with sales charge (POP)
                                                                                
Class A
     (4.76 )%     22.92 %     13.31 %     —       —       (0.42 )%     21.70 %     12.81 %     —       —  
 
Class B
     (4.51 )%     23.21 %     13.11 %     —       —       (0.12 )%     22.00 %     12.61 %     —       —  
 
Class C
     (0.87 )%     23.40 %     —       19.98 %     —       3.67 %     22.19 %     —       19.96 %     —  
Average annual return without sales charge (NAV)
                                                                                
Class A
     0.78 %     24.32 %     13.95 %     —       —       5.38 %     23.09 %     13.45 %     —       —  
 
Class B
     0.00 %     23.38 %     13.11 %     —       —       4.60 %     22.18 %     12.61 %     —       —  
 
Class C
     0.03 %     23.40 %     —       19.98 %     —       4.61 %     22.19 %     —       19.96 %     —  
 
Class R
     0.52 %     24.10 %     —       —       21.56%       5.07 %     22.88 %     —       —       21.54 %
 
Class Y
     1.01 %     24.64 %     14.24 %     —       —       5.63 %     23.41 %     13.74 %     —       —  
 
MSCI U.S. REIT Index3
     (0.29 )%     22.89 %     12.49 %     19.18 %     20.07%       4.67 %     21.34 %     12.04 %     19.23 %     20.14 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Sector funds such as the First American Real Estate Securities Fund are more vulnerable to price fluctuation as a result of events that may affect the industry in which they focus than are funds that invest in multiple industries. Share prices of sector funds also will fluctuate with changing market conditions, as will share prices of other stock funds. Sector funds should not be treated as a core investment; rather, their role is to round out the growth portion of a well-diversified investment portfolio.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.21%, 1.96%, 1.96%, 1.46%, and 0.96%, respectively.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
Real Estate Securities Fund, Class A (NAV)
   LOGO   $ 36,914      
 
Real Estate Securities Fund, Class A (POP)
   LOGO   $ 34,880      
 
MSCI U.S. REIT Index3
   LOGO   $ 32,438      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the MSCI U.S. REIT Index3.
(CLASS A LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3  An unmanaged index of the most actively traded real estate investment trusts.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
First American Funds  2007 Annual Report       3

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International Fund
Investment Objective: long-term growth of capital
How did the fund perform for the fiscal year ended October 31, 2007?
The First American International Fund (the “fund”), Class Y shares, returned 19.23% for the fiscal year ended October 31, 2007 (Class A shares returned 18.92% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI EAFE Index*, returned 25.43% for the same period.
What were the general economic and market conditions during the fiscal year?
Global equity markets posted significant gains in the 12 months ended October 31, 2007, but the ride was far from smooth. As the fiscal year progressed, market volatility increased. Rising commodity prices triggered inflationary concerns, which prompted a number of central banks to raise rates. A slowdown in the U.S. housing market raised questions about U.S. loan quality, which in turn triggered a credit crisis during the summer and a lowering of the U.S. discount and target rates. Despite the gyrations, however, the MSCI EAFE Index rose significantly in the fiscal year. Most sectors posted strong returns, with materials and telecommunications services leading the way. Industrials also had a strong year. The biggest laggard was healthcare, where markets continued to worry about pricing and pipelines. Regionally, aside from emerging markets, the standout performer for the year was the Pacific ex-Japan region. The region was driven by growth expectations as well as a huge surge in liquidity that saw record days of trading volumes across exchanges. Japan was the laggard, effectively posting a flat year in what was a strong global market backdrop.
What worked for the fund and why?
Stock selection, primarily in the energy sector, contributed to fund performance during the fiscal year. Shares of Companhia Vale do Rio Doce, the Brazilian diversified mineral company, contributed positively to relative returns as the market became increasingly focused on news about an early positive settlement of iron ore price negotiations. We believed that the stock was an inexpensive way to access the structurally sound iron ore market. Additionally, the continued fervor of corporate activity across the sector has supported the stock’s current discount valuation. Shares of Petroleo Brasileiro, a Brazilian oil company, rose as oil prices soared to record levels. The company also benefited from its very successful exploration program, which demonstrated its ability to extend growth beyond its current investment phase.
Mitsubishi, a Japanese trading company, had a positive impact on the fund. Japanese trading companies, in general, have done well this year on the back of continued strength in commodity prices, in which they deal extensively.
What did not work for the fund and why?
The North American business division of Wolseley, the world’s largest distributor of plumbing and heating equipment, was negatively impacted by U.S. housing woes. There were also concerns that ongoing rate hikes in the United Kingdom would be detrimental to the company, as its debt levels jumped following last year’s purchase of the DT Group. More recently, the company reported its first profit decline in six years.
Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, two Japanese banks, detracted from performance. Japanese banks in general fared poorly, as investors sold off the sector indiscriminately due to dashed hopes of interest rate rises and mounting concerns about U.S. subprime exposure. Japanese rates were slow to rise and loan growth was lackluster, curtailing the expansion of net interest earnings.
What strategic moves were made by the fund and why?
The fund is purposely constructed to be diversified by both sector and region, compared to its benchmark. Deviations from the benchmark reflect stock selection decisions rather than tactical asset allocation decisions. The fund was positioned to focus on larger-capitalization, quality companies that were growing at a faster pace than their peers yet were still attractively priced.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
4      First American Funds  2007 Annual Report

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Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Total
     3.6 %
HSBC
     3.2  
Eni
     2.6  
Vodafone
     2.5  
BHP Billiton
     2.3  
Tesco
     2.2  
Standard Chartered
     2.2  
Nokia Oyj
     2.1  
UBS
     2.0  
Axa
     2.0  
Country Allocation as of October 31, 20071  (% of net assets)
         
Great Britain
     20.4 %
Japan
     18.6  
France
     13.8  
Switzerland
     12.0  
Germany
     6.6  
Italy
     4.9  
Hong Kong
     4.3  
Netherlands
     4.0  
Brazil
     3.1  
Australia
     2.6  
Finland
     2.1  
Spain
     1.9  
Belgium
     1.8  
Taiwan
     0.7  
Ireland
     0.7  
South Korea
     0.6  
Greece
     0.5  
Mexico
     0.4  
Egypt
     0.2  
Short-Term Investment
     0.9  
Other Assets & Liabilities, Net2
     (0.1 )
       
      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  2007 Annual Report       5

Table of Contents

International Fund   continued
Annual Performance1,2
                                                                 
    October 31, 2007   September 30, 2007*
         
        Since       Since
        Inception       Inception
                 
    1 year   5 years   10 years   9/24/2001   1 year   5 years   10 years   9/24/2001
Average annual return with sales charge (POP)
                                                                
Class A
     12.39 %     17.22 %     7.30 %     —       12.90 %     17.51 %     6.28 %     —  
 
Class B
     13.05 %     17.46 %     7.11 %     —       13.57 %     17.78 %     6.10 %     —  
 
Class C
     17.09 %     17.67 %     —       12.16 %     17.62 %     17.98 %     —       11.74 %
Average annual return without sales charge (NAV)                                                        
Class A
     18.92 %     18.57 %     7.91 %     —       19.48 %     18.85 %     6.89 %     —  
 
Class B
     18.05 %     17.67 %     7.11 %     —       18.57 %     17.99 %     6.10 %     —  
 
Class C
     18.09 %     17.67 %     —       12.16 %     18.62 %     17.98 %     —       11.74 %
 
Class R
     18.66 %     18.19 %     7.72 %     —       19.21 %     18.52 %     6.70 %     —  
 
Class Y
     19.23 %     18.84 %     8.18 %     —       19.79 %     19.15 %     7.17 %     —  
 
MSCI EAFE Index3
     25.43 %     23.71 %     9.64 %     17.82 %     25.38 %     24.05 %     8.35 %     17.33 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  International investing involves risks not typically associated with domestic investing, including risks of adverse currency fluctuations, potential political and economic instability, different accounting standards, foreign government regulations, currency exchange rates, limited liquidity, and volatile prices.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers for Class A, Class B, Class C, Class R, and Class Y shares was 1.49%, 2.24%, 2.24%, 1.74%, and 1.24%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.49%, 2.24%, 2.24%, 1.74%, and 1.24%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
International Fund, Class A (NAV)
   LOGO   $ 21,415      
 
International Fund, Class A (POP)
   LOGO   $ 20,234      
 
MSCI EAFE Index3
   LOGO   $ 25,093      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the MSCI EAFE Index3.
(INTERNATIONAL FUND LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
   Effective December 8, 2004, JPMorgan was named the fund’s subadvisor and began managing the fund’s assets. On September 24, 2001, the First American International Fund merged with Firstar International Growth Fund and Firstar International Value Fund, both subadvised by Clay Finlay Inc. Performance history prior to September 24, 2001 represents that of the Firstar International Growth Fund.
3  An unmanaged index of common stocks in Europe, Australasia, and the Far East.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
6      First American Funds  2007 Annual Report

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International Select Fund
Investment Objective: long-term growth of capital
How did the fund perform for the fiscal period from December 21, 2006 (fund inception) through October 31, 2007?
The First American International Select Fund (the “fund”), Class Y shares, returned 21.78% for the fiscal period ended October 31, 2007 (Class A shares returned 21.58% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI AC World Index Ex. U.S.*, returned 25.26% for the same period.
What were the general economic and market conditions during the fiscal period?
Global equity markets posted significant gains in the reporting period ended October 31, 2007, but the ride was far from smooth. As the fiscal year progressed, market volatility increased. Rising commodity prices triggered inflationary concerns, which prompted a number of central banks to raise rates. A slowdown in the U.S. housing market raised questions about U.S. loan quality, which in turn triggered a credit crisis during the summer and a lowering of the U.S. discount and target rates. Despite the gyrations, however, most sectors posted strong returns, with materials and telecommunications services leading the way. Industrials also had a strong year. The biggest laggard was healthcare, where markets continued to worry about pricing and pipelines. Regionally, aside from emerging markets, the standout performer for the year was the Pacific ex-Japan region. The region was driven by growth expectations as well as a huge surge in liquidity that saw record days of trading volumes across exchanges. Japan was the laggard, effectively posting a flat year in what was a strong global market backdrop. Emerging markets remained the strongest segment of the international markets.
What worked for the fund and why?
International equities performed very strongly during the period, and this fund places a significant emphasis on emerging economies, which were the strongest group internationally.
International Select allocates fund assets to three submanagers who specialize in value, growth, and emerging international stocks. A smaller fraction of the assets not allocated to the submanagers is invested directly to adjust the country mix. Our country allocation was, overall, quite helpful, adding more than 2% to performance. Our aggressive cash management — which ensures that new investments are immediately put to work and minimizes “standby” cash – was also helpful.
What did not work for the fund and why?
The fund steered clear of Chinese stocks out of a concern for a “bubble” – i.e., share prices too high for the intrinsic value in comparison to other countries. But these stocks continued performing very strongly during the period, for an opportunity cost of 1.6% relative to the benchmark. The fund also underweighted energy and basic materials companies; this drove almost 1% of opportunity cost due to our sector mix.
What strategic moves were made by the fund and why?
During the fiscal period the “value” submanager moved to a “core” mix of stocks, and the fund now skews toward “growth” as a result.** This accords with our intermediate-term outlook, which anticipates a reversal of the dramatic outperformance that value stocks have enjoyed over the past few years.
We added almost a 6% allocation to Canadian stocks, heavily concentrated in the energy and materials sectors. These stocks, which are not part of the widely followed MSCI EAFE index, substantially corrected the portfolio underweights in energy and basic materials vs. our benchmark. Rapid world economic growth has placed many commodities in short supply, and, barring a global economic collapse, we expect the strong demand to continue.
 * An unmanaged index of common stocks representing developed and emerging markets around the world that collectively comprise most foreign stock markets. Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
** Growth stocks typically have more volatility than value stocks, whereas value stocks tend to have slower earnings growth rates.
First American Funds  2007 Annual Report       7

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International Select Fund   continued
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
State Street GA Prime Fund
     8.1 %
Vodafone Group, ADR
     1.2  
Nestle
     1.2  
Kookmin Bank, ADR
     1.1  
Petroleo Brasileiro, ADR
     1.0  
Samsung Electronics, GDR
     1.0  
Diageo
     0.9  
Vivendi Universal
     0.9  
Unicredito Italiano
     0.9  
Esprit Holdings
     0.9  
Country Allocation as of October 31, 20071  (% of net assets)
         
Great Britain
     12.8 %
Japan
     12.2  
France
     6.7  
Switzerland
     5.7  
Brazil
     5.6  
Italy
     4.8  
Germany
     4.4  
South Korea
     4.3  
India
     3.3  
Netherlands
     2.8  
South Africa
     2.6  
Australia
     2.4  
Canada
     2.2  
Spain
     2.0  
Taiwan
     1.9  
Hong Kong
     1.6  
Mexico
     1.6  
Sweden
     1.6  
Luxembourg
     1.3  
Israel
     1.1  
Norway
     1.0  
Indonesia
     1.0  
Egypt
     0.9  
Turkey
     0.9  
Denmark
     0.8  
Russia
     0.8  
Singapore
     0.7  
Greece
     0.6  
China
     0.5  
Austria
     0.5  
Finland
     0.4  
Philippines
     0.4  
Bermuda
     0.3  
Portugal
     0.3  
Thailand
     0.3  
Malaysia
     0.2  
Hungary
     0.1  
Bahrain
     0.1  
Short-Term Investments
     8.6  
Other Assets & Liabilities, Net2
     0.7  
       
      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.
8      First American Funds  2007 Annual Report

Table of Contents

Annual Performance1,2  as of June 30, 2007
                 
    October 31, 2007   September 30, 2007
         
    Since   Since
    Inception   Inception
         
    12/21/2006   12/21/2006
Average annual return with sales charge (POP)
                
Class A
     14.91%       9.05%  
 
Class B
     15.75%       9.65%  
 
Class C
     19.75%       13.65%  
 
Average annual return without sales charge (NAV)
                
Class A
     21.58%       15.37%  
 
Class B
     20.75%       14.65%  
 
Class C
     20.75%       14.65%  
 
Class R
     21.27%       15.06%  
 
Class Y
     21.78%       15.57%  
 
MSCI AC World Index Ex. U.S.3
     25.26%       18.64%  
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  International investing involves risks not typically associated with domestic investing, including risks of adverse currency fluctuations, potential political and economic instability, different accounting standards, foreign government regulations, currency exchange rates, limited liquidity, and volatile prices.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers (including acquired fund fees and expenses which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.83%, 2.58%, 2.58%, 2.08%, and 1.58%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses (net of acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.49%, 2.24%, 2.24%, 1.74%, and 1.24%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
International Select Fund, Class A (NAV)
   LOGO   $ 12,158      
 
International Select Fund, Class A (POP)
   LOGO   $ 11,491      
 
MSCI AC World Index Ex. U.S.3
   LOGO   $ 12,526      
 
  The chart above, illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 12/21/2006 to 10/31/2007) as compared to the MSCI AC World Index Ex. U.S.3.
(CLASS A LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
 
3  An unmanaged index of stocks representing developed and emerging markets around the world that collectively comprise most foreign stock markets.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
First American Funds  2007 Annual Report       9

Table of Contents

Small Cap Growth Opportunities Fund
Investment Objective: growth of capital
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Small Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 13.10% for the fiscal year ended October 31, 2007 (Class A shares returned 12.81% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Growth Index*, returned 16.73% for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
Technology was the most significant contributor to the fund’s performance this fiscal year on a combination of strong stock selection coupled with the continued overweight in the sector. A pair of internet-related acquisitions added to results as Microsoft purchased aQuantive, an online marketing and advertising concern, and WebEx Communications, a provider of internet teleconferencing services, was acquired by Cisco Systems. Silicon Motion Technology, a semiconductor company focused on mobile storage solutions, also experienced surging demand for its flash memory card controllers, driving earnings estimates higher during the fiscal year.
The fund’s healthcare holdings also helped performance, primarily as a result of stock selection. Illumina, a manufacturer of genetic analysis technology, was the most significant contributor because of the rollout of its next-generation gene sequencing technology. In the energy sector, Oceaneering International, a provider of underwater exploration and production equipment, was a leading positive contributor.
What did not work for the fund and why?
The main detractors from performance during the fiscal year came from consumer discretionary stocks, where the fund’s overweight position and stock selection among specialty retailers negatively impacted returns. Poorly performing specialty retailers held during the fiscal year included New York & Company, Christopher & Banks, Citi Trends, and Children’s Place Retail Stores. Stock selection in the industrial sector, particularly in the commercial services area, had a negative effect. Wesco International, an electrical products distributor, and Mobile Mini, a lessor of portable storage units, were notable detractors from performance. The case was similar in the consumer staples sector, where the fund’s relative performance was hampered largely by one holding, The Pantry, Inc., an operator of convenience stores in the southeastern United States. Additionally, the fund’s lack of exposure to the materials and utilities sectors, the two best performing sectors of the index, hurt relative results.
What strategic moves were made by the fund and why?
Given the economic outlook that suggests the need for caution, we pared down our holdings among specialty retailers and restaurants to become more evenly weighted with the Russell 2000 Growth Index. We are monitoring the consumer space closely to assess the impact of recent Federal Reserve rate cuts in the event that monetary policy results in stronger economic growth as the year unfolds. Industrial holdings have been reduced to an underweight position and are more concentrated on stocks that stand to benefit from continued international growth. We remain overweight in the technology sector and are seeking to increase the fund’s weight in the healthcare sector given its more defensive nature. Our investment strategy continues to be driven by our focus on long-term economic trends as a means to identify investment opportunities in companies with growth characteristics and reasonable valuations.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
10      First American Funds  2007 Annual Report

Table of Contents

Top 10 Holdings as of October 31, 20071  (% of net assets)
         
First American Prime Obligations Fund, Class Z
     4.1%  
Polycom
     2.8  
Ixia
     2.1  
Emulex
     2.0  
Quest Software
     2.0  
Harmonic
     1.8  
Einstein Noah Restaurant Group
     1.7  
DRS Technologies
     1.7  
Silicon Motion Technology, ADR
     1.7  
BE Aerospace
     1.7  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Information Technology
     30.8 %
Healthcare
     20.6  
Industrials
     16.5  
Consumer Discretionary
     14.8  
Financials
     7.4  
Energy
     6.5  
Consumer Staples
     0.9  
Short-Term Investment
     4.1  
Other Assets & Liabilities, Net2
     (1.6 )
       
      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  2007 Annual Report       11

Table of Contents

Small Cap Growth Opportunities Fund   continued
Annual Performance1,2
                                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   10 years   3/1/1999   12/11/2000   9/24/2001   1 year   5 years   10 years   3/1/1999   12/11/2000   9/24/2001
Average annual return with sales charge (POP)
                                                                                                
Class A
     6.62 %     15.56 %     13.91 %     —       —       —       9.66 %     16.24 %     13.33 %     —       —       —  
 
Class B
     7.03 %     15.78 %     —       17.98 %     —       —       10.20 %     16.48 %     —       17.67 %     —       —  
 
Class C
     10.96 %     16.00 %     —       —       —       11.03 %     14.21 %     16.69 %     —       —       —       10.52 %
Average annual return without sales charge (NAV)                                                                                        
Class A
     12.81 %     16.87 %     14.56 %     —       —       —       16.06 %     17.57 %     13.98 %     —       —       —  
 
Class B
     12.03 %     16.00 %     —       17.98 %     —       —       15.20 %     16.70 %     —       17.67 %     —       —  
 
Class C
     11.96 %     16.00 %     —       —       —       11.03 %     15.21 %     16.69 %     —       —       —       10.52 %
 
Class R
     12.56 %     16.72 %     —       —       7.12 %     —       15.80 %     17.42 %     —       —       6.63 %     —  
 
Class Y
     13.10 %     17.14 %     14.85 %     —       —       —       16.39 %     17.86 %     14.27 %     —       —       —  
 
Russell 2000 Growth Index3
     16.73 %     18.57 %     4.75 %     6.19 %     4.58 %     12.53 %     18.94 %     18.70 %     3.65 %     5.71 %     3.97 %     11.90 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies, and they may be expected to do so in the future.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers (including acquired fund fees and expenses, which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.58%, 2.33%, 2.33%, 1.83%, and 1.33%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses (net of acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.47%, 2.22%, 2.22%, 1.72%, and 1.22%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
Small Cap Growth Opportunities Fund, Class A (NAV)
   LOGO   $ 38,942      
 
Small Cap Growth Opportunities Fund, Class A (POP)
   LOGO   $ 36,794      
 
Russell 2000 Growth Index3
   LOGO   $ 15,912      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 2000 Growth Index3.
(SMALL CAP GROWTH OPPORTUNITIES FUND)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
   On December 12, 2002 the fund changed its main investment strategy such that it was permitted to invest in securities of companies with market capitalizations within the range of companies in the Russell 2000 index. Previously, the fund invested primarily in companies with market capitalizations of below $500 million at the time of purchase.
 
   On September 24, 2001, the First American Small Cap Growth Opportunities Fund became the successor by merger to the Firstar MicroCap Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American Fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar MicroCap Fund.
 
   The First American Small Cap Growth Opportunities Fund’s 1999 returns were higher due in substantial part to its strategy of investing in IPOs in a period favorable for IPO investing. Of course, such favorable returns involve accepting the risk of volatility, and there is no assurance that the fund’s future investment in IPOs will have the same effect on performance as it did in 1999.
3  An unmanaged index that measures the performance of those Russell 2000 Index (a small-cap index) with higher price-to-book ratios and higher forecasted growth values.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
12      First American Funds  2007 Annual Report

Table of Contents

Small Cap Select Fund
Investment Objective: capital appreciation
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Small Cap Select Fund (the “fund”), Class Y shares, returned 7.58% for the fiscal year ended October 31, 2007 (Class A shares returned 7.35% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Index*, returned 9.27% for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
Good stock selection in the financials, materials, and technology sectors provided positive performance relative to our benchmark in fiscal 2007. A significant underweight in the financials sector also helped performance at a time when the sector was negatively affected by the subprime mortgage crisis. Much of 2007 was characterized by a robust environment for mergers and acquisitions. We benefited from this environment, with some of our holdings being acquired and/or taken private, including Investors Financial and First Republic Bank in the financials sector as well as aQuantive (digital marketing) in technology. Also in technology, analog semiconductor company Advanced Analogic Technologies, a leader in power management, has seen a substantial increase in its business due to higher demand for low-end cell phones in emerging markets. Pediatrix Medical Group, the nation’s largest neonatal intensive care provider, benefited from strong pricing and good volume growth throughout the year. Helix Energy Solutions Group, an oil and gas service company leveraged to deep-water offshore oil markets, continued to see its business improve as more exploration and production took place in that area. AMETEK, an industrial manufacturer, experienced solid end-market growth and strong operating performance improvement. Terra Industries, a fertilizer company, benefited from improved fertilizer pricing due to a strong agricultural market, and Schnitzer Steel Industries was buoyed up by strong export scrap steel pricing due to continued strength in global industrial markets.
What did not work for the fund and why?
Poor stock selection in the consumer and industrial sectors, as well as an underweight in the materials sector, hurt fund performance this year. In the consumer sector, Children’s Place Retail Stores and Christopher & Banks ran into a tough consumer environment, coupled with fashion miscues and poor inventory management, which ultimately led to much worse operating performance. P.F. Chang’s China Bistro, a restaurant company, also suffered from the poor environment and ultimately reined in its growth outlook, which led to a contraction in its valuation. Lastly, Nautilus, a fitness company, saw its sales decrease significantly and its operating profitability diminish substantially. In industrials, People Support, a call center outsourcer, saw its rate of growth outstrip its infrastructure, requiring a substantial increase in spending, which led to much lower profitability. Elsewhere, WESCO International and NCI Building Systems, both operating in the commercial construction market, experienced sluggish revenue growth due to a slowing market. Edge Petroleum, an oil and gas exploration company, suffered an unexpected drilling failure in one of its most prolific fields, which has temporarily depressed both the company’s production and reserve estimates. Lastly, Phototronics, a semiconductor equipment company, is in the midst of a capital expansion plan. The stock has been under pressure as the transition has taken longer to complete than originally expected.
What strategic moves were made by the fund and why?
Toward the end of the fiscal year, we eliminated a number of consumer stocks (primarily retail and restaurants) that had been underperforming, and we are now seeing some improvement in that sector. We did the same with some of our holdings in the industrials sector (primarily commercial construction). Sector allocations and other portfolio characteristics remained within prescribed ranges to allow stock selection to drive performance; however, the portfolio has had an overweight in technology, where we found positive trends in both operating expenses and stock price, and an
First American Funds  2007 Annual Report       13

Table of Contents

Small Cap Select Fund   continued
underweight in financials, where we saw exactly the opposite. We have been, to a lesser degree, overweight in the consumer discretionary sector (chiefly because of attractive valuations) as well as in healthcare and energy. We also maintained a modest underweight in industrials and materials (again because of the valuations) as well as consumer staples, telecommunication services, and utilities.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
First American Prime Obligations Fund, Class Z
     3.2 %
Helix Energy Solutions Group
     2.3  
Emulex
     2.3  
SonoSite
     2.1  
K-V Pharmaceutical, Class A
     1.9  
WMS Industries
     1.8  
Cullen/ Frost Bankers
     1.7  
Hain Celestial Group
     1.6  
Comstock Resources
     1.6  
Pediatrix Medical Group
     1.6  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Information Technology
     22.7 %
Consumer Discretionary
     16.3  
Financials
     16.0  
Healthcare
     14.0  
Industrials
     12.9  
Energy
     7.6  
Materials
     3.7  
Consumer Staples
     2.2  
Telecommunication Services
     0.7  
Utilities
     0.4  
Short-Term Investment
     3.2  
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.
14      First American Funds  2007 Annual Report

Table of Contents

Annual Performance1,2
                                                                 
    October 31, 2007   September 30, 2007*
         
        Since       Since
        Inception       Inception
                 
    1 year   5 years   10 years   9/24/2001   1 year   5 years   10 years   9/24/2001
Average annual return with sales charge (POP)
                                                                
Class A
     1.45 %     16.72 %     9.54 %     —       1.96 %     17.56 %     8.66 %     —  
 
Class B
     2.02 %     16.96 %     9.38 %     —       2.59 %     17.80 %     8.50 %     —  
 
Class C
     5.55 %     17.17 %     —       14.53 %     6.17 %     17.99 %     —       14.14 %
Average annual return without sales charge (NAV)                                                        
Class A
     7.35 %     18.06 %     10.17 %     —       7.91 %     18.89 %     9.28 %     —  
 
Class B
     6.51 %     17.17 %     9.38 %     —       7.10 %     18.01 %     8.50 %     —  
 
Class C
     6.46 %     17.17 %     —       14.53 %     7.09 %     17.99 %     —       14.14 %
 
Class R
     6.99 %     17.87 %     10.11 %     —       7.61 %     18.70 %     9.22 %     —  
 
Class Y
     7.58 %     18.37 %     10.46 %     —       8.13 %     19.17 %     9.57 %     —  
 
Russell 2000 Index3
     9.27 %     18.67 %     8.01 %     14.35 %     12.34 %     18.75 %     7.22 %     14.03 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies, and they may be expected to do so in the future.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses, which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.23%, 1.98%, 1.98%, 1.48%, and 0.98%, respectively.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
Small Cap Select Fund, Class A (NAV)
   LOGO   $ 26,338      
 
Small Cap Select Fund, Class A (POP)
   LOGO   $ 24,884      
 
Russell 2000 Index3
   LOGO   $ 21,604      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 2000 Index3.
(SMALL CAP SELECT FUND LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
   On September 24, 2001, the First American Small Cap Select Fund became the successor by merger to the Firstar SmallCap Core Equity Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American Fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar SmallCap Core Equity Fund. The Firstar SmallCap Core Equity Fund was organized on November 27, 2000, and prior to that, was a separate series of Mercantile Funds, Inc.
3  An unmanaged small-cap index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
First American Funds  2007 Annual Report       15

Table of Contents

Small Cap Value Fund
Investment Objective: capital appreciation
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Small Cap Value Fund (the “fund”), Class Y shares, returned 4.45% for the fiscal year ended October 31, 2007 (Class A shares returned 4.18% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Value Index*, returned 2.05% for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
The fund’s positive relative performance was primarily driven by stock selection. Our overweight positions in healthcare and industrials were key given good earnings trends from the companies in this sector and our focus on quality stocks. In addition, our continued underweight in financials (especially real estate investment trusts, banks, and thrifts) at a time when the sector suffered from the repercussions of the subprime mortgage crisis, aided our results. We benefited from several acquisitions that were made at attractive valuation premiums: Ohio Casualty (insurance), Armor Holdings (security products), Alteris (therapeutics and vaccines), Alabama National and First Republic (banking), Andrew Corporation (communications systems), and Metal Management (recycling). Other strong performers included Aeropostale (teens’ apparel), Res-Care (training and in-home services to special needs community), Pericom Semiconductor, and Terra Industries (fertilizer industry).
What did not work for the fund and why?
Our underweight in the materials sector was one of the few weak points in the fund during a time when the sector benefited substantially from rising commodity prices. In addition, we lacked exposure to the telecommunication services sector, which was relatively strong during the fiscal year. Within the financials sector, concerns regarding Midwest housing had a negative impact on Capitol Bancorp, while subprime credit crisis weakened Newcastle Investment, a real estate investment and finance company.
What strategic moves were made by the fund and why?
We continued to focus on investing in quality companies that are trading at attractive valuation metrics with identifiable catalysts to narrow the gap between intrinsic and market value. We also continued to build our portfolio from the bottom up, focusing more on individual stock selection than sector allocations. As a result, we retained overweights in healthcare, energy, technology, and industrials (tilted towards aerospace/engineering and construction companies). We remained underweight in the weaker consumer discretionary and financial sectors.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Emulex
     1.8 %
Progress Software
     1.7  
Regal-Beloit
     1.6  
Swift Energy
     1.6  
Sterling Bancshares
     1.5  
Waddell & Reed Financial, Class A
     1.5  
United Online
     1.5  
FPIC Insurance Group
     1.4  
Sciele Pharma
     1.4  
Elizabeth Arden
     1.4  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Financials
     28.1 %
Information Technology
     15.3  
Industrials
     13.9  
Consumer Discretionary
     12.8  
Healthcare
     7.8  
Energy
     6.7  
Materials
     6.5  
Utilities
     4.8  
Consumer Staples
     3.4  
Short-Term Investment
     0.4  
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.
16      First American Funds  2007 Annual Report

Table of Contents

Annual Performance1,2
                                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   10 years   11/24/1997   2/1/1999   9/24/2001   1 year   5 years   10 years   11/24/1997   2/1/1999   9/24/2001
Average annual return with sales charge (POP)
                                                                                                
Class A
     (1.58 )%     16.14 %     7.56 %     —       —       —       0.97 %     15.56 %     6.80 %     —       —       —  
 
Class B
     (0.87 )%     16.35 %     —       7.68 %     —       —       1.57 %     15.76 %     —       7.51 %     —       —  
 
Class C
     2.56 %     16.58 %     —       —       10.71 %     —       5.13 %     15.99 %     —       —       10.55 %     —  
 
Average annual return without sales charge (NAV)
                                                                                                
Class A
     4.18 %     17.45 %     8.17 %     —       —       —       6.82 %     16.88 %     7.40 %     —       —       —  
 
Class B
     3.41 %     16.56 %     —       7.68 %     —       —       5.96 %     15.99 %     —       7.51 %     —       —  
 
Class C
     3.42 %     16.58 %     —       —       10.71 %     —       6.01 %     15.99 %     —       —       10.55 %     —  
 
Class R
     3.96 %     17.27 %     —       —       —       14.26%       6.55 %     16.71 %     —       —       —       14.09 %
 
Class Y
     4.45 %     17.73 %     8.43 %     —       —       —       7.04 %     17.15 %     7.67 %     —       —       —  
 
Russell 2000 Value Index3
     2.05 %     18.60 %     10.49 %     10.53 %     12.74 %     15.69%       6.09 %     18.70 %     10.07 %     10.50 %     12.73 %     15.72 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies, and they may be expected to do so in the future.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.26%, 2.01%, 2.01%, 1.51%, and 1.01%, respectively.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
Small Cap Value Fund, Class A (NAV)
   LOGO   $ 21,929      
 
Small Cap Value Fund, Class A (POP)
   LOGO   $ 20,718      
 
Russell 2000 Value Index3
   LOGO   $ 27,127      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 2000 Value Index3.
(CLASS A LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
 
3  An unmanaged index that measures the performance of those companies in the Russell 2000 Index (a small-cap index) with lower price-to-book ratios and lower forecasted growth values.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
First American Funds  2007 Annual Report       17

Table of Contents

Small-Mid Cap Core Fund
Investment Objective: long-term growth of capital
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Small-Mid Cap Core Fund (the “fund”), Class Y shares, returned 11.62% for the fiscal year ended October 31, 2007 (Class A shares returned 11.18% without taking the sales charge into account). By comparison, the fund’s benchmark during the fiscal year, the Russell 2500 Index*, returned 12.71% for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
Effective sector, market, and style positioning, as well as individual stock selection, drove fund performance during the fiscal year. Our selections in the healthcare sector proved particularly successful, with Intuitive Surgical and ArthroCare benefiting from high demand and pricing power of their advanced medical devices. In basic materials, Terra Industries (a fertilizer company) and Owens-Illinois (glass containers and plastics packaging) enjoyed continued strong performance. An overweight in capital goods also added value; a standout in this space was tactical wheeled vehicles manufacturer Armor Holdings, which was purchased by BAE Systems. In energy, Cameron International, an oil service company, owed its positive performance to strong global growth and demand for oil. The fund also benefited from a significant underweight in positions with lower market capitalization.
What did not work for the fund and why?
The largest detractor from performance was NutriSystem Inc., a provider of weight management and fitness products, whose performance suffered as a new “hot” weight loss drug came to market, and, as a result, the cost of attracting new customers was higher than the company had anticipated. Although an appropriate underweight in financials helped performance, our holding of PMI Group was down significantly as subprime concerns roiled the market.
What strategic moves were made by the fund and why?
We reduced our exposure to housing and consumer-sensitive stocks while increasing our positions in three stocks we feel confident about: Owens-Illinois, Republic Services (a waste management company), and Intuitive Surgical. During the fiscal year, we tilted slightly toward growth and moved slightly up the market capitalization weightings to take advantage of current market conditions and our firm’s view of appropriate allocations. The fund’s sector exposures remained largely unchanged.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Republic Services
     3.1 %
Owens-Illinois
     3.0  
Intuitive Surgical
     2.9  
WMS Industries
     2.8  
Terra Industries
     2.6  
Emulex
     2.6  
F5 Networks
     2.4  
Everest Re Group
     2.3  
Amphenol, Class A
     2.2  
W.R. Berkley
     2.1  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Information Technology
     19.2 %
Healthcare
     15.0  
Consumer Discretionary
     14.9  
Financials
     14.9  
Industrials
     13.6  
Materials
     9.5  
Energy
     7.5  
Utilities
     2.0  
Consumer Staples
     1.8  
Telecommunication Services
     1.5  
Short-Term Investment
     0.2  
Other Assets & Liabilities, Net2
     (0.1 )
       
      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.
18      First American Funds  2007 Annual Report

Table of Contents

Annual Performance1,2
                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   10 years   2/1/2000   1 year   5 years   10 years   2/1/2000
Average annual return with sales charge (POP)
                                                                
Class A
     5.03 %     14.66 %     (0.16 )%     —       8.25 %     18.26 %     (1.12 )%     —  
 
Class B
     5.43 %     14.87 %     (0.34 )%     —       8.63 %     18.48 %     (1.29 )%     —  
 
Class C
     9.45 %     15.15 %     —       (16.38 )%     12.65 %     18.73 %     —       (16.68 )%
Average annual return without sales charge (NAV)                                                        
Class A
     11.18 %     15.98 %     0.40 %     —       14.50 %     19.60 %     (0.55 )%     —  
 
Class B
     10.43 %     15.10 %     (0.34 )%     —       13.63 %     18.68 %     (1.29 )%     —  
 
Class C
     10.45 %     15.15 %     —       (16.38 )%     13.65 %     18.73 %     —       (16.68 )%
 
Class Y
     11.62 %     16.30 %     0.69 %     —       14.74 %     19.89 %     (0.28 )%     —  
 
Russell 2500 Index3
     12.71 %     19.39 %     10.02 %     9.71 %     15.17 %     19.55 %     9.24 %     9.46 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Effective October 3, 2005, the investment strategy of the fund, formerly called the Technology Fund, changed from investing primarily in technology stocks to investing primarily in common stocks of small- and mid-capitalization companies. As a result, performance for the periods prior to October 3, 2005 reflect the performance of a materially different investment portfolio.
   Stocks of small- and mid-capitalization companies involve substantial risk and may be subject to increased volatility and more price fluctuation than large-capitalization companies.
 
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that are in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers for Class A, Class B, Class C, and Class Y shares was 1.52%, 2.27%, 2.27%, and 1.27%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses for Class A, Class B, Class C, and Class Y shares do not exceed 1.41%, 2.16%, 2.16%, and 1.16%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
Small-Mid Cap Core Fund, Class A (NAV)
   LOGO   $ 10,411      
 
Small-Mid Cap Core Fund, Class A (POP)
   LOGO   $ 9,840      
 
Russell 2500 Index3
   LOGO   $ 25,995      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 2500 Index3.
(SMALL-MID CAP CORE FUND LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
   The Small-Mid Cap Core Fund’s 1999 returns were higher due in part to its strategy of investing in IPOs and technology-related stocks in a period favorable for IPO and technology stock investing. Of course, such favorable returns involve accepting the risk of volatility, and there is no assurance that the fund’s future investment in IPOs and technology stocks will have the same effect on performance as it did in 1999.
3  An unmanaged small- and mid-cap index that measures the performance of the 2,500 smallest companies in the Russell 3000 Index.
 
4  Performance for Class B, Class C, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
First American Funds  2007 Annual Report       19

Table of Contents

Mid Cap Growth Opportunities Fund
Investment Objective: capital appreciation
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Mid Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 23.68% for the fiscal year ended October 31, 2007 (Class A shares returned 23.36% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Growth Index*, returned 19.72% for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
Stock selection was responsible for the fund’s strong performance this year. Stock selection within the healthcare sector was a large contributor. Intuitive Surgical, a manufacturer of robotic surgical systems, witnessed a significant improvement in equipment sales, disposable instrument sales, and earnings growth. Medco Health Solutions, a pharmacy benefit manager, benefited from increased mail and generic prescription penetration. Thermo Fisher Scientific, a provider of analytical instruments, gained ground because of the synergies created with the merger of Thermo and Fisher Scientific at the end of 2006. Stock selection within the industrial sector was also a positive contributor to performance. A large weight in the portfolio and a standout in terms of performance was Cummins, a diesel and natural gas engine manufacturer. Another large contributor, Precision Castparts, a manufacturer of complex metal components, investment castings, and forgings for the aerospace and industrial gas turbine markets, benefited as earnings came in stronger than expected, driven by continued strong demand in the company’s markets. In the information technology sector, MEMC Electronics Materials, a semiconductor and solar wafer manufacturer, enjoyed exceptional earnings growth as polysilicone prices remained high and the company’s foray in the solar business gained investor appreciation. NVIDIA, a graphics semiconductor company, enjoyed rising earnings estimates as its competitor AMD weakened.
What did not work for the fund and why?
Adverse stock selection within the consumer discretionary and financial sectors detracted from performance this year. In the consumer discretionary sector, disappointing earnings and member growth from Nutrisystem, a provider of weight management services, held back performance. In addition, Office Depot, an office products retailer, caused investor consternation after a series of weak earnings reports and lowered investor guidance. In the financial sector, Ambac Financial Group, a provider of financial guarantee products, PMI Group, a mortgage insurance provider, and Bear Stearns all declined due to their exposure to the housing and subprime mortgage area.
What strategic moves were made by the fund and why?
Growth stocks have begun to outperform for the first time in many years, and we believe that performance is set to continue. The expected earnings growth rate rose during the fiscal year as several high-growth companies were added to the fund. The fund has had higher expected growth in earnings and cash flow than our benchmark, with average valuations that are approximately in-line with the index. As a result, we believe the fund is well positioned for continued strong performance from growth companies.
The financial sector weight was lowered as we sold our positions in Northern Trust, Bear Stearns, Chicago Mercantile Exchange, CIT Group, and PMI Group while only adding a position in Blackrock, during the year. The materials sector weighting increased with a large purchase of Owens-Illinois, a manufacturer of glass containers, and Ecolab.
The fund retained modest overweights in the healthcare, information technology, and telecommunication services sectors and was underweight in the financial, consumer staples, and utility sectors.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
20      First American Funds  2007 Annual Report

Table of Contents

Top 10 Holdings as of October 31, 20071  (% of net assets)
         
First American Prime Obligations Fund, Class Z
     3.6 %
American Tower, Class A
     3.0  
Precision Castparts
     2.9  
Owens-Illinois
     2.9  
Maxim Integrated Products
     2.2  
Rockwell Collins
     2.1  
NVIDIA
     2.1  
Thermo Fisher Scientific
     2.0  
Cameron International
     2.0  
MEMC Electronic Materials
     1.9  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Information Technology
     22.2 %
Consumer Discretionary
     17.7  
Healthcare
     16.2  
Industrials
     15.5  
Energy
     10.9  
Financials
     6.2  
Materials
     4.7  
Telecommunication Services
     4.1  
Short-Term Investment
     3.6  
Other Assets and 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.
First American Funds  2007 Annual Report       21

Table of Contents

Mid Cap Growth Opportunities Fund   continued
Annual Performance1,2
                                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   10 years   3/1/1999   12/11/2000   9/24/2001   1 year   5 years   10 years   3/1/1999   12/11/2000   9/24/2001
Average annual return with
sales charge (POP)
                                                                                                
Class A
     16.58 %     18.04 %     9.77 %     —       —       —       19.51 %     19.21 %     9.17 %     —       —       —  
 
Class B
     17.47 %     18.29 %     —       11.93 %     —       —       20.52 %     19.47 %     —       11.98 %     —       —  
 
Class C
     21.42 %     18.50 %     —       —       —       15.18%       24.52 %     19.68 %     —       —       —       15.30 %
Average annual return without sales charge (NAV)
                                                                                                
Class A
     23.36 %     19.39 %     10.39 %     —       —       —       26.47 %     20.56 %     9.79 %     —       —       —  
 
Class B
     22.47 %     18.49 %     —       11.93 %     —       —       25.52 %     19.67 %     —       11.98 %     —       —  
 
Class C
     22.42 %     18.50 %     —       —       —       15.18%       25.52 %     19.68 %     —       —       —       15.30 %
 
Class R
     23.06 %     19.19 %     —       —       9.60 %     —       26.14 %     20.38 %     —       —       9.63 %     —  
 
Class Y
     23.68 %     19.69 %     10.66 %     —       —       —       26.80 %     20.88 %     10.07 %     —       —       —  
 
Russell Midcap Growth Index3
     19.72 %     19.21 %     8.30 %     7.50 %     2.72 %     13.97%       21.22 %     20.39 %     7.47 %     7.26 %     2.37 %     13.70 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Stocks of mid-capitalization companies may be slightly less volatile than those of small-capitalization companies, but they still involve substantial risk and may be subject to increased volatility and more price fluctuation than large-capitalization companies.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.22%, 1.97%, 1.97%, 1.47%, and 0.97%, respectively.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
Mid Cap Growth Opportunities Fund, Class A (NAV)
   LOGO   $ 26,865      
 
Mid Cap Growth Opportunities Fund, Class A (POP)
   LOGO   $ 25,388      
 
Russell Midcap Growth Index3
   LOGO   $ 22,192      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell Midcap Growth Index3.
(MID CAP GROWTH OPPORTUNITIES FUND LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
   On September 24, 2001, the First American Mid Cap Growth Opportunities Fund became the successor by merger to the Firstar MidCap Core Equity Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American fund had no assets or liabilities. Performance presented prior to September 24, 2001 represents that of the Firstar MidCap Core Equity Fund.
3  An unmanaged index that measures the performance of those Russell mid-cap companies with higher price-to-book ratios and higher forecasted growth values.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
22      First American Funds  2007 Annual Report

Table of Contents

Mid Cap Value Fund
Investment Objective: capital appreciation
How did the Fund perform for the fiscal year ended October 31, 2007?
The First American Mid Cap Value Fund (the “fund”), Class Y shares, returned 11.79% for the fiscal year ended October 31, 2007 (Class A shares returned 11.47% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Value Index*, returned 9.73% for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
Fund performance benefited from good security selection in the basic materials, energy, and utilities sectors, as well as an underweight in financials. Packaging manufacturer Owens-Illinois significantly outperformed the benchmark due to new management, portfolio restructuring and capacity rationalization. Mining company Freeport-McMoRan Copper & Gold rose sharply due to tight supply/demand dynamics in the global copper market as well as significant balance sheet improvement following the acquisition of a large competitor. Oil service operator GlobalSantaFe outperformed due to increasing worldwide exploration activity and commensurate improvement in day rates for offshore rig operators. Other standouts included utility Constellation Energy, oil service provider National-Oilwell Varco, utility PPL, and communications equipment manufacturer Harris.
What did not work for the fund and why?
Fund performance was negatively impacted by adverse stock selection in the financial, consumer staples, and industrial sectors as well as an underweight allocation in utilities. Deteriorating credit conditions related to subprime mortgage and slowing domestic economic growth negatively impacted several of the fund’s financial holdings, particularly financial guarantor Ambac Financial Group, mortgage insurer PMI Group, mortgage originator IndyMac Bancorp, and commercial/consumer lender CIT Group. Convenience store operator Pantry Inc. suffered from poor margins on the sale of gasoline.
What strategic moves were made by the fund and why?
In terms of strategic positioning, the fund ended the fiscal year with its largest overweight in the basic materials, technology, telecommunications services, and healthcare sectors, as we continued to identify stocks in these sectors that exhibit compelling fundamentals with company-specific catalysts for change. We remained modestly overweight in the energy sector because we felt the continuing high commodity prices, coupled with favorable supply-and-demand characteristics, would positively impact both exploration and service companies. We maintained our underweight position in the financial sectors due to an uncertain fundamental outlook but are looking for opportunities to add selectively. In addition, we were underweight in utilities because we believed the sector was experiencing both peak fundamentals and full valuation.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
First American Prime Obligations Fund, Class Z
     4.9 %
Owens-Illinois
     3.7  
Edison International
     2.1  
Republic Services
     2.1  
GlobalSantaFe
     2.0  
Rohm & Haas
     1.9  
W.R. Berkley
     1.8  
Werner Enterprises
     1.8  
Smurfit-Stone Container
     1.8  
PG&E
     1.7  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Financials
     22.2 %
Consumer Discretionary
     13.4  
Materials
     11.0  
Industrials
     10.3  
Utilities
     10.3  
Information Technology
     9.2  
Energy
     7.6  
Consumer Staples
     6.3  
Healthcare
     3.3  
Telecommunication Services
     3.2  
Short-Term Investment
     4.9  
Other Assets and Liabilities, Net2
     (1.7 )
       
      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  2007 Annual Report       23

Table of Contents

Mid Cap Value Fund   continued
Annual Performance1,2
                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   10 years   2/1/1999   9/24/2001   1 year   5 years   10 years   2/1/1999   9/24/2001
Average annual return with sales charge (POP)
                                                                                
Class A
     5.34 %     17.07 %     6.67 %     —       —       6.79 %     17.54 %     6.10 %     —       —  
 
Class B
     5.67 %     17.33 %     6.50 %     —       —       7.15 %     17.79 %     5.93 %     —       —  
 
Class C
     9.66 %     17.53 %     —       9.72 %     —       11.16 %     17.99 %     —       9.66 %     —  
 
Average annual return without sales charge (NAV)
                                                                                
Class A
     11.47 %     18.41 %     7.28 %     —       —       13.00 %     18.87 %     6.71 %     —       —  
 
Class B
     10.67 %     17.54 %     6.50 %     —       —       12.15 %     17.99 %     5.93 %     —       —  
 
Class C
     10.66 %     17.53 %     —       9.72 %     —       12.16 %     17.99 %     —       9.66 %     —  
 
Class R
     11.18 %     18.22 %     —       —       15.46 %     12.71 %     18.69 %     —       —       15.45 %
 
Class Y
     11.79 %     18.71 %     7.56 %     —       —       13.28 %     19.18 %     6.98 %     —       —  
 
Russell Midcap Value Index 3
     9.73 %     20.36 %     11.69 %     12.25 %     16.58 %     13.75 %     21.02 %     11.31 %     12.33 %     16.76 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Stocks of mid-capitalization companies may be slightly less volatile than those of small-capitalization companies, but they still involve substantial risk and may be subject to increased volatility and more price fluctuation than large-capitalization companies.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses, which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.23%, 1.98%, 1.98%, 1.48%, and 0.98%, respectively.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
Mid Cap Value Fund, Class A (NAV)
   LOGO   $ 20,189      
 
Mid Cap Value Fund, Class A (POP)
   LOGO   $ 19,080      
 
Russell Midcap Value Index3
   LOGO   $ 30,213      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell Midcap Value Index3.
(CLASS A LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
 
3  An unmanaged index that measures the performance of those Russell mid-cap companies with lower price-to-book ratios and lower forecasted growth values.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
24      First American Funds  2007 Annual Report

Table of Contents

Large Cap Growth Opportunities Fund
Investment Objective: long-term growth of capital
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Large Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 24.32% for the fiscal year ended October 31, 2007 (Class A shares returned 24.01% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Growth Index*, returned 19.23% for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
Good stock selection in the technology, healthcare, and industrial sectors led to strong performance over the past fiscal year. An overweight in the technology sector, along with an underweight in the healthcare sector, also contributed to performance.
Robust demand for mobile information devices led to excellent operating performance in the technology sector holdings. Research In Motion, the maker of Blackberry devices, capitalized on its strength with corporate email services to expand into several international markets as well as into the consumer market over the fiscal year, producing excellent results. Apple introduced a new phone along with new and improved laptop and iPod products to meet the growing needs of the consumer market. Hewlett-Packard’s continued success in the PC space was marked by 30% or higher gains in laptops.
Continued strong demand and a positive outlook for the commercial aerospace market, along with market share gains and margin expansion, boosted the results from standout performer Precision Castparts and Rockwell Collins. In the energy sector, Schlumberger and Weatherford International both were well-positioned to capitalize on the strong demand for non-U.S. oil drilling activity.
Intuitive Surgical, maker of robotic surgical systems, was driven higher by continued growth and acceptance of its unique system along with possible new applications. Finally, pharmacy benefit manager Medco Health Solutions leveraged increasing generic drug penetration to produce more than 20% earnings growth.
What did not work for the fund and why?
The repercussions of the subprime mortgage loan disaster negatively affected a few holdings. McGraw-Hill’s S&P ratings division was hurt by the slowdown in structured financial products. Walgreens had difficulty navigating through some of the generic drug pricing changes over the past year and posted subpar financial and stock performance. Nordstrom was caught up in the consumer slowdown and posted earnings below plan, which drove its stock down. Despite these setbacks, we believe McGraw-Hill and Nordstrom still contain the market-leader characteristics required and therefore remain investments in the fund.
What strategic moves were made by the fund and why?
The individual stock selection process, focused on market-leading companies leveraging their sustainable competitive advantage into superior long-term earnings growth, continues to drive the activity of the fund. During the fiscal year about 4% of the portfolio was removed from the consumer staples sector and reinvested in the technology, financial, and consumer discretionary sectors. Profit-taking drove a modest reduction in some of the energy stocks in the portfolio.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Microsoft
     4.9 %
Cisco Systems
     3.7  
Intel
     2.8  
Apple
     2.7  
Goldman Sachs Group
     2.7  
Target
     2.4  
Hewlett-Packard
     2.4  
Oracle
     2.3  
IBM
     2.1  
Google, Class A
     2.0  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Information Technology
     34.6 %
Consumer Discretionary
     12.0  
Healthcare
     12.0  
Industrials
     11.5  
Financials
     10.0  
Energy
     7.8  
Consumer Staples
     5.2  
Telecommunication Services
     3.0  
Materials
     2.8  
Short-Term Investment
     1.3  
Other Assets and 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  2007 Annual Report       25

Table of Contents

Large Cap Growth Opportunities Fund   continued
Annual Performance1,2
                                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   10 years   3/01/1999   11/27/2000   9/24/2001   1 year   5 years   10 years   3/01/1999   11/27/2000   9/24/2001
Average annual return with sales charge (POP)
                                                                                                
Class A
     17.19 %     10.88 %     4.39 %     —       —       —       17.44 %     12.07 %     3.56 %     —       —       —  
 
Class B
     18.13 %     11.04 %     —       1.32 %     —       —       18.36 %     12.26 %     —       1.01 %     —       —  
 
Class C
     22.09 %     11.29 %     —       —       —       6.71 %     22.33 %     12.50 %     —       —       —       6.32 %
Average annual return without sales charge (NAV)                                                                                        
Class A
     24.01 %     12.14 %     4.98 %     —       —       —       24.27 %     13.35 %     4.15 %     —       —       —  
 
Class B
     23.13 %     11.30 %     —       1.32 %     —       —       23.36 %     12.51 %     —       1.01 %     —       —  
 
Class C
     23.09 %     11.29 %     —       —       —       6.71 %     23.33 %     12.50 %     —       —       —       6.32 %
 
Class R
     23.70 %     11.94 %     —       —       0.42 %     —       23.95 %     13.16 %     —       —       0.02 %     —  
 
Class Y
     24.32 %     12.41 %     5.24 %     —       —       —       24.62 %     13.64 %     4.41 %     —       —       —  
 
Russell 1000 Growth Index3
     19.23 %     12.61 %     4.81 %     0.92 %     (0.58) %     7.76 %     19.35 %     13.84 %     4.06 %     0.54 %     (1.07) %     7.27 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Growth stocks typically have more volatility than value stocks; whereas value stocks tend to have slower earnings growth rates.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.19%, 1.94%, 1.94%, 1.44%, and 0.94%, respectively.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4 as of October 31, 2007
                 
Large Cap Growth Opportunities Fund, Class A (NAV)
   LOGO   $ 16,254      
 
Large Cap Growth Opportunities Fund, Class A (POP)
   LOGO   $ 15,361      
 
Russell 1000 Growth Index3
   LOGO   $ 15,992      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 1000 Growth Index3.
(LARGE CAP GROWTH OPPORTUNITIES LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
   On September 24, 2001, the First American Large Cap Growth Opportunities Fund became the successor by merger to the Firstar Large Cap Core Equity Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American fund had no assets or liabilities. Performance presented prior to September 24, 2001 represents that of the Firstar Large Cap Core Equity Fund.
3  An unmanaged index that measures the performance of those companies in the Russell 1000 Index (large-cap index) with higher price-to-book ratios and higher forecasted growth values.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
26      First American Funds  2007 Annual Report

Table of Contents

Large Cap Select Fund
Investment Objective: capital appreciation
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Large Cap Select Fund (the “fund”), Class Y shares, returned 14.65% for the fiscal year ended October 31, 2007 (Class A shares returned 14.36% without taking the sales charge into account). By comparison, the fund’s benchmark, the Standard & Poor’s 500 Index* (“S&P 500 Index”), returned 14.56% for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
Good sector allocation was the largest positive contributor to the fund’s performance. Our overweight position in technology and energy and underweights in the consumer-related areas and utilities were drivers of fund performance. Within energy, stock selection added value, with National-Oilwell Varco and Cameron International being large positive contributors to performance. Within technology, our positions in Intel, IBM, Apple, and Hewlett-Packard boosted performance. Stock selection within the basic materials sector was very helpful to performance as well. Both Owens-Illinois and Freeport-McMoRan Copper & Gold were important contributors to the fund’s performance.
What did not work for the fund and why?
Stock selection within the financial sector hurt the fund on an individual stock basis. The fund did own both PMI Group and Ambac Financial Group, which were more negatively affected by the subprime mortgage crisis than we anticipated. Some of the fund’s bank stocks – Bank of America and Citigroup – were also impacted by these issues. In addition to the sector and stock combinations mentioned above, poor stock selection on a company-specific basis cost the fund performance. Weak performers – notably Circuit City, Motorola and Novartis – had an adverse effect on fund performance while they were in the portfolio.
What strategic moves were made by the fund and why?
We were positively rewarded for our overweights in energy and technology and for our stock selection within these sectors. Guided by global economic growth expectations and energy supply and demand forecasts, we selected stocks within the oil services area that helped performance. Technology was overweighted because we anticipated a strong PC cycle, strong demand for semiconductors and attractive valuations and earnings growth rates. The fund’s overall exposure to stocks that benefited from momentum (a pattern of increasing rate of growth in earnings per share), a bias toward growth strategies, and stock selection outside of the benchmark also contributed to performance. Nonbenchmark holdings in Owens-Illinois and Cameron International added to the fund’s performance. As we enter the new fiscal year, we have reduced our energy and technology weights and have added selectively to our consumer and financial holdings. We expect more interest-rate reductions by the Federal Reserve early in the new fiscal year. Interest-rate reductions should improve the outlook for the financial and consumer cyclical sectors.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Cisco Systems
     3.9 %
Microsoft
     3.9  
Wachovia
     3.4  
American International Group
     3.3  
Hewlett-Packard
     3.2  
Morgan Stanley
     3.1  
Owens-Illinois
     3.1  
Exxon Mobil
     3.0  
Citigroup
     2.8  
Altria Group
     2.6  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Information Technology
     24.0 %
Financials
     23.4  
Energy
     13.6  
Healthcare
     11.7  
Consumer Discretionary
     7.6  
Materials
     5.3  
Telecommunication Services
     4.5  
Consumer Staples
     4.5  
Industrials
     3.7  
Investment Company
     1.2  
Short-Term Investment
     0.6  
Other Assets and Liabilities, Net2
     (0.1 )
       
      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.
First American Funds  2007 Annual Report       27

Table of Contents

Large Cap Select Fund   continued
Annual Performance1,2
                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   1/31/2003   1 year   1/31/2003
Average annual return with sales charge (POP)
                                
Class A
     8.10 %     12.92 %     9.31 %     12.78 %
 
Class B
     8.52 %     13.12 %     9.83 %     12.99 %
 
Class C
     12.45 %     13.39 %     13.75 %     13.27 %
 
Average annual return without sales charge (NAV)
                                
Class A
     14.36 %     14.27 %     15.68 %     14.15 %
 
Class B
     13.52 %     13.39 %     14.83 %     13.26 %
 
Class C
     13.45 %     13.39 %     14.75 %     13.27 %
 
Class R
     14.09 %     14.01 %     15.40 %     13.89 %
 
Class Y
     14.65 %     14.56 %     15.98 %     14.43 %
 
S&P 500 Index3
     14.56 %     15.39 %     16.44 %     15.30 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Mutual fund investing involves risk; principal loss is possible.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV. Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.19%, 1.94%, 1.94%, 1.44%, and 0.94%, respectively.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
Large Cap Select Fund, Class A (NAV)
   LOGO   $ 18,837      
 
Large Cap Select Fund, Class A (POP)
   LOGO   $ 17,804      
 
S&P 500 Index3
   LOGO   $ 19,734      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 1/31/2003 to 10/31/2007) as compared to the S&P 500 Index3.
(CLASS X LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3  An unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks.
 
4  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
28      First American Funds  2007 Annual Report

Table of Contents

Large Cap Value Fund
Investment Objective: primary – capital appreciation; secondary – current income
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Large Cap Value Fund (the “fund”), Class Y shares, returned 11.83% for the fiscal year ended October 31, 2007 (Class A shares returned 11.60% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Value Index*, returned 10.83% for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
Good stock selection in the materials, technology, utility, and energy sectors made a positive contribution to the fund’s performance. An overweight in the materials sector proved beneficial given particularly strong performance by glass container company Owens-Illinois, which was led higher by successful implementation of new management’s turnaround plan as well as renewed industry pricing power. Copper miner Freeport-McMoRan was also a standout performer, as global metals demand remained robust. Notable performers in the technology sector included semiconductor producers Texas Instruments and Intel, experiencing margin expansion and earnings strength thanks to new product introductions and improving market conditions. Stock selection contributed to performance in utilities, where Exelon (a Chicago-based electric utility) and Edison International were the leaders. Within the energy sector, the portfolio gained from positions in Occidental Petroleum and oil services firm National-Oilwell Varco, both benefiting from continued strength in global energy markets.
What did not work for the fund and why?
Weaker stock selection in the financials, industrials, consumer staples, and consumer discretionary sectors detracted from the overall performance of the fund. Although the fund realized a net benefit from an underweight position in the struggling financial sector, investments in Ambac Financial Group, Countrywide Financial, and CIT Group were negatively impacted as a result of the credit market turmoil. Within industrials, the fund’s underweight position in conglomerate General Electric was a negative contributor to performance. In the consumer staples sector, the performance of food retailer SUPERVALU was disappointing as the company continued losing market share to stronger competitors. The fund’s small investment in home-building company Pulte Homes was a negative factor on performance as fundamentals in housing continued to deteriorate.
What strategic moves were made by the fund and why?
In terms of strategic positioning, the fund ended the fiscal year with its largest overweight in the materials and technology sectors as we continued to identify stocks in these sectors that exhibit compelling fundamentals with company-specific catalysts for change. We maintained our underweight position in the financial and utility sectors. It is our belief that the financial sector is still early in its correction and that utilities are experiencing very close to full valuations.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Exxon Mobil
     4.9 %
AT&T
     3.9  
JPMorgan Chase
     3.5  
Owens-Illinois
     3.2  
Occidental Petroleum
     2.8  
Bank of America
     2.6  
Pfizer
     2.5  
General Electric
     2.5  
United Technologies
     2.3  
Marathon Oil
     2.3  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Financials
     25.3 %
Energy
     15.9  
Industrials
     9.3  
Information Technology
     8.8  
Healthcare
     8.1  
Materials
     8.1  
Consumer Discretionary
     6.4  
Telecommunication Services
     6.1  
Consumer Staples
     6.0  
Utilities
     5.3  
Short-Term Investment
     1.6  
Other Assets and Liabilities, Net2
     (0.9 )
       
      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  2007 Annual Report       29

Table of Contents

Large Cap Value Fund   continued
Annual Performance1,2
                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   10 years   2/01/1999   9/24/2001   1 year   5 years   10 years   2/01/1999   9/24/2001
Average annual return with sales charge (POP)
                                                                                
Class A
     5.45 %     12.89 %     4.89 %     —       —       7.10 %     14.15 %     4.23 %     —       —  
 
Class B
     5.76 %     13.07 %     4.70 %     —       —       7.48 %     14.35 %     4.05 %     —       —  
 
Class C
     9.71 %     13.32 %     —       3.88 %     —       11.51 %     14.57 %     —       3.77 %     —  
Average annual return without sales charge (NAV)
                                                                                
Class A
     11.60 %     14.18 %     5.49 %     —       —       13.33 %     15.45 %     4.82 %     —       —  
 
Class B
     10.76 %     13.32 %     4.70 %     —       —       12.48 %     14.59 %     4.05 %     —       —  
 
Class C
     10.71 %     13.32 %     —       3.88 %     —       12.51 %     14.57 %     —       3.77 %     —  
 
Class R
     11.25 %     13.96 %     —       —       9.42 %     13.07 %     15.24 %     —       —       9.33 %
 
Class Y
     11.83 %     14.45 %     5.76 %     —       —       13.62 %     15.75 %     5.10 %     —       —  
 
Russell 1000 Value Index3
     10.83 %     16.39 %     9.11 %     7.74 %     11.92 %     14.45 %     18.07 %     8.80 %     7.82 %     12.10 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Mutual fund investing involves risk; principal loss is possible.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.17%, 1.92%, 1.92%, 1.42%, and 0.92%, respectively.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,4  as of October 31, 2007
                 
Large Cap Value Fund, Class A (NAV)
   LOGO   $ 17,060      
 
Large Cap Value Fund, Class A (POP)
   LOGO   $ 16,122      
 
Russell 1000 Value Index3
   LOGO   $ 23,920      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 1000 Value Index3.
(LARGE CAP VALUE FUND LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3  An unmanaged index that measures the performance of those companies in the Russell 1000 Index (large-cap index) with lower price-to-book ratios and lower forecasted growth values.
 
4  Performance for Class B, Class C, Class R and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
30      First American Funds  2007 Annual Report

Table of Contents

Balanced Fund
Investment Objective: maximize total return (capital appreciation plus income)
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Balanced Fund (the “fund”), Class Y shares, returned 11.21% for the fiscal year ended October 31, 2007 (Class A shares returned 10.97% without taking the sales charge into account). By comparison, the fund’s benchmarks, the Russell 3000 Index* and the Lehman Aggregate Bond Index*, returned 14.53% and 5.38%, respectively, for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
In the stock portion of the fund, good sector allocation was the largest positive contributor to the fund’s performance. Our overweight position in technology and energy and underweights in the consumer-related areas and utilities were drivers of fund performance. Within energy, stock selection added value, with National-Oilwell Varco and Cameron International being large positive contributors to performance. Within technology, our positions in Intel, IBM, Apple, and Hewlett-Packard boosted performance. Stock selection within the basic materials sector was very helpful to performance as well. Both Owens-Illinois and Freeport-McMoRan Copper & Gold were important contributors to the fund’s performance.
In the fixed-income portion of the fund, we adopted an increasingly defensive position on corporate bonds as the fiscal year progressed. Our reduced holdings in high-yield corporate bonds and an underweight to investment-grade corporate bonds helped fund performance, particularly later in the fiscal year. The fund also benefited from the steepening of the yield curve as financial market turmoil intensified in the latter half of the fiscal year. The portfolio benefited marginally from lower interest rates.
What did not work for the fund and why?
Stock selection within the financial sector hurt the fund on an individual stock basis. The fund did own both PMI Group and Ambac Financial Group, which were more negatively affected by the subprime mortgage crisis than we anticipated. Some of the fund’s bank stocks – Bank of America and Citigroup – were also impacted by these issues. In addition to the sector and stock combinations mentioned above, poor stock selection on a company-specific basis cost the fund performance. Weak performers – notably Circuit City, Motorola and Novartis – had an adverse effect on fund performance while they were in the portfolio.
The bond portion of the portfolio was hurt by an overweight to asset-backed and commercial mortgage-backed securities. Although the quality of these holdings is high, these sectors suffered in sympathy with turmoil in the mortgage market.
What strategic moves were made by the fund and why?
We were positively rewarded for our overweights in energy and technology and for our stock selection within these sectors. Guided by global economic growth expectations and energy supply and demand forecasts, we selected stocks within the oil services area that helped performance. Technology was overweighted because we anticipated a strong PC cycle, strong demand for semiconductors, and attractive valuations and earnings growth rates. The fund’s overall exposure to stocks that benefited from momentum (a pattern of increasing rate of growth in earnings per share), a bias toward growth strategies, and stock selection outside of the benchmark also contributed to performance. Non-benchmark holdings in Owens-Illinois and Cameron International added to the fund’s performance. As we enter the new fiscal year, we have reduced our energy and technology weights and have added selectively to our consumer and financial holdings. We expect more interest-rate reductions by the Federal Reserve early in the new fiscal year. Interest-rate reductions should improve the outlook for the financial and consumer cyclical sectors.
The bond portfolio remained defensively positioned with respect to corporate credit risk, given market valuations and deteriorating credit fundamentals. The portfolio maintained an overweight in high-quality asset-backed securities and commercial mortgage-backed securities, since we view these sectors as cheap. Our interest-rate strategy was focused on a steepening yield curve, and interest-rate sensitivity was adjusted depending on valuations, given market volatility.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
iShares MSCI EAFE Index Fund
     3.4 %
U. S. Treasury Note, 4.875%, 8/31/2008
     2.3  
First American Prime Obligations Fund, Class Z
     2.0  
Cisco Systems
     1.9  
Microsoft
     1.9  
Wachovia
     1.7  
American International Group
     1.6  
Hewlett-Packard
     1.6  
Morgan Stanley
     1.5  
Owens-Illinois
     1.5  
Portfolio Allocation as of October 31, 20071  (% of net assets)
         
Stocks
     52.9 %
Bonds
     41.0  
Investment Companies
     4.5  
Short-Term Investments
     2.2  
Other Assets and Liabilities, Net2
     (0.6 )
       
      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  2007 Annual Report       31

Table of Contents

Balanced Fund   continued
Annual Performance1,2
                                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   10 years   3/1/1999   11/27/2000   9/24/2001   1 year   5 years   10 years   3/1/1999   11/27/2000   9/24/2001
Average annual return with sales charge (POP)
                                                                                                
Class A
     4.90 %     9.30 %     5.28 %     —       —       —       5.41 %     9.99 %     4.92 %     —       —       —  
 
Class B
     5.08 %     9.43 %     —       4.45 %     —       —       5.74 %     10.15 %     —       4.33 %     —       —  
 
Class C
     9.15 %     9.70 %     —       —       —       7.08 %     9.63 %     10.39 %     —       —       —       6.92 %
Average annual return without
sales charge (NAV)		                                                                                        
Class A
     10.97 %     10.54 %     5.87 %     —       —       —       11.55 %     11.25 %     5.52 %     —       —       —  
 
Class B
     10.08 %     9.71 %     —       4.45 %     —       —       10.74 %     10.42 %     —       4.33 %     —       —  
 
Class C
     10.15 %     9.70 %     —       —       —       7.08 %     10.63 %     10.39 %     —       —       —       6.92 %
 
Class R
     10.82 %     10.38 %     —       —       4.20 %     —       11.31 %     11.07 %     —       —       4.02 %     —  
 
Class Y
     11.21 %     10.78 %     6.15 %     —       —       —       11.79 %     11.52 %     5.79 %     —       —       —  
 
Russell 3000 Index 3
     14.53 %     14.83 %     7.39 %     5.23 %     4.61 %     10.24 %     16.52 %     16.18 %     6.83 %     5.06 %     4.39 %     10.06 %
 
Lehman Aggregate Bond Index4
     5.38 %     4.41 %     5.91 %     5.83 %     5.95 %     5.05 %     5.14 %     4.13 %     5.97 %     5.78 %     5.89 %     4.96 %
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Mutual fund investing involves risk; principal loss is possible.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers (including acquired fund fees and expenses, which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.27%, 2.02%, 2.02%, 1.52%, and 1.02%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses (net of acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.10%, 1.85%, 1.85%, 1.35%, and 0.85%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008 at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,5  as of October 31, 2007
                 
Balanced Fund, Class A (NAV)
   LOGO   $ 17,696      
 
Balanced Fund, Class A (POP)
   LOGO   $ 16,725      
 
Russell 3000 Index3
   LOGO   $ 20,392      
 
Lehman Aggregate Bond Index4
   LOGO   $ 17,757      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 3000 Index3 and the Lehman Aggregate Bond Index4.
(BALANCED FUND)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
   On September 24, 2001, the First American Balanced Fund combined with Firstar Balanced Growth Fund and Firstar Balanced Income Fund. Performance history prior to September 24, 2001, represents that of Firstar Balanced Growth Fund.
3  An unmanaged index that measures the performance of the 3,000 largest U.S. companies (98% of the investable U.S. equity market) based on total market capitalization.
 
4  An unmanaged fixed income index covering the U.S. investment-grade fixed-rate bond market.
 
5  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
32      First American Funds  2007 Annual Report

Table of Contents

Equity Income Fund
Investment Objective: long-term growth of capital and income
How did the fund perform for the fiscal year ended October 31, 2007?
The First American Equity Income Fund (the “fund”), Class Y shares, returned 15.54% for the fiscal year ended October 31, 2007 (Class A shares returned 15.24% without taking the sales charge into account). By comparison, the fund’s benchmark, the Standard and Poor’s 500 Dividend Only Stocks Index*, returned 13.57% for the same period.
What were the general economic and market conditions during the fiscal year?
Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.
What worked for the fund and why?
In general, the fund’s sector allocation added value. The fund was overweight in several of the best-performing sectors, including telecommunications services, information technology, and energy. The fund was underweight in the two poorest-performing sectors of the market – financials and consumer discretionary. This sector positioning reflected our conviction that U.S. consumer spending was likely to experience a challenging environment in 2007 due to rising interest rates and energy prices. We also expected economic growth abroad to be stronger than in the United States. Therefore, the fund was positioned in industries and companies with significant shares of their revenues sourced overseas, particularly in the information technology, industrials, and materials sectors.
Strong performing individual holdings were spread across several sectors of the market and included McDonald’s and YUM! Brands in the consumer discretionary sector, both benefiting from strong revenue growth in their international markets. This was also true for Proctor & Gamble, the fund’s largest holding in the consumer staples sector. In financials, standout performers included ICICI Bank, a bank domiciled in India, with strong operating performance reflecting the generally strong economic growth in that country; and BlackRock, an asset manager with a growing worldwide presence. In industrials, Honeywell International’s performance was very strong, reflecting robust global spending on aerospace products. Hewlett-Packard and Intel led the pack in the information technology sector on the strength of their strong international sales results. This also boosted the performance of Praxair, an industrial gas company with a growing international presence. Vodaphone Group, in telecommunications services, was also a strong performer as investors recognized the company’s improving operating fundamentals and stabilizing revenue environment.
What did not work for the fund and why?
The fund’s worst performers were concentrated in the financials sector, where the fallout from aggressive mortgage lending in the United States was widely experienced. Several of the fund’s holdings were impacted by this including Ambac Financial Group, Wachovia, Bank of America, and American International Group (AIG).
What strategic moves were made by the fund and why?
The fund was incrementally positioned throughout the fiscal year into industries and companies with strong international business prospects. Concurrently, U.S.-focused companies were trimmed or sold during the year. The fund continues to emphasize primarily large U.S.-based companies with growing global franchises and with dividend policies that support above-average current yields and dividend growth.
* Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Exxon Mobil
     3.9 %
AT&T
     3.8  
BP, ADR
     3.5  
General Electric
     3.5  
Bank of America
     3.3  
Microsoft
     3.2  
ConocoPhillips
     2.9  
Intel
     2.9  
Procter & Gamble
     2.6  
Chevron
     2.6  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Financials
     19.7 %
Energy
     14.3  
Information Technology
     13.9  
Industrials
     12.2  
Consumer Staples
     11.3  
Telecommunication Services
     9.2  
Healthcare
     8.9  
Consumer Discretionary
     4.2  
Materials
     3.6  
Utilities
     1.7  
Short-Term Investment
     0.8  
Convertible Corporate Bond
     0.4  
Other Assets and 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  2007 Annual Report       33

Table of Contents

Equity Income Fund   continued
Annual Performance1,2
                                                                                 
    October 31, 2007   September 30, 2007*
         
        Since Inception       Since Inception
                 
    1 year   5 years   10 years   2/01/1999   9/24/2001   1 year   5 years   10 years   2/01/1999   9/24/2001
Average annual return with sales charge (POP)
                                                                                
Class A
     8.87 %     12.81 %     7.31 %     —       —       10.56 %     13.86 %     6.94 %     —       —  
 
Class B
     9.40 %     13.00 %     7.15 %     —       —       11.18 %     14.06 %     6.79 %     —       —  
 
Class C
     13.37 %     13.23 %     —       5.61 %     —       15.14 %     14.28 %     —       5.50 %     —  
Average annual return without sales charge (NAV)
                                                                                
Class A
     15.24 %     14.09 %     7.91 %     —       —       17.01 %     15.17 %     7.55 %     —       —  
 
Class B
     14.40 %     13.24 %     7.15 %     —       —       16.18 %     14.29 %     6.79 %     —       —  
 
Class C
     14.37 %     13.23 %     —       5.61 %     —       16.14 %     14.28 %     —       5.50 %     —  
 
Class R
     14.98 %     13.88 %     —       —       9.29 %     16.76 %     14.96 %     —       —       9.16 %
 
Class Y
     15.54 %     14.37 %     8.21 %     —       —       17.32 %     15.44 %     7.84 %     —       —  
 
S&P 500 Index3
     14.56 %     13.88 %     7.10 %     3.93 %     9.29 %     16.44 %     15.45 %     6.57 %     3.78 %     9.14 %
 
S&P 500 Dividend Only Stocks Index4
     13.57 %     13.37 %     7.61 %     5.11 %     —       15.93 %     14.79 %     7.16 %     5.04 %     —  
 
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1  Mutual fund investing involves risk; principal loss is possible.
   Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
 
   Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
 
   Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
 
   As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.16%, 1.91%, 1.91%, 1.41%, and 0.91%, respectively.
* This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
Value of $10,000 Investment1,2,5  as of October 31, 2007
                 
Equity Income Fund, Class A (NAV)
   LOGO   $ 21,416      
 
Equity Income Fund, Class A (POP)
   LOGO   $ 20,244      
 
S&P 500 Index3
   LOGO   $ 19,860      
 
S&P 500 Dividend Only Stocks Index4
   LOGO   $ 20,831      
 
  The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the S&P 500 Index3 and the S&P 500 Dividend Only Stocks Index4.
(EQUITY INCOME FUND LINE GRAPH)
 
2  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3  An unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks.
 
4  The S&P 500 Dividend Only Stocks Index custom benchmark is composed of companies in the S&P 500 Index that have an indicated annual dividend.
 
5  Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.
34      First American Funds  2007 Annual Report

Table of Contents

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 May 1, 2007 to October 31, 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.
Real Estate Securities Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period1 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual2
   $ 1,000.00     $ 948.70     $ 5.99  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.06     $ 6.21  
 
Class B Actual2
   $ 1,000.00     $ 944.70     $ 9.66  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.27     $ 10.01  
 
Class C Actual2
   $ 1,000.00     $ 944.90     $ 9.66  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.27     $ 10.01  
 
Class R Actual2
   $ 1,000.00     $ 947.60     $ 7.22  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.80     $ 7.48  
 
Class Y Actual2
   $ 1,000.00     $ 949.60     $ 4.77  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.32     $ 4.94  
 
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 October 31, 2007 of -5.13%, -5.53%, -5.51%, -5.24%, and -5.04% for Class A, Class B, Class C, Class R and Class Y, respectively.
First American Funds  2007 Annual Report       35

Table of Contents

Expense Examples   continued
International Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period1 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual2
   $ 1,000.00     $ 1,078.60     $ 7.81  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.69     $ 7.58  
 
Class B Actual2
   $ 1,000.00     $ 1,074.20     $ 11.71  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,013.91     $ 11.37  
 
Class C Actual2
   $ 1,000.00     $ 1,074.90     $ 11.71  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,013.91     $ 11.37  
 
Class R Actual2
   $ 1,000.00     $ 1,077.20     $ 9.11  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,016.43     $ 8.84  
 
Class Y Actual2
   $ 1,000.00     $ 1,080.20     $ 6.50  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,018.95     $ 6.31  
 
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 October 31, 2007 of 7.86%, 7.42%, 7.49%, 7.72%, and 8.02% for Class A, Class B, Class C, Class R, and Class Y, respectively.
International Select Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period3 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual4
   $ 1,000.00     $ 1,120.80     $ 7.96  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.69     $ 7.58  
 
Class B Actual4
   $ 1,000.00     $ 1,116.60     $ 11.95  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,013.91     $ 11.37  
 
Class C Actual4
   $ 1,000.00     $ 1,116.60     $ 11.95  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,013.91     $ 11.37  
 
Class R Actual4
   $ 1,000.00     $ 1,119.10     $ 9.29  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,016.43     $ 8.84  
 
Class Y Actual4
   $ 1,000.00     $ 1,122.70     $ 6.63  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,018.95     $ 6.31  
 
3  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).
 
4  Based on the actual returns for the six-month period ended October 31, 2007 of 12.08%, 11.66%, 11.66%, 11.91%, and 12.27% for Class A, Class B, Class C, Class R and Class Y, respectively.
36      First American Funds  2007 Annual Report

Table of Contents

Small Cap Growth Opportunities Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period1 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual2
   $ 1,000.00     $ 1,048.90     $ 7.54  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.85     $ 7.43  
 
Class B Actual2
   $ 1,000.00     $ 1,045.40     $ 11.39  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,014.06     $ 11.22  
 
Class C Actual2
   $ 1,000.00     $ 1,045.10     $ 11.39  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,014.06     $ 11.22  
 
Class R Actual2
   $ 1,000.00     $ 1,047.80     $ 8.83  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,016.59     $ 8.69  
 
Class Y Actual2
   $ 1,000.00     $ 1,050.20     $ 6.25  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.11     $ 6.16  
 
1  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.46%, 2.21%, 2.21%, 1.71%, and 1.21% 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 October 31, 2007 of 4.89%, 4.54%, 4.51%, 4.78%, and 5.02% 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 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual4
   $ 1,000.00     $ 1,014.40     $ 6.25  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.00     $ 6.26  
 
Class B Actual4
   $ 1,000.00     $ 1,010.50     $ 10.03  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.22     $ 10.06  
 
Class C Actual4
   $ 1,000.00     $ 1,010.80     $ 10.04  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.22     $ 10.06  
 
Class R Actual4
   $ 1,000.00     $ 1,013.20     $ 7.51  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.74     $ 7.53  
 
Class Y Actual4
   $ 1,000.00     $ 1,016.20     $ 4.98  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.27     $ 4.99  
 
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 October 31, 2007 of 1.44%, 1.05%, 1.08%, 1.32%, and 1.62% for Class A, Class B, Class C, Class R, and Class Y, respectively.
First American Funds  2007 Annual Report       37

Table of Contents

Expense Examples   continued
Small Cap Value Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period1 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual2
   $ 1,000.00     $ 995.60     $ 6.34  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,018.85     $ 6.41  
 
Class B Actual2
   $ 1,000.00     $ 991.70     $ 10.09  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.07     $ 10.21  
 
Class C Actual2
   $ 1,000.00     $ 991.90     $ 10.09  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.07     $ 10.21  
 
Class R Actual2
   $ 1,000.00     $ 994.00     $ 7.59  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.59     $ 7.68  
 
Class Y Actual2
   $ 1,000.00     $ 996.40     $ 5.08  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.11     $ 5.14  
 
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 October 31, 2007 of -0.44%, -0.83%, -0.81%, -0.60%, and -0.36% 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 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual4
   $ 1,000.00     $ 1,022.10     $ 7.19  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,018.10     $ 7.17  
 
Class B Actual4
   $ 1,000.00     $ 1,018.80     $ 10.99  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,014.32     $ 10.97  
 
Class C Actual4
   $ 1,000.00     $ 1,018.30     $ 10.99  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,014.32     $ 10.97  
 
Class Y Actual4
   $ 1,000.00     $ 1,024.00     $ 5.92  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.36     $ 5.90  
 
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 October 31, 2007 of 2.21%, 1.88%, 1.83%, and 2.40% for Class A, Class B, Class C, and Class Y, respectively.
38      First American Funds  2007 Annual Report

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Mid Cap Growth Opportunities Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period1 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual2
   $ 1,000.00     $ 1,103.60     $ 6.42  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.11     $ 6.16  
 
Class B Actual2
   $ 1,000.00     $ 1,099.20     $ 10.37  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.32     $ 9.96  
 
Class C Actual2
   $ 1,000.00     $ 1,099.10     $ 10.37  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.32     $ 9.96  
 
Class R Actual2
   $ 1,000.00     $ 1,102.10     $ 7.74  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.85     $ 7.43  
 
Class Y Actual2
   $ 1,000.00     $ 1,104.90     $ 5.09  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.37     $ 4.89  
 
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 October 31, 2007 of 10.36%, 9.92%, 9.91%, 10.21%, and 10.49% 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 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual4
   $ 1,000.00     $ 1,010.10     $ 6.18  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.06     $ 6.21  
 
Class B Actual4
   $ 1,000.00     $ 1,006.50     $ 9.96  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.27     $ 10.01  
 
Class C Actual4
   $ 1,000.00     $ 1,006.30     $ 9.96  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.27     $ 10.01  
 
Class R Actual4
   $ 1,000.00     $ 1,008.60     $ 7.44  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.80     $ 7.48  
 
Class Y Actual4
   $ 1,000.00     $ 1,011.30     $ 4.92  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.32     $ 4.94  
 
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 October 31, 2007 of 1.01%, 0.65%, 0.63%, 0.86%, and 1.13% for Class A, Class B, Class C, Class R, and Class Y, respectively.
First American Funds  2007 Annual Report       39

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Expense Examples   continued
Large Cap Growth Opportunities Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period1 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual2
   $ 1,000.00     $ 1,146.70     $ 6.38  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.26     $ 6.01  
 
Class B Actual2
   $ 1,000.00     $ 1,142.50     $ 10.42  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.48     $ 9.80  
 
Class C Actual2
   $ 1,000.00     $ 1,142.60     $ 10.42  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.48     $ 9.80  
 
Class R Actual2
   $ 1,000.00     $ 1,145.20     $ 7.73  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,018.00     $ 7.27  
 
Class Y Actual2
   $ 1,000.00     $ 1,148.20     $ 5.04  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.52     $ 4.74  
 
1  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.18%, 1.93%, 1.93%, 1.43%, and 0.93% 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 October 31, 2007 of 14.67%, 14.25%, 14.26%, 14.52%, and 14.82% 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 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual4
   $ 1,000.00     $ 1,068.30     $ 6.20  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.21     $ 6.06  
 
Class B Actual4
   $ 1,000.00     $ 1,064.40     $ 10.09  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.43     $ 9.86  
 
Class C Actual4
   $ 1,000.00     $ 1,064.40     $ 10.09  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.43     $ 9.86  
 
Class R Actual4
   $ 1,000.00     $ 1,067.30     $ 7.50  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,017.95     $ 7.32  
 
Class Y Actual4
   $ 1,000.00     $ 1,069.80     $ 4.90  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.47     $ 4.79  
 
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 October 31, 2007 of 6.83%, 6.44%, 6.44%, 6.73%, and 6.98% for Class A, Class B, Class C, Class R, and Class Y, respectively.
40      First American Funds  2007 Annual Report

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Large Cap Value Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period1 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual2
   $ 1,000.00     $ 1,038.00     $ 6.01  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.31     $ 5.96  
 
Class B Actual2
   $ 1,000.00     $ 1,034.40     $ 9.85  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.53     $ 9.75  
 
Class C Actual2
   $ 1,000.00     $ 1,033.90     $ 9.84  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.53     $ 9.75  
 
Class R Actual2
   $ 1,000.00     $ 1,036.30     $ 7.29  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,018.05     $ 7.22  
 
Class Y Actual2
   $ 1,000.00     $ 1,039.20     $ 4.73  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.57     $ 4.69  
 
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 October 31, 2007 of 3.80%, 3.44%, 3.39%, 3.63%, and 3.92% for Class A, Class B, Class C, Class R, and Class Y, respectively.
Balanced Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period3 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual4
   $ 1,000.00     $ 1,049.60     $ 5.63  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.71     $ 5.55  
 
Class B Actual4
   $ 1,000.00     $ 1,045.80     $ 9.49  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.93     $ 9.35  
 
Class C Actual4
   $ 1,000.00     $ 1,045.90     $ 9.54  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.88     $ 9.40  
 
Class R Actual4
   $ 1,000.00     $ 1,048.10     $ 6.97  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,018.40     $ 6.87  
 
Class Y Actual4
   $ 1,000.00     $ 1,050.80     $ 4.34  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.97     $ 4.28  
 
3  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.09%, 1.84%, 1.85%, 1.35%, and 0.84% 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 October 31, 2007 of 4.96%, 4.58%, 4.59%, 4.81%, and 5.08% for Class A, Class B, Class C, Class R, and Class Y, respectively.
First American Funds  2007 Annual Report       41

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Expense Examples   continued
Equity Income Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period1 (5/01/07 to
    Value (5/01/07)   Value (10/31/07)   10/31/07)
Class A Actual2
   $ 1,000.00     $ 1,067.80     $ 6.05  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,019.36     $ 5.90  
 
Class B Actual2
   $ 1,000.00     $ 1,063.40     $ 9.93  
 
Class B Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.58     $ 9.70  
 
Class C Actual2
   $ 1,000.00     $ 1,063.30     $ 9.93  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,015.58     $ 9.70  
 
Class R Actual2
   $ 1,000.00     $ 1,066.60     $ 7.34  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,018.10     $ 7.17  
 
Class Y Actual2
   $ 1,000.00     $ 1,068.70     $ 4.74  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,020.62     $ 4.63  
 
1  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.16%, 1.91%, 1.91%, 1.41%, and 0.91% 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 October 31, 2007 of 6.78%, 6.34%, 6.33%, 6.66%, and 6.87% for Class A, Class B, Class C, Class R, and Class Y, respectively.
42      First American Funds  2007 Annual Report

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Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors
First American Investment Funds, Inc.
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Real Estate Securities, International, International Select, Small Cap Growth Opportunities, Small Cap Select, Small Cap Value, Small-Mid Cap Core, Mid Cap Growth Opportunities, Mid Cap Value, Large Cap Growth Opportunities, Large Cap Select, Large Cap Value, Balanced, and Equity Income Funds (series of First American Investment Funds, Inc.) (collectively, the “funds”) as of October 31, 2007, and the related statements of operations, statements of changes in net assets and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2007 by correspondence with the custodians and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the funds listed above of the First American Investment Funds, Inc. at October 31, 2007, the results of their operations, changes in their net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
-s- Ernst & Young LLP
Minneapolis, Minnesota
December 19, 2007
First American Funds  2007 Annual Report       43

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Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                   
Real Estate Securities Fund
DESCRIPTION   SHARES   VALUE
 
Real Estate Common Stocks (a) – 96.3%
Apartments – 14.3%
American Campus Communities (b)
     373,625     $ 10,626  
Associated Estates Realty (b)
     317,740       3,857  
Avalonbay Communities (b) (c)
     160,127       19,640  
Boardwalk Real Estate (b) (d)
     207,443       9,585  
BRE Properties (b)
     45,971       2,519  
Camden Property Trust (b)
     227,357       14,176  
Equity Residential Properties Trust (b) (c)
     514,724       21,505  
Essex Property Trust (b) (c)
     122,658       15,140  
Home Properties (b) (c)
     187,421       9,637  
Mid-America Apartment Communities (b) (c)
     134,477       6,993  
UDR, Inc. (b) (c)
     623,385       14,799  
             
              128,477  
             
Community Centers – 9.8%
Agree Realty (b)
     42,845       1,387  
Developers Diversified Realty (b) (c)
     444,491       22,402  
Federal Realty Investment Trust (b) (c)
     182,369       16,089  
Kimco Realty (b) (c)
     568,848       23,619  
Kite Realty Group Trust (b)
     78,530       1,423  
Regency Centers (b) (c)
     297,926       21,296  
Saul Centers (b)
     37,983       2,082  
             
              88,298  
             
Diversified – 6.2%
Cousins Properties (b) (c)
     30,475       877  
Forest City Enterprises, Class A (c)
     218,407       12,432  
Vornado Realty Trust (b) (c)
     376,598       42,074  
             
              55,383  
             
Healthcare – 6.1%
Brookdale Senior Living (c)
     253,874       9,366  
Capital Senior Living (c) (e)
     758,196       6,778  
HCP, Inc. (b) (c)
     128,564       4,376  
Health Care REIT (b) (c)
     123,439       5,467  
Healthcare Realty Trust (b)
     66,422       1,756  
Nationwide Health Properties (b) (c)
     167,363       5,225  
OMEGA Healthcare Investors (b) (c)
     36,485       611  
Skilled Healthcare Group, Class A (e)
     264,851       4,338  
Ventas (b) (c)
     388,390       16,658  
             
              54,575  
             
Hotels – 11.9%
Ashford Hospitality Trust (b) (c)
     90,526       891  
Gaylord Entertainment (c)
     134,637       7,335  
Hersha Hospitality Trust (b) (c)
     530,992       5,740  
Host Marriott (b) (c)
     1,758,657       38,972  
LaSalle Hotel Properties (b) (c)
     348,740       14,410  
Marcus (c)
     26,601       512  
Marriott International, Class A
     857,672       35,259  
Red Lion Hotels (e)
     225,817       2,217  
Strategic Hotels & Resorts (b)
     82,413       1,800  
Sunstone Hotel Investors (b)
     13,001       361  
             
              107,497  
             
Industrials – 10.3%
AMB Property (b) (c)
     77,702       5,078  
DCT Industrial Trust (b) (c)
     122,992       1,319  
EastGroup Properties (b) (c)
     405,909       19,354  
Prologis (b) (c)
     639,756       45,896  
PS Business Parks (b)
     364,627       21,258  
             
              92,905  
             
International – 0.6%
Eurocommercial Properties (b) (d)
     79,423       4,680  
Kamigumi (d)
     24,734       201  
Mapletree Logistics Trust (b) (d)
     281,083       233  
Mitsubishi Logistics (d)
     30,444       437  
             
              5,551  
             
Malls – 14.0%
CBL & Associates Properties (b)
     75,128       2,487  
General Growth Properties (b) (c)
     404,333       21,980  
Macerich (b) (c)
     297,141       25,468  
Pennsylvania (b)
     165,456       6,312  
Simon Property Group (b) (c)
     650,921       67,767  
Taubman Centers (b) (c)
     30,688       1,807  
             
              125,821  
             
Manufactured Homes – 0.3%
Equity Lifestyle Properties (b) (c)
     52,287       2,627  
             
Mortgage – 0.3%
iStar Financial (b) (c)
     78,337       2,390  
             
Net Lease – 0.4%
Entertainment Properties Trust (b) (c)
     28,198       1,547  
National Retail Properties (b) (c)
     25,600       649  
Realty Income (b) (c)
     48,552       1,434  
             
              3,630  
             
Office – 17.2%
Alexandria Real Estate Equities (b) (c)
     39,864       4,112  
BioMed Realty Trust (b) (c)
     324,186       7,745  
Boston Properties (b) (c)
     333,529       36,134  
Brandywine Realty Trust (b) (c)
     140,293       3,629  
Brookfield Asset Management, Class A (c)
     22,151       904  
Brookfield Properties
     365,929       9,137  
Cogdell Spencer (b)
     451,398       7,737  
Corporate Office Properties Trust (b) (c)
     179,840       7,433  
Digital Realty Trust (b) (c)
     74,200       3,264  
Duke Realty (b) (c)
     806,256       25,921  
Dupont Fabros Technology (b) (c) (e)
     325,301       6,987  
Highwoods Properties (b) (c)
     192,268       6,914  
Kilroy Realty (b) (c)
     54,393       3,538  
Mack-Cali Realty (b)
     21,400       847  
SL Green Realty (b) (c)
     255,193       30,792  
             
              155,094  
             
Real Estate Service Provider – 0.3%
HFF, Inc. (e)
     286,110       2,875  
             
Self Storage – 4.5%
Extra Space Storage (b) (c)
     180,270       2,834  
Public Storage (b) (c)
     470,017       38,057  
             
              40,891  
             
Student Housing – 0.1%
Education Realty Trust (b)
     52,294       677  
             
Total Real Estate Common Stocks                
 
(Cost $697,853)
             866,691
 
  
Investment Companies – 2.3%
Macquarie Global Infrastructure Total Return Fund (c)
     308,039       9,697  
Macquarie/ First Trust Global Infrastructure/ Utilities Dividend & Income Fund (c)
     97,413       2,703  
Seligman Lasalle International Real Estate (c)
     59,694       1,189  
SPDR Macquarie Global Infrastructure 100 Index (c) (e)
     112,436       6,924  
             
Total Investment Companies                
 
(Cost $18,336)
             20,513  
             
The accompanying notes are an integral part of the financial statements.
44      First American Funds  2007 Annual Report

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Real Estate Securities Fund (concluded)
DESCRIPTION   SHARES   VALUE
 
Private Real Estate Companies (a) – 0.0%
Beacon Capital (e) (f) (g)
     33,750     $ 3  
Newcastle Investment Holdings (e) (f) (g)
     35,000       66  
             
Total Private Real Estate Companies                
 
(Cost $588)
             69  
             
Short-Term Investment – 0.7%
First American Prime Obligations Fund, Class Z (h)
                
 
(Cost $6,284)
     6,283,982       6,284  
             
Investment Purchased with Proceeds from Securities Lending – 46.5%
Mount Vernon Securities Lending Prime Portfolio (i)
                
 
(Cost $418,293)
     418,292,504       418,293  
             
Total Investments – 145.8%                
 
(Cost $1,141,354)
             1,311,850  
             
Other Assets and Liabilities, Net – (45.8)%
             (411,883 )
             
Total Net Assets – 100.0%
           $ 899,967  
             
(a)  The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 7 in Notes to Financial Statements.
 
(b)  Real Estate Investment Trust. As of October 31, 2007, the market value of these investments was $774,900, or 86.1% of total net assets.
 
(c)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $412,574 at October 31, 2007. See note 2 in Notes to Financial Statements.
 
(d)  Foreign denominated security values stated in U.S. dollars.
 
(e)  Non-income producing security.
(f)  Security is considered illiquid or restricted. As of October 31, 2007, the value of these investments was $69 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(g)  Security is fair valued. As of October 31, 2007, the value of these investments was $69 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
 
(h)  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.
(i)  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
First American Funds  2007 Annual Report       45

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Statement of  Assets and Liabilities    October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data
               
    Real Estate      
    Securities Fund      
   
Investments in unaffiliated securities, at cost
   $ 716,777        
Investment in affiliated money market fund, at cost
     6,284        
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)
     418,293        
   
ASSETS:
              
Investments in unaffiliated securities, at value* (note 2)
   $ 887,273        
Investment in affiliated money market fund, at value (note 2)
     6,284        
Affiliated investment purchased with proceeds from securities lending, at value (note 2)
     418,293        
Receivable for dividends and interest
     507        
Receivable for investment securities sold
     42,999        
Receivable for capital shares sold
     1,147        
Prepaid expenses and other assets
     43        
   
Total assets
     1,356,546        
   
LIABILITIES:
              
Payable for investment securities purchased
     32,685        
Payable upon return of securities loaned (note 2)
     418,293        
Payable for capital shares redeemed
     4,784        
Payable to affiliates (note 3)
     729        
Payable for distribution and shareholder servicing fees
     73        
Accrued expenses and other liabilities
     15        
   
Total liabilities
     456,579        
   
Net assets
   $ 899,967        
   
COMPOSITION OF NET ASSETS:
              
Portfolio capital
   $ 647,669        
Distributions in excess of net investment income
     (7 )      
Accumulated net realized gain on investments
     81,809        
Net unrealized appreciation of investments
     170,496        
   
Net assets
   $ 899,967        
   
* Including securities loaned, at value
   $ 412,574        
   
Class A:
              
Net assets
   $ 203,101        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     8,467        
Net asset value and redemption price per share
   $ 23.99        
Maximum offering price per share1
   $ 25.39        
Class B:
              
Net assets
   $ 7,391        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     314        
Net asset value, offering price, and redemption price per share2
   $ 23.53        
Class C:
              
Net assets
   $ 18,403        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     779        
Net asset value, offering price, and redemption price per share2
   $ 23.62        
Class R:
              
Net assets
   $ 18,493        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     764        
Net asset value, offering price, and redemption price per share
   $ 24.20        
Class Y:
              
Net assets
   $ 652,579        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     26,983        
Net asset value, offering price, and redemption price per share
   $ 24.18        
   
  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.
46      First American Funds  2007 Annual Report

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Statement of  Operations    For the year ended October 31, 2007, all dollars are rounded to thousands (000)
               
    Real Estate      
    Securities Fund      
   
INVESTMENT INCOME:
              
Dividends from unaffiliated securities
   $ 29,634        
Dividends from affiliated money market fund
     629        
Less: Foreign taxes withheld
     (64 )      
Securities lending income
     608        
   
Total investment income
     30,807        
   
EXPENSES (note 3):
              
Investment advisory fees
     6,986        
Administration fees
     2,228        
Transfer agent fees
     188        
Custodian fees
     54        
Professional fees
     43        
Registration fees
     81        
Postage and printing fees
     51        
Directors’ fees
     21        
Other expenses
     21        
Distribution and shareholder servicing fees – Class A
     591        
Distribution and shareholder servicing fees – Class B
     82        
Distribution and shareholder servicing fees – Class C
     189        
Distribution and shareholder servicing fees – Class R
     78        
   
Total expenses
     10,613        
   
Less: Fee waivers (note 3)
     (12 )      
Less: Indirect payments from custodian (note 3)
     (3 )      
   
Total net expenses
     10,598        
   
Investment income – net
     20,209        
   
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
              
Net realized gain on investments
     78,326        
Net change in unrealized appreciation or depreciation of investments
     (95,107 )      
   
Net loss on investments
     (16,781 )      
   
Net increase in net assets resulting from operations
   $ 3,428        
   
First American Funds  2007 Annual Report       47

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Statements of  Changes in Net Assets    all dollars are rounded to thousands (000)
                       
        Real Estate    
        Securities    
        Fund    
     
    Year Ended   Year Ended    
    10/31/07   10/31/06    
     
OPERATIONS:
                    
Investment income – net
   $ 20,209     $ 17,379      
Net realized gain on unaffiliated investments
     78,326       98,123      
Net realized gain on affiliated investments
     —       755      
Net change in unrealized appreciation or depreciation of investments
     (95,107 )     169,252      
     
Net increase in net assets resulting from operations
     3,428       285,509      
     
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                    
Investment income – net:
                    
 
Class A
     (3,489 )     (4,468 )    
 
Class B
     (76 )     (98 )    
 
Class C
     (197 )     (122 )    
 
Class R
     (229 )     (80 )    
 
Class Y
     (11,675 )     (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
     (105,751 )     (98,319 )    
     
CAPITAL SHARE TRANSACTIONS (note 4):
                    
Class A:
                    
 
Proceeds from sales
     105,664       96,251      
 
Reinvestment of distributions
     22,640       20,510      
 
Payments for redemptions
     (127,551 )     (64,650 )    
     
Increase in net assets from Class A transactions
     753       52,111      
     
Class B:
                    
 
Proceeds from sales
     3,037       2,324      
 
Reinvestment of distributions
     730       550      
 
Payments for redemptions (note 3)
     (2,757 )     (1,261 )    
     
Increase in net assets from Class B transactions
     1,010       1,613      
     
Class C:
                    
 
Proceeds from sales
     16,692       6,990      
 
Reinvestment of distributions
     1,193       634      
 
Payments for redemptions (note 3)
     (9,390 )     (1,722 )    
     
Increase in net assets from Class C transactions
     8,495       5,902      
     
Class R:
                    
 
Proceeds from sales
     23,035       9,837      
 
Reinvestment of distributions
     1,152       104      
 
Payments for redemptions
     (13,301 )     (1,736 )    
     
Increase in net assets from Class R transactions
     10,886       8,205      
     
Class Y:
                    
 
Proceeds from sales
     200,077       184,391      
 
Reinvestment of distributions
     42,649       40,096      
 
Payments for redemptions
     (275,626 )     (112,601 )    
     
Increase (decrease) in net assets from Class Y transactions
     (32,900 )     111,886      
     
Increase (decrease) in net assets from capital share transactions
     (11,756 )     179,717      
     
Total increase (decrease) in net assets
     (114,079 )     366,907      
Net assets at beginning of year
     1,014,046       647,139      
     
Net assets at end of year
   $ 899,967     $ 1,014,046      
     
Distributions in excess of net investment income at end of year
   $ (7 )   $ —      
     
The accompanying notes are an integral part of the financial statements.
48      First American Funds  2007 Annual Report

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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      
                                     
Real Estate Securities Fund 1
                                                                
Class A
                                                                
 
2007 2
   $ 26.49       $ 0.47       $ (0.24 )     $ (0.36 )     $ (2.37 )     $ 23.99        
 
2006 2
     21.42         0.47         7.77         (0.58 )       (2.59 )       26.49        
 
2005 3
     21.81         0.03         (0.42 )       —         —         21.42        
 
2005 4
     18.62         0.69         4.47         (0.55 )       (1.42 )       21.81        
 
2004 4
     16.00         0.63         3.21         (0.62 )       (0.60 )       18.62        
 
2003 4
     13.68         0.69         2.65         (0.69 )       (0.33 )       16.00        
Class B
                                                                
 
2007 2
   $ 26.08       $ 0.27       $ (0.22 )     $ (0.23 )     $ (2.37 )     $ 23.53        
 
2006 2
     21.14         0.29         7.66         (0.42 )       (2.59 )       26.08        
 
2005 3
     21.53         0.01         (0.40 )       —         —         21.14        
 
2005 4
     18.41         0.54         4.40         (0.40 )       (1.42 )       21.53        
 
2004 4
     15.85         0.50         3.17         (0.51 )       (0.60 )       18.41        
 
2003 4
     13.55         0.57         2.64         (0.58 )       (0.33 )       15.85        
Class C
                                                                
 
2007 2
   $ 26.17       $ 0.26       $ (0.21 )     $ (0.23 )     $ (2.37 )     $ 23.62        
 
2006 2
     21.21         0.28         7.70         (0.43 )       (2.59 )       26.17        
 
2005 3
     21.61         0.01         (0.41 )       —         —         21.21        
 
2005 4
     18.47         0.54         4.42         (0.40 )       (1.42 )       21.61        
 
2004 4
     15.89         0.50         3.19         (0.51 )       (0.60 )       18.47        
 
2003 4
     13.62         0.59         2.62         (0.61 )       (0.33 )       15.89        
Class R 5
                                                                
 
2007 2
   $ 26.72       $ 0.38       $ (0.21 )     $ (0.32 )     $ (2.37 )     $ 24.20        
 
2006 2
     21.61         0.35         7.90         (0.55 )       (2.59 )       26.72        
 
2005 3
     22.00         0.02         (0.41 )       —         —         21.61        
 
2005 4
     18.80         0.72         4.43         (0.53 )       (1.42 )       22.00        
 
2004 4
     16.00         0.61         3.24         (0.45 )       (0.60 )       18.80        
 
2003 4
     13.69         0.69         2.64         (0.69 )       (0.33 )       16.00        
Class Y
                                                                
 
2007 2
   $ 26.67       $ 0.53       $ (0.24 )     $ (0.41 )     $ (2.37 )     $ 24.18        
 
2006 2
     21.54         0.53         7.82         (0.63 )       (2.59 )       26.67        
 
2005 3
     21.92         0.03         (0.41 )       —         —         21.54        
 
2005 4
     18.71         0.74         4.49         (0.60 )       (1.42 )       21.92        
 
2004 4
     16.06         0.69         3.22         (0.66 )       (0.60 )       18.71        
 
2003 4
     13.73         0.73         2.66         (0.73 )       (0.33 )       16.06        
                                                 
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
 
  6   Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
50      First American Funds  2007 Annual Report

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                                  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    
    Return6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate    
                                               
               
               
      0.78 %     $ 203,101         1.22 %       1.87 %       1.22 %       1.87 %       210 %    
      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      
               
      0.00 %     $ 7,391         1.97 %       1.12 %       1.97 %       1.12 %       210 %    
      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      
               
      0.03 %     $ 18,403         1.97 %       1.06 %       1.97 %       1.06 %       210 %    
      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      
               
      0.52 %     $ 18,493         1.47 %       1.52 %       1.47 %       1.52 %       210 %    
      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      
               
      1.01 %     $ 652,579         0.97 %       2.12 %       0.97 %       2.12 %       210 %    
      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      
                                                                 
First American Funds  2007 Annual Report       51

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars rounded to thousands (000)
                 
International Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 99.2%
Australia – 2.6%
BHP Billiton (a)
     902,000     $ 39,277  
Rio Tinto
     51,482       5,344  
             
              44,621  
             
Belgium – 1.8%
Dexia
     520,000       16,742  
Fortis
     477,600       15,345  
             
              32,087  
             
Brazil – 3.1%
Companhia Vale do Rio Doce – ADR (a)
     799,524       30,126  
Petroleo Brasileiro – ADR
     243,350       23,272  
             
              53,398  
             
Egypt – 0.2%
Orascom Construction Industries – GDR
     20,223       3,669  
             
Finland – 2.1%
Nokia Oyj
     906,665       36,008  
             
France – 13.8%
Accor (a)
     188,100       18,021  
Axa (a)
     767,432       34,470  
BNP Paribas (a)
     252,089       27,939  
Compagnie de Saint-Gobain (a)
     165,000       17,782  
Imerys (a)
     169,400       16,504  
Lafarge (a)
     136,670       22,341  
Pernod-Ricard (a)
     87,700       20,309  
Sanofi-Aventis
     234,700       20,645  
Total (a) (b)
     780,260       62,964  
             
              240,975  
             
Germany – 6.6%
BASF (a)
     72,100       10,009  
Deutsche Post
     411,000       12,448  
E.ON
     135,900       26,600  
Linde
     76,442       9,691  
SAP (a)
     311,430       16,921  
Siemens (a)
     217,260       29,667  
Symrise (a) (b)
     291,154       8,703  
             
              114,039  
             
Great Britain – 20.4%
Barclays
     2,409,500       30,496  
BG Group
     1,034,965       19,189  
British Land
     330,000       7,466  
Burberry Group
     984,600       12,633  
Centrica
     1,430,542       10,995  
GlaxoSmithKline
     1,325,000       34,034  
ICAP
     1,502,514       18,346  
Kingfisher
     3,010,521       12,390  
Man Group
     1,260,400       15,489  
Morrison Supermarket
     2,548,700       15,733  
Rio Tinto PLC
     59,800       5,608  
Smith & Nephew
     1,505,163       20,384  
Standard Chartered
     967,000       37,611  
Tesco
     3,831,979       38,981  
Vodafone
     11,250,325       44,333  
Wolseley
     950,000       16,523  
WPP Group
     1,135,503       15,535  
             
              355,746  
             
Greece – 0.5%
Piraeus Bank
     207,900       8,371  
             
Hong Kong – 4.3%
Esprit Holdings (a)
     1,158,300       19,345  
HSBC (a)
     2,845,600       56,090  
             
              75,435  
             
Ireland – 0.7%
Bank of Ireland
     650,000       11,979  
             
Italy – 4.9%
Banca Intesa (a)
     2,208,600       17,521  
Eni (a)
     1,246,261       45,505  
Unicredito Italiano
     2,603,900       22,400  
             
              85,426  
             
Japan – 18.6%
Astellas Pharma
     406,700       18,054  
The Bank of Yokohama
     1,783,000       12,652  
Canon
     363,300       18,383  
Daikin Industries
     232,300       11,700  
East Japan Railway
     1,438       11,845  
Hirose Electric (a)
     71,000       8,514  
Honda Motor
     213,900       8,010  
Japan Tobacco
     1,565       9,122  
KOMATSU
     165,200       5,539  
Mitsubishi
     983,500       30,622  
Mitsubishi UFJ Financial Group
     2,251,000       22,524  
Mitsui Fudosan
     542,000       14,994  
Mizuho Financial Group
     1,627       9,144  
Nidec (a)
     248,000       18,634  
Nippon Oil
     925       8  
Nissan Motor
     1,133,500       13,004  
Nitto Denko (a)
     205,800       10,047  
Nomura Holdings
     512,800       9,138  
Seven & I Holdings
     266,300       6,876  
Shin-Etsu Chemical
     180,900       11,604  
SMC
     100,400       13,449  
Sony (a)
     412,500       20,372  
Sumitomo
     1,297,200       22,602  
Sumitomo Mitsui Financial Group (a)
     2,152       17,628  
             
              324,465  
             
Mexico – 0.4%
Fomento Economico Mexicano – ADR
     190,200       6,773  
             
Netherlands – 4.0%
ING Group
     539,500       24,385  
Philips Electronics
     397,000       16,425  
Reed Elsevier
     762,124       14,812  
Wolters Kluwer
     449,700       14,124  
             
              69,746  
             
South Korea – 0.6%
Samsung Electronics
     15,830       9,761  
             
Spain – 1.9%
Banco Bilbano Vizcaya Argentaria (a)
     931,100       23,563  
Industria de Diseno Textil
     125,500       9,384  
             
              32,947
 
  
Switzerland – 12.0%
ABB
     883,500       26,708  
Adecco (a)
     238,900       14,404  
Holcim
     190,000       21,721  
Nestle
     71,617       33,079  
Novartis
     520,100       27,666  
Roche
     163,600       27,943  
The accompanying notes are an integral part of the financial statements.
52      First American Funds  2007 Annual Report

Table of Contents

                   
International Fund (concluded)
DESCRIPTION   SHARES   VALUE
 
UBS (b)
     661,700     $ 35,475  
Zurich Financial Services
     71,800       21,679  
             
              208,675  
             
Taiwan – 0.7%
Taiwan Semiconductor Manufacturing – ADR
     1,187,999       12,652  
             
Total Common Stocks
                
 
(Cost $1,148,650)
             1,726,773  
             
Short-Term Investment – 0.9%
State Street GA Prime Fund
                
 
(Cost $16,657)
     16,656,950       16,657  
             
Investment Purchased with Proceeds from Securities Lending (c) – 14.7%
State Street Navigator Prime Fund
                
 
(Cost $256,617)
     256,617,349       256,617  
             
Total Investments – 114.8%
                
 
(Cost $1,421,924)
             2,000,047  
             
Other Assets and Liabilities, Net – (14.8)%
             (258,687 )
             
Total Net Assets – 100.0%
           $ 1,741,360  
             
(a)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a value of $289,327 at October 31, 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 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 as noted in the schedule above. In addition to the cash collateral received, the fund also received non-cash collateral consisting of U.S. government securities or other high-grade debt obligations with a total value at year-end of $46,793. See note 2 in Notes to Financial Statements.
ADR – American Depository Receipt
 
GDR – Global Depository Receipt
At October 31, 2007, sector diversification of the fund was as follows:
                 
    % of    
    Net Assets   Value
 
Financials*
     29.4 %   $ 511,447  
Industrials
     12.5       216,958  
Consumer Discretionary
     10.5       182,758  
Materials
     10.5       182,272  
Energy
     9.3       161,933  
Healthcare
     8.5       148,726  
Consumer Staples
     7.5       130,873  
Information Technology
     7.0       120,873  
Telecommunication Services
     2.5       44,333  
Utilities
     1.5       26,600  
             
Total Foreign Common Stocks
     99.2       1,726,773  
             
Total Short-Term Investment
     0.9       16,657  
             
Total Investment Purchased with Proceeds from Securities Lending
     14.7       256,617  
             
Total Investments
     114.8       2,000,047  
             
Other Assets and Liabilities, Net
     (14.8 )     (258,687 )
             
Net Assets
     100.0 %   $ 1,741,360  
             
*  The fund is significantly invested in this sector and therefore subject to additional risks. See note 7 in Notes to Financial Statements.
First American Funds  2007 Annual Report       53

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
International Select Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 90.7%
Australia – 2.4%
BHP Billiton
     55,115     $ 2,400  
National Australia Bank
     27,360       1,107  
Rio Tinto
     23,990       2,490  
Woodside Petroleum
     47,886       2,343  
             
              8,340  
             
Austria – 0.5%
Erste Bank der Oesterreichischen Sparkassen
     20,064       1,633  
             
Bahrain – 0.1%
Investcorp Bank – ADR (a)
     12,700       343  
             
Bermuda – 0.3%
Benfield Group
     167,790       1,063  
             
Brazil – 5.6%
AES Tiete
     15,578,600       546  
Banco Itau Holding Financeira – ADR
     56,647       1,617  
Brasil Telecom – ADR
     5,500       409  
Cia Vale do Rio Doce
     94,900       2,997  
Companhia de Bebidas das Americas – ADR
     19,008       1,553  
Companhia Energetica De Minas (a)
     30,900       662  
Companhia Vale do Rio Doce – ADR
     73,691       2,777  
Empresa Brasileira de Aeronautica – ADR
     23,200       1,132  
Iochpe Maxion (a)
     28,700       604  
JHSF Participacoes (a)
     73,500       348  
Klabin
     175,000       719  
Petroleo Brasileiro – ADR
     37,972       3,631  
Redecard (a)
     45,230       941  
Souza Cruz
     33,799       957  
Tam – ADR
     22,100       652  
             
              19,545  
             
Canada – 2.2%
Cameco
     50,074       2,456  
Gammon Gold (a)
     56,119       582  
Manulife Financial
     56,162       2,606  
Patheon (a)
     84,800       314  
Suncor Energy
     15,034       1,642  
             
              7,600  
             
China – 0.5%
Focus Media Holdings – ADR (a)
     27,445       1,702  
             
Denmark – 0.8%
Vestas Wind System (a)
     31,156       2,795  
             
Egypt – 0.9%
Eastern Tobacco
     8,553       652  
Mobinil
     1,300       46  
Orascom Construction Industries (a)
     17,234       1,570  
Orascom Telecom Holdings (a)
     57,100       817  
             
              3,085  
             
Finland – 0.4%
Nokia Oyj
     38,940       1,546  
             
France – 6.7%
Alcatel-Lucent – ADR
     149,630       1,450  
Axa
     33,331       1,497  
BNP Paribas
     7,210       799  
Carrefour
     24,890       1,799  
Electricite de France
     17,704       2,130  
Iliad
     23,571       2,477  
L’oreal
     12,528       1,649  
LVMH Moet Hennessy Louis Vuitton
     11,359       1,467  
Sanofi-Aventis
     21,970       1,933  
Thales
     8,770       548  
Total (a)
     37,780       3,049  
Total – ADR
     15,953       1,286  
Vivendi Universal
     70,550       3,188  
             
              23,272  
             
Germany – 4.4%
Adidas
     28,797       1,914  
Allianz
     8,860       1,999  
BASF
     4,380       608  
Deutsche Telekom
     57,860       1,189  
Henkel KGAA
     42,981       2,195  
Metro
     26,760       2,425  
SAP – ADR
     33,142       1,799  
Siemens
     11,040       1,508  
Wacker Chemie
     6,682       1,635  
             
              15,272  
             
Great Britain – 12.8%
Arm Holdings
     633,297       1,954  
Autonomy (a)
     103,696       2,127  
BAE Systems
     86,670       900  
Barclays
     132,118       1,672  
BP – ADR
     27,760       2,165  
British Sky Broadcasting Group
     116,082       1,644  
Cadbury Schweppes
     186,200       2,477  
Dawnay Day Treveria (a)
     586,180       742  
Diageo
     140,640       3,227  
GlaxoSmithKline
     111,850       2,873  
ICAP
     140,648       1,717  
Kingfisher
     679,200       2,795  
Michael Page International
     240,115       2,195  
Prudential
     159,057       2,599  
Reckitt Benckiser
     23,856       1,386  
Royal Bank of Scotland
     146,665       1,584  
Scottish & Southern Energy
     31,310       1,015  
Smith & Nephew
     121,177       1,641  
Standard Chartered
     30,530       1,188  
Tesco
     154,856       1,575  
Vodafone Group – ADR
     106,240       4,172  
WPP Group
     209,660       2,868  
             
              44,516  
             
Greece – 0.6%
National Bank of Greece – ADR
     151,184       2,118  
             
Hong Kong – 1.6%
Cheung Kong Holdings
     46,510       912  
Esprit Holdings
     185,700       3,102  
Foxconn International Holdings (a)
     604,000       1,684  
             
              5,698  
             
Hungary – 0.1%
Gedeon Richter
     2,100       458  
             
India – 3.3%
Grasim Industries – ADR (a)
     9,700       941  
HDFC Bank – ADR
     16,544       2,300  
Hero Honda
     36,222       672  
Hindustan Unilever
     117,135       619  
Infosys Technologies – ADR
     36,908       1,880  
Oil & Natural Gas
     54,618       1,740  
Punjab National Bank
     29,800       401  
Satyam Computer Services – ADR
     41,900       1,272  
State Bank Of India – ADR
     12,310       1,555  
             
              11,380  
             
Indonesia – 1.0%
Astra International
     440,500       1,254  
Bank Mandiri Persero
     1,358,000       573  
The accompanying notes are an integral part of the financial statements.
54      First American Funds  2007 Annual Report

Table of Contents

                 
International Select Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Telekomunikasi Indonesia – ADR
     15,800     $ 762  
United Tractors
     578,500       706  
             
              3,295  
             
Israel – 1.1%
Bank Hapoalim B.M.
     234,992       1,301  
Icl-israel Chem
     76,538       847  
Teva Pharmaceutical Industries – ADR
     37,704       1,659  
             
              3,807  
             
Italy – 4.8%
Alleanza Assicurazioni
     109,710       1,487  
Ansaldo STS (a)
     81,660       1,191  
Arnoldo Mondadori Editore
     123,870       1,227  
Eni
     48,750       1,780  
Mediaset
     223,377       2,317  
Saipem
     58,979       2,617  
Telecom Italia
     1,043,470       2,702  
Unicredito Italiano
     369,422       3,178  
             
              16,499  
             
Japan – 12.2%
Daiwa House Industry
     83,077       1,186  
Daiwa Securities Group
     81,450       785  
Fuji Television Network
     645       1,303  
The Joyo Bank
     318,204       1,973  
Kose
     68,313       1,753  
Mid REIT (a)
     160       704  
Mitsubishi UFJ Financial Group
     70,240       703  
Mitsui-Soko
     133,881       645  
New City Residence Investment (a)
     104       484  
NGK Insulators
     62,000       2,198  
Nippon Commercial Investment (a)
     167       725  
Nippon Residential
     110       556  
Nipponkoa Insurance
     280,490       2,567  
Nitto Denko
     38,700       1,889  
Nomura Holdings
     45,978       819  
ORIX
     9,140       1,875  
Seven & I Holdings
     80,681       2,083  
Sharp
     95,000       1,499  
SMC
     19,289       2,584  
Sugi Pharmacy
     51,650       1,496  
Sumitomo Bakelite
     187,711       1,151  
Sumitomo Mitsui Financial Group
     206       1,688  
Sumitomo Trust & Banking
     368,720       2,749  
Suzuki Motor
     41,932       1,378  
Takeda Pharmaceutical
     24,000       1,499  
Toshiba
     186,000       1,575  
Toyota Motor
     36,100       2,067  
United Urban Investment
     88       644  
Yamada Denki
     16,200       1,670  
             
              42,248  
             
Luxembourg – 1.3%
Millicom International Cellular – ADR (a)
     25,211       2,962  
Tenaris – ADR
     31,700       1,705  
             
              4,667  
             
Malaysia – 0.2%
British American Tobacco Malaysia Berhad
     38,200       462  
Plus Expressways
     190,500       192  
             
              654  
             
Mexico – 1.6%
Cemex, ADR (a)
     35,591       1,092  
Desarrolladora Homex – ADR (a)
     20,600       1,164  
Fomento Economico Mexicano – ADR
     10,200       363  
Grupo Televisa – ADR
     33,900       842  
Kimberly-Clark de Mexico
     114,200       490  
Wal Mart de Mexico – ADR
     36,622       1,482  
             
              5,433  
             
Netherlands – 2.8%
Corporate Express
     99,573       1,115  
Heineken
     32,870       2,307  
ING Group
     47,290       2,137  
Koninklijke Philips Electronics – ADR
     41,670       1,723  
Philips Electronics
     22,690       939  
Unilever NV CVA (a)
     45,850       1,492  
             
              9,713  
             
Norway – 1.0%
Renewable Energy (a)
     43,911       2,256  
Statoil
     35,997       1,226  
             
              3,482  
             
Philippines – 0.4%
Philippine Long Distance Telephone – ADR
     22,100       1,516  
             
Portugal – 0.3%
Energias de Portugal – ADR
     17,550       1,127  
             
Russia – 0.8%
Evraz Group – ADR (a)
     7,350       555  
Mobile Telesystems – ADR (a)
     14,100       1,170  
TNK-BP Holdings (a)
     245,752       561  
Vsmpo-Avisma
     1,566       499  
             
              2,785  
             
Singapore – 0.7%
DBS Group Holdings
     48,210       755  
Keppel
     179,000       1,840  
             
              2,595  
             
South Africa – 2.6%
Aquarius Platinum
     42,656       1,641  
Imperial Holdings (a)
     72,875       1,478  
Kumba Iron Ore (a)
     37,263       1,461  
Murray & Roberts Holdings (a)
     23,809       366  
Naspers
     31,438       1,000  
Nedbank Group
     17,600       388  
Pretoria Portland Cement
     88,440       646  
Sanlam (a)
     133,000       488  
Steinhoff International Holdings
     165,200       514  
Truworths International
     206,486       1,043  
             
              9,025  
             
South Korea – 4.3%
AmorePacific (a)
     573       548  
GS Engineering & Construction
     2,697       571  
Hite Brewery
     4,653       697  
Hyundai Motor
     18,592       1,478  
Kangwon Land
     5,980       160  
Kookmin Bank – ADR (a)
     45,860       3,746  
Samsung Electronics (a)
     3,690       1,129  
Samsung Electronics – GDR (a)
     10,911       3,331  
Shinhan Financial Group – ADR (a)
     13,600       1,781  
SK Telecom
     1,197       281  
SK Telecom – ADR
     5,000       154  
Woongjin Coway
     27,180       1,042  
             
              14,918
 
  
Spain – 2.0%
Banco Bilbano Vizcaya Argentaria
     93,187       2,358  
Banco Santander Central Hispano
     93,237       2,039  
Telefonica
     75,304       2,494  
             
              6,891  
             
First American Funds  2007 Annual Report       55

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                   
International Select Fund (continued)
DESCRIPTION   SHARES/PAR   VALUE
 
Sweden – 1.6%
Ericsson
     855,800     $ 2,560  
Nordea Bank
     71,060       1,273  
Oriflame Cosmetics (a)
     25,900       1,569  
             
              5,402  
             
Switzerland – 5.7%
ABB
     88,258       2,668  
Holcim
     14,681       1,678  
Nestle
     8,648       3,994  
Nobel Biocare
     5,043       1,472  
Novartis
     42,283       2,249  
Roche
     13,289       2,270  
Syngenta
     7,607       1,840  
Synthes
     11,665       1,457  
UBS
     39,740       2,131  
             
              19,759  
             
Taiwan – 1.9%
Advanced Semiconductor (a)
     127,000       154  
Advantech
     146,058       398  
Chinatrust Financial Holdings (a)
     1,220,000       895  
Fubon Financial
     821,000       800  
Hon Hai Precision Industry
     176,000       1,349  
Novatek Microelectronics
     127,040       590  
Taiwan Semiconductor Manufacturing
     511,285       1,022  
Taiwan Semiconductor Manufacturing – ADR
     131,193       1,397  
             
              6,605  
             
Thailand – 0.3%
Bangkok Bank
     203,446       767  
Kasikornbank
     94,700       252  
             
              1,019  
             
Turkey – 0.9%
Ford Otomotiv Sanayi (a)
     42,100       497  
Turkcell Iletisim Hizmet – ADR
     69,200       1,664  
Turkiye Is Bankasi (a)
     115,900       798  
             
              2,959  
             
Total Common Stocks
(Cost $276,780)
             314,765  
             
Short-Term Investments – 8.6%
Money Market Fund – 8.1%
State Street GA Prime Fund
     27,932,428       27,932  
             
U.S. Treasury Obligation – 0.5%
U.S. Treasury Bill
                
 
3.813%, 01/24/2008 (b)
   $ 1,800       1,784  
             
Total Short-Term Investments
(Cost $29,716)
             29,716  
             
Total Investments – 99.3%
(Cost $306,496)
             344,481  
             
Other Assets and Liabilities, Net – 0.7%
             2,536  
             
Total Net Assets – 100.0%
           $ 347,017  
             
(a)  Non-income producing security
 
(b)  Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 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
     86     $ 10,320     December 2007   $ 469  
S&P TSE 60 Futures
     120       21,659     December 2007     739  
                         
                            $ 1,208  
                         
At October 31, 2007, sector diversification of the fund was as follows:
                 
    % of Net    
    Assets   Value
 
Foreign Common Stock                
Financials
     21.1 %   $ 73,220  
Consumer Discretionary
     13.0       45,130  
Consumer Staples
     11.3       39,252  
Information Technology
     8.8       30,414  
Materials
     8.7       30,153  
Industrials
     7.5       25,978  
Energy
     7.0       24,497  
Telecommunication Services
     6.6       22,815  
Healthcare
     5.1       17,825  
Utilities
     1.6       5,481  
             
Total Foreign Common Stock
     90.7       314,765  
Total Short-Term Investments
     8.6       29,716  
             
Total Investments
     99.3       344,481  
             
Other Assets and Liabilities, Net
     0.7       2,536  
             
Net Assets
     100.0 %   $ 347,017  
             
The accompanying notes are an integral part of the financial statements.
56      First American Funds  2007 Annual Report

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Statements of  Assets and Liabilities     October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data
                         
          International      
    International     Select      
    Fund     Fund      
         
Investments in securities, at cost
   $ 1,165,307       $ 306,496        
Investment purchased with proceeds from securities lending, at cost (note 2)
     256,617         —        
Cash denominated in foreign currencies, at cost
     30         221        
         
ASSETS:
                        
Investments in securities, at value* (note 2)
   $ 1,743,430       $ 344,481        
Investment purchased with proceeds from securities lending, at value (note 2)
     256,617         —        
Cash denominated in foreign currencies, at value (note 2)
     31         221        
Cash
     371         219        
Receivable for dividends and interest
     4,512         615        
Receivable for investment securities sold
     —         1,548        
Receivable for capital shares sold
     519         598        
Receivable for foreign withholding tax reclaim
     568         102        
Receivable for variation margin
     —         597        
Receivable from custodian (note 3)
     5         —        
Prepaid expenses and other assets
     37         11        
         
Total assets
     2,006,090         348,392        
         
LIABILITIES:
                        
Payable for investment securities purchased
     371         845        
Payable for capital shares redeemed
     5,892         134        
Payable upon return of securities loaned (note 2)
     256,617         —        
Payable to affiliates (note 3)
     1,804         305        
Payable to custodian
     —         85        
Payable for distribution and shareholder servicing fees
     23         1        
Accrued expenses and other liabilities
     23         5        
         
Total liabilities
     264,730         1,375        
         
Net assets
   $ 1,741,360       $ 347,017        
         
COMPOSITION OF NET ASSETS:
                        
Portfolio capital
   $ 1,008,160       $ 303,137        
Undistributed net investment income
     18,037         2,063        
Accumulated net realized gain on investments, futures contracts, and foreign currency transactions
     136,948         2,612        
Net unrealized appreciation of investments
     578,123         37,985        
Net unrealized appreciation of futures contracts
     —         1,208        
Net unrealized appreciation of foreign currency, and translation of other assets and liabilities in foreign currency (note 2)
     92         12        
         
Net assets
   $ 1,741,360       $ 347,017        
         
* Including securities loaned, at value
   $ 289,327       $ —        
         
Class A:
                        
Net assets
   $ 56,705       $ 3,228        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     3,306         266        
Net asset value and redemption price per share
   $ 17.15       $ 12.15        
Maximum offering price per share 1
   $ 18.15       $ 12.86        
Class B:
                        
Net assets
   $ 6,668       $ 324        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     423         27        
Net asset value, offering price, and redemption price per share 2
   $ 15.78       $ 12.07        
Class C:
                        
Net assets
   $ 7,173       $ 287        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     438         24        
Net asset value, offering price, and redemption price per share 2
   $ 16.36       $ 12.07        
Class R:
                        
Net assets
   $ 4       $ 17        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     — **       1        
Net asset value, offering price, and redemption price per share
   $ 17.17       $ 12.12        
Class Y:
                        
Net assets
   $ 1,670,810       $ 343,161        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     96,133         28,197        
Net asset value, offering price, and redemption price per share
   $ 17.38       $ 12.17        
         
  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.
**   Due to the presentation of the Financial Statements in thousands the number rounds to zero.
First American Funds  2007 Annual Report       57

Table of Contents

Statements of  Operations    For the period ended October 31, 2007, all dollars are rounded to thousands (000)
                     
    International   International    
    Fund   Select Fund    
     
    Year Ended   12/21/06 1    
    10/31/07   to 10/31/07    
     
INVESTMENT INCOME:
                    
Interest
   $ 670     $ 1,112      
Dividends
     44,576       3,929      
Less: Foreign taxes withheld
     (4,021 )     (385 )    
Securities lending income
     1,469       —      
Other income
     5       —      
     
Total investment income
     42,699       4,656      
     
EXPENSES (note 3):
                    
Investment advisory fees
     17,458       1,793      
Administration fees
     3,913       416      
Transfer agent fees
     196       103      
Custodian fees
     557       417      
Professional fees
     43       47      
Registration fees
     51       69      
Postage and printing fees
     47       40      
Directors’ fees
     18       22      
Other expenses
     20       27      
Distribution and shareholder servicing fees – Class A
     138       3      
Distribution and shareholder servicing fees – Class B
     69       1      
Distribution and shareholder servicing fees – Class C
     77       1      
Distribution and shareholder servicing fees – Class R
     —       —      
     
Total expenses
     22,587       2,939      
     
Less: Fee waivers (note 3)
     (158 )     (663 )    
Less: Indirect payments from custodian (note 3)
     (496 )     (47 )    
     
Total net expenses
     21,933       2,229      
     
Investment income – net
     20,766       2,427      
     
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS,
FUTURES CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS – NET (note 5):
                    
Net realized gain on investments
     165,689       2,639      
Net realized loss on futures contracts
     —       (26 )    
Net realized loss on foreign currency transactions
     (871 )     (316 )    
Net change in unrealized appreciation or depreciation of investments
     122,521       37,985      
Net change in unrealized appreciation or depreciation of futures contracts
     —       1,208      
Net change in unrealized appreciation or depreciation of foreign currency, and
translation of other assets and liabilities denominated in foreign currency (note 2)
     52       12      
     
Net gain on investments, futures contracts, and foreign currency transactions
     287,391       41,502      
     
Net increase in net assets resulting from operations
   $ 308,157     $ 43,929      
     
  1   Commencement of operations.
The accompanying notes are an integral part of the financial statements.
58      First American Funds  2007 Annual Report

Table of Contents

Statements of  Changes in Net Assets    all dollars are rounded to thousands (000)
                                 
          International    
    International     Select    
    Fund     Fund    
        
    Year   Year     12/21/06 1    
    Ended   Ended     to    
    10/31/07   10/31/06     10/31/07    
       
OPERATIONS:
                              
Investment income – net
   $ 20,766     $ 19,673       $ 2,427      
Net realized gain on investments
     165,689       90,776         2,639      
Net realized loss on futures contracts
     —       —         (26 )    
Net realized loss on foreign currency transactions
     (871 )     (677 )       (316 )    
Net change in unrealized appreciation or depreciation of investments
     122,521       265,816         37,985      
Net change in unrealized appreciation or depreciation of futures contracts
     —       —         1,208      
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)
     52       103         12      
       
Net increase in net assets resulting from operations
     308,157       375,691         43,929      
       
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                              
Investment income – net:
                              
 
Class A
     (467 )     (525 )       —      
 
Class B
     (15 )     (23 )       —      
 
Class C
     (13 )     (22 )       —      
 
Class R
     —       —         —      
 
Class Y
     (18,658 )     (19,388 )       (49 )    
Net realized gain on investments:
                              
 
Class A
     (948 )     —         —      
 
Class B
     (136 )     —         —      
 
Class C
     (149 )     —         —      
 
Class R
     —       —         —      
 
Class Y
     (29,782 )     —         —      
       
Total distributions
     (50,168 )     (19,958 )       (49 )    
       
CAPITAL SHARE TRANSACTIONS (note 4):
                              
Class A:
                              
 
Proceeds from sales
     11,786       12,874         3,236      
 
Reinvestment of distributions
     1,277       475         —      
 
Payments for redemptions
     (16,840 )     (19,829 )       (339 )    
       
Increase (decrease) in net assets from Class A transactions
     (3,777 )     (6,480 )       2,897      
       
Class B:
                              
 
Proceeds from sales
     580       1,144         296      
 
Reinvestment of distributions
     143       23         —      
 
Payments for redemptions (note 3)
     (2,230 )     (2,076 )       (3 )    
       
Increase (decrease) in net assets from Class B transactions
     (1,507 )     (909 )       293      
       
Class C:
                              
 
Proceeds from sales
     872       902         267      
 
Reinvestment of distributions
     142       21         —      
 
Payments for redemptions (note 3)
     (2,984 )     (2,057 )       (8 )    
       
Increase (decrease) in net assets from Class C transactions
     (1,970 )     (1,134 )       259      
       
Class R:
                              
 
Proceeds from sales
     3       1         16      
 
Reinvestment of distributions
     —       —         —      
 
Payments for redemptions
     —       (2 )       (1 )    
       
Increase (decrease) in net assets from Class R transactions
     3       (1 )       15      
       
Class Y:
                              
 
Proceeds from sales
     167,696       230,406         322,481      
 
Reinvestment of distributions
     29,171       11,130         48      
 
Payments for redemptions
     (512,210 )     (361,882 )       (22,856 )    
       
Increase (decrease) in net assets from Class Y transactions
     (315,343 )     (120,346 )       299,673      
       
Increase (decrease) in net assets from capital share transactions
     (322,594 )     (128,870 )       303,137      
       
Total increase (decrease) in net assets
     (64,605 )     226,863         347,017      
Net assets at beginning of period
     1,805,965       1,579,102         —      
       
Net assets at end of period
   $ 1,741,360     $ 1,805,965       $ 347,017      
       
Undistributed net investment income at end of period
   $ 18,037     $ 17,166       $ 2,063      
       
  1   Commencement of operations.
First American Funds  2007 Annual Report       59

Table of Contents

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 Fund1
                                                                
Class A
                                                                
 
20072
   $ 14.80       $ 0.15       $ 2.59       $ (0.13 )     $ (0.26 )     $ 17.15        
 
20062
     12.01         0.12         2.80         (0.13 )       —         14.80        
 
20053
     12.24         0.01         (0.24 )       —         —         12.01        
 
20054
     10.19         0.09         2.02         (0.06 )       —         12.24        
 
20044
     8.99         0.03         1.22         (0.05 )       —         10.19        
 
20034
     7.33         0.06         1.60         —         —         8.99        
Class B
                                                                
 
20072
   $ 13.65       $ 0.03       $ 2.39       $ (0.03 )     $ (0.26 )     $ 15.78        
 
20062
     11.09         0.02         2.58         (0.04 )       —         13.65        
 
20053
     11.31         —         (0.22 )       —         —         11.09        
 
20054
     9.43         —         1.88         —         —         11.31        
 
20044
     8.34         (0.05 )       1.14         —         —         9.43        
 
20034
     6.85         —         1.49         —         —         8.34        
Class C
                                                                
 
20072
   $ 14.13       $ 0.03       $ 2.48       $ (0.02 )     $ (0.26 )     $ 16.36        
 
20062
     11.47         0.02         2.67         (0.03 )       —         14.13        
 
20053
     11.70         —         (0.23 )       —         —         11.47        
 
20054
     9.76         —         1.94         —         —         11.70        
 
20044
     8.63         (0.05 )       1.18         —         —         9.76        
 
20034
     7.09         —         1.54         —         —         8.63        
Class R5
                                                                
 
20072
   $ 14.81       $ 0.10       $ 2.61       $ (0.09 )     $ (0.26 )     $ 17.17        
 
20062
     11.94         0.05         2.82         —         —         14.81        
 
20053
     12.17         (0.02 )       (0.21 )       —         —         11.94        
 
20054
     10.11         0.09         1.97         —         —         12.17        
 
20044
     8.98         (0.01 )       1.19         (0.05 )       —         10.11        
 
20034
     7.31         0.04         1.63         —         —         8.98        
Class Y
                                                                
 
20072
   $ 14.99       $ 0.19       $ 2.62       $ (0.16 )     $ (0.26 )     $ 17.38        
 
20062
     12.16         0.16         2.83         (0.16 )       —         14.99        
 
20053
     12.39         0.01         (0.24 )       —         —         12.16        
 
20054
     10.31         0.12         2.05         (0.09 )       —         12.39        
 
20044
     9.10         0.06         1.23         (0.08 )       —         10.31        
 
20034
     7.40         0.09         1.61         —         —         9.10        
                                                 
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
 
  6   Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
 
  7   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.
60      First American Funds  2007 Annual Report

Table of Contents

                                                                         
                                  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    
    Return6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate    
                                               
               
               
      18.92 %     $ 56,705         1.49 %       0.97 %       1.53 %       0.93 %       14 %    
      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      
               
      18.05 %     $ 6,668         2.24 %       0.22 %       2.28 %       0.18 %       14 %    
      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      
               
      18.09 %     $ 7,173         2.24 %       0.20 %       2.28 %       0.16 %       14 %    
      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      
               
      18.66 %     $ 4         1.74 %       0.60 %       1.78 %       0.56 %       14 %    
      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 %7       8,533         1.60         0.57         1.65         0.52         82      
               
      19.23 %     $ 1,670,810         1.24 %       1.21 %       1.28 %       1.17 %       14 %    
      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 %7       991,027         1.35         1.08         1.40         1.03         82      
                                                                 
First American Funds  2007 Annual Report       61

Table of Contents

Financial Highlights    For a share outstanding throughout the indicated periods.
                                                         
    Net Asset           Realized and     Distributions     Net Asset      
    Value     Net     Unrealized     from Net     Value      
    Beginning     Investment     Gains on     Investment     End of      
    of Period     Income     Investments     Income     Period      
                              
International Select Fund1, 2
                                                      
Class A
                                                      
 
2007
   $ 10.00       $ 0.09       $ 2.07       $ (0.01 )     $ 12.15        
Class B
                                                      
 
2007
   $ 10.00       $ 0.02       $ 2.05       $ —       $ 12.07        
Class C
                                                      
 
2007
   $ 10.00       $ 0.03       $ 2.04       $ —       $ 12.07        
Class R
                                                      
 
2007
   $ 10.00       $ 0.07       $ 2.06       $ (0.01 )     $ 12.12        
Class Y
                                                      
 
2007
   $ 10.00       $ 0.13       $ 2.05       $ (0.01 )     $ 12.17        
                                       
  1   Per share data calculated using average shares outstanding method.
 
  2   Commenced operations on December 21, 2006. All ratios for the period ended October 31, 2007 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.
62      First American Funds  2007 Annual Report

Table of Contents

                                                                           
                                  Ratio of Net            
                            Ratio of     Investment            
                      Ratio of Net     Expenses to     Income (Loss)            
                Ratio of     Investment     Average     to Average            
          Net Assets     Expenses to     Income     Net Assets     Net Assets     Portfolio      
    Total     End of     Average     to Average     (Excluding     (Excluding     Turnover      
    Return3     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate      
                                            
             
             
      21.58 %     $ 3,228         1.49 %       0.95 %       1.89 %       0.55 %       45 %      
             
      20.75 %     $ 324         2.24 %       0.24 %       2.64 %       (0.16 )%       45 %      
             
      20.75 %     $ 287         2.24 %       0.30 %       2.64 %       (0.10 )%       45 %      
             
      21.27 %     $ 17         1.74 %       0.77 %       2.14 %       0.37 %       45 %      
             
      21.78 %     $ 343,161         1.24 %       1.36 %       1.64 %       0.96 %       45 %      
                                                           
First American Funds  2007 Annual Report       63

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                   
Small Cap Growth Opportunities Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 97.5%
Consumer Discretionary – 14.8%
Einstein Noah Restaurant Group (a)
     222,016     $ 5,439  
Gymboree (a) (b)
     114,234       3,887  
Iconix Brand Group (a) (b)
     191,217       4,369  
Men’s Wearhouse (b)
     91,619       3,872  
Pinnacle Entertainment (a) (b)
     139,224       4,065  
Priceline.com (a) (b)
     37,727       3,512  
Scientific Games, Class A (a)
     85,047       3,075  
Skechers U.S.A., Class A (a)
     189,198       4,652  
Texas Roadhouse, Class A (a) (b)
     374,164       4,741  
WMS Industries (a) (b)
     140,575       4,874  
Wolverine World Wide (b)
     144,407       3,703  
             
              46,189  
             
Consumer Staples – 0.9%
Nu Skin Enterprises, Class A
     161,067       2,782  
             
Energy – 6.5%
Arena Resources (a)
     86,002       3,140  
Dril-Quip (a)
     92,865       4,953  
Ember Resources (a) (b) (c)
     1,341,523       2,485  
Oceaneering International (a)
     35,618       2,752  
Parallel Petroleum (a) (b)
     167,236       3,423  
Superior Energy Services (a) (b)
     92,602       3,434  
             
              20,187  
             
Financials – 7.4%
BioMed Realty Trust – REIT (b)
     144,365       3,449  
Corporate Office Properties Trust – REIT (b)
     96,076       3,971  
East West Bancorp (b)
     109,496       3,694  
First Mercury Financial (a)
     139,152       3,082  
Piper Jaffray Companies (a) (b)
     75,933       3,903  
Prosperity Bancshares (b)
     25,982       840  
Waddell & Reed Financial, Class A (b)
     121,163       4,025  
             
              22,964  
             
Healthcare – 20.6%
American Medical Systems (a) (b)
     185,531       2,373  
AMN Healthcare Services (a) (b)
     128,668       2,446  
AngioDynamics (a)
     137,566       2,751  
Array BioPharma (a) (b)
     284,905       3,191  
BioMarin Pharmaceutical (a) (b)
     181,905       5,044  
Durect (a) (b)
     570,035       3,318  
Eurand (a) (b)
     291,646       4,010  
Hologic (a)
     46,217       3,140  
Human Genome Sciences (a) (b)
     374,777       3,545  
Illumina (a) (b)
     35,214       1,977  
Integra LifeSciences (a) (b)
     83,363       4,041  
Medicis Pharmaceutical, Class A (b)
     117,341       3,484  
Myriad Genetics (a) (b)
     52,295       2,895  
NuVasive (a) (b)
     80,845       3,459  
OSI Pharmaceuticals (a) (b)
     81,003       3,367  
Pediatrix Medical Group (a)
     45,447       2,977  
Skilled Healthcare Group (a) (b)
     259,950       4,258  
Trans1 (a) (b)
     42,569       1,064  
TriZetto Group (a) (b)
     152,302       2,489  
Wright Medical Group (a) (b)
     159,012       4,214  
             
              64,043
 
  
Industrials – 16.5%
Administaff (b)
     80,080       3,194  
Advisory Board (a) (b)
     56,780       3,646  
AMETEK
     91,833       4,316  
BE Aerospace (a) (b)
     104,769       5,208  
DRS Technologies (b)
     91,993       5,284  
Forward Air (b)
     104,637       3,414  
Genlyte Group (a) (b)
     53,335       3,472  
Kenexa (a) (b)
     124,128       3,639  
Knoll
     157,927       2,999  
McGrath Rentcorp (b)
     120,025       4,115  
NCI Building Systems (a) (b)
     59,619       2,336  
RBC Bearings (a) (b)
     77,606       3,119  
Resources Connection (b)
     146,863       3,344  
WESCO International (a) (b)
     69,980       3,265  
             
              51,351  
             
Information Technology (d) – 30.8%
ATMI (a) (b)
     97,884       3,146  
Cirrus Logic (a)
     558,662       3,436  
Commvault Systems (a) (b)
     173,047       3,520  
DealerTrack Holdings (a) (b)
     82,255       4,038  
Emulex (a) (b)
     291,559       6,315  
FLIR Systems (a)
     34,897       2,421  
FormFactor (a) (b)
     78,690       3,078  
Forrester Research (a)
     120,717       2,863  
Harmonic (a)
     444,776       5,480  
Internap Network Services (a) (b)
     208,109       3,467  
Ixia (a)
     631,280       6,603  
Lawson Software (a) (b)
     428,280       4,835  
Microsemi (a) (b)
     135,970       3,618  
Orbotech (a)
     203,630       4,215  
Perficient (a) (b)
     189,210       3,567  
PMC-Sierra (a) (b)
     489,699       4,412  
Polycom (a) (b)
     309,650       8,664  
Quest Software (a) (b)
     356,853       6,209  
RF Micro Devices (a) (b)
     485,970       3,023  
Semtech (a) (b)
     140,760       2,408  
Silicon Motion Technology – ADR (a)
     210,288       5,257  
Tridium, Class B, Escrow Shares (a) (c) (e)
     278,500       23  
TriQuint Semiconductor (a)
     806,182       5,055  
VideoPropulsion (a) (c) (e)
     784,710       —  
             
              95,653  
             
Total Common Stocks                
 
(Cost $272,573)
             303,169  
             
Warrants – 0.0%
Hollis-Eden Pharmaceuticals, Warrants (a) (c) (e)
     70,545       2  
Kuhlman Company, Warrants (a) (c) (e)
     281,680       —  
             
Total Warrants                
 
(Cost $434)
             2  
             
Short-Term Investment – 4.1%
First American Prime Obligations Fund, Class Z (f)
                
 
(Cost $12,962)
     12,962,034       12,962  
             
Investment Purchased with Proceeds from Securities Lending – 45.3%
Mount Vernon Securities Lending Prime Portfolio (g)
                
 
(Cost $140,812)
     140,811,760       140,812  
             
Total Investments – 146.9%                
 
(Cost $426,781)
             456,945  
             
Other Assets and Liabilities, Net – (46.9)%
             (145,974 )
             
Total Net Assets – 100.0%
           $ 310,971  
             
(a)  Non-income producing security.
 
(b)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $137,705 at October 31, 2007. See note 2 in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
64      First American Funds  2007 Annual Report

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Small Cap Growth Opportunities Fund (concluded)
 
(c)  Security considered illiquid or restricted. As of October 31, 2007, the market value of these investments was $2,510 or 0.8% 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 7 in Notes to Financial Statements.
 
(e)  Security is fair valued. As of October 31, 2007, the fair value of these investments was $25 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 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.
ADR – American Depository Receipt
REIT – Real Estate Investment Trust
First American Funds  2007 Annual Report       65

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Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Small Cap Select Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 96.5%
Consumer Discretionary – 16.3%
1-800-Flowers.com, Class A (a)
     689,414     $ 8,266  
Aftermarket Technology (a)
     356,053       12,291  
Cato, Class A (b)
     312,197       6,269  
Children’s Place Retail Stores (a) (b)
     154,813       3,963  
Christopher & Banks (b)
     537,677       7,377  
Coinstar (a) (b)
     314,511       10,835  
Conn’s (a) (b)
     451,625       11,548  
Cosi (a) (b) (c)
     1,092,612       3,759  
FGX International Holdings Limited (a)
     71,107       1,216  
GSI Commerce (a) (b)
     227,228       6,474  
Hibbett Sports (a) (b)
     206,737       4,877  
Interface, Class A (b)
     659,153       12,610  
Journal Communications, Class A
     735,842       6,556  
McCormick & Schmick’s Seafood Restaurants (a)
     299,942       5,093  
NutriSystem (a) (b)
     155,063       4,667  
P.F. Chang’s China Bistro (a) (b)
     465,592       13,553  
Scientific Games, Class A (a) (b)
     365,527       13,214  
Skechers U.S.A., Class A (a)
     299,914       7,375  
Texas Roadhouse, Class A (a) (b)
     568,535       7,203  
WMS Industries (a) (b)
     541,605       18,777  
               
              165,923  
               
Consumer Staples – 2.2%
Hain Celestial Group (a) (b)
     466,484       16,355  
USANA Health Sciences (a) (b)
     149,853       6,115  
               
              22,470  
               
Energy – 7.6%
Arena Resources (a) (b)
     289,666       10,576  
Atwood Oceanics (a) (b)
     60,408       5,089  
Brigham Exploration (a)
     347,626       2,562  
Comstock Resources (a) (b)
     441,810       16,148  
Edge Petroleum (a) (b)
     962,066       8,735  
Helix Energy Solutions Group (a) (b)
     502,783       23,254  
Patterson-UTI Energy (b)
     305,723       6,096  
St. Mary Land & Exploration (b)
     114,367       4,845  
               
              77,305  
               
Financials – 16.0%
Affiliated Managers Group (a) (b)
     63,420       8,343  
BioMed Realty Trust – REIT (b)
     415,675       9,931  
Columbia Banking System (b)
     203,748       6,330  
Cullen/ Frost Bankers (b)
     332,692       17,693  
Digital Realty Trust – REIT (b)
     193,093       8,494  
Dime Community Bancshares (b)
     512,168       7,370  
East West Bancorp (b)
     458,955       15,485  
First Potomac Realty Trust – REIT (b)
     406,057       8,487  
Independent Bank (b)
     204,274       6,042  
Kite Realty Group Trust – REIT (b)
     340,760       6,175  
Knight Capital Group, Class A (a) (b)
     608,010       8,153  
LaSalle Hotel Properties – REIT (b)
     195,215       8,066  
Nara Bancorp (b)
     382,136       5,915  
National Financial Partners (b)
     114,223       6,245  
Newcastle Investment – REIT (b)
     492,204       7,309  
NorthStar Realty Finance – REIT (b)
     166,008       1,552  
Platinum Underwriters Holdings (b)
     423,914       15,261  
South Financial Group (b)
     424,687       8,774  
Umpqua Holdings (b)
     390,717       6,615  
               
              162,240  
               
Healthcare – 14.0%
AngioDynamics (a)
     566,320       11,326  
Arena Pharmaceuticals (a) (b)
     182,947       1,758  
BioMarin Pharmaceutical (a) (b)
     123,226       3,417  
Dexcom (a) (b)
     660,052       6,138  
Exelixis (a) (b)
     548,858       6,037  
ICU Medical (a) (b)
     279,347       11,202  
K-V Pharmaceutical, Class A (a) (b)
     605,580       18,979  
Magellan Health Services (a) (b)
     255,386       10,752  
Myriad Genetics (a) (b)
     65,467       3,624  
Pediatrix Medical Group (a)
     246,116       16,121  
Pharmion (a) (b)
     73,714       3,547  
Salix Pharmaceuticals (a) (b)
     399,107       4,670  
Senomyx (a) (b)
     572,213       6,615  
SonoSite (a) (b)
     617,695       21,737  
SurModics (a) (b)
     141,643       8,037  
Theravance (a) (b)
     132,962       3,327  
Trans1 (a) (b)
     89,619       2,240  
TriZetto Group (a) (b)
     156,658       2,560  
               
              142,087  
               
Industrials – 12.9%
AMETEK
     336,117       15,798  
BE Aerospace (a) (b)
     177,668       8,832  
Ceradyne (a) (b)
     71,396       4,884  
Columbus McKinnon (a) (b)
     359,095       11,915  
ESCO Technologies (a) (b)
     373,114       15,443  
Forward Air (b)
     287,710       9,388  
Genlyte Group (a) (b)
     77,322       5,034  
Knoll
     29,031       551  
MasTec (a)
     351,199       5,545  
NCI Building Systems (a) (b)
     155,387       6,088  
Power-One (a) (b)
     921,669       5,226  
Regal-Beloit (b)
     297,630       14,596  
Timken (b)
     379,076       12,608  
WESCO International (a) (b)
     319,976       14,927  
               
              130,835  
               
Information Technology – 22.7%
ADC Telecommunications (a)
     517,705       9,681  
Advanced Analogic Technologies (a) (b)
     1,212,741       14,650  
AudioCodes (a)
     553,403       3,603  
Cognex
     237,307       4,267  
Digital River (a) (b)
     286,750       15,215  
Emulex (a) (b)
     1,055,933       22,872  
F5 Networks (a) (b)
     373,962       13,474  
Greenfield Online (a) (b)
     383,947       5,859  
Harris Stratex Networks, Class A (a) (b)
     621,029       11,874  
Hittite Microwave (a) (b)
     78,300       3,935  
Ixia (a) (b)
     592,423       6,197  
Micrel
     656,074       5,937  
Orbotech (a)
     230,314       4,767  
Photronics (a) (b)
     1,070,137       11,707  
Plexus (a)
     570,401       14,716  
PMC-Sierra (a) (b)
     1,613,544       14,538  
Progress Software (a) (b)
     445,496       14,572  
Silicon Laboratories (a) (b)
     307,553       13,440  
Synaptics (a) (b)
     207,842       11,296  
Tessera Technologies (a) (b)
     294,700       11,255  
TIBCO Software (a) (b)
     616,257       5,657  
TTM Technologies (a)
     851,059       10,919  
               
              230,431  
               
Materials – 3.7%
Albemarle
     52,238       2,495  
Schnitzer Steel Industries, Class A (b)
     121,819       8,049  
Terra Industries (a) (b)
     361,857       13,349  
Texas Industries (b)
     183,115       13,378  
               
              37,271  
               
The accompanying notes are an integral part of the financial statements.
66      First American Funds  2007 Annual Report

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Small Cap Select (concluded)
DESCRIPTION   SHARES   VALUE
 
Telecommunication Services – 0.7%
General Communication, Class A (a)
     640,881     $ 7,518  
               
Utilities – 0.4%
NSTAR (b)
     127,266       4,474  
               
Total Common Stocks                
 
(Cost $890,928)
             980,554  
               
Short-Term Investment – 3.2%
First American Prime Obligations Fund, Class Z (d)
                
 
(Cost $32,674)
     32,673,483       32,674  
               
Investment Purchased with Proceeds from Securities Lending – 48.8%
Mount Vernon Securities Lending Prime Portfolio (e)
                
 
(Cost $495,224)
     495,224,142       495,224  
               
Total Investments – 148.5%                
 
(Cost $1,418,826)
             1,508,452  
               
Other Assets and Liabilities, Net – (48.5)%
             (492,429 )
               
Total Net Assets – 100.0%
           $ 1,016,023  
               
(a)  Non-income producing security.
 
(b)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $482,454 at October 31, 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 fiscal year ended October 31, 2007 are as follows:
                                                 
    Beginning   Purchase   Sales   Ending   Dividend    
Issuer   Cost   Cost   Cost   Cost   Income   Value
 
Cosi
   $ 6,496     $ 7,040     $ 8,607     $ 4,929     $ —     $ 3,759  
(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 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
First American Funds  2007 Annual Report       67

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Small Cap Value Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 99.3%
Consumer Discretionary – 12.8%
Aaron Rents (a)
     208,429     $ 4,415  
Ameristar Casinos (a)
     73,031       2,377  
Belo, Class A (a)
     181,091       3,350  
CBRL Group (a)
     104,726       4,179  
Charming Shoppes (a) (b)
     282,949       2,100  
Domino’s Pizza (a)
     223,200       3,446  
Ethan Allen Interiors (a)
     129,482       3,996  
Fred’s (a)
     79,474       842  
Group 1 Automotive (a)
     129,651       4,026  
Interface, Class A (a)
     168,799       3,229  
Jos. A. Bank Clothiers (a) (b)
     116,272       3,396  
Men’s Wearhouse (a)
     81,150       3,429  
Skechers U.S.A., Class A (a) (b)
     141,561       3,481  
Wolverine World Wide (a)
     190,064       4,873  
             
              47,139  
             
Consumer Staples – 3.4%
Elizabeth Arden (a) (b)
     210,630       5,245  
Nu Skin Enterprises, Class A (a)
     203,110       3,508  
Ralcorp Holdings (b)
     69,154       3,893  
             
              12,646  
             
Energy – 6.7%
Brigham Exploration (b)
     503,537       3,711  
Cimarex Energy
     74,473       3,017  
Dril-Quip (b)
     42,639       2,274  
Oil States International (a) (b)
     53,120       2,294  
Penn Virginia (a)
     92,750       4,489  
PetroQuest Energy (b)
     237,560       3,065  
Swift Energy (a) (b)
     123,937       5,878  
             
              24,728  
             
Financials (c) – 28.1%
Alabama National BanCorporation (a)
     14,493       1,142  
Alexandria Real Estate Equities – REIT (a)
     40,142       4,140  
American Equity Investment Life Holding (a)
     510,572       4,988  
Apollo Investment (a)
     144,544       3,007  
Capitol Bancorp (a)
     73,988       1,569  
Cathay General Bancorp (a)
     152,230       4,715  
City Bank (a)
     77,497       1,856  
Colonial BancGroup (a)
     181,603       3,483  
Delphi Financial Group, Class A (a)
     111,317       4,314  
First Midwest Bancorp (a)
     118,852       4,003  
FirstFed Financial (a) (b)
     80,360       3,438  
FPIC Insurance Group (b)
     127,939       5,345  
Frontier Financial (a)
     210,760       4,677  
IBERIABANK
     81,103       4,020  
Independent Bank (a)
     129,132       3,820  
Knight Capital Group, Class A (a) (b)
     195,558       2,622  
LaSalle Hotel Properties – REIT (a)
     88,771       3,668  
Mid-America Apartment Communities – REIT (a)
     73,498       3,822  
National Retail Properties – REIT (a)
     180,375       4,572  
Newcastle Investment – REIT (a)
     191,562       2,845  
Piper Jaffray Companies (a) (b)
     95,224       4,894  
Provident Bankshares (a)
     177,316       4,374  
PS Business Parks – REIT
     66,082       3,853  
Redwood Trust – REIT (a)
     94,540       2,491  
Selective Insurance Group (a)
     207,865       5,053  
Sterling Bancshares (a)
     466,273       5,689  
Waddell & Reed Financial, Class A (a)
     168,828       5,608  
             
              104,008  
             
Healthcare – 7.8%
AMERIGROUP (a) (b)
     105,774       3,702  
Pediatrix Medical Group (b)
     45,308       2,968  
Perrigo (a)
     99,474       2,358  
Res-Care (b)
     210,386       5,167  
Sciele Pharma (a) (b)
     206,750       5,260  
STERIS (a)
     144,192       4,187  
Varian (a) (b)
     30,479       2,252  
Vital Signs (a)
     55,420       2,932  
             
              28,826  
             
Industrials – 13.9%
AMETEK
     89,839       4,222  
Brady, Class A (a)
     72,530       2,676  
CRA International (a) (b)
     55,369       2,867  
Crane
     105,351       4,998  
EMCOR Group (b)
     56,111       1,932  
Esterline Technologies (a) (b)
     44,065       2,414  
Forward Air (a)
     47,400       1,547  
Kforce (b)
     160,037       1,927  
Moog, Class A (a) (b)
     60,351       2,785  
NCI Building Systems (a) (b)
     97,374       3,815  
Nordson (a)
     88,591       4,740  
Regal-Beloit (a)
     122,518       6,008  
SkyWest (a)
     81,236       2,217  
Trinity Industries (a)
     50,868       1,838  
Triumph Group
     12,300       979  
URS (b)
     57,362       3,546  
WESCO International (a) (b)
     60,015       2,800  
             
              51,311  
             
Information Technology – 15.3%
CACI International, Class A (a) (b)
     38,841       2,092  
Emulex (b)
     302,959       6,562  
Hutchinson Technology (a) (b)
     148,682       3,528  
Ixia (b)
     421,772       4,412  
Micrel
     342,754       3,102  
Pericom Semiconductor (b)
     319,418       4,772  
Photronics (a) (b)
     169,826       1,858  
Plantronics (a)
     67,976       1,859  
Polycom (b)
     126,000       3,525  
Progress Software (b)
     188,555       6,168  
Silicon Motion Technology – ADR (b)
     121,956       3,049  
TIBCO Software (a) (b)
     356,992       3,277  
TriQuint Semiconductor (b)
     396,668       2,487  
TTM Technologies (b)
     363,062       4,658  
United Online (a)
     305,679       5,380  
             
              56,729  
             
Materials – 6.5%
Albemarle
     75,831       3,622  
AptarGroup
     88,384       3,951  
Arch Chemicals
     42,113       1,921  
Commercial Metals
     127,840       4,012  
Metal Management
     44,872       2,359  
Terra Industries (a) (b)
     109,356       4,034  
Texas Industries (a)
     56,408       4,121  
             
              24,020
 
  
Utilities – 4.8%
Black Hills (a)
     69,332       3,080  
El Paso Electric (b)
     160,604       3,911  
Northwest Natural Gas
     56,625       2,728  
The accompanying notes are an integral part of the financial statements.
68      First American Funds  2007 Annual Report

Table of Contents

                   
Small Cap Value Fund (concluded)
DESCRIPTION   SHARES   VALUE
 
PNM Resources (a)
     137,152     $ 3,430  
Westar Energy (a)
     169,288       4,506  
             
              17,655  
             
Total Common Stocks                
 
(Cost $336,548)
             367,062  
             
Short-Term Investment – 0.4%
First American Prime Obligations Fund, Class Z (d)
                
 
(Cost $1,704)
     1,704,269       1,704  
             
Investment Purchased with Proceeds from Securities Lending – 49.7%
Mount Vernon Securities Lending Prime Portfolio (e)
                
 
(Cost $183,639)
     183,638,605       183,639  
             
Total Investments – 149.4%                
 
(Cost $521,891)
             552,405  
             
Other Assets and Liabilities, Net – (49.4)%
             (182,742 )
             
Total Net Assets – 100.0%
           $ 369,663  
             
(a)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $178,837 at October 31, 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 7 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 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.
ADR – American Depository Receipt
REIT – Real Estate Investment Trust
First American Funds  2007 Annual Report       69

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Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                   
Small-Mid Cap Core Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 99.9%
Consumer Discretionary – 14.9%
Aftermarket Technology (a)
     29,697     $ 1,025  
Dick’s Sporting Goods (a)
     28,677       957  
J. Crew Group (a) (b)
     19,798       741  
Jos. A. Bank Clothiers (a) (b)
     55,422       1,619  
Men’s Wearhouse (b)
     40,981       1,732  
Newell Rubbermaid
     56,897       1,659  
Polo Ralph Lauren
     30,163       2,075  
R.H. Donnelley (a) (b)
     28,646       1,571  
Stanley Works (b)
     22,193       1,277  
Tiffany & Company
     20,931       1,134  
WMS Industries (a) (b)
     91,653       3,178  
             
              16,968  
             
Consumer Staples – 1.8%
Corn Products International
     48,266       2,053  
             
Energy – 7.5%
Cameron International (a) (b)
     20,509       1,997  
Cimarex Energy
     53,248       2,157  
Dril-Quip (a)
     28,817       1,537  
Helix Energy Solutions Group (a) (b)
     35,199       1,628  
St. Mary Land & Exploration (b)
     28,021       1,187  
             
              8,506  
             
Financials – 14.9%
Affiliated Managers Group (a) (b)
     17,071       2,246  
AllianceBernstein Holding
     13,560       1,158  
City National (b)
     30,996       2,095  
Everest Re Group
     24,860       2,649  
FirstFed Financial (a) (b)
     31,464       1,346  
LaSalle Hotel Properties – REIT (b)
     29,848       1,233  
National Retail Properties – REIT
     45,283       1,148  
Piper Jaffray Companies (a) (b)
     37,397       1,922  
W.R. Berkley
     79,666       2,397  
Zions Bancorporation (b)
     12,208       722  
             
              16,916  
             
Healthcare – 15.0%
AMERIGROUP (a) (b)
     43,026       1,506  
ArthroCare (a) (b)
     31,644       2,052  
BioMarin Pharmaceutical (a) (b)
     82,465       2,287  
DENTSPLY International
     50,879       2,110  
Henry Schein (a)
     9,531       571  
Intuitive Surgical (a) (b)
     10,022       3,276  
Pediatrix Medical Group (a)
     33,637       2,203  
Sciele Pharma (a) (b)
     86,821       2,209  
TriZetto Group (a) (b)
     49,383       807  
             
              17,021
 
  
Industrials – 13.6%
AMETEK
     48,814       2,294  
Con-way
     35,002       1,491  
Crane
     34,544       1,639  
Dun & Bradstreet
     17,306       1,676  
Forward Air (b)
     41,992       1,370  
L-3 Communications Holdings
     11,267       1,235  
Regal-Beloit (b)
     33,533       1,645  
Republic Services
     102,539       3,506  
US Airways Group (a)
     19,085       528  
             
              15,384  
             
Information Technology – 19.2%
Amphenol, Class A
     57,052       2,526  
Digital River (a) (b)
     23,662       1,256  
Emulex (a)
     134,117       2,905  
F5 Networks (a)
     76,076       2,741  
Fairchild Semiconductor International, Class A (a) (b)
     90,017       1,643  
Harris
     23,354       1,414  
Maxim Integrated Products
     54,456       1,476  
Micrel (b)
     124,970       1,131  
Plexus (a)
     74,379       1,919  
Progress Software (a) (b)
     30,769       1,006  
Teradata (a)
     54,924       1,567  
TIBCO Software (a) (b)
     126,062       1,157  
Xilinx (b)
     43,498       1,061  
             
              21,802  
             
Materials – 9.5%
Cleveland-Cliffs
     11,724       1,121  
Owens-Illinois (a)
     77,162       3,428  
Pactiv (a)
     50,670       1,392  
Smurfit-Stone Container (a)
     156,779       1,899  
Terra Industries (a) (b)
     80,264       2,961  
             
              10,801  
             
Telecommunication Services – 1.5%
Windstream (b)
     122,764       1,651  
             
Utilities – 2.0%
TECO Energy (b)
     58,720       988  
Westar Energy (b)
     47,900       1,275  
             
              2,263  
             
Total Common Stocks                
 
(Cost $102,170)
             113,365  
             
Short-Term Investment – 0.2%
First American Prime Obligations Fund, Class Z (c)
                
 
(Cost $228)
     228,439       228  
             
Investment Purchased with Proceeds from Securities Lending – 42.3%
Mount Vernon Securities Lending Prime Portfolio (d)
                
 
(Cost $48,040)
     48,040,221       48,040  
             
Total Investments – 142.4%                
 
(Cost $150,438)
             161,633  
             
Other Assets and Liabilities, Net – (42.4)%
             (48,169 )
             
Total Net Assets – 100.0%
           $ 113,464  
             
(a)  Non-income producing security.
 
(b)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $46,826 at October 31, 2007. See note 2 in Notes to Financial Statements.
 
(c)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor 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 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
The accompanying notes are an integral part of the financial statements.
70      First American Funds  2007 Annual Report

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Statements of  Assets and Liabilities     October 31, 2007, all dollars and shares are rounded to thousands (000), except 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
   $ 273,007       $ 890,928       $ 336,548       $ 102,170        
Investment in affiliated money market fund, at cost
     12,962         32,674         1,704         228        
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)
     140,812         495,224         183,639         48,040        
                             
ASSETS:
                                            
Investments in unaffiliated securities, at value* (note 2)
   $ 303,171       $ 980,554       $ 367,062       $ 113,365        
Investment in affiliated money market fund, at value (note 2)
     12,962         32,674         1,704         228        
Affiliated investment purchased with proceeds from securities lending, at value (note 2)
     140,812         495,224         183,639         48,040        
Cash
     —         690         —         —        
Receivable for dividends and interest
     124         751         401         23        
Receivable for investment securities sold
     6,029         7,486         1,365         2,495        
Receivable for capital shares sold
     396         1,000         325         12        
Prepaid expenses and other assets
     36         42         36         27        
                             
Total assets
     463,530         1,518,421         554,532         164,190        
                             
LIABILITIES:
                                            
Payable for capital shares redeemed
     267         2,782         892         200        
Payable upon return of securities loaned (note 2)
     140,812         495,224         183,639         48,040        
Payable for investment securities purchased
     11,156         3,445         —         2,364        
Payable to affiliates (note 3)
     280         832         309         101        
Payable for distribution and shareholder servicing fees
     37         107         22         15        
Accrued expenses and other liabilities
     7         8         7         6        
                             
Total liabilities
     152,559         502,398         184,869         50,726        
                             
Net assets
   $ 310,971       $ 1,016,023       $ 369,663       $ 113,464        
                             
COMPOSITION OF NET ASSETS:
                                            
Portfolio capital
   $ 263,886       $ 895,705       $ 302,295       $ 544,228        
Undistributed (distributions in excess of) net investment income
     (6 )       (7 )       3,082         (5 )      
Accumulated net realized gain (loss) on investments
     16,927         30,699         33,772         (441,954 )      
Net unrealized appreciation of investments
     30,164         89,626         30,514         11,195        
                             
Net assets
   $ 310,971       $ 1,016,023       $ 369,663       $ 113,464        
                             
* Including securities loaned, at value
   $ 137,705       $ 482,454       $ 178,837       $ 46,826        
                             
Class A:
                                            
Net assets
   $ 149,231       $ 238,129       $ 53,498       $ 21,817        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     6,892         16,937         3,957         2,050        
Net asset value and redemption price per share
   $ 21.65       $ 14.06       $ 13.52       $ 10.64        
Maximum offering price per share1
   $ 22.91       $ 14.88       $ 14.31       $ 11.26        
Class B:
                                            
Net assets
   $ 4,467       $ 13,720       $ 6,213       $ 6,883        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     228         1,187         521         748        
Net asset value, offering price, and redemption price per share2
   $ 19.56       $ 11.56       $ 11.94       $ 9.21        
Class C:
                                            
Net assets
   $ 2,295       $ 34,505       $ 4,006       $ 5,190        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     113         2,627         329         517        
Net asset value, offering price, and redemption price per share2
   $ 20.41       $ 13.13       $ 12.19       $ 10.04        
Class R3:
                                            
Net assets
   $ 522       $ 38,181       $ 3,263       $ —        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     24         2,754         244         —        
Net asset value, offering price, and redemption price per share
   $ 21.49       $ 13.86       $ 13.35       $ —        
Class Y:
                                            
Net assets
   $ 154,456       $ 691,488       $ 302,683       $ 79,574        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     6,706         45,795         21,820         7,178        
Net asset value, offering price, and redemption price per share
   $ 23.03       $ 15.10       $ 13.87       $ 11.09        
                             
  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  2007 Annual Report       71

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Statements of  Operations    For the year ended October 31, 2007, 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      
                       
INVESTMENT INCOME:
                                            
Dividends from unaffiliated securities
   $ 867       $ 7,140       $ 8,204       $ 1,203        
Dividends from affiliated securities
     427         1,632         274         53        
Less: Foreign taxes withheld
     —         1         —         1        
Securities lending income
     453         2,249         369         156        
                             
Total investment income
     1,747         11,022         8,847         1,413        
                             
EXPENSES (note 3):
                                            
Investment advisory fees
     3,181         7,625         2,865         829        
Administration fees
     708         2,427         914         261        
Transfer agent fees
     163         349         170         220        
Custodian fees
     16         57         21         7        
Professional fees
     42         42         42         42        
Registration fees
     60         74         55         44        
Postage and printing fees
     39         70         23         18        
Directors’ fees
     23         21         22         23        
Other expenses
     22         21         23         21        
Distribution and shareholder servicing fees – Class A
     372         674         145         61        
Distribution and shareholder servicing fees – Class B
     55         146         71         78        
Distribution and shareholder servicing fees – Class C
     25         270         43         52        
Distribution and shareholder servicing fees – Class R1
     5         102         13         —        
                             
Total expenses
     4,711         11,878         4,407         1,656        
                             
Less: Fee waivers (note 3)
     (376 )       (30 )       (5 )       (91 )      
Less: Indirect payments from custodian (note 3)
     (9 )       (13 )       (5 )       (1 )      
                             
Total net expenses
     4,326         11,835         4,397         1,564        
                             
Investment income (loss) – net
     (2,579 )       (813 )       4,450         (151 )      
                             
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS – NET (note 5):
                                            
Net realized gain on unaffiliated investments
     29,255         81,194         42,939         9,015        
Net realized loss on affiliated investments
     —         (2,200 )       —         —        
Net realized gain on in-kind redemption
     —         6,598         —         —        
Net change in unrealized appreciation or depreciation of investments
     11,753         (12,056 )       (29,588 )       3,441        
                             
Net gain on investments
     41,008         73,536         13,351         12,456        
                             
Net increase in net assets resulting from operations
   $ 38,429       $ 72,723       $ 17,801       $ 12,305        
                             
  1   Class R is not offered by the Small-Mid Cap Core Fund.
The accompanying notes are an integral part of the financial statements.
72      First American Funds  2007 Annual Report

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Statements of  Changes in Net Assets    all dollars are rounded to thousands (000)
                                           
    Small Cap Growth     Small Cap      
    Opportunities Fund     Select Fund      
          
    Year Ended   Year Ended     Year Ended   Year Ended      
    10/31/07   10/31/06     10/31/07   10/31/06      
         
OPERATIONS:
                                        
Investment income (loss) – net
   $ (2,579 )   $ (2,332 )     $ (813 )   $ (1,912 )      
Net realized gain on unaffiliated investments
     29,255       20,657         81,194       152,452        
Net realized gain (loss) on affiliated investments
     —       (2,847 )       (2,200 )     684        
Net realized gain (loss) on in-kind redemption (note 9)
     —       (247 )       6,598       —        
Net change in unrealized appreciation or depreciation of investments
     11,753       16,707         (12,056 )     23,065        
         
Net increase in net assets resulting from operations
     38,429       31,938         72,723       174,289        
         
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                                        
Investment income – net:
                                        
 
Class A
     —       —         —       —        
 
Class B
     —       —         —       —        
 
Class C
     —       —         —       —        
 
Class R
     —       —         —       —        
 
Class Y
     —       —         —       —        
Net realized gain on investments:
                                        
 
Class A
     (8,975 )     (15,190 )       (33,807 )     (21,746 )      
 
Class B
     (443 )     (1,681 )       (2,398 )     (3,108 )      
 
Class C
     (178 )     (580 )       (2,921 )     (2,833 )      
 
Class R
     (81 )     (1 )       (578 )     (130,679 )      
 
Class Y
     (10,242 )     (38,069 )       (94,474 )     (82 )      
         
Total distributions
     (19,919 )     (55,521 )       (134,178 )     (158,448 )      
         
CAPITAL SHARE TRANSACTIONS (note 4):
                                        
Class A:
                                        
 
Proceeds from sales
     42,677       80,056         169,005       133,764        
 
Reinvestment of distributions
     8,788       14,824         24,845       21,190        
 
Payments for redemptions
     (49,599 )     (32,674 )       (161,596 )     (40,923 )      
         
Increase (decrease) in net assets from Class A transactions
     1,866       62,206         32,254       114,031        
         
Class B:
                                        
 
Proceeds from sales
     235       523         1,987       2,081        
 
Reinvestment of distributions
     412       1,555         2,264       2,956        
 
Payments for redemptions (note 3)
     (2,909 )     (2,849 )       (4,115 )     (3,022 )      
         
Increase (decrease) in net assets from Class B transactions
     (2,262 )     (771 )       136       2,015        
         
Class C:
                                        
 
Proceeds from sales
     807       999         21,138       7,783        
 
Reinvestment of distributions
     151       576         2,706       2,746        
 
Payments for redemptions (note 3)
     (1,431 )     (1,520 )       (6,772 )     (5,254 )      
         
Increase (decrease) in net assets from Class C transactions
     (473 )     55         17,072       5,275        
         
Class R1:
                                        
 
Proceeds from sales
     449       1,386         39,652       2,537        
 
Reinvestment of distributions
     81       1         578       82        
 
Payments for redemptions
     (1,395 )     (76 )       (5,019 )     (352 )      
         
Increase (decrease) in net assets from Class R transactions
     (865 )     1,311         35,211       2,267        
         
Class Y:
                                        
 
Proceeds from sales
     15,021       40,576         200,087       129,554        
 
Reinvestment of distributions
     7,633       29,517         71,615       103,456        
 
Payments for redemptions
     (60,378 )     (77,933 )       (270,010 )     (195,174 )      
         
Increase (decrease) in net assets from Class Y transactions
     (37,724 )     (7,840 )       1,692       37,836        
         
Increase (decrease) in net assets from capital share transactions
     (39,458 )     54,961         86,365       161,424        
         
Increase in net assets from regulatory settlement proceeds (Note 10)
     177       —         —       —        
         
Total increase (decrease) in net assets
     (20,771 )     31,378         24,910       177,265        
Net assets at beginning of year
     331,742       300,364         991,113       813,848        
         
Net assets at end of year
   $ 310,971     $ 331,742       $ 1,016,023     $ 991,113        
         
Undistributed (distributions in excess of) net investment income at end of year
   $ (6 )   $ —       $ (7 )   $ —        
         
1   Class R is not offered by the Small-Mid Cap Core Fund.
The accompanying notes are an integral part of the financial statements.
74      First American Funds  2007 Annual Report

Table of Contents

                                         
    Small Cap     Small-Mid Cap      
    Value Fund     Core Fund      
               
    Year Ended   Year Ended     Year Ended   Year Ended      
    10/31/07   10/31/06     10/31/07   10/31/06      
              
    $ 4,450     $ 1,680       $ (151 )   $ 149        
      42,939       77,955         9,015       4,374        
      —       —         —       —        
      —       —         —       —        
      (29,588 )     (534 )       3,441       10,366        
             
      17,801       79,101         12,305       14,889        
             
      (94 )     (145 )       —       —        
      —       —         —       —        
      —       —         —       —        
      (3 )     (2 )       —       —        
      (1,306 )     (1,819 )       (108 )     —        
      (9,082 )     (10,660 )       —       —        
      (1,323 )     (2,162 )       —       —        
      (764 )     (1,094 )       —       —        
      (321 )     (75,707 )       —       —        
      (52,686 )     (19 )       —       —        
             
      (65,579 )     (91,608 )       (108 )     —        
             
      9,352       12,626         5,584       11,715        
      8,932       10,483         —       —        
      (15,854 )     (10,454 )       (12,536 )     (11,925 )      
             
      2,430       12,655         (6,952 )     (210 )      
             
      183       422         294       416        
      1,220       2,072         —       —        
      (1,975 )     (2,975 )       (2,885 )     (3,430 )      
             
      (572 )     (481 )       (2,591 )     (3,014 )      
             
      1,120       825         1,179       2,029        
      736       1,069         —       —        
      (1,648 )     (1,809 )       (1,497 )     (2,015 )      
             
      208       85         (318 )     14        
             
      2,573       1,900         —       —        
      323       22         —       —        
      (1,268 )     (196 )       —       —        
             
      1,628       1,726         —       —        
             
      39,919       50,760         27,632       49,629        
      46,881       66,461         38       —        
      (100,232 )     (99,660 )       (23,844 )     (22,033 )      
             
      (13,432 )     17,561         3,826       27,596        
             
      (9,738 )     31,546         (6,035 )     24,386        
             
      —       —         —       —        
             
      (57,516 )     19,039         6,162       39,275        
      427,179       408,140         107,302       68,027        
             
    $ 369,663     $ 427,179       $ 113,464     $ 107,302        
             
    $ 3,082     $ —       $ (5 )   $ 93        
             
First American Funds  2007 Annual Report       75

Table of Contents

Financial Highlights    For a share outstanding throughout the indicated periods.
                                                         
                Realized and                  
                Unrealized           Net Asset      
    Net Asset     Net     Gains     Distributions     Value      
    Value     Investment     (Losses) on     from Net     End of      
    Beginning     Loss     Investments     Realized Gains     Period      
    of Period                              
                                   
Small Cap Growth Opportunities Fund1
                                                      
Class A
                                                      
 
20072
   $ 20.49       $ (0.19 )     $ 2.67       $ (1.32 )     $ 21.65        
 
20062
     22.79         (0.18 )       2.37         (4.49 )       20.49        
 
20053
     23.75         (0.02 )       (0.94 )       —         22.79        
 
20054
     21.74         (0.32 )       5.28         (2.95 )       23.75        
 
20044
     21.95         (0.35 )       0.27         (0.13 )       21.74        
 
20034
     13.86         (0.28 )       8.37         —         21.95        
Class B
                                                      
 
20072
   $ 18.76       $ (0.31 )     $ 2.43       $ (1.32 )     $ 19.56        
 
20062
     21.36         (0.31 )       2.20         (4.49 )       18.76        
 
20053
     22.27         (0.03 )       (0.88 )       —         21.36        
 
20054
     20.69         (0.45 )       4.98         (2.95 )       22.27        
 
20044
     21.05         (0.50 )       0.27         (0.13 )       20.69        
 
20034
     13.39         (0.40 )       8.06         —         21.05        
Class C
                                                      
 
20072
   $ 19.53       $ (0.33 )     $ 2.53       $ (1.32 )     $ 20.41        
 
20062
     22.05         (0.32 )       2.29         (4.49 )       19.53        
 
20053
     23.00         (0.04 )       (0.91 )       —         22.05        
 
20054
     21.28         (0.48 )       5.15         (2.95 )       23.00        
 
20044
     21.65         (0.49 )       0.25         (0.13 )       21.28        
 
20034
     13.77         (0.43 )       8.31         —         21.65        
Class R5
                                                      
 
20072
   $ 20.39       $ (0.24 )     $ 2.66       $ (1.32 )     $ 21.49        
 
20062
     22.75         (0.23 )       2.36         (4.49 )       20.39        
 
20053
     23.72         (0.03 )       (0.94 )       —         22.75        
 
20054
     21.74         (0.48 )       5.41         (2.95 )       23.72        
 
20044
     21.95         (0.42 )       0.34         (0.13 )       21.74        
 
20034
     13.86         (0.28 )       8.37         —         21.95        
Class Y
                                                      
 
20072
   $ 21.66       $ (0.15 )     $ 2.84       $ (1.32 )     $ 23.03        
 
20062
     23.81         (0.13 )       2.47         (4.49 )       21.66        
 
20053
     24.81         (0.02 )       (0.98 )       —         23.81        
 
20054
     22.55         (0.27 )       5.48         (2.95 )       24.81        
 
20044
     22.70         (0.32 )       0.30         (0.13 )       22.55        
 
20034
     14.30         (0.25 )       8.65         —         22.70        
                                               
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
 
  6   Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
 
  7   During the period, the fund received a regulatory settlement, which had an impact on the total return of 0.05% for Class A, Class R, and Class Y shares and 0.06% for Class B and Class C shares.
The accompanying notes are an integral part of the financial statements.
76      First American Funds  2007 Annual Report

Table of Contents

                                                                         
                                  Ratio of Net          
                            Ratio of     Investment          
                      Ratio of Net     Expenses to     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    
    Return6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate    
                                               
               
      12.81 %7     $ 149,231         1.47 %       (0.89 )%       1.59 %       (1.01 )%       118 %    
      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      
               
      12.03 %7     $ 4,467         2.22 %       (1.65 )%       2.34 %       (1.77 )%       118 %    
      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      
               
      11.96 %7     $ 2,295         2.22 %       (1.64 )%       2.34 %       (1.76 )%       118 %    
      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      
               
      12.56 %7     $ 522         1.72 %       (1.17 )%       1.84 %       (1.29 )%       118 %    
      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      
               
      13.10 %7     $ 154,456         1.22 %       (0.64 )%       1.34 %       (0.76 )%       118 %    
      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      
                                                                 
First American Funds  2007 Annual Report       77

Table of Contents

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 Fund1
                                                      
Class A
                                                      
 
20072
   $ 15.12       $ (0.03 )     $ 1.05       $ (2.08 )     $ 14.06        
 
20062
     15.33         (0.05 )       3.05         (3.21 )       15.12        
 
20053
     15.82         (0.01 )       (0.48 )       —         15.33        
 
20054
     15.95         (0.08 )       3.10         (3.15 )       15.82        
 
20044
     14.52         (0.12 )       2.60         (1.05 )       15.95        
 
20034
     10.68         (0.09 )       3.93         —         14.52        
Class B
                                                      
 
20072
   $ 12.88       $ (0.11 )     $ 0.87       $ (2.08 )     $ 11.56        
 
20062
     13.58         (0.13 )       2.64         (3.21 )       12.88        
 
20053
     14.02         (0.02 )       (0.42 )       —         13.58        
 
20054
     14.56         (0.17 )       2.78         (3.15 )       14.02        
 
20044
     13.42         (0.22 )       2.41         (1.05 )       14.56        
 
20034
     9.95         (0.17 )       3.64         —         13.42        
Class C
                                                      
 
20072
   $ 14.36       $ (0.12 )     $ 0.97       $ (2.08 )     $ 13.13        
 
20062
     14.79         (0.16 )       2.94         (3.21 )       14.36        
 
20053
     15.28         (0.02 )       (0.47 )       —         14.79        
 
20054
     15.60         (0.19 )       3.02         (3.15 )       15.28        
 
20044
     14.32         (0.24 )       2.57         (1.05 )       15.60        
 
20034
     10.62         (0.18 )       3.88         —         14.32        
Class R5
                                                      
 
20072
   $ 14.98       $ (0.06 )     $ 1.02       $ (2.08 )     $ 13.86        
 
20062
     15.24         (0.09 )       3.04         (3.21 )       14.98        
 
20053
     15.73         (0.01 )       (0.48 )       —         15.24        
 
20054
     15.91         (0.08 )       3.05         (3.15 )       15.73        
 
20044
     14.49         (0.13 )       2.60         (1.05 )       15.91        
 
20034
     10.66         (0.09 )       3.92         —         14.49        
Class Y
                                                      
 
20072
   $ 16.06       $ 0.01       $ 1.11       $ (2.08 )     $ 15.10        
 
20062
     16.06         (0.01 )       3.22         (3.21 )       16.06        
 
20053
     16.57         (0.01 )       (0.50 )       —         16.06        
 
20054
     16.54         (0.04 )       3.22         (3.15 )       16.57        
 
20044
     14.98         (0.09 )       2.70         (1.05 )       16.54        
 
20034
     11.00         (0.06 )       4.04         —         14.98        
                                       
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
 
  6   Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
78      First American Funds  2007 Annual Report

Table of Contents

                                                                           
                                  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      
    Return6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate      
                                            
             
             
      7.35 %     $ 238,129         1.23 %       (0.22 )%       1.23 %       (0.22 )%       97 %      
      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        
             
      6.51 %     $ 13,720         1.98 %       (0.97 )%       1.98 %       (0.97 )%       97 %      
      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        
             
      6.46 %     $ 34,505         1.98 %       (0.95 )%       1.98 %       (0.95 )%       97 %      
      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        
             
      6.99 %     $ 38,181         1.48 %       (0.43 )%       1.48 %       (0.43 )%       97 %      
      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        
             
      7.58 %     $ 691,488         0.98 %       0.03 %       0.98 %       0.03 %       97 %      
      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        
                                                           
First American Funds  2007 Annual Report       79

Table of Contents

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 Fund1
                                                                
Class A
                                                                
 
20072
   $ 15.38       $ 0.12       $ 0.48       $ (0.02 )     $ (2.44 )     $ 13.52        
 
20062
     16.34         0.03         2.86         (0.04 )       (3.81 )       15.38        
 
20053
     16.78         0.01         (0.45 )       —         —         16.34        
 
20054
     16.84         0.03         2.63         (0.06 )       (2.66 )       16.78        
 
20044
     14.28         0.03         3.13         (0.04 )       (0.56 )       16.84        
 
20034
     11.26         —         3.02         —         —         14.28        
Class B
                                                                
 
20072
   $ 13.93       $ 0.02       $ 0.43       $ —       $ (2.44 )     $ 11.94        
 
20062
     15.19         (0.07 )       2.62         —         (3.81 )       13.93        
 
20053
     15.61         —         (0.42 )       —         —         15.19        
 
20054
     15.92         (0.09 )       2.47         (0.03 )       (2.66 )       15.61        
 
20044
     13.60         (0.08 )       2.96         —         (0.56 )       15.92        
 
20034
     10.80         (0.08 )       2.88         —         —         13.60        
Class C
                                                                
 
20072
   $ 14.17       $ 0.02       $ 0.44       $ —       $ (2.44 )     $ 12.19        
 
20062
     15.39         (0.07 )       2.66         —         (3.81 )       14.17        
 
20053
     15.82         —         (0.43 )       —         —         15.39        
 
20054
     16.10         (0.09 )       2.50         (0.03 )       (2.66 )       15.82        
 
20044
     13.74         (0.08 )       3.00         —         (0.56 )       16.10        
 
20034
     10.91         (0.09 )       2.92         —         —         13.74        
Class R5
                                                                
 
20072
   $ 15.24       $ 0.10       $ 0.47       $ (0.02 )     $ (2.44 )     $ 13.35        
 
20062
     16.29         (0.01 )       2.84         (0.07 )       (3.81 )       15.24        
 
20053
     16.74         0.01         (0.46 )       —         —         16.29        
 
20054
     16.83         (0.01 )       2.64         (0.06 )       (2.66 )       16.74        
 
20044
     14.27         0.03         3.12         (0.03 )       (0.56 )       16.83        
 
20034
     11.26         0.01         3.01         (0.01 )       —         14.27        
Class Y
                                                                
 
20072
   $ 15.71       $ 0.16       $ 0.49       $ (0.05 )     $ (2.44 )     $ 13.87        
 
20062
     16.62         0.07         2.90         (0.07 )       (3.81 )       15.71        
 
20053
     17.06         0.01         (0.45 )       —         —         16.62        
 
20054
     17.05         0.07         2.67         (0.07 )       (2.66 )       17.06        
 
20044
     14.44         0.08         3.16         (0.07 )       (0.56 )       17.05        
 
20034
     11.38         0.03         3.05         (0.02 )       —         14.44        
                                                 
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
 
  6   Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
80      First American Funds  2007 Annual Report

Table of Contents

                                                                         
                                  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    
    Return6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate    
                                               
               
               
      4.18 %     $ 53,498         1.26 %       0.90 %       1.26 %       0.90 %       63 %    
      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      
               
      3.41 %     $ 6,213         2.01 %       0.14 %       2.01 %       0.14 %       63 %    
      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      
               
      3.42 %     $ 4,006         2.01 %       0.14 %       2.01 %       0.14 %       63 %    
      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      
               
      3.96 %     $ 3,263         1.51 %       0.72 %       1.51 %       0.72 %       63 %    
      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      
               
      4.45 %     $ 302,683         1.01 %       1.15 %       1.01 %       1.15 %       63 %    
      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      
                                                                 
First American Funds  2007 Annual Report       81

Table of Contents

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 Fund1, 2
                                                      
Class A
                                                      
 
20073
   $ 9.57       $ (0.02 )     $ 1.09       $ —       $ 10.64        
 
20063
     8.03         0.01         1.53         —         9.57        
 
20054
     8.31         (0.01 )       (0.27 )       —         8.03        
 
20055
     7.40         (0.07 )       0.98         —         8.31        
 
20045
     7.05         (0.07 )       0.42         —         7.40        
 
20035
     4.29         (0.03 )       2.79         —         7.05        
Class B
                                                      
 
20073
   $ 8.34       $ (0.08 )     $ 0.95       $ —       $ 9.21        
 
20063
     7.06         (0.04 )       1.32         —         8.34        
 
20054
     7.31         (0.01 )       (0.24 )       —         7.06        
 
20055
     6.55         (0.11 )       0.87         —         7.31        
 
20045
     6.29         (0.11 )       0.37         —         6.55        
 
20035
     3.86         (0.07 )       2.50         —         6.29        
Class C
                                                      
 
20073
   $ 9.09       $ (0.09 )     $ 1.04       $ —       $ 10.04        
 
20063
     7.69         (0.05 )       1.45         —         9.09        
 
20054
     7.97         (0.01 )       (0.27 )       —         7.69        
 
20055
     7.14         (0.12 )       0.95         —         7.97        
 
20045
     6.86         (0.12 )       0.40         —         7.14        
 
20035
     4.20         (0.07 )       2.73         —         6.86        
Class Y
                                                      
 
20073
   $ 9.95       $ —       $ 1.15       $ (0.01 )     $ 11.09        
 
20063
     8.34         0.04         1.57         —         9.95        
 
20054
     8.63         —         (0.29 )       —         8.34        
 
20055
     7.66         (0.05 )       1.02         —         8.63        
 
20045
     7.28         (0.05 )       0.43         —         7.66        
 
20035
     4.42         (0.01 )       2.87         —         7.28        
                                       
  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 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   Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
82      First American Funds  2007 Annual Report

Table of Contents

                                                                           
                                  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      
    Return6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate      
                                            
             
             
      11.18 %     $ 21,817         1.41 %       (0.20 )%       1.49 %       (0.28 )%       151 %      
      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        
             
      10.43 %     $ 6,883         2.16 %       (0.94 )%       2.24 %       (1.02 )%       151 %      
      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        
             
      10.45 %     $ 5,190         2.16 %       (0.96 )%       2.24 %       (1.04 )%       151 %      
      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        
             
      11.62 %     $ 79,574         1.16 %       0.02 %       1.24 %       (0.06 )%       151 %      
      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        
                                                           
First American Funds  2007 Annual Report       83

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars rounded to thousands (000)
                   
Mid Cap Growth Opportunities Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 97.5%
Consumer Discretionary – 17.7%
Abercrombie & Fitch, Class A (a)
     456,511     $ 36,156  
Chipotle Mexican Grill, Class A (a) (b)
     188,626       26,219  
Chipotle Mexican Grill, Class B (a) (b)
     73,245       9,033  
Coach (b)
     536,598       19,618  
Dick’s Sporting Goods (a) (b)
     820,142       27,368  
Garmin (a)
     156,683       16,828  
J. Crew Group (a) (b)
     455,434       17,033  
LKQ (a) (b)
     527,496       20,340  
Marriott International, Class A
     526,661       21,651  
Newell Rubbermaid (a)
     914,710       26,673  
Nordstrom (a)
     402,926       15,891  
Omnicom Group (a)
     508,833       25,940  
Polo Ralph Lauren (a)
     478,752       32,938  
Scientific Games, Class A (a) (b)
     530,733       19,186  
Tiffany & Company
     358,582       19,428  
WMS Industries (a) (b)
     445,883       15,459  
             
              349,761  
             
Energy – 10.9%
Cameron International (a) (b)
     399,175       38,864  
Chesapeake Energy (a)
     557,520       22,011  
Helix Energy Solutions Group (a) (b)
     451,724       20,892  
Smith International (a)
     450,995       29,788  
Southwestern Energy (b)
     559,193       28,927  
Weatherford International (b)
     435,744       28,284  
Williams
     542,078       19,781  
XTO Energy
     417,537       27,716  
             
              216,263  
             
Financials – 6.2%
Affiliated Managers Group (a) (b)
     132,272       17,400  
AllianceBernstein Holding
     285,065       24,353  
Ambac Financial Group (a)
     396,939       14,619  
BlackRock (a)
     133,194       27,565  
ICICI Bank – ADR
     167,440       11,627  
W.R. Berkley
     870,541       26,195  
             
              121,759  
             
Healthcare – 16.2%
Applied Biosystems Group – Applera (a)
     598,270       22,220  
Celgene (a) (b)
     279,390       18,440  
Coventry Health Care (b)
     503,657       30,375  
DENTSPLY International (a)
     630,770       26,164  
Healthways (a) (b)
     483,377       29,341  
Henry Schein (a) (b)
     423,911       25,392  
Hologic (a) (b)
     351,180       23,856  
Humana (a) (b)
     318,808       23,895  
Intuitive Surgical (a) (b)
     114,462       37,414  
Medco Health Solutions (a) (b)
     219,748       20,740  
Pediatrix Medical Group (b)
     338,810       22,192  
Thermo Fisher Scientific (a) (b)
     679,453       39,958  
             
              319,987
 
  
Industrials – 15.5%
AerCap Holdings (b)
     601,858       15,173  
American Reprographics (a) (b)
     667,097       13,529  
C.H. Robinson Worldwide (a)
     311,983       15,574  
Cooper Industries, Class A (a)
     445,415       23,335  
Cummins
     37,945       4,552  
Dun & Bradstreet (a)
     236,352       22,891  
McDermott International (b)
     324,489       19,813  
MSC Industrial Direct, Class A
     546,385       26,614  
Precision Castparts
     386,515       57,904  
Republic Services
     1,034,666       35,375  
Rockwell Collins
     547,706       40,974  
Roper Industries (a)
     447,289       31,673  
             
              307,407  
             
Information Technology – 22.2%
Amphenol, Class A (a)
     798,621       35,355  
Autodesk (b)
     596,103       29,149  
Cognizant Technology Solutions, Class A (b)
     472,342       19,583  
DST Systems (b)
     243,262       20,607  
F5 Networks (a) (b)
     731,524       26,357  
Fairchild Semiconductor International, Class A (a) (b)
     690,826       12,608  
Intersil, Class A (a)
     763,393       23,161  
Intuit (a) (b)
     1,053,585       33,894  
Juniper Networks (a) (b)
     617,303       22,223  
Lam Research (a) (b)
     592,253       29,731  
MasterCard, Class A (a)
     185,677       35,195  
Maxim Integrated Products (a)
     1,605,593       43,512  
MEMC Electronic Materials (a) (b)
     511,831       37,476  
NVIDIA (a) (b)
     1,147,376       40,594  
Teradata (b)
     1,040,334       29,681  
             
              439,126  
             
Materials – 4.7%
Ecolab
     793,342       37,422  
Owens-Illinois (b)
     1,271,554       56,482  
             
              93,904  
             
Telecommunication Services – 4.1%
American Tower, Class A (b)
     1,338,572       59,138  
NII Holdings, Class B (a) (b)
     371,338       21,538  
             
              80,676  
             
Total Common Stocks                
 
(Cost $1,476,802)
             1,928,883  
             
Short-Term Investment – 3.6%
First American Prime Obligations Fund, Class Z (c)
                
 
(Cost $70,155)
     70,155,124       70,155  
             
Investment Purchased with Proceeds from Securities Lending – 34.8%
Mount Vernon Securities Lending Prime Portfolio (d)
                
 
(Cost $688,982)
     688,982,150       688,982  
             
Total Investments – 135.9%                
 
(Cost $2,235,939)
             2,688,020  
             
Other Assets and Liabilities, Net – (35.9)%
             (709,450 )
             
Total Net Assets – 100.0%
           $ 1,978,570  
             
(a)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $680,106 at October 31, 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 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.
ADR – American Depoitory Receipt
The accompanying notes are an integral part of the financial statements.
84      First American Funds  2007 Annual Report

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars rounded to thousands (000)
                   
Mid Cap Value Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 96.8%
Consumer Discretionary – 13.4%
Autoliv
     187,720     $ 11,860  
Ford Motor (a) (b)
     1,409,275       12,500  
Fortune Brands (a)
     138,687       11,618  
Gannett
     127,920       5,425  
Gap (a)
     825,537       15,603  
Newell Rubbermaid
     573,809       16,732  
Omnicom Group
     226,448       11,544  
Sherwin-Williams (a)
     203,294       12,995  
Stanley Works (a)
     195,858       11,272  
WABCO Holdings
     170,277       8,653  
WMS Industries (a) (b)
     420,214       14,569  
Yum! Brands
     326,056       13,130  
             
              145,901  
             
Consumer Staples – 6.3%
ConAgra Foods
     704,133       16,709  
Corn Products International
     333,029       14,167  
Pepsi Bottling (a)
     395,144       17,023  
SUPERVALU (a)
     315,142       12,212  
Tyson Foods, Class A
     518,870       8,198  
             
              68,309  
             
Energy – 7.6%
Chesapeake Energy (a)
     225,005       8,883  
GlobalSantaFe
     270,705       21,935  
Hess (a)
     174,063       12,465  
Noble Energy (a)
     225,715       17,276  
Peabody Energy (a)
     192,018       10,705  
Sunoco (a)
     161,287       11,871  
             
              83,135  
             
Financials – 22.2%
AllianceBernstein Holding
     130,462       11,145  
Ambac Financial Group (a)
     81,522       3,002  
AON (a)
     215,842       9,782  
Arch Capital Group (b)
     78,761       5,889  
Boston Properties – REIT (a)
     104,430       11,314  
Brookfield Properties
     179,650       4,486  
Camden Property Trust – REIT (a)
     114,990       7,170  
CIT Group
     307,586       10,839  
City National (a)
     172,011       11,628  
Developers Diversified Realty – REIT (a)
     202,551       10,208  
Everest Re Group (a)
     167,261       17,820  
Invesco – ADR (a)
     579,016       17,753  
KeyCorp (a)
     186,614       5,309  
Lazard, Class A (a)
     288,682       14,492  
M&T Bank (a)
     110,341       10,977  
Marshall & Ilsley (a)
     330,373       14,107  
MBIA (a)
     88,790       3,821  
Northern Trust
     174,291       13,108  
PMI Group (a)
     150,379       2,411  
Prologis – REIT (a)
     146,873       10,537  
StanCorp Financial Group (a)
     235,301       12,972  
TD Ameritrade (a) (b)
     538,792       10,312  
W.R. Berkley
     649,092       19,531  
Weingarten Realty Investors – REIT (a)
     106,426       4,072  
             
              242,685
 
  
Healthcare – 3.3%
AmerisourceBergen
     169,534       7,987  
CIGNA
     113,424       5,954  
Coventry Health Care (b)
     133,750       8,066  
Endo Pharmaceuticals (b)
     163,377       4,787  
Humana (b)
     120,999       9,069  
             
              35,863  
             
Industrials – 10.3%
AerCap Holdings (b)
     337,802       8,516  
American Standard (a)
     305,094       11,371  
Con-way
     279,047       11,890  
Crane
     232,594       11,034  
Eaton
     173,180       16,033  
Joy Global (a)
     203,024       11,788  
Republic Services
     656,905       22,460  
Werner Enterprises (a)
     1,021,524       19,429  
             
              112,521  
             
Information Technology – 9.2%
Amphenol, Class A
     335,837       14,867  
Avnet (b)
     335,492       13,997  
Fairchild Semiconductor International, Class A (a) (b)
     946,196       17,268  
Harris
     279,757       16,942  
Intuit (b)
     479,202       15,416  
Maxim Integrated Products
     594,360       16,107  
Xerox (b)
     309,918       5,405  
             
              100,002  
             
Materials – 11.0%
Airgas
     269,333       13,593  
Freeport-McMoRan Copper & Gold (a)
     113,590       13,367  
Owens-Illinois (b)
     899,684       39,964  
Pactiv (b)
     473,691       13,013  
Rohm & Haas (a)
     399,783       20,741  
Smurfit-Stone Container (a) (b)
     1,586,468       19,212  
             
              119,890  
             
Telecommunication Services – 3.2%
Qwest Communications International (a) (b)
     642,459       4,613  
Time Warner Telecom, Class A (a) (b)
     624,707       14,518  
Windstream (a)
     1,212,104       16,303  
             
              35,434  
             
Utilities – 10.3%
Constellation Energy
     132,839       12,580  
Edison International
     393,897       22,905  
NSTAR (a)
     317,375       11,159  
PG&E
     376,732       18,433  
PPL
     354,021       18,303  
Sempra Energy
     283,758       17,454  
Wisconsin Energy
     239,321       11,459  
             
              112,293  
             
Total Common Stocks                
 
(Cost $891,394)
             1,056,033  
             
Short-Term Investment – 4.9%
First American Prime Obligations Fund, Class Z (c)
                
 
(Cost $53,621)
     53,620,585       53,621  
             
Investment Purchased with Proceeds from Securities Lending – 31.9%
Mount Vernon Securities Lending Prime Portfolio (d)
                
 
(Cost $347,314)
     347,314,236       347,314  
             
Total Investments – 133.6%                
 
(Cost $1,292,329)
             1,456,968  
             
Other Assets and Liabilities, Net – (33.6)%
             (366,195 )
             
Total Net Assets – 100.0%
           $ 1,090,773  
             
(a)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $340,172 at October 31, 2007. See note 2 in Notes to Financial Statements.
First American Funds  2007 Annual Report       85

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars rounded to thousands (000)
Mid Cap Value Fund (concluded)
 
(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 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.
ADR – American Depository Receipt
REIT – Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
86      First American Funds  2007 Annual Report

Table of Contents

Statements of  Assets and Liabilities    October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data
                         
    Mid Cap            
    Growth            
    Opportunities     Mid Cap      
    Fund     Value Fund      
         
Investments in unaffiliated securities, at cost
   $ 1,476,802       $ 891,394        
Investment in affiliated money market fund, at cost
     70,155         53,621        
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)
     688,982         347,314        
         
ASSETS:
                        
Investments in unaffiliated securities, at value* (note 2)
   $ 1,928,883       $ 1,056,033        
Investment in affiliated money market fund, at value (note 2)
     70,155         53,621        
Affiliated investment purchased with proceeds from securities lending, at value (note 2)
     688,982         347,314        
Receivable for dividends and interest
     565         648        
Receivable for investment securities sold
     3,786         5,897        
Receivable for capital shares sold
     1,428         990        
Prepaid expenses and other assets
     42         54        
         
Total assets
     2,693,841         1,464,557        
         
LIABILITIES:
                        
Payable for investment securities purchased
     22,933         24,191        
Payable upon return of securities loaned (note 2)
     688,982         347,314        
Payable for capital shares redeemed
     1,596         1,272        
Payable to affiliates (note 3)
     1,598         895        
Payable for distribution and shareholder servicing fees
     140         96        
Accrued expenses and other liabilities
     22         16        
         
Total liabilities
     715,271         373,784        
         
Net assets
   $ 1,978,570       $ 1,090,773        
         
COMPOSITION OF NET ASSETS:
                        
Portfolio capital
   $ 1,360,827       $ 857,047        
Distributions in excess of net investment income
     (10 )       (7 )      
Accumulated net realized gain on investments
     165,672         69,094        
Net unrealized appreciation of investments
     452,081         164,639        
         
Net assets
   $ 1,978,570       $ 1,090,773        
         
* Including securities loaned, at value
   $ 680,106       $ 340,172        
         
Class A:
                        
Net assets
   $ 425,995       $ 254,342        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     9,148         9,138        
Net asset value and redemption price per share
   $ 46.57       $ 27.83        
Maximum offering price per share1
   $ 49.28       $ 29.45        
Class B:
                        
Net assets
   $ 15,820       $ 8,360        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     375         316        
Net asset value, offering price, and redemption price per share2
   $ 42.21       $ 26.48        
Class C:
                        
Net assets
   $ 28,891       $ 26,141        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     656         966        
Net asset value, offering price, and redemption price per share2
   $ 44.03       $ 27.05        
Class R:
                        
Net assets
   $ 29,490       $ 29,752        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     640         1,073        
Net asset value, offering price, and redemption price per share
   $ 46.11       $ 27.72        
Class Y:
                        
Net assets
   $ 1,478,374       $ 772,178        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     29,926         27,599        
Net asset value, offering price, and redemption price per share
   $ 49.40       $ 27.98        
         
  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  2007 Annual Report       87

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Statements of  Operations    For the year ended October 31, 2007, all dollars are rounded to thousands (000)
                     
    Mid Cap Growth   Mid Cap    
    Opportunities Fund   Value Fund    
     
INVESTMENT INCOME:
                    
Dividends from unaffiliated securities
   $ 8,307     $ 17,111      
Dividends from affiliated money market fund
     1,494       1,414      
Less: Foreign taxes withheld
     —       (18 )    
Securities lending income
     1,732       577      
     
Total investment income
     11,533       19,084      
     
EXPENSES (note 3):
                    
Investment advisory fees
     12,399       7,552      
Administration fees
     3,940       2,401      
Transfer agent fees
     419       296      
Custodian fees
     88       54      
Professional fees
     42       43      
Registration fees
     63       64      
Postage and printing fees
     75       44      
Directors’ fees
     18       21      
Other expenses
     21       21      
Distribution and shareholder servicing fees – Class A
     943       611      
Distribution and shareholder servicing fees – Class B
     154       87      
Distribution and shareholder servicing fees – Class C
     233       235      
Distribution and shareholder servicing fees – Class R
     112       144      
     
Total expenses
     18,507       11,573      
     
Less: Fee waivers (note 3)
     (27 )     (26 )    
Less: Indirect payments from custodian (note 3)
     (9 )     (9 )    
     
Total net expenses
     18,471       11,538      
     
Investment income (loss) – net
     (6,938 )     7,546      
     
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET (note 5):
                    
Net realized gain on investments
     219,650       82,464      
Net change in unrealized appreciation or depreciation of investments
     162,820       24,636      
     
Net gain on investments
     382,470       107,100      
     
Net increase in net assets resulting from operations
   $ 375,532     $ 114,646      
     
The accompanying notes are an integral part of the financial statements.
88      First American Funds  2007 Annual Report

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Statements of  Changes in Net Assets    all dollars are rounded to thousands (000)
                                           
    Mid Cap Growth     Mid Cap      
    Opportunities Fund     Value Fund      
          
    Year   Year     Year   Year      
    Ended   Ended     Ended   Ended      
    10/31/07   10/31/06     10/31/07   10/31/06      
         
OPERATIONS:
                                        
Investment income (loss) – net
   $ (6,938 )   $ (1,535 )     $ 7,546     $ 5,929        
Net realized gain on investments
     219,650       161,244         82,464       62,972        
Net change in unrealized appreciation or depreciation of investments
     162,820       34,383         24,636       56,622        
         
Net increase in net assets resulting from operations
     375,532       194,092         114,646       125,523        
         
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                                        
Investment income – net:
                                        
 
Class A
     —       —         (1,522 )     (693 )      
 
Class B
     —       —         (14 )     (14 )      
 
Class C
     —       —         (40 )     (21 )      
 
Class R
     —       —         (111 )     (33 )      
 
Class Y
     —       —         (6,390 )     (5,752 )      
Net realized gain on investments:
                                        
 
Class A
     (30,495 )     (31,106 )       (12,946 )     (3,267 )      
 
Class B
     (1,525 )     (1,639 )       (528 )     (485 )      
 
Class C
     (1,884 )     (1,741 )       (1,175 )     (427 )      
 
Class R
     (1,645 )     (1,068 )       (1,102 )     (81 )      
 
Class Y
     (106,455 )     (121,918 )       (42,784 )     (31,352 )      
         
Total distributions
     (142,004 )     (157,472 )       (66,612 )     (42,125 )      
         
CAPITAL SHARE TRANSACTIONS (note 4):
                                        
Class A:
                                        
 
Proceeds from sales
     113,868       138,564         154,646       109,279        
 
Reinvestment of distributions
     29,160       30,411         14,057       3,794        
 
Payments for redemptions
     (87,910 )     (166,778 )       (81,184 )     (23,533 )      
         
Increase in net assets from Class A transactions
     55,118       2,197         87,519       89,540        
         
Class B:
                                        
 
Proceeds from sales
     1,912       2,403         1,235       1,757        
 
Reinvestment of distributions
     1,419       1,544         513       483        
 
Payments for redemptions (note 3)
     (4,702 )     (2,973 )       (2,298 )     (3,785 )      
         
Increase (decrease) in net assets from Class B transactions
     (1,371 )     974         (550 )     (1,545 )      
         
Class C:
                                        
 
Proceeds from sales
     9,743       9,430         9,914       11,403        
 
Reinvestment of distributions
     1,764       1,697         1,083       424        
 
Payments for redemptions (note 3)
     (4,958 )     (7,181 )       (4,006 )     (2,366 )      
         
Increase in net assets from Class C transactions
     6,549       3,946         6,991       9,461        
         
Class R:
                                        
 
Proceeds from sales
     13,492       13,794         22,611       17,551        
 
Reinvestment of distributions
     1,645       1,068         1,204       108        
 
Payments for redemptions
     (6,431 )     (2,657 )       (13,287 )     (1,395 )      
         
Increase in net assets from Class R transactions
     8,706       12,205         10,528       16,264        
         
Class Y:
                                        
 
Proceeds from sales
     200,629       175,964         102,337       123,981        
 
Reinvestment of distributions
     78,118       98,347         34,548       27,701        
 
Payments for redemptions
     (221,866 )     (300,042 )       (127,700 )     (91,763 )      
         
Increase (decrease) in net assets from Class Y transactions
     56,881       (25,731 )       9,185       59,919        
         
Increase (decrease) in net assets from capital share transactions
     125,883       (6,409 )       113,673       173,639        
         
Total increase in net assets
     359,411       30,211         161,707       257,037        
Net assets at beginning of year
     1,619,159       1,588,948         929,066       672,029        
         
Net assets at end of year
   $ 1,978,570     $ 1,619,159       $ 1,090,773     $ 929,066        
         
Distributions in excess of net investment income at end of year
   $ (10 )   $ —       $ (7 )   $ —        
         
First American Funds  2007 Annual Report       89

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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 1
                                                      
Class A
                                                      
 
20072
   $ 41.43       $ (0.24 )     $ 9.19       $ (3.81 )     $ 46.57        
 
20062
     40.77         (0.11 )       5.04         (4.27 )       41.43        
 
20053
     41.55         (0.02 )       (0.76 )       —         40.77        
 
20054
     38.19         (0.24 )       9.65         (6.05 )       41.55        
 
20044
     33.68         (0.30 )       5.88         (1.07 )       38.19        
 
20034
     26.45         (0.18 )       7.41         —         33.68        
Class B
                                                      
 
20072
   $ 38.15       $ (0.51 )     $ 8.38       $ (3.81 )     $ 42.21        
 
20062
     38.12         (0.38 )       4.68         (4.27 )       38.15        
 
20053
     38.87         (0.05 )       (0.70 )       —         38.12        
 
20054
     36.31         (0.51 )       9.12         (6.05 )       38.87        
 
20044
     32.30         (0.55 )       5.63         (1.07 )       36.31        
 
20034
     25.56         (0.39 )       7.13         —         32.30        
Class C
                                                      
 
20072
   $ 39.65       $ (0.53 )     $ 8.72       $ (3.81 )     $ 44.03        
 
20062
     39.46         (0.40 )       4.86         (4.27 )       39.65        
 
20053
     40.23         (0.05 )       (0.72 )       —         39.46        
 
20054
     37.40         (0.53 )       9.41         (6.05 )       40.23        
 
20044
     33.24         (0.57 )       5.80         (1.07 )       37.40        
 
20034
     26.29         (0.40 )       7.35         —         33.24        
Class R 5
                                                      
 
20072
   $ 41.15       $ (0.34 )     $ 9.11       $ (3.81 )     $ 46.11        
 
20062
     40.61         (0.23 )       5.04         (4.27 )       41.15        
 
20053
     41.40         (0.03 )       (0.76 )       —         40.61        
 
20054
     38.15         (0.31 )       9.61         (6.05 )       41.40        
 
20044
     33.66         (0.30 )       5.86         (1.07 )       38.15        
 
20034
     26.43         (0.17 )       7.40         —         33.66        
Class Y
                                                      
 
20072
   $ 43.62       $ (0.14 )     $ 9.73       $ (3.81 )     $ 49.40        
 
20062
     42.61         (0.01 )       5.29         (4.27 )       43.62        
 
20053
     43.42         (0.02 )       (0.79 )       —         42.61        
 
20054
     39.58         (0.16 )       10.05         (6.05 )       43.42        
 
20044
     34.78         (0.21 )       6.08         (1.07 )       39.58        
 
20034
     27.25         (0.09 )       7.62         —         34.78        
                                               
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
 
  6   Total return does not 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  2007 Annual Report

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                                  Ratio of Net            
                            Ratio of     Investment            
                      Ratio of Net     Expenses to     Loss            
                Ratio of     Investment     Average     to Average            
          Net Assets     Expenses to     Loss     Net Assets     Net Assets     Portfolio      
    Total     End of     Average     to Average     (Excluding     (Excluding     Turnover      
    Return6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate      
                                            
             
             
      23.36 %     $ 425,995         1.21 %       (0.56 )%       1.21 %       (0.56 )%       96 %      
      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        
             
      22.47 %     $ 15,820         1.96 %       (1.31 )%       1.96 %       (1.31 )%       96 %      
      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        
             
      22.42 %     $ 28,891         1.96 %       (1.31 )%       1.96 %       (1.31 )%       96 %      
      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        
             
      23.06 %     $ 29,490         1.46 %       (0.81 )%       1.46 %       (0.81 )%       96 %      
      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        
             
      23.68 %     $ 1,478,374         0.96 %       (0.31 )%       0.96 %       (0.31 )%       96 %      
      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        
                                                           
First American Funds  2007 Annual Report       91

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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 (Loss)     Investments     Income     Gains     of Capital     Period      
                                            
Mid Cap Value Fund1
                                                                          
Class A
                                                                          
 
20072
   $ 26.65       $ 0.14       $ 2.78       $ (0.16 )     $ (1.58 )     $ —       $ 27.83        
 
20062
     24.04         0.14         3.89         (0.16 )       (1.26 )       —         26.65        
 
20053
     24.88         (0.01 )       (0.83 )       —         —         —         24.04        
 
20054
     20.09         0.13         4.76         (0.10 )       —         —         24.88        
 
20044
     16.30         0.08         3.77         (0.06 )       —         — 6       20.09        
 
20034
     13.29         0.18         2.96         (0.12 )       —         (0.01 )       16.30        
Class B
                                                                          
 
20072
   $ 25.50       $ (0.05 )     $ 2.65       $ (0.04 )     $ (1.58 )     $ —       $ 26.48        
 
20062
     23.12         (0.03 )       3.71         (0.04 )       (1.26 )       —         25.50        
 
20053
     23.94         (0.02 )       (0.80 )       —         —         —         23.12        
 
20054
     19.39         (0.05 )       4.60         —         —         —         23.94        
 
20044
     15.81         (0.06 )       3.65         (0.01 )       —         — 6       19.39        
 
20034
     12.92         0.07         2.87         (0.04 )       —         (0.01 )       15.81        
Class C
                                                                          
 
20072
   $ 26.02       $ (0.06 )     $ 2.72       $ (0.05 )     $ (1.58 )     $ —       $ 27.05        
 
20062
     23.57         (0.04 )       3.80         (0.05 )       (1.26 )       —         26.02        
 
20053
     24.40         (0.02 )       (0.81 )       —         —         —         23.57        
 
20054
     19.77         (0.03 )       4.66         —         —         —         24.40        
 
20044
     16.12         (0.06 )       3.72         (0.01 )       —         — 6       19.77        
 
20034
     13.17         0.07         2.93         (0.04 )       —         (0.01 )       16.12        
Class R5
                                                                          
 
20072
   $ 26.56       $ 0.06       $ 2.78       $ (0.10 )     $ (1.58 )     $ —       $ 27.72        
 
20062
     24.00         0.05         3.91         (0.14 )       (1.26 )       —         26.56        
 
20053
     24.83         (0.01 )       (0.82 )       —         —         —         24.00        
 
20054
     20.09         0.12         4.70         (0.08 )       —         —         24.83        
 
20044
     16.31         0.07         3.76         (0.05 )       —         — 6       20.09        
 
20034
     13.29         0.16         2.99         (0.12 )       —         (0.01 )       16.31        
Class Y
                                                                          
 
20072
   $ 26.77       $ 0.22       $ 2.80       $ (0.23 )     $ (1.58 )     $ —       $ 27.98        
 
20062
     24.14         0.22         3.89         (0.22 )       (1.26 )       —         26.77        
 
20053
     24.98         —         (0.84 )       —         —         —         24.14        
 
20054
     20.17         0.18         4.78         (0.15 )       —         —         24.98        
 
20044
     16.36         0.12         3.79         (0.10 )       —         — 6       20.17        
 
20034
     13.33         0.21         2.98         (0.15 )       —         (0.01 )       16.36        
                                                           
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
 
  6   Includes a tax return of capital less than $0.01.
 
  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.
92      First American Funds  2007 Annual Report

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                                  Ratio of Net            
                                  Investment            
                            Ratio of     Income (Loss)            
                      Ratio of Net     Expenses to     to Average            
                Ratio of     Investment     Average     Net            
          Net Assets     Expenses to     Income (Loss)     Net Assets     Assets     Portfolio      
    Total     End of     Average     to Average     (Excluding     (Excluding     Turnover      
    Return7     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate      
                                                 
               
               
      11.47 %     $ 254,342         1.22 %       0.58 %       1.22 %       0.58 %       95 %      
      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        
               
      10.67 %     $ 8,360         1.97 %       (0.13 )%       1.97 %       (0.13 )%       95 %      
      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        
               
      10.66 %     $ 26,141         1.97 %       (0.18 )%       1.97 %       (0.18 )%       95 %      
      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        
               
      11.18 %     $ 29,752         1.47 %       0.29 %       1.47 %       0.29 %       95 %      
      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        
               
      11.79 %     $ 772,178         0.97 %       0.86 %       0.97 %       0.86 %       95 %      
      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        
                                                                   
First American Funds  2007 Annual Report       93

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Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                   
Large Cap Growth Opportunities Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 98.9%
Consumer Discretionary – 12.0%
Coach (a)
     127,128     $ 4,648  
Garmin (b)
     47,137       5,062  
Marriott International, Class A (b)
     237,954       9,782  
McDonald’s
     189,332       11,303  
McGraw-Hill (b)
     197,077       9,862  
Nike, Class B (b)
     105,902       7,017  
Nordstrom (b)
     191,764       7,563  
Omnicom Group (b)
     288,404       14,703  
Polo Ralph Lauren (b)
     104,194       7,169  
Target
     339,620       20,839  
Tiffany & Company
     112,908       6,117  
             
              104,065  
             
Consumer Staples – 5.2%
CVS
     404,274       16,887  
PepsiCo
     215,303       15,872  
Procter & Gamble
     174,207       12,111  
             
              44,870  
             
Energy – 7.8%
Cameron International (a) (b)
     65,855       6,412  
Exxon Mobil
     164,329       15,117  
Schlumberger (b)
     142,287       13,741  
Transocean (a) (b)
     79,056       9,437  
Weatherford International (a)
     172,121       11,172  
XTO Energy
     180,785       12,000  
             
              67,879  
             
Financials – 10.0%
American Express
     206,945       12,613  
BlackRock (b)
     37,961       7,856  
Charles Schwab
     606,548       14,096  
Goldman Sachs Group (b)
     93,280       23,126  
Morgan Stanley (b)
     195,661       13,160  
State Street
     125,716       10,029  
Wells Fargo
     170,175       5,788  
             
              86,668  
             
Healthcare – 12.0%
Abbott Laboratories
     284,102       15,518  
Alcon (b)
     45,679       6,953  
Baxter International
     174,691       10,483  
Celgene (a) (b)
     54,146       3,574  
Coventry Health Care (a)
     116,089       7,001  
Gilead Sciences (a)
     167,753       7,749  
Intuitive Surgical (a) (b)
     24,087       7,873  
McKesson
     152,132       10,056  
Schering-Plough (b)
     403,752       12,322  
Thermo Fisher Scientific (a) (b)
     214,951       12,641  
WellPoint (a)
     124,848       9,892  
             
              104,062
 
  
Industrials – 11.5%
Boeing
     88,366       8,712  
C.H. Robinson Worldwide
     168,523       8,413  
Cooper Industries, Class A (b)
     192,594       10,090  
Cummins
     31,563       3,786  
Danaher (b)
     111,211       9,527  
Dun & Bradstreet
     76,926       7,450  
McDermott International (a)
     96,570       5,897  
Precision Castparts
     59,333       8,889  
Republic Services (b)
     236,660       8,091  
Rockwell Collins
     167,512       12,532  
United Technologies
     214,412       16,422  
             
              99,809  
             
Information Technology (c) – 34.6%
Accenture, Class A (b)
     208,303       8,134  
Amphenol, Class A (b)
     244,412       10,820  
Apple (a)
     124,120       23,577  
Autodesk (a)
     150,892       7,379  
Cisco Systems (a) (b)
     962,669       31,826  
Cognizant Technology Solutions, Class A (a)
     187,338       7,767  
Corning (a) (b)
     472,978       11,479  
DST Systems (a) (b)
     50,186       4,251  
Google, Class A (a)
     23,959       16,939  
Hewlett-Packard
     396,695       20,501  
IBM
     159,125       18,478  
Intel
     887,794       23,882  
Lam Research (a) (b)
     106,146       5,328  
MasterCard, Class A (b)
     48,453       9,184  
Microsoft
     1,154,030       42,480  
NVIDIA (a) (b)
     262,033       9,271  
Oracle (a)
     913,311       20,248  
QUALCOMM
     283,606       12,118  
Research In Motion (a) (b)
     82,589       10,283  
Teradata (a) (b)
     225,305       6,428  
             
              300,373  
             
Materials – 2.8%
Ecolab (b)
     256,768       12,112  
Monsanto (b)
     125,203       12,223  
             
              24,335  
             
Telecommunication Services – 3.0%
America Movil, Series L, ADR (b)
     122,676       8,022  
American Tower, Class A (a)
     238,631       10,542  
NII Holdings, Class B (a) (b)
     128,340       7,444  
             
              26,008  
             
Total Common Stocks                
 
(Cost $664,842)
             858,069  
             
Short-Term Investment – 1.3%
First American Prime Obligations Fund, Class Z (d)
                
 
(Cost $11,125)
     11,124,711       11,125  
             
Investment Purchased with Proceeds from Securities Lending – 20.7%
Mount Vernon Securities Lending Prime Portfolio (e)
                
 
(Cost $179,511)
     179,510,666       179,511  
             
Total Investments – 120.9%                
 
(Cost $855,478)
             1,048,705  
             
Other Assets and Liabilities, Net – (20.9)%
             (181,299 )
             
Total Net Assets – 100.0%
           $ 867,406  
             
(a)  Non-income producing security.
 
(b)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $177,018 at October 31, 2007. See note 2 in Notes to Financial Statements.
 
(c)  The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 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.
The accompanying notes are an integral part of the financial statements.
94      First American Funds  2007 Annual Report

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Large Cap Growth Opportunities Fund (concluded)
 
(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 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.
ADR – American Depository Receipt
First American Funds  2007 Annual Report       95

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                   
Large Cap Select Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 98.3%
Consumer Discretionary – 7.6%
Comcast, Class A (a)
     274,906     $ 5,787  
DIRECTV Group (a)
     249,722       6,613  
Kohl’s (a) (b)
     109,888       6,040  
Nike, Class B (b)
     92,548       6,132  
Omnicom Group (b)
     200,183       10,205  
             
              34,777  
             
Consumer Staples – 4.5%
Altria Group
     161,705       11,793  
PepsiCo
     116,973       8,623  
             
              20,416  
             
Energy – 13.6%
Apache
     92,611       9,614  
Cameron International (a) (b)
     35,636       3,470  
Exxon Mobil
     149,460       13,749  
Marathon Oil (b)
     98,211       5,807  
National-Oilwell Varco (a) (b)
     46,006       3,369  
Occidental Petroleum
     147,431       10,180  
Southwestern Energy (a) (b)
     122,715       6,348  
Weatherford International (a)
     61,104       3,966  
Williams
     160,620       5,861  
             
              62,364  
             
Financials – 23.4%
Affiliated Managers Group (a) (b)
     74,165       9,756  
AllianceBernstein Holding
     95,995       8,201  
Ambac Financial Group (b)
     69,652       2,565  
American International Group
     238,835       15,075  
Bank of America
     197,355       9,528  
Citigroup (b)
     301,095       12,616  
Goldman Sachs Group (b)
     44,341       10,993  
Lehman Brothers Holdings
     74,086       4,693  
Morgan Stanley (b)
     210,348       14,148  
PMI Group (b)
     259,168       4,155  
Wachovia
     343,752       15,720  
             
              107,450  
             
Healthcare – 11.7%
Abbott Laboratories
     129,791       7,089  
Baxter International
     101,870       6,113  
Bristol-Myers Squibb
     206,695       6,199  
Coventry Health Care (a)
     83,056       5,009  
Medtronic
     138,734       6,582  
Merck
     155,857       9,080  
UnitedHealth Group
     141,308       6,945  
Wyeth Pharmaceuticals (b)
     138,522       6,737  
             
              53,754  
             
Industrials – 3.7%
American Standard (b)
     123,859       4,616  
L-3 Communications Holdings
     46,553       5,104  
SPX
     49,525       5,017  
US Airways Group (a) (b)
     77,237       2,137  
             
              16,874
 
  
Information Technology – 24.0%
Apple (a)
     27,652       5,252  
Cisco Systems (a) (b)
     546,995       18,084  
Corning (a) (b)
     179,671       4,360  
F5 Networks (a) (b)
     60,282       2,172  
Hewlett-Packard
     286,683       14,816  
Intel (b)
     393,864       10,595  
Lam Research (a) (b)
     85,936       4,314  
MEMC Electronic Materials (a)
     83,430       6,109  
Microsoft
     483,284       17,790  
Oracle (a)
     421,151       9,337  
QUALCOMM
     174,608       7,461  
Research In Motion (a) (b)
     34,686       4,319  
Teradata (a)
     183,685       5,240  
             
              109,849  
             
Materials – 5.3%
Cleveland-Cliffs (b)
     52,681       5,039  
Freeport-McMoRan Copper & Gold (b)
     45,599       5,366  
Owens-Illinois (a) (b)
     317,261       14,093  
             
              24,498  
             
Telecommunication Services – 4.5%
American Tower, Class A (a)
     244,217       10,790  
Verizon Communications
     212,337       9,782  
             
              20,572  
             
Total Common Stocks                
 
(Cost $400,002)
             450,554  
             
Investment Company – 1.2%
iShares Nasdaq Biotechnology Index Fund (a) (b)
                
 
(Cost $4,838)
     61,670       5,341  
             
Short-Term Investment – 0.6%
First American Prime Obligations Fund, Class Z (c)
                
 
(Cost $2,503)
     2,502,669       2,503  
             
Investment Purchased with Proceeds
from Securities Lending – 22.0%
Mount Vernon Securities Lending Prime Portfolio (d)
                
 
(Cost $100,928)
     100,928,334       100,928  
             
Total Investments – 122.1%                
 
(Cost $508,271)
             559,326  
             
Other Assets and Liabilities, Net – (22.1)%
             (101,101 )
             
Total Net Assets – 100.0%
           $ 458,225  
             
(a)  Non-income producing security.
 
(b)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $98,870 at October 31, 2007. See note 2 in Notes to Financial Statements.
 
(c)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor 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 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.
The accompanying notes are an integral part of the financial statements.
96      First American Funds  2007 Annual Report

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Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                   
Large Cap Value Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 99.3%
Consumer Discretionary – 6.4%
Ford Motor (a)
     1,036,298     $ 9,192  
Gap (a)
     673,522       12,730  
J.C. Penney (a)
     124,626       7,009  
Omnicom Group
     176,798       9,013  
Time Warner
     315,998       5,770  
Yum! Brands
     275,764       11,105  
             
              54,819  
             
Consumer Staples – 6.0%
Altria Group
     148,931       10,861  
Archer-Daniels-Midland
     260,469       9,320  
Kraft Foods, Class A
     142,025       4,745  
Procter & Gamble
     203,159       14,124  
SUPERVALU
     221,537       8,584  
Tyson Foods, Class A
     192,774       3,046  
             
              50,680  
             
Energy – 15.9%
Chesapeake Energy (a)
     178,138       7,033  
Chevron
     146,139       13,373  
Devon Energy
     178,328       16,656  
Exxon Mobil
     449,599       41,359  
GlobalSantaFe
     168,991       13,693  
Marathon Oil (a)
     332,251       19,646  
Occidental Petroleum
     347,161       23,971  
             
              135,731  
             
Financials (b) – 25.3%
ACE
     271,120       16,433  
AllianceBernstein Holding
     102,054       8,718  
Ambac Financial Group (a)
     63,525       2,340  
American International Group
     292,503       18,463  
Bank of America
     467,504       22,571  
Citigroup (a)
     373,375       15,644  
Fannie Mae (a)
     107,507       6,132  
Freddie Mac
     47,141       2,462  
Goldman Sachs Group
     59,293       14,700  
JPMorgan Chase
     643,417       30,241  
Lehman Brothers Holdings (a)
     136,945       8,674  
Marshall & Ilsley (a)
     176,572       7,540  
Morgan Stanley (a)
     219,858       14,788  
Northern Trust
     131,111       9,861  
Wachovia
     389,405       17,807  
Wells Fargo (a)
     574,307       19,532  
             
              215,906  
             
Healthcare – 8.1%
Coventry Health Care (c)
     70,005       4,222  
Humana (a) (c)
     63,330       4,747  
Johnson & Johnson
     197,038       12,841  
Merck
     265,439       15,464  
Pfizer
     881,963       21,705  
Wyeth Pharmaceuticals
     213,424       10,379  
             
              69,358
 
  
Industrials – 9.3%
Caterpillar (a)
     55,948       4,174  
Eaton
     136,717       12,657  
General Electric
     523,832       21,561  
Norfolk Southern (a)
     161,862       8,360  
United Technologies
     259,464       19,873  
Waste Management (a)
     341,993       12,445  
             
              79,070  
             
Information Technology – 8.8%
Avnet (c)
     218,350       9,110  
Dell (c)
     387,200       11,848  
Hewlett-Packard
     275,250       14,225  
Intel
     529,326       14,239  
Intuit (a) (c)
     374,410       12,045  
Microsoft
     358,848       13,209  
             
              74,676  
             
Materials – 8.1%
Freeport-McMoRan Copper & Gold (a)
     97,094       11,426  
Owens-Illinois (a) (c)
     607,174       26,971  
Rohm & Haas (a)
     303,761       15,759  
Smurfit-Stone Container (a) (c)
     1,203,976       14,580  
             
              68,736  
             
Telecommunication Services – 6.1%
AT&T
     794,104       33,186  
Verizon Communications
     401,848       18,513  
             
              51,699  
             
Utilities – 5.3%
Edison International
     207,207       12,049  
Exelon
     121,115       10,026  
FirstEnergy (a)
     163,293       11,381  
PG&E (a)
     241,935       11,838  
             
              45,294  
             
Total Common Stocks                
 
(Cost $698,154)
             845,969  
             
Short-Term Investment – 1.6%
First American Prime Obligations Fund, Class Z (d)
                
 
(Cost $13,772)
     13,772,086       13,772  
             
Investment Purchased with Proceeds from Securities Lending – 16.9%
Mount Vernon Securities Lending Prime Portfolio (e)
                
 
(Cost $144,199)
     144,199,238       144,199  
             
Total Investments – 117.8%                
 
(Cost $856,125)
             1,003,940  
             
Other Assets and Liabilities, Net – (17.8)%
             (151,457 )
             
Total Net Assets – 100.0%
           $ 852,483  
             
(a)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $141,242 at October 31, 2007. See note 2 in Notes to Financial Statements.
 
(b)  The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
 
(c)  Non-income producing security.
 
(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 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.
First American Funds  2007 Annual Report       97

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Statements of Assets and Liabilities    October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data
                                   
    Large Cap Growth     Large Cap     Large Cap      
    Opportunities Fund     Select Fund     Value Fund      
                
Investments in unaffiliated securities, at cost
   $ 664,842       $ 404,840       $ 698,154        
Investment in affiliated money market fund, at cost
     11,125         2,503         13,772        
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)
     179,511         100,928         144,199        
                   
ASSETS:
                                  
Investments in unaffiliated securities, at value* (note 2)
   $ 858,069       $ 455,895       $ 845,969        
Investment in affiliated money market fund, at value (note 2)
     11,125         2,503         13,772        
Affiliated investment purchased with proceeds from securities lending, at value (note 2)
     179,511         100,928         144,199        
Receivable for dividends and interest
     482         309         975        
Receivable for investment securities sold
     —         —         2,304        
Receivable for capital shares sold
     824         195         63        
Prepaid expenses and other assets
     29         29         39        
                   
Total assets
     1,050,040         559,859         1,007,321        
                   
LIABILITIES:
                                  
Payable for investment securities purchased
     2,056         —         8,915        
Payable upon return of securities loaned (note 2)
     179,511         100,928         144,199        
Payable for capital shares redeemed
     338         336         1,008        
Payable to affiliates (note 3)
     675         357         666        
Payable for distribution and shareholder servicing fees
     38         2         35        
Accrued expenses and other liabilities
     16         11         15        
                   
Total liabilities
     182,634         101,634         154,838        
                   
Net assets
   $ 867,406       $ 458,225       $ 852,483        
                   
COMPOSITION OF NET ASSETS:
                                  
Portfolio capital
   $ 651,097       $ 351,845       $ 603,580        
Undistributed (distributions in excess of) net investment income
     455         66         (8 )      
Accumulated net realized gain on investments
     22,627         55,259         101,096        
Net unrealized appreciation of investments
     193,227         51,055         147,815        
                   
Net assets
   $ 867,406       $ 458,225       $ 852,483        
                   
* Including securities loaned, at value
   $ 177,018       $ 98,870       $ 141,242        
                   
Class A:
                                  
Net assets
   $ 96,514       $ 7,998       $ 113,223        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     2,661         469         5,009        
Net asset value and redemption price per share
   $ 36.27       $ 17.05       $ 22.61        
Maximum offering price per share1
   $ 38.38       $ 18.04       $ 23.93        
Class B:
                                  
Net assets
   $ 11,955       $ 664       $ 7,973        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     351         40         364        
Net asset value, offering price, and redemption price per share2
   $ 34.08       $ 16.69       $ 21.92        
Class C:
                                  
Net assets
   $ 8,506       $ 325       $ 4,587        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     245         19         206        
Net asset value, offering price, and redemption price per share2
   $ 34.77       $ 16.69       $ 22.21        
Class R:
                                  
Net assets
   $ 566       $ 37       $ 188        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     16         2         8        
Net asset value, offering price, and redemption price per share
   $ 35.97       $ 16.97       $ 22.57        
Class Y:
                                  
Net assets
   $ 749,865       $ 449,201       $ 726,512        
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     20,038         26,270         32,017        
Net asset value, offering price, and redemption price per share
   $ 37.42       $ 17.10       $ 22.69        
                   
  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.
98      First American Funds  2007 Annual Report

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Statements of  Operations    For the year ended October 31, 2007, all dollars are rounded to thousands (000)
                                 
    Large Cap Growth     Large Cap     Large Cap    
    Opportunities Fund     Select Fund     Value Fund    
              
INVESTMENT INCOME:
                                
Dividends from unaffiliated securities
   $ 7,972       $ 6,314       $ 19,421      
Dividends from affiliated money market fund
     498         166         583      
Less: Foreign taxes withheld
     (52 )       (28 )       (27 )    
Securities lending income
     320         162         211      
                 
Total investment income
     8,738         6,614         20,188      
                 
EXPENSES (note 3):
                                
Investment advisory fees
     5,447         3,100         5,893      
Administration fees
     1,866         1,063         2,019      
Transfer agent fees
     316         121         252      
Custodian fees
     64         32         48      
Professional fees
     42         42         42      
Registration fees
     54         54         50      
Postage and printing fees
     36         22         41      
Directors’ fees
     20         22         21      
Other expenses
     20         21         21      
Distribution and shareholder servicing fees – Class A
     227         19         291      
Distribution and shareholder servicing fees – Class B
     124         7         89      
Distribution and shareholder servicing fees – Class C
     78         3         48      
Distribution and shareholder servicing fees – Class R
     3         —         1      
                 
Total expenses
     8,297         4,506         8,816      
                 
Less: Fee waivers (note 3)
     (9 )       (3 )       (11 )    
Less: Indirect payments from custodian (note 3)
     (4 )       (1 )       (4 )    
                 
Total net expenses
     8,284         4,502         8,801      
                 
Investment income – net
     454         2,112         11,387      
                 
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS – NET (note 5):
                                
Net realized gain on investments
     96,005         64,920         119,358      
Net change in unrealized appreciation or depreciation of investments
     85,008         (1,889 )       (27,940 )    
                 
Net gain on investments
     181,013         63,031         91,418      
                 
Net increase in net assets resulting from operations
   $ 181,467       $ 65,143       $ 102,805      
                 
First American Funds  2007 Annual Report       99

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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    
             
    Year   Year     Year   Year   Year   Year    
    Ended   Ended     Ended   Ended   Ended   Ended    
    10/31/07   10/31/06     10/31/07   10/31/06   10/31/07   10/31/06    
            
OPERATIONS:
                                                      
Investment income – net
   $ 454     $ 1,286       $ 2,112     $ 2,823     $ 11,387     $ 11,200      
Net realized gain on investments
     96,005       49,878         64,920       8,397       119,358       79,006      
Net change in unrealized appreciation or depreciation of investments
     85,008       5,492         (1,889 )     34,939       (27,940 )     61,680      
           
Net increase in net assets resulting from operations
     181,467       56,656         65,143       46,159       102,805       151,886      
           
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                                                      
Investment income – net:
                                                      
 
Class A
     —       —         (17 )     (29 )     (1,259 )     (1,231 )    
 
Class B
     —       —         —       —       (52 )     (77 )    
 
Class C
     —       —         —       —       (28 )     (32 )    
 
Class R
     —       —         —       —       (1 )     —      
 
Class Y
     (1,284 )     —         (2,107 )     (2,872 )     (10,065 )     (9,972 )    
Net realized gain on investments:
                                                      
 
Class A
     (1,037 )     —         (116 )     (250 )     (8,885 )     (3,787 )    
 
Class B
     (159 )     —         (11 )     (26 )     (738 )     (419 )    
 
Class C
     (93 )     —         (4 )     (8 )     (404 )     (170 )    
 
Class R
     (7 )     —         (2 )     (1 )     (13 )     —      
 
Class Y
     (8,372 )     —         (7,569 )     (14,936 )     (62,201 )     (23,452 )    
           
Total distributions
     (10,952 )     —         (9,826 )     (18,122 )     (83,646 )     (39,140 )    
           
CAPITAL SHARE TRANSACTIONS (note 4):
                                                      
Class A:
                                                      
 
Proceeds from sales
     13,170       13,213         1,953       4,957       8,622       10,688      
 
Reinvestment of distributions
     986       —         113       143       9,390       4,696      
 
Payments for redemptions
     (26,532 )     (33,886 )       (2,094 )     (4,049 )     (22,821 )     (32,648 )    
           
Increase (decrease) in net assets from Class A transactions
     (12,376 )     (20,673 )       (28 )     1,051       (4,809 )     (17,264 )    
           
Class B:
                                                      
 
Proceeds from sales
     827       736         70       193       432       627      
 
Reinvestment of distributions
     156       —         10       23       768       486      
 
Payments for redemptions (note 3)
     (5,385 )     (7,250 )       (133 )     (180 )     (3,166 )     (6,446 )    
           
Increase (decrease) in net assets from Class B transactions
     (4,402 )     (6,514 )       (53 )     36       (1,966 )     (5,333 )    
           
Class C:
                                                      
 
Proceeds from sales
     1,235       538         80       73       817       540      
 
Reinvestment of distributions
     90       —         4       8       387       198      
 
Payments for redemptions (note 3)
     (2,802 )     (3,347 )       (40 )     (28 )     (1,866 )     (1,582 )    
           
Increase (decrease) in net assets from Class C transactions
     (1,477 )     (2,809 )       44       53       (662 )     (844 )    
           
Class R:
                                                      
 
Proceeds from sales
     104       261         21       133       45       146      
 
Reinvestment of distributions
     7       —         2       1       14       1      
 
Payments for redemptions
     (221 )     (14 )       (111 )     (30 )     (39 )     (2 )    
           
Increase (decrease) in net assets from Class R transactions
     (110 )     247         (88 )     104       20       145      
           
Class Y:
                                                      
 
Proceeds from sales
     88,407       132,441         51,891       173,185       52,221       95,353      
 
Reinvestment of distributions
     4,913       —         3,629       7,404       45,777       21,057      
 
Payments for redemptions
     (285,174 )     (237,022 )       (136,802 )     (73,053 )     (213,481 )     (127,822 )    
           
Increase (decrease) in net assets from Class Y transactions
     (191,854 )     (104,581 )       (81,282 )     107,536       (115,483 )     (11,412 )    
           
Increase (decrease) in net assets from capital share transactions
     (210,219 )     (134,330 )       (81,407 )     108,780       (122,900 )     (34,708 )    
           
Total increase (decrease) in net assets
     (39,704 )     (77,674 )       (26,090 )     136,817       (103,741 )     78,038      
Net assets at beginning of year
     907,110       984,784         484,315       347,498       956,224       878,186      
           
Net assets at end of year
   $ 867,406     $ 907,110       $ 458,225     $ 484,315     $ 852,483     $ 956,224      
           
Undistributed (distributions in excess of) net investment income at end of year
   $ 455     $ 1,285       $ 66     $ 78     $ (8 )   $ —      
           
The accompanying notes are an integral part of the financial statements.
100      First American Funds  2007 Annual Report

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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 (Loss)     Investments     Income     Gains     of Capital     Period    
                                               
Large Cap Growth Opportunities Fund1
                                                                        
Class A
                                                                        
 
20072
   $ 29.58       $ (0.05 )     $ 7.08       $ —       $ (0.34 )     $ —       $ 36.27      
 
20062
     27.86         (0.02 )       1.74         —         —         —         29.58      
 
20053
     28.02         (0.01 )       (0.15 )       —         —         —         27.86      
 
20054
     25.00         (0.01 )       3.08         (0.04 )       —         (0.01 )       28.02      
 
20044
     22.84         (0.03 )       2.20         (0.01 )       —         — 6       25.00      
 
20034
     19.16         —         3.73         (0.05 )       —         —         22.84      
Class B
                                                                        
 
20072
   $ 28.01       $ (0.27 )     $ 6.68       $ —       $ (0.34 )     $ —       $ 34.08      
 
20062
     26.58         (0.22 )       1.65         —         —         —         28.01      
 
20053
     26.75         (0.03 )       (0.14 )       —         —         —         26.58      
 
20054
     24.02         (0.20 )       2.96         (0.02 )       —         (0.01 )       26.75      
 
20044
     22.10         (0.21 )       2.13         —         —         — 6       24.02      
 
20034
     18.64         (0.18 )       3.64         —         —         —         22.10      
Class C
                                                                        
 
20072
   $ 28.58       $ (0.28 )     $ 6.81       $ —       $ (0.34 )     $ —       $ 34.77      
 
20062
     27.12         (0.23 )       1.69         —         —         —         28.58      
 
20053
     27.29         (0.03 )       (0.14 )       —         —         —         27.12      
 
20054
     24.51         (0.20 )       3.00         (0.01 )       —         (0.01 )       27.29      
 
20044
     22.55         (0.21 )       2.17         —         —         — 6       24.51      
 
20034
     19.03         (0.18 )       3.72         (0.02 )       —         —         22.55      
Class R5
                                                                        
 
20072
   $ 29.41       $ (0.12 )     $ 7.02       $ —       $ (0.34 )     $ —       $ 35.97      
 
20062
     27.78         (0.09 )       1.72         —         —         —         29.41      
 
20053
     27.94         (0.02 )       (0.14 )       —         —         —         27.78      
 
20054
     24.98         (0.16 )       3.17         (0.05 )       —         — 6       27.94      
 
20044
     22.85         (0.02 )       2.16         (0.01 )       —         — 6       24.98      
 
20034
     19.17         —         3.73         (0.05 )       —         —         22.85      
Class Y
                                                                        
 
20072
   $ 30.48       $ 0.03       $ 7.30       $ (0.05 )     $ (0.34 )     $ —       $ 37.42      
 
20062
     28.64         0.05         1.79         —         —         —         30.48      
 
20053
     28.79         (0.01 )       (0.14 )       —         —         —         28.64      
 
20054
     25.63         0.07         3.15         (0.04 )       —         (0.02 )       28.79      
 
20044
     23.38         0.03         2.25         (0.02 )       —         (0.01 )       25.63      
 
20034
     19.59         0.07         3.80         (0.08 )       —         —         23.38      
                                                                 
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
  6    Includes a tax return of capital of less than $0.01.
  7   Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
102      First American Funds  2007 Annual Report

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                                  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      
    Return7     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate      
                                                 
               
               
               
      24.01 %     $ 96,514         1.19 %       (0.15 )%       1.19 %       (0.15 )%       102 %      
      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        
               
      23.13 %     $ 11,955         1.94 %       (0.90 )%       1.94 %       (0.90 )%       102 %      
      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        
               
      23.09 %     $ 8,506         1.94 %       (0.90 )%       1.94 %       (0.90 )%       102 %      
      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        
               
      23.70 %     $ 566         1.44 %       (0.39 )%       1.44 %       (0.39 )%       102 %      
      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        
               
      24.32 %     $ 749,865         0.94 %       0.11 %       0.94 %       0.11 %       102 %      
      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        
                                                                   
First American Funds  2007 Annual Report       103

Table of Contents

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 Fund1
                                                                
Class A
                                                                
 
20072
   $ 15.18       $ 0.03       $ 2.12       $ (0.03 )     $ (0.25 )     $ 17.05        
 
20062
     14.30         0.06         1.48         (0.06 )       (0.60 )       15.18        
 
20053
     14.47         —         (0.17 )       —         —         14.30        
 
20054
     12.52         0.06         2.15         (0.06 )       (0.20 )       14.47        
 
20044
     11.45         0.04         1.19         (0.05 )       (0.11 )       12.52        
 
20035
     10.00         0.03         1.46         (0.04 )       —         11.45        
Class B
                                                                
 
20072
   $ 14.94       $ (0.09 )     $ 2.09       $ —       $ (0.25 )       16.69        
 
20062
     14.12         (0.05 )       1.48         (0.01 )       (0.60 )       14.94        
 
20053
     14.30         (0.01 )       (0.17 )       —         —         14.12        
 
20054
     12.41         (0.05 )       2.15         (0.01 )       (0.20 )       14.30        
 
20044
     11.41         (0.06 )       1.18         (0.01 )       (0.11 )       12.41        
 
20035
     10.00         (0.03 )       1.45         (0.01 )       —         11.41        
Class C
                                                                
 
20072
   $ 14.95       $ (0.09 )     $ 2.08       $ —       $ (0.25 )     $ 16.69        
 
20062
     14.13         (0.05 )       1.48         (0.01 )       (0.60 )       14.95        
 
20053
     14.31         (0.01 )       (0.17 )       —         —         14.13        
 
20054
     12.43         (0.05 )       2.14         (0.01 )       (0.20 )       14.31        
 
20044
     11.42         (0.06 )       1.19         (0.01 )       (0.11 )       12.43        
 
20035
     10.00         (0.02 )       1.45         (0.01 )       —         11.42        
Class R6
                                                                
 
20072
   $ 15.12       $ —       $ 2.11       $ (0.01 )     $ (0.25 )     $ 16.97        
 
20062
     14.26         0.01         1.49         (0.04 )       (0.60 )       15.12        
 
20053
     14.43         (0.01 )       (0.16 )       —         —         14.26        
 
20054
     12.49         0.02         2.15         (0.03 )       (0.20 )       14.43        
 
20044
     11.44         0.02         1.18         (0.04 )       (0.11 )       12.49        
 
20035
     10.00         0.03         1.44         (0.03 )       —         11.44        
Class Y
                                                                
 
20072
   $ 15.22       $ 0.07       $ 2.13       $ (0.07 )     $ (0.25 )     $ 17.10        
 
20062
     14.33         0.10         1.49         (0.10 )       (0.60 )       15.22        
 
20053
     14.49         —         (0.16 )       —         —         14.33        
 
20054
     12.53         0.09         2.16         (0.09 )       (0.20 )       14.49        
 
20044
     11.45         0.07         1.19         (0.07 )       (0.11 )       12.53        
 
20035
     10.00         0.05         1.45         (0.05 )       —         11.45        
                                                 
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Commenced operations on January 31, 2003. All ratios for the period ended September 30, 2003 have been annualized, except total return and portfolio turnover.
 
  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.
104      First American Funds  2007 Annual Report

Table of Contents

                                                                           
                                  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      
                                            
             
             
      14.36 %     $ 7,998         1.19 %       0.20 %       1.19 %       0.20 %       138 %      
      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        
             
      13.52 %     $ 664         1.94 %       (0.55 )%       1.94 %       (0.55 )%       138 %      
      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        
             
      13.45 %     $ 325         1.94 %       (0.57 )%       1.94 %       (0.57 )%       138 %      
      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        
             
      14.09 %     $ 37         1.44 %       0.02 %       1.44 %       0.02 %       138 %      
      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        
             
      14.65 %     $ 449,201         0.94 %       0.45 %       0.94 %       0.45 %       138 %      
      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  2007 Annual Report       105

Table of Contents

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 Fund1
                                                                
Class A
                                                                
 
20072
   $ 22.12       $ 0.23       $ 2.19       $ (0.24 )     $ (1.69 )     $ 22.61        
 
20062
     19.56         0.21         3.19         (0.21 )       (0.63 )       22.12        
 
20053
     20.06         —         (0.50 )       —         —         19.56        
 
20054
     17.21         0.17         2.85         (0.17 )       —         20.06        
 
20044
     14.97         0.15         2.24         (0.15 )       —         17.21        
 
20034
     12.77         0.18         2.20         (0.18 )       —         14.97        
Class B
                                                                
 
20072
   $ 21.54       $ 0.07       $ 2.12       $ (0.12 )     $ (1.69 )     $ 21.92        
 
20062
     19.12         0.06         3.11         (0.12 )       (0.63 )       21.54        
 
20053
     19.62         (0.01 )       (0.49 )       —         —         19.12        
 
20054
     16.87         0.03         2.78         (0.06 )       —         19.62        
 
20044
     14.70         0.03         2.20         (0.06 )       —         16.87        
 
20034
     12.55         0.08         2.15         (0.08 )       —         14.70        
Class C
                                                                
 
20072
   $ 21.81       $ 0.07       $ 2.14       $ (0.12 )     $ (1.69 )     $ 22.21        
 
20062
     19.35         0.06         3.15         (0.12 )       (0.63 )       21.81        
 
20053
     19.85         (0.01 )       (0.49 )       —         —         19.35        
 
20054
     17.07         0.03         2.81         (0.06 )       —         19.85        
 
20044
     14.87         0.03         2.23         (0.06 )       —         17.07        
 
20034
     12.70         0.08         2.17         (0.08 )       —         14.87        
Class R5
                                                                
 
20072
   $ 22.10       $ 0.17       $ 2.17       $ (0.18 )     $ (1.69 )     $ 22.57        
 
20062
     19.55         0.12         3.23         (0.17 )       (0.63 )       22.10        
 
20053
     20.06         (0.01 )       (0.50 )       —         —         19.55        
 
20054
     17.22         0.12         2.85         (0.13 )       —         20.06        
 
20044
     14.96         0.17         2.23         (0.14 )       —         17.22        
 
20034
     12.77         0.18         2.19         (0.18 )       —         14.96        
Class Y
                                                                
 
20072
   $ 22.19       $ 0.29       $ 2.18       $ (0.28 )     $ (1.69 )     $ 22.69        
 
20062
     19.62         0.26         3.21         (0.27 )       (0.63 )       22.19        
 
20053
     20.12         —         (0.50 )       —         —         19.62        
 
20054
     17.26         0.22         2.86         (0.22 )       —         20.12        
 
20044
     15.01         0.20         2.24         (0.19 )       —         17.26        
 
20034
     12.80         0.22         2.20         (0.21 )       —         15.01        
                                                 
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
 
  6   Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
106      First American Funds  2007 Annual Report

Table of Contents

                                                                           
                                  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 6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate      
                                            
             
             
      11.60 %     $ 113,223         1.17 %       1.05 %       1.17 %       1.05 %       81 %      
      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        
             
      10.76 %     $ 7,973         1.92 %       0.31 %       1.92 %       0.31 %       81 %      
      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        
             
      10.71 %     $ 4,587         1.92 %       0.31 %       1.92 %       0.31 %       81 %      
      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        
             
      11.25 %     $ 188         1.42 %       0.78 %       1.42 %       0.78 %       81 %      
      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        
             
      11.83 %     $ 726,512         0.92 %       1.30 %       0.92 %       1.30 %       81 %      
      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        
                                                           
First American Funds  2007 Annual Report       107

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                 
Balanced Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 52.9%
Consumer Discretionary – 4.5%
1-800-Flowers.com, Class A (a)
     11,051     $ 132  
Aftermarket Technology (a) (b)
     5,695       197  
Cato, Class A (b)
     5,010       101  
Children’s Place Retail Stores (a) (b)
     2,468       63  
Christopher & Banks (b)
     8,521       117  
Coinstar (a) (b)
     4,983       172  
Comcast, Class A (a)
     97,947       2,062  
Conn’s (a) (b)
     7,247       185  
Cosi (a) (b)
     17,615       61  
DIRECTV Group (a)
     88,974       2,356  
FGX International Holdings Limited (a)
     1,157       20  
GSI Commerce (a) (b)
     3,960       113  
Hibbett Sports (a) (b)
     3,304       78  
Interface, Class A
     4,308       82  
Journal Communications, Class A
     11,476       102  
Kohl’s (a) (b)
     39,152       2,152  
McCormick & Schmick’s Seafood Restaurants (a)
     4,802       81  
Nike, Class B
     32,974       2,185  
NutriSystem (a) (b)
     2,477       75  
Omnicom Group
     71,383       3,639  
P.F. Chang’s China Bistro (a) (b)
     7,207       210  
Scientific Games, Class A (a) (b)
     5,728       207  
Skechers U.S.A., Class A (a) (b)
     4,804       118  
Texas Roadhouse, Class A (a)
     9,113       115  
WMS Industries (a) (b)
     8,672       301  
               
              14,924  
               
Consumer Staples – 2.3%
Altria Group
     57,614       4,202  
Hain Celestial Group (a) (b)
     7,458       261  
PepsiCo
     41,676       3,072  
USANA Health Sciences (a) (b)
     2,393       98  
               
              7,633  
               
Energy – 7.2%
Apache
     32,997       3,425  
Arena Resources (a)
     4,524       165  
Atwood Oceanics (a) (b)
     924       78  
Baytex Energy Trust
     3,220       69  
Brigham Exploration (a)
     5,685       42  
Cameron International (a) (b)
     12,707       1,237  
Canadian Oil Sands Trust (a)
     3,932       144  
Canetic Resources Trust
     12,799       208  
Comstock Resources (a) (b)
     7,286       266  
Edge Petroleum (a) (b)
     15,328       139  
Exxon Mobil
     53,251       4,898  
Harvest Energy Trust (b)
     4,000       114  
Helix Energy Solutions Group (a) (b)
     8,056       373  
Marathon Oil (b)
     34,992       2,069  
National-Oilwell Varco (a) (b)
     16,392       1,200  
Occidental Petroleum
     52,528       3,627  
Patterson-UTI Energy (b)
     4,898       98  
Penn West Energy Trust
     2,065       66  
Southwestern Energy (a)
     43,722       2,262  
St. Mary Land & Exploration
     1,832       78  
Weatherford International (a)
     21,789       1,414  
Williams
     57,227       2,088  
               
              24,060  
               
Financials – 12.3%
Affiliated Managers Group (a) (b)
     27,473       3,614  
AllianceBernstein Holding
     34,202       2,922  
Ambac Financial Group
     24,839       915  
American International Group
     85,095       5,371  
Bank of America
     70,332       3,396  
BioMed Realty Trust – REIT (b)
     6,510       156  
Citigroup
     107,374       4,499  
Columbia Banking System
     3,306       103  
Cullen/ Frost Bankers (b)
     5,118       272  
Digital Realty Trust – REIT (b)
     3,072       135  
Dime Community Bancshares
     8,531       123  
East West Bancorp
     7,061       238  
First Potomac Realty Trust – REIT
     6,763       141  
Goldman Sachs Group
     15,798       3,917  
Independent Bank (b)
     3,376       100  
Kite Realty Group Trust – REIT
     5,629       102  
Knight Capital Group, Class A (a) (b)
     9,355       125  
LaSalle Hotel Properties – REIT
     3,115       129  
Lehman Brothers Holdings
     26,402       1,672  
Morgan Stanley
     74,945       5,041  
Nara Bancorp
     6,092       94  
National Financial Partners
     1,826       100  
Newcastle Investment – REIT (b)
     8,190       122  
NorthStar Realty Finance – REIT
     2,631       25  
Platinum Underwriters Holdings (b)
     7,069       254  
PMI Group (b)
     92,339       1,480  
South Financial Group (b)
     6,881       142  
Umpqua Holdings (b)
     6,343       107  
Wachovia
     122,476       5,601  
               
              40,896  
               
Healthcare – 6.4%
Abbott Laboratories
     46,244       2,526  
AngioDynamics (a)
     9,047       181  
Arena Pharmaceuticals (a) (b)
     2,929       28  
Baxter International
     36,296       2,178  
BioMarin Pharmaceutical (a) (b)
     1,986       55  
Bristol-Myers Squibb
     73,644       2,209  
Coventry Health Care (a)
     29,592       1,785  
Dexcom (a) (b)
     10,606       99  
Exelixis (a) (b)
     8,804       97  
ICU Medical (a) (b)
     4,356       175  
K-V Pharmaceutical, Class A (a) (b)
     6,949       218  
Magellan Health Services (a)
     3,667       154  
Medtronic
     49,468       2,347  
Merck
     55,531       3,235  
Myriad Genetics (a) (b)
     1,054       58  
Pediatrix Medical Group (a)
     3,925       257  
Pharmion (a) (b)
     1,258       61  
Salix Pharmaceuticals (a) (b)
     6,539       76  
Senomyx (a) (b)
     9,488       110  
SonoSite (a) (b)
     9,928       349  
SurModics (a) (b)
     2,307       131  
Theravance (a) (b)
     2,133       53  
Trans1 (a) (b)
     1,444       36  
TriZetto Group (a) (b)
     2,506       41  
UnitedHealth Group
     50,386       2,476  
Wyeth
     49,354       2,400  
               
              21,335  
               
Industrials – 2.4%
American Standard (b)
     44,130       1,645  
AMETEK
     5,441       256  
BE Aerospace (a) (b)
     2,827       141  
Ceradyne (a) (b)
     1,144       78  
Columbus McKinnon (a) (b)
     5,733       190  
ESCO Technologies (a) (b)
     5,827       241  
Forward Air (b)
     4,856       158  
Genlyte Group (a) (b)
     1,237       80  
Knoll
     465       9  
L-3 Communications Holdings
     16,587       1,819  
MasTec (a)
     5,637       89  
The accompanying notes are an integral part of the financial statements.
108      First American Funds  2007 Annual Report

Table of Contents

                   
Balanced Fund (continued)
DESCRIPTION   SHARES   VALUE
 
NCI Building Systems (a) (b)
     2,493     $ 98  
Power-One (a) (b)
     15,882       90  
Regal-Beloit (b)
     4,699       230  
SPX
     17,645       1,787  
Timken (b)
     6,067       202  
US Airways Group (a)
     27,542       762  
WESCO International (a) (b)
     5,117       239  
               
              8,114  
               
Information Technology – 12.8%
ADC Telecommunications (a) (b)
     8,143       152  
Advanced Analogic Technologies (a) (b)
     19,644       237  
Apple (a)
     9,863       1,874  
AudioCodes (a)
     8,941       58  
Cisco Systems (a) (b)
     194,890       6,443  
Cognex
     3,779       68  
Corning (b)
     64,015       1,554  
Digital River (a) (b)
     4,593       244  
Emulex (a) (b)
     16,921       367  
F5 Networks (a) (b)
     27,616       995  
Greenfield Online (a) (b)
     6,151       94  
Harris Stratex Networks, Class A (a) (b)
     10,248       196  
Hewlett-Packard
     102,143       5,279  
Hittite Microwave (a) (b)
     1,253       63  
Intel
     140,458       3,778  
Ixia (a) (b)
     9,356       98  
Lam Research (a)
     30,646       1,538  
MEMC Electronic Materials (a)
     29,725       2,177  
Micrel
     10,528       95  
Microsoft
     172,227       6,340  
Oracle (a)
     150,178       3,329  
Orbotech (a)
     3,678       76  
Photronics (a) (b)
     17,044       186  
Plexus (a)
     8,910       230  
PMC-Sierra (a) (b)
     25,227       227  
Progress Software (a) (b)
     7,257       237  
QUALCOMM
     62,212       2,658  
Research In Motion (a) (b)
     12,368       1,540  
Silicon Laboratories (a) (b)
     4,877       213  
Synaptics (a) (b)
     3,292       179  
Teradata (a)
     65,496       1,869  
Tessera Technologies (a) (b)
     4,910       188  
TIBCO Software (a) (b)
     10,281       94  
TTM Technologies (a)
     13,676       176  
               
              42,852  
               
Materials – 2.8%
Albemarle
     842       40  
Cleveland-Cliffs
     18,786       1,797  
Freeport-McMoRan Copper & Gold (b)
     16,247       1,912  
Owens-Illinois (a)
     113,132       5,025  
Schnitzer Steel Industries, Class A (b)
     2,012       133  
Terra Industries (a) (b)
     5,734       212  
Texas Industries
     2,989       218  
               
              9,337  
               
Telecommunication Services – 2.2%
American Tower, Class A (a)
     87,013       3,844  
General Communication, Class A (a)
     10,611       125  
Verizon Communications
     75,654       3,485  
               
              7,454  
               
Utilities – 0.0%
NSTAR (b)
     2,026       71  
               
Total Common Stocks
                
 
(Cost $154,295)
             176,676  
               
Investment Companies – 4.5%
iShares MSCI EAFE Index Fund (b)
     133,900       11,529  
iShares MSCI Emerging Markets Index Fund (b)
     9,600       1,605  
iShares Nasdaq Biotechnology Index Fund (b)
     21,973       1,903  
               
Total Investment Companies
                
 
(Cost $9,824)
             15,037  
               
U.S. Government Agency Mortgage-Backed Securities – 11.8%
Adjustable Rate (c) – 1.2%
Federal Home Loan Mortgage Corporation Pool
                
 
7.400%, 01/01/2028, #786281
   $ 148       151  
 
5.771%, 07/01/2036, #1K1238 (b)
     939       942  
 
5.597%, 05/01/2037, #1H1396 (b)
     1,443       1,451  
Federal National Mortgage Association Pool
                
 
6.164%, 04/01/2018, #070009
     36       36  
 
7.140%, 09/01/2033, #725553
     564       576  
 
5.270%, 11/01/2034, #735054 (b)
     743       744  
               
              3,900  
               
Fixed Rate – 10.6%
Federal Home Loan Mortgage Corporation Pool
                
 
4.000%, 04/01/2008, #M90808 (b)
     425       422  
 
6.500%, 04/01/2008, #E00225
     2       2  
 
7.000%, 04/01/2008, #E46044
     1       1  
 
4.000%, 10/01/2010, #M80855
     734       717  
 
5.500%, 03/01/2013, #E00546
     83       84  
 
4.500%, 05/01/2018, #P10032 (b)
     360       355  
 
6.500%, 11/01/2028, #C00676
     422       436  
 
7.000%, 12/01/2029, #G01091
     79       82  
 
6.500%, 07/01/2031, #A17212 (b)
     301       311  
 
6.000%, 05/01/2032, #C01361
     101       102  
 
7.000%, 08/01/2037, #H09059 (b)
     922       949  
Federal National Mortgage Association Pool
                
 
3.790%, 07/01/2013, #386314 (b)
     1,296       1,220  
 
6.000%, 09/01/2017, #653368
     190       194  
 
5.000%, 07/01/2018, #555621 (b)
     991       979  
 
5.000%, 12/01/2018, #725012
     820       810  
 
4.500%, 06/01/2019, #045181
     301       291  
 
5.000%, 11/01/2019, #725934
     244       241  
 
5.500%, 01/01/2020, #735386 (b)
     437       440  
 
5.500%, 06/01/2020, #735792 (b)
     376       378  
 
6.000%, 10/01/2022, #254513 (b)
     385       391  
 
5.500%, 12/01/2024, #357662
     707       704  
 
5.500%, 02/01/2025, #255628 (b)
     807       803  
 
5.500%, 10/01/2025, #255956 (b)
     1,302       1,295  
 
6.000%, 08/01/2027, #256852 (b)
     848       858  
 
7.000%, 04/01/2029, #323681
     82       86  
 
6.500%, 12/01/2031, #254169 (b)
     287       293  
 
6.000%, 04/01/2032, #745101 (b)
     829       848  
 
6.500%, 05/01/2032, #640032
     658       677  
 
7.000%, 07/01/2032, #545815
     155       162  
 
6.000%, 09/01/2032, #254447 (b)
     321       325  
 
6.000%, 01/01/2033, #676647
     553       560  
 
5.500%, 04/01/2033, #694605 (b)
     915       904  
 
5.500%, 06/01/2033, #843435 (b)
     417       412  
 
5.500%, 07/01/2033, #728667 (b)
     459       454  
 
5.500%, 08/01/2033, #733380 (b)
     1,039       1,027  
 
5.000%, 09/01/2033, #713735
     1,133       1,090  
 
5.000%, 10/01/2033, #741897 (b)
     738       710  
 
5.500%, 10/01/2033, #555800 (b)
     1,067       1,055  
 
6.000%, 11/01/2033, #772130
     156       158  
 
6.000%, 11/01/2033, #772256
     202       204  
 
5.500%, 12/01/2033, #756202 (b)
     656       648  
 
5.000%, 03/01/2034, #725205 (b)
     824       793  
 
5.000%, 03/01/2034, #725250 (b)
     743       715  
First American Funds  2007 Annual Report       109

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                     
Balanced Fund (continued)
DESCRIPTION   PAR   VALUE
 
   
5.500%, 04/01/2034, #725424 (b)
     385     $ 381  
   
5.500%, 05/01/2034, #357571 (b)
     719       710  
   
5.000%, 06/01/2034, #782909 (b)
     359       346  
   
6.500%, 06/01/2034, #735273 (b)
     674       693  
   
6.500%, 11/01/2034 (d)
     1,250       1,279  
   
5.500%, 03/01/2036, #745354
     1,194       1,178  
   
6.500%, 04/01/2036, #852909 (b)
     615       630  
   
6.500%, 07/01/2036, #831683 (b)
     596       610  
   
6.000%, 08/01/2036, #885536 (b)
     1,460       1,471  
   
6.500%, 08/01/2036, #893318 (b)
     512       524  
   
6.000%, 11/01/2036, #902786 (b)
     1,113       1,121  
   
5.500%, 01/01/2037, #906059 (b)
     968       954  
   
5.500%, 08/01/2037, #943438 (b)
     1,775       1,749  
   
6.000%, 09/01/2037, #256890
     587       587  
Government National Mortgage Association Pool
                
   
6.500%, 10/20/2010, #002108
     5       5  
   
7.500%, 06/15/2027, #447728
     6       6  
   
7.500%, 09/15/2027, #455516
     9       9  
   
7.000%, 04/15/2029, #506639
     147       155  
               
              35,594  
               
Total U.S. Government Agency Mortgage-Backed Securities
                
   
(Cost $39,766)
             39,494  
               
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 8.2%
Adjustable Rate (c) – 3.4%
Citigroup Mortgage Loan Trust
Series 2004-HYB4, Class HAII
                
   
5.353%, 10/25/2034
     2,103       2,111  
 
Series 2005-7, Class 2A1A
                
   
4.863%, 09/25/2035
     637       633  
Countrywide Home Loans
Series 2006-HYB5, Class 3A1A
                
   
5.970%, 09/20/2036
     1,294       1,307  
GMAC Mortgage Corporation Loan Trust
Series 2003-AR2, Class 4A1
                
   
4.735%, 12/19/2033
     730       716  
Harborview Mortgage Loan Trust
Series 2007-4, Class 2A1
                
   
5.723%, 07/19/2047
     1,091       1,060  
J.P. Morgan Mortgage Trust
Series 2004-A1, Class 3A1
                
   
4.993%, 02/25/2034
     1,099       1,088  
 
Series 2006-A7, Class 3A4
                
   
5.946%, 01/25/2037
     489       490  
Residential Funding Mortgage Securities I Series 2006-SA2, Class 4A1
                
   
5.877%, 08/25/2036
     966       967  
Structured Mortgage Loan Trust
Series 2004-11, Class A
                
   
7.195%, 08/25/2034
     40       40  
Wachovia Bank Commercial Mortgage Trust
Series 2007-C33, Class AJ
                
   
6.100%, 07/15/2017
     420       416  
Wachovia Mortgage Loan Trust
Series 2005-B, Class 1A1
                
   
4.952%, 10/20/2035
     478       477  
Washington Mutual
Series 2004-AR7, Class A6
                
   
3.941%, 07/25/2034
     775       763  
Wells Fargo Mortgage Backed Securities Trust
Series 2003-D, Class A1
                
   
4.892%, 02/25/2033
     297       296  
 
Series 2004-N, Class A3
                
   
4.116%, 08/25/2034
     227       225  
 
Series 2006-AR1, Class 2A2
                
   
5.554%, 03/25/2036
     943       939  
               
              11,528  
               
Fixed Rate – 4.8%
ABN AMRO Mortgage
Series 2003-7, Class A1
                
   
4.750%, 07/25/2018
     735       725  
Banc of America Mortgage Securities
Series 2003-6, Class 1A30
                
   
4.750%, 08/25/2033
     585       578  
Countrywide Alternative Loan Trust
Series 2004-12CB, Class 1A1
                
   
5.000%, 07/25/2019
     402       391  
 
Series 2004-2CB, Class 1A1
                
   
4.250%, 03/25/2034
     300       293  
 
Series 2004-24CB, Class 1A1
                
   
6.000%, 11/25/2034
     310       307  
 
Series 2006-19CB, Class A15
                
   
6.000%, 08/25/2036
     396       399  
Countrywide Home Loans
Series 2007-17, Class 1A1
                
   
6.000%, 10/25/2037
     1,263       1,259  
Credit Suisse First Boston Mortgage Securities
Series 2005-3, Class 5A1
                
   
5.500%, 07/25/2020
     542       541  
Crown Castle Towers
Series 2005-1A, Class B
                
   
4.878%, 06/15/2035 (e)
     630       621  
GMAC Mortgage Corporation Loan Trust
Series 2004-J5, Class A7
                
   
6.500%, 01/25/2035
     512       520  
GS Mortgage Securities II
Series 2007-GG10, Class A4
                
   
5.799%, 08/10/2045 (b)
     1,205       1,221  
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
                
   
6.982%, 03/25/2043
     853       852  
GSR Mortgage Loan Trust
Series 2004-10F, Class 3A1
                
   
5.500%, 08/25/2019
     382       382  
J.P. Morgan Chase Commercial Mortgage Securities
Series 2007-CB20, Class AJ
                
   
6.099%, 02/12/2051
     635       637  
Master Alternative Loans Trust
Series 2005-2, Class 1A3
                
   
6.500%, 03/25/2035
     262       265  
Master Asset Securitization Trust
Series 2003-6, Class 3A1
                
   
5.000%, 07/25/2018
     609       603  
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
                
   
5.980%, 01/15/2039
     1,025       1,051  
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
                
   
6.268%, 11/25/2034
     334       338  
Residential Asset Mortgage Products
Series 2004-SL4, Class A3
                
   
6.500%, 07/25/2032
     264       271  
The accompanying notes are an integral part of the financial statements.
110      First American Funds  2007 Annual Report

Table of Contents

                     
Balanced Fund (continued)
DESCRIPTION   PAR   VALUE
 
Residential Funding Mortgage Securities I
Series 2004-S9, Class 2A1
                
   
4.750%, 12/25/2019
     824     $ 804  
Washington Mutual
Series 2004-CB1, Class 1A
                
   
5.250%, 06/25/2019
     632       626  
Washington Mutual MSC Mortgage Pass-Through Trust
Series 2004-RA3, Class 2A
                
   
6.384%, 08/25/2038
     389       395  
Wells Fargo Mortgage Backed Securities Trust
Series 2003-14, Class A1
                
   
4.750%, 12/25/2018
     509       495  
 
Series 2004-7, Class 2A2
                
   
5.000%, 07/25/2019
     1,388       1,361  
 
Series 2007-13, Class A8
                
   
6.000%, 09/25/2037
     1,027       1,017  
Westam Mortgage Financial
Series 11, Class A
                
   
6.360%, 08/26/2020 (f)
     1       1  
               
              15,953  
               
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
                
   
(Cost $27,415)
             27,481  
               
Asset-Backed Securities – 7.7%
Automotive – 0.8%
Harley-Davidson Motorcycle Trust
Series 2005-4, Class A2
                
   
4.850%, 06/15/2012
     470       470  
Hertz Vehicle Financing
Series 2005-2A, Class A6
                
   
5.080%, 11/25/2011 (e)
     935       936  
Volkswagen Auto Loan Enhanced Trust
Series 2005-1, Class A4
                
   
4.860%, 04/20/2012
     1,170       1,170  
               
              2,576  
               
Commercial Mortgages – 5.2%
Banc of America Commercial Mortgage
Series 2004-5, Class A3
                
   
4.561%, 11/10/2041
     710       694  
 
Series 2006-2, Class A4
                
   
5.741%, 05/10/2045
     340       344  
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class A4
                
   
5.405%, 12/11/2040
     635       626  
 
Series 2007-T28, Class D
                
   
6.177%, 09/11/2042 (e)
     270       253  
Citigroup/ Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
                
   
5.205%, 12/11/2049
     230       228  
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
                
   
5.449%, 02/05/2019 (e)
     585       589  
 
Series 2004-RS1, Class A
                
   
4.018%, 03/03/2041 (e)
     414       399  
 
Series 2005-LP5, Class A2
                
   
4.630%, 05/10/2043
     921       911  
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
     374       369  
 
Series 2005-C1, Class A2
                
   
4.471%, 05/10/2043
     1,195       1,178  
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
                
   
3.285%, 07/05/2035
     1,761       1,717  
 
Series 2005-GG5, Class A2
                
   
5.117%, 04/10/2037
     1,600       1,598  
 
Series 2005-GG5, Class A5
                
   
5.224%, 04/10/2037
     750       734  
 
Series 2007-GG11, Class A4
                
   
5.736%, 12/10/2049
     925       929  
 
Series 2007-GG11, Class AJ
                
   
6.207%, 12/10/2049
     725       721  
GS Mortgage Securities II
Series 2006-GG8, Class A2
                
   
5.479%, 11/10/2039
     1,500       1,507  
 
Series 2006-RR2, Class A1
                
   
5.686%, 06/23/2046 (c) (e)
     740       703  
 
Series 2006-RR3, Class A1S
                
   
5.659%, 07/18/2056 (e)
     600       565  
J.P. Morgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
                
   
5.334%, 12/15/2044
     245       233  
LB-UBS Commercial Mortgage Trust
Series 2003-C3, Class A2
                
   
3.086%, 05/15/2027
     1,280       1,266  
 
Series 2005-C7, Class A2
                
   
5.103%, 11/15/2030
     800       799  
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
                
   
5.129%, 07/12/2038
     265       248  
Morgan Stanley Capital I
Series 2005-HQ6, Class B
                
   
5.152%, 08/13/2042
     115       108  
 
Series 2005-HQ6, Class C
                
   
5.172%, 08/13/2042
     110       103  
               
              17,541  
               
Credit Cards – 0.8%
Bank of America Credit Card Trust
Series 2007-A8, Class A8
                
   
5.590%, 11/17/2014 (c)
     765       780  
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
                
   
5.750%, 07/15/2020
     530       535  
Citibank Credit Card Issuance Trust
Series 2006-A4, Class A4
                
   
5.450%, 05/10/2013
     805       818  
Discover Card Master Trust
Series 2007-A1, Class A1
                
   
5.650%, 03/16/2020
     565       566  
               
              2,699  
               
Home Equity – 0.0%
Saxon Asset Securities Trust
Series 2004-1, Class A
                
   
6.450%, 03/25/2035 (c)
     4       4  
               
Other – 0.6%
Global Signal Trust
Series 2004-2A, Class A
                
   
4.232%, 12/15/2014 (e)
     750       737  
First American Funds  2007 Annual Report       111

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                   
Balanced Fund (continued)
DESCRIPTION   PAR   VALUE
 
Small Business Administration
Series 2006-P10B, Class 1
                
 
5.681%, 08/10/2016
     1,131     $ 1,134  
               
              1,871  
               
Utilities – 0.3%
PG & E Energy Recovery Funding
Series 2005-2, Class A2
                
 
5.030%, 03/25/2014
     1,050       1,056  
               
Total Asset-Backed Securities
                
 
(Cost $25,762)
             25,747  
               
Corporate Bonds – 6.5%
Banking – 0.2%
J.P. Morgan Chase
                
 
5.150%, 10/01/2015
     550       534  
Wells Fargo Capital X
                
 
5.950%, 12/15/2036
     230       216  
               
              750  
               
Basic Industry – 0.8%
Celulosa Arauco y Constitucion
                
 
5.625%, 04/20/2015
     345       339  
Evraz Group
                
 
8.250%, 11/10/2015 (e)
     190       193  
FMG Finance
                
 
10.000%, 09/01/2013 (e)
     195       216  
Freeport-McMoRan Copper & Gold
                
 
8.375%, 04/01/2017
     350       383  
Georgia-Pacific
                
 
7.125%, 01/15/2017 (b) (e)
     190       185  
Griffin Coal Mining
                
 
9.500%, 12/01/2016 (e)
     200       198  
Noble Group Limited
                
 
6.625%, 03/17/2015 (e)
     255       239  
Sino Forest
                
 
9.125%, 08/17/2011 (e)
     195       207  
Southern Copper
                
 
7.500%, 07/27/2035
     190       207  
Teck Cominco Limited
                
 
6.125%, 10/01/2035
     280       265  
Vale Overseas
                
 
6.250%, 01/11/2016
     175       178  
               
              2,610  
               
Brokerage – 0.4%
Lehman Brothers Holdings                
 
5.750%, 01/03/2017 (b)
     365       350  
Merrill Lynch
                
 
6.050%, 05/16/2016
     540       535  
Morgan Stanley
                
 
5.375%, 10/15/2015
     440       423  
               
              1,308  
               
Capital Goods – 0.1%
Siemens Financiering
                
 
6.125%, 08/17/2026 (e)
     225       227  
               
Communications – 0.1%
Telefonica Emisones
                
 
6.221%, 07/03/2017 (b)
     210       217  
Vimpelcom
                
 
8.250%, 05/23/2016 (e)
     230       238  
               
              455  
               
Consumer Cyclical – 0.4%
Duty Free International
                
 
7.000%, 01/15/2004 (f) (g) (h)
     588       —  
Galaxy Entertainment
                
 
9.875%, 12/15/2012 (b) (e)
     175       188  
Home Depot
                
 
5.875%, 12/16/2036
     270       236  
Lippo Karwaci Finance
                
 
8.875%, 03/09/2011
     175       172  
Shimao Property Holdings
                
 
8.000%, 12/01/2016 (b) (e)
     205       200  
Viacom
                
 
6.875%, 04/30/2036
     365       370  
               
              1,166  
               
Consumer Non Cyclical – 0.6%
Amerisourcebergen
                
 
5.625%, 09/15/2012
     500       501  
Cardinal Health
                
 
6.750%, 02/15/2011
     625       654  
Constellation Brands
                
 
7.250%, 05/15/2017 (e)
     300       299  
Fisher Scientific International
                
 
6.750%, 08/15/2014
     220       225  
Omnicare
                
 
6.750%, 12/15/2013
     280       270  
Sadia Overseas
                
 
6.875%, 05/24/2017 (b) (e)
     185       182  
               
              2,131  
               
Electric – 0.9%
Dynegy Holdings
                
 
7.750%, 06/01/2019 (e)
     305       286  
Edison Mission Energy
                
 
7.500%, 06/15/2013
     175       178  
Energy Future Holdings
                
 
10.875%, 11/01/2017 (e)
     205       207  
Florida Power & Light
                
 
5.650%, 02/01/2037
     415       397  
ISA Capital Brasil
                
 
8.800%, 01/30/2017 (b) (e)
     180       187  
MidAmerican Energy Holdings
                
 
6.125%, 04/01/2036
     465       460  
Ohio Power, Series K
                
 
6.000%, 06/01/2016
     275       280  
Oncor Electric Delivery
                
 
7.000%, 05/01/2032
     225       239  
Pacific Gas & Electric
                
 
6.500%, 03/01/2034
     230       229  
Taqa Abu Dhabi
                
 
6.165%, 10/25/2017 (b) (e)
     370       369  
Virginia Electric Power
                
 
5.950%, 09/15/2017
     240       245  
               
              3,077  
               
Energy – 0.7%
Lukoil International Finance
                
 
6.356%, 06/07/2017 (e)
     120       116  
 
6.656%, 06/07/2022 (b) (e)
     460       440  
Mariner Energy
                
 
7.500%, 04/15/2013
     270       263  
Pioneer Natural Resource
                
 
6.650%, 03/15/2017
     290       273  
Tengizcheveroil Finance
                
 
6.124%, 11/15/2014 (b) (e)
     370       355  
Tesoro
                
 
6.625%, 11/01/2015
     375       372  
The accompanying notes are an integral part of the financial statements.
112      First American Funds  2007 Annual Report

Table of Contents

                     
Balanced Fund (continued)
DESCRIPTION   PAR   VALUE
 
TNK-BP Finance
                
   
6.625%, 03/20/2017 (e)
     150     $ 137  
   
7.875%, 03/13/2018 (e)
     230       228  
Whiting Petroleum
                
   
7.000%, 02/01/2014
     295       290  
               
              2,474  
               
Finance – 0.5%
Capital One Financial
                
   
6.150%, 09/01/2016
     400       391  
Janus Capital Group
                
   
6.700%, 06/15/2017
     305       315  
SLM, Series MTN
                
   
5.400%, 10/25/2011
     350       324  
Transcapitalinvest
                
   
5.670%, 03/05/2014 (e)
     640       618  
               
              1,648  
               
Insurance – 0.3%
Allied World Assurance
                
   
7.500%, 08/01/2016
     565       602  
Unumprovident
                
   
5.997%, 05/15/2008
     335       335  
               
              937  
               
Natural Gas – 0.2%
Enterprise Products
                
   
8.375%, 08/01/2066
     180       187  
Southern Union
                
   
7.200%, 11/01/2066 (c)
     155       155  
Transport De Gas Del Sur
                
   
7.875%, 05/14/2017 (e)
     235       215  
               
              557  
               
Real Estate – 0.3%
Health Care Properties – REIT
Series MTN
                
   
6.300%, 09/15/2016
     460       455  
Prologis 2006 – REIT
                
   
5.750%, 04/01/2016
     600       587  
               
              1,042  
               
Sovereign – 0.1%
United Mexican States
                
   
5.625%, 01/15/2017 (b)
     305       309  
               
Technology – 0.7%
Celestica
                
   
7.875%, 07/01/2011
     295       288  
Chartered Semiconductor
                
   
6.375%, 08/03/2015
     250       250  
Ciena
                
   
3.750%, 02/01/2008
     120       119  
IBM
                
   
5.700%, 09/14/2017
     335       340  
Jabil Circuit
                
   
5.875%, 07/15/2010
     680       687  
LG Electronics
                
   
5.000%, 06/17/2010 (e)
     340       338  
Seagate Technology
                
   
6.375%, 10/01/2011 (b)
     290       288  
               
              2,310  
               
Transportation – 0.1%
BLT Finance
                
   
7.500%, 05/15/2014 (e)
     235       213  
Ultrapetrol
                
   
9.000%, 11/24/2014
     145       142  
               
              355  
               
Utility Other – 0.1%
American Water Capital
                
   
6.085%, 10/15/2017 (e)
     260       262  
               
Total Corporate Bonds
                
   
(Cost $22,293)
             21,618  
               
U.S. Government & Agency Securities – 5.7%
U.S. Agency Debentures – 0.5%
Federal National Mortgage Association
                
   
5.250%, 08/01/2012 (b)
     1,745       1,778  
               
U.S. Treasuries – 5.2%
U.S. Treasury Bond (STRIPS)
                
   
0.000%, 02/15/2023 (b) (i)
     1,795       854  
U.S. Treasury Bonds
                
   
6.875%, 08/15/2025 (b)
     1,600       1,994  
   
4.500%, 02/15/2036 (b)
     875       840  
   
4.750%, 02/15/2037 (b)
     1,565       1,564  
U.S. Treasury Notes
                
   
4.875%, 08/31/2008 (b)
     7,500       7,542  
   
4.750%, 05/31/2012 (b)
     1,045       1,072  
   
4.625%, 07/31/2012 (b)
     1,370       1,398  
   
4.250%, 09/30/2012 (b)
     180       181  
   
4.500%, 05/15/2017 (b)
     1,815       1,820  
               
              17,265  
               
Total U.S. Government & Agency Securities
                
   
(Cost $18,958)
             19,043  
               
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 (b)
     521       521  
 
Series 85, Class C
                
   
8.600%, 01/15/2021
     71       75  
 
Series 1136, Class H
                
   
6.000%, 09/15/2021
     51       51  
Federal National Mortgage Association Series 1989-2, Class D
                
   
8.800%, 01/25/2019
     5       5  
 
Series 1989-37, Class G
                
   
8.000%, 07/25/2019
     73       79  
 
Series 1990-30, Class E
                
   
6.500%, 03/25/2020
     30       31  
 
Series 1990-63, Class H
                
   
9.500%, 06/25/2020
     15       16  
 
Series 1990-89, Class K
                
   
6.500%, 07/25/2020
     4       4  
 
Series 1990-105, Class J
                
   
6.500%, 09/25/2020
     48       49  
 
Series 2005-44, Class PC
                
   
5.000%, 11/25/2027 (b)
     1,139       1,135  
 
Series 2003-81, Class MB
                
   
5.000%, 05/25/2029 (b)
     960       957  
 
Series 2005-62, Class JE
                
   
5.000%, 06/25/2035 (b)
     729       722  
First American Funds  2007 Annual Report       113

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                   
Balanced Fund (continued)
DESCRIPTION   PAR/CONTRACTS/SHARES   VALUE
 
Government National Mortgage Association Series 3, Class F
                
 
6.500%, 06/17/2020
     6     $ 6  
               
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
                
 
(Cost $3,630)
             3,651  
               
Options Purchased – 0.0%
Call Options Purchased – 0.0%
U.S. Treasury 5 Year Note Futures, December 2007 Futures Call
                
 
Expires 11/21/2007
                
 
Exercise Price: $109.00
     71       3  
U.S. Treasury 10 Year Note Futures, December 2007 Futures Call
                
 
Expires 11/21/2007
                
 
Exercise Price: $110.50
     41       15  
               
Total Purchased Options
                
 
(Cost $38)
             18  
               
Short-Term Investments – 2.2%
Money Market Fund – 2.0%
First American Prime Obligations Fund, Class Z (j)
     6,843,786       6,844  
               
U.S. Treasury Obligations – 0.2%
U.S. Treasury Bills (k)
                
 
3.780%, 12/20/2007
   $ 300       298  
 
3.813%, 01/24/2008
     250       248  
               
              546  
               
Total Short-Term Investments
                
 
(Cost $7,390)
             7,390  
               
Investment Purchased with Proceeds from Securities Lending – 29.6%
Mount Vernon Securities Lending Prime Portfolio (l)
                
 
(Cost $99,020)
     99,019,548       99,020  
               
Total Investments – 130.2%
                
 
(Cost $408,391)
             435,175  
               
Other Assets and Liabilities, Net – (30.2)%
             (100,877 )
               
Total Net Assets – 100.0%
           $ 334,298  
               
(a)  Non-Income Producing security.
 
(b)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a value of $96,757 at October 31, 2007. See note 2 in Notes to Financial Statements.
 
(c)  Variable Rate Security – The rate shown is the rate in effect at October 31, 2007.
 
(d)  Security purchased on a when-issued basis. On October 31, 2007, the total cost of investments purchased on a when-issued basis was $1,273 or 0.4% of total net assets. See note 2 in Notes to Financial Statements.
 
(e)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of October 31, 2007, the value of these investments was $11,346 or 3.4% of total net assets. See note 2 in Notes to Financial Statements.
(f)  Security is illiquid. As of October 31, 2007, the value of these investments was $1 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(g)  Security is fair valued. As of October 31, 2007, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
 
(h)  Security is in default at October 31, 2007.
(i)  Principal Only.
 
(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 October 31, 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 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
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)
 
Australian Dollar Currency Futures
   8   $ 745       December 2007     $ 31  
Canadian Dollar Currency Futures
   13     1,374       December 2007       38  
Euro Currency Futures
   19     3,446       December 2007       57  
Eurodollar 90 Day Futures
   29     27,730       June 2008       25  
Japanese Yen Currency Futures
   13     1,416       December 2007       18  
Long Gilt Futures
   14     3,124       December 2007       (20 )
Swiss Franc Currency Futures
   35     3,794       December 2007       57  
U.S. Treasury 2 Year Note Futures
   (213)     (44,114 )     December 2007       (58 )
U.S. Treasury 5 Year Note Futures
   222     23,830       December 2007       187  
U.S. Treasury 10 Year Note Futures
   29     3,190       December 2007       38  
U.S. Treasury Long Bond Futures
   4     450       December 2007       9  
                       
                        $ 382  
                       
The accompanying notes are an integral part of the financial statements.
114      First American Funds  2007 Annual Report

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Balanced Fund (concluded)
 
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     $ 3  
Citigroup
   Lehman Brothers Holdings     Buy       1.250%       12/20/2012       720       (8 )
Citigroup
   Ryland Group     Buy       1.250%       09/20/2012       350       16  
Deutsche Bank
   Dow Jones CDX HVOL8 Index     Buy       0.750%       06/20/2012       1,300       45  
Deutsche Bank
   Dow Jones CDX IG8 Index     Buy       0.350%       06/20/2012       1,500       (3 )
Deutsche Bank
   Dow Jones CDX XO8 Index     Buy       1.400%       06/20/2012       2,300       49  
J.P. Morgan
   CenturyTel, Inc.     Buy       0.540%       09/20/2012       575       (2 )
J.P. Morgan
   Dow Jones CDX EM8 Index     Buy       1.750%       12/20/2012       1,100       (1 )
J.P. Morgan
   Dow Jones CDX HVOL8 Index     Buy       0.750%       06/20/2012       1,100       41  
J.P. Morgan
   Dow Jones CDX HY8 Index     Buy       2.750%       06/20/2012       1,600       55  
J.P. Morgan
   Dow Jones CDX XO9 Index     Buy       2.450%       12/20/2012       1,600       6  
J.P. Morgan
   Deutsche Bank AG     Buy       0.525%       09/20/2012       600       (2 )
J.P. Morgan
   Philippine Government International Bond     Buy       2.000%       09/20/2012       1,300       (36 )
J.P. Morgan
   Sara Lee Corporation     Buy       0.500%       06/12/2012       500       (5 )
J.P. Morgan
   UBS AG     Buy       0.355%       09/20/2012       700       1  
UBS
   Amerisourcebergen Corporation     Buy       0.585%       09/20/2012       500       (2 )
UBS
   Brazilian Government International Bond     Buy       1.170%       08/20/2012       1,300       (22 )
UBS
   Cardinal Health, Inc.     Buy       0.320%       09/20/2012       500       (1 )
UBS
   Constellation Energy Group, Inc.     Buy       0.230%       06/20/2012       375       3  
UBS
   Dow Jones CDX EM8 Index     Buy       1.750%       12/20/2012       1,000       (1 )
UBS
   Dow Jones CDX HY8 Index     Buy       2.750%       06/20/2012       3,800       54  
UBS
   McKesson Corporation     Buy       0.385%       09/20/2012       500       (3 )
UBS
   Turkey Government International Bond     Buy       1.480%       07/20/2012       700       2  
UBS
   Whirlpool Corporation     Buy       0.785%       09/20/2017       350       (2 )
                                   
                                        $ 187  
                                   
Interest Rate Swap Agreements
                                                 
        Pay/                
    Floating   Receive               Unrealized
    Rate   Floating   Fixed   Expiration   Notional   Appreciation
Counterparty   Index   Rate   Rate   Date   Amount   (Depreciation)
 
Citigroup
   3-Month LIBOR     Pay       5.470%       06/12/2009     $ 9,000     $ 117  
Citigroup
   3-Month LIBOR     Pay       4.718%       09/14/2009       11,000       20  
Citigroup
   3-Month LIBOR     Pay       4.625%       09/20/2009       7,000       2  
Citigroup
   3-Month LIBOR     Receive       5.060%       09/14/2017       3,000       11  
Citigroup
   3-Month LIBOR     Receive       5.110%       09/20/2017       2,000       —  
J.P. Morgan
   3-Month LIBOR     Pay       5.447%       06/20/2009       11,000       142  
UBS
   3-Month LIBOR     Pay       4.568%       10/02/2009       7,100       (2 )
UBS
   3-Month LIBOR     Pay       4.838%       10/12/2009       11,000       50  
UBS
   3-Month LIBOR     Receive       5.153%       10/02/2017       1,900       (7 )
UBS
   3-Month LIBOR     Receive       5.270%       10/12/2017       3,000       (38 )
                                     
                                            $ 295  
                                     
Schedule of Open Written Call Options
                                         
    Exercise   Premium   Expiration   Number of    
Option   Price   Received   Date   Contracts   Value
 
U.S. Treasury 10 Year Note Futures – December 2007
   $ 112.00     $ 10       11/21/2007       41     $ 3  
                               
First American Funds  2007 Annual Report       115

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars are rounded to thousands (000)
                   
Equity Income Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 99.0%
Consumer Discretionary – 4.2%
McDonald’s
     360,427     $ 21,518  
Time Warner
     786,059       14,353  
Yum! Brands
     430,892       17,352  
               
              53,223  
               
Consumer Staples – 11.3%
Altria Group (a)
     336,922       24,572  
Avon Products (a)
     222,726       9,127  
Coca-Cola
     287,969       17,785  
General Mills
     300,087       17,324  
Kraft Foods, Class A
     233,158       7,790  
PepsiCo
     208,125       15,343  
Procter & Gamble
     479,604       33,342  
Wal-Mart Stores (a)
     406,542       18,380  
               
              143,663  
               
Energy – 14.3%
BP, ADR
     567,791       44,282  
Chevron (a)
     357,297       32,696  
ConocoPhillips
     433,858       36,861  
Exterran Partners (a)
     188,672       5,717  
Exxon Mobil (a)
     531,049       48,851  
Halliburton
     322,919       12,729  
               
              181,136  
               
Financials – 19.7%
AllianceBernstein Holding
     379,959       32,460  
Ambac Financial Group
     250,110       9,212  
American International Group (a)
     371,926       23,476  
Bank of America
     867,969       41,905  
BlackRock (a)
     91,028       18,838  
Citigroup
     732,432       30,689  
Goldman Sachs Group (a)
     82,795       20,525  
ICICI Bank, ADR
     333,383       23,150  
Merrill Lynch
     75,982       5,016  
Northern Trust
     156,946       11,804  
Wachovia (a)
     575,411       26,314  
Wells Fargo
     181,442       6,171  
               
              249,560  
               
Healthcare – 8.9%
Abbott Laboratories
     524,406       28,643  
Eli Lilly (a)
     243,354       13,178  
Johnson & Johnson
     443,382       28,895  
Pfizer
     540,137       13,293  
Wyeth Pharmaceuticals
     596,109       28,989  
               
              112,998  
               
Industrials – 12.2%
3M
     165,929       14,330  
Avery Dennison (a)
     150,912       8,738  
Emerson Electric (a)
     456,801       23,877  
General Dynamics
     182,224       16,575  
General Electric
     1,071,201       44,091  
Honeywell International (a)
     514,110       31,057  
United Parcel Service, Class B (a)
     222,613       16,718  
               
              155,386  
               
Information Technology – 13.9%
Hewlett-Packard
     583,554       30,158  
IBM
     250,601       29,100  
Intel
     1,369,113       36,829  
Maxim Integrated Products
     437,263       11,850  
Microsoft
     1,089,879       40,118  
QUALCOMM
     392,933       16,790  
Texas Instruments
     348,009       11,345  
               
              176,190  
               
Materials – 3.6%
E.I. Du Pont de Nemours
     466,652       23,104  
Praxair
     260,064       22,230  
               
              45,334  
               
Telecommunication Services – 9.2%
AT&T
     1,139,761       47,631  
FairPoint Communications (a)
     756,265       13,983  
Verizon Communications (a)
     652,847       30,077  
Vodafone Group, ADR (a)
     499,120       19,600  
Windstream (a)
     361,216       4,858  
               
              116,149  
               
Utilities – 1.7%
Duke Energy (a)
     531,490       10,189  
Xcel Energy (a)
     518,402       11,690  
               
              21,879  
               
Total Common Stocks
 
(Cost $829,329)
             1,255,518  
               
Convertible Corporate Bond – 0.4%
Invitrogen
2.000%, 08/01/2023
                
 
(Cost $3,443)
   $ 3,095       4,349  
               
Short-Term Investment – 0.8%
First American Prime Obligations Fund, Class Z (b)
                
 
(Cost $9,948)
     9,947,948       9,948  
               
Investment Purchased with Proceeds from Securities Lending – 10.4%
Mount Vernon Securities Lending Prime Portfolio (c)
                
 
(Cost $131,981)
     131,980,563       131,981  
               
Total Investments – 110.6%                
 
(Cost $974,701)
             1,401,796  
               
Other Assets and Liabilities, Net – (10.6)%
             (133,910 )
               
Total Net Assets – 100.0%
           $ 1,267,886  
               
(a)  This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a value of $130,336 at October 31, 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 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.
ADR – American Depository Receipt
The accompanying notes are an integral part of the financial statements.
116      First American Funds  2007 Annual Report

Table of Contents

Statements of  Assets and Liabilities    October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data
                       
    Balanced     Equity    
    Fund     Income Fund    
            
Investments in unaffiliated securities, at cost
   $ 302,527       $ 832,772      
Investment in affiliated money market fund, at cost
     6,844         9,948      
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)
     99,020         131,981      
Premiums received on options written, at cost (note 6)
     10         —      
Cash denominated in foreign currencies, at cost
     13         —      
               
ASSETS:
                      
Investments in unaffiliated securities, at value* (note 2)
   $ 329,311       $ 1,259,867      
Investment in affiliated money market fund, at value (note 2)
     6,844         9,948      
Affiliated investment purchased with proceeds from securities lending, at value (note 2)
     99,020         131,981      
Cash denominated in foreign currencies, at value
     14         —      
Receivable for dividends and interest
     1,374         1,640      
Receivable for investment securities sold
     1,127         —      
Receivable for capital shares sold
     71         124      
Receivable for swap contracts
     609         —      
Prepaid expenses and other assets
     38         38      
               
Total assets
     438,408         1,403,598      
               
LIABILITIES:
                      
Liabilities for options written, at value
     3         —      
Bank overdraft
     941         —      
Payable for investment securities purchased
     1,234         —      
Payable for investment securities purchased on a when-issued basis
     1,273         —      
Payable upon return of securities loaned (note 2)
     99,020         131,981      
Payable for capital shares redeemed
     1,269         2,672      
Payable for variation margin
     87         —      
Payable to affiliates (note 3)
     246         978      
Payable for distribution and shareholder servicing fees
     31         61      
Accrued expenses and other liabilities
     6         20      
               
Total liabilities
     104,110         135,712      
               
Net assets
   $ 334,298       $ 1,267,886      
               
COMPOSITION OF NET ASSETS:
                      
Portfolio capital
   $ 274,895       $ 760,617      
Undistributed (distributions in excess of) net investment income
     768         (490 )    
Accumulated net realized gain on investments
     30,979         80,664      
Net unrealized appreciation of investments
     26,784         427,095      
Net unrealized appreciation of futures contracts
     382         —      
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
     7         —      
Net unrealized appreciation of swap agreements
     482         —      
               
Net assets
   $ 334,298       $ 1,267,886      
               
* Including securities loaned, at value
   $ 96,757       $ 130,336      
               
Class A:
                      
Net assets
   $ 103,818       $ 179,379      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     8,347         10,921      
Net asset value and redemption price per share
   $ 12.44       $ 16.43      
Maximum offering price per share1
   $ 13.16       $ 17.39      
Class B:
                      
Net assets
   $ 8,212       $ 16,893      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     665         1,041      
Net asset value, offering price, and redemption price per share2
   $ 12.34       $ 16.23      
Class C:
                      
Net assets
   $ 2,785       $ 9,241      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     224         568      
Net asset value, offering price, and redemption price per share2
   $ 12.42       $ 16.26      
Class R:
                      
Net assets
   $ 33       $ 940      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     3         57      
Net asset value, offering price, and redemption price per share
   $ 12.54       $ 16.41      
Class Y:
                      
Net assets
   $ 219,450       $ 1,061,433      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     17,593         64,131      
Net asset value, offering price, and redemption price per share
   $ 12.47       $ 16.55      
               
  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  2007 Annual Report       117

Table of Contents

Statements of  Operations    For the year ended October 31, 2007, all dollars are rounded to thousands (000)
                     
    Balanced   Equity    
    Fund   Income Fund    
     
INVESTMENT INCOME:
                    
Interest from unaffiliated securities
   $ 6,778     $ 125      
Dividends from unaffiliated securities
     2,890       37,895      
Dividends from affiliated money market fund
     382       729      
Less: Foreign taxes withheld
     (20 )     (32 )    
Securities lending income
     203       272      
     
Total investment income
     10,233       38,989      
     
EXPENSES (note 3):
                    
Investment advisory fees
     2,301       8,440      
Administration fees
     811       2,890      
Transfer agent fees
     211       292      
Custodian fees
     18       66      
Professional fees
     45       42      
Registration fees
     50       51      
Postage and printing fees
     20       50      
Directors’ fees
     22       19      
Other expenses
     21       20      
Distribution and shareholder servicing fees – Class A
     263       436      
Distribution and shareholder servicing fees – Class B
     105       183      
Distribution and shareholder servicing fees – Class C
     27       99      
Distribution and shareholder servicing fees – Class R
     —       3      
     
Total expenses
     3,894       12,591      
     
Less: Fee waivers (note 3)
     (495 )     (13 )    
Less: Indirect payments from custodian (note 3)
     (4 )     (1 )    
     
Total net expenses
     3,395       12,577      
     
Investment income – net
     6,838       26,412      
     
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
     36,857       91,683      
Net realized loss on futures contracts
     (712 )     —      
Net realized loss on options written
     (163 )     —      
Net realized gain on swap agreements
     916       —      
Net realized gain on forward foreign currency contracts, foreign currency, and translation of other assets
and liabilities denominated in foreign currency (note 2)
     2       —      
Net change in unrealized appreciation or depreciation of investments
     (7,616 )     69,097      
Net change in unrealized appreciation or depreciation of futures contracts
     317       —      
Net change in unrealized appreciation or depreciation of options written
     7       —      
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 (note 2)
     1       —      
Net change in unrealized appreciation or depreciation of swap agreements
     478       —      
     
Net gain on investments, futures contracts, options written, foreign currency transactions,
and swap agreements
     30,087       160,780      
     
Net increase in net assets resulting from operations
   $ 36,925     $ 187,192      
     
The accompanying notes are an integral part of the financial statements.
118      First American Funds  2007 Annual Report

Table of Contents

Statements of  Changes in Net Assets    all dollars are rounded to thousands (000)
                                           
    Balanced     Equity      
    Fund     Income Fund      
         
    Year Ended   Year Ended     Year Ended   Year Ended      
    10/31/07   10/31/06     10/31/07   10/31/06      
         
OPERATIONS:
                                        
Investment income – net
   $ 6,838     $ 6,826       $ 26,412     $ 21,407        
Net realized gain on investments
     36,857       26,905         91,683       141,083        
Net realized gain (loss) on futures contracts
     (712 )     115         —       —        
Net realized loss on options written
     (163 )     —         —       —        
Net realized gain on swap agreements
     916       128         —       —        
Net realized gain on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)
     2       —         —       —        
Net change in unrealized appreciation or depreciation of investments
     (7,616 )     5,427         69,097       68,753        
Net change in unrealized appreciation or depreciation of futures contracts
     317       (32 )       —       —        
Net change in unrealized appreciation or depreciation of options written
     7       —         —       —        
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
     478       43         —       —        
         
Net increase in net assets resulting from operations
     36,925       39,412         187,192       231,243        
         
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                                        
Investment income – net:
                                        
 
Class A
     (1,878 )     (1,852 )       (3,199 )     (2,470 )      
 
Class B
     (104 )     (146 )       (238 )     (183 )      
 
Class C
     (29 )     (23 )       (128 )     (119 )      
 
Class R
     —       —         (10 )     (6 )      
 
Class Y
     (4,784 )     (4,891 )       (22,721 )     (19,051 )      
Net realized gain on investments:
                                        
 
Class A
     (7,413 )     —         (15,114 )     (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
     (32,702 )     (6,912 )       (143,419 )     (29,512 )      
         
CAPITAL SHARE TRANSACTIONS (note 4) :
                                        
Class A:
                                        
 
Proceeds from sales
     7,514       10,315         14,413       12,754        
 
Reinvestment of distributions
     9,001       1,798         17,020       3,190        
 
Payments for redemptions
     (20,902 )     (27,468 )       (30,354 )     (41,866 )      
         
Increase (decrease) in net assets from Class A transactions
     (4,387 )     (15,355 )       1,079       (25,922 )      
         
Class B:
                                        
 
Proceeds from sales
     299       406         1,217       971        
 
Reinvestment of distributions
     992       138         1,875       285        
 
Payments for redemptions (note 3)
     (6,855 )     (7,579 )       (6,493 )     (5,425 )      
         
Decrease in net assets from Class B transactions
     (5,564 )     (7,035 )       (3,401 )     (4,169 )      
         
Class C:
                                        
 
Proceeds from sales
     411       518         788       918        
 
Reinvestment of distributions
     225       23         1,026       199        
 
Payments for redemptions (note 3)
     (912 )     (2,678 )       (4,021 )     (7,112 )      
         
Decrease in net assets from Class C transactions
     (276 )     (2,137 )       (2,207 )     (5,995 )      
         
Class R:
                                        
 
Proceeds from sales
     27       31         613       113        
 
Reinvestment of distributions
     2       —         56       8        
 
Payments for redemptions
     (19 )     (11 )       (287 )     (100 )      
         
Increase in net assets from Class R transactions
     10       20         382       21        
         
Class Y:
                                        
 
Proceeds from sales
     23,664       39,369         80,545       79,417        
 
Reinvestment of distributions
     21,029       4,616         56,726       9,238        
 
Payments for redemptions
     (75,193 )     (72,474 )       (242,377 )     (298,954 )      
         
Decrease in net assets from Class Y transactions
     (30,500 )     (28,489 )       (105,106 )     (210,299 )      
         
Decrease in net assets from capital share transactions
     (40,717 )     (52,996 )       (109,253 )     (246,364 )      
         
Total decrease in net assets
     (36,494 )     (20,496 )       (65,480 )     (44,633 )      
Net assets at beginning of year
     370,792       391,288         1,333,366       1,377,999        
         
Net assets at end of year
   $ 334,298     $ 370,792       $ 1,267,886     $ 1,333,366        
         
Undistributed (distributions in excess of) net investment income at end of year
   $ 768     $ 680       $ (490 )   $ —        
         
First American Funds  2007 Annual Report       119

Table of Contents

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
                                                                
 
20071,2
   $ 12.27       $ 0.22       $ 1.04       $ (0.21 )     $ (0.88 )     $ 12.44        
 
20061,2
     11.27         0.20         1.00         (0.20 )       —         12.27        
 
20052,3
     11.43         0.01         (0.17 )       —         —         11.27        
 
20052,4
     10.12         0.15         1.31         (0.15 )       —         11.43        
 
20042,4
     9.47         0.13         0.66         (0.14 )       —         10.12        
 
20034
     8.38         0.17         1.08         (0.16 )       —         9.47        
Class B
                                                                
 
20071,2
   $ 12.18       $ 0.13       $ 1.03       $ (0.12 )     $ (0.88 )     $ 12.34        
 
20061,2
     11.18         0.11         1.00         (0.11 )       —         12.18        
 
20052,3
     11.34         —         (0.16 )       —         —         11.18        
 
20052,4
     10.04         0.07         1.30         (0.07 )       —         11.34        
 
20042,4
     9.41         0.05         0.65         (0.07 )       —         10.04        
 
20034
     8.32         0.10         1.08         (0.09 )       —         9.41        
Class C
                                                                
 
20071,2
   $ 12.25       $ 0.13       $ 1.04       $ (0.12 )     $ (0.88 )     $ 12.42        
 
20061,2
     11.22         0.11         0.99         (0.07 )       —         12.25        
 
20052,3
     11.38         —         (0.16 )       —         —         11.22        
 
20052,4
     10.08         0.07         1.30         (0.07 )       —         11.38        
 
20042,4
     9.44         0.05         0.66         (0.07 )       —         10.08        
 
20034
     8.35         0.09         1.10         (0.10 )       —         9.44        
Class R 5
                                                                
 
20071,2
   $ 12.35       $ 0.19       $ 1.07       $ (0.19 )     $ (0.88 )     $ 12.54        
 
20061,2
     11.29         0.17         1.01         (0.12 )       —         12.35        
 
20052,3
     11.45         0.01         (0.17 )       —         —         11.29        
 
20052,4
     10.14         0.11         1.32         (0.12 )       —         11.45        
 
20042,4
     9.49         0.14         0.64         (0.13 )       —         10.14        
 
20034
     8.39         0.15         1.10         (0.15 )       —         9.49        
Class Y
                                                                
 
20071,2
   $ 12.30       $ 0.25       $ 1.04       $ (0.24 )     $ (0.88 )     $ 12.47        
 
20061,2
     11.31         0.23         0.99         (0.23 )       —         12.30        
 
20052,3
     11.46         0.01         (0.16 )       —         —         11.31        
 
20052,4
     10.15         0.17         1.32         (0.18 )       —         11.46        
 
20042,4
     9.50         0.16         0.66         (0.17 )       —         10.15        
 
20034
     8.40         0.19         1.09         (0.18 )       —         9.50        
                                                 
  1   For the period November 1 to October 31 in the year indicated.
 
  2   Per share data calculated using average shares outstanding method.
 
  3   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.
 
  4   For the period October 1 to September 30 in year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares.
 
  6   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.
120      First American Funds  2007 Annual Report

Table of Contents

                                                                           
                                  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      
    Return6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate      
                                            
             
             
      10.97 %     $ 103,818         1.10 %       1.79 %       1.24 %       1.65 %       144 %      
      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        
             
      10.08 %     $ 8,212         1.85 %       1.06 %       1.99 %       0.92 %       144 %      
      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        
             
      10.15 %     $ 2,785         1.85 %       1.06 %       1.99 %       0.92 %       144 %      
      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        
             
      10.82 %     $ 33         1.35 %       1.54 %       1.49 %       1.40 %       144 %      
      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        
             
      11.21 %     $ 219,450         0.85 %       2.05 %       0.99 %       1.91 %       144 %      
      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        
                                                           
First American Funds  2007 Annual Report       121

Table of Contents

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 Fund1
                                                                
Class A
                                                                
 
20072
   $ 15.90       $ 0.29       $ 1.96       $ (0.29 )     $ (1.43 )     $ 16.43        
 
20062
     13.67         0.20         2.32         (0.21 )       (0.08 )       15.90        
 
20053
     13.89         0.01         (0.22 )       (0.01 )       —         13.67        
 
20054
     12.77         0.20         1.15         (0.22 )       (0.01 )       13.89        
 
20044
     11.56         0.18         1.23         (0.20 )       —         12.77        
 
20034
     9.58         0.18         1.99         (0.19 )       —         11.56        
Class B
                                                                
 
20072
   $ 15.75       $ 0.17       $ 1.94       $ (0.20 )     $ (1.43 )     $ 16.23        
 
20062
     13.57         0.09         2.30         (0.13 )       (0.08 )       15.75        
 
20053
     13.79         —         (0.22 )       —         —         13.57        
 
20054
     12.68         0.10         1.14         (0.12 )       (0.01 )       13.79        
 
20044
     11.49         0.08         1.22         (0.11 )       —         12.68        
 
20034
     9.52         0.10         1.98         (0.11 )       —         11.49        
Class C
                                                                
 
20072
   $ 15.78       $ 0.17       $ 1.94       $ (0.20 )     $ (1.43 )     $ 16.26        
 
20062
     13.59         0.10         2.30         (0.13 )       (0.08 )       15.78        
 
20053
     13.81         —         (0.22 )       —         —         13.59        
 
20054
     12.70         0.11         1.13         (0.12 )       (0.01 )       13.81        
 
20044
     11.51         0.08         1.22         (0.11 )       —         12.70        
 
20034
     9.54         0.10         1.98         (0.11 )       —         11.51        
Class R5
                                                                
 
20072
   $ 15.88       $ 0.23       $ 1.98       $ (0.25 )     $ (1.43 )     $ 16.41        
 
20062
     13.66         0.17         2.31         (0.18 )       (0.08 )       15.88        
 
20053
     13.88         0.01         (0.23 )       —         —         13.66        
 
20054
     12.78         0.11         1.20         (0.20 )       (0.01 )       13.88        
 
20044
     11.56         0.19         1.22         (0.19 )       —         12.78        
 
20034
     9.57         0.19         1.99         (0.19 )       —         11.56        
Class Y
                                                                
 
20072
   $ 16.00       $ 0.33       $ 1.98       $ (0.33 )     $ (1.43 )     $ 16.55        
 
20062
     13.76         0.24         2.33         (0.25 )       (0.08 )       16.00        
 
20053
     13.98         0.01         (0.21 )       (0.01 )       (0.01 )       13.76        
 
20054
     12.85         0.24         1.15         (0.25 )       (0.01 )       13.98        
 
20044
     11.63         0.21         1.24         (0.23 )       —         12.85        
 
20034
     9.63         0.21         2.00         (0.21 )       —         11.63        
                                                 
  1   Per share data calculated using average shares outstanding method.
 
  2   For the period November 1 to October 31 in the year indicated.
 
  3   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.
 
  4   For the period October 1 to September 30 in the year indicated.
 
  5   Prior to July 1, 2004, Class R shares were named Class S shares.
 
  6   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.
122      First American Funds  2007 Annual Report

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                                  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      
    Return6     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate      
                                            
             
             
      15.24 %     $ 179,379         1.16 %       1.83 %       1.16 %       1.83 %       20 %      
      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        
             
      14.40 %     $ 16,893         1.91 %       1.09 %       1.91 %       1.09 %       20 %      
      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        
             
      14.37 %     $ 9,241         1.91 %       1.09 %       1.91 %       1.09 %       20 %      
      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        
             
      14.98 %     $ 940         1.41 %       1.48 %       1.41 %       1.48 %       20 %      
      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        
             
      15.54 %     $ 1,061,433         0.91 %       2.09 %       0.91 %       2.09 %       20 %      
      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        
                                                           
First American Funds  2007 Annual Report       123

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Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
  1 > Organization
    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 October 31, 2007, FAIF offered 42 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. 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 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, then the ask will be the closing price. If the last trade is below the bid, then 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. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value.
 
    The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts (other than currency forward contracts), swaps, and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available.
 
    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
124      First American Funds  2007 Annual Report

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  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 October 31, 2007, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund held fair valued securities with a total value of $69, $25, and $0, 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 International Fund and International Select Fund may cause the net asset value of their shares to differ significantly from the net asset value that would be determined without fair value pricing. 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 – Equity Income Fund and Large Cap Value Fund declare and pay income dividends monthly. Balanced Fund, Large Cap Select Fund, Mid Cap Value Fund, and Real Estate Securities Fund declare and pay income dividends quarterly. International Fund, International Select Fund, Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Small-Mid Cap Core 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.
    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-to-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.
 
    On the Statements of Assets and Liabilities, the following reclassifications were made:
                         
    Accumulated   Undistributed    
    Net Realized   Net Investment   Portfolio
    Gain (Loss)   Income   Capital
 
Real Estate Securities Fund
   $ 4,550     $ (4,550 )   $ —  
International Fund
     (19,066 )     (742 )     19,808  
International Select Fund
     315       (315 )     —  
Small Cap Growth Opportunities Fund
     (6,590 )     2,573       4,017  
Small Cap Select Fund
     (19,356 )     806       18,550  
Small Cap Value Fund
     (7,559 )     35       7,524  
Small-Mid Cap Core Fund
     58       161       (219 )
Mid Cap Growth Opportunities Fund
     (20,886 )     6,928       13,958  
Mid Cap Value Fund
     (12,147 )     524       11,623  
Large Cap Growth Opportunities Fund
     (558 )     —       558  
Large Cap Select Fund
     (8,970 )     —       8,970  
Large Cap Value Fund
     (17,649 )     10       17,639  
Balanced Fund
     (5,457 )     45       5,412  
Equity Income Fund
     (10,144 )     (606 )     10,750  
 
First American Funds  2007 Annual Report       125

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Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
    The tax character of distributions paid during the fiscal 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) were recorded by the fund. The tax character of distributions paid during the fiscal period ended October 31, 2007 and the fiscal year ended October 31, 2006, were as follows:
                         
    October 31, 2007
 
    Ordinary   Long Term    
Fund   Income   Gain   Total
 
Real Estate Securities Fund
   $ 74,531     $ 31,221     $ 105,752  
International Fund
     19,153       31,015       50,168  
International Select Fund
     49       —       49  
Small Cap Growth Opportunities Fund
     17,479       2,440       19,919  
Small Cap Select Fund
     58,806       75,372       134,178  
Small Cap Value Fund
     21,986       43,593       65,579  
Small-Mid Cap Core Fund
     109       —       109  
Mid Cap Growth Opportunities Fund
     —       142,004       142,004  
Mid Cap Value Fund
     28,183       38,429       66,612  
Large Cap Growth Opportunities Fund
     1,284       9,668       10,952  
Large Cap Select Fund
     2,124       7,702       9,826  
Large Cap Value Fund
     30,236       53,410       83,646  
Balanced Fund
     8,951       23,751       32,702  
Equity Income Fund
     30,078       113,341       143,419  
 
                         
    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, 2007, components of accumulated earnings (deficit) on a tax-basis were as follows:
                                                 
            Accumulated           Total
    Undistributed   Undistributed   Capital and       Other   Accumulated
    Ordinary   Long Term   Post-October   Unrealized   Accumulated   Earnings
Fund   Income   Capital Gains   Losses   Appreciation   Losses   (Deficit)
 
Real Estate Securities Fund
   $ 27,580     $ 68,445     $ —     $ 156,280     $ —     $ 252,305  
International Fund
     21,016       137,164       (2,284 )     577,314       —       733,210  
International Select Fund
     6,219       1,497       —       36,176       (8 )     43,884  
Small Cap Growth Opportunities Fund
     17,231       3,956       —       25,973       (69 )     47,091  
Small Cap Select Fund
     7,335       45,547       (19,442 )     87,034       (148 )     120,326  
Small Cap Value Fund
     16,773       20,160       —       30,440       —       67,373  
Small-Mid Cap Core Fund
     —       —       (441,953 )     11,195       —       (430,758 )
Mid Cap Growth Opportunities Fund
     27,656       161,089       (20,168 )     449,176       —       617,753  
Mid Cap Value Fund
     24,186       45,574       —       163,973       —       233,733  
Large Cap Growth Opportunities Fund
     13,655       58,187       (47,305 )     191,780       —       216,317  
Large Cap Select Fund
     33,926       22,823       —       49,637       —       106,386  
Large Cap Value Fund
     27,719       73,894       —       147,298       —       248,911  
Balanced Fund
     16,697       16,582       —       26,381       (251 )     59,409  
Equity Income Fund
     6,581       75,010       —       425,686       —       507,277  
 
    The differences between book 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 purposes due to mark-to-market adjustments on open futures contracts, and the mark-to-market for certain PFICs for tax purposes.
126      First American Funds  2007 Annual Report

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    As of October 31, 2007, 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   2008   2009   2010   2011   2012   2013   2014   Total
 
International Fund
   $ —     $ 2,284     $ —     $ —     $ —     $ —     $ —     $ 2,284  
Small Cap Select Fund
     —       19,442       —       —       —       —       —       19,442  
Small-Mid Cap Core Fund
     1,524       334,004       102,105       4,320       —       —       —       441,953  
Mid Cap Growth Opportunities Fund
     —       20,168       —       —       —       —       —       20,168  
Large Cap Growth Opportunities Fund
     —       47,305       —       —       —       —       —       47,305  
 
    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 $2,284, $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, 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, 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 in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes.
 
    As of October 31, 2007, the outstanding futures contracts of International Select Fund and Balanced Fund are 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 October 31, 2007, the Balanced Fund held options written as disclosed in its Schedule of Investments.
    Options purchased are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchased put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. As of October 31, 2007, Balanced Fund held options purchased as disclosed in its Schedule of Investments.
    SWAP AGREEMENTS – 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.
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Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
    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 October 31, 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 October 31, 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.
    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.
 
    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 October 31, 2007, International Fund and 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 October 31, 2007, International Fund and International Select Fund had no outstanding forward foreign 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-
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  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 October 31, 2007, Balanced Fund had when-issued or forward-commitment securities outstanding with a total cost of $1,273.
    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 fiscal period ended October 31, 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 October 31, 2007, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund had investments in illiquid securities with a total value of $69, $2,510, and $1, respectively, or 0.0%, 0.8%, 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
     1,342       1/06-3/07     $ 7,175  
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       —  
 
                         
        Dates    
Balanced Fund   Par   Acquired   Cost Basis
 
Duty Free International
   $ 588       1/99-11/02     $ 588  
Westam Mortgage Financial
     1       10/02       1  
 
    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.
    U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank 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. 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, Inc. (“FAF Advisors”) and FAF Advisors receives 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 continues to act as sub-lending agent and receives a portion of U.S. Bank’s fee.
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Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
    Securities lending fees paid to U.S. Bank by the funds during the fiscal period ended October 31, 2007, were as follows:
         
Fund    
 
Real Estate Securities Fund
   $ 289  
Small Cap Growth Opportunities Fund
     193  
Small Cap Select Fund
     1,004  
Small Cap Value Fund
     178  
Small-Mid Cap Core Fund
     62  
Mid Cap Growth Opportunities Fund
     688  
Mid Cap Value Fund
     258  
Large Cap Growth Opportunities Fund
     123  
Large Cap Select Fund
     69  
Large Cap Value Fund
     88  
Balanced Fund
     82  
Equity Income Fund
     107  
 
    Income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to U.S. Bank.
    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 fiscal year ended October 31, 2007, International 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 received settlement proceeds of $7, $211, $365, $258, $414, $331, $10, $2,846, $11, $668, $1,003, and $1,064, 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 fiscal period ended October 31, 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 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 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 through June 30, 2008, so that total fund operating
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  expenses, as a 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.
    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. 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 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.
 
    SUB-ADVISORY FEES – J.P. Morgan Investment Management Inc. (“JP Morgan”) 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, JP Morgan 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. FAF Advisors pays monthly fees to Altrinsic, HGI, and Lazard for the services provided under their respective sub-advisory agreements with 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.
 
    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 custodians charge a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.
 
    For the fiscal period ended October 31, 2007, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned (and other
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Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
  custodian credits for International Fund and International Select Fund) as follows:
                 
Fund   Increased   Decreased
 
Real Estate Securities Fund
   $ 4     $ 3  
International Fund
     —       496  
International Select Fund
     —       47  
Small Cap Growth Opportunities Fund
     —       9  
Small Cap Select Fund
     3       13  
Small Cap Value Fund
     1       5  
Small-Mid Cap Core Fund
     2       1  
Mid Cap Growth Opportunities Fund
     —       9  
Mid Cap Value Fund
     —       9  
Large Cap Growth Opportunities Fund
     22       4  
Large Cap Select Fund
     8       1  
Large Cap Value Fund
     3       4  
Balanced Fund
     —       4  
Equity Income Fund
     1       1  
 
    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. 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 fiscal period ended October 31, 2007:
         
Fund    
 
Real Estate Securities Fund
   $ 330  
International Fund
     87  
International Select Fund
     3  
Small Cap Growth Opportunities Fund
     116  
Small Cap Select Fund
     380  
Small Cap Value Fund
     103  
Small-Mid Cap Core Fund
     52  
Mid Cap Growth Opportunities Fund
     518  
Mid Cap Value Fund
     240  
Large Cap Growth Opportunities Fund
     190  
Large Cap Select Fund
     15  
Large Cap Value Fund
     202  
Balanced Fund
     248  
Equity Income Fund
     419  
 
    OTHER EXPENSES – In addition to investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal year ended October 31, 2007, legal fees and expenses of $75 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 fiscal period ended October 31, 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
   $ 333  
International Fund
     81  
International Select Fund
     21  
Small Cap Growth Opportunities Fund
     40  
Small Cap Select Fund
     412  
Small Cap Value Fund
     55  
Small-Mid Cap Core Fund
     25  
Mid Cap Growth Opportunities Fund
     188  
Mid Cap Value Fund
     162  
Large Cap Growth Opportunities Fund
     67  
Large Cap Select Fund
     16  
Large Cap Value Fund
     59  
Balanced Fund
     58  
Equity Income Fund
     155  
 
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4 > Capital Share Transactions
  FAIF has 358 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    
                    
    Year Ended   Year Ended     Year Ended   Year Ended     12/21/06* to    
    10/31/07   10/31/06     10/31/07   10/31/06     10/31/07    
                   
Class A:
                                                
 
Shares issued
     4,146       4,130         753       944         295      
 
Shares issued in lieu of cash distributions
     921       997         85       37         —      
 
Shares redeemed
     (5,215 )     (2,737 )       (1,079 )     (1,467 )       (29 )    
                     
Total Class A transactions
     (148 )     2,390         (241 )     (486 )       266      
                     
Class B:
                                                
 
Shares issued
     119       100         40       90         27      
 
Shares issued in lieu of cash distributions
     30       27         10       2         —      
 
Shares redeemed
     (114 )     (57 )       (152 )     (165 )       —      
                     
Total Class B transactions
     35       70         (102 )     (73 )       27      
                     
Class C:
                                                
 
Shares issued
     659       295         59       69         25      
 
Shares issued in lieu of cash distributions
     49       31         10       2         —      
 
Shares redeemed
     (398 )     (77 )       (200 )     (157 )       (1 )    
                     
Total Class C transactions
     310       249         (131 )     (86 )       24      
                     
Class R:
                                                
 
Shares issued
     911       421         —       —         1      
 
Shares issued in lieu of cash distributions
     46       5         —       —         —      
 
Shares redeemed
     (546 )     (76 )       —       —         —      
                     
Total Class R transactions
     411       350         —       —         1      
                     
Class Y:
                                                
 
Shares issued
     7,923       7,940         10,532       16,815         30,297      
 
Shares issued in lieu of cash distributions
     1,720       1,946         1,920       865         5      
 
Shares redeemed
     (11,037 )     (4,939 )       (32,299 )     (26,402 )       (2,105 )    
                     
Total Class Y transactions
     (1,394 )     4,947         (19,847 )     (8,722 )       28,197      
                     
Net increase (decrease) in capital shares
     (786 )     8,006         (20,321 )     (9,367 )       28,515      
                     
*  Commencement of operations.
                                                           
    Small Cap Growth     Small Cap     Small Cap    
    Opportunities Fund     Select Fund     Value Fund    
                    
    Year Ended   Year Ended     Year Ended   Year Ended     Year Ended   Year Ended    
    10/31/07   10/31/06     10/31/07   10/31/06     10/31/07   10/31/06    
                   
Class A:
                                                        
 
Shares issued
     2,066       4,199         12,088       9,110         680       865      
 
Shares issued in lieu of cash distributions
     449       735         1,842       1,595         670       769      
 
Shares redeemed
     (2,397 )     (1,598 )       (11,692 )     (2,829 )       (1,160 )     (711 )    
                 
Total Class A transactions
     118       3,336         2,238       7,876         190       923      
                 
Class B:
                                                        
 
Shares issued
     12       27         171       169         15       32      
 
Shares issued in lieu of cash distributions
     23       84         203       260         103       167      
 
Shares redeemed
     (156 )     (149 )       (358 )     (245 )       (161 )     (222 )    
                 
Total Class B transactions
     (121 )     (38 )       16       184         (43 )     (23 )    
                 
Class C:
                                                        
 
Shares issued
     42       50         1,625       568         90       61      
 
Shares issued in lieu of cash distributions
     8       30         213       217         61       85      
 
Shares redeemed
     (73 )     (78 )       (520 )     (385 )       (133 )     (133 )    
                 
Total Class C transactions
     (23 )     2         1,318       400         18       13      
                 
Class R:
                                                        
 
Shares issued
     22       68         2,900       176         193       133      
 
Shares issued in lieu of cash distributions
     4       —         43       6         24       1      
 
Shares redeemed
     (67 )     (3 )       (369 )     (24 )       (94 )     (13 )    
                 
Total Class R transactions
     (41 )     65         2,574       158         123       121      
                 
Class Y:
                                                        
 
Shares issued
     688       1,850         13,513       8,486         2,860       3,416      
 
Shares issued in lieu of cash distributions
     368       1,388         4,956       7,353         3,430       4,769      
 
Shares redeemed
     (2,772 )     (3,669 )       (18,273 )     (12,717 )       (7,072 )     (6,538 )    
                 
Total Class Y transactions
     (1,716 )     (431 )       196       3,122         (782 )     1,647      
                 
Net increase (decrease) in capital shares
     (1,783 )     2,934         6,342       11,740         (494 )     2,681      
                 
First American Funds  2007 Annual Report       133

Table of Contents

Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
                                                           
    Small-Mid Cap     Mid Cap Growth     Mid Cap    
    Core Fund     Opportunities Fund     Value Fund    
                    
    Year Ended   Year Ended     Year Ended   Year Ended     Year Ended   Year Ended    
    10/31/07   10/31/06     10/31/07   10/31/06     10/31/07   10/31/06    
                   
Class A:
                                                        
 
Shares issued
     550       1,273         2,690       3,381         5,728       4,315      
 
Shares issued in lieu of cash distributions
     —       —         747       775         541       155      
 
Shares redeemed
     (1,238 )     (1,315 )       (2,071 )     (4,096 )       (3,006 )     (929 )    
                 
Total Class A transactions
     (688 )     (42 )       1,366       60         3,263       3,541      
                 
Class B:
                                                        
 
Shares issued
     33       52         49       63         48       73      
 
Shares issued in lieu of cash distributions
     —       —         40       42         21       21      
 
Shares redeemed
     (327 )     (435 )       (123 )     (79 )       (90 )     (157 )    
                 
Total Class B transactions
     (294 )     (383 )       (34 )     26         (21 )     (63 )    
                 
Class C:
                                                        
 
Shares issued
     123       231         241       240         377       460      
 
Shares issued in lieu of cash distributions
     —       —         47       45         43       17      
 
Shares redeemed
     (155 )     (235 )       (125 )     (183 )       (152 )     (95 )    
                 
Total Class C transactions
     (32 )     (4 )       163       102         268       382      
                 
Class R1:
                                                        
 
Shares issued
     —       —         318       338         847       685      
 
Shares issued in lieu of cash distributions
     —       —         43       27         47       4      
 
Shares redeemed
     —       —         (155 )     (66 )       (488 )     (55 )    
                 
Total Class R transactions
     —       —         206       299         406       634      
                 
Class Y:
                                                        
 
Shares issued
     2,627       5,352         4,461       4,107         3,775       4,891      
 
Shares issued in lieu of cash distributions
     4       —         1,889       2,385         1,321       1,130      
 
Shares redeemed
     (2,229 )     (2,340 )       (4,936 )     (7,045 )       (4,689 )     (3,614 )    
                 
Total Class Y transactions
     402       3,012         1,414       (553 )       407       2,407      
                 
Net increase (decrease) in capital shares
     (612 )     2,583         3,115       (66 )       4,323       6,901      
                 
1  Class R is not offered by the Small-Mid Cap Core Fund.
                                                           
    Large Cap Growth     Large Cap     Large Cap    
    Opportunities Fund     Select Fund     Value Fund    
                    
    Year Ended   Year Ended     Year Ended   Year Ended     Year Ended   Year Ended    
    10/31/07   10/31/06     10/31/07   10/31/06     10/31/07   10/31/06    
                   
Class A:
                                                        
 
Shares issued
     413       459         121       345         393       522      
 
Shares issued in lieu of cash distributions
     33       —         7       10         443       237      
 
Shares redeemed
     (837 )     (1,174 )       (130 )     (281 )       (1,045 )     (1,595 )    
                 
Total Class A transactions
     (391 )     (715 )       (2 )     74         (209 )     (836 )    
                 
Class B:
                                                        
 
Shares issued
     29       27         4       14         21       31      
 
Shares issued in lieu of cash distributions
     6       —         1       1         37       25      
 
Shares redeemed
     (183 )     (265 )       (8 )     (13 )       (150 )     (323 )    
                 
Total Class B transactions
     (148 )     (238 )       (3 )     2         (92 )     (267 )    
                 
Class C:
                                                        
 
Shares issued
     40       19         5       5         38       26      
 
Shares issued in lieu of cash distributions
     3       —         —       1         18       10      
 
Shares redeemed
     (93 )     (120 )       (3 )     (2 )       (87 )     (78 )    
                 
Total Class C transactions
     (50 )     (101 )       2       4         (31 )     (42 )    
                 
Class R:
                                                        
 
Shares issued
     4       9         1       10         2       7      
 
Shares issued in lieu of cash distributions
     —       —         —       —         1       —      
 
Shares redeemed
     (7 )     (1 )       (7 )     (2 )       (2 )     —      
                 
Total Class R transactions
     (3 )     8         (6 )     8         1       7      
                 
Class Y:
                                                        
 
Shares issued
     2,632       4,473         3,283       12,008         2,404       4,621      
 
Shares issued in lieu of cash distributions
     158       —         234       515         2,150       1,056      
 
Shares redeemed
     (8,796 )     (8,081 )       (8,527 )     (5,046 )       (9,744 )     (6,211 )    
                 
Total Class Y transactions
     (6,006 )     (3,608 )       (5,010 )     7,477         (5,190 )     (534 )    
                 
Net increase (decrease) in capital shares
     (6,598 )     (4,654 )       (5,019 )     7,565         (5,521 )     (1,672 )    
                 
134      First American Funds  2007 Annual Report

Table of Contents

                                         
    Balanced     Equity    
    Fund     Income Fund    
             
    Year Ended   Year Ended     Year Ended   Year Ended    
    10/31/07   10/31/06     10/31/07   10/31/06    
            
Class A:
                                      
 
Shares issued
     631       877         931       876      
 
Shares issued in lieu of cash distributions
     769       154         1,124       220      
 
Shares redeemed
     (1,737 )     (2,330 )       (1,942 )     (2,869 )    
           
Total Class A transactions
     (337 )     (1,299 )       113       (1,773 )    
           
Class B:
                                      
 
Shares issued
     25       34         79       67      
 
Shares issued in lieu of cash distributions
     86       12         125       20      
 
Shares redeemed
     (580 )     (648 )       (423 )     (375 )    
           
Total Class B transactions
     (469 )     (602 )       (219 )     (288 )    
           
Class C:
                                      
 
Shares issued
     34       44         51       63      
 
Shares issued in lieu of cash distributions
     19       2         68       14      
 
Shares redeemed
     (76 )     (226 )       (262 )     (492 )    
           
Total Class C transactions
     (23 )     (180 )       (143 )     (415 )    
           
Class R:
                                      
 
Shares issued
     2       3         39       8      
 
Shares issued in lieu of cash distributions
     —       —         4       —      
 
Shares redeemed
     (1 )     (1 )       (18 )     (7 )    
           
Total Class R transactions
     1       2         25       1      
           
Class Y:
                                      
 
Shares issued
     1,971       3,312         5,150       5,379      
 
Shares issued in lieu of cash distributions
     1,790       393         3,727       637      
 
Shares redeemed
     (6,272 )     (6,111 )       (15,349 )     (20,386 )    
           
Total Class Y transactions
     (2,511 )     (2,406 )       (6,472 )     (14,370 )    
           
Net decrease in capital shares
     (3,339 )     (4,485 )       (6,696 )     (16,845 )    
           
    Class B shares converted to Class A shares (reflected above as Class A shares issued and Class B shares redeemed) during the fiscal period ended October 31, 2007 and the fiscal year ended October 31, 2006, were as follows:
                 
    Fiscal    
    Period   Year
    Ended   Ended
Fund   10/31/07   10/31/06
 
Real Estate Securities Fund
     13       13  
International Fund
     47       41  
International Select Fund
     —       N/A  
Small Cap Growth Opportunities Fund
     66       43  
Small Cap Select Fund
     125       66  
Small Cap Value Fund
     39       88  
Small-Mid Cap Core Fund
     106       143  
Mid Cap Growth Opportunities Fund
     71       19  
Mid Cap Value Fund
     34       78  
Large Cap Growth Opportunities Fund
     99       125  
Large Cap Select Fund
     1       1  
Large Cap Value Fund
     76       185  
Balanced Fund
     407       331  
Equity Income Fund
     223       110  
 
  N/A = Not Applicable
  5 > Investment Security Transactions
    During the fiscal year ended October 31, 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
   $ —     $ —     $ 2,067,600     $ 2,154,367  
International Fund
     —       —       246,356       595,061  
International Select Fund
     —       —       433,040       77,421  
Small Cap Growth Opportunities Fund
     —       —       364,136       425,677  
Small Cap Select Fund
     —       —       1,017,795       1,064,561  
Small Cap Value Fund
     —       —       251,580       311,252  
Small-Mid Cap Core Fund
     —       —       176,100       181,572  
Mid Cap Growth Opportunities Fund
     —       —       1,675,534       1,735,083  
Mid Cap Value Fund
     —       —       1,032,391       991,288  
Large Cap Growth Opportunities Fund
     —       —       847,445       1,073,403  
Large Cap Select Fund
     —       —       649,529       738,634  
Large Cap Value Fund
     —       —       719,589       896,072  
Balanced Fund
     174,789       177,350       327,640       393,629  
Equity Income Fund
     —       —       255,087       474,219  
 
    The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased
First American Funds  2007 Annual Report       135

Table of Contents

Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
  with proceeds from securities lending) for federal tax purposes at October 31, 2007, were as follows:
                                 
    Aggregate   Aggregate       Federal
    Gross   Gross       Income
Fund   Appreciation   Depreciation   Net   Tax Cost
 
Real Estate Securities Fund
   $ 173,685     $ (17,405 )   $ 156,280     $ 1,155,570  
International Fund
     598,374       (21,181 )     577,193       1,422,854  
International Select Fund
     46,900       (9,661 )     37,239       307,242  
Small Cap Growth Opportunities Fund
     41,521       (15,548 )     25,973       430,972  
Small Cap Select Fund
     151,321       (64,287 )     87,034       1,421,418  
Small Cap Value Fund
     53,962       (23,522 )     30,440       521,965  
Small-Mid Cap Core Fund
     15,188       (3,993 )     11,195       150,438  
Mid Cap Growth Opportunities Fund
     511,288       (62,112 )     449,176       2,238,844  
Mid Cap Value Fund
     197,188       (33,215 )     163,973       1,292,995  
Large Cap Growth Opportunities Fund
     200,864       (9,084 )     191,780       856,925  
Large Cap Select Fund
     65,060       (15,423 )     49,637       509,689  
Large Cap Value Fund
     162,319       (15,021 )     147,298       856,642  
Balanced Fund
     34,263       (8,139 )     26,124       409,051  
Equity Income Fund
     439,360       (13,674 )     425,686       976,110  
 
    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 > Options Written
    Transactions in options written for the fiscal year ended October 31, 2007, were as follows:
                                     
    Put Options   Call Options    
    Written   Written    
             
    Number       Number        
    of   Premium   of   Premium    
Balanced Fund   Contracts   Amount   Contracts   Amount    
     
Balance at October 31, 2006
     —     $ —       —     $ —      
Opened
     304       78       77       20      
Expired
     —       —       —       —      
Closed
     (304)       (78)       (36)       (10 )    
         
Balance at October 31, 2007
     —       —       41       10      
     
  7 > 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 October 31, 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 financial sector. The financial sector may be more greatly impacted by the performance of the overall economy, interest rates, competition, and consumer confidence and spending.
  8 > Indemnifications
    The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have not had prior claims of losses pursuant to these contracts and expect the risk of loss to be remote.
  9 > Redemption-in-Kind Transaction
    On September 13, 2007, $51,656 was redeemed from Small Cap Select Fund as a redemption-in-kind transaction. In this transaction, the fund paid redemption proceeds by distributing a proportionate amount of securities in the fund’s portfolio. Remaining shareholders in the fund did not recognize any additional capital gains from the transaction.
10 > Regulatory Settlement Proceeds
    Small Cap Growth Opportunities Fund received $177 from Veras Capital Partners in settlement of administrative proceeds involving findings by the Securities and Exchange Commission of market timing and late trading of mutual funds. The settlement is presented in the fund’s statement of changes in net assets. Neither the fund nor its affiliates were involved in the proceedings.
11 > 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 period. Adoption of FIN 48 is required for fiscal periods beginning after December 15, 2006, and is to be applied to all open tax periods 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
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  first required financial statement reporting period. As a result, all of the funds will incorporate FIN 48 in their semiannual report on April 30, 2008. At this time, management is evaluating the implications of FIN 48 and its impact in the Financial Statements has not yet been determined.
 
    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 October 31, 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.
12 > Subsequent Event
    On November 29, 2007, $1,595 was redeemed from Small Cap Growth Opportunities Fund as a redemption-in-kind transaction. In this transaction, the fund paid redemption proceeds by distributing a proportionate amount of securities in the fund’s portfolio. Remaining shareholders in the fund did not recognize any additional capital gains from the transaction.
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Notice to  Shareholders    October 31, 2007 (unaudited)
RESULTS OF A SPECIAL MEETING
  A special meeting of the shareholders of the International Fund was held on September 27, 2007, for shareholders of record as of August 10, 2007. The shareholders of the fund voted on whether to approve a “manager-of-managers” structure for the fund. The results of the vote at the shareholder meeting held September 27, 2007 were as follows:
 
  To authorize a “manager-of-managers” structure for the fund, whereby FAF Advisors, subject to certain conditions, will be able to add or replace sub-advisors to the fund, or materially amend existing sub-advisory agreements, without obtaining shareholder approval (not rounded):
         
For   Against   Abstain
 
2,499,963
   87,886,069   82,686
 
TAX INFORMATION
  The information set forth below is for each fund’s fiscal period as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal periods of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2007 on Form 1099. Please consult your tax advisor for proper treatment of this information.
 
  For the fiscal period ended October 31, 2007, each fund has designated long-term capital gains, ordinary income, dividends qualifying for the corporate received deduction, and qualified dividend income with regard to distributions paid during the period as follows:
                         
    Long Term   Ordinary    
    Capital Gains   Income   Total Taxable
    Distributions   Distributions   Distributions
Fund   (Tax Basis) (a)   (Tax Basis) (a)   (Tax Basis)
 
Real Estate Securities Fund
     30 %     70 %     100 %
International Fund (b)
     62       38       100  
International Select Fund (b)
     0       100       100  
Small Cap Growth Opportunities Fund
     12       88       100  
Small Cap Select Fund
     56       44       100  
Small Cap Value Fund
     66       34       100  
Small-Mid Cap Core Fund
     0       100       100  
Mid Cap Growth Opportunities Fund
     100       0       100  
Mid Cap Value Fund
     58       42       100  
Large Cap Growth Opportunities Fund
     88       12       100  
Large Cap Select Fund
     78       22       100  
Large Cap Value Fund
     64       36       100  
Balanced Fund
     73       27       100  
Equity Income Fund
     79       21       100  
 
  (a)   Based on a percentage of the fund’s total distributions.
  (b)   The International and International Select Fund have elected to pass through to shareholders foreign taxes under Section 853 of the Internal Revenue Code. Foreign taxes paid for the funds were $4,021,401 and $367,162, respectively, and foreign source income for the funds was $44,485,297 and $3,925,313, respectively.
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Shareholder Notification of Federal Tax Status:
  Each fund has designated the following percentages of the ordinary income distributions during the fiscal period ended October 31, 2007 as dividends qualifying for the dividends received deduction available to corporate shareholders:
         
 
Real Estate Securities Fund
     0.88 %
International Fund
     0.00  
International Select Fund
     0.00  
Small Cap Growth Opportunities Fund
     2.79  
Small Cap Select Fund
     6.14  
Small Cap Value Fund
     18.02  
Small-Mid Cap Core Fund
     86.69  
Mid Cap Growth Opportunities Fund
     0.00  
Mid Cap Value Fund
     43.07  
Large Cap Growth Opportunities Fund
     100.00  
Large Cap Select Fund
     19.83  
Large Cap Value Fund
     55.93  
Balanced Fund
     18.85  
Equity Income Fund
     100.00  
 
  In addition, each fund has designated the following percentages of the ordinary income distributions from net investment income during the fiscal period ended October 31, 2007 as qualified dividend income available to individual shareholders under the Jobs and Growth Tax Relief Reconciliation Act of 2003:
         
 
Real Estate Securities Fund
     1.32 %
International Fund
     100.00  
International Select Fund
     51.34  
Small Cap Growth Opportunities Fund
     5.96  
Small Cap Select Fund
     6.41  
Small Cap Value Fund
     18.58  
Small-Mid Cap Core Fund
     86.69  
Mid Cap Growth Opportunities Fund
     0.00  
Mid Cap Value Fund
     44.23  
Large Cap Growth Opportunities Fund
     100.00  
Large Cap Select Fund
     20.21  
Large Cap Value Fund
     80.45  
Balanced Fund
     19.83  
Equity Income Fund
     100.00  
 
Additional Information Applicable to Foreign Shareholders Only:
  The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for each fund were as follows:
         
Fund    
 
Real Estate Securities Fund
     0.35 %
International Fund
     39.90  
International Select Fund
     14.25  
Small Cap Growth Opportunities Fund
     0.59  
Small Cap Select Fund
     0.60  
Small Cap Value Fund
     0.73  
Small-Mid Cap Core Fund
     0.00  
Mid Cap Growth Opportunities Fund
     0.00  
Mid Cap Value Fund
     1.71  
Large Cap Growth Opportunities Fund
     6.97  
Large Cap Select Fund
     0.88  
Large Cap Value Fund
     0.77  
Balanced Fund
     19.35  
Equity Income Fund
     0.59  
 
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Notice to  Shareholders    October 31, 2007 (unaudited)
  The percentage of ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for each fund were as follows:
         
Fund    
 
Real Estate Securities Fund
     80.95 %
International Fund
     0.00  
International Select Fund
     0.00  
Small Cap Growth Opportunities Fund
     100.00  
Small Cap Select Fund
     100.00  
Small Cap Value Fund
     93.74  
Small-Mid Cap Core Fund
     0.00  
Mid Cap Growth Opportunities Fund
     0.00  
Mid Cap Value Fund
     78.01  
Large Cap Growth Opportunities Fund
     0.00  
Large Cap Select Fund
     0.00  
Large Cap Value Fund
     62.31  
Balanced Fund
     24.11  
Equity Income Fund
     12.57  
 
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 business days of the calendar quarter-end.
APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS
  The Board of Directors of the Funds (the “Board”), which is comprised entirely of independent directors, oversees the management of each Fund and, as required by law, determines annually whether to renew the Funds’ advisory agreement with FAF Advisors, Inc. (“FAF Advisors”). In addition to determining whether to renew the Agreement with FAF Advisors, the Board also is responsible for determining whether to approve sub-advisory agreements for the Funds.
 
  At a meeting on May 1-3, 2007, the Board considered information relating to the Funds’ investment advisory agreement with FAF Advisors (the “Agreement”) and, with respect to the International Fund, information relating to the sub-advisory agreement between FAF Advisors and J.P. Morgan Investment Management Inc. (“JP Morgan”) (the “Sub-Advisory Agreement”). In advance of the meeting, the Board received materials relating to the Agreement and the Sub-Advisory Agreement, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 19-21, 2007, the Board concluded its consideration of and approved the Agreement and the Sub-Advisory Agreement through June 30, 2008.
 
  Although the Agreement, which is with First American Investment Funds, Inc., relates to all of the Funds, the Board separately considered and approved the Agreement with respect to each Fund, with the exception of International Select Fund. (The Board had previously considered and approved the Agreement with respect to International Select Fund at a meeting of the Board held on December 5, 2006, just prior to the Fund’s commencement of operation on December 21, 2006). In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of FAF Advisors’ services to the Fund, (2) the investment
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  performance of the Fund, (3) the profitability of FAF Advisors related to the Fund, including an analysis of FAF Advisors’ cost of providing services and comparative expense information, (4) whether economies of scale may be realized as the Fund grows and whether fee levels are adjusted to enable Fund investors to share in these potential economies of scale, and (5) other benefits that accrue to FAF Advisors through its relationship with the Funds. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board’s decision to approve the Agreement.
 
  Before approving the Agreement and the Sub-Advisory Agreement, the Board met in executive session with its independent counsel on numerous occasions to consider the materials provided by FAF Advisors and the terms of the Agreement and the Sub-Advisory Agreement. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund and that the Sub-Advisory Agreement is fair and in the interests of the shareholders of the International Fund. In reaching its conclusions, the Board considered the following:
Nature, Quality and Extent of Investment Advisory Services
  The Board examined the nature, quality and extent of the services provided by FAF Advisors to each Fund, and the nature, quality and extent of the services provided by JP Morgan to the International Fund.
 
  For each Fund other than the International Fund, which is sub-advised by JP Morgan, the Board reviewed FAF Advisors’ key personnel who provide investment management services to the Fund as well as the fact that, under the Agreement, FAF Advisors has the authority and responsibility to make and execute investment decisions for the Fund within the framework of the Fund’s investment policies and restrictions, subject to review by the Board. The Board further considered that FAF Advisors’ duties with respect to each Fund include (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Fund’s investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the Fund, including the Fund’s distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered FAF Advisors’ representation that the services provided by FAF Advisors under the Agreement are the type of services customarily provided by investment advisors in the fund industry.
 
  With respect to the International Fund, the Board examined the nature, quality and extent of the services provided by JP Morgan and reviewed JP Morgan’s key personnel who provide investment management services to the Fund. The Board noted that, under the Sub-Advisory Agreement, JP Morgan has the authority and responsibility to make and execute investment decisions for the Fund within the framework of the Fund’s investment policies and restrictions, subject to the supervision of FAF Advisors and review by the Board. The Board further considered that JP Morgan’s duties with respect to the International Fund include investment research and stock selection and adherence to the Fund’s investment policies and restrictions. The Board noted that, under the Agreement, FAF Advisors is responsible for monitoring the performance of JP Morgan as well as various organizations providing services to the International Fund, including the Fund’s distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered FAF Advisors’ representation that the services provided by JP Morgan under the Sub-Advisory Agreement are the type of services customarily provided by investment advisors in the fund industry.
 
  The Board considered compliance reports about FAF Advisors and JP Morgan from the Fund’s Chief Compliance Officer (CCO).
 
  Based on the foregoing, the Board concluded that (i) each Fund is likely to benefit from the nature, extent and quality of the services provided by FAF Advisors under the Agreement and (ii) the International Fund is likely to benefit from the nature, extent and quality of the services provided by JP Morgan under the Sub-Advisory Agreement.
Investment Performance of the Funds
  The Board considered the performance of each Fund, including how the Fund performed versus the median performance of a group of comparable funds selected by an independent data service (the “performance universe”) and how the Fund performed versus its benchmark index. The performance periods considered by the Board ended on January 31, 2007.
 
  Balanced Fund. The Board considered that for the three- and five-year periods the Fund outperformed or performed comparably to its benchmark and performance universe though it underperformed both for the one-and ten-year periods. The Board noted it had recently approved an investment policy change to allow investment of a portion of the fixed income component of the Fund in high-yield securities, non-dollar denominated securities and emerging market securities and that such investment policy change will bring the Fund more in line with other funds in its category. The Board concluded that, in light of the Fund’s good relative performance over the three- and five-year periods, and in light of the recent investment policy change, it would be in the interest of the Fund and its shareholders to renew the Agreement.
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Notice to  Shareholders    October 31, 2007 (unaudited)
  Equity Income Fund. The Board considered that the Fund’s performance exceeded that of its benchmark index for the one-, three-, five- and ten-year periods and that it outperformed the median of its performance universe for the one- and ten-year periods though it underperformed that median for the three-and five-year periods. The Board concluded that, in light of the Fund’s strong performance vis-à-vis its benchmark index, and the good, recent performance vis-à-vis its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.
 
  International Fund. The Board noted that the Fund has underperformed both its benchmark and its performance universe for the one-, three-, five- and ten-year periods. The Board considered, however, that the Fund’s sub-adviser, JP Morgan, did not begin managing the Fund until December 2004 and that JP Morgan, therefore, is only responsible for the one-year performance record reviewed by the Board. Nevertheless, the Board asked FAF Advisors to present it with recommendations of alternatives to address performance by the end of the year. In light of the foregoing, the Board concluded it would be in the interest of the Fund and its shareholders to renew the Agreement and the Sub-Advisory Agreement and to continue to closely monitor JP Morgan’s performance.
 
  Large Cap Growth Opportunities Fund. The Board considered that the Fund outperformed its performance universe for the one-, three- and five-year periods, although the Fund underperformed its performance universe for the ten-year period. While the Board also considered that the Fund underperformed its benchmark for all periods, the Board noted that, so too, had the majority of the funds in the performance universe. The Board concluded that, in light of the Fund’s strong performance vis-à-vis its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.
 
  Large Cap Select Fund. The Board considered that the Fund outperformed its performance universe for the three-year period and since inception, though it underperformed its performance universe for the one-year period. The Board also noted that the Fund underperformed the benchmark for the one- and three-year periods. The Board considered FAF Advisors’ assertion that the Fund’s underperformance during the one-year period occurred primarily during the first part of the year while during the last six months of the year the Fund’s performance improved, placing it in the 54th percentile vis-à-vis its performance universe. The Board concluded that, in light of the Fund’s outperformance of the performance universe for the three-year and since inception periods, it would be in the interest of the Fund and its shareholders to renew the Agreement.
 
  Large Cap Value Fund. The Board noted that the Fund outperformed its performance universe for the three-year period, although it underperformed the performance universe and its benchmark for the one-, five-and ten-year periods. The Board also noted the Fund’s underperformance of the benchmark for the three-year period. The Board considered, however, the portfolio management transitions that FAF Advisors has instituted during the past two years (ending in October 2006). The Board concluded that, in light of these transitions and the Fund’s strong performance compared to that of its performance universe in the three-year period, it would be in the interest of the Fund and its shareholders to renew the Agreement.
 
  Mid Cap Growth Opportunities Fund. The Board considered that the Fund considerably outperformed its performance universe for the one-, three-, five-and ten-year periods and outperformed its benchmark for all periods but the one-year period. The Board concluded that, in light of the Fund’s strong performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.
 
  Mid Cap Value Fund. The Board considered that the Fund outperformed its performance universe for the three-and five-year periods, though it underperformed its benchmark for those periods. The Board also noted that the Fund underperformed both its benchmark index and its performance universe for the one- and ten-year periods, although the long-term underperformance could be attributed primarily to a former management team. With respect to the Fund’s underperformance for the one-year period, the Board considered the portfolio management transitions that FAF Advisors has instituted during the past 18 months. The Board concluded that, in light of these transitions and the Fund’s strong performance relative to its performance universe for the three- and five-year periods, it would be in the interest of the Fund and its shareholders to renew the Agreement.
 
  Real Estate Securities Fund. The Board considered that the Fund outperformed its benchmark index and its performance universe for the one-, three-, five- and ten-year periods. The Board concluded that, in light of this performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.
 
  Small Cap Growth Opportunities Fund. The Board noted that the Fund outperformed its performance universe for the five- and ten-year periods, though it underperformed the universe for the one- and three-year periods. The Board also considered that the Fund outperformed its benchmark for the ten-year period, though it underperformed its benchmark for the other periods. The Board noted that FAF Advisors has made certain recent changes to its small-cap growth investment process and that it has added a portfolio manager to the team. The Board also considered that, following the implementation of these recent changes, the Fund’s performance had improved during the one-month and one-year periods ended May 31,
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  2007. The Board concluded that, in light of the Fund’s competitive performance over longer periods and the changes implemented by FAF Advisors, it would be in the interest of the Fund and its shareholders to renew the Agreement.
 
  Small Cap Select Fund. The Board noted that the Fund outperformed in relation to its benchmark and performance universe for the one-, three-, five-and ten-year periods. The Board concluded that, in light of the Fund’s strong performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.
 
  Small Cap Value Fund. The Board noted that the Fund outperformed its performance universe for the one-, three-and five-year periods, though it underperformed its performance universe for the ten-year period and its benchmark for all periods. The Board further considered the Fund’s performance in relation to a universe of small-cap value funds, rather than the universe of small-cap core funds provided by the independent data service. When compared to this small-cap value universe, the Fund also outperformed or performed competitively for the one-, three- and five-year periods. The Board concluded that, in light of the Fund’s competitive performance versus both performance universes, it would be in the interest of the Fund and its shareholders to renew the Agreement.
 
  Small-Mid Cap Core Fund. The Board noted that the Fund underperformed its benchmark and its performance universe for the one-, three-, five- and ten-year periods. The Board considered, however, that the Fund has operated as a small-mid cap core fund only since October 3, 2005, and that, therefore, performance comparisons for the three-, five- and ten-year periods are not meaningful. In light of the Fund’s relatively short history of operating as a small-mid cap core fund, the Board concluded it would be in the interest of the Fund and its shareholders to renew the Agreement.
Costs of Services and Profits Realized by FAF Advisors
  The Board reviewed FAF Advisors’ estimated costs in serving as the Funds’ investment manager, including the costs associated with the personnel and systems necessary to manage each Fund. The Board also considered the reported profitability of FAF Advisors and its affiliates resulting from their relationship with each Fund. For each Fund, the Board reviewed fee and expense information as compared to that of other funds and accounts managed by FAF Advisors and of comparable funds managed by other advisers. The Board found that while the management fees for FAF Advisors’ institutional separate accounts are lower than the Funds’ management fees, the Funds receive additional services from FAF Advisors that separate accounts do not receive.
 
  Using information provided by an independent data service, the Board also evaluated each Fund’s advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and each Fund’s expense ratio after waivers compared to the median expense ratio, after waivers, of comparable funds. In connection with its review of Fund fees and expenses, the Board considered FAF Advisors’ pricing philosophy. FAF Advisors attempts generally to maintain each Fund’s total operating expenses at a level that approximates its peer group median expense ratio. In addition, FAF Advisors has committed to waive its investment advisory fees to the extent necessary to maintain the Funds’ total expense ratios at levels generally in line with their respective peer groups.
 
  Further detail considered by the Board regarding the advisory fees and expense ratios of each Fund is set forth below:
 
  Balanced Fund. The Board considered that, after waivers, the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.
 
  Equity Income Fund. The Board considered that the Fund’s advisory fee is close to, though slightly higher than, the peer group median. The Board also noted that the Fund’s total expense ratio is consistent with FAF Advisors’ pricing philosophy. The Board concluded that the advisory fee and expense ratio are reasonable in light of the services provided.
 
  International Fund. The Board noted that the Fund’s advisory fee and expense ratio, after waivers, are higher than those of its peer group median. The Board requested that FAF Advisors add a breakpoint to its advisory fee. FAF Advisors agreed to a voluntary 20 basis point advisory fee reduction for asset levels in excess of $2 billion, increasing incrementally to a 50 basis point reduction for assets in excess of $3 billion.
 
  Large Cap Growth Opportunities Fund. The Board considered that the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.
 
  Large Cap Select Fund. The Board considered that the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.
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Notice to  Shareholders    October 31, 2007 (unaudited)
  Large Cap Value Fund. The Board considered that the Fund’s expense ratio is close to, though slightly higher than, the peer group median. The Board also noted that the Fund’s advisory fee is lower than the peer group median advisory fee after waivers. The Board concluded that the advisory fee and expense ratio are reasonable in light of the services provided.
 
  Mid Cap Growth Opportunities Fund. The Board considered that the Fund’s advisory fee and total expense ratio are lower than the peer group median fees after waivers. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.
 
  Mid Cap Value Fund. The Board considered that the Fund’s advisory fee is lower than the peer group median and that the Fund’s expense ratio is equal to the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.
 
  Real Estate Securities Fund. The Board considered that the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.
 
  Small Cap Growth Opportunities Fund. The Board considered that, although the Fund’s advisory fee, after waivers, is higher than the peer group median, the Fund’s expense ratio is lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.
 
  Small Cap Select Fund. The Board considered that the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.
 
  Small Cap Value Fund. The Board considered that the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.
 
  Small-Mid Cap Core Fund. The Board considered that the Fund’s advisory fee, after waivers, is lower than the peer group median. The Board also considered that, although the Fund’s expense ratio, after waivers, is slightly higher that the peer group medians, it is consistent with FAF Advisors’ pricing philosophy. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.
Economies of Scale in Providing Investment Advisory Services
  The Board considered whether each Fund’s investment advisory fee reflects the potential for economies of scale for the benefit of Fund shareholders. Based on information provided by FAF Advisors, the Board noted that profitability will likely increase somewhat as assets grow over time. The Board considered that, although most Funds do not have advisory fee breakpoints in place, FAF Advisors has committed to waive advisory fees to the extent necessary to keep each Fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The median total expense ratio of a Fund’s peer group will reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group. Therefore, by capping a Fund’s total expense ratio at a level close to the median, Fund shareholders should receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules. In light of FAF Advisors’ commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the interest of each Fund and its shareholders to renew the Agreement.
Other Benefits to FAF Advisors
  In evaluating the benefits that accrue to FAF Advisors through its relationship with the Funds, the Board noted that FAF Advisors and certain of its affiliates serve the Funds in various capacities, including as advisor, administrator, transfer agent, distributor, custodian and securities lending agent, and receive compensation from the Funds in connection with providing services to the Funds. The Board considered that each service provided to the Funds by FAF Advisors or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.
 
  The Board also considered FAF Advisors’ use of the Funds’ portfolio brokerage transactions to obtain research. The Board concluded, based on its own review and on representations of FAF Advisors and the CCO, that FAF Advisors’ use of “soft” commission dollars was consistent with regulatory requirements.
 
  After full consideration of these factors, the Board concluded that approval of the Agreement was in the interest of each Fund and its shareholders.
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Directors and Officers of the Funds
                         
Independent Directors
 
    Other
    Position(s)   Term of Office       Number of Portfolios   Directorships
Name, Address, and   Held   and Length of   Principal Occupation(s)   in Fund Complex   Held by
Year of Birth   with Funds   Time Served   During Past 5 Years   Overseen by Director   Director †
 
Benjamin R. Field III
P.O. Box 1329
Minneapolis, MN
55440-1329
(1938)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003   Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through February 2004;   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Roger A. Gibson
P.O. Box 1329
Minneapolis, MN
55440-1329
(1946)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997   Director, Charterhouse Group, Inc., a private equity firm, since October 2005; Vice President and Chief Operating Officer, Cargo-United Airlines, from July 2001 through July 2004   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Victoria J. Herget
P.O. Box 1329
Minneapolis, MN
55440-1329
(1951)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003   Investment consultant and non-profit board member   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
John P. Kayser
P.O. Box 1329
Minneapolis, MN
55440-1329
(1949)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 2006   Retired; Principal from 1983 to 2004 and Chief Financial Officer and Chief Administrative Officer from 1988 to 2002, William Blair & Company, LLC   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Leonard W. Kedrowski
P.O. Box 1329
Minneapolis, MN
55440-1329
(1941)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993   Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Richard K. Riederer
P.O. Box 1329
Minneapolis, MN
55440-1329
(1944)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001   Owner and Chief Executive Officer, RKR Consultants, Inc. and non-profit board member since 2005   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios   Cleveland Cliffs Inc (a producer of iron ore pellets)
 
Joseph D. Strauss
P.O. Box 1329
Minneapolis, MN
55440-1329
(1940)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 1991   Attorney At Law, Owner, and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman, and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning, and public relations organization; Owner, Chairman, and Chief Executive Officer, Excensus™, LLC, a strategic demographic planning and application development firm since 2001   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
First American Funds  2007 Annual Report       145

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Notice to  Shareholders    October 31, 2007 (unaudited)
                         
Independent Directors – concluded
 
    Other
    Position(s)   Term of Office       Number of Portfolios   Directorships
Name, Address, and   Held   with Length of   Principal Occupation(s)   in Fund Complex   Held by
Year of Birth   with Funds   Time Served   During Past 5 Years   Overseen by Director   Director †
 
Virginia L. Stringer
P.O. Box 1329
Minneapolis, MN
55440-1329
(1944)		   Chair; Director   Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FAIF since September 1987   Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company through 2003   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
James M. Wade
P.O. Box 1329
Minneapolis, MN
55440-1329
(1943)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001   Owner and President, Jim Wade Homes, a homebuilding company   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
†  Includes only directorships in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act or subject to the requirements of Section 15(d) of the Securities Exchange Act, or any company registered as an investment company under the Investment Company Act.
The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800-677-FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.
146      First American Funds  2007 Annual Report

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Officers
 
    Position(s)   Term of Office    
Name, Address, and   Held   and Length of    
Year of Birth   with Funds   Time Served   Principal Occupation(s) During Past 5 Years
 
Thomas S. Schreier, Jr.
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1962)*		   President   Re-elected by the Board annually; President of FAIF since February 2001   Chief Executive Officer of FAF Advisors, Inc.; Chief Investment Officer of FAF Advisors, Inc., since September 2007
 
Jeffery M. Wilson
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1956)*		   Vice President – Administration   Re-elected by the Board annually; Vice President — Administration of FAIF since March 2000   Senior Vice President of FAF Advisors, Inc.
 
Charles D. Gariboldi, Jr.
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1959)*		   Treasurer   Re-elected by the Board annually; Treasurer of FAIF since October 2004   Mutual Funds Treasurer, FAF Advisors, Inc., since October 2004; prior thereto, Vice President of Investment Accounting and Fund Treasurer for Thrivent Financial for Lutherans
 
Jill M. Stevenson
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1965)*		   Assistant Treasurer   Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005   Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director, Senior Project Manager, FAF Advisors, Inc. from May 2003 to September 2005; prior thereto, Vice President, Director of Operations, Paladin Investment Associates, LLC
 
David H. Lui
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1960)*		   Chief Compliance Officer   Re-elected by the Board annually; Chief Compliance Officer of FAIF since March 2005   Chief Compliance Officer for First American Funds and FAF Advisors, Inc., since March 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004 to March 2005; prior thereto, Vice President, Charles Schwab & Co., Inc.
 
Jason K. Mitchell
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1976)*		   Anti-Money Laundering Officer   Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since September 2006   Compliance Manager, FAF Advisors, Inc., since June 2006; prior thereto, Compliance Analyst, FAF Advisors, Inc. from October 2004 to June 2006; prior thereto, Senior Systems Helpdesk Analyst, Wachovia Retirement Services from November 2002 to October 2004; prior thereto, Senior Retirement Plan Specialist, PFPC, Inc.
 
Kathleen L. Prudhomme
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1953)*		   Secretary   Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998 through December 2004   Deputy General Counsel, FAF Advisors, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
 
James D. Alt
Dorsey & Whitney LLP
50 South Sixth Street
Suite 1500,
Minneapolis, MN 55402
(1951)		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002   Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
 
Brett L. Agnew
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1971)*		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004   Counsel, FAF Advisors, Inc., since August 2004; prior thereto, Senior Counsel, Thrivent Financial for Lutherans
 
James R. Arnold
U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
(1957)*		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003   Senior Vice President, U.S. Bancorp Fund Services, LLC
 
Richard J. Ertel
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1967)*		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004   Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc. from September 2004 to May 2006; prior thereto, Counsel, FAF Advisors, Inc. from May 2003 to August 2004; prior to May 2003, Associate Counsel, Hartford Life and Accident Insurance Company
 
*  Messrs. Schreier, Wilson, Gariboldi, Lui, Mitchell, Agnew and Ertel, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of FAF Advisors, Inc., which serves as investment adviser and administrator for FAIF. Mr. Arnold is an officer of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as Transfer Agent for FAIF.
First American Funds  2007 Annual Report       147

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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.

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(FIRST AMERICAN FUNDS LOGO)
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. The views expressed in this report reflect those of the portfolio managers only through the period ended October 31, 2007. The portfolio managers’ views are subject to change at any time based upon market or other conditions.  
 
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
0153-07 12/2007 AR-EQUITY

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Mutual fund investing involves risk; principal loss is possible.  
First American Funds’ quantitative funds are actively managed using our proprietary macro quant process, which projects individual stock performance based on multiple factors and current economic conditions. Stocks selected using this process could underperform if the current performance of the factors differs from their historic performance. Turnover, expenses, and taxes will be similar to other actively managed funds.
 
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

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Message to Shareholders    December 10, 2007
Dear Shareholders:  
 
We invite you to take a few minutes to review the results of the three-month fiscal period ended October 31, 2007.  
This report includes a complete listing of portfolio holdings and additional fund information. We hope you will find this helpful in monitoring your investment portfolio.
Also, through our website, firstamericanfunds.com, we provide quarterly performance fact sheets on all First American Funds, the economic outlook as viewed by our senior investment officers, and other information about fund investments and portfolio strategies.
Please contact your financial professional if you have questions about First American Funds or contact First American Investor Services at 800.677.FUND.
We appreciate your investment with First American Funds and look forward to serving your financial needs in the future.
Sincerely,
     
-s- Virginia L. Stringer   -s- Thomas S. Schreier, Jr.
 
Virginia L. Stringer

Chairperson of the Board
First American Investment Funds, Inc.		   Thomas S. Schreier, Jr.

President
First American Investment Funds, Inc.
First American Funds  2007 Annual Report       1

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Holding Summaries
The Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund commenced operations on July 31, 2007. Due to the short fiscal period, performance information is not included.
Quantitative Large Cap Core Fund
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Exxon Mobil
     5.2%  
Chevron
     3.0  
General Electric
     2.8  
ConocoPhillips
     2.5  
Johnson & Johnson
     2.2  
Procter & Gamble
     2.2  
Walt Disney
     2.1  
Cisco Systems
     1.9  
AT&T
     1.9  
American International Group
     1.8  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Information Technology
     17.7%  
Financials
     14.8  
Energy
     13.9  
Industrials
     12.5  
Healthcare
     12.1  
Consumer Discretionary
     10.3  
Consumer Staples
     8.7  
Materials
     3.4  
Telecommunication Services
     2.4  
Utilities
     2.2  
Short-Term Investments
     1.8  
Other Assets and Liabilities, Net2
     0.2  
       
      100.0%  
Quantitative Large Cap Growth Fund
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
Microsoft
     3.2%  
Google, Class A
     2.9  
Cisco Systems
     2.9  
Exxon Mobil
     2.4  
Oracle
     2.3  
United Technologies
     2.0  
Wal-Mart Stores
     2.0  
Johnson & Johnson
     2.0  
CNX Gas
     1.9  
Walt Disney
     1.9  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Information Technology
     28.5%  
Healthcare
     14.6  
Industrials
     12.9  
Consumer Discretionary
     12.6  
Energy
     9.9  
Consumer Staples
     8.6  
Financials
     5.7  
Materials
     4.2  
Utilities
     0.4  
Telecommunication Services
     0.1  
Short-Term Investments
     1.8  
Other Assets and Liabilities, Net2
     0.7  
       
      100.0%  
 
Quantitative Large Cap Value Fund
Top 10 Holdings as of October 31, 20071  (% of net assets)
         
First American Prime Obligations Fund, Class Z
     6.3%  
Exxon Mobil
     6.1  
General Electric
     4.4  
Chevron
     3.9  
AT&T
     3.4  
ConocoPhillips
     3.1  
Pfizer
     2.6  
Bank of America
     2.6  
American International Group
     2.4  
Johnson & Johnson
     2.3  
Sector Allocation as of October 31, 20071  (% of net assets)
         
Financials
     23.9%  
Energy
     16.7  
Industrials
     10.3  
Healthcare
     9.5  
Consumer Discretionary
     8.2  
Consumer Staples
     6.7  
Telecommunication Services
     4.6  
Information Technology
     4.5  
Materials
     4.4  
Utilities
     3.4  
Real Estate
     0.3  
Short-Term Investments
     6.6  
Other Assets and Liabilities, Net2
     0.9  
       
      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  2007 Annual Report

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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 July 31, 20071 to October 31, 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.
Quantitative Large Cap Core Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period2 (7/31/071 to
    Value (7/31/071)   Value (10/31/07)   10/31/07)
Class A Actual3
   $ 1,000.00     $ 1,078.90     $ 1.85  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,010.96     $ 1.79  
 
Class C Actual3
   $ 1,000.00     $ 1,076.90     $ 3.84  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,009.05     $ 3.71  
 
Class R Actual3
   $ 1,000.00     $ 1,078.10     $ 2.52  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,010.32     $ 2.43  
 
Class Y Actual3
   $ 1,000.00     $ 1,079.30     $ 1.19  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,011.59     $ 1.15  
 
1  Inception date of the fund was July 31, 2007.
 
2  Expenses are equal to the fund’s annualized expense ratio for the period July 31, 2007 through October 31, 2007 of 0.70%, 1.45%, 0.95%, and 0.45% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the three-month period/365.
 
3  Because the inception date of the fund was July 31, 2007, the information is based on the actual returns for the three-month period ended October 31, 2007 of 7.89%, 7.69%, 7.81%, and 7.93% for Class A, Class C, Class R, and Class Y, respectively.
First American Funds  2007 Annual Report       3

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Expense Examples   concluded
Quantitative Large Cap Growth Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period2 (7/31/071 to
    Value (7/31/071)   Value (10/31/07)   10/31/07)
Class A Actual3
   $ 1,000.00     $ 1,102.20     $ 1.87  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,010.96     $ 1.79  
 
Class C Actual3
   $ 1,000.00     $ 1,100.10     $ 3.88  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,009.05     $ 3.71  
 
Class R Actual3
   $ 1,000.00     $ 1,101.70     $ 2.54  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,010.32     $ 2.43  
 
Class Y Actual3
   $ 1,000.00     $ 1,102.90     $ 1.21  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,011.59     $ 1.15  
 
1  Inception date of the fund was July 31, 2007.
 
2  Expenses are equal to the fund’s annualized expense ratio for the period July 31, 2007 through October 31, 2007 of 0.70%, 1.45%, 0.95%, and 0.45% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the three-month period/365.
 
3  Because the inception date of the fund was July 31, 2007, the information is based on the actual returns for the three-month period ended October 31, 2007 of 10.22%, 10.01%, 10.17%, and 10.29% for Class A, Class C, Class R, and Class Y, respectively.
Quantitative Large Cap Value Fund
                         
            Expenses Paid During
    Beginning Account   Ending Account   Period5 (7/31/074 to
    Value (7/31/074)   Value (10/31/07)   10/31/07)
Class A Actual6
   $ 1,000.00     $ 1,064.60     $ 1.84  
 
Class A Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,010.96     $ 1.79  
 
Class C Actual6
   $ 1,000.00     $ 1,062.50     $ 3.81  
 
Class C Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,009.05     $ 3.71  
 
Class R Actual6
   $ 1,000.00     $ 1,064.10     $ 2.50  
 
Class R Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,010.32     $ 2.43  
 
Class Y Actual6
   $ 1,000.00     $ 1,065.20     $ 1.18  
 
Class Y Hypothetical (5% return before expenses)
   $ 1,000.00     $ 1,011.59     $ 1.15  
 
4  Inception date of the fund was July 31, 2007.
 
5  Expenses are equal to the fund’s annualized expense ratio for the period July 31, 2007 through October 31, 2007 of 0.70%, 1.45%, 0.95%, and 0.45% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the three-month period/365.
 
6  Because the inception date of the fund was July 31, 2007, the information is based on the actual returns for the three-month period ended October 31, 2007 of 6.46%, 6.25%, 6.41%, and 6.52% for Class A, Class C, Class R, and Class Y, respectively.
4      First American Funds  2007 Annual Report

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Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors
First American Investment Funds, Inc.
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Quantitative Large Cap Core, Quantitative Large Cap Growth, and Quantitative Large Cap Value funds (series of First American Investment Funds, Inc.) (the “funds”) as of October 31, 2007, and the related statements of operations, changes in net assets and the financial highlights for the period from July 31, 2007 (commencement of operations) to October 31, 2007. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included verification by examination of securities held by the custodian as of October 31, 2007 and confirmation of the securities held by correspondence with brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the funds listed above of First American Investment Funds, Inc. at October 31, 2007, the results of their operations, the changes in their net assets and the financial highlights for the period from July 31, 2007 (commencement of operations) to October 31, 2007, in conformity with U.S. generally accepted accounting principles.
-s- Ernst & Young LLP
Minneapolis, Minnesota
December 19, 2007
First American Funds  2007 Annual Report       5

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars rounded to thousands (000)
                 
Quantitative Large Cap Core Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 98.0%
Consumer Discretionary – 10.3%
Abercrombie & Fitch, Class A
     227     $ 18  
Amazon.com (a)
     166       15  
Apollo Group, Class A (a)
     2,910       231  
Bed Bath & Beyond (a)
     2,659       90  
Carnival
     7,357       353  
Coach (a)
     2,922       107  
Comcast, Class A (a)
     20,915       440  
Expedia (a)
     7,209       235  
Gap
     1,215       23  
Home Depot
     5,578       176  
International Game Technology
     839       37  
Johnson Controls
     8,015       350  
Limited Brands
     1,072       24  
Lowe’s
     4,625       124  
Nike, Class B
     4,295       285  
Office Depot (a)
     652       12  
Omnicom Group
     5,550       283  
Stanley Works
     1,500       86  
Starbucks (a)
     8,324       222  
Target
     1,617       99  
TJX
     1,691       49  
VF
     2,035       177  
Walt Disney
     29,359       1,017  
Wyndham Worldwide
     9,207       302  
Yum! Brands
     7,196       290  
             
              5,045  
             
Consumer Staples – 8.7%
Altria Group
     8,735       637  
Anheuser-Busch
     2,757       142  
Archer-Daniels-Midland
     2,748       98  
Coca-Cola
     9,151       565  
Costco Wholesale
     3,539       238  
Estee Lauder, Class A
     1,967       86  
PepsiCo
     4,737       349  
Procter & Gamble
     15,461       1,075  
SUPERVALU
     1,706       66  
Walgreen
     4,637       184  
Wal-Mart Stores
     18,113       819  
             
              4,259  
             
Energy – 13.9%
Apache
     2,084       216  
Chevron
     15,984       1,463  
ConocoPhillips
     14,432       1,226  
Exxon Mobil
     27,777       2,555  
Marathon Oil
     2,879       170  
Nabors Industries (a)
     1,652       46  
National-Oilwell Varco (a)
     1,648       121  
Occidental Petroleum
     6,238       431  
Schlumberger
     2,071       200  
Spectra Energy
     5,815       151  
Tesoro
     989       60  
Valero Energy
     2,515       177  
             
              6,816  
             
Financials – 14.8%
ACE
     8,102       491  
Allstate
     3,713       195  
American Capital Strategies
     2,696       117  
American International Group
     13,916       878  
Bank of America
     15,551       751  
Capital One Financial
     2,055       135  
CB Richard Ellis Group (a)
     596       15  
Citigroup
     10,294       431  
Countrywide Financial
     1,275       20  
Discover Financial Services
     242       5  
E*TRADE Financial (a)
     5,167       58  
Franklin Resources
     1,020       132  
Goldman Sachs Group
     1,701       422  
Hartford Financial Services Group
     2,361       229  
JPMorgan Chase
     12,329       579  
Lehman Brothers Holdings
     1,077       68  
Lincoln National
     1,904       119  
Loew’s
     9,720       477  
Merrill Lynch
     2,107       139  
MetLife
     773       53  
Moody’s
     3,795       166  
Morgan Stanley
     7,486       504  
Principal Financial Group
     3,228       218  
Progressive
     1,296       24  
Prudential Financial
     2,542       246  
T. Rowe Price Group
     2,570       165  
Travelers
     5,465       285  
Wachovia
     1,842       84  
Wells Fargo
     6,619       225  
             
              7,231  
             
Healthcare – 12.1%
Abbott Laboratories
     2,700       147  
Aetna
     2,484       140  
Allergan
     432       29  
Amgen (a)
     7,130       414  
Barr Pharmaceuticals (a)
     317       18  
Becton, Dickinson & Company
     758       63  
Biogen IDEC (a)
     1,194       89  
C.R. Bard
     327       27  
Cardinal Health
     10       1  
Coventry Health Care (a)
     618       37  
Covidien
     2,829       118  
Eli Lilly
     2,968       161  
Forest Laboratories, Class A (a)
     3,138       123  
Humana (a)
     1,302       98  
IMS Health
     1,668       42  
Johnson & Johnson
     16,800       1,095  
Laboratory Corporation of America (a)
     1,400       96  
Medco Health Solutions (a)
     435       41  
Medtronic
     1,530       73  
Merck
     3,165       184  
Patterson Companies (a)
     9,602       376  
Pfizer
     34,373       846  
Schering-Plough
     148       5  
St. Jude Medical (a)
     1,384       56  
Thermo Fisher Scientific (a)
     3,498       206  
UnitedHealth Group
     9,842       484  
WellPoint (a)
     8,220       651  
Wyeth
     3,849       187  
Zimmer Holdings (a)
     1,574       109  
             
              5,916  
             
Industrials – 12.5%
3M
     5,866       507  
American Standard
     1,098       41  
Boeing
     721       71  
Caterpillar
     1,802       134  
Cooper Industries, Class A
     2,972       156  
Cummins
     310       37  
The accompanying notes are an integral part of the financial statements.
6      First American Funds  2007 Annual Report

Table of Contents

                   
Quantitative Large Cap Core Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Danaher
     4,653     $ 399  
Dover
     392       18  
Emerson Electric
     3,929       205  
FedEx
     1,707       176  
General Dynamics
     1,735       158  
General Electric
     33,812       1,392  
Honeywell International
     2,279       138  
Illinois Tool Works
     3,362       193  
Ingersoll-Rand, Class A
     2,510       126  
ITT
     796       53  
L-3 Communications Holdings
     2,496       274  
Paccar
     2,402       133  
Pall
     153       6  
Parker Hannifin
     970       78  
R.R. Donnelley & Sons
     4,827       194  
Rockwell Automation
     1,010       70  
Rockwell Collins
     438       33  
Terex (a)
     2,014       149  
United Parcel Service, Class B
     6,776       509  
United Technologies
     10,978       841  
             
              6,091  
             
Information Technology – 17.7%
Apple (a)
     2,281       433  
Autodesk (a)
     2,172       106  
Automatic Data Processing
     1,155       57  
Cisco Systems (a)
     28,593       945  
Cognizant Technology Solutions, Class A (a)
     3,757       156  
Computer Sciences (a)
     2,650       155  
Corning
     2,105       51  
Dell (a)
     17,381       532  
eBay (a)
     3,341       121  
Electronic Arts (a)
     1,366       83  
Electronic Data Systems
     1,097       24  
EMC (a)
     7,387       188  
Fidelity National Information Services
     3,513       162  
Fiserv (a)
     2,157       120  
Google, Class A (a)
     1,202       850  
Hewlett-Packard
     10,881       562  
IBM
     3,967       461  
Intel
     19,472       524  
Juniper Networks (a)
     5,050       182  
Microsoft
     22,852       841  
Network Appliance (a)
     3,634       114  
NVIDIA (a)
     6,266       222  
Oracle (a)
     34,520       765  
QUALCOMM
     5,354       229  
Symantec (a)
     9,766       183  
Teradata (a)
     2,990       85  
Texas Instruments
     1,294       42  
Tyco Electronics
     1,451       52  
Waters (a)
     1,957       151  
Xerox (a)
     12,249       214  
Yahoo! (a)
     2,138       67  
             
              8,677
 
  
Materials – 3.4%
Alcoa
     1,607       64  
Allegheny Technologies
     219       22  
Dow Chemical
     5,140       232  
E.I. Du Pont de Nemours
     4,504       223  
Ecolab
     4,610       217  
Freeport-McMoRan Copper & Gold
     649       76  
International Paper
     2,394       88  
Monsanto
     1,751       171  
Nucor
     2,001       124  
PPG Industries
     1,055       79  
Sealed Air
     3,595       90  
Sigma-Aldrich
     2,491       129  
United States Steel
     1,485       160  
             
              1,675  
             
Telecommunication Services – 2.4%
AT&T
     21,933       916  
Verizon Communications
     5,093       235  
             
              1,151  
             
Utilities – 2.2%
Edison International
     376       22  
Exelon
     1,113       92  
FPL Group
     2,574       176  
PG&E
     4,025       197  
PPL
     510       26  
Public Service Enterprise Group
     5,844       559  
             
              1,072  
             
Total Common Stocks
                
 
(Cost $44,983)
             47,933  
             
Short-Term Investments – 1.8%
Money Market Fund – 1.4%
First American Prime Obligations Fund, Class Z (b)
     683,325       683  
             
U.S. Treasury Obligation – 0.4%
U.S. Treasury Bill
                
 
3.813%, 01/24/2008 (c)
   $ 200       198  
             
Total Short-Term Investments
(Cost $881)
             881  
             
Total Investments – 99.8%
(Cost $45,864)
             48,814  
             
Other Assets and Liabilities, Net – 0.2%
             83  
             
Total Net Assets – 100.0%
           $ 48,897  
             
(a)  Non-income producing security.
 
(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)  Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 2007. See Note 2 in Notes to Financial Statements.
Schedule of Open Futures Contracts
                                 
    Number of   Notional        
    Contracts   Contract   Settlement   Unrealized
Description   Purchased   Value   Month   Appreciation
 
S&P 500 Futures
     2     $ 777       December 2007     $ 8  
                           
First American Funds  2007 Annual Report       7

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars rounded to thousands (000)
                 
Quantitative Large Cap Growth Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 97.5%
Consumer Discretionary – 12.6%
Abercrombie & Fitch, Class A
     98     $ 8  
Amazon.com (a)
     144       13  
American Eagle Outfitters
     832       20  
Apollo Group, Class A (a)
     511       40  
Bed Bath & Beyond (a)
     315       11  
CarMax (a)
     309       6  
Carnival
     1,077       52  
Coach (a)
     689       25  
Comcast, Class A (a)
     2,855       60  
Expedia (a)
     1,305       43  
Garmin
     257       28  
Home Depot
     597       19  
International Game Technology
     125       5  
Jarden (a)
     75       3  
Johnson Controls
     1,420       62  
Las Vegas Sands (a)
     336       45  
Lowe’s
     1,090       29  
Nike, Class B
     1,043       69  
Omnicom Group
     1,047       53  
Ross Stores
     860       23  
Stanley Works
     34       2  
Starbucks (a)
     1,352       36  
Target
     514       32  
TJX
     293       8  
VF
     301       26  
Walt Disney
     4,319       150  
Wyndham Worldwide
     1,621       53  
Wynn Resorts (a)
     10       2  
Yum! Brands
     1,623       65  
             
              988  
             
Consumer Staples – 8.6%
Altria Group
     1,188       86  
Anheuser-Busch
     170       9  
Coca-Cola
     1,486       92  
Costco Wholesale
     710       48  
Estee Lauder, Class A
     153       7  
NBTY (a)
     443       16  
PepsiCo
     1,040       76  
Procter & Gamble
     1,867       130  
Walgreen
     1,269       50  
Wal-Mart Stores
     3,475       157  
             
              671  
             
Energy – 9.9%
Baker Hughes
     55       5  
Chevron
     1,318       121  
CNX Gas (a)
     4,731       151  
ConocoPhillips
     1,338       114  
Exxon Mobil
     2,056       189  
Global Industries (a)
     824       20  
Marathon Oil
     15       1  
Nabors Industries (a)
     38       1  
National-Oilwell Varco (a)
     619       45  
Oceaneering International (a)
     187       14  
Schlumberger
     666       64  
Tesoro
     192       12  
Valero Energy
     498       35  
Western Refining
     142       5  
             
              777  
             
Financials – 5.7%
ACE
     715       43  
American International Group
     234       15  
Arch Capital Group (a)
     682       51  
BlackRock
     286       59  
Covanta Holding (a)
     1,605       43  
First Marblehead
     45       2  
Franklin Resources
     151       19  
Goldman Sachs Group
     168       42  
Loew’s
     1,139       56  
Moody’s
     682       30  
Morgan Stanley
     294       20  
Prudential Financial
     48       5  
Reinsurance Group of America
     65       4  
SEI Investments
     1,200       38  
T. Rowe Price Group
     222       14  
Travelers
     19       1  
             
              442  
             
Healthcare – 14.6%
Abbott Laboratories
     985       54  
Abraxis Bioscience (a)
     1,589       39  
Aetna
     571       32  
Allergan
     35       2  
Amgen (a)
     1,110       64  
Becton, Dickinson & Company
     316       26  
Biogen IDEC (a)
     116       9  
C.R. Bard
     197       17  
Coventry Health Care (a)
     185       11  
Covidien
     255       11  
Eli Lilly
     182       10  
Endo Pharmaceuticals (a)
     313       9  
Forest Laboratories, Class A (a)
     427       17  
Genentech (a)
     1,152       85  
Gen-Probe (a)
     27       2  
Henry Schein (a)
     75       5  
Humana (a)
     218       16  
IMS Health
     52       1  
Intuitive Surgical (a)
     28       9  
Johnson & Johnson
     2,409       157  
Kinetic Concepts (a)
     301       18  
Laboratory Corporation of America (a)
     274       19  
Medco Health Solutions (a)
     239       23  
Medtronic
     796       38  
Merck
     746       43  
Patterson Companies (a)
     1,548       61  
Pfizer
     1,190       29  
Schering-Plough
     230       7  
St. Jude Medical (a)
     445       18  
Thermo Fisher Scientific (a)
     616       36  
UnitedHealth Group
     2,064       101  
WellPoint (a)
     1,539       122  
Wyeth
     319       16  
Zimmer Holdings (a)
     436       30  
             
              1,137  
             
Industrials – 12.9%
3M
     1,324       114  
American Standard
     129       5  
Boeing
     397       39  
Career Education (a)
     399       14  
Caterpillar
     492       37  
Cooper Industries, Class A
     415       22  
Copart (a)
     709       27  
Cummins
     115       14  
Danaher
     820       70  
The accompanying notes are an integral part of the financial statements.
8      First American Funds  2007 Annual Report

Table of Contents

                   
Quantitative Large Cap Growth Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Emerson Electric
     711     $ 37  
FedEx
     307       32  
Gardner Denver (a)
     1,223       44  
Hertz Global Holdings (a)
     249       5  
Honeywell International
     611       37  
Illinois Tool Works
     678       39  
Ingersoll-Rand, Class A
     141       7  
Jacobs Engineering Group (a)
     118       10  
L-3 Communications Holdings
     406       45  
Manpower
     43       3  
McDermott International (a)
     469       29  
Paccar
     442       25  
Parker Hannifin
     105       8  
Precision Castparts
     70       11  
R.R. Donnelley & Sons
     343       14  
Rockwell Automation
     168       12  
Rockwell Collins
     246       18  
Terex (a)
     423       31  
United Parcel Service, Class B
     1,279       96  
United Technologies
     2,067       158  
WESCO International (a)
     129       6  
             
              1,009  
             
Information Technology (b) – 28.5%
Activision (a)
     943       22  
Amdocs (a)
     1,233       42  
Apple (a)
     695       132  
Autodesk (a)
     449       22  
Automatic Data Processing
     200       10  
Cisco Systems (a)
     6,814       225  
Cognizant Technology Solutions, Class A (a)
     697       29  
Computer Sciences (a)
     234       14  
Corning
     502       12  
Dell (a)
     3,593       110  
Dolby Laboratories, Class A (a)
     1,365       57  
eBay (a)
     876       32  
Electronic Arts (a)
     183       11  
EMC (a)
     1,884       48  
F5 Networks (a)
     260       9  
Fidelity National Information Services
     606       28  
Fiserv (a)
     291       16  
Google, Class A (a)
     322       228  
Harris
     283       17  
Hewitt Associates, Class A (a)
     379       13  
Hewlett-Packard
     2,721       141  
IBM
     1,069       124  
Ingram Micro, Class A (a)
     596       13  
Intel
     5,284       142  
Juniper Networks (a)
     855       31  
Microsoft
     6,845       252  
NAVTEQ (a)
     105       8  
Network Appliance (a)
     457       14  
NVIDIA (a)
     1,422       50  
Oracle (a)
     7,962       177  
QUALCOMM
     1,308       56  
Rambus (a)
     854       17  
Symantec (a)
     881       17  
Teradata (a)
     389       11  
Texas Instruments
     763       25  
Trimble Navigation (a)
     572       24  
Waters (a)
     289       22  
Xerox (a)
     554       10  
Yahoo! (a)
     591       18  
             
              2,229  
             
Materials – 4.2%
Allegheny Technologies
     20       2  
Cleveland-Cliffs
     155       15  
Commercial Metals
     737       23  
Dow Chemical
     111       5  
E.I. Du Pont de Nemours
     407       20  
Ecolab
     787       37  
Freeport-McMoRan Copper & Gold
     96       11  
Monsanto
     558       55  
Mosaic (a)
     548       38  
Nucor
     218       14  
PPG Industries
     75       6  
Praxair
     86       7  
Sealed Air
     278       7  
Sigma-Aldrich
     354       18  
Southern Copper
     97       14  
Steel Dynamics
     382       20  
Titanium Metals (a)
     368       13  
United States Steel
     141       15  
Westlake Chemical
     438       11  
             
              331  
             
Telecommunication Services – 0.1%
NeuStar, Class A (a)
     229       8  
             
Utilities – 0.4%
Mirant (a)
     326       14  
Public Service Enterprise Group
     187       18  
             
              32  
             
Total Common Stocks
                
 
(Cost $6,994)
             7,624  
             
Short-Term Investments – 1.8%
Money Market Fund – 1.5%
First American Prime Obligations Fund, Class Z (c)
     117,465       117  
             
U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
                
 
3.813%, 01/24/2008 (d)
   $ 20       20  
             
Total Short-Term Investments
                
 
(Cost $137)
             137  
             
Total Investments – 99.3%
                
 
(Cost $7,131)
             7,761  
             
Other Assets and Liabilities, Net – 0.7%
             59  
             
Total Net Assets – 100.0%
           $ 7,820  
             
(a)  Non-income producing security.
 
(b)  The fund is significantly invested in this sector and therefore subject to additional risks. See note 6 in Notes to Financial Statements.
 
(c)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
 
(d)  Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 2007. See note 2 in Notes to Financial Statements.
Schedule of Open Futures Contracts
                             
    Number of   Notional        
    Contracts   Contract       Unrealized
Description   Purchased   Value   Settlement Month   Appreciation
 
S&P 500 E-Mini Futures
     1     $ 78     December 2007   $ 1  
                         
First American Funds  2007 Annual Report       9

Table of Contents

Schedule of  Investments    October 31, 2007, all dollars rounded to thousands (000)
                 
Quantitative Large Cap Value Fund
DESCRIPTION   SHARES   VALUE
 
Common Stocks – 92.5%
Consumer Discretionary – 8.2%
American Eagle Outfitters
     338     $ 8  
Apollo Group, Class A (a)
     259       21  
Bed Bath & Beyond (a)
     132       5  
Carnival
     1,357       65  
Comcast, Class A (a)
     2,113       44  
Expedia (a)
     1,121       37  
Foot Locker
     79       1  
Gannett
     354       15  
Home Depot
     487       15  
Jarden (a)
     105       4  
Johnson Controls
     589       26  
Las Vegas Sands (a)
     125       17  
Nike, Class B
     256       17  
Omnicom Group
     650       33  
Ross Stores
     920       25  
Starbucks (a)
     601       16  
VF
     325       28  
Walt Disney
     4,423       153  
Wyndham Worldwide
     1,857       61  
Yum! Brands
     558       22  
             
              613  
             
Consumer Staples – 6.7%
Altria Group
     1,294       94  
Anheuser-Busch
     215       11  
Archer-Daniels-Midland
     670       24  
Coca-Cola
     887       55  
Costco Wholesale
     241       16  
NBTY (a)
     191       7  
Procter & Gamble
     2,374       165  
SUPERVALU
     293       11  
Wal-Mart Stores
     2,644       120  
             
              503  
             
Energy – 16.7%
Chevron
     3,185       292  
Cimarex Energy
     475       19  
CNX Gas (a)
     4,337       139  
ConocoPhillips
     2,758       234  
Exxon Mobil
     5,001       460  
Marathon Oil
     643       38  
Occidental Petroleum
     453       31  
Spectra Energy
     863       22  
Valero Energy
     180       13  
             
              1,248  
             
Financials – 23.9%
ACE
     1,351       82  
Allstate
     1,181       62  
American Capital Strategies
     468       20  
American International Group
     2,862       181  
AmeriCredit (a)
     278       4  
Arch Capital Group (a)
     984       74  
Axis Capital Holdings
     704       28  
Bank of America
     4,024       194  
BlackRock
     122       25  
Capital One Financial
     478       31  
Chubb
     186       10  
Citigroup
     3,505       147  
Countrywide Financial
     242       4  
Covanta Holding (a)
     1,519       41  
E*TRADE Financial (a)
     405       5  
First Marblehead
     155       6  
Goldman Sachs Group
     223       55  
Hartford Financial Services Group
     540       52  
J.P. Morgan Chase
     3,460       163  
Lehman Brothers Holdings
     322       20  
Lincoln National
     458       29  
Loew’s
     1,008       50  
Merrill Lynch
     505       33  
Moody’s
     428       19  
Morgan Stanley
     1,534       103  
PNC Financial Services
     210       15  
Principal Financial Group
     251       17  
Prudential Financial
     296       29  
Reinsurance Group of America
     425       24  
SEI Investments
     981       31  
Torchmark
     57       4  
Transatlantic Holdings
     203       15  
Travelers
     1,268       66  
W.R. Berkley
     551       17  
Wachovia
     1,444       66  
Wells Fargo
     2,130       72  
             
              1,794  
             
Healthcare – 9.5%
Abraxis Bioscience (a)
     1,384       34  
Aetna
     67       4  
Amgen (a)
     540       31  
Covidien
     284       12  
Forest Laboratories, Class A (a)
     83       3  
Genentech (a)
     99       7  
Johnson & Johnson
     2,596       169  
Kinetic Concepts (a)
     50       3  
Laboratory Corporation of America (a)
     80       6  
Patterson Companies (a)
     968       38  
Pfizer
     7,927       195  
Thermo Fisher Scientific (a)
     227       13  
UnitedHealth Group
     990       49  
WellPoint (a)
     1,741       138  
Wyeth
     179       9  
             
              711  
             
Industrials – 10.3%
3M
     553       48  
Career Education (a)
     166       6  
Cooper Industries, Class A
     363       19  
Copart (a)
     589       23  
Danaher
     216       19  
Emerson Electric
     32       2  
FedEx
     113       12  
Gardner Denver (a)
     1,134       41  
General Dynamics
     164       15  
General Electric
     7,980       328  
Hertz Global Holdings (a)
     199       4  
Illinois Tool Works
     180       10  
Ingersoll-Rand, Class A
     237       12  
L-3 Communications Holdings
     294       32  
Parker Hannifin
     26       2  
R.R. Donnelley & Sons
     984       40  
Terex (a)
     72       5  
United Parcel Service, Class B
     490       37  
United Technologies
     1,474       113  
WESCO International (a)
     138       6  
             
              774  
             
Information Technology – 4.5%
Amdocs (a)
     640       22  
Cisco Systems (a)
     565       19  
Cognizant Technology Solutions, Class A (a)
     118       5  
The accompanying notes are an integral part of the financial statements.
10      First American Funds  2007 Annual Report

Table of Contents

                   
Quantitative Large Cap Value Fund (continued)
DESCRIPTION   SHARES   VALUE
 
Computer Sciences (a)
     448     $ 26  
Dell (a)
     1,010       31  
Dolby Laboratories, Class A (a)
     907       38  
Fidelity National Information Services
     286       13  
Fiserv (a)
     166       9  
Google, Class A (a)
     27       19  
Hewitt Associates, Class A (a)
     56       2  
Ingram Micro, Class A (a)
     1,229       26  
Juniper Networks (a)
     273       10  
Network Appliance (a)
     100       3  
NVIDIA (a)
     190       7  
Oracle (a)
     2,201       49  
Rambus (a)
     361       7  
Symantec (a)
     988       18  
Teradata (a)
     140       4  
Xerox (a)
     1,852       32  
               
              340  
               
Materials – 4.4%
Alcoa
     94       4  
Cleveland-Cliffs
     18       2  
Commercial Metals
     845       26  
Dow Chemical
     1,517       68  
E.I. Du Pont de Nemours
     1,075       53  
Ecolab
     227       11  
International Paper
     1,263       46  
Mosaic (a)
     283       20  
Nucor
     256       16  
PPG Industries
     133       10  
Sealed Air
     430       11  
Sigma-Aldrich
     170       9  
Steel Dynamics
     303       16  
United States Steel
     192       21  
Westlake Chemical
     660       16  
               
              329  
               
Real Estate – 0.3%
Annaly Capital Management – REIT
     1,484       25  
               
Telecommunication Services – 4.6%
AT&T
     6,101       255  
Verizon Communications
     2,018       93  
               
              348
 
  
Utilities – 3.4%
Edison International
     195       11  
FPL Group
     284       19  
Mirant (a)
     635       27  
PG&E
     888       43  
Public Service Enterprise Group
     1,180       113  
Southern
     318       12  
UGI
     1,007       27  
               
              252  
               
Total Common Stocks
                
 
(Cost $6,581)
             6,937  
               
Short-Term Investments – 6.6%
Money Market Fund – 6.3%
First American Prime Obligations Fund, Class Z (b)
     474,062     $ 474  
               
U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
                
 
3.813%, 01/24/2008 (c)
   $ 20       20  
               
Total Short-Term Investments
(Cost $494)
             494  
               
Total Investments – 99.1%
(Cost $7,075)
             7,431  
               
Other Assets and Liabilities, Net – 0.9%
             67  
               
Total Net Assets – 100.0%
           $ 7,498  
               
(a)  Non-income producing security.
 
(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)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 2007. 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 E-Mini Futures
     1     $ 78     December 2007   $ 1  
S&P 500 Futures
     1       389     December 2007     12  
                         
                        $ 13  
                         
First American Funds  2007 Annual Report       11

Table of Contents

Statements of  Assets and Liabilities     October 31, 2007, all dollars and shares are rounded to thousands (000),
except per share data
                                 
    Quantitative     Quantitative     Quantitative    
    Large Cap     Large Cap     Large Cap    
    Core Fund     Growth Fund     Value Fund    
                   
Investments in unaffiliated securities, at cost
   $ 45,181       $ 7,014       $ 6,601      
Investments in affiliated money market fund, at
cost
     683         117         474      
                         
ASSETS:
                                
Investments in unaffiliated securities, at value (note 2)
   $ 48,131       $ 7,644       $ 6,957      
Investments in affiliated money market fund, at value (note 2)
     683         117         474      
Receivable for dividends and interest
     34         3         6      
Receivable for variation margin
     10         1         6      
Receivable from advisor
     18         26         26      
Prepaid expenses and other assets
     48         48         48      
                         
Total assets
     48,924         7,839         7,517      
                         
LIABILITIES:
                                
Payable to affiliates (note 3)
     22         13         13      
Payable for distribution and shareholder servicing fees
     —         —         —      
Accrued expenses and other liabilities
     5         6         6      
                         
Total liabilities
     27         19         19      
                         
Net assets
   $ 48,897       $ 7,820       $ 7,498      
                         
COMPOSITION OF NET ASSETS:
                                
Portfolio capital
   $ 45,461       $ 7,109       $ 7,065      
Undistributed net investment income
     60         6         17      
Accumulated net realized gain on investments (note 2)
     418         74         47      
Net unrealized appreciation of investments
     2,950         630         356      
Net unrealized appreciation of futures contracts
     8         1         13      
                         
Net assets
   $ 48,897       $ 7,820       $ 7,498      
                         
Class A:
                                
Net assets
   $ 131       $ 71       $ 31      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     5         2         1      
Net asset value and redemption price per share
   $ 26.90       $ 27.51       $ 26.53      
Maximum offering price per share1
   $ 28.47       $ 29.11       $ 28.07      
Class C:
                                
Net assets
   $ 15       $ 18       $ 5      
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)
     1         1         —      
Net asset value, offering price, and redemption price per share2
   $ 26.88       $ 27.47       $ 26.51      
Class R:
                                
Net assets
   $ 6       $ 6       $ 5      
Shares issued and outstanding
($0.0001 par value – 2 billion authorized)
     —*         —*         —*      
Net asset value, offering price, and redemption price per share
   $ 26.89       $ 27.51       $ 26.53      
Class Y:
                                
Net assets
   $ 48,745       $ 7,725       $ 7,457      
Shares issued and outstanding
($0.0001 par value – 2 billion authorized)
     1,812         281         281      
Net asset value, offering price, and redemption price per share
   $ 26.90       $ 27.52       $ 26.54      
                         
  1   The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
 
  2   Class C has a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
   *   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.
12      First American Funds  2007 Annual Report

Table of Contents

Statements of  Operations    For the period from July 31, 20071 to October 31, 2007, all dollars are rounded to thousands (000)
                                   
    Quantitative     Quantitative     Quantitative      
    Large Cap     Large Cap     Large Cap      
    Core Fund     Growth Fund     Value Fund      
                     
    7/31/071     7/31/071     7/31/071      
    to     to     to      
    10/31/07     10/31/07     10/31/07      
                     
INVESTMENT INCOME:
                                  
Dividends from unaffiliated securities
   $ 222       $ 24       $ 46        
Dividends from affiliated money market fund
     32         4         4        
Interest from unaffiliated securities
     2         —         —        
                           
Total investment income
     256         28         50        
                           
EXPENSES (note 3):
                                  
Investment advisory fees
     35         6         6        
Administration fees
     28         6         6        
Transfer agent fees
     25         25         25        
Custodian fees
     1         —         —        
Legal fees
     4         4         4        
Audit fees
     15         15         15        
Registration fees
     13         13         13        
Postage and printing fees
     1         1         1        
Directors’ fees
     6         6         6        
Other expenses
     6         6         6        
Distribution and shareholder servicing fees – Class A
     —         —         —        
Distribution and shareholder servicing fees – Class C
     —         —         —        
Distribution and shareholder servicing fees – Class R
     —         —         —        
                           
Total expenses
     134         82         82        
                           
Less: Fee waivers (note 3)
     (82 )       (74 )       (74 )      
                           
Total net expenses
     52         8         8        
                           
Investment income – net
     204         20         42        
                           
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND
                                  
FUTURES CONTRACTS – NET (note 5):
                                  
Net realized gain on investments
     335         74         48        
Net realized gain (loss) on futures contracts
     83         —         (1 )      
Net change in unrealized appreciation or depreciation of investments
     2,950         630         356        
Net change in unrealized appreciation or depreciation of futures contracts
     8         1         13        
                           
Net gain on investments and futures contracts
     3,376         705         416        
                           
Net increase in net assets resulting from operations
   $ 3,580       $ 725       $ 458        
                           
  1  Commencement of operations.
First American Funds  2007 Annual Report       13

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Statements of  Changes in Net Assets    all dollars are rounded to thousands (000)
                                   
    Quantitative     Quantitative     Quantitative    
    Large Cap     Large Cap     Large Cap    
    Core Fund     Growth Fund     Value Fund    
                   
    7/31/071     7/31/071     7/31/071    
    to     to     to    
    10/31/07     10/31/07     10/31/07    
                   
OPERATIONS:
                                
Investment income – net
   $ 204       $ 20       $ 42      
Net realized gain on investments
     335         74         48      
Net realized gain (loss) on futures contracts
     83         —         (1 )    
Net change in unrealized appreciation or depreciation of investments
     2,950         630         356      
Net change in unrealized appreciation or depreciation of futures contracts
     8         1         13      
                         
Net increase in net assets resulting from operations
     3,580         725         458      
                         
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                                
Investment income – net:
                                
 
Class A
     —         —         —      
 
Class C
     —         —         —      
 
Class R
     —         —         —      
 
Class Y
     (144 )       (14 )       (25 )    
                         
Total distributions
     (144 )       (14 )       (25 )    
                         
CAPITAL SHARE TRANSACTIONS (note 4):
                                
Class A:
                                
 
Proceeds from sales
     129         69         30      
 
Reinvestment of distributions
     —         —         —      
 
Payments for redemptions
     —         —         —      
                         
Increase in net assets from Class A transactions
     129         69         30      
                         
Class C:
                                
 
Proceeds from sales
     15         17         5      
 
Reinvestment of distributions
     —         —         —      
 
Payments for redemptions (note 3)
     —         —         —      
                         
Increase in net assets from Class C transactions
     15         17         5      
                         
Class R:
                                
 
Proceeds from sales
     5         5         5      
 
Reinvestment of distributions
     —         —         —      
 
Payments for redemptions
     —         —         —      
                         
Increase in net assets from Class R transactions
     5         5         5      
                         
Class Y:
                                
 
Proceeds from sales
     47,241         7,004         7,000      
 
Reinvestment of distributions
     133         14         25      
 
Payments for redemptions
     (2,062 )       —         —      
                         
Increase in net assets from Class Y transactions
     45,312         7,018         7,025      
                         
Increase in net assets from capital share transactions
     45,461         7,109         7,065      
                         
Total increase in net assets
     48,897         7,820         7,498      
Net assets at beginning of period
     —         —         —      
                         
Net assets at end of period
   $ 48,897       $ 7,820       $ 7,498      
                         
Undistributed net investment income at end of period
   $ 60       $ 6       $ 17      
                         
  1   Commencement of operations.
The accompanying notes are an integral part of the financial statements.
14      First American Funds  2007 Annual Report

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Financial Highlights    For a share outstanding throughout the indicated period.
                                                         
    Net Asset           Realized and     Distributions     Net Asset      
    Value     Net     Unrealized     from Net     Value      
    Beginning     Investment     Gains on     Investment     End of      
    of Period     Income (Loss)     Investments     Income     Period      
                              
Quantitative Large Cap Core Fund1
                                                      
Class A
                                                      
 
20072
   $ 25.00       $ 0.06       $ 1.91       $ (0.07 )     $ 26.90        
Class C
                                                      
 
20072
   $ 25.00       $ 0.02       $ 1.90       $ (0.04 )     $ 26.88        
Class R
                                                      
 
20072
   $ 25.00       $ 0.08       $ 1.87       $ (0.06 )     $ 26.89        
Class Y
                                                      
 
20072
   $ 25.00       $ 0.11       $ 1.87       $ (0.08 )     $ 26.90        
                                       
Quantitative Large Cap Growth Fund 1
                                                      
Class A
                                                      
 
20072
   $ 25.00       $ 0.02       $ 2.53       $ (0.04 )     $ 27.51        
Class C
                                                      
 
20072
   $ 25.00       $ (0.03 )     $ 2.53       $ (0.03 )     $ 27.47        
Class R
                                                      
 
20072
   $ 25.00       $ 0.04       $ 2.50       $ (0.03 )     $ 27.51        
Class Y
                                                      
 
20072
   $ 25.00       $ 0.07       $ 2.50       $ (0.05 )     $ 27.52        
                                       
Quantitative Large Cap Value Fund1
                                                      
Class A
                                                      
 
20072
   $ 25.00       $ 0.10       $ 1.51       $ (0.08 )     $ 26.53        
Class C
                                                      
 
20072
   $ 25.00       $ 0.08       $ 1.48       $ (0.05 )     $ 26.51        
Class R
                                                      
 
20072
   $ 25.00       $ 0.11       $ 1.49       $ (0.07 )     $ 26.53        
Class Y
                                                      
 
20072
   $ 25.00       $ 0.15       $ 1.48       $ (0.09 )     $ 26.54        
                                       
  1   Per share data calculated using average shares outstanding method.
 
  2   Commenced operations on July 31, 2007. All ratios for the period July 31, 2007 to October 31, 2007 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.
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                                  Ratio of Net          
                            Ratio of     Investment          
                      Ratio of Net     Expenses     Income (Loss)          
                Ratio of     Investment     to Average     to Average          
          Net Assets     Expenses to     Income (Loss)     Net Assets     Net Assets     Portfolio    
    Total     End of     Average     to Average     (Excluding     (Excluding     Turnover    
    Return3     Period (000)     Net Assets     Net Assets     Waivers)     Waivers)     Rate    
                                               
      7.89 %     $ 131         0.70 %       0.91 %       1.40 %       0.21 %       55 %    
      7.69 %     $ 15         1.45 %       0.23 %       2.15 %       (0.47 )%       55 %    
      7.81 %     $ 6         0.95 %       1.20 %       1.65 %       0.50 %       55 %    
      7.93 %     $ 48,745         0.45 %       1.73 %       1.15 %       1.03 %       55 %    
                                                                 
      10.22 %     $ 71         0.70 %       0.23 %       4.70 %       (3.77 )%       58 %    
               
      10.01 %     $ 18         1.45 %       (0.36 )%       5.45 %       (4.36 )%       58 %    
               
      10.17 %     $ 6         0.95 %       0.54 %       4.95 %       (3.46 )%       58 %    
               
      10.29 %     $ 7,725         0.45 %       1.07 %       4.45 %       (2.93 )%       58 %    
                                                                 
      6.46 %     $ 31         0.70 %       1.57 %       4.73 %       (2.46 )%       65 %    
      6.25 %     $ 5         1.45 %       1.18 %       5.48 %       (2.85 )%       65 %    
      6.41 %     $ 5         0.95 %       1.68 %       4.98 %       (2.35 )%       65 %    
      6.52 %     $ 7,457         0.45 %       2.28 %       4.48 %       (1.75 )%       65 %    
                                                                 
First American Funds  2007 Annual Report       17

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Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
1 > Organization
  The Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value 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. The funds commenced operations July 31, 2007. As of October 31, 2007, FAIF offered 42 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 Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund are each diversified open-end management investment companies.
 
  The funds offer Class A, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge for 12 months. 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 in a fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class’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. 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.
 
  The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts (other than currency forward contracts), swaps, and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available.
 
  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
18      First American Funds  2007 Annual Report

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  valued at fair value. As of October 31, 2007, the funds held no fair valued securities.
 
  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 by each of the funds. 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.
 
  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.
 
  The tax character of distributions paid during the 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 that the income or realized gains (losses) were recorded by the fund. The tax character of distributions paid during the fiscal period ended October 31, 2007, were as follows:
                         
    October 31, 2007
 
    Ordinary
Fund           Income
 
Quantitative Large Cap Core Fund
                   $ 144  
Quantitative Large Cap Growth Fund
                     14  
Quantitative Large Cap Value Fund
                     25  
 
  As of October 31, 2007, the components of accumulated earnings on a tax-basis were as follows:
                                 
    Undistributed   Undistributed       Total
    Ordinary   Long Term   Unrealized   Accumulated
Fund   Income   Capital Gains   Appreciation   Earnings
 
Quantitative Large Cap Core Fund
   $ 459     $ 54     $ 2,924     $ 3,437  
Quantitative Large Cap Growth Fund
     84       1       627       712  
Quantitative Large Cap Value Fund
     88       7       339       434  
 
  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, and 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, each fund may enter into futures contracts. Upon entering into a futures contract, the fund is required to deposit cash or pledge U.S. government securities. The margin required for a futures contract is set by the exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract.
 
  Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the period will be recognized as capital gains (losses) for federal income tax purposes.
 
  As of October 31, 2007, the funds’ outstanding futures contracts are disclosed in the Schedule of Investments.
 
  ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market.
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Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
  Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At October 31, 2007, the funds held no investments in illiquid securities.
 
  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.
 
  U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. Collateral for securities on loan is invested in a money market fund administered by FAF Advisors, Inc. (“FAF Advisors”) and FAF Advisors receives an administration fee equal to 0.02% of such fund’s average daily net assets. For the fiscal period ended October 31, 2007, the funds had no securities lending activity.
 
  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 fiscal period ended October 31, 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 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 Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund is 0.30%, 0.30%, and 0.30%, respectively. FAF Advisors has agreed to waive fees and reimburse other fund expenses through July 31, 2008, so that total fund operating expenses, as a percentage of
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  average daily net assets, do not exceed the following amounts:
                                     
    Share Class    
 
Fund   A   C   R   Y    
 
Quantitative Large Cap Core Fund
     0.70 %     1.45 %     0.95 %     0.45 %    
Quantitative Large Cap Growth Fund
     0.70       1.45       0.95       0.45      
Quantitative Large Cap Value Fund
     0.70       1.45       0.95       0.45      
 
  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.
 
  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. 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.
 
  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.
 
  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 custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses.
 
  For the fiscal period ended October 31, 2007, custodian fees for the funds were not increased as a result of overdrafts and were not decreased by as a result of interest earned, respectively.
 
  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%, and 0.50% of each fund’s average daily net assets attributable to Class A 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 the distribution and shareholder servicing agreement, the amounts retained by affiliates of FAF Advisors for the fiscal period ended October 31, 2007 rounds to zero for each fund.
 
  OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal period ended October 31, 2007, legal fees and expenses of $1 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”) of 1.00% is imposed on redemptions made in the Class C shares for the first 12 months. The CDSC is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less.
First American Funds  2007 Annual Report       21

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Notes to  Financial Statements    October 31, 2007, all dollars and shares are rounded to thousands (000)
  For the fiscal period ended October 31, 2007, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:
             
Fund   Amount    
 
Quantitative Large Cap Core Fund
   $ 2      
Quantitative Large Cap Growth Fund
     —      
Quantitative Large Cap Value Fund
     —      
 
4 > Capital Share Transactions
  FAIF has 358 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:
                                   
    Quantitative     Quantitative     Quantitative    
    Large Cap     Large Cap     Large Cap    
    Core Fund     Growth Fund     Value Fund    
                   
    7/31/071     7/31/071     7/31/071    
    to     to     to    
    10/31/07     10/31/07     10/31/07    
                   
Class A:
                                
 
Shares issued
     5         2         1      
 
Shares issued in lieu of cash distributions
     —         —         —      
 
Shares redeemed
     —         —         —      
                         
Total Class A transactions
     5         2         1      
                         
Class C:
                                
 
Shares issued
     1         1         —      
 
Shares issued in lieu of cash distributions
     —         —         —      
 
Shares redeemed
     —         —         —      
                         
Total Class C transactions
     1         1         —      
                         
Class R:
                                
 
Shares issued
     —         —         —      
 
Shares issued in lieu of cash distributions
     —         —         —      
 
Shares redeemed
     —         —         —      
                         
Total Class R transactions
     —         —         —      
                         
Class Y:
                                
 
Shares issued
     1,887         280         280      
 
Shares issued in lieu of cash distributions
     5         1         1      
 
Shares redeemed
     (80 )       —         —      
                         
Total Class Y transactions
     1,812         281         281      
                         
Net increase in capital shares
     1,818         284         282      
                         
1 Commencement of operations
5 > Investment Security Transactions
  During the fiscal period ended October 31, 2007, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows:
                     
Fund   Purchases   Sales    
 
Quantitative Large Cap Core Fund
   $ 63,558     $ 18,910      
Quantitative Large Cap Growth Fund
     10,097       3,177      
Quantitative Large Cap Value Fund
     9,988       3,455      
 
  The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities for federal income tax purposes at October 31, 2007, were as follows:
                                 
                Federal
    Aggregate   Aggregate       Income
    Gross   Gross       Tax
Fund   Appreciation   Depreciation   Net   Cost
 
Quantitative Large Cap
Core Fund
   $ 3,413     $ (489 )   $ 2,924     $ 45,890  
Quantitative Large Cap
Growth Fund
     711       (84 )     627       7,134  
Quantitative Large Cap
Value Fund
     388       (49 )     339       7,092  
 
6 > Sector Risks
  Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. As of October 31, 2007, Quantitative Large Cap Growth Fund had a significant portion of its assets invested in the information
22      First American Funds  2007 Annual Report

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  technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole.
7 > Indemnifications
  The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
8 > New Accounting Pronouncements
  On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current period. Adoption of FIN 48 is required for fiscal periods beginning after December 15, 2006, and is to be applied to all open tax periods as of the effective date. Recent Securities and Exchange Commission guidance allows implementing FIN 48 in fund net asset value calculations as late as the funds’ last net asset value calculation in the first required financial statement reporting period. As a result, the funds will incorporate FIN 48 in their semiannual report on April 30, 2008. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.
 
  In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosure about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of October 31, 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.
First American Funds  2007 Annual Report       23

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Notice to  Shareholders     October 31, 2007 (unaudited)
TAX INFORMATION
  The information set forth below is for each fund’s fiscal period as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal periods of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2008 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.
 
  For the fiscal period ended October 31, 2007, each fund has designated long term capital gains and ordinary income with regard to distributions paid during the period as follows:
                         
    Long Term   Ordinary    
    Capital Gains   Income   Total
    Distributions   Distributions   Distributions
Fund   (Tax Basis) (a)   (Tax Basis) (a)   (Tax Basis) (a)
 
Quantitative Large Cap Core Fund
     — %     100 %     100 %
Quantitative Large Cap Growth Fund
     —       100       100  
Quantitative Large Cap Value Fund
     —       100       100  
 
  (a)  Based on a percentage of the fund’s total distributions.
Shareholder Notification of Federal Tax Status:
  Each fund has designated the following percentages of the ordinary income distributions during the fiscal period ended October 31, 2007 as dividends qualifying for the dividends received deduction available to corporate shareholders:
                         
Fund            
 
Quantitative Large Cap Core Fund
                     100.00 %
Quantitative Large Cap Growth Fund
                     100.00  
Quantitative Large Cap Value Fund
                     97.10  
 
  In addition, each fund has designated the following percentages of the ordinary income distributions from net investment income during the fiscal period ended October 31, 2007 as qualified dividend income available to individual shareholders under the Jobs and Growth Tax Relief Reconciliation Act of 2003:
                         
Fund            
 
Quantitative Large Cap Core Fund
                     100.00 %
Quantitative Large Cap Growth Fund
                     100.00  
Quantitative Large Cap Value Fund
                     99.48  
 
Additional Information Applicable to Foreign Shareholders Only:
  The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for each fund was as follows:
                         
Fund            
 
Quantitative Large Cap Core Fund
                     5.28 %
Quantitative Large Cap Growth Fund
                     3.43  
Quantitative Large Cap Value Fund
                     3.23  
 
  The percentage of ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for each fund was as follows:
                         
Fund            
 
Quantitative Large Cap Core Fund
                     0.00 %
Quantitative Large Cap Growth Fund
                     0.00  
Quantitative Large Cap Value Fund
                     0.00  
 
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES
  A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities is available
24      First American Funds  2007 Annual Report

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  (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission’s website at www.sec.gov.
FORM N-Q HOLDINGS INFORMATION
  Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds’ Forms N-Q are available (1) without charge upon request by calling 800.677.FUND and (2) on the U.S. Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.
QUARTERLY PORTFOLIO HOLDINGS
  Each fund will make portfolio holdings information publicly available by posting the information at www.firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 business days of the calendar quarter-end.
First American Funds  2007 Annual Report       25

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Notice to  Shareholders     October 31, 2007 (unaudited)
Directors and Officers of the Funds
                         
Independent Directors
 
    Other
    Position(s)   Term of Office       Number of Portfolios   Directorships
Name, Address, and   Held   and Length of   Principal Occupation(s)   in Fund Complex   Held by
Year of Birth   with Funds   Time Served   During Past 5 Years   Overseen by Director   Director †
 
Benjamin R. Field III
P.O. Box 1329
Minneapolis, MN
55440-1329
(1938)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003   Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through February 2004   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Roger A. Gibson
P.O. Box 1329
Minneapolis, MN
55440-1329
(1946)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997   Director, Charterhouse Group, Inc., a private equity firm, since October 2005; Vice President and Chief Operating Officer, Cargo-United Airlines, from July 2001 through July 2004   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Victoria J. Herget
P.O. Box 1329
Minneapolis, MN
55440-1329
(1951)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003   Investment consultant and non-profit board member   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
John P. Kayser
P.O. Box 1329
Minneapolis, MN
55440-1329
(1949)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 2006   Retired; Principal from 1983 to 2004 and Chief Financial Officer and Chief Administrative Officer from 1988 to 2002, William Blair & Company, LLC   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Leonard W. Kedrowski
P.O. Box 1329
Minneapolis, MN
55440-1329
(1941)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993   Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
Richard K. Riederer
P.O. Box 1329
Minneapolis, MN
55440-1329
(1944)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001   Owner and Chief Executive Officer, RKR Consultants, Inc. and non-profit board member since 2005   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios   Cleveland Cliffs Inc (a producer of iron ore pellets)
 
Joseph D. Strauss
P.O. Box 1329
Minneapolis, MN
55440-1329
(1940)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 1991   Attorney At Law, Owner, and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman, and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning, and public relations organization; Owner, Chairman, and Chief Executive Officer, Excensus™, LLC, a strategic demographic planning and application development firm since 2001   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
26      First American Funds  2007 Annual Report

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Independent Directors — concluded
 
    Other
    Position(s)   Term of Office       Number of Portfolios   Directorships
Name, Address, and   Held   and Length of   Principal Occupation(s)   in Fund Complex   Held by
Year of Birth   with Funds   Time Served   During Past 5 Years   Overseen by Director   Director †
 
Virginia L. Stringer
P.O. Box 1329
Minneapolis, MN
55440-1329
(1944)		   Chair; Director   Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FAIF since September 1987   Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company through 2003   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
James M. Wade
P.O. Box 1329
Minneapolis, MN
55440-1329
(1943)		   Director   Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001   Owner and President, Jim Wade Homes, a homebuilding company   First American Funds Complex: twelve registered investment companies, including sixty-two portfolios     None  
 
†  Includes only directorships in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act or subject to the requirements of Section 15(d) of the Securities Exchange Act, or any company registered as an investment company under the Investment Company Act.
The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800-677-FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.
First American Funds  2007 Annual Report       27

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Notice to  Shareholders     October 31, 2007 (unaudited)
             
Officers
 
    Position(s)   Term of Office    
Name, Address, and   Held   and Length of    
Year of Birth   with Funds   Time Served   Principal Occupation(s) During Past 5 Years
 
Thomas S. Schreier, Jr.
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1962)*		   President   Re-elected by the Board annually; President of FAIF since February 2001   Chief Executive Officer of FAF Advisors, Inc.; Chief Investment Officer of FAF Advisors, Inc., since September 2007
 
Jeffery M. Wilson
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1956)*		   Vice President – Administration   Re-elected by the Board annually; Vice President — Administration of FAIF since March 2000   Senior Vice President of FAF Advisors, Inc.
 
Charles D. Gariboldi, Jr.
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1959)*		   Treasurer   Re-elected by the Board annually; Treasurer of FAIF since October 2004   Mutual Funds Treasurer, FAF Advisors, Inc., since October 2004; prior thereto, Vice President of Investment Accounting and Fund Treasurer for Thrivent Financial for Lutherans
 
Jill M. Stevenson
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1965)*		   Assistant Treasurer   Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005   Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director, Senior Project Manager, FAF Advisors, Inc. from May 2003 to September 2005; prior thereto, Vice President, Director of Operations, Paladin Investment Associates, LLC
 
David H. Lui
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1960)*		   Chief Compliance Officer   Re-elected by the Board annually; Chief Compliance Officer of FAIF since March 2005   Chief Compliance Officer for First American Funds and FAF Advisors, Inc., since March 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004 to March 2005; prior thereto, Vice President, Charles Schwab & Co., Inc.
 
Jason K. Mitchell
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1976)*		   Anti-Money Laundering Officer   Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since September 2006   Compliance Manager, FAF Advisors, Inc., since June 2006; prior thereto, Compliance Analyst, FAF Advisors, Inc. from October 2004 to June 2006; prior thereto, Senior Systems Helpdesk Analyst, Wachovia Retirement Services from November 2002 to October 2004; prior thereto, Senior Retirement Plan Specialist, PFPC, Inc.
 
Kathleen L. Prudhomme
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1953)*		   Secretary   Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998 through December 2004   Deputy General Counsel, FAF Advisors, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
 
James D. Alt
Dorsey & Whitney LLP
50 South Sixth Street
Suite 1500,
Minneapolis, MN 55402
(1951)		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002   Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
 
Brett L. Agnew
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1971)*		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004   Counsel, FAF Advisors, Inc., since August 2004; prior thereto, Senior Counsel, Thrivent Financial for Lutherans
 
James R. Arnold
U.S. Bancorp Fund
Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
(1957)*		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003   Senior Vice President, U.S. Bancorp Fund Services, LLC
 
Richard J. Ertel
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(1967)*		   Assistant Secretary   Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004   Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc. from September 2004 to May 2006; prior thereto, Counsel, FAF Advisors, Inc. from May 2003 to August 2004; prior to May 2003, Associate Counsel, Hartford Life and Accident Insurance Company
 
*  Messrs. Schreier, Wilson, Gariboldi, Lui, Mitchell, Agnew and Ertel, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of FAF Advisors, Inc., which serves as investment adviser and administrator for FAIF. Mr. Arnold is an officer of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as Transfer Agent for FAIF.
28      First American Funds  2007 Annual Report

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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.

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(FIRST AMERICAN FUNDS LOGO)
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.
0153-07 12/2007 AR-QUANT

Item 2—Code of Ethics
The registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. During the period covered by this report, there were no amendments to the provisions of the registrant’s code of ethics that apply to the registrant’s principal executive officer and principal financial officer and that relate to any element of the code of ethics definition enumerated in this Item. During the period covered by this report, the registrant did not grant any waivers, including implicit waivers, from any provision of its code of ethics. The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by calling 1-800-677-3863.
Item 3—Audit Committee Financial Expert
The registrant’s Board of Directors has determined that Leonard W. Kedrowski, Benjamin R. Field III, John P. Kayser, and Richard K. Riederer, members of the registrant’s Audit Committee, are each an “audit committee financial expert” and are “independent,” as these terms are defined in this Item.
Item 4—Principal Accountant Fees and Services
(a)   Audit Fees — Ernst & Young LLP (“E&Y”) billed the registrant audit fees totaling $938,498 in the fiscal period ended October 31, 2007 and $1,066,262 in the fiscal year ended October 31, 2006, including fees associated with the annual audit, SEC Rule 17f-2 security count filings and filings of the registrant’s Form N-CSR.
 
(b)   Audit-Related Fees — E&Y billed the registrant audit-related fees totaling $4,117 in the fiscal period ended October 31, 2007 and $3,288 in the fiscal year ended October 31, 2006, including fees associated with the semi-annual review of fund disclosures.
 
(c)   Tax Fees — E&Y billed the registrant fees of $159,670 in the fiscal period ended October 31, 2007 and $160,419 in the fiscal year ended October 31, 2006, for tax services, including tax compliance, tax advice and tax planning. Tax compliance, tax advice and tax planning services primarily related to preparation of original and amended tax returns, timely RIC qualification reviews, and tax distribution analysis and planning.
 
(d)   All Other Fees — There were no fees billed by E&Y for other services to the registrant during the fiscal period ended October 31, 2007 and the fiscal year ended October 31, 2006.
 
(e)(1)   The audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X are set forth below:
 
    Audit Committee policy regarding pre-approval of services provided by the Independent Auditor
 
    The Audit Committee of the First American Funds (“Committee”) has responsibility for ensuring that all services performed by the independent audit firm for the funds do not impair the firm’s independence. This review is intended to provide reasonable oversight without removing management from its responsibility for day-to-day operations. In this regard, the Committee should:
  •   Understand the nature of the professional services expected to be provided and their impact on auditor independence and audit quality
 
  •   Examine and evaluate the safeguards put into place by the Company and the auditor to safeguard independence
 
  •   Meet quarterly with the partner of the independent audit firm
 
  •   Consider approving categories of service that are not deemed to impair independence for a one-year period
It is important that a qualitative rather than a mere quantitative evaluation be performed by the Committee in discharging its responsibilities.
Policy for Audit and Non-Audit Services Provided to the Funds

 

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On an annual basis, the Committee will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the funds’ independent audit firm directly for the funds. At least annually the Committee will receive a report from the independent audit firm of all audit and non-audit services, which were approved during the year.
The engagement of the independent audit firm for any non-audit service requires the written pre-approval of the Treasurer of the funds and all non-audit services performed by the independent audit firm will be disclosed in the required SEC periodic filings.
In connection with the Committee review and pre-approval responsibilities, the review by the Committee will consist of the following:
Audit Services
The categories of audit services and related fees to be reviewed and considered for pre-approval annually by the Committee or its delegate include the following:
  •   Annual Fund financial statement audits
 
  •   Seed audits (related to new product filings, as required)
 
  •   SEC and regulatory filings and consents
     Audit-related Services
In addition, the following categories of audit-related services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.
  •   Accounting consultations
 
  •   Fund merger support services
 
  •   Other accounting related matters
 
  •   Agreed Upon Procedure Reports
 
  •   Attestation Reports
 
  •   Other Internal Control Reports
Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.
     Tax Services
The following categories of tax services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.
  •   Tax compliance services related to the filing or amendment of the following:
  •   Federal, state and local income tax compliance, and
 
  •   Sales and use tax compliance
  •   Timely RIC qualification reviews
 
  •   Tax distribution analysis and planning
 
  •   Tax authority examination services

 

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  •   Tax appeals support services
 
  •   Accounting methods studies
 
  •   Fund merger support services
 
  •   Tax consulting services and related projects
Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.
     Other Non-audit Services
The SEC auditor independence rules adopted in response to the Sarbanes-Oxley Act specifically allow certain non-audit services. Because of the nature of these services, none of these services may be commenced by the independent audit firm without the prior approval of the Committee. The Committee may delegate this responsibility to one or more of the Committee members, with the decisions presented to the full Committee at the next scheduled meeting.
     Proscribed Services
In accordance with SEC rules on independence, the independent audit firm is prohibited from performing services in the following categories of non-audit services:
  •   Management functions
 
  •   Accounting and bookkeeping services
 
  •   Internal audit services
 
  •   Financial information systems design and implementation
 
  •   Valuation services supporting the financial statements
 
  •   Actuarial services supporting the financial statements
 
  •   Executive recruitment
 
  •   Expert services (e.g., litigation support)
 
  •   Investment banking
Policy for Pre-approval of Non-Audit Services Provided to Other Entities within the Investment Company Complex
The Committee is also responsible for pre-approving certain non-audit services provided to FAF Advisors, Inc., U.S. Bank N.A., Quasar Distributors, U.S. Bancorp Fund Services, LLC and any other entity under common control with FAF Advisors, Inc., that provides ongoing services to the funds. The only non-audit services provided to these entities which require pre-approval are those services that relate directly to the operations and financial reporting of the funds.
Although the Committee is not required to pre-approve all services provided to FAF Advisors, Inc. and other affiliated service providers, the Committee will annually receive a report from the independent audit firm on the aggregate fees for all services provided to U.S. Bancorp and affiliates.
(e)(2)   All of the services described in paragraphs (b) through (d) of this Item 4 were pre-approved by the audit committee.
 
(f)   All services performed on the engagement to audit the registrant’s financial statements for the most recent fiscal period end were performed by the principal accountant’s full-time, permanent employees.

 

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(g)   The aggregate non-audit fees billed by E&Y to the registrant, the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, totaled $163,787 in the fiscal period October 31, 2007 and $163,707 in the fiscal year ended October 31, 2006.
 
(h)   The registrant’s audit committee has determined that the provision of non-audit services to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved is compatible with maintaining E&Y’s independence.
Item 5—Audit Committee of Listed Registrants
Not applicable.
Item 6—Schedule of Investments
The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8—Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10—Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this item.
Item 11—Controls and Procedures
(a)   The registrant’s principal executive officer and principal financial officer have evaluated the effectiveness of the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely.
 
(b)   There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12—Exhibits
(a)(1)   Not applicable. Registrant’s code of ethics is provided to any person upon request without charge.
 
(a)(2)   Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed as exhibits hereto.
 
(a)(3)   Not applicable.
 
(b)   Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 are filed as exhibits hereto.

 

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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: January 7, 2008
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: January 7, 2008
         
     
By:   /s/ Charles D. Gariboldi, Jr.    
  Charles D. Gariboldi, Jr.     
  Treasurer     
 
Date: January 7, 2008