First American Funds NCSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03313

First American Funds, Inc.

(Exact name of registrant as specified in charter)

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

Charles D. Gariboldi 800 Nicollet Mall, Minneapolis, MN 55402

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2006

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

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

Item 1. Report to Shareholders

		FIRST AMERICAN FUNDS.	*2006*
			*Semiannual Report*

			MONEY
			MARKET
			FUNDS

Table of Contents

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

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

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

FIRST AMERICAN FUNDS ONLINE

	@ firstamericanfunds.com

	Visit the First American Funds website for useful information on each of our funds, including fund prices, performance, fund management bios, dividends, and downloadable fact sheets.



	Online features and functionality include:

	•	The ability to deepen your understanding of the fund family by learning about the full range of investment choices available to you through First American Funds

	•	The ability to educate yourself through market and investment strategy commentaries

Government Obligations fund

Expense Example

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

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

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, 0.20%, and 0.81% for Class A, Class D, Class Y, Class Z, and Piper Jaffray Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Prime Obligations fund

Expense Example

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

Actual Expenses

Hypothetical Example for Comparison Purposes

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

Expense Examples

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

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.78%, 1.23%, 1.23%, 0.63%, 0.40%, 0.48%, 0.20%, and 0.88% for Class A, Class B, Class C, Class D, Class I, Class Y, Class Z, and Piper Jaffray Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six-month period ended February 28, 2006 of 1.68%, 1.45%, 1.45%, 1.75%, 1.87%, 1.83%, 1.97%, and 1.63% for Class A, Class B, Class C, Class D, Class I, Class Y, Class Z, and Piper Jaffray Class, respectively.

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Tax Free Obligations fund

Expense Example

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

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Examples

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

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, 0.20%, and 0.79% for Class A, Class D, Class Y, Class Z, and Piper Jaffray Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six-month period ended February 28, 2006 of 1.06%, 1.14%, 1.21%, 1.34%, and 1.04% for Class A, Class D, Class Y, Class Z, and Piper Jaffray Class, respectively.

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Treasury Obligations fund

Expense Example

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

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Examples

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

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, 0.20%, 0.79%, and 0.94% for Class A, Class D, Class Y, Class Z, Piper Jaffray Class, and Reserve Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six-month period ended February 28, 2006 of 1.63%, 1.70%, 1.78%, 1.90%, 1.61%, and 1.53% for Class A, Class D, Class Y, Class Z, Piper Jaffray Class, and Reserve Class, respectively.

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

U.S. Treasury Money Market fund

Expense Example

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

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Examples

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

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, and 0.20% for Class A, Class D, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six-month period ended February 28, 2006 of 1.50%, 1.57%, 1.65%, and 1.80% for Class A, Class D, Class Y, and Class Z, respectively.

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Schedule of Investments February 28, 2006 (unaudited)

Government Obligations Fund

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

Government Obligations Fund (concluded)

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

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Schedule of Investments February 28, 2006 (unaudited)

Prime Obligations Fund

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

Prime Obligations Fund (continued)

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Prime Obligations Fund (continued)

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

Prime Obligations Fund (continued)

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Schedule of Investments February 28, 2006 (unaudited)

Prime Obligations Fund (concluded)

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

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

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

Tax Free Obligations Fund

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Tax Free Obligations Fund (continued)

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

Tax Free Obligations Fund (continued)

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Schedule of Investments February 28, 2006 (unaudited)

Tax Free Obligations Fund (continued)

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

Tax Free Obligations Fund (continued)

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Tax Free Obligations Fund (continued)

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

Tax Free Obligations Fund (continued)

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Schedule of Investments February 28, 2006 (unaudited)

Tax Free Obligations Fund (continued)

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

Tax Free Obligations Fund (continued)

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Tax Free Obligations Fund (continued)

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

Tax Free Obligations Fund (continued)

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Schedule of Investments February 28, 2006 (unaudited)

Tax Free Obligations Fund (concluded)

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

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

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

AMBAC – American Municipal Bond Assurance Company

FGIC – Financial Guaranty Insurance Corporation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assistance

INS – Insured

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

PLC – Public Liability Company

PSF – Permanent School Fund

SPA – Standby Purchase Agreement

Treasury Obligations Fund

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

U.S. Treasury Money Market Fund

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

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

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

* 20 billion shares were authorized for U.S. Treasury Money Market Fund.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

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

FIRST AMERICAN FUNDS Semiannual Report 2006

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

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

(This page has been left blank intentionally.)

Statements of Changes in Net Assets in thousands

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

(1) Commencement of operations.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Statements of Changes in Net Assets in thousands (continued)

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

(1) Commencement of operations.

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Financial Highlights For a share outstanding throughout the indicated period

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

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

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

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

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

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

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

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Financial Highlights For a share outstanding throughout the indicated period

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

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

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

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

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

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

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

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

FIRST AMERICAN FUNDS Semiannual Report 2006

Financial Highlights For a share outstanding throughout the indicated period

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