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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: April 30, 2008

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

Explanation of Financial Statements

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

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

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

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

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

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

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

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

First American Funds 2008 Semiannual Report 1

Real Estate Securities Fund¹

Top 10 Holdings (% of net assets)


Simon Property Group	7	.5%
Prologis	5	.1
Boston Properties	4	.5
Public Storage	4	.3
Vornado Realty Trust	3	.8
Ventas	3	.3
Avalonbay Communities	3	.1
Federal Realty Investment Trust	2	.5
General Growth Properties	2	.3
SL Green Realty	2	.3

Sector Allocation (% of net assets)


Office	17	.0%
Apartments	15	.3
Malls	13	.9
Industrials	11	.8
Community Centers	9	.9
Healthcare	8	.9
Diversified	7	.9
Hotels	5	.7
Self Storage	4	.9
Net Lease	2	.3
Investment Companies	0	.8
Manufactured Homes	0	.2
Student Housing	0	.1
Real Estate Service Provider	0	.0
Private Real Estate Company	0	.0
Short-Term Investment	2	.1
Other Assets and Liabilities, Net²	(0	.8)

	100	.0%

Global Infrastructure Fund¹

Top 10 Holdings (% of net assets)


Atlantia	3	.5%
National Grid – ADR	3	.0
Macquarie Airports	2	.6
Cintra Concesiones de Infraestructuras de Transporte	2	.4
TransCanada	2	.2
Abertis Infraestructuras	2	.0
Northeast Utilities	2	.0
BKW FMB Energie	1	.9
Snam Rete Gas	1	.9
Fraport	1	.9

Country Allocation (% of net assets)


United States	18	.3%
Spain	9	.8
France	8	.3
Great Britain	7	.5
Italy	7	.3
Australia	6	.9
Canada	5	.3
Hong Kong	5	.1
Brazil	4	.6
Germany	4	.5
Other	22	.3
Short-Term Investment	1	.4
Other Assets and Liabilities, Net²	(1	.3)

	100	.0%

International Select Fund¹

Top 10 Holdings (% of net assets)


State Street GA Prime Fund	13	.5%
Samsung Electronics – GDR	1	.2
Nestle	1	.2
Kookmin Bank – ADR	1	.1
Vivendi Universal	1	.0
Total	0	.9
Vestas Wind System	0	.9
Companhia Vale do Rio Doce – ADR	0	.9
Nipponkoa Insurance	0	.8
WPP Group	0	.8

Country Allocation (% of net assets)


Japan	11	.6%
Great Britain	10	.7
France	6	.2
Brazil	5	.7
Germany	5	.4
Switzerland	4	.5
South Korea	4	.3
Italy	4	.3
South Africa	3	.5
India	2	.8
Other	26	.7
Exchange-Traded Funds	0	.2
Short-Term Investments	14	.3
Other Assets and Liabilities, Net²	(0	.2)

	100	.0%

Small Cap Growth Opportunities Fund¹

Top 10 Holdings (% of net assets)


Polycom	2	.4%
Eurand	2	.0
Quest Software	1	.9
Parallel Petroleum	1	.9
Dril-Quip	1	.8
Hologic	1	.7
Wright Medical Group	1	.7
NuVasive	1	.7
Warnaco Group	1	.7
Gymboree	1	.6

Sector Allocation (% of net assets)


Information Technology	24	.7%
Healthcare	21	.7
Consumer Discretionary	14	.7
Industrials	13	.7
Financials	10	.9
Energy	7	.9
Materials	2	.3
Consumer Staples	1	.6
Warrants	0	.0
Short-Term Investment	1	.0
Other Assets and Liabilities, Net²	1	.5

	100	.0%

Small Cap Select Fund¹

Top 10 Holdings (% of net assets)


ESCO Technologies	2	.3%
Pediatrix Medical Group	2	.3
Knight Capital Group, Class A	2	.1
K-V Pharmaceutical, Class A	2	.0
Skechers U.S.A., Class A	1	.8
WMS Industries	1	.8
Cullen/Frost Bankers	1	.8
Comstock Resources	1	.8
First American Prime Obligations Fund, Class Z	1	.8
SonoSite	1	.7

Sector Allocation (% of net assets)


Information Technology	19	.1%
Healthcare	16	.7
Financials	16	.5
Consumer Discretionary	15	.8
Industrials	13	.0
Energy	9	.1
Materials	5	.0
Consumer Staples	1	.7
Telecommunication Services	0	.6
Utilities	0	.6
Short-Term Investment	1	.8
Other Assets and Liabilities, Net²	0	.1

	100	.0%

Small-Mid Cap Core Fund¹

Top 10 Holdings (% of net assets)


Schnitzer Steel Industries, Class A	3	.6%
Intuitive Surgical	3	.3
WMS Industries	3	.0
BioMarin Pharmaceutical	2	.9
Pediatrix Medical Group	2	.8
Corn Products International	2	.6
Terra Industries	2	.3
BioMed Realty Trust – REIT	2	.3
Dril-Quip	2	.2
Swift Energy	2	.1

Sector Allocation (% of net assets)


Financials	19	.2%
Information Technology	15	.3
Consumer Discretionary	14	.6
Healthcare	14	.2
Materials	11	.4
Industrials	10	.4
Energy	7	.2
Utilities	3	.0
Consumer Staples	2	.6
Telecommunication Services	1	.1
Short-Term Investment	2	.0
Other Assets and Liabilities, Net²	(1	.0)

	100	.0%

Mid Cap Growth Opportunities Fund¹

Top 10 Holdings (% of net assets)


Weatherford International	2	.8%
American Tower, Class A	2	.6
Intersil, Class A	2	.6
MasterCard, Class A	2	.6
Flowserve	2	.3
Southwestern Energy	2	.2
Abercrombie & Fitch, Class A	2	.1
Cameron International	2	.1
Polo Ralph Lauren	2	.0
Precision Castparts	1	.9

Sector Allocation (% of net assets)


Information Technology	19	.8%
Energy	17	.3
Healthcare	15	.5
Industrials	15	.5
Consumer Discretionary	12	.9
Financials	7	.8
Materials	5	.7
Telecommunication Services	5	.1
Short-Term Investment	0	.7
Other Assets and Liabilities, Net²	(0	.3)

	100	.0%

Mid Cap Value Fund¹

Top 10 Holdings (% of net assets)


Edison International	3	.0%
Eaton	2	.4
PPL	2	.3
ConAgra Foods	2	.3
Omnicom Group	2	.3
Noble Energy	2	.1
Sempra Energy	2	.0
Hess	2	.0
Burger King Holdings	2	.0
Pactiv	1	.9

Sector Allocation (% of net assets)


Financials	25	.4%
Consumer Discretionary	15	.2
Utilities	12	.6
Materials	11	.3
Energy	8	.4
Industrials	8	.1
Information Technology	7	.2
Consumer Staples	4	.9
Telecommunication Services	3	.3
Healthcare	1	.6
Short-Term Investment	1	.2
Other Assets and Liabilities, Net²	0	.8

	100	.0%

Large Cap Growth Opportunities Fund¹

Top 10 Holdings (% of net assets)


Apple	3	.5%
Cisco Systems	3	.1
Oracle	2	.7
Hewlett-Packard	2	.6
Intel	2	.6
Abbott Laboratories	2	.2
CVS Caremark	2	.1
Monsanto	2	.0
Corning	1	.9
MEMC Electronic Materials	1	.9

Sector Allocation (% of net assets)


Information Technology	31	.0%
Healthcare	14	.4
Energy	11	.6
Industrials	11	.3
Consumer Discretionary	10	.4
Consumer Staples	7	.1
Materials	5	.8
Financials	5	.5
Telecommunication Services	2	.3
Short-Term Investment	0	.7
Other Assets and Liabilities, Net²	(0	.1)

	100	.0%

Large Cap Select Fund¹

Top 10 Holdings (% of net assets)


Cisco Systems	4	.4%
Goldman Sachs Group	3	.5
Microsoft	2	.9
Hewlett-Packard	2	.8
American International Group	2	.7
Occidental Petroleum	2	.6
Apache	2	.4
Apple	2	.4
CVS Caremark	2	.2
SPX	2	.2

Sector Allocation (% of net assets)


Information Technology	24	.4%
Financials	21	.6
Energy	13	.2
Consumer Discretionary	13	.0
Healthcare	12	.1
Industrials	8	.6
Consumer Staples	4	.2
Telecommunication Services	1	.6
Real Estate	1	.0
Short-Term Investment	0	.4
Other Assets and Liabilities, Net²	(0	.1)

	100	.0%

Large Cap Value Fund¹

Top 10 Holdings (% of net assets)


Exxon Mobil	4	.9%
JPMorgan Chase	4	.1
Chevron	3	.8
AT&T	3	.7
Bank of America	3	.3
Occidental Petroleum	2	.3
Norfolk Southern	2	.2
Waste Management	2	.2
ACE	2	.2
Johnson & Johnson	2	.1

Sector Allocation (% of net assets)


Financials	23	.1%
Energy	17	.0
Industrials	9	.8
Healthcare	8	.3
Information Technology	7	.4
Consumer Discretionary	7	.0
Utilities	6	.4
Materials	6	.1
Consumer Staples	6	.0
Telecommunication Services	5	.3
Short-Term Investment	0	.2
Other Assets and Liabilities, Net²	3	.4

	100	.0%

Balanced Fund¹

Top 10 Holdings (% of net assets)


First American Prime Obligations Fund, Class Z	3	.3%
iShares MSCI EAFE Index Fund	2	.3
Cisco Systems	1	.9
Goldman Sachs Group	1	.5
Microsoft	1	.2
Hewlett-Packard	1	.2
American International Group	1	.1
Occidental Petroleum	1	.1
Apache	1	.0
Apple	1	.0

Portfolio Allocation (% of net assets)


Bonds	46	.6%
Stocks	46	.5
Investment Companies	2	.7
Short-Term Investments	4	.1
Other Assets and Liabilities, Net²	0	.1

	100	.0%

Equity Income Fund¹

Top 10 Holdings (% of net assets)


Exxon Mobil	4	.6%
AT&T	4	.0
BP, ADR	4	.0
General Electric	3	.4
ConocoPhillips	3	.3
Chevron	3	.3
AllianceBernstein Holding	3	.1
Abbott Laboratories	2	.7
American International Group	2	.5
Bank of America	2	.4

Sector Allocation (% of net assets)


Financials	18	.8%
Energy	15	.7
Information Technology	12	.2
Industrials	11	.9
Healthcare	9	.5
Consumer Staples	9	.3
Telecommunication Services	8	.3
Consumer Discretionary	6	.2
Materials	4	.5
Utilities	2	.1
Short-Term Investment	1	.5

	100	.0%

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from November 1, 2007 to April 30, 2008.

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 Examples for Comparison Purposes

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

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

Real Estate Securities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual²	$	1,000.00	$	939.40	$	5.93


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.17



Class B Actual²	$	1,000.00	$	935.80	$	9.53


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.02	$	9.92



Class C Actual²	$	1,000.00	$	936.10	$	9.53


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.02	$	9.92



Class R Actual²	$	1,000.00	$	938.00	$	7.13


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.42



Class Y Actual²	$	1,000.00	$	940.60	$	4.73


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.99	$	4.92


¹	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/366 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended April 30, 2008 of -6.06%, -6.42%, -6.39%, -6.20%, and -5.94% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Semiannual Report 7

Expense Examples continued

Global Infrastructure Fund


					Expenses Paid During
			Ending Account		Period² (12/17/07 to
	Beginning Account Value (12/17/07)¹		Value (4/30/08)		4/30/08)

Class A Actual³	$	1,000.00	$	997.00	$	4.64


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.93	$	4.68



Class Y Actual³	$	1,000.00	$	997.00	$	3.71


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.86	$	3.74


¹	Inception date of the fund was December 17, 2007.

²	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the period December 17, 2007 through April 30, 2008 of 1.25% for Class A and 1.00% for Class Y, multiplied by the average account value over the period, multiplied by the number of days since inception/366 (to reflect the period since inception).

³	Because the inception date of the fund was December 17, 2007, the information is based on the actual returns for the period December 17, 2007 through April 30, 2008 of -0.30% for Class A and -0.30% for Class Y.

International Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period⁴ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual⁵	$	1,000.00	$	928.80	$	7.15


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.47



Class B Actual⁵	$	1,000.00	$	925.20	$	10.72


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.72	$	11.22



Class C Actual⁵	$	1,000.00	$	925.10	$	10.72


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.72	$	11.22



Class R Actual⁵	$	1,000.00	$	927.90	$	8.34


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.21	$	8.72



Class Y Actual⁵	$	1,000.00	$	929.60	$	5.95


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.22


⁴	Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period).

⁵	Based on the actual returns for the six-month period ended April 30, 2008 of -7.12%, -7.48%, -7.49%, -7.21%, and -7.04% for Class A, Class B, Class C, Class R, and Class Y, respectively.

International Select Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period⁶ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual⁷	$	1,000.00	$	914.70	$	7.09


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.47



Class B Actual⁷	$	1,000.00	$	911.60	$	10.65


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.72	$	11.22



Class C Actual⁷	$	1,000.00	$	911.30	$	10.64


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.72	$	11.22



Class R Actual⁷	$	1,000.00	$	913.60	$	8.28


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.21	$	8.72



Class Y Actual⁷	$	1,000.00	$	916.00	$	5.91


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.22


⁶	Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period).

⁷	Based on the actual returns for the six-month period ended April 30, 2008 of -8.53%, -8.84%, -8.87%, -8.64%, and -8.40% for Class A, Class B, Class C, Class R, and Class Y, respectively.

8 First American Funds 2008 Semiannual Report

Small Cap Growth Opportunities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual²	$	1,000.00	$	851.80	$	6.77


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.37



Class B Actual²	$	1,000.00	$	848.10	$	10.20


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.82	$	11.12



Class C Actual²	$	1,000.00	$	848.50	$	10.20


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.82	$	11.12



Class R Actual²	$	1,000.00	$	850.60	$	7.91


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.31	$	8.62



Class Y Actual²	$	1,000.00	$	852.50	$	5.62


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.12


¹	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 1.47%, 2.22%, 2.22%, 1.72%, and 1.22% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended April 30, 2008 of -14.82%, -15.19%, -15.15%, -14.94%, and -14.75% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Select Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual⁴	$	1,000.00	$	837.20	$	5.71


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.27



Class B Actual⁴	$	1,000.00	$	833.80	$	9.12


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.92	$	10.02



Class C Actual⁴	$	1,000.00	$	834.60	$	9.12


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.92	$	10.02



Class R Actual⁴	$	1,000.00	$	836.20	$	6.85


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.52



Class Y Actual⁴	$	1,000.00	$	838.30	$	4.57


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.89	$	5.02


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 2.00%, 1.50%, and 1.00% 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/366 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended April 30, 2008 of -16.28%, -16.62%, -16.54%, -16.38%, and -16.17% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Semiannual Report 9

Expense Examples continued

Small Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual²	$	1,000.00	$	885.00	$	6.05


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.47



Class B Actual²	$	1,000.00	$	881.30	$	9.59


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.67	$	10.27



Class C Actual²	$	1,000.00	$	881.40	$	9.59


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.67	$	10.27



Class R Actual²	$	1,000.00	$	884.40	$	7.26


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.16	$	7.77



Class Y Actual²	$	1,000.00	$	886.70	$	4.88


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.69	$	5.22


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.29%, 2.05%, 2.05%, 1.55%, and 1.04% 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/366 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended April 30, 2008 of -11.50%, -11.87%, -11.86%, -11.56%, and -11.33% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small-Mid Cap Core Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual⁴	$	1,000.00	$	908.80	$	6.69


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.07



Class B Actual⁴	$	1,000.00	$	905.50	$	10.23


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.12	$	10.82



Class C Actual⁴	$	1,000.00	$	905.40	$	10.23


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.12	$	10.82



Class Y Actual⁴	$	1,000.00	$	909.80	$	5.51


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	5.82


³	Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended April 30, 2008 of -9.12%, -9.45%, -9.46%, and -9.02% for Class A, Class B, Class C, and Class Y, respectively.

10 First American Funds 2008 Semiannual Report

Mid Cap Growth Opportunities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual²	$	1,000.00	$	895.50	$	5.70


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.07



Class B Actual²	$	1,000.00	$	892.00	$	9.22


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	9.82



Class C Actual²	$	1,000.00	$	892.10	$	9.22


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	9.82



Class R Actual²	$	1,000.00	$	894.30	$	6.88


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.32



Class Y Actual²	$	1,000.00	$	896.50	$	4.53


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.09	$	4.82


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/366 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended April 30, 2008 of -10.45%, -10.80%, -10.79%, -10.57%, and -10.35% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Mid Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual⁴	$	1,000.00	$	914.90	$	5.86


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.17



Class B Actual⁴	$	1,000.00	$	911.40	$	9.41


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.02	$	9.92



Class C Actual⁴	$	1,000.00	$	911.40	$	9.41


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.02	$	9.92



Class R Actual⁴	$	1,000.00	$	913.70	$	7.04


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.42



Class Y Actual⁴	$	1,000.00	$	916.10	$	4.67


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.99	$	4.92


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/366 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended April 30, 2008 of -8.51%, -8.86%, -8.86%, -8.63%, and -8.39% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Semiannual Report 11

Expense Examples continued

Large Cap Growth Opportunities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual²	$	1,000.00	$	907.90	$	5.64


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	5.97



Class B Actual²	$	1,000.00	$	904.40	$	9.19


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	9.72



Class C Actual²	$	1,000.00	$	904.20	$	9.18


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	9.72



Class R Actual²	$	1,000.00	$	906.80	$	6.83


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.70	$	7.22



Class Y Actual²	$	1,000.00	$	909.00	$	4.46


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.72


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.19%, 1.94%, 1.94%, 1.44%, and 0.94% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended April 30, 2008 of -9.21%, -9.56%, -9.58%, -9.32%, and -9.10% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Large Cap Select Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual⁴	$	1,000.00	$	903.10	$	5.73


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.07



Class B Actual⁴	$	1,000.00	$	899.90	$	9.26


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	9.82



Class C Actual⁴	$	1,000.00	$	897.80	$	9.25


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	9.82



Class R Actual⁴	$	1,000.00	$	902.10	$	6.86


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.27



Class Y Actual⁴	$	1,000.00	$	904.60	$	4.55


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.09	$	4.82


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.21%, 1.96%, 1.96%, 1.45%, 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/366 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended April 30, 2008 of -9.69%, -10.01%, -10.22%, -9.79%, and -9.54% for Class A, Class B, Class C, Class R, and Class Y, respectively.

12 First American Funds 2008 Semiannual Report

Large Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual²	$	1,000.00	$	928.50	$	5.71


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	5.97



Class B Actual²	$	1,000.00	$	925.10	$	9.29


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	9.72



Class C Actual²	$	1,000.00	$	925.70	$	9.29


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	9.72



Class R Actual²	$	1,000.00	$	927.70	$	6.90


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.70	$	7.22



Class Y Actual²	$	1,000.00	$	930.00	$	4.51


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.72


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.19%, 1.94%, 1.94%, 1.44%, and 0.94% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended April 30, 2008 of -7.15%, -7.49%, -7.43%, -7.23%, and -7.00% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Balanced Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual⁴	$	1,000.00	$	964.10	$	5.37


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.39	$	5.52



Class B Actual⁴	$	1,000.00	$	961.10	$	9.02


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.66	$	9.27



Class C Actual⁴	$	1,000.00	$	960.50	$	9.02


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.66	$	9.27



Class R Actual⁴	$	1,000.00	$	962.80	$	6.59


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	6.77



Class Y Actual⁴	$	1,000.00	$	966.30	$	4.16


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.64	$	4.27


³	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 1.10%, 1.85%, 1.85%, 1.35%, and 0.85% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended April 30, 2008 of -3.59%, -3.89%, -3.95%, -3.72%, and -3.37% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Semiannual Report 13

Expense Examples concluded

Equity Income Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual²	$	1,000.00	$	919.50	$	5.58


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.87



Class B Actual²	$	1,000.00	$	916.30	$	9.15


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.32	$	9.62



Class C Actual²	$	1,000.00	$	916.50	$	9.15


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.32	$	9.62



Class R Actual²	$	1,000.00	$	918.90	$	6.77


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.80	$	7.12



Class Y Actual²	$	1,000.00	$	921.30	$	4.39


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.29	$	4.62


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/366 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended April 30, 2008 of -8.05%, -8.37%, -8.35%, -8.11%, and -7.87% for Class A, Class B, Class C, Class R, and Class Y, respectively.

14 First American Funds 2008 Semiannual Report

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Real Estate Securities Fund
DESCRIPTION	SHARES		VALUE


Real Estate Common Stocks (a) – 97.9%
Apartments – 15.3%
American Campus Communities (b) (c)		245,514	$	7,495
Apartment Investment & Management, Class A (b) (c)		225,723		8,347
Avalonbay Communities (b) (c)		256,886		25,624
Boardwalk Real Estate (c) (d) (e)		217,891		8,633
Camden Property Trust (b) (c)		123,783		6,549
Equity Residential Properties Trust (b) (c)		440,237		18,279
Essex Property Trust (b) (c)		127,672		15,193
Home Properties (b) (c)		216,266		11,369
Mid-America Apartment Communities (b) (c)		174,836		9,179
Northern Property (c) (e)		88,267		1,955
Post Properties (b) (c)		148,927		5,466
UDR (b) (c)		364,066		9,204

				127,293

Community Centers – 9.9%
Acadia Realty Trust (c)		215,207		5,518
Developers Diversified Realty (b) (c)		199,321		8,561
Eurocommercial Properties (c) (e)		18,006		1,040
Federal Realty Investment Trust (b) (c)		258,434		21,230
Kimco Realty (b) (c)		455,222		18,168
Kite Realty Group Trust (c)		143,359		1,947
Ramco-Gershenson Properties Trust (c)		27,527		618
Regency Centers (b) (c)		229,169		16,402
Saul Centers (b) (c)		160,211		7,994
Urstadt Biddle Properties, Class A (c)		11,428		193
Weingarten Realty Investors (b) (c)		23,167		855

				82,526

Diversified – 7.9%
Brixton (c) (e)		1,216,543		7,214
Colonial Properties Trust (b) (c)		216,023		5,234
Cousins Properties (b) (c)		166,671		4,235
Forest City Enterprises, Class A		304,045		11,232
Mission West Properties (b) (c)		49,329		587
Standard Parking (d)		122,410		2,623
Vornado Realty Trust (b) (c)		339,048		31,562
Washington Real Estate Investment Trust (b) (c)		94,268		3,349

				66,036

Healthcare – 8.9%
Brookdale Senior Living (b)		190,278		4,981
Capital Senior Living (d)		710,655		6,048
HCP (b) (c)		461,007		16,458
Health Care REIT (b) (c)		193,593		9,379
LTC Properties (c)		43,508		1,185
OMEGA Healthcare Investors (b) (c)		115,251		2,017
Parkway Life (c) (e)		945,184		864
Skilled Healthcare Group, Class A (d)		351,894		4,258
Universal Health Realty Income Trust (c)		63,852		2,142
Ventas (b) (c)		561,456		27,264

				74,596

Hotels – 5.7%
DiamondRock Hospitality (b) (c)		542,957		6,923
Gaylord Entertainment (b) (d)		28,249		837
Hersha Hospitality Trust (c)		19,270		183
Host Marriott (b) (c)		1,032,995		17,767
LaSalle Hotel Properties (b) (c)		93,785		3,008
Marcus		23,104		383
Marriott International, Class A (b)		444,251		15,238
Red Lion Hotels (b) (d)		75,178		713
Strategic Hotels & Resorts (b) (c)		148,864		2,145

				47,197

Industrials – 11.8%
AMB Property (b) (c)		316,173		18,259
American Tower, Class A (d)		72,787		3,160
DCT Industrial Trust (b) (c)		464,565		4,646
EastGroup Properties (b) (c)		163,962		7,823
Forth Ports (e)		70,972		3,072
Kamigumi (e)		24,734		189
Macquarie Infrastructure (b)		278,006		8,229
Mapletree Logistics Trust (c) (e)		281,083		213
Mitsubishi Logistics (e)		61,482		837
Prologis (b) (c)		675,278		42,279
PS Business Parks (b) (c)		170,206		9,743

				98,450

Malls – 13.9%
CBL & Associates Properties (b) (c)		76,405		1,871
General Growth Properties (b) (c)		473,250		19,384
Macerich (b) (c)		232,172		16,979
Simon Property Group (b) (c)		627,373		62,649
Tanger Factory Outlet Centers (b) (c)		38,733		1,563
Taubman Centers (b) (c)		237,115		13,437

				115,883

Manufactured Homes – 0.2%
Equity Lifestyle Properties (b) (c)		35,449		1,753

Net Lease – 2.3%
Entertainment Properties Trust (b) (c)		54,868		2,928
National Retail Properties (b)		497,430		11,396
Realty Income (b) (c)		178,975		4,709

				19,033

Office – 17.0%
Alexandria Real Estate Equities (b) (c)		147,849		15,529
BioMed Realty Trust (b) (c)		46,965		1,221
Boston Properties (b) (c)		371,408		37,323
Brookfield Asset Management, Class A		132,400		4,332
Brookfield Properties (b)		652,649		13,138
Cogdell Spencer (b) (c)		368,531		6,243
Digital Realty Trust (b) (c)		291,312		11,288
Douglas Emmett (b) (c)		439,484		10,442
Duke Realty (b) (c)		381,051		9,305
DuPont Fabros Technology (b) (c)		219,555		3,952
Highwoods Properties (b) (c)		65,583		2,298
Kilroy Realty (b) (c)		109,788		5,744
Maguire Properties (b) (c)		106,142		1,709
SL Green Realty (b) (c)		204,228		18,952

				141,476

Real Estate Service Provider – 0.0%
HFF (d)		67,576		425

Self Storage – 4.9%
Extra Space Storage (b) (c)		92,771		1,562
Public Storage (b) (c)		392,426		35,593
Sovran Self Storage (b) (c)		79,447		3,551

				40,706

Student Housing – 0.1%
Education Realty Trust (c)		56,659		756

Total Real Estate Common Stocks
(Cost $657,338)				816,130

First American Funds 2008 Semiannual Report 15

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Real Estate Securities Fund (concluded)
DESCRIPTION	SHARES		VALUE


Investment Companies – 0.8%
Macquarie Global Infrastructure Total Return Fund (b)		131,504	$	3,678
Seligman Lasalle International Real Estate (b)		74,211		1,243
SPDR Macquarie Global Infrastructure 100 Index (b)		20,596		1,194

Total Investment Companies
(Cost $6,110)				6,115

Private Real Estate Company – 0.0%
Newcastle Investment Holdings (d) (f) (g)
(Cost $153)		35,000		117

Short-Term Investment – 2.1%
First American Prime Obligations Fund, Class Z (h)
(Cost $17,583)		17,582,822		17,583

Investment Purchased with Proceeds from Securities Lending – 50.9%
Mount Vernon Securities Lending Prime Portfolio (i)
(Cost $424,000)		424,000,374		424,000

Total Investments – 151.7%
(Cost $1,105,184)				1,263,945

Other Assets and Liabilities, Net – (51.7)%				(430,412	)

Total Net Assets – 100.0%			$	833,533


(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)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $405,632 at April 30, 2008. See note 2 in Notes to Financial Statements.

(c)	Real Estate Investment Trust. As of April 30, 2008, the market value of these investments was $725,039, or 87.0% of total net assets.

(d)	Non-income producing security.

(e)	Foreign denominated security values stated in U.S. dollars.

(f)	Security is considered illiquid or restricted. As of April 30, 2008, the value of this investment was $117 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(g)	Security is fair valued. As of April 30, 2008, the value of this investment was $117 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

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

16 First American Funds 2008 Semiannual Report


Statement ofAssets and Liabilities	April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data



	Real Estate
	Securities Fund

Unaffiliated investments, at cost	$	663,601
Affiliated money market fund, at cost		17,583
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		424,000


ASSETS:
Unaffiliated investments, at value* (note 2)	$	822,362
Affiliated money market fund, at value (note 2)		17,583
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		424,000
Cash		16
Receivable for dividends and interest		699
Receivable for investments sold		21,288
Receivable for capital shares sold		2,330
Prepaid expenses and other assets		47


Total assets		1,288,325


LIABILITIES:
Payable for investments purchased		29,277
Payable upon return of securities loaned (note 2)		424,000
Payable for capital shares redeemed		820
Payable to affiliates (note 3)		614
Payable for distribution and shareholder servicing fees		58
Accrued expenses and other liabilities		23


Total liabilities		454,792


Net assets	$	833,533


COMPOSITION OF NET ASSETS:
Portfolio capital	$	741,605
Undistributed net investment income		2,739
Accumulated net realized loss on investments		(69,572	)
Net unrealized appreciation of investments		158,761


Net assets	$	833,533


* Including securities loaned, at value	$	405,632


Class A:
Net assets	$	166,713
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		8,644
Net asset value and redemption price per share	$	19.29
Maximum offering price per share¹	$	20.41
Class B:
Net assets	$	5,687
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		301
Net asset value, offering price, and redemption price per share²	$	18.86
Class C:
Net assets	$	15,115
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		798
Net asset value, offering price, and redemption price per share²	$	18.95
Class R:
Net assets	$	20,860
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1,071
Net asset value, offering price, and redemption price per share	$	19.48
Class Y:
Net assets	$	625,158
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		32,104
Net asset value, offering price, and redemption price per share	$	19.47


	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 2008 Semiannual Report 17

Real Estate Securities Fund (concluded)


Statement ofOperations	For the six-month period ended April 30, 2008 (unaudited), all dollars are rounded to thousands (000)



	Real Estate
	Securities Fund

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	15,801
Dividends from affiliated money market fund		181
Less: Foreign taxes withheld		(69	)
Securities lending income		618


Total investment income		16,531


EXPENSES (note 3):
Investment advisory fees		2,582
Administration fees		818
Transfer agent fees		94
Custodian fees		19
Legal fees		7
Audit fees		15
Registration fees		32
Postage and printing fees		30
Directors’ fees		13
Other expenses		10
Distribution and shareholder servicing fees – Class A		202
Distribution and shareholder servicing fees – Class B		29
Distribution and shareholder servicing fees – Class C		72
Distribution and shareholder servicing fees – Class R		42


Total expenses		3,965


Less: Fee waivers (note 3)		(5	)
Less: Indirect payments from custodian (note 3)		(3	)


Total net expenses		3,957


Investment income – net		12,574


REALIZED AND UNREALIZED LOSSES ON INVESTMENTS – NET (note 5):
Net realized loss on investments		(55,802	)
Net change in unrealized appreciation or depreciation of investments		(11,735	)


Net loss on investments		(67,537	)


Net decrease in net assets resulting from operations	$	(54,963	)

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

18 First American Funds 2008 Semiannual Report


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



	Real Estate
	Securities Fund

	Six-Month
	Period Ended
	4/30/08			Year Ended
	(unaudited)			10/31/07

OPERATIONS:
Investment income – net	$	12,574		$	20,209
Net realized gain (loss) on unaffiliated investments		(55,802	)		78,326
Net change in unrealized appreciation or depreciation of investments		(11,735	)		(95,107	)


Net increase (decrease) in net assets resulting from operations		(54,963	)		3,428


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2,037	)		(3,489	)
Class B		(50	)		(76	)
Class C		(128	)		(197	)
Class R		(197	)		(229	)
Class Y		(7,416	)		(11,675	)
Net realized gain on investments:
Class A		(22,068	)		(21,330	)
Class B		(816	)		(722	)
Class C		(2,036	)		(1,281	)
Class R		(2,193	)		(931	)
Class Y		(68,466	)		(65,821	)


Total distributions		(105,407	)		(105,751	)


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		32,344			105,664
Reinvestment of distributions		23,120			22,640
Payments for redemptions		(52,929	)		(127,551	)


Increase in net assets from Class A transactions		2,535			753


Class B:
Proceeds from sales		317			3,037
Reinvestment of distributions		749			730
Payments for redemptions (note 3)		(1,319	)		(2,757	)


Increase (decrease) in net assets from Class B transactions		(253	)		1,010


Class C:
Proceeds from sales		2,137			16,692
Reinvestment of distributions		1,688			1,193
Payments for redemptions (note 3)		(3,539	)		(9,390	)


Increase in net assets from Class C transactions		286			8,495


Class R:
Proceeds from sales		9,401			23,035
Reinvestment of distributions		2,390			1,152
Payments for redemptions		(5,929	)		(13,301	)


Increase in net assets from Class R transactions		5,862			10,886


Class Y:
Proceeds from sales		163,938			200,077
Reinvestment of distributions		46,430			42,649
Payments for redemptions		(124,862	)		(275,626	)


Increase (decrease) in net assets from Class Y transactions		85,506			(32,900	)


Increase (decrease) in net assets from capital share transactions		93,936			(11,756	)


Total decrease in net assets		(66,434	)		(114,079	)
Net assets at beginning of period		899,967			1,014,046


Net assets at end of period	$	833,533		$	899,967


Undistributed (distributions in excess of) net investment income at end of period	$	2,739		$	(7	)

First American Funds 2008 Semiannual Report 19

Real Estate Securities Fund (concluded)

Financial Highlights For a share outstanding throughout the indicated periods.



					Realized and
	Net Asset				Unrealized			Distributions						Net Asset
	Value		Net		Gains			from Net			Distributions			Value
	Beginning		Investment		(Losses) on			Investment			from Net			End of
	of Period		Income		Investments			Income			Realized Gains			Period

Real Estate Securities Fund¹
Class A
2008²	$	23.99	$	0.31	$	(2.04	)	$	(0.23	)	$	(2.74	)	$	19.29
2007³		26.49		0.47		(0.24	)		(0.36	)		(2.37	)		23.99
2006³		21.42		0.47		7.77			(0.58	)		(2.59	)		26.49
2005⁴		21.81		0.03		(0.42	)		—			—			21.42
2005⁵		18.62		0.69		4.47			(0.55	)		(1.42	)		21.81
2004⁵		16.00		0.63		3.21			(0.62	)		(0.60	)		18.62
2003⁵		13.68		0.69		2.65			(0.69	)		(0.33	)		16.00
Class B
2008²	$	23.53	$	0.23	$	(2.00	)	$	(0.16	)	$	(2.74	)	$	18.86
2007³		26.08		0.27		(0.22	)		(0.23	)		(2.37	)		23.53
2006³		21.14		0.29		7.66			(0.42	)		(2.59	)		26.08
2005⁴		21.53		0.01		(0.40	)		—			—			21.14
2005⁵		18.41		0.54		4.40			(0.40	)		(1.42	)		21.53
2004⁵		15.85		0.50		3.17			(0.51	)		(0.60	)		18.41
2003⁵		13.55		0.57		2.64			(0.58	)		(0.33	)		15.85
Class C
2008²	$	23.62	$	0.23	$	(2.00	)	$	(0.16	)	$	(2.74	)	$	18.95
2007³		26.17		0.26		(0.21	)		(0.23	)		(2.37	)		23.62
2006³		21.21		0.28		7.70			(0.43	)		(2.59	)		26.17
2005⁴		21.61		0.01		(0.41	)		—			—			21.21
2005⁵		18.47		0.54		4.42			(0.40	)		(1.42	)		21.61
2004⁵		15.89		0.50		3.19			(0.51	)		(0.60	)		18.47
2003⁵		13.62		0.59		2.62			(0.61	)		(0.33	)		15.89
Class R⁶
2008²	$	24.20	$	0.28	$	(2.05	)	$	(0.21	)	$	(2.74	)	$	19.48
2007³		26.72		0.38		(0.21	)		(0.32	)		(2.37	)		24.20
2006³		21.61		0.35		7.90			(0.55	)		(2.59	)		26.72
2005⁴		22.00		0.02		(0.41	)		—			—			21.61
2005⁵		18.80		0.72		4.43			(0.53	)		(1.42	)		22.00
2004⁵		16.00		0.61		3.24			(0.45	)		(0.60	)		18.80
2003⁵		13.69		0.69		2.64			(0.69	)		(0.33	)		16.00
Class Y
2008²	$	24.18	$	0.33	$	(2.05	)	$	(0.25	)	$	(2.74	)	$	19.47
2007³		26.67		0.53		(0.24	)		(0.41	)		(2.37	)		24.18
2006³		21.54		0.53		7.82			(0.63	)		(2.59	)		26.67
2005⁴		21.92		0.03		(0.41	)		—			—			21.54
2005⁵		18.71		0.74		4.49			(0.60	)		(1.42	)		21.92
2004⁵		16.06		0.69		3.22			(0.66	)		(0.60	)		18.71
2003⁵		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 six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

	³	For the period November 1 to October 31 in the fiscal 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 fiscal year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

20 First American Funds 2008 Semiannual Report

Real Estate Securities Fund (concluded)



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income to
					Ratio of			Investment			to Average			Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	(6.06	)%	$	166,713		1.23	%		3.30	%		1.23	%		3.30	%		83	%
	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

	(6.42	)%	$	5,687		1.98	%		2.57	%		1.98	%		2.57	%		83	%
	—			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

	(6.39	)%	$	15,115		1.98	%		2.57	%		1.98	%		2.57	%		83	%
	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

	(6.20	)%	$	20,860		1.48	%		2.99	%		1.48	%		2.99	%		83	%
	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

	(5.94	)%	$	625,158		0.98	%		3.48	%		0.98	%		3.48	%		83	%
	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 2008 Semiannual Report 21

Schedule of Investments April 30, 2008 (unaudited), all dollars rounded to thousands (000)

Real Estate Securities Fund (concluded)


Global Infrastructure Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 99.9%
Argentina – 1.3%
Cia de Transporte de Electrica de Alta Tension Transener (a)		55,000	$	24
Empresa Distribuidora y Comercializadora Norte – ADR (a)		714		13
Transportadora de Gas del Sur – ADR (a)		6,121		26

				63

Australia – 6.9%
Asciano Group		5,656		21
Ausnet		7,810		9
Macquarie Airports		44,128		131
Macquarie Infrastructure Group		31,502		84
Spark Infrastructure Group (a)		19,217		32
Transurban Group		10,961		71

				348

Belgium – 1.2%
Elia System Operator (a)		1,326		59

Brazil – 4.6%
Companhia de Concessoes Rodoviarias		2,000		38
Companhia de Transmissao Energia Electrica Paulista		2,500		65
Companhia de Saneamento Basico do Estado de Sao Paulo – ADR		371		19
Companhia Energetica de Minas Gerais – ADR		619		13
Companhia Paranaense de Energia-Copel – ADR		613		11
CPFL Energia – ADR		8		1
Santos Brasil Participacoes (a)		2,800		48
Ultrapar Participacoes – ADR		962		35

				230

Canada – 5.3%
Brookfield Asset Management, Class A		249		8
Canadian Hydro Developers (a)		4,067		24
Enbridge		2,148		89
Sino-Forest (a)		1,216		18
TransCanada		3,051		112
Westshore Terminals Income Fund		774		13

				264

China – 2.3%
Beijing Capital International Airport, Class H		16,000		16
Dalian Port, Class H		52,000		34
Guangshen Railway – ADR (a)		444		13
Jiangsu Expressway, Class H		38,000		35
Zhejiang Expressway, Class H		16,000		17

				115

Denmark – 0.6%
AP Moller – Maersk, Class B		3		31

Finland – 0.9%
Fortum Oyj		1,009		43

France – 8.3%
Aeroports de Paris		280		33
EDF Energies Nouvelles		610		41
Electricite de France		400		42
Rubis		439		39
Seche Environnement		96		14
Societe des Autoroutes Paris-Rhin-Rhone (a)		385		46
Suez		600		42
Suez – ADR		754		53
Veolia Environnement – ADR		1,138		83
Vinci		311		23

				416

Germany – 4.5%
E.ON		400		81
Eurokai KGaA		125		15
Fraport		1,294		93
RWE		300		35

				224

Great Britain – 7.5%
Centrica		8,345		48
Forth Ports		805		35
National Grid – ADR		2,092		148
Scottish & Southern Energy		2,200		61
Serco Group		4,583		40
United Utilities – ADR		1,616		46

				378

Hong Kong – 5.1%
China Merchants Holdings International		14,000		72
China Water Affairs Group (a)		76,000		25
Cosco Pacific		14,000		26
Guangdong Investment		130,000		64
Hutchison Whampoa – ADR		572		28
MTR		3,500		12
NWS		10,000		28

				255

India – 0.6%
Gail India – GDR		461		31
Reliance Energy – GDR (a)		14		1

				32

Italy – 7.3%
Atlantia		5,381		176
Enel		2,120		23
Gemina		13,000		18
Snam Rete Gas		15,342		97
Terna		12,469		55

				369

Japan – 1.9%
Japan Airport Terminal		1,350		27
Kamigumi		3,000		23
Mitsubishi Logistics		242		3
Park24		4,800		44

				97

Mexico – 1.6%
Empresas ICA – ADR (a)		1,567		38
Grupo Aeroportuario del Centro Norte – ADR (a)		384		8
Grupo Aeroportuario del Pacifico – ADR		550		23
Grupo Aeroportuario del Sureste – ADR		182		10

				79

Netherlands – 0.9%
Koninklijke Vopak		633		43

New Zealand – 2.4%
Auckland International Airport		23,149		39
Infratil		19,574		36
Port of Tauranga		8,670		43
Vector (a)		2,950		5

				123

Norway – 0.7%
Hafslund, Class B		1,700		37

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

22 First American Funds 2008 Semiannual Report

Real Estate Securities Fund (concluded)


Global Infrastructure Fund (continued)
DESCRIPTION	SHARES		VALUE


Portugal – 1.6%
Brisa-Auto Estradas		4,290	$	61
Redes Energeticas Nacionais (a)		3,907		21

				82

Russia – 0.6%
Novorossiysk Sea Trade Port – GDR (a)		734		11
RAO Unified Energy System of Russia – GDR (a)		225		21

				32

Singapore – 3.3%
Parkway Holdings		7,000		18
Singapore Airport Terminal Services		37,000		64
Singapore Post		48,000		41
SMRT		33,000		44

				167

South Korea – 0.5%
Korea Electric Power – ADR (a)		1,540		25

Spain – 9.8%
Abertis Infraestructuras		3,010		100
Acciona		189		54
Cintra Concesiones de Infraestructuras de Transporte (a)		7,684		119
Enagas		1,776		54
Iberdrola – ADR		1,218		71
Iberdrola (a)		3,868		56
Red Electrica de Espana		622		40

				494

Switzerland – 1.9%
BKW FMB Energie (a)		791		97

United States – 18.3%
American Tower, Class A (a)		753		33
Aqua America		1,300		24
Consolidated Edison		456		19
Covanta Holding (a)		1,992		53
Crosstex Energy		789		27
Digital Realty Trust – REIT		130		5
DuPont Fabros Technology – REIT		302		5
El Paso		5,330		91
Enbridge Energy Management (a)		789		41
EnergySouth		30		2
Entergy		229		26
Exelon		228		19
FPL Group		871		58
Geo Group (a)		852		23
Great Lakes Dredge & Dock		785		5
ITC Holdings		407		23
Kinder Morgan Management (a)		494		27
Macquarie Infrastructure		1,774		52
Nicor		823		29
Northeast Utilities		3,729		98
NSTAR		795		26
ONEOK		400		19
Quanta Services (a)		19		—
Sempra Energy		349		20
Spectra Energy		2,266		56
Standard Parking (a)		1,395		30
Williams		2,136		76
Wisconsin Energy		668		32

				919

Total Common Stocks
(Cost $5,063)				5,022

Short-Term Investment – 1.4%
State Street GA Prime Fund
(Cost $69)		68,568		69

Total Investments – 101.3%
(Cost $5,132)				5,091

Other Assets and Liabilities, Net – (1.3)%				(66	)

Total Net Assets – 100.0%			$	5,025


(a)	Non-income producing security.


ADR –	American Depository Receipt

GDR –	Global Depository Receipt


REIT –	Real Estate Investment Trust

At April 30, 2008, sector diversification of the fund was as follows:


	% of
	Net Assets			Value

Foreign Common Stock
Industrials*		44.1	%	$	2,216
Utilities*		40.6			2,039
Energy		12.0			602
Financials		1.4			71
Telecommunication Services		0.7			33
Consumer Discretionary		0.5			25
Materials		0.3			18
Healthcare		0.3			18

Total Foreign Common Stock		99.9			5,022

Total Short-Term Investment		1.4			69

Total Investments		101.3			5,091

Other Assets and Liabilities, Net		(1.3	)		(66	)

Net Assets		100	%	$	5,025


*	The fund is significantly invested in these sectors and therefore subject to additional risks. See note 7 in Notes to Financial Statements.

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)

Fund (concluded)


International Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 99.0%
Australia – 2.5%
BHP Billiton (a)		707,370	$	28,515
Rio Tinto (a)		51,482		6,644

				35,159

Belgium – 1.7%
Dexia (a)		407,078		11,236
Fortis (a)		477,600		12,958

				24,194

Brazil – 2.7%
Companhia Vale do Rio Doce – ADR		473,052		18,487
Petroleo Brasileiro – ADR		157,045		19,068

				37,555

Egypt – 0.2%
Orascom Construction Industries – GDR		20,223		3,316

Finland – 1.6%
Nokia Oyj		745,525		22,414

France – 13.2%
Accor (a)		171,157		14,102
Axa (a)		597,995		22,095
BNP Paribas		210,889		22,482
Compagnie de Saint-Gobain (a)		139,100		11,066
Imerys (a)		122,340		10,542
Lafarge (a)		126,670		22,713
Pernod-Ricard (a)		156,500		17,897
Sanofi-Aventis		126,814		9,775
Total		635,075		53,198

				183,870

Germany – 8.1%
Bayer (a)		167,350		14,134
Deutsche Post		350,800		10,901
E.ON (a)		151,832		30,867
Linde (a)		76,442		11,143
SAP (a)		311,430		15,754
Siemens		187,460		22,044
Symrise (b)		291,154		7,224

				112,067

Great Britain – 18.4%
Barclays		2,009,500		18,170
BG Group		967,606		23,664
British Land		330,000		5,477
Burberry Group		1,273,600		12,155
Centrica		930,542		5,410
GlaxoSmithKline		778,862		17,229
ICAP		1,195,553		13,802
Kingfisher		825,741		2,158
Man Group		1,102,850		12,620
Morrison Supermarket		2,208,700		12,500
Rio Tinto PLC		59,800		6,971
Smith & Nephew		901,259		11,652
Standard Chartered		763,183		26,966
Tesco		3,181,979		26,950
Vodafone		10,285,025		32,549
Wolseley		950,000		9,500
WPP Group		1,428,703		17,413

				255,186

Greece – 0.7%
Piraeus Bank		276,094		9,376

Hong Kong – 4.4%
Esprit Holdings		932,000		11,477
Hang Lung Properties		2,057,000		8,367
HSBC (a)		2,380,800		41,261

				61,105

Italy – 4.8%
Banca Intesa		1,884,829		14,012
Eni		1,022,961		39,372
UniCredit (a)		1,836,381		13,840

				67,224

Japan – 19.8%
Astellas Pharma		326,700		13,448
Canon		318,500		16,014
Daikin Industries		152,700		7,642
East Japan Railway		1,011		8,068
Honda Motor		609,500		19,453
Japan Tobacco		2,657		12,920
KOMATSU		422,300		12,852
Mitsubishi		837,500		26,960
Mitsubishi UFJ Financial Group		905,700		9,980
Mitsui Fudosan		722,000		18,245
Mizuho Financial Group (a)		1,377		7,166
Murata Manufacturing		212,900		11,261
Nidec (a)		193,400		14,612
Nippon Oil		925		6
Nissan Motor		1,133,500		10,108
Nitto Denko		165,900		6,871
Nomura Holdings		449,500		7,849
Shin-Etsu Chemical		264,100		16,353
SMC		68,100		7,959
Sony (a)		412,500		19,018
Sumitomo		1,006,800		13,555
Sumitomo Mitsui Financial Group (a)		1,795		15,447

				275,787

Mexico – 0.9%
America Movil, Series L – ADR		68,600		3,976
Fomento Economico Mexicano – ADR		190,200		8,264

				12,240

Netherlands – 4.0%
ING Group (a)		541,610		20,517
Philips Electronics		336,142		12,635
Reed Elsevier (a)		659,749		12,373
Wolters Kluwer (a)		347,566		9,276

				54,801

Norway – 0.5%
Norsk Hydro		493,200		7,252

South Korea – 0.8%
Samsung Electronics		15,830		11,222

Spain – 3.4%
Banco Bilbano Vizcaya Argentaria		606,784		13,917
Industria de Diseno Textil		184,000		9,963
Telefonica		800,460		23,001

				46,881

Switzerland – 10.4%
ABB		627,925		19,161
Adecco (a)		238,900		14,220
Holcim (a)		160,000		15,612
Nestle		71,617		34,181
Novartis		386,397		19,476

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

24 First American Funds 2008 Semiannual Report

Fund (concluded)


International Fund (concluded)
DESCRIPTION	SHARES		VALUE


Roche		141,270	$	23,377
Zurich Financial Services		61,500		18,639

				144,666

Taiwan – 0.9%
Taiwan Semiconductor Manufacturing – ADR		1,137,998		12,791

Total Common Stocks
(Cost $992,474)				1,377,106

Investment Purchased with Proceeds from Securities Lending (c) – 16.0%
State Street Navigator Prime Fund
(Cost $222,822)		222,821,812		222,822

Total Investments – 115.0%
(Cost $1,215,296)				1,599,928

Other Assets and Liabilities, Net – (15.0%)				(209,372	)

Total Net Assets – 100.0%			$	1,390,556


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $214,768 at April 30, 2008.


(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. See note 2 in Notes to Financial Statements.


ADR –	American Depository Receipt

GDR –	Global Depository Receipt

At April 30, 2008, sector diversification of the fund was as follows:


	% of
	Net Assets			Value

Foreign Common Stock
Financials*		24.7	%	$	344,422
Industrials		12.0			167,244
Consumer Discretionary		11.4			157,355
Materials		11.3			157,985
Energy		10.6			147,970
Consumer Staples		8.1			112,712
Information Technology		7.5			104,068
Healthcare		6.8			94,957
Telecommunication Services		4.4			59,526
Utilities		2.2			30,867

Total Foreign Common Stocks		99.0			1,377,106

Total Investment Purchased with Proceeds from Securities Lending		16.0			222,822

Total Investments		115.0			1,599,928

Other Assets and Liabilities, Net		(15.0	)		(209,372	)

Net Assets		100	%	$	1,390,556


*	The fund is significantly invested in this sector and is therefore subject to additional risks. See note 7 in Notes to Financial Statements.

International Fund (concluded)


International Select Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 85.7%
Australia – 2.1%
BHP Billiton (a)		61,673	$	2,486
National Australia Bank		29,600		838
Rio Tinto		18,672		2,410
Woodside Petroleum		28,605		1,506

				7,240

Austria – 0.6%
Erste Bank der Oesterreichischen Sparkassen		26,492		1,953

Bahrain – 0.1%
Investcorp Bank – ADR (b)		12,300		329

Brazil – 5.7%
AES Tiete		60,314		544
Banco do Brasil		64,000		1,113
Banco Itau Holding Financeira – ADR		57,018		1,599
Cia Vale do Rio Doce		36,200		1,167
Companhia de Bebidas das Americas – ADR		17,815		1,306
Companhia de Concessoes Rodoviarias		23,600		454
Companhia Energetica De Minas (b)		40,197		834
Companhia Vale do Rio Doce – ADR (a)		73,891		2,888
Empresa Brasileira de Aeronautica – ADR (a)		21,900		913
Iochpe Maxion (b)		23,317		501
JHSF Participacoes (b)		140,500		553
Klabin		186,000		727
Petroleo Brasileiro – ADR		20,618		2,504
Redecard		90,730		1,769
Souza Cruz		32,599		914
Suzano Papel e Celulose		50,210		876
Tam – ADR (a)		34,800		821

				19,483

Canada – 2.4%
Cameco		61,287		2,144
Gammon Gold (a) (b)		60,729		464
Manulife Financial		51,782		2,028
Patheon (b)		79,760		289
Rogers Communications – Class B		27,485		1,223
Suncor Energy		18,162		2,047

				8,195

China – 0.5%
Focus Media Holdings – ADR (a) (b)		47,008		1,734

Denmark – 0.9%
Vestas Wind System (b)		28,028		3,039

Egypt – 0.8%
Eastern Tobacco		8,988		642
Mobinil		20,565		755
Orascom Construction Industries (b)		9,111		747
Orascom Telecom Holdings (b)		38,007		576

				2,720

Finland – 0.1%
Nokia Oyj		11,690		351

France – 6.2%
Alcatel-Lucent – ADR (a)		151,260		1,009
Axa (a)		40,277		1,488
BNP Paribas		7,800		832
Carrefour (a)		29,694		2,083
Electricite de France (a)		17,819		1,863
Iliad (a)		22,585		2,390
L’oreal (a)		12,478		1,474
LVMH Moet Hennessy Louis Vuitton		11,433		1,298
Sanofi-Aventis (a)		22,200		1,711

First American Funds 2008 Semiannual Report 25

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


International Select Fund (continued)
DESCRIPTION	SHARES		VALUE


Thales (a)		9,480	$	617
Total (a)		38,120		3,193
Vivendi Universal		81,140		3,271

				21,229

Germany – 5.4%
Adidas (a)		31,330		1,989
Allianz		8,292		1,681
BASF (a)		4,740		672
Deutsche Boerse		8,751		1,265
Deutsche Telekom (a)		62,610		1,120
E.ON (a)		7,578		1,541
Henkel KGAA (a)		43,451		1,841
Metro (a)		26,990		2,128
Q-Cells (b)		12,058		1,379
SAP – ADR (a)		29,202		1,467
Siemens		7,611		895
Symrise (b)		32,901		816
Wacker Chemie (a)		5,990		1,453

				18,247

Great Britain – 10.7%
Arm Holdings (a)		706,201		1,402
Autonomy (b)		126,747		2,138
BAE Systems		93,780		864
Benfield Group (a)		219,248		1,142
BP – ADR		28,220		2,054
British Sky Broadcasting Group		144,634		1,559
Cadbury Schweppes		138,872		1,595
Dawnay Day Treveria (b)		695,980		693
Diageo		133,230		2,717
Eurasian Natural Resources (b)		23,963		572
Experian Group		206,036		1,548
GlaxoSmithKline		112,870		2,497
ICAP		106,216		1,226
Kingfisher		281,430		735
Michael Page International (a)		274,604		1,563
Prudential		155,254		2,109
Scottish & Southern Energy		39,653		1,093
Smith & Nephew		113,000		1,461
Standard Chartered		25,110		887
Tesco		155,865		1,320
Vodafone Group – ADR		85,790		2,716
Wellstream Holdings (b)		69,210		1,723
WPP Group		226,510		2,761

				36,375

Greece – 0.5%
National Bank of Greece – ADR		163,492		1,776

Hong Kong – 2.0%
Agile Property		1,548,000		2,145
Cheung Kong Holdings		49,510		773
Esprit Holdings		206,200		2,539
Foxconn International Holdings (b)		971,000		1,501

				6,958

India – 2.8%
Grasim Industries – ADR (b)		9,100		554
HDFC Bank – ADR (a)		15,198		1,714
Hero Honda		34,922		732
Hindustan Unilever		82,841		514
Infosys Technologies – ADR (a)		37,149		1,623
Oil & Natural Gas		66,067		1,686
Punjab National Bank		53,690		730
Satyam Computer Services – ADR (a)		51,800		1,330
State Bank Of India – ADR		6,932		639

				9,522

Indonesia – 0.8%
Astra International		267,500		579
Bank Mandiri Persero		2,462,000		765
Telekomunikasi Indonesia – ADR		31,200		1,211
United Tractors		82,500		107

				2,662

Israel – 1.1%
Bank Hapoalim B.M.		260,192		1,103
Delek Automotive Systems		8,500		131
Icl-Israel Chem		48,258		887
Teva Pharmaceutical Industries – ADR		32,300		1,511

				3,632

Italy – 4.3%
Alleanza Assicurazioni (a)		112,790		1,472
Ansaldo STS (a) (b)		88,360		1,368
Arnoldo Mondadori Editore (a)		127,320		1,107
Eni		49,190		1,893
Mediaset		247,337		2,248
Saipem		51,222		2,240
Telecom Italia		1,052,960		1,714
UniCredit		352,821		2,659

				14,701

Japan – 11.6%
Bank of Yokohama		79,325		583
Daiwa Securities Group		85,310		846
DENSO		42,400		1,479
Fuji Television Network		655		1,075
The Joyo Bank		342,734		1,958
KEYENCE		2,479		634
Kose		68,983		1,496
Mid REIT (a) (b)		210		764
Mitsubishi UFJ Financial Group		75,910		836
Mitsui Sumitomo Insurance Group (b)		60,946		2,427
Mitsui-Soko (a)		136,841		685
New City Residence Investment		114		286
NGK Insulators		78,000		1,502
Nintendo		4,100		2,266
Nippon Commercial Investment (b)		220		882
Nippon Residential (a)		120		389
Nipponkoa Insurance (a)		289,580		2,838
Nitto Denko		35,800		1,483
Nomura Holdings		49,778		869
ORIX		9,070		1,641
Seven & I Holdings		42,741		1,280
Shin-Etsu Chemical		22,700		1,406
SMC		16,609		1,941
Sugi Pharmacy (a)		47,800		1,265
Sumitomo Bakelite		226,401		1,263
Sumitomo Trust & Banking		232,878		2,094
Suzuki Motor		43,202		1,096
THK		34,482		767
Toyota Motor		26,700		1,361
United Urban Investment		81		499
Yamada Denki		19,200		1,648

				39,559

Luxembourg – 1.4%
Millicom International Cellular – ADR (a) (b)		21,207		2,291
Tenaris – ADR (a)		44,700		2,369

				4,660

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

26 First American Funds 2008 Semiannual Report


International Select Fund (continued)
DESCRIPTION	SHARES		VALUE


Malaysia – 0.4%
British American Tobacco Malaysia Berhad		49,100	$	664
Plus Expressways		493,100		503
Sime Darby Berhad		93,861		285

				1,452

Mexico – 1.6%
Cemex – ADR (a) (b)		33,591		929
Desarrolladora Homex – ADR (a) (b)		15,900		947
Fomento Economico Mexicano – ADR		15,100		656
Grupo Televisa – ADR (a)		41,300		1,019
Kimberly-Clark de Mexico		149,900		711
Wal Mart de Mexico – ADR (a)		33,537		1,347

				5,609

Netherlands – 2.2%
Heineken (a)		43,614		2,527
ING Group (a)		23,336		884
Koninklijke Philips Electronics – ADR		38,954		1,463
Philips Electronics		24,470		920
Unilever NV CVA		46,250		1,544

				7,338

Norway – 1.0%
Renewable Energy (a) (b)		60,821		2,058
Statoil (a)		36,527		1,314

				3,372

Philippines – 0.4%
Philippine Long Distance Telephone – ADR		21,600		1,320

Portugal – 0.4%
Energias de Portugal (a)		189,950		1,199

Russia – 0.9%
Eurasia Drilling – GDR (b)		20,700		480
Evraz Group – ADR		5,450		566
Mobile Telesystems – ADR (b)		17,200		1,334
TNK-BP Holdings (b)		243,052		474
Vsmpo-Avisma		1,666		360

				3,214

Singapore – 1.0%
Cosco – ADR (a)		20,800		242
DBS Group Holdings		50,210		735
Keppel		160,000		1,225
Keppel Land (a)		293,000		1,315

				3,517

South Africa – 3.5%
Aquarius Platinum		55,715		870
Gold Fields – ADR (a)		69,342		936
Imperial Holdings (b)		90,798		914
Kumba Iron Ore (b)		33,763		1,467
Massmart Holdings		83,670		778
MTN Group		74,574		1,417
Murray & Roberts Holdings		39,070		455
Naspers		45,291		976
Nedbank Group		50,300		758
Pretoria Portland Cement		187,642		988
Sanlam (b)		219,585		577
Steinhoff International Holdings		295,210		722
Truworths International		289,841		975

				11,833

South Korea – 4.3%
AmorePacific		712		450
GS Engineering & Construction		5,566		819
Hite Brewery		4,653		549
Kookmin Bank – ADR (b)		55,007		3,837
Samsung Electronics		2,210		1,567
Samsung Electronics – GDR		600		154
Samsung Electronics – GDR		11,870		4,209
Shinhan Financial Group – ADR (a) (b)		17,200		1,998
Woongjin Coway		36,120		1,138

				14,721

Spain – 1.9%
Banco Bilbano Vizcaya Argentaria		93,796		2,151
Banco Santander Central Hispano (a)		109,558		2,370
Telefonica		66,504		1,911

				6,432

Sweden – 1.1%
Ericsson (a)		907,890		2,294
Nordea Bank		32,730		538
Oriflame Cosmetics (b)		13,905		1,059

				3,891

Switzerland – 4.5%
ABB		61,854		1,888
Credit Suisse Group (a)		31,953		1,779
Holcim		15,366		1,499
Nestle		8,433		4,025
Nobel Biocare		31,750		1,143
Novartis		40,533		2,043
Roche		11,066		1,831
Syngenta (a)		4,120		1,224

				15,432

Taiwan – 1.1%
Advanced Semiconductor		541,000		556
Advantech		145,058		373
Hon Hai Precision Industry		164,000		948
Novatek Microelectronics		172,040		661
Taiwan Semiconductor Manufacturing		524,285		1,152

				3,690

Thailand – 0.3%
Bangkok Bank		209,246		923

Turkey – 0.9%
Ford Otomotiv Sanayi (b)		49,470		462
Turkcell Iletisim Hizmet – ADR (a)		73,400		1,479
Turkiye Is Bankasi (b)		260,409		1,200

				3,141

United States – 0.2%
Philip Morris International (b)		10,700		546

Total Common Stocks
(Cost $279,270)				291,995

Exchange-Traded Funds – 0.2%
iShares MSCI EAFE Index Fund		6,719		509
iShares MSCI Emerging Markets Index Fund (a)		736		108

Total Exchange-Traded Funds
(Cost $611)				617

First American Funds 2008 Semiannual Report 27

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


International Select Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE


Short-Term Investments – 14.3%
Money Market Fund – 13.5%
State Street GA Prime Fund		45,879,927	$	45,880

U.S. Treasury Obligation – 0.8%
U.S. Treasury Bill
1.960%, 06/26/2008 (c)	$	2,650		2,642

Total Short-Term Investments
(Cost $48,522)				48,522

Investment Purchased with Proceeds from Securities Lending (d) – 19.1%
State Street Navigator Prime Fund
(Cost $65,083)		65,082,920		65,083

Total Investments – 119.3%
(Cost $393,486)				406,217

Other Assets and Liabilities Net – (19.3%)				(65,679	)

Total Net Assets – 100%			$	340,538


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $63,235 at April 30, 2008. See note 2 in Notes to Financial Statements.


(b)	Non-income producing security.


(c)	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2008. See note 2 in Notes to Financial Statements.

(d)


ADR –	American Depository Receipt

GDR –	Global Depository Receipt

Schedule of Open Futures Contracts


	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)

E-Mini MSCI EAFE Futures		(17	)	$	(1,820	)	June 2008	$	(155	)
E-Mini MSCI Emerging Markets Index Futures		(4	)		(240	)	June 2008		(26	)
S&P TSE 60 Futures		188			30,880		June 2008		1,222

								$	1,041

International Select Fund (concluded)

At April 30, 2008, sector diversification of the fund was as follows:


	% of
	Net Assets			Value

Foreign Common Stocks
Financials		20.4	%	$	69,489
Consumer Discretionary		11.1	%		37,695
Consumer Staples		10.4	%		35,431
Materials		8.9	%		30,515
Information Technology		8.6	%		29,461
Industrials		7.4	%		25,128
Energy		6.8	%		23,259
Telecommunication Services		6.3	%		21,458
Healthcare		3.7	%		12,486
Utilities		2.1	%		7,073

Total Foreign Common Stocks		85.7			291,995

Total Exchange-Traded Fund		0.2			617

Total Short-Term Investments		14.3			48,522

Total Investment Purchased with Proceeds from Securities Lending		19.1			65,083

Total Investments		119.3			406,217

Other Assets and Liabilities, Net		(19.3	)		(65,679	)

Net Assets		100.0	%	$	340,538

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

28 First American Funds 2008 Semiannual Report


Statements ofAssets and Liabilities	April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data



							International
	Global Infrastructure Fund			International Fund			Select Fund

Investments, at cost	$	5,132		$	992,474		$	328,403
Investment purchased with proceeds from securities lending, at cost (note 2)		—			222,822			65,083
Cash denominated in foreign currencies, at cost		3			1,485			33


ASSETS:
Investments, at value* (note 2)	$	5,091		$	1,377,106		$	341,134
Investment purchased with proceeds from securities lending, at value (note 2)		—			222,822			65,083
Cash denominated in foreign currencies, at value (note 2)		3			1,487			—
Cash		—			—			245
Receivable for dividends and interest		10			6,428			1,278
Receivable for investments sold		324			17,768			768
Receivable for capital shares sold		—			42			885
Receivable for foreign withholding tax reclaim		—			338			151
Receivable for variation margin		—			—			310
Receivable from advisor (note 3)		37			—			—
Prepaid expenses and other assets		—			35			27


Total assets		5,465			1,626,026			409,881


LIABILITIES:
Bank overdraft		3			7,264			—
Cash denominated in foreign currencies, at value (note 2)		—			—			37
Payable for investments purchased		304			2,585			3,179
Payable for capital shares redeemed		—			1,367			586
Payable upon return of securities loaned (note 2)		—			222,822			65,083
Payable to affiliates (note 3)		19			1,376			286
Payable to custodian		97			9			160
Payable for distribution and shareholder servicing fees		—			19			1
Accrued expenses and other liabilities		17			28			11


Total liabilities		440			235,470			69,343


Net assets	$	5,025		$	1,390,556		$	340,538


COMPOSITION OF NET ASSETS:
Portfolio capital	$	5,038		$	941,873		$	332,158
Undistributed net investment income		35			12,382			2,129
Accumulated net realized gain (loss) on investments, futures contracts, and foreign currency transactions		(7	)		51,858			(7,502	)
Net unrealized appreciation (depreciation) of investments		(41	)		384,632			12,731
Net unrealized appreciation of futures contracts		—			—			1,041
Net unrealized depreciation of foreign currency, and translation of other assets and liabilities in foreign currency (note 2)		—			(189	)		(19	)


Net assets	$	5,025		$	1,390,556		$	340,538


* Including securities loaned, at value	$	—		$	214,768		$	63,235


Class A:
Net assets	$	38		$	47,531		$	3,462
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		4			3,313			319
Net asset value and redemption price per share	$	9.97		$	14.35		$	10.86
Maximum offering price per share¹	$	10.55		$	15.19		$	11.49
Class B²:
Net assets	$	—		$	5,362		$	449
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		—			408			42
Net asset value, offering price, and redemption price per share³	$	—		$	13.13		$	10.78
Class C²:
Net assets	$	—		$	6,082		$	487
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		—			445			45
Net asset value, offering price, and redemption price per share³	$	—		$	13.68		$	10.78
Class R²:
Net assets	$	—		$	3		$	16
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		—			—	**		1
Net asset value, offering price, and redemption price per share	$	—		$	14.35		$	10.85
Class Y:
Net assets	$	4,987		$	1,331,578		$	336,124
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		500			91,563			30,890
Net asset value, offering price, and redemption price per share	$	9.97		$	14.54		$	10.88


	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, Class C, and Class R are not offered by Global Infrastructure Fund.

	³	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.


	**	Due to the presentation of the Financial Statements in thousands, the number rounds to zero.

First American Funds 2008 Semiannual Report 29

International Select Fund (concluded)


Statements ofOperations	all dollars are rounded to thousands (000)



							International
	Global Infrastructure Fund			International Fund			Select Fund

				Six-Month			Six-Month
	12/17/07¹			Period Ended			Period Ended
	to 4/30/08			4/30/08			4/30/08
	(unaudited)			(unaudited)			(unaudited)

INVESTMENT INCOME:
Interest	$	3		$	91		$	575
Dividends		56			22,642			4,006
Less: Foreign taxes withheld		(6	)		(1,848	)		(322	)
Securities lending income		—			915			22


Total investment income		53			21,800			4,281


EXPENSES (note 3):
Investment advisory fees		16			7,269			1,558
Administration fees		16			1,616			364
Transfer agent fees		24			93			58
Custodian fees		102			254			243
Legal fees		5			7			7
Audit fees		14			15			15
Registration fees		10			26			26
Postage and printing fees		6			52			7
Directors’ fees		9			13			13
Other expenses		6			11			10
Distribution and shareholder servicing fees – Class A		—			62			4
Distribution and shareholder servicing fees – Class B²		—			28			2
Distribution and shareholder servicing fees – Class C²		—			31			2
Distribution and shareholder servicing fees – Class R²		—			—			—


Total expenses		208			9,477			2,309


Less: Fee waivers (note 3)		(189	)		(122	)		(321	)
Less: Indirect payments from custodian (note 3)		(1	)		(220	)		(48	)


Total net expenses		18			9,135			1,940


Investment income – net		35			12,665			2,341


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS – NET (note 5):
Net realized gain (loss) on investments		(7	)		55,282			(4,593	)
Net realized gain on futures contracts		—			—			246
Net realized loss on foreign currency transactions		—			(510	)		(124	)
Net change in unrealized appreciation or depreciation of investments		(41	)		(193,491	)		(25,254	)
Net change in unrealized appreciation or depreciation of futures contracts		—			—			(167	)
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			(281	)		(31	)


Net loss on investments, futures contracts, and foreign currency transactions		(48	)		(139,000	)		(29,923	)


Net decrease in net assets resulting from operations	$	(13	)	$	(126,335	)	$	(27,582	)


	¹	Commencement of operations.

	²	Class B, Class C, and Class R are not offered by Global Infrastructure Fund.

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

30 First American Funds 2008 Semiannual Report

International Select Fund (concluded)


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



				International						International
	Global Infrastructure Fund			Fund						Select Fund

	12/17/07¹			Six-Month						Six-Month
	to			Period Ended			Year			Period Ended			12/21/06¹
	4/30/08			4/30/08			Ended			4/30/08			to
	(unaudited)			(unaudited)			10/31/07			(unaudited)			10/31/07

OPERATIONS:
Investment income – net	$	35		$	12,665		$	20,766		$	2,341		$	2,427
Net realized gain (loss) on investments		(7	)		55,282			165,689			(4,593	)		2,639
Net realized gain (loss) on futures contracts		—			—			—			246			(26	)
Net realized loss on foreign currency transactions		—			(510	)		(871	)		(124	)		(316	)
Net change in unrealized appreciation or depreciation of investments		(41	)		(193,491	)		122,521			(25,254	)		37,985
Net change in unrealized appreciation or depreciation of futures contracts		—			—			—			(167	)		1,208
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency		—			(281	)		52			(31	)		12


Net increase (decrease) in net assets resulting from operations		(13	)		(126,335	)		308,157			(27,582	)		43,929


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			(504	)		(467	)		(19	)		—
Class B		—			(16	)		(15	)		(1	)		—
Class C		—			(9	)		(13	)		(1	)		—
Class R		—			—			—			—			—
Class Y		—			(17,791	)		(18,658	)		(2,254	)		(49	)
Net realized gain on investments:
Class A		—			(4,764	)		(948	)		(58	)		—
Class B		—			(604	)		(136	)		(7	)		—
Class C		—			(611	)		(149	)		(6	)		—
Class R		—			(1	)		—			—			—
Class Y		—			(133,882	)		(29,782	)		(5,572	)		—


Total distributions		—			(158,182	)		(50,168	)		(7,918	)		(49	)


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		38	²		4,223			11,786			1,077			3,236
Reinvestment of distributions		—			4,612			1,277			68			—
Payments for redemptions		—			(8,495	)		(16,840	)		(550	)		(339	)


Increase (decrease) in net assets from Class A transactions		38			340			(3,777	)		595			2,897


Class B³:
Proceeds from sales		—			288			580			194			296
Reinvestment of distributions		—			597			143			7			—
Payments for redemptions (note 3)		—			(1,048	)		(2,230	)		(40	)		(3	)


Increase (decrease) in net assets from Class B transactions		—			(163	)		(1,507	)		161			293


Class C³:
Proceeds from sales		—			277			872			230			267
Reinvestment of distributions		—			556			142			5			—
Payments for redemptions (note 3)		—			(769	)		(2,984	)		(3	)		(8	)


Increase (decrease) in net assets from Class C transactions		—			64			(1,970	)		232			259


Class R³:
Proceeds from sales		—			3			3			—			16
Reinvestment of distributions		—			1			—			—			—
Payments for redemptions		—			(3	)		—			—			(1	)


Increase in net assets from Class R transactions		—			1			3			—			15


Class Y:
Proceeds from sales		5,000	²		38,195			167,696			92,676			322,481
Reinvestment of distributions		—			101,831			29,171			4,127			48
Payments for redemptions		—			(206,555	)		(512,210	)		(68,770	)		(22,856	)


Increase (decrease) in net assets from Class Y transactions		5,000			(66,529	)		(315,343	)		28,033			299,673


Increase (decrease) in net assets from capital share transactions		5,038			(66,287	)		(322,594	)		29,021			303,137


Total increase (decrease) in net assets		5,025			(350,804	)		(64,605	)		(6,479	)		347,017
Net assets at beginning of period		—			1,741,360			1,805,965			347,017			—


Net assets at end of period	$	5,025		$	1,390,556		$	1,741,360		$	340,538		$	347,017


Undistributed net investment income at end of period	$	35		$	12,382		$	18,037		$	2,129		$	2,063


	¹	Commencement of operations.

	²	Reflects the initial seed capital received from U.S. Bank National Association, the parent company of the fund’s advisor, on December 17, 2007. The fund did not publicly offer its shares for sale or receive any other contributions during the period ended April 30, 2008.

	³	Class B, Class C, and Class R are not offered by Global Infrastructure Fund.

First American Funds 2008 Semiannual Report 31

International Select Fund (concluded)

Financial Highlights For a share outstanding throughout the indicated periods.



						Realized and
	Net Asset					Unrealized			Distributions						Net Asset
	Value		Net			Gains			from Net			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			from Net			End of
	of Period		Income (Loss)			Investments			Income			Realized Gains			Period

Global Infrastructure Fund¹
Class A
2008²	$	10.00	$	0.06		$	(0.09	)		—			—		$	9.97
Class Y
2008²	$	10.00	$	0.07		$	(0.10	)		—			—		$	9.97


International Fund¹
Class A
2008³	$	17.15	$	0.11		$	(1.32	)	$	(0.14	)	$	(1.45	)	$	14.35
2007⁴		14.80		0.15			2.59			(0.13	)		(0.26	)		17.15
2006⁴		12.01		0.12			2.80			(0.13	)		—			14.80
2005⁵		12.24		0.01			(0.24	)		—			—			12.01
2005⁶		10.19		0.09			2.02			(0.06	)		—			12.24
2004⁶		8.99		0.03			1.22			(0.05	)		—			10.19
2003⁶		7.33		0.06			1.60			—			—			8.99
Class B
2008³	$	15.78	$	0.05		$	(1.22	)	$	(0.03	)	$	(1.45	)	$	13.13
2007⁴		13.65		0.03			2.39			(0.03	)		(0.26	)		15.78
2006⁴		11.09		0.02			2.58			(0.04	)		—			13.65
2005⁵		11.31		—			(0.22	)		—			—			11.09
2005⁶		9.43		—			1.88			—			—			11.31
2004⁶		8.34		(0.05	)		1.14			—			—			9.43
2003⁶		6.85		—			1.49			—			—			8.34
Class C
2008³	$	16.36	$	0.05		$	(1.26	)	$	(0.02	)	$	(1.45	)	$	13.68
2007⁴		14.13		0.03			2.48			(0.02	)		(0.26	)		16.36
2006⁴		11.47		0.02			2.67			(0.03	)		—			14.13
2005⁵		11.70		—			(0.23	)		—			—			11.47
2005⁶		9.76		—			1.94			—			—			11.70
2004⁶		8.63		(0.05	)		1.18			—			—			9.76
2003⁶		7.09		—			1.54			—			—			8.63
Class R⁷
2008³	$	17.17	$	0.07		$	(1.30	)	$	(0.14	)	$	(1.45	)	$	14.35
2007⁴		14.81		0.10			2.61			(0.09	)		(0.26	)		17.17
2006⁴		11.94		0.05			2.82			—			—			14.81
2005⁵		12.17		(0.02	)		(0.21	)		—			—			11.94
2005⁶		10.11		0.09			1.97			—			—			12.17
2004⁶		8.98		(0.01	)		1.19			(0.05	)		—			10.11
2003⁶		7.31		0.04			1.63			—			—			8.98
Class Y
2008³	$	17.38	$	0.13		$	(1.34	)	$	(0.18	)	$	(1.45	)	$	14.54
2007⁴		14.99		0.19			2.62			(0.16	)		(0.26	)		17.38
2006⁴		12.16		0.16			2.83			(0.16	)		—			14.99
2005⁵		12.39		0.01			(0.24	)		—			—			12.16
2005⁶		10.31		0.12			2.05			(0.09	)		—			12.39
2004⁶		9.10		0.06			1.23			(0.08	)		—			10.31
2003⁶		7.40		0.09			1.61			—			—			9.10


	¹	Per share data calculated using average shares outstanding method.

	²	Commenced operations on December 17, 2007. All ratios for the period ended April 30, 2008 have been annualized, except total return and portfolio turnover.

	³	For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except per share data.

	⁴	For the period November 1 to October 31 in the fiscal year indicated.

	⁵	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁶	For the period October 1 to September 30 in the fiscal year indicated.

	⁷	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁸	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

	⁹	In 2003, 0.14% of Class R share’s and 0.13% of Class Y share’s total return was a result of the reimbursement by the advisor related to foreign currency principal trades between the International Fund and U.S. Bank. Excluding the reimbursement, total return for Class R and Class Y shares would have been 22.71% and 22.84%, respectively.

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

32 First American Funds 2008 Semiannual Report

International Select Fund (concluded)



														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
Return⁸			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	(0.30	)%	$	38		1.25	%		1.70	%		11.76	%		(8.81	)%		75	%

	(0.30	)%	$	4,897		1.00	%		1.95	%		11.51	%		(8.56	)%		75	%




	(7.12	)%	$	47,531		1.49	%		1.51	%		1.54	%		1.46	%		8	%
	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

	(7.48	)%	$	5,362		2.24	%		0.74	%		2.29	%		0.69	%		8	%
	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

	(7.49	)%	$	6,082		2.24	%		0.80	%		2.29	%		0.75	%		8	%
	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

	(7.21	)%	$	3		1.74	%		0.97	%		1.79	%		0.92	%		8	%
	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	⁹		8,533		1.60			0.57			1.65			0.52			82

	(7.04	)%	$	1,331,578		1.24	%		1.76	%		1.29	%		1.71	%		8	%
	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	⁹		991,027		1.35			1.08			1.40			1.03			82

First American Funds 2008 Semiannual Report 33

International Select Fund (concluded)

Financial Highlights For a share outstanding throughout the indicated periods.



					Realized and
	Net Asset				Unrealized			Distributions						Net Asset
	Value		Net		Gains			from Net			Distributions			Value
	Beginning		Investment		(Losses) on			Investment			from Net			End of
	of Period		Income		Investments			Income			Realized Gains			Period

International Select Fund¹
Class A
2008²	$	12.15	$	0.07	$	(1.11	)	$	(0.06	)	$	(0.19	)	$	10.86
2007³		10.00		0.09		2.07			(0.01	)		—			12.15
Class B
2008²	$	12.07	$	0.03	$	(1.10	)	$	(0.03	)	$	(0.19	)	$	10.78
2007³		10.00		0.02		2.05			—			—			12.07
Class C
2008²	$	12.07	$	0.04	$	(1.11	)	$	(0.03	)	$	(0.19	)	$	10.78
2007³		10.00		0.03		2.04			—			—			12.07
Class R
2008²	$	12.12	$	0.05	$	(1.10	)	$	(0.03	)	$	(0.19	)	$	10.85
2007³		10.00		0.07		2.06			(0.01	)		—			12.12
Class Y
2008²	$	12.17	$	0.08	$	(1.10	)	$	(0.08	)	$	(0.19	)	$	10.88
2007³		10.00		0.13		2.05			(0.01	)		—			12.17


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.

	³	Commenced operations on December 21, 2006. All ratios for the period ended October 31, 2007 have been annualized, except total return and portfolio turnover.

	⁴	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

34 First American Funds 2008 Semiannual Report

International Select Fund (concluded)

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)

International Select Fund (concluded)


Small Cap Growth Opportunities Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 97.5%
Consumer Discretionary – 14.7%
Aeropostale (a) (b)		107,730	$	3,425
Deckers Outdoor (a) (b)		12,182		1,682
Einstein Noah Restaurant Group (b)		215,442		2,424
Gymboree (b)		91,010		3,933
Iconix Brand Group (a) (b)		200,145		3,186
Interface, Class A (a)		170,218		2,186
Pinnacle Entertainment (a) (b)		124,906		1,938
Priceline.com (a) (b)		9,740		1,243
Skechers U.S.A., Class A (a) (b)		127,225		3,009
Texas Roadhouse, Class A (a) (b)		258,318		3,048
Warnaco Group (a) (b)		87,485		4,037
WMS Industries (a) (b)		70,120		2,538
Wolverine World Wide (a)		109,142		3,137

				35,786

Consumer Staples – 1.6%
Nu Skin Enterprises, Class A (a)		214,026		3,837

Energy – 7.9%
Concho Resources (a) (b)		61,772		1,703
Dril-Quip (a) (b)		74,671		4,268
GMX Resources (a) (b) (c)		60,426		2,196
Oceaneering International (b)		39,433		2,633
Parallel Petroleum (a) (b)		213,244		4,519
Superior Energy Services (a) (b)		86,826		3,853

				19,172

Financials – 10.9%
American Campus Communities (a)		73,714		2,250
BioMed Realty Trust – REIT (a)		121,966		3,171
Corporate Office Properties Trust – REIT (a)		78,567		2,931
East West Bancorp (a)		244,284		3,479
Hatteras Financial – REIT (b)		93,956		2,375
Investment Technology Group (a) (b)		64,044		3,091
KBW (a) (b)		148,774		3,532
MGIC Investment (a)		242,628		3,161
Waddell & Reed Financial, Class A (a)		72,171		2,444

				26,434

Healthcare – 21.7%
AMN Healthcare Services (a) (b)		170,389		2,486
Array BioPharma (a) (b)		350,436		2,180
BioMarin Pharmaceutical (a) (b)		101,799		3,711
Durect (a) (b)		501,171		2,275
Eurand (a) (b)		302,509		4,825
Hologic (a) (b)		142,654		4,164
Immucor (a) (b)		130,094		3,510
Integra LifeSciences (a) (b)		60,906		2,581
Myriad Genetics (a) (b)		37,164		1,544
NuVasive (a) (b)		108,108		4,124
Onyx Pharmaceuticals (a) (b)		70,506		2,479
OSI Pharmaceuticals (a) (b)		31,777		1,101
Pediatrix Medical Group (b)		56,298		3,829
RTI Biologics (b)		295,907		3,001
Skilled Healthcare Group, Class A (b)		320,682		3,880
TranS1 (a) (b)		138,060		1,802
United Therapeutics (a) (b)		13,803		1,166
Wright Medical Group (a) (b)		148,915		4,158

				52,816

Industrials – 13.7%
Administaff		90,383		2,367
Advisory Board (a) (b)		70,831		3,302
AMETEK		36,491		1,771
BE Aerospace (b)		84,777		3,422
DRS Technologies (a)		56,343		3,518
ESCO Technologies (a) (b)		57,692		2,686
Forward Air (a)		67,888		2,314
GeoEye (a) (b)		117,826		2,714
Kenexa (a) (b)		191,980		3,358
Knoll		141,047		1,836
Old Dominion Freight Line (a) (b)		81,440		2,500
RBC Bearings (a) (b)		87,666		3,504

				33,292

Information Technology (c) – 24.7%
ADTRAN		103,636		2,452
ATMI (b)		96,326		2,836
Belden (a)		71,887		2,425
Commvault Systems (a) (b)		202,899		2,496
DealerTrack Holdings (a) (b)		185,375		3,567
F5 Networks (b)		152,388		3,449
FLIR Systems (a) (b)		101,208		3,474
Forrester Research (b)		85,194		2,457
Foundry Networks (a) (b)		264,288		3,364
Intersil, Class A (a)		87,931		2,350
Lawson Software (a) (b)		452,627		3,616
Orbotech (b)		54,280		953
Perficient (a) (b)		302,730		2,779
Plantronics		108,153		2,694
PMC-Sierra (a) (b)		489,555		3,804
Polycom (a) (b)		256,846		5,753
Quest Software (a) (b)		343,090		4,570
Silicon Motion Technology – ADR (a) (b)		207,173		3,611
Verigy (a) (b)		166,811		3,565
VideoPropulsion (b) (c) (d)		780,460		—

				60,215

Materials – 2.3%
Terra Industries (a) (b)		58,201		2,203
Texas Industries (a)		44,487		3,444

				5,647

Total Common Stocks
(Cost $229,366)				237,199

Warrants – 0.0%
Hollis-Eden Pharmaceuticals, Warrants (b) (d) (e)		70,545		—
Kuhlman Company, Warrants (b) (d) (e)		281,680		—

Total Warrants
(Cost $433)				—

Short-Term Investment – 1.0%
First American Prime Obligations Fund, Class Z (f)
(Cost $2,568)		2,567,584		2,568

Investment Purchased with Proceeds from Securities Lending – 48.6%
Mount Vernon Securities Lending Prime Portfolio (g)
(Cost $118,302)		118,302,018		118,302

Total Investments – 147.1%
(Cost $350,669)				358,069

Other Assets and Liabilities, Net – (47.1)%				(114,639	)

Total Net Assets – 100.0%			$	243,430


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $113,297 at April 30, 2008. See note 2 in Notes to Financial Statements.


(b)	Non-income producing security.

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

36 First American Funds 2008 Semiannual Report

Small Cap Growth Opportunities Fund (concluded)


(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)	Security is considered illiquid or restricted. As of April 30, 2008 the market value of these investments was $2,196 or 0.9% of total net assets. See note 2 in Notes to Financial Statements.


(e)	Security is fair valued. As of April 30, 2008, the fair value of these investments was $0 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

Small Cap Growth Opportunities Fund (concluded)


Small Cap Select Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 98.1%
Consumer Discretionary – 15.8%
1-800-Flowers.com, Class A (a)		906,359	$	7,994
Aeropostale (a) (b)		135,039		4,293
Aftermarket Technology (a) (b)		417,566		9,566
Cato, Class A (b)		96,829		1,670
Christopher & Banks (b)		759,009		8,994
Coinstar (a) (b)		353,863		11,285
Cooper Tire & Rubber (b)		530,250		6,967
FGX International Holdings Limited (a)		158,499		2,068
Interface, Class A (b)		664,160		8,528
Journal Communications, Class A (b)		371,825		2,142
McCormick & Schmick’s Seafood Restaurants (a) (b)		317,358		3,818
P.F. Chang’s China Bistro (a) (b)		169,566		5,262
Scientific Games, Class A (a) (b)		309,646		8,720
Skechers U.S.A., Class A (a) (b)		555,776		13,144
Texas Roadhouse, Class A (a) (b)		456,162		5,383
WMS Industries (a) (b)		361,230		13,073

				112,907

Consumer Staples – 1.7%
Hain Celestial Group (a) (b)		479,277		11,828

Energy – 9.1%
Atwood Oceanics (a) (b)		35,247		3,549
Comstock Resources (a) (b)		276,152		12,562
Edge Petroleum (a) (b)		944,807		4,932
GMX Resources (a) (b) (c)		327,639		11,907
Oceaneering International (a)		80,114		5,350
Patterson-UTI Energy (b)		389,663		10,887
Penn Virginia (b)		137,490		7,218
TETRA Technologies (a) (b)		555,051		9,025

				65,430

Financials – 16.5%
Affiliated Managers Group (a) (b)		106,633		10,593
Astoria Financial (b)		254,700		6,036
BioMed Realty Trust – REIT (b)		367,921		9,566
Columbia Banking System (b)		29,598		802
Cullen/Frost Bankers (b)		231,914		12,946
Delphi Financial Group, Class A		114,469		3,116
Digital Realty Trust – REIT (b)		189,628		7,348
Dime Community Bancshares (b)		543,707		10,151
East West Bancorp		178,003		2,535
GFI Group (b)		171,732		2,018
Independent Bank (b)		221,763		6,482
Kite Realty Group Trust – REIT (b)		241,324		3,277
Knight Capital Group, Class A (a) (b)		791,250		14,804
LaSalle Hotel Properties – REIT (b)		191,712		6,148
National Financial Partners (b)		186,606		5,024
Platinum Underwriters Holdings (b)		280,244		10,052
South Financial Group (b)		680,517		4,110
Umpqua Holdings (b)		201,155		2,967

				117,975

Healthcare – 16.7%
AngioDynamics (a)		361,889		5,349
Arena Pharmaceuticals (a) (b)		408,905		2,286
Array BioPharma (a) (b)		496,992		3,091
BioMarin Pharmaceutical (a) (b)		159,601		5,819
Dexcom (a) (b)		827,796		6,374
eResearchTechnology (a) (b)		380,056		4,629
Exelixis (a) (b)		539,011		4,102
Hologic (a)		241,912		7,061
ICU Medical (a) (b)		296,210		7,441
Immucor (a) (b)		157,097		4,238

First American Funds 2008 Semiannual Report 37

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Small Cap Select Fund (continued)
DESCRIPTION	SHARES		VALUE


K-V Pharmaceutical, Class A (a) (b)		594,715	$	14,535
Magellan Health Services (a)		309,364		11,938
Myriad Genetics (a) (b)		64,292		2,671
Onyx Pharmaceuticals (a) (b)		31,538		1,109
OSI Pharmaceuticals (a) (b)		38,478		1,333
Pediatrix Medical Group (a)		241,700		16,440
Senomyx (a) (b)		561,947		3,372
SonoSite (a) (b)		390,140		12,442
TranS1 (a) (b)		376,413		4,912

				119,142

Industrials – 13.0%
Advisory Board (a) (b)		80,810		3,767
AMETEK		153,635		7,454
BE Aerospace (a)		265,519		10,716
Columbus McKinnon (a) (b)		110,285		3,122
Con-way		169,627		7,845
ESCO Technologies (a) (b)		356,058		16,578
Forward Air (b)		155,756		5,310
Ladish (a) (b)		86,989		2,615
MasTec (a) (b)		1,166,742		9,556
Nordson (b)		119,308		7,043
RBC Bearings (a) (b)		114,740		4,586
Regal-Beloit (b)		69,122		2,564
Timken (b)		184,577		6,673
Waste Connections (a) (b)		157,478		5,050

				92,879

Information Technology – 19.1%
ADC Telecommunications (a) (b)		440,241		6,172
Advanced Analogic Technologies (a) (b)		1,352,999		9,363
AudioCodes (a)		370,537		1,512
Cognex (b)		158,368		3,991
Data Domain (a) (b)		133,335		2,900
Digital River (a) (b)		265,285		8,715
Emulex (a) (b)		681,207		8,917
F5 Networks (a) (b)		315,596		7,142
Foundry Networks (a) (b)		419,936		5,346
Greenfield Online (a) (b)		714,837		8,156
Harris Stratex Networks, Class A (a) (b)		70,749		671
Ixia (a) (b)		211,401		1,499
Orbotech (a)		279,106		4,898
Photronics (a) (b)		923,617		9,790
Plexus (a) (b)		265,146		6,387
Polycom (a) (b)		318,063		7,125
Progress Software (a) (b)		372,380		11,257
Silicon Laboratories (a) (b)		210,184		7,098
Synaptics (a) (b)		232,101		7,877
Tessera Technologies (a) (b)		379,480		7,681
TTM Technologies (a) (b)		543,668		7,236
Veeco Instruments (a) (b)		163,136		3,072

				136,805

Materials – 5.0%
Albemarle (b)		182,372		6,823
AptarGroup (b)		150,381		6,639
Schnitzer Steel Industries, Class A (b)		54,205		4,770
Terra Industries (a) (b)		263,380		9,972
Texas Industries (b)		100,237		7,759

				35,963

Telecommunication Services – 0.6%
Cogent Communications Group (a) (b)		95,391		2,004
General Communication, Class A (a) (b)		363,544		2,258

				4,262

Utilities – 0.6%
NSTAR (b)		124,982		4,026

Total Common Stocks
(Cost $708,664)				701,217

Short-Term Investment – 1.8%
First American Prime Obligations Fund, Class Z (d)
(Cost $12,561)		12,560,502		12,561

Investment Purchased with Proceeds from Securities Lending – 49.5%
Mount Vernon Securities Lending Prime Portfolio (e)
(Cost $353,804)		353,804,057		353,804

Total Investments – 149.4% (Cost $1,075,029)				1,067,582

Other Assets and Liabilities, Net – (49.4)%				(352,965	)

Total Net Assets – 100.0%			$	714,617


(a)	Non-income producing security.


(b)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $338,414 at April 30, 2008. See note 2 in Notes to Financial Statements.


(c)	Security is considered illiquid or restricted. As of April 30, 2008 the market value of this investment was $11,907 or 1.7% 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)

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.

38 First American Funds 2008 Semiannual Report

Fund (concluded)


Small Cap Value Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 97.6%
Consumer Discretionary – 14.1%
Aaron Rents (a)		193,119	$	4,809
Ameristar Casinos (a)		95,476		1,639
Belo, Class A (a)		197,302		1,993
CBRL Group (a)		52,692		1,947
Charlotte Russe Holding (a) (b)		206,431		3,278
Domino’s Pizza (a)		223,200		2,964
Ethan Allen Interiors (a)		129,482		3,557
Fred’s (a)		100,565		1,114
Group 1 Automotive (a)		129,651		3,459
Interface, Class A (a)		202,959		2,606
Jack in the Box (a) (b)		75,899		2,030
Lear (b)		84,572		2,416
Skechers U.S.A., Class A (a) (b)		141,561		3,348
Wolverine World Wide (a)		137,992		3,966

				39,126

Consumer Staples – 3.8%
Elizabeth Arden (a) (b)		175,655		3,251
Nu Skin Enterprises, Class A (a)		203,110		3,642
Ralcorp Holdings (a) (b)		57,499		3,510

				10,403

Energy – 7.5%
Concho Resources (b)		64,991		1,792
Dril-Quip (a) (b)		33,227		1,899
Global Industries (a) (b)		42,788		683
Oil States International (a) (b)		61,885		3,098
Penn Virginia (a)		99,002		5,198
PetroQuest Energy (a) (b)		84,164		1,749
Swift Energy (a) (b)		123,937		6,462

				20,881

Financials (c) – 27.9%
Alexandria Real Estate Equities – REIT (a)		40,142		4,216
American Equity Investment Life Holding (a)		289,124		2,790
Apollo Investment (a)		145,073		2,347
Aspen Insurance Holdings		79,421		2,064
Astoria Financial (a)		116,569		2,763
Cathay General Bancorp (a)		140,605		2,397
City Bank (a)		86,679		1,571
Colonial BancGroup		243,068		1,979
Delphi Financial Group, Class A		155,318		4,228
First Midwest Bancorp (a)		128,382		3,278
FPIC Insurance Group (b)		76,329		3,552
Frontier Financial (a)		210,760		3,372
IBERIABANK (a)		81,610		3,934
Independent Bank		130,366		3,811
Knight Capital Group, Class A (a) (b)		161,638		3,024
LaSalle Hotel Properties – REIT (a)		88,771		2,847
MFA Mortgage Investments (a)		403,980		2,824
Mid-America Apartment Communities – REIT (a)		52,739		2,769
National Retail Properties – REIT (a)		180,375		4,132
optionsXpress Holdings (a)		66,217		1,422
Piper Jaffray Companies (a) (b)		47,732		1,778
PS Business Parks – REIT (a)		48,590		2,781
Selective Insurance Group (a)		157,006		3,347
Sterling Bancshares (a)		419,171		4,355
Texas Capital Bancshares (a) (b)		127,384		2,350
Waddell & Reed Financial, Class A (a)		83,443		2,825
WSFS Financial		13,690		696

				77,452

Healthcare – 8.3%
Greatbatch (a) (b)		125,170		2,276
Healthspring (a) (b)		150,509		2,535
Omnicell (b)		41,364		497
Pediatrix Medical Group (b)		30,163		2,052
Perrigo (a)		36,939		1,514
Res-Care (b)		148,154		2,413
Sciele Pharma (a) (b)		206,750		3,984
STERIS (a)		119,012		3,298
Varian (a) (b)		30,479		1,552
Vital Signs		55,420		2,900

				23,021

Industrials – 10.3%
Apogee Enterprises (a)		68,987		1,539
Brady, Class A (a)		72,530		2,462
Con-way (a)		36,739		1,699
CRA International (a) (b)		62,462		2,154
Crane		105,351		4,313
Deluxe		69,434		1,476
EMCOR Group (b)		106,017		2,657
Nordson (a)		57,692		3,405
Regal-Beloit (a)		56,556		2,098
SkyWest (a)		81,236		1,546
Triumph Group (a)		38,186		2,248
URS (a) (b)		69,849		2,818

				28,415

Information Technology – 13.7%
CACI International, Class A (a) (b)		69,219		3,469
Emulex (a) (b)		195,618		2,561
Epicor Software (a) (b)		222,850		1,783
Ixia (b)		421,772		2,990
Pericom Semiconductor (b)		87,062		1,484
Photronics (a) (b)		169,826		1,800
Plantronics (a)		90,724		2,260
Polycom (a) (b)		137,904		3,089
Progress Software (a) (b)		188,555		5,700
Silicon Motion Technology – ADR (a) (b)		121,956		2,126
TIBCO Software (a) (b)		91,563		702
TriQuint Semiconductor (a) (b)		396,668		2,614
TTM Technologies (a) (b)		338,487		4,505
United Online (a)		267,075		2,852

				37,935

Materials – 7.8%
Albemarle (a)		75,831		2,837
AptarGroup (a)		76,674		3,385
Arch Chemicals (a)		80,957		2,758
CF Industries Holdings (a)		11,769		1,574
Commercial Metals (a)		104,511		3,254
Schnitzer Steel Industries, Class A (a)		24,820		2,184
Terra Industries (a) (b)		58,017		2,197
Texas Industries (a)		45,451		3,518

				21,707

Utilities – 4.2%
Black Hills (a)		69,332		2,705
El Paso Electric (a) (b)		142,728		3,221
Northwest Natural Gas (a)		56,625		2,541
Westar Energy (a)		137,023		3,177

				11,644

Total Common Stocks (Cost $270,954)				270,584

First American Funds 2008 Semiannual Report 39

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)

Fund (concluded)


Small Cap Value Fund (concluded)
DESCRIPTION	SHARES		VALUE


Short-Term Investment – 1.7%
First American Prime Obligations Fund, Class Z (d)
(Cost $4,820)		4,820,402	$	4,820

Investment Purchased with Proceeds from Securities Lending – 49.4%
Mount Vernon Securities Lending Prime Portfolio (e)
(Cost $136,843)		136,843,158		136,843

Total Investments – 148.7%
(Cost $412,617)				412,247

Other Assets and Liabilities, Net – (48.7)%				(134,971	)

Total Net Assets – 100.0%			$	277,276


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $131,657 at April 30, 2008. 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

Fund (concluded)


Small-Mid Cap Core Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 99.0%
Consumer Discretionary – 14.6%
Abercrombie & Fitch, Class A		17,396	$	1,293
Aeropostale (a) (b)		44,788		1,424
Aftermarket Technology (b)		63,290		1,450
Dick’s Sporting Goods (a) (b)		28,545		816
Gaiam, Class A (a) (b)		33,368		587
J. Crew Group (a) (b)		26,977		1,281
Skechers U.S.A., Class A (b)		77,705		1,838
Warnaco Group (a) (b)		24,532		1,132
WMS Industries (a) (b)		75,684		2,739
Wolverine World Wide (a)		32,343		930

				13,490

Consumer Staples – 2.6%
Corn Products International		52,653		2,442

Energy – 7.2%
Atwood Oceanics (a) (b)		9,127		919
Dril-Quip (a) (b)		35,092		2,006
Oceaneering International (b)		14,866		993
Penn Virginia		13,840		727
Swift Energy (a) (b)		37,561		1,958

				6,603

Financials – 19.2%
Affiliated Managers Group (a) (b)		10,741		1,067
Alexandria Real Estate Equities – REIT (a)		8,706		914
BioMed Realty Trust – REIT (a)		80,884		2,103
Colonial BancGroup (a)		113,940		928
East West Bancorp		63,353		902
FPIC Insurance Group (b)		19,032		886
Frontier Financial (a)		73,060		1,169
Knight Capital Group, Class A (a) (b)		60,543		1,133
LaSalle Hotel Properties – REIT (a)		29,848		957
National Retail Properties – REIT (a)		82,771		1,896
Platinum Underwriters Holdings (a)		50,919		1,827
Sterling Bancshares (a)		152,956		1,589
Thornburg Mortgage (a)		190,936		233
W.R. Berkley		38,529		990
Waddell & Reed Financial, Class A (a)		32,264		1,092

				17,686

Healthcare – 14.2%
AMN Healthcare Services (b)		43,638		637
BioMarin Pharmaceutical (a) (b)		72,475		2,642
IDEXX Laboratories (b)		9,155		487
Intuitive Surgical (a) (b)		10,669		3,086
Pediatrix Medical Group (b)		38,010		2,585
Perrigo (a)		37,119		1,521
Sciele Pharma (a) (b)		77,308		1,490
Varian (a) (b)		13,736		700

				13,148

Industrials – 10.4%
AirTran Holdings (a) (b)		36,145		123
Columbus McKinnon (b)		24,467		693
Continental Airlines, Class B (a) (b)		11,483		207
Crane		38,405		1,572
EMCOR Group (a) (b)		74,409		1,865
Forward Air (a)		41,992		1,431
Regal-Beloit (a)		37,498		1,391
Republic Services		36,339		1,155
Werner Enterprises (a)		58,641		1,141

				9,578

Information Technology – 15.3%
Avnet (b)		29,000		760
BMC Software (b)		38,299		1,331

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

40 First American Funds 2008 Semiannual Report


Small-Mid Cap Core Fund (concluded)
DESCRIPTION	SHARES		VALUE


Digital River (b)		29,107	$	956
Emulex (a) (b)		145,107		1,900
Fairchild Semiconductor International, Class A (b)		128,223		1,672
Foundry Networks (a) (b)		70,572		898
Intersil, Class A (a)		25,434		680
Lam Research (a) (b)		22,161		905
Photronics (a) (b)		88,575		939
Plexus (b)		62,239		1,499
Polycom (a) (b)		75,418		1,689
Progress Software (a) (b)		30,769		930

				14,159

Materials – 11.4%
Commercial Metals		46,531		1,449
Owens-Illinois (b)		22,749		1,254
Pactiv (b)		63,970		1,522
Schnitzer Steel Industries, Class A (a)		38,149		3,357
Temple-Inland		69,396		810
Terra Industries (a) (b)		56,147		2,126

				10,518

Telecommunication Services – 1.1%
Time Warner Telecom, Class A (a) (b)		52,023		1,020

Utilities – 3.0%
Northwest Natural Gas (a)		15,380		690
NSTAR		31,306		1,008
Westar Energy (a)		47,900		1,111

				2,809

Total Common Stocks
(Cost $86,978)				91,453

Short-Term Investment – 2.0%
First American Prime Obligations Fund, Class Z (c)
(Cost $1,787)		1,787,442		1,787

Investment Purchased with Proceeds from Securities Lending – 45.1%
Mount Vernon Securities Lending Prime Portfolio (d)
(Cost $41,687)		41,687,016		41,687

Total Investments – 146.1%
(Cost $130,452)				134,927

Other Assets and Liabilities, Net – (46.1)%				(42,552	)

Total Net Assets – 100.0%			$	92,375


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $40,234 at April 30, 2008. 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.


REIT –	Real Estate Investment Trust

First American Funds 2008 Semiannual Report 41


Statements ofAssets and Liabilities	April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data



	Small Cap Growth			Small Cap			Small Cap			Small-Mid Cap
	Opportunities Fund			Select Fund			Value Fund			Core Fund

Unaffiliated investments, at cost	$	229,799		$	708,664		$	270,954		$	86,978
Affiliated money market fund, at cost		2,568			12,561			4,820			1,787
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		118,302			353,804			136,843			41,687


ASSETS:
Unaffiliated investments, at value* (note 2)	$	237,199		$	701,217		$	270,584		$	91,453
Affiliated money market fund, at value (note 2)		2,568			12,561			4,820			1,787
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		118,302			353,804			136,843			41,687
Cash		1,678			—			—			—
Receivable for dividends and interest		116			505			241			86
Receivable for investments sold		3,604			17,516			5,222			1,430
Receivable for capital shares sold		199			978			42			8
Prepaid expenses and other assets		36			44			33			24


Total assets		363,702			1,086,625			417,785			136,475


LIABILITIES:
Payable for capital shares redeemed		288			2,183			312			409
Payable upon return of securities loaned (note 2)		118,302			353,804			136,843			41,687
Payable for investments purchased		1,440			15,372			3,106			1,910
Payable to affiliates (note 3)		211			552			216			69
Payable for distribution and shareholder servicing fees		29			85			16			12
Accrued expenses and other liabilities		2			12			16			13


Total liabilities		120,272			372,008			140,509			44,100


Net assets	$	243,430		$	714,617		$	277,276		$	92,375


COMPOSITION OF NET ASSETS:
Portfolio capital	$	262,579		$	808,131		$	289,627		$	533,586
Undistributed (distributions in excess of) net investment income		(1,043	)		(215	)		78			2
Accumulated net realized loss on investments		(25,506	)		(85,852	)		(12,059	)		(445,688	)
Net unrealized appreciation (depreciation) of investments		7,400			(7,447	)		(370	)		4,475


Net assets	$	243,430		$	714,617		$	277,276		$	92,375


* Including securities loaned, at value	$	113,297		$	338,414		$	131,657		$	40,234


Class A:
Net assets	$	124,315		$	203,337		$	41,464		$	18,945
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		7,314			18,504			3,937			1,958
Net asset value and redemption price per share	$	17.00		$	10.99		$	10.53		$	9.67
Maximum offering price per share¹	$	17.99		$	11.63		$	11.14		$	10.23
Class B:
Net assets	$	3,248		$	9,686		$	4,342		$	4,549
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		214			1,093			473			546
Net asset value, offering price, and redemption price per share²	$	15.15		$	8.86		$	9.18		$	8.34
Class C:
Net assets	$	1,724		$	27,134		$	3,248		$	4,787
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		109			2,666			346			527
Net asset value, offering price, and redemption price per share²	$	15.88		$	10.18		$	9.39		$	9.09
Class R³:
Net assets	$	534		$	35,978		$	2,850		$	—
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		32			3,328			274			—
Net asset value, offering price, and redemption price per share	$	16.84		$	10.81		$	10.39		$	—
Class Y:
Net assets	$	113,609		$	438,482		$	225,372		$	64,094
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		6,245			36,947			20,813			6,354
Net asset value, offering price, and redemption price per share	$	18.19		$	11.87		$	10.83		$	10.09


	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 Small-Mid Cap Core Fund.

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

42 First American Funds 2008 Semiannual Report


Statements ofOperations	For the six-month period ended April 30, 2008 (unaudited), 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 investments	$	337		$	2,906		$	2,583		$	508
Dividends from affiliated investments		120			392			40			26
Less: Foreign taxes withheld		—			—			—			—
Securities lending income		221			1,201			414			115


Total investment income		678			4,499			3,037			649


EXPENSES (note 3):
Investment advisory fees		1,258			2,723			1,031			342
Administration fees		283			864			331			114
Transfer agent fees		80			173			82			102
Custodian fees		7			21			11			5
Legal fees		7			7			7			7
Audit fees		15			15			15			15
Registration fees		29			32			26			21
Postage and printing fees		10			36			13			4
Directors’ fees		13			13			13			13
Other expenses		10			10			10			10
Distribution and shareholder servicing fees – Class A		157			251			55			24
Distribution and shareholder servicing fees – Class B		18			54			24			27
Distribution and shareholder servicing fees – Class C		9			143			17			24
Distribution and shareholder servicing fees – Class R¹		1			86			7			—


Total expenses		1,897			4,428			1,642			708


Less: Fee waivers (note 3)		(181	)		(10	)		(1	)		(66	)
Less: Indirect payments from custodian (note 3)		(1	)		(2	)		—			—


Total net expenses		1,715			4,416			1,641			642


Investment income (loss) – net		(1,037	)		83			1,396			7


REALIZED AND UNREALIZED LOSSES ON INVESTMENTS – NET (note 5):
Net realized loss on unaffiliated investments		(21,492	)		(62,087	)		(11,984	)		(3,734	)
Net realized gain on in-kind distribution (note 9)		247			—			—			—
Net change in unrealized appreciation or depreciation of investments		(22,764	)		(97,073	)		(30,884	)		(6,720	)


Net loss on investments		(44,009	)		(159,160	)		(42,868	)		(10,454	)


Net decrease in net assets resulting from operations	$	(45,046	)	$	(159,077	)	$	(41,472	)	$	(10,447	)


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

First American Funds 2008 Semiannual Report 43

Small-Mid Cap Core Fund (concluded)


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



	Small Cap Growth						Small Cap
	Opportunities Fund						Select Fund

	Six-Month						Six-Month
	Period Ended						Period Ended
	4/30/08			Year Ended			4/30/08			Year Ended
	(unaudited)			10/31/07			(unaudited)			10/31/07

OPERATIONS:
Investment income (loss) – net	$	(1,037	)	$	(2,579	)	$	83		$	(813	)
Net realized gain (loss) on unaffiliated investments		(21,492	)		29,255			(62,087	)		81,194
Net realized gain loss on affiliated investments		—			—			—			(2,200	)
Net realized gain on in-kind distribution		247			—			—			6,598
Net change in unrealized appreciation or depreciation of investments		(22,764	)		11,753			(97,073	)		(12,056	)


Net increase (decrease) in net assets resulting from operations		(45,046	)		38,429			(159,077	)		72,723


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class R		—			—			—			—
Class Y		—			—			(291	)		—
Net realized gain on investments:
Class A		(10,823	)		(8,975	)		(14,448	)		(33,807	)
Class B		(340	)		(443	)		(980	)		(2,398	)
Class C		(169	)		(178	)		(2,230	)		(2,921	)
Class R		(39	)		(81	)		(2,456	)		(578	)
Class Y		(9,817	)		(10,242	)		(34,350	)		(94,474	)


Total distributions		(21,188	)		(19,919	)		(54,755	)		(134,178	)


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		14,103			42,677			54,992			169,005
Reinvestment of distributions		10,653			8,788			13,800			24,845
Payments for redemptions		(16,646	)		(49,599	)		(50,560	)		(161,596	)


Increase (decrease) in net assets from Class A transactions		8,110			1,866			18,232			32,254


Class B:
Proceeds from sales		81			235			257			1,987
Reinvestment of distributions		325			412			937			2,264
Payments for redemptions (note 3)		(616	)		(2,909	)		(1,980	)		(4,115	)


Increase (decrease) in net assets from Class B transactions		(210	)		(2,262	)		(786	)		136


Class C:
Proceeds from sales		114			807			3,935			21,138
Reinvestment of distributions		153			151			2,068			2,706
Payments for redemptions (note 3)		(335	)		(1,431	)		(5,356	)		(6,772	)


Increase (decrease) in net assets from Class C transactions		(68	)		(473	)		647			17,072


Class R¹:
Proceeds from sales		144			449			8,585			39,652
Reinvestment of distributions		39			81			2,456			578
Payments for redemptions		(58	)		(1,395	)		(4,399	)		(5,019	)


Increase (decrease) in net assets from Class R transactions		125			(865	)		6,642			35,211


Class Y:
Proceeds from sales		5,471			15,021			41,062			200,087
Reinvestment of distributions		7,546			7,633			26,896			71,615
Payments for redemptions		(22,281	)		(60,378	)		(180,267	)		(270,010	)


Increase (decrease) in net assets from Class Y transactions		(9,264	)		(37,724	)		(112,309	)		1,692


Increase (decrease) in net assets from capital share transactions		(1,307	)		(39,458	)		(87,574	)		86,365


Increase in net assets from regulatory settlement proceeds (note 10)		—			177			—			—


Total increase (decrease) in net assets		(67,541	)		(20,771	)		(301,406	)		24,910
Net assets at beginning of period		310,971			331,742			1,016,023			991,113


Net assets at end of period	$	243,430		$	310,971		$	714,617		$	1,016,023


Undistributed (distributions in excess of) net investment income at end of period	$	(1,043	)	$	(6	)	$	(215	)	$	(7	)


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

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

44 First American Funds 2008 Semiannual Report

Small-Mid Cap Core Fund (concluded)



Small Cap						Small-Mid Cap
Value Fund						Core Fund

Six-Month						Six-Month
Period Ended						Period Ended
4/30/08			Year Ended			4/30/08			Year Ended
(unaudited)			10/31/07			(unaudited)			10/31/07


$	1,396		$	4,450		$	7		$	(151	)
	(11,984	)		42,939			(3,734	)		9,015
	—			—			—			—
	—			—			—			—
	(30,884	)		(29,588	)		(6,720	)		3,441


	(41,472	)		17,801			(10,447	)		12,305




	(573	)		(94	)		—			—
	(24	)		—			—			—
	(20	)		—			—			—
	(33	)		(3	)		—			—
	(3,750	)		(1,306	)		—			(108	)

	(5,182	)		(9,082	)		—			—
	(645	)		(1,323	)		—			—
	(434	)		(764	)		—			—
	(336	)		(321	)		—			—
	(27,250	)		(52,686	)		—			—


	(38,247	)		(65,579	)		—			(108	)




	1,553			9,352			1,945			5,584
	5,531			8,932			—			—
	(7,277	)		(15,854	)		(2,823	)		(12,536	)


	(193	)		2,430			(878	)		(6,952	)



	34			183			102			294
	643			1,220			—			—
	(1,162	)		(1,975	)		(1,795	)		(2,885	)


	(485	)		(572	)		(1,693	)		(2,591	)



	294			1,120			603			1,179
	411			736			—			—
	(540	)		(1,648	)		(521	)		(1,497	)


	165			208			82			(318	)



	552			2,573			—			—
	369			323			—			—
	(584	)		(1,268	)		—			—


	337			1,628			—			—



	12,218			39,919			12,348			27,632
	27,122			46,881			—			38
	(51,832	)		(100,232	)		(20,501	)		(23,844	)


	(12,492	)		(13,432	)		(8,153	)		3,826


	(12,668	)		(9,738	)		(10,642	)		(6,035	)


	—			—			—			—


	(92,387	)		(57,516	)		(21,089	)		6,162
	369,663			427,179			113,464			107,302


$	277,276		$	369,663		$	92,375		$	113,464


$	78		$	3,082		$	2		$	(5	)

First American Funds 2008 Semiannual Report 45

Small-Mid Cap Core Fund (concluded)

Financial Highlights For a share outstanding throughout the indicated periods.



						Realized and
	Net Asset					Unrealized						Net Asset
	Value		Net			Gains			Distributions			Value
	Beginning		Investment			(Losses) on			from Net			End of
	of Period		Loss			Investments			Realized Gains			Period

Small Cap Growth Opportunities Fund¹
Class A
2008²	$	21.65	$	(0.08	)	$	(2.99	)	$	(1.58	)	$	17.00
2007³		20.49		(0.19	)		2.67			(1.32	)		21.65
2006³		22.79		(0.18	)		2.37			(4.49	)		20.49
2005⁴		23.75		(0.02	)		(0.94	)		—			22.79
2005⁵		21.74		(0.32	)		5.28			(2.95	)		23.75
2004⁵		21.95		(0.35	)		0.27			(0.13	)		21.74
2003⁵		13.86		(0.28	)		8.37			—			21.95
Class B
2008²	$	19.56	$	(0.13	)	$	(2.70	)	$	(1.58	)	$	15.15
2007³		18.76		(0.31	)		2.43			(1.32	)		19.56
2006³		21.36		(0.31	)		2.20			(4.49	)		18.76
2005⁴		22.27		(0.03	)		(0.88	)		—			21.36
2005⁵		20.69		(0.45	)		4.98			(2.95	)		22.27
2004⁵		21.05		(0.50	)		0.27			(0.13	)		20.69
2003⁵		13.39		(0.40	)		8.06			—			21.05
Class C
2008²	$	20.41	$	(0.14	)	$	(2.81	)	$	(1.58	)	$	15.88
2007³		19.53		(0.33	)		2.53			(1.32	)		20.41
2006³		22.05		(0.32	)		2.29			(4.49	)		19.53
2005⁴		23.00		(0.04	)		(0.91	)		—			22.05
2005⁵		21.28		(0.48	)		5.15			(2.95	)		23.00
2004⁵		21.65		(0.49	)		0.25			(0.13	)		21.28
2003⁵		13.77		(0.43	)		8.31			—			21.65
Class R⁶
2008²	$	21.49	$	(0.10	)	$	(2.97	)	$	(1.58	)	$	16.84
2007³		20.39		(0.24	)		2.66			(1.32	)		21.49
2006³		22.75		(0.23	)		2.36			(4.49	)		20.39
2005⁴		23.72		(0.03	)		(0.94	)		—			22.75
2005⁵		21.74		(0.48	)		5.41			(2.95	)		23.72
2004⁵		21.95		(0.42	)		0.34			(0.13	)		21.74
2003⁵		13.86		(0.28	)		8.37			—			21.95
Class Y
2008²	$	23.03	$	(0.06	)	$	(3.20	)	$	(1.58	)	$	18.19
2007³		21.66		(0.15	)		2.84			(1.32	)		23.03
2006³		23.81		(0.13	)		2.47			(4.49	)		21.66
2005⁴		24.81		(0.02	)		(0.98	)		—			23.81
2005⁵		22.55		(0.27	)		5.48			(2.95	)		24.81
2004⁵		22.70		(0.32	)		0.30			(0.13	)		22.55
2003⁵		14.30		(0.25	)		8.65			—			22.70


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.

	³	For the period November 1 to October 31 in the fiscal 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 fiscal year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

	⁸	During the period, the fund received a regulatory settlement, which had an impact on 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.

46 First American Funds 2008 Semiannual Report

Small-Mid Cap Core Fund (concluded)



											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Loss to Average
			Net Assets		Expenses to			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



	(14.82	)%	$	124,315		1.47	%		(0.91	)%		1.61	%		(1.05	)%		61	%
	12.81	⁸		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

	(15.19	)%	$	3,248		2.22	%		(1.66	)%		2.36	%		(1.80	)%		61	%
	12.03	⁸		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

	(15.15	)%	$	1,724		2.22	%		(1.66	)%		2.36	%		(1.80	)%		61	%
	11.96	⁸		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

	(14.94	)%	$	534		1.72	%		(1.16	)%		1.86	%		(1.30	)%		61	%
	12.56	⁸		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

	(14.75	)%	$	113,609		1.22	%		(0.66	)%		1.36	%		(0.80	)%		61	%
	13.10	⁸		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 2008 Semiannual Report 47

Financial Highlights For a share outstanding throughout the indicated periods.



						Realized and
	Net Asset					Unrealized			Distributions						Net Asset
	Value		Net			Gains			from Net			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			from Net			End of
	of Period		Income (Loss)			Investments			Income			Realized Gains			Period

Small Cap Select Fund¹
Class A
2008²	$	14.06	$	—		$	(2.22	)	$	—		$	(0.85	)	$	10.99
2007³		15.12		(0.03	)		1.05			—			(2.08	)		14.06
2006³		15.33		(0.05	)		3.05			—			(3.21	)		15.12
2005⁴		15.82		(0.01	)		(0.48	)		—			—			15.33
2005⁵		15.95		(0.08	)		3.10			—			(3.15	)		15.82
2004⁵		14.52		(0.12	)		2.60			—			(1.05	)		15.95
2003⁵		10.68		(0.09	)		3.93			—			—			14.52
Class B
2008²	$	11.56	$	(0.04	)	$	(1.81	)	$	—		$	(0.85	)	$	8.86
2007³		12.88		(0.11	)		0.87			—			(2.08	)		11.56
2006³		13.58		(0.13	)		2.64			—			(3.21	)		12.88
2005⁴		14.02		(0.02	)		(0.42	)		—			—			13.58
2005⁵		14.56		(0.17	)		2.78			—			(3.15	)		14.02
2004⁵		13.42		(0.22	)		2.41			—			(1.05	)		14.56
2003⁵		9.95		(0.17	)		3.64			—			—			13.42
Class C
2008²	$	13.13	$	(0.04	)	$	(2.06	)	$	—		$	(0.85	)	$	10.18
2007³		14.36		(0.12	)		0.97			—			(2.08	)		13.13
2006³		14.79		(0.16	)		2.94			—			(3.21	)		14.36
2005⁴		15.28		(0.02	)		(0.47	)		—			—			14.79
2005⁵		15.60		(0.19	)		3.02			—			(3.15	)		15.28
2004⁵		14.32		(0.24	)		2.57			—			(1.05	)		15.60
2003⁵		10.62		(0.18	)		3.88			—			—			14.32
Class R⁶
2008²	$	13.86	$	(0.02	)	$	(2.18	)	$	—		$	(0.85	)	$	10.81
2007³		14.98		(0.06	)		1.02			—			(2.08	)		13.86
2006³		15.24		(0.09	)		3.04			—			(3.21	)		14.98
2005⁴		15.73		(0.01	)		(0.48	)		—			—			15.24
2005⁵		15.91		(0.08	)		3.05			—			(3.15	)		15.73
2004⁵		14.49		(0.13	)		2.60			—			(1.05	)		15.91
2003⁵		10.66		(0.09	)		3.92			—			—			14.49
Class Y
2008²	$	15.10	$	0.01		$	(2.38	)	$	(0.01	)	$	(0.85	)	$	11.87
2007³		16.06		0.01			1.11			—			(2.08	)		15.10
2006³		16.06		(0.01	)		3.22			—			(3.21	)		16.06
2005⁴		16.57		(0.01	)		(0.50	)		—			—			16.06
2005⁵		16.54		(0.04	)		3.22			—			(3.15	)		16.57
2004⁵		14.98		(0.09	)		2.70			—			(1.05	)		16.54
2003⁵		11.00		(0.06	)		4.04			—			—			14.98


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.

	³	For the period November 1 to October 31 in the fiscal 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 fiscal year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

48 First American Funds 2008 Semiannual Report

Small-Mid Cap Core Fund (concluded)



														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
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	(16.28	)%	$	203,337		1.25	%		(0.09	)%		1.25	%		(0.09	)%		35	%
	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

	(16.62	)%	$	9,686		2.00	%		(0.84	)%		2.00	%		(0.84	)%		35	%
	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

	(16.54	)%	$	27,134		2.00	%		(0.84	)%		2.00	%		(0.84	)%		35	%
	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

	(16.38	)%	$	35,978		1.50	%		(0.34	)%		1.50	%		(0.34	)%		35	%
	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

	(16.17	)%	$	438,482		1.00	%		0.16	%		1.00	%		0.16	%		35	%
	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 2008 Semiannual Report 49

Small-Mid Cap Core Fund (concluded)

Financial Highlights For a share outstanding throughout the indicated periods.



						Realized and
	Net Asset					Unrealized			Distributions						Net Asset
	Value		Net			Gains			from Net			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			from Net			End of
	of Period		Income (Loss)			Investments			Income			Realized Gains			Period

Small Cap Value Fund¹
Class A
2008²	$	13.52	$	0.04		$	(1.52	)	$	(0.14	)	$	(1.37	)	$	10.53
2007³		15.38		0.12			0.48			(0.02	)		(2.44	)		13.52
2006³		16.34		0.03			2.86			(0.04	)		(3.81	)		15.38
2005⁴		16.78		0.01			(0.45	)		—			—			16.34
2005⁵		16.84		0.03			2.63			(0.06	)		(2.66	)		16.78
2004⁵		14.28		0.03			3.13			(0.04	)		(0.56	)		16.84
2003⁵		11.26		—			3.02			—			—			14.28
Class B
2008²	$	11.94	$	—		$	(1.35	)	$	(0.04	)	$	(1.37	)	$	9.18
2007³		13.93		0.02			0.43			—			(2.44	)		11.94
2006³		15.19		(0.07	)		2.62			—			(3.81	)		13.93
2005⁴		15.61		—			(0.42	)		—			—			15.19
2005⁵		15.92		(0.09	)		2.47			(0.03	)		(2.66	)		15.61
2004⁵		13.60		(0.08	)		2.96			—			(0.56	)		15.92
2003⁵		10.80		(0.08	)		2.88			—			—			13.60
Class C
2008²	$	12.19	$	—		$	(1.37	)	$	(0.06	)	$	(1.37	)	$	9.39
2007³		14.17		0.02			0.44			—			(2.44	)		12.19
2006³		15.39		(0.07	)		2.66			—			(3.81	)		14.17
2005⁴		15.82		—			(0.43	)		—			—			15.39
2005⁵		16.10		(0.09	)		2.50			(0.03	)		(2.66	)		15.82
2004⁵		13.74		(0.08	)		3.00			—			(0.56	)		16.10
2003⁵		10.91		(0.09	)		2.92			—			—			13.74
Class R⁶
2008²	$	13.35	$	0.03		$	(1.50	)	$	(0.12	)	$	(1.37	)	$	10.39
2007³		15.24		0.10			0.47			(0.02	)		(2.44	)		13.35
2006³		16.29		(0.01	)		2.84			(0.07	)		(3.81	)		15.24
2005⁴		16.74		0.01			(0.46	)		—			—			16.29
2005⁵		16.83		(0.01	)		2.64			(0.06	)		(2.66	)		16.74
2004⁵		14.27		0.03			3.12			(0.03	)		(0.56	)		16.83
2003⁵		11.26		0.01			3.01			(0.01	)		—			14.27
Class Y
2008²	$	13.87	$	0.06		$	(1.56	)	$	(0.17	)	$	(1.37	)	$	10.83
2007³		15.71		0.16			0.49			(0.05	)		(2.44	)		13.87
2006³		16.62		0.07			2.90			(0.07	)		(3.81	)		15.71
2005⁴		17.06		0.01			(0.45	)		—			—			16.62
2005⁵		17.05		0.07			2.67			(0.07	)		(2.66	)		17.06
2004⁵		14.44		0.08			3.16			(0.07	)		(0.56	)		17.05
2003⁵		11.38		0.03			3.05			(0.02	)		—			14.44


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.

	³	For the period November 1 to October 31 in the fiscal 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 fiscal year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

50 First American Funds 2008 Semiannual Report

Small-Mid Cap Core Fund (concluded)



														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
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	(11.50	)%	$	41,464		1.29	%		0.77	%		1.29	%		0.77	%		20	%
	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

	(11.87	)%	$	4,342		2.05	%		0.02	%		2.05	%		0.02	%		20	%
	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

	(11.86	)%	$	3,248		2.05	%		0.02	%		2.05	%		0.02	%		20	%
	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

	(11.56	)%	$	2,850		1.55	%		0.51	%		1.55	%		0.51	%		20	%
	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

	(11.33	)%	$	225,372		1.04	%		1.02	%		1.04	%		1.02	%		20	%
	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 2008 Semiannual Report 51

Small-Mid Cap Core Fund (concluded)

Financial Highlights For a share outstanding throughout the indicated periods.



						Realized and
	Net Asset					Unrealized			Distributions			Net Asset
	Value		Net			Gains			from Net			Value
	Beginning		Investment			(Losses) on			Investment			End of
	of Period		Income (Loss)			Investments			Income			Period

Small-Mid Cap Core Fund^1,2
Class A
2008³	$	10.64	$	—		$	(0.97	)	$	—		$	9.67
2007⁴		9.57		(0.02	)		1.09			—			10.64
2006⁴		8.03		0.01			1.53			—			9.57
2005⁵		8.31		(0.01	)		(0.27	)		—			8.03
2005⁶		7.40		(0.07	)		0.98			—			8.31
2004⁶		7.05		(0.07	)		0.42			—			7.40
2003⁶		4.29		(0.03	)		2.79			—			7.05
Class B
2008³	$	9.21	$	(0.03	)	$	(0.84	)	$	—		$	8.34
2007⁴		8.34		(0.08	)		0.95			—			9.21
2006⁴		7.06		(0.04	)		1.32			—			8.34
2005⁵		7.31		(0.01	)		(0.24	)		—			7.06
2005⁶		6.55		(0.11	)		0.87			—			7.31
2004⁶		6.29		(0.11	)		0.37			—			6.55
2003⁶		3.86		(0.07	)		2.50			—			6.29
Class C
2008³	$	10.04	$	(0.04	)	$	(0.91	)	$	—		$	9.09
2007⁴		9.09		(0.09	)		1.04			—			10.04
2006⁴		7.69		(0.05	)		1.45			—			9.09
2005⁵		7.97		(0.01	)		(0.27	)		—			7.69
2005⁶		7.14		(0.12	)		0.95			—			7.97
2004⁶		6.86		(0.12	)		0.40			—			7.14
2003⁶		4.20		(0.07	)		2.73			—			6.86
Class Y
2008³	$	11.09	$	0.01		$	(1.01	)	$	—		$	10.09
2007⁴		9.95		—			1.15			(0.01	)		11.09
2006⁴		8.34		0.04			1.57			—			9.95
2005⁵		8.63		—			(0.29	)		—			8.34
2005⁶		7.66		(0.05	)		1.02			—			8.63
2004⁶		7.28		(0.05	)		0.43			—			7.66
2003⁶		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 six-month period ended April 30, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.

	⁴	For the period November 1 to October 31 in the fiscal year indicated.

	⁵	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁶	For the period October 1 to September 30 in the fiscal year indicated.

	⁷	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

52 First American Funds 2008 Semiannual Report

Small-Mid Cap Core Fund (concluded)



														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
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	(9.12	)%	$	18,945		1.41	%		(0.08	)%		1.55	%		(0.22	)%		73	%
	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

	(9.45	)%	$	4,549		2.16	%		(0.83	)%		2.30	%		(0.97	)%		73	%
	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

	(9.46	)%	$	4,787		2.16	%		(0.83	)%		2.30	%		(0.97	)%		73	%
	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

	(9.02	)%	$	64,094		1.16	%		0.17	%		1.30	%		0.03	%		73	%
	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 2008 Semiannual Report 53

Schedule of Investments April 30, 2008 (unaudited), all dollars rounded to thousands (000)

Small-Mid Cap Core Fund (concluded)


Mid Cap Growth Opportunities Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 99.6%
Consumer Discretionary – 15.5%
Abercrombie & Fitch, Class A (a)		469,645	$	34,899
Autoliv		239,350		14,658
Chipotle Mexican Grill, Class A (a) (b)		96,209		9,441
Chipotle Mexican Grill, Class B (a) (b)		75,351		6,403
DeVry (a)		376,002		21,432
Dick’s Sporting Goods (a) (b)		843,739		24,131
J. Crew Group (a) (b)		519,477		24,675
J.C. Penney (a)		98,008		4,165
LKQ (a) (b)		667,379		14,522
Lululemon Athletica (a) (b)		138,900		4,302
Newell Rubbermaid (a)		534,834		10,980
Omnicom Group (a)		585,399		27,947
Polo Ralph Lauren (a)		523,885		32,538
Tiffany & Company (a)		395,748		17,231
WMS Industries (a) (b)		239,951		8,684

				256,008

Energy – 15.5%
Cameron International (a) (b)		693,854		34,159
Foundation Coal Holdings (a)		177,378		10,639
Nabors Industries (a) (b)		559,906		21,019
Oceaneering International (b)		171,621		11,461
Pride International (a) (b)		318,484		13,520
Quicksilver Resources (b)		271,851		11,279
Smith International (a)		339,760		25,995
Southwestern Energy (a) (b)		842,684		35,654
Ultra Petroleum (a) (b)		201,771		16,761
Weatherford International (a) (b)		563,196		45,433
Williams		832,432		29,551

				255,471

Financials – 7.8%
AllianceBernstein Holding		343,531		21,306
BlackRock (a)		28,697		5,791
Charles Schwab		562,050		12,140
IntercontinentalExchange (b)		50,753		7,874
Invesco – ADR (a)		648,041		16,622
M&T Bank (a)		56,939		5,308
TD Ameritrade (a) (b)		1,557,045		28,183
W.R. Berkley (a)		640,930		16,466
Zions Bancorporation (a)		330,255		15,307

				128,997

Healthcare – 12.9%
Applied Biosystems Group – Applera (a)		474,812		15,151
BioMarin Pharmaceutical (a) (b)		484,690		17,672
DENTSPLY International (a)		416,559		16,192
Henry Schein (a) (b)		369,669		20,468
Hologic (a) (b)		722,566		21,092
IDEXX Laboratories (b)		314,506		16,732
Intuitive Surgical (a) (b)		103,795		30,024
Pediatrix Medical Group (b)		180,309		12,264
St. Jude Medical (a) (b)		573,393		25,103
Thermo Fisher Scientific (b)		459,215		26,575
Zimmer Holdings (a) (b)		164,661		12,211

				213,484

Industrials – 17.3%
C.H. Robinson Worldwide (a)		322,561		20,218
Dun & Bradstreet		213,919		18,033
First Solar (a) (b)		31,823		9,292
Flowserve (a)		305,891		37,958
Goodrich		302,779		20,635
Harsco		351,047		20,828
McDermott International (a) (b)		352,315		18,877
MSC Industrial Direct, Class A		229,433		11,187
Precision Castparts (a)		259,883		30,552
Republic Services		829,243		26,362
Rockwell Collins		350,516		22,121
Roper Industries (a)		460,157		28,585
SPX (a)		174,312		21,440

				286,088

Information Technology – 19.8%
Amphenol, Class A (a)		605,631		27,968
ANSYS (a) (b)		286,803		11,538
Autodesk (a) (b)		459,156		17,448
Avnet (b)		374,837		9,817
BMC Software (a) (b)		579,724		20,151
Broadcom, Class A (a) (b)		836,737		21,722
Dolby Laboratories, Class A (a) (b)		388,418		15,595
F5 Networks (a) (b)		752,572		17,031
Fairchild Semiconductor International, Class A (a) (b)		710,702		9,268
Intersil, Class A (a)		1,605,777		42,906
Juniper Networks (a) (b)		872,391		24,095
Lam Research (a) (b)		453,712		18,530
MasterCard, Class A (a)		153,250		42,628
MEMC Electronic Materials (a) (b)		425,049		26,765
Mercadolibre (a) (b)		163,846		8,287
NVIDIA (a) (b)		593,808		12,203

				325,952

Materials – 5.7%
Air Products and Chemicals (a)		251,234		24,729
Ecolab (a)		483,742		22,233
Owens-Illinois (b)		533,520		29,423
Pactiv (b)		762,590		18,142

				94,527

Telecommunication Services – 5.1%
American Tower, Class A (a) (b)		1,002,283		43,519
NII Holdings (a) (b)		600,854		27,483
SBA Communications, Class A (a) (b)		398,461		12,887

				83,889

Total Common Stocks
(Cost $1,380,393)				1,644,416

Short-Term Investment – 0.7%
First American Prime Obligations Fund, Class Z (c)
(Cost $11,420)		11,420,095		11,420

Investment Purchased with Proceeds from Securities Lending – 47.7%
Mount Vernon Securities Lending Prime Portfolio (d)
(Cost $787,267)		787,267,148		787,267

Total Investments – 148.0%
(Cost $2,179,080)				2,444,103

Other Assets and Liabilities, Net – (48.0)%				(793,546	)

Total Net Assets – 100.0%			$	1,650,557


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $762,210 at April 30, 2008. 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.

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

54 First American Funds 2008 Semiannual Report

Mid Cap Growth Opportunities Fund (concluded)

(d)

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


ADR –	American Depository Receipt


Mid Cap Value Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 98.0%
Consumer Discretionary – 15.2%
Abercrombie & Fitch, Class A (a)		132,569	$	9,851
Autoliv		231,364		14,169
Burger King Holdings		653,894		18,244
Ford Motor (a) (b)		581,690		4,805
Gap (a)		796,815		14,837
J.C. Penney (a)		300,507		12,771
Newell Rubbermaid		687,288		14,110
Omnicom Group		434,590		20,747
Sherwin-Williams (a)		173,714		9,610
Stanley Works (a)		247,268		11,928
TJX (a)		261,335		8,420

				139,492

Consumer Staples – 4.9%
ConAgra Foods		899,174		21,185
Corn Products International		247,272		11,468
Pepsi Bottling		355,154		11,972

				44,625

Energy – 8.4%
Chesapeake Energy (a)		131,933		6,821
El Paso (a)		827,577		14,185
Hess (a)		174,063		18,486
Nabors Industries (a) (b)		464,228		17,427
Noble Energy (a)		225,715		19,637

				76,556

Financials (c) – 25.4%
AON (a)		287,566		13,053
Arch Capital Group (b)		163,155		11,527
Assurant		186,606		12,129
Assured Guaranty (a)		217,166		5,492
Astoria Financial (a)		370,677		8,785
Boston Properties – REIT (a)		104,430		10,494
Brookfield Properties (a)		368,814		7,424
City National (a)		201,651		9,784
Developers Diversified Realty – REIT (a)		202,551		8,700
Discover Financial Services (a)		182,748		3,328
Essex Property Trust (a)		66,025		7,857
Everest Re Group		127,639		11,532
Federal Realty Investment Trust – REIT (a)		96,361		7,916
Invesco – ADR		655,281		16,808
KeyCorp (a)		186,614		4,503
Lazard, Class A (a)		238,051		9,317
M&T Bank (a)		138,125		12,877
Marshall & Ilsley (a)		305,630		7,635
Northern Trust (a)		135,480		10,040
ProLogis – REIT (a)		146,873		9,196
StanCorp Financial Group (a)		204,763		10,492
TD Ameritrade (b)		675,143		12,220
W.R. Berkley		385,244		9,897
Zions Bancorporation (a)		256,454		11,887

				232,893

Healthcare – 1.6%
AmerisourceBergen (a)		204,695		8,300
Coventry Health Care (a) (b)		133,750		5,983

				14,283

Industrials – 8.1%
Continental Airlines, Class B (a) (b)		113,739		2,045
Crane (a)		163,037		6,675
Eaton (a)		255,199		22,417
Norfolk Southern (a)		173,660		10,347

First American Funds 2008 Semiannual Report 55

Schedule of Investments April 30, 2008 (unaudited), all dollars rounded to thousands (000)


Mid Cap Value Fund (continued)
DESCRIPTION	SHARES		VALUE


Republic Services		487,089	$	15,484
Werner Enterprises (a)		894,526		17,398

				74,366

Information Technology – 7.2%
Amphenol, Class A (a)		237,176		10,953
Avnet (b)		377,992		9,900
BMC Software (b)		339,252		11,792
Fairchild Semiconductor International, Class A (a) (b)		733,897		9,570
Harris		186,638		10,084
Intersil, Class A (a)		344,680		9,210
Xerox		309,918		4,329

				65,838

Materials – 11.3%
Airgas		189,758		9,133
Eastman Chemical		235,088		17,279
Nucor		126,388		9,542
Owens-Illinois (b)		212,623		11,726
Pactiv (b)		736,790		17,528
PPG Industries (a)		103,757		6,368
Rohm & Haas		173,655		9,282
Sonoco Products		247,382		8,151
Temple-Inland (a)		898,393		10,484
United States Steel (a)		24,713		3,805

				103,298

Telecommunication Services – 3.3%
Time Warner Telecom, Class A (a) (b)		815,431		15,983
Windstream (a)		1,212,104		14,230

				30,213

Utilities – 12.6%
Constellation Energy		127,035		10,753
Edison International (a)		531,469		27,727
NSTAR (a)		317,375		10,223
PG&E		376,732		15,069
PPL		446,973		21,464
Sempra Energy		328,621		18,623
Wisconsin Energy (a)		239,321		11,358

				115,217

Total Common Stocks
(Cost $820,804)				896,781

Short-Term Investment – 1.2%
First American Prime Obligations Fund, Class Z (d)
(Cost $11,350)		11,349,793		11,350

Investment Purchased with Proceeds from Securities Lending – 42.3%
Mount Vernon Securities Lending Prime Portfolio (e)
(Cost $386,996)		386,966,277		386,996

Total Investments – 141.5%
(Cost $1,219,150)				1,295,127

Other Assets and Liabilities, Net – (41.5)%				(379,917	)

Total Net Assets – 100.0%			$	915,210


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $371,772 at April 30, 2008. See note 2 in Notes to Financial Statements.


(b)	Non-income producing security.


(c)	The fund is significantly invested in this sector and therefore subject to additional risks. See note 7 in Notes to Financial Statements.

Mid Cap Value 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)

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


ADR –	American Depository Receipt


REIT –	Real Estate Investment Trust

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

56 First American Funds 2008 Semiannual Report


Statements ofAssets and Liabilities	April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data



	Mid Cap Growth			Mid Cap
	Opportunities Fund			Value Fund

Unaffiliated investments, at cost	$	1,380,393		$	820,804
Affiliated money market fund, at cost		11,420			11,350
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		787,267			386,996


ASSETS:
Unaffiliated investments, at value* (note 2)	$	1,644,416		$	896,781
Affiliated money market fund, at value (note 2)		11,420			11,350
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		787,267			386,996
Receivable for dividends and interest		684			610
Receivable for investments sold		34,959			33,791
Receivable for capital shares sold		897			549
Prepaid expenses and other assets		41			56


Total assets		2,479,684			1,330,133


LIABILITIES:
Payable for investments purchased		36,957			26,592
Payable upon return of securities loaned (note 2)		787,267			386,996
Payable for capital shares redeemed		3,540			544
Payable to affiliates (note 3)		1,236			695
Payable for distribution and shareholder servicing fees		115			78
Accrued expenses and other liabilities		12			18


Total liabilities		829,127			414,923


Net assets	$	1,650,557		$	915,210


COMPOSITION OF NET ASSETS:
Portfolio capital		1,427,575			845,773
Undistributed (distributions in excess of) net investment income		(2,269	)		1,986
Accumulated net realized loss on investments		(38,772	)		(8,526	)
Net unrealized appreciation of investments		264,023			75,977


Net assets	$	1,650,557		$	915,210


* Including securities loaned, at value	$	762,210		$	371,772


Class A:
Net assets	$	365,629		$	207,622
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		9,790			8,778
Net asset value and redemption price per share	$	37.35		$	23.65
Maximum offering price per share¹	$	39.52		$	25.03
Class B:
Net assets	$	13,238		$	6,800
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		397			304
Net asset value, offering price, and redemption price per share²	$	33.31		$	22.37
Class C:
Net assets	$	23,904		$	21,295
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		684			930
Net asset value, offering price, and redemption price per share²	$	34.94		$	22.89
Class R:
Net assets	$	29,203		$	30,180
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		792			1,282
Net asset value, offering price, and redemption price per share	$	36.89		$	23.53
Class Y:
Net assets	$	1,218,583		$	649,313
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		30,516			27,285
Net asset value, offering price, and redemption price per share	$	39.93		$	23.80


	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 2008 Semiannual Report 57


Statements ofOperations	For the six-month period ended April 30, 2008 (unaudited), all dollars are rounded to thousands (000)



	Mid Cap Growth			Mid Cap
	Opportunities Fund			Value Fund

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	4,417		$	8,706
Dividends from affiliated money market fund		455			482
Less: Foreign taxes withheld		—			(12	)
Securities lending income		1,805			498


Total investment income		6,677			9,674


EXPENSES (note 3):
Investment advisory fees		5,962			3,325
Administration fees		1,881			1,052
Transfer agent fees		206			141
Custodian fees		43			24
Legal fees		7			7
Audit fees		15			15
Registration fees		31			30
Postage and printing fees		54			34
Directors’ fees		13			13
Other expenses		11			10
Distribution and shareholder servicing fees – Class A		467			281
Distribution and shareholder servicing fees – Class B		69			36
Distribution and shareholder servicing fees – Class C		126			113
Distribution and shareholder servicing fees – Class R		70			70


Total expenses		8,955			5,151


Less: Fee waivers (note 3)		(11	)		(12	)
Less: Indirect payments from custodian (note 3)		(8	)		—


Total net expenses		8,936			5,139


Investment income (loss) – net		(2,259	)		4,535


REALIZED AND UNREALIZED LOSSES ON INVESTMENTS – NET (note 5):
Net realized loss on investments		(15,698	)		(7,861	)
Net change in unrealized appreciation or depreciation of investments		(188,058	)		(88,662	)


Net loss on investments		(203,756	)		(96,523	)


Net decrease in net assets resulting from operations	$	(206,015	)	$	(91,988	)

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

58 First American Funds 2008 Semiannual Report


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



	Mid Cap Growth						Mid Cap
	Opportunities Fund						Value Fund

	Six-Month						Six-Month
	Period Ended			Year			Period Ended			Year
	4/30/08			Ended			4/30/08			Ended
	(unaudited)			10/31/07			(unaudited)			10/31/07

OPERATIONS:
Investment income (loss) – net	$	(2,259	)	$	(6,938	)	$	4,535		$	7,546
Net realized gain (loss) on investments		(15,698	)		219,650			(7,861	)		82,464
Net change in unrealized appreciation or depreciation of investments		(188,058	)		162,820			(88,662	)		24,636


Net increase (decrease) in net assets resulting from operations		(206,015	)		375,532			(91,988	)		114,646


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			(523	)		(1,522	)
Class B		—			—			(4	)		(14	)
Class C		—			—			(11	)		(40	)
Class R		—			—			(53	)		(111	)
Class Y		—			—			(1,951	)		(6,390	)
Net realized gain on investments:
Class A		(42,869	)		(30,495	)		(16,522	)		(12,946	)
Class B		(1,753	)		(1,525	)		(565	)		(528	)
Class C		(3,115	)		(1,884	)		(1,758	)		(1,175	)
Class R		(3,185	)		(1,645	)		(1,982	)		(1,102	)
Class Y		(137,824	)		(106,455	)		(48,932	)		(42,784	)


Total distributions		(188,746	)		(142,004	)		(72,301	)		(66,612	)


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		33,351			113,868			27,636			154,646
Reinvestment of distributions		41,285			29,160			16,511			14,057
Payments for redemptions		(47,010	)		(87,910	)		(51,772	)		(81,184	)


Increase (decrease) in net assets from Class A transactions		27,626			55,118			(7,625	)		87,519


Class B:
Proceeds from sales		632			1,912			263			1,235
Reinvestment of distributions		1,643			1,419			538			513
Payments for redemptions (note 3)		(1,379	)		(4,702	)		(1,051	)		(2,298	)


Increase (decrease) in net assets from Class B transactions		896			(1,371	)		(250	)		(550	)


Class C:
Proceeds from sales		3,215			9,743			1,389			9,914
Reinvestment of distributions		2,677			1,764			1,540			1,083
Payments for redemptions (note 3)		(4,542	)		(4,958	)		(3,658	)		(4,006	)


Increase (decrease) in net assets from Class C transactions		1,350			6,549			(729	)		6,991


Class R:
Proceeds from sales		7,727			13,492			7,900			22,611
Reinvestment of distributions		3,185			1,645			2,030			1,204
Payments for redemptions		(4,823	)		(6,431	)		(4,908	)		(13,287	)


Increase in net assets from Class R transactions		6,089			8,706			5,022			10,528


Class Y:
Proceeds from sales		82,055			200,629			30,286			102,337
Reinvestment of distributions		104,398			78,118			37,942			34,548
Payments for redemptions		(155,666	)		(221,866	)		(75,920	)		(127,700	)


Increase (decrease) in net assets from Class Y transactions		30,787			56,881			(7,692	)		9,185


Increase (decrease) in net assets from capital share transactions		66,748			125,883			(11,274	)		113,673


Total increase (decrease) in net assets		(328,013	)		359,411			(175,563	)		161,707
Net assets at beginning of period		1,978,570			1,619,159			1,090,773			929,066


Net assets at end of period	$	1,650,557		$	1,978,570		$	915,210		$	1,090,773


Undistributed (distributions in excess of) net investment income at end of period	$	(2,269	)	$	(10	)	$	1,986		$	(7	)

First American Funds 2008 Semiannual Report 59

Financial Highlights For a share outstanding throughout the indicated period.



						Realized and
	Net Asset					Unrealized						Net Asset
	Value		Net			Gains			Distributions			Value
	Beginning		Investment			(Losses) on			from Net			End of
	of Period		Loss			Investments			Realized Gains			Period

Mid Cap Growth Opportunities Fund¹
Class A
2008²	$	46.57	$	(0.08	)	$	(4.47	)	$	(4.67	)	$	37.35
2007³		41.43		(0.24	)		9.19			(3.81	)		46.57
2006³		40.77		(0.11	)		5.04			(4.27	)		41.43
2005⁴		41.55		(0.02	)		(0.76	)		—			40.77
2005⁵		38.19		(0.24	)		9.65			(6.05	)		41.55
2004⁵		33.68		(0.30	)		5.88			(1.07	)		38.19
2003⁵		26.45		(0.18	)		7.41			—			33.68
Class B
2008²	$	42.21	$	(0.20	)	$	(4.03	)	$	(4.67	)	$	33.31
2007³		38.15		(0.51	)		8.38			(3.81	)		42.21
2006³		38.12		(0.38	)		4.68			(4.27	)		38.15
2005⁴		38.87		(0.05	)		(0.70	)		—			38.12
2005⁵		36.31		(0.51	)		9.12			(6.05	)		38.87
2004⁵		32.30		(0.55	)		5.63			(1.07	)		36.31
2003⁵		25.56		(0.39	)		7.13			—			32.30
Class C
2008²	$	44.03	$	(0.21	)	$	(4.21	)	$	(4.67	)	$	34.94
2007³		39.65		(0.53	)		8.72			(3.81	)		44.03
2006³		39.46		(0.40	)		4.86			(4.27	)		39.65
2005⁴		40.23		(0.05	)		(0.72	)		—			39.46
2005⁵		37.40		(0.53	)		9.41			(6.05	)		40.23
2004⁵		33.24		(0.57	)		5.80			(1.07	)		37.40
2003⁵		26.29		(0.40	)		7.35			—			33.24
Class R
2008²	$	46.11	$	(0.13	)	$	(4.42	)	$	(4.67	)	$	36.89
2007³		41.15		(0.34	)		9.11			(3.81	)		46.11
2006³		40.61		(0.23	)		5.04			(4.27	)		41.15
2005⁴		41.40		(0.03	)		(0.76	)		—			40.61
2005⁵		38.15		(0.31	)		9.61			(6.05	)		41.40
2004⁵		33.66		(0.30	)		5.86			(1.07	)		38.15
2003⁵		26.43		(0.17	)		7.40			—			33.66
Class Y
2008²	$	49.40	$	(0.04	)	$	(4.76	)	$	(4.67	)	$	39.93
2007³		43.62		(0.14	)		9.73			(3.81	)		49.40
2006³		42.61		(0.01	)		5.29			(4.27	)		43.62
2005⁴		43.42		(0.02	)		(0.79	)		—			42.61
2005⁵		39.58		(0.16	)		10.05			(6.05	)		43.42
2004⁵		34.78		(0.21	)		6.08			(1.07	)		39.58
2003⁵		27.25		(0.09	)		7.62			—			34.78


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

	³	For the period November 1 to October 31 in the fiscal 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 fiscal year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

60 First American Funds 2008 Semiannual Report



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Loss
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			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



	(10.45	)%	$	365,629		1.21	%		(0.43	)%		1.21	%		(0.43	)%		55	%
	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

	(10.80	)%	$	13,238		1.96	%		(1.18	)%		1.96	%		(1.18	)%		55	%
	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

	(10.79	)%	$	23,904		1.96	%		(1.18	)%		1.96	%		(1.18	)%		55	%
	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

	(10.57	)%	$	29,203		1.46	%		(0.68	)%		1.46	%		(0.68	)%		55	%
	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

	(10.35	)%	$	1,218,583		0.96	%		(0.18	)%		0.96	%		(0.18	)%		55	%
	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 2008 Semiannual Report 61

Financial Highlights For a share outstanding throughout the indicated periods.



						Realized and
	Net Asset					Unrealized			Distributions			Distributions						Net Asset
	Value		Net			Gains			from Net			from Net			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			Realized			from Return			End of
	of Period		Income (Loss)			Investments			Income			Gains			of Capital			Period

Mid Cap Value Fund¹
Class A
2008²	$	27.83	$	0.10		$	(2.40	)	$	(0.05	)	$	(1.83	)	$	—		$	23.65
2007³		26.65		0.14			2.78			(0.16	)		(1.58	)		—			27.83
2006³		24.04		0.14			3.89			(0.16	)		(1.26	)		—			26.65
2005⁴		24.88		(0.01	)		(0.83	)		—			—			—			24.04
2005⁵		20.09		0.13			4.76			(0.10	)		—			—			24.88
2004⁵		16.30		0.08			3.77			(0.06	)		—			—			20.09
2003⁵		13.29		0.18			2.96			(0.12	)		—			(0.01	)		16.30
Class B
2008²	$	26.48	$	0.01		$	(2.28	)	$	(0.01	)	$	(1.83	)	$	—		$	22.37
2007³		25.50		(0.05	)		2.65			(0.04	)		(1.58	)		—			26.48
2006³		23.12		(0.03	)		3.71			(0.04	)		(1.26	)		—			25.50
2005⁴		23.94		(0.02	)		(0.80	)		—			—			—			23.12
2005⁵		19.39		(0.05	)		4.60			—			—			—			23.94
2004⁵		15.81		(0.06	)		3.65			(0.01	)		—			—			19.39
2003⁵		12.92		0.07			2.87			(0.04	)		—			(0.01	)		15.81
Class C
2008²	$	27.05	$	0.01		$	(2.33	)	$	(0.01	)	$	(1.83	)	$	—		$	22.89
2007³		26.02		(0.06	)		2.72			(0.05	)		(1.58	)		—			27.05
2006³		23.57		(0.04	)		3.80			(0.05	)		(1.26	)		—			26.02
2005⁴		24.40		(0.02	)		(0.81	)		—			—			—			23.57
2005⁵		19.77		(0.03	)		4.66			—			—			—			24.40
2004⁵		16.12		(0.06	)		3.72			(0.01	)		—			—			19.77
2003⁵		13.17		0.07			2.93			(0.04	)		—			(0.01	)		16.12
Class R⁶
2008²	$	27.72	$	0.07		$	(2.39	)	$	(0.04	)	$	(1.83	)	$	—		$	23.53
2007³		26.56		0.06			2.78			(0.10	)		(1.58	)		—			27.72
2006³		24.00		0.05			3.91			(0.14	)		(1.26	)		—			26.56
2005⁴		24.83		(0.01	)		(0.82	)		—			—			—			24.00
2005⁵		20.09		0.12			4.70			(0.08	)		—			—			24.83
2004⁵		16.31		0.07			3.76			(0.05	)		—			—			20.09
2003⁵		13.29		0.16			2.99			(0.12	)		—			(0.01	)		16.31
Class Y
2008²	$	27.98	$	0.13		$	(2.41	)	$	(0.07	)	$	(1.83	)	$	—		$	23.80
2007³		26.77		0.22			2.80			(0.23	)		(1.58	)		—			27.98
2006³		24.14		0.22			3.89			(0.22	)		(1.26	)		—			26.77
2005⁴		24.98		—			(0.84	)		—			—			—			24.14
2005⁵		20.17		0.18			4.78			(0.15	)		—			—			24.98
2004⁵		16.36		0.12			3.79			(0.10	)		—			—			20.17
2003⁵		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 six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return.

	³	For the period November 1 to October 31 in the fiscal 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 fiscal year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

62 First American Funds 2008 Semiannual Report



											Ratio of			Ratio of Net
								Ratio of Net			Expenses to			Investment
					Ratio of			Investment			Average			Income (Loss)
			Net Assets		Expenses to			Income (Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	(8.51	)%	$	207,622		1.23	%		0.81	%		1.23	%		0.81	%		47	%
	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

	(8.86	)%	$	6,800		1.98	%		0.06	%		1.98	%		0.06	%		47	%
	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

	(8.86	)%	$	21,295		1.98	%		0.06	%		1.98	%		0.06	%		47	%
	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

	(8.63	)%	$	30,180		1.48	%		0.56	%		1.48	%		0.56	%		47	%
	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

	(8.39	)%	$	649,313		0.98	%		1.06	%		0.98	%		1.06	%		47	%
	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 2008 Semiannual Report 63

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Large Cap Growth Opportunities Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 99.4%
Consumer Discretionary – 10.4%
Dick’s Sporting Goods (a) (b)		283,438	$	8,107
J.C. Penney (a)		130,594		5,550
Lowe’s (a)		302,353		7,616
McDonald’s (a)		188,346		11,222
Omnicom Group (a)		276,169		13,184
Polo Ralph Lauren (a)		119,460		7,420
Target (a)		266,238		14,145
Tiffany & Company (a)		198,693		8,651

				75,895

Consumer Staples – 7.1%
CVS Caremark (a)		384,100		15,506
PepsiCo		204,556		14,018
Philip Morris International (b)		210,522		10,743
Procter & Gamble		165,510		11,098

				51,365

Energy – 11.6%
Cameron International (a) (b)		89,219		4,392
Occidental Petroleum		102,373		8,518
Petroleo Brasileiro – ADR		103,789		10,493
Schlumberger (a)		59,941		6,027
Southwestern Energy (a) (b)		215,356		9,112
Transocean (a) (b)		89,947		13,264
Weatherford International (a) (b)		157,774		12,728
Williams		196,155		6,964
XTO Energy (a)		214,702		13,281

				84,779

Financials – 5.5%
Bank of New York Mellon (a)		148,876		6,481
Charles Schwab (a)		576,282		12,448
CME Group (a)		17,818		8,151
Goldman Sachs Group (a)		57,085		10,924
Lehman Brothers Holdings (a)		51,836		2,293

				40,297

Healthcare – 14.4%
Abbott Laboratories		303,463		16,008
Alcon (a)		43,396		6,857
Baxter International		165,972		10,343
Bristol-Myers Squibb		550,579		12,096
Celgene (a) (b)		100,054		6,217
Gilead Sciences (a) (b)		270,369		13,994
Intuitive Surgical (a) (b)		24,872		7,195
McKesson (a)		68,246		3,557
St. Jude Medical (a) (b)		162,368		7,109
Thermo Fisher Scientific (a) (b)		202,713		11,731
Zimmer Holdings (b)		126,030		9,346

				104,453

Industrials – 11.3%
C.H. Robinson Worldwide (a)		175,278		10,986
Danaher (a)		96,787		7,551
Deere & Company		103,351		8,689
Dun & Bradstreet		64,964		5,477
Raytheon (a)		153,541		9,822
Republic Services		297,804		9,467
Rockwell Collins		109,915		6,937
United Parcel Service, Class B (a)		119,541		8,656
United Technologies		203,711		14,763

				82,348

Information Technology (c) – 31.0%
Accenture, Class A (a)		303,711		11,404
Amphenol, Class A (a)		284,459		13,136
Apple (b)		145,783		25,359
BMC Software (b)		243,392		8,460
Cisco Systems (b)		880,854		22,585
Corning (b)		529,914		14,154
Dolby Laboratories, Class A (a) (b)		80,619		3,237
Hewlett-Packard		404,485		18,748
Intel		836,877		18,629
Intersil, Class A (a)		263,767		7,048
Lam Research (a) (b)		83,583		3,414
MasterCard, Class A (a)		46,029		12,803
MEMC Electronic Materials (a) (b)		69,570		4,381
Microsoft		492,997		14,060
Oracle (a) (b)		941,713		19,635
Research In Motion (a) (b)		103,421		12,579
Texas Instruments (a)		213,462		6,225
Visa, Class A (b)		58,260		4,862
VMware, Class A (a) (b)		80,438		5,360

				226,079

Materials – 5.8%
Ecolab (a)		127,395		5,855
Freeport-McMoRan Copper & Gold (a)		104,662		11,905
Monsanto		125,239		14,280
Praxair		112,095		10,235

				42,275

Telecommunication Services – 2.3%
America Movil, Series L – ADR (a)		113,003		6,549
American Tower, Class A (a) (b)		230,947		10,028

				16,577

Total Common Stocks
(Cost $599,153)				724,068

Short-Term Investment – 0.7%
First American Prime Obligations Fund, Class Z (d)
(Cost $5,276)		5,276,175		5,276

Investment Purchased with Proceeds from Securities Lending – 40.7%
Mount Vernon Securities Lending Prime Portfolio (e)
(Cost $296,506)		296,505,844		296,506

Total Investments – 140.8%
(Cost $900,935)				1,025,850

Other Assets and Liabilities, Net – (40.8)%				(297,547	)

Total Net Assets – 100.0%			$	728,303


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $286,497 at April 30, 2008. 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 for securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.


ADR –	American Depository Receipt

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

64 First American Funds 2008 Semiannual Report


Large Cap Select Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 99.7%
Consumer Discretionary – 13.0%
Abercrombie & Fitch, Class A (a)		74,741	$	5,554
Autoliv		87,915		5,384
Burger King Holdings (a)		155,346		4,334
Kohl’s (a) (b)		140,834		6,880
Macy’s (a)		158,704		4,014
Omnicom Group (a)		144,227		6,885
Stanley Works (a)		96,165		4,639
Tiffany & Company (a)		82,777		3,604
WMS Industries (a) (b)		162,604		5,885

				47,179

Consumer Staples – 4.2%
CVS Caremark (a)		193,098		7,795
PepsiCo		106,589		7,305

				15,100

Energy – 13.2%
Apache (a)		64,433		8,678
Cameron International (a) (b)		106,737		5,254
Chevron		64,483		6,200
Exxon Mobil		52,860		4,920
Occidental Petroleum		111,828		9,305
Ultra Petroleum (a) (b)		45,400		3,771
Weatherford International (a) (b)		55,680		4,492
Williams		146,361		5,196

				47,816

Financials – 21.6%
Affiliated Managers Group (a) (b)		67,581		6,714
American International Group		208,306		9,624
Assurant		62,040		4,033
Boston Properties – REIT (a)		29,892		3,004
CME Group (a)		8,946		4,092
Goldman Sachs Group (a)		66,198		12,668
Invesco (a)		205,199		5,263
JPMorgan Chase		161,178		7,680
Lehman Brothers Holdings (a)		118,690		5,251
M&T Bank (a)		41,529		3,872
TD Ameritrade (a) (b)		233,250		4,222
Wachovia (a)		173,531		5,058
Wells Fargo (a)		115,504		3,436
Zions Bancorporation (a)		72,702		3,370

				78,287

Healthcare – 12.1%
Abbott Laboratories		118,268		6,238
Baxter International		92,827		5,785
Bristol-Myers Squibb		267,589		5,879
Gilead Sciences (a) (b)		106,880		5,532
Intuitive Surgical (a) (b)		19,884		5,752
Medtronic (a)		111,243		5,415
Merck		120,139		4,570
Thermo Fisher Scientific (b)		76,929		4,452

				43,623

Industrials – 8.6%
Emerson Electric (a)		93,957		4,910
Illinois Tool Works		76,435		3,997
Raytheon (a)		76,845		4,916
Republic Services		115,330		3,666
SPX		63,299		7,786
Werner Enterprises (a)		292,627		5,691

				30,966

Information Technology – 24.4%
Accenture, Class A (a)		122,430		4,597
Apple (b)		49,237		8,565
BMC Software (b)		116,849		4,062
Cisco Systems (b)		624,289		16,007
Corning		138,072		3,688
Hewlett-Packard		220,376		10,214
Intel		160,627		3,575
Intersil, Class A (a)		201,257		5,378
Lam Research (a) (b)		59,545		2,432
MasterCard, Class A (a)		12,272		3,414
Microsoft		372,656		10,628
Oracle (b)		341,992		7,130
Research In Motion (a) (b)		37,662		4,581
Texas Instruments (a)		132,537		3,865

				88,136

Real Estate – 1.0%
Annaly Capital Management – REIT (a)		215,438		3,611

Telecommunication Services – 1.6%
American Tower, Class A (a) (b)		132,501		5,753

Total Common Stocks
(Cost $340,765)				360,471

Short-Term Investment – 0.4%
First American Prime Obligations Fund, Class Z (c)
(Cost $1,436)		1,436,227		1,436

Investment Purchased with Proceeds from Securities Lending – 42.9%
Mount Vernon Securities Lending Prime Portfolio (d)
(Cost $155,353)		155,353,293		155,353

Total Investments – 143.0%
(Cost $497,554)				517,260

Other Assets and Liabilities, Net – (43.0)%				(155,533	)

Total Net Assets – 100.0%			$	361,727


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $149,512 at April 30, 2008. 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 for 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 2008 Semiannual Report 65

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)

Fund (concluded)


Large Cap Value Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 96.4%
Consumer Discretionary – 7.0%
Abercrombie & Fitch, Class A (a)		96,060	$	7,138
Autoliv (a)		177,214		10,853
Gap (a)		537,367		10,006
J.C. Penney (a)		182,245		7,745
Omnicom Group (a)		294,165		14,043

				49,785

Consumer Staples – 6.0%
Altria Group		143,999		2,880
Archer-Daniels-Midland (a)		198,692		8,754
ConAgra Foods		489,875		11,542
Philip Morris International (b)		143,999		7,348
Procter & Gamble		174,821		11,722

				42,246

Energy – 17.0%
Chevron		281,957		27,110
Devon Energy (a)		124,489		14,117
Exxon Mobil		375,154		34,916
Nabors Industries (a) (b)		306,613		11,510
Occidental Petroleum		192,133		15,987
Transocean (a) (b)		47,942		7,070
Williams		265,385		9,421

				120,131

Financials – 23.1%
ACE (a)		256,526		15,466
AllianceBernstein Holding		81,801		5,073
American International Group		227,982		10,533
Bank of America (a)		615,212		23,095
BB&T (a)		310,805		10,658
Citigroup (a)		385,681		9,746
Fannie Mae (a)		103,946		2,942
Freddie Mac (a)		45,580		1,135
Goldman Sachs Group (a)		57,328		10,971
Invesco – ADR		87,842		2,253
JPMorgan Chase (a)		607,068		28,927
Lehman Brothers Holdings (a)		213,320		9,437
M&T Bank (a)		92,032		8,580
Marshall & Ilsley (a)		156,364		3,906
State Street		124,710		8,997
Wells Fargo (a)		375,561		11,173

				162,892

Healthcare – 8.3%
AmerisourceBergen (a)		216,678		8,786
Bristol-Myers Squibb		479,625		10,537
Johnson & Johnson		220,014		14,761
Pfizer		502,629		10,108
Wyeth (a)		168,121		7,476
Zimmer Holdings (b)		91,027		6,751

				58,419

Industrials – 9.8%
Eaton (a)		155,176		13,631
General Electric		392,612		12,839
Norfolk Southern (a)		261,100		15,556
Tyco International		252,703		11,824
Waste Management		430,481		15,540

				69,390

Information Technology – 7.4%
Accenture, Class A (a)		201,782		7,577
BMC Software (a) (b)		218,320		7,589
Cisco Systems (b)		296,210		7,595
Hewlett-Packard		301,577		13,978
Intel		400,235		8,909
Texas Instruments (a)		239,014		6,969

				52,617

Materials – 6.1%
Eastman Chemical		124,039		9,117
Nucor		105,213		7,944
Owens-Illinois (b)		162,953		8,987
Pactiv (b)		519,669		12,363
Rohm & Haas (a)		90,787		4,852

				43,263

Telecommunication Services – 5.3%
AT&T		668,670		25,884
Verizon Communications (a)		295,936		11,388

				37,272

Utilities – 6.4%
Edison International (a)		241,340		12,591
Exelon		84,538		7,226
FirstEnergy (a)		92,616		7,005
PG&E		233,924		9,357
PPL (a)		184,767		8,873

				45,052

Total Common Stocks
(Cost $611,645)				681,067

Short-Term Investment – 0.2%
First American Prime Obligations Fund, Class Z (c)
(Cost $1,083)		1,082,952		1,083

Investment Purchased with Proceeds from Securities Lending – 38.2%
Mount Vernon Securities Lending Prime Portfolio (d)
(Cost $270,181)		270,180,690		270,181

Total Investments – 134.8%
(Cost $882,909)				952,331

Other Assets and Liabilities, Net – (34.8)%				(246,054	)

Total Net Assets – 100.0%			$	706,277


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $259,096 at April 30, 2008. 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 for securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.


ADR –	American Depository Receipt

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

66 First American Funds 2008 Semiannual Report


Statements ofAssets and Liabilities	April 30, 2008 (unaudited), 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

Unaffiliated investments, at cost	$	599,153		$	340,765		$	611,645
Affiliated money market fund, at cost		5,276			1,436			1,083
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		296,506			155,353			270,181


ASSETS:
Unaffiliated investments, at value* (note 2)	$	724,068		$	360,471		$	681,067
Affiliated money market fund, at value (note 2)		5,276			1,436			1,083
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		296,506			155,353			270,181
Receivable for dividends and interest		702			226			1,104
Receivable for investments sold		—			6,236			71,167
Receivable for capital shares sold		313			647			202
Prepaid expenses and other assets		31			32			33


Total assets		1,026,896			524,401			1,024,837


LIABILITIES:
Payable for investments purchased		—			6,230			47,317
Payable upon return of securities loaned (note 2)		296,506			155,353			270,181
Payable for capital shares redeemed		1,496			806			494
Payable to affiliates (note 3)		543			262			520
Payable for distribution and shareholder servicing fees		30			2			28
Accrued expenses and other liabilities		18			21			20


Total liabilities		298,593			162,674			318,560


Net assets	$	728,303		$	361,727		$	706,277


COMPOSITION OF NET ASSETS:
Portfolio capital	$	662,396		$	356,138		$	622,878
Undistributed net investment income		850			131			116
Accumulated net realized gain (loss) on investments		(59,858	)		(14,248	)		13,861
Net unrealized appreciation of investments		124,915			19,706			69,422


Net assets	$	728,303		$	361,727		$	706,277


* Including securities loaned, at value	$	286,497		$	149,512		$	259,096


Class A:
Net assets	$	82,116		$	6,338		$	95,805
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		2,740			478			5,271
Net asset value and redemption price per share	$	29.97		$	13.26		$	18.17
Maximum offering price per share¹	$	31.71		$	14.03		$	19.23
Class B:
Net assets	$	9,606		$	512		$	6,151
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		345			40			351
Net asset value, offering price, and redemption price per share²	$	27.87		$	12.92		$	17.53
Class C:
Net assets	$	7,136		$	269		$	4,010
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		250			21			225
Net asset value, offering price, and redemption price per share²	$	28.49		$	12.89		$	17.81
Class R:
Net assets	$	631		$	31		$	177
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		21			2			10
Net asset value, offering price, and redemption price per share	$	29.66		$	13.19		$	18.14
Class Y:
Net assets	$	628,814		$	354,577		$	600,134
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		20,264			26,646			32,876
Net asset value, offering price, and redemption price per share	$	31.03		$	13.31		$	18.25


	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 2008 Semiannual Report 67

Fund (concluded)


Statements ofOperations	For the six-month period ended April 30, 2008 (unaudited), all dollars are rounded to thousands (000)



	Large Cap Growth			Large Cap			Large Cap
	Opportunities Fund			Select Fund			Value Fund

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	4,032		$	3,065		$	8,305
Dividends from affiliated money market fund		218			64			275
Less: Foreign taxes withheld		4			—			—
Securities lending income		318			147			232


Total investment income		4,572			3,276			8,812


EXPENSES (note 3):
Investment advisory fees		2,431			1,218			2,361
Administration fees		830			418			805
Transfer agent fees		148			60			118
Custodian fees		19			13			18
Legal fees		7			7			7
Audit fees		15			15			16
Registration fees		26			25			25
Postage and printing fees		24			14			27
Directors’ fees		13			13			13
Other expenses		11			10			10
Distribution and shareholder servicing fees – Class A		106			8			123
Distribution and shareholder servicing fees – Class B		51			3			33
Distribution and shareholder servicing fees – Class C		37			1			20
Distribution and shareholder servicing fees – Class R		1			—			1


Total expenses		3,719			1,805			3,577


Less: Fee waivers (note 3)		(5	)		(1	)		(7	)
Less: Indirect payments from custodian (note 3)		(1	)		—			(1	)


Total net expenses		3,713			1,804			3,569


Investment income – net		859			1,472			5,243


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain (loss) on investments		(11,105	)		(12,848	)		14,378
Net change in unrealized appreciation or depreciation of investments		(68,312	)		(31,349	)		(78,393	)


Net loss on investments		(79,417	)		(44,197	)		(64,015	)


Net decrease in net assets resulting from operations	$	(78,558	)	$	(42,725	)	$	(58,772	)

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

68 First American Funds 2008 Semiannual Report

Fund (concluded)


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



	Large Cap Growth						Large Cap						Large Cap
	Opportunities Fund						Select Fund						Value Fund

	Six-Month						Six-Month						Six-Month
	Period Ended			Year			Period Ended			Year			Period Ended			Year
	4/30/08			Ended			4/30/08			Ended			4/30/08			Ended
	(unaudited)			10/31/07			(unaudited)			10/31/07			(unaudited)			10/31/07

OPERATIONS:
Investment income – net	$	859		$	454		$	1,472		$	2,112		$	5,243		$	11,387
Net realized gain (loss) on investments		(11,105	)		96,005			(12,848	)		64,920			14,378			119,358
Net change in unrealized appreciation or depreciation of investments		(68,312	)		85,008			(31,349	)		(1,889	)		(78,393	)		(27,940	)


Net increase (decrease) in net assets resulting from operations		(78,558	)		181,467			(42,725	)		65,143			(58,772	)		102,805


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			(17	)		(17	)		(597	)		(1,259	)
Class B		—			—			—			—			(16	)		(52	)
Class C		—			—			(1	)		—			(10	)		(28	)
Class R		—			—			—			—			(1	)		(1	)
Class Y		(464	)		(1,284	)		(1,389	)		(2,107	)		(4,495	)		(10,065	)
Net realized gain on investments:
Class A		(8,176	)		(1,037	)		(1,002	)		(116	)		(13,581	)		(8,885	)
Class B		(1,066	)		(159	)		(88	)		(11	)		(962	)		(738	)
Class C		(757	)		(93	)		(42	)		(4	)		(561	)		(404	)
Class R		(50	)		(7	)		(5	)		(2	)		(23	)		(13	)
Class Y		(61,331	)		(8,372	)		(55,522	)		(7,569	)		(86,486	)		(62,201	)


Total distributions		(71,844	)		(10,952	)		(58,066	)		(9,826	)		(106,732	)		(83,646	)


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		4,463			13,170			486			1,953			2,528			8,622
Reinvestment of distributions		7,846			986			814			113			13,143			9,390
Payments for redemptions		(9,601	)		(26,532	)		(1,186	)		(2,094	)		(10,884	)		(22,821	)


Increase (decrease) in net assets from Class A transactions		2,708			(12,376	)		114			(28	)		4,787			(4,809	)


Class B:
Proceeds from sales		353			827			17			70			121			432
Reinvestment of distributions		1,032			156			88			10			956			768
Payments for redemptions (note 3)		(1,532	)		(5,385	)		(103	)		(133	)		(1,328	)		(3,166	)


Increase (decrease) in net assets from Class B transactions		(147	)		(4,402	)		2			(53	)		(251	)		(1,966	)


Class C:
Proceeds from sales		468			1,235			30			80			197			817
Reinvestment of distributions		707			90			38			4			505			387
Payments for redemptions (note 3)		(975	)		(2,802	)		(49	)		(40	)		(377	)		(1,866	)


Increase (decrease) in net assets from Class C transactions		200			(1,477	)		19			44			325			(662	)


Class R:
Proceeds from sales		134			104			5			21			25			45
Reinvestment of distributions		50			7			5			2			24			14
Payments for redemptions		(15	)		(221	)		(8	)		(111	)		(23	)		(39	)


Increase (decrease) in net assets from Class R transactions		169			(110	)		2			(88	)		26			20


Class Y:
Proceeds from sales		66,875			88,407			53,145			51,891			29,208			52,221
Reinvestment of distributions		32,809			4,913			23,473			3,629			58,404			45,777
Payments for redemptions		(91,315	)		(285,174	)		(72,462	)		(136,802	)		(73,201	)		(213,481	)


Increase (decrease) in net assets from Class Y transactions		8,369			(191,854	)		4,156			(81,282	)		14,411			(115,483	)


Increase (decrease) in net assets from capital share transactions		11,299			(210,219	)		4,293			(81,407	)		19,298			(122,900	)


Total decrease in net assets		(139,103	)		(39,704	)		(96,498	)		(26,090	)		(146,206	)		(103,741	)
Net assets at beginning of period		867,406			907,110			458,225			484,315			852,483			956,224


Net assets at end of period	$	728,303		$	867,406		$	361,727		$	458,225		$	706,277		$	852,483


Undistributed (distributions in excess of) net investment income at end of period	$	850		$	455		$	131		$	66		$	116		$	(8	)

First American Funds 2008 Semiannual Report 69

Fund (concluded)

Financial Highlights For a share outstanding throughout the indicated periods.



						Realized and
	Net Asset					Unrealized			Distributions									Net Asset
	Value		Net			Gains			from Net			Distributions			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			from Net			from Return			End of
	of Period		Income (Loss)			Investments			Income			Realized Gains			of Capital			Period

Large Cap Growth Opportunities Fund¹
Class A
2008²	$	36.27	$	—		$	(3.18	)	$	—		$	(3.12	)	$	—		$	29.97
2007³		29.58		(0.05	)		7.08			—			(0.34	)		—			36.27
2006³		27.86		(0.02	)		1.74			—			—			—			29.58
2005⁴		28.02		(0.01	)		(0.15	)		—			—			—			27.86
2005⁵		25.00		(0.01	)		3.08			(0.04	)		—			(0.01	)		28.02
2004⁵		22.84		(0.03	)		2.20			(0.01	)		—			—			25.00
2003⁵		19.16		—			3.73			(0.05	)		—			—			22.84
Class B
2008²	$	34.08	$	(0.10	)	$	(2.99	)	$	—		$	(3.12	)	$	—		$	27.87
2007³		28.01		(0.27	)		6.68			—			(0.34	)		—			34.08
2006³		26.58		(0.22	)		1.65			—			—			—			28.01
2005⁴		26.75		(0.03	)		(0.14	)		—			—			—			26.58
2005⁵		24.02		(0.20	)		2.96			(0.02	)		—			(0.01	)		26.75
2004⁵		22.10		(0.21	)		2.13			—			—			—			24.02
2003⁵		18.64		(0.18	)		3.64			—			—			—			22.10
Class C
2008²	$	34.77	$	(0.11	)	$	(3.05	)	$	—		$	(3.12	)	$	—		$	28.49
2007³		28.58		(0.28	)		6.81			—			(0.34	)		—			34.77
2006³		27.12		(0.23	)		1.69			—			—			—			28.58
2005⁴		27.29		(0.03	)		(0.14	)		—			—			—			27.12
2005⁵		24.51		(0.20	)		3.00			(0.01	)		—			(0.01	)		27.29
2004⁵		22.55		(0.21	)		2.17			—			—			—			24.51
2003⁵		19.03		(0.18	)		3.72			(0.02	)		—			—			22.55
Class R⁶
2008²	$	35.97	$	(0.04	)	$	(3.15	)	$	—		$	(3.12	)	$	—		$	29.66
2007³		29.41		(0.12	)		7.02			—			(0.34	)		—			35.97
2006³		27.78		(0.09	)		1.72			—			—			—			29.41
2005⁴		27.94		(0.02	)		(0.14	)		—			—			—			27.78
2005⁵		24.98		(0.16	)		3.17			(0.05	)		—			—			27.94
2004⁵		22.85		(0.02	)		2.16			(0.01	)		—			—			24.98
2003⁵		19.17		—			3.73			(0.05	)		—			—			22.85
Class Y
2008²	$	37.42	$	0.04		$	(3.29	)	$	(0.02	)	$	(3.12	)	$	—		$	31.03
2007³		30.48		0.03			7.30			(0.05	)		(0.34	)		—			37.42
2006³		28.64		0.05			1.79			—			—			—			30.48
2005⁴		28.79		(0.01	)		(0.14	)		—			—			—			28.64
2005⁵		25.63		0.07			3.15			(0.04	)		—			(0.02	)		28.79
2004⁵		23.38		0.03			2.25			(0.02	)		—			(0.01	)		25.63
2003⁵		19.59		0.07			3.80			(0.08	)		—			—			23.38


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except per share data.

	³	For the period November 1 to October 31 in the fiscal year indicated.

	⁴	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁵	For the period October 1 to September 30 in the fiscal year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

70 First American Funds 2008 Semiannual Report

Fund (concluded)



											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income (Loss)
			Net Assets		Expenses to			Income (Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	(9.21	)%	$	82,116		1.19	%		0.03	%		1.19	%		0.03	%		51	%
	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

	(9.56	)%	$	9,606		1.94	%		(0.72	)%		1.94	%		(0.72	)%		51	%
	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

	(9.58	)%	$	7,136		1.94	%		(0.72	)%		1.94	%		(0.72	)%		51	%
	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

	(9.32	)%	$	631		1.44	%		(0.24	)%		1.44	%		(0.24	)%		51	%
	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

	(9.10	)%	$	628,814		0.94	%		0.28	%		0.94	%		0.28	%		51	%
	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 2008 Semiannual Report 71

Fund (concluded)

Financial Highlights For a share outstanding throughout the indicated periods.



						Realized and
	Net Asset					Unrealized			Distributions						Net Asset
	Value		Net			Gains			from Net			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			from Net			End of
	of Period		Income (Loss)			Investments			Income			Realized Gains			Period

Large Cap Select Fund¹
Class A
2008²	$	17.05	$	0.04		$	(1.60	)	$	(0.03	)	$	(2.20	)	$	13.26
2007³		15.18		0.03			2.12			(0.03	)		(0.25	)		17.05
2006³		14.30		0.06			1.48			(0.06	)		(0.60	)		15.18
2005⁴		14.47		—			(0.17	)		—			—			14.30
2005⁵		12.52		0.06			2.15			(0.06	)		(0.20	)		14.47
2004⁵		11.45		0.04			1.19			(0.05	)		(0.11	)		12.52
2003⁶		10.00		0.03			1.46			(0.04	)		—			11.45
Class B
2008²	$	16.69	$	(0.01	)	$	(1.56	)	$	—		$	(2.20	)	$	12.92
2007³		14.94		(0.09	)		2.09			—			(0.25	)		16.69
2006³		14.12		(0.05	)		1.48			(0.01	)		(0.60	)		14.94
2005⁴		14.30		(0.01	)		(0.17	)		—			—			14.12
2005⁵		12.41		(0.05	)		2.15			(0.01	)		(0.20	)		14.30
2004⁵		11.41		(0.06	)		1.18			(0.01	)		(0.11	)		12.41
2003⁶		10.00		(0.03	)		1.45			(0.01	)		—			11.41
Class C
2008²	$	16.69	$	(0.01	)	$	(1.59	)	$	—		$	(2.20	)	$	12.89
2007³		14.95		(0.09	)		2.08			—			(0.25	)		16.69
2006³		14.13		(0.05	)		1.48			(0.01	)		(0.60	)		14.95
2005⁴		14.31		(0.01	)		(0.17	)		—			—			14.13
2005⁵		12.43		(0.05	)		2.14			(0.01	)		(0.20	)		14.31
2004⁵		11.42		(0.06	)		1.19			(0.01	)		(0.11	)		12.43
2003⁶		10.00		(0.02	)		1.45			(0.01	)		—			11.42
Class R⁷
2008²	$	16.97	$	0.02		$	(1.58	)	$	(0.02	)	$	(2.20	)	$	13.19
2007³		15.12		—			2.11			(0.01	)		(0.25	)		16.97
2006³		14.26		0.01			1.49			(0.04	)		(0.60	)		15.12
2005⁴		14.43		(0.01	)		(0.16	)		—			—			14.26
2005⁵		12.49		0.02			2.15			(0.03	)		(0.20	)		14.43
2004⁵		11.44		0.02			1.18			(0.04	)		(0.11	)		12.49
2003⁶		10.00		0.03			1.44			(0.03	)		—			11.44
Class Y
2008²	$	17.10	$	0.05		$	(1.59	)	$	(0.05	)	$	(2.20	)	$	13.31
2007³		15.22		0.07			2.13			(0.07	)		(0.25	)		17.10
2006³		14.33		0.10			1.49			(0.10	)		(0.60	)		15.22
2005⁴		14.49		—			(0.16	)		—			—			14.33
2005⁵		12.53		0.09			2.16			(0.09	)		(0.20	)		14.49
2004⁵		11.45		0.07			1.19			(0.07	)		(0.11	)		12.53
2003⁶		10.00		0.05			1.45			(0.05	)		—			11.45


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

	³	For the period November 1 to October 31 in the fiscal year indicated

	⁴	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁵	For the period October 1 to September 30 in the fiscal year indicated.

	⁶	Commenced operations on January 31, 2003. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁷	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁸	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

72 First American Funds 2008 Semiannual Report

Fund (concluded)



														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
Return⁸			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	(9.69	)%	$	6,338		1.21	%		0.54	%		1.21	%		0.54	%		94	%
	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

	(10.01	)%	$	512		1.96	%		(0.21	)%		1.96	%		(0.21	)%		94	%
	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

	(10.22	)%	$	269		1.96	%		(0.21	)%		1.96	%		(0.21	)%		94	%
	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

	(9.79	)%	$	31		1.45	%		0.29	%		1.45	%		0.29	%		94	%
	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

	(9.54	)%	$	354,577		0.96	%		0.79	%		0.96	%		0.79	%		94	%
	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 2008 Semiannual Report 73

Fund (concluded)

Financial Highlights For a share outstanding throughout the indicated periods.



						Realized and
	Net Asset					Unrealized			Distributions						Net Asset
	Value		Net			Gains			from Net			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			from Net			End of
	of Period		Income (Loss)			Investments			Income			Realized Gains			Period

Large Cap Value Fund¹
Class A
2008²	$	22.61	$	0.12		$	(1.65	)	$	(0.11	)	$	(2.80	)	$	18.17
2007³		22.12		0.23			2.19			(0.24	)		(1.69	)		22.61
2006³		19.56		0.21			3.19			(0.21	)		(0.63	)		22.12
2005⁴		20.06		—			(0.50	)		—			—			19.56
2005⁵		17.21		0.17			2.85			(0.17	)		—			20.06
2004⁵		14.97		0.15			2.24			(0.15	)		—			17.21
2003⁵		12.77		0.18			2.20			(0.18	)		—			14.97
Class B
2008²	$	21.92	$	0.04		$	(1.59	)	$	(0.04	)	$	(2.80	)	$	17.53
2007³		21.54		0.07			2.12			(0.12	)		(1.69	)		21.92
2006³		19.12		0.06			3.11			(0.12	)		(0.63	)		21.54
2005⁴		19.62		(0.01	)		(0.49	)		—			—			19.12
2005⁵		16.87		0.03			2.78			(0.06	)		—			19.62
2004⁵		14.70		0.03			2.20			(0.06	)		—			16.87
2003⁵		12.55		0.08			2.15			(0.08	)		—			14.70
Class C
2008²	$	22.21	$	0.04		$	(1.60	)	$	(0.04	)	$	(2.80	)	$	17.81
2007³		21.81		0.07			2.14			(0.12	)		(1.69	)		22.21
2006³		19.35		0.06			3.15			(0.12	)		(0.63	)		21.81
2005⁴		19.85		(0.01	)		(0.49	)		—			—			19.35
2005⁵		17.07		0.03			2.81			(0.06	)		—			19.85
2004⁵		14.87		0.03			2.23			(0.06	)		—			17.07
2003⁵		12.70		0.08			2.17			(0.08	)		—			14.87
Class R⁶
2008²	$	22.57	$	0.09		$	(1.63	)	$	(0.09	)	$	(2.80	)	$	18.14
2007³		22.10		0.17			2.17			(0.18	)		(1.69	)		22.57
2006³		19.55		0.12			3.23			(0.17	)		(0.63	)		22.10
2005⁴		20.06		(0.01	)		(0.50	)		—			—			19.55
2005⁵		17.22		0.12			2.85			(0.13	)		—			20.06
2004⁵		14.96		0.17			2.23			(0.14	)		—			17.22
2003⁵		12.77		0.18			2.19			(0.18	)		—			14.96
Class Y
2008²	$	22.69	$	0.14		$	(1.65	)	$	(0.13	)	$	(2.80	)	$	18.25
2007³		22.19		0.29			2.18			(0.28	)		(1.69	)		22.69
2006³		19.62		0.26			3.21			(0.27	)		(0.63	)		22.19
2005⁴		20.12		—			(0.50	)		—			—			19.62
2005⁵		17.26		0.22			2.86			(0.22	)		—			20.12
2004⁵		15.01		0.20			2.24			(0.19	)		—			17.26
2003⁵		12.80		0.22			2.20			(0.21	)		—			15.01


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

	³	For the period November 1 to October 31 in the fiscal year indicated.

	⁴	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁵	For the period October 1 to September 30 in the fiscal year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

74 First American Funds 2008 Semiannual Report

Fund (concluded)



											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income (Loss)
			Net Assets		Expenses to			Income (Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	(7.15	)%	$	95,805		1.19	%		1.24	%		1.19	%		1.24	%		42	%
	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

	(7.49	)%	$	6,151		1.94	%		0.49	%		1.94	%		0.49	%		42	%
	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

	(7.43	)%	$	4,010		1.94	%		0.49	%		1.94	%		0.49	%		42	%
	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

	(7.23	)%	$	177		1.44	%		0.99	%		1.44	%		0.99	%		42	%
	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

	(7.00	)%	$	600,134		0.94	%		1.49	%		0.94	%		1.49	%		42	%
	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 2008 Semiannual Report 75

Fund (concluded)

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)

Fund (concluded)


Balanced Fund
DESCRIPTIONS	SHARES		VALUE


Common Stocks – 46.0%
Consumer Discretionary – 6.1%
1-800-Flowers.com, Class A (a)		11,530	$	102
Abercrombie & Fitch, Class A (b)		23,755		1,765
Aeropostale (a) (b)		1,916		61
Aftermarket Technology (a)		5,658		130
Autoliv		29,833		1,827
Burger King Holdings		49,373		1,378
Cato, Class A (b)		1,229		21
Christopher & Banks (b)		9,509		113
Coinstar (a) (b)		4,750		151
Cooper Tire & Rubber (b)		7,149		94
FGX International Holdings Limited (a)		2,076		27
Interface, Class A		9,995		128
Journal Communications, Class A		4,937		28
Kohl’s (a) (b)		44,801		2,189
Macy’s (b)		50,490		1,277
McCormick & Schmick’s Seafood Restaurants (a)		4,300		52
Omnicom Group		45,990		2,196
P.F. Chang’s China Bistro (a) (b)		2,503		78
Scientific Games, Class A (a) (b)		4,087		115
Skechers U.S.A., Class A (a) (b)		7,545		178
Stanley Works (b)		30,564		1,474
Texas Roadhouse, Class A (a) (b)		6,141		72
Tiffany & Company (b)		26,309		1,145
WMS Industries (a) (b)		56,582		2,048

				16,649

Consumer Staples – 1.8%
CVS Caremark		61,372		2,478
Hain Celestial Group (a) (b)		6,496		160
PepsiCo		33,877		2,322

				4,960

Energy – 6.1%
Apache (b)		20,560		2,769
Atwood Oceanics (a) (b)		449		45
Cameron International (a) (b)		33,959		1,672
Canadian Oil Sands Trust (a)		3,932		177
Chevron		20,576		1,978
Comstock Resources (a) (b)		3,906		178
Edge Petroleum (a) (b)		11,792		62
Exxon Mobil		16,800		1,564
GMX Resources (a) (b) (c)		4,390		159
Harvest Energy Trust (b)		4,000		89
Occidental Petroleum		35,684		2,969
Oceaneering International (a)		1,128		75
Patterson-UTI Energy (b)		5,288		148
Penn Virginia (b)		1,908		100
Penn West Energy Trust		8,656		261
TETRA Technologies (a) (b)		7,562		123
Ultra Petroleum (a) (b)		14,464		1,201
Weatherford International (a)		17,697		1,428
Williams		46,517		1,651

				16,649

Financials – 10.2%
Affiliated Managers Group (a) (b)		22,919		2,277
American International Group (b)		66,414		3,068
Annaly Capital Management – REIT (b)		68,912		1,155
Assurant		19,718		1,282
Astoria Financial (b)		3,323		79
BioMed Realty Trust (b)		5,237		136
Boston Properties – REIT (b)		9,510		956
CME Group (b)		2,855		1,306
Columbia Banking System		401		11
Cullen/Frost Bankers (b)		3,034		169
Delphi Financial Group, Class A		1,643		45
Digital Realty Trust – REIT (b)		2,761		107
Dime Community Bancshares		7,749		145
East West Bancorp		2,545		36
GFI Group		2,416		28
Goldman Sachs Group		21,118		4,041
Independent Bank		2,880		84
Invesco (b)		65,218		1,673
JPMorgan Chase		51,334		2,446
Kite Realty Group Trust – REIT (b)		3,366		46
Knight Capital Group, Class A (a) (b)		10,365		194
LaSalle Hotel Properties – REIT		2,820		90
Lehman Brothers Holdings (b)		37,723		1,669
M&T Bank (b)		13,227		1,233
National Financial Partners (b)		2,581		69
Platinum Underwriters Holdings		3,824		137
South Financial Group (b)		8,319		50
TD Ameritrade (a)		74,133		1,342
Umpqua Holdings (b)		2,686		40
Wachovia (b)		55,153		1,608
Wells Fargo (b)		36,826		1,096
Zions Bancorporation		23,152		1,073

				27,691

Healthcare – 5.7%
Abbott Laboratories		37,589		1,983
AngioDynamics (a)		5,022		74
Arena Pharmaceuticals (a) (b)		5,645		32
Array BioPharma (a) (b)		7,106		44
Baxter International		29,503		1,839
BioMarin Pharmaceutical (a) (b)		2,311		84
Bristol-Myers Squibb		85,047		1,868
Dexcom (a) (b)		11,173		86
eResearchTechnology (a)		5,171		63
Exelixis (a) (b)		7,250		55
Gilead Sciences (a) (b)		33,969		1,758
Hologic (a)		3,292		96
ICU Medical (a) (b)		3,928		99
Immucor (a) (b)		2,216		60
Intuitive Surgical (a) (b)		6,335		1,832
K-V Pharmaceutical, Class A (a) (b)		7,781		190
Magellan Health Services (a)		3,748		145
Medtronic		35,356		1,721
Merck		38,316		1,458
Myriad Genetics (a) (b)		872		36
Onyx Pharmaceuticals (a) (b)		436		15
OSI Pharmaceuticals (a) (b)		532		18
Pediatrix Medical Group (a)		3,230		220
Senomyx (a) (b)		8,018		48
SonoSite (a) (b)		6,765		216
Thermo Fisher Scientific (a)		24,450		1,415
TranS1 (a) (b)		5,115		67

				15,522

Industrials – 4.1%
Advisory Board (a) (b)		1,160		54
AMETEK		2,590		126
BE Aerospace (a)		3,633		147
Columbus McKinnon (a) (b)		1,490		42
Con-way		2,386		110
Emerson Electric (b)		29,862		1,561
ESCO Technologies (a) (b)		5,009		233
Forward Air (b)		2,189		75
Illinois Tool Works		24,450		1,279

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

76 First American Funds 2008 Semiannual Report

Fund (concluded)


Balanced Fund (continued)
DESCRIPTIONS	SHARES		VALUE


Ladish (a) (b)		859	$	26
MasTec (a)		16,699		137
Nordson (b)		1,613		95
Raytheon (b)		24,423		1,562
RBC Bearings (a) (b)		1,733		69
Regal-Beloit		970		36
Republic Services		36,655		1,165
SPX		20,118		2,475
Timken (b)		2,500		90
Waste Connections (a) (b)		2,125		68
Werner Enterprises (b)		95,646		1,860

				11,210

Information Technology – 11.1%
Accenture, Class A (b)		38,912		1,461
ADC Telecommunications (a) (b)		5,890		83
Advanced Analogic Technologies (a) (b)		18,890		131
Apple (a)		15,698		2,731
AudioCodes (a)		5,296		22
BMC Software (a)		40,012		1,391
Cisco Systems (a)		198,595		5,092
Cognex		2,136		54
Corning		43,990		1,175
Data Domain (a) (b)		1,906		41
Digital River (a) (b)		3,601		118
Emulex (a) (b)		9,251		121
F5 Networks (a) (b)		4,375		99
Foundry Networks (a) (b)		5,716		73
Greenfield Online (a) (b)		9,697		111
Harris Stratex Networks, Class A (a) (b)		1,042		10
Hewlett-Packard		70,041		3,246
Intel		51,252		1,141
Intersil, Class A		64,950		1,735
Ixia (a) (b)		2,819		20
Lam Research (a) (b)		18,971		775
MasterCard, Class A (b)		3,909		1,087
Microsoft		119,202		3,400
Oracle (a)		108,695		2,266
Orbotech (a)		4,605		81
Photronics (a) (b)		12,827		136
Plexus (a) (b)		3,291		79
Polycom (a) (b)		4,525		101
Progress Software (a) (b)		5,118		155
Research In Motion (a) (b)		11,982		1,457
Silicon Laboratories (a) (b)		3,023		102
Synaptics (a) (b)		3,126		106
Tessera Technologies (a) (b)		5,301		107
Texas Instruments		42,266		1,233
TTM Technologies (a) (b)		7,502		100
Veeco Instruments (a)		2,341		44

				30,084

Materials – 0.2%
Albemarle (b)		2,441		91
AptarGroup		2,032		90
Schnitzer Steel Industries, Class A (b)		764		67
Terra Industries (a) (b)		3,716		141
Texas Industries		1,438		111

				500

Telecommunication Services – 0.7%
American Tower, Class A (a)		42,113		1,829
Cogent Communications Group (a) (b)		1,323		28
General Communication, Class A (a)		5,038		31

				1,888

Utilities – 0.0%
NSTAR		1,626		52

Total Common Stocks
(Cost $117,545)				125,205

Investment Companies – 2.7%
iShares MSCI EAFE Index Fund		83,400		6,322
iShares MSCI Emerging Markets Index Fund (b)		7,800		1,144

Total Investment Companies
(Cost $5,255)				7,466

Corporate Bonds – 19.0%
Banking – 3.7%
Bank of America
5.750%, 12/01/2017 (b)	$	795		810
8.000%, 12/29/2049 (b) (d)		665		676
Citigroup
6.125%, 11/21/2017		625		634
6.875%, 03/05/2038		350		362
8.400%, 04/29/2049 (d)		1,085		1,098
Citigroup Capital XXI
8.300%, 12/21/2057 (d)		955		975
Fifth Third Bancorp
6.250%, 05/01/2013		445		449
JPMorgan Chase
5.150%, 10/01/2015		440		440
6.000%, 01/15/2018		400		415
JPMorgan Chase Capital XX
Series T
6.550%, 09/29/2036		570		517
Lloyds TSB Group
6.267%, 12/31/2049 (d) (e)		340		283
National City Preferred Capital Trust I
12.000%, 12/29/2049 (d)		300		296
UBS Preferred Funding Trust V
6.243%, 05/29/2049 (d)		545		477
Wachovia
5.750%, 02/01/2018 (b)		535		533
7.980%, 02/28/2049 (d)		730		718
Washington Mutual Preferred IV
9.750%, 10/29/2049 (d) (e)		400		348
Wells Fargo
5.625%, 12/11/2017		750		773
Wells Fargo Capital X
5.950%, 12/15/2036		230		205

				10,009

Basic Industry – 1.0%
Celulosa Arauco y Constitucion
5.625%, 04/20/2015		345		340
Evraz Group
8.250%, 11/10/2015 (e)		190		185
FMG Finance
10.000%, 09/01/2013 (e)		195		210
Freeport-McMoRan Copper & Gold
8.375%, 04/01/2017		350		387
Georgia-Pacific
7.125%, 01/15/2017 (b) (e)		190		188
Griffin Coal Mining
9.500%, 12/01/2016 (e)		200		157
Noble Group Limited
6.625%, 03/17/2015 (e)		255		230
Southern Copper
7.500%, 07/27/2035		190		201
Teck Cominco Limited
6.125%, 10/01/2035		280		243

First American Funds 2008 Semiannual Report 77

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)

Fund (concluded)


Balanced Fund (continued)
DESCRIPTIONS	PAR		VALUE


U.S. Steel
7.000%, 02/01/2018	$	335	$	338
Vale Overseas
6.250%, 01/11/2016		175		179

				2,658

Brokerage – 2.3%
Bear Stearns
7.250%, 02/01/2018		635		694
Goldman Sachs Capital II
5.793%, 12/29/2049 (d)		1,015		766
Goldman Sachs Group
6.150%, 04/01/2018 (b)		450		455
6.750%, 10/01/2037 (b)		780		764
Lehman Brothers Holdings
6.500%, 07/19/2017		365		359
Series MTN
5.625%, 01/24/2013		485		478
Merrill Lynch
5.450%, 02/05/2013		305		297
6.050%, 05/16/2016		840		806
Morgan Stanley
5.375%, 10/15/2015 (b)		440		423
Series MTN
6.625%, 04/01/2018 (b)		1,250		1,296

				6,338

Capital Goods – 0.1%
Siemens Financiering
6.125%, 08/17/2026 (e)		225		219

Communications – 1.4%
AT&T
5.500%, 02/01/2018 (b)		430		430
6.300%, 01/15/2038		195		195
British Sky Broadcasting
6.100%, 02/15/2018 (e)		510		519
British Telecom
5.950%, 01/15/2018		450		451
Comcast
6.300%, 11/15/2017		525		545
Embarq
7.082%, 06/01/2016		215		213
Idearc
8.000%, 11/15/2016		260		169
Intelsat
8.625%, 01/15/2015		200		202
News America
6.650%, 11/15/2037		315		326
Verizon Communications
6.900%, 04/15/2038		475		514
Vimpelcom
8.250%, 05/23/2016 (e)		230		225

				3,789

Consumer Cyclical – 1.1%
CVS Caremark
6.302%, 06/01/2037 (d)		340		291
Duty Free International
7.000%, 01/15/2004 (c) (f) (g)		588		—
Galaxy Entertainment
9.875%, 12/15/2012 (b) (e)		175		177
Home Depot
5.875%, 12/16/2036		270		226
Lippo Karwaci Finance
8.875%, 03/09/2011		175		162
McDonald’s
Series MTN
5.350%, 03/01/2018 (b)		370		375
Rite Aid
7.500%, 03/01/2017 (b)		160		148
Shimao Property Holdings
8.000%, 12/01/2016 (e)		205		168
Target
7.000%, 01/15/2038		450		483
Viacom
6.875%, 04/30/2036		365		366
Wal-Mart Stores
6.200%, 04/15/2038 (b)		260		265
Whirlpool
Series MTN
5.500%, 03/01/2013		435		432

				3,093

Consumer Non Cyclical – 1.0%
AmerisourceBergen
5.625%, 09/15/2012		500		499
Cardinal Health
6.750%, 02/15/2011		325		339
Constellation Brands
7.250%, 05/15/2017		300		302
Covidien International
6.550%, 10/15/2037 (e)		435		445
Fisher Scientific International
6.750%, 08/15/2014		220		226
Kraft Foods
6.500%, 08/11/2017 (b)		600		628
UnitedHealth Group
6.875%, 02/15/2038		295		288

				2,727

Electric – 0.9%
Dynegy Holdings
7.750%, 06/01/2019		305		303
Energy Future Holdings
10.875%, 11/01/2017 (e)		205		218
ISA Capital Brasil
8.800%, 01/30/2017 (e)		180		192
MidAmerican Energy Holdings
6.125%, 04/01/2036		465		465
Ohio Power
Series K
6.000%, 06/01/2016		275		279
Oncor Electric Delivery
7.000%, 05/01/2032		225		218
Pacific Gas & Electric
6.050%, 03/01/2034		230		229
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 (e)		370		375
Virginia Electric Power
5.950%, 09/15/2017		240		247

				2,526

Energy – 1.7%
Canadian National Resources
5.900%, 02/01/2018		620		630
Encana
6.500%, 02/01/2038		445		456
Lukoil International Finance
6.356%, 06/07/2017 (e)		120		111
6.656%, 06/07/2022 (b) (e)		460		407
Marathon Oil
5.900%, 03/15/2018		445		450

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

78 First American Funds 2008 Semiannual Report

Fund (concluded)


Balanced Fund (continued)
DESCRIPTIONS	PAR		VALUE


Mariner Energy
7.500%, 04/15/2013	$	270	$	267
Nexen
6.400%, 05/15/2037		310		303
Pioneer Natural Resource
6.650%, 03/15/2017		290		285
Tengizcheveroil Finance
6.124%, 11/15/2014 (e)		370		353
Tesoro
6.625%, 11/01/2015		375		353
TNK-BP Finance
6.625%, 03/20/2017 (e)		150		136
7.875%, 03/13/2018 (e)		230		228
Weatherford International
7.000%, 03/15/2038		145		156
Whiting Petroleum
7.000%, 02/01/2014		295		296
XTO Energy
6.375%, 06/15/2038		205		207

				4,638

Finance – 1.1%
American Express
7.000%, 03/19/2018		345		371
Capital One Financial
6.150%, 09/01/2016		400		363
CIT Group
5.650%, 02/13/2017		110		91
General Electric Capital
5.625%, 05/01/2018		525		530
ILFC E-Capital Trust I
5.900%, 12/21/2065 (d) (e)		405		321
International Lease Finance
6.375%, 03/25/2013		205		208
Janus Capital Group
6.700%, 06/15/2017		305		291
SLM
Series MTN
5.400%, 10/25/2011		350		310
Transcapitalinvest
5.670%, 03/05/2014 (e)		640		607

				3,092

Insurance – 1.0%
Allied World Assurance
7.500%, 08/01/2016 (b)		565		565
AXA
6.463%, 12/31/2049 (d) (e)		315		261
Liberty Mutual Group
7.000%, 03/07/2037 (d) (e)		235		216
MBIA Insurance
14.000%, 01/15/2033 (d) (e)		290		265
MetLife Capital Trust IV
7.875%, 12/15/2037 (e)		330		326
Unumprovident
5.997%, 05/15/2008		335		335
ZFS Finance USA Trust V
6.500%, 05/09/2037 (d) (e)		755		665

				2,633

Natural Gas – 0.5%
Enterprise Products
8.375%, 08/01/2066		180		179
Kinder Morgan Energy Partners
Series MTN
6.950%, 01/15/2038		290		294
NGPL Pipeco
7.119%, 12/15/2017 (e)		230		241
Southern Union
7.200%, 11/01/2066 (d)		155		127
Transocean
6.000%, 03/15/2018		175		181
Transport De Gas Del Sur
7.875%, 05/14/2017 (e)		235		179

				1,201

Real Estate – 0.4%
Health Care Properties – REIT
Series MTN
6.300%, 09/15/2016		710		629
Prologis 2006 – REIT
5.750%, 04/01/2016		600		565

				1,194

Sovereign – 0.9%
U.K. Government Treasury
5.250%, 06/07/2012 (h)		GBP 1,200		2,459

Technology – 1.4%
Celestica
7.875%, 07/01/2011 (b)	$	295		297
Chartered Semiconductor
6.375%, 08/03/2015		250		251
Computer Sciences
6.500%, 03/15/2018 (e)		340		351
First Data
9.875%, 09/24/2015 (e)		405		369
IBM
5.700%, 09/14/2017		335		349
Jabil Circuit
5.875%, 07/15/2010		680		668
LG Electronics
5.000%, 06/17/2010 (e)		340		337
National Semiconductor
6.600%, 06/15/2017		475		476
NXP BV/NXP Funding
9.500%, 10/15/2015 (b)		180		174
Oracle
6.500%, 04/15/2038		220		227
Seagate Technology
6.375%, 10/01/2011		290		285

				3,784

Transportation – 0.4%
BLT Finance BV
7.500%, 05/15/2014 (e)		235		172
CSX
5.600%, 05/01/2017		525		503
Erac USA Finance
6.375%, 10/15/2017 (e)		265		239
Ultrapetrol
9.000%, 11/24/2014		145		133

				1,047

Water – 0.1%
American Water Capital
6.085%, 10/15/2017 (e)		260		259

Total Corporate Bonds
(Cost $52,684)				51,666

First American Funds 2008 Semiannual Report 79

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)

Fund (concluded)


Balanced Fund (continued)
DESCRIPTIONS	PAR		VALUE


Asset-Backed Securities – 9.4%
Automotive – 0.5%
Harley-Davidson Motorcycle Trust
Series 2005-4, Class A2
4.850%, 06/15/2012	$	470	$	474
Hertz Vehicle Financing
Series 2005-2A, Class A6
5.080%, 11/25/2011 (e)		935		836

				1,310

Credit Cards – 0.6%
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
5.750%, 07/15/2020		530		522
Citibank Credit Card Issuance Trust
Series 2006-A4, Class A4
5.450%, 05/10/2013		805		822
Discover Card Master Trust
Series 2007-A1, Class A1
5.650%, 03/16/2020		275		266

				1,610

Home Equity – 0.0%
Saxon Asset Securities Trust
Series 2004-1, Class A
3.139%, 03/25/2035 (d)		4		3

Other – 7.9%
Banc of America Commercial Mortgage
Series 2004-5, Class A3
4.561%, 11/10/2041		710		697
Series 2006-2, Class A4
5.930%, 05/10/2045 (d)		340		343
Bear Stearns Commercial Mortgage Securities
Series 2007-T28, Class D
6.177%, 09/11/2042 (d) (e)		270		173
Series 2007-PW18, Class AJ
6.413%, 06/11/2050		295		250
Citigroup Commercial Mortgage Trust
Series 2008-C7, Class AJ
6.095%, 12/10/2049 (d)		355		298
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		230		227
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 (e)		585		587
Series 2004-RS1, Class A
4.018%, 03/03/2041 (c) (e)		414		409
Series 2005-LP5, Class A2
4.630%, 05/10/2043		911		907
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 (e)		630		610
GE Capital Commercial Mortgage Corporation
Series 2005-C3, Class A2
4.853%, 07/10/2045		725		725
Global Signal Trust
Series 2004-2A, Class A
4.232%, 12/15/2014 (e)		750		735
GMAC Commercial Mortgage Securities
Series 2005-C1, Class A2
4.471%, 05/10/2043		1,183		1,175
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
3.285%, 07/05/2035		1,525		1,503
Series 2005-GG5, Class A2
5.117%, 04/10/2037		1,600		1,606
Series 2007-GG11, Class AJ
6.207%, 12/10/2049 (d)		725		607
GS Mortgage Securities II
Series 2006-GG8, Class A2
5.479%, 11/10/2039		1,500		1,502
Series 2007-GG10, Class A4
5.993%, 08/10/2045 (d)		2,065		2,062
Series 2006-RR2, Class A1
5.811%, 06/23/2046 (c) (d) (e)		360		266
Series 2006-RR3, Class A1S
5.760%, 07/18/2056 (c) (d) (e)		600		352
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.500%, 12/15/2044 (d)		245		217
Series 2007-CB20, Class AJ
6.303%, 02/12/2051 (d)		635		535
LB-UBS Commercial Mortgage Trust
Series 2003-C3, Class A2
3.086%, 05/15/2027		454		454
Series 2005-C7, Class A2
5.103%, 11/15/2030		800		803
Series 2008-C1, Class AJ
6.150%, 04/15/2041		200		166
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.302%, 07/12/2038 (d)		265		221
Series 2005-LC1, Class AM
5.442%, 01/12/2044 (d)		490		475
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class AM
6.156%, 08/12/2049 (d)		645		646
Morgan Stanley Capital I
Series 2005-HQ6, Class B
5.152%, 08/13/2042 (d)		115		101
Series 2005-HQ6, Class C
5.172%, 08/13/2042 (d)		110		94
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		1,025		1,066
Small Business Administration
Series 2006-P10B, Class 1
5.681%, 08/10/2016		1,115		1,140
Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Class AJ
6.147%, 05/15/2046 (d)		430		358
Series 2007-C33, Class AJ
6.100%, 02/15/2051 (d)		420		350

				21,660

Utilities – 0.4%
PG & E Energy Recovery Funding
Series 2005-2, Class A2
5.030%, 03/25/2014		1,050		1,066

Total Asset-Backed Securities
(Cost $26,253)				25,649

U.S. Government Agency Mortgage-Backed Securities – 8.5%
Adjustable Rate (d) – 0.8%
Federal Home Loan Mortgage Corporation Pool
7.400%, 01/01/2028, #786281		113		115
5.771%, 07/01/2036, #1K1238 (b)		878		899

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

80 First American Funds 2008 Semiannual Report

Fund (concluded)


Balanced Fund (continued)
DESCRIPTIONS	PAR		VALUE


Federal National Mortgage Association Pool
6.164%, 04/01/2018, #070009	$	31	$	32
6.457%, 09/01/2033, #725553 (b)		515		522
5.270%, 11/01/2034, #735054 (b)		697		700

				2,268

Fixed Rate – 7.7%
Federal Home Loan Mortgage Corporation Pool
5.500%, 03/01/2013, #E00546		69		71
4.500%, 05/01/2018, #P10032 (b)		337		340
6.500%, 11/01/2028, #C00676		392		410
7.000%, 12/01/2029, #G01091		74		78
6.500%, 07/01/2031, #A17212 (b)		252		263
6.000%, 05/01/2032, #C01361		91		94
7.000%, 08/01/2037, #H09059 (b)		835		870
Federal National Mortgage Association Pool
6.000%, 09/01/2017, #653368		166		171
4.500%, 06/01/2019, #045181		278		277
6.000%, 10/01/2022, #254513 (b)		354		365
5.500%, 12/01/2024, #357662		675		685
5.500%, 02/01/2025, #255628 (b)		743		754
6.000%, 08/01/2027, #256852 (b)		794		814
7.000%, 04/01/2029, #323681		78		83
6.500%, 12/01/2031, #254169 (b)		259		268
6.000%, 04/01/2032, #745101 (b)		714		735
6.500%, 05/01/2032, #640032		626		651
7.000%, 07/01/2032, #545815		142		151
6.000%, 09/01/2032, #254447 (b)		296		305
6.000%, 01/01/2033, #676647		495		509
5.500%, 04/01/2033, #694605 (b)		863		870
5.500%, 06/01/2033, #843435 (b)		384		387
5.500%, 07/01/2033, #728667 (b)		427		431
5.500%, 08/01/2033, #733380 (b)		957		966
5.000%, 09/01/2033, #713735		196		193
5.500%, 10/01/2033, #555800 (b)		1,008		1,017
6.000%, 11/01/2033, #772130		155		159
6.000%, 11/01/2033, #772256		176		181
5.500%, 12/01/2033, #756202		622		628
5.000%, 03/01/2034, #725205 (b)		787		776
5.000%, 03/01/2034, #725250 (b)		711		700
5.500%, 04/01/2034, #725424 (b)		364		368
5.500%, 05/01/2034, #357571		686		692
5.000%, 06/01/2034, #782909		346		341
6.500%, 06/01/2034, #735273 (b)		607		632
6.500%, 04/01/2036, #852909 (b)		571		592
6.500%, 07/01/2036, #831683 (b)		549		569
6.000%, 08/01/2036, #885536 (b)		1,374		1,407
6.500%, 08/01/2036, #893318 (b)		482		499
5.500%, 01/01/2037, #906059 (b)		907		913
6.000%, 09/01/2037, #256890 (b)		557		565
Government National Mortgage Association Pool
6.500%, 10/20/2010, #002108		3		3
7.500%, 06/15/2027, #447728		6		6
7.500%, 09/15/2027, #455516		6		7
7.000%, 04/15/2029, #506639		145		155

				20,951

Total U.S. Government Agency Mortgage-Backed Securities
(Cost $22,988)				23,219

Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 8.4%
Adjustable Rate (d) – 3.4%
Citigroup Mortgage Loan Trust
Series 2004-HYB4, Class HAII
5.346%, 10/25/2034		2,004		1,684
Series 2005-7, Class 2A1A
4.862%, 09/25/2035		590		545
Countrywide Home Loans
Series 2006-HYB5, Class 3A1A
5.964%, 09/20/2036		1,243		1,004
GMAC Mortgage Corporation Loan Trust
Series 2003-AR2, Class 4A1
4.730%, 12/19/2033		693		637
Harborview Mortgage Loan Trust
Series 2007-4, Class 2A1
3.020%, 07/19/2047		1,068		819
JPMorgan Mortgage Trust
Series 2004-A1, Class 3A1
4.992%, 02/25/2034		1,080		1,021
Series 2006-A7, Class 3A4
5.944%, 01/25/2037		458		330
Residential Funding Mortgage Securities I
Series 2006-SA2, Class 4A1
5.868%, 08/25/2036		934		853
Structured Mortgage Loan Trust
Series 2004-11, Class A
7.195%, 08/25/2034		34		34
Wachovia Mortgage Loan Trust
Series 2005-B, Class 1A1
4.940%, 10/20/2035		434		417
Washington Mutual
Series 2004-AR7, Class A6
3.941%, 07/25/2034		775		767
Wells Fargo Mortgage Backed Securities Trust
Series 2003-D, Class A1
6.387%, 02/25/2033		137		137
Series 2004-N, Class A3
4.104%, 08/25/2034		25		25
Series 2006-AR1, Class 2A2
5.551%, 03/25/2036		891		869

				9,142

Fixed Rate – 5.0%
ABN AMRO Mortgage
Series 2003-7, Class A1
4.750%, 07/25/2018		688		678
Banc of America Mortgage Securities
Series 2003-6, Class 1A30
4.750%, 08/25/2033		585		573
Countrywide Alternative Loan Trust
Series 2004-12CB, Class 1A1
5.000%, 07/25/2019		368		356
Series 2004-2CB, Class 1A1
4.250%, 03/25/2034		246		236
Series 2004-24CB, Class 1A1
6.000%, 11/25/2034		284		262
Series 2006-19CB, Class A15
6.000%, 08/25/2036		367		355
Countrywide Home Loans
Series 2007-17, Class 1A1
6.000%, 10/25/2037		1,230		1,234

First American Funds 2008 Semiannual Report 81

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)

Fund (concluded)


Balanced Fund (continued)
DESCRIPTIONS	PAR		VALUE


Credit Suisse First Boston Mortgage Securities
Series 2005-3, Class 5A1
5.500%, 07/25/2020	$	512	$	499
Deutsche Alt-A Securities
Series 2006-AR5, Class 22A
5.500%, 10/25/2021		706		646
GMAC Mortgage Corporation Loan Trust
Series 2004-J5, Class A7
6.500%, 01/25/2035		488		495
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
6.969%, 03/25/2043		841		677
GSR Mortgage Loan Trust
Series 2004-10F, Class 3A1
5.500%, 08/25/2019		359		358
Master Alternative Loans Trust
Series 2005-2, Class 1A3
6.500%, 03/25/2035		236		223
Master Asset Securitization Trust
Series 2003-6, Class 3A1
5.000%, 07/25/2018		551		541
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
6.206%, 11/25/2034		313		286
Residential Accredit Loans
Series 2006-QS4, Class A9
6.000%, 04/25/2036		1,160		1,034
Residential Asset Mortgage Products
Series 2004-SL4, Class A3
6.500%, 07/25/2032		227		216
Residential Funding Mortgage Securities I
Series 2004-S9, Class 2A1
4.750%, 12/25/2019		760		757
Washington Mutual
Series 2004-CB1, Class 1A
5.250%, 06/25/2019		592		572
Washington Mutual Mortgage Pass-Through Trust
Series 2007-2, Class 3A1
5.500%, 04/25/2022		622		610
Washington Mutual MSC Mortgage Pass-Through Trust
Series 2004-RA3, Class 2A
6.352%, 08/25/2038		357		357
Wells Fargo Mortgage Backed Securities Trust
Series 2003-14, Class A1
4.750%, 12/25/2018		477		463
Series 2004-7, Class 2A2
5.000%, 07/25/2019		1,309		1,289
Series 2007-13, Class A8
6.000%, 09/25/2037		995		957
Westam Mortgage Financial
Series 11, Class A
6.360%, 08/26/2020 (c)		1		1

				13,675

Total Collateralized Mortgage Obligation — Private Mortgage-Backed Securities
(Cost $24,193)				22,817

Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 1.3%
Fixed Rate – 1.3%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011 (b)		473		488
Series 85, Class C
8.600%, 01/15/2021		68		73
Series 1136, Class H
6.000%, 09/15/2021		47		48
Federal National Mortgage Association
Series 1989-2, Class D
8.800%, 01/25/2019		4		5
Series 1989-37, Class G
8.000%, 07/25/2019		68		74
Series 1990-30, Class E
6.500%, 03/25/2020		28		29
Series 1990-63, Class H
9.500%, 06/25/2020		14		15
Series 1990-89, Class K
6.500%, 07/25/2020		3		4
Series 1990-105, Class J
6.500%, 09/25/2020		45		47
Series 2005-44, Class PC
5.000%, 11/25/2027 (b)		1,139		1,154
Series 2003-81, Class MB
5.000%, 05/25/2029 (b)		960		974
Series 2005-62, Class JE
5.000%, 06/25/2035 (b)		675		680
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 $3,508)				3,597

Preferred Stocks – 0.5%
Sovereigns – 0.5%
Fannie Mae (b)		28,000		701
Merrill Lynch (b)		27,400		685

Total Preferred Stocks
(Cost $1,386)				1,386

Options Purchased – 0.0%
Call Options Purchased – 0.0%
U.S. Treasury Long Bond Futures June 2008 Futures Call Expires 05/24/2008
Exercise Price: $121.00
Total Purchased Options
(Cost $11)		9		2

Short-Term Investments – 4.1%
Money Market Fund – 3.3%
First American Prime Obligations Fund, Class Z (i)		9,025,308		9,025

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

82 First American Funds 2008 Semiannual Report

Fund (concluded)


Balanced Fund (continued)
DESCRIPTIONS	PAR/SHARES		VALUE


U.S. Treasury Obligations – 0.8%
U.S. Treasury Bills (j)
2.030%, 06/26/2008	$	600	$	598
1.320%, 07/24/2008		500		499
1.365%, 08/07/2008		500		498
1.513%, 10/09/2008		690		685

				2,280

Total Short-Term Investments
(Cost $11,306)				11,305

Investment Purchased with Proceeds from Securities Lending – 27.6%
Mount Vernon Securities Lending Prime Portfolio (k)
(Cost $75,064)		75,064,063		75,064

Total Investments – 127.5%
(Cost $340,193)				347,376

Other Assets and Liabilities, Net – (27.5)%				(74,906	)

Total Net Assets – 100.0%			$	272,470


(a)	Non-income producing security.


(b)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a value of $72,765 at April 30, 2008. See note 2 in Notes to Financial Statements.


(c)	Security is illiquid. As of April 30, 2008, the value of this investment was $1,187 or 0.4% of total net assets. See note 2 in Notes to Financial Statements.


(d)	Variable Rate Security – The rate shown is the rate in effect at April 30, 2008.

(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 April 30, 2008, the value of these investments was $14,150 or 5.2% of total net assets. See note 2 in Notes to Financial Statements.


(f)	Security is fair valued. As of April 30, 2008, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.


(g)	Security is in default at April 30, 2008.

(h)	Foreign denominated security values are state in U.S. dollars. Principal amounts are U.S. dollars unless otherwise noted.


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

(j)	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is effective yield as of April 30, 2008. See note 2 in Notes to Financial Statements.

(k)

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

Balanced Fund (continued)

Schedule of Open Futures Contracts


	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)

Australian Dollar Currency Futures		14		$	1,318		June 2008	$	27
Canadian Dollar Currency Futures		26			2,588		June 2008		(20	)
Euro Bund Futures		(10	)		(1,781	)	June 2008		53
Euro Currency Futures		(12	)		(2,341	)	June 2008		10
Eurodollar 90 Day Futures		80			77,680		December 2008		(35	)
Eurodollar 90 Day Futures		52			50,437		March 2009		7
Euro Schatz Futures		23			3,729		June 2008		(47	)
Japanese Yen Currency Futures		(30	)		(3,619	)	June 2008		95
S&P 500 Futures		5			1,733		June 2008		117
U.S. Treasury 2 Year Note Futures		(43	)		(9,146	)	June 2008		73
U.S. Treasury 5 Year Note Futures		(49	)		(5,487	)	June 2008		125
U.S. Treasury 10 Year Note Futures		(7	)		(811	)	June 2008		(1	)
U.S. Treasury Long Bond Futures		(4	)		(468	)	June 2008		—

								$	404

First American Funds 2008 Semiannual Report 83

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)

Balanced Fund (continued)

Credit Default Swap Agreements


				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)

Deutsche Bank	Dow Jones CDX HVOL9 Index		Sell		1.400%		12/20/2012	$	3,200	$	149
Deutsche Bank	Dow Jones CDX HVOL10 Index		Sell		3.500%		06/20/2013		6,400		160
Deutsche Bank	Dow Jones CDX HY10 Index		Sell		5.000%		06/20/2013		1,500		21
Deutsche Bank	Dow Jones CDX IG9 Index		Sell		0.600%		12/20/2012		4,400		88
Deutsche Bank	Dow Jones CDX IG10 Index		Sell		1.550%		06/20/2013		5,900		103
JPMorgan	Deutsche Bank AG		Buy		0.525%		09/20/2012		600		1
JPMorgan	Dow Jones CDX HY9 Index		Sell		3.750%		12/20/2012		4,059		214
JPMorgan	Dow Jones CDX HVOL9 Index		Sell		1.400%		12/20/2012		1,400		86
JPMorgan	Dow Jones CDX IG10 Index		Sell		1.550%		06/20/2013		4,200		60
JPMorgan	Dow Jones iTraxx Asia ex-Japan Index		Sell		6.500%		06/20/2013		3,700		274
JPMorgan	GAP, Inc.		Buy		1.230%		12/20/2012		430		(7	)
JPMorgan	Markit ABX A071 Index		Sell		0.640%		08/25/2037		800		(85	)
JPMorgan	Markit ABX AAA071 Index		Sell		0.090%		08/25/2037		400		19
UBS	AmerisourceBergen Corporation		Buy		0.585%		09/20/2012		500		2
UBS	Cardinal Health, Inc.		Buy		0.320%		09/20/2012		500		1
UBS	Dow Jones CDX HY10 Index		Sell		5.000%		06/20/2013		2,900		64
UBS	Dow Jones iTraxx Asia ex-Japan Index		Sell		6.500%		06/20/2013		700		44
UBS	Turkey Government International Bond		Buy		1.480%		07/20/2012		700		19
UBS	Whirlpool Corporation		Buy		0.785%		09/20/2017		350		2

										$	1,215

Interest Rate Swap Agreements

Floating

Pay/ Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Pay

4.625%

09/20/2009

7,000

163

Citigroup

3-Month LIBOR

Receive

5.110%

09/20/2017

2,000

(123

)

JPMorgan

3-Month LIBOR

Pay

2.693%

03/07/2010

7,000

(48

)

UBS

3-Month LIBOR

Pay

4.568%

10/02/2009

7,100

161

UBS

3-Month LIBOR

Pay

2.743%

04/17/2010

3,000

(20

)

UBS

3-Month LIBOR

Pay

2.795%

04/18/2010

3,000

(20

)

113

Balanced Fund (concluded)

Schedule of Open Written Call Options


	Exercise	Premium		Expiration		Number of
Option	Price	Received		Date		Contracts		Value

U.S. Treasury Long Bond Futures – June 2008	$124.00	$	4		05/24/2008		9	$	—
U.S. Treasury 10 Year Note Futures – June 2008	119.00		6		06/21/2008		9		1
U.S. Treasury 10 Year Note Futures – June 2008	120.00		42		06/21/2008		64		3

		$	52					$	4

Schedule of Open Written Put Options


	Exercise	Premium		Expiration		Number of
Option	Price	Received		Date		Contracts		Value

U.S. Treasury 10 Year Note Futures – June 2008	$113.00	$	7		05/23/2008		21	$	3
U.S. Treasury 10 Year Note Futures – June 2008	135.00		16		05/24/2008		42		8
U.S. Treasury 10 Year Note Futures – June 2008	111.00		6		06/21/2008		9		—
U.S. Treasury 10 Year Note Futures – June 2008	112.50		44		06/21/2008		53		5

		$	73					$	16

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

84 First American Funds 2008 Semiannual Report


Equity Income Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 98.5%
Consumer Discretionary – 6.2%
Home Depot (a)		455,436	$	13,117
McDonald’s (a)		355,665		21,190
Time Warner (a)		775,675		11,519
Yum! Brands (a)		425,200		17,297

				63,123

Consumer Staples – 9.3%
Altria Group		332,471		6,650
Coca-Cola (a)		284,165		16,729
General Mills (a)		210,116		12,691
Kraft Foods, Class A (a)		230,078		7,277
Philip Morris International (b)		332,471		16,966
Procter & Gamble		181,408		12,163
Wal-Mart Stores (a)		401,171		23,260

				95,736

Energy – 15.7%
BP – ADR (a)		560,290		40,783
Chevron (a)		352,577		33,900
ConocoPhillips (a)		397,988		34,287
Exterran Partners		194,416		5,790
Exxon Mobil (a)		502,142		46,734

				161,494

Financials – 18.8%
AllianceBernstein Holding		516,599		32,040
American International Group (a)		550,267		25,422
Annaly Capital Management – REIT (a)		473,883		7,942
Bank of America (a)		669,451		25,131
Barclays – ADR (a)		326,468		11,883
BB&T (a)		487,479		16,716
BlackRock (a)		44,537		8,987
Citigroup		341,028		8,618
Fannie Mae		88,716		2,511
Goldman Sachs Group (a)		60,660		11,609
ICICI Bank – ADR (a)		210,823		9,401
Lehman Brothers Holdings (a)		158,992		7,034
TCF Financial		113,291		1,971
Wachovia (a)		799,981		23,319

				192,584

Healthcare – 9.5%
Abbott Laboratories		517,478		27,297
Bristol-Myers Squibb		668,755		14,693
Eli Lilly		240,139		11,560
Johnson & Johnson (a)		350,238		23,497
Merck		120,791		4,595
Pfizer		277,791		5,586
Wyeth		225,782		10,041

				97,269

Industrials – 11.9%
3M (a)		163,737		12,591
Avery Dennison (a)		148,918		7,176
Emerson Electric (a)		450,766		23,557
General Dynamics		179,817		16,259
General Electric		1,057,050		34,566
Tyco International (a)		266,989		12,492
United Parcel Service, Class B (a)		219,672		15,907

				122,548

Information Technology – 12.2%
CA		437,704		9,691
Hewlett-Packard (a)		484,737		22,467
IBM		121,759		14,696
Intel		710,642		15,819
Maxim Integrated Products		675,923		14,215
Microsoft (a)		768,936		21,930
QUALCOMM		387,742		16,747
Texas Instruments		343,412		10,014

				125,579

Materials – 4.5%
E.I. Du Pont de Nemours (a)		460,487		22,522
Praxair		256,628		23,433

				45,955

Telecommunication Services – 8.3%
AT&T		1,053,938		40,798
FairPoint Communications (a)		1,335,635		12,301
Verizon Communications (a)		580,116		22,323
Windstream (a)		871,379		10,230

				85,652

Utilities – 2.1%
Duke Energy (a)		273,976		5,017
PNM Resources (a)		381,104		5,522
Xcel Energy		511,554		10,640

				21,179

Total Common Stocks
(Cost $755,274)				1,011,119

Short-Term Investments – 1.5%
First American Prime Obligations Fund, Class Z (c)
(Cost $15,675)		15,674,681		15,675

Investment Purchased with Proceeds from Securities Lending – 40.6%
Mount Vernon Securities Lending Prime Portfolio (d)
(Cost $416,658)		416,658,430		416,658

Total Investments – 140.6%
(Cost $1,187,607)				1,443,452

Other Assets and Liabilities, Net – (40.6)%				(416,448	)

Total Net Assets – 100.0%			$	1,027,004


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a value of $402,550 at April 30, 2008. See note 2 in Notes to Financial Statements.


(b)	Non-income producing security.


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

(d)

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


ADR –	American Depository Receipt


REIT –	Real Estate Investment Trust

The accompanying notes are an integral part of the financial statements

First American Funds 2008 Semiannual Report 85

Fund (concluded)


Statements ofAssets and Liabilities	April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data



	Balanced		Equity
	Fund		Income Fund

Unaffiliated investments, at cost	$	256,104	$	755,274
Affiliated money market fund, at cost		9,025		15,675
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		75,064		416,658
Premiums received on options written, at cost (note 6)		125		—
Cash denominated in foreign currencies, at cost		131		—


ASSETS:
Unaffiliated investments, at value* (note 2)	$	263,287	$	1,011,119
Affiliated money market fund, at value (note 2)		9,025		15,675
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		75,064		416,658
Cash		90		—
Receivable for dividends and interest		1,514		2,095
Receivable for investments sold		3,588		—
Receivable for capital shares sold		112		399
Receivable for variation margin		82		—
Prepaid expenses and other assets		40		33


Total assets		352,802		1,445,979


LIABILITIES:
Cash denominated in foreign currencies, at value		129		—
Liabilities for options written, at value		20		—
Payable for investments purchased		3,552		—
Payable upon return of securities loaned (note 2)		75,064		416,658
Payable for capital shares redeemed		909		1,490
Payable for swap agreements		438		—
Payable to affiliates (note 3)		179		752
Payable for distribution and shareholder servicing fees		26		49
Accrued expenses and other liabilities		15		26


Total liabilities		80,332		418,975


Net assets	$	272,470	$	1,027,004


COMPOSITION OF NET ASSETS:
Portfolio capital	$	261,496	$	714,087
Undistributed (distributions in excess of) net investment income		1,460		(217	)
Accumulated net realized gain on investments		492		57,289
Net unrealized appreciation of investments		7,183		255,845
Net unrealized appreciation of futures contracts		404		—
Net unrealized appreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		2		—
Net unrealized appreciation of options written		105		—
Net unrealized appreciation of swap agreements		1,328		—


Net assets	$	272,470	$	1,027,004


* Including securities loaned, at value	$	72,765	$	402,550


Class A:
Net assets	$	90,899	$	151,806
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		8,549		10,918
Net asset value and redemption price per share	$	10.63	$	13.90
Maximum offering price per share ¹	$	11.25	$	14.71
Class B:
Net assets	$	6,955	$	14,074
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		660		1,026
Net asset value, offering price, and redemption price per share ²	$	10.54	$	13.72
Class C:
Net assets	$	2,496	$	7,704
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		235		560
Net asset value, offering price, and redemption price per share ²	$	10.61	$	13.75
Class R:
Net assets	$	72	$	877
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		7		63
Net asset value, offering price, and redemption price per share	$	10.72	$	13.89
Class Y:
Net assets	$	172,048	$	852,543
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		16,127		60,810
Net asset value, offering price, and redemption price per share	$	10.67	$	14.02


	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.

86 First American Funds 2008 Semiannual Report

Fund (concluded)


Statements ofOperations	For the six-month period ended April 30, 2008 (unaudited), all dollars are rounded to thousands (000)



	Balanced			Equity
	Fund			Income Fund

INVESTMENT INCOME:
Interest from unaffiliated investments	$	4,012		$	6
Dividends from unaffiliated investments		1,374			17,557
Dividends from affiliated money market fund		99			413
Less: Foreign taxes withheld		(5	)		—
Securities lending income		175			320


Total investment income		5,655			18,296


EXPENSES (note 3):
Investment advisory fees		944			3,515
Administration fees		346			1,197
Transfer agent fees		100			138
Custodian fees		10			27
Legal fees		7			7
Audit fees		17			15
Registration fees		25			26
Postage and printing fees		11			38
Directors’ fees		13			13
Other expenses		10			11
Distribution and shareholder servicing fees – Class A		117			197
Distribution and shareholder servicing fees – Class B		36			74
Distribution and shareholder servicing fees – Class C		13			41
Distribution and shareholder servicing fees – Class R		—			2


Total expenses		1,649			5,301


Less: Fee waivers (note 3)		(251	)		(10	)
Less: Indirect payments from custodian (note 3)		(1	)		(2	)


Total net expenses		1,397			5,289


Investment income – net		4,258			13,007


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN, FOREIGN CURRENCY TRANSACTIONS, AND SWAP AGREEMENTS – NET (note 5):
Net realized gain (loss) on investments		(661	)		53,770
Net realized gain on in-kind distribution (note 9)		—			4,349
Net realized gain on futures contracts		1,531			—
Net realized gain on options written		89			—
Net realized gain on swap agreements		885			—
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		(13	)		—
Net change in unrealized appreciation or depreciation of investments		(19,601	)		(171,250	)
Net change in unrealized appreciation or depreciation of futures contracts		22			—
Net change in unrealized appreciation or depreciation of options written		98			—
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		846			—


Net loss on investments, futures contracts, options written, foreign currency transactions, and swap agreements		(16,803	)		(113,131	)


Net decrease in net assets resulting from operations	$	(12,545	)	$	(100,124	)

First American Funds 2008 Semiannual Report 87

Fund (concluded)


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



	Balanced						Equity
	Fund						Income Fund

	Six-Month						Six-Month
	Period Ended						Period Ended
	4/30/08			Year Ended			4/30/08			Year Ended
	(unaudited)			10/31/07			(unaudited)			10/31/07

OPERATIONS:
Investment income – net	$	4,258		$	6,838		$	13,007		$	26,412
Net realized gain (loss) on investments		(661	)		36,857			53,770			91,683
Net realized gain on in-kind distribution		—			—			4,349			—
Net realized gain (loss) on futures contracts		1,531			(712	)		—			—
Net realized gain (loss) on options written		89			(163	)		—			—
Net realized gain on swap agreements		885			916			—			—
Net realized gain (loss) on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		(13	)		2			—			—
Net change in unrealized appreciation or depreciation of investments		(19,601	)		(7,616	)		(171,250	)		69,097
Net change in unrealized appreciation or depreciation of futures contracts		22			317			—			—
Net change in unrealized appreciation or depreciation of options written		98			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			1			—			—
Net change in unrealized appreciation or depreciation of swap agreements		846			478			—			—


Net increase (decrease) in net assets resulting from operations		(12,545	)		36,925			(100,124	)		187,192


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1,087	)		(1,878	)		(1,713	)		(3,199	)
Class B		(58	)		(104	)		(107	)		(238	)
Class C		(20	)		(29	)		(59	)		(128	)
Class R		(1	)		—			(9	)		(10	)
Class Y		(2,400	)		(4,784	)		(10,846	)		(22,721	)
Net realized gain on investments:
Class A		(10,035	)		(7,413	)		(11,805	)		(15,114	)
Class B		(790	)		(926	)		(1,124	)		(1,748	)
Class C		(275	)		(207	)		(605	)		(982	)
Class R		(4	)		(2	)		(63	)		(47	)
Class Y		(21,214	)		(17,359	)		(67,897	)		(99,232	)


Total distributions		(35,884	)		(32,702	)		(94,228	)		(143,419	)


CAPITAL SHARE TRANSACTIONS (note 4) :
Class A:
Proceeds from sales		2,110			7,514			5,138			14,413
Reinvestment of distributions		10,767			9,001			12,591			17,020
Payments for redemptions		(10,871	)		(20,902	)		(17,299	)		(30,354	)


Increase (decrease) in net assets from Class A transactions		2,006			(4,387	)		430			1,079


Class B:
Proceeds from sales		302			299			360			1,217
Reinvestment of distributions		811			992			1,158			1,875
Payments for redemptions (note 3)		(1,200	)		(6,855	)		(1,693	)		(6,493	)


Decrease in net assets from Class B transactions		(87	)		(5,564	)		(175	)		(3,401	)


Class C:
Proceeds from sales		127			411			325			788
Reinvestment of distributions		283			225			618			1,026
Payments for redemptions (note 3)		(290	)		(912	)		(1,039	)		(4,021	)


Increase (decrease) in net assets from Class C transactions		120			(276	)		(96	)		(2,207	)


Class R:
Proceeds from sales		40			27			55			613
Reinvestment of distributions		4			2			71			56
Payments for redemptions		(1	)		(19	)		(42	)		(287	)


Increase in net assets from Class R transactions		43			10			84			382


Class Y:
Proceeds from sales		12,361			23,664			40,833			80,545
Reinvestment of distributions		22,549			21,029			37,430			56,726
Payments for redemptions		(50,391	)		(75,193	)		(125,036	)		(242,377	)


Decrease in net assets from Class Y transactions		(15,481	)		(30,500	)		(46,773	)		(105,106	)


Decrease in net assets from capital share transactions		(13,399	)		(40,717	)		(46,530	)		(109,253	)


Total decrease in net assets		(61,828	)		(36,494	)		(240,882	)		(65,480	)
Net assets at beginning of period		334,298			370,792			1,267,886			1,333,366


Net assets at end of period	$	272,470		$	334,298		$	1,027,004		$	1,267,886


Undistributed (distributions in excess of) net investment income at end of period	$	1,460		$	768		$	(217	)	$	(490	)

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

88 First American Funds 2008 Semiannual Report

Financial Highlights For a share outstanding throughout the indicated periods



					Realized and
	Net Asset				Unrealized			Distributions						Net Asset
	Value		Net		Gains			from Net			Distributions			Value
	Beginning		Investment		(Losses) on			Investment			from Net			End of
	of Period		Income		Investments			Income			Realized Gains			Period

Balanced Fund
Class A
2008^1,2	$	12.44	$	0.15	$	(0.59	)	$	(0.12	)	$	(1.25	)	$	10.63
2007^2,3		12.27		0.22		1.04			(0.21	)		(0.88	)		12.44
2006^2,3		11.27		0.20		1.00			(0.20	)		—			12.27
2005^2,4		11.43		0.01		(0.17	)		—			—			11.27
2005^2,5		10.12		0.15		1.31			(0.15	)		—			11.43
2004^2,5		9.47		0.13		0.66			(0.14	)		—			10.12
2003⁵		8.38		0.17		1.08			(0.16	)		—			9.47
Class B
2008^1,2	$	12.34	$	0.11	$	(0.58	)	$	(0.08	)	$	(1.25	)	$	10.54
2007^2,3		12.18		0.13		1.03			(0.12	)		(0.88	)		12.34
2006^2,3		11.18		0.11		1.00			(0.11	)		—			12.18
2005^2,4		11.34		—		(0.16	)		—			—			11.18
2005^2,5		10.04		0.07		1.30			(0.07	)		—			11.34
2004^2,5		9.41		0.05		0.65			(0.07	)		—			10.04
2003⁵		8.32		0.10		1.08			(0.09	)		—			9.41
Class C
2008^1,2	$	12.42	$	0.11	$	(0.59	)	$	(0.08	)	$	(1.25	)	$	10.61
2007^2,3		12.25		0.13		1.04			(0.12	)		(0.88	)		12.42
2006^2,3		11.22		0.11		0.99			(0.07	)		—			12.25
2005^2,4		11.38		—		(0.16	)		—			—			11.22
2005^2,5		10.08		0.07		1.30			(0.07	)		—			11.38
2004^2,5		9.44		0.05		0.66			(0.07	)		—			10.08
2003⁵		8.35		0.09		1.10			(0.10	)		—			9.44
Class R⁶
2008^1,2	$	12.54	$	0.14	$	(0.60	)	$	(0.11	)	$	(1.25	)	$	10.72
2007^2,3		12.35		0.19		1.07			(0.19	)		(0.88	)		12.54
2006^2,3		11.29		0.17		1.01			(0.12	)		—			12.35
2005^2,4		11.45		0.01		(0.17	)		—			—			11.29
2005^2,5		10.14		0.11		1.32			(0.12	)		—			11.45
2004^2,5		9.49		0.14		0.64			(0.13	)		—			10.14
2003⁵		8.39		0.15		1.10			(0.15	)		—			9.49
Class Y
2008^1,2	$	12.47	$	0.17	$	(0.58	)	$	(0.14	)	$	(1.25	)	$	10.67
2007^2,3		12.30		0.25		1.04			(0.24	)		(0.88	)		12.47
2006^2,3		11.31		0.23		0.99			(0.23	)		—			12.30
2005^2,4		11.46		0.01		(0.16	)		—			—			11.31
2005^2,5		10.15		0.17		1.32			(0.18	)		—			11.46
2004^2,5		9.50		0.16		0.66			(0.17	)		—			10.15
2003⁵		8.40		0.19		1.09			(0.18	)		—			9.50


	¹	For the six-month period ended April 30, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.

	²	Per share data calculated using average shares outstanding method.

	³	For the period November 1 to October 31 in the fiscal 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 fiscal year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

90 First American Funds 2008 Semiannual Report

Fund (concluded)



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income to
					Ratio of			Investment			to Average			Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	(3.59	)%	$	90,899		1.10	%		2.80	%		1.27	%		2.63	%		72	%
	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

	(3.89	)%	$	6,955		1.85	%		2.06	%		2.02	%		1.89	%		72	%
	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

	(3.95	)%	$	2,496		1.85	%		2.06	%		2.02	%		1.89	%		72	%
	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

	(3.72	)%	$	72		1.35	%		2.66	%		1.52	%		2.49	%		72	%
	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

	(3.37	)%	$	172,048		0.85	%		3.04	%		1.02	%		2.87	%		72	%
	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 2008 Semiannual Report 91

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
2008²	$	16.43	$	0.17	$	(1.45	)	$	(0.15	)	$	(1.10	)	$	13.90
2007³		15.90		0.29		1.96			(0.29	)		(1.43	)		16.43
2006³		13.67		0.20		2.32			(0.21	)		(0.08	)		15.90
2005⁴		13.89		0.01		(0.22	)		(0.01	)		—			13.67
2005⁵		12.77		0.20		1.15			(0.22	)		(0.01	)		13.89
2004⁵		11.56		0.18		1.23			(0.20	)		—			12.77
2003⁵		9.58		0.18		1.99			(0.19	)		—			11.56
Class B
2008²	$	16.23	$	0.04	$	(1.35	)	$	(0.10	)	$	(1.10	)	$	13.72
2007³		15.75		0.17		1.94			(0.20	)		(1.43	)		16.23
2006³		13.57		0.09		2.30			(0.13	)		(0.08	)		15.75
2005⁴		13.79		—		(0.22	)		—			—			13.57
2005⁵		12.68		0.10		1.14			(0.12	)		(0.01	)		13.79
2004⁵		11.49		0.08		1.22			(0.11	)		—			12.68
2003⁵		9.52		0.10		1.98			(0.11	)		—			11.49
Class C
2008²	$	16.26	$	0.09	$	(1.40	)	$	(0.10	)	$	(1.10	)	$	13.75
2007³		15.78		0.17		1.94			(0.20	)		(1.43	)		16.26
2006³		13.59		0.10		2.30			(0.13	)		(0.08	)		15.78
2005⁴		13.81		—		(0.22	)		—			—			13.59
2005⁵		12.70		0.11		1.13			(0.12	)		(0.01	)		13.81
2004⁵		11.51		0.08		1.22			(0.11	)		—			12.70
2003⁵		9.54		0.10		1.98			(0.11	)		—			11.51
Class R⁶
2008²	$	16.41	$	0.28	$	(1.56	)	$	(0.14	)	$	(1.10	)	$	13.89
2007³		15.88		0.23		1.98			(0.25	)		(1.43	)		16.41
2006³		13.66		0.17		2.31			(0.18	)		(0.08	)		15.88
2005⁴		13.88		0.01		(0.23	)		—			—			13.66
2005⁵		12.78		0.11		1.20			(0.20	)		(0.01	)		13.88
2004⁵		11.56		0.19		1.22			(0.19	)		—			12.78
2003⁵		9.57		0.19		1.99			(0.19	)		—			11.56
Class Y
2008²	$	16.55	$	0.17	$	(1.43	)	$	(0.17	)	$	(1.10	)	$	14.02
2007³		16.00		0.33		1.98			(0.33	)		(1.43	)		16.55
2006³		13.76		0.24		2.33			(0.25	)		(0.08	)		16.00
2005⁴		13.98		0.01		(0.21	)		(0.01	)		(0.01	)		13.76
2005⁵		12.85		0.24		1.15			(0.25	)		(0.01	)		13.98
2004⁵		11.63		0.21		1.24			(0.23	)		—			12.85
2003⁵		9.63		0.21		2.00			(0.21	)		—			11.63


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

	³	For the period November 1 to October 31 in the fiscal 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 fiscal year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

92 First American Funds 2008 Semiannual Report

Fund (concluded)



														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
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	(8.05	)%	$	151,806		1.17	%		2.21	%		1.17	%		2.21	%		15	%
	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

	(8.37	)%	$	14,074		1.92	%		1.46	%		1.92	%		1.46	%		15	%
	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

	(8.35	)%	$	7,704		1.92	%		1.46	%		1.92	%		1.46	%		15	%
	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

	(8.11	)%	$	877		1.42	%		1.96	%		1.42	%		1.96	%		15	%
	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

	(7.87	)%	$	852,543		0.92	%		2.46	%		0.92	%		2.46	%		15	%
	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 2008 Semiannual Report 93


Notes toFinancial Statements	(unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)


1 >	Organization

Real Estate Securities Fund, Global Infrastructure 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. Global Infrastructure Fund commenced operations December 17, 2007. As of April 30, 2008, FAIF offered 43 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. Effective at the close of business on or after June 30, 2008, no new or additional investments will be allowed in Class B shares, except for permitted exchanges and any reinvested dividends. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Class B, Class C, and Class R shares are not offered by Global Infrastructure Fund. Class R shares are not offered by the Small-Mid Cap Core Fund.

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

Fund (concluded)


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. Investments in open-end mutual funds are valued at their respective net asset values on the valuation date.

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, Inc. (“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

94 First American Funds 2008 Semiannual Report

Fund (concluded)

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 April 30, 2008, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund held fair valued securities with a total value of $117, $0, and $0, respectively, or 0.0%, 0.0%, and 0.0% of total net assets, respectively. The fair values of securities held by Global Infrastructure Fund, International Fund, and International Select Fund are determined on each business day by an independent third party based on factors such as price changes for futures contracts, sector indices, American Depository Receipts, and currency exchange rates that occur between the close of the local market and the close of the New York Stock Exchange. The use of daily fair value pricing by the Global Infrastructure Fund, 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.

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. Global Infrastructure Fund, International Fund, International Select Fund, Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunities Fund, Small Cap Growth

Fund (concluded)

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.

Effective July 1, 2008, Balanced Fund, Equity Income Fund, and Real Estate Securities Fund will declare and pay income dividends quarterly. Global Infrastructure Fund, International Fund, International Select Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Small-Mid Cap Core Fund will declare and pay income dividends annually.

Real Estate Securities Fund receives substantial distributions from holdings in real estate investment trusts (“REITs”). Additionally, other funds also invest in 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, and other funds that invest in REITs, 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.

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. The funds have adopted FIN 48 and during the six-month period ended April 30, 2008, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority.

Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)

Fund (concluded)

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.

The character of distributions paid during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended April 30, 2008 (estimated), and the fiscal period ended October 31, 2007, were as follows:


	April 30, 2008

	Ordinary		Long Term
Fund	Income		Gain		Total

Real Estate Securities Fund	$	9,828	$	95,579	$	105,407
International Fund		18,320		139,862		158,182
International Select Fund		2,275		5,643		7,918
Small Cap Growth Opportunities Fund		—		21,188		21,188
Small Cap Select Fund		291		54,464		54,755
Small Cap Value Fund		4,400		33,847		38,247
Mid Cap Growth Opportunities Fund		—		188,746		188,746
Mid Cap Value Fund		2,542		69,759		72,301
Large Cap Growth Opportunities Fund		464		71,380		71,844
Large Cap Select Fund		1,407		56,659		58,066
Large Cap Value Fund		5,119		101,613		106,732
Balanced Fund		3,566		32,318		35,884
Equity Income Fund		12,734		81,494		94,228

Fund (concluded)


	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

As of October 31, 2007, the funds’ most recently completed fiscal year-end, 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.

96 First American Funds 2008 Semiannual Report

Fund (concluded)

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		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, maintain sufficient liquidity to meet redemption requests, and 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. 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.

At April 30, 2008, International Select Fund and Balanced Fund had outstanding futures contracts as disclosed in their Schedules of Investments.

Fund (concluded)

OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance returns. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon exercise of the option. As of April 30, 2008, 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 April 30, 2008, 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.

Interest rate swap agreements involve the exchange by the fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal). As of April 30, 2008, Balanced Fund had outstanding interest rate swaps as disclosed in its Schedule of Investments.

First American Funds 2008 Semiannual Report 97

Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)

Fund (concluded)

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. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. As of April 30, 2008, 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 Global Infrastructure Fund, International Fund, International Select Fund, and Real Estate Securities 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.

Global Infrastructure Fund, International Fund, International Select Fund, and Real Estate Securities Fund

Fund (concluded)

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.

Global Infrastructure Fund, International Fund, International Select Fund, and Real Estate Securities Fund report certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. At April 30, 2008, Global Infrastructure Fund, International Fund, and International Select Fund had foreign currency holdings consisting of multiple denominations.

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

The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit a potential gain that might result should the value of the currency increase. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. The face or contract amount in U.S. dollars reflects the total exposure the fund has in that particular currency contract. In addition, there could be exposure to risks (limited to the amount of unrealized gains) if the counterparties to the contracts are unable to meet the terms of their contracts. At April 30, 2008, the funds had no outstanding forward currency contracts.

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

98 First American Funds 2008 Semiannual Report

Fund (concluded)

April 30, 2008, the funds had no when-issued or forward-commitment securities outstanding.

In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical, securities on a specified future date. As an inducement for the fund to “roll over” its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage. As of and for the six-month period ended April 30, 2008, 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, 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 April 30, 2008, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, and Balanced Fund had investments in illiquid securities with a total value of $117, $2,196, $11,907, and $1,187, respectively, or 0.0%, 0.9%, 1.7%, and 0.4%, respectively, of total net assets.

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


			Dates		Cost
Real Estate Securities Fund	Shares		Acquired		Basis

Newcastle Investment Holdings		35		6/98	$	153


			Dates		Cost
Small Cap Growth Opportunities Fund	Shares		Acquired		Basis

GMX Resources		60		12/07-1/08	$	1,972
Hollis-Eden Pharmaceuticals Warrants		71		2/06		161
Kuhlman Company Warrants		282		1/06		273
VideoPropulsion		780		12/99		—

Fund (concluded)


			Dates		Cost
Small Cap Select Fund	Shares		Acquired		Basis

GMX Resources		328		11/07-2/08	$	10,850


			Dates		Cost
Balanced Fund	Par/Shares		Acquired		Basis

Duty Free International	$	588		1/99-11/02	$	588
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A		414		2/07		408
GMX Resources		4,390		11/07-2/08		142
GS Mortgage Securities II, Series 2006-RR2, Class A1		360		7/06		353
GS Mortgage Securities II, Series 2006-RR3, Class A1S		600		12/06		621
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 Global Infrastructure Fund, 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 Global Infrastructure Fund, 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 money market fund’s average daily net assets. For Global Infrastructure Fund, 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.

First American Funds 2008 Semiannual Report 99

Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)

Fund (concluded)

Securities lending fees paid to U.S. Bank by the funds during the six-month period ended April 30, 2008, were as follows:


Fund

Real Estate Securities Fund	$	244
Small Cap Growth Opportunities Fund		86
Small Cap Select Fund		436
Small Cap Value Fund		154
Small-Mid Cap Core Fund		43
Mid Cap Growth Opportunities Fund		674
Mid Cap Value Fund		199
Large Cap Growth Opportunities Fund		130
Large Cap Select Fund		58
Large Cap Value Fund		93
Balanced Fund		67
Equity Income Fund		128

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 no longer included in the portfolio is recorded as an adjustment to realized or unrealized gains or losses. Adjustments made during the six-month period ended April 30, 2008, were as follows:


Fund

International Fund	$	1
Small Cap Growth Opportunities Fund		34
Small Cap Select Fund		184
Small Cap Value Fund		1
Small-Mid Cap Core Fund		74
Mid Cap Growth Opportunities Fund		1
Mid Cap Value Fund		11
Large Cap Growth Opportunities Fund		461
Large Cap Value Fund		3,806
Balanced Fund		132
Equity Income Fund		8

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

Fund (concluded)

interfund lending transactions during the six-month period ended April 30, 2008.

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

USE OF ESTIMATES IN PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of 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


	Advisory Fee
	as a % of Average
Fund	Daily Net Assets

Real Estate Securities Fund		0.70	%
Global Infrastructure Fund		0.90
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 February 28, 2009 (December 31, 2008 for Global

100 First American Funds 2008 Semiannual Report

Fund (concluded)

Infrastructure Fund), 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

Global Infrastructure Fund		1.25	%		N/A			N/A			N/A			1.00	%
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, and administrative services and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

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

Fund (concluded)

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 Global Infrastructure, International Fund, and International Select Fund pursuant to a custodian agreement with FAIF. The fee for each fund (except Global Infrastructure Fund, 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 Global Infrastructure Fund, International Fund, and International Select Fund pursuant to a custodian agreement with FAIF. Global Infrastructure Fund, 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. Global Infrastructure Fund, International Fund, and International Select Fund have also entered into agreements with SSB to receive certain credits to reduce the amount of custody fees incurred. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.

For the six-month period ended April 30, 2008, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned (and other custodian credits

First American Funds 2008 Semiannual Report 101

Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)

Fund (concluded)

for Global Infrastructure Fund, International Fund, and International Select Fund) as follows:


Fund	Increased		Decreased

Real Estate Securities Fund	$	1	$	3
Global Infrastructure Fund		—		1
International Fund		—		220
International Select Fund		—		48
Small Cap Growth Opportunities Fund		—		1
Small Cap Select Fund		2		2
Small Cap Value Fund		3		—
Small-Mid Cap Core Fund		3		—
Mid Cap Growth Opportunities Fund		—		8
Mid Cap Value Fund		—		—
Large Cap Growth Opportunities Fund		1		1
Large Cap Select Fund		3		—
Large Cap Value Fund		—		1
Balanced Fund		3		1
Equity Income Fund		—		2

DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00%, and 0.50% of each fund’s average daily net assets attributable to Class A, Class B, Class C, 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 the distribution agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2008:


Fund

Real Estate Securities Fund	$	95
Global Infrastructure Fund		—
International Fund		33
International Select Fund		4
Small Cap Growth Opportunities Fund		31
Small Cap Select Fund		174
Small Cap Value Fund		38
Small-Mid Cap Core Fund		15
Mid Cap Growth Opportunities Fund		218
Mid Cap Value Fund		76
Large Cap Growth Opportunities Fund		81
Large Cap Select Fund		7
Large Cap Value Fund		76
Balanced Fund		101
Equity Income Fund		174

Fund (concluded)

OTHER FEES AND 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 most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended April 30, 2008, legal fees and expenses of $59 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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


	CDSC as a Percentage
	of Dollar Amount
Year Since Purchase	Subject to Charge

First		5.00	%
Second		5.00
Third		4.00
Fourth		3.00
Fifth		2.00
Sixth		1.00
Seventh		—
Eighth		—

A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first 12 months.

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

For the six-month period ended April 30, 2008, 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	$	18
International Fund		24
International Select Fund		13
Small Cap Growth Opportunities Fund		9
Small Cap Select Fund		23
Small Cap Value Fund		9
Small-Mid Cap Core Fund		8
Mid Cap Growth Opportunities Fund		44
Mid Cap Value Fund		15
Large Cap Growth Opportunities Fund		32
Large Cap Select Fund		5
Large Cap Value Fund		19
Balanced Fund		25
Equity Income Fund		60

Fund (concluded)


4 >	Capital Share Transactions

FAIF has 362 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:



	Real Estate						Global
	Securities						Infrastructure		International						International
	Fund						Fund		Fund						Select Fund

	Six-Month Period			Year			12/17/2007*		Six-Month Period			Year			Six-Month Period			12/21/2006*
	Ended			Ended			to		Ended			Ended			Ended			to
	4/30/08			10/31/07			4/30/08		4/30/08			10/31/07			4/30/08			10/31/07

Class A:
Shares issued		1,748			4,146			4		289			753			99			295
Shares issued in lieu of cash distributions		1,294			921			—		317			85			6			—
Shares redeemed		(2,865	)		(5,215	)		—		(599	)		(1,079	)		(52	)		(29	)


Total Class A transactions		177			(148	)		4		7			(241	)		53			266


Class B¹:
Shares issued		17			119			—		21			40			18			27
Shares issued in lieu of cash distributions		43			30			—		45			10			1			—
Shares redeemed		(73	)		(114	)		—		(81	)		(152	)		(4	)		—


Total Class B transactions		(13	)		35			—		(15	)		(102	)		15			27


Class C¹:
Shares issued		117			659			—		21			59			21			25
Shares issued in lieu of cash distributions		96			49			—		41			10			—			—
Shares redeemed		(194	)		(398	)		—		(55	)		(200	)		—			(1	)


Total Class C transactions		19			310			—		7			(131	)		21			24


Class R¹:
Shares issued		504			911			—		—			—			—			1
Shares issued in lieu of cash distributions		132			46			—		—			—			—			—
Shares redeemed		(329	)		(546	)		—		—			—			—			—


Total Class R transactions		307			411			—		—			—			—			1


Class Y:
Shares issued		9,028			7,923			500		2,579			10,532			8,619			30,297
Shares issued in lieu of cash distributions		2,572			1,720			—		6,896			1,920			374			5
Shares redeemed		(6,479	)		(11,037	)		—		(14,045	)		(32,299	)		(6,300	)		(2,105	)


Total Class Y transactions		5,121			(1,394	)		500		(4,570	)		(19,847	)		2,693			28,197


Net increase (decrease) in capital shares		5,611			(786	)		504		(4,571	)		(20,321	)		2,782			28,515


*	Commencement of operations.

¹	Class B, Class C, and Class R are not offered by Global Infrastructure Fund.



	Small Cap Growth						Small Cap						Small Cap
	Opportunities Fund						Select Fund						Value Fund

	Six-Month						Six-Month						Six-Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/08			10/31/07			4/30/08			10/31/07			4/30/08			10/31/07

Class A:
Shares issued		806			2,066			4,887			12,088			139			680
Shares issued in lieu of cash distributions		572			449			1,153			1,842			496			670
Shares redeemed		(956	)		(2,397	)		(4,473	)		(11,692	)		(655	)		(1,160	)


Total Class A transactions		422			118			1,567			2,238			(20	)		190


Class B:
Shares issued		5			12			27			171			4			15
Shares issued in lieu of cash distributions		20			23			97			203			66			103
Shares redeemed		(39	)		(156	)		(218	)		(358	)		(118	)		(161	)


Total Class B transactions		(14	)		(121	)		(94	)		16			(48	)		(43	)


Class C:
Shares issued		7			42			360			1,625			31			90
Shares issued in lieu of cash distributions		9			8			186			213			41			61
Shares redeemed		(20	)		(73	)		(507	)		(520	)		(55	)		(133	)


Total Class C transactions		(4	)		(23	)		39			1,318			17			18


Class R:
Shares issued		9			22			768			2,900			52			193
Shares issued in lieu of cash distributions		2			4			209			43			34			24
Shares redeemed		(3	)		(67	)		(403	)		(369	)		(56	)		(94	)


Total Class R transactions		8			(41	)		574			2,574			30			123


Class Y:
Shares issued		294			688			3,370			13,513			1,103			2,860
Shares issued in lieu of cash distributions		379			368			2,082			4,956			2,359			3,430
Shares redeemed		(1,134	)		(2,772	)		(14,300	)		(18,273	)		(4,469	)		(7,072	)


Total Class Y transactions		(461	)		(1,716	)		(8,848	)		196			(1,007	)		(782	)


Net increase (decrease) in capital shares		(49	)		(1,783	)		(6,762	)		6,342			(1,028	)		(494	)

First American Funds 2008 Semiannual Report 103

Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)

Fund (concluded)



	Small-Mid Cap						Mid Cap Growth						Mid Cap
	Core Fund						Opportunities Fund						Value Fund

	Six-Month Period			Year			Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/08			10/31/07			4/30/08			10/31/07			4/30/08			10/31/07

Class A:
Shares issued		200			550			845			2,690			1,176			5,728
Shares issued in lieu of cash distributions		—			—			1,029			747			647			541
Shares redeemed		(292	)		(1,238	)		(1,232	)		(2,071	)		(2,183	)		(3,006	)


Total Class A transactions		(92	)		(688	)		642			1,366			(360	)		3,263


Class B:
Shares issued		12			33			17			49			12			48
Shares issued in lieu of cash distributions		—			—			46			40			23			21
Shares redeemed		(214	)		(327	)		(41	)		(123	)		(47	)		(90	)


Total Class B transactions		(202	)		(294	)		22			(34	)		(12	)		(21	)


Class C:
Shares issued		66			123			87			241			58			377
Shares issued in lieu of cash distributions		—			—			71			47			64			43
Shares redeemed		(56	)		(155	)		(130	)		(125	)		(158	)		(152	)


Total Class C transactions		10			(32	)		28			163			(36	)		268


Class R²:
Shares issued		—			—			201			318			334			847
Shares issued in lieu of cash distributions		—			—			80			43			80			47
Shares redeemed		—			—			(129	)		(155	)		(205	)		(488	)


Total Class R transactions		—			—			152			206			209			406


Class Y:
Shares issued		1,212			2,627			2,019			4,461			1,317			3,775
Shares issued in lieu of cash distributions		—			4			2,437			1,889			1,476			1,321
Shares redeemed		(2,036	)		(2,229	)		(3,866	)		(4,936	)		(3,107	)		(4,689	)


Total Class Y transactions		(824	)		402			590			1,414			(314	)		407


Net increase (decrease) in capital shares		(1,108	)		(612	)		1,434			3,115			(513	)		4,323


²	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

	Six-Month Period			Year			Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/08			10/31/07			4/30/08			10/31/07			4/30/08			10/31/07

Class A:
Shares issued		146			413			37			121			135			393
Shares issued in lieu of cash distributions		248			33			59			7			698			443
Shares redeemed		(315	)		(837	)		(87	)		(130	)		(571	)		(1,045	)


Total Class A transactions		79			(391	)		9			(2	)		262			(209	)


Class B:
Shares issued		12			29			1			4			7			21
Shares issued in lieu of cash distributions		35			6			7			1			53			37
Shares redeemed		(53	)		(183	)		(8	)		(8	)		(73	)		(150	)


Total Class B transactions		(6	)		(148	)		—			(3	)		(13	)		(92	)


Class C:
Shares issued		16			40			2			5			11			38
Shares issued in lieu of cash distributions		23			3			3			—			27			18
Shares redeemed		(34	)		(93	)		(3	)		(3	)		(19	)		(87	)


Total Class C transactions		5			(50	)		2			2			19			(31	)


Class R:
Shares issued		4			4			1			1			2			2
Shares issued in lieu of cash distributions		2			—			—			—			1			1
Shares redeemed		(1	)		(7	)		(1	)		(7	)		(1	)		(2	)


Total Class R transactions		5			(3	)		—			(6	)		2			1


Class Y:
Shares issued		2,155			2,632			3,969			3,283			1,594			2,404
Shares issued in lieu of cash distributions		1,002			158			1,687			234			3,090			2,150
Shares redeemed		(2,931	)		(8,796	)		(5,280	)		(8,527	)		(3,825	)		(9,744	)


Total Class Y transactions		226			(6,006	)		376			(5,010	)		859			(5,190	)


Net increase (decrease) in capital shares		309			(6,598	)		387			(5,019	)		1,129			(5,521	)

104 First American Funds 2008 Semiannual Report

Fund (concluded)



	Balanced						Equity
	Fund						Income Fund

	Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended
	4/30/08			10/31/07			4/30/08			10/31/07

Class A:
Shares issued		196			631			356			931
Shares issued in lieu of cash distributions		996			769			865			1,124
Shares redeemed		(990	)		(1,737	)		(1,224	)		(1,942	)


Total Class A transactions		202			(337	)		(3	)		113


Class B:
Shares issued		29			25			26			79
Shares issued in lieu of cash distributions		76			86			81			125
Shares redeemed		(110	)		(580	)		(122	)		(423	)


Total Class B transactions		(5	)		(469	)		(15	)		(219	)


Class C:
Shares issued		12			34			23			51
Shares issued in lieu of cash distributions		26			19			43			68
Shares redeemed		(27	)		(76	)		(74	)		(262	)


Total Class C transactions		11			(23	)		(8	)		(143	)


Class R:
Shares issued		4			2			4			39
Shares issued in lieu of cash distributions		—			—			5			4
Shares redeemed		—			(1	)		(3	)		(18	)


Total Class R transactions		4			1			6			25


Class Y:
Shares issued		1,142			1,971			2,868			5,150
Shares issued in lieu of cash distributions		2,078			1,790			2,546			3,727
Shares redeemed		(4,686	)		(6,272	)		(8,735	)		(15,349	)


Total Class Y transactions		(1,466	)		(2,511	)		(3,321	)		(6,472	)


Net decrease in capital shares		(1,254	)		(3,339	)		(3,341	)		(6,696	)

Class B shares converted to Class A shares (reflected above as Class A shares issued and Class B shares redeemed) during the six-month period ended April 30, 2008, and the fiscal period ended October 31, 2007, were as follows:


	Six-Month		Fiscal
	Period		Period
	Ended		Ended
Fund	4/30/08		10/31/07

Real Estate Securities Fund		10		13
International Fund		51		47
Small Cap Growth Opportunities Fund		—		66
Small Cap Select Fund		46		125
Small Cap Value Fund		18		39
Small-Mid Cap Core Fund		158		106
Mid Cap Growth Opportunities Fund		9		71
Mid Cap Value Fund		11		34
Large Cap Growth Opportunities Fund		29		99
Large Cap Select Fund		—		1
Large Cap Value Fund		38		76
Balanced Fund		30		407
Equity Income Fund		21		223

Fund (concluded)


5 >	Investment Security Transactions

During the six-month period ended April 30, 2008, 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	$	—	$	—	$	634,151	$	629,366
Global Infrastructure Fund		—		—		8,159		3,089
International Fund		—		—		122,466		332,154
International Select Fund		—		—		100,483		108,235
Small Cap Growth Opportunities Fund		—		—		154,162		176,063
Small Cap Select Fund		—		—		273,142		392,056
Small Cap Value Fund		—		—		60,120		113,705
Small-Mid Cap Core Fund		—		—		71,646		82,973
Mid Cap Growth Opportunities Fund		—		—		949,913		1,029,896
Mid Cap Value Fund		—		—		442,465		482,340
Large Cap Growth Opportunities Fund		—		—		384,938		436,449
Large Cap Select Fund		—		—		359,340		410,452
Large Cap Value Fund		—		—		306,494		405,314
Balanced Fund		42,923		78,479		164,875		175,321
Equity Income Fund		—		—		167,235		301,831

First American Funds 2008 Semiannual Report 105

Notes toFinancial Statements (unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)

Fund (concluded)

The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased with proceeds from securities lending) for federal tax purposes at April 30, 2008, were as follows:


	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost

Real Estate Securities Fund	$	173,060	$	(14,299	)	$	158,761		$	1,105,184
Global Infrastructure Fund		198		(239	)		(41	)		5,132
International Fund		421,196		(36,564	)		384,632			1,215,296
International Select Fund		32,169		(19,438	)		12,731			393,486
Small Cap Growth Opportunities Fund		27,631		(20,231	)		7,400			350,669
Small Cap Select Fund		79,532		(86,979	)		(7,447	)		1,075,029
Small Cap Value Fund		29,824		(30,194	)		(370	)		412,617
Small-Mid Cap Core Fund		10,144		(5,669	)		4,475			130,452
Mid Cap Growth Opportunities Fund		321,768		(57,745	)		264,023			2,179,080
Mid Cap Value Fund		118,710		(42,733	)		75,977			1,219,150
Large Cap Growth Opportunities Fund		136,485		(11,570	)		124,915			900,935
Large Cap Select Fund		34,640		(14,934	)		19,706			497,554
Large Cap Value Fund		97,150		(27,728	)		69,422			882,909
Balanced Fund		17,472		(10,289	)		7,183			340,193
Equity Income Fund		290,200		(34,355	)		255,845			1,187,607


6 >	Options Written

Transactions in options written for the six-month period ended April 30, 2008, were as follows:


	Put Options Written						Call Options Written
	Number of			Premium			Number of			Premium
Balanced Fund	Contracts			Amount			Contracts			Amount

Balance at October 31, 2007		—		$	—			41		$	10
Opened		307			150			325			143
Expired		(131	)		(52	)		(150	)		(53	)
Closed		(51	)		(25	)		(134	)		(48	)


Balance at April 30, 2008		125		$	73			82		$	52


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. Global Infrastructure Fund concentrates its investments in infrastructure-related securities. Because the securities invested in the industrial and utility sectors are primarily infrastructure-related businesses, they therefore have greater exposure to adverse economic, regulatory, political, legal, and other changes affecting the issuers of such securities. As of April 30, 2008, Small Cap Growth Opportunities Fund and Large Cap Growth Opportunities Fund each had a significant portion of their assets invested

Fund (concluded)

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 Mid Cap Value Fund, had significant portions of their assets invested in the financials sector. The financials sector may be more greatly impacted by the performance of the overall economy, interest rates, competition, and consumer confidence and spending.


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 Transactions

On November 29, 2007, $1,595 was redeemed from the Small Cap Growth Opportunities Fund as a redemption-in-kind transaction and on March 14, 2008, $13,066 was redeemed from the Equity Income Fund as a redemption-in-kind transaction. In each 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 for the year ended October 31, 2007. Neither the fund nor its affiliates were involved in the proceedings.


11 >	New Accounting Pronouncements

In September 2006, the FASB issued Statement on Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of April 30, 2008, 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.

106 First American Funds 2008 Semiannual Report

Fund (concluded)

In March 2008, the FASB issued Statement on Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities – an amendment of FASB Statement No. 133” (“FAS 161”). FAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Funds are required to provide enhanced disclosures about (a) how and why the fund uses derivative instruments, (b) how derivative instruments are accounted for under FAS 133 and its related interpretations, and (c) how derivative instruments affect the fund’s financial position and financial performance. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. The funds do not expect FAS 161 to have a material impact on their financial statements; however additional disclosures will be required.


12 >	Subsequent Events

On June 11, 2008, $84,930 was redeemed from the International 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.

At a meeting held on June 18, 2008, the board of directors of First American Investment Funds, Inc., approved the appointment of Altrinsic Global Advisors, LLC (“Altrinsic”) and Hansberger Global Investors, Inc. (“HGI”) as sub-advisors to International Fund (the “fund”), subject to the approval of the fund’s shareholders. A shareholder meeting to vote on the appointment of Altrinsic and HGI has been tentatively scheduled for September 18, 2008. Assuming shareholder approval is obtained, Altrinsic and HGI are expected to assume management of the fund from the fund’s current sub-advisor, J.P. Morgan Investment Management Inc. (“JPMorgan”), shortly after the shareholder meeting. A proxy statement containing more detailed information will be provided to the fund’s shareholders before they are asked to vote on the appointments of Altrinsic and HGI.

The board of directors also recommended that, in conjunction with approving Altrinsic and HGI as sub-advisors to the fund, the shareholders of the fund approve a “manager-of-managers” structure for the fund whereby the fund’s investment advisor, FAF Advisors, Inc., would be allowed to engage sub-advisors and materially amend sub-advisory agreements, upon approval of the fund’s board of directors, without obtaining shareholder approval. The fund would be required to provide shareholders, in writing, with information about any new sub-advisors within 90 days of their hiring. This manager-of-managers proposal will be presented to the fund’s shareholders for approval at the shareholder meeting tentatively scheduled for September 18, 2008.

First American Funds 2008 Semiannual Report 107


Notice toShareholders	April 30, 2008 (unaudited)

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available at www.firstamericanfunds.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.FUND.

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.

108 First American Funds 2008 Semiannual Report

Fund (concluded)

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.

First American Funds 2008 Semiannual Report 109

Fund (concluded)

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.

Fund (concluded)

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

0040-08 6/2008 SAR-EQUITY

Explanation of Financial Statements

First American Funds 2008 Semiannual Report 1

Equity Index Fund¹

Top 10 Holdings (% of net assets)


Exxon Mobil	4	.1%
General Electric	2	.7
AT&T	1	.9
Microsoft	1	.9
Procter & Gamble	1	.7
Chevron	1	.7
Johnson & Johnson	1	.6
Bank of America	1	.3
JPMorgan Chase	1	.3
IBM	1	.3

Sector Allocation (% of net assets)


Financials	16	.9%
Information Technology	15	.9
Energy	13	.9
Industrials	11	.7
Healthcare	11	.1
Consumer Staples	10	.4
Consumer Discretionary	8	.6
Materials	3	.6
Utilities	3	.5
Telecommunication Services	3	.4
Short-Term Investments	1	.0

	100	.0%

Mid Cap Index Fund¹

Top 10 Holdings (% of net assets)


First American Prime Obligations Fund, Class Z	4	.0%
Southwestern Energy	1	.3
Intuitive Surgical	1	.0
FMC Technologies	0	.8
Arch Coal	0	.7
Amphenol, Class A	0	.7
Millennium Pharmaceuticals	0	.7
Equitable Resources	0	.7
Joy Global	0	.7
Activision	0	.7

Sector Allocation (% of net assets)


Industrials	15	.9%
Financials	15	.6
Information Technology	12	.7
Healthcare	11	.8
Consumer Discretionary	11	.3
Energy	9	.9
Utilities	7	.5
Materials	7	.3
Consumer Staples	3	.1
Telecommunication Services	0	.6
Short-Term Investments	4	.3

	100	.0%

Small Cap Index Fund¹

Top 10 Holdings (% of net assets)


First American Prime Obligations Fund, Class Z	8	.8%
CF Industries Holdings	0	.6
U.S. Treasury Bill, 2.240%, 06/26/2008	0	.6
Hologic	0	.6
Priceline.com	0	.4
Bucyrus International	0	.4
FLIR Systems	0	.4
Petrohawk Energy	0	.4
Illumina	0	.3
Exterran Holdings	0	.3

Sector Allocation (% of net assets)


Financials	17	.6%
Information Technology	15	.5
Industrials	14	.3
Consumer Discretionary	12	.4
Healthcare	11	.6
Energy	7	.1
Materials	5	.7
Utilities	2	.8
Consumer Staples	2	.8
Telecommunication Services	1	.2
Short-Term Investments	9	.4
Other Assets and Liabilities, Net²	(0	.4)

	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 2008 Semiannual Report

Expense Examples

Actual Expenses

Hypothetical Examples for Comparison Purposes

Equity Index Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual²	$	1,000.00	$	902.10	$	2.93


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.78	$	3.12



Class B Actual²	$	1,000.00	$	898.80	$	6.47


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	6.87



Class C Actual²	$	1,000.00	$	898.40	$	6.47


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	6.87



Class R Actual²	$	1,000.00	$	900.90	$	4.11


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.54	$	4.37



Class Y Actual²	$	1,000.00	$	903.20	$	1.75


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.02	$	1.86


¹	Expenses are equal to the fund’s annualized expense ratio (including waivers) 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/366 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended April 30, 2008 of -9.79%, -10.12%, -10.16%, -9.91%, and -9.68% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Semiannual Report 3

Expense Examples concluded

Mid Cap Index Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual²	$	1,000.00	$	928.40	$	3.60


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.13	$	3.77



Class B Actual²	$	1,000.00	$	925.30	$	7.18


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.52



Class C Actual²	$	1,000.00	$	925.60	$	7.18


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.52



Class R Actual²	$	1,000.00	$	926.90	$	4.79


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.89	$	5.02



Class Y Actual²	$	1,000.00	$	930.30	$	2.40


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.38	$	2.51


¹	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 0.75%, 1.50%, 1.50%, 1.00%, and 0.50% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).

²	Based on the actual returns for the six month period ended April 30, 2008 of -7.16%, -7.47%, -7.44%, -7.31%, and -6.97% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Index Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual⁴	$	1,000.00	$	870.60	$	3.86


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.74	$	4.17



Class B Actual⁴	$	1,000.00	$	867.60	$	7.34


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.01	$	7.92



Class C Actual⁴	$	1,000.00	$	866.90	$	7.33


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.01	$	7.92



Class R Actual⁴	$	1,000.00	$	869.20	$	5.02


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.49	$	5.42



Class Y Actual⁴	$	1,000.00	$	871.60	$	2.70


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.98	$	2.92


³	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 0.83%, 1.58%, 1.58%, 1.08%, and 0.58% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).

⁴	Based on the actual returns for the six month period ended April 30, 2008 of -12.94%, -13.24%, -13.31%, -13.08%, and -12.84% for Class A, Class B, Class C, Class R, and Class Y, respectively.

4 First American Funds 2008 Semiannual Report

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Equity Index Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 99.0%
Consumer Discretionary – 8.6%
Abercrombie & Fitch, Class A (a)		12,041	$	895
Amazon.com (a) (b)		42,781		3,364
Apollo Group, Class A (a) (b)		19,306		983
AutoNation (a) (b)		23,131		370
Autozone (a) (b)		6,292		760
Bed Bath & Beyond (a) (b)		40,905		1,329
Best Buy (a)		48,736		2,097
Big Lots (a) (b)		15,735		425
Black & Decker (a)		9,025		592
Brunswick (a)		12,750		213
Carnival		58,482		2,349
CBS, Class B (a)		106,198		2,450
Centex		17,557		366
Clear Channel Communications (b)		65,323		1,970
Coach (a) (b)		51,624		1,836
Comcast, Class A (a)		432,763		8,893
D.R. Horton (a)		38,512		597
Darden Restaurants (a)		18,279		650
Dillard’s, Class A (a)		8,374		171
DIRECTV Group (a) (b)		102,035		2,514
E.W. Scripps, Class A		10,336		464
Eastman Kodak (a)		38,609		691
Expedia (a) (b)		28,353		716
Family Dollar Stores (a)		21,170		453
Ford Motor (a) (b)		285,250		2,356
Fortune Brands		19,399		1,312
GameStop, Class A (a) (b)		22,089		1,216
Gannett (a)		32,653		935
Gap (a)		68,213		1,270
General Motors (a)		78,779		1,828
Genuine Parts		23,597		1,002
Goodyear Tire & Rubber (a) (b)		30,546		818
H&R Block (a)		45,544		996
Harley-Davidson (a)		33,521		1,282
Harman International Industries		8,474		346
Hasbro		21,503		765
Home Depot (a)		218,008		6,279
IAC/InterActiveCorp (a) (b)		30,410		633
International Game Technology (a)		45,725		1,589
Interpublic Group of Companies (a) (b)		56,517		511
J.C. Penney (a)		30,891		1,313
Johnson Controls (a)		81,870		2,887
Jones Apparel Group		16,163		256
KB HOME		10,822		244
Kohl’s (a) (b)		41,872		2,045
Leggett & Platt (a)		25,108		417
Lennar		19,551		360
Limited Brands (a)		47,526		880
Liz Claiborne (a)		14,568		258
Lowe’s (a)		210,854		5,311
Macy’s (a)		62,473		1,580
Marriott International, Class A (a)		44,292		1,519
Mattel (a)		52,586		986
McDonald’s (a)		165,197		9,842
McGraw-Hill (a)		52,776		2,163
New York Times, Class A (a)		19,686		384
Newell Rubbermaid (a)		36,897		758
News (a)		322,307		5,769
Nike, Class B (a)		51,513		3,441
Nordstrom (a)		27,497		970
Office Depot (a) (b)		38,271		485
OfficeMax		9,472		173
Omnicom Group (a)		49,631		2,369
Polo Ralph Lauren (a)		8,489		527
Pulte Homes (a)		30,042		392
RadioShack (a)		19,150		266
Sears (a) (b)		10,521		1,037
Sherwin-Williams (a)		14,678		812
Snap-On		7,962		472
Stanley Works (a)		11,006		531
Staples (a)		99,502		2,159
Starbucks (b)		102,815		1,669
Starwood Hotels & Resorts Worldwide (a)		28,945		1,511
Target (a)		116,049		6,166
Tiffany & Company (a)		20,291		883
Time Warner (a)		524,341		7,786
TJX		59,166		1,906
VF (a)		11,907		886
Viacom, Class B (a) (b)		93,872		3,608
Walt Disney (a)		272,273		8,830
Wendy’s International		12,070		350
Whirlpool (a)		10,657		776
Wyndham Worldwide (a)		24,851		534
Yum! Brands (a)		70,117		2,852

				146,649

Consumer Staples – 10.4%
Altria Group		290,942		5,819
Anheuser-Busch		105,652		5,198
Archer-Daniels-Midland (a)		89,461		3,942
Avon Products (a)		65,238		2,546
Brown-Forman, Class B (a)		10,456		711
Campbell Soup		24,356		848
Clorox		20,481		1,085
Coca-Cola (a)		281,381		16,565
Coca-Cola Enterprises (a)		30,194		679
Colgate-Palmolive (a)		70,355		4,974
ConAgra Foods		72,522		1,709
Constellation Brands, Class A (b)		26,197		481
Costco Wholesale (a)		60,632		4,320
CVS Caremark (a)		210,529		8,499
Dean Foods (a) (b)		17,980		418
Estee Lauder, Class A (a)		10,044		458
General Mills		44,315		2,677
H.J. Heinz (a)		45,611		2,145
Hershey Foods (a)		24,788		927
Kellogg (a)		34,951		1,788
Kimberly-Clark		59,019		3,777
Kraft Foods, Class A		214,213		6,775
Kroger (a)		98,530		2,685
McCormick		18,258		690
Molson Coors Brewing, Class B (a)		14,403		790
Pepsi Bottling		18,790		633
PepsiCo (a)		228,764		15,677
Philip Morris International (b)		290,942		14,847
Procter & Gamble		434,488		29,132
Reynolds American (a)		23,682		1,275
Safeway (a)		60,955		1,926
Sara Lee (a)		103,508		1,502
SUPERVALU (a)		28,731		951
Sysco (a)		90,574		2,769
Tyson Foods, Class A		34,180		608
UST (a)		22,259		1,159
Walgreen (a)		137,418		4,789
Wal-Mart Stores (a)		330,031		19,135
Whole Foods Market (a)		19,569		639
Wrigley, William Jr. (a)		27,858		2,122

				177,670

First American Funds 2008 Semiannual Report 5

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Energy – 13.9%
Anadarko Petroleum		65,693	$	4,373
Apache (a)		45,979		6,192
Baker Hughes		46,842		3,789
BJ Services (a)		40,953		1,158
Cameron International (a) (b)		30,504		1,502
Chesapeake Energy (a)		61,232		3,166
Chevron (a)		297,483		28,603
ConocoPhillips		226,621		19,523
CONSOL Energy		25,319		2,050
Devon Energy (a)		62,960		7,140
El Paso (a)		96,867		1,660
ENSCO International (a)		20,160		1,285
EOG Resources (a)		34,719		4,530
Exxon Mobil		753,726		70,149
Halliburton (a)		130,462		5,990
Hess (a)		38,207		4,058
Marathon Oil		96,512		4,398
Murphy Oil (a)		24,214		2,187
Nabors Industries (a) (b)		40,348		1,515
National-Oilwell Varco (a) (b)		50,176		3,435
Noble Energy		23,977		2,086
Noble		38,263		2,153
Occidental Petroleum		114,174		9,500
Peabody Energy		36,870		2,254
Range Resources (a)		21,069		1,399
Rowan (a)		15,057		587
Schlumberger (a)		164,505		16,541
Smith International (a)		27,112		2,074
Spectra Energy (a)		81,699		2,018
Sunoco		16,815		780
Tesoro		19,023		478
Transocean (a) (b)		44,416		6,550
Valero Energy		75,927		3,709
Weatherford International (a) (b)		46,700		3,767
Williams		82,856		2,941
XTO Energy (a)		71,727		4,437

				237,977

Financials – 16.9%
ACE (a)		42,137		2,540
AFLAC (a)		68,053		4,537
Allstate (a)		78,768		3,967
Ambac Financial Group (a)		33,205		154
American Capital Strategies (a)		27,308		867
American Express (a)		165,464		7,946
American International Group		354,520		16,379
Ameriprise Financial		31,795		1,510
AON		44,571		2,023
Apartment Investment & Management – REIT (a)		14,045		519
Assurant		13,746		894
AvalonBay Communities – REIT (a)		11,020		1,099
Bank of America (a)		613,909		23,046
Bank Of New York Mellon (a)		157,478		6,855
BB&T (a)		73,469		2,519
Bear Stearns		16,488		177
Boston Properties – REIT (a)		16,462		1,654
Capital One Financial		57,567		3,051
CB Richard Ellis Group (a) (b)		25,879		598
Charles Schwab		131,967		2,851
Chubb		49,327		2,613
Cincinnati Financial		21,333		766
CIT Group (a)		39,640		432
Citigroup		731,760		18,492
CME Group (a)		7,495		3,429
Comerica (a)		22,639		786
Countrywide Financial (a)		81,617		472
Developers Diversified Realty – REIT (a)		17,293		743
Discover Financial Services (a)		68,109		1,240
E*TRADE Financial (a) (b)		61,277		244
Equity Residential Properties Trust – REIT (a)		40,342		1,675
Fannie Mae		131,062		3,709
Federated Investors, Class B		11,377		381
Fifth Third Bancorp (a)		75,308		1,614
First Horizon National (a)		17,769		192
Franklin Resources		22,808		2,170
Freddie Mac (a)		90,254		2,248
General Growth Properties – REIT (a)		33,906		1,389
Genworth Financial, Class A		61,251		1,412
Goldman Sachs Group		56,546		10,821
Hartford Financial Services Group		38,798		2,765
HCP – REIT		27,794		992
Host Hotels & Resorts – REIT (a)		72,518		1,247
Hudson City Bancorp		72,858		1,394
Huntington Bancshares (a)		51,476		483
IntercontinentalExchange (a) (b)		9,858		1,529
Janus Capital Group (a)		24,378		684
JPMorgan Chase (a)		482,419		22,987
KeyCorp (a)		55,614		1,342
Kimco Realty – REIT (a)		35,022		1,398
Legg Mason		16,923		1,020
Lehman Brothers Holdings (a)		73,451		3,249
Leucadia National (a)		22,758		1,166
Lincoln National (a)		41,466		2,229
Loew’s		61,683		2,597
M&T Bank (a)		10,907		1,017
Marsh & McLennan (a)		71,181		1,964
Marshall & Ilsley (a)		35,827		895
MBIA (a)		22,266		232
Merrill Lynch		136,554		6,804
MetLife (a)		99,676		6,065
MGIC Investment (a)		13,976		182
Moody’s (a)		30,782		1,138
Morgan Stanley (a)		147,319		7,160
National City		106,769		673
Northern Trust (a)		26,977		1,999
NYSE Euronext (a)		36,553		2,416
Plum Creek Timber – REIT (a)		25,347		1,035
PNC Financial Services Group (a)		47,711		3,309
Principal Financial Group (a)		42,009		2,254
Progressive (a)		99,987		1,819
ProLogis – REIT (a)		35,493		2,222
Prudential Financial (a)		64,752		4,902
Public Storage – REIT (a)		17,505		1,588
Regions Financial (a)		100,255		2,198
SAFECO (a)		15,875		1,060
Simon Property Group – REIT (a)		30,904		3,086
SLM (a) (b)		62,808		1,164
Sovereign Bancorp (a)		51,590		385
State Street		55,241		3,985
SunTrust Banks (a)		46,185		2,575
T. Rowe Price Group (a)		37,072		2,171
Torchmark		14,254		923
Travelers		93,332		4,704
U.S. Bancorp (a) (c)		247,932		8,402
UnumProvident		46,595		1,081
Vornado Realty Trust – REIT (a)		18,048		1,680
Wachovia (a)		294,755		8,592
Washington Mutual		148,653		1,827
Wells Fargo (a)		452,667		13,467

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

6 First American Funds 2008 Semiannual Report


Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE


XL Capital Limited, Class A (a)		25,524	$	891
Zions Bancorporation		13,588		630

				289,591

Healthcare – 11.1%
Abbott Laboratories		212,651		11,217
Aetna (a)		70,940		3,093
Allergan (a)		42,541		2,398
AmerisourceBergen (a)		24,960		1,012
Amgen (a) (b)		150,336		6,295
Applied Biosystems Group – Applera (a)		27,195		868
Barr Pharmaceuticals (b)		15,196		763
Baxter International		90,201		5,621
Becton, Dickinson & Company		34,485		3,083
Biogen IDEC (a) (b)		40,934		2,484
Boston Scientific (a) (b)		165,718		2,209
Bristol-Myers Squibb		272,197		5,980
C.R. Bard (a)		14,173		1,335
Cardinal Health		52,119		2,714
Celgene (a) (b)		61,150		3,800
CIGNA (a)		39,854		1,702
Coventry Health Care (a) (b)		21,706		971
Covidien (a)		68,317		3,190
Eli Lilly		137,110		6,601
Express Scripts (a) (b)		35,687		2,499
Forest Laboratories, Class A (a) (b)		43,994		1,527
Genzyme (b)		35,927		2,528
Gilead Sciences (a) (b)		129,215		6,688
Hospira (a) (b)		22,538		928
Humana (a) (b)		22,416		1,071
IMS Health		27,157		672
Johnson & Johnson (a)		400,810		26,890
King Pharmaceuticals (a) (b)		33,657		316
Laboratory Corporation of America (a) (b)		16,084		1,216
McKesson HBOC (a)		41,440		2,160
Medco Health Solutions (b)		75,069		3,719
Medtronic (a)		162,290		7,900
Merck		298,059		11,338
Millipore (b)		6,635		465
Mylan Laboratories (a)		41,983		553
Patterson Companies (a) (b)		18,842		644
PerkinElmer		18,478		491
Pfizer		950,273		19,110
Quest Diagnostics		21,705		1,089
Schering-Plough		213,469		3,930
St. Jude Medical (a) (b)		46,784		2,048
Stryker (a)		38,761		2,513
Tenet Healthcare (a) (b)		65,807		421
Thermo Fisher Scientific (a) (b)		55,361		3,204
UnitedHealth Group (a)		175,885		5,739
Varian Medical Systems (a) (b)		17,645		827
Watson Pharmaceuticals (a) (b)		15,058		467
WellPoint (b)		76,170		3,790
Wyeth		186,106		8,276
Zimmer Holdings (a) (b)		33,953		2,518

				190,873

Industrials – 11.7%
3M (a)		99,665		7,664
Allied Waste Industries (a) (b)		28,061		347
Avery Dennison (a)		14,797		713
Boeing		108,258		9,187
Burlington Northern Santa Fe (a)		41,599		4,266
C.H. Robinson Worldwide (a)		23,678		1,484
Caterpillar (a)		89,513		7,329
Cintas (a)		18,359		544
Cooper Industries, Class A (a)		25,360		1,075
CSX		60,284		3,795
Cummins		28,862		1,808
Danaher (a)		32,060		2,501
Deere & Company (a)		62,283		5,236
Dover		22,227		1,100
Eaton		20,073		1,763
Emerson Electric (a)		112,123		5,860
Equifax (a)		17,560		672
Expeditors International of Washington (a)		26,659		1,242
FedEx (a)		41,650		3,993
Fluor (a)		10,752		1,644
General Dynamics		52,778		4,772
General Electric		1,413,029		46,206
Goodrich		16,394		1,117
Honeywell International		108,055		6,418
Illinois Tool Works (a)		55,344		2,894
Ingersoll-Rand, Class A (a)		42,224		1,874
ITT (a)		24,986		1,599
Jacobs Engineering Group (a) (b)		17,056		1,472
L-3 Communications Holdings (a)		17,278		1,926
Lockheed Martin (a)		48,385		5,131
Manitowoc (a)		17,376		657
Masco (a)		52,309		953
Monster Worldwide (a) (b)		17,502		426
Norfolk Southern		56,435		3,362
Northrop Grumman		48,442		3,564
Paccar (a)		51,860		2,454
Pall		17,153		596
Parker Hannifin (a)		23,908		1,909
Pitney Bowes (a)		23,578		851
Precision Castparts		18,917		2,224
R.R. Donnelley & Sons		30,199		925
Raytheon (a)		60,232		3,853
Robert Half International (a)		22,323		529
Rockwell Automation		23,133		1,255
Rockwell Collins		23,972		1,513
Ryder System (a)		8,293		568
Southwest Airlines (a)		109,781		1,453
Terex (b)		13,983		974
Textron		36,464		2,225
Trane		24,374		1,134
Tyco International		68,327		3,197
Union Pacific (a)		36,287		5,269
United Parcel Service, Class B (a)		146,757		10,627
United Technologies		136,931		9,923
W.W. Grainger (a)		10,527		913
Waste Management		72,112		2,603

				199,589

Information Technology – 15.9%
Adobe Systems (a) (b)		82,068		3,060
Advanced Micro Devices (a) (b)		84,315		502
Affiliated Computer Services, Class A (a) (b)		13,713		726
Agilent Technologies (a) (b)		58,841		1,778
Akamai Technologies (a) (b)		22,993		822
Altera		49,350		1,050
Analog Devices (a)		42,893		1,382
Apple (b)		122,548		21,317
Applied Materials (a)		191,201		3,568
Autodesk (a) (b)		31,257		1,188
Automatic Data Processing (a)		80,059		3,539
BMC Software (a) (b)		28,248		982
Broadcom, Class A (a) (b)		65,133		1,691
CA		57,059		1,263
Ciena (a) (b)		11,938		404

First American Funds 2008 Semiannual Report 7

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Cisco Systems (a) (b)		837,479	$	21,473
Citrix Systems (a) (b)		26,347		863
Cognizant Technology Solutions, Class A (a) (b)		39,759		1,282
Computer Sciences (a) (b)		23,208		1,012
Compuware (a) (b)		42,125		318
Convergys (b)		19,214		302
Corning (a)		217,566		5,811
Dell (a) (b)		293,314		5,464
eBay (b)		156,944		4,911
Electronic Arts (a) (b)		42,091		2,166
Electronic Data Systems		65,627		1,218
EMC (a) (b)		290,299		4,471
Fidelity National Information Services		22,591		815
Fiserv (a) (b)		25,563		1,292
Google, Class A (a) (b)		32,214		18,500
Hewlett-Packard (a)		346,503		16,060
IBM		188,955		22,807
Intel		795,452		17,707
Intuit (a) (b)		48,308		1,303
Jabil Circuit		28,823		314
JDS Uniphase (a) (b)		30,655		439
Juniper Networks (a) (b)		73,591		2,033
KLA-Tencor (a)		26,238		1,146
Lexmark International Group, Class A (a) (b)		13,083		411
Linear Technology (a)		30,707		1,073
LSI Logic (a) (b)		106,572		661
MEMC Electronic Materials (a) (b)		31,759		2,000
Microchip Technology (a)		30,203		1,110
Micron Technology (a) (b)		106,212		820
Microsoft (a)		1,130,421		32,240
Molex		19,613		557
Motorola (a)		320,287		3,190
National Semiconductor (a)		33,273		678
NetApp (a) (b)		50,755		1,228
Novell (b)		52,757		331
Novellus Systems (a) (b)		18,320		400
NVIDIA (a) (b)		76,187		1,566
Oracle (a) (b)		546,493		11,394
Paychex		45,347		1,649
QLogic (a) (b)		22,160		354
QUALCOMM		230,435		9,952
SanDisk (a) (b)		31,556		855
Seagate Technology, Escrow Shares (b) (d)		44,886		—
Sun Microsystems (a) (b)		123,685		1,937
Symantec (a) (b)		124,747		2,148
Tellabs (a) (b)		62,644		323
Teradata (a) (b)		24,978		532
Teradyne (b)		26,478		352
Texas Instruments		186,418		5,436
Total System Services		19,234		458
Tyco Electronics		68,319		2,556
Unisys (b)		44,518		185
VeriSign (a) (b)		33,924		1,223
Waters (b)		15,293		940
Western Union		107,053		2,462
Xerox		130,435		1,822
Xilinx		47,808		1,184
Yahoo! (a) (b)		187,093		5,128

				272,134

Materials – 3.6%
Air Products and Chemicals (a)		30,994		3,051
Alcoa		121,127		4,213
Allegheny Technologies (a)		14,193		977
Ashland		9,555		507
Ball (a)		14,127		760
Bemis (a)		14,389		378
Dow Chemical (a)		133,527		5,361
E.I. Du Pont de Nemours (a)		125,324		6,130
Eastman Chemical (a)		9,989		734
Ecolab (a)		25,195		1,158
Freeport-McMoRan Copper & Gold (a)		53,004		6,029
Hercules (a)		14,782		278
International Flavors & Fragrances (a)		9,452		431
International Paper (a)		60,294		1,578
MeadWestvaco		24,701		650
Monsanto		77,022		8,782
Newmont Mining (a)		62,151		2,748
Nucor		41,820		3,157
Pactiv (b)		20,058		477
PPG Industries		23,041		1,414
Praxair		44,910		4,101
Rohm & Haas (a)		19,761		1,056
Sealed Air		22,316		564
Sigma-Aldrich (a)		18,296		1,043
Titanium Metals (a)		12,025		183
United States Steel		16,415		2,527
Vulcan Materials (a)		13,936		959
Weyerhaeuser		30,602		1,955

				61,201

Telecommunication Services – 3.4%
American Tower, Class A (a) (b)		56,968		2,473
AT&T		852,275		32,992
CenturyTel (a)		15,140		491
Citizens Communications (a)		47,445		509
Embarq		20,732		862
Qwest Communications International		221,926		1,145
Sprint Nextel (a)		400,586		3,201
Verizon Communications		398,756		15,344
Windstream		65,644		771

				57,788

Utilities – 3.5%
AES (a) (b)		92,838		1,612
Allegheny Energy		22,934		1,234
Ameren (a)		26,860		1,218
American Electric Power		53,289		2,378
CenterPoint Energy (a)		43,989		670
CMS Energy		31,649		462
Consolidated Edison		31,039		1,291
Constellation Energy		24,995		2,116
Dominion Resources (a)		79,856		3,465
DTE Energy (a)		22,336		900
Duke Energy (a)		174,318		3,192
Dynegy, Class A (b)		69,697		601
Edison International (a)		43,959		2,293
Entergy		31,930		3,668
Exelon		92,867		7,938
FirstEnergy		44,924		3,398
FPL Group (a)		56,033		3,714
Integrys Energy Group (a)		10,742		514
Nicor (a)		6,302		221
NiSource		37,935		679
Pepco Holdings		27,589		687
PG&E		53,084		2,123
Pinnacle West Capital		13,873		471
PPL (a)		53,317		2,560
Progress Energy		33,236		1,396
Public Service Enterprise Group		70,156		3,081
Questar		24,286		1,507
Sempra Energy		36,501		2,069

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

8 First American Funds 2008 Semiannual Report


Equity Index Fund (concluded)
DESCRIPTION	SHARES/PAR		VALUE


Southern		100,224	$	3,731
TECO Energy (a)		29,003		464
Xcel Energy		56,531		1,176

				60,829

Total Common Stocks (Cost $1,022,485)				1,694,301

Short-Term Investments – 1.0%
Money Market Fund – 0.8%
First American Prime Obligations Fund, Class Z (c)		14,312,166		14,312

U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill
2.240%, 06/26/2008 (e)	$	2,900		2,890

Total Short-Term Investments (Cost $17,202)				17,202

Investment Purchased with Proceeds from Securities Lending – 41.1%
Mount Vernon Securities Lending Prime Portfolio (f)
(Cost $703,843)		703,842,914		703,843

Total Investments – 141.1% (Cost $1,743,530)				2,415,346

Other Assets and Liabilities, Net – (41.1)%				(704,028	)

Total Net Assets – 100.00%			$	1,711,318


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a value of $677,105 at April 30, 2008. See note 2 in Notes to Financial Statements.


(b)	Non-income producing security.


(c)	Investment in affiliated security. As of April 30, 2008, the market value of these investments was $22,714 or 1.3% of total net assets. See notes 3 and 4 in Notes to Financial Statements.


(d)	Security is fair valued and illiquid. As of April 30, 2008, the value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.


(e)	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2008. 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

16,286

June 2008

1,100


Mid Cap Index Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 95.7%
Consumer Discretionary – 11.3%
99 Cents Only Stores (a) (b)		12,059	$	115
Advanced Auto Parts		24,344		844
Aeropostale (a) (b)		17,196		547
American Eagle Outfitters (a)		55,083		1,012
American Greetings, Class A (a)		15,091		270
AnnTaylor Stores (a) (b)		15,762		399
ArvinMeritor (a)		18,515		277
Barnes & Noble (a)		12,360		399
Belo, Class A (a)		22,502		227
BLYTH		7,178		121
Bob Evans Farms (a)		9,065		254
Borders Group (a)		16,072		101
BorgWarner		29,765		1,463
Boyd Gaming (a)		14,383		270
Brinker International		27,071		614
Callaway Golf (a)		17,160		236
CarMax (a) (b)		55,321		1,148
CBRL Group		5,775		213
Charming Shoppes (a) (b)		30,204		156
Cheesecake Factory (a) (b)		18,318		415
Chico’s FAS (a) (b)		44,971		318
Chipotle Mexican Grill, Class A (a) (b)		8,453		829
Coldwater Creek (a) (b)		15,661		84
Collective Brands (a) (b)		16,848		208
Corinthian Colleges (a) (b)		21,675		246
DeVry (a)		15,288		871
Dick’s Sporting Goods (a) (b)		21,245		608
Dollar Tree (a) (b)		24,160		763
Entercom Communications (a)		6,767		72
Foot Locker		39,923		505
Furniture Brands International (a)		12,809		174
Gentex (a)		37,797		706
Getty Images (a) (b)		11,997		392
Guess ? (a)		13,941		534
Hanesbrands (a) (b)		24,582		861
Harte-Hanks		12,816		175
Hovnanian Enterprises, Class A (a) (b)		9,344		110
International Speedway, Class A		7,947		337
John Wiley & Sons, Class A		10,912		502
Lamar Advertising, Class A (a) (b)		20,185		798
Lear (b)		19,753		564
Lee Enterprises (a)		12,181		94
Life Time Fitness (a) (b)		8,611		313
M.D.C. Holdings (a)		8,928		389
Matthews International, Class A		8,025		397
Media General, Class A (a)		6,371		93
Modine Manufacturing		8,818		155
Mohawk Industries (a) (b)		13,879		1,057
Netflix (a) (b)		12,528		401
NVR (a) (b)		1,319		809
O’Reilly Automotive (a) (b)		28,512		823
Pacific Sunwear of California (a) (b)		17,725		238
PetSmart (a)		33,050		740
Phillips Van-Heusen (a)		13,191		557
Regis		11,927		348
Rent-A-Center (a) (b)		18,211		392
Ross Stores		35,126		1,176
Ruby Tuesday (a)		13,241		113
Ryland Group (a)		11,280		361
Saks (a) (b)		35,300		459
Scholastic (a) (b)		6,534		184
Scientific Games, Class A (a) (b)		16,688		470
Strayer Education (a)		3,698		687
Thor Industries (a)		9,126		277

First American Funds 2008 Semiannual Report 9

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Timberland, Class A (a) (b)		12,887	$	188
Toll Brothers (b)		32,534		737
Travelcenters, fractional share (b) (c)		0.70		—
Tupperware (a)		15,313		603
Urban Outfitters (a) (b)		28,782		986
Valassis Communications (a) (b)		12,464		177
Warnaco Group (a) (b)		11,874		548
Williams-Sonoma (a)		22,625		597

				33,107

Consumer Staples – 3.1%
Alberto-Culver (a)		21,583		543
BJ’s Wholesale Club (a) (b)		16,645		635
Church & Dwight (a)		16,281		925
Corn Products International		19,200		890
Energizer Holdings (a) (b)		14,891		1,177
Hansen Natural (a) (b)		15,524		549
Hormel Foods		18,660		735
JM Smucker		15,084		752
Lancaster Colony		5,566		213
NBTY (b)		14,554		410
PepsiAmericas		15,563		400
Ruddick (a)		8,644		335
Smithfield Foods (a) (b)		28,350		813
Tootsie Roll Industries (a)		7,190		175
Universal		6,949		446

				8,998

Energy – 9.9%
Arch Coal		37,056		2,126
Bill Barrett (b)		8,497		437
Cimarex Energy (a)		20,577		1,282
Denbury Resources (a) (b)		62,881		1,922
Encore Acquisition (a) (b)		12,817		585
Exterran Holdings (b)		16,344		1,092
FMC Technologies (a) (b)		33,234		2,233
Forest Oil (a) (b)		22,557		1,329
Frontier Oil		27,167		675
Helmerich & Payne (a)		26,664		1,433
Newfield Exploration (a) (b)		33,200		2,017
Overseas Shipholding Group (a)		6,989		526
Patterson-UTI Energy (a)		39,700		1,109
Pioneer Natural Resources (a)		32,155		1,856
Plains Exploration & Production (b)		28,918		1,801
Pride International (a) (b)		41,796		1,774
Quicksilver Resources (a) (b)		28,660		1,189
Southwestern Energy (a) (b)		87,890		3,719
Superior Energy Services (a) (b)		20,805		924
Tidewater (a)		15,092		984

				29,013

Financials – 15.6%
Affiliated Managers Group (a) (b)		9,364		930
Alexandria Real Estate Equities – REIT (a)		8,007		841
AMB Property – REIT (a)		25,615		1,479
American Financial Group (a)		17,612		483
AmeriCredit (a) (b)		30,449		425
Apollo Investment (a)		29,284		474
Arthur J. Gallagher (a)		24,123		593
Associated Banc-Corp (a)		34,129		965
Astoria Financial (a)		21,082		500
Bank of Hawaii (a)		13,566		744
BRE Properties – REIT (a)		12,922		620
Brown & Brown (a)		29,001		557
Camden Property Trust – REIT (a)		14,291		756
Cathay General Bancorp (a)		10,346		176
City National		10,384		504
Colonial BancGroup (a)		39,123		318
Commerce Group		8,058		294
Cousins Properties – REIT (a)		11,464		291
Cullen/Frost Bankers		13,077		730
Duke Realty – REIT		36,507		891
Eaton Vance (a)		32,183		1,178
Equity One – REIT (a)		9,549		236
Everest Re Group		16,388		1,481
Federal Realty Investment Trust – REIT (a)		15,117		1,242
Fidelity National Title Group (a)		55,466		887
First American (a)		24,113		791
First Community Bancorp (a)		5,593		120
First Niagara Financial Group (a)		22,837		329
FirstMerit		21,947		450
GATX (a)		12,542		552
Hanover Insurance Group		13,282		596
HCC Insurance Holdings		29,271		722
Health Care REIT (a)		22,862		1,108
Highwoods Properties – REIT (a)		14,489		508
Horace Mann Educators		11,053		187
Hospitality Properties Trust – REIT		23,366		751
IndyMac Bancorp (a)		20,610		67
Jefferies Group		28,703		540
Jones Lang LaSalle (a)		8,185		635
Liberty Property Trust – REIT		22,972		805
Macerich – REIT (a)		18,585		1,359
Mack-Cali Realty – REIT (a)		17,315		676
Mercury General (a)		9,169		457
Nationwide Health Properties – REIT (a)		23,875		860
New York Community Bancorp (a)		83,132		1,552
Old Republic International		58,884		845
PMI Group		20,911		118
Potlatch – REIT (a)		9,902		444
Protective Life		17,907		763
Radian Group (a)		20,602		111
Raymond James Financial (a)		24,136		694
Rayonier – REIT (a)		20,209		849
Realty Income – REIT (a)		25,770		678
Regency Centers – REIT (a)		17,046		1,220
SEI Investments		32,262		751
StanCorp Financial Group		13,251		679
SVB Financial (a) (b)		9,656		470
Synovus Financial (a)		84,102		996
TCF Financial (a)		28,555		497
UDR – REIT (a)		34,495		872
Unitrin		13,325		506
W.R. Berkley		43,772		1,124
Waddell & Reed Financial, Class A (a)		21,774		737
Washington Federal (a)		23,667		563
Webster Financial (a)		14,652		382
Weingarten Realty Investors – REIT (a)		21,304		786
Westamerica Bancorporation (a)		7,626		446
Wilmington Trust (a)		17,531		576

				45,767

Healthcare – 11.8%
Advanced Medical Optics (a) (b)		15,492		325
Affymetrix (a) (b)		17,734		193
Apria Healthcare Group (a) (b)		11,242		198
Beckman Coulter		15,892		1,085
Cephalon (a) (b)		17,131		1,069
Cerner (a) (b)		16,803		777
Charles River Laboratories International (a) (b)		17,538		1,018
Community Health Systems (a) (b)		24,525		920
Covance (a) (b)		16,901		1,416
DENTSPLY International		39,530		1,536

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

10 First American Funds 2008 Semiannual Report


Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Edwards Lifesciences (a) (b)		15,032	$	833
Endo Pharmaceuticals (a) (b)		34,595		859
Gen-Probe (a) (b)		13,528		762
Health Management Associates, Class A (a) (b)		62,127		443
Health Net (a) (b)		28,200		826
Henry Schein (a) (b)		22,551		1,249
Hill-Rom Holdings (a)		15,697		394
Hologic (b)		65,224		1,904
Intuitive Surgical (a) (b)		9,950		2,878
Invitrogen (a) (b)		12,384		1,159
Kindred Healthcare (a) (b)		8,130		193
Kinetic Concepts (a) (b)		13,760		546
Lifepoint Hospitals (a) (b)		14,926		450
Lincare Holdings (b)		18,851		459
Medicis Pharmaceutical, Class A (a)		13,192		272
Millennium Pharmaceuticals (b)		82,944		2,063
Mine Safety Appliances		6,722		250
Omnicare (a)		31,575		643
Par Pharmaceutical Companies (b)		9,264		158
PDL BioPharma (a) (b)		30,083		399
Perrigo (a)		19,938		817
Pharmaceutical Product Development		26,771		1,109
Psychiatric Solutions (a) (b)		14,117		490
Resmed (a) (b)		19,471		840
Sepracor (a) (b)		28,696		618
Service Corp. International (a)		69,176		769
STERIS (a)		16,631		461
Techne (a) (b)		9,690		703
Universal Health Services		13,666		856
Valeant Pharmaceuticals International (a) (b)		23,584		313
Varian (b)		8,202		418
VCA Antech (a) (b)		21,043		681
Vertex Pharmaceuticals (a) (b)		33,985		867
WellCare Health Plans (a) (b)		10,659		467

				34,686

Industrials – 15.9%
AGCO (a) (b)		23,679		1,424
AirTran Holdings (a) (b)		23,284		79
Alaska Air Group (a) (b)		9,801		210
Alexander & Baldwin (a)		10,639		534
Alliant Techsystems (a) (b)		8,622		948
AMETEK		27,530		1,336
Avis Budget Group (a) (b)		26,590		353
BE Aerospace (b)		23,594		952
Brinks		11,475		835
Career Education (a) (b)		24,425		492
Carlisle Companies		15,329		443
ChoicePoint (b)		17,479		845
Con-way		11,611		537
Copart (b)		18,507		756
Corporate Executive Board		9,110		397
Corrections Corporation of America (b)		32,116		819
Crane		13,028		533
Deluxe		13,393		285
Donaldson (a)		17,754		773
DRS Technologies (a)		10,535		658
Dun & Bradstreet		14,921		1,258
Dycom Industries (a) (b)		10,837		156
Fastenal (a)		32,361		1,580
Federal Signal (a)		12,290		171
Flowserve		14,758		1,831
Graco (a)		16,158		669
Granite Construction (a)		8,779		301
Harsco		21,352		1,267
Herman Miller (a)		15,727		367
HNI (a)		11,819		257
Hubbell, Class B		14,891		666
IDEX (a)		20,383		748
ITT Educational Services (b)		7,960		610
J.B. Hunt Transport Services (a)		22,832		776
JetBlue Airways (a) (b)		45,563		230
Joy Global (a)		27,687		2,056
Kansas City Southern Industries (a) (b)		19,668		887
KBR		43,502		1,255
Kelly Services, Class A (a)		5,117		114
Kennametal (a)		20,181		702
Korn/Ferry International (a) (b)		11,475		214
Lincoln Electric Holdings (a)		11,073		845
Manpower		20,813		1,397
MSC Industrial Direct, Class A		12,037		587
Navigant Consulting (a) (b)		11,770		237
Nordson (a)		8,707		514
Oshkosh Truck (a)		18,846		765
Pentair		25,642		944
Quanta Services (a) (b)		43,328		1,150
Republic Services		41,284		1,312
Rollins		10,974		175
Roper Industries (a)		22,407		1,392
Sotheby’s Holdings, Class A (a)		17,096		474
SPX		14,305		1,759
Stericycle (a) (b)		22,209		1,185
Teleflex (a)		10,147		559
Thomas & Betts (b)		13,096		491
Timken (a)		24,144		873
Trinity Industries (a)		20,776		632
United Rentals (b)		19,393		365
URS (a) (b)		21,498		867
Werner Enterprises (a)		11,588		225
Westinghouse Air Brake Technologies		12,409		532
YRC Worldwide (a) (b)		14,710		239

				46,843

Information Technology – 12.7%
3Com (a) (b)		102,416		245
ACI Worldwide (a) (b)		9,519		210
Activision (a) (b)		75,619		2,045
Acxiom		17,333		205
ADC Telecommunications (a) (b)		29,973		420
ADTRAN		15,658		370
Advent Software (a) (b)		5,314		212
Alliance Data Systems (b)		20,172		1,158
Amphenol, Class A		45,840		2,117
Arrow Electronics (b)		31,145		847
Atmel (b)		122,636		456
Avnet (b)		38,402		1,006
Avocent (a) (b)		13,119		256
Broadridge Financial Solutions		35,050		653
Cadence Design Systems (a) (b)		69,562		774
CommScope (a) (b)		17,016		809
Cree (a) (b)		21,709		564
CSG Systems International (b)		9,094		110
Cypress Semiconductor (a) (b)		39,441		1,109
Diebold (a)		17,018		667
Digital River (a) (b)		10,453		343
DST Systems (a) (b)		13,527		809
F5 Networks (a) (b)		21,574		488
Fair Isaac (a)		12,922		320
Fairchild Semiconductor International, Class A (b)		31,275		408
Foundry Networks (a) (b)		38,701		493
Gartner, Class A (a) (b)		17,857		409
Global Payments (a)		20,537		909

First American Funds 2008 Semiannual Report 11

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Harris		34,750	$	1,878
Imation		8,382		196
Ingram Micro, Class A (b)		37,440		637
Integrated Device Technology (b)		49,639		531
International Rectifier (a) (b)		18,469		420
Intersil, Class A (a)		33,633		899
Jack Henry & Associates (a)		19,428		511
KEMET (a) (b)		21,834		89
Lam Research (a) (b)		32,067		1,310
Macrovision (a) (b)		13,577		214
McAfee (b)		41,179		1,369
Mentor Graphics (a) (b)		22,950		231
Metavante Technologies		22,730		536
MPS Group (a) (b)		27,021		290
National Instruments		14,424		424
NCR (b)		45,802		1,128
Palm (a)		26,653		154
Parametric Technology (a) (b)		29,414		513
Plantronics		12,385		309
Polycom (a) (b)		22,904		513
RF Micro Devices (b)		73,363		247
Semtech (a) (b)		16,874		274
Silicon Laboratories (a) (b)		14,399		486
SRA International, Class A (a) (b)		9,394		247
Sybase (a) (b)		22,262		655
Synopsys (b)		35,941		831
Tech Data (b)		14,149		476
TriQuint Semiconductor (a) (b)		35,597		235
ValueClick (a) (b)		25,218		503
Vishay Intertechnology (b)		48,208		456
Western Digital (a) (b)		56,102		1,626
Wind River Systems (a) (b)		19,509		161
Zebra Technology, Class A (a) (b)		17,709		651

				37,412

Materials – 7.3%
Airgas		21,087		1,015
Albemarle (a)		20,313		760
AptarGroup		17,514		773
Cabot Microelectronics (a)		17,384		507
Carpenter Technology (a)		13,105		672
CF Industries Holdings (a)		12,343		1,650
Chemtura		63,772		441
Cleveland-Cliffs		11,634		1,866
Commercial Metals		30,029		935
Cytec Industries		10,758		635
Ferro		10,910		192
FMC		19,505		1,225
Louisiana Pacific (a)		27,041		311
Lubrizol		17,779		1,037
Martin Marietta Materials (a)		11,053		1,209
Minerals Technologies (a)		5,156		349
Olin		18,195		367
Packaging Corporation of America		23,751		522
Reliance Steel & Aluminum (a)		16,560		1,007
RPM (a)		30,589		682
Scotts (a)		11,109		368
Sensient Technologies (a)		11,847		353
Sonoco Products		26,017		857
Steel Dynamics (a)		48,204		1,680
Temple-Inland		25,503		298
Terra Industries (a) (b)		23,852		903
Valspar (a)		25,472		560
Worthington Industries (a)		16,895		304

				21,478

Telecommunication Services – 0.6%
Cincinnati Bell (a) (b)		62,851		292
NeuStar, Class A (a) (b)		19,351		532
Telephone & Data Systems		27,297		1,045

				1,869

Utilities – 7.5%
AGL Resources		19,926		678
Alliant Energy (a)		32,258		1,215
Aqua America (a)		33,961		626
Aquila (b)		95,810		345
Black Hills (a)		9,228		360
DPL		30,339		844
Energen (a)		18,502		1,263
Energy East		40,090		914
Equitable Resources (a)		31,013		2,058
Great Plains Energy (a)		20,602		528
Hawaiian Electric Industries (a)		21,142		521
IDACORP (a)		10,983		356
MDU Resources Group (a)		46,855		1,353
National Fuel Gas (a)		20,415		1,045
Northeast Utilities		39,441		1,038
NSTAR		28,007		902
OGE Energy		22,054		721
ONEOK		27,622		1,329
PNM Resources (a)		19,657		285
Puget Energy		30,902		841
SCANA		29,908		1,179
Sierra Pacific Resources		58,995		804
Vectren (a)		19,935		564
Westar Energy (a)		22,519		522
WGL Holdings (a)		12,634		414
Wisconsin Energy		30,687		1,457

				22,162

Total Common Stocks (Cost $218,196)				281,335

Short-Term Investments – 4.3%
Money Market Fund – 4.0%
First American Prime Obligations Fund, Class Z (d)		11,679,289		11,679

U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
2.240%, 06/26/2008 (e)	$	1,000		997

Total Short-Term Investments (Cost $12,676)				12,676

Investment Purchased with Proceeds from Securities Lending – 47.9%
Mount Vernon Securities Lending Prime Portfolio (f)
(Cost $140,911)		140,911,322		140,911

Total Investments – 147.9% (Cost $371,783)				434,922

Other Assets and Liabilities, Net – (47.9)%				(140,970	)

Total Net Assets – 100.0%			$	293,952


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $135,660 at April 30, 2008. See note 2 in Notes to Financial Statements.


(b)	Non-income producing security.


(c)	Security is fair valued and illiquid. As of April 30, 2008, the market value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

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

12 First American Funds 2008 Semiannual Report

Mid 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 the effective yield as of April 30, 2008. 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 Mid Cap 400 Futures		29	$	12,181	June 2008	$	1,263


Small Cap Index Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 91.0%
Consumer Discretionary – 12.4%
1-800-Flowers.com, Class A (a)		1,917	$	17
99 Cents Only Stores (a) (b)		3,188		30
A.C. Moore Arts & Crafts (a)		1,233		8
Aaron Rents		3,183		79
Aeropostale (a) (b)		4,531		144
AFC Enterprises (a)		1,940		20
Aftermarket Technology (a) (b)		1,513		35
AH Belo, Class A		1,166		11
Ambassadors Group		1,404		27
Ambassadors International (b)		549		3
American Axle & Manufacturing Holdings (b)		3,068		62
American Greetings, Class A (b)		3,313		59
Amerigon (a)		1,487		22
Ameristar Casinos (b)		1,734		30
Andersons (b)		1,106		50
Arbitron (b)		1,940		93
Arctic Cat (b)		843		6
ArvinMeritor (b)		4,853		73
Asbury Automotive Group		1,212		20
Avatar Holdings (a) (b)		437		18
Bally Technologies (a)		3,670		124
Beazer Homes USA (b)		2,701		30
Bebe Stores (b)		1,826		18
Belo, Class A (b)		5,832		59
Benihana (a)		822		9
Big 5 Sporting Goods		1,718		16
BJs Restaurants (a)		1,135		16
Blockbuster, Class A (a) (b)		13,248		39
Blount International (a)		2,851		35
Blue Nile (a) (b)		987		49
Bluegreen (a)		1,438		10
BLYTH		1,782		30
Bob Evans Farms (b)		2,114		59
Bon-Ton Stores (b)		721		6
Books-A-Million		1,160		9
Borders Group (b)		4,056		26
Brookfield Homes (b)		966		15
Brown Shoe (b)		3,147		53
Buckle (b)		924		45
Buffalo Wild Wings (a) (b)		1,072		33
Build-A-Bear Workshop (a) (b)		1,170		13
Building Materials Holding (b)		2,129		10
Cabelas (a) (b)		2,115		29
Cache (a)		853		10
California Pizza Kitchen (a) (b)		2,044		32
Callaway Golf (b)		4,844		67
Capella Education Company (a)		734		47
Carmike Cinemas		854		7
Carrols Restaurant Group (a)		665		5
Carters (a)		3,237		46
Casual Male Retail Group (a)		2,104		9
Cato, Class A (b)		2,032		35
CBRL Group		1,692		63
CEC Entertainment (a)		1,581		59
Champion Enterprise (a) (b)		5,237		54
Charlotte Russe Holding (a)		1,872		30
Charming Shoppes (a) (b)		8,114		42
Charter Communications, Class A (a) (b)		28,388		30
Cherokee (b)		594		17
Children’s Place Retail Stores (a) (b)		1,551		36
Chipotle Mexican Grill, Class B (a)		2,253		191
Christopher & Banks (b)		2,456		29
Churchill Downs		575		29
Cinemark Holdings (b)		1,951		29

First American Funds 2008 Semiannual Report 13

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Citadel Broadcasting (b)		12,466	$	17
Citi Trends (a)		950		20
CKE Restaurants		3,893		41
CKX (a)		3,527		32
Coinstar (a) (b)		2,012		64
Collective Brands (a) (b)		4,470		55
Columbia Sportswear (b)		753		32
Conn’s (a) (b)		535		9
Cooper Tire & Rubber (b)		4,039		53
Core Mark Holding (a)		598		17
Corinthian Colleges (a) (b)		5,968		68
Courier		801		19
Cox Radio (a)		2,105		24
Crown Media Holdings, Class A (a) (b)		1,767		8
CSK Auto (a)		3,263		39
CSS Industries		538		17
Cumulus Media, Class A (a)		2,367		14
Deckers Outdoor (a) (b)		831		115
Denny’s (a)		7,982		25
DeVry (b)		4,129		235
DG Fastchannel (a)		856		16
Dolan Media (a)		724		13
Domino’s Pizza		2,714		36
Dover Downs Gaming & Entertainment		942		8
Dress Barn (a) (b)		3,185		43
Drew Industries (a) (b)		1,311		32
DSW (a) (b)		1,048		16
Eddie Bauer (a) (b)		2,045		8
Emmis Communications, Class A (a)		2,250		7
Entercom Communications (b)		2,069		22
Entravision Communications (a)		4,525		32
Ethan Allen Interiors (b)		1,828		50
Exide Technologies (a) (b)		5,318		78
FGX International Holdings Limited (a)		754		10
Finish Line, Class A		2,878		19
Fisher Communications (a)		409		13
Fleetwood Enterprises (a) (b)		4,872		17
Fossil (a) (b)		2,994		107
Fred’s (b)		2,758		31
Furniture Brands International (b)		3,338		45
Gaiam, Class A (a) (b)		1,277		22
Gander Mountain (a) (b)		381		2
Gaylord Entertainment (a) (b)		2,799		83
Gemstar-TV Guide International (a)		17,267		70
Genesco (a) (b)		1,555		34
GenTek (a)		618		19
G-iii Apparel Group (a)		864		13
Global Sources (a)		1,177		16
Gray Television		3,058		14
Great Wolf Resorts (a) (b)		1,961		12
Group 1 Automotive (b)		1,542		41
GSI Commerce (a)		1,376		19
Gymboree (a)		1,940		84
Harris Interactive (a)		3,569		9
Haverty Furniture (b)		1,350		12
Hayes Lemmerz International (a)		6,491		19
Heelys (a)		524		2
Helen of Troy (a) (b)		2,079		35
Hibbett Sports (a) (b)		2,187		40
Hooker Furniture (b)		657		14
Hot Topic (a)		2,994		16
Hovnanian Enterprises, Class A (a) (b)		2,578		30
Iconix Brand Group (a) (b)		3,498		56
IHOP (b)		1,211		56
Insight Enterprises (a)		3,308		40
Interactive Data (b)		2,347		63
Interface, Class A (b)		3,545		46
INVESTools (a) (b)		3,628		42
iRobot (a) (b)		947		15
Isle of Capri Casinos (a) (b)		1,132		8
J. Crew Group (a) (b)		2,637		125
Jack in the Box (a) (b)		4,329		116
JAKKS Pacific (a)		2,097		49
Jamba (a) (b)		3,581		9
Jo-Ann Stores (a) (b)		1,815		34
Jos. A. Bank Clothiers (a) (b)		1,223		30
Journal Communications, Class A		2,895		17
Kenneth Cole Productions		692		13
Kimball International		1,277		13
Knology (a)		1,797		23
Krispy Kreme Doughnuts (a) (b)		4,526		14
K-Swiss, Class A		1,927		28
Lakes Entertainment (a)		1,233		6
Landry’s Restaurants (b)		849		14
La-Z-Boy (b)		3,520		22
LeapFrog Enterprises (a)		2,610		22
Lear (a)		5,255		150
Lee Enterprises (b)		3,185		25
Libbey		983		14
Life Time Fitness (a) (b)		2,196		80
Lifetime Brands		939		8
Lin TV, Class A (a)		1,865		19
Lithia Motors (b)		1,261		11
Live Nation (a) (b)		4,760		66
LKQ (a) (b)		7,371		160
LodgeNet Entertainment (a) (b)		1,540		9
Lodgian (a)		1,271		12
Lululemon Athletica (a) (b)		951		29
M/I Homes (b)		857		15
Maidenform Brands (a)		1,611		24
Marcus (b)		1,450		24
Marine Products (b)		1,141		8
MarineMax (a) (b)		1,037		12
Martha Stewart Living (a) (b)		1,824		14
Marvel Entertainment (a) (b)		3,605		103
Matthews International, Class A (b)		2,384		118
McCormick & Schmick’s Seafood Restaurants (a)		653		8
Media General, Class A (b)		1,536		23
Mediacom Communications (a) (b)		4,284		18
Men’s Wearhouse (b)		3,501		93
Meritage Homes (a) (b)		1,781		34
Midas (a)		1,017		16
Modine Manufacturing		2,246		39
Monaco Coach		2,251		14
Monarch Casino & Resort (a) (b)		720		10
Monro Muffler Brake		1,248		21
Morgans Hotel Group (a)		1,507		21
Morningstar (a)		1,012		59
Mortons Restaurant Group (a)		146		1
Movado Group		1,174		26
MTR Gaming Group (a)		1,442		9
Multimedia Games (a)		1,560		7
National Cinemedia		1,956		37
National Presto Industries		321		17
Nautilus (b)		2,239		8
Netflix (a) (b)		2,913		93
New York & Company (a) (b)		1,725		11
Nexstar Broadcasting Group (a)		702		4
Noble International		836		5
O’Charleys		1,902		22
Orbitz Worldwide (a) (b)		2,285		18
Overstock.com (a) (b)		1,122		22

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

14 First American Funds 2008 Semiannual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Oxford Industries (b)		951	$	26
P.F. Chang’s China Bistro (a) (b)		1,796		56
Pacific Sunwear of California (a) (b)		4,854		65
Palm Harbor Homes (a) (b)		836		7
Papa John’s International (a)		1,462		39
Pep Boys – Manny, Moe & Jack (b)		2,697		24
Perry Ellis International (a)		790		18
PetMed Express (a)		1,464		16
Pier 1 Imports (a) (b)		6,115		48
Pinnacle Entertainment (a) (b)		4,083		63
Playboy Enterprises, Class B (a)		1,742		15
Polaris Industries (b)		2,466		115
Premier Exhibitions (a)		2,040		12
Prestige Brand Holdings (a)		2,247		20
Priceline.com (a) (b)		2,570		328
Primedia (b)		3,018		20
Quiksilver (a) (b)		8,989		87
Radio One (a)		5,235		5
Raser Technologies (a) (b)		2,181		24
RC2 (a) (b)		1,219		23
RCN		1,809		21
Red Robin Gourmet Burgers (a) (b)		1,294		53
Regis		3,037		89
Rent-A-Center (a) (b)		4,865		105
Retail Ventures (a)		1,690		9
Riviera Holdings (a)		695		11
Ruby Tuesday (b)		3,747		32
Russ Berrie and Company (a) (b)		1,148		16
Ruth’s Chris Steak House (a) (b)		1,344		10
Salem Communications		573		2
Sally Beauty Holdings (a) (b)		6,456		39
Sauer-Danfoss		850		25
Scholastic (a)		2,087		59
Sealy (b)		3,092		19
Select Comfort (a) (b)		3,432		10
Shoe Carnival (a)		669		9
Shuffle Master (a) (b)		2,645		13
Shutterfly (a) (b)		1,013		17
Sinclair Broadcast Group, Class A		3,477		31
Six Flags (a) (b)		5,265		9
Skechers U.S.A., Class A (a)		1,385		33
Skyline		507		14
Smith & Wesson (a) (b)		2,297		17
Sonic Automotive, Class A (b)		2,127		43
Sonic (a) (b)		4,360		96
Source Interlink Companies (a) (b)		2,659		4
Spanish Broadcasting System (a)		2,675		4
Spartan Motors (b)		2,231		21
Speedway Motorsports		948		25
Stage Stores		2,952		46
Stamps.com (a)		1,192		16
Standard Motor Products (b)		1,076		7
Standard-Pacific (b)		4,499		23
Steak ’N Shake (a) (b)		2,025		16
Stein Mart (b)		1,838		10
Steiner Leisure (a)		1,201		40
Steinway Musical Instruments (a)		658		19
Steven Madden (a)		1,515		29
Stoneridge (a)		981		14
Strayer Education (b)		1,080		201
Sturm, Ruger & Company (a)		1,519		11
Sun-Times Media Group (a)		4,914		4
Superior Industries International		1,042		21
Syntax Brillian (a) (b)		3,912		5
Systemax (b)		697		11
Talbots (b)		1,623		13
Tarragon Realty Investors (a) (b)		984		2
Tempur-Pedic International (b)		5,110		57
Tenneco Automotive (a) (b)		3,289		84
Texas Roadhouse, Class A (a) (b)		4,031		48
Timberland, Class A (a)		3,225		47
TiVo (a)		5,919		49
Town Sports International Holdings (a)		1,102		8
Triarc, Class B (b)		3,985		28
True Religion Apparel (a) (b)		1,011		19
Trump Entertainment Resorts (a) (b)		2,256		6
Tuesday Morning (a) (b)		2,107		11
Tupperware		4,150		164
Tween Brands (a)		1,679		32
Ulta Salon, Cosmetics & Fragrance (a) (b)		64		1
Under Armour (a) (b)		1,580		53
UniFirst		699		33
Universal Electronics (a) (b)		1,031		27
Vail Resorts (a) (b)		2,137		104
Valassis Communications (a) (b)		3,330		47
ValueVision Media (a)		1,759		10
VistaPrint (a) (b)		2,961		101
Visteon (a)		9,599		42
Volcom (a) (b)		1,021		19
Warnaco Group (a) (b)		3,196		147
WCI Communities (a) (b)		2,161		7
West Marine (a)		1,112		6
Westwood One (a)		4,797		8
Wet Seal, Class A (a) (b)		5,647		20
Weyco Group		56		2
Winnebago Industries (b)		2,198		35
WMS Industries (a)		2,749		99
Wolverine World Wide		3,376		97
World Wrestling Entertainment		1,609		28
Xerium Technologies		1,200		2
Zale (a) (b)		3,019		63
Zumiez (a) (b)		1,098		23

				10,780

Consumer Staples – 2.8%
Alico (b)		330		13
Alliance One International (a)		7,019		43
American Dairy (a) (b)		441		5
American Oriental Bioengineering (a) (b)		3,815		37
Arden Group, Class A		83		11
Boston Beer, Class A (a)		365		16
Cadiz (a) (b)		796		15
Cal-Maine Foods (b)		872		26
Casey’s General Stores (b)		3,485		77
Central European Distribution (a) (b)		2,336		142
Central Garden & Pet, Class A (a) (b)		4,199		21
Chattem (a) (b)		1,166		82
Chiquita Brands International (a) (b)		2,902		66
Coca-Cola Bottling		346		20
Darling International (a) (b)		5,100		78
Elizabeth Arden (a) (b)		1,690		31
Farmer Brothers (b)		456		11
Flowers Foods (b)		5,280		137
Fresh Del Monte Produce (a)		1,926		61
Great Atlantic & Pacific Tea (a) (b)		1,793		49
Green Mountain Coffee Roasters (a) (b)		1,308		42
Hain Celestial Group (a) (b)		2,104		52
Imperial Sugar (b)		903		14
Ingles Markets, Class A		889		20
Inter Parfums		368		11
J&J Snack Foods		1,047		30
Jones Soda (a) (b)		1,637		5

First American Funds 2008 Semiannual Report 15

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Lancaster Colony		1,422	$	54
Lance (b)		2,118		44
Longs Drug Stores (b)		2,273		91
M & F Worldwide (a)		792		27
Mannatech (b)		1,380		9
Maui Land & Pineapple (a)		372		12
MGP Ingredients		725		5
Nash-Finch (b)		912		33
National Beverage		714		6
Nu Skin Enterprises, Class A		3,472		62
Pantry (a) (b)		1,559		17
Peets Coffee & Tea (a) (b)		1,034		24
Performance Food Group (a) (b)		2,424		81
Pilgrim’s Pride		2,784		67
PriceSmart		609		17
Ralcorp Holdings (a) (b)		1,746		107
Reddy Ice Holdings (b)		788		11
Revlon (a) (b)		16,791		16
Ruddick (b)		2,584		100
Sanderson Farms (b)		1,169		49
Seaboard		27		45
Spartan Stores (b)		1,780		37
Spectrum Brands (a) (b)		2,712		12
Synutra International (a) (b)		265		9
Tiens Biotech Group USA (a) (b)		570		1
Tootsie Roll Industries (b)		2,485		61
Treehouse Foods (a)		2,147		49
United Natural Foods (a) (b)		2,940		58
Universal		1,783		115
USANA Health Sciences (a) (b)		592		12
Vector Group		2,137		37
Village Super Market		208		10
WD-40 Company		1,116		35
Weis Markets		547		17
Winn Dixie Stores (a) (b)		2,345		42

				2,487

Energy – 7.1%
Allis Chalmers Energy (a) (b)		1,748		28
Alon USA Energy (b)		672		9
APCO Argentina		276		7
Approach Resources (a)		587		11
Arena Resources (a)		2,138		96
Atlas America		1,649		115
ATP Oil & Gas (a)		1,729		50
Atwood Oceanics (a)		1,870		188
Aventine Renewable Energy (a) (b)		2,082		9
Basic Energy Services (a)		2,799		65
Berry Petroleum, Class A (b)		2,562		127
Bill Barrett (a)		2,239		115
Bois D’ Arc Energy (a)		1,023		24
BPZ Energy (a) (b)		4,180		81
Brigham Exploration (a)		3,708		35
Bristow Group (a) (b)		1,396		74
Bronco Drilling (a)		1,754		30
Cal Dive (a)		3,035		37
Callon Petroleum (a)		1,634		33
Carbo Ceramics (b)		1,449		69
Carrizo Oil & Gas (a) (b)		1,593		101
Clayton Williams Energy (a)		400		25
Clean Energy Fuels (a)		366		5
Complete Production Services (a)		2,943		80
Comstock Resources (a) (b)		3,198		146
Concho Resources (a)		1,378		38
Contango Oil & Gas Company (a)		905		69
Crosstex Energy (b)		1,966		68
CVR Energy (a) (b)		1,352		29
Dawson Geophysical (a)		607		44
Delek US Holdings		809		9
Delta Petroleum (a) (b)		4,503		111
Dril-Quip (a)		1,679		96
Edge Petroleum (a)		1,940		10
Encore Acquisition (a) (b)		3,724		170
Energy Partners (a) (b)		1,948		24
Evergreen Energy (a) (b)		5,714		8
EXCO Resources (a)		3,984		89
Exterran Holdings (a) (b)		4,205		281
FX Energy (a)		2,378		12
General Maritime (b)		1,959		51
GeoGlobal Resources (a) (b)		2,327		5
Geokinetics (a)		470		9
Geomet (a)		1,182		8
GMX Resources (a) (b) (c)		907		33
Golar LNG (b)		2,418		49
Goodrich Petroleum (a)		1,290		44
Grey Wolf (a) (b)		13,835		87
Gulf Island Fabrication		410		16
GulfMark Offshore (a)		1,153		69
Gulfport Energy (a) (b)		1,343		16
Harvest Natural Resources (a)		2,602		25
Hercules Offshore (a) (b)		5,667		149
Hornbeck Offshore Services (a) (b)		1,707		85
International Coal Group (a) (b)		8,305		66
Ion Geophysical (a)		4,794		76
Kayne Anderson Energy		681		15
Knightsbridge Tankers		1,181		34
Lufkin Industries		1,117		84
Mariner Energy (a) (b)		5,215		144
Matrix Service (a) (b)		1,726		35
McMoRan Exploration (a) (b)		2,856		78
Meridian Resource (a)		6,277		13
Natco Group (a) (b)		1,088		55
Newpark Resources (a) (b)		6,187		34
NGP Capital Resources (b)		1,311		21
Nova Biosource Fuels (a) (b)		2,015		2
NTR Acquisition (a) (b)		1,790		17
Oil States International (a) (b)		3,544		177
Oilsands Quest (a) (b)		9,445		41
Pacific Ethanol (a) (b)		2,453		8
Parallel Petroleum (a) (b)		2,798		59
Parker Drilling (a) (b)		7,861		63
Penn Virginia (b)		2,785		146
Petrocorp, escrow shares (a) (b) (d)		2,040		—
Petrohawk Energy (a) (b)		13,055		309
Petroleum Development (a)		1,075		81
PetroQuest Energy (a) (b)		3,444		72
PHI (a)		947		36
Pioneer Drilling (a) (b)		3,161		52
Rentech (a) (b)		11,394		14
Resource America, Class A		938		8
Rex Energy (a)		591		13
Rosetta Resources (a) (b)		3,694		81
RPC (b)		2,370		30
Ship Finance International (b)		2,172		66
Stone Energy (a)		1,940		118
SulphCo (a) (b)		3,182		11
Superior Well Services (a)		1,091		26
Swift Energy (a) (b)		2,059		107
T-3 Energy Services (a)		359		19
Teekay Tankers, Class A (b)		451		9
Toreador Resources (a) (b)		1,050		9
Trico Marine Service (a) (b)		594		22

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

16 First American Funds 2008 Semiannual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


TXCO Resources (a)		2,223	$	28
Union Drilling (a)		611		10
Vaalco Energy (a)		4,626		30
Venoco (a)		833		13
VeraSun Energy (a)		2,755		17
Warren Resources (a)		4,196		52
W-H Energy Services (a) (b)		2,084		161
Whiting Petroleum (a) (b)		2,598		199
Willbros Group (a) (b)		2,519		91
World Fuel Services (b)		2,014		49

				6,165

Financials – 17.6%
1st Source		844		17
Abington Bancorp		688		7
Acadia Realty Trust		2,239		57
Advance America Cash Advance Centers (b)		4,577		40
Advanta, Class B		2,205		19
Agree Realty		183		5
Alesco Financial – REIT (b)		4,090		14
Alexander’s (a)		167		59
Alexandria Real Estate Equities (b)		2,063		217
AMCORE Financial (b)		1,711		21
American Campus Communities		1,315		40
American Equity Investment Life Holding (b)		4,405		42
American Physicians Capital (b)		911		42
American West Bancorp		737		3
Ameris Bancorp		906		14
Amerisafe (a)		1,303		19
Ampal-American Israel, Class A (a)		632		4
Amtrust Financial Services		1,728		27
Anchor Bancorp		1,490		23
Anthracite Capital (b)		4,613		36
Anworth Mortgage Asset (b)		4,840		32
Apollo Investment (b)		8,080		131
Arbor Realty Trust		598		10
Ares Capital (b)		2,560		29
Argo Group International Holdings (a) (b)		1,962		70
Ashford Hospitality Trust (b)		7,758		45
Aspen Insurance Holdings (b)		6,071		158
Assured Guaranty (b)		4,591		116
Asta Funding (b)		877		13
Baldwin & Lyons, Class B		550		13
BancFirst		539		24
Banco Latinoamericano de Exportaciones		1,861		35
Bancorp Bank (a)		875		10
Bank Mutual		3,874		43
Bank of the Ozarks		1,254		31
BankAtlantic Bancorp, Class A		2,838		9
BankFinancial		1,176		19
BankUnited Financial, Class A (b)		2,057		8
Banner		854		18
Berkshire Hills Bancorp (b)		485		12
BGC Partners, Class A (a)		2,100		20
BioMed Realty Trust (b)		4,722		123
Boston Private Financial (b)		2,529		24
Brookline Bancorp (b)		4,351		47
Calamos Asset Management		1,764		32
Capital City Bank Group (b)		1,147		30
Capital Corporation of the West		831		6
Capital Lease Funding (b)		2,222		18
Capital Southwest		231		27
Capital Trust (b)		1,192		32
Capitol Bancorp (b)		1,110		19
Cascade Bancorp (b)		1,769		16
Cash America International (b)		2,049		84
Cathay General Bancorp (b)		3,607		62
CBRE Realty Finance (b)		1,983		8
Cedar Shopping Centers (b)		3,171		40
Centennial Bank Holdings (a)		3,790		24
Center Financial		1,138		12
Centerline Holdings (b)		4,216		14
Central Pacific Financial (b)		2,122		39
Chemical Financial (b)		1,723		42
Chimera Investment – REIT		2,027		28
Citizens Banking (b)		5,221		43
Citizens (a) (b)		1,796		13
City Bank (b)		984		18
City Holdings		1,384		58
Clayton Holdings (a)		701		4
Clifton Savings Bancorp		1,222		12
CNA Surety (a)		1,289		17
CoBiz		1,442		16
Cohen & Steers (b)		1,162		32
Columbia Banking System (b)		1,245		34
Commerce Group		3,325		121
Community Bank System (b)		2,554		65
Community Trust Bancorp		1,051		32
Compass Diversified Trust		1,481		18
CompuCredit (a) (b)		1,406		11
Consolidated-Tomoka Land (b)		423		22
Corporate Office Properties Trust – REIT (b)		2,824		105
Corus Bankshares (b)		2,682		20
Cousins Properties – REIT (b)		2,850		72
Cowen Group (a)		1,124		7
Crawford & Company (a) (b)		1,725		9
Credit Acceptance (a)		343		7
Crystal River Capital (b)		1,692		14
CVB Financial (b)		4,522		52
DCT Industrial Trust (b)		11,085		111
Deerfield Capital – REIT (b)		4,455		6
Delphi Financial Group, Class A		2,987		81
DiamondRock Hospitality		5,216		66
Digital Realty Trust – REIT (b)		3,611		140
Dime Community Bancshares (b)		2,281		43
Dollar Financial (a) (b)		1,095		24
Donegal Group, Class A		1,291		22
Downey Financial (b)		1,204		17
DuPont Fabros Technology – REIT		2,362		43
EastGroup Properties		1,634		78
Education Realty Trust (b)		1,971		26
eHealth (a)		832		22
EMC Insurance Group		450		13
Employers Holdings		2,077		40
Encore Capital Group (a)		1,132		8
Energy Infrastructure Acquisition (a) (b)		1,493		15
Enstar Group (a) (b)		485		53
Enterprise Financial Services (b)		746		16
Entertainment Properties Trust – REIT (b)		1,819		97
Epoch Holdings		589		7
Equity Lifestyle Properties (b)		1,712		85
Equity One – REIT (b)		3,212		79
Evercore Partners (b)		581		10
Extra Space Storage – REIT (b)		4,028		68
Ezcorp (a)		2,851		35
F.N.B. (b)		5,955		92
FBL Financial Group, Class A		596		16
FBR Capital Markets (a) (b)		2,112		14
Fcstone Group (a) (b)		611		25
Federal Agricultural Mortgage, Class C		746		24
FelCor Lodging Trust (b)		4,066		51
Financial Federal (b)		1,891		44

First American Funds 2008 Semiannual Report 17

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


First Acceptance (a)		1,440	$	4
First Bancorp – North Carolina		966		18
First Bancorp of Puerto Rico (b)		5,209		54
First Busey (b)		869		17
First Cash Financial Services (a) (b)		1,812		27
First Charter		2,369		72
First Commonwealth Financial – Pennsylvania (b)		5,095		63
First Community Bancorp		1,362		29
First Community Bancshares – Nevada		765		26
First Financial – Indiana (b)		904		29
First Financial Bancorp – Ohio		2,605		34
First Financial Bankshares (b)		1,545		69
First Financial Holdings		1,054		25
First Industrial Realty Trust (b)		3,127		94
First Merchants		1,254		32
First Mercury Financial (a)		847		13
First Midwest Bancorp (b)		3,419		87
First Niagara Financial Group (b)		7,303		105
First Place Financial		1,254		16
First Potomac Realty Trust – REIT		1,507		26
First Regional Bancorp (a) (b)		755		11
First South Bancorp (b)		192		4
First State Bancorp – New Mexico		1,208		11
FirstBank, fractional share (a) (d)		0.29		—
FirstFed Financial (a) (b)		928		14
FirstMerit		5,545		114
Flagstar Bancorp (b)		2,882		18
Flushing Financial		1,930		38
FPIC Insurance Group (a)		667		31
Franklin Bank (a) (b)		775		1
Franklin Street Properties (b)		3,932		58
Friedman Billings Ramsey Group		11,028		27
Frontier Financial (b)		2,689		43
FX Real Estate & Entertainment (a)		705		3
GAMCO Investors		364		17
Getty Realty		1,760		32
GFI Group (b)		4,318		51
Glacier Bancorp (b)		3,695		76
Gladstone Capital (b)		978		18
Glimcher Realty Trust		2,748		33
GMH Communities Trust		2,306		22
Gramercy Capital (b)		2,130		40
Great Southern Bancorp (b)		913		14
Greene County Bancshares		617		12
Greenhill & Company (b)		1,404		91
Grubb & Ellis		2,662		16
Hallmark Financial Services (a)		247		3
Hancock Holding (b)		1,846		76
Hanmi Financial		3,239		23
Harleysville Group		1,040		38
Harleysville National (b)		1,972		29
Healthcare Realty Trust (b)		3,303		94
Heartland Financial USA (b)		1,121		25
Hercules Technology Growth Capital		1,373		14
Heritage Commerce		1,036		18
Hersha Hospitality Trust		3,028		29
HFF (a)		1,106		7
Highwoods Properties – REIT (b)		4,002		140
Hilb, Rogal & Hobbs (b)		2,511		73
Hilltop Holdings (a)		3,446		36
Home Properties (b)		2,556		134
Horace Mann Educators (b)		3,813		65
Horizon Financial		1,101		14
IBERIABANK		833		40
IMPAC Mortgage Holdings (a) (b)		5,393		6
Imperial Capital Bancorp		372		6
Independence Holdings		507		7
Independent Bank – Michigan (b)		1,525		12
Independent Bank		1,157		34
Infinity Property & Casualty (b)		1,202		47
Inland Real Estate (b)		4,007		65
Integra Bank		1,313		19
Interactive Brokers Group (a) (b)		2,759		87
International Bancshares (b)		3,264		82
Investors Bancorp (a) (b)		2,843		42
Investors Real Estate Trust (b)		3,398		35
IPC Holdings		4,229		123
Irwin Financial		1,442		8
JER Investment Trust (b)		1,287		10
KBW (a) (b)		2,023		48
Kearny Financial		1,474		16
Kite Realty Group Trust – REIT		2,157		29
Knight Capital Group, Class A (a) (b)		7,102		133
Kohlberg Capital (b)		1,009		10
LaBranche (a)		4,010		26
Ladenburg Thalman Financial Services (a) (b)		6,915		13
Lakeland Bancorp (b)		1,778		28
Lakeland Financial		897		21
LandAmerica Financial Group (b)		1,087		31
LaSalle Hotel Properties – REIT (b)		2,895		93
Lexington Corporate Properties Trust (b)		5,078		73
LTC Properties – REIT (b)		1,445		39
Luminent Mortgage Capital (a)		3,513		1
Macatawa Bank (b)		1,676		19
Maguire Properties – REIT (b)		2,929		47
MainSource Financial Group		988		15
Marathon Acquisition (a) (b)		2,623		20
MarketAxess Holdings (a) (b)		2,237		20
Max Capital Hamilton (b)		4,182		98
MB Financial (b)		1,962		56
MCG Capital (b)		3,330		25
Meadowbrook Insurance Group		1,886		14
Medical Properties Trust (b)		4,299		52
Meruelo Maddux Properties (a)		2,372		6
MFA Mortgage Investments (b)		10,161		71
Mid-America Apartment Communities		1,494		78
Midwest Banc Holdings (b)		985		10
Mission West Properties – REIT		1,231		15
Montpelier Holdings		7,019		116
Move (a)		7,423		23
MVC Capital		1,666		26
Nara Bancorp (b)		1,612		21
NASB Financial (b)		347		10
National Financial Partners (b)		2,957		80
National Health Investors		1,598		49
National Interstate		372		8
National Penn Bancshares (b)		5,937		99
National Penn Bancshares, fractional share (a) (d)		0.50		—
National Retail Properties (b)		4,369		100
National Western Life Insurance, Class A		153		39
Nationwide Health Properties – REIT (b)		5,464		197
Navigators Group (a) (b)		878		43
NBT Bancorp		2,367		54
Nelnet, Class A (b)		1,222		16
NewAlliance Bancshares (b)		8,222		111
Newcastle Investment – REIT (b)		3,105		31
Newstar Financial (a)		919		5
Nexcen Brands (a)		2,807		9
NorthStar Realty Finance – REIT (b)		4,349		45
Northwest Bancorp (b)		1,420		37
NYMAGIC		305		7
Ocwen Financial (a) (b)		2,817		14

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

18 First American Funds 2008 Semiannual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Odyssey RE Holdings		1,946	$	70
Old National Bancorp (b)		4,565		78
Old Second Bancorp		813		20
OMEGA Healthcare Investors (b)		4,235		74
optionsXpress Holdings (b)		3,015		65
Oriental Financial Group		1,402		26
Pacific Capital Bancorp (b)		3,233		66
Park National (b)		832		63
Parkway Properties (b)		1,228		49
Patriot Capital Funding (b)		1,188		12
PennantPark Investment		1,365		10
Pennsylvania (b)		2,203		55
Penson Worldwide (a)		995		11
Peoples Bancorp – Ohio		807		20
PFF Bancorp (b)		1,473		6
Phoenix Companies		7,865		102
Pinnacle Financial Partners (a)		744		20
Piper Jaffray Companies (a) (b)		1,416		53
Platinum Underwriters Holdings		3,553		127
PMA Capital (a)		2,454		23
Post Properties (b)		2,997		110
Potlatch – REIT (b)		2,911		130
Presidential Life		1,469		25
Primus Guaranty (a) (b)		3,090		14
PrivateBancorp (b)		1,304		44
ProAssurance (a) (b)		2,133		113
Prospect Capital Corporation (b)		1,315		19
Prosperity Bancshares (b)		2,061		64
Provident Bankshares (b)		2,205		28
Provident Financial Services (b)		4,183		65
Provident New York Bancorp		3,080		41
PS Business Parks – REIT (b)		1,199		69
Pzena Investment Management		352		4
QC Holdings (b)		496		4
RAIT Financial Trust (b)		4,183		32
Ramco-Gershenson Properties Trust – REIT		1,645		37
Realty Income – REIT (b)		5,542		146
Redwood Trust – REIT (b)		1,651		55
Renasant (b)		1,019		24
Republic Bancorp – Kentucky, Class A		764		18
Resource Capital – REIT		1,478		13
Riskmetrics Group (a)		1,445		25
RLI		1,442		69
Rockville Financial (b)		971		13
S&T Bancorp		1,703		58
Safety Insurance Group		1,045		38
Sanders Morris Harris Group (b)		1,324		11
Sandy Spring Bancorp (b)		1,195		30
Santander Bancorp		334		4
Saul Centers		835		42
SCBT Financial		721		24
SeaBright Insurance Holdings (a)		1,194		19
Seacoast Banking (b)		1,295		14
Security Bank (b)		1,197		9
Security Capital Assurance		1,658		2
Selective Insurance Group		4,103		87
Senior Housing Properties Trust (b)		5,688		136
Sierra Bancorp (b)		287		6
Signature Bank (a) (b)		1,908		50
Simmons First National, Class A		962		31
South Financial Group (b)		5,098		31
Southside Bancshares (b)		956		23
Southwest Bancorp – Oklahoma		1,168		21
Sovran Self Storage – REIT		1,398		62
State Auto Financial		1,276		35
Sterling Bancorp		1,615		26
Sterling Bancshares (b)		5,158		54
Sterling Financial – Washington (b)		3,375		41
Stewart Information Services (b)		1,490		36
Stifel Financial (a) (b)		1,105		52
Strategic Hotels & Resorts – REIT		5,192		75
Suffolk Bancorp		794		26
Sun Bancorp – New Jersey (a)		1,227		14
Sun Communities (b)		1,748		34
Sunstone Hotel Investors – REIT (b)		4,070		76
Superior Bancorp (a)		173		3
Susquehanna Bancshares (b)		5,674		113
SVB Financial (a) (b)		2,364		115
SWS Group		1,820		24
SY Bancorp		1,072		26
Tanger Factory Outlet Centers (b)		2,864		116
Taylor Capital Group		421		6
Tejon Ranch (a)		827		35
Texas Capital Bancshares (a) (b)		1,931		36
Thomas Properties Group		1,639		14
Thomas Weisel Partners Group (a)		1,512		10
TICC Capital		1,052		8
TierOne		1,525		14
Tompkins Trustco		446		22
Tower Group		1,607		38
TradeStation Group (a) (b)		1,949		18
Triad Guaranty (a) (b)		616		1
TriCo Bancshares		1,308		22
TrustCo Bank Corporation of New York (b)		5,134		45
Trustmark (b)		3,383		74
UCBH Holdings (b)		6,882		50
UMB Financial (b)		1,628		81
Umpqua Holdings (b)		4,136		61
Union Bankshares		1,265		24
United American Indemnity (a)		1,691		26
United Bankshares		2,430		71
United Community Banks (b)		2,338		32
United Community Financial		1,817		15
United Fire & Casualty		1,271		42
United Security Bancshares (b)		572		8
Universal American Financial (a)		2,851		31
Universal Health Realty Income Trust – REIT		1,196		40
Univest Corporation of Pennsylvania (b)		1,071		27
Urstadt Biddle Properties, Class A		2,213		37
US Global Investors (a)		811		11
U-Store-It Trust – REIT (b)		3,160		38
Virginia Commerce Bancorp (a)		1,792		13
W Holding Company (b)		7,958		8
Waddell & Reed Financial, Class A		6,388		216
Washington Real Estate Investment Trust (b)		3,108		110
Washington Trust Bancorp		774		19
WesBanco		1,390		30
West Coast Bancorp – Oregon		1,397		18
Westamerica Bancorporation (b)		2,073		121
Western Alliance Bancorp (a) (b)		763		10
Westfield Financial		1,247		12
Wilshire Bancorp		1,643		14
Winthrop Realty Trust (b)		2,812		12
Wintrust Financial (b)		1,671		53
World Acceptance (a) (b)		1,192		47
WP Stewart & Company (b)		647		1
WSFS Financial		479		24
Zenith National Insurance (b)		2,736		102

				15,298

First American Funds 2008 Semiannual Report 19

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Healthcare – 11.6%
Abaxis (a) (b)		1,424	$	36
ABIOMED (a)		1,405		21
ACADIA Pharmaceuticals (a) (b)		2,168		17
Accuray (a)		837		7
Acorda Therapeutics (a) (b)		1,926		41
Affymax (a)		287		4
Affymetrix (a)		4,738		52
Air Methods (a)		832		33
Akorn (a)		3,266		15
Albany Molecular Research (a)		1,825		21
Alexion Pharmaceuticals (a) (b)		2,378		167
Alexza Pharmaceuticals (a)		1,418		9
Align Technology (a)		4,116		51
Alkermes (a) (b)		6,893		86
Alliance Imaging (a)		1,221		10
Allos Therapeutics (a)		2,828		16
Allscripts Healthcare Solutions (a) (b)		3,805		42
Alnylam Pharmaceuticals (a) (b)		2,448		61
Alpharma, Class A (a) (b)		3,000		74
Altus Pharmaceuticals (a)		1,466		6
AMAG Pharmaceuticals (a)		1,134		47
Amedisys (a) (b)		1,834		95
American Dental Partners (a)		870		10
American Medical Systems (a) (b)		5,183		73
AMERIGROUP (a)		3,634		94
Amicus Therapeutics (a) (b)		317		3
AMN Healthcare Services (a)		2,528		37
Amsurg, Class A (a)		2,068		53
Analogic		965		56
AngioDynamics (a)		1,551		23
Animal Health International (a)		804		7
Applera (a) (b)		5,340		71
Apria Healthcare Group (a) (b)		2,955		52
Arena Pharmaceuticals (a) (b)		4,327		24
Ariad Pharmaceuticals (a)		4,784		14
ArQule (a) (b)		2,685		10
Array BioPharma (a)		2,586		16
ArthroCare (a) (b)		2,009		91
Aspect Medical Systems (a)		1,344		9
Assisted Living Concept (a)		4,140		30
Athenahealth (a) (b)		180		5
Auxilium Pharmaceuticals (a) (b)		2,125		65
Bentley Pharmaceuticals (a)		1,305		20
Biodel (a)		315		4
BioMarin Pharmaceutical (a) (b)		6,572		240
Biomimetic Therapeutics (a)		741		7
Bionovo (a) (b)		3,570		4
Bio-Rad Laboratories, Class A (a)		1,283		107
Bio-Reference Labs (a)		923		23
BMP Sunstone (a) (b)		2,066		15
Bruker BioSciences (a)		4,450		54
Cadence Pharmaceuticals (a) (b)		1,440		9
Cantel Medical (a)		814		8
Capital Senior Living (a)		1,767		15
Caraco Pharmaceutical Laboratories (a)		1,095		18
Cell Genesys (a) (b)		5,304		20
Centene (a)		2,984		55
Cepheid (a) (b)		3,796		74
Chemed		1,769		60
Computer Programs & Systems		596		11
Conceptus (a) (b)		1,661		30
CONMED (a) (b)		1,936		49
Corvel (a) (b)		620		20
Cross Country Healthcare (a)		2,180		26
CryoLife (a)		1,526		16
Cubist Pharmaceuticals (a) (b)		3,815		74
Cutera (a)		959		13
CV Therapeutics (a)		4,320		40
Cyberonics (a) (b)		1,622		26
Cynosure (a)		517		13
Cypress Bioscience (a) (b)		2,478		16
Cytokinetics (a)		2,451		8
Cytrx (a) (b)		6,061		5
Datascope		922		35
Dendreon (a) (b)		6,149		32
Discovery Laboratories (a) (b)		6,563		19
Durect (a) (b)		4,653		21
Eclipsys (a) (b)		3,157		66
Emergency Medical Services (a)		639		14
Emergent Biosolutions (a)		446		4
Emeritus (a)		227		6
Enzo Biochem (a)		1,923		16
Enzon (a) (b)		2,983		26
eResearchTechnology (a)		2,703		33
ev3 (a) (b)		3,176		26
Exelixis (a) (b)		6,331		48
Genomic Health (a)		952		20
Genoptix (a) (b)		225		6
Gentiva Health Services (a) (b)		1,992		43
Genvec (a) (b)		4,636		9
Geron (a) (b)		5,058		24
Greatbatch (a) (b)		1,632		30
GTx (a) (b)		1,132		19
Haemonetics (a) (b)		1,819		104
Halozyme Therapeutics (a)		4,451		22
Hansen Medical (a) (b)		750		13
HealthExtras (a)		1,944		55
Healthsouth (a) (b)		5,427		107
Healthspring (a)		3,297		56
Healthways (a)		2,521		92
HMS Holdings (a)		1,446		37
Hologic (a)		16,421		479
Human Genome Sciences (a) (b)		9,241		61
Hythiam (a) (b)		1,821		5
ICU Medical (a) (b)		880		22
Idenix Pharmaceuticals (a) (b)		2,157		14
I-Flow (a)		1,701		23
Illumina (a) (b)		3,676		286
Immucor (a) (b)		4,732		128
Immunomedics (a) (b)		3,973		10
Incyte (a) (b)		6,324		69
Indevus Pharmaceuticals (a)		3,994		19
Insulet (a)		259		5
Integra LifeSciences (a) (b)		1,242		53
InterMune (a) (b)		1,968		31
Invacare		1,963		35
inVentiv Health (a) (b)		2,084		62
Inverness Medical Innovations (a) (b)		5,110		189
Isis Pharmaceuticals (a) (b)		6,031		71
Javelin Pharmaceuticals (a) (b)		2,849		8
Kendle International (a) (b)		968		41
Kensey Nash (a) (b)		801		23
Keryx Biopharmaceuticals (a)		3,475		2
Kindred Healthcare (a) (b)		1,945		46
Kosan Biosciences (a)		2,835		5
K-V Pharmaceutical, Class A (a) (b)		2,604		64
LCA-Vision (b)		1,422		14
LHC Group (a)		611		10
LifeCell (a)		2,324		118
Ligand Pharmaceuticals (a)		6,368		26
Luminex (a) (b)		2,486		49

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

20 First American Funds 2008 Semiannual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Magellan Health Services (a)		2,685	$	104
MannKind (a) (b)		3,367		9
Martek Biosciences (a) (b)		2,220		78
Masimo (a)		749		22
Matria Healthcare (a)		1,665		42
Maxygen (a)		2,189		13
Medarex (a) (b)		8,642		62
MedAssets (a)		987		15
MedCath (a)		620		12
Medical Action Industries (a)		1,107		18
Medicines (a) (b)		3,561		70
Medicis Pharmaceutical, Class A (b)		3,835		79
Medivation (a) (b)		1,477		23
Mentor (b)		2,304		67
Meridian Bioscience		2,003		54
Merit Medical Systems (a)		1,956		29
Metabolix (a) (b)		993		11
Micrus Endovascular (a)		1,037		12
Mine Safety Appliances		1,939		72
Minrad International (a) (b)		3,348		8
Molecular Insight Pharmaceuticals (a)		380		3
Molina Healthcare (a) (b)		952		24
Momenta Pharmaceuticals (a)		1,901		27
MWI Veterinary Supply (a)		189		7
Myriad Genetics (a) (b)		2,744		114
NABI Biopharmaceuticals (a)		4,477		18
Nastech Pharmaceutical (a) (b)		1,695		2
National Healthcare		484		24
Natus Medical (a)		1,394		27
Nektar Therapeutics (a)		6,292		30
Neurocrine Biosciences (a)		2,560		14
Neurogen (a)		2,149		2
Nighthawk Radiology Holdings (a)		1,431		11
Northstar Neuroscience (a)		1,238		2
Novacea (a)		493		1
Noven Pharmaceuticals (a)		1,743		16
NuVasive (a) (b)		2,619		100
NxStage Medical (a)		1,398		8
Obagi Medical Products (a)		81		1
Odyssey Healthcare (a)		2,672		24
Omnicell (a)		2,034		24
Omrix Biopharmaceuticals (a)		955		14
Onyx Pharmaceuticals (a) (b)		3,731		131
OraSure Technologies (a)		3,175		21
Orexigen Therapeutics (a)		474		5
Orthofix International (a)		1,145		35
OSI Pharmaceuticals (a) (b)		3,970		138
Osiris Therapeutics (a) (b)		880		10
Owens & Minor (b)		2,780		126
Pain Therapeutics (a) (b)		2,406		17
Palomar Medical Technologies (a) (b)		1,305		18
Par Pharmaceutical Companies (a)		2,622		45
PAREXEL International (a) (b)		3,766		96
Penwest Pharmaceuticals (a)		1,648		5
Perrigo (b)		5,287		217
PharmaNet Development Group (a)		1,295		31
Pharmerica (a) (b)		1,705		29
Poniard Pharmaceuticals (a)		1,550		6
POZEN (a) (b)		1,905		25
Progenics Pharmaceutical (a) (b)		1,726		23
Protalix Biotherapeutics (a)		143		—
PSS World Medical (a) (b)		4,629		76
Psychiatric Solutions (a) (b)		3,710		129
Quidel (a)		2,020		32
Regeneron Pharmaceutical (a)		4,378		86
RehabCare Group (a)		1,112		19
Res-Care (a)		1,688		27
Rigel Pharmaceuticals (a) (b)		2,439		55
RTI Biologics (a)		1,974		20
Salix Pharmaceuticals (a) (b)		3,237		23
Santarus (a)		3,452		9
Savient Pharmaceuticals (a) (b)		3,932		86
Sciele Pharma (a) (b)		2,122		41
Seattle Genetics (a) (b)		3,959		40
Senomyx (a)		2,341		14
Sirona Dental Systems (a) (b)		1,337		36
Sirtris Pharmaceuticals (a) (b)		399		9
Skilled Healthcare Group, Class A (a)		1,517		18
Somaxon Pharmaceuticals (a)		660		3
Sonic Innovations (a)		1,807		8
SonoSite (a) (b)		1,306		42
Spectranetics (a)		2,418		26
Stereotaxis (a) (b)		1,795		12
STERIS (b)		4,440		123
Stewart Enterprises, Class A (b)		6,960		48
Sun Healthcare Group (a)		2,950		39
Sunrise Senior Living (a)		3,070		66
SuperGen (a) (b)		3,579		10
SurModics (a) (b)		1,046		47
Symmetry Medical (a)		2,448		34
Telik (a) (b)		3,823		8
Tercica (a)		2,340		12
Thoratec (a)		3,805		61
TomoTherapy (a) (b)		287		3
TriZetto Group (a) (b)		3,397		72
Trubion Pharmaceuticals (a) (b)		580		4
United Therapeutics (a) (b)		1,422		120
Valeant Pharmaceuticals International (a) (b)		6,066		81
Vanda Pharmaceuticals (a) (b)		1,818		6
Varian (a)		2,110		107
Verenium Corporation (a) (b)		2,708		8
ViroPharma (a)		4,835		44
Vital Images (a) (b)		917		14
Vital Signs		326		17
Vivus (a)		4,029		23
Volcano (a)		1,960		23
West Pharmaceutical Services		2,377		112
Wright Medical Group (a) (b)		2,365		66
XenoPort (a)		1,464		63
XOMA (a) (b)		9,182		22
Zoll Medical (a)		1,408		47
ZymoGenetics (a) (b)		2,965		26

				10,073

Industrials – 14.3%
3D Systems (a) (b)		980		15
A.O. Smith		1,380		43
AAON		937		17
AAR (a) (b)		2,625		61
ABM Industries (b)		2,933		61
ABX Air (a)		4,732		13
ACCO Brands (a)		3,041		42
Accuride (a)		1,771		14
Actuant, Class A (b)		4,015		136
Acuity Brands		3,010		144
Administaff		1,677		44
Advisory Board (a) (b)		1,228		57
Aecom Technology (a) (b)		2,718		75
Aerovironment (a)		344		8
AirTran Holdings (a) (b)		6,254		21
Alaska Air Group (a) (b)		2,597		56
Albany International, Class A (b)		1,952		71

First American Funds 2008 Semiannual Report 21

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Allegiant Travel (a)		177	$	5
Altra Holdings (a)		673		10
Amerco (a)		773		44
American Commercial Lines (a) (b)		3,402		54
American Ecology		1,105		29
American Railcar Industries (b)		690		14
American Reprographics (a) (b)		2,030		32
American Science & Engineering (b)		743		36
American Superconductor (a) (b)		2,757		70
American Woodmark (b)		943		18
Ameron International		651		64
Ampco-Pittsburgh		578		26
Amrep		147		8
Apogee Enterprises (b)		1,973		44
Applied Energetics (a) (b)		1,950		4
Applied Industrial Technology (b)		2,959		71
ARGON ST (a) (b)		1,015		19
Arkansas Best (b)		1,565		62
Arrowhead Research (a) (b)		2,327		6
Asset Acceptance Capital (b)		1,224		15
Astec Industries (a)		1,305		48
Atlas Air Worldwide Holdings (a)		910		55
AZZ (a)		797		21
Badger Meter (b)		900		47
Baldor Electric		3,029		98
Barnes Group		2,601		68
Barrett Business Services		543		7
Beacon Roofing Supply (a) (b)		3,026		32
BlueLinx Holdings (b)		569		3
Bowne & Company		2,344		39
Brady, Class A (b)		3,189		108
Briggs & Stratton (b)		3,399		52
Bright Horizons Family Solutions (a)		1,805		86
Bucyrus International (b)		2,522		318
Builders FirstSource (a) (b)		742		5
Cascade (b)		818		35
Casella Waste Systems (a)		1,589		17
CBIZ (a)		4,304		38
CDI (b)		572		16
Celadon Group (a) (b)		1,514		16
Cenveo (a) (b)		3,676		38
Ceradyne (a) (b)		1,873		73
Chart Industries (a)		853		35
Circor International		1,172		56
CLARCOR (b)		3,586		150
Clean Harbors (a)		1,137		75
Coleman Cable (a)		561		7
Columbus McKinnon (a) (b)		1,308		37
Comfort Systems USA (b)		3,251		44
Commercial Vehicle Group (a)		1,692		20
COMSYS IT Partners (a)		1,183		10
Consolidated Graphics (a) (b)		638		37
Cornell (a)		397		9
CoStar Group (a) (b)		1,209		58
CPI (b)		365		7
CRA International (a)		848		29
Cubic		1,037		28
Curtiss-Wright (b)		3,032		144
Deluxe		3,567		76
Diamond Management & Technology Consultation		1,435		9
Dollar Thrifty Automotive (a) (b)		1,453		19
Duff & Phelps, Class A (a)		639		12
Dycom Industries (a) (b)		3,039		44
Dynamex (a)		790		20
Dynamic Materials		936		44
DynCorp International (a) (b)		2,014		36
Eagle Bulk Shipping		2,765		81
Electro Rent		1,176		16
EMCOR Group (a)		4,376		110
Encore Wire (b)		1,593		36
Energy Conversion Devices (a) (b)		2,713		88
EnergySolutions		1,353		30
EnerSys (a)		1,457		34
ENGlobal (a) (b)		1,257		13
Ennis Business Forms		2,093		35
EnPro Industries (a)		1,589		58
ESCO Technologies (a) (b)		1,776		83
Esterline Technologies (a)		1,700		95
Evergreen Solar (a) (b)		6,451		55
Exponent (a)		1,015		34
ExpressJet Holdings (a)		3,589		11
Federal Signal (b)		3,045		42
First Advantage (a)		185		4
Flow International (a)		2,591		26
Force Protection (a) (b)		4,663		14
Forward Air (b)		2,075		71
Franklin Electric (b)		1,326		51
FreightCar America		897		34
FTD Group		1,203		17
FTI Consulting (a) (b)		3,002		192
FuelCell Energy (a) (b)		4,344		38
Fuel-Tech (a) (b)		1,178		30
G&K Services, Class A (b)		1,351		43
Gehl Company (a)		472		7
Genco Shipping & Trading (b)		1,361		92
GenCorp (a) (b)		3,835		33
Genesee & Wyoming, Class A (a) (b)		2,249		80
Geo Group (a) (b)		3,621		96
GeoEye (a)		1,201		28
GEVITY HR		1,655		11
Global Cash Access Holdings (a)		2,783		17
Gorman-Rupp		991		35
Granite Construction (b)		2,594		89
Greenbrier Companies (b)		969		22
Griffon (a)		2,069		19
H & E Equipment Services (a)		811		11
Hardinge		749		12
Healthcare Services Group (b)		2,927		45
Heartland Express (b)		3,970		61
HEICO (b)		1,493		77
Heidrick & Struggles International		1,381		41
Herman Miller (b)		4,080		95
Hexcel (a) (b)		6,480		145
Horizon Lines, Class A (b)		2,322		24
Houston Wire & Cable (b)		1,182		22
Hub Group (a) (b)		2,666		87
Hudson Highland Group (a)		1,742		15
Hurco (a)		389		18
Huron Consulting Group (a)		1,367		57
ICT Group (a)		480		5
IHS, Class A (a)		2,067		137
II-VI (a)		1,764		66
IKON Office Solutions		5,438		60
InnerWorkings (a) (b)		1,584		21
Innovative Solutions & Support (a)		864		8
Insituform Technologies, Class A (a) (b)		2,031		34
Insteel Industries		979		12
Integrated Electrical Services (a) (b)		929		16
Interline Brands (a) (b)		2,019		39
Jackson Hewitt Tax Service		2,053		31
JetBlue Airways (a) (b)		12,241		62
Kadant (a)		965		25

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

22 First American Funds 2008 Semiannual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Kaman		1,874	$	51
Kaydon (b)		2,029		106
Kelly Services, Class A (b)		1,361		30
Kenexa (a) (b)		1,758		31
Kforce (a)		2,100		17
Knight Transportation (b)		4,291		73
Knoll		1,986		26
Korn/Ferry International (a) (b)		2,966		55
Ladish (a) (b)		1,110		33
Lawson Products		284		7
Layne Christensen (a)		719		31
LB Foster (a) (b)		818		26
LECG (a)		1,437		15
Lindsay Manufacturing (b)		870		91
LSI Industries		1,688		19
Marten Transport (a)		1,265		21
MasTec (a)		2,737		22
McGrath Rentcorp		1,708		44
Medis Technologies (a) (b)		1,600		13
Mercury Computer Systems (a)		1,559		13
Michael Baker (a)		491		10
Middleby (a) (b)		1,065		67
Miller Industries (a)		760		9
Mobile Mini (a) (b)		2,577		55
Moog, Class A (a) (b)		2,571		111
MTC Technologies (a) (b)		794		19
Mueller Industries		2,516		81
Mueller Water Products, Class A (b)		7,862		63
Multi Color		270		6
NACCO Industries, Class A (b)		385		35
Navigant Consulting (a) (b)		3,235		65
NCI Building Systems (a) (b)		1,378		33
Nordic American Tanker Shipping (b)		1,789		60
Nordson		2,072		122
NuCo2 (a)		765		21
Odyssey Marine Exploration (a)		2,836		14
Old Dominion Freight Line (a)		2,297		71
On Assignment (a)		1,836		13
Orbital Sciences (a) (b)		4,074		110
Orion Energy Systems (a)		446		5
Pacer International		2,562		48
Park-Ohio Holdings (a)		568		9
Patriot Transportation Holdings (a)		24		2
PeopleSupport (a) (b)		1,735		17
Perini (a) (b)		1,835		66
PGT (a)		309		1
PHH (a) (b)		3,660		72
Pico Holdings (a)		581		21
Pike Electric (a)		781		13
Pinnacle Airlines (a) (b)		1,388		12
Polypore International (a) (b)		349		8
Portfolio Recovery Associates (b)		1,050		46
Powell Industries (a)		565		24
Power-One (a)		5,244		16
Pre-Paid Legal Services (a)		620		27
Protection One (a) (b)		59		1
The Provident Service (a)		716		20
Quanex Building Products (a) (b)		2,549		43
Raven Industries		1,342		41
RBC Bearings (a)		1,496		60
Regal-Beloit (b)		2,202		82
Republic Airways Holdings (a)		2,314		39
Resources Connection (b)		3,633		73
Robbins & Myers (b)		2,101		84
Rollins		2,929		47
RSC Holdings (a)		1,445		13
Rush Enterprises (a) (b)		2,282		37
Saia (a)		926		13
SAIC (a) (b)		11,294		215
Schawk		1,277		20
School Specialty (a)		1,487		44
SI International (a)		744		17
Simpson Manufacturing (b)		2,533		67
SkyWest (b)		4,254		81
Sotheby’s Holdings, Class A (b)		4,472		124
Spherion (a) (b)		3,823		19
Standard Parking (a)		804		17
Standard Register (b)		1,174		11
Standex International		842		18
Stanley (a)		532		13
Sun Hydraulics		764		23
TAL International Group		924		22
Taleo (a)		1,032		20
TBS International (a) (b)		336		13
Team (a)		938		28
Tecumseh Products, Class A (a) (b)		1,064		33
Teledyne Technologies (a) (b)		2,523		148
Teletech Holdings (a)		2,891		66
Tennant (b)		1,060		36
Tetra Tech (a) (b)		3,983		84
Titan International		1,627		58
Titan Machinery (a)		313		6
TransDigm Group (a) (b)		622		24
Tredegar		2,305		38
Trex (a) (b)		938		9
Triumph Group (b)		1,138		67
TrueBlue (a)		3,073		39
TurboChef Technologies (a)		1,362		12
Twin Disc		635		11
UAP Holding		3,855		150
Ultrapetrol Bahamas (a) (b)		1,048		10
United Stationers (a) (b)		1,702		75
Universal Forest Products (b)		1,155		40
Universal Technical Institute (a)		1,684		19
Universal Truckload Services (a)		204		4
Valmont Industries (b)		1,386		136
Viad (b)		1,513		48
Vicor		1,335		16
Volt Information Sciences (a) (b)		1,061		14
Wabash National (b)		2,121		18
Walter Industries (b)		3,595		249
Waste Connections (a) (b)		4,461		143
Waste Services (a)		373		3
Watsco		1,570		71
Watson Wyatt & Company Holdings (b)		2,894		170
Watts Water Technologies, Class A (b)		2,053		55
Werner Enterprises (b)		3,217		63
Westinghouse Air Brake Technologies		3,353		144
Woodward Governor		4,133		145

				12,416

Information Technology – 15.5%
3Com (a)		26,675		64
Acacia Research – Acacia Technology (a)		2,223		12
ACI Worldwide (a) (b)		2,560		57
Acme Packet (a)		1,537		14
Actel (a) (b)		1,763		29
Actuate (a)		4,413		18
Adaptec (a)		8,134		23
ADTRAN		3,826		91
Advanced Analogic Technologies (a)		2,211		15
Advanced Energy Industries (a) (b)		2,267		32

First American Funds 2008 Semiannual Report 23

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Advent Software (a) (b)		1,281	$	51
Agilysys		1,632		18
Airvana (a)		643		4
Amkor Technology (a)		7,301		70
ANADIGICS (a) (b)		3,828		43
Anaren (a)		1,201		16
Anixter International (a) (b)		2,121		121
Ansoft (a)		1,093		36
ANSYS (a) (b)		4,816		194
Applied Micro Circuits (a) (b)		4,868		43
Ariba (a) (b)		5,425		64
Arris Group (a) (b)		9,474		77
Art Technology Group (a)		8,495		30
AsiaInfo Holdings (a)		2,160		26
Asyst Technologies (a)		3,572		13
Atheros Communications (a) (b)		4,010		107
ATMI (a) (b)		2,181		64
Audiovox (a)		1,192		13
Avanex (a) (b)		12,291		11
Avid Technology (a) (b)		3,165		66
Avocent (a) (b)		3,207		63
Axcelis Technologies (a)		7,076		38
Bankrate (a) (b)		779		41
BearingPoint (a) (b)		14,593		27
Bel Fuse		771		20
Belden (b)		3,147		106
Benchmark Electronics (a)		4,589		82
Black Box		1,192		35
Blackbaud (b)		3,039		71
Blackboard (a) (b)		1,969		68
Blue Coat Systems (a) (b)		2,212		47
Borland Software (a) (b)		5,062		9
Bottomline Technologies (a)		1,100		12
Brightpoint (a)		3,491		32
Brooks Automation (a) (b)		4,438		46
Cabot Microelectronics (a)		1,630		55
CACI International, Class A (a) (b)		2,122		106
Cass Information Systems (b)		488		16
Cavium Networks (a)		141		3
Checkpoint Systems (a)		2,882		75
Chordiant Software (a)		2,277		10
CIBER (a)		3,736		23
Cirrus Logic (a)		6,561		47
CMGI (a)		3,316		46
CNET Networks (a) (b)		10,365		80
Cogent (a)		2,965		28
Cognex		3,024		76
Cohu		1,539		27
Commvault Systems (a)		2,447		30
Comscore (a)		395		7
Comtech Group (a) (b)		1,062		14
Comtech Telecommunications (a) (b)		1,681		65
Comverge (a)		375		5
Concur Technologies (a) (b)		2,831		94
Conexant Systems (a)		36,412		18
Constant Contact (a) (b)		491		9
CPI International (a)		568		6
Cray (a)		2,299		14
Credence Systems (a)		7,588		8
CSG Systems International (a)		2,535		31
CTS		2,494		28
CyberSource (a) (b)		4,564		83
Cymer (a) (b)		2,181		57
Daktronics (b)		2,177		32
Data Domain (a) (b)		335		7
DealerTrack Holdings (a) (b)		2,252		43
Dice Holdings (a) (b)		1,144		8
Digi International (a)		1,826		15
Digital River (a) (b)		2,520		83
Diodes (a) (b)		2,060		56
Dionex (a) (b)		1,307		102
Ditech Networks (a)		1,952		6
Divx (a)		1,602		12
Double-take Software (a) (b)		594		9
DSP Group (a)		1,925		25
DTS (a)		1,490		44
EarthLink (a)		7,516		69
Echelon (a) (b)		2,045		23
Electro Scientific Industries (a)		2,096		34
Electronics for Imaging (a) (b)		3,940		57
Emulex (a)		5,879		77
EnerNOC (a) (b)		257		4
Entegris (a)		8,167		62
Epicor Software (a) (b)		4,516		36
EPIQ Systems (a)		1,502		23
Equinix (a) (b)		2,452		222
Euronet Worldwide (a) (b)		3,169		56
Exar (a)		1,240		10
Excel Technologies (a)		859		20
Exlservice Holdings (a) (b)		1,567		39
Extreme Networks (a)		8,942		27
FalconStor Software (a)		2,215		18
FARO Technologies (a)		980		35
FEI (a)		2,375		52
Finisar (a) (b)		17,132		23
FLIR Systems (a) (b)		9,113		313
FormFactor (a) (b)		3,264		63
Forrester Research (a)		1,227		35
Foundry Networks (a) (b)		10,019		128
Gartner, Class A (a) (b)		4,758		109
Gerber Scientific (a)		1,786		17
Glu Mobile (a)		427		2
Greenfield Online (a)		1,517		17
Harmonic (a) (b)		5,348		44
Harris Stratex Networks, Class A (a) (b)		1,926		18
Heartland Payment Systems (b)		704		15
Hittite Microwave (a)		724		29
HSW International (a) (b)		875		4
Hughes Communications (a)		275		15
Hutchinson Technology (a) (b)		1,911		27
Hypercom (a)		3,673		16
i2 Technologies (a) (b)		1,101		12
Ibasis		2,265		7
iGATE (a)		1,773		14
Imation		2,303		54
Imergent (b)		857		10
Immersion (a) (b)		1,724		19
Infinera (a)		436		6
Informatica (a) (b)		5,999		96
Information Services Group (a)		2,875		15
InfoSpace		2,245		27
infoUSA		2,509		14
Integral Systems		640		22
Interactive Intelligence (a)		911		12
Interdigital (a)		3,235		66
Intermec (a) (b)		3,604		76
Internap Network Services (a)		3,354		16
Internet Capital Group (a)		2,622		26
InterVoice (a)		2,643		17
Interwoven (a)		3,184		36
Intevac (a)		1,644		22
iPass (a)		3,414		10

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

24 First American Funds 2008 Semiannual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


IPG Photonics (a) (b)		765	$	13
Isilon Systems (a)		647		3
Itron (a) (b)		1,848		172
Ixia (a)		3,040		22
IXYS (a)		1,656		12
J2 Global Communications (a)		3,141		67
Jack Henry & Associates (b)		5,630		148
JDA Software (a)		1,749		33
KEMET (a) (b)		5,808		24
The Knot (a) (b)		1,889		22
Kulicke & Soffa (a) (b)		4,267		28
L-1 Identity Solutions (a) (b)		4,101		59
Landauer		708		38
Lattice Semiconductor (a)		8,530		29
Lawson Software (a)		9,403		75
Limelight Networks (a)		1,239		3
Lionbridge Technologies (a)		4,165		12
Liquidity Services (a)		554		5
Littelfuse (a)		1,531		56
Liveperson (a)		2,380		8
Lo-Jack (a)		1,446		14
LoopNet (a) (b)		1,847		21
Loral Space & Communications (a)		614		13
LTX (a)		4,788		14
Macrovision (a) (b)		3,652		58
Magma Design Automation (a)		2,504		23
Magna Entertainment (a) (b)		3,486		1
Manhattan Associates (a)		1,870		49
ManTech International (a)		1,238		59
Marchex (b)		1,947		20
Mattson Technology (a)		3,640		18
Maximus		1,250		47
Measurement Specialties (a)		1,108		18
Mentor Graphics (a) (b)		5,821		59
Mercadolibre (a) (b)		1,104		56
Methode Electronics, Class A		2,607		28
Micrel (b)		3,801		37
Micros Systems (a) (b)		5,685		203
Microsemi (a) (b)		5,097		125
MicroStrategy (a)		655		58
Microtune (a)		4,026		14
Midway Games (a)		1,434		4
MIPS Technologies, Class A (a)		3,287		15
MKS Instruments (a) (b)		3,401		78
Monolithic Power Systems (a)		1,452		33
Monotype Imaging Holdings (a)		167		2
MPS Group (a) (b)		7,093		76
MRV Communications (a)		9,356		15
MSC.Software (a)		3,042		37
MTS Systems (b)		1,212		42
Multi-Fineline Electronix (a) (b)		630		12
Ness Technologies (a) (b)		1,276		12
Net 1 UEPS Technologies (a) (b)		2,862		67
Netezza (a)		458		5
NETGEAR (a) (b)		2,560		41
Netlogic Microsystems (a) (b)		1,266		42
NetSuite (a) (b)		483		10
Network Equipment Technologies (a) (b)		1,782		12
Neutral Tandem (a) (b)		440		8
Newport (a)		2,452		28
Nextwave Wireless (a) (b)		1,851		12
NIC		2,617		17
Novatel Wireless (a)		2,183		19
Nuance Communications (a) (b)		10,057		204
Omniture (a)		2,933		67
OmniVision Technologies (a) (b)		3,962		64
ON Semiconductor (a) (b)		19,862		148
On2 Technologies (a) (b)		10,837		9
Online Resources (a)		1,643		17
Opentv (a)		6,377		7
Openwave Systems		6,192		13
Oplink Communications (a)		1,330		13
Opnext (a)		1,250		7
Optium (a)		837		6
Orbcomm (a) (b)		1,750		10
OSI Systems (a) (b)		1,237		30
OYO Geospace (a)		317		15
Packeteer (a)		2,844		20
Palm (b)		6,606		38
Parametric Technology (a) (b)		7,881		137
Park Electrochemical (b)		1,374		37
PC Connection (a)		639		5
PDF Solutions (a)		1,563		7
Pegasystems		934		10
Perficient (a)		1,997		18
Pericom Semiconductor (a)		2,098		36
Perot Systems, Class A (a) (b)		6,013		94
Phase Forward (a) (b)		2,563		47
Photronics (a) (b)		3,166		34
Plantronics		3,320		83
Plexus (a)		3,168		76
PLX Technology (a)		1,938		17
PMC-Sierra (a) (b)		14,668		114
Polycom (a)		6,380		143
Powerwave Technologies (a) (b)		8,447		23
Progress Software (a)		2,808		85
Pros Holdings (a)		536		6
QAD		1,086		8
Quality Systems (b)		1,183		38
Quantum (a) (b)		14,750		26
Quest Software (a)		4,719		63
Rackable Systems (a) (b)		2,187		24
Radiant Systems (a)		1,920		26
RadiSys (a) (b)		1,565		15
RealNetworks (a)		6,510		40
Renaissance Learning		576		8
RF Micro Devices (a) (b)		18,088		61
RightNow Technologies (a)		1,116		13
Rimage (a) (b)		691		12
Rofin-Sinar Technologies (a) (b)		2,133		81
Rogers (a)		1,220		42
Rubicon Technology (a)		273		6
Rudolph Technologies (a) (b)		1,716		17
S1 (a)		3,862		26
Safeguard Scientifics (a)		9,654		15
Sapient (a) (b)		5,619		40
SAVVIS (a)		1,901		28
ScanSource (a) (b)		1,753		44
SeaChange International (a)		2,075		15
Secure Computing (a)		3,233		21
Semitool (a)		1,320		12
Semtech (a) (b)		4,273		69
Sigma Designs (a) (b)		1,930		34
Silicon Graphics (a)		442		5
Silicon Image (a)		5,959		36
Silicon Storage Technology (a)		6,863		21
SiRF Technology Holdings (a) (b)		3,734		22
Skyworks Solutions (a) (b)		11,025		96
Smart Modular Technologies (a)		3,468		21
Smith Micro Software (a) (b)		2,055		18
Sohu.com (a) (b)		1,886		130
Solera Holdings (a)		1,808		47

First American Funds 2008 Semiannual Report 25

Schedule of Investments April 30, 2008 (unaudited), all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Sonic Solutions (a)		2,098	$	19
SonicWALL (a) (b)		4,376		34
Sonus Networks (a) (b)		18,103		73
Sourcefire (a)		503		3
Sourceforge (a) (b)		4,971		9
Spansion (a)		6,049		20
SPSS (a)		1,264		53
SRA International, Class A (a)		2,646		70
Standard Microsystems (a)		1,674		50
Starent Networks (a)		191		3
STEC (a)		2,302		21
Stratasys (a)		1,512		29
SuccessFactors (a)		727		8
Super Micro Computer (a)		601		4
Superior Essex (a)		1,389		41
Supertex (a)		886		19
Switch & Data Facilities (a)		867		13
Sybase (a) (b)		5,941		175
Sycamore Networks (a) (b)		12,587		41
Sykes Enterprises (a)		1,954		32
Symmetricom (a)		3,733		16
Synaptics (a) (b)		1,844		63
Synchronoss Technologies (a)		1,274		27
SYNNEX (a)		499		12
Syntel (b)		532		18
Take-Two Interactive Software (a)		4,981		131
TASER International (a) (b)		4,293		32
Technitrol		3,039		64
Techtarget (a) (b)		527		7
Techwell (a)		1,055		11
Tekelec (a)		4,170		61
Terremark Worldwide (a)		3,570		21
Tessera Technologies (a) (b)		3,444		70
TheStreet.com		1,404		11
THQ (a)		4,602		98
TIBCO Software (a) (b)		13,532		104
TNS (a)		1,921		44
Travelzoo (a)		511		6
Trident Microsystems (a)		3,916		17
TriQuint Semiconductor (a) (b)		10,586		70
TTM Technologies (a)		2,892		38
Tyler Technologies (a)		2,709		39
Ultimate Software Group (a)		1,676		55
Ultra Clean Holdings (a)		1,286		14
Ultratech (a)		1,591		23
Unica (a)		667		5
United Online (b)		3,975		42
Universal Display (a) (b)		1,966		29
UTStarcom (a) (b)		7,440		24
ValueClick (a) (b)		6,880		137
Vasco Data Security International (a)		1,798		18
Veeco Instruments (a) (b)		2,187		41
Veraz Networks (a)		304		1
ViaSat (a)		1,727		38
Vignette (a)		1,981		23
Vocus (a)		902		25
Volterra Semiconductor (a)		1,435		22
Websense (a)		3,089		60
Wind River Systems (a) (b)		5,107		42
Wright Express (a) (b)		2,703		89
X-Rite (a)		1,709		4
Zoran (a) (b)		3,685		48
Zygo (a)		1,164		14

				13,540

Materials – 5.7%
A. Schulman		1,723		37
A.M. Castle & Company (b)		658		20
Abitibibowater (a) (b)		3,665		36
AEP Industries (a)		383		11
Alpha Natural Resources (a) (b)		4,778		232
AMCOL International		1,708		51
American Vanguard		1,515		26
Apex Silver Mines (a) (b)		4,014		40
AptarGroup		4,763		210
Arch Chemicals		1,670		57
Balchem		1,293		30
Boise (a) (b)		2,378		10
Brush Engineered Metals (a)		1,444		45
Buckeye Technologies (a)		2,282		20
Calgon Carbon (a) (b)		2,960		42
Cambrex		1,941		11
Century Aluminum (a) (b)		1,887		131
CF Industries Holdings (b)		3,774		505
Chesapeake (a)		1,500		7
Coeur D’Alene Mines (a) (b)		32,787		101
Compass Minerals International		2,050		129
Deltic Timber		764		40
Esmark (a) (b)		876		15
Ferro		3,004		53
Flotek Industries (a) (b)		1,557		29
General Moly (a) (b)		3,373		31
Georgia Gulf (b)		2,363		14
Gibraltar Industries		1,606		17
Glatfelter		2,848		42
GrafTech International (a) (b)		7,086		139
Graphic Packaging Holding (a)		6,663		19
Greif, Class A (b)		2,282		147
H.B. Fuller (b)		4,183		97
Haynes International (a) (b)		805		50
Headwaters (a) (b)		2,713		31
Hecla Mining (a) (b)		8,820		91
Hercules (b)		7,891		148
Innophos Holdings		1,451		26
Innospec		1,635		33
Kaiser Aluminum		1,040		71
Koppers Holdings (b)		1,197		58
Landec (a)		1,516		12
LSB Industries (a) (b)		999		15
Mercer International (a)		1,939		13
Minerals Technologies (b)		1,308		89
Myers Industries		1,938		24
Neenah Paper		801		18
NewMarket Group		968		63
NL Industries		706		8
Northwest Pipe (a)		625		27
Olin (b)		5,072		102
Olympic Steel (b)		650		33
OM Group (a) (b)		2,056		113
PolyOne (a)		6,434		48
Rock-Tenn, Class A (b)		2,305		78
Rockwood Holdings (a) (b)		2,319		86
Royal Gold (b)		1,333		38
RTI International Metals (a)		1,575		65
Schnitzer Steel Industries, Class A (b)		1,511		133
Schweitzer-Mauduit International		1,109		25
Sensient Technologies		3,423		102
Shengda Technologies (a) (b)		1,937		15
Silgan Holdings (b)		1,720		92
Spartech		2,179		19
Stepan		214		8

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

26 First American Funds 2008 Semiannual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE


Stillwater Mining (a) (b)		2,903	$	41
Symyx Technologies (a)		2,306		17
Terra Industries (a) (b)		6,399		242
Texas Industries (b)		1,776		137
Tronox		2,905		9
Universal Stainless & Alloy (a)		450		17
Uranium Resources (a)		3,559		21
US Concrete (a)		2,713		9
Us Gold Corporation (a) (b)		3,771		8
USEC (a) (b)		7,075		33
Valhi		89		2
W.R. Grace & Company (a) (b)		5,061		128
Wausau-Mosinee Paper (b)		3,341		26
Worthington Industries		4,407		79
Zep		1,649		24
Zoltek Companies (a) (b)		1,687		45

				4,966

Telecommunication Services – 1.2%
Alaska Communications Systems Group (b)		2,892		32
Aruba Networks (a) (b)		545		3
Atlantic Tele-Network		339		11
Bigband Networks (a)		763		6
Cbeyond (a) (b)		1,413		28
Centennial Communications, Class A (a)		1,643		10
Cincinnati Bell (a) (b)		18,188		84
Cogent Communications Group (a) (b)		3,451		72
Consolidated Communications Holdings		998		14
EMS Technologies (a)		1,218		31
FairPoint Communications (b)		5,153		47
Fibertower (a) (b)		7,182		11
General Communication, Class A (a)		4,070		25
Global Crossing (a) (b)		2,424		41
GlobalStar (a) (b)		785		3
Hungarian Telephone & Cable (a)		221		4
ICO Global Communication Holdings (a)		7,118		27
IDT		3,472		13
Iowa Telecommunication Services		2,146		37
iPCS		1,159		35
NTELOS Holdings		1,887		49
Paetec Holding (a)		7,005		54
Premiere Global Services (a) (b)		4,672		68
Rural Cellular (a) (b)		836		37
Shenandoah Telecommunications		1,606		22
SureWest Communications		985		14
Syniverse Holdings (a)		1,723		27
Time Warner Telecom, Class A (a) (b)		10,061		197
USA Mobility		1,561		11
Virgin Mobile USA, Class A (a) (b)		1,854		8
Vonage Holdings (a) (b)		4,420		9

				1,030

Utilities – 2.8%
Allete		1,749		73
American States Water (b)		1,467		51
Aquila (a) (b)		25,813		93
Avista		3,641		75
Black Hills		2,405		94
California Water Service		1,437		56
Central Vermont Public Service (b)		710		17
CH Energy Group		1,173		41
CLECO (b)		4,063		98
Consolidated Water (b)		1,001		24
El Paso Electric (a) (b)		3,146		71
Empire District Electric (b)		2,277		47
EnergySouth		556		30
IDACORP (b)		3,024		98
ITC Holdings		2,891		161
Laclede Group		1,862		70
MGE Energy (b)		1,789		62
New Jersey Resources (b)		2,971		95
Nicor (b)		3,094		109
Northwest Natural Gas (b)		1,701		76
NorthWestern (b)		2,652		66
Ormat Technologies		930		46
Otter Tail		2,227		83
Piedmont Natural Gas (b)		4,996		131
PNM Resources		4,798		69
Portland General Electric (b)		2,081		50
SJW (b)		1,269		38
South Jersey Industries (b)		2,417		88
Southwest Gas (b)		2,896		84
Southwest Water		1,726		19
UIL Holdings		1,936		61
UniSource Energy Holding (b)		2,424		76
Westar Energy (b)		5,888		136
WGL Holdings		3,069		101

				2,489

Total Common Stocks (Cost $63,197)				79,244

Warrants – 0.0%
Pegasus Wireless (d)		604		—
Winthrop Realty Trust		313		—

(Cost $0)				—

Short-Term Investments – 9.4%
Money Market Fund – 8.8%
First American Prime Obligations Fund, Class Z (e)		7,632,433		7,632

U.S. Treasury Obligation – 0.6%
U.S. Treasury Bill
2.240%, 06/26/2008 (f)	$	500		498

Total Short-Term Investments (Cost $8,131)				8,130

Investments Purchased with Proceeds from Securities Lending – 43.5%
Mount Vernon Securities Lending Prime Portfolio (g)
(Cost $37,887)		37,887,482		37,887

Total Investments – 143.9% (Cost $109,215)				125,261

Other Assets and Liabilities, Net – (43.9)%				(38,216	)

Total Net Assets – 100.0%			$	87,045


(a)	Non-income producing security.


(b)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $35,937 at April 30, 2008. See note 2 in Notes to Financial Statements.


(c)	Security is illiquid. As of April 30, 2008 the market value of these investments was $33 or 0% of total net assets. See note 2 in the Notes to Financial Statements.


(d)	Security is fair valued and illiquid. As of April 30, 2008, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.


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

First American Funds 2008 Semiannual Report 27


Statements ofAssets and Liabilities	April 30, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data



	Equity			Mid Cap		Small Cap
	Index Fund			Index Fund		Index Fund

Unaffiliated investments, at cost	$	1,019,793		$	219,193	$	63,696
Affiliated investments, at cost		19,894			11,679		7,632
Affiliated investment purchased with proceeds from securities lending (note 2)		703,843			140,911		37,887


ASSETS:
Unaffiliated investments, at value* (note 2)	$	1,688,789		$	282,332	$	79,742
Affiliated investments, at value (note 2)		22,714	*		11,679		7,632
Affiliated investment purchased with proceeds from securities lending (note 2)		703,843			140,911		37,887
Receivable for dividends and interest		1,934			247		79
Receivable for investments sold		—			—		123
Receivable for capital shares sold		1,169			149		79
Receivable from advisor		—			—		5
Prepaid expenses and other assets		33			39		32


Total assets		2,418,482			435,357		125,579


LIABILITIES:
Bank overdraft		6			7		—
Dividends payable		2			—		—
Payable upon return of securities loaned (note 2)		703,843			140,911		37,887
Payable for investments purchased		116			—		275
Payable for capital shares redeemed		2,488			363		291
Payable for variation margin		134			16		20
Payable to affiliates (note 3)		478			86		45
Payable for distribution and shareholder servicing fees		69			11		5
Accrued expenses and other liabilities		28			11		11


Total liabilities		707,164			141,405		38,534


Net assets	$	1,711,318		$	293,952	$	87,045


COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,040,708		$	224,636	$	66,328
Undistributed net investment income		219			248		51
Accumulated net realized gain (loss) on investments (note 2)		(2,525	)		4,666		4,336
Net unrealized appreciation of investments		671,816			63,139		16,046
Net unrealized appreciation of futures contracts		1,100			1,263		284


Net assets	$	1,711,318		$	293,952	$	87,045


* Including securities loaned, at value	$	677,105		$	135,660	$	35,937


Class A:
Net assets	$	171,311		$	15,283	$	7,502
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		6,812			1,181		635
Net asset value, and redemption price per share	$	25.15		$	12.94	$	11.81
Maximum offering price per share¹	$	26.61		$	13.69	$	12.50
Class B:
Net assets	$	22,288		$	1,889	$	1,024
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		899			149		90
Net asset value, offering price, and redemption price per share²	$	24.79		$	12.64	$	11.37
Class C:
Net assets	$	15,594		$	4,592	$	2,153
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		625			362		187
Net asset value, offering price, and redemption price per share²	$	24.94		$	12.69	$	11.50
Class R:
Net assets	$	7,941		$	7,182	$	1,038
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		316			559		89
Net asset value, offering price, and redemption price per share	$	25.11		$	12.85	$	11.62
Class Y:
Net assets	$	1,494,184		$	265,006	$	75,328
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		59,440			20,455		6,377
Net asset value, offering price, and redemption price per share	$	25.14		$	12.96	$	11.81


	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.

First American Funds 2008 Semiannual Report 29


Statements ofOperations	For the six-month period ended April 30, 2008 (unaudited), all dollars are rounded to thousands (000)



	Equity			Mid Cap			Small Cap
	Index Fund			Index Fund			Index Fund

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	18,078		$	1,973		$	626
Dividends from affiliated investments		880			204			79
Interest from unaffiliated investments		49			17			8
Less: Foreign taxes withheld		(1	)		—			—
Securities lending income		771			323			163


Total investment income		19,777			2,517			876


EXPENSES (note 3):
Investment advisory fees		2,185			370			191
Administration fees		1,939			344			147
Transfer agent fees		189			59			59
Custodian fees		45			8			4
Legal fees		7			7			7
Audit fees		15			15			15
Registration fees		30			28			25
Postage and printing fees		54			10			3
Directors’ fees		13			13			13
Other expenses		37			16			18
Distribution and shareholder servicing fees – Class A		227			19			10
Distribution and shareholder servicing fees – Class B		125			10			5
Distribution and shareholder servicing fees – Class C		82			23			12
Distribution and shareholder servicing fees – Class R		18			15			2


Total expenses		4,966			937			511


Less: Fee waivers (note 3)		(1,297	)		(135	)		(207	)
Less: Indirect payments from custodian (note 3)		(2	)		(2	)		—


Total net expenses		3,667			800			304


Investment income – net		16,110			1,717			572


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 6):
Net realized gain on unaffiliated investments		20,515			7,879			5,744
Net realized gain on affiliated investments		39			—			—
Net realized loss on futures contracts		(6,291	)		(1,554	)		(709	)
Net change in unrealized appreciation or depreciation of unaffiliated investments		(224,096	)		(35,068	)		(21,305	)
Net change in unrealized appreciation or depreciation of affiliated investments		124			—			—
Net change in unrealized appreciation or depreciation of future contracts		955			1,006			275


Net loss on investments and futures contracts		(208,754	)		(27,737	)		(15,995	)


Net decrease in net assets resulting from operations	$	(192,644	)	$	(26,020	)	$	(15,423	)

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

30 First American Funds 2008 Semiannual Report


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



	Equity						Mid Cap						Small Cap
	Index Fund						Index Fund						Index Fund

	Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended
	4/30/08			Year Ended			4/30/08			Year Ended			4/30/08			Year Ended
	(unaudited)			10/31/07			(unaudited)			10/31/07			(unaudited)			10/31/07

OPERATIONS:
Investment income – net	$	16,110		$	31,846		$	1,717		$	4,582		$	572		$	1,583
Net realized gain on unaffiliated investments		20,515			37,487			7,879			38,080			5,744			13,831
Net realized gain on affiliated investments		39			767			—			—			—			—
Net realized gain on in-kind distribution		—			121,979			—			—			—			—
Net realized gain (loss) on futures contracts		(6,291	)		1,031			(1,554	)		1,065			(709	)		231
Net change in unrealized appreciation or depreciation of unaffiliated investments		(224,096	)		75,164			(35,068	)		12,962			(21,305	)		(3,070	)
Net change in unrealized appreciation or depreciation of affiliated investments		124			(966	)		—			—			—			—
Net change in unrealized appreciation or depreciation of futures contracts		955			(447	)		1,006			(65	)		275			(89	)


Net increase (decrease) in net assets resulting from operations		(192,644	)		266,861			(26,020	)		56,624			(15,423	)		12,486


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1,454	)		(2,903	)		(80	)		(145	)		(44	)		(82	)
Class B		(112	)		(253	)		(3	)		(5	)		(2	)		(2	)
Class C		(73	)		(134	)		(6	)		(10	)		(4	)		(5	)
Class R		(49	)		(56	)		(24	)		(35	)		(4	)		(3	)
Class Y		(14,192	)		(28,278	)		(1,727	)		(3,806	)		(551	)		(1,322	)
Net realized gain on investments:
Class A		(3,894	)		(2,670	)		(1,774	)		(684	)		(947	)		(1,272	)
Class B		(552	)		(488	)		(233	)		(119	)		(132	)		(166	)
Class C		(352	)		(235	)		(548	)		(207	)		(311	)		(336	)
Class R		(144	)		(42	)		(602	)		(197	)		(86	)		(37	)
Class Y		(31,877	)		(20,073	)		(32,293	)		(15,634	)		(10,301	)		(17,014	)


Total distributions		(52,699	)		(55,132	)		(37,290	)		(20,842	)		(12,382	)		(20,239	)


CAPITAL SHARE TRANSACTIONS (note 5):
Class A:
Proceeds from sales		11,267			40,302			1,656			6,269			691			1,987
Reinvestment of distributions		5,116			5,055			1,676			781			957			1,274
Payments for redemptions		(32,671	)		(83,782	)		(2,754	)		(5,602	)		(1,069	)		(4,270	)


Increase (decrease) in net assets from Class A transactions		(16,288	)		(38,425	)		578			1,448			579			(1,009	)


Class B:
Proceeds from sales		556			1,244			103			218			124			413
Reinvestment of distributions		642			711			223			120			130			163
Payments for redemptions (note 3)		(6,499	)		(17,733	)		(274	)		(992	)		(176	)		(598	)


Increase (decrease) in net assets from Class B transactions		(5,301	)		(15,778	)		52			(654	)		78			(22	)


Class C:
Proceeds from sales		749			1,794			379			938			81			428
Reinvestment of distributions		396			338			498			197			284			301
Payments for redemptions (note 3)		(2,746	)		(5,352	)		(587	)		(636	)		(421	)		(339	)


Increase (decrease) in net assets from Class C transactions		(1,601	)		(3,220	)		290			499			(56	)		390


Class R:
Proceeds from sales		2,772			4,337			2,641			2,240			624			598
Reinvestment of distributions		194			98			626			232			90			40
Payments for redemptions		(1,336	)		(1,177	)		(1,016	)		(1,070	)		(200	)		(216	)


Increase in net assets from Class R transactions		1,630			3,258			2,251			1,402			514			422


Class Y:
Proceeds from sales		174,141			299,763			13,569			52,493			11,355			22,880
Reinvestment of distributions		27,278			29,030			17,574			10,219			4,983			9,132
Payments for redemptions		(209,321	)		(732,535	)		(42,152	)		(95,477	)		(30,919	)		(46,440	)


Decrease in net assets from Class Y transactions		(7,902	)		(403,742	)		(11,009	)		(32,765	)		(14,581	)		(14,428	)


Decrease in net assets from capital share transactions		(29,462	)		(457,907	)		(7,838	)		(30,070	)		(13,466	)		(14,647	)


Total increase (decrease) in net assets		(274,805	)		(246,178	)		(71,148	)		5,712			(41,271	)		(22,400	)
Net assets at beginning of period		1,986,123			2,232,301			365,100			359,388			128,316			150,716


Net assets at end of period	$	1,711,318		$	1,986,123		$	293,952		$	365,100		$	87,045		$	128,316


Undistributed (distributions in excess of) net investment income at end of period	$	219		$	(11	)	$	248		$	371		$	51		$	84

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

First American Funds 2008 Semiannual Report 31

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 Fund¹
Class A
2008²	$	28.67	$	0.21	$	(2.99	)	$	(0.21	)	$	(0.53	)	$	—		$	25.15
2007³		25.80		0.37		3.16			(0.36	)		(0.30	)		—			28.67
2006³		22.59		0.33		3.21			(0.33	)		—			—			25.80
2005⁴		23.00		0.01		(0.40	)		(0.02	)		—			—	⁷		22.59
2005⁵		20.91		0.34		2.09			(0.34	)		—			—	⁷		23.00
2004⁵		18.70		0.23		2.22			(0.24	)		—			—	⁷		20.91
2003⁵		15.31		0.21		3.38			(0.20	)		—			—			18.70
Class B
2008²	$	28.27	$	0.11	$	(2.95	)	$	(0.11	)	$	(0.53	)	$	—		$	24.79
2007³		25.47		0.17		3.11			(0.18	)		(0.30	)		—			28.27
2006³		22.31		0.15		3.17			(0.16	)		—			—			25.47
2005⁴		22.72		—		(0.40	)		(0.01	)		—			—	⁷		22.31
2005⁵		20.66		0.18		2.06			(0.18	)		—			—	⁷		22.72
2004⁵		18.48		0.08		2.19			(0.09	)		—			—	⁷		20.66
2003⁵		15.13		0.08		3.35			(0.08	)		—			—			18.48
Class C
2008²	$	28.45	$	0.11	$	(2.98	)	$	(0.11	)	$	(0.53	)	$	—		$	24.94
2007³		25.62		0.17		3.14			(0.18	)		(0.30	)		—			28.45
2006³		22.44		0.15		3.19			(0.16	)		—			—			25.62
2005⁴		22.85		—		(0.40	)		(0.01	)		—			—	⁷		22.44
2005⁵		20.78		0.18		2.07			(0.18	)		—			—	⁷		22.85
2004⁵		18.59		0.08		2.20			(0.09	)		—			—	⁷		20.78
2003⁵		15.23		0.08		3.36			(0.08	)		—			—			18.59
Class R⁶
2008²	$	28.63	$	0.17	$	(2.98	)	$	(0.18	)	$	(0.53	)	$	—		$	25.11
2007³		25.77		0.29		3.17			(0.30	)		(0.30	)		—			28.63
2006³		22.57		0.26		3.21			(0.27	)		—			—			25.77
2005⁴		22.98		0.01		(0.40	)		(0.02	)		—			—	⁷		22.57
2005⁵		20.91		0.26		2.11			(0.30	)		—			—	⁷		22.98
2004⁵		18.70		0.23		2.20			(0.22	)		—			—	⁷		20.91
2003⁵		15.30		0.21		3.39			(0.20	)		—			—			18.70
Class Y
2008²	$	28.66	$	0.24	$	(2.99	)	$	(0.24	)	$	(0.53	)	$	—		$	25.14
2007³		25.79		0.44		3.16			(0.43	)		(0.30	)		—			28.66
2006³		22.58		0.39		3.21			(0.39	)		—			—			25.79
2005⁴		22.99		0.02		(0.41	)		(0.02	)		—			—	⁷		22.58
2005⁵		20.91		0.40		2.08			(0.40	)		—			—	⁷		22.99
2004⁵		18.69		0.29		2.22			(0.29	)		—			—	⁷		20.91
2003⁵		15.30		0.25		3.38			(0.24	)		—			—			18.69


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

	³	For the period November 1 to October 31 in the year indicated.

	⁴	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁵	For the period October 1 to September 30 in the year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Includes a tax return of capital of less than $0.01.

	⁸	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

32 First American Funds 2008 Semiannual Report



											Ratio of
								Ratio of Net			Expenses			Ratio of Net
					Ratio of			Investment			to Average			Investment
			Net Assets		Expenses to			Income (Loss)			Net Assets			Income (Loss)			Portfolio
Total			End of		Average			to Average			(Excluding			to Average			Turnover
Return⁸			Period (000)		Net Assets			Net Assets			Waivers)			Net Assets (Excluding Waivers)			Rate



	(9.79	)%	$	171,311		0.62	%		1.65	%		0.77	%		1.50	%		1	%
	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

	(10.12	)%	$	22,288		1.37	%		0.91	%		1.52	%		0.76	%		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

	(10.16	)%	$	15,594		1.37	%		0.90	%		1.52	%		0.75	%		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

	(9.91	)%	$	7,941		0.87	%		1.37	%		1.02	%		1.22	%		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

	(9.68	)%	$	1,494,184		0.37	%		1.89	%		0.52	%		1.74	%		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 2008 Semiannual Report 33

Financial Highlights For a share outstanding throughout the indicated periods.



						Realized and
	Net Asset					Unrealized			Distributions						Net Asset
	Value		Net			Gains			from Net			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			from Net			End of
	of Period		Income (Loss)			Investments			Income			Realized Gains			Period

Mid Cap Index Fund¹
Class A
2008²	$	15.69	$	0.06		$	(1.16	)	$	(0.06	)	$	(1.59	)	$	12.94
2007³		14.25		0.15			2.08			(0.13	)		(0.66	)		15.69
2006³		13.52		0.11			1.55			(0.11	)		(0.82	)		14.25
2005⁴		13.82		—			(0.30	)		—			—			13.52
2005⁵		11.84		0.09			2.40			(0.09	)		(0.42	)		13.82
2004⁵		10.36		0.05			1.67			(0.05	)		(0.19	)		11.84
2003⁵		8.51		0.04			2.08			(0.04	)		(0.23	)		10.36
Class B
2008²	$	15.36	$	0.01		$	(1.12	)	$	(0.02	)	$	(1.59	)	$	12.64
2007³		13.98		0.04			2.03			(0.03	)		(0.66	)		15.36
2006³		13.28		—			1.53			(0.01	)		(0.82	)		13.98
2005⁴		13.59		(0.01	)		(0.30	)		—			—			13.28
2005⁵		11.67		(0.01	)		2.37			(0.02	)		(0.42	)		13.59
2004⁵		10.25		(0.03	)		1.64			—			(0.19	)		11.67
2003⁵		8.44		(0.03	)		2.07			—			(0.23	)		10.25
Class C
2008²	$	15.41	$	0.01		$	(1.12	)	$	(0.02	)	$	(1.59	)	$	12.69
2007³		14.03		0.04			2.03			(0.03	)		(0.66	)		15.41
2006³		13.32		—			1.55			(0.02	)		(0.82	)		14.03
2005⁴		13.63		(0.01	)		(0.30	)		—			—			13.32
2005⁵		11.70		(0.01	)		2.38			(0.02	)		(0.42	)		13.63
2004⁵		10.28		(0.03	)		1.64			—			(0.19	)		11.70
2003⁵		8.47		(0.03	)		2.07			—			(0.23	)		10.28
Class R⁶
2008²	$	15.60	$	0.04		$	(1.15	)	$	(0.05	)	$	(1.59	)	$	12.85
2007³		14.19		0.11			2.07			(0.11	)		(0.66	)		15.60
2006³		13.48		0.07			1.55			(0.09	)		(0.82	)		14.19
2005⁴		13.78		—			(0.30	)		—			—			13.48
2005⁵		11.83		0.04			2.41			(0.08	)		(0.42	)		13.78
2004⁵		10.36		0.06			1.65			(0.05	)		(0.19	)		11.83
2003⁵		8.50		0.04			2.09			(0.04	)		(0.23	)		10.36
Class Y
2008²	$	15.70	$	0.08		$	(1.15	)	$	(0.08	)	$	(1.59	)	$	12.96
2007³		14.27		0.19			2.07			(0.17	)		(0.66	)		15.70
2006³		13.53		0.15			1.56			(0.15	)		(0.82	)		14.27
2005⁴		13.83		0.01			(0.31	)		—			—			13.53
2005⁵		11.84		0.12			2.41			(0.12	)		(0.42	)		13.83
2004⁵		10.37		0.08			1.66			(0.08	)		(0.19	)		11.84
2003⁵		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 six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

	³	For the period November 1 to October 31 in the fiscal year indicated.

	⁴	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁵	For the period October 1 to September 30 in the fiscal year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

34 First American Funds 2008 Semiannual Report



											Ratio of
								Ratio of Net			Expenses to			Ratio of Net
					Ratio of			Investment			Average			Investment
			Net Assets		Expenses to			Income (Loss)			Net Assets			Income (Loss)			Portfolio
Total			End of		Average			to Average			(Excluding			to Average			Turnover
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Net Assets (Excluding Waivers)			Rate



	(7.16	)%	$	15,283		0.75	%		0.94	%		0.84	%		0.85	%		7	%
	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

	(7.47	)%	$	1,889		1.50	%		0.20	%		1.59	%		0.11	%		7	%
	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

	(7.44	)%	$	4,592		1.50	%		0.20	%		1.59	%		0.11	%		7	%
	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

	(7.31	)%	$	7,182		1.00	%		0.65	%		1.09	%		0.56	%		7	%
	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

	(6.97	)%	$	265,006		0.50	%		1.21	%		0.59	%		1.12	%		7	%
	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 2008 Semiannual Report 35

Financial Highlights For a share outstanding throughout the indicated periods.



						Realized and
	Net Asset					Unrealized			Distributions						Net Asset
	Value		Net			Gains or			from Net			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			from Net			End of
	of Period		Income (Loss)			Investments			Income			Realized Gains			Period

Small Cap Index Fund¹
Class A
2008²	$	15.37	$	0.06		$	(1.94	)	$	(0.07	)	$	(1.61	)	$	11.81
2007³		16.23		0.14			1.13			(0.12	)		(2.01	)		15.37
2006³		14.12		0.07			2.56			(0.10	)		(0.42	)		16.23
2005⁴		14.57		—			(0.45	)		—			—			14.12
2005⁵		13.38		0.07			2.17			(0.06	)		(0.99	)		14.57
2004⁵		11.47		0.04			1.98			(0.03	)		(0.08	)		13.38
2003⁵		8.55		0.04			2.92			(0.04	)		—			11.47
Class B
2008²	$	14.86	$	0.02		$	(1.88	)	$	(0.02	)	$	(1.61	)	$	11.37
2007³		15.77		0.03			1.09			(0.02	)		(2.01	)		14.86
2006³		13.76		(0.04	)		2.48			(0.01	)		(0.42	)		15.77
2005⁴		14.21		(0.01	)		(0.44	)		—			—			13.76
2005⁵		13.15		(0.03	)		2.08			—			(0.99	)		14.21
2004⁵		11.33		(0.06	)		1.96			—			(0.08	)		13.15
2003⁵		8.47		(0.03	)		2.90			(0.01	)		—			11.33
Class C
2008²	$	15.02	$	0.02		$	(1.91	)	$	(0.02	)	$	(1.61	)	$	11.50
2007³		15.92		0.03			1.10			(0.02	)		(2.01	)		15.02
2006³		13.88		(0.04	)		2.51			(0.01	)		(0.42	)		15.92
2005⁴		14.34		(0.01	)		(0.45	)		—			—			13.88
2005⁵		13.26		(0.03	)		2.10			—			(0.99	)		14.34
2004⁵		11.43		(0.06	)		1.97			—			(0.08	)		13.26
2003⁵		8.54		(0.03	)		2.93			(0.01	)		—			11.43
Class R⁶
2008²	$	15.16	$	0.04		$	(1.92	)	$	(0.05	)	$	(1.61	)	$	11.62
2007³		16.04		0.11			1.11			(0.09	)		(2.01	)		15.16
2006³		13.97		0.03			2.53			(0.07	)		(0.42	)		16.04
2005⁴		14.43		—			(0.46	)		—			—			13.97
2005⁵		13.31		0.04			2.11			(0.04	)		(0.99	)		14.43
2004⁵		11.41		0.03			1.97			(0.02	)		(0.08	)		13.31
2003⁵		8.52		0.05			2.88			(0.04	)		—			11.41
Class Y
2008²	$	15.37	$	0.08		$	(1.95	)	$	(0.08	)	$	(1.61	)	$	11.81
2007³		16.23		0.18			1.13			(0.16	)		(2.01	)		15.37
2006³		14.12		0.11			2.55			(0.13	)		(0.42	)		16.23
2005⁴		14.57		0.01			(0.46	)		—			—			14.12
2005⁵		13.43		0.11			2.12			(0.10	)		(0.99	)		14.57
2004⁵		11.51		0.07			1.99			(0.06	)		(0.08	)		13.43
2003⁵		8.57		0.07			2.94			(0.07	)		—			11.51


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

	³	For the period November 1 to October 31 in the year indicated.

	⁴	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the Fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁵	For the period October 1 to September 30 in the year indicated.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

36 First American Funds 2008 Semiannual Report



											Ratio of
								Ratio of Net			Expenses to			Ratio of Net
					Ratio of			Investment			Average			Investment
			Net Assets		Expenses to			Income (Loss)			Net Assets			Income (Loss)			Portfolio
Total			End of		Average			to Average			(Excluding			to Average			Turnover
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Net Assets (Excluding Waivers)			Rate



	(12.94	)%	$	7,502		0.83	%		1.01	%		1.26	%		0.58	%		2	%
	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			ô
	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

	(13.24	)%	$	1,024		1.58	%		0.26	%		2.01	%		(0.17	)%		2	%
	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

	(13.31	)%	$	2,153		1.58	%		0.26	%		2.01	%		(0.17	)%		2	%
	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

	(13.08	)%	$	1,038		1.08	%		0.74	%		1.51	%		0.31	%		2	%
	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

	(12.84	)%	$	75,328		0.58	%		1.26	%		1.01	%		0.83	%		2	%
	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			ô
	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

First American Funds 2008 Semiannual Report 37


Notes toFinancial Statements	(unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)


1 >	Organization

Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of April 30, 2008, FAIF offered 43 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. 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. Effective at the close of business on or after June 30, 2008, no new or additional investments will be allowed in Class B shares, except for permitted exchanges and any reinvested dividends. 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.


2 >	Summary of Significant Accounting Policies

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

38 First American Funds 2008 Semiannual Report

Exchange, the securities will be valued at fair value. As of April 30, 2008, each fund held fair valued securities with a total market value of $0 or 0% of the fund’s total net assets.

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.

Effective July 1, 2008, Equity Index Fund will declare and pay income dividends quarterly. Mid Cap Index Fund and Small Cap Index Fund will declare and pay income dividends annually.

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. The funds have adopted FIN 48 and during the six-month period ended April 30, 2008, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority.

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. These differences are primarily due to losses deferred from wash sales, the tax recognition of mark to market gains (losses) on open futures contracts, proceeds from securities litigation, and the sale of real estate investment trust securities (“REITs”). To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which the differences arise.

The character of distributions paid during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period 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 six-month period ended April 30, 2008 (estimated), and the fiscal year ended October 31, 2007, were as follows:


	April 30, 2008

	Ordinary		Long Term
Fund	Income		Gain		Total

Equity Index Fund	$	15,878	$	36,819	$	52,697
Mid Cap Index Fund		1,840		35,450		37,290
Small Cap Index Fund		605		11,777		12,382


	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


Notes toFinancial Statements	(unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)

FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market, maintain sufficient liquidity to meet redemption requests, and 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 April 30, 2008, 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, 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 April 30, 2008, 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 $33 or 0%, 0%, and 0%, respectively, of total net assets.

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


			Dates		Cost
Equity Index Fund	Shares		Acquired		Basis

Seagate Technology, Escrow Shares		45		11/00 to 11/02	$	—


		Date		Cost
Mid Cap Index Fund	Shares	Acquired		Basis

Travelcenters, Fractional Shares	—*		10/01	$	—


			Dates		Cost
Small Cap Index Fund	Shares		Acquired		Basis

FirstBank, Fractional Share		—*		8/05	$	—
GMX Resources		1		6/06, 2/08		27
National Penn, Fractional Share		—*		10/05		—
Pegasus Wireless, Warrants		1		6/06		—
Petrocorp, Escrow Shares		2		6/03 to 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.

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

40 First American Funds 2008 Semiannual Report

fees paid to U.S. Bank by the funds during the six-month period ended April 30, 2008, were as follows:


Fund	Amount

Equity Index Fund	$	309
Mid Cap Index Fund		122
Small Cap Index Fund		59

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 six-month period ended April 30, 2008, Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund recorded $33, $36, and $543, respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolios.

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 February 28, 2009, 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 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

First American Funds 2008 Semiannual Report 41


Notes toFinancial Statements	(unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)

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 six-month period ended April 30, 2008, custodian fees for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund were increased by $1, $0, $1, respectively, as a result of overdrafts and decreased by $2, $2, and $0, 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, Class B, Class C, 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 agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2008:


Fund	Amount

Equity Index Fund	$	152
Mid Cap Index Fund		18
Small Cap Index Fund		7

OTHER FEES AND 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 most other operating expenses including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended April 30, 2008, legal fees and expenses of $12 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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


	CDSC as a Percentage
	of Dollar Amount
Year Since Purchase	Subject to Charge

First		5.00	%
Second		5.00
Third		4.00
Fourth		3.00
Fifth		2.00
Sixth		1.00
Seventh		—
Eighth		—

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

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

For the six-month period ended April 30, 2008, 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	$	65
Mid Cap Index Fund		7
Small Cap Index Fund		3


4 >	Investment in Common Stock of Affiliate

As disclosed in the Schedule of Investments, Equity Index Fund owns common stock issued by U.S. Bancorp. For the six-month period ended April 30, 2008, Equity Index Fund recorded a net realized gain from the sale of U.S. Bancorp common stock of $39 and $213 of dividend income from U.S. Bancorp common stock. At April 30, 2008, Equity Index Fund had an unrealized gain of $2,820 with respect to its investment in U.S. Bancorp common stock.

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

42 First American Funds 2008 Semiannual Report


5 >	Capital Share Transactions

FAIF has 362 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:



	Equity						Mid Cap						Small Cap
	Index Fund						Index Fund						Index Fund

	Six-						Six-						Six-
	Month						Month						Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/08			10/31/07			4/30/08			10/31/07			4/30/08			10/31/07

Class A:
Shares issued		442			1,499			131			428			56			131
Shares issued in lieu of cash distributions		195			189			124			55			75			87
Shares redeemed		(1,287	)		(3,108	)		(213	)		(377	)		(89	)		(281	)


Total Class A transactions		(650	)		(1,420	)		42			106			42			(63	)


Class B:
Shares issued		22			47			8			15			10			28
Shares issued in lieu of cash distributions		25			27			17			9			11			11
Shares redeemed		(257	)		(668	)		(22	)		(69	)		(15	)		(40	)


Total Class B transactions		(210	)		(594	)		3			(45	)		6			(1	)


Class C:
Shares issued		30			66			30			64			6			29
Shares issued in lieu of cash distributions		15			13			39			14			23			21
Shares redeemed		(108	)		(200	)		(50	)		(43	)		(36	)		(23	)


Total Class C transactions		(63	)		(121	)		19			35			(7	)		27


Class R:
Shares issued		110			160			213			151			52			40
Shares issued in lieu of cash distributions		7			4			47			16			7			3
Shares redeemed		(54	)		(44	)		(80	)		(72	)		(16	)		(14	)


Total Class R transactions		63			120			180			95			43			29


Class Y:
Shares issued		6,781			11,085			1,078			3,523			936			1,488
Shares issued in lieu of cash distributions		1,042			1,087			1,302			722			394			623
Shares redeemed		(8,182	)		(27,413	)		(3,182	)		(6,374	)		(2,392	)		(3,040	)


Total Class Y transactions		(359	)		(15,241	)		(802	)		(2,129	)		(1,062	)		(929	)


Net decrease in capital shares		(1,219	)		(17,256	)		(558	)		(1,938	)		(978	)		(937	)

Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the six-month period ended April 30, 2008 and the fiscal year ended October 31, 2007, as follows:


	Six-Month
	Period		Fiscal
	Ended		Year Ended
Fund	4/30/08		10/31/07

Equity Index Fund		130		397
Mid Cap Index Fund		—		41
Small Cap Index Fund		2		4


6 >	Investment Security Transactions

During the six-month period ended April 30, 2008, 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	$	21,388	$	97,235
Mid Cap Index Fund		19,936		46,942
Small Cap Index Fund		1,904		33,706


	Aggregate		Aggregate					Federal
	Gross		Gross					Income
Fund	Appreciation		Depreciation			Net		Tax Cost

Equity Index Fund	$	791,154	$	(119,338	)	$	671,816	$	1,743,530
Mid Cap Index Fund		92,492		(29,353	)		63,139		371,783
Small Cap Index Fund		28,152		(12,106	)		16,046		109,215


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

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

First American Funds 2008 Semiannual Report 43


Notes toFinancial Statements	(unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)

fiscal years. As of April 30, 2008, 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.

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

44 First American Funds 2008 Semiannual Report


Notice toShareholders	April 30, 2008 (unaudited)

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

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

FORM N-Q HOLDINGS INFORMATION

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

First American Funds 2008 Semiannual Report 45

Board of Directors First American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; former Owner and President of Strategic Management

Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Retired; former Senior Financial Advisor, Senior Vice President,

Chief Financial Officer, and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Director of Charterhouse Group, Inc.

Victoria Herget

Director of First American Investment Funds, Inc.

Investment Consultant; former Managing Director of Zurich Scudder Investments

John Kayser

Director of First American Investment Funds, Inc.

Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of

William Blair & Company, LLC

Leonard Kedrowski

Director of First American Investment Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Investment Funds, Inc.

Owner and Chief Executive Officer of RKR Consultants, Inc.

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

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

Direct fund correspondence to:

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

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

0040-08 6/2008 SAR-INDEX

Explanation of Financial Statements

First American Funds 2008 Semiannual Report 1

Quantitative Large Cap Core Fund¹

Top 10 Holdings (% of net assets)


Exxon Mobil	5	.6%
General Electric	2	.8
Johnson & Johnson	2	.5
Chevron	2	.5
AT&T	2	.2
Microsoft	2	.1
Proctor & Gamble	1	.9
ConocoPhillips	1	.9
Pfizer	1	.8
Verizon Communications	1	.7

Sector Allocation (% of net assets)


Information Technology	17	.3%
Energy	14	.3
Industrials	13	.3
Financials	12	.8
Healthcare	10	.6
Consumer Staples	9	.3
Consumer Discretionary	9	.2
Telecommunication Services	4	.1
Materials	3	.4
Utilities	3	.1
Short-Term Investments	2	.5
Other Assets and Liabilities, Net²	0	.1

	100	.0%

Quantitative Large Cap Growth Fund¹

Top 10 Holdings (% of net assets)


Microsoft	3	.1%
Exxon Mobil	2	.4
Cisco Systems	2	.2
Johnson & Johnson	2	.0
Intel	2	.0
Wal-Mart Stores	1	.8
Schlumberger	1	.7
Hewlett-Packard	1	.6
Google, Class A	1	.6
Apple	1	.5

Sector Allocation (% of net assets)


Information Technology	24	.4%
Industrials	13	.4
Healthcare	11	.6
Energy	9	.5
Consumer Discretionary	8	.7
Consumer Staples	8	.5
Financials	4	.2
Materials	2	.8
Telecommunication Services	1	.1
Utilities	1	.1
Short-Term Investments	14	.5
Other Assets and Liabilities, Net²	0	.2

	100	.0%

Quantitative Large Cap Value Fund¹

Top 10 Holdings (% of net assets)


First American Prime Obligations Fund, Class Z	15	.3%
Exxon Mobil	6	.6
General Electric	3	.8
Chevron	3	.5
AT&T	3	.3
ConocoPhillips	2	.6
Pfizer	2	.5
Johnson & Johnson	2	.4
Bank of America	2	.1
Verizon Communications	2	.1

Sector Allocation (% of net assets)


Financials	18	.5%
Energy	15	.5
Industrials	10	.6
Healthcare	7	.2
Consumer Discretionary	7	.0
Consumer Staples	6	.4
Telecommunication Services	5	.6
Information Technology	5	.1
Utilities	4	.9
Materials	3	.4
Short-Term Investments	15	.5
Other Assets and Liabilities, Net²	0	.3

	100	.0%

Expense Examples

Actual Expenses

Hypothetical Examples for Comparison Purposes

Quantitative Large Cap Core Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual²	$	1,000.00	$	900.60	$	3.26


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.43	$	3.47



Class C Actual²	$	1,000.00	$	897.20	$	6.84


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.27



Class R Actual²	$	1,000.00	$	899.70	$	4.49


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.14	$	4.77



Class Y Actual²	$	1,000.00	$	901.60	$	2.08


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.21


¹	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 0.69%, 1.45%, 0.95%, and 0.44% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended April 30, 2008 of -9.94%, -10.28%, -10.03%, and -9.84% for Class A, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Semiannual Report 3

Expense Examples concluded

Quantitative Large Cap Growth Fund


					Expenses Paid
	Beginning Account		Ending Account		During Period¹
	Value (11/01/07)		Value (4/30/08)		(11/01/07 to 4/30/08)

Class A Actual²	$	1,000.00	$	909.60	$	3.28


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.43	$	3.47



Class C Actual²	$	1,000.00	$	906.30	$	6.87


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.27



Class R Actual²	$	1,000.00	$	908.30	$	4.46


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.72



Class Y Actual²	$	1,000.00	$	910.70	$	2.09


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.21


¹	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 0.69%, 1.45%, 0.94%, and 0.44% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended April 30, 2008 of -9.04%, -9.37%, -9.17%, and -8.93% for Class A, Class C, Class R, and Class Y, respectively.

Quantitative Large Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (11/01/07 to
	Value (11/01/07)		Value (4/30/08)		4/30/08)

Class A Actual⁴	$	1,000.00	$	915.60	$	3.33


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.38	$	3.52



Class C Actual⁴	$	1,000.00	$	912.20	$	6.85


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.70	$	7.22



Class R Actual⁴	$	1,000.00	$	914.20	$	4.52


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.14	$	4.77



Class Y Actual⁴	$	1,000.00	$	916.60	$	2.10


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.21


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.70%, 1.44%, 0.95%, and 0.44% 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 six-month period/366.

⁴	Based on the actual returns for the six-month period ended April 30, 2008 of -8.44%, -8.78%, -8.58%, and -8.34% for Class A, Class C, Class R, and Class Y, respectively.

4 First American Funds 2008 Semiannual Report

Schedule of Investments (unaudited) April 30, 2008, all dollars rounded to thousands (000)


Quantitative Large Cap Core Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 97.4%
Consumer Discretionary – 9.2%
Apollo Group, Class A (a) (b)		2,865	$	146
AutoNation (a) (b)		10,660		171
Bed Bath & Beyond (b)		10		—
Carnival		8,403		338
CBS, Class B (a)		3,806		88
Coach (a) (b)		2,864		102
Comcast, Class A (a)		12,738		262
Dillard’s, Class A		1,080		22
Expedia (b)		5,237		132
Gannett (a)		21,288		609
Gap (a)		1,959		36
Harman International Industries		2,959		121
Home Depot (a)		13,849		399
IAC/InterActiveCorp (b)		4,618		96
J.C. Penney (a)		1,270		54
Johnson Controls (a)		7,764		274
Jones Apparel Group		963		15
Kohl’s (a) (b)		2,854		139
Limited Brands (a)		4,817		89
Lowe’s (a)		16,260		410
Macy’s		10,294		260
McDonald’s		368		22
McGraw-Hill		2,723		112
Nike, Class B (a)		2,855		191
Office Depot (b)		25,902		328
Officemax		1,678		31
Omnicom Group		8,264		394
Snap-On		185		11
Stanley Works		1,944		94
Starbucks (b)		3,602		58
Target (a)		2,085		111
Time Warner (a)		59,027		877
VF		1,082		80
Walt Disney (a)		32,872		1,066
Washington Post, Class B		64		42
Wyndham Worldwide		17,965		386

				7,566

Consumer Staples – 9.3%
Altria Group		16,576		332
Archer-Daniels-Midland		3,974		175
Coca-Cola (a)		15,470		911
ConAgra Foods		2,521		59
Costco Wholesale		1,665		119
Kraft Foods, Class A		17,680		559
Molson Coors Brewing, Class B		1,952		107
PepsiCo		11,379		780
Philip Morris International (b)		20,580		1,050
Procter & Gamble		23,089		1,548
Sysco		11,137		340
Walgreen		9,169		320
Wal-Mart Stores (a)		23,170		1,343

				7,643

Energy – 14.3%
Apache (a)		1,134		153
Baker Hughes		8,639		699
BJ Services (a)		1,715		48
Chevron		21,304		2,048
ConocoPhillips		17,858		1,538
Exxon Mobil		49,424		4,600
Halliburton (a)		1,032		47
Marathon Oil		7,626		348
National-Oilwell Varco (b)		1,154		79
Noble (a)		5,031	$	283
Occidental Petroleum		8,048		670
Schlumberger (a)		9,402		945
Spectra Energy (a)		1,938		48
Valero Energy		5,669		277

				11,783

Financials – 12.8%
ACE		9,488		572
Allstate (a)		10,582		533
Ambac Financial Group (a)		19,122		88
American Express (a)		715		34
American International Group (a)		18,227		842
Bank of America (a)		24,655		926
Bank Of New York Mellon		4,673		203
Bear Stearns		8,112		87
Capital One Financial (a)		65		3
Charles Schwab		4,475		97
Chubb		4,444		235
Cincinnati Financial		6,052		217
Citigroup		15,577		394
Discover Financial Services (a)		3,801		69
Franklin Resources		2,551		243
Genworth Financial, Class A		23,142		534
Goldman Sachs Group		2,293		439
Hartford Financial Services Group		6,960		496
JPMorgan Chase		16,403		782
Legg Mason		2,282		138
Lehman Brothers Holdings (a)		873		39
Lincoln National (a)		8,938		480
Loew’s		15,467		651
MBIA (a)		4,823		50
MetLife (a)		3,511		214
Morgan Stanley (a)		3,637		177
NYSE Euronext		729		48
Principal Financial Group		4,572		245
Prudential Financial		5,078		384
Regions Financial (a)		6,546		143
SAFECO (a)		2,487		166
State Street		1,368		99
Torchmark		4,241		275
Travelers		6,508		328
Wachovia (a)		8,115		237
XL Capital Limited, Class A		2,525		88

				10,556

Healthcare – 10.6%
Abbott Laboratories		9,337		493
Aetna		7,242		316
Amgen (a) (b)		12,310		515
Baxter International		10		1
Becton, Dickinson & Company		497		44
Bristol-Myers Squibb		13,411		295
Cardinal Health		4,127		215
Coventry Health Care (a) (b)		10		—
Eli Lilly		7,705		371
Forest Laboratories, Class A (b)		6,570		228
Humana (b)		1,689		81
Johnson & Johnson		30,990		2,079
King Pharmaceuticals (b)		6,990		66
Medtronic		8,547		416
Merck		19,205		731
Pfizer		71,864		1,445
UnitedHealth Group		14,477		472
WellPoint (b)		10,996		547

First American Funds 2008 Semiannual Report 5

Schedule of Investments (unaudited) April 30, 2008, all dollars rounded to thousands (000)


Quantitative Large Cap Core Fund (continued)
DESCRIPTION	SHARES		VALUE


Wyeth (a)		7,983	$	355
Zimmer Holdings (b)		745		55

				8,725

Industrials – 13.3%
3M (a)		10,577		813
Boeing (a)		6,122		520
Cintas		4,102		122
Cooper Industries, Class A (a)		10,724		455
Cummins		736		46
Danaher (a)		5,032		393
Dover		8,320		412
Eaton (a)		638		56
Emerson Electric (a)		11,417		597
FedEx (a)		3,971		381
General Dynamics		7,171		648
General Electric		69,292		2,266
Honeywell International		3,425		203
Illinois Tool Works		14,633		765
Ingersoll-Rand, Class A (a)		5,463		242
ITT		3,158		202
Lockheed Martin (a)		923		98
Northrop Grumman		2,791		205
Parker Hannifin (a)		4,173		333
Rockwell Automation (a)		3,964		215
Rockwell Collins		5,008		316
Terex (b)		516		36
Union Pacific		28		4
United Parcel Service, Class B (a)		6,564		475
United Technologies		15,439		1,119

				10,922

Information Technology – 17.3%
Apple (b)		4,075		709
Automatic Data Processing (a)		12,971		573
Cisco Systems (b)		52,058		1,335
Cognizant Technology Solutions, Class A (b)		981		32
Computer Sciences (a) (b)		13,205		576
Compuware (b)		4,831		36
Convergys (b)		15,478		243
Dell (a) (b)		24,463		456
eBay (b)		7,954		249
Electronic Data Systems		24,750		459
EMC (a) (b)		13,948		215
Google, Class A (a) (b)		1,491		856
Hewlett-Packard		21,713		1,006
IBM (a)		8,411		1,015
Intel		55,791		1,242
Jabil Circuit		15,881		173
Lexmark International, Class A (a) (b)		2,945		93
Microsoft		60,764		1,733
Molex		10,439		296
Motorola		6,830		68
NetApp (b)		7,023		170
NVIDIA (b)		6,896		142
Oracle (b)		37,045		772
QUALCOMM		12,000		518
Sun Microsystems (a) (b)		9,515		149
Symantec (a) (b)		780		13
Teradata (b)		576		12
Texas Instruments (a)		11,286		329
Tyco Electronics		8,363		313
Xerox		14,934		209
Yahoo! (a) (b)		9,656		265

				14,257

Materials – 3.4%
Alcoa		12,484	$	434
Allegheny Technologies (a)		1,642		113
Bemis		387		10
Dow Chemical (a)		16,336		656
E.I. Du Pont de Nemours (a)		11,364		556
International Paper (a)		6,406		168
Monsanto		2,144		244
Nucor		3,478		262
PPG Industries		3,530		217
United States Steel (a)		858		132

				2,792

Telecommunication Services – 4.1%
AT&T		47,142		1,825
CenturyTel (a)		2,278		74
Verizon Communications		36,901		1,420

				3,319

Utilities – 3.1%
Consolidated Edison (a)		10		—
Dominion Resources (a)		3,368		146
Duke Energy (a)		45,447		832
FPL Group (a)		3,117		207
Integrys Energy Group		388		19
NiSource (a)		11,769		211
PG&E		2,957		118
Public Service Enterprise Group		4,470		196
Sempra Energy		12,733		722
Southern		3,198		119
Xcel Energy		191		4

				2,574

Total Common Stocks (Cost $80,293)				80,137

Short-Term Investments – 2.5%
Money Market Fund – 1.4%
First American Prime Obligations Fund, Class Z (c)		1,197,709		1,198


U.S. Treasury Obligation – 1.1%
U.S. Treasury Bill 1.326%, 06/26/2008 (d)	$	900	898

Total Short-Term Investments (Cost $2,096)			2,096


Investment Purchased with Proceeds from Securities Lending – 26.2%
Mount Vernon Securities Lending Prime Portfolio (e)
(Cost $21,536)	21,535,929	$	21,536

Total Investments – 126.1% (Cost $103,925)			103,769

Other Assets and Liabilities, Net – (26.1)%			(21,461	)

Total Net Assets – 100.0%		$	82,308


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $20,758 at April 30, 2008. 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)	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2008. See Note 2 in Notes to Financial Statements.

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

6 First American Funds 2008 Semiannual Report

Quantitative Large Cap Core 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 receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

Number of

Notional

Contracts

Contract

Settlement

Unrealized

Description

Purchased

Value

Month

Depreciation

S&P 500 Futures

1,733

June 2008

)


Quantitative Large Cap Growth Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 85.3%
Consumer Discretionary – 8.7%
Amazon.com (a) (b)		77	$	6
American Eagle Outfitters (b)		901		17
Apollo Group, Class A (a) (b)		650		33
AutoNation (a)		875		14
Best Buy (b)		126		5
Carnival		989		40
Coach (a) (b)		624		22
Comcast, Class A (a) (b)		1,497		31
Dollar Tree (a)		57		2
Expedia (a) (b)		942		24
Foot Locker		1,037		13
Gannett (b)		1,439		41
Garmin (b)		309		13
Getty Images (a)		429		14
Harman International Industries		401		16
Home Depot (b)		1,691		49
IAC/InterActiveCorp (a)		312		7
J.C. Penney		146		6
Johnson Controls (b)		1,345		47
Kohl’s (a) (b)		448		22
Limited Brands (b)		615		11
Lowe’s (b)		2,835		71
Macy’s		730		19
McGraw-Hill		460		19
Nike, Class B (b)		815		54
Office Depot (a)		2,782		35
Omnicom Group (b)		1,312		63
Ross Stores (b)		320		11
Snap-On		78		5
Stanley Works		278		13
Staples		43		1
Starbucks (a)		1,024		17
Target (b)		851		45
Time Warner (b)		5,213		77
TJX		130		4
VF		172		13
Walt Disney (b)		5,157		167
Washington Post, Class B		13		9
Wyndham Worldwide		1,673		36

				1,092

Consumer Staples – 8.5%
Altria Group		1,358		27
Archer-Daniels-Midland		57		2
Coca-Cola (b)		2,676		157
Costco Wholesale (b)		493		35
CVS Caremark		114		5
Kraft Foods, Class A		721		23
Molson Coors Brewing, Class B		236		13
NBTY (a)		566		16
PepsiCo		2,620		179
Philip Morris International (a)		2,409		123
Procter & Gamble		2,217		149
Sysco		1,625		50
Walgreen		1,659		58
Wal-Mart Stores (b)		4,012		233

				1,070

Energy – 9.5%
Baker Hughes		1,355		110
BJ Services (b)		624		18
Chevron		1,155		111
CNX Gas (a)		1,176		48
ConocoPhillips		946		81

First American Funds 2008 Semiannual Report 7

Schedule of Investments (unaudited) April 30, 2008, all dollars rounded to thousands (000)


Quantitative Large Cap Growth Fund (continued)
DESCRIPTION	SHARES		VALUE


CONSOL Energy (b)		74	$	6
Diamond Offshore Drilling (b)		150		19
Dresser-Rand Group (a)		252		9
ENSCO International		100		6
Exxon Mobil		3,217		299
Halliburton (b)		922		42
Marathon Oil		241		11
National-Oilwell Varco (a)		661		45
Noble (b)		987		55
Occidental Petroleum		467		39
Oceaneering International (a)		193		13
Peabody Energy		173		11
Schlumberger (b)		2,174		219
Smith International		73		6
Valero Energy		897		44
Weatherford International (a)		47		4

				1,196

Financials – 4.2%
ACE		610		37
Allstate (b)		38		2
Ambac Financial Group (b)		970		4
Charles Schwab		1,247		27
CME Group (b)		29		13
Franklin Resources		428		41
Genworth Financial, Class A		1,581		36
Goldman Sachs Group		151		29
Hartford Financial Services Group		480		34
Legg Mason		128		8
Lincoln National (b)		549		29
Loew’s		1,582		66
MF Global (a) (b)		129		2
Nationwide Financial Services, Class A		1,470		74
NYSE Euronext		210		14
Principal Financial Group		404		22
Protective Life		112		5
Prudential Financial		421		32
SEI Investments		813		19
T. Rowe Price Group (b)		331		19
TD Ameritrade (a)		166		3
Torchmark		264		17

				533

Healthcare – 11.6%
Abbott Laboratories		2,347		124
Aetna		1,331		58
Amgen (a) (b)		2,078		87
Baxter International		542		34
Becton, Dickinson & Company		424		38
Bristol-Myers Squibb		2,641		58
C.R. Bard		34		3
Cardinal Health		750		39
Coventry Health Care (a) (b)		95		4
Eli Lilly		935		45
Forest Laboratories, Class A (a)		1,218		42
Genentech (a) (b)		993		68
Genzyme (a)		98		7
Health Net (a)		168		5
Humana (a)		432		21
Johnson & Johnson		3,765		253
Kinetic Concepts (a)		67		3
King Pharmaceuticals (a)		527		5
Medco Health Solutions (a)		358		18
Medtronic (b)		1,936		94
Merck		3,316		126
Pfizer		3,936		79
Schering-Plough		892	$	16
Stryker (b)		154		10
Thermo Fisher Scientific (a)		20		1
UnitedHealth Group		2,731		89
WellCare Health Plans (a)		139		6
WellPoint (a)		1,286		64
Wyeth (b)		874		39
Zimmer Holdings (a)		378		28

				1,464

Industrials – 13.4%
3M		2,038		157
Boeing (b)		1,278		108
Career Education (a) (b)		436		9
Carlisle Companies		47		1
Caterpillar (b)		371		30
Cintas		433		13
Cooper Industries, Class A		1,360		58
Copart (a) (b)		498		20
Cummins		377		24
Danaher (b)		1,087		85
Dover		1,078		53
Emerson Electric (b)		1,812		95
FedEx (b)		642		62
First Solar (a)		47		14
Gardner Denver (a)		332		15
General Dynamics		1,020		92
General Electric		1,721		56
Harsco		42		3
Honeywell International		1,010		60
Hubbell, Class B		541		24
Illinois Tool Works		2,030		106
Ingersoll-Rand, Class A (b)		626		28
ITT		226		14
Kennametal (b)		478		17
Lincoln Electric Holdings		27		2
Lockheed Martin (b)		389		41
Manpower		488		33
Northrop Grumman		135		10
Parker Hannifin (b)		551		44
Precision Castparts		48		6
Rockwell Automation (b)		620		34
Rockwell Collins		939		59
Terex (a)		151		11
Textron		106		6
Thomas & Betts (a)		320		12
Timken		729		26
Union Pacific		10		1
United Parcel Service, Class B		1,053		76
United Technologies		2,292		166
URS (a) (b)		285		12
WESCO International (a) (b)		47		2

				1,685

Information Technology – 24.4%
Alliance Data Systems (a)		77		4
Amdocs (a) (b)		1,395		44
Apple (a)		1,118		195
Applied Materials (b)		1,395		26
Autodesk (a)		155		6
Automatic Data Processing (b)		2,491		110
Cadence Design Systems (a)		373		4
Cisco Systems (a)		10,811		277
Cognizant Technology Solutions, Class A (a)		503		16
Computer Sciences (a) (b)		1,613		70
Compuware (a)		1,366		10

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

8 First American Funds 2008 Semiannual Report


Quantitative Large Cap Growth Fund (continued)
DESCRIPTION	SHARES		VALUE


Convergys (a)		1,950	$	31
Dell (a) (b)		5,358		100
Dolby Laboratories, Class A (a)		528		21
eBay (a)		1,898		59
Electronic Arts (a)		276		14
Electronic Data Systems		2,544		47
EMC (a) (b)		3,440		53
F5 Networks (a) (b)		273		6
Google, Class A (a) (b)		356		204
Hewlett-Packard		4,472		207
IBM (b)		1,618		195
Ingram Micro, Class A (a)		3,457		59
Intel		11,033		246
Jabil Circuit		1,672		18
Juniper Networks (a)		456		13
Lexmark International, Class A (a) (b)		276		9
Microsoft		13,508		385
Molex		1,053		30
NetApp (a)		1,147		28
NVIDIA (a)		1,749		36
Oracle (a)		7,701		161
QUALCOMM		2,928		127
Sun Microsystems (a)		871		14
Symantec (a) (b)		241		4
Teradata (a)		195		4
Texas Instruments (b)		2,428		71
Trimble Navigation (a) (b)		128		4
Tyco Electronics		926		35
Vishay Intertechnology (a) (b)		6,107		58
Waters (a)		71		4
Xerox (a)		1,181		17
Yahoo! (a)		2,096		57

				3,079

Materials – 2.8%
Air Products and Chemicals		53		5
Alcoa		922		32
Allegheny Technologies		328		23
Carpenter Technology		445		23
Commercial Metals		959		30
Dow Chemical (b)		953		38
E.I. Du Pont de Nemours (b)		846		41
Ecolab (b)		205		9
Freeport-McMoRan Copper & Gold (b)		2		—
Monsanto		781		89
Nucor		485		37
PPG Industries		177		11
Praxair		33		3
Titanium Metals (a) (b)		121		2
United States Steel (b)		50		8
Westlake Chemical		502		8

				359

Telecommunication Services – 1.1%
AT&T		1,162		45
U.S. Cellular (a)		532		29
Verizon Communications		1,804		70

				144

Utilities – 1.1%
Duke Energy (b)		3,455		63
FPL Group		108		7
Public Service Enterprise Group		61	$	3
Sempra Energy		1,083		61

				134

Total Common Stocks (Cost $10,746)				10,756

Short-Term Investments – 14.5%
Money Market Fund – 14.3%
First American Prime Obligations Fund, Class Z (c)		1,804,888		1,805


U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill
2.240%, 06/26/2008 (d)	$	20	20

Total Short-Term Investments (Cost $1,825)			1,825


Investment Purchased with Proceeds from Securities Lending – 26.4%
Mount Vernon Securities Lending Prime Portfolio (e)
(Cost $3,332)	3,331,901		3,332

Total Investments – 126.2% (Cost $15,903)			15,913

Other Assets and Liabilities, Net – (26.2)%			(3,306	)

Total Net Assets – 100.0%		$	12,607


(a)	Non-income producing security.


(b)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a market value of $3,214 at April 30, 2008. See note 2 in Notes the 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 April 30, 2008. See note 2 in Notes to Financial Statements.

(e)

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

Schedule of Open Futures Contracts


	Number of		Notional			Unrealized
	Contracts		Contract		Settlement	Appreciation
Description	Purchased		Value		Month	(Depreciation)

S&P 500 Futures		4	$	1,386	June 2008	$	(14	)
S&P 500 E-Mini Futures		6		416	June 2008		12

						$	(2	)

First American Funds 2008 Semiannual Report 9

Schedule of Investments (unaudited) April 30, 2008, all dollars rounded to thousands (000)


Quantitative Large Cap Value Fund
DESCRIPTION	SHARES		VALUE


Common Stocks – 84.2%
Consumer Discretionary – 7.0%
American Eagle Outfitters (a)		231	$	4
Apollo Group, Class A (a) (b)		162		8
AutoNation (b)		979		16
Carnival		742		30
CBS, Class B (a)		490		11
Expedia (b)		403		10
Foot Locker		1,341		17
Gannett (a)		2,334		67
Gap (a)		273		5
Getty Images (b)		226		7
Harman International Industries		212		9
Home Depot (a)		1,082		31
IAC/InterActiveCorp (b)		383		8
Johnson Controls (a)		391		14
Jones Apparel Group		121		2
Limited Brands		213		4
Lowe’s		542		14
Macy’s		1,162		29
McDonald’s		37		2
Office Depot (b)		2,188		28
OfficeMax		199		4
Omnicom Group (a)		412		20
Stanley Works		110		5
Time Warner (a)		7,507		111
VF		124		9
Walt Disney (a)		3,460		112
Wyndham Worldwide		1,714		37

				614

Consumer Staples – 6.4%
Altria Group		1,567		32
Archer-Daniels-Midland		594		26
Coca-Cola (a)		957		56
ConAgra Foods		499		12
Kraft Foods, Class A		2,696		85
Molson Coors Brewing, Class B		167		9
NBTY (b)		329		9
Philip Morris International (b)		1,607		82
Procter & Gamble		2,223		149
Sysco		479		15
Walgreen		61		2
Wal-Mart Stores (a)		1,434		83

				560

Energy – 15.5%
Apache (a)		156		21
Baker Hughes		442		36
Chevron		3,191		307
CNX Gas (b)		637		26
ConocoPhillips		2,700		232
Exxon Mobil		6,194		576
Marathon Oil		1,023		47
Noble (a)		50		3
Occidental Petroleum		1,060		88
Spectra Energy (a)		321		8
Valero Energy		300		15

				1,359

Financials – 18.5%
ACE		1,221		74
Allstate (a)		1,482		75
Ambac Financial Group (a)		1,758		8
American Financial Group		830		23
American International Group (a)		2,612		121
Annaly Capital Management – REIT (a)		91	$	1
Bank of America (a)		4,985		187
Bank Of New York Mellon		511		22
Bear Stearns		1,023		11
Capital One Financial (a)		218		12
Chubb		552		29
Cincinnati Financial		644		23
Citigroup		3,765		95
Discover Financial Services (a)		462		8
Fifth Third Bancorp		156		3
Franklin Resources		29		3
Genworth Financial, Class A		2,327		54
Goldman Sachs Group		191		36
Hartford Financial Services Group		797		57
HCC Insurance Holdings		554		14
JPMorgan Chase		3,383		161
Legg Mason		130		8
Lehman Brothers Holdings (a)		269		12
Lincoln National (a)		809		43
Loew’s		1,946		82
MBIA (a)		577		6
MetLife (a)		152		9
Morgan Stanley (a)		496		24
National City (a)		750		5
Nationwide Financial Services, Class A		1,414		71
Old Republic International (a)		1,057		15
OneBeacon Insurance Group		198		4
Principal Financial Group		286		15
Protective Life		39		2
Prudential Financial		491		37
Regions Financial (a)		1,624		36
SAFECO		420		28
SEI Investments		110		3
Thornburg Mortgage (a) (b)		4,592		6
Torchmark		346		22
Travelers		990		50
Wachovia (a)		2,289		67
Wells Fargo (a)		1,933		57
XL Capital, Class A		351		12

				1,631

Healthcare – 7.2%
Aetna		253		11
Amgen (b)		688		29
Cardinal Health		103		5
Eli Lilly		491		24
Forest Laboratories, Class A (b)		275		10
Johnson & Johnson		3,130		210
King Pharmaceuticals (b)		632		6
Merck		746		28
Pfizer		10,983		221
UnitedHealth Group		589		19
WellPoint (b)		1,004		50
Wyeth (a)		483		21

				634

Industrials – 10.6%
3M		727		56
Career Education (b)		201		4
Cintas		226		7
Cooper Industries, Class A		1,006		43
Danaher (a)		32		2
Deere & Company		10		1
Dover		642		32
Emerson Electric (a)		376		20
FedEx (a)		184		18

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

10 First American Funds 2008 Semiannual Report


Quantitative Large Cap Value Fund (continued)
DESCRIPTION	SHARES		VALUE


General Dynamics		843	$	76
General Electric		10,261		336
Hubbell, Class B		302		13
Illinois Tool Works		1,163		61
Ingersoll-Rand, Class A (a)		523		23
ITT		215		14
Kennametal (a)		243		8
Manpower		252		17
Northrop Grumman		231		17
Parker Hannifin (a)		399		32
Rockwell Automation (a)		157		8
Rockwell Collins		251		16
Thomas & Betts (b)		86		3
Timken		376		14
United Technologies		1,412		102
URS (a) (b)		250		10

				933

Information Technology – 5.1%
Amdocs (b)		302		9
Automatic Data Processing (a)		684		30
Cadence Design Systems (b)		133		1
Cisco Systems (b)		650		17
Computer Sciences (a) (b)		1,283		56
Convergys (b)		1,941		31
Dell (a) (b)		732		14
Electronic Data Systems		2,180		40
Hewlett-Packard		189		9
IBM (a)		133		16
Ingram Micro, Class A (b)		2,521		43
Intel		648		14
Jabil Circuit		1,460		16
Lexmark International Group, Class A (b)		216		7
Microsoft		185		5
Molex		931		26
Motorola (a)		967		10
NetApp (b)		235		6
Oracle (b)		290		6
Sun Microsystems (a) (b)		741		12
Tyco Electronics		654		24
Vishay Intertechnology (a) (b)		4,306		41
Xerox		1,368		19

				452

Materials – 3.4%
Alcoa		1,329		46
Allegheny Technologies		26		2
Carpenter Technology		51		2
Commercial Metals		408		13
Dow Chemical (a)		1,983		80
E.I. Du Pont de Nemours (a)		1,299		63
International Paper (a)		806		21
Nucor		283		21
PPG Industries		304		19
Sonoco Products		172		6
United States Steel (a)		98		15
Westlake Chemical		650		11

				299

Telecommunication Services – 5.6%
AT&T		7,479		289
CenturyTel (a)		267		9
U.S. Cellular (b)		156		9
Verizon Communications		4,781		184

				491

Utilities – 4.9%
Alliant Energy (a)		593	$	22
Consolidated Edison (a)		275		11
Dominion Resources (a)		840		37
Duke Energy (a)		5,607		103
FPL Group		528		35
Integrys Energy Group		190		9
NiSource		1,971		35
PG&E		763		31
Public Service Enterprise Group		569		25
Sempra Energy		1,294		73
Southern		876		33
UGI		370		10
Xcel Energy		487		10

				434

Total Common Stocks (Cost $7,486)				7,407

Short-Term Investments – 15.5%
Money Market Fund – 15.3%
First American Prime Obligations Fund, Class Z (c)		1,343,227		1,343


U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill (d)
2.240%, 06/26/2008	$	20	20

Total Short-Term Investments (Cost $1,363)			1,363


Investment Purchased with Proceeds from Securities Lending – 20.9%
Mount Vernon Securities Lending Prime Portfolio (e)
(Cost $1,842)	1,842,137		1,842

Total Investments – 120.6% (Cost $10,691)			10,612

Other Assets and Liabilities, Net – (20.6)%			(1,812	)

Total Net Assets – 100.0%		$	8,800


(a)	This security or a portion of this security is out on loan at April 30, 2008. Total loaned securities had a value of $1,766 at April 30, 2008. 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)	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2008. See note 2 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 2008 Semiannual Report 11


Statements ofAssets and Liabilities	April 30, 2008 (unaudited), 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

Unaffiliated investments, at cost	$	81,191		$	10,766		$	7,506
Affiliated money market fund, at cost		1,198			1,805			1,343
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		21,536			3,332			1,842


ASSETS:
Unaffiliated investments, at value* (note 2)	$	81,035		$	10,776		$	7,427
Affiliated money market fund, at value (note 2)		1,198			1,805			1,343
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		21,536			3,332			1,842
Receivable for dividends and interest		88			9			10
Receivable from advisor		12			19			20
Prepaid expenses and other assets		39			39			39


Total assets		103,908			15,980			10,681


LIABILITIES:
Payable upon return of securities loaned (note 2)		21,536			3,332			1,842
Payable to affiliates (note 3)		29			16			16
Payable for variation margin		6			7			5
Accrued expenses and other liabilities		29			18			18


Total liabilities		21,600			3,373			1,881


Net assets	$	82,308		$	12,607		$	8,800


COMPOSITION OF NET ASSETS:
Portfolio capital	$	84,057		$	12,642		$	9,163
Undistributed net investment income		54			5			9
Accumulated net realized loss on investments (note 2)		(1,641	)		(48	)		(291	)
Net unrealized appreciation (depreciation) of investments		(156	)		10			(79	)
Net unrealized depreciation of futures contracts		(6	)		(2	)		(2	)


Net assets	$	82,308		$	12,607		$	8,800


* Including securities loaned, at value	$	20,758		$	3,214		$	1,766


Class A:
Net assets	$	125		$	66		$	18
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		5			3			1
Net asset value, and redemption price per share	$	23.81		$	24.67		$	23.78
Maximum offering price per share¹	$	25.20		$	26.11		$	25.16
Class C:
Net assets	$	14		$	16		$	5
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1			1			—	**
Net asset value, offering price, and redemption price per share²	$	23.79		$	24.64		$	23.76
Class R:
Net assets	$	5		$	5		$	5
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		—	**		—	**		—	**
Net asset value, offering price, and redemption price per share	$	23.81		$	24.67		$	23.77
Class Y:
Net assets	$	82,164		$	12,520		$	8,772
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		3,450			507			369
Net asset value, offering price, and redemption price per share	$	23.81		$	24.68		$	23.78


	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.

First American Funds 2008 Semiannual Report 13

Quantitative Large Cap Value Fund (concluded)


Statements ofOperations	For the six-month period ended April 30, 2008 (unaudited), all dollars are rounded to thousands (000)



	Quantitative			Quantitative			Quantitative
	Large Cap			Large Cap			Large Cap
	Core Fund			Growth Fund			Value Fund

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	573		$	62		$	95
Dividends from affiliated money market fund		71			8			7
Interest from unaffiliated investments		4			—			—
Securities lending income		15			2			2


Total investment income		663			72			104


EXPENSES (note 3):
Investment advisory fees		87			13			11
Administration fees		75			22			20
Transfer agent fees		50			49			49
Custodian fees		1			—			—
Legal fees		7			7			7
Audit fees		17			17			17
Registration fees		20			20			20
Postage and printing fees		26			4			4
Directors’ fees		12			12			12
Other expenses		10			10			10
Distribution and shareholder servicing fees – Class A		—			—			—
Distribution and shareholder servicing fees – Class C		—			—			—
Distribution and shareholder servicing fees – Class R		—			—			—


Total expenses		305			154			150


Less: Fee waivers (note 3)		(177	)		(134	)		(133	)


Total net expenses		128			20			17


Investment income – net		535			52			87


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 5):
Net realized loss on investments		(1,628	)		(47	)		(269	)
Net realized gain on futures contracts		21			3			8
Net change in unrealized appreciation or depreciation of investments		(3,106	)		(620	)		(435	)
Net change in unrealized appreciation or depreciation of futures contracts		(14	)		(3	)		(15	)


Net loss on investments and futures contracts		(4,727	)		(667	)		(711	)


Net decrease in net assets resulting from operations	$	(4,192	)	$	(615	)	$	(624	)

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

14 First American Funds 2008 Semiannual Report

Quantitative Large Cap Value Fund (concluded)


Statements ofChanges 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

	Six-Month						Six-Month						Six-Month
	Period Ended			7/31/07¹			Period Ended			7/31/07¹			Period Ended			7/31/07¹
	4/30/08			to			4/30/08			to			4/30/08			to
	(unaudited)			10/31/07			(unaudited)			10/31/07			(unaudited)			10/31/07

OPERATIONS:
Investment income – net	$	535		$	204		$	52		$	20		$	87		$	42
Net realized gain (loss) on investments		(1,628	)		335			(47	)		74			(269	)		48
Net realized gain (loss) on futures contracts		21			83			3			—			8			(1	)
Net change in unrealized appreciation or depreciation of investments		(3,106	)		2,950			(620	)		630			(435	)		356
Net change in unrealized appreciation or depreciation of futures contracts		(14	)		8			(3	)		1			(15	)		13


Net increase (decrease) in net assets resulting from operations		(4,192	)		3,580			(615	)		725			(624	)		458


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1	)		—			—			—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		(540	)		(144	)		(53	)		(14	)		(95	)		(25	)
Net realized gain on investments:
Class A		(1	)		—			(1	)		—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		(451	)		—			(77	)		—			(77	)		—


Total distributions		(993	)		(144	)		(131	)		(14	)		(172	)		(25	)


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		61			129			18			69			6			30
Reinvestment of distributions		2			—			1			—			1			—
Payments for redemptions		(53	)		—			(17	)		—			(16	)		—


Increase (decrease) in net assets from Class A transactions		10			129			2			69			(9	)		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		40,590			47,241			5,519			7,004			1,950			7,000
Reinvestment of distributions		829			133			117			14			157			25
Payments for redemptions		(2,833	)		(2,062	)		(105	)		—			—			—


Increase in net assets from Class Y transactions		38,586			45,312			5,531			7,018			2,107			7,025


Increase in net assets from capital share transactions		38,596			45,461			5,533			7,109			2,098			7,065


Total increase in net assets		33,411			48,897			4,787			7,820			1,302			7,498
Net assets at beginning of period		48,897			—			7,820			—			7,498			—


Net assets at end of period	$	82,308		$	48,897		$	12,607		$	7,820		$	8,800		$	7,498


Undistributed net investment income at end of period	$	54		$	60		$	5		$	6		$	9		$	17


	¹	Commencement of operations.

First American Funds 2008 Semiannual Report 15

Quantitative Large Cap Value Fund (concluded)

Financial Highlights For a share outstanding throughout the indicated period.



						Realized and
	Net Asset		Net			Unrealized			Distributions						Net Asset
	Value		Investment			Gains			from Net			Distributions			Value
	Beginning		Income			(Losses) on			Investment			from Net Realized			End of
	of Period		(Loss)			Investments			Income			Gains			Period

Quantitative Large Cap Core Fund¹
Class A
2008²	$	26.90	$	0.20		$	(2.86	)	$	(0.19	)	$	(0.24	)	$	23.81
2007³		25.00		0.06			1.91			(0.07	)		—			26.90
Class C
2008²	$	26.88	$	0.10		$	(2.85	)	$	(0.10	)	$	(0.24	)	$	23.79
2007³		25.00		0.02			1.90			(0.04	)		—			26.88
Class R
2008²	$	26.89	$	0.16		$	(2.84	)	$	(0.16	)	$	(0.24	)	$	23.81
2007³		25.00		0.08			1.87			(0.06	)		—			26.89
Class Y
2008²	$	26.90	$	0.22		$	(2.85	)	$	(0.22	)	$	(0.24	)	$	23.81
2007³		25.00		0.11			1.87			(0.08	)		—			26.90


Quantitative Large Cap Growth Fund¹
Class A
2008²	$	27.51	$	0.11		$	(2.58	)	$	(0.11	)	$	(0.26	)	$	24.67
2007³		25.00		0.02			2.53			(0.04	)		—			27.51
Class C
2008²	$	27.47	$	0.02		$	(2.58	)	$	(0.01	)	$	(0.26	)	$	24.64
2007³		25.00		(0.03	)		2.53			(0.03	)		—			27.47
Class R
2008²	$	27.51	$	0.08		$	(2.58	)	$	(0.08	)	$	(0.26	)	$	24.67
2007³		25.00		0.04			2.50			(0.03	)		—			27.51
Class Y
2008²	$	27.52	$	0.14		$	(2.58	)	$	(0.14	)	$	(0.26	)	$	24.68
2007³		25.00		0.07			2.50			(0.05	)		—			27.52


Quantitative Large Cap Value Fund¹
Class A
2008²	$	26.53	$	0.26		$	(2.49	)	$	(0.27	)	$	(0.25	)	$	23.78
2007³		25.00		0.10			1.51			(0.08	)		—			26.53
Class C
2008²	$	26.51	$	0.17		$	(2.49	)	$	(0.18	)	$	(0.25	)	$	23.76
2007³		25.00		0.08			1.48			(0.05	)		—			26.51
Class R
2008²	$	26.53	$	0.22		$	(2.49	)	$	(0.24	)	$	(0.25	)	$	23.77
2007³		25.00		0.11			1.49			(0.07	)		—			26.53
Class Y
2008²	$	26.54	$	0.28		$	(2.49	)	$	(0.30	)	$	(0.25	)	$	23.78
2007³		25.00		0.15			1.48			(0.09	)		—			26.54


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended April 30, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

	³	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.

	⁴	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

16 First American Funds 2008 Semiannual Report

Quantitative Large Cap Value Fund (concluded)



											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income (Loss)
			Net Assets		Expenses to			Income (Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets			Turnover
Return⁴			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate



	(9.94	)%	$	125		0.69	%		1.67	%		1.30	%		1.06	%		58	%
	7.89			131		0.70			0.91			1.40			0.21			55

	(10.28	)%	$	14		1.45	%		0.87	%		2.06	%		0.26	%		58	%
	7.69			15		1.45			0.23			2.15			(0.47	)		55

	(10.03	)%	$	5		0.95	%		1.37	%		1.56	%		0.76	%		58	%
	7.81			6		0.95			1.20			1.65			0.50			55

	(9.84	)%	$	82,164		0.44	%		1.85	%		1.05	%		1.24	%		58	%
	7.93			48,745		0.45			1.73			1.15			1.03			55




	(9.04	)%	$	66		0.69	%		0.89	%		3.66	%		(2.08	)%		73	%
	10.22			71		0.70			0.23			4.70			(3.77	)		58

	(9.37	)%	$	16		1.45	%		0.15	%		4.42	%		(2.82	)%		73	%
	10.01			18		1.45			(0.36	)		5.45			(4.36	)		58

	(9.17	)%	$	5		0.94	%		0.65	%		3.91	%		(2.32	)%		73	%
	10.17			6		0.95			0.54			4.95			(3.46	)		58

	(8.93	)%	$	12,520		0.44	%		1.16	%		3.41	%		(1.81	)%		73	%
	10.29			7,725		0.45			1.07			4.45			(2.93	)		58




	(8.44	)%	$	18		0.70	%		2.16	%		4.34	%		(1.48	)%		84	%
	6.46			31		0.70			1.57			4.73			(2.46	)		65

	(8.78	)%	$	5		1.44	%		1.39	%		5.08	%		(2.25	)%		84	%
	6.25			5		1.45			1.18			5.48			(2.85	)		65

	(8.58	)%	$	5		0.95	%		1.88	%		4.59	%		(1.76	)%		84	%
	6.41			5		0.95			1.68			4.98			(2.35	)		65

	(8.34	)%	$	8,772		0.44	%		2.37	%		4.08	%		(1.27	)%		84	%
	6.52			7,457		0.45			2.28			4.48			(1.75	)		65

First American Funds 2008 Semiannual Report 17


Notes toFinancial Statements	(unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)


1 >	Organization

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 April 30, 2008, FAIF offered 43 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. 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.


2 >	Summary of Significant Accounting Policies

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

Quantitative Large Cap Value Fund (concluded)

sale was reported on that date are stated at the last quoted bid price. 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, Inc (“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.

18 First American Funds 2008 Semiannual Report

Quantitative Large Cap Value Fund (concluded)

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.

Effective July 1, 2008, the funds will declare and pay income dividends annually. Distributions from net investment income will be declared and paid annually.

Quantitative Large Cap Value Fund (concluded)

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. The funds have adopted FIN 48 and during the six-month period ended April 30, 2008, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority.

The character of distributions paid during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended April 30, 2008 (estimated), and the fiscal year ended October 31, 2007, were as follows:


	April 30, 2008

	Ordinary		Long Term
Fund	Income		Gain		Total

Quantitative Large Cap Core Fund	$	541	$	452	$	993
Quantitative Large Cap Growth Fund		53		78		131
Quantitative Large Cap Value Fund		95		77		172


	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 funds’ most recently completed fiscal year-end, 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 differences between book and tax basis unrealized appreciation (depreciation) are 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.

Quantitative Large Cap Value Fund (concluded)

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.

First American Funds 2008 Semiannual Report 19


Notes toFinancial Statements	(unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)

Quantitative Large Cap Value Fund (concluded)

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.

The funds’ outstanding futures contracts as of April 30, 2008, 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, 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 April 30, 2008, the funds held no investments in illiquid securities.

Quantitative Large Cap Value Fund (concluded)

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. Effective January 23, 2007, collateral for securities on loan is invested in a money market fund administered by FAF Advisors and FAF Advisors receives an administration fee equal to 0.02% of such money market fund’s average daily net assets. Securities lending fees paid to U.S. Bank by the funds for the six-month period ended April 30, 2008, were as follows:


Fund	Amount

Quantitative Large Cap Core Fund	$	6
Quantitative Large Cap Growth Fund		1
Quantitative Large Cap Value Fund		1

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.

20 First American Funds 2008 Semiannual Report

Quantitative Large Cap Value Fund (concluded)


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 February 28, 2009, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:


	Share Class

Fund	A			C			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.

Quantitative Large Cap Value Fund (concluded)

For the six-month period ended April 30, 2008, 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, Class C, 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 agreement, the amounts retained by affiliates of FAF Advisors for the six-month period ended April 30, 2008 rounds to zero for each fund.

OTHER FEES AND EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended April 30, 2008, legal fees and expenses of $12 were paid

First American Funds 2008 Semiannual Report 21


Notes toFinancial Statements	(unaudited as to April 30, 2008), all dollars and shares are rounded to thousands (000)

Quantitative Large Cap Value Fund (concluded)

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

Quantitative Large Cap Value Fund (concluded)

purchased shares, or the value at the time of redemption, whichever is less.

For the six-month period ended April 30, 2008, the funds did not incur any front-end sales charges or CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares.


4 >	Capital Share Transactions

FAIF has 362 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

	Six-Month			7/31/07¹			Six-Month Period			7/31/07¹		Six-Month Period		7/31/07¹
	Period Ended			to			Ended			to		Ended		to
	4/30/08			10/31/07			4/30/08			10/31/07		4/30/08		10/31/07

Class A:
Shares issued		2			5			1			2		—		1
Shares issued in lieu of cash distributions		—			—			—			—		—		—
Shares redeemed		(2	)		—			—			—		—		—


Total Class A transactions		—			5			1			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		1,725			1,887			226			280		81		280
Shares issued in lieu of cash distributions		33			5			5			1		7		1
Shares redeemed		(120	)		(80	)		(5	)		—		—		—


Total Class Y transactions		1,638			1,812			226			281		88		281


Net increase in capital shares		1,638			1,818			227			284		88		282


	¹	Commencement of operations


5 >	Investment Security Transactions

During the six-month period ended April 30, 2008, 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	$	69,887	$	32,949
Quantitative Large Cap Growth Fund		10,251		6,452
Quantitative Large Cap Value Fund		7,135		5,961

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 April 30, 2008, were as follows:


	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost

Quantitative Large Cap Core Fund	$	3,387	$	(3,543	)	$	(156	)	$	103,925
Quantitative Large Cap Growth Fund		532		(522	)		10			15,903
Quantitative Large Cap Value Fund		319		(398	)		(79	)		10,691

Quantitative Large Cap Value Fund (concluded)


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 April 30, 2008, Quantitative Large Cap Growth Fund had a significant portion of its 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.


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

22 First American Funds 2008 Semiannual Report

Quantitative Large Cap Value Fund (concluded)

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 April 30, 2008, 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.

In March 2008, the FASB issued Statement on Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities – an

Quantitative Large Cap Value Fund (concluded)

amendment of FASB Statement No. 133” (“FAS 161”). FAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Funds are required to provide enhanced disclosures about (a) how and why the fund uses derivative instruments, (b) how derivative instruments are accounted for under FAS 133 and its related interpretations, and (c) how derivative instruments affect the fund’s financial position and financial performance. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. The funds do not expect FAS 161 to have a material impact on their financial statements; however, additional disclosures will be required.

First American Funds 2008 Semiannual Report 23

Quantitative Large Cap Value Fund (concluded)


Notice toShareholders	April 30, 2008 (unaudited)

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 at firstamericanfunds.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.FUND.

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

24 First American Funds 2008 Semiannual Report

Quantitative Large Cap Value Fund (concluded)

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.

Quantitative Large Cap Value Fund (concluded)

Direct fund correspondence to:

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

Quantitative Large Cap Value Fund (concluded)

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

0040-08 6/2008 SAR-QUANT

Item 2—Code of Ethics

Not applicable to the semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to the semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to the semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11—Controls and Procedures

(a)		The registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely.

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

Item 12—Exhibits

(a)(1)		Not applicable.

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

(a)(3)		Not applicable.

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


Explanation of Financial Statements			1
Holdings Summaries			2
Expense Examples			7
Real Estate Securities Fund			15
Schedule of Investments			15
Statement of Assets and Liabilities			17
Statement of Operations			18
Statements of Changes in Net Assets			19
Financial Highlights			20
Global & International Funds			22
Schedule of Investments			22
Statements of Assets and Liabilities			29
Statements of Operations			30
Statements of Changes in Net Assets			31
Financial Highlights			32
Small Cap Funds			36
Schedule of Investments			36
Statements of Assets and Liabilities			42
Statements of Operations			43
Statements of Changes in Net Assets			44
Financial Highlights			46
Mid Cap Funds			54
Schedule of Investments			54
Statements of Assets and Liabilities			57
Statements of Operations			58
Statements of Changes in Net Assets			59
Financial Highlights			60
Large Cap Funds			64
Schedule of Investments			64
Statements of Assets and Liabilities			67
Statements of Operations			68
Statements of Changes in Net Assets			69
Financial Highlights			70
Balanced & Equity Income Funds			76
Schedule of Investments			76
Statements of Assets and Liabilities			86
Statements of Operations			87
Statements of Changes in Net Assets			88
Financial Highlights			90
Notes to Financial Statements			94
Notice to Shareholders			108
Certification
906 Certification


Total	3	.8%
HSBC	3	.0
Eni	2	.8
Nestle	2	.5
Vodaphone	2	.3
E.ON	2	.2
BHP Billiton	2	.0
Standard Chartered	1	.9
Mitsubishi	1	.9
Tesco	1	.9


¹	Fund holdings and sector/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.


¹	Fund holdings and country/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.


Swift Energy	2	.3%
Progress Software	2	.1
Penn Virginia	1	.9
First American Prime Obligations Fund, Class Z	1	.7
Aaron Rents	1	.7
TTM Technologies	1	.6
Sterling Bancshares	1	.6
Crane	1	.6
Delphi Financial Group, Class A	1	.5
Alexandria Real Estate Equities – REIT	1	.5


¹	Fund holdings and sector/portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.


Explanation of Financial Statements			1
Holdings Summaries			2
Expense Examples			3
Schedule of Investments			5
Statements of Assets and Liabilities			29
Statements of Operations			30
Statements of Changes in Net Assets			31
Financial Highlights			32
Notes to Financial Statements			38
Notice to Shareholders			45


Explanation of Financial Statements			1
Holding Summaries			2
Expense Examples			3
Schedule of Investments			5
Statements of Assets and Liabilities			13
Statements of Operations			14
Statements of Changes in Net Assets			15
Financial Highlights			16
Notes to Financial Statements			18
Notice to Shareholders			24



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



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