First American Funds N-CSR Certified annual shareholder report (management investment company)

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)

Jill M. Stevenson, 800 Nicollet Mall, Minneapolis, MN 55402

(Name and address of agent for service)

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

Date of fiscal period end:        August 31

Date of reporting period:        August 31, 2011

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.

2011 ANNUAL REPORT

August 31, 2011

Money

Market

Funds

TABLE OF CONTENTS

Message to Shareholders	1
Explanation of Financial Statements	2
Holdings Summaries	3
Expense Examples	4
Report of Independent Registered Public Accounting Firm	7
Schedule of Investments	8
Statements of Assets and Liabilities	21
Statements of Operations	22
Statements of Changes in Net Assets	24
Financial Highlights	28
Notes to Financial Statements	38
Notice to Shareholders	45

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

Message to Shareholders

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended August 31, 2011.

This report includes a complete listing of portfolio holdings and additional fund information. We hope you will find this helpful in monitoring your investment portfolio.

Also, through our website, FirstAmericanFunds.com, we provide quarterly performance fact sheets on all First American Funds, the economic outlook as viewed by our senior investment officers, and other information about fund investments and portfolio strategies.

Please contact your financial professional if you have questions about First American Funds or contact First American Investor Services at 800.677.3863.

We appreciate your investment with First American Funds and look forward to serving your financial needs in the future.

Sincerely,

Leonard W. Kedrowski   Chairperson of the Board
First American Funds, Inc. Joseph M. Ulrey III   President First American Funds, Inc.

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 1

Explanation of Financial Statements

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

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

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

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

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

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

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

We hope this guide to your shareholder report will help you get the most out of this important resource. You can visit First American Funds’ website for other useful information on each of our funds, including fund prices, performance, fund manager bios, dividends, and downloadable fact sheets. For more information, call First American Investor Services at 800.677.3863 or visit FirstAmericanFunds.com.

2 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Holdings Summaries

Government Obligations Fund

Portfolio Allocation as of August 31, 2011¹ (% of net assets)

Government Agency Debt	70.7%
Government Agency Repurchase Agreements	23.5
Treasury Repurchase Agreements	3.6
Treasury Debt	3.1
Other Assets and Liabilities, Net2	(0.9)
	100.0%

Prime Obligations Fund

Portfolio Allocation as of August 31, 2011¹ (% of net assets)

Certificates of Deposit	26.0%
Other Notes	12.7
Asset Backed Commercial Paper	12.6
Financial Company Commercial Paper	11.4
Government Agency Debt	10.2
Variable Rate Demand Notes	9.1
Treasury Debt	7.4
Government Agency Repurchase Agreements	3.9
Other Repurchase Agreements	3.4
Investment Companies	2.2
Treasury Repurchase Agreement	1.2
Other Commercial Paper	1.2
Other Assets and Liabilities, Net2	(1.3)
	100.0%

Tax Free Obligations Fund

Portfolio Allocation as of August 31, 2011^1,3 (% of net assets)

Municipal Debt	97.9%
Money Market Fund	1.9
Other Assets and Liabilities, Net2	0.2
	100.0%

Treasury Obligations Fund

Portfolio Allocation as of August 31, 2011¹ (% of net assets)

Treasury Repurchase Agreements	64.7%
Treasury Debt	35.2
Other Assets and Liabilities, Net2	0.1
	100.0%

U.S. Treasury Money Market Fund

Portfolio Allocation as of August 31, 2011¹ (% of net assets)

Treasury Debt 100.0%

¹  Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.

²  Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

³  See note 4 in Notes to Financial Statements for additional information on the portfolio characteristics of the fund.

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 3

Expense Examples

Expense Example

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs (for example, any contingent deferred sales charges that may apply on Class C shares of Prime Obligations Fund); and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from March 1, 2011 to August 31, 2011.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Government Obligations Fund

	Beginning Account Value (3/01/11)		Ending Account Value (8/31/11)		Expenses Paid During Period1 (3/01/11 to 8/31/11)
Class A Actual2	$	1,000.00	$	1,000.00	$	0.76
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45	$	0.77
Class D Actual2	$	1,000.00	$	1,000.00	$	0.76
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45	$	0.77
Class Y Actual2	$	1,000.00	$	1,000.00	$	0.76
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45	$	0.77
Class Z Actual2	$	1,000.00	$	1,000.00	$	0.76
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45	$	0.77
Institutional Investor Class Actual2	$	1,000.00	$	1,000.00	$	0.76
Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45	$	0.77

¹  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.15%, 0.15%, 0.15%, 0.15%, and 0.15% for Class A, Class D, Class Y, Class Z, and Institutional Investor 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).

²  Based on the actual returns for the six-month period ended August 31, 2011 of 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively.

4 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Prime Obligations Fund

	Beginning Account Value (3/01/11)		Ending Account Value (8/31/11)		Expenses Paid During Period1 (3/01/11 to 8/31/11)
Class A Actual2	$	1,000.00	$	1,000.00	$	1.36
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.84	$	1.38
Class C Actual2	$	1,000.00	$	1,000.00	$	1.36
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.84	$	1.38
Class D Actual2	$	1,000.00	$	1,000.00	$	1.36
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.84	$	1.38
Class I Actual2	$	1,000.00	$	1,000.00	$	1.36
Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.84	$	1.38
Class Y Actual2	$	1,000.00	$	1,000.00	$	1.36
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.84	$	1.38
Class Z Actual2	$	1,000.00	$	1,000.20	$	1.16
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05	$	1.17
Institutional Investor Class Actual2	$	1,000.00	$	1,000.00	$	1.41
Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.79	$	1.43

¹  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.27%, 0.27%, 0.27%, 0.27%, 0.27%, 0.23%, and 0.28% for Class A, Class C, Class D, Class I, Class Y, Class Z, and Institutional Investor 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).

²  Based on the actual returns for the six-month period ended August 31, 2011 of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, 0.02%, and 0.00% for Class A, Class C, Class D, Class I, Class Y, Class Z, and Institutional Investor Class, respectively.

Tax Free Obligations Fund

	Beginning Account Value (3/01/2011)		Ending Account Value (8/31/11)		Expenses Paid During Period3 (3/01/2011 to 8/31/11)
Class A Actual4	$	1,000.00	$	1,000.00	$	1.01
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02
Class D Actual4	$	1,000.00	$	1,000.00	$	1.01
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02
Class Y Actual4	$	1,000.00	$	1,000.00	$	1.01
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02
Class Z Actual4	$	1,000.00	$	1,000.00	$	1.01
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02
Institutional Investor Class Actual4	$	1,000.00	$	1,000.00	$	0.96
Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25	$	0.97

³  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.20%, 0.20%, 0.20%, 0.20%, and 0.19% for Class A, Class D, Class Y, Class Z, and Institutional Investor 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).

⁴  Based on the actual returns for the six-month period ended August 31, 2011 of 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively.

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 5

Expense Examples

Treasury Obligations Fund

	Beginning Account Value (3/01/11)		Ending Account Value (8/31/11)		Expenses Paid During Period1 (3/01/11 to 8/31/11)
Class A Actual2	$	1,000.00	$	1,000.00	$	0.50
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.70	$	0.51
Class D Actual2	$	1,000.00	$	1,000.00	$	0.55
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.65	$	0.56
Class Y Actual2	$	1,000.00	$	1,000.00	$	0.55
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.65	$	0.56
Class Z Actual2	$	1,000.00	$	1,000.00	$	0.55
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.65	$	0.56
Institutional Investor Class Actual2	$	1,000.00	$	1,000.00	$	0.55
Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.65	$	0.56
Reserve Class Actual2	$	1,000.00	$	1,000.00	$	0.66
Reserve Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.55	$	0.66

¹  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.10%, 0.11%, 0.11%, 0.11%, 0.11%, and 0.13% for Class A, Class D, Class Y, Class Z, Institutional Investor 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).

²  Based on the actual returns for the six-month period ended August 31, 2011 of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, Institutional Investor Class, and Reserve Class, respectively.

U.S. Treasury Money Market Fund

	Beginning Account Value (3/01/11)		Ending Account Value (8/31/11)		Expenses Paid During Period3 (3/01/11 to 8/31/11)
Class A Actual4	$	1,000.00	$	1,000.00	$	0.40
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.80	$	0.41
Class D Actual4	$	1,000.00	$	1,000.00	$	0.30
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.90	$	0.31
Class Y Actual4	$	1,000.00	$	1,000.00	$	0.30
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.90	$	0.31
Class Z Actual4	$	1,000.00	$	1,000.00	$	0.35
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.85	$	0.36
Institutional Investor Class Actual4	$	1,000.00	$	1,000.00	$	0.30
Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.90	$	0.31

³  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.08%, 0.06%, 0.06%, 0.07%, and 0.06% for Class A, Class D, Class Y, Class Z, and Institutional Investor 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).

⁴  Based on the actual returns for the six-month period ended August 31, 2011 of 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively.

6 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Funds, Inc.

We have audited the accompanying statements of assets and liabilities of First American Funds, Inc. (comprised respectfully of Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund) (the “funds”), including the schedule of investments, as of August 31, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2011, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each respective fund at August 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

October 21, 2011

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 7

Schedule of Investments August 31, 2011, all dollars are rounded to thousands (000)

Government Obligations Fund
DESCRIPTION	PAR		VALUE >
Government Agency Debt – 70.7%
American Express Bank (FDIC Insured)
1.186%, 12/9/2011 r	$	25,000	$	25,072
Bank of America (FDIC Insured)
1.073%, 12/2/2011 r		160,000		160,376
Citigroup (FDIC Insured)
2.125%, 4/30/2012		50,000		50,622
Citigroup Funding (FDIC Insured)
0.546%, 3/30/2012 r		80,000		80,182
Federal Farm Credit Bank
0.040%, 10/7/2011 		50,000		49,998
0.130%, 12/7/2011 r		116,600		116,550
0.180%, 3/23/2012 r		75,000		74,983
0.227%, 10/12/2012 r		18,300		18,306
Federal Home Loan Bank
0.025%, 9/2/2011 		645,000		644,999
0.020%, 9/7/2011 		100,000		100,000
0.025%, 9/7/2011 		50,000		50,000
3.750%, 9/9/2011		70,625		70,679
0.150%, 9/12/2011		74,000		74,000
0.157%, 9/15/2011		180,700		180,700
0.010%, 10/3/2011 		50,000		49,999
0.039%, 10/5/2011 		140,389		140,384
0.040%, 10/6/2011 		214,595		214,587
0.186%, 10/6/2011		50,000		50,006
0.040%, 10/7/2011 		10,405		10,405
0.020%, 10/19/2011 		54,000		53,998
0.170%, 10/20/2011 r		50,000		50,000
0.001%, 10/25/2011 		50,000		50,000
0.132%, 10/27/2011		50,000		49,998
0.110%, 11/2/2011 		69,900		69,887
4.250%, 11/15/2011		5,000		5,041
0.100%, 1/13/2012 		40,000		39,985
0.180%, 1/19/2012 r		100,000		100,002
0.130%, 1/23/2012		30,000		29,997
0.151%, 2/1/2012 r		75,000		74,990
0.090%, 2/10/2012 		63,475		63,449
0.208%, 2/10/2012 r		150,000		149,985
0.120%, 2/13/2012		50,000		49,994
0.120%, 2/13/2012		75,000		74,992
0.230%, 2/28/2012 r		100,000		100,000
0.210%, 3/20/2012 r		50,000		49,994
0.330%, 7/16/2012		50,000		50,000
0.350%, 7/17/2012		44,250		44,250
0.150%, 7/19/2012 r		100,000		99,947
0.205%, 7/24/2012 r		225,000		225,000
0.350%, 7/24/2012		75,000		75,000
0.375%, 7/24/2012		50,000		50,000
0.375%, 7/24/2012		50,000		50,000
0.175%, 7/25/2012 r		100,000		100,000
0.350%, 7/25/2012		25,000		25,000
0.375%, 7/27/2012		50,575		50,575
0.330%, 8/8/2012		123,000		122,997
0.200%, 8/24/2012 r		50,000		50,000
0.300%, 9/10/2012		49,175		49,175
0.300%, 9/10/2012		25,000		25,000
0.350%, 9/18/2012		20,000		20,000
0.300%, 9/28/2012		25,000		25,000
0.220%, 1/22/2013 r		35,000		35,000
Federal Home Loan Mortgage Corporation
0.160%, 9/6/2011 		60,900		60,899
0.010%, 9/19/2011 		76,150		76,150
0.172%, 9/19/2011		17,115		17,115
0.020%, 9/26/2011 		274,700		274,696
0.189%, 9/26/2011		100,000		99,996
0.039%, 10/3/2011 		46,600		46,598
0.027%, 10/12/2011 		58,760		58,758
0.140%, 10/17/2011 		75,000		74,987
0.131%, 10/18/2011 		247,000		246,958
0.219%, 10/26/2011 r		50,000		49,997

Government Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
0.050%, 10/31/2011 	$	11,742	$	11,741
0.220%, 11/7/2011 r		150,000		149,992
0.240%, 11/21/2011 r		75,000		74,993
1.125%, 12/15/2011		50,000		50,109
0.130%, 12/21/2011 		60,000		59,976
0.100%, 1/3/2012 		68,078		68,054
0.106%, 1/11/2012 		100,000		99,961
0.080%, 1/25/2012 r		75,000		74,976
0.162%, 4/3/2012 r		200,000		200,048
0.128%, 5/1/2012 r		74,535		74,505
0.166%, 8/10/2012 r		120,000		119,954
0.220%, 10/12/2012 r		140,000		140,063
Federal National Mortgage Association
1.160%, 9/8/2011		25,000		25,004
0.030%, 9/9/2011 		100,000		99,999
0.040%, 9/12/2011 		50,000		49,999
0.040%, 9/15/2011 		100,000		99,999
0.030%, 10/3/2011 		87,750		87,748
0.031%, 10/5/2011 		25,608		25,607
0.035%, 10/6/2011 		31,400		31,399
0.050%, 10/11/2011 		16,000		15,999
0.100%, 10/11/2011 		125,000		124,986
0.050%, 10/12/2011 		55,312		55,309
0.040%, 10/19/2011 		124,800		124,793
0.150%, 11/7/2011 		30,300		30,292
0.157%, 1/3/2012 		57,880		57,849
0.050%, 1/9/2012 		250,000		249,955
2.000%, 1/9/2012		26,117		26,289
0.100%, 1/11/2012 		30,000		29,989
0.148%, 1/17/2012 		104,200		104,141
0.140%, 1/23/2012 		75,000		74,958
0.117%, 2/8/2012 		139,444		139,372
5.000%, 2/16/2012		25,020		25,573
0.140%, 2/17/2012 		100,000		99,934
6.125%, 3/15/2012		34,108		35,197
0.235%, 8/23/2012 r		100,000		100,030
0.240%, 9/17/2012 r		50,000		50,037
0.280%, 12/3/2012 r		40,590		40,595
General Electric Capital (FDIC Insured)
1.182%, 12/9/2011 r		15,420		15,463
3.000%, 12/9/2011		75,859		76,403
HSBC USA (FDIC Insured)
3.125%, 12/16/2011		15,000		15,130
JPMorgan Chase & Co. (FDIC Insured)
3.125%, 12/1/2011		30,367		30,584
Morgan Stanley (FDIC Insured)
3.250%, 12/1/2011		95,000		95,716
PNC Funding (FDIC Insured)
0.446%, 4/1/2012 r		100,000		100,166
Regions Bank (FDIC Insured)
3.250%, 12/9/2011		48,886		49,273
State Street Bank & Trust (FDIC Insured)
0.447%, 9/15/2011		21,835		21,837
Straight-A Funding ¢
0.120%, 9/1/2011		18,146		18,146
0.120%, 9/2/2011		52,000		52,000
0.090%, 9/12/2011		42,533		42,532
0.090%, 9/19/2011		51,700		51,697
0.150%, 10/4/2011		20,000		19,997
0.150%, 10/12/2011		50,000		49,991
0.150%, 10/12/2011		66,213		66,202
0.150%, 10/18/2011		10,000		9,998
0.190%, 11/1/2011		50,000		49,984
0.190%, 11/23/2011		48,311		48,290
Wells Fargo & Co. (FDIC Insured)
1.102%, 12/9/2011 r		274,870		275,567
Total Government Agency Debt (Cost $9,295,659)				9,295,659

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

8 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Government Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Treasury Debt – 3.1%
U.S. Treasury Notes ‚
1.000%, 10/31/2011	$	50,000	$	50,061
4.500%, 11/30/2011		100,000		101,025
4.875%, 2/15/2012		50,000		51,072
0.875%, 2/29/2012		100,000		100,331
4.625%, 2/29/2012		100,000		102,189
Total Treasury Debt (Cost $404,678)				404,678
Government Agency Repurchase Agreements – 23.5%
BNP Paribas Securities
0.060%, dated 8/31/2011, matures 9/1/2011, repurchase price $1,100,002 (collateralized by various government agency obligations: Total market value $1,122,000)		1,100,000		1,100,000
Goldman Sachs & Co.
0.040%, dated 8/31/2011, matures 9/1/2011, repurchase price $600,001 (collateralized by various government agency obligations: Total market value $612,000)		600,000		600,000
HSBC Securities (USA)
0.050%, dated 8/31/2011, matures 9/1/2011, repurchase price $500,001 (collateralized by various government agency obligations: Total market value $510,003)		500,000		500,000
ING Financial Markets
0.060%, dated 8/31/2011, matures 9/1/2011, repurchase price $300,001 (collateralized by various government agency obligations: Total market value $306,004)		300,000		300,000
Merrill Lynch, Pierce, Fenner & Smith
0.040%, dated 8/31/2011, matures 9/1/2011, repurchase price $391,345 (collateralized by various government agency obligations: Total market value $399,172)		391,345		391,345
RBC Capital Markets
0.050%, dated 8/31/2011, matures 9/1/2011, repurchase price $200,000 (collateralized by various government agency obligations: Total market value $204,001)		200,000		200,000
Total Government Agency Repurchase Agreements (Cost $3,091,345)				3,091,345
Treasury Repurchase Agreements – 3.6%
Credit Suisse Securities (USA)
0.050%, dated 8/31/2011, matures 9/1/2011, repurchase price $25,000 (collateralized by U.S. Treasury obligations: Total market value $25,501)		25,000		25,000
UBS Securities
0.040%, dated 8/31/2011, matures 9/1/2011, repurchase price $450,001 (collateralized by U.S. Treasury obligations: Total market value $459,000)		450,000		450,000
Total Treasury Repurchase Agreements (Cost $475,000)				475,000

Government Obligations Fund (concluded)
DESCRIPTION	PAR		VALUE >
Investment Purchased with Proceeds from Securities Lending † – 3.1%
Treasury Repurchase Agreement – 3.1%
Goldman Sachs & Co.
0.040%, dated 08/31/2011, matures 09/01/2011, repurchase price $414,625 (collateralized by various U.S. Treasury obligations: Total market value $421,086)
(Cost $414,625)	$	414,625	$	414,625
Total Investments  – 104.0% (Cost $13,681,307)				13,681,307
Other Assets and Liabilities, Net – (4.0)%				(526,610	)
Total Net Assets – 100.0%			$	13,154,697

> Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

r Variable Rate Security – The rate shown is the rate in effect as of August 31, 2011.

 Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase.

¢ Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of August 31, 2011, the value of these investments was $408,837 or 3.1% of total net assets.

‚ This security or a portion of this security is out on loan at August 31, 2011. Total loaned securities had a fair value of $404,678 as of August 31, 2011.

† The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the invested collateral is monitored on a daily basis. The cash collateral received is invested in U.S. Government securities or other high-grade debt obligations. See note 2 in Notes to Financial Statements.

 On August 31, 2011, the cost of investments for federal income tax purposes was $13,681,307. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 9

Schedule of Investments August 31, 2011, all dollars are rounded to thousands (000)

Prime Obligations Fund
DESCRIPTION	PAR		VALUE >
Certificates of Deposit – 26.0%
Bank of Montreal/Chicago
0.040%, 9/1/2011	$	250,000	$	250,000
0.050%, 9/6/2011		50,000		50,000
0.350%, 2/29/2012		50,000		50,000
Bank of Nova Scotia/Houston
0.260%, 9/29/2011 r		105,000		105,004
0.236%, 11/9/2011 r		50,000		50,000
0.290%, 2/17/2012 r		100,000		100,000
0.440%, 9/15/2012 r		75,000		75,000
Barclays Bank/NY
0.262%, 10/21/2011 r		60,000		60,000
Credit Suisse/NY
0.340%, 9/2/2011		9,800		9,800
0.180%, 9/9/2011		100,000		100,000
Deutsche Bank/NY
0.251%, 11/4/2011 r		75,000		75,000
DnB NOR Bank/NY
0.237%, 10/14/2011 r		55,000		55,000
0.410%, 2/17/2012		50,000		50,000
Lloyds TSB Bank/NY
0.504%, 11/1/2011		100,000		100,000
0.400%, 11/8/2011		50,000		50,000
0.252%, 11/22/2011		20,000		20,000
National Australia Bank/NY
0.235%, 10/6/2011 r		50,000		50,000
0.270%, 10/19/2011		75,000		74,998
0.250%, 11/17/2011		50,000		50,000
0.496%, 12/30/2011 r		50,000		50,034
0.297%, 1/12/2012 r		40,000		40,000
0.301%, 5/21/2012 r		65,000		65,000
Nordea Bank Finland/NY
0.260%, 11/14/2011		50,000		50,000
0.300%, 12/1/2011		50,000		50,000
Rabobank Nederland/NY
0.470%, 9/1/2011		50,000		50,000
0.350%, 9/15/2011		50,000		50,000
0.293%, 10/21/2011 r		50,000		50,000
0.321%, 3/30/2012 r		110,000		110,000
Royal Bank of Canada/NY
0.330%, 12/2/2011 r		49,500		49,513
0.252%, 3/5/2012 r		100,000		99,981
0.285%, 6/18/2012 r		50,000		50,000
Royal Bank of Scotland/CT
0.553%, 10/25/2011		128,500		128,500
Skandinaviska Enskilada Banken/NY
0.150%, 9/2/2011		100,000		100,000
0.300%, 9/13/2011		50,000		50,000
0.280%, 10/13/2011		50,000		50,000
0.330%, 11/18/2011		50,000		50,000
0.440%, 11/18/2011		50,000		50,000
0.380%, 12/13/2011		50,000		50,000
Societe Generale/NY
0.557%, 9/23/2011		125,000		125,000
Svenska Handelsbanken/NY
0.300%, 10/27/2011		35,000		35,000
0.260%, 11/17/2011		50,000		50,000
0.305%, 11/28/2011		35,000		35,000
Toronto-Dominion Bank/NY
0.291%, 10/28/2011 r		100,000		100,000
0.287%, 1/12/2012 r		60,000		60,000
0.320%, 2/6/2012		70,000		70,000
UBS/Stamford
0.390%, 9/26/2011		35,000		35,000
0.300%, 11/17/2011		50,000		50,000
0.258%, 12/16/2011 r		70,000		70,000

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Westpac Banking/NY
0.260%, 11/3/2011 r	$	20,000	$	20,002
0.300%, 2/17/2012 r		50,000		50,000
0.350%, 2/27/2012 r		50,000		50,000
0.380%, 2/27/2012		50,000		50,000
Total Certificates of Deposit (Cost $3,367,832)				3,367,832
Other Notes – 12.7%
Australia & New Zealand Banking Group
0.700%, 12/19/2011 r ¢		55,000		55,053
0.473%, 1/23/2012 r ¢		34,000		34,025
Commonwealth Bank of Australia
0.446%, 6/29/2012 r ¢		50,000		50,074
0.402%, 9/27/2012 r ¢		58,500		58,500
DnB NOR Bank/Cayman Islands Branch – Time Deposit
0.090%, 9/1/2011		337,779		337,779
General Electric Capital
6.000%, 6/15/2012		59,359		61,937
3.500%, 8/13/2012		18,050		18,545
International Bank for Reconstruction & Development
0.170%, 10/3/2011 		45,000		44,993
0.230%, 7/25/2012 r		100,000		100,000
J.P. Morgan Chase & Co.
4.500%, 1/15/2012		65,000		65,981
Metropolitan Life Global Funding
5.125%, 11/9/2011 ¢		18,700		18,868
0.497%, 3/15/2012 r ¢		22,945		22,960
0.746%, 4/10/2012 r ¢		53,590		53,712
0.406%, 7/6/2012 r ¢		80,000		80,000
Nordea Bank
0.393%, 8/17/2012 r ¢		100,000		100,000
0.393%, 9/17/2012 r ¢		50,000		50,000
Svenska Handelsbanken
0.372%, 8/9/2012 r ¢		123,000		123,000
Svenska Handelsbanken/Cayman Islands Branch – Time Deposit
0.090%, 9/1/2011		130,000		130,000
Wachovia
0.379%, 10/15/2011		75,000		75,016
Westpac Banking
0.287%, 4/13/2012 r ¢		50,000		50,000
0.287%, 8/13/2012 r ¢		60,000		60,000
0.403%, 9/28/2012 r		50,000		50,000
Total Other Notes (Cost $1,640,443)				1,640,443
Asset Backed Commercial Paper ¢ – 12.6%
Bryant Park Funding
0.170%, 9/15/2011 		16,614		16,613
0.184%, 9/20/2011 		70,000		69,993
Chariot Funding
0.160%, 9/13/2011 		32,800		32,798
0.160%, 9/14/2011 		24,500		24,499
0.160%, 9/15/2011 		35,174		35,172
0.160%, 9/21/2011 		50,000		49,995
Fairway Finance
0.246%, 9/9/2011		20,000		20,000
0.150%, 9/13/2011 		35,007		35,005
0.160%, 9/21/2011 		51,271		51,267
Falcon Asset Securitization
0.160%, 9/23/2011 		50,000		49,995
Govco
0.170%, 9/8/2011 		75,000		74,998
0.150%, 9/12/2011 		40,000		39,998
0.170%, 9/14/2011 		30,000		29,998
0.180%, 9/27/2011 		50,000		49,993
0.180%, 10/12/2011 		50,000		49,990
0.270%, 11/16/2011 		70,000		69,960

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

10 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Grampian Funding
0.351%, 9/2/2011	$	84,000	$	84,000
0.360%, 10/17/2011 		59,311		59,284
0.378%, 11/7/2011 		55,000		54,961
Liberty Street Funding
0.050%, 9/1/2011 		125,758		125,758
0.170%, 9/7/2011 		40,000		39,999
0.210%, 9/26/2011 		10,000		9,998
Market Street Funding
0.170%, 9/2/2011 		87,628		87,628
0.150%, 9/16/2011 		24,000		23,998
0.180%, 9/20/2011 		56,017		56,012
0.210%, 11/4/2011 		20,014		20,006
Old Line Funding
0.170%, 10/20/2011 		50,000		49,989
Sheffield Receivables
0.170%, 9/8/2011 		40,000		39,999
0.178%, 9/14/2011 		64,000		63,996
Thames Asset Global Securitization
0.170%, 9/7/2011 		34,521		34,520
0.210%, 9/16/2011 		18,985		18,983
Thunder Bay Funding
0.180%, 10/17/2011 		44,821		44,811
0.250%, 12/13/2011 		50,000		49,964
Variable Funding Capital
0.170%, 10/14/2011 		40,000		39,992
Windmill Funding
0.240%, 9/22/2011 		20,000		19,997
Total Asset Backed Commercial Paper (Cost $1,624,169)				1,624,169
Financial Company Commercial Paper – 11.4%
Australia & New Zealand Banking Group
0.271%, 2/2/2012 r ¢		50,000		50,000
Commonwealth Bank of Australia
0.341%, 2/13/2012 ¢ 		50,000		49,922
0.341%, 2/15/2012 ¢ 		50,000		49,921
0.318%, 5/21/2012 r ¢		40,000		40,000
Credit Suisse
0.240%, 10/17/2011 		50,000		49,985
0.250%, 11/3/2011 		50,000		49,978
DnB NOR Bank
0.260%, 10/28/2011 ¢ 		35,000		34,985
Eksportfinans
0.070%, 9/15/2011 ¢ 		50,000		49,999
General Electric Capital
0.120%, 9/6/2011 		50,000		49,999
0.351%, 9/8/2011 		50,000		49,997
0.351%, 9/28/2011 		50,000		49,987
ING (US) Funding
0.100%, 9/1/2011 		50,000		50,000
0.150%, 9/9/2011 		75,000		74,998
0.150%, 9/12/2011 		40,000		39,998
0.150%, 9/14/2011 		50,000		49,997
0.371%, 10/18/2011 		75,000		74,964
Nordea North America
0.371%, 2/3/2012 		65,000		64,896
Novartis Finance
0.070%, 9/1/2011 ¢ 		40,000		40,000
0.070%, 9/6/2011 ¢ 		45,000		44,999
Reckitt Benckiser Treasury Services
0.381%, 11/4/2011 ¢ 		50,000		49,966
0.381%, 11/7/2011 ¢ 		35,000		34,975
0.361%, 11/16/2011 ¢ 		45,000		44,966
0.371%, 11/17/2011 ¢ 		30,900		30,876
0.371%, 11/22/2011 ¢ 		2,500		2,498
0.421%, 2/6/2012 ¢ 		25,000		24,954
0.411%, 2/13/2012 ¢ 		50,000		49,906

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Total Capital
0.401%, 9/8/2011 ¢ 	$	96,650	$	96,643
0.401%, 10/4/2011 ¢ 		48,000		47,982
0.421%, 12/15/2011 ¢ 		100,000		99,878
0.406%, 12/16/2011 ¢ 		30,000		29,964
Total Financial Company Commercial Paper (Cost $1,477,233)				1,477,233
Government Agency Debt – 10.2%
Federal Home Loan Bank
0.157%, 9/15/2011		75,000		74,998
0.029%, 10/7/2011 		39,895		39,894
0.027%, 10/12/2011 		95,445		95,442
0.150%, 11/15/2011 		75,000		74,976
0.100%, 1/18/2012 		63,238		63,214
0.230%, 2/28/2012 r		100,000		100,000
0.350%, 8/10/2012		50,000		50,000
0.420%, 8/10/2012		25,200		25,200
0.200%, 8/24/2012 r		50,000		50,000
0.300%, 9/10/2012		75,000		75,000
0.300%, 9/11/2012		50,000		50,000
0.350%, 9/18/2012		20,000		20,000
0.300%, 9/28/2012		25,000		25,000
0.220%, 1/22/2013 r		66,425		66,425
Federal Home Loan Mortgage Corporation
0.219%, 10/26/2011 r		50,000		49,997
0.220%, 11/7/2011 r		150,000		149,992
0.166%, 8/10/2012 r		55,000		54,979
Federal National Mortgage Association
0.280%, 11/23/2012 r		30,130		30,134
General Electric Capital (FDIC Insured)
3.000%, 12/9/2011		152,500		153,669
HSBC USA (FDIC Insured)
3.125%, 12/16/2011		47,500		47,907
Straight-A Funding
0.150%, 10/18/2011 ¢ 		23,141		23,136
Total Government Agency Debt (Cost $1,319,963)				1,319,963
Variable Rate Demand Notes r – 9.1%
Apache County Industrial Development Authority, Tuscan Electric, Series 83B (LOC: Bank of New York)
0.170%, 9/7/2011		60,100		60,100
California Health Facilities Financing Authority, Catholic Healthcare West, Series K (LOC: Bank of America)
0.180%, 9/7/2011		20,600		20,600
California Health Facilities Financing Authority, Scripps Health, Series 2008D (LOC: Bank of America)
0.170%, 9/7/2011		8,800		8,800
California Health Facilities Financing Authority, St. Joseph Health System, Series 2011D (LOC: Wells Fargo Bank)
0.140%, 9/7/2011		10,000		10,000
Carroll County Solid Waste Disposal Revenue, Celotex, Series 2000 (LOC: Bank of America) (AMT)
0.230%, 9/7/2011		15,790		15,790
Charlotte Douglas International Airport, Series 2008D (LOC: Bank of America)
0.180%, 9/7/2011		15,000		15,000
Chester County Health and Education Facilities Authority, Kendal-Crosslands Communities, Series 2003 (LOC: Wachovia Bank)
0.190%, 9/7/2011		20,350		20,350

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 11

Schedule of Investments August 31, 2011, all dollars are rounded to thousands (000)

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Collier County Health Facilities Authority, The Moorings, Series 2008 (LOC: JPMorgan Chase Bank)
0.190%, 9/7/2011	$	34,820	$	34,820
Contra Costa County Multifamily Housing Revenue, Pleasant Hill BART Transit Village Apartments, Series 2006A (LOC: Bank of America) (AMT)
0.240%, 9/7/2011		40,000		40,000
Converse County Pollution Control, PacifiCorp, Series 1992 (LOC: Wells Fargo Bank)
0.160%, 9/7/2011		22,485		22,485
Cumberland County Municipal Authority, Lutheran Services, Series 2003C (LOC: PNC Bank)
0.210%, 9/7/2011		8,965		8,965
Delaware Economic Development Authority, Peninsula United Methodist Homes, Series 2007A (LOC: PNC Bank)
0.110%, 9/1/2011		8,300		8,300
Denver Public Schools, Series 2011A-2 (Certificate of Participation) (LOC: JPMorgan Chase Bank) (INS: AGM)
0.140%, 9/7/2011		15,300		15,300
Denver Public Schools, Series 2011A-3 (Certificate of Participation) (LOC: Wells Fargo Bank) (INS: AGM)
0.140%, 9/7/2011		10,000		10,000
District of Columbia University Refunding Revenue, Georgetown University, Series 2009B (LOC: TD Bank)
0.150%, 9/7/2011		13,050		13,050
District of Columbia University Refunding Revenue, Georgetown University, Series 2009C (LOC: TD Bank)
0.130%, 9/7/2011		21,400		21,400
Franklin County, Ohio Presbyterian Health Care, Series 2006A (LOC: PNC Bank)
0.180%, 9/7/2011		18,000		18,000
Fulton County Development Authority, Catholic Education of North Georgia, Series 2002 (LOC: Wells Fargo Bank)
0.190%, 9/7/2011		14,315		14,315
Green County Industrial Development Authority, Blue Ridge School, Series 2001 (LOC: Branch Bank & Trust)
0.210%, 9/7/2011		3,930		3,930
Hamilton County Hospital Facilities Revenue, Elizabeth Gamble Deacones Home Association, Series 2002B (LOC: PNC Bank)
0.180%, 9/7/2011		7,900		7,900
Highlands County Health Facilities Authority, Adventist Health/SunBelt Group, Series 2009A (LOC: PNC Bank)
0.180%, 9/7/2011		7,500		7,500
Highlands County Health Facilities Authority, Adventist Health/SunBelt Group, Series 2009E (LOC: PNC Bank)
0.180%, 9/7/2011		9,375		9,375
Houston Airport Systems Revenue, City of Houston, Series 2010 (LOC: Barclays Bank)
0.140%, 9/7/2011		14,000		14,000
Illinois Development Finance Authority, Mount Carmel High School, Series 2003 (LOC: JPMorgan Chase Bank)
0.150%, 9/7/2011		14,500		14,500
Illinois Educational Facilities Authority Revenue, Field Museum of Natural History (LOC: Northern Trust)
0.170%, 9/7/2011		10,100		10,100

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Illinois Finance Authority Pollution Control Revenue, Commonwealth Edison, Series 2008F (LOC: JPMorgan Chase Bank)
0.160%, 9/7/2011	$	10,100	$	10,100
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Series 2008 (LOC: Bank of Nova Scotia)
0.160%, 9/7/2011		15,625		15,625
Illinois Finance Authority, Elmhurst Memorial Healthcare, Series D (LOC: Northern Trust)
0.140%, 9/7/2011		29,800		29,800
Illinois State Toll Highway Authority, Series 2007A-1b (LOC: PNC Bank)
0.170%, 9/7/2011		12,000		12,000
Illinois State Toll Highway Authority, Series 2007A-2d (LOC: Wells Fargo Bank)
0.220%, 9/7/2011		8,500		8,500
Indiana Development Finance Authority, Indianapolis Museum of Art, Series 2002 (LOC: Bank One)
0.160%, 9/7/2011		12,000		12,000
Indiana Finance Authority, Depauw University, Series B (LOC: PNC Bank)
0.160%, 9/7/2011		8,300		8,300
Indiana Finance Authority, Health System Revenue, Sisters of St. Francis Health Services, Series F (LOC: Bank of New York)
0.150%, 9/7/2011		10,000		10,000
Indiana Finance Authority, Health System Revenue, Sisters of St. Francis Health Services, Series H (LOC: JPMorgan Chase Bank)
0.160%, 9/7/2011		16,700		16,700
Indiana Finance Authority, Health System Revenue, Sisters of St. Francis Health Services, Series J (LOC: Wells Fargo Bank)
0.150%, 9/7/2011		8,000		8,000
Indiana Health & Educational Facilities Financing Authority, Community Village Hartsfield, Series A (LOC: Harris Bank)
0.170%, 9/7/2011		6,595		6,595
Iowa Financial Authority, Mississippi Valley Regional Blood Center, Series 2003 (LOC: Wells Fargo Bank)
0.190%, 9/7/2011		3,420		3,420
Lake County Industrial Development Authority, Senninger Irrigation, Series 2003 (LOC: JPMorgan Chase Bank) (AMT)
0.230%, 9/7/2011		1,300		1,300
Loma Linda Hospital Revenue, Loma Linda University Medical Center, Series B-2 (LOC: Bank of America)
0.250%, 9/7/2011		21,300		21,300
Lowell Industrial Development Revenue, Arkansas Democrat-Gazette (LOC: JPMorgan Chase Bank) (AMT)
0.250%, 9/7/2011		2,830		2,830
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Series 2007A (LOC: Wachovia Bank)
0.170%, 9/7/2011		23,360		23,360
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical Systems, Series 2007B (LOC: Bank of America)
0.260%, 9/7/2011		9,165		9,165

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

12 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Prime Obligations Fund (continued)
DESCRIPTION	PAR			VALUE >
Metropolitan Transportation Authority, Series B-1 (LOC: Scotia Bank)
0.170%, 9/7/2011	$	17,370		$	17,370
Michigan State Hospital Finance Authority Revenue, McLaren Healthcare, Series 2008B (LOC: JPMorgan Chase Bank)
0.160%, 9/7/2011		7,000			7,000
Middletown Educational Building Revenue, Christian Academy of Louisville, Series 2004 (LOC: JPMorgan Chase Bank)			��
0.200%, 9/7/2011		3,735			3,735
Minneapolis & St. Paul Housing, Alliance Health Systems, Series C1 (LOC: Wells Fargo Bank)
0.150%, 9/7/2011		7,525			7,525
Mississippi Business Finance, Chevron U.S.A., Series 2010A
0.130%, 9/7/2011		28,400			28,400
Mississippi Business Finance, Chevron U.S.A., Series 2010E
0.070%, 9/1/2011		20,439			20,439
Mississippi Business Finance, Promenade D’Iberville, Series 2008 (LOC: Wells Fargo Bank)
0.190%, 9/7/2011		19,540			19,540
Missouri State Health & Educational Facilities Authority, SSM Healthcare, Series E (LOC: PNC Bank)
0.100%, 9/1/2011		35,000			35,000
Mobile Downtown Redevelopment Authority, Austal USA, Series A (LOC: National Australia Bank)
0.040%, 9/7/2011		4,000			4,000
Mobile Downtown Redevelopment Authority, Austal USA, Series B (LOC: Australia-New Zealand Banking Group)
0.040%, 9/7/2011		8,070			8,070
New York City Housing Development, Multi-Family Mortgage Revenue, 101 Avenue D Apartments, Series A (LOC: Bank of America)
0.220%, 9/7/2011		25,000			25,000
New York City Housing Development, Queens Family Courthouse Apartments, Series 2007A (LOC: Citibank)
0.160%, 9/7/2011		69,990			69,990
New York City, Series E-3 (General Obligation) (LOC: Bank of America)
0.140%, 9/7/2011		10,000			10,000
New York State Housing Finance Agency, 29 Flatbush Avenue Housing Revenue, Series A (LOC: Bank of America)
0.180%, 9/7/2011		11,500			11,500
New York State Housing Finance Agency Revenue, Archstone Westbury Housing, Series A (LOC: Bank of America) (AMT)
0.180%, 9/7/2011		30,000			30,000
New York State Housing Finance Agency Revenue, Blue Castle Site A Realty, Series 2006A (LOC: JPMorgan Chase Bank) (AMT)
0.270%, 9/7/2011		6,000			6,000
Oakland County Economic Development, Cranbrook Educational Community, Series 2007 (LOC: JPMorgan Chase Bank)
0.210%, 9/7/2011		19,200			19,200
Ohio State Higher Education Facilities, Case Western Reserve University, Series A (LOC: PNC Bank)
0.160%, 9/7/2011		8,450			8,450

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Parma Hospital Revenue, Parma Community General Hospital, Series A (LOC: PNC Bank)
0.180%, 9/7/2011	$	5,000	$	5,000
Philadelphia Authority for Industrial Development, Multi-Modal Lease Revenue, Series B-3 (LOC: PNC Bank)
0.180%, 9/7/2011		5,325		5,325
Philadelphia Authority for Industrial Development, Newcourtland Elder Services, Series 2003 (LOC: PNC Bank)
0.110%, 9/1/2011		555		555
Philadelphia Pennsylvania School District, Series G (General Obligation) ( LOC: Wells Fargo Bank) (INS: STAID)
0.170%, 9/7/2011		46,000		46,000
Santa Clara Electric Revenue, Series B (LOC: Bank of America)
0.170%, 9/7/2011		10,000		10,000
Southeastern Pennsylvania Transportation Authority, Series 2007 (LOC: PNC Bank)
0.110%, 9/1/2011		25,645		25,645
Suffolk County, Industrial Development Agency, Guide Dog Foundation for the Blind (LOC: JPMorgan Chase Bank)
0.180%, 9/7/2011		4,940		4,940
Sweetwater County Pollution Control, PacifiCorp, Series 1992A (LOC: Wells Fargo Bank)
0.160%, 9/7/2011		7,035		7,035
Uinta County, Chevron U.S.A.
0.070%, 9/1/2011		8,610		8,610
Vermont State Student Assistance, Series C1 (LOC: Lloyds Bank) (AMT)
0.210%, 9/7/2011		9,105		9,105
Vermont State Student Assistance, Series C2 (LOC: Lloyds Bank) (AMT)
0.220%, 9/7/2011		8,855		8,855
Vermont State Student Assistance, Education Loan Revenue, Series B-1 (LOC: Bank of New York) (AMT)
0.220%, 9/7/2011		47,160		47,160
Virginia Small Business Financing Authority, Hampton University, Series A (LOC: PNC Bank)
0.170%, 9/7/2011		13,500		13,500
Virginia Small Business Financing Authority, Friendship Foundation, Series 2007 (LOC: Wells Fargo Bank)
0.190%, 9/7/2011		11,400		11,400

Wisconsin State Health & Educational Facilities Authority, Aurora Health Care, Series 2008 (LOC: JPMorgan Chase Bank)
0.160%, 9/7/2011	19,000	19,000
Total Variable Rate Demand Notes (Cost $1,176,924)		1,176,924
Treasury Debt – 7.4%
United States Treasury Notes
1.000%, 10/31/2011	250,000	250,307
4.625%, 10/31/2011	100,000	100,717
0.750%, 11/30/2011	225,000	225,269
4.500%, 11/30/2011	150,000	151,539
0.875%, 1/31/2012	100,000	100,266
0.875%, 2/29/2012	75,000	75,249
4.625%, 2/29/2012	50,000	51,092
Total Treasury Debt (Cost $954,439)		954,439

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 13

Schedule of Investments August 31, 2011, all dollars are rounded to thousands (000)

Prime Obligations Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE >
Investment Companies W – 2.2%
DWS Money Market Series, Institutional Shares, 0.066%		40,283,000	$	40,283
Goldman Sachs Financial Square Money Market Fund, Institutional Shares, 0.120%		247,155,000		247,155
Total Investment Companies (Cost $287,438)				287,438
Other Commercial Paper  – 1.2%
General Electric Company
0.110%, 9/2/2011	$	100,000		100,000
0.090%, 9/13/2011		50,000		49,998
Total Other Commercial Paper (Cost $149,998)				149,998
Government Agency Repurchase Agreements – 3.9%
ING Financial Markets
0.070%, dated 08/31/2011, matures 9/1/2011, repurchase price $200,000 (collateralized by various government agency obligations: Total market value $204,002)		200,000		200,000
Merrill Lynch, Pierce, Fenner & Smith
0.040%, dated 08/31/2011, matures 9/1/2011, repurchase price $308,655 (collateralized by various government agency obligations: Total market value $314,829)		308,655		308,655
Total Government Agency Repurchase Agreements (Cost $508,655)				508,655
Other Repurchase Agreements – 3.4%
HSBC Securities (USA)
0.220%, dated 08/31/2011, matures 9/1/2011, repurchase price $250,002 (collateralized by various securities: Total market value $262,503)		250,000		250,000
J.P. Morgan Securities
0.220%, dated 08/31/2011, matures 9/1/2011, repurchase price $185,001 (collateralized by various securities: Total market value $194,250)		185,000		185,000
Total Other Repurchase Agreements (Cost $435,000)				435,000
Treasury Repurchase Agreement – 1.2%
Merrill Lynch, Pierce, Fenner & Smith
0.030%, dated 08/31/2011, matures 9/1/2011, repurchase price $156,207 (collateralized by U.S. Treasury obligations: Total market value $159,331) (Cost $156,207)		156,207		156,207
Total Investments  – 101.3% (Cost $13,098,301)				13,098,301
Other Assets and Liabilities, Net – (1.3)%				(163,177	)
Total Net Assets – 100.0%			$	12,935,124

> Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

r Variable Rate Security – The rate shown in the rate in effect as of August 31, 2011.

Prime Obligations Fund (concluded)

¢ Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers”. As of August 31, 2011, the value of these investments was $3,275,931 or 25.3% of total net assets

 Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase.

W The rate shown is the annualized seven-day effective yield as of August 31, 2011.

 On August 31, 2011, the cost of investments for federal income tax purposes was $13,098,301. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

AGM – Assured Guaranty Municipal

AMT – Alternative Minimum Tax. As of August 31, 2011, the total value of securities subject to AMT was $161,040 or 1.2% of total net assets.

INS – Insured

LOC – Letter of Credit

STAID – State Aid Withholding

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

14 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Tax Free Obligations Fund
DESCRIPTION	PAR		VALUE  >
Municipal Debt – 97.9%
Alaska – 1.1%
Valdez Marine Terminal Revenue, Exxon Mobile, Series A
0.050%, 9/1/2011 r	$	5,585	$	5,585
Valdez Marine Terminal Revenue, Exxon Mobile, Series C
0.050%, 9/1/2011 r		2,500		2,500
				8,085
Arizona – 1.2%
Phoenix Industrial Development Authority, Southwest Human Development, Series 2003A (LOC: Wells Fargo Bank)
0.290%, 9/7/2011 r		715		715
Pima County Industrial Development Authority, Harvest Preparatory Academy (LOC: JPMorgan Chase Bank)
0.190%, 9/7/2011 r		8,210		8,210
				8,925
Arkansas – 0.9%
Little Rock Residential Housing & Public Facilities Board, Pleasant Woods Apartment Association, Series 2005 (INS: FNMA)
0.220%, 9/7/2011 r		6,390		6,390
California – 1.0%
California Statewide Communities Development Authority, Series 2007A (LOC: Citibank)
0.140%, 9/7/2011 r		7,020		7,020
Colorado – 0.5%
Aurora Hospital Revenue, The Children’s Hospital Association, Series 2008C (LOC: Wells Fargo Bank)
0.180%, 9/7/2011 r		1,165		1,165
Colorado Springs Fine Arts Center Project (LOC: Wells Fargo Bank)
0.190%, 9/7/2011 r		2,275		2,275
				3,440
Connecticut – 4.8%
Connecticut State Health & Educational Facilities Authority, Yale University, Series V-1
0.050%, 9/1/2011 r		7,300		7,300
Connecticut State Health & Educational Facilities Authority, Yale University, Series Y-3
0.050%, 9/1/2011 r		7,815		7,815
Hartford County Metropolitan District (General Obligation)
2.000%, 10/5/2011		20,000		20,031
				35,146
Delaware – 0.9%
Delaware Economic Development Authority, Peninsula United Methodist Homes, Series 2007A (LOC: PNC Bank)
0.110%, 9/1/2011 r		6,800		6,800
District of Columbia – 0.5%
District of Columbia, Progressive Life Center, Series 2007A (LOC: Branch Banking & Trust)
0.210%, 9/7/2011 r		3,525		3,525
Florida – 5.4%
Escambia County Health Facilities Authority, Azalea Trace, Series 2003B (LOC: TD Bank)
0.100%, 9/1/2011 r		11,500		11,500

Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE  >
Orange County Health Facilities Authority, Orlando Regional, Series E (LOC: Branch Banking & Trust)
0.170%, 9/7/2011 r	$	4,500	$	4,500
Orange County School Board, Series C (Certificate of Participation) (LOC: Bank of America)
0.210%, 9/7/2011 r		18,700		18,700
Palm Beach County, Jewish Community Campus, Series 2000 (LOC: Northern Trust)
0.210%, 9/7/2011 r		2,140		2,140
Sarasota County Public Hospital District, Sarasota Memorial Hospital, Series A (LOC: Northern Trust)
0.090%, 9/1/2011 r		2,600		2,600
				39,440
Georgia – 1.6%
Gainsville & Hall County Hospital, Lanier Village Estates (LOC: TD Bank) (INS: Radian)
0.100%, 9/1/2011 r		11,730		11,730
Illinois – 12.8%
Chicago, Neighborhoods Alive, Series 21B4 (General Obligation) (LOC: Bank of New York)
0.140%, 9/1/2011 r		6,370		6,370
Chicago, Neighborhoods Alive, Series 21B5 (General Obligation) (LOC: Northern Trust)
0.140%, 9/1/2011 r		11,325		11,325
Chicago, Wastewater Transmission, Subseries C-3 (LOC: Northern Trust)
0.130%, 9/1/2011 r		2,800		2,800
Cook County, Catholic Theological University, Series 2005 (LOC: Harris Bank)
0.210%, 9/7/2011 r		14,500		14,500
Elmhurst Joint Commission Accreditation (LOC: JPMorgan Chase Bank)
0.210%, 9/7/2011 r		7,275		7,275
Illinois Development Finance Authority, American College of Surgeons (LOC: Northern Trust)
0.200%, 9/7/2011 r		3,500		3,500
Illinois Development Finance Authority, Lake Forest Academy (LOC: Northern Trust)
0.190%, 9/7/2011 r		6,255		6,255
Illinois Development Finance Authority, Lyric Opera Chicago (LOC: Northern Trust) (LOC: Harris Bank) (LOC: Bank One)
0.160%, 9/7/2011 r		11,900		11,900
Illinois Development Finance Authority, St. Paul’s House (LOC: LaSalle Bank)
0.260%, 9/7/2011 r		4,315		4,315
Illinois Educational Facilities Authority Revenue, Columbia College, Series 2000 (LOC: Harris Bank)
0.140%, 9/7/2011 r		850		850
Illinois Finance Authority, Richard Driehaus Museum (LOC: Northern Trust)
0.190%, 9/7/2011 r		2,000		2,000
Illinois Finance Authority Revenue, Southern Illinois Healthcare Enterprises, Series 2008 (LOC: Bank of Nova Scotia)
0.160%, 9/7/2011 r		4,550		4,550
Illinois Health Facilities Authority, Riverside Health Systems, Series 1994 (LOC: Bank of America)
0.210%, 9/7/2011 r		4,600		4,600
Illinois State Toll Highway Authority (LOC: Northern Trust)
0.160%, 9/7/2011 r		5,000		5,000
(LOC: PNC Bank)
0.170%, 9/7/2011 r		4,000		4,000

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 15

Schedule of Investments August 31, 2011, all dollars are rounded to thousands (000)

Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE  >
(LOC: Wells Fargo Bank)
0.220%, 9/7/2011 r	$	4,000	$	4,000
				93,240
Indiana – 4.9%
Indiana Finance Authority Health Systems, Sisters of St. Francis Health Services, Series F (LOC: Bank of New York)
0.150%, 9/7/2011 r		4,640		4,640
Indiana Finance Authority Health Systems, Sisters of St. Francis Health Services, Series H (LOC: JPMorgan Chase Bank)
0.160%, 9/7/2011 r		4,395		4,395
Indiana Finance Authority, Community Foundation of Northwest Indiana, Series 2008 (LOC: Harris Bank)
0.170%, 9/7/2011 r		5,900		5,900
Indiana Health & Educational Facilities Financing Authority, Community Village, Hartsfield, Series A (LOC: Harris Bank)
0.170%, 9/7/2011 r		7,415		7,415
Indiana Health & Educational Facilities Financing Authority, Community Village, Hartsfield, Series B (LOC: Harris Bank)
0.170%, 9/7/2011 r		10,185		10,185
Lawrenceburg Industrial Pollution Control Revenue, Indiana Michigan Power, Series I (LOC: Bank of Nova Scotia)
0.150%, 9/7/2011 r		3,000		3,000
				35,535
Iowa – 2.1%
Iowa Finance Authority, Regional Blood Center, Series 2003 (LOC: Wells Fargo Bank)
0.190%, 9/7/2011 r		675		675
Iowa Finance Authority, Wesley Retirement Services (LOC: Wells Fargo Bank)
0.190%, 9/7/2011 r		5,045		5,045
Iowa Finance Retirement Authority, Wesley Retirement Services (LOC: Wells Fargo Bank)
0.190%, 9/7/2011 r		4,000		4,000
Iowa Higher Education Loan Authority, Luther College, Series 2008 (LOC: Harris Bank)
0.170%, 9/7/2011 r		5,500		5,500
				15,220
Kansas – 4.4%
Kansas State Department of Transportation, Highway Revenue, Series B-2 (SPA: Barclays)
0.140%, 9/7/2011 r		25,000		25,000
Prairie Village Revenue, Claridge Court, Lifespace Communities, Series 2003 (LOC: LaSalle Bank)
0.190%, 9/7/2011 r		6,845		6,845
				31,845
Kentucky – 1.3%
Kentucky Economic Development Finance Authority, Hospital Facilities, Baptist Healthcare, Series B-3 (LOC: Branch Banking & Trust)
0.120%, 9/7/2011 r		9,840		9,840
Louisiana – 0.3%
Louisiana Public Facilities Authority, Christus Health, Series B2 (LOC: Bank of New York)
0.120%, 9/7/2011 r		2,500		2,500
Maine – 1.3%
Cumberland County (General Obligation)
2.000%, 11/15/2011		9,800		9,832

Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE  >
Maryland – 2.7%
Maryland State Health & Higher Educational Facilities Authority, John Hopkins University, Series A
0.130%, 9/7/2011 r	$	10,095	$	10,095
Maryland State Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center, Series A (LOC: JPMorgan Chase Bank)
0.160%, 9/7/2011 r		9,600		9,600
				19,695
Minnesota – 7.9%
City of Minneapolis (General Obligation)
2.500%, 12/1/2011		8,510		8,556
Duluth Independent School District No. 709, Series A (General Obligation) (INS: MSDCEP)
1.000%, 9/29/2011		10,925		10,930
Eden Prairie, Multifamily Housing Authority (INS: FHLMC)
0.220%, 9/7/2011 r		14,505		14,505
Richfield Independent School District, Series B (General Obligation) (INS: MSDCEP)
1.000%, 9/30/2011		10,060		10,065
St. Francis Independent School District #15, Series A (General Obligation) (INS: MSDCEP)
1.000%, 9/15/2011		5,000		5,001
University of Minnesota, Series B (Commercial Paper)
0.090%, 9/7/2011		9,000		9,000
				58,057
Mississippi – 0.1%
Mississippi Business Finance, Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A.
0.070%, 9/1/2011 r		511		511
Missouri – 0.7%
Jackson County Public Building Revenue, Kansas City Hospice (LOC: Bank of America)
0.200%, 9/7/2011 r		500		500
Missouri State Health & Educational Facilities Authority, Saint Louis University, Series A-2 (LOC: Wells Fargo Bank)
0.090%, 9/1/2011 r		4,600		4,600
				5,100
New York – 3.7%
New York City Industrial Development Agency, Touro College, Series 2007 (LOC: JPMorgan Chase Bank)
0.160%, 9/7/2011 r		14,015		14,015
New York State Housing Finance Agency, Gotham West Housing Revenue, 2011 Series A-2 (LOC: Wells Fargo Bank)
0.120%, 9/7/2011 r		8,000		8,000
New York State Power Authority (General Obligation)
0.320%, 9/1/2011 r		5,200		5,200
				27,215
North Carolina – 4.2%
North Carolina Capital Facilities Finance Agency, Fayetteville University (LOC: Wells Fargo Bank)
0.190%, 9/7/2011 r		9,895		9,895
North Carolina Medical Care Community Health Care Facilities, Person Memorial Hospital (LOC: Branch Banking & Trust)
0.210%, 9/7/2011 r		4,360		4,360

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

16 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE  >
North Carolina State (General Obligation)
5.000%, 2/1/2012	$	12,570	$	12,823
Wake County Industrial Facilities & Pollution Control Financing Authority, Wake Enterprises (LOC: Branch Banking & Trust)
0.210%, 9/7/2011 r		3,400		3,400
				30,478
Ohio – 6.6%
Franklin County Hospital (SPA: Barclays Bank)
0.130%, 9/7/2011 r		20,000		20,000
Ohio State Air Quality Development Authority, Ohio Valley Electric, Series B (LOC: Bank of Nova Scotia)
0.130%, 9/7/2011 r		2,300		2,300
Ohio State Infrastructure Improvement (General Obligation)
0.130%, 9/7/2011 r		12,005		12,005
Summit County Port Authority, Summa Enterprises Group (LOC: PNC Bank)
0.180%, 9/7/2011 r		14,065		14,065
				48,370
Oklahoma – 4.0%
Hulbert Economic Development Authority (LOC: Bank of America)
0.260%, 9/7/2011 r		4,000		4,000
Oklahoma State Turnpike Authority, Series D (SPA: Royal Bank of Canada)
0.180%, 9/7/2011 r		25,000		25,000
				29,000
Pennsylvania – 7.1%
Allegheny County Industrial Development Authority, Longwood, Series B (LOC: PNC Bank)
0.110%, 9/1/2011 r		5,600		5,600
Beaver County Industrial Development Authority Pollution Control Revenue, FirstEnergy Solutions, Series 2008-A (LOC: Bank of Nova Scotia)
0.130%, 9/1/2011 r		15,600		15,600
Butler County Industrial Development Authority, Concordia Lutheran Ministers, Series 2008A (LOC: Bank of America)
0.190%, 9/7/2011 r		8,285		8,285
Philadelphia Authority for Industrial Development, Newcourtland Elder Services (LOC:PNC Bank)
0.110%, 9/1/2011 r		2,225		2,225
Southeastern Pennsylvania Transportation Authority, Series 2007 (LOC: PNC Bank)
0.110%, 9/1/2011 r		20,000		20,000
				51,710
Rhode Island – 4.1%
Rhode Island Health & Educational Building Revenue, Pennfield School (LOC: Sovereign Bank) (LOC: Bank of New York)
0.390%, 9/7/2011 r		4,475		4,475
Rhode Island Health & Educational Building, Higher Education Facilities, Brown University, Series A
0.150%, 9/7/2011 r		25,200		25,200
				29,675

Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE  >
South Carolina – 3.5%
South Carolina Jobs Economic Development Authority, Anmed Health, Series C (LOC: Branch Banking Trust)
0.160%, 9/7/2011 r	$	4,000	$	4,000
South Carolina Jobs Economic Development Authority, Anmed Health, Series D (LOC: Branch Banking & Trust)
0.170%, 9/7/2011 r		3,000		3,000
South Carolina Jobs Economic Development Authority, Ashley Hall Project, Series D (LOC: Bank of America)
0.330%, 9/7/2011 r		15,000		15,000
South Carolina Jobs Economic Development Authority, Regional Medical Center of Orangeburg and Calhoun Counties (LOC: Branch Banking & Trust)
0.210%, 9/7/2011 r		3,525		3,525
				25,525
Tennessee – 0.2%
Blount County Public Building Authority, Series E8A (LOC: Branch Banking & Trust)
0.180%, 9/7/2011 r		1,400		1,400
Texas – 4.6%
Fort Bend Independent School District, Series 2852 (General Obligation) (INS: PSF-Guaranteed)
0.210%, 9/7/2011 r ¢		895		895
Harris County Health Facilities Development, Baylor College Medicine, Series B (LOC: Northern Trust)
0.130%, 9/7/2011 r		2,500		2,500
Houston Airport Systems Revenue, Series 2010 (LOC: Barclays Bank)
0.140%, 9/7/2011 r		10,350		10,350
Hunt County Health Facilities Development, Greenville (LOC: Morgan Guaranty Trust)
0.220%, 9/7/2011 r		4,300		4,300
Midland County Health Facilities, Manor Park Project (LOC: Wells Fargo Bank)
0.240%, 9/7/2011 r		15,555		15,555
				33,600
Virginia – 1.3%
Loudoun County Industrial Development Authority, Howard Hughes Medical Center, Series E
0.130%, 9/7/2011 r		3,900		3,900
Loudoun County Industrial Development Authority, Howard Hughes Medical Center, Series F
0.130%, 9/7/2011 r		5,900		5,900
				9,800

Washington – 0.8%
Washington State (General Obligation)
0.210%, 9/7/2011 r ¢	2,750	2,750
Washington State Housing Finance Commission, Eastside Retirement Association (LOC: Bank of America)
0.250%, 9/1/2011 r	3,000	3,000
		5,750

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 17

Schedule of Investments August 31, 2011, all dollars are rounded to thousands (000)

Tax Free Obligations Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE  >
Wisconsin – 1.3%
Wisconsin State Health & Educational Facilities, Goodwill Industries (LOC: Wells Fargo Bank)
0.190%, 9/7/2011 r	$	805	$	805
Wisconsin State Health & Educational Facilities, St. Norbert College (LOC: JPMorgan Chase Bank)
0.190%, 9/7/2011 r		5,735		5,735
Wisconsin State Health & Educational Facilities, Watertown Memorial Hospital Project (LOC: Bank One)
0.190%, 9/7/2011 r		2,860		2,860
				9,400
Wyoming – 0.1%
Sweetwater County Pollution Control, PacifiCorp, Series A (LOC: Wells Fargo Bank)
0.160%, 9/7/2011 r		700		700
Total Municipal Debt
(Cost $714,499)				714,499
Money Market Fund – 1.9%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.000% W
(Cost $13,777)		13,777,000		13,777
Total Investments  – 99.8%
(Cost $728,276)				728,276
Other Assets and Liabilities, Net – 0.2%				1,177
Total Net Assets – 100.0%			$	729,453

> Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

r Variable Rate Security – The rate shown in the rate in effect as of August 31, 2011.

¢ Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of August 31, 2011, the value of these investments was $3,645 or 0.5 % of total net assets.

W The rate shown is the annualized seven-day effective yield as of August 31, 2011.

 On August 31, 2011, the cost of investments for federal income tax purposes was $728,276. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

INS – Insured

LOC – Letter of Credit

MSDCEP – Minnesota School District Credit Enhancement Program

PSF – Permanent School Fund

SPA – Standby Purchase Agreement

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

18 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Schedule of Investments August 31, 2011, all dollars are rounded to thousands (000)

Treasury Obligations Fund
DESCRIPTION	PAR		VALUE  >
Treasury Debt – 35.2%
U.S. Treasury Bills U
0.000%, 9/01/2011	$	600,000	$	600,000
0.000%, 10/20/2011		25,000		25,000
United States Treasury Notes
1.000%, 10/31/2011		350,000		350,429
4.625%, 10/31/2011		200,000		201,444
0.750%, 11/30/2011		350,000		350,404
4.500%, 11/30/2011		100,000		101,026
1.125%, 12/15/2011		22,000		22,059
1.000%, 12/31/2011		600,000		601,937
1.125%, 1/15/2012		200,000		200,814
0.875%, 1/31/2012		75,000		75,200
4.750%, 1/31/2012		200,000		203,692
4.875%, 2/15/2012		50,000		51,073
0.875%, 2/29/2012		75,000		75,249
4.625%, 2/29/2012		125,000		127,740
1.000%, 4/30/2012		600,000		603,485
United States Treasury Strips
0.262%, 11/15/2011  ‚		30,000		29,984
Total Treasury Debt (Cost $3,619,536)				3,619,536
Treasury Repurchase Agreements – 64.7%
Barclays Capital
0.030%, dated 8/31/2011, matures 9/01/2011, repurchase price $500,000 (collateralized by U.S. Treasury obligations: Total market value $510,000)		500,000		500,000
Credit Agricole Securities USA
0.060%, dated 8/31/2011, matures 9/01/2011, repurchase price $1,650,003 (collateralized by U.S. Treasury obligations: Total market value $1,683,000)		1,650,000		1,650,000
Credit Suisse Securities (USA)
0.050%, dated 8/31/2011, matures 9/01/2011, repurchase price $200,000 (collateralized by U.S. Treasury obligations: Total market value $204,002)		200,000		200,000
Deutsche Bank Securities
0.050%, dated 8/31/2011, matures 9/01/2011, repurchase price $400,001 (collateralized by U.S. Treasury obligations: Total market value $408,000)		400,000		400,000
HSBC Securities (USA)
0.040%, dated 8/31/2011, matures 9/01/2011, repurchase price $1,500,002 (collateralized by U.S. Treasury obligations: Total market value $1,530,004)		1,500,000		1,500,000
ING Financial Markets
0.050%, dated 8/31/2011, matures 9/01/2011, repurchase price $100,000 (collateralized by U.S. Treasury obligations: Total market value $102,001)		100,000		100,000
Merrill Lynch, Pierce, Fenner & Smith
0.030%, dated 8/31/2011, matures 9/01/2011, repurchase price $593,793 (collateralized by U.S. Treasury obligations: Total market value $605,669)		593,793		593,793

Treasury Obligations Fund (concluded)
DESCRIPTION	PAR		VALUE  >
RBS Securities
0.060%, dated 8/31/2011, matures 9/01/2011, repurchase price $1,000,002 (collateralized by U.S. Treasury obligations: Total market value $1,020,001)	$	1,000,000	$	1,000,000
SG Americas Securities
0.040%, dated 8/31/2011, matures 9/01/2011, repurchase price $400,000 (collateralized by U.S. Treasury obligations: Total market value $408,000)		400,000		400,000
UBS Securities
0.040%, dated 8/31/2011, matures 9/01/2011, repurchase price $300,000 (collateralized by U.S. Treasury obligations: Total market value $306,000)		300,000		300,000
Total Treasury Repurchase Agreements (Cost $6,643,793)				6,643,793
Investment Purchased with Proceeds from Securities Lending † – 0.1%
Treasury Repurchase Agreement - 0.1%
Credit Suisse Securities (USA)
0.050%, dated 8/31/2011, matures 9/01/2011, repurchase price $11,220 (Collateralized by U.S. Treasury obligations: Total market value $11,445)
(Cost $11,220)		11,220		11,220
Total Investments  – 100.0% (Cost $10,274,549)				10,274,549
Other Assets and Liabilities, Net – 0.0%				(1,667	)
Total Net Assets – 100.0%			$	10,272,882

> Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

U Yield shown is effective yield as of August 31, 2011.

 Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase.

‚ This security or a portion of this security is out on loan as of August 31, 2011. Total loaned securities had a fair value of $10,994 at of August 31, 2011.

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

 On August 31, 2011, the cost of investments for federal income tax purposes was $10,274,549. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 19

U.S. Treasury Money Market Fund
DESCRIPTION	PAR		VALUE >
Treasury Debt – 100.0%
U.S. Treasury Bills U
0.053%, 9/01/2011	$	33,266	$	33,266
0.021%, 9/08/2011		38,000		38,000
0.046%, 9/15/2011		112,113		112,111
0.004%, 10/06/2011		40,232		40,232
0.001%, 10/13/2011		128,159		128,159
0.003%, 10/20/2011		90,471		90,471
0.000%, 11/03/2011		29,528		29,528
0.000%, 11/10/2011		2,472		2,472
0.016%, 11/17/2011		55,000		54,998
0.035%, 1/05/2012		13,763		13,761
Total Treasury Debt (Cost $542,998)				542,998
Total Investments  – 100.0% (Cost $542,998)				542,998
Other Assets and Liabilities, Net – 0.0%				4
Total Net Assets – 100.0%			$	543,002

> Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

U Yield shown is effective yield as of August 31, 2011.

 On August 31, 2011, the cost of investments for federal income tax purposes was $543,001. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	—
Gross unrealized depreciation		(3	)
Net unrealized depreciation	$	(3	)

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

20 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Statements of Assets and Liabilities August 31, 2011, all dollars and shares are rounded to thousands (000), except per share data

	Government Obligations Fund			Prime Obligations Fund			Tax Free Obligations Fund		Treasury Obligations Fund			U.S. Treasury Money Market Fund
ASSETS:
Investments in securities, at value † (note 2)	$	9,700,337		$	11,998,439		$	728,276	$	3,619,536		$	542,998
Investments purchased with proceeds from securities lending, at value (note 2)		414,625			—			—		11,220			—
Repurchase agreements, at value (note 2)		3,566,345			1,099,862			—		6,643,793			—
Cash		—			11			608		—			1
Receivable for interest		8,551			9,537			677		10,528			—
Receivable from affiliates (note 3)		—			—			—		—			19
Receivable for capital shares sold		—			660			—		67			—
Other prepaid expenses and other assets		39			58			58		43			33
Total assets		13,689,897			13,108,567			729,619		10,285,187			543,051
LIABILITIES:
Bank overdraft		3			—			—		—			—
Dividends payable		—			166			—		3			—
Payable for investments purchased		119,175			170,000			—		—			—
Payable upon return of securities loaned (note 2)		414,625			—			—		11,220			—
Payable for capital shares redeemed		—			865			—		25			—
Payable to affiliates (note 3)		1,329			2,363			104		729			—
Payable for distribution and shareholder servicing fees		10			16			14		289			12
Accrued expenses and other liabilities		58			33			48		39			37
Total liabilities		535,200			173,443			166		12,305			49
Net assets	$	13,154,697		$	12,935,124		$	729,453	$	10,272,882		$	543,002
COMPOSITION OF NET ASSETS:
Portfolio capital	$	13,155,007		$	12,935,076		$	729,445	$	10,273,543		$	543,013
Undistributed (distributions in excess of) net investment income		50			161			6		(43	)		(9	)
Accumulated net realized gain (loss) on investments (note 2)		(360	)		(113	)		2		(618	)		(2	)
Net assets	$	13,154,697		$	12,935,124		$	729,453	$	10,272,882		$	543,002
Class A:
Net assets	$	217,973		$	1,149,814		$	71,532	$	569,907		$	21,468
Shares issued and outstanding ($0.01 par value – 5 billion authorized*)		217,976			1,149,988			71,559		569,934			21,462
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00	$	1.00		$	1.00
Class C:
Net assets	$	—		$	529		$	—	$	—		$	—
Shares issued and outstanding ($0.01 par value – 1 billion authorized)		—			528			—		—			—
Net asset value, offering price, and redemption price per share	$	—		$	1.00		$	—	$	—		$	—
Class D:
Net assets	$	2,176,148		$	1,085,626		$	33,470	$	2,434,904		$	91,763
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		2,176,173			1,085,529			33,466		2,435,136			91,747
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00	$	1.00		$	1.00
Class I:
Net assets	$	—		$	1,251,541		$	—	$	—		$	—
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		—			1,251,619			—		—			—
Net asset value, offering price, and redemption price per share	$	—		$	1.00		$	—	$	—		$	—
Class Y:
Net assets	$	3,843,620		$	3,374,744		$	501,167	$	4,458,012		$	335,769
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		3,843,736			3,374,767			501,134		4,458,280			335,742
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00	$	1.00		$	1.00
Class Z:
Net assets	$	5,699,924		$	5,649,257		$	104,254	$	1,876,278		$	77,775
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		5,699,926			5,649,402			104,234		1,876,451			77,763
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00	$	1.00		$	1.00
Institutional Investor Class:
Net assets	$	1,217,032		$	423,613		$	19,030	$	574,347		$	16,227
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		1,217,023			423,433			19,030		574,298			16,218
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00	$	1.00		$	1.00
Reserve Class:
Net assets	$	—		$	—		$	—	$	359,434		$	—
Shares issued and outstanding ($0.01 par value – 5 billion authorized)		—			—			—		359,492			—
Net asset value, offering price, and redemption price per share	$	—		$	—		$	—	$	1.00		$	—
†  Including securities loaned, at value	$	404,678		$	—		$	—	$	10,994		$	—

* 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     2011 ANNUAL REPORT 21

Statements of Operations For the year ended August 31, 2011, all dollars are rounded to thousands (000)

	Government Obligations Fund			Prime Obligations Fund			Tax Free Obligations Fund			Treasury Obligations Fund			U.S. Treasury Money Market Fund
INVESTMENT INCOME:
Interest income	$	24,284		$	52,371		$	2,035		$	14,987		$	613
Securities lending income (note 2)		50			—			—			122			—
Total investment income		24,334			52,371			2,035			15,109			613
EXPENSES (note 3):
Investment advisory fees		12,337			17,234			843			9,212			589
Administration fees and expenses		16,171			23,022			1,142			12,314			796
Transfer agent fees and expenses		129			254			129			148			126
Custodian fees		617			862			42			461			30
Legal fees		27			27			27			27			27
Audit fees		44			44			44			44			44
Registration fees		24			90			27			15			17
Postage and printing fees		264			400			22			212			16
Directors’ fees		85			85			85			85			85
Other expenses		139			189			66			142			69
Distribution and shareholder servicing (12b-1) fees:
Class A		629			3,143			189			1,609			85
Class B		—			2			—			—			—
Class C		—			10			—			—			—
Class D		3,461			1,935			49			3,567			173
Reserve Class		—			—			—			1,848			—
Shareholder servicing (non 12b-1) fees:
Class A		629			3,143			189			1,608			85
Class D		5,769			3,225			82			5,944			289
Class I		—			2,938			—			—			—
Class Y		10,821			8,770			1,320			10,076			771
Reserve Class		—			—			—			924			—
Institutional Investor Class		1,097			681			22			533			21
Total expenses		52,243			66,054			4,278			48,769			3,223
Less: Fee waivers (note 3)		(28,269	)		(20,331	)		(2,258	)		(33,685	)		(2,530	)
Less: Expense reimbursement (note 3)		—			—			—			—			(80	)
Total net expenses		23,974			45,723			2,020			15,084			613
Investment income – net		360			6,648			15			25			—
Net gain (loss) on investments		(34	)		129			5			(1	)		12
Net increase in net assets resulting from operations	$	326		$	6,777		$	20		$	24		$	12

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

22 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

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FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 23

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

	Government Obligations Fund						Prime Obligations Fund
	Year Ended 8/31/2011			Year Ended 8/31/2010			Year Ended 8/31/2011			Year Ended 8/31/2010
OPERATIONS:
Investment income – net	$	360		$	2,867		$	6,648		$	13,014
Net realized gain (loss) on investments		(34	)		119			129			176
Net increase (decrease) in net assets resulting from operations		326			2,986			6,777			13,190
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			—			(33	)
Class C		—			—			—			—
Class D		—			—			—			(36	)
Class I		—			—			—			(45	)
Class Y		—			—			—			(97	)
Class Z		(360	)		(2,738	)		(6,623	)		(12,463	)
Institutional Investor Class		—			(129	)		(25	)		(340	)
Reserve Class		—			—			—			—
Total distributions		(360	)		(2,867	)		(6,648	)		(13,014	)
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE:
Class A:
Proceeds from sales		787,051			1,357,368			2,372,390			2,644,701
Reinvestment of distributions		—			—			22			—
Payments for redemptions		(864,516	)		(1,592,243	)		(2,546,694	)		(2,997,343	)
Decrease in net assets from Class A transactions		(77,465	)		(234,875	)		(174,282	)		(352,642	)
Class B:
Proceeds from sales		—			—			—			740
Reinvestment of distributions		—			—			—			—
Payments for redemptions		—			—			(1,154	)		(1,030	)
Decrease in net assets from Class B transactions		—			—			(1,154	)		(290	)
Class C:
Proceeds from sales		—			—			50			1,051
Reinvestment of distributions		—			—			—			—
Payments for redemptions		—			—			(2,064	)		(1,816	)
Decrease in net assets from Class C transactions		—			—			(2,014	)		(765	)
Class D:
Proceeds from sales		7,190,742			9,424,827			3,827,616			5,203,670
Reinvestment of distributions		—			—			—			—
Payments for redemptions		(7,540,544	)		(9,872,773	)		(4,255,139	)		(6,163,678	)
Increase (decrease) in net assets from Class D transactions		(349,802	)		(447,946	)		(427,523	)		(960,008	)
Class I:
Proceeds from sales		—			—			10,356,156			13,682,893
Reinvestment of distributions		—			—			1			1
Payments for redemptions		—			—			(10,737,990	)		(17,325,045	)
Decrease in net assets from Class I transactions		—			—			(381,833	)		(3,642,151	)
Class Y:
Proceeds from sales		22,860,678			21,924,830			86,076,410			88,360,691
Reinvestment of distributions		—			—			18			16
Payments for redemptions		(24,158,400	)		(23,620,941	)		(86,442,769	)		(91,869,250	)
Increase (decrease) in net assets from Class Y transactions		(1,297,722	)		(1,696,111	)		(366,341	)		(3,508,543	)

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

24 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Tax Free Obligations Fund						Treasury Obligations Fund						U.S. Treasury Money Market Fund
Year Ended 8/31/2011			Year Ended 8/31/2010			Year Ended 8/31/2011			Year Ended 8/31/2010			Year Ended 8/31/2011			Year Ended 8/31/2010
$	15		$	165		$	25		$	116		$	—		$	—
	5			2			(1	)		(541	)		12			19
	20			167			24			(425	)		12			19
	—			(4	)		—			(8	)		—			—
	—			—			—			—			—			—
	—			(1	)		—			(26	)		(1	)		—
	—			—			—			—			—			—
	—			(28	)		—			(33	)		(2	)		—
	(15	)		(131	)		(25	)		(40	)		(1	)		—
	—			(1	)		—			(5	)		—			—
	—			—			—			(4	)		—			—
	(15	)		(165	)		(25	)		(116	)		(4	)		—
	122,384			135,792			1,561,376			2,054,150			1,045,216			116,419
	2			—			—			—			—			—
	(125,154	)		(186,021	)		(1,860,128	)		(2,125,820	)		(1,075,239	)		(127,125	)
	(2,768	)		(50,229	)		(298,752	)		(71,670	)		(30,023	)		(10,706	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	76,319			50,278			6,545,447			6,239,051			590,892			607,563
	—			—			—			—			—			—
	(71,229	)		(70,782	)		(6,819,313	)		(6,941,544	)		(614,764	)		(625,814	)
	5,090			(20,504	)		(273,866	)		(702,493	)		(23,872	)		(18,251	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	1,587,214			1,255,154			16,501,827			13,514,189			2,241,039			1,810,752
	1			—			1			—			—			—
	(1,659,910	)		(1,434,703	)		(15,341,739	)		(14,908,262	)		(2,220,969	)		(1,921,942	)
	(72,695	)		(179,549	)		1,160,089			(1,394,073	)		20,070			(111,190	)

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

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 25

Statements of Changes in Net Assets continued

	Government Obligations Fund						Prime Obligations Fund
	Year Ended 8/31/2011			Year Ended 8/31/2010			Year Ended 8/31/2011			Year Ended 8/31/2010
Class Z:
Proceeds from sales		68,228,841			60,736,061			35,835,014			60,402,827
Reinvestment of distributions		155			652			469			1,840
Payments for redemptions		(66,821,633	)		(64,846,723	)		(39,794,372	)		(64,542,541	)
Increase (decrease) in net assets from Class Z transactions		1,407,363			(4,110,010	)		(3,958,889	)		(4,137,874	)
Institutional Investor Class:
Proceeds from sales		5,233,557			12,166,569			6,686,824			7,716,104
Reinvestment of distributions		—			3			1			7
Payments for redemptions		(5,099,358	)		(13,958,791	)		(7,189,078	)		(8,484,233	)
Increase (decrease) in net assets from Institutional Investor Class transactions		134,199			(1,792,219	)		(502,253	)		(768,122	)
Reserve Class:
Proceeds from sales		—			—			—			—
Reinvestment of distributions		—			—			—			—
Payments for redemptions		—			—			—			—
Decrease in net assets from Reserve Class transactions		—			—			—			—
Increase (decrease) in net assets from capital share transactions		(183,427	)		(8,281,161	)		(5,814,289	)		(13,370,395	)
Total increase (decrease) in net assets		(183,461	)		(8,281,042	)		(5,814,160	)		(13,370,219	)
Net assets at beginning of year		13,338,158			21,619,200			18,749,284			32,119,503
Net assets at end of year	$	13,154,697		$	13,338,158		$	12,935,124		$	18,749,284
Undistributed (distributions in excess of) net investment income	$	50		$	289		$	161		$	160

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

26 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Tax Free Obligations Fund						Treasury Obligations Fund						U.S. Treasury Money Market Fund
Year Ended 8/31/2011			Year Ended 8/31/2010			Year Ended 8/31/2011			Year Ended 8/31/2010			Year Ended 8/31/2011			Year Ended 8/31/2010
	583,100			1,066,951			8,954,127			8,081,976			741,079			259,845
	—			5			17			11			—			—
	(827,103	)		(1,450,172	)		(8,476,765	)		(8,609,911	)		(760,341	)		(400,299	)
	(244,003	)		(383,216	)		477,379			(527,924	)		(19,262	)		(140,454	)
	468,450			133,271			2,458,492			3,945,889			92,727			560,488
	—			—			—			—			—			—
	(461,866	)		(136,037	)		(2,364,894	)		(3,991,175	)		(113,695	)		(672,943	)
	6,584			(2,766	)		93,598			(45,286	)		(20,968	)		(112,455	)
	—			—			894,259			783,113			—			—
	—			—			1			—			—			—
	—			—			(951,178	)		(969,065	)		—			—
	—			—			(56,918	)		(185,952	)		—			—
	(307,792	)		(636,264	)		1,101,530			(2,927,398	)		(74,055	)		(393,056	)
	(307,787	)		(636,262	)		1,101,529			(2,927,939	)		(74,047	)		(393,037	)
	1,037,240			1,673,502			9,171,353			12,099,292			617,049			1,010,086
$	729,453		$	1,037,240		$	10,272,882		$	9,171,353		$	543,002		$	617,049
$	6		$	6		$	(43	)	$	(43	)	$	(9	)	$	(8	)

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

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 27

Financial Highlights For a share outstanding throughout the indicated periods.

	Net Asset Value Beginning of Period		Net Investment Income			Distributions from Net Investment Income			Net Asset Value End of Period
Government Obligations Fund
Class A
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		—			—			1.00
20091		1.00		0.004			(0.004	)		1.00
20081		1.00		0.028			(0.028	)		1.00
20071		1.00		0.046			(0.046	)		1.00
Class D
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		—			—			1.00
20091		1.00		0.004			(0.004	)		1.00
20081		1.00		0.029			(0.029	)		1.00
20071		1.00		0.047			(0.047	)		1.00
Class Y
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		—			—			1.00
20091		1.00		0.005			(0.005	)		1.00
20081		1.00		0.031			(0.031	)		1.00
20071		1.00		0.049			(0.049	)		1.00
Class Z
20111	$	1.00	$	0.000	3	$	(0.000	)3	$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.008			(0.008	)		1.00
20081		1.00		0.033			(0.033	)		1.00
20071		1.00		0.051			(0.051	)		1.00
Institutional Investor Class
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		—			—			1.00
20091		1.00		0.007			(0.007	)		1.00
20081		1.00		0.032			(0.032	)		1.00
20071		1.00		0.050			(0.050	)		1.00

¹  For the period September 1 to August 31 in the fiscal year indicated.

²  Total return would have been lower had certain expenses not been waived.

³  Rounds to zero.

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

28 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Total  Return2			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 (Loss) to Average Net Assets (Excluding Waivers)
	0.00	%	$	217,973		0.20	%		0.00	%		0.79	%		(0.59	)%
	0.00			295,439		0.27			0.00			0.78			(0.51	)
	0.36			530,312		0.67			0.31			0.79			0.19
	2.79			710,680		0.75			2.58			0.78			2.55
	4.66			384,673		0.75			4.56			0.78			4.53
	0.00	%	$	2,176,148		0.20	%		0.00	%		0.64	%		(0.44	)%
	0.00			2,525,955		0.27			0.00			0.63			(0.36	)
	0.44			2,973,885		0.59			0.40			0.65			0.34
	2.95			2,628,910		0.60			2.59			0.63			2.56
	4.82			1,320,996		0.60			4.71			0.63			4.68
	0.00	%	$	3,843,620		0.20	%		0.00	%		0.49	%		(0.29	)%
	0.00			5,141,352		0.27			0.00			0.48			(0.21	)
	0.55			6,837,427		0.48			0.52			0.50			0.50
	3.10			6,935,957		0.45			2.81			0.48			2.78
	4.97			3,649,102		0.45			4.86			0.48			4.83
	0.01	%	$	5,699,924		0.19	%		0.01	%		0.25	%		(0.05	)%
	0.04			4,292,577		0.23			0.05			0.23			0.05
	0.79			8,402,541		0.24			0.59			0.24			0.59
	3.36			1,915,386		0.20			3.04			0.23			3.01
	5.23			784,556		0.20			5.10			0.23			5.07
	0.00	%	$	1,217,032		0.20	%		0.00	%		0.34	%		(0.14	)%
	0.00			1,082,835		0.27			0.01			0.33			(0.05	)
	0.69			2,875,035		0.34			0.49			0.34			0.49
	3.25			461,342		0.30			3.16			0.33			3.13
	5.13			442,701		0.30			5.01			0.33			4.98

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 29

Financial Highlights For a share outstanding throughout the indicated periods.

	Net Asset Value Beginning of Period		Net Investment Income			Distributions from Net Investment Income			Net Asset Value End of Period
Prime Obligations Fund
Class A
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.007			(0.007	)		1.00
20081		1.00		0.031			(0.031	)		1.00
20071		1.00		0.046			(0.046	)		1.00
Class C
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		—			—			1.00
20091		1.00		0.004			(0.004	)		1.00
20081		1.00		0.027			(0.027	)		1.00
20071		1.00		0.042			(0.042	)		1.00
Class D
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.008			(0.008	)		1.00
20081		1.00		0.033			(0.033	)		1.00
20071		1.00		0.048			(0.048	)		1.00
Class I
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.010			(0.010	)		1.00
20081		1.00		0.035			(0.035	)		1.00
20071		1.00		0.050			(0.050	)		1.00
Class Y
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.009			(0.009	)		1.00
20081		1.00		0.034			(0.034	)		1.00
20071		1.00		0.049			(0.049	)		1.00
Class Z
20111	$	1.00	$	0.000	3	$	(0.000	)3	$	1.00
20101		1.00		0.001			(0.001	)		1.00
20091		1.00		0.012			(0.012	)		1.00
20081		1.00		0.037			(0.037	)		1.00
20071		1.00		0.052			(0.052	)		1.00
Institutional Investor Class
20111	$	1.00	$	0.000	3	$	(0.000	)3	$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.011			(0.011	)		1.00
20081		1.00		0.036			(0.036	)		1.00
20071		1.00		0.051			(0.051	)		1.00

¹  For the period September 1 to August 31 in the fiscal year indicated.

²  Total return would have been lower had certain expenses not been waived.

³  Rounds to zero.

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

30 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Total Return2			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 (Loss) to Average Net Assets (Excluding Waivers)
	0.00	%	$	1,149,814		0.30	%		0.00	%		0.79	%		(0.49	)%
	0.00			1,324,087		0.33			0.00			0.78			(0.45	)
	0.67			1,676,718		0.76			0.71			0.81			0.66
	3.17			2,315,088		0.78			3.08			0.78			3.08
	4.70			2,048,485		0.78			4.60			0.78			4.60
	0.00	%	$	529		0.32	%		0.00	%		1.24	%		(0.92	)%
	0.00			2,543		0.33			0.00			1.23			(0.90	)
	0.45			3,312		0.98			0.43			1.26			0.15
	2.71			5,060		1.23			2.65			1.23			2.65
	4.26			10,545		1.23			4.18			1.23			4.18
	0.00	%	$	1,085,626		0.30	%		0.00	%		0.64	%		(0.34	)%
	0.00			1,513,140		0.34			0.00			0.64			(0.30	)
	0.79			2,473,134		0.64			0.71			0.66			0.69
	3.32			1,936,019		0.63			3.07			0.63			3.07
	4.86			1,102,093		0.63			4.76			0.63			4.76
	0.00	%	$	1,251,541		0.30	%		0.00	%		0.44	%		(0.14	)%
	0.00			1,633,364		0.34			0.00			0.43			(0.09	)
	0.98			5,275,495		0.45			0.81			0.46			0.80
	3.56			1,608,965		0.40			3.49			0.43			3.46
	5.10			1,652,385		0.40			4.98			0.43			4.95
	0.00	%	$	3,374,744		0.30	%		0.00	%		0.49	%		(0.19	)%
	0.00			3,741,060		0.34			0.00			0.48			(0.14	)
	0.92			7,249,566		0.51			0.89			0.51			0.89
	3.48			8,092,898		0.48			3.35			0.48			3.35
	5.02			6,189,316		0.48			4.90			0.48			4.90
	0.07	%	$	5,649,257		0.23	%		0.07	%		0.24	%		0.06	%
	0.10			9,608,076		0.23			0.10			0.23			0.10
	1.18			13,745,864		0.25			1.03			0.26			1.02
	3.77			8,864,378		0.20			3.49			0.23			3.46
	5.31			6,100,756		0.20			5.19			0.23			5.16
	0.00	%	$	423,613		0.31	%		0.00	%		0.35	%		(0.04	)%
	0.02			925,862		0.31			0.03			0.33			0.01
	1.08			1,693,975		0.35			0.95			0.36			0.94
	3.66			1,354,758		0.30			3.64			0.33			3.61
	5.20			777,714		0.30			5.09			0.33			5.06

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 31

Financial Highlights For a share outstanding throughout the indicated periods.

	Net Asset Value Beginning of Period		Net Investment Income			Distributions from Net Investment Income			Net Asset Value End of Period
Tax Free Obligations Fund
Class A
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.004			(0.004	)		1.00
20081		1.00		0.018			(0.018	)		1.00
20071		1.00		0.029			(0.029	)		1.00
Class D
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.005			(0.005	)		1.00
20081		1.00		0.020			(0.020	)		1.00
20071		1.00		0.031			(0.031	)		1.00
Class Y
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.006			(0.006	)		1.00
20081		1.00		0.021			(0.021	)		1.00
20071		1.00		0.032			(0.032	)		1.00
Class Z
20111	$	1.00	$	0.000	3	$	(0.000	)3	$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.008			(0.008	)		1.00
20081		1.00		0.024			(0.024	)		1.00
20071		1.00		0.035			(0.035	)		1.00
Institutional Investor Class
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.007			(0.007	)		1.00
20081		1.00		0.023			(0.023	)		1.00
20071		1.00		0.034			(0.034	)		1.00

¹  For the period September 1 to August 31 in the fiscal year indicated.

²  Total return would have been lower had certain expenses not been waived.

³  Rounds to zero.

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

32 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Total Return2	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 (Loss) to Average Net Assets (Excluding Waivers)
0.00%	$	71,532		0.24	%		0.00	%		0.84	%		(0.60	)%
0.00		74,301		0.26			0.00			0.81			(0.55	)
0.47		124,530		0.63			0.60			0.83			0.40
1.86		255,762		0.75			1.80			0.79			1.76
2.94		172,416		0.75			2.90			0.80			2.85
0.00%	$	33,470		0.24	%		0.00	%		0.69	%		(0.45	)%
0.00		28,380		0.26			0.00			0.66			(0.40	)
0.52		48,884		0.57			0.64			0.68			0.53
2.01		159,924		0.60			1.75			0.64			1.71
3.09		51,119		0.60			3.05			0.65			3.00
0.00%	$	501,167		0.24	%		0.00	%		0.53	%		(0.29	)%
0.00		573,858		0.26			0.00			0.51			(0.25	)
0.59		753,405		0.49			0.69			0.53			0.65
2.17		1,281,930		0.45			2.12			0.49			2.08
3.25		1,197,152		0.45			3.20			0.50			3.15
0.01%	$	104,254		0.24	%		0.01	%		0.28	%		(0.03	)%
0.03		348,256		0.24			0.03			0.26			0.01
0.80		731,472		0.27			0.75			0.28			0.74
2.42		644,429		0.20			2.52			0.24			2.48
3.51		923,878		0.20			3.46			0.25			3.41
0.00%	$	19,030		0.23	%		0.00	%		0.39	%		(0.16	)%
0.01		12,445		0.25			0.00			0.35			(0.10	)
0.70		15,211		0.37			0.80			0.38			0.79
2.32		41,342		0.30			2.31			0.34			2.27
3.40		35,327		0.30			3.35			0.35			3.30

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 33

Financial Highlights For a share outstanding throughout the indicated periods.

	Net Asset Value Beginning of Period		Net Investment Income			Distributions from Net Investment Income			Net Asset Value End of Period
Treasury Obligations Fund
Class A
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.001			(0.001	)		1.00
20081		1.00		0.023			(0.023	)		1.00
20071		1.00		0.045			(0.045	)		1.00
Class D
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.001			(0.001	)		1.00
20081		1.00		0.024			(0.024	)		1.00
20071		1.00		0.046			(0.046	)		1.00
Class Y
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.002			(0.002	)		1.00
20081		1.00		0.027			(0.027	)		1.00
20071		1.00		0.048			(0.048	)		1.00
Class Z
20111	$	1.00	$	0.000	3	$	(0.000	)3	$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.004			(0.004	)		1.00
20081		1.00		0.028			(0.028	)		1.00
20071		1.00		0.051			(0.051	)		1.00
Institutional Investor Class
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.003			(0.003	)		1.00
20081		1.00		0.027			(0.027	)		1.00
20071		1.00		0.049			(0.049	)		1.00
Reserve Class
20111	$	1.00	$	—		$	—		$	1.00
20101		1.00		0.000	3		(0.000	)3		1.00
20091		1.00		0.001			(0.001	)		1.00
20081		1.00		0.024			(0.024	)		1.00
20071		1.00		0.043			(0.043	)		1.00

¹  For the period September 1 to August 31 in the fiscal year indicated.

²  Total return would have been lower had certain expenses not been waived.

³  Rounds to zero.

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

34 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Total Return2	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 (Loss) to Average Net Assets (Excluding Waivers)
0.00%	$	569,907		0.17	%		0.00	%		0.79	%		(0.62	)%
0.00		868,658		0.20			0.00			0.78			(0.58	)
0.07		940,369		0.53			0.09			0.79			(0.17	)
2.30		1,391,961		0.75			2.34			0.78			2.31
4.55		1,719,685		0.75			4.46			0.78			4.43
0.00%	$	2,434,904		0.17	%		0.00	%		0.65	%		(0.48	)%
0.00		2,708,770		0.20			0.00			0.63			(0.43	)
0.11		3,411,407		0.50			0.15			0.64			0.01
2.45		6,868,518		0.60			2.45			0.63			2.42
4.71		7,232,055		0.60			4.61			0.63			4.58
0.00%	$	4,458,012		0.16	%		0.00	%		0.49	%		(0.33	)%
0.00		3,297,924		0.20			0.00			0.48			(0.28	)
0.18		4,692,210		0.41			0.19			0.49			0.11
2.60		5,482,050		0.45			2.62			0.48			2.59
4.86		6,143,979		0.45			4.75			0.48			4.72
0.00%	$	1,876,278		0.16	%		0.00	%		0.24	%		(0.08	)%
0.00		1,398,900		0.20			0.00			0.23			(0.03	)
0.36		1,926,914		0.23			0.38			0.24			0.37
2.86		3,713,560		0.20			2.74			0.23			2.71
5.13		2,596,399		0.20			4.98			0.23			4.95
0.00%	$	574,347		0.16	%		0.00	%		0.34	%		(0.18	)%
0.00		480,749		0.20			0.00			0.33			(0.13	)
0.28		526,060		0.31			0.32			0.34			0.29
2.75		766,652		0.30			2.68			0.33			2.65
5.02		693,614		0.30			4.89			0.33			4.86
0.00%	$	359,434		0.17	%		0.00	%		0.99	%		(0.82	)%
0.00		416,352		0.20			0.00			0.98			(0.78	)
0.06		602,332		0.56			0.08			0.99			(0.35	)
2.11		973,250		0.93			2.13			0.98			2.08
4.35		1,167,569		0.94			4.27			0.98			4.23

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 35

Financial Highlights continued

	Net Asset Value Beginning of Period		Net Investment Income		Distributions from Net Investment Income			Net Asset Value End of Period
U.S. Treasury Money Market Fund
Class A
20111	$	1.00	$	—	$	—		$	1.00
20101		1.00		—		—			1.00
20091		1.00		0.001		(0.001	)		1.00
20081		1.00		0.020		(0.020	)		1.00
20071		1.00		0.043		(0.043	)		1.00
Class D
20111	$	1.00	$	—	$	—		$	1.00
20101		1.00		—		—			1.00
20091		1.00		0.001		(0.001	)		1.00
20081		1.00		0.021		(0.021	)		1.00
20071		1.00		0.044		(0.044	)		1.00
Class Y
20111	$	1.00	$	—	$	—		$	1.00
20101		1.00		—		—			1.00
20091		1.00		0.002		(0.002	)		1.00
20081		1.00		0.023		(0.023	)		1.00
20071		1.00		0.046		(0.046	)		1.00
Class Z
20111	$	1.00	$	—	$	—		$	1.00
20101		1.00		—		—			1.00
20091		1.00		0.003		(0.003	)		1.00
20081		1.00		0.025		(0.025	)		1.00
20071		1.00		0.048		(0.048	)		1.00
Institutional Investor Class
20111	$	1.00	$	—	$	—		$	1.00
20101		1.00		—		—			1.00
20091		1.00		0.002		(0.002	)		1.00
20081		1.00		0.024		(0.024	)		1.00
20071		1.00		0.047		(0.047	)		1.00

¹  For the period September 1 to August 31 in the fiscal year indicated.

²  Total return would have been lower had certain expenses not been waived or reimbursed (note 3).

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

36 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Total Return2	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 (Loss) to Average Net Assets (Excluding Waivers)
0.00%	$	21,468		0.12	%		0.00	%		0.85	%		(0.73	)%
0.00		51,490		0.12			0.00			0.82			(0.70	)
0.08		62,194		0.44			0.11			0.77			(0.22	)
2.00		89,497		0.75			1.64			0.80			1.59
4.31		17,727		0.75			4.25			0.82			4.18
0.00%	$	91,763		0.11	%		0.00	%		0.70	%		(0.59	)%
0.00		115,634		0.13			0.00			0.68			(0.55	)
0.12		133,882		0.42			0.16			0.64			(0.06	)
2.15		321,431		0.60			2.09			0.65			2.04
4.47		230,031		0.60			4.37			0.67			4.30
0.00%	$	335,769		0.10	%		0.00	%		0.55	%		(0.45	)%
0.00		315,695		0.12			0.00			0.52			(0.40	)
0.16		426,875		0.36			0.18			0.50			0.04
2.30		570,751		0.45			2.22			0.50			2.17
4.62		462,391		0.45			4.53			0.52			4.46
0.00%	$	77,775		0.10	%		0.00	%		0.31	%		(0.21	)%
0.00		97,034		0.14			0.00			0.27			(0.13	)
0.27		237,487		0.23			0.30			0.25			0.28
2.56		219,278		0.20			2.33			0.25			2.28
4.88		117,843		0.20			4.80			0.27			4.73
0.00%	$	16,227		0.12	%		0.00	%		0.40	%		(0.28	)%
0.00		37,196		0.12			0.00			0.37			(0.25	)
0.22		149,648		0.29			0.22			0.36			0.15
2.46		125,216		0.30			1.68			0.35			1.63
4.78		2,452		0.30			4.69			0.37			4.62

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 37

Notes to Financial Statements August 31, 2011, all dollars and shares are rounded to thousands (000)

1 > Organization

The Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Funds, Inc. (“FAF”), which is a member of the First American Family of Funds. FAF is registered under the Investment Company Act of 1940, as amended (“Investment Company Act”), as an open-end investment management company. FAF’s articles of incorporation permit the board of directors to create additional funds in the future.

FAF offers Class A, Class C, Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares. Class A shares are not subject to sales charges. During the period, Class B and Class C shares of Prime Obligations Fund were only available pursuant to an exchange for Class B and Class C shares, respectively, of another fund in the First American Family of Funds or certain other unaffiliated funds, or for Class C shares, in establishing a systematic exchange program that would be used to purchase Class C shares of those funds. Effective September 21, 2010, Class B and Class C shares of Prime Obligations Fund closed to new investors and additional investments. There were no Class B shares outstanding at August 31, 2011. Class C shares may be subject to a contingent deferred sales charge for 12 months. Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares are offered only to qualifying institutional investors. Class C and Class I shares are not offered by Government Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, or U.S. Treasury Money Market Fund. Reserve Class shares are offered by Treasury Obligations Fund only.

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

2 > Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Investment securities held are stated at amortized cost (except for investments in other money market funds), which approximates fair value. Under the amortized cost method, any discount or premium is amortized ratably to the expected maturity of the security and is included in interest income. In accordance with Rule 2a-7 of the Investment Company Act, the fair values of the securities held in the funds are determined at least once per week using prices supplied by the funds’ independent

pricing services. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities. These values are then compared to the securities’ amortized cost. If the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this comparison, which will be determined pursuant to procedures approved by the board of directors. If the difference between the aggregate market price and aggregate amortized cost of all securities held by a fund exceeds 0.25%, the funds’ administrator will notify the funds’ board of directors and will monitor the deviation on a daily basis. If the difference exceeds 0.50%, a meeting of the board of directors will be convened, and the board will determine what action, if any, to take. During the fiscal year ended August 31, 2011, the differences between the aggregate market price and the aggregate amortized cost of all securities did not exceed 0.25% for any fund. Investments in other money market funds are valued at their respective net asset values on the valuation date.

Generally accepted accounting principles (“GAAP”) require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.). Generally, the types of securities included in Level 2 of a fund are U.S. Treasury bills and certain money market instruments, including those instruments valued at amortized cost pursuant to Rule 2a-7. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Level 3 – Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities for which there is limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or evaluation of the forces that influence the market in which the securities are purchased and sold.

38 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

The fair value levels are not necessarily an indication of the risk associated with investing in these securities.

As of August 31, 2011, each fund’s investments were classified as follows:

Fund	Level 1		Level 2		Level 3		Total Fair Value
Government Obligations Fund
Government Agency Debt	$	—	$	9,295,659	$	—	$	9,295,659
Government Agency Repurchase Agreements		—		3,091,345		—		3,091,345
Treasury Repurchase Agreements		—		475,000		—		475,000
Treasury Debt		—		404,678		—		404,678
Investment Purchased with Proceeds from Securities Lending		—		414,625		—		414,625
Total Investments	$	—	$	13,681,307	$	—	$	13,681,307
Prime Obligations Fund
Certificates of Deposit	$	—	$	3,367,832	$	—	$	3,367,832
Other Notes		—		1,640,443		—		1,640,443
Asset Backed Commercial Paper		—		1,624,169		—		1,624,169
Financial Company Commercial Paper		—		1,477,233		—		1,477,233
Government Agency Debt		—		1,319,963		—		1,319,963
Variable Rate Demand Notes		—		1,176,924		—		1,176,924
Treasury Debt		—		954,439		—		954,439
Investment Companies		287,438		—		—		287,438
Other Commercial Paper		—		149,998		—		149,998
Government Agency Repurchase Agreements		—		508,655		—		508,655
Other Repurchase Agreements		—		435,000		—		435,000
Treasury Repurchase Agreement		—		156,207				156,207
Total Investments	$	287,438	$	12,810,863	$	—	$	13,098,301
Tax Free Obligations Fund
Municipal Debt	$	—	$	714,499	$	—	$	714,499
Money Market Fund		13,777		—		—		13,777
Total Investments	$	13,777	$	714,499	$	—	$	728,276
Treasury Obligations Fund
Treasury Debt	$	—	$	3,619,536	$	—	$	3,619,536
Treasury Repurchase Agreements		—		6,643,793		—		6,643,793
Investment Purchased with Proceeds from Securities Lending		—		11,220		—		11,220
Total Investments	$	—	$	10,274,549	$	—	$	10,274,549
U.S. Treasury Money Market Fund
Treasury Debt	$	—	$	542,998	$	—	$	542,998
Total Investments	$	—	$	542,998	$	—	$	542,998

Refer to the Schedule of Investments for further security classification.

During the fiscal year ended August 31, 2011, there were no transfers between fair value levels.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligi-

ble for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At August 31, 2011, the funds did not hold any restricted securities other than the Rule 144A securities disclosed in the Schedules of Investments. None of the funds held illiquid securities at August 31, 2011.

SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis.

DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared daily and are payable in cash or reinvested in additional shares of the fund at net asset value on the first business day of the following month.

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 39

Notes to Financial Statements August 31, 2011, all dollars and shares are rounded to thousands (000)

FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company (“RIC”) as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required.

As of August 31, 2011 the funds did not have any tax positions that did not meet the “more-likely-than-not” thresh-

old of being sustained by the applicable tax authority. Generally, tax authorities can examine all tax returns filed for the last three years.

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which the differences arise.

On the Statements of Assets and Liabilities the following reclassifications were made:

	August 31, 2011
Fund	Accumulated Net Realized Loss			Undistributed (Distributions in Excess of) Net Investment Income			Portfolio Capital
Government Obligations Fund	$	(17	)	$	(239	)	$	256
Tax Free Obligations Fund		(3	)		—			3
U.S. Treasury Money Market Fund		(33	)		3			30

The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period that the income or realized gains (losses) were recorded by the fund. The distributions paid during the fiscal years ended August 31, 2011 and August 31, 2010 (adjusted by dividends payable as of August 31, 2011 and August 31, 2010) were as follows:

	August 31, 2011
Fund	Ordinary Income		Tax-Exempt Income		Capital Gain		Total
Government Obligations Fund	$	503	$	—	$	—	$	503
Prime Obligations Fund		8,126		—		—		8,126
Tax Free Obligations Fund		—		70		—		70
Treasury Obligations Fund		115		—		—		115
U.S. Treasury Money Market Fund		4		—		—		4

The funds designate as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the funds related to net capital gain to zero for the tax year ended August 31, 2011.

	August 31, 2010
Fund	Ordinary Income		Tax-Exempt Income		Capital Gain		Total
Government Obligations Fund	$	4,098	$	—	$	—	$	4,098
Prime Obligations Fund		14,238		—		—		14,238
Tax Free Obligations Fund		—		195		—		195
Treasury Obligations Fund		35		—		—		35
U.S. Treasury Money Market Fund		—		—		—		—

As of August 31, 2011, the components of accumulated earnings (deficit) on a tax-basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Post-October Losses			Unrealized Appreciation			Total Accumulated Earnings (Deficit)
Government Obligations Fund	$	72	$	—	$	—	$	(359	)	$	—		$	(287	)
Prime Obligations Fund		387		—		—		(113	)		—			274
Tax Free Obligations Fund		—		21		2		—			—			23
Treasury Obligations Fund		3		—		—		(618	)		—			(615	)
U.S. Treasury Money Market Fund		2		—		—		—			(3	)		(1	)

40 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

The differences between book-basis and tax-basis undistributed/accumulated income, gains, and losses are

primarily due to distributions declared but not paid by August 31, 2011 and the deferral of wash sale losses.

As of August 31, 2011, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows:

			Expiration Year
Fund	2012		2013		2014			2015			2016		2017			2018			2019			Total
Government Obligations Fund	$	—	$	—	$	—		$	—		$	—	$	—		$	—		$	(326	)	$	(326	)
Prime Obligations Fund		—		—		—			(41	)		—		(72	)		—			—			(113	)
Treasury Obligations Fund		—		—		(20	)		(57	)		—		—			(540	)		—			(617	)

Government Obligations Fund and Treasury Obligations Fund incurred losses of $33 and $1, respectively, for tax purposes, for the period from November 1, 2010 to August 31, 2011. As permitted by tax regulations, these funds intend to elect to defer and treat those losses as arising in the fiscal year ending August 31, 2012.

REPURCHASE AGREEMENTS – Each fund (other than U.S. Treasury Money Market Fund) may enter into repurchase agreements with counterparties whom the funds’ investment advisor deems creditworthy, subject to the seller’s agreement to repurchase such securities from the funds at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the fund plus interest, at a rate that is negotiated on the basis of current short-term rates.

Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Each such fund may also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained in a segregated account by the broker’s custodian bank until the maturity of the repurchase agreement. Provisions of the repurchase agreements are designed to ensure that the value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the fund may be delayed or limited.

SECURITIES LENDING – In order to generate additional income, Government Obligations Fund, Prime Obligations Fund, and Treasury Obligations Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to maintain collateral in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then “marked to market” daily until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. Cash collateral is invested in short-term, high quality U.S. dollar-denominated

securities that would be eligible for investment by a money market fund under Rule 2a-7 of the Investment Company Act. As of August 31, 2011, Government Obligations Fund and Treasury Obligations Fund had securities on loan with a total value of $404,678 and $10,994 respectively. Prime Obligations Fund did not have securities on loan during the period.

U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the fund. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”). As the securities lending agent, U.S. Bank receives fees of up to 20% of each fund’s net income from securities lending transactions and pays half of such fees to U.S. Bancorp Asset Management, Inc. (“USBAM”) for certain securities lending services provided by USBAM. For the fiscal year ended August 31, 2011, Government Obligations Fund and Treasury Obligations Fund paid $13 and $31, respectively, to U.S. Bank for serving as the securities lending agent. The fund’s income from securities lending is recorded on the Statements of Operations as securities lending income net of fees paid to U.S. Bank.

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal year ended August 31, 2011.

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 41

Notes to Financial Statements August 31, 2011, all dollars and shares are rounded to thousands (000)

DEFERRED COMPENSATION PLAN – Prior to January 1, 2011, non-interested directors of the First American Family of Funds were able to defer receipt of part or all of their annual compensation under a Deferred Compensation Plan (the “Plan”). Deferred amounts were treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, as designated by each director. The Plan was terminated effective December 31, 2010. All amounts held in the Plan are 100% vested and outstanding account balances under the Plan are obligations of the funds into which amounts were deferred. Deferred amounts remain in the funds until distributed in accordance with the Plan.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.

EVENTS SUBSEQUENT TO PERIOD END – Management has evaluated fund related events and transactions that occurred subsequent to August 31, 2011 through the date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the funds’ financial statements.

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement, USBAM manages each fund’s assets and furnishes related office facilities, equipment, research and personnel. The agreement requires each fund to pay USBAM a monthly fee equal, on an annual basis, to 0.10% of the fund’s average daily net assets.

Effective October 30, 2008 for Treasury Obligations Fund and December 22, 2008 for each other fund, the advisor voluntarily agreed to waive or reimburse certain fees and expenses and the Board of Directors approved the suspension or reduction of 12b-1 fee payments, as needed, to prevent each fund’s yield for each share class from falling below 0%. In order to maintain this minimum yield, USBAM voluntarily waived or reimbursed investment advisory fees of $48, $478, and $416 for Tax Free Obligations Fund, Treasury Obligations Fund and U.S. Treasury Money Market Fund, respectively, during the fiscal year ended August 31, 2011. Effective February 1, 2011, the advisor contractually agreed to waive fees and reimburse other fund expenses through January 31, 2012, so that total annual fund operating expenses, after waivers, do not exceed 0.20% for Government Obligations Fund Class Z shares. From February 1, 2011, through August 31, 2011, the advisor waived $1,130 in Government Obligations Fund Class Z shares. Effective

June 1, 2011, the advisor contractually agreed to waive fees and reimburse other fund expenses, so that total annual fund operating expenses, after waivers, do not exceed 0.20% for Prime Obligations Fund Class Z shares, Tax Free Obligations Fund Class Z shares, Treasury Obligations Fund Class Z shares and U.S. Treasury Money Market Fund Class Z shares. These contractual waivers and reimbursements will remain in effect through October 31, 2012, and may not be terminated prior to such time without the approval of the funds’ board of directors. From June 1, 2011, through August 31, 2011, the advisor waived $851, $28, $151, and $36 in Prime Obligations Class Z Share, Tax Free Obligations Class Z shares, Treasury Obligations Class Z shares, and U.S. Treasury Money Market Class Z shares, respectively. Waivers and reimbursements by the advisor are otherwise voluntary and may be terminated at any time by the advisor.

ADMINISTRATION FEES – USBAM serves as the funds’ administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. USBAM is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, USBAM is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.20% of the aggregate average daily Class A share net assets and 0.15% of the aggregate average daily net assets for all other share classes of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.185% for Class A shares and 0.135% for all other classes on the next $17 billion of the aggregate average daily net assets, 0.17% for Class A shares and 0.12% for all other classes on the next $25 billion of aggregate average daily net assets, and 0.15% for Class A shares and 0.10% for all other classes of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee.

In addition to these fees, the funds may reimburse USBAM and the sub-administrator for any out-of-pocket expenses incurred in providing administration services. In order to maintain minimum yields for each fund, USBAM voluntarily waived or reimbursed administration fees of $5,815, $498, $378, $7,708, and $654 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund and U.S. Treasury Money Market Fund, respectively, during the fiscal year ended August 31, 2011.

TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAF. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class.

42 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

These fees are charged to each fund based upon the number of accounts within that fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.

CUSTODIAN FEES – U.S. Bank serves as the funds’ custodian pursuant to a custodian agreement with FAF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.

DISTRIBUTION AND SHAREHOLDER SERVICING (12b-1) FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as distributor of the funds pursuant to a distribution agreement with FAF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 0.15%, and 0.50% of each fund’s average daily net assets attributable to Class A shares, Class C shares, Class D shares, and Reserve Class shares, respectively. No distribution or shareholder servicing fees are paid by Institutional Investor Class shares, Class Y shares, Class I shares, or Class Z shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. In order to maintain minimum yields for each fund, 12b-1 distribution and shareholder servicing fees were reimbursed or suspended in the amounts of $4,088, $4,914, $238, $6,813 and $258 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the fiscal year ended August 31, 2011.

Under the distribution agreement, the following amounts were retained by affiliates of USBAM for the fiscal year ended August 31, 2011:

Fund	Amount
Government Obligations Fund	$	1
Prime Obligations Fund		128
Treasury Obligations Fund		209

SHAREHOLDER SERVICING (NON-12b-1) FEES – FAF has also adopted and entered into a shareholder servicing plan and agreement with USBAM, under which USBAM has agreed to provide FAF, or will enter into written agreements with other service providers pursuant to which the service providers will provide FAF, with non-distribution-related services to shareholders of Class A, Class D, Class I, Class Y shares, Institutional Investor Class, and Reserve Class shares. Each fund pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.25% of the average daily net assets attributable to Class A, Class D, Class Y, and Reserve Class shares, a fee equal to an annual rate of 0.20% of the average daily net assets attributable to Class I shares, and a fee equal to an annual rate of 0.10% of the average daily net assets attributable to Institutional Investor Class shares. In

order to maintain minimum yields for each fund, USBAM voluntarily waived or reimbursed shareholder servicing fees of $17,236, $14,068, $1,566, $18,535, and $1,166 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the fiscal year ended August 31, 2011.

Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the fiscal year ended August 31, 2011 after waivers:

Fund	Amount
Government Obligations Fund	$	1,081
Prime Obligations Fund		4,690
Tax Free Obligations Fund		47
Treasury Obligations Fund		552
U.S. Treasury Money Market Fund		—

EXPENSE REIMBURSEMENT – In addition to fee waivers, USBAM voluntarily reimbursed expenses of $80 for U.S. Treasury Money Market Fund in order to maintain minimum yields for each share class.

OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal year ended August 31, 2011, legal fees and expenses of $33 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

CONTINGENT DEFERRED SALES CHARGES – A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first twelve months.

The CDSC for Class C shares is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less. For the fiscal year ended August 31, 2011, there were no front-end sales charges or CDSCs retained by affiliates of USBAM for distributing shares of Prime Obligations Fund.

4 > Portfolio Characteristics of the Tax Free Obligations Fund

The Tax Free Obligations Fund invests in municipal securities. At August 31, 2011, the percentage of portfolio investments by each category was as follows:

	Tax Free Obligations Fund
Weekly Variable Rate Demand Notes		70.2	%
Daily Variable Rate Demand Notes		17.3
Other Municipal Notes & Bonds		11.3
Commercial Paper & Put Bonds		1.2
		100.0	%

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 43

Notes to Financial Statements August 31, 2011, all dollars and shares are rounded to thousands (000)

The Tax Free Obligations Fund invests in longer-term securities that include revenue bonds, tax and revenue anticipation notes, and general obligation bonds. At August 31, 2011, the percentage of total portfolio investments by each revenue source, was as follows:

	Tax Free Obligations Fund
Revenue Bonds		83.6	%
General Obligations		13.4
Tax and Revenue Anticipation Notes		3.0
		100.0	%

The implied credit ratings of all portfolio holdings as a percentage of total value of investments at August 31, 2011, were as follows:

Standard & Poor’s/Moody’s/Fitch Ratings	Tax Free Obligations Fund
AAA		16.9	%
AA		65.6
A		17.5
		100.0	%

Individual security ratings are based on information from Moody’s Investor Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security the lowest rating is used, unless ratings are provided by all three agencies, in which case the middle rating is used.

5 > Indemnifications

The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

6 > New Accounting Pronouncement

In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 requires additional disclosures regarding fair value measurements. Effective for fiscal years beginning after December 15, 2011, and for interim periods within those fiscal years, entities will need to disclose the following:

1) the amounts of any transfers between Level 1 and Level 2 and the reasons for those transfers, and

2) for Level 3 fair value measurements, quantitative information about the significant unobservable inputs used, a description of the entity’s valuation processes, and a narrative description of the sensitivity of the fair value measurement to changes in the unobservable inputs and the interrelationship between inputs.

7 > Regulated Investment Company Modernization Act

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act is the first major piece of legislation affecting RICs since 1986 and it modernizes several of the federal income and excise tax provisions related to RICs. Some highlights of the enacted provisions are as follows:

New capital losses may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss.

The Modernization Act contains simplification provisions, which are aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests. Additionally, the Modernization Act exempts RICs from the preferential dividend rule and repealed the 60-day designation requirement for certain types of pay-through income and gains.

Finally, the Modernization Act contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

Except for the simplification provisions related to RIC qualification, the Modernization Act is effective for taxable years beginning after December 22, 2010. The provisions related to RIC qualification are effective for taxable years for which the extended due date of the tax return is after December 22, 2010.

44 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Notice to Shareholders August 31, 2011 (unaudited)

TAX INFORMATION

The information set forth below is for each fund’s fiscal year as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2012 on Form 1099. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended August 31, 2011, each fund has designated long-term capital gains, ordinary income and tax exempt income with regard to distributions paid during the period as follows:

Fund	Long Term Capital Gains Distributions (Tax Basis)			Ordinary Income Distributions (Tax Basis)			Tax Exempt Interest			Total Distributions (Tax Basis) 1
Government Obligations Fund		—	%		100.00	%		—	%		100.00	%
Prime Obligations Fund		—			100.00			—			100.00
Tax Free Obligations Fund		—			—			100.00			100.00
Treasury Obligations Fund		—			100.00			—			100.00
U.S. Treasury Money Market Fund		—			100.00			—			100.00

1 None of the dividends paid by the funds are eligible for the dividends received deduction or are characterized as qualified dividend income.

Additional Information Applicable to Foreign Shareholder Only:

The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for each fund was as follows:

Government Obligations Fund	100.00	%
Prime Obligations Fund	100.00
Tax Free Obligations Fund	100.00
Treasury Obligations Fund	100.00
U.S. Treasury Money Market Fund	100.00

The percentage of ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for each fund was as follows:

Government Obligations Fund	—	%
Prime Obligations Fund	—
Tax Free Obligations Fund	—
Treasury Obligations Fund	—
U.S. Treasury Money Market Fund	100.00

HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities, is available at FirstAmericanFunds.com and on the website of the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.3863.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal period with the SEC on Form N-Q. The funds’ Forms N-Q are available without charge (1) upon request by calling 800.677.3863 and (2) on the SEC’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the SEC’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.

MONTHLY PORTFOLIO HOLDINGS

Each fund will make complete portfolio holdings information publicly available by posting the information at

FirstAmericanFunds.com on a monthly basis. The funds will attempt to post such information within 5 business days of the calendar month-end.

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 45

Notice to Shareholders August 31, 2011 (unaudited)

APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AGREEMENT

The Board of Directors of the Funds (the “Board”), which is comprised entirely of independent directors, oversees the management of each Fund and, as required by law, determines annually whether to renew the Funds’ investment advisory agreement with U.S. Bancorp Asset Management, Inc. (“USBAM”).

At a meeting on June 21-22, 2011, the Board considered information relating to the Funds’ investment advisory agreement with USBAM (the “Agreement”). In advance of the meeting, the Board received materials relating to the Agreement and had the opportunity to ask questions and request further information in connection with its consideration. The Board approved the Agreement through June 30, 2012.

Although the Agreement relates to all of the Funds, the Board separately considered and approved the Agreement with respect to each Fund. In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of USBAM’s services to each Fund, (2) the investment performance of each Fund, (3) the profitability of USBAM related to the Funds, including an analysis of USBAM’s cost of providing services and comparative expense information, (4) whether economies of scale may be realized as the Funds grow and whether fee levels are adjusted to enable Fund investors to share in these potential economies of scale, and (5) other benefits that accrue to USBAM through its relationship with the Funds. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board’s decision to approve the Agreement with respect to any Fund.

Before approving the Agreement, the independent directors met in executive session with their independent counsel on numerous occasions to consider the materials provided by USBAM and the terms of the Agreement. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund. In reaching its conclusion, the Board considered the following:

Nature, Quality and Extent of Investment Advisory Services

The Board examined the nature, quality and extent of the services provided by USBAM to each Fund. The Board reviewed USBAM’s key personnel who provide investment management services to each Fund as well as the fact that, under the Agreement, USBAM has the authority and responsibility to make and execute investment decisions for each Fund within the framework of that Fund’s investment policies and restrictions, subject to review by the Board. The Board further considered that USBAM’s duties with respect to each Fund include: (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Funds’ investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the Funds, including the Funds’ distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered USBAM’s representation that the services provided by USBAM under the Agreement are the type of services customarily provided by investment advisors in the fund industry.

Based on the foregoing, the Board concluded that each Fund is likely to benefit from the nature, quality and extent of the services provided by USBAM under the Agreement.

Investment Performance of the Funds

The Board considered the performance of each Fund, including comparative information provided by an independent data service, regarding the median performance of a group of comparable funds selected by that data service (the “performance universe”) for the one-, three- and five-year periods ending February 28, 2011.

Government Obligations Fund. The Board considered that, on a gross-of-expenses basis, the Fund equaled its performance universe median for the five-year period and performed competitively with its performance universe median for the one-year and three-year periods. The Board also considered that, net of expenses, the Fund equaled its performance universe median for the three-year and five-year periods, although the Fund slightly underperformed its performance universe median for the one-year period. In light of the Fund’s competitive performance, the Board concluded that it would be in the interest of the Fund and its shareholders for the Board to renew the Agreement.

Prime Obligations Fund. The Board considered that, on both a gross-of-expenses basis and a net-of-expenses basis, the Fund equaled or outperformed its performance universe median for the three-year and five-year periods, although it slightly underperformed its performance universe median for the one-year period. In light of the Fund’s competitive performance, especially over longer periods, the Board concluded that it would be in the interest of the Fund and its shareholders for the Board to renew the Agreement.

Treasury Obligations Fund. The Board considered that, on both a gross-of-expenses basis and a net-of-expenses basis, the Fund outperformed its performance universe median for the three- and five-year periods, although it slightly underperformed

46 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

its performance universe median for the one-year period. In light of the Fund’s competitive performance, especially over longer periods, the Board concluded that it would be in the interest of the Fund and its shareholders for the Board to renew the Agreement.

Tax Free Obligations Fund. The Board considered that, on both a gross-of-expenses basis and a net-of-expenses basis, the Fund underperformed the performance universe median for all periods, although the Fund only slightly underperformed for the one- and five-year periods on a net-of-expenses basis. The Board considered USBAM’s assertion that the Fund’s underperformance is attributable to the Fund’s high quality compared to its peers and the entirely tax-free nature of its income. The Board also considered USBAM’s assertion that, because the Fund is prohibited from buying unrated securities and does not invest in any taxable securities, including securities subject to the alternative minimum tax, the Fund’s potential universe of investments is limited compared to its peers. The Board noted additions to the portfolio management team of the Fund as of December 31, 2010 and the expansion of the list of certain approved municipal investments. The Board further considered that the Fund had improved performance for the four-month period ended April 30, 2011. The Board concluded that, in light of the foregoing, it would be in the interest of the Fund and its shareholders for the Board to renew the Agreement.

U.S. Treasury Money Market Fund. The Board considered that, on a net-of-expenses basis, the Fund performed competitively with its performance universe median for all periods, although, on a gross-of-expenses basis, the Fund underperformed its performance universe median for all periods. The Board considered USBAM’s assertion that, unlike many funds in its performance universe, the Fund may not invest in repurchase agreements, which have a positive impact on the performance of the other funds in the performance universe. In support of this, the Board considered that the Treasury Obligations Fund, which is able to invest in repurchase agreements, outperformed the same performance universe for the three- and five-year periods. In light of the foregoing, the Board concluded that it would be in the interest of the Fund and its shareholders for the Board to renew the Agreement.

Costs of Services and Profits Realized by USBAM

The Board reviewed USBAM’s costs in serving as the Funds’ investment manager, including the costs associated with the personnel and systems necessary to manage the Funds. The Board also considered the profitability of USBAM and its affiliates resulting from their relationship with each Fund. The Board compared fee and expense information for each Fund to fee and expense information for comparable funds managed by other advisors. The Board also reviewed advisory fees for other funds advised or sub-advised by USBAM and for private accounts managed by USBAM.

Using information provided by an independent data service, the Board also evaluated each Fund’s advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and the Board evaluated each Fund’s total expense ratio after waivers compared to the median total expense ratio after waivers of comparable funds. In connection with its review of Fund fees and expenses, the Board considered USBAM’s pricing philosophy. USBAM attempts generally to maintain each Fund’s total operating expenses at a level that approximates the median of a peer group of funds selected by an independent data service. In addition, USBAM has committed to waive its investment advisory fees to the extent necessary to maintain the Funds’ total expense ratios at levels generally in line with their respective peer groups.

The Board noted that the information provided by an independent data service reflected that, although each Fund’s advisory fee after waivers is higher than its peer group median, each Fund’s contractual advisory fee is lower than its expense group median. The Board also noted that each Fund’s total expense ratio, after waivers, is lower than or equal to its peer group median. The Board concluded that the Funds’ advisory fees and total expense ratios are reasonable in light of the services provided.

Economies of Scale in Providing Investment Advisory Services

The Board considered the extent to which each Fund’s investment advisory fee reflects economies of scale for the benefit of Fund shareholders. Based on information provided by USBAM, the Board noted that profitability will likely increase as assets grow over time. The Board considered that, although the Funds do not have advisory fee breakpoints in place, USBAM has committed to waive advisory fees to the extent necessary to prevent each Fund’s yield on any share class from falling below 0.00% and to keep each Fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The Board considered information presented by USBAM to support its assertion that the median total expense ratio of a Fund’s peer group should reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group and any economies of scale which those funds realize. Therefore, by capping a Fund’s total expense ratio at a level close to the median, Fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules and any such economies of scale. In light of USBAM’s commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each Fund and its shareholders to renew the Agreement.

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 47

Notice to Shareholders August 31, 2011 (unaudited)

Other Benefits to USBAM

In evaluating the benefits that accrue to USBAM through its relationship with the Funds, the Board noted that USBAM and certain of its affiliates serve the Funds in various capacities, including as investment advisor, distributor, administrator, transfer agent, custodian and, for certain of the Funds, securities lending agent, and receive compensation from the Funds in connection with providing services to the Funds. The Board considered that each service provided to the Funds by USBAM or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.

After full consideration of these factors, the Board concluded that approval of each Agreement was in the best interest of the respective Fund and its shareholders.

48 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

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FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 49

Notice to Shareholders August 31, 2011 (unaudited)

Directors and Officers of the Funds

Independent Directors
Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director †
Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329 (1946)	Director	Term expires earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAF since October 1997.	Director, Charterhouse Group, Inc., a private equity firm, since October 2005; Advisor/Consultant, Future Freight™, a logistics/supply chain company; Director, Towne Airfreight; non-profit board member; prior to retirement in 2005, served in several executive positions for United Airlines, including Vice President and Chief Operating Officer – Cargo; Independent Director, First American Fund Complex since 1997	First American Funds Complex: 10 registered investment companies, including 14 portfolios	None
Victoria J. Herget P.O. Box 1329 Minneapolis, MN 55440-1329 (1951)	Director	Term expires earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAF since September 2003.	Investment consultant and non-profit board member; Board Chair, United Educators Insurance Company.	First American Funds Complex: 10 registered investment companies, including 14 portfolios	None
John P. Kayser P.O. Box 1329 Minneapolis, MN 55440-1329 (1949)	Director	Term expires earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAF since October 2006.	Retired	First American Funds Complex: 10 registered investment companies, including 14 portfolios	None
Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329 (1941)	Chair; Director	Chair term three years. Term expires earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAF since January 2011; Director of FAF since November 1993.	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Chief Executive Officer, Blue Earth Internet, a web site development company; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; Member, investment advisory committee, Sisters of the Good Shepherd	First American Funds Complex: 10 registered investment companies, including 14 portfolios	None
Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Director	Term expires earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAF since August 2001.	Owner and Chief Executive Officer, RKR Consultants, Inc., a consulting company providing advice on business strategy, mergers and acquisitions; non-profit board member since 2005	First American Funds Complex: 10 registered investment companies, including 14 portfolios	Cliffs Natural Resources, Inc. (a producer of iron ore pellets and coal)
Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329 (1940)	Vice Chair; Director	Term expires earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Vice Chair of FAF since January 2011; Director of FAF since April 1984.	Attorney At Law, Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman, and Chief Executive Officer, Community Resource Partnerships, Inc., a corporation engaged in strategic planning, operations management, government relations, transportation planning, and public relations; Chairman, Excensus™, LLC, a demographic planning and application development firm	First American Funds Complex: 10 registered investment companies, including 14 portfolios	None
James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329 (1943)	Director	Term expires earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAF since August 2001.	Owner and President, Jim Wade Homes, a homebuilding company	First American Funds Complex: 10 registered investment companies, including 14 portfolios	None

† Includes only directorships in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act or subject to the requirements of Section 15(d) of the Securities Exchange Act, or any company registered as an investment company under the Investment Company Act.

50 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Notice to Shareholders August 31, 2011 (unaudited)

Officers
Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Joseph M. Ulrey III U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1958)*	President	Re-elected by the Board annually; President of FAF since January 2011	Chief Executive Officer, U.S. Bancorp Asset Management, Inc., since January 2011; prior thereto, Chief Financial Officer and Head of Technology and Operations, U.S. Bancorp Asset Management, Inc.
Eric J. Thole U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1972)*	Vice President	Re-elected by the Board annually; Vice President of FAF since January 2011	Head of Treasury, Technology, and Operations, U.S. Bancorp Asset Management, Inc., since January 2011; prior thereto, Director of Investment Operations, U.S. Bancorp Asset Management, Inc.
Jill M. Stevenson U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965)*	Treasurer	Re-elected by the Board annually; Treasurer of FAF since January 2011; Assistant Treasurer of FAF from September 2005 through December 2010	Mutual Funds Treasurer, U.S. Bancorp Asset Management, Inc., since January 2011; prior thereto, Mutual Funds Assistant Treasurer, U.S. Bancorp Asset Management, Inc.
Ruth M. Mayr U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959)*	Chief Compliance Officer	Re-elected by the Board annually; Chief Compliance Officer of FAF since January 2011	Chief Compliance Officer, U.S. Bancorp Asset Management, Inc., since January 2011; prior thereto, Director of Compliance, U.S. Bancorp Asset Management, Inc.
Carol A. Sinn U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959)*	Anti-Money Laundering Officer	Re-elected by the Board annually; Anti-Money Laundering Officer of FAF since January 2011	Senior Business Line Risk Manager, U.S. Bancorp Asset Management, Inc.
Richard J. Ertel U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1967)*	Secretary	Re-elected by the Board annually; Secretary of FAF since January 2011; Assistant Secretary of FAF from June 2006 through December 2010 and from June 2003 through August 2004	General Counsel, U.S. Bancorp Asset Management, Inc., since January 2011; prior thereto, Counsel, U.S. Bancorp Asset Management, Inc.
James D. Alt Dorsey & Whitney LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAF since December 2004; Secretary of FAF from June 2002 through December 2004; Assistant Secretary of FAF from September 1998 through June 2002	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
James R. Arnold U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAF since June 2003	Senior Vice President, U.S. Bancorp Fund Services, LLC

* Messrs. Ulrey, Thole, and Ertel, and Mses. Stevenson, Mayr, and Sinn are each officers and/or employees of U.S. Bancorp Asset Management, Inc., which serves as investment advisor and administrator for FAF. Mr. Arnold is an officer of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as transfer agent for FAF.

FIRST AMERICAN FUNDS     2011 ANNUAL REPORT 51

First American Funds’ Privacy Policy

We want you to understand what information we collect and how it’s used.

“Nonpublic personal information” is nonpublic information that we obtain while providing financial products or services to you.

How we collect your information

We obtain nonpublic information about you during the account opening process from the applications and other forms you are asked to complete and from the transactions you make with us. We may also receive nonpublic information about you from companies affiliated with us or from other companies that provide services to you. We do not use nonpublic information received from our affiliates for marketing purposes.

Why we collect your information

We gather nonpublic personal information about you and your accounts so that we can:

• Know who you are and prevent unauthorized access to your information.

• Comply with the laws and regulations that govern us.

The types of information we collect

We may collect the following nonpublic personal information about you:

• Information about your identity, such as your name, address, and social security number.

• Information about your transactions with us.

• Information you provide on applications, such as your beneficiaries and banking information, if provided to us.

Confidentiality and security

To protect nonpublic personal information about you, we restrict access to such information to only those employees and authorized agents who need to use the information. We maintain physical, electronic, and procedural safeguards to maintain the confidentiality and security of nonpublic information about you. In addition, we require our service providers to restrict access to nonpublic personal information about you to those employees who need that information in order to provide products or services to you. We also require them to maintain physical, electronic, and procedural safeguards that comply with applicable federal standards and regulations to guard your information.

What information we disclose

We may share some or all of the nonpublic personal information that we collect about you with our affiliated providers of financial services, including our family of funds and their advisor, and with companies that perform marketing services on our behalf.

We’re permitted by law to disclose nonpublic personal information about you to other third parties in certain circumstances. For example, we may disclose nonpublic personal information about you to affiliated and nonaffiliated third parties to assist us in servicing your account (e.g., mailing of fund-related materials) and to government entities (e.g., IRS for tax purposes).

We’ll continue to adhere to the privacy policies and practices described here even after your account is closed or becomes inactive.

Additional rights and protections

You may have other privacy protections under applicable state laws. To the extent that these state laws apply, we will comply with them when we share information about you. This privacy policy does not apply to your relationship with other financial service providers, such as broker-dealers. We may amend this privacy notice at any time, and we will inform you of changes as required by law.

Our pledge applies to products and services offered by

• First American Funds, Inc.

• American Strategic Income Portfolio Inc.

• American Strategic Income Portfolio Inc. II

• American Strategic Income Portfolio Inc. III

• American Select Portfolio Inc.

• American Municipal Income Portfolio Inc.

• Minnesota Municipal Income Portfolio Inc.

• First American Minnesota Municipal Income Fund II, Inc.

• American Income Fund Inc.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE 

52 FIRST AMERICAN FUNDS     2011 ANNUAL REPORT

Board of Directors First American Funds, Inc.

Leonard Kedrowski

Chairperson of First American Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Joseph Strauss

Vice Chairperson of First American Funds, Inc.

Owner and President of Strauss Management Company

Roger Gibson

Director of First American Funds, Inc.

Director of Charterhouse Group, Inc.

Victoria Herget

Director of First American Funds, Inc.

Investment Consultant; Chair of United Educators Insurance Company; former Managing Director of Zurich Scudder Investments

John Kayser

Director of First American Funds, Inc.

Retired; former Principal of William Blair & Company, LLC

Richard Riederer

Director of First American Funds, Inc.

Owner and Chief Executive Officer of RKR Consultants, Inc.

James Wade

Director of First American Funds, Inc.

Owner and President of Jim Wade Homes

First American Funds’ Board of Directors is comprised entirely of independent directors.

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. This report is for the information of shareholders of the First American Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.

The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

INVESTMENT ADVISOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

ADMINISTRATOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55101

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

220 South Sixth Street

Suite 1400

Minneapolis, Minnesota 55402

COUNSEL

Dorsey & Whitney LLP

50 South Sixth Street

Suite 1500

Minneapolis, Minnesota 55402

In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.3863 or visit FirstAmericanFunds.com.

0149-11    10/2011    AR MONEY

Item 2—Code of Ethics

The registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. During the period covered by this report, there were no amendments to the provisions of the registrant’s code of ethics that apply to the registrant’s principal executive officer and principal financial officer and that relate to any element of the code of ethics definition enumerated in this Item. During the period covered by this report, the registrant did not grant any waivers, including implicit waivers, from any provision of its code of ethics that apply to the registrant’s principal executive officer or principal financial officer. The registrant undertakes to furnish a copy of its code of ethics to any person upon request, without charge, by calling 1-800-677-3863.

Item 3—Audit Committee Financial Expert

The registrant’s Board of Directors has determined that John P. Kayser and Richard K. Riederer, members of the registrant’s Audit Committee, are each an “audit committee financial expert” and are “independent,” as these terms are defined in this Item.

Item 4—Principal Accountant Fees and Services

(a) Audit Fees – Ernst & Young LLP (“E&Y”) billed the registrant audit fees totaling $136,229 in the fiscal year ended August 31, 2011 and $162,964 in the fiscal year ended August 31, 2010, including fees associated with the annual audit, SEC Rule 17f-2 security count filings and filings of the registrant’s Form N-CSR.

(b) Audit-Related Fees – E&Y billed the registrant audit-related fees totaling $799 in the fiscal year ended August 31, 2011 and $533 in the fiscal year ended August 31, 2010, including fees associated with the semi-annual review of fund disclosures.

(c) Tax Fees – E&Y billed the registrant fees of $26,333 in the fiscal year ended August 31, 2011 and $29,069 in the fiscal year ended August 31, 2010, for tax services, including tax compliance, tax advice and tax planning. Tax compliance, tax advice and tax planning services primarily related to preparation of original and amended tax returns, timely RIC qualification reviews, and tax distribution analysis and planning.

(d) All Other Fees – There were no fees billed by E&Y for other services to the registrant during the fiscal year ended August 31, 2011 and the fiscal period ended August 31, 2010.

(e)(1) The audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X are set forth below:

Audit Committee policy regarding pre-approval of services provided by the Independent Auditor

The Audit Committee of the First American Funds (“Committee”) has responsibility for ensuring that all services performed by the independent audit firm for the funds do not impair the firm’s independence. This review is intended to provide reasonable oversight without removing management from its responsibility for day-to-day operations. In this regard, the Committee should:

• Understand the nature of the professional services expected to be provided and their impact on auditor independence and audit quality

• Examine and evaluate the safeguards put into place by the Company and the auditor to safeguard independence

• Meet quarterly with the partner of the independent audit firm

• Consider approving categories of service that are not deemed to impair independence for a one-year period

It is important that a qualitative rather than a mere quantitative evaluation be performed by the Committee in discharging its responsibilities.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the Committee will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the funds’ independent audit firm

directly for the funds. At least annually the Committee will receive a report from the independent audit firm of all audit and non-audit services, which were approved during the year.

The engagement of the independent audit firm for any non-audit service requires the written pre-approval of the Treasurer of the funds and all non-audit services performed by the independent audit firm will be disclosed in the required SEC periodic filings.

In connection with the Committee review and pre-approval responsibilities, the review by the Committee will consist of the following:

Audit Services

The categories of audit services and related fees to be reviewed and considered for pre-approval annually by the Committee or its delegate include the following:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

In addition, the following categories of audit-related services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

• Accounting consultations

• Fund merger support services

• Other accounting related matters

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.

Tax Services

The following categories of tax services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance, and

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.

Other Non-audit Services

The SEC auditor independence rules adopted in response to the Sarbanes-Oxley Act specifically allow certain non-audit services. Because of the nature of these services, none of these services may be commenced by the independent audit firm without the prior approval of the Committee. The Committee may delegate this responsibility to one or more of the Committee members, with the decisions presented to the full Committee at the next scheduled meeting.

Proscribed Services

In accordance with SEC rules on independence, the independent audit firm is prohibited from performing services in the following categories of non-audit services:

• Management functions

• Accounting and bookkeeping services

• Internal audit services

• Financial information systems design and implementation

• Valuation services supporting the financial statements

• Actuarial services supporting the financial statements

• Executive recruitment

• Expert services (e.g., litigation support)

• Investment banking

Policy for Pre-approval of Non-Audit Services Provided to Other Entities within the Investment Company Complex

The Committee is also responsible for pre-approving certain non-audit services provided to U.S. Bancorp Asset Management, Inc., U.S. Bank N.A., Quasar Distributors, U.S. Bancorp Fund Services, LLC and any other entity under common control with U.S. Bancorp Asset Management, Inc., that provides ongoing services to the funds. The only non-audit services provided to these entities which require pre-approval are those services that relate directly to the operations and financial reporting of the funds.

Although the Committee is not required to pre-approve all services provided to U.S. Bancorp Asset Management, Inc. and other affiliated service providers, the Committee will annually receive a report from the independent audit firm on the aggregate fees for all services provided to U.S. Bancorp and affiliates.

(e)(2) All of the services described in paragraphs (b) through (d) of this Item 4 were pre-approved by the audit committee.

(f) All services performed on the engagement to audit the registrant’s financial statements for the most recent fiscal year end were performed by the principal accountant’s full-time, permanent employees.

(g) The aggregate non-audit fees billed by E&Y to the registrant, the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, totaled $470,000 in the fiscal year ended August 31, 2011 and $805,212 in the fiscal year ended August 31, 2010.

(h) The registrant’s audit committee has determined that the provision of non-audit services to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved is compatible with maintaining E&Y’s independence.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A, or this item.

Item 11—Controls and Procedures

(a) The registrant’s principal executive officer and principal financial officer have evaluated the effectiveness of the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12—Exhibits

(a)(1)	Not applicable. Registrant’s code of ethics is provided to any person upon request without charge.
(a)(2)	Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a- 2(a) under the Investment Company Act of 1940 are filed as exhibits hereto.

(a)(3)	Not applicable.
(b)	Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a- 2(b) under the Investment Company Act of 1940 are filed as exhibits hereto.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

First American Funds, Inc.

By:	/s/ Joseph M. Ulrey III
	Joseph M. Ulrey III President

Date: October 31, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Joseph M. Ulrey III
	Joseph M. Ulrey III President

Date: October 31, 2011

By:	/s/ Jill M. Stevenson
	Jill M. Stevenson Treasurer

Date: October 31, 2011