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, 2012

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.

2012 ANNUAL REPORT

August 31, 2012

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	20
Statements of Operations	21
Statements of Changes in Net Assets	22
Financial Highlights	24
Notes to Financial Statements	34
Notice to Shareholders	41

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, 2012.

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     2012 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 presented by type (certificates of deposit, government agency debt, etc.) and, for Tax Free Obligations Fund, by state. 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 and net investment income ratios. 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 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     2012 ANNUAL REPORT

Holdings Summaries

Government Obligations Fund

Portfolio Allocation as of August 31, 2012¹ (% of net assets)

Government Agency Debt	57.6%
Government Agency Repurchase Agreements	19.8
Treasury Repurchase Agreements	15.8
Treasury Debt	6.7
Other Assets and Liabilities, Net2	0.1
	100.0%

Prime Obligations Fund

Portfolio Allocation as of August 31, 2012¹ (% of net assets)

Certificates of Deposit	21.5%
Government Agency Repurchase Agreements	18.6
Financial Company Commercial Paper	10.7
Treasury Debt	9.6
Other Notes	9.0
Asset Backed Commercial Paper	8.6
Government Agency Debt	8.4
Variable Rate Demand Notes	6.3
Other Repurchase Agreements	3.3
Investment Companies	2.1
Other Commercial Paper	1.3
Treasury Repurchase Agreement	0.8
Other Assets and Liabilities, Net2	(0.2)
	100.0%

Tax Free Obligations Fund

Portfolio Allocation as of August 31, 2012^1,3 (% of net assets)

Municipal Debt	100.8%
Other Assets and Liabilities, Net2	(0.8)
	100.0%

Treasury Obligations Fund

Portfolio Allocation as of August 31, 2012¹ (% of net assets)

Treasury Repurchase Agreeements	59.3%
Treasury Debt	40.6
Other Assets and Liabilities, Net2	0.1
	100.0%

U.S. Treasury Money Market Fund

Portfolio Allocation as of August 31, 2012¹(% 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 liablities 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     2012 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; 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, 2012 to August 31, 2012.

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 (3/01/12)		Ending Account Value (8/31/12)		Expenses Paid During Period1 (3/01/12 to 8/31/12)
Class A Actual2	$	1,000.00	$	1,000.08	$	0.85
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.28	$	0.87
Class D Actual2	$	1,000.00	$	1,000.08	$	0.85
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.28	$	0.87
Class Y Actual2	$	1,000.00	$	1,000.08	$	0.85
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.28	$	0.87
Class Z Actual2	$	1,000.00	$	1,000.08	$	0.80
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.33	$	0.81
Institutional Investor Class Actual2	$	1,000.00	$	1,000.08	$	0.80
Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.33	$	0.81

¹  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.17%, 0.17%, 0.17%, 0.16%, and 0.16% 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/366 (to reflect the one-half year period).

²  Based on the actual returns for the six-month period ended August 31, 2012 of 0.01%, 0.01%, 0.01%, 0.01%, and 0.01% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively.

4 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

Prime Obligations Fund

	Beginning Account Value (3/01/12)		Ending Account Value (8/31/12)		Expenses Paid During Period1 (3/01/12 to 8/31/12)
Class A Actual2	$	1,000.00	$	1,000.00	$	1.36
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.78	$	1.37
Class D Actual2	$	1,000.00	$	1,000.00	$	1.36
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.78	$	1.37
Class I Actual2	$	1,000.00	$	1,000.00	$	1.36
Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.78	$	1.37
Class Y Actual2	$	1,000.00	$	1,000.00	$	1.36
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.78	$	1.37
Class Z Actual2	$	1,000.00	$	1,000.37	$	1.01
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.13	$	1.02
Institutional Investor Class Actual2	$	1,000.00	$	1,000.00	$	1.36
Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.78	$	1.37

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%, 0.20%, and 0.27% for Class A, 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/366 (to reflect the one-half year period).

²  Based on the actual returns for the six-month period ended August 31, 2012 of 0.00%, 0.00%, 0.00%, 0.00%, 0.04%, and 0.00% for Class A, Class D, Class I, Class Y, Class Z, and Institutional Investor Class, respectively.

Tax Free Obligations Fund

	Beginning Account Value (3/01/2012)		Ending Account Value (8/31/12)		Expenses Paid During Period3 (3/01/2012 to 8/31/12)
Class A Actual4	$	1,000.00	$	1,000.00	$	0.85
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.28	$	0.87
Class D Actual4	$	1,000.00	$	1,000.00	$	0.85
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.28	$	0.87
Class Y Actual4	$	1,000.00	$	1,000.00	$	0.85
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.28	$	0.87
Class Z Actual4	$	1,000.00	$	1,000.00	$	0.80
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.33	$	0.81
Institutional Investor Class Actual4	$	1,000.00	$	1,000.00	$	0.85
Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.28	$	0.87

³  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.17%, 0.17%, 0.17%, 0.16%, and 0.17% 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/366 (to reflect the one-half year period).

⁴  Based on the actual returns for the six-month period ended August 31, 2012 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     2012 ANNUAL REPORT 5

Expense Examples

Treasury Obligations Fund

	Beginning Account Value (3/01/12)		Ending Account Value (8/31/12)		Expenses Paid During Period1 (3/01/12 to 8/31/12)
Class A Actual2	$	1,000.00	$	1,000.00	$	0.70
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.43	$	0.71
Class D Actual2	$	1,000.00	$	1,000.00	$	0.70
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.43	$	0.71
Class Y Actual2	$	1,000.00	$	1,000.00	$	0.70
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.43	$	0.71
Class Z Actual2	$	1,000.00	$	1,000.00	$	0.70
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.43	$	0.71
Institutional Investor Class Actual2	$	1,000.00	$	1,000.00	$	0.70
Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.43	$	0.71
Reserve Class Actual2	$	1,000.00	$	1,000.00	$	0.70
Reserve Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.43	$	0.71

¹  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.14%, 0.14%, 0.14%, 0.14%, 0.14%, and 0.14% 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/366 (to reflect the one-half year period).

²  Based on the actual returns for the six-month period ended August 31, 2012 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 (3/01/12)		Ending Account Value (8/31/12)		Expenses Paid During Period3 (3/01/12 to 8/31/12)
Class A Actual4	$	1,000.00	$	1,000.00	$	0.45
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.68	$	0.46
Class D Actual4	$	1,000.00	$	1,000.00	$	0.45
Class D Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.68	$	0.46
Class Y Actual4	$	1,000.00	$	1,000.00	$	0.45
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.68	$	0.46
Class Z Actual4	$	1,000.00	$	1,000.00	$	0.40
Class Z Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.73	$	0.41
Institutional Investor Class Actual4	$	1,000.00	$	1,000.00	$	0.45
Institutional Investor Class Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.68	$	0.46

³  Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.09%, 0.09%, 0.09%, 0.08%, and 0.09% 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/366 (to reflect the one-half year period).

⁴  Based on the actual returns for the six-month period ended August 31, 2012 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     2012 ANNUAL REPORT

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of 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 schedules of investments, as of August 31, 2012, 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, 2012, 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, 2012, the results of their operations for the year then ended, the changes in their 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 22, 2012

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 7

Schedule of Investments August 31, 2012, all dollars are rounded to thousands (000)

Government Obligations Fund
DESCRIPTION	PAR		VALUE >
Government Agency Debt – 57.6%
Citibank (FDIC Insured)
0.468%, 09/21/2012	$	13,700	$	13,702
0.434%, 11/15/2012		18,000		18,010
Citigroup Funding (FDIC Insured)
1.875%, 10/22/2012		58,024		58,159
Federal Farm Credit Bank
0.220%, 09/20/2012 r		15,000		15,000
0.259%, 10/12/2012 r		18,300		18,301
1.875%, 12/07/2012		5,789		5,815
0.155%, 01/22/2013 		25,000		24,985
1.750%, 02/21/2013		19,000		19,138
0.900%, 02/22/2013		9,010		9,039
0.180%, 03/27/2013 r		125,000		124,985
0.180%, 04/15/2013 r		25,000		24,998
0.208%, 04/17/2013 r		35,000		35,008
0.186%, 04/24/2013 r		50,000		49,998
0.280%, 06/19/2013 r		50,000		49,992
0.156%, 06/27/2013 r		25,000		24,996
0.256%, 08/22/2013 r		144,000		144,105
0.148%, 08/23/2013 r		50,000		49,995
0.206%, 10/28/2013 r		25,000		25,002
Federal Home Loan Bank
0.220%, 09/17/2012		25,000		25,001
0.240%, 09/17/2012 r		75,000		74,999
0.250%, 09/19/2012 r		100,000		100,000
0.100%, 10/01/2012 		85,000		84,993
0.100%, 10/04/2012 		50,000		49,995
0.240%, 10/15/2012 r		35,000		35,000
0.140%, 10/17/2012 		50,000		49,991
0.115%, 10/19/2012 		50,000		49,992
0.134%, 10/24/2012 		94,000		93,981
0.150%, 10/26/2012 		64,000		63,985
0.186%, 10/26/2012 r		25,000		25,002
1.125%, 10/29/2012		25		25
0.150%, 10/30/2012 		50,000		49,988
0.155%, 10/31/2012 		20,483		20,478
0.157%, 11/02/2012 		65,000		64,983
0.159%, 11/07/2012 		130,000		129,962
0.145%, 11/13/2012 		35,000		34,990
0.160%, 11/16/2012 		50,000		49,983
0.150%, 11/26/2012		50,000		49,996
0.166%, 12/27/2012 r		60,000		60,001
0.250%, 01/08/2013		50,000		50,000
0.160%, 01/16/2013 		75,000		74,954
0.240%, 01/22/2013 r		60,000		59,995
0.270%, 01/22/2013 r		35,000		35,000
0.158%, 01/25/2013 		44,000		43,972
0.280%, 01/25/2013 r		60,000		60,001
0.145%, 02/01/2013 		60,175		60,138
0.290%, 02/05/2013 r		10,000		10,004
0.200%, 02/20/2013		25,000		25,000
0.190%, 02/22/2013		10,000		9,999
0.330%, 02/25/2013 r		75,000		75,015
0.350%, 02/25/2013 r		98,000		98,069
0.200%, 02/27/2013 r		100,000		100,000
0.155%, 03/01/2013 		28,000		27,978
0.330%, 04/05/2013 r		39,620		39,621
0.200%, 04/10/2013 r		50,000		49,998
0.200%, 04/11/2013 r		25,000		24,997
0.190%, 04/12/2013 r		100,000		99,988
0.250%, 04/17/2013		80,500		80,501
0.180%, 04/26/2013 r		85,000		84,989
0.225%, 04/30/2013		50,000		49,997
0.280%, 05/07/2013		50,000		50,000
0.300%, 05/07/2013		70,000		70,000
0.300%, 05/08/2013		25,000		25,000
0.300%, 05/10/2013		25,000		25,000
0.190%, 05/15/2013 r		40,000		39,997
0.230%, 05/21/2013		25,000		25,000

Government Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
0.240%, 05/21/2013	$	30,000	$	29,997
0.300%, 05/23/2013		50,000		50,000
0.250%, 06/07/2013		15,000		15,000
0.280%, 06/13/2013		25,000		25,000
0.250%, 06/14/2013		30,750		30,743
0.300%, 06/14/2013		12,500		12,500
0.300%, 06/17/2013		30,000		30,000
0.190%, 06/18/2013 r		50,000		49,996
0.300%, 07/03/2013		75,000		75,000
0.300%, 07/05/2013		115,000		115,000
0.250%, 08/02/2013		43,780		43,766
0.270%, 08/30/2013 r		100,000		100,000
0.270%, 10/16/2013 r		60,000		60,000
0.245%, 11/04/2013 r		150,000		149,956
0.230%, 11/08/2013 r		50,000		49,976
0.220%, 11/15/2013 r		110,000		109,952
0.220%, 12/04/2013 r		100,000		99,962
0.230%, 12/06/2013 r		35,000		34,991
0.230%, 01/02/2014 r		135,000		134,950
0.255%, 01/15/2014 r		50,000		50,000
0.273%, 01/23/2014 r		50,000		49,985
0.272%, 01/24/2014 r		70,000		69,969
0.200%, 02/03/2014 r		50,000		49,964
0.259%, 02/03/2014 r		50,000		49,979
0.254%, 02/20/2014 r		24,800		24,787
0.196%, 02/28/2014 r		25,000		24,992
0.194%, 03/03/2014 r		50,000		49,985
Federal Home Loan Mortgage Corporation
0.165%, 10/01/2012 		30,000		29,996
0.162%, 10/09/2012 		214,152		214,116
0.280%, 10/12/2012 r		190,000		190,007
0.150%, 10/15/2012 		32,000		31,994
0.144%, 10/22/2012 		160,263		160,230
0.146%, 10/29/2012 		163,848		163,809
0.150%, 11/01/2012 		50,000		49,987
0.130%, 11/05/2012 		73,900		73,883
0.131%, 11/14/2012 		175,000		174,953
0.156%, 11/16/2012 		39,649		39,636
0.130%, 11/20/2012 		75,000		74,978
0.515%, 11/26/2012		50,000		50,040
0.375%, 11/30/2012		219,837		219,949
0.153%, 12/03/2012 		75,000		74,970
0.130%, 12/11/2012 		25,000		24,991
0.165%, 12/17/2012 		39,036		39,017
0.165%, 12/24/2012 		50,000		49,974
0.130%, 12/26/2012 		25,000		24,990
0.152%, 02/04/2013 		50,001		49,968
0.160%, 02/11/2013 		75,000		74,946
0.160%, 02/19/2013 		108,583		108,500
Federal National Mortgage Association
0.360%, 09/13/2012 r		23,460		23,461
0.268%, 09/17/2012		50,000		50,001
0.117%, 10/01/2012 		91,358		91,349
0.160%, 10/03/2012 		50,000		49,993
0.090%, 10/05/2012 		100,000		99,991
0.155%, 10/10/2012 		49,500		49,492
0.103%, 10/15/2012 		71,325		71,316
0.135%, 10/17/2012 		40,000		39,993
0.500%, 10/30/2012		75,000		75,041
0.155%, 11/07/2012 		25,000		24,993
0.150%, 11/13/2012 		125,000		124,962
0.258%, 11/23/2012 r		40,346		40,357
0.330%, 11/23/2012 r		52,130		52,143
0.330%, 12/03/2012 r		352,850		352,926
0.160%, 12/19/2012 		118,500		118,443
0.160%, 12/20/2012 		17,450		17,441
1.000%, 12/27/2012		16,000		16,041
0.153%, 02/06/2013 		85,000		84,943
0.160%, 02/13/2013 		452,959		452,627
0.160%, 02/20/2013 		75,000		74,943
0.155%, 02/27/2013 		150,000		149,884

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

8 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

Government Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
General Electric Capital (FDIC Insured)
0.468%, 09/21/2012	$	93,100	$	93,112
Straight-A Funding  ¢
0.180%, 09/04/2012		50,029		50,028
0.180%, 09/07/2012		27,769		27,768
0.180%, 09/07/2012		45,026		45,025
0.180%, 09/18/2012		16,187		16,186
0.180%, 09/24/2012		40,045		40,040
0.150%, 09/26/2012		10,000		9,999
0.180%, 10/02/2012		21,012		21,009
0.180%, 10/03/2012		145,000		144,977
0.180%, 10/05/2012		45,000		44,992
0.180%, 10/10/2012		48,056		48,047
0.180%, 10/22/2012		55,000		54,986
0.180%, 10/25/2012		20,000		19,995
0.180%, 11/02/2012		15,000		14,995
0.180%, 11/02/2012		28,000		27,991
Tennessee Valley Authority
0.105%, 10/11/2012 		45,000		44,995
Total Government Agency Debt (Cost $9,491,655)				9,491,655
Treasury Debt – 6.7%
U.S. Treasury Notes
0.375%, 09/30/2012 ‚		50,000		50,008
4.250%, 09/30/2012 ‚		50,000		50,161
0.375%, 10/31/2012 ‚		50,000		50,018
3.875%, 10/31/2012 ‚		50,000		50,303
1.375%, 11/15/2012 ‚		100,000		100,246
0.500%, 11/30/2012 ‚		100,000		100,077
1.375%, 01/15/2013 ‚		100,000		100,435
1.375%, 02/15/2013 ‚		225,000		226,227
1.750%, 04/15/2013 ‚		50,000		50,484
0.625%, 04/30/2013 ‚		50,000		50,133
1.375%, 05/15/2013		100,000		100,840
3.500%, 05/31/2013 ‚		75,000		76,818
3.375%, 06/30/2013 ‚		100,000		102,624
Total Treasury Debt (Cost $1,108,374)				1,108,374
Government Agency Repurchase Agreements – 19.8%
BNP Paribas Securities
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $1,100,022 (collateralized by various government agency obligations: Total market value $1,122,000)		1,100,000		1,100,000
HSBC Securities (USA)
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $175,004 (collateralized by various government agency obligations: Total market value $178,502)		175,000		175,000
ING Financial Markets
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $550,011 (collateralized by various government agency obligations: Total market value $561,003)		550,000		550,000
Merrill Lynch, Pierce, Fenner & Smith
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $534,889 (collateralized by various government agency obligations: Total market value $545,579)		534,878		534,878

Government Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
RBC Capital Markets
0.150%, dated 08/31/2012, matures
09/04/2012, repurchase price $150,003 (collateralized by various government agency obligations: Total market value $153,001)	$	150,000	$	150,000
SG Americas Securities
0.190%, dated 08/31/2012, matures
09/04/2012, repurchase price $750,016 (collateralized by various government agency obligations: Total market value $765,000)		750,000		750,000
Total Government Agency Repurchase Agreements (Cost $3,259,878)				3,259,878
Treasury Repurchase Agreements – 15.8%
Bank of Nova Scotia, NY
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $1,350,027 (collateralized by U.S. Treasury obligations: Total market value $1,377,000)		1,350,000		1,350,000
Barclays Capital
0.190%, dated 08/31/2012, matures
09/04/2012, repurchase price $300,006 (collateralized by U.S. Treasury obligations: Total market value $306,000)		300,000		300,000
Credit Suisse Securities (USA)
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $550,011 (collateralized by U.S. Treasury obligations: Total market value $561,004)		550,000		550,000
HSBC Securities (USA)
0.170%, dated 08/31/2012, matures
09/04/2012, repurchase price $400,008 (collateralized by U.S. Treasury obligations: Total market value $408,002)		400,000		400,000
Total Treasury Repurchase Agreements (Cost $2,600,000)				2,600,000
Investment Purchased with Proceeds from Securities Lending † – 6.3%
Government Agency Repurchase Agreement – 6.3%
Morgan Stanley & Co.
0.200%, dated 08/31/2012, matures
09/04/2012, repurchase price $1,032,554 (collateralized by various government agency obligations: Total market value $1,053,182)
(Cost $1,032,531)		1,032,531		1,032,531
Total Investments  – 106.2% (Cost $17,492,438)				17,492,438
Other Assets and Liabilities, Net – (6.2)%				(1,027,649	)
Total Net Assets – 100.0%			$	16,464,789

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 9

Schedule of Investments August 31, 2012, all dollars are rounded to thousands (000)

Government Obligations Fund (concluded)

> 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, 2012.

 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, 2012, the value of these investments was $566,038 or 3.4% of total net assets.

‚ This security or a portion of this security is out on loan at August 31, 2012. Total loaned securities had a fair value of $1,007,534 as of August 31, 2012.

† 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, 2012, the cost of investments for federal income tax purposes was $17,492,438. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

Prime Obligations Fund
DESCRIPTION	PAR		VALUE >
Certificates of Deposit – 21.5%
Bank of Montreal/Chicago
0.160%, 09/07/2012	$	50,000	$	50,000
0.340%, 12/10/2012		40,000		40,001
0.320%, 12/11/2012		50,000		50,000
0.310%, 02/07/2013		17,600		17,601
Bank of Nova Scotia/Houston
0.616%, 12/14/2012 r		75,000		75,000
0.329%, 01/11/2013 r		25,000		25,000
0.321%, 02/05/2013 r		65,000		65,000
Canadian Imperial Bank of Commerce/NY
0.734%, 11/21/2012		25,000		25,024
0.310%, 01/11/2013		50,000		50,000
Credit Suisse/NY
0.340%, 09/17/2012		25,000		25,000
Deutsche Bank/NY
0.170%, 09/04/2012		75,000		75,000
0.140%, 09/05/2012		98,000		98,000
DNB Bank/NY
0.530%, 09/14/2012		18,600		18,602
0.320%, 10/10/2012		50,000		50,000
0.320%, 10/15/2012		50,000		50,000
National Australia Bank/NY
0.289%, 10/12/2012 r		50,000		50,000
0.340%, 11/06/2012		25,000		25,000
0.380%, 01/02/2013		50,000		50,000
Nordea Bank Finland/NY
0.330%, 10/29/2012		50,000		50,000
0.400%, 12/14/2012		50,000		50,000
0.410%, 01/03/2013		50,000		50,000
0.360%, 02/13/2013		50,000		50,000
Rabobank Nederland/NY
0.430%, 09/10/2012		50,000		50,000
0.430%, 09/20/2012		59,500		59,500
0.510%, 12/19/2012		25,000		25,005
0.410%, 12/24/2012		30,000		30,000
0.480%, 02/28/2013		35,000		35,000
Royal Bank of Canada/NY
0.540%, 09/10/2012 r		54,000		54,000
0.460%, 03/05/2013 r		75,000		75,000
Skandinaviska Enskilda Banken/NY
0.400%, 09/04/2012		50,000		50,000
0.440%, 10/01/2012		17,000		17,000
0.450%, 10/12/2012		50,000		50,002
0.440%, 10/19/2012		25,000		25,000
0.410%, 12/10/2012		50,000		50,000
Sumitomo Mitsui Bank/NY
0.160%, 09/04/2012		75,000		75,000
0.160%, 09/06/2012		75,000		75,000
0.320%, 11/08/2012		50,000		50,000
0.320%, 11/09/2012		50,000		50,000
0.300%, 04/12/2013 r		50,000		50,000
Svenska Handelsbanken/NY
0.290%, 09/10/2012		32,000		32,001
0.325%, 10/03/2012		75,000		75,000
0.340%, 02/13/2013		50,000		50,000
Toronto-Dominion Bank/NY
0.280%, 11/13/2012		50,000		50,000
0.320%, 12/18/2012		50,000		50,000
0.307%, 12/20/2012 r		50,000		50,000
0.300%, 01/22/2013		25,000		25,000
0.443%, 02/04/2013 r		58,750		58,750
0.320%, 03/15/2013		25,000		25,003
0.448%, 07/26/2013 r		50,000		50,000
Westpac Banking/NY
0.487%, 11/21/2012 r		60,000		60,000
0.520%, 02/04/2013		30,000		30,000
Total Certificates of Deposit (Cost $2,415,489)				2,415,489

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

10 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Financial Company Commercial Paper – 10.7%
ANZ National International
0.361%, 02/01/2013 ¢ 	$	96,000	$	95,853
Australia & New Zealand Banking Group
0.331%, 11/19/2012 ¢ 		25,000		24,982
0.552%, 02/15/2013 ¢ 		25,000		24,936
Bank of Nova Scotia
0.321%, 05/13/2013 		25,000		24,944
Commonwealth Bank of Australia
0.381%, 12/07/2012 ¢ 		35,000		34,964
0.381%, 01/14/2013 ¢ 		60,000		59,915
0.321%, 02/15/2013 ¢ 		71,250		71,144
DNB Bank
0.320%, 12/04/2012 		30,000		29,975
MetLife Short Term Funding
0.371%, 01/14/2013 ¢ 		50,000		49,931
0.361%, 02/20/2013 ¢ 		25,000		24,957
0.371%, 02/25/2013 ¢ 		40,000		39,927
National Australia Funding
0.100%, 09/04/2012 ¢ 		32,265		32,265
0.316%, 10/29/2012 ¢ 		50,000		49,975
0.346%, 11/13/2012 ¢ 		25,000		24,982
0.346%, 11/19/2012 ¢ 		25,000		24,981
0.376%, 01/02/2013 ¢ 		25,000		24,968
0.386%, 01/08/2013 ¢ 		45,000		44,938
Nordea North America
0.401%, 01/14/2013 		50,000		49,925
0.366%, 02/20/2013 		25,000		24,956
Novartis Finance
0.120%, 09/04/2012 ¢ 		25,000		25,000
Rabobank USA Financial
0.320%, 09/04/2012 		25,000		24,999
0.330%, 11/08/2012 		43,700		43,673
0.310%, 11/30/2012 		30,000		29,977
0.461%, 02/08/2013 		20,000		19,959
Reckitt Benckiser Treasury Services
0.351%, 09/20/2012 ¢ 		25,000		24,995
Siemens Capital Co.
0.140%, 09/05/2012 ¢ 		17,300		17,300
Svenska Handelsbanken
0.315%, 11/19/2012 ¢ 		35,000		34,976
Toyota Motor Credit
0.401%, 09/10/2012 		10,000		9,999
0.371%, 10/15/2012 		50,000		49,977
0.381%, 10/31/2012 		25,000		24,984
0.321%, 02/04/2013 		30,000		29,958
0.341%, 02/05/2013 		25,000		24,963
0.341%, 02/12/2013 		30,000		29,954
Westpac Banking
0.560%, 03/04/2013 r ¢ 		49,500		49,500
Total Financial Company Commercial Paper (Cost $1,198,732)				1,198,732
Treasury Debt – 9.6%
U.S. Treasury Notes ‚
0.375%, 09/30/2012		50,000		50,008
0.375%, 10/31/2012		100,000		100,038
3.875%, 10/31/2012		80,000		80,487
1.375%, 11/15/2012		100,000		100,245
0.500%, 11/30/2012		100,000		100,082
1.375%, 01/15/2013		50,000		50,218
1.375%, 02/15/2013		25,000		25,135
2.500%, 03/31/2013		50,000		50,664
1.750%, 04/15/2013		50,000		50,484
0.625%, 04/30/2013		25,000		25,066
3.125%, 04/30/2013		100,000		101,957
1.375%, 05/15/2013		85,000		85,710

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
3.500%, 05/31/2013	$	150,000	$	153,636
3.375%, 06/30/2013		100,000		102,625
Total Treasury Debt (Cost $1,076,355)				1,076,355
Other Notes – 9.0%
Australia & New Zealand Banking Group
0.618%, 04/12/2013 r ¢		50,000		50,000
Bank of Nova Scotia
2.250%, 01/22/2013		31,650		31,864
Commonwealth Bank of Australia
2.750%, 10/15/2012 ¢		13,975		14,013
5.000%, 11/06/2012 ¢		29,250		29,483
1.250%, 11/20/2012 ¢		50,000		50,051
DnB Bank/Georgetown, Cayman Islands Branch - Time Deposit
0.150%, 09/04/2012		229,908		229,908
International Finance
0.316%, 01/25/2013 r		15,000		15,000
0.304%, 01/30/2013 r		6,000		6,000
0.288%, 04/16/2013 r		9,000		9,000
Metropolitan Life Global Funding
2.875%, 09/17/2012 ¢		106,400		106,513
0.578%, 10/10/2012 ¢		87,000		87,000
2.500%, 01/11/2013 ¢		15,850		15,962
National Australia Bank
2.350%, 11/16/2012 ¢		3,140		3,152
2.500%, 01/08/2013 ¢		25,000		25,175
Skandinaviska Enskilda Banken/Cayman Islands Branch - Time Deposit
0.160%, 09/04/2012		125,000		125,000
Svenska Handelsbanken/Cayman Islands Branch - Time Deposit
0.160%, 09/04/2012		125,000		125,000
Westpac Banking
0.390%, 09/13/2012 ¢		50,000		50,000
0.498%, 10/01/2013 r		35,750		35,750
Total Other Notes (Cost $1,008,871)				1,008,871
Asset Backed Commercial Paper n  – 8.6%
Bryant Park Funding
0.150%, 09/04/2012		25,000		24,999
0.180%, 09/10/2012		50,000		49,998
0.180%, 09/17/2012		40,000		39,997
0.180%, 09/20/2012		40,000		39,996
Chariot Funding
0.180%, 09/05/2012		100,000		99,998
Fairway Finance
0.284%, 09/06/2012		25,000		25,000
0.210%, 09/18/2012		25,000		24,998
Jupiter Securitization
0.180%, 09/05/2012		50,000		49,999
Liberty Street Funding
0.180%, 09/11/2012		35,000		34,998
0.170%, 09/18/2012		50,000		49,996
0.170%, 09/25/2012		35,000		34,996
0.170%, 09/27/2012		25,000		24,997
Manhattan Asset Funding Company
0.210%, 09/07/2012		25,000		24,999
0.220%, 09/14/2012		35,000		34,997
0.220%, 09/21/2012		18,000		17,998
0.210%, 09/24/2012		30,000		29,996
0.230%, 10/01/2012		10,000		9,998
Nieuw Amsterdam Receivables
0.140%, 09/04/2012		75,000		74,999
0.200%, 09/05/2012		35,000		34,999
0.200%, 09/17/2012		20,000		19,998
0.190%, 09/20/2012		7,000		7,000

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 11

Schedule of Investments August 31, 2012, all dollars are rounded to thousands (000)

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
0.220%, 10/10/2012	$	25,000	$	24,994
0.220%, 10/15/2012		25,000		24,993
Old Line Funding
0.150%, 09/05/2012		56,047		56,046
0.180%, 09/18/2012		50,000		49,996
Thunder Bay Funding
0.220%, 09/24/2012		50,000		49,993
Total Asset Backed Commercial Paper (Cost $960,978)				960,978
Government Agency Debt – 8.4%
Federal Farm Credit Bank
0.156%, 06/27/2013 r		25,000		24,996
0.256%, 08/22/2013 r		50,000		50,037
Federal Home Loan Bank
0.270%, 01/22/2013 r		66,425		66,425
0.280%, 01/25/2013 r		40,000		40,001
0.200%, 02/20/2013		25,000		25,000
0.330%, 02/25/2013 r		30,000		30,006
0.330%, 04/05/2013 r		35,000		34,998
0.225%, 04/30/2013		25,000		24,999
0.320%, 05/02/2013 r		45,000		44,994
0.280%, 05/07/2013		25,000		25,000
0.300%, 05/07/2013		30,000		30,000
0.230%, 05/21/2013		25,000		24,999
0.300%, 05/23/2013		50,000		50,000
0.280%, 06/13/2013		25,000		25,000
0.300%, 06/14/2013		12,500		12,500
0.300%, 06/17/2013		25,000		25,000
0.300%, 07/03/2013		25,000		25,000
0.245%, 11/04/2013 r		50,000		49,985
0.230%, 11/08/2013 r		25,000		24,988
0.220%, 11/15/2013 r		40,000		39,980
0.220%, 12/04/2013 r		50,000		49,981
0.230%, 12/06/2013 r		25,000		24,994
0.230%, 01/02/2014 r		40,000		39,985
0.272%, 01/24/2014 r		30,000		29,987
0.200%, 02/03/2014 r		50,000		49,964
0.259%, 02/03/2014 r		25,000		24,989
Federal National Mortgage Association
0.330%, 11/23/2012 r		30,130		30,131
Straight-A Funding
0.180%, 09/04/2012 ¢ 		25,000		25,000
Total Government Agency Debt (Cost $948,939)				948,939
Variable Rate Demand Notes r – 6.3%
Albemarle County Economic Development, Martha Jefferson Hospital, Series 2008A (LOC: Wells Fargo Bank)
0.150%, 09/07/2012		17,250		17,250
Albemarle County Economic Development, Martha Jefferson Hospital, Series 2008B (LOC: Wells Fargo Bank)
0.150%, 09/07/2012		16,050		16,050
California Health Facilities Financing Authority, St. Joseph Health System, Series 2011D (LOC: Wells Fargo Bank)
0.170%, 09/07/2012		10,000		10,000
Chester County Health and Education Facilities Authority, Kendal-Crosslands Communities,
Series 2003 (LOC: Wachovia Bank)
0.150%, 09/07/2012		19,745		19,745
Chicago, Midway Airport Revenue, Series 2010A-1 (LOC: Bank of Montreal)
0.210%, 09/04/2012		17,000		17,000
Converse County Pollution Control, PacifiCorp,
Series 1992 (LOC: Wells Fargo Bank)
0.180%, 09/07/2012		22,485		22,485

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Cumberland County Municipal Authority, Lutheran Services, Series 2003C (LOC: PNC Bank)
0.170%, 09/07/2012	$	8,630	$	8,630
Delaware Economic Development Authority, Peninsula United Methodist Homes,
Series 2007A (LOC: PNC Bank)
0.180%, 09/04/2012		8,080		8,080
Denver Public Schools, Series 2011A-2 (Certificate of Participation) (LOC: JP Morgan Chase Bank) (INS: AGM)
0.170%, 09/07/2012		15,300		15,300
Denver Public Schools, Series 2011A-3 (Certificate of Participation) (LOC: Wells Fargo Bank) (INS: AGM)
0.170%, 09/07/2012		10,000		10,000
District of Columbia University, Georgetown University Refunding Revenue, Series 2009B (LOC: TD Bank)
0.130%, 09/07/2012		13,050		13,050
District of Columbia University, Georgetown University Refunding Revenue, Series 2009C (LOC: TD Bank)
0.130%, 09/07/2012		21,400		21,400
Franklin County, Presbyterian Health Care,
Series 2006A (LOC: PNC Bank)
0.150%, 09/07/2012		18,000		18,000
Green County Industrial Development Authority, The Blue Ridge School, Series 2001 (LOC: Branch Banking & Trust)
0.160%, 09/07/2012		4,155		4,155
Hamilton County Hospital Facilities Revenue, Elizabeth Gamble Deaconess Home Association, Series 2002B (LOC: PNC Bank)
0.150%, 09/07/2012		7,500		7,500
Illinois Development Finance Authority, Mount Carmel High School, Series 2003 (LOC: JP Morgan Chase Bank)
0.130%, 09/07/2012		14,300		14,300
Illinois Educational Facilities Authority Revenue, Field Museum of Natural History, Series 1985 (LOC: Northern Trust Company)
0.170%, 09/07/2012		10,100		10,100
Illinois Finance Authority, Elmhurst Memorial Healthcare, Series 2008D (LOC: Northern Trust Company)
0.150%, 09/07/2012		29,800		29,800
Illinois State Toll Highway Authority, Series 2007A-2D (LOC: Wells Fargo Bank)
0.180%, 09/07/2012		8,500		8,500
Indiana Development Finance Authority, Indianapolis Museum of Art, Series 2002 (LOC: Bank One)
0.170%, 09/07/2012		12,000		12,000
Indiana Finance Authority, Depauw University,
Series 2008B (LOC: PNC Bank)
0.150%, 09/07/2012		8,250		8,250
Indiana Finance Authority, Health System Revenue, Sisters of St. Francis Health Services, Series 2008F (LOC: Bank of New York Mellon)
0.150%, 09/07/2012		10,000		10,000
Indiana Finance Authority, Health System Revenue, Sisters of St. Francis Health Services, Series 2008H (LOC: JP Morgan Chase Bank)
0.170%, 09/07/2012		16,700		16,700

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

12 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Indiana Finance Authority, Health System Revenue, Sisters of St. Francis Health Services, Series 2008J (LOC: Wells Fargo Bank)
0.150%, 09/07/2012	$	8,000	$	8,000
Indiana Health & Educational Facility Financing Authority, Community Village -Hartsfield Village, Series 2006A (LOC: Harris)
0.130%, 09/07/2012		6,445		6,445
Iowa Finance Authority, Mississippi Valley Regional Blood Center, Series 2003 (LOC: Wells Fargo Bank)
0.170%, 09/07/2012		3,175		3,175
Lowell Industrial Development Revenue, Arkansas Democrat-Gazette, Series 2006 (LOC: JP Morgan Chase Bank) (AMT)
0.200%, 09/07/2012		2,830		2,830
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical Systems, Series 2007A (LOC: Wachovia Bank)
0.160%, 09/07/2012		23,105		23,105
Metropolitan Transportation Authority,
Series 2008B-1 (LOC: Scotiabank)
0.140%, 09/07/2012		17,275		17,275
Michigan State Hospital Finance Authority Revenue, McLaren Healthcare, Series 2008B (LOC: JP Morgan Chase Bank)
0.180%, 09/07/2012		7,000		7,000
Middletown Educational Buildings Revenue, Christian Academy of Louisville, Series 2004 (LOC: JP Morgan Chase Bank)
0.230%, 09/07/2012		3,435		3,435
Minneapolis & Saint Paul Housing & Redevelopment Authority, Allina Health,
Series 2007C-1 (LOC: Wells Fargo Bank)
0.160%, 09/07/2012		7,475		7,475
Mississippi Business Finance Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2007E
0.170%, 09/04/2012		20,330		20,330
Mississippi Business Finance Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2010A
0.160%, 09/07/2012		28,400		28,400
Mobile Downtown Redevelopment Authority, Austal USA, Series 2011A (LOC: National Australia Bank)
0.180%, 09/07/2012		4,000		4,000
Mobile Downtown Redevelopment Authority, Austal USA, Series 2011B (LOC: Australia-New Zealand Banking Group)
0.180%, 09/07/2012		8,070		8,070
New York State Housing Finance Agency, Broadway, Series 2011A (LOC: Wells Fargo Bank)
0.170%, 09/07/2012		14,900		14,900
New York State Housing Finance Agency, Blue Castle Site A Realty, Series 2006A (LOC: JP Morgan Chase Bank) (AMT)
0.240%, 09/07/2012		6,000		6,000
New York State Housing Finance Agency, Gotham West Housing, Series 2011A-1 (LOC: Wells Fargo Bank)
0.150%, 09/07/2012		26,000		26,000

Prime Obligations Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE >
North Broward Hospital District (LOC: Wells Fargo Bank) (INS: NATL)
0.150%, 09/07/2012	$	23,480	$	23,480
Oakland County Economic Development, Cranbrook Educational Community,
Series 2007 (LOC: JP Morgan Chase Bank)
0.170%, 09/07/2012		18,700		18,700
Ohio State Higher Education Facility, Case Western Reserve University, Series 2008A (LOC: PNC Bank)
0.190%, 09/07/2012		8,450		8,450
Parma Hospital Revenue, Parma Community General Hospital, Series 2006A (LOC: PNC Bank)
0.150%, 09/07/2012		4,830		4,830
Philadelphia Airport Revenue, Series 2005C1 (LOC: TD Bank) (AMT)
0.170%, 09/07/2012		13,400		13,400
Philadelphia Authority for Industrial Development, Multi-Modal Lease Revenue,
Series 2007B-3 (LOC: PNC Bank)
0.150%, 09/07/2012		5,325		5,325
Philadelphia Authority for Industrial Development, Newcourtland Elder Services,
Series 2003 (LOC: PNC Bank)
0.180%, 09/04/2012		555		555
Philadelphia School District, Series 2010G (General Obligation) (LOC: Wells Fargo Bank) (STAID)
0.150%, 09/07/2012		46,000		46,000
Southeastern Pennsylvania Transportation Authority, Series 2007 (LOC: PNC Bank)
0.180%, 09/04/2012		23,845		23,845
Sweetwater County Pollution Control, PacifiCorp,
Series 1992A (LOC: Wells Fargo Bank)
0.180%, 09/07/2012		7,035		7,035
Sweetwater County Pollution Control, PacifiCorp,
Series 1994 (LOC: Wells Fargo Bank)
0.190%, 09/07/2012		14,250		14,250
Uinta County Pollution Control, Chevron U.S.A.,
Series 1993
0.170%, 09/04/2012		8,610		8,610
Virginia Small Business Financing Authority, Carilion Clinic, Series 2008B (LOC: PNC Bank)
0.180%, 09/04/2012		5,045		5,045
Virginia Small Business Financing Authority, Friendship Foundation and Subsidiaries,
Series 2007 (LOC: Wells Fargo Bank)
0.170%, 09/07/2012		10,600		10,600
Virginia Small Business Financing Authority, Hampton University, Series 2008A (LOC: PNC Bank)
0.140%, 09/07/2012		13,500		13,500
Total Variable Rate Demand Notes (Cost $708,360)				708,360
Investment Companies W – 2.1%
Goldman Sachs Financial Square Money Market Fund, Institutional Shares, 0.170%		103,502,000		103,502
J.P. Morgan Prime Money Market Fund, Capital Shares, 0.140%		127,640,000		127,640
Total Investment Companies (Cost $231,142)				231,142

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 13

Schedule of Investments August 31, 2012, all dollars are rounded to thousands (000)

Prime Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Other Commercial Paper  – 1.3%
General Electric Company
0.150%, 09/07/2012	$	100,000	$	99,998
0.150%, 09/10/2012		50,000		49,998
Total Other Commercial Paper (Cost $149,996)				149,996
Government Agency Repurchase Agreements –18.6%
Bank of Nova Scotia/NY
0.200%, dated 08/31/2012, matures
09/04/2012, repurchase price $650,014 (collateralized by various government agency obligations: Total market value $663,000)		650,000		650,000
Goldman Sachs & Co.
0.190%, dated 08/31/2012, matures
09/04/2012, repurchase price $330,007 (collateralized by various government agency obligations: Total market value $336,600)		330,000		330,000
HSBC Securities (USA)
0.200%, dated 08/31/2012, matures
09/04/2012, repurchase price $300,007 (collateralized by various government agency obligations: Total market value $315,000)		300,000		300,000
ING Financial Markets
0.200%, dated 08/31/2012, matures
09/04/2012, repurchase price $250,006 (collateralized by various government agency obligations: Total market value $255,003)		250,000		250,000
Merrill Lynch, Pierce, Fenner & Smith
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $265,127 (collateralized by various government agency obligations: Total market value $270,425)		265,122		265,122
RBC Capital Markets
0.190%, dated 08/31/2012, matures
09/04/2012, repurchase price $300,006 (collateralized by various government agency obligations: Total market value $306,000)		300,000		300,000
Total Government Agency Repurchase Agreements (Cost $2,095,122)				2,095,122
Treasury Repurchase Agreement – 0.8%
Merrill Lynch, Pierce, Fenner & Smith
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $93,554 (collateralized by U.S. Treasury obligations: Total market value $95,423)
(Cost $93,552)		93,552		93,552
Other Repurchase Agreements – 3.3%
HSBC Securities (USA)
0.250%, dated 08/31/2012, matures
09/04/2012, repurchase price $175,005 (collateralized by various investment grade securities: Total market value $182,964)		175,000		175,000
J.P. Morgan Securities
0.290%, dated 08/13/2012, matures
09/13/2012, repurchase price $200,021 (collateralized by various investment grade securities: Total market value $210,000) ¥		200,000		200,000
Total Other Repurchase Agreements (Cost $375,000)				375,000

Prime Obligations Fund (concluded)
DESCRIPTION	PAR		VALUE >
Investment Purchased with Proceeds from Securities Lending † – 9.4%
Government Agency Repurchase Agreement – 9.4%
Morgan Stanley & Co.
0.200%, dated 08/31/2012, matures
09/04/2012, repurchase price $1,053,205 (collateralized by various government agency obligations: Total market value $1,074,245)
(Cost $1,053,181)	$	1,053,181	$	1,053,181
Total Investments  – 109.6% (Cost $12,315,717)				12,315,717
Other Assets and Liabilities, Net – (9.6)%				(1,081,960	)
Total Net Assets – 100.0%			$	11,233,757

> 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, 2012.

¢ 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, 2012, the value of these investments was $2,197,816 or 19.6% 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.

‚ This security or a portion of this security is out on loan at August 31, 2012. Total loaned securities had a value of $1,032,003 at August 31, 2012.

W The rate shown is the annualized seven-day effective yield as of August 31, 2012.

¥ Security considered illiquid. As of August 31, 2012, the value of these investments was $200,000 or 1.8% of total net assets. See note 2 in notes to Financial Statements.

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

 On August 31, 2012, the cost of investments for federal income tax purposes was $12,315,717. 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, 2012, the total value of securities subject to AMT was $22,230 or 0.2% of total net assets.

INS – Insured

LOC – Letter of Credit

NATL – National Public Finance Guarantee Corporation

STAID – State Aid Withholding

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

14 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

Tax Free Obligations Fund
DESCRIPTION	PAR		VALUE >
Municipal Debt—100.8%
Alaska – 2.4%
Valdez Marine Terminal Revenue, Exxon Pipeline, Series 1993A
0.170%, 09/04/2012 r	$	3,265	$	3,265
Valdez Marine Terminal Revenue, Exxon Pipeline, Series 1993B
0.170%, 09/04/2012 r		3,680		3,680
Valdez Marine Terminal Revenue, Exxon Pipeline, Series 1993C
0.170%, 09/04/2012 r		8,085		8,085
				15,030
Colorado – 2.3%
Aurora Hospital Revenue, The Children's Hospital Association, Series 2008C (LOC: Wells Fargo Bank)
0.170%, 09/07/2012 r		1,135		1,135
Colorado Educational & Cultural Facilities Authority, The Nature Conservancy, Series 2012
0.170%, 09/07/2012 r		10,165		10,165
Colorado Springs, Colorado Springs Fine Arts Center, Series 2006 (LOC: Wells Fargo Bank)
0.170%, 09/07/2012 r		2,545		2,545
				13,845
Connecticut – 1.3%
Connecticut Health & Educational Facilities Authority, Yale University, Series 2001V2
0.150%, 09/04/2012 r		8,160		8,160
Delaware – 0.3%
Delaware Economic Development Authority, Peninsula United Methodist Homes, Series 2007A (LOC: PNC Bank)
0.180%, 09/04/2012 r		1,620		1,620
District of Columbia – 0.6%
District of Columbia, Progressive Life Center, Series 2008A (LOC: Branch Banking & Trust)
0.160%, 09/07/2012 r		3,435		3,435
Florida – 1.1%
Orange County Health Facilities Authority, Orlando Regional Healthcare, Series 2008E (LOC: Branch Banking & Trust)
0.150%, 09/07/2012 r		4,500		4,500
Palm Beach County, Palm Beach Jewish Community Campus, Series 2000 (LOC: Northern Trust Company)
0.230%, 09/07/2012 r		2,140		2,140
				6,640
Georgia – 1.6%
Paulding County Hospital Authority, Series 2012B (LOC: Northern Trust Company)
0.150%, 09/07/2012 r		10,000		10,000
Illinois – 17.4%
Chicago, Neighborhoods Alive 21, Series 2002B-4 (General Obligation) (LOC: Bank of New York Mellon)
0.200%, 09/04/2012 r		15,740		15,740

Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Chicago, Neighborhoods Alive 21, Series 2002B-5 (General Obligation) (LOC: Northern Trust Company)
0.200%, 09/04/2012 r	$	12,305	$	12,305
Cook County, Catholic Theological Union, Series 2005 (LOC: Harris Trust & Savings Bank)
0.190%, 09/07/2012 r		14,500		14,500
Elmhurst Joint Commission Accreditation of Healthcare Organizations, Series 1988 (LOC: JP Morgan Chase Bank)
0.180%, 09/07/2012 r		6,475		6,475
Illinois Development Finance Authority, American College of Surgeons, Series 1996 (LOC: Northern Trust Company)
0.170%, 09/07/2012 r		3,500		3,500
Illinois Development Finance Authority, Lake Forest Academy, Series 1994 (LOC: Northern Trust Company)
0.170%, 09/07/2012 r		6,255		6,255
Illinois Development Finance Authority, Lyric Opera of Chicago, Series 1994 (LOC: Northern Trust Company) (LOC: Harris Trust & Savings Bank) (LOC: Bank One)
0.170%, 09/07/2012 r		12,400		12,400
Illinois Educational Facilities Authority Revenue, Columbia College, Series 2000 (LOC: Harris Trust & Savings Bank)
0.140%, 09/07/2012 r		850		850
Illinois Educational Facilities Authority Revenue, National - Louis University, Series 1999B (LOC: JP Morgan Chase Bank)
0.170%, 09/07/2012 r		2,660		2,660
Illinois Finance Authority, Elmhurst Memorial Healthcare, Series 2008D (LOC: Northern Trust Company)
0.150%, 09/07/2012 r		4,100		4,100
Illinois Finance Authority, Illinois Wesleyan University, Series 2008 (LOC: PNC Bank)
0.190%, 09/07/2012 r		9,500		9,500
Illinois Finance Authority, Richard Driehaus Foundation, Series 2005 (LOC: Northern Trust Company)
0.170%, 09/07/2012 r		2,000		2,000
Illinois Finance Authority, The Carle Foundation, Series 2009C (LOC: Northern Trust Company)
0.150%, 09/07/2012 r		3,310		3,310
Illinois State Toll Highway Authority, Series 2007A-1B (LOC: PNC Bank)
0.180%, 09/07/2012 r		4,000		4,000
Illinois State Toll Highway Authority, Series 2007A-2C (LOC: Northern Trust Company)
0.170%, 09/07/2012 r		5,000		5,000
Illinois State Toll Highway Authority, Series 2007A-2D (LOC: Wells Fargo Bank)
0.180%, 09/07/2012 r		4,000		4,000
				106,595

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 15

Schedule of Investments August 31, 2012, all dollars are rounded to thousands (000)

Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Indiana – 7.3%
Indiana Finance Authority Health Systems, Sisters of St. Francis Health Services, Series 2008F (LOC: Bank of New York Mellon)
0.150%, 09/07/2012 r	$	5,550	$	5,550
Indiana Finance Authority Health Systems, Sisters of St. Francis Health Services, Series 2008H (LOC: JP Morgan Chase Bank)
0.170%, 09/07/2012 r		7,095		7,095
Indiana Finance Authority, Community Foundation of Northwest Indiana Obligated Group, Series 2008 (LOC: Harris)
0.130%, 09/07/2012 r		5,600		5,600
Indiana Finance Authority, Indiana University Health System Obligated Group, Series 2011A (LOC: Northern Trust Company)
0.140%, 09/07/2012 r		4,795		4,795
Indiana Finance Authority, Parkview Health System, Series 2009D (LOC: Wells Fargo Bank)
0.160%, 09/07/2012 r		1,530		1,530
Indiana Health & Educational Facility Financing Authority, Community Village-Hartsfield Village, Series 2006A (LOC: Harris)
0.130%, 09/07/2012 r		7,250		7,250
Indiana Health & Educational Facility Financing Authority, Community Village-Hartsfield Village, Series 2006B (LOC: Harris)
0.130%, 09/07/2012 r		9,975		9,975
Lawrenceburg Pollution Control, Indiana Michigan Power Company, Series I (LOC: Bank of Nova Scotia)
0.150%, 09/07/2012 r		3,000		3,000
				44,795
Iowa – 1.5%
Iowa Finance Authority, Wesley Retirement Services, Series 2003B (LOC: Wells Fargo Bank)
0.150%, 09/07/2012 r		4,000		4,000
Iowa Finance Authority, Wesley Retirement Services, Series 2006 (LOC: Wells Fargo Bank)
0.150%, 09/07/2012 r		4,965		4,965
				8,965
Kansas – 0.5%
Kansas State Department of Transportation, Series 2002B-2 (SPA: Barclays Bank)
0.140%, 09/07/2012 r		2,765		2,765
Kentucky – 2.8%
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group, Series 2009B-1 (LOC: JP Morgan Chase Bank)
0.180%, 09/04/2012 r		6,325		6,325
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group, Series 2009B-3 (LOC: Branch Banking & Trust)
0.130%, 09/07/2012 r		10,590		10,590
				16,915

Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Louisiana – 0.4%
Louisiana Public Facilities Authority, CHRISTUS Health, Series 2009B-2 (LOC: Bank of New York Mellon)
0.130%, 09/07/2012 r	$	2,500	$	2,500
Maryland – 5.2%
Johns Hopkins University, Series A (Commercial Paper)
0.170%, 11/15/2012 r		20,965		20,965
Maryland State Health & Higher Educational Facilities Authority Peninsula Regional Medical Center, Series 1985A (LOC: JP Morgan Chase Bank)
0.180%, 09/07/2012 r		10,900		10,900
				31,865
Michigan – 3.9%
University of Michigan, Series B (Commercial Paper)
0.180%, 01/14/2013		1,000		1,000
0.190%, 01/14/2013		23,000		23,000
				24,000
Minnesota – 7.5%
Eden Prairie Multifamily Housing Revenue, Park at City West Apartments, Series 2001 (INS: FHLMC)
0.170%, 09/07/2012 r		14,505		14,505
St. Cloud Independent School District No. 742, Series 2012B (General Obligation) (INS: MSDCEP)
1.500%, 08/13/2013		3,935		3,979
St. Francis Independent School District No. 15, Series 2012B (General Obligation) (INS: MSDCEP)
1.500%, 09/07/2013 «		5,000		5,061
University of Minnesota (Commercial Paper)
0.160%, 10/10/2012		9,000		9,000
0.180%, 01/14/2013		13,750		13,750
				46,295
Mississippi – 2.9%
Mississippi Business Finance, Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2009A
0.170%, 09/04/2012 r		1,000		1,000
Mississippi Business Finance, Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2009F
0.170%, 09/04/2012 r		160		160
Mississippi Business Finance, Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2009G
0.160%, 09/04/2012 r		230		230
Mississippi Business Finance, Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2010G
0.160%, 09/04/2012 r		430		430
Mississippi Business Finance, Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2010K
0.170%, 09/04/2012 r		4,765		4,765

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

16 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Perry County Mississippi Pollution Control, Leaf River Forest Products, Series 2002 (LOC: Scotiabank)
0.180%, 09/07/2012 r	$	11,425	$	11,425
				18,010
Missouri – 3.7%
University of Missouri (Commercial Paper)
0.150%, 09/17/2012		22,500		22,500
Nevada – 2.9%
Clark County Airport System Revenue, Series 2008D-2B (LOC: Royal Bank of Canada)
0.170%, 09/07/2012 r		18,000		18,000
New Jersey – 2.3%
Camden County, Cooper Health System, Series 2004B (LOC: TD Bank)
0.140%, 09/07/2012 r		13,925		13,925
New York – 1.3%
Long Island Power Authority, Series 2012D (LOC: TD Bank)
0.150%, 09/07/2012 r		8,000		8,000
North Carolina – 1.3%
North Carolina Medical Care Commission, Wake Forest University Health Sciences, Series 2008B (LOC: Branch Banking & Trust)
0.140%, 09/07/2012 r		4,800		4,800
Wake County Industrial Facilities & Pollution Control Financing Authority, Wake Enterprises, Series 2009 (LOC: Branch Banking & Trust)
0.160%, 09/07/2012 r		3,295		3,295
				8,095
Ohio – 8.7%
City of Blue Ash, Ursuline Academy of Cincinnati, Series 2008 (LOC: PNC Bank)
0.160%, 09/07/2012 r		13,210		13,210
Franklin County Hospital Facilities Revenue, OhioHealth, Series 2009B (SPA: Barclays Bank)
0.160%, 09/07/2012 r		20,000		20,000
Franklin County, Health Care Facilities Improvement Revenue, Ohio Presbyterian Retirement Services, Series 2006A (LOC: PNC Bank)
0.150%, 09/07/2012 r		2,000		2,000
Lucas County, Series 2012 (General Obligation)
1.000%, 07/18/2013		2,550		2,564
Ohio State Air Quality Development Authority, Ohio Valley Electric, Series 2009B (LOC: Bank of Nova Scotia)
0.160%, 09/07/2012 r		2,300		2,300
Summit County Port Authority, Summa Enterprises Group, Series 2006 (LOC: PNC Bank)
0.150%, 09/07/2012 r		13,575		13,575
				53,649
Pennsylvania – 2.5%
Beaver County Industrial Development Authority, FirstEnergy Generation, Series 2008B (LOC: Bank of Nova Scotia)
0.170%, 09/04/2012 r		11,390		11,390

Tax Free Obligations Fund (continued)
DESCRIPTION	PAR		VALUE >
Philadelphia Authority for Industrial Development, NewCourtland Elder Services, Series 2003 (LOC: PNC Bank)
0.180%, 09/04/2012 r	$	3,000	$	3,000
Southeastern Pennsylvania Transportation Authority, Series 2007 (LOC: PNC Bank)
0.180%, 09/04/2012 r		1,090		1,090
				15,480
Rhode Island – 0.7%
Rhode Island Health & Educational Building Revenue, Pennfield School, Series 2004 (LOC: Sovereign Bank) (LOC: Bank of New York Mellon)
0.260%, 09/07/2012 r		4,425		4,425
South Carolina – 1.1%
South Carolina Jobs-Economic Development Authority, AnMed Health, Series 2009C (LOC: Branch Banking & Trust)
0.160%, 09/07/2012 r		3,960		3,960
South Carolina Jobs-Economic Development Authority, AnMed Health, Series 2009D (LOC: Branch Banking & Trust)
0.150%, 09/07/2012 r		3,000		3,000
				6,960
Tennessee – 0.2%
Blount County Public Building Authority, Series E-8-A (LOC: Branch Banking & Trust)
0.160%, 09/07/2012 r		1,400		1,400
Texas – 4.4%
Harris County Health Facilities Development, Baylor College of Medicine, Series 2008B (LOC: Northern Trust Company)
0.160%, 09/07/2012 r		2,500		2,500
Houston Airport System Revenue, Series 2010 (LOC: Barclays Bank)
0.170%, 09/07/2012 r		10,345		10,345
Hunt County Health Facilities Development, Greenville Universal Health Services (LOC: Morgan Guaranty Trust)
0.230%, 09/07/2012 r		4,300		4,300
Texas A&M University, Series B (Commercial Paper)
0.150%, 09/12/2012		10,000		10,000
				27,145
Virginia – 5.5%
Albemarle County Economic Development Authority, Martha Jefferson Hospital, Sentara Healthcare, Series 2008B (LOC: Wells Fargo Bank)
0.150%, 09/07/2012 r		135		135
Loudoun County Industrial Development Authority, Howard Hughes Medical Center, Series 2003F
0.140%, 09/07/2012 r		4,175		4,175
Portsmouth Redevelopment & Housing Authority, Phoebus Square Apartments, Series 2008 (INS: FHLMC)
0.220%, 09/07/2012 r		7,200		7,200
Virginia Commonwealth University, Health System Authority, Series 2008A (LOC: Branch Banking & Trust)
0.190%, 09/04/2012 r		19,255		19,255

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 17

Schedule of Investments August 31, 2012, all dollars are rounded to thousands (000)

Tax Free Obligations Fund (concluded)
DESCRIPTION	PAR		VALUE >
Virginia Small Business Financing Authority, Carilion Medical Center, Series 2008B (LOC: PNC Bank)
0.180%, 09/04/2012 r	$	2,700	$	2,700
				33,465
Washington – 1.8%
Washington Health Care Facilities Authority, MultiCare Health System, Series 2007C (LOC: Barclays Bank)
0.140%, 09/07/2012 r		10,985		10,985
Wisconsin – 2.0%
Wisconsin Health & Educational Facilities Authority, Goodwill Industries of North Central Wisconsin, Series 2005 (LOC: Wells Fargo Bank)
0.170%, 09/07/2012 r		500		500
Wisconsin State Health & Educational Facilities Authority, St. Norbert College, Series 2008 (LOC: JP Morgan Chase & Company)
0.170%, 09/07/2012 r		11,685		11,685
				12,185
Wyoming – 3.4%
Sweetwater County Pollution Control, PacifiCorp, Series 1990A (LOC: Barclays Bank)
0.180%, 09/07/2012 r		10,550		10,550
Sweetwater County Pollution Control, PacifiCorp, Series 1992A (LOC: Wells Fargo Bank)
0.180%, 09/07/2012 r		700		700
Uinta County Pollution Control, Chevron U.S.A., Series 1993
0.170%, 09/04/2012 r		9,345		9,345
				20,595
Total Municipal Debt (Cost $618,244)				618,244
Total Investments  – 100.8% (Cost $618,244)				618,244
Other Assets and Liabilities, Net – (0.8)%				(4,910	)
Total Net Assets – 100.0%			$	613,334

> 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, 2012.

« Security purchased on a when-issued basis. On August 31, 2012, the total cost of investments purchased on a when-issued basis was $5,061 or 0.8% of total net assets.

 On August 31, 2012, the cost of investments for federal income tax purposes was $618,244. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

FHLMC – Federal Home Loan Mortgage Corporation

INS – Insured

LOC – Letter of Credit

MSDCEP – Minnesota School District Enhancement Program

SPA – Standby Purchase Agreement

Treasury Obligations Fund
DESCRIPTION	PAR		VALUE >
Treasury Debt – 40.6%
U.S. Treasury Bills U
0.074%, 10/04/2012 ‚	$	175,000	$	174,988
0.109%, 10/11/2012 ‚		100,000		99,988
0.118%, 11/01/2012 ‚		200,000		199,960
0.143%, 11/08/2012 ‚		50,000		49,987
0.146%, 11/15/2012 ‚		125,000		124,962
0.138%, 11/23/2012		50,000		49,984
0.137%, 11/29/2012 ‚		75,000		74,975
0.143%, 02/07/2013 ‚		50,000		49,968
U.S. Treasury Notes
0.375%, 09/30/2012		250,000		250,042
1.375%, 10/15/2012		150,000		150,227
0.375%, 10/31/2012		475,000		475,182
3.875%, 10/31/2012		320,000		321,963
1.375%, 11/15/2012		100,000		100,246
0.500%, 11/30/2012		325,000		325,266
1.375%, 01/15/2013		450,000		452,015
2.875%, 01/31/2013 ‚		50,000		50,557
1.375%, 02/15/2013		150,000		150,815
3.875%, 02/15/2013		250,000		254,227
2.750%, 02/28/2013		75,000		75,965
0.750%, 03/31/2013		50,000		50,169
2.500%, 03/31/2013		160,000		162,133
1.750%, 04/15/2013		190,000		191,821
0.625%, 04/30/2013		175,000		175,474
3.125%, 04/30/2013		75,000		76,448
1.375%, 05/15/2013		110,000		110,902
3.625%, 05/15/2013		50,000		51,196
3.500%, 05/31/2013		125,000		128,059
3.375%, 06/30/2013		175,000		179,584
Total Treasury Debt (Cost $4,557,103)				4,557,103
Treasury Repurchase Agreements – 59.3%
Credit Agricole Corporate & Investment Bank
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $1,400,028 (collateralized by U.S. Treasury obligations: Total market value $1,428,000)		1,400,000		1,400,000
Credit Suisse Securities (USA)
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $150,003 (collateralized by U.S. Treasury obligations: Total market value $153,002)		150,000		150,000
Deutsche Bank Securities
0.190%, dated 08/31/2012, matures
09/04/2012, repurchase price $800,017 (collateralized by U.S. Treasury obligations: Total market value $816,000)		800,000		800,000
HSBC Securities (USA)
0.170%, dated 08/31/2012, matures
09/04/2012, repurchase price $700,013 (collateralized by U.S. Treasury obligations: Total market value $714,000)		700,000		700,000
ING Financial Markets
0.170%, dated 08/31/2012, matures
09/04/2012, repurchase price $150,003 (collateralized by U.S. Treasury obligations: Total market value $153,005)		150,000		150,000
Merrill Lynch, Pierce, Fenner & Smith
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $706,462 (collateralized by U.S. Treasury obligations: Total market value $720,577)		706,448		706,448

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

18 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

Treasury Obligations Fund (concluded)
DESCRIPTION	PAR		VALUE >
RBC Capital Markets
0.140%, dated 08/31/2012, matures
09/04/2012, repurchase price $150,002 (collateralized by U.S. Treasury obligations: Total market value $153,000)	$	150,000	$	150,000
RBS Securities
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $750,015 (collateralized by U.S. Treasury obligations: Total market value $765,004)		750,000		750,000
SG Americas Securities
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $1,100,022 (collateralized by U.S. Treasury obligations: Total market value $1,122,000)		1,100,000		1,100,000
TD Securities (USA)
0.160%, dated 08/31/2012, matures
09/04/2012, repurchase price $500,009 (collateralized by U.S. Treasury obligations: Total market value $510,000)		500,000		500,000
UBS Securities
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $250,005 (collateralized by U.S. Treasury obligations: Total market value $255,000)		250,000		250,000
Total Treasury Repurchase Agreements (Cost $6,656,448)				6,656,448
Investments Purchased with Proceeds from Securities Lending † – 7.5%
Treasury Repurchase Agreements –7.5%
JP Morgan Securities
0.190%, dated 08/31/2012, matures
09/04/2012, repurchase price $51,751 (collateralized by U.S. Treasury obligations: Total market value $52,787)		51,750		51,750
JP Morgan Securities
0.180%, dated 08/31/2012, matures
09/04/2012, repurchase price $178,504 (collateralized by U.S. Treasury obligations: Total market value $182,073)		178,500		178,500
Morgan Stanley & Co.
0.150%, dated 08/31/2012, matures
09/04/2012, repurchase price $612,010 (collateralized by U.S. Treasury obligations: Total market value $624,875)		612,000		612,000
Total Investments Purchased with Proceeds from Securities Lending (Cost $842,250)				842,250
Total Investments  – 107.4% (Cost $12,055,801)				12,055,801
Other Assets and Liabilities, Net – (7.4)%				(828,206	)
Total Net Assets – 100.0%			$	11,227,595

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

U Rate shown is the effective yield as of August 31, 2012.

‚ This security or a portion of this security is out on loan at August 31, 2012. Total loaned securities had a value of $825,385 as of August 31, 2012.

† 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, 2012, the cost of investments for federal income tax purposes was $12,055,801. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

U.S. Treasury Money Market Fund
DESCRIPTION	PAR		VALUE >
Treasury Debt - 100.0%
U.S. Treasury Bills U
0.078%, 09/06/2012	$	17,079	$	17,079
0.121%, 09/13/2012		82,000		81,997
0.114%, 09/17/2012		8,462		8,461
0.110%, 09/20/2012		41,296		41,294
0.109%, 10/04/2012		53,035		53,030
0.090%, 10/11/2012		79,857		79,849
0.112%, 10/18/2012		50,736		50,729
0.094%, 11/01/2012		64,001		63,991
0.107%, 11/08/2012		33,804		33,797
0.098%, 11/15/2012		33,602		33,595
0.097%, 11/23/2012		29,288		29,281
0.112%, 11/29/2012		10,096		10,093
0.129%, 12/13/2012		15,000		14,994
0.114%, 01/03/2013		26,523		26,512
0.104%, 01/10/2013		20,000		19,992
0.135%, 01/17/2013		10,000		9,995
0.107%, 01/24/2013		10,000		9,996
0.135%, 02/07/2013		606		606
Total Treasury Debt (Cost $585,291)				585,291
Total Investments  – 100.0% (Cost $585,291)				585,291
Other Assets and Liabilities, Net – (0.0)%				(36	)
Total Net Assets – 100.0%			$	585,255

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

U Rate shown is the effective yield as of August 31, 2012.

 On August 31, 2012, the cost of investments for federal income tax purposes was $585,291. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0.

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 19

Statements of Assets and Liabilities August 31, 2012, 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)	$	10,600,029		$	8,698,862		$	618,244		$	4,557,103		$	585,291
Investments purchased with proceeds from securities lending, at value (note 2)		1,032,531			1,053,181			—			842,250			—
Repurchase agreements, at value (note 2)		5,859,878			2,563,674			—			6,656,448			—
Cash		—			11			94			—			—
Receivable for interest		7,338			10,417			87			15,680			—
Receivable for capital shares sold		2			127			—			3			—
Prepaid expenses and other assets		36			79			54			25			31
Total assets		17,499,814			12,326,351			618,479			12,071,509			585,322
LIABILITIES:
Bank overdraft		2			—			—			—			—
Dividends payable		223			257			—			—			—
Payable for investments purchased		—			35,750			5,061			—			—
Payable upon return of securities loaned (note 2)		1,032,531			1,053,181			—			842,250			—
Payable for capital shares redeemed		—			1,090			—			—			—
Payable to affiliates (note 3)		2,225			2,189			43			1,364			22
Payable for distribution and shareholder servicing fees		—			101			14			256			14
Accrued expenses and other liabilities		44			26			27			44			31
Total liabilities		1,035,025			1,092,594			5,145			843,914			67
Net assets	$	16,464,789		$	11,233,757		$	613,334		$	11,227,595		$	585,255
COMPOSITION OF NET ASSETS:
Portfolio capital	$	16,465,157		$	11,233,961		$	613,348		$	11,228,230		$	585,265
Undistributed (distributions in excess of) net investment income		(23	)		(60	)		(14	)		(44	)		(10	)
Accumulated net realized gain (loss) on investments (note 2)		(345	)		(144	)		—			(591	)		—
Net assets	$	16,464,789		$	11,233,757		$	613,334		$	11,227,595		$	585,255
Class A:
Net assets	$	247,540		$	1,088,649		$	89,213		$	470,684		$	17,741
Shares issued and outstanding ($0.01 par value – 5 billion authorized*)		247,544			1,088,825			89,241			470,710			17,735
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Class D:
Net assets	$	2,703,874		$	862,131		$	48,324		$	2,110,985		$	196,910
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		2,703,902			862,036			48,322			2,111,212			196,892
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Class I:
Net assets	$	—		$	1,124,114		$	—		$	—		$	—
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		—			1,124,196			—			—			—
Net asset value, offering price, and redemption price per share	$	—		$	1.00		$	—		$	—		$	—
Class Y:
Net assets	$	4,731,744		$	3,130,035		$	386,307		$	3,671,911		$	291,805
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		4,731,865			3,130,067			386,281			3,672,169			291,775
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Class Z:
Net assets	$	7,601,448		$	4,776,543		$	64,071		$	4,183,433		$	60,196
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		7,601,425			4,776,701			64,051			4,183,597			60,184
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	$	1,180,183		$	252,285		$	25,419		$	612,335		$	18,603
Shares issued and outstanding ($0.01 par value – 20 billion authorized)		1,180,175			252,105			25,419			612,285			18,594
Net asset value, offering price, and redemption price per share	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Reserve Class:
Net assets	$	—		$	—		$	—		$	178,247		$	—
Shares issued and outstanding ($0.01 par value – 5 billion authorized)		—			—			—			178,304			—
Net asset value, offering price, and redemption price per share	$	—		$	—		$	—		$	1.00		$	—
† Including securities loaned, at value	$	1,007,534		$	1,032,003		$	—		$	825,385		$	—

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

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

20 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

Statements of Operations For the year ended August 31, 2012, 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	$	23,103		$	30,091		$	934		$	12,524		$	351
Securities lending income (note 2)		116			235			—			163			—
Total investment income		23,219			30,326			934			12,687			351
EXPENSES (note 3):
Investment advisory fees		14,104			11,734			645			10,677			672
Administration fees and expenses		18,899			16,200			916			14,517			932
Transfer agent fees and expenses		130			207			130			149			128
Custodian fees		705			587			32			534			33
Legal fees		40			40			40			40			40
Audit fees		49			48			48			48			48
Registration fees		17			83			35			34			10
Postage and printing fees		260			216			12			199			13
Directors’ fees		91			91			90			91			90
Other expenses		146			195			85			180			113
Distribution and shareholder servicing (12b-1) fees :
Class A		590			2,818			231			1,459			42
Class C		—			1			—			—			—
Class D		3,431			1,432			59			2,995			282
Reserve Class		—			—			—			1,385			—
Shareholder servicing (non 12b-1) fees :
Class A		590			2,818			231			1,459			42
Class D		5,718			2,387			99			4,991			471
Class I		—			1,724			—			—			—
Class Y		10,115			8,137			1,092			9,826			877
Reserve Class		—			—			—			693			—
Institutional Investor Class		1,297			353			19			598			23
Total expenses		56,182			49,071			3,764			49,875			3,816
Less: Fee waivers (note 3)		(34,262	)		(21,783	)		(2,830	)		(37,188	)		(3,309	)
Less: Expense reimbursement (note 3)		—			—			—			—			(156	)
Total net expenses		21,920			27,288			934			12,687			351
Investment income – net		1,299			3,038			—			—			—
Net gain (loss) on investments		15			(31	)		10			27			5
Net increase in net assets resulting from operations	$	1,314		$	3,007		$	10		$	27		$	5

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 21

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

	Government Obligations Fund						Prime Obligations Fund
	Year Ended 8/31/2012			Year Ended 8/31/2011			Year Ended 8/31/2012			Year Ended 8/31/2011
OPERATIONS:
Investment income – net	$	1,299		$	360		$	3,038		$	6,648
Net realized gain (loss) on investments		15			(34	)		(31	)		129
Net increase in net assets resulting from operations		1,314			326			3,007			6,777
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(20	)		—			—			—
Class C		—			—			—			—
Class D		(204	)		—			—			—
Class I		—			—			—			—
Class Y		(377	)		—			—			—
Class Z		(586	)		(360	)		(3,038	)		(6,623	)
Institutional Investor Class		(112	)		—			—			(25	)
Reserve Class		—			—			—			—
Total distributions		(1,299	)		(360	)		(3,038	)		(6,648	)
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE:
Class A:
Proceeds from sales		803,253			787,051			1,892,237			2,372,390
Reinvestment of distributions		2			—			—			22
Payments for redemptions		(773,687	)		(864,516	)		(1,953,400	)		(2,546,694	)
Increase (decrease) in net assets from Class A transactions		29,568			(77,465	)		(61,163	)		(174,282	)
Class B:
Proceeds from sales		—			—			—			—
Reinvestment of distributions		—			—			—			—
Payments for redemptions		—			—			—			(1,154	)
Decrease in net assets from Class B transactions		—			—			—			(1,154	)
Class C:
Proceeds from sales		—			—			—			50
Reinvestment of distributions		—			—			—			—
Payments for redemptions		—			—			(528	)		(2,064	)
Decrease in net assets from Class C transactions		—			—			(528	)		(2,014	)
Class D:
Proceeds from sales		8,275,892			7,190,742			2,825,209			3,827,616
Reinvestment of distributions		—			—			—			—
Payments for redemptions		(7,748,163	)		(7,540,544	)		(3,048,702	)		(4,255,139	)
Increase (decrease) in net assets from Class D transactions		527,729			(349,802	)		(223,493	)		(427,523	)
Class I:
Proceeds from sales		—			—			4,314,033			10,356,156
Reinvestment of distributions		—			—			—			1
Payments for redemptions		—			—			(4,441,456	)		(10,737,990	)
Decrease in net assets from Class I transactions		—			—			(127,423	)		(381,833	)
Class Y:
Proceeds from sales		29,382,467			22,860,678			23,502,554			86,076,410
Reinvestment of distributions		21			—			—			18
Payments for redemptions		(28,494,359	)		(24,158,400	)		(23,747,254	)		(86,442,769	)
Increase (decrease) in net assets from Class Y transactions		888,129			(1,297,722	)		(244,700	)		(366,341	)
Class Z:
Proceeds from sales		46,023,284			68,228,841			31,872,789			35,835,014
Reinvestment of distributions		56			155			431			469
Payments for redemptions		(44,121,841	)		(66,821,633	)		(32,745,921	)		(39,794,372	)
Increase (decrease) in net assets from Class Z transactions		1,901,499			1,407,363			(872,701	)		(3,958,889	)
Institutional Investor Class:
Proceeds from sales		5,364,862			5,233,557			4,463,132			6,686,824
Reinvestment of distributions		—			—			—			1
Payments for redemptions		(5,401,710	)		(5,099,358	)		(4,634,460	)		(7,189,078	)
Increase (decrease) in net assets from Institutional Investor Class transactions		(36,848	)		134,199			(171,328	)		(502,253	)
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		3,310,077			(183,427	)		(1,701,336	)		(5,814,289	)
Total increase (decrease) in net assets		3,310,092			(183,461	)		(1,701,367	)		(5,814,160	)
Net assets at beginning of year		13,154,697			13,338,158			12,935,124			18,749,284
Net assets at end of year	$	16,464,789		$	13,154,697		$	11,233,757		$	12,935,124
Undistributed (distributions in excess of) net investment income	$	(23	)	$	50		$	(60	)	$	161

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

22 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

Tax Free Obligations Fund				Treasury Obligations Fund						U.S. Treasury Money Market Fund
Year Ended 8/31/2012	Year Ended 8/31/2011			Year Ended 8/31/2012			Year Ended 8/31/2011			Year Ended 8/31/2012			Year Ended 8/31/2011
$—	$	15		$	—		$	25		$	—		$	—
10		5			27			(1	)		5			12
10		20			27			24			5			12
(4)		—			—			—			—			—
—		—			—			—			—			—
(1)		—			—			—			—			(1	)
—		—			—			—			—			—
(13)		—			—			—			—			(2	)
(2)		(15	)		—			(25	)		—			(1	)
—		—			—			—			—			—
—		—			—			—			—			—
(20)		(15	)		—			(25	)		—			(4	)
122,223		122,384			2,993,441			1,561,376			2,562,078			1,045,216
2		2			—			—			—			—
(104,543)		(125,154	)		(3,092,665	)		(1,860,128	)		(2,565,805	)		(1,075,239	)
17,682		(2,768	)		(99,224	)		(298,752	)		(3,727	)		(30,023	)
—		—			—			—			—			—
—		—			—			—			—			—
—		—			—			—			—			—
—		—			—			—			—			—
—		—			—			—			—			—
—		—			—			—			—			—
—		—			—			—			—			—
—		—			—			—			—			—
110,782		76,319			4,417,238			6,545,447			643,439			590,892
—		—			—			—			—			—
(95,926)		(71,229	)		(4,741,162	)		(6,819,313	)		(538,294	)		(614,764	)
14,856		5,090			(323,924	)		(273,866	)		105,145			(23,872	)
—		—			—			—			—			—
—		—			—			—			—			—
—		—			—			—			—			—
—		—			—			—			—			—
898,021		1,587,214			15,694,642			16,501,827			883,971			2,241,039
1		1			—			1			—			—
(1,012,875)		(1,659,910	)		(16,480,753	)		(15,341,739	)		(927,938	)		(2,220,969	)
(114,853)		(72,695	)		(786,111	)		1,160,089			(43,967	)		20,070
541,489		583,100			17,964,188			8,954,127			643,067			741,079
—		—			—			17			—			—
(581,672)		(827,103	)		(15,657,042	)		(8,476,765	)		(660,646	)		(760,341	)
(40,183)		(244,003	)		2,307,146			477,379			(17,579	)		(19,262	)
306,735		468,450			2,340,178			2,458,492			134,508			92,727
—		—			—			—			—			—
(300,346)		(461,866	)		(2,302,191	)		(2,364,894	)		(132,132	)		(113,695	)
6,389		6,584			37,987			93,598			2,376			(20,968	)
—		—			769,569			894,259			—			—
—		—			—			1			—			—
—		—			(950,757	)		(951,178	)		—			—
—		—			(181,188	)		(56,918	)		—			—
(116,109)		(307,792	)		954,686			1,101,530			42,248			(74,055	)
(116,119)		(307,787	)		954,713			1,101,529			42,253			(74,047	)
729,453		1,037,240			10,272,882			9,171,353			543,002			617,049
$613,334	$	729,453		$	11,227,595		$	10,272,882		$	585,255		$	543,002
$      (14)	$	6		$	(44	)	$	(43	)	$	(10	)	$	(9	)

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

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 23

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		Total Return3			Net Assets End of Period (000)
Government Obligations Fund
Class A
20121	$	1.00	$	0.000	2	$	(0.000	)2	$	1.00		0.01	%	$	247,540
20111		1.00		—			—			1.00		0.00			217,973
20101		1.00		—			—			1.00		0.00			295,439
20091		1.00		0.004			(0.004	)		1.00		0.36			530,312
20081		1.00		0.028			(0.028	)		1.00		2.79			710,680
Class D
20121	$	1.00	$	0.000	2	$	(0.000	)2	$	1.00		0.01	%	$	2,703,874
20111		1.00		—			—			1.00		0.00			2,176,148
20101		1.00		—			—			1.00		0.00			2,525,955
20091		1.00		0.004			(0.004	)		1.00		0.44			2,973,885
20081		1.00		0.029			(0.029	)		1.00		2.95			2,628,910
Class Y
20121	$	1.00	$	0.000	2	$	(0.000	)2	$	1.00		0.01	%	$	4,731,744
20111		1.00		—			—			1.00		0.00			3,843,620
20101		1.00		—			—			1.00		0.00			5,141,352
20091		1.00		0.005			(0.005	)		1.00		0.55			6,837,427
20081		1.00		0.031			(0.031	)		1.00		3.10			6,935,957
Class Z
20121	$	1.00	$	0.000	2	$	(0.000	)2	$	1.00		0.01	%	$	7,601,448
20111		1.00		0.000	2		(0.000	)2		1.00		0.01			5,699,924
20101		1.00		0.000	2		(0.000	)2		1.00		0.04			4,292,577
20091		1.00		0.008			(0.008	)		1.00		0.79			8,402,541
20081		1.00		0.033			(0.033	)		1.00		3.36			1,915,386
Institutional Investor Class
20121	$	1.00	$	0.000	2	$	(0.000	)2	$	1.00		0.01	%	$	1,180,183
20111		1.00		—			—			1.00		0.00			1,217,032
20101		1.00		—			—			1.00		0.00			1,082,835
20091		1.00		0.007			(0.007	)		1.00		0.69			2,875,035
20081		1.00		0.032			(0.032	)		1.00		3.25			461,342

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

²  Rounds to zero.

³  Total return would have been lower had certain expenses not been waived.

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

24 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

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)
	0.15	%		0.01	%		0.79	%		(0.63	)%
	0.20			0.00			0.79			(0.59	)
	0.27			0.00			0.78			(0.51	)
	0.67			0.31			0.79			0.19
	0.75			2.58			0.78			2.55
	0.16	%		0.01	%		0.65	%		(0.48	)%
	0.20			0.00			0.64			(0.44	)
	0.27			0.00			0.63			(0.36	)
	0.59			0.40			0.65			0.34
	0.60			2.59			0.63			2.56
	0.16	%		0.01	%		0.50	%		(0.33	)%
	0.20			0.00			0.49			(0.29	)
	0.27			0.00			0.48			(0.21	)
	0.48			0.52			0.50			0.50
	0.45			2.81			0.48			2.78
	0.16	%		0.01	%		0.25	%		(0.08	)%
	0.19			0.01			0.25			(0.05	)
	0.23			0.05			0.23			0.05
	0.24			0.59			0.24			0.59
	0.20			3.04			0.23			3.01
	0.15	%		0.01	%		0.34	%		(0.18	)%
	0.20			0.00			0.34			(0.14	)
	0.27			0.01			0.33			(0.05	)
	0.34			0.49			0.34			0.49
	0.30			3.16			0.33			3.13

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 25

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		Total Return3			Net Assets End of Period (000)
Prime Obligations Fund
Class A
20121	$	1.00	$	—		$	—		$	1.00		0.00	%	$	1,088,649
20111		1.00		—			—			1.00		0.00			1,149,814
20101		1.00		0.000	2		(0.000	)2		1.00		0.00			1,324,087
20091		1.00		0.007			(0.007	)		1.00		0.67			1,676,718
20081		1.00		0.031			(0.031	)		1.00		3.17			2,315,088
Class D
20121	$	1.00	$	—		$	—		$	1.00		0.00	%	$	862,131
20111		1.00		—			—			1.00		0.00			1,085,626
20101		1.00		0.000	2		(0.000	)2		1.00		0.00			1,513,140
20091		1.00		0.008			(0.008	)		1.00		0.79			2,473,134
20081		1.00		0.033			(0.033	)		1.00		3.32			1,936,019
Class I
20121	$	1.00	$	—		$	—		$	1.00		0.00	%	$	1,124,114
20111		1.00		—			—			1.00		0.00			1,251,541
20101		1.00		0.000	2		(0.000	)2		1.00		0.00			1,633,364
20091		1.00		0.010			(0.010	)		1.00		0.98			5,275,495
20081		1.00		0.035			(0.035	)		1.00		3.56			1,608,965
Class Y
20121	$	1.00	$	—		$	—		$	1.00		0.00	%	$	3,130,035
20111		1.00		—			—			1.00		0.00			3,374,744
20101		1.00		0.000	2		(0.000	)2		1.00		0.00			3,741,060
20091		1.00		0.009			(0.009	)		1.00		0.92			7,249,566
20081		1.00		0.034			(0.034	)		1.00		3.48			8,092,898
Class Z
20121	$	1.00	$	0.001		$	(0.001	)	$	1.00		0.06	%	$	4,776,543
20111		1.00		0.000	2		(0.000	)2		1.00		0.07			5,649,257
20101		1.00		0.001			(0.001	)		1.00		0.10			9,608,076
20091		1.00		0.012			(0.012	)		1.00		1.18			13,745,864
20081		1.00		0.037			(0.037	)		1.00		3.77			8,864,378
Institutional Investor Class
20121	$	1.00	$	—		$	—		$	1.00		0.00	%	$	252,285
20111		1.00		0.000	2		(0.000	)2		1.00		0.00			423,613
20101		1.00		0.000	2		(0.000	)2		1.00		0.02			925,862
20091		1.00		0.011			(0.011	)		1.00		1.08			1,693,975
20081		1.00		0.036			(0.036	)		1.00		3.66			1,354,758

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

²  Rounds to zero.

³  Total return would have been lower had certain expenses not been waived.

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

26 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

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)
	0.26	%		0.00	%		0.80	%		(0.54	)%
	0.30			0.00			0.79			(0.49	)
	0.33			0.00			0.78			(0.45	)
	0.76			0.71			0.81			0.66
	0.78			3.08			0.78			3.08
	0.26	%		0.00	%		0.65	%		(0.39	)%
	0.30			0.00			0.64			(0.34	)
	0.34			0.00			0.64			(0.30	)
	0.64			0.71			0.66			0.69
	0.63			3.07			0.63			3.07
	0.26	%		0.00	%		0.45	%		(0.19	)%
	0.30			0.00			0.44			(0.14	)
	0.34			0.00			0.43			(0.09	)
	0.45			0.81			0.46			0.80
	0.40			3.49			0.43			3.46
	0.26	%		0.00	%		0.50	%		(0.24	)%
	0.30			0.00			0.49			(0.19	)
	0.34			0.00			0.48			(0.14	)
	0.51			0.89			0.51			0.89
	0.48			3.35			0.48			3.35
	0.20	%		0.06	%		0.25	%		0.01	%
	0.23			0.07			0.24			0.06
	0.23			0.10			0.23			0.10
	0.25			1.03			0.26			1.02
	0.20			3.49			0.23			3.46
	0.26	%		0.00	%		0.35	%		(0.09	)%
	0.31			0.00			0.35			(0.04	)
	0.31			0.03			0.33			0.01
	0.35			0.95			0.36			0.94
	0.30			3.64			0.33			3.61

FIRST AMERICAN FUNDS     2012 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		Total Return3			Net Assets End of Period (000)
Tax Free Obligations Fund
Class A
20121	$	1.00	$	0.000	2	$	(0.000	)2	$	1.00		0.00	%	$	89,213
20111		1.00		—			—			1.00		0.00			71,532
20101		1.00		0.000	2		(0.000	)2		1.00		0.00			74,301
20091		1.00		0.004			(0.004	)		1.00		0.47			124,530
20081		1.00		0.018			(0.018	)		1.00		1.86			255,762
Class D
20121	$	1.00	$	0.000	2	$	(0.000	)2	$	1.00		0.00	%	$	48,324
20111		1.00		—			—			1.00		0.00			33,470
20101		1.00		0.000	2		(0.000	)2		1.00		0.00			28,380
20091		1.00		0.005			(0.005	)		1.00		0.52			48,884
20081		1.00		0.020			(0.020	)		1.00		2.01			159,924
Class Y
20121	$	1.00	$	0.000	2	$	(0.000	)2	$	1.00		0.00	%	$	386,307
20111		1.00		—			—			1.00		0.00			501,167
20101		1.00		0.000	2		(0.000	)2		1.00		0.00			573,858
20091		1.00		0.006			(0.006	)		1.00		0.59			753,405
20081		1.00		0.021			(0.021	)		1.00		2.17			1,281,930
Class Z
20121	$	1.00	$	0.000	2	$	(0.000	)2	$	1.00		0.00	%	$	64,071
20111		1.00		0.000	2		(0.000	)2		1.00		0.01			104,254
20101		1.00		0.000	2		(0.000	)2		1.00		0.03			348,256
20091		1.00		0.008			(0.008	)		1.00		0.80			731,472
20081		1.00		0.024			(0.024	)		1.00		2.42			644,429
Institutional Investor Class
20121	$	1.00	$	0.000	2	$	(0.000	)2	$	1.00		0.00	%	$	25,419
20111		1.00		—			—			1.00		0.00			19,030
20101		1.00		0.000	2		(0.000	)2		1.00		0.01			12,445
20091		1.00		0.007			(0.007	)		1.00		0.70			15,211
20081		1.00		0.023			(0.023	)		1.00		2.32			41,342

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

²  Rounds to zero.

³  Total return would have been lower had certain expenses not been waived.

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

28 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

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)
	0.15	%		0.00	%		0.86	%		(0.71	)%
	0.24			0.00			0.84			(0.60	)
	0.26			0.00			0.81			(0.55	)
	0.63			0.60			0.83			0.40
	0.75			1.80			0.79			1.76
	0.15	%		0.00	%		0.71	%		(0.56	)%
	0.24			0.00			0.69			(0.45	)
	0.26			0.00			0.66			(0.40	)
	0.57			0.64			0.68			0.53
	0.60			1.75			0.64			1.71
	0.14	%		0.00	%		0.55	%		(0.41	)%
	0.24			0.00			0.53			(0.29	)
	0.26			0.00			0.51			(0.25	)
	0.49			0.69			0.53			0.65
	0.45			2.12			0.49			2.08
	0.14	%		0.00	%		0.31	%		(0.17	)%
	0.24			0.01			0.28			(0.03	)
	0.24			0.03			0.26			0.01
	0.27			0.75			0.28			0.74
	0.20			2.52			0.24			2.48
	0.14	%		0.00	%		0.40	%		(0.26	)%
	0.23			0.00			0.39			(0.16	)
	0.25			0.00			0.35			(0.10	)
	0.37			0.80			0.38			0.79
	0.30			2.31			0.34			2.27

FIRST AMERICAN FUNDS     2012 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		Total Return3			Net Assets End of Period (000)
Treasury Obligations Fund
Class A
2012 1	$	1.00	$	—		$	—		$	1.00		0.00	%	$	470,684
2011 1		1.00		—			—			1.00		0.00			569,907
2010 1		1.00		0.000	2		(0.000	)2		1.00		0.00			868,658
2009 1		1.00		0.001			(0.001	)		1.00		0.07			940,369
2008 1		1.00		0.023			(0.023	)		1.00		2.30			1,391,961
Class D
2012 1	$	1.00	$	—		$	—		$	1.00		0.00	%	$	2,110,985
2011 1		1.00		—			—			1.00		0.00			2,434,904
2010 1		1.00		0.000	2		(0.000	)2		1.00		0.00			2,708,770
2009 1		1.00		0.001			(0.001	)		1.00		0.11			3,411,407
2008 1		1.00		0.024			(0.024	)		1.00		2.45			6,868,518
Class Y
2012 1	$	1.00	$	—		$	—		$	1.00		0.00	%	$	3,671,911
2011 1		1.00		—			—			1.00		0.00			4,458,012
2010 1		1.00		0.000	2		(0.000	)2		1.00		0.00			3,297,924
2009 1		1.00		0.002			(0.002	)		1.00		0.18			4,692,210
2008 1		1.00		0.027			(0.027	)		1.00		2.60			5,482,050
Class Z
2012 1	$	1.00	$	—		$	—		$	1.00		0.00	%	$	4,183,433
2011 1		1.00		0.000	2		(0.000	)2		1.00		0.00			1,876,278
2010 1		1.00		0.000	2		(0.000	)2		1.00		0.00			1,398,900
2009 1		1.00		0.004			(0.004	)		1.00		0.36			1,926,914
2008 1		1.00		0.028			(0.028	)		1.00		2.86			3,713,560
Institutional Investor Class
2012 1	$	1.00	$	—		$	—		$	1.00		0.00	%	$	612,335
2011 1		1.00		—			—			1.00		0.00			574,347
2010 1		1.00		0.000	2		(0.000	)2		1.00		0.00			480,749
2009 1		1.00		0.003			(0.003	)		1.00		0.28			526,060
2008 1		1.00		0.027			(0.027	)		1.00		2.75			766,652
Reserve Class
2012 1	$	1.00	$	—		$	—		$	1.00		0.00	%	$	178,247
2011 1		1.00		—			—			1.00		0.00			359,434
2010 1		1.00		0.000	2		(0.000	)2		1.00		0.00			416,352
2009 1		1.00		0.001			(0.001	)		1.00		0.06			602,332
2008 1		1.00		0.024			(0.024	)		1.00		2.11			973,250

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

²  Rounds to zero.

³  Total return would have been lower had certain expenses not been waived.

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

30 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

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)
	0.11	%		0.00	%		0.79	%		(0.68	)%
	0.17			0.00			0.79			(0.62	)
	0.20			0.00			0.78			(0.58	)
	0.53			0.09			0.79			(0.17	)
	0.75			2.34			0.78			2.31
	0.12	%		0.00	%		0.65	%		(0.53	)%
	0.17			0.00			0.65			(0.48	)
	0.20			0.00			0.63			(0.43	)
	0.50			0.15			0.64			0.01
	0.60			2.45			0.63			2.42
	0.12	%		0.00	%		0.50	%		(0.38	)%
	0.16			0.00			0.49			(0.33	)
	0.20			0.00			0.48			(0.28	)
	0.41			0.19			0.49			0.11
	0.45			2.62			0.48			2.59
	0.12	%		0.00	%		0.24	%		(0.12	)%
	0.16			0.00			0.24			(0.08	)
	0.20			0.00			0.23			(0.03	)
	0.23			0.38			0.24			0.37
	0.20			2.74			0.23			2.71
	0.12	%		0.00	%		0.35	%		(0.23	)%
	0.16			0.00			0.34			(0.18	)
	0.20			0.00			0.33			(0.13	)
	0.31			0.32			0.34			0.29
	0.30			2.68			0.33			2.65
	0.11	%		0.00	%		1.00	%		(0.89	)%
	0.17			0.00			0.99			(0.82	)
	0.20			0.00			0.98			(0.78	)
	0.56			0.08			0.99			(0.35	)
	0.93			2.13			0.98			2.08

FIRST AMERICAN FUNDS     2012 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		Total Return2			Net Assets End of Period (000)
U.S. Treasury Money Market Fund
Class A
20121	$	1.00	$	—	$	—		$	1.00		0.00	%	$	17,741
20111		1.00		—		—			1.00		0.00			21,468
20101		1.00		—		—			1.00		0.00			51,490
20091		1.00		0.001		(0.001	)		1.00		0.08			62,194
20081		1.00		0.020		(0.020	)		1.00		2.00			89,497
Class D
20121	$	1.00	$	—	$	—		$	1.00		0.00	%	$	196,910
20111		1.00		—		—			1.00		0.00			91,763
20101		1.00		—		—			1.00		0.00			115,634
20091		1.00		0.001		(0.001	)		1.00		0.12			133,882
20081		1.00		0.021		(0.021	)		1.00		2.15			321,431
Class Y
20121	$	1.00	$	—	$	—		$	1.00		0.00	%	$	291,805
20111		1.00		—		—			1.00		0.00			335,769
20101		1.00		—		—			1.00		0.00			315,695
20091		1.00		0.002		(0.002	)		1.00		0.16			426,875
20081		1.00		0.023		(0.023	)		1.00		2.30			570,751
Class Z
20121	$	1.00	$	—	$	—		$	1.00		0.00	%	$	60,196
20111		1.00		—		—			1.00		0.00			77,775
20101		1.00		—		—			1.00		0.00			97,034
20091		1.00		0.003		(0.003	)		1.00		0.27			237,487
20081		1.00		0.025		(0.025	)		1.00		2.56			219,278
Institutional Investor Class
20121	$	1.00	$	—	$	—		$	1.00		0.00	%	$	18,603
20111		1.00		—		—			1.00		0.00			16,227
20101		1.00		—		—			1.00		0.00			37,196
20091		1.00		0.002		(0.002	)		1.00		0.22			149,648
20081		1.00		0.024		(0.024	)		1.00		2.46			125,216

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.

32 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

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)
	0.05	%		0.00	%		0.86	%		(0.81	)%
	0.12			0.00			0.85			(0.73	)
	0.12			0.00			0.82			(0.70	)
	0.44			0.11			0.77			(0.22	)
	0.75			1.64			0.80			1.59
	0.06	%		0.00	%		0.71	%		(0.65	)%
	0.11			0.00			0.70			(0.59	)
	0.13			0.00			0.68			(0.55	)
	0.42			0.16			0.64			(0.06	)
	0.60			2.09			0.65			2.04
	0.05	%		0.00	%		0.56	%		(0.51	)%
	0.10			0.00			0.55			(0.45	)
	0.12			0.00			0.52			(0.40	)
	0.36			0.18			0.50			0.04
	0.45			2.22			0.50			2.17
	0.05	%		0.00	%		0.31	%		(0.26	)%
	0.10			0.00			0.31			(0.21	)
	0.14			0.00			0.27			(0.13	)
	0.23			0.30			0.25			0.28
	0.20			2.33			0.25			2.28
	0.05	%		0.00	%		0.40	%		(0.35	)%
	0.12			0.00			0.40			(0.28	)
	0.12			0.00			0.37			(0.25	)
	0.29			0.22			0.36			0.15
	0.30			1.68			0.35			1.63

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 33

Notes to Financial Statements August 31, 2012, 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 D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares. Class A shares are not subject to sales charges. 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 or Class C shares outstanding at August 31, 2012. Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares are offered only to qualifying institutional investors. Class I shares are offered by Prime Obligations Fund only. Reserve Class shares are offered by Treasury Obligations Fund only.

Each fund’s prospectus provides descriptions of its 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 its 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. Investments in other money market funds are valued at their respective net asset values on the valuation date. 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, 2012, the differences between the aggregate market price and the aggregate amortized cost of all securities did not exceed 0.25% for any fund.

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.

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

34 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

As of August 31, 2012, each fund’s investments were classified as follows:

Fund	Level 1		Level 2		Level 3		Total Fair Value
Government Obligations Fund
Government Agency Debt	$	—	$	9,491,655	$	—	$	9,491,655
Government Agency Repurchase Agreements		—		3,259,878		—		3,259,878
Treasury Repurchase Agreements		—		2,600,000		—		2,600,000
Treasury Debt		—		1,108,374		—		1,108,374
Investment Purchased with Proceeds from Securities Lending		—		1,032,531		—		1,032,531
Total Investments	$	—	$	17,492,438	$	—	$	17,492,438
Prime Obligations Fund
Certificates of Deposit	$	—	$	2,415,489	$	—	$	2,415,489
Government Agency Repurchase Agreements		—		2,095,122		—		2,095,122
Financial Company Commercial Paper		—		1,198,732		—		1,198,732
Treasury Debt		—		1,076,355		—		1,076,355
Other Notes		—		1,008,871		—		1,008,871
Asset Backed Commercial Paper		—		960,978		—		960,978
Government Agency Debt		—		948,939		—		948,939
Variable Rate Demand Notes		—		708,360		—		708,360
Other Repurchase Agreements		—		375,000		—		375,000
Investment Companies		231,142		—		—		231,142
Other Commercial Paper		—		149,996		—		149,996
Treasury Repurchase Agreement		—		93,552		—		93,552
Investment Purchased with Proceeds from Securities Lending		—		1,053,181		—		1,053,181
Total Investments	$	231,142	$	12,084,575	$	—	$	12,315,717
Tax Free Obligations Fund
Municipal Debt	$	—	$	618,244	$	—	$	618,244
Total Investments	$	—	$	618,244	$	—	$	618,244
Treasury Obligations Fund
Treasury Repurchase Agreements	$	—	$	6,656,448	$	—	$	6,656,448
Treasury Debt		—		4,557,103		—		4,557,103
Investments Purchased with Proceeds from Securities Lending		—		842,250		—		842,250
Total Investments	$	—	$	12,055,801	$	—	$	12,055,801
U.S. Treasury Money Market Fund
Treasury Debt	$	—	$	585,291	$	—	$	585,291
Total Investments	$	—	$	585,291	$	—	$	585,291

Refer to the Schedule of Investments for further security classification.

During the fiscal year ended August 31, 2012, 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 eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s

investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At August 31, 2012, the funds did not hold any restricted securities other than the Rule 144A securities disclosed in the Schedules of Investments. As of August 31, 2012, Prime Obligations Fund had investments in illiquid securities with a total value of $200,000 or 1.8% of total net assets.

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.

FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 35

Notes to Financial Statements August 31, 2012, all dollars and shares are rounded to thousands (000)

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, 2012 the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. 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, 2012
Fund	Accumulated Net Realized Gain (Loss)			Undistributed (Distributions in Excess of) Net Investment Income			Portfolio Capital
Government Obligations Fund	$	—		$	(73	)	$	73
Prime Obligations Fund		—			(221	)		221
Tax Free Obligations Fund		(12	)		—			12
Treasury Obligations Fund		—			(1	)		1
U.S. Treasury Money Market Fund		(3	)		(1	)		4

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, 2012 and August 31, 2011 (adjusted by dividends payable as of August 31, 2012 and August 31, 2011) were as follows:

	August 31, 2012
Fund	Ordinary Income		Tax-Exempt Income		Capital Gain		Total
Government Obligations Fund	$	1,076	$	—	$	—	$	1,076
Prime Obligations Fund		2,947		—		—		2,947
Tax Free Obligations Fund		—		20		—		20
Treasury Obligations Fund		3		—		—		3

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, 2012.

	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

As of August 31, 2012, 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	$	222	$	—	$	—	$	(345	)	$	—	$	(123	)
Prime Obligations Fund		257		—		—		(144	)		—		113
Tax Free Obligations Fund		—		—		—		—			—		—
Treasury Obligations Fund		—		—		—		(591	)		—		(591	)
U.S. Treasury Money Market Fund		—		—		—		—			—		—

36 FIRST AMERICAN FUNDS     2012 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, 2012 and the deferral of wash sale losses.

Under the Regulated Investment Company Modernization Act of 2010, the funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2012, 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	2014		2015			2016		2017			2018			2019			Indefinite Short-Term			Total
Government Obligations Fund	$	—	$	—		$	—	$	—		$	—		$	(326	)	$	(19	)	$	(345	)
Prime Obligations Fund		—		(41	)		—		(72	)		—			—			(31	)		(144	)
Treasury Obligations Fund		—		(51	)		—		—			(540	)		—			—			(591	)

During the fiscal year ended August 31, 2012, Treasury Obligations Fund utilized $26 of capital loss carryforwards.

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, each of the funds other than U.S. Treasury Money Market Fund may lend portfolio securities representing up to one-third of the value of its total assets to broker-dealers, banks or other institutional borrowers of securities. Only Government Obligations Fund, Prime Obligations Fund and Treasury Obligations Fund do so as a principal investment strategy. 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, 2012, Government Obligations Fund, Prime Obligations Fund and Treasury Obligations Fund had securities on loan with a total value of $1,007,534, $1,032,003 and $825,385 respectively.

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, 2012, Government Obligations Fund, Prime Obligations Fund and Treasury Obligations Fund paid $30, $59 and $41, 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.

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 37

Notes to Financial Statements August 31, 2012, all dollars and shares are rounded to thousands (000)

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, 2012.

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, 2012 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, in order to maintain a zero or positive yield for each share class of each fund. Effective February 1, 2011 for Government Obligations Fund Class Z shares and June 1, 2011 for

Class Z shares of Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund and U.S. Treasury Money Market Fund, 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%. These contractual waivers and reimbursements will remain in effect through October 31, 2013, and may not be terminated prior to such time without the approval of the funds’ board of directors. Waivers and reimbursements by the advisor are otherwise voluntary and may be terminated at any time by the advisor. In order to maintain a minimum yield, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20%, USBAM waived or reimbursed investment advisory fees of $225, $1,187, and $672 for Tax Free Obligations Fund, Treasury Obligations Fund and U.S. Treasury Money Market Fund, respectively, during the fiscal year ended August 31, 2012.

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, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20%, USBAM voluntarily waived or reimbursed administration fees of $12,521, $3,047, $874, $12,595, and $900 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, 2012.

38 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

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. 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%, 0.15%, and 0.50% of each fund’s average daily net assets attributable to Class A 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, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20%, 12b-1 distribution and shareholder servicing fees were reimbursed or suspended in the amounts of $4,021, $4,251, $290, $5,839 and $324 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, 2012.

Under the distribution agreement, no amounts were retained by affiliates of USBAM for the fiscal year ended August 31, 2012.

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, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20%, USBAM voluntarily waived or reimbursed shareholder servicing fees of $17,720, $14,485, $1,441, $17,567, and $1,413 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, 2012.

Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the fiscal year ended August 31, 2012 after waivers:

Fund	Amount
Prime Obligations Fund	$	934

EXPENSE REIMBURSEMENT – In addition to fee waivers, USBAM voluntarily reimbursed expenses of $156 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, 2012, legal fees and expenses of $36 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

4 > Portfolio Characteristics of the Tax Free Obligations Fund

The Tax Free Obligations Fund invests in municipal securities. At August 31, 2012, the percentage of portfolio investments by each category was as follows:

	Tax Free Obligations Fund
Weekly Variable Rate Demand Notes		63.7	%
Daily Variable Rate Demand Notes		18.2
Commercial Paper & Put Bonds		16.2
Other Municipal Notes & Bonds		1.9
		100.0	%

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, 2012, the percentage of total portfolio investments by each revenue source, was as follows:

	Tax Free Obligations Fund
Revenue Bonds		93.6	%
General Obligations		6.4
		100.0	%

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 39

Notes to Financial Statements August 31, 2012, all dollars and shares are rounded to thousands (000)

The implied credit ratings of all portfolio holdings as a percentage of total value of investments at August 31, 2012, were as follows:

Standard & Poor’s/Moody’s/Fitch Ratings	Tax Free Obligations Fund
AAA		4.4	%
AA		71.5
A		24.1
		100.0	%

Individual security ratings are based on information from Standard & Poor’s, Moody’s Investor Service, and/or Fitch Ratings. 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.

40 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

Notice to Shareholders August 31, 2012 (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 2013 on Form 1099. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended August 31, 2012, 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

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

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	—

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 without charge upon request by calling 800.677.3863 and on the SEC’s website at www.sec.gov.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the SEC on Form N-Q. The funds’ Forms N-Q are available without charge upon request (1) 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.

WEEKLY PORTFOLIO HOLDINGS

Each fund will make portfolio holdings information publicly available by posting the information at www.FirstAmericanFunds.com on a weekly basis.

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 41

Notice to Shareholders August 31, 2012 (unaudited)

APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AGREEMENT

The funds’ board of directors, 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 USBAM.

At a meeting on June 19-20, 2012, 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, 2013.

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, 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 29, 2012.

Government Obligations Fund. The board considered that, generally, due to the low interest rate environment prevailing during the period, the range of returns among all funds within the performance universe was very narrow. The board noted that the fund was at, or within a basis point of, its performance universe median for each period on both a net- and gross-of-expenses basis. Specifically, the board considered that on a gross-of-expenses basis the fund’s performance was equal to that of its performance universe median for the five-year period and the fund slightly outperformed its performance universe median for the one-year and three-year periods. The board also considered that, on a net-of-expenses basis, the fund’s performance was equal to that of its performance universe median for the five-year period, although the fund slightly underperformed its performance universe median for the one-year and three-year periods. 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.

42 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

Prime Obligations Fund. The board considered that, generally, due to the low interest rate environment prevailing during the period, the range of returns among all funds within the performance universe was very narrow. The board noted that the fund was at, or within two basis points of, its performance universe median for each period on both a net- and gross-of-expenses basis. 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.

Treasury Obligations Fund. The board considered that the fund outperformed its performance universe median over the one- and three-year time periods on a gross-of-expenses basis and the five-year time period on both a gross- and net-of-expenses basis. The board noted that while the fund slightly underperformed the performance universe median over the one- and three-year periods on a net-of-expenses basis, this occurred during a period of low interest rates where the range of returns among all funds within the performance universe was very narrow. 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-year period 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 noted that the fund is rated AAAm by S&P, which is the case with very few of its peers. The board further noted that, as a result, the fund is prohibited from buying unrated securities, which limits the universe of potential investments as compared to the fund’s peers. In addition, the board considered USBAM’s assertion that because the fund does not invest in any taxable securities, including securities subject to the alternative minimum tax, the fund’s potential universe of investments is further limited compared to that of 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 first quarter ended March 31, 2012. 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, for the one- and three-year periods on a net-of-expenses basis, the fund performed competitively with its performance universe median, although, on a gross-of-expenses basis, the fund underperformed its performance universe median for all periods as well as for the five-year period on a net-of-expenses basis. 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 on a gross-of-expenses basis. 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 the advisory fee after waivers of Government Obligations Fund and Treasury Obligations Fund is higher than its peer group median, each fund’s contractual advisory fee and the advisory fee after waivers of Prime Obligations Fund, Tax-Free Obligations Fund and U.S. Treasury Money Market Fund is lower than its expense group median. The board also noted that each fund’s gross total

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 43

Notice to Shareholders August 31, 2012 (unaudited)

expense ratio 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.

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.

44 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

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 expiring 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 FreightTM, a logistics/supply chain company; Director, Towne Airfreight; non-profit board member	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 expiring 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; Director term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Chair of FAF’s Board 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 expiring 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)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Director of FAF since April 1991	Attorney At Law, Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman, and Chief Executive Officer, Community Resource Partnerships, Inc., a corporation engaged in strategic planning, operations management, government relations, transportation planning, and public relations; Owner, ExcensusTM, 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 expiring 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.

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 45

Notice to Shareholders August 31, 2012 (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	Chief Operating Officer, U.S. Bancorp Asset Management, Inc. since August 2012; Head of Operations, Technology and Treasury, U.S. Bancorp Asset Management, Inc. from January 2011 through July 2012; prior thereto, Managing 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 and Anti-Money Laundering Officer, U.S. Bancorp Asset Management, Inc. since January 2011; prior thereto, 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

* Messrs. Ulrey, Thole, and Ertel, Mses. Stevenson, Mayr, and Sinn are each officers and/or employees of U.S. Bancorp Asset Management, Inc., which serves as investment adviser and administrator for FAF.

46 FIRST AMERICAN FUNDS     2012 ANNUAL REPORT

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 the First American Family of Funds

• 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 

FIRST AMERICAN FUNDS     2012 ANNUAL REPORT 47

Board of Directors First American Funds, Inc.

Leonard Kedrowski

Chairperson of First American Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Roger Gibson

Director of First American Funds, Inc.

Director of Charterhouse Group, Inc.

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.

Joseph Strauss

Director of First American Funds, Inc.

Owner and President of Strauss Management Company

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.

0080-12    10/2012    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, Leonard W. Kedrowski, 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 $203,675 in the fiscal year ended August 31, 2012 and $136,229 in the fiscal year ended August 31, 2011, 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 $1,275 in the fiscal year ended August 31, 2012 and $799 in the fiscal year ended August 31, 2011, including fees associated with the semi-annual review of fund disclosures.

(c) Tax Fees—E&Y billed the registrant fees of $24,114 in the fiscal year ended August 31, 2012 and $26,333 in the fiscal year ended August 31, 2011, 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, 2012 and the fiscal period ended August 31, 2011.

(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 $217,000 in the fiscal year ended August 31, 2012 and $470,000 in the fiscal year ended August 31, 2011.

(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 30, 2012

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 30, 2012

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

Date: October 30, 2012