Nuveen Small Cap Value Fund (FSCAX) N-CSRS Certified semi-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 811-05309

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

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

Charles D. Gariboldi, Jr., 800 Nicollet Mall, Minneapolis, MN 55402
(Name and address of agent for service)

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

Date of fiscal period end: October 31, 2008

Date of reporting period: April 30, 2009

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.

Table of Contents

Explanation of Financial Statements	1
Holdings Summaries	2
Expense Examples	7
Schedule of Investments	15
Statements of Assets and Liabilities	48
Statements of Operations	50
Statements of Changes in Net Assets	52
Financial Highlights	56
Notes to Financial Statements	86
Notice to Shareholders	101
EX-99.CERT
EX-99.906CERT

Mutual fund investing involves risk; principal loss is possible.

 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

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

The Statement of Assets and Liabilities lists the assets and liabilities of a fund and presents a fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing a 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 a fund’s assets. Other assets include cash and receivables for items such as income earned by a 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 a 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 a fund.

The Statement of Changes in Net Assets describes how a 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 a fund’s net asset size to change during the period.

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

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

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

First American Funds 2009 Semiannual Report   1

Holdings Summaries

Balanced Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

First American Prime Obligations Fund, Class Z	11	.1%
U.S. Treasury Note, 2.750%, 10/31/2013	2	.9
iShares MSCI EAFE Index Fund	2	.4
U.S. Treasury Note, 3.125%, 09/30/2013	2	.2
U.S. Treasury Note, 3.750%, 11/15/2018	2	.1
Federal National Mortgage Association Pool, 6.000%, 05/15/2037	2	.0
Cisco Systems	1	.4
Federal National Mortgage Association Pool, 6.500%, 05/01/2039	1	.2
Exxon Mobil	1	.2
Apple	1	.2

Portfolio Allocation as of April 30, 2009¹(% of net assets)

Stocks	46	.2%
Bonds	42	.5
Exchange-Traded Funds	3	.0
Preferred Stocks	0	.2
Short-Term Investments	12	.1
Other Assets and Liabilities, Net2	(4	.0)
	100	.0%

Equity Income Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Chevron	3	.7%
Exxon Mobil	3	.6
Praxair	3	.1
BP – ADR	2	.9
ConocoPhillips	2	.7
McDonald’s	2	.5
Emerson Electric	2	.5
QUALCOMM	2	.5
AT&T	2	.5
Yum! Brands	2	.2

Sector Allocation as of April 30, 2009¹ (% of net assets)

Financials	14	.7%
Energy	14	.6
Information Technology	13	.8
Industrials	10	.7
Consumer Staples	10	.0
Consumer Discretionary	8	.8
Healthcare	7	.7
Materials	6	.3
Telecommunication Services	5	.9
Utilities	5	.1
Short-Term Investment	2	.1
Other Assets and Liabilities, Net2	0	.3
	100	.0%

Global Infrastructure Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Abertis Infraestructuras	4	.6%
Kinder Morgan Management	3	.8
Balfour Beatty	3	.0
SMRT	2	.9
Transurban Group	2	.9
State Street Institutional Liquid Reserves Fund	2	.7
Scottish & Southern Energy	2	.6
GDF Suez	2	.5
Enbridge	2	.5
TransCanada	2	.4

Country Allocation as of April 30, 2009¹(% of net assets)

United States	22	.3%
United Kingdom	12	.8
France	10	.6
Canada	9	.9
Singapore	8	.2
Spain	7	.4
Japan	6	.2
Hong Kong	5	.5
Australia	5	.2
Other	10	.1
Short-Term Investment	2	.7
Other Assets & Liabilities, Net2	(0	.9)
	100	.0%

1	Fund holdings and portfolio/sector/country allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

2   First American Funds 2009 Semiannual Report

International Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

U.S. Treasury Bill, 0.050%, 06/04/2009	3	.5%
Nestle	1	.8
Experian Group	1	.4
Carrefour	1	.4
Heineken	1	.4
Vodafone Group – ADR	1	.3
Vivendi Universal	1	.3
FANUC	1	.3
Total	1	.3
GlaxoSmithKline	1	.3

Country Allocation as of April 30, 2009¹ (% of net assets)

United Kingdom	19	.1%
Japan	18	.3
France	11	.0
Germany	7	.9
Switzerland	5	.1
Canada	4	.7
Hong Kong	3	.1
Spain	3	.0
Italy	2	.1
Netherlands	2	.1
Other	18	.6
Short-Term Investments	4	.7
Other Assets & Liabilities, Net2	0	.3
	100	.0%

International Select Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

State Street Institutional Liquid Reserves Fund	9	.1%
U.S. Treasury Bill, 0.047%, 06/04/2009	3	.9
Nestle	1	.1
Carrefour	0	.9
Heineken	0	.9
Experian Group	0	.9
Vodafone Group – ADR	0	.9
Vivendi Universal	0	.9
Total	0	.9
GlaxoSmithKline	0	.9

Country Allocation as of April 30, 2009¹ (% of net assets)

United Kingdom	13	.0%
Japan	12	.4
France	7	.8
Germany	5	.8
Canada	4	.0
Brazil	3	.9
Switzerland	3	.6
Hong Kong	2	.8
South Korea	2	.5
Australia	2	.4
Other	28	.3
Short-Term Investments	13	.0
Other Assets & Liabilities, Net2	0	.5
	100	.0%

Large Cap Growth Opportunities Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Apple	4	.3%
Hewlett-Packard	3	.1
QUALCOMM	2	.9
Oracle	2	.7
Cisco Systems	2	.3
Abbott Laboratories	2	.2
Best Buy	2	.1
Intel	2	.1
Visa	2	.1
Monsanto	2	.0

Sector Allocation as of April 30, 2009¹ (% of net assets)

Information Technology	33	.5%
Consumer Discretionary	14	.8
Industrials	13	.4
Healthcare	10	.4
Energy	7	.4
Consumer Staples	6	.7
Financials	6	.5
Materials	4	.9
Telecommunication Services	1	.8
Short-Term Investment	0	.6
	100	.0%

1	Fund holdings and country/sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2009 Semiannual Report   3

Holdings Summaries

Large Cap Select Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Cisco Systems	3	.3%
Exxon Mobil	2	.9
Apple	2	.9
JPMorgan Chase	2	.8
Chevron	2	.7
Hewlett-Packard	2	.6
Emerson Electric	2	.2
BMC Software	2	.1
QUALCOMM	2	.0
Goldman Sachs Group	2	.0

Sector Allocation as of April 30, 2009¹ (% of net assets)

Information Technology	24	.9%
Financials	16	.7
Consumer Discretionary	14	.3
Energy	13	.4
Healthcare	11	.1
Industrials	7	.6
Materials	6	.6
Consumer Staples	2	.4
Telecommunication Services	2	.2
Utilities	0	.7
Short-Term Investment	0	.1
	100	.0%

Large Cap Value Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Exxon Mobil	5	.6%
JPMorgan Chase	4	.8
Chevron	4	.6
AT&T	4	.0
Procter & Gamble	3	.4
Wells Fargo	3	.0
Home Depot	2	.9
General Electric	2	.6
Johnson & Johnson	2	.5
Verizon Communications	2	.3

Sector Allocation as of April 30, 2009¹ (% of net assets)

Financials	19	.9%
Energy	16	.7
Healthcare	11	.8
Consumer Discretionary	10	.9
Consumer Staples	9	.6
Industrials	8	.8
Information Technology	6	.8
Telecommunication Services	6	.4
Materials	4	.5
Utilities	4	.1
Short-Term Investment	0	.3
Other Assets and Liabilities, Net2	0	.2
	100	.0%

Mid Cap Growth Opportunities Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Kohl’s	2	.6%
Allergan	2	.4
Broadcom, Class A	2	.2
BMC Software	2	.2
American Tower, Class A	2	.1
Precision Castparts	2	.0
TD Ameritrade Holding	1	.9
Polo Ralph Lauren	1	.9
Yum! Brands	1	.9
MasterCard, Class A	1	.8

Sector Allocation as of April 30, 2009¹ (% of net assets)

Information Technology	22	.8%
Consumer Discretionary	22	.8
Industrials	18	.0
Healthcare	11	.8
Energy	8	.7
Financials	5	.7
Telecomunication Services	4	.0
Materials	2	.9
Consumer Staples	1	.5
Short-Term Investment	1	.5
Other Assets and Liabilities, Net2	0	.3
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

4   First American Funds 2009 Semiannual Report

Mid Cap Value Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

First American Prime Obligations Fund, Class Z	2	.6%
Parker Hannifin	2	.2
Noble Energy	2	.1
ConAgra Foods	1	.9
Gap	1	.9
Aon	1	.8
PG&E	1	.7
Windstream	1	.7
Air Products & Chemicals	1	.7
Wisconsin Energy	1	.7

Sector Allocation as of April 30, 2009¹ (% of net assets)

Financials	24	.4%
Consumer Discretionary	17	.7
Utilities	10	.5
Information Technology	9	.4
Consumer Staples	8	.3
Industrials	8	.0
Materials	7	.0
Energy	6	.0
Healthcare	4	.2
Short-Term Investment	2	.6
Telecommunication Services	1	.7
Other Assets and Liabilities, Net2	0	.2
	100	.0%

Real Estate Securities Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Simon Property Group	7	.8%
Public Storage	7	.6
Vornado Realty Trust	5	.6
Ventas	4	.1
Equity Residential Properties Trust	4	.1
Boston Properties	4	.0
Essex Property Trust	3	.8
Federal Realty Investment Trust	3	.5
HCP	3	.3
Host Hotels & Resorts	2	.9

Sector Allocation as of April 30, 2009¹ (% of net assets)

Office	18	.3%
Healthcare	14	.1
Apartments	13	.7
Community Centers	10	.8
Malls	9	.9
Self Storage	8	.0
Industrials	7	.9
Diversified	7	.2
Net Lease	3	.7
Hotels	3	.5
Manufactured Homes	0	.9
Infrastructure	1	.1
Short-Term Investment	1	.0
Other Assets and Liabilities, Net2	(0	.1)
	100	.0%

Small Cap Growth Opportunities Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

First American Prime Obligations Fund, Class Z	3	.7%
Gymboree	2	.4
Warnaco Group	2	.2
Plantronics	2	.1
Eurand	1	.8
GUESS?	1	.8
Bally Technologies	1	.8
Alliance Imaging	1	.8
Urban Outfitters	1	.7
Perficient	1	.7

Sector Allocation as of April 30, 2009¹ (% of net assets)

Information Technology	28	.4%
Healthcare	22	.8
Consumer Discretionary	16	.1
Industrials	15	.3
Financials	6	.5
Energy	4	.1
Materials	2	.1
Telecommunication Services	1	.5
Short-Term Investment	3	.7
Other Assets & Liabilities, Net2	(0	.5)
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2009 Semiannual Report   5

Holdings Summaries

Small Cap Select Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

First American Prime Obligations Fund, Class Z	5	.2%
Advanced Analogic Technologies	1	.9
ICU Medical	1	.8
ADC Telecommunications	1	.8
BE Aerospace	1	.7
Delphi Financial Group, Class A	1	.7
Coinstar	1	.7
Platinum Underwriters Holdings	1	.7
DealerTrack Holdings	1	.7
Progress Software	1	.6

Sector Allocation as of April 30, 2009¹ (% of net assets)

Information Technology	20	.1%
Consumer Discretionary	17	.7
Financials	17	.1
Industrials	13	.5
Healthcare	12	.7
Energy	4	.7
Consumer Staples	2	.8
Materials	2	.7
Telecommunication Services	2	.1
Utilities	0	.9
Exchange-Traded Funds	1	.5
Short-Term Investment	5	.2
Other Assets & Liabilities, Net2	(1	.0)
	100	.0%

Small Cap Value Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Aaron Rents	2	.3%
Delphi Financial Group, Class A	1	.8
Bank of the Ozarks	1	.8
Aspen Insurance Holdings	1	.8
iShares Dow Jones U.S. Real Estate Index Fund	1	.7
Portland General Electric	1	.7
Res-Care	1	.6
Arch Chemicals	1	.6
Plantronics	1	.6
Domino’s Pizza	1	.6

Sector Allocation as of April 30, 2009¹ (% of net assets)

Financials	31	.0%
Consumer Discretionary	16	.0
Information Technology	14	.4
Industrials	11	.9
Materials	5	.8
Utilities	5	.7
Healthcare	5	.4
Consumer Staples	4	.3
Energy	2	.5
Exchange-Traded Funds	2	.2
Telecommunication Services	0	.5
Short-Term Investment	1	.3
Other Assets & Liabilities, Net2	(1	.0)
	100	.0%

Small-Mid Cap Core Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Stanley Works	2	.5%
BMC Software	2	.5
Avnet	2	.3
Vertex Pharmaceuticals	2	.1
Amkor Technology	2	.1
Bank of the Ozarks	2	.1
MFA Mortgage Investments – REIT	2	.0
Children’s Place Retail Stores	2	.0
TCF Financial	1	.9
Advance Auto Parts	1	.9

Sector Allocation as of April 30, 2009¹ (% of net assets)

Financials	23	.4%
Information Technology	20	.2
Industrials	14	.1
Consumer Discretionary	13	.4
Healthcare	7	.9
Materials	7	.7
Energy	5	.0
Utilities	4	.6
Telecommunication Services	1	.0
Consumer Staples	1	.0
Short-Term Investments	1	.7
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

6   First American Funds 2009 Semiannual Report

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from November 1, 2008 to April 30, 2009.

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.

Balanced Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual2	$	1,000.00	$	980.60	$	5.40
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51
Class B Actual2	$	1,000.00	$	977.00	$	9.07
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.62	$	9.25
Class C Actual2	$	1,000.00	$	977.30	$	9.07
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.62	$	9.25
Class R Actual2	$	1,000.00	$	978.70	$	6.62
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76
Class Y Actual2	$	1,000.00	$	981.90	$	4.18
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.10%, 1.85%, 1.85%, 1.35%, and 0.85% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended April 30, 2009 of -1.94%, -2.30%, -2.27%, -2.13%, and -1.81% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2009 Semiannual Report   7

Expense Examples

Equity Income Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual2	$	1,000.00	$	939.60	$	5.82
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.79	$	6.06
Class B Actual2	$	1,000.00	$	936.00	$	9.41
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.08	$	9.79
Class C Actual2	$	1,000.00	$	936.20	$	9.41
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.08	$	9.79
Class R Actual2	$	1,000.00	$	938.00	$	7.02
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.30
Class Y Actual2	$	1,000.00	$	940.30	$	4.62
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.03	$	4.81

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.21%, 1.96%, 1.96%, 1.46%, and 0.96% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended April 30, 2009 of -6.04%, -6.40%, -6.38%, -6.20%, and -5.97% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Global Infrastructure Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual4	$	1,000.00	$	969.50	$	6.10
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26
Class C Actual4	$	1,000.00	$	937.00	$	9.61
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88	$	9.99
Class R Actual4	$	1,000.00	$	938.50	$	7.07
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.35
Class Y Actual4	$	1,000.00	$	971.60	$	4.89
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 1.47%, and 1.00% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended April 30, 2009 of -3.05%, -6.30%, -6.15%, and -2.84% for Class A, Class C, Class R, and Class Y, respectively.

8   First American Funds 2009 Semiannual Report

International Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual2	$	1,000.00	$	992.50	$	7.36
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45
Class B Actual2	$	1,000.00	$	988.60	$	11.00
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.74	$	11.13
Class C Actual2	$	1,000.00	$	990.30	$	11.05
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.69	$	11.18
Class R Actual2	$	1,000.00	$	995.70	$	8.61
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.17	$	8.70
Class Y Actual2	$	1,000.00	$	994.40	$	6.13
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.21

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.49%, 2.23%, 2.24%, 1.74%, and 1.24% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended April 30, 2009 of -0.75%, -1.14%, -0.97%, -0.43%, and -0.56% for Class A, Class B, Class C, Class R, and Class Y, respectively.

International Select Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual4	$	1,000.00	$	1,029.90	$	7.50
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45
Class B Actual4	$	1,000.00	$	1,027.70	$	11.26
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.69	$	11.18
Class C Actual4	$	1,000.00	$	1,027.10	$	11.26
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.69	$	11.18
Class R Actual4	$	1,000.00	$	1,029.90	$	8.76
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.17	$	8.70
Class Y Actual4	$	1,000.00	$	1,031.40	$	6.25
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.21

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.49%, 2.24%, 2.24%, 1.74%, and 1.24% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended April 30, 2009 of 2.99%, 2.77%, 2.71%, 2.99%, and 3.14% for Class A, Class B, Class C, Class R and Class Y, respectively.

First American Funds 2009 Semiannual Report   9

Expense Examples

Large Cap Growth Opportunities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual2	$	1,000.00	$	977.50	$	6.08
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.21
Class B Actual2	$	1,000.00	$	974.40	$	9.69
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.98	$	9.89
Class C Actual2	$	1,000.00	$	974.00	$	9.74
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.93	$	9.94
Class R Actual2	$	1,000.00	$	977.00	$	7.30
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45
Class Y Actual2	$	1,000.00	$	978.80	$	4.86
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.89	$	4.96

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.24%, 1.98%, 1.99%, 1.49%, and 0.99% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended April 30, 2009 of -2.25%, -2.56%, -2.60%, -2.30%, and -2.12% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Large Cap Select Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual4	$	1,000.00	$	934.40	$	6.28
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.56
Class B Actual4	$	1,000.00	$	930.20	$	9.86
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.58	$	10.29
Class C Actual4	$	1,000.00	$	931.00	$	9.86
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.58	$	10.29
Class R Actual4	$	1,000.00	$	932.50	$	7.33
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.21	$	7.65
Class Y Actual4	$	1,000.00	$	935.40	$	5.04
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.59	$	5.26

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.31%, 2.06%, 2.06%, 1.53%, and 1.05% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended April 30, 2009 of -6.56%, -6.98%, -6.90%, -6.75%, and -6.46% for Class A, Class B, Class C, Class R, and Class Y, respectively.

10   First American Funds 2009 Semiannual Report

Large Cap Value Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual2	$	1,000.00	$	882.30	$	5.74
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.16
Class B Actual2	$	1,000.00	$	878.50	$	9.22
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.98	$	9.89
Class C Actual2	$	1,000.00	$	878.30	$	9.22
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.98	$	9.89
Class R Actual2	$	1,000.00	$	880.90	$	6.95
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45
Class Y Actual2	$	1,000.00	$	882.80	$	4.57
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.93	$	4.91

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.23%, 1.98%, 1.98%, 1.49%, and 0.98% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended April 30, 2009 of -11.77%, -12.15%, -12.17%, -11.91%, and -11.72% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Mid Cap Growth Opportunities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual4	$	1,000.00	$	1,033.10	$	6.30
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26
Class B Actual4	$	1,000.00	$	1,029.20	$	10.06
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88	$	9.99
Class C Actual4	$	1,000.00	$	1,029.20	$	10.06
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88	$	9.99
Class R Actual4	$	1,000.00	$	1,031.40	$	7.61
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.31	$	7.55
Class Y Actual4	$	1,000.00	$	1,034.00	$	5.04
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 2.00%, 1.51%, and 1.00% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended April 30, 2009 of 3.31%, 2.92%, 2.92%, 3.14%, and 3.40% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2009 Semiannual Report   11

Expense Examples

Mid Cap Value Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual2	$	1,000.00	$	983.00	$	6.24
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.36
Class B Actual2	$	1,000.00	$	979.50	$	9.91
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.78	$	10.09
Class C Actual2	$	1,000.00	$	979.40	$	9.91
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.78	$	10.09
Class R Actual2	$	1,000.00	$	981.60	$	7.47
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.26	$	7.60
Class Y Actual2	$	1,000.00	$	984.30	$	5.02
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.74	$	5.11

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.27%, 2.02%, 2.02%, 1.52%, and 1.02% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended April 30, 2009 of -1.70%, -2.05%, -2.06%, -1.84%, and -1.57% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Real Estate Securities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual4	$	1,000.00	$	821.30	$	5.78
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.41
Class B Actual4	$	1,000.00	$	818.40	$	9.11
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.78	$	10.09
Class C Actual4	$	1,000.00	$	818.40	$	9.11
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.78	$	10.09
Class R Actual4	$	1,000.00	$	820.30	$	6.91
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.21	$	7.65
Class Y Actual4	$	1,000.00	$	822.50	$	4.61
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.74	$	5.11

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.28%, 2.02%, 2.02%, 1.53%, and 1.02% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended April 30, 2009 of -17.87%, -18.16%, -18.16%, -17.97%, and -17.75% for Class A, Class B, Class C, Class R and Class Y, respectively.

12   First American Funds 2009 Semiannual Report

Small Cap Growth Opportunities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual2	$	1,000.00	$	1,000.80	$	7.29
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.35
Class B Actual2	$	1,000.00	$	997.20	$	10.99
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.79	$	11.08
Class C Actual2	$	1,000.00	$	997.30	$	10.99
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.79	$	11.08
Class R Actual2	$	1,000.00	$	1,000.00	$	8.53
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.27	$	8.60
Class Y Actual2	$	1,000.00	$	1,002.30	$	6.06
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.74	$	6.11

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.47%, 2.22%, 2.22%, 1.72%, and 1.22% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended April 30, 2009 of 0.08%, -0.28%, -0.27%, 0.00%, and 0.23% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Select Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual4	$	1,000.00	$	1,000.00	$	6.40
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.46
Class B Actual4	$	1,000.00	$	997.00	$	10.10
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.68	$	10.19
Class C Actual4	$	1,000.00	$	996.10	$	10.10
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.68	$	10.19
Class R Actual4	$	1,000.00	$	998.80	$	7.63
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.16	$	7.70
Class Y Actual4	$	1,000.00	$	1,001.10	$	5.16
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.64	$	5.21

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.29%, 2.04%, 2.04%, 1.54%, and 1.04% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended April 30, 2009 of 0.00%, -0.30%, -0.39%, -0.12%, and 0.11% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2009 Semiannual Report   13

Expense Examples

Small Cap Value Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual2	$	1,000.00	$	892.00	$	6.57
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00
Class B Actual2	$	1,000.00	$	889.20	$	10.07
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.13	$	10.74
Class C Actual2	$	1,000.00	$	887.80	$	10.06
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.13	$	10.74
Class R Actual2	$	1,000.00	$	891.60	$	7.74
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25
Class Y Actual2	$	1,000.00	$	893.60	$	5.40
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.40%, 2.15%, 2.15%, 1.65%, and 1.15% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended April 30, 2009 of -10.80%, -11.08%, -11.22%, -10.84%, and -10.64% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small-Mid Cap Core Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual4	$	1,000.00	$	963.20	$	6.86
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.80	$	7.05
Class B Actual4	$	1,000.00	$	960.10	$	10.50
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.08	$	10.79
Class C Actual4	$	1,000.00	$	958.80	$	10.49
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.08	$	10.79
Class Y Actual4	$	1,000.00	$	964.30	$	5.65
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.04	$	5.81

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.41%, 2.16%, 2.16%, and 1.16% for Class A, Class B, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended April 30, 2009 of -3.68%, -3.99%, -4.12%, and -3.57% for Class A, Class B, Class C, and Class Y, respectively.

14   First American Funds 2009 Semiannual Report

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Balanced Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 46.2%
Consumer Discretionary – 6.8%
1-800-Flowers.com, Class A =		18,459	$	54
Advance Auto Parts 6		15,314		670
Amerigon =		6,845		39
Bally Technologies =		1,337		35
Best Buy		18,922		726
Children’s Place Retail Stores =		1,483		42
Christopher & Banks		4,001		22
Coinstar =		2,927		104
Dollar Tree = 6		12,749		540
Dress Barn = 6		1,769		27
FGX International Holdings Limited =		3,518		40
Fossil =		2,887		58
GameStop, Class A = 6		16,817		507
Hasbro		23,584		629
Hibbett Sports = 6		2,304		48
Home Depot		36,365		957
Hot Topic = 6		3,419		42
Interface, Class A		10,475		61
J.C. Penney		26,503		813
McCormick & Schmick’s Seafood Restaurants =		2,815		20
P.F. Chang’s China Bistro =		1,595		48
Panera Bread, Class A = 6		958		54
Priceline.com = 6		5,968		579
RC2 =		2,944		33
Red Robin Gourmet Burgers =		604		15
Scientific Games, Class A =		2,718		48
Stanley Works		20,021		761
Texas Roadhouse, Class A = 6		2,725		31
Toll Brothers = 6		30,508		618
Tractor Supply =		1,564		63
VistaPrint =		860		30
WABCO Holdings		15,501		248
WMS Industries = 6		33,096		1,063
				9,025
Consumer Staples – 1.1%
Chattem = 6		1,208		66
General Mills		13,412		680
Hain Celestial Group = 6		2,503		42
PepsiCo		12,964		645
Ralcorp Holdings = 6		868		50
				1,483
Energy – 5.9%
Arena Resources =		2,240		64
Chevron		22,796		1,507
Comstock Resources =		959		33
Concho Resources =		2,444		67
Exxon Mobil		24,242		1,616
Holly		1,172		25
Occidental Petroleum		9,084		511
Penn Virginia		1,020		15
Petroleum Development =		1,656		27
Southwestern Energy = 6		31,314		1,123
Weatherford International = 6		46,021		765
Whiting Petroleum = 6		889		29
Williams		77,606		1,094
XTO Energy		25,861		897
				7,773
Financials – 7.8%
ACE		14,860		688
Affiliated Managers Group = 6		246		14
Astoria Financial		3,199		27
Bank of America 6		74,486		665
Bank of the Ozarks		2,593		64
BlackRock		4,408		646
Charles Schwab		41,883		774
Comerica		32,453		681
Cullen/Frost Bankers		476		22
Delphi Financial Group, Class A		5,517		95
Digital Realty Trust – REIT 6		273		10
Dime Community Bancshares		3,823		32
East West Bancorp		5,692		39
Glacier Bancorp		3,634		56
Goldman Sachs Group		8,880		1,141
HCC Insurance Holdings		1,988		48
Hudson City Bancorp		52,307		657
Independent Bank		2,474		49
Invesco 6		60,219		886
JPMorgan Chase 6		47,008		1,551
Knight Capital Group, Class A =		892		14
LaSalle Hotel Properties – REIT		1,437		17
MFA Mortgage Investments – REIT		11,591		68
National Retail Properties – REIT		20,538		364
Platinum Underwriters Holdings		3,159		91
Senior Housing Properties Trust – REIT		2,730		45
TCF Financial		6,381		89
TD Ameritrade = 6		39,756		633
Tower Group		1,347		37
Umpqua Holdings 6		3,039		29
Wells Fargo 6		35,197		704
Wintrust Financial		2,947		50
				10,286
Healthcare – 5.2%
Abbott Laboratories		14,341		600
Alexion Pharmaceuticals = 6		680		23
Allergan 6		12,262		572
Amedisys = 6		1,408		47
Amgen = 6		22,129		1,073
Array BioPharma =		4,691		14
Bio-Reference Laboratories =		1,013		26
Bristol-Myers Squibb		50,078		961
DENTSPLY International 6		15,553		445
DexCom =		4,785		21
Exelixis =		2,616		13
Express Scripts = 6		12,318		788
Genoptix =		1,532		45
ICU Medical =		2,381		90
Immucor =		3,120		51
IPC The Hospitalist =		2,164		40
Isis Pharmaceuticals = 6		1,674		26
Masimo = 6		940		27
MEDNAX =		1,509		54
Myriad Genetics =		526		20
Omnicare 6		15,622		402
Onyx Pharmaceuticals =		930		24
OSI Pharmaceuticals = 6		740		25
Regeneron Pharmaceuticals =		1,975		26
RTI Biologics =		8,708		31
Senomyx =		5,592		13
SonoSite = 6		1,168		21
St. Jude Medical = 6		16,919		567
Teva Pharmaceutical – ADR 6		11,655		512
TranS1 = 6		3,131		23
United Therapeutics =		353		22
Vertex Pharmaceuticals = 6		10,167		313
				6,915

First American Funds 2009 Semiannual Report   15

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Balanced Fund (continued)
DESCRIPTION	SHARES		VALUE
Industrials – 3.8%
Advisory Board =		3,963	$	74
BE Aerospace = 6		8,756		94
CBIZ =		3,924		31
Emerson Electric		35,419		1,206
ESCO Technologies =		637		26
Forward Air 6		877		15
General Electric 6		57,281		725
IDEX		3,012		76
Illinois Tool Works		19,389		636
Interline Brands =		4,083		53
Kaydon 6		1,147		37
Kennametal		1,205		25
Knight Transportation		2,960		52
MasTec =		3,596		45
Navigant Consulting =		3,704		54
Old Dominion Freight Line = 6		1,847		52
Parker Hannifin		17,850		809
Simpson Manufacturing 6		1,312		29
Waste Connections =		2,639		68
Werner Enterprises 6		53,622		877
				4,984
Information Technology – 11.4%
Accenture, Class A		19,923		586
ADC Telecommunications = 6		12,830		94
Advanced Analogic Technologies =		22,442		108
Amkor Technology = 6		3,945		17
Apple = 6		12,716		1,600
Avnet =		25,835		566
Bankrate = 6		433		11
Belden		2,312		37
BMC Software = 6		33,747		1,170
Cavium Networks = 6		2,622		33
Cisco Systems = 6		96,366		1,862
CommVault Systems =		2,470		31
Corning		37,352		546
DealerTrack Holdings = 6		6,070		92
Digital River =		965		37
Dolby Laboratories, Class A =		20,816		835
Equinix = 6		7,019		493
F5 Networks = 6		1,308		36
Global Payments		19,039		610
Hewlett-Packard		40,658		1,463
Hittite Microwave =		1,304		48
Intel		52,236		824
Intersil, Class A		1,758		20
Itron =		606		28
Lender Processing Services		11,985		344
Maxim Integrated Products		38,093		516
MEMC Electronic Materials =		24,905		404
Netlogic Microsystems =		849		28
Omniture = 6		2,125		26
Polycom = 6		2,428		45
Progress Software =		4,102		87
QUALCOMM		27,107		1,147
Sapient =		8,986		46
Silicon Laboratories = 6		1,975		66
Sybase = 6		17,768		603
Synaptics = 6		700		23
Tessera Technologies =		2,744		39
Texas Instruments		24,901		450
TTM Technologies =		4,772		35
Veeco Instruments =		5,816		42
				15,048
Materials – 2.9%
Air Products and Chemicals		10,610		699
AK Steel		22,926		298
Albemarle		1,560		42
AptarGroup		1,197		37
Arch Chemicals		1,759		42
Freeport-McMoRan Copper & Gold 6		7,489		319
Monsanto		9,855		837
Olympic Steel		1,241		23
Packaging Corporation of America		52,482		833
Sonoco Products 6		29,567		722
				3,852
Telecommunication Services – 1.0%
American Tower, Class A = 6		19,338		614
Cogent Communications Group =		4,645		39
General Communication, Class A =		2,929		22
NeuStar, Class A =		3,033		58
NTELOS Holdings		869		14
Windstream		71,067		590
				1,337
Utilities – 0.3%
CMS Energy		32,118		386
NSTAR 6		1,495		47
				433
Total Common Stocks (Cost $59,963)				61,136
Exchange-Traded Funds – 3.0%
iShares Dow Jones U.S. Real Estate Index Fund 6		1,252		41
iShares MSCI EAFE Index Fund		76,600		3,211
iShares MSCI Emerging Markets Index Fund		23,400		671
SPDR KBW Regional Banking ETF 6		1,775		37
Total Exchange-Traded Funds (Cost $4,972)				3,960
Corporate Bonds – 14.8%
Banking – 4.1%
Bank of America
5.750%, 12/01/2017	$	390		319
8.000%, 12/29/2049 Δ		585		332
BB&T
6.850%, 04/30/2019		255		248
Citigroup
6.125%, 11/21/2017		230		190
6.125%, 05/15/2018		150		126
6.875%, 03/05/2038		350		298
Citigroup Capital XXI
8.300%, 12/21/2057 Δ		955		581
HSBC Holdings
6.800%, 06/01/2038		530		467
JPMorgan Chase
Series 1
7.900%, 04/29/2049 Δ		710		540
JPMorgan Chase Capital XX
Series T
6.550%, 09/29/2036		570		406
Lloyds Banking Group
6.267%, 12/31/2049 Δ n		340		97
National City Preferred Capital Trust I
12.000%, 12/29/2049 Δ		300		259
PNC Financial Services
8.250%, 05/29/2049 Δ		440		264

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

16   First American Funds 2009 Semiannual Report

Balanced Fund (continued)
DESCRIPTION	PAR		VALUE
Wells Fargo
Series K
7.980%, 02/28/2049 Δ	$	545	$	305
Wells Fargo Capital X
5.950%, 12/15/2036		230		169
Wells Fargo Capital XIII
Series GMTN
7.700%, 12/29/2049 Δ		1,250		800
Wells Fargo Capital XV
9.750%, 12/29/2049 Δ		105		89
				5,490
Basic Industry – 0.8%
Arcelormittal
6.125%, 06/01/2018		470		379
International Paper
8.700%, 06/15/2038		185		138
Rio Tinto Finance U.S.A.
6.500%, 07/15/2018		265		238
U.S. Steel
7.000%, 02/01/2018		335		249
				1,004
Brokerage – 2.0%
Goldman Sachs Capital II
5.793%, 12/29/2049 Δ		1,015		502
Goldman Sachs Group
6.750%, 10/01/2037		780		595
Merrill Lynch
5.450%, 02/05/2013		305		267
6.050%, 05/16/2016		340		249
Morgan Stanley
5.375%, 10/15/2015		440		396
Series MTN
6.625%, 04/01/2018		650		619
				2,628
Capital Goods – 0.1%
Boeing
6.875%, 03/15/2039 6		190		198
Communications – 1.1%
AT&T
5.800%, 02/15/2019		310		315
British Telecom
5.950%, 01/15/2018		450		375
Comcast
6.400%, 05/15/2038		180		169
Time Warner Cable
7.300%, 07/01/2038		135		135
Verizon Communications
6.900%, 04/15/2038		475		469
				1,463
Consumer Cyclical – 0.4%
Duty Free International ⊡ ª		588		—
Home Depot
5.875%, 12/16/2036		270		198
Viacom
6.875%, 04/30/2036		365		298
				496
Consumer Non Cyclical – 0.9%
ConAgra Foods
7.000%, 04/15/2019		120		127
CVS Caremark
6.302%, 06/01/2037		340		221
Fisher Scientific International
6.750%, 08/15/2014		220		219
Kraft Foods
6.500%, 08/11/2017		425		441
Teva Pharmaceutical Finance
6.150%, 02/01/2036		190		182
				1,190
Electric – 0.4%
Oncor Electric Delivery
7.000%, 05/01/2032		225		207
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 6 n		370		340
				547
Energy – 1.2%
Amerada Hess
7.125%, 03/15/2033		210		187
Halliburton
7.450%, 09/15/2039 6		200		211
Lukoil International Finance
6.356%, 06/07/2017 n		120		95
6.656%, 06/07/2022 n		460		345
Marathon Oil
7.500%, 02/15/2019		220		231
Suncor Energy
6.100%, 06/01/2018		195		173
Weatherford International
7.000%, 03/15/2038		145		107
XTO Energy
6.375%, 06/15/2038		205		193
				1,542
Finance – 1.0%
Capital One Financial
6.150%, 09/01/2016		400		242
General Electric Capital
5.625%, 05/01/2018		600		523
Series MTN
6.875%, 01/10/2039		400		313
ILFC E-Capital Trust I
5.900%, 12/21/2065 Δ n		405		61
RSHB Capital
7.750%, 05/29/2018 n		250		203
				1,342
Insurance – 0.8%
American International Group
8.175%, 05/15/2058 Δ n		680		78
Hartford Financial Services Group
Series MTN
6.000%, 01/15/2019		415		282
Liberty Mutual Group
7.000%, 03/15/2037 Δ n		235		87
MetLife Capital Trust IV
7.875%, 12/15/2037 n		330		181
ZFS Finance USA Trust V
6.500%, 05/09/2037 Δ n		755		408
				1,036
Natural Gas – 0.5%
Enterprise Products
8.375%, 08/01/2066		180		124
Kinder Morgan Energy Partners
Series MTN
6.950%, 01/15/2038		290		252

First American Funds 2009 Semiannual Report   17

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Balanced Fund (continued)
DESCRIPTION	PAR		VALUE
NGPL Pipeco
7.119%, 12/15/2017 n	$	230	$	227
				603
Real Estate – 0.4%
iStar Financial – REIT
8.625%, 06/01/2013		235		94
Prologis 2006 – REIT
5.750%, 04/01/2016		600		387
				481
Technology – 0.5%
Computer Sciences
6.500%, 03/15/2018		340		332
Dell
5.625%, 04/15/2014		160		167
IBM
8.000%, 10/15/2038		175		216
				715
Transportation – 0.6%
CSX
6.250%, 03/15/2018		330		312
Erac USA Finance
6.375%, 10/15/2017 n		265		197
Union Pacific
6.125%, 02/15/2020		310		301
				810
Total Corporate Bonds (Cost $25,298)				19,545
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 8.0%
Adjustable Rate Δ – 2.8%
Citigroup Mortgage Loan Trust
Series 2004-HYB4, Class HAII
5.350%, 10/25/2034		1,749		1,114
Series 2005-7, Class 2A1A
4.860%, 09/25/2035		465		319
JPMorgan Mortgage Trust
Series 2004-A1, Class 3A1
4.912%, 02/25/2034		875		775
Series 2006-A7, Class 3A4
5.943%, 01/25/2037		385		75
Residential Funding Mortgage Securities I
Series 2006-SA2, Class 4A1
5.861%, 08/25/2036		839		553
Structured Mortgage Loan Trust
Series 2004-11, Class A
5.043%, 08/25/2034		29		23
Wachovia Mortgage Loan Trust
Series 2005-B, Class 1A1
5.022%, 10/20/2035		363		245
Wells Fargo Mortgage Backed Securities Trust
Series 2003-D, Class A1
4.396%, 02/25/2033		96		86
Series 2006-AR1, Class 2A2
5.547%, 03/25/2036		735		572
				3,762
Fixed Rate – 5.2%
Banc of America Mortgage Securities
Series 2003-6, Class 1A30
4.750%, 08/25/2033		585		567
Countrywide Alternative Loan Trust
Series 2004-12CB, Class 1A1
5.000%, 07/25/2019		312		276
Series 2004-2CB, Class 1A1
4.250%, 03/25/2034		168		149
Series 2004-24CB, Class 1A1
6.000%, 11/25/2034		250		181
Series 2006-19CB, Class A15
6.000%, 08/25/2036		293		204
Countrywide Home Loans
Series 2007-17, Class 1A1
6.000%, 10/25/2037		1,090		616
Credit Suisse First Boston Mortgage Securities
Series 2005-3, Class 5A1
5.500%, 07/25/2020		414		398
Deutsche Alt-A Securities
Series 2006-AR5, Class 22A
5.500%, 10/25/2021		599		444
GMAC Mortgage Corporation Loan Trust
Series 2004-J5, Class A7
6.500%, 01/25/2035		406		377
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
6.923%, 03/25/2043		798		683
Master Alternative Loans Trust
Series 2005-2, Class 1A3
6.500%, 03/25/2035		206		159
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
6.206%, 11/25/2034		276		245
Residential Accredit Loans
Series 2006-QS4, Class A9
6.000%, 04/25/2036		979		514
Residential Asset Mortgage Products
Series 2004-SL4, Class A3
6.500%, 07/25/2032		175		159
Washington Mutual Mortgage Pass-Through Certificates
Series 2004-CB1, Class 1A
5.250%, 06/25/2019		519		483
Series 2007-2, Class 3A1
5.500%, 04/25/2022		523		466
Series 2004-RA3, Class 2A
6.354%, 08/25/2038		294		288
Wells Fargo Mortgage Backed Securities Trust
Series 2007-13, Class A8
6.000%, 09/25/2037		865		679
Westam Mortgage Financial
Series 11, Class A
6.360%, 08/26/2020 ¥		1		1
				6,889
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $14,038)				10,651
U.S. Government & Agency Securities – 7.2%
U.S. Treasuries – 7.2%
U.S. Treasury Notes
3.125%, 09/30/2013 6		2,700		2,847
2.750%, 10/31/2013 6		3,700		3,841
3.750%, 11/15/2018 6		2,640		2,776
Total U.S. Government & Agency Securities (Cost $9,483)				9,464

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

18   First American Funds 2009 Semiannual Report

Balanced Fund (continued)
DESCRIPTION	PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 6.4%
Adjustable Rate Δ – 0.6%
Federal Home Loan Mortgage Corporation Pool
5.769%, 07/01/2036, #1K1238 6	$	782	$	810
Federal National Mortgage Association Pool
3.968%, 04/01/2018, #070009		24		24
				834
Fixed Rate – 5.8%
Federal Home Loan Mortgage Corporation Pool
4.500%, 05/01/2018, #P10032		278		288
7.000%, 12/01/2029, #G01091		63		68
7.000%, 08/01/2037, #H09059 6		576		609
Federal National Mortgage Association Pool
5.500%, 05/01/2024 «		750		780
7.000%, 04/01/2029, #323681		66		71
7.000%, 07/01/2032, #545815		124		134
5.000%, 09/01/2033, #713735		178		183
6.000%, 05/15/2037 «		2,585		2,702
5.000%, 05/13/2038 «		525		540
5.500%, 05/13/2038 «		520		539
6.500%, 05/01/2039 «		1,550		1,642
Government National Mortgage Association Pool
6.500%, 10/20/2010, #002108		2		2
7.500%, 06/15/2027, #447728		4		5
7.500%, 09/15/2027, #455516		6		7
7.000%, 04/15/2029, #506639		141		152
				7,722
Total U.S. Government Agency Mortgage-Backed Securities (Cost $8,441)				8,556
Asset-Backed Securities – 5.9%
Credit Cards – 0.8%
Citibank Credit Card Issuance Trust
Series 2006-A4, Class A4
5.450%, 05/10/2013		805		830
Discover Card Master Trust I
Series 2007-A1, Class A1
5.650%, 03/16/2020		275		241
				1,071
Home Equity – 0.0%
Saxon Asset Securities Trust
Series 2004-1, Class A
0.978%, 03/25/2035 Δ ¥		4		2
Other – 5.1%
Banc of America Commercial Mortgage
Series 2004-5, Class A3
4.561%, 11/10/2041		710		626
Series 2006-2, Class A4
5.739%, 05/10/2045 Δ		340		278
Bear Stearns Commercial Mortgage Securities
Series 2007-T28, Class D
5.991%, 09/11/2042 Δ n		270		33
Series 2007-PW18, Class AJ
6.210%, 06/11/2050 Δ		295		78
Citigroup Commercial Mortgage Trust
Series 2008-C7, Class AJ
6.096%, 12/10/2049 Δ		355		85
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		230		201
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 n		585		512
Series 2004-RS1, Class A
4.018%, 03/03/2041 n ¥		414		276
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 n		630		602
GE Capital Commercial Mortgage Corporation
Series 2005-C3, Class A2
4.853%, 07/10/2045		725		704
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
3.285%, 07/05/2035		848		835
GS Mortgage Securities II
Series 2006-GG8, Class A2
5.479%, 11/10/2039		500		454
Series 2006-RR2, Class A1
5.820%, 06/23/2046 Δ n ¥		357		82
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044 Δ		245		77
Series 2007-CB20, Class AJ
6.098%, 02/12/2051 Δ		320		74
LB-UBS Commercial Mortgage Trust
Series 2005-C7, Class A2
5.103%, 11/15/2030		800		772
Series 2008-C1, Class AJ
6.317%, 04/15/2041		200		62
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.126%, 07/12/2038 Δ		265		79
Series 2005-LC1, Class AM
5.265%, 01/12/2044 Δ		490		271
Series 2008-C1, Class A4
5.690%, 02/12/2051		120		80
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class AM
5.957%, 08/12/2049 Δ		645		298
Morgan Stanley Capital I
Series 2005-HQ6, Class B
5.152%, 08/13/2042 Δ		115		37
Series 2005-HQ6, Class C
5.172%, 08/13/2042 Δ		110		35
Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Class AJ
5.951%, 05/15/2046 Δ		430		86
Series 2007-C33, Class AJ
5.902%, 02/15/2051 Δ		420		87
				6,724
Total Asset-Backed Securities (Cost $11,147)				7,797
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 0.2%
Fixed Rate – 0.2%
Federal Home Loan Mortgage Corporation
Series 85, Class C
8.600%, 01/15/2021		58		64
Series 1136, Class H
6.000%, 09/15/2021		40		42

First American Funds 2009 Semiannual Report   19

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Balanced Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
Federal National Mortgage Association
Series 1989-2, Class D
8.800%, 01/25/2019	$	4	$	4
Series 1989-37, Class G
8.000%, 07/25/2019		54		60
Series 1990-30, Class E
6.500%, 03/25/2020		24		26
Series 1990-63, Class H
9.500%, 06/25/2020		12		14
Series 1990-89, Class K
6.500%, 07/25/2020		3		3
Series 1990-105, Class J
6.500%, 09/25/2020		38		41
Government National Mortgage Association
Series 3, Class F
6.500%, 06/17/2020		5		5
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $248)				259
Preferred Stocks – 0.2%
Banking – 0.2%
Bank of America 6
Series MER		13,700		192
Sovereign – 0.0%
Fannie Mae
Series S		28,000		23
Total Preferred Stocks (Cost $1,043)				215
Short-Term Investments – 12.1%
Money Market Fund – 11.1%
First American Prime Obligations Fund, Class Z Å		14,640,065		14,640
U.S. Treasury Obligations – 1.0%
U.S. Treasury Bills o
0.150%, 06/24/2009	$	300		300
0.140%, 09/24/2009		690		690
0.270%, 10/22/2009		370		369
				1,359
Total Short-Term Investments (Cost $15,998)				15,999
Investment Purchased with Proceeds from Securities Lending – 25.1%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $33,263)		33,262,575		33,263
Total Investments 5 – 129.1% (Cost $183,894)				170,845
Other Assets and Liabilities, Net – (29.1)%				(38,488	)
Total Net Assets – 100.0%			$	132,357

Balanced Fund (continued)

=	Non-income producing security.
6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a value of $32,040 at April 30, 2009. See note 2 in Notes to Financial Statements.
Δ	Variable Rate Security – The rate shown is the rate in effect as of April 30, 2009.
n	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of April 30, 2009, the value of these investments was $3,824 or 2.9% of total net assets. See note 2 in Notes to Financial Statements.
⊡	Security is fair valued and illiquid. As of April 30, 2009, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
ª	Security is in default at April 30, 2009.
¥	Security is illiquid. As of April 30, 2009, the value of these investments was $361 or 0.3% of total net assets. See note 2 in Notes to Financial Statements.
«	Security purchased on a when-issued basis. On April 30, 2009, the total cost of investments purchased on a when-issued basis was $6,189 or 4.7% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is effective yield as of April 30, 2009. 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $183,894. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	6,415
Gross unrealized depreciation		(19,464	)
Net unrealized depreciation	$	(13,049	)

ADR –  American Depository Receipt

REIT –  Real Estate Investment Trust

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

20   First American Funds 2009 Semiannual Report

Balanced Fund (continued)

Schedule of Open Futures Contracts

		Number of
		Contracts			Notional			Unrealized
	Settlement	Purchased			Contract			Appreciation
Description	Month	(Sold)			Value			(Depreciation)
Australian Dollar Currency Futures	June 2009		21		$	1,527		$	88
Canadian Dollar Currency Futures	June 2009		13			1,090			44
Eurodollar 90 Day Futures	December 2009		12			11,857			—
Eurodollar 90 Day Futures	March 2010		26			25,656			1
Euro Bund Futures	June 2009		4			648			(7	)
Euro Currency Futures	June 2009		5			829			4
U.S. Treasury 2 Year Note Futures	June 2009		(26	)		(5,656	)		(18	)
U.S. Treasury 5 Year Note Futures	June 2009		(6	)		(703	)		6
U.S. Treasury 10 Year Note Futures	June 2009		28			3,386			(42	)
U.S. Treasury Long Bond Futures	June 2009		(38	)		(4,657	)		144
								$	220

Credit Default Swap Agreements

Credit Default Swaps on Corporate Issues — Buy Protection¹

						Implied
						Credit
	Reference	Pay		Expiration		Spread at		Notional		Unrealized
Counterparty	Entity	Fixed Rate		Date		April 30, 20093		Amount4		Appreciation
JPMorgan	Deutsche Bank AG		0.525%		09/20/2012		1.259%	$	600	$	18

Credit Default Swaps on Credit Indices — Sell Protection²

								Unrealized
	Reference	Receive		Expiration		Notional		Appreciation
Counterparty	Index	Fixed Rate		Date		Amount4		(Depreciation)
Deutsche Bank	Dow Jones CDX HVOL11 Index		3.850%		12/20/2013	$	2,200	$	(7	)
Deutsche Bank	Dow Jones CDX HVOL12 Index		5.000%		06/20/2014		1,900		74
Deutsche Bank	Dow Jones CDX IG12 Index		1.000%		06/20/2014		2,000		25
JPMorgan	Dow Jones CDX HVOL11 Index		3.850%		12/20/2013		2,800		37
JPMorgan	Dow Jones CDX HY12 Index		5.000%		06/20/2014		693		47
UBS	Markit ABX AAA071 Index		0.090%		08/25/2037		650		(137	)
								$	39

1	If a fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2	If a fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
3	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as an indicator of the current status of the payment/performance risk

Balanced Fund (concluded)

and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the reference entity.

4

The maximum potential amount a fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

First American Funds 2009 Semiannual Report   21

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Equity Income Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 97.6%
Consumer Discretionary – 8.8%
Home Depot 6		468,022	$	12,318
J.C. Penney 6		314,324		9,647
McDonald’s		290,485		15,480
Time Warner		121,185		2,645
Yum! Brands		406,314		13,551
				53,641
Consumer Staples – 10.0%
Altria Group		332,471		5,429
General Mills		200,473		10,162
Hormel Foods		120,424		3,768
Philip Morris International		332,471		12,036
Procter & Gamble		167,092		8,261
SUPERVALU		613,772		10,035
Wal-Mart Stores 6		228,886		11,536
				61,227
Energy – 14.6%
BP – ADR 6		412,674		17,522
Chevron		337,744		22,325
ConocoPhillips		397,988		16,318
Enerplus Resources Fund		56,143		1,060
Exterran Partners		300,168		3,983
Exxon Mobil		329,788		21,987
Williams		421,593		5,944
				89,139
Financials – 14.7%
ACE		147,435		6,829
Aflac 6		163,992		4,738
AllianceBernstein Holding 6		418,641		7,335
Annaly Capital Management – REIT		473,883		6,668
Astoria Financial		261,883		2,163
BlackRock		44,537		6,526
Goldman Sachs Group 6		81,983		10,535
ICICI Bank – ADR		344,609		7,109
JPMorgan Chase 6		340,761		11,245
Mack-Cali Realty – REIT 6		174,702		4,692
Prudential Financial 6		44,822		1,294
TCF Financial		733,541		10,204
Travelers		145,855		6,000
Ventas – REIT 6		144,137		4,128
				89,466
Healthcare – 7.7%
Abbott Laboratories		282,450		11,821
Bristol-Myers Squibb		668,755		12,840
Johnson & Johnson		235,083		12,309
Medtronic 6		194,497		6,224
Pfizer		277,791		3,711
				46,905
Industrials – 10.7%
3M 6		163,737		9,431
Deere & Company 6		196,697		8,116
Emerson Electric		450,766		15,344
General Dynamics 6		179,817		9,291
General Electric 6		665,323		8,416
Norfolk Southern		89,566		3,196
United Parcel Service, Class B 6		219,672		11,498
				65,292
Information Technology – 13.8%
CA 6		503,641		8,688
IBM		109,626		11,314
Intel		710,642		11,214
Intersil, Class A		243,419		2,823
MasterCard, Class A 6		26,694		4,897
Maxim Integrated Products		523,245		7,090
Microsoft 6		628,049		12,724
Molex, Class A		266,315		4,072
QUALCOMM		360,678		15,264
Texas Instruments		325,248		5,874
				83,960
Materials – 6.3%
E.I. Du Pont de Nemours 6		460,487		12,848
Ecolab 6		169,802		6,546
Praxair 6		256,628		19,147
				38,541
Telecommunication Services – 5.9%
AT&T		594,940		15,242
Verizon Communications 6		445,787		13,525
Windstream		871,379		7,233
				36,000
Utilities – 5.1%
American Electric Power		95,948		2,531
Duke Energy 6		273,976		3,784
PNM Resources		672,213		5,727
Westar Energy		568,065		9,958
Xcel Energy		511,554		9,433
				31,433
Total Common Stocks
(Cost $557,931)				595,604
Short-Term Investment – 2.1%
First American Prime Obligations Fund, Class Z Å
(Cost $12,857)		12,857,305		12,857
Investment Purchased with Proceeds from Securities Lending – 22.2%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $135,455)		135,454,991		135,455
Total Investments 5 – 121.9%
(Cost $706,243)				743,916
Other Assets and Liabilities, Net – (21.9)%				(133,903	)
Total Net Assets – 100.0%			$	610,013

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

22   First American Funds 2009 Semiannual Report

Equity Income Fund (concluded)

6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a value of $132,094 at April 30, 2009. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $706,243. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	110,409
Gross unrealized depreciation		(72,736	)
Net unrealized appreciation	$	37,673

ADR –  American Depository Receipt

REIT –  Real Estate Investment Trust

Global Infrastructure Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 98.1%
Australia – 5.2%
DUET Group		392,574	$	477
Macquarie Infrastructure Group		101,673		100
SP AusNet		453,147		329
Transurban Group		344,121		1,115
				2,021
Austria – 0.0%
Oesterreichische Post		665		19
Belgium – 0.2%
Elia System Operator		2,003		73
Brazil – 1.6%
Companhia de Transmissao Energia Electrica Paulista		28,512		611
Canada – 9.9%
ATCO, Class I		7,521		217
Boralex, Class A =		6,368		33
Brookfield Asset Management, Class A		14,793		230
Canadian Utilities, Class A		25,354		733
Enbridge		31,067		958
Fortis		20,293		377
Great Lakes Hydro Income Fund		6,279		82
TransCanada		11,491		287
TransCanada		37,754		943
				3,860
China – 2.0%
China Communication Services, Class H		1,224,430		719
Jiangsu Expressway, Class H		102,602		72
				791
France – 10.6%
Aeroports de Paris		9,432		543
Electricite de France		615		28
Eutelsat Communications =		38,419		832
GDF Suez		27,350		982
Rubis		11,736		666
SES		35,208		636
Societe des Autoroutes Paris-Rhin-Rhone		4,315		278
Suez Environment =		4,508		69
Vinci		2,087		93
				4,127
Hong Kong – 5.5%
Cheung Kong Infrastructure Holdings		40,297		156
CLP Holdings		63,073		426
Cosco Pacific		119,237		113
Hopewell Highway Infrastructure		778,527		425
Hopewell Holdings		73,447		189
Hutchison Whampoa		140,940		830
				2,139
Italy – 2.4%
Atlantia		24,838		438
Snam Rete Gas		37,866		150
Terna-Rete Elettrica Nationale		106,634		343
				931
Japan – 6.2%
East Japan Railway		10,446		589
Japan Airport Terminal		46,704		469
Kamigumi		101,771		654
Tokyo Electric Power Company		23,035		540
Tokyo Gas Company		48,941		185
				2,437

First American Funds 2009 Semiannual Report   23

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Global Infrastructure Fund (continued)
DESCRIPTION	SHARES		VALUE
Netherlands – 0.9%
Koninklijke Vopak		7,624	$	336
New Zealand – 2.4%
Auckland International Airport		435,624		409
Port of Tauranga		177,763		552
				961
Singapore – 8.2%
CitySpring Infrastructure Trust		379,458		131
Hyflux		241,353		295
Hyflux Water Trust		682,273		161
Parkway Life – REIT		675,936		345
Singapore Airport Terminal Services		232,803		205
Singapore Post		938,186		481
Singapore Telecommunications		252,081		433
SMRT		1,087,141		1,135
				3,186
Spain – 7.4%
Abertis Infraestructuras		101,113		1,810
Acciona =		1,823		187
Cintra Concesiones de Infraestructuras de Transporte		49,108		268
Enagas		9,391		163
Red Electrica		11,558		484
				2,912
Switzerland – 0.5%
BKW FMB Energie		2,763		192
United Kingdom – 12.8%
Arriva		5,347		36
Balfour Beatty		233,298		1,152
Centrica		25,039		84
Mouchel Group		54,461		206
National Grid – ADR		21,131		880
Pennon Group		22,779		149
Scottish & Southern Energy		61,674		1,005
Serco Group		105,046		567
United Utilities Group		121,607		909
				4,988
United States – 22.3%
American Electric Power		6,197		163
American Tower, Class A =		9,350		297
California Water Service Group		8,664		338
Connecticut Water Service		23,873		495
Covanta Holding =		45,934		648
Digital Realty Trust – REIT		6,450		232
Dominion Resources		12,860		388
El Paso		42,402		293
Entergy		1,456		94
Exelon		6,961		321
ITC Holdings		56		2
Kinder Morgan Management =		36,673		1,498
LTC Properties – REIT		9,685		174
Middlesex Water Company		18,540		261
Northeast Utilities		26,391		555
Northwest Natural Gas		8,547		350
NSTAR		14,075		442
Piedmont Natural Gas		4,401		107
Quanta Services =		32,975		750
Southern		7,243		209
Spectra Energy		14,890		216
Standard Parking =		19,793		302
URS =		2,174		96
Waste Connections =		12,555		324
WGL Holdings		586		18
Williams		7,240		102
Wisconsin Energy		263		11
				8,686
Total Common Stocks
(Cost $38,201)				38,270
Rights – 0.1%
Italy – 0.1%
Snam Rete Gas =
(Cost $34)		37,866		29
Short-Term Investment – 2.7%
State Street Institutional Liquid Reserves Fund
(Cost $1,050)		1,049,674		1,050
Total Investments 5 – 100.9%
(Cost $39,285)				39,349
Other Assets and Liabilities, Net – (0.9)%				(356	)
Total Net Assets – 100.0%			$	38,993

=	Non-income producing security.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $39,285. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	1,504
Gross unrealized depreciation		(1,440	)
Net unrealized appreciation	$	64

ADR –  American Depository Receipt

REIT –  Real Estate Investment Trust

At April 30, 2009, sector diversification of the fund was as follows:

	% of Net Assets			Value
Common Stock
Industrials*		38.7	%	$	15,088
Utilities*		34.6			13,503
Energy		13.1			5,114
Consumer Discretionary		3.8			1,487
Telecommunication Services		3.7			1,449
Financials		3.3			1,284
Healthcare		0.9			345
Total Common Stock		98.1			38,270
Total Rights		0.1			29
Total Short-Term Investment		2.7			1,050
Total Investments		100.9			39,349
Other Assets and Liabilities, Net		(0.9	)		(356	)
Net Assets		100	%		38,993

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

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

24   First American Funds 2009 Semiannual Report

International Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 94.6%
Australia – 1.8%
CSL		121,735	$	3,034
DUET Group		234,216		280
Macquarie Infrastructure Group		78,479		77
National Australia Bank		128,400		1,920
Newcrest Mining		194,370		4,198
SP AusNet		352,033		255
Transurban Group		269,014		872
				10,636
Austria – 0.0%
Oesterreichische Post		521		15
Belgium – 0.5%
Anheuser-Busch InBev		99,628		3,050
Elia System Operator		1,575		57
				3,107
Brazil – 0.8%
Companhia de Transmissao Energia Electrica Paulista		22,277		477
Companhia Vale do Rio Doce – ADR		127,782		2,110
Petroleo Brasileiro – ADR		74,096		2,487
				5,074
Canada – 4.7%
ATCO, Class I		5,904		170
Boralex, Class A =		4,646		24
Brookfield Asset Management, Class A		11,387		177
Cameco		196,855		4,486
Canadian Utilities, Class A		19,388		561
Enbridge		24,182		746
EnCana		73,267		3,358
Fortis		15,586		289
Great Lakes Hydro Income Fund		5,012		66
Inmet Mining		104,960		3,637
Manulife Financial		172,497		2,950
Rogers Communications, Class B		118,493		2,911
Shoppers Drug Mart		62,889		2,274
Suncor Energy		131,690		3,340
TransCanada		8,555		213
TransCanada		28,985		724
Yamana Gold		271,510		2,148
				28,074
China – 0.8%
China Communication Services, Class H		957,107		562
China Communications Construction		2,045,000		2,426
China Merchants Bank		1,139,500		2,036
Jiangsu Expressway, Class H		78,465		55
				5,079
Denmark – 0.9%
Vestas Wind System =		86,912		5,642
Finland – 1.0%
Nokia Oyj		410,990		5,838
France – 11.0%
Aeroports de Paris		7,295		420
AXA		226,047		3,798
BNP Paribas		40,020		2,107
Carrefour		207,110		8,398
Electricite de France		86,052		3,986
Eutelsat Communications =		29,969		649
GDF Suez		21,208		762
Groupe Danone		61,981		2,948
Iliad		51,245		5,382
L’oreal		56,900		4,071
Rubis		9,089		515
Sanofi-Aventis		122,700		7,106
SES		27,305		493
Societe des Autoroutes Paris-Rhin-Rhone		3,278		211
Suez Environment =		3,558		54
Thales		132,800		5,509
Total		155,360		7,773
UbiSoft Entertainment =		194,710		3,804
Vinci		1,576		71
Vivendi Universal		299,530		8,054
				66,111
Germany – 7.9%
Adidas		78,130		2,952
Allianz		40,300		3,719
BASF		43,200		1,630
Deutsche Boerse		51,583		3,811
E.ON		106,248		3,593
Henkel KGAA		213,760		5,797
Metro		85,350		3,631
SAP – ADR		74,858		2,851
SAP		144,030		5,537
Siemens		69,400		4,666
Symrise		443,440		6,066
Wacker Chemie		30,437		3,150
				47,403
Hong Kong – 3.1%
Agile Property Holdings		3,740,000		2,781
Cheung Kong Holdings		370,318		3,820
Cheung Kong Infrastructure Holdings		30,709		118
CLP Holdings		47,948		324
Cosco Pacific		91,243		87
Esprit Holdings		582,100		3,567
Hopewell Highway Infrastructure		591,770		323
Hopewell Holdings		57,559		148
Hutchison Whampoa		108,938		642
Li & Fung		1,294,000		3,635
Tencent Holdings		303,800		2,685
				18,130
India – 0.7%
HDFC Bank – ADR		33,078		2,449
Infosys Technologies – ADR		67,099		2,067
				4,516
Israel – 0.4%
Teva Pharmaceutical – ADR		56,791		2,493
Italy – 2.1%
Ansaldo STS		207,400		3,305
Atlantia		19,331		341
Eni		208,150		4,467
Saipem		208,718		4,461
Snam Rete Gas		29,730		118
Terna-Rete Elettrica Nationale		81,019		260
				12,952
Japan – 18.3%
Bank of Yokohama		915,000		3,880
CANON		112,299		3,361
Daiwa Securities Group		189,620		993
East Japan Railway		8,009		451
FANUC		111,420		8,040
Fuji Television Network		2,880		3,211
Japan Airport Terminal		35,768		360
The Joyo Bank		945,200		4,367

First American Funds 2009 Semiannual Report   25

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

International Fund (continued)
DESCRIPTION	SHARES		VALUE
Jupiter Telecommunications		3,881	$	2,731
Kamigumi		78,750		506
KEYENCE		20,100		3,550
Kose		240,800		4,849
Mitsubishi UFJ Financial Group		473,063		2,581
Mitsui Sumitomo Insurance Group		139,500		3,806
NGK Insulators		276,000		4,233
Nintendo		15,500		4,167
Nipponkoa Insurance		1,139,560		6,179
Nomura Holdings		650,480		3,925
Nomura Research Institute		332,000		5,904
SECOM		23,600		872
Seven & I Holdings		172,900		3,907
Shin-Etsu Chemical		69,100		3,358
SMC		38,070		3,735
Sony Financial Holdings		1,076		3,385
Sugi Holdings		226,000		4,268
Sumitomo Trust & Banking		592,300		2,479
Suzuki Motor		350,800		6,616
TERUMO		76,900		2,910
THK		151,300		2,098
Tokyo Electric Power Company		17,484		410
Tokyo Gas Company		37,297		141
Toyota Motor		121,900		4,825
Yamada Denki		85,200		3,924
				110,022
Luxembourg – 0.7%
Millicom International Cellular – ADR =		82,833		4,014
Malaysia – 0.5%
Sime Darby Berhad		1,490,804		2,753
Mexico – 0.4%
Wal Mart de Mexico – ADR		95,645		2,585
Netherlands – 2.1%
Heineken		280,510		8,336
ING Group		91,520		834
Koninklijke Philips Electronics – ADR		168,283		3,026
Koninklijke Vopak		5,801		255
				12,451
New Zealand – 0.1%
Auckland International Airport		337,190		316
Port of Tauranga		136,691		425
				741
Norway – 1.1%
Renewable Energy =		291,448		2,633
StatoilHydro		228,550		4,259
				6,892
Portugal – 0.5%
Energias de Portugal		837,220		3,045
Russia – 0.4%
Gazprom – ADR		148,027		2,682
Singapore – 1.4%
CitySpring Infrastructure Trust		275,290		95
DBS Group Holdings		438,780		2,789
Hyflux		183,185		224
Hyflux Water Trust		535,059		127
Keppel		735,000		2,934
Parkway Life – REIT		525,339		268
Singapore Airport Terminal Services		182,767		161
Singapore Post		717,996		368
Singapore Telecommunications		195,456		336
SMRT		844,861		882
				8,184
South Africa – 0.8%
Gold Fields – ADR		264,010		2,746
MTN Group		151,837		1,971
				4,717
South Korea – 1.3%
KB Financial Group – ADR =		41,490		1,323
Samsung Electronics – GDR		10,234		2,361
Samsung Electronics		9,010		4,160
				7,844
Spain – 3.0%
Abertis Infraestructuras		78,869		1,412
Acciona		1,432		146
Banco Bilbao Vizcaya Argentaria		363,204		3,936
Banco Santander		437,741		4,211
Cintra Concesiones de Infraestructuras de Transporte		38,318		209
Enagas		7,070		123
Gamesa Corporacion Tecnologica		182,986		3,454
Red Electrica		9,021		378
Telefonica		221,537		4,255
				18,124
Sweden – 1.0%
Ericsson		714,480		6,069
Switzerland – 5.1%
ABB =		173,159		2,451
BKW FMB Energie		2,109		147
Credit Suisse Group		109,117		4,264
Nestle		324,230		10,569
Nobel Biocare		136,579		2,784
Novartis		157,803		5,973
Roche Holding		35,314		4,453
				30,641
Taiwan – 0.9%
Taiwan Semiconductor Manufacturing		3,088,300		5,226
Thailand – 0.3%
Bangkok Bank		793,766		1,917
United Kingdom – 19.1%
Antofagasta		682,784		5,860
ARM Holdings		2,090,162		3,671
Arriva		4,283		29
Autonomy =		292,077		6,128
BAE Systems		413,300		2,174
Balfour Beatty		179,960		889
BG Group		250,722		4,003
BHP Billiton		185,307		3,846
BP – ADR		165,000		7,006
British Sky Broadcasting Group		511,144		3,639
Cadbury		730,450		5,462
Centrica		19,587		65
Diageo		439,210		5,240
Experian Group		1,282,730		8,446
GlaxoSmithKline		497,480		7,663
ICAP		654,404		3,577
Kingfisher		751,140		2,045
Mouchel Group		42,340		160
National Grid – ADR		16,473		686
Pennon Group		17,126		112
Prudential		637,298		3,663

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

26   First American Funds 2009 Semiannual Report

International Fund (continued)
DESCRIPTION	SHARES		VALUE
Rio Tinto PLC		82,652	$	3,358
Scottish & Southern Energy		291,418		4,749
Serco Group		81,560		440
Smith & Nephew		525,861		3,700
Standard Chartered		320,250		4,954
Tesco		836,500		4,145
United Utilities Group		94,750		709
Vedanta Resources		244,077		3,818
Vodafone Group – ADR		441,570		8,103
WPP		998,330		6,830
				115,170
United States – 1.9%
American Electric Power		4,865		128
American Tower, Class A =		7,349		234
California Water Service Group		6,695		261
Connecticut Water Service		18,789		390
Covanta Holding =		35,958		507
Digital Realty Trust – REIT		5,028		181
Dominion Resources		9,900		299
El Paso		32,640		225
Entergy		1,122		73
Exelon		5,415		250
ITC Holdings		44		2
Kinder Morgan Management =		28,560		1,166
LTC Properties – REIT		7,523		136
Middlesex Water Company		14,324		202
Northeast Utilities		20,171		424
Northwest Natural Gas		6,605		270
NSTAR		10,877		342
Philip Morris International		122,100		4,420
Piedmont Natural Gas		3,445		84
Quanta Services =		25,257		574
Southern		5,664		164
Spectra Energy		11,645		169
Standard Parking =		15,248		232
URS =		1,674		74
Waste Connections =		9,828		253
WGL Holdings		458		14
Williams		5,668		80
Wisconsin Energy		205		8
				11,162
Total Common Stocks
(Cost $563,280)				569,309
Preferred Stock – 0.4%
Brazil – 0.4%
Itau Unibanco Holding – ADR
(Cost $1,999)		163,048		2,239
Rights – 0.0%
Belgium – 0.0%
Fortis =		303,628		—
Italy – 0.0%
Snam Rete Gas =		29,730		23
Total Rights
(Cost $26)				23
Short-Term Investments – 4.7%
Money Market Fund – 1.2%
State Street Institutional Liquid Reserves Fund		7,233,890		7,234
U.S. Treasury Obligation – 3.5%
U.S. Treasury Bill
0.050%, 06/04/2009 o	$	21,000		20,999
Total Short-Term Investments
(Cost $28,233)				28,233
Total Investments 5 – 99.7%
(Cost $593,538)				599,804
Other Assets and Liabilities, Net – 0.3%				2,040
Total Net Assets – 100.0%			$	601,844

=	Non-income producing security.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2009.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $593,538. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	62,846
Gross unrealized depreciation		(56,580	)
Net unrealized appreciation	$	6,266

ADR – American Depository Receipt

GDR – Global Depository Receipt

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

			Number of
			Contracts			Notional			Unrealized
	Settlement		Purchased			Contract			Appreciation
Description	Month		(Sold)			Value			(Depreciation)
Euro FX currency Futures		June 2009		(33	)	$	(5,470	)	$	13
E-Mini MSCI EAFE Index Futures		June 2009		365			21,221			3,309
E-Mini MSCI Emerging Markets Index Futures		June 2009		(410	)		(13,567	)		(2,532	)
FTSE 100 Index Futures		June 2009		(350	)		(21,783	)		(2,231	)
Hang Seng China Enterprises Index Futures		May 2009		25			1,459			57
Hang Seng Index Futures		May 2009		72			7,147			231
IBEX 35 Index Futures		May 2009		(55	)		(6,473	)		(218	)
Mexican Bolsa Index Futures		June 2009		(250	)		(3,999	)		(343	)
MSCI Taiwan Index Futures		May 2009		(77	)		(1,793	)		(161	)
Nasdaq 100 E-Mini Futures		June 2009		(160	)		(4,459	)		(185	)
Nikkei 225 Index Futures		June 2009		(65	)		(5,840	)		23
S&P 500 Futures		June 2009		97			21,098			2,190
S&P MIB Index Futures		June 2009		(55	)		(6,810	)		(1,008	)
S&P TSE 60 Futures		June 2009		(65	)		(6,143	)		(97	)
SGX CNX Nifty Index Futures		May 2009		300			2,112			40
SGX MSCI Singapore Index Futures		May 2009		(53	)		(1,647	)		(91	)
SPI 200 Futures		June 2009		386			26,411			1,391
									$	388

First American Funds 2009 Semiannual Report   27

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

International Fund (concluded)

At April 30, 2009, sector diversification of the fund was as follows:

	% of
	Net Assets			Value
Common and Preferred Stock
Financials		15.9	%	$	95,694
Consumer Staples		14.0			83,950
Industrials		13.3			80,064
Information Technology		11.2			67,379
Consumer Discretionary		9.9			59,252
Energy		8.7			52,271
Healthcare		6.7			40,384
Materials		6.6			39,859
Telecommunication Services		4.6			27,768
Utilities		4.1			24,927
Total Common and Preferred Stock		95.0			571,548
Total Rights		—			23
Total Short-Term Investments		4.7			28,233
Total Investments		99.7			599,804
Other Assets and Liabilities, Net		0.3			2,040
Net Assets		100	%	$	601,844

International Select Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 84.9%
Argentina – 0.3%
Tenaris – ADR		30,300	$	758
Australia – 2.4%
BHP Billiton		52,219		1,262
CSL		44,878		1,118
DUET Group		124,719		149
Macquarie Infrastructure Group		40,870		40
National Australia Bank		40,567		607
Newcrest Mining		59,999		1,296
Rio Tinto		33,243		1,548
SP AusNet		183,364		133
Transurban Group		140,119		454
				6,607
Austria – 0.0%
Oesterreichische Post		273		8
Belgium – 0.4%
Anheuser-Busch InBev		31,104		952
Elia System Operator		821		30
				982
Brazil – 2.9%
Banco do Brasil		151,800		1,280
Companhia de Concessoes Rodoviarias		59,100		711
Companhia de Transmissao de Energia Electrica Paulista		11,611		249
Companhia Vale do Rio Doce – ADR		91,212		1,506
Empresa Brasileira de Aeronautica – ADR		22,700		368
Iochpe Maxion		2,717		14
JHSF Participacoes		108,900		88
Petroleo Brasileiro – ADR		53,852		1,808
Redecard		90,130		1,134
Souza Cruz		33,999		728
Tam – ADR =		19,000		127
				8,013
Canada – 4.0%
ATCO, Class I		3,075		88
Boralex, Class A =		2,486		13
Brookfield Asset Management, Class A		5,930		92
Cameco		95,764		2,182
Canadian Utilities, Class A		10,098		292
Enbridge		12,602		389
EnCana		22,613		1,036
Fortis		8,121		151
Inmet Mining		17,621		611
Manulife Financial		84,093		1,438
Rogers Communications, Class B		49,507		1,216
Shoppers Drug Mart		26,359		953
Suncor Energy		57,774		1,465
TransCanada		4,434		111
TransCanada		15,093		377
Yamana Gold		85,162		674
				11,088
China – 1.0%
China Communication Services, Class H		498,463		293
China Communications Construction		1,001,000		1,187
China Merchants Bank		483,000		863
Jiangsu Expressway, Class H		40,933		29
Shougang Concord International Enterprises		2,578,000		286
				2,658
Denmark – 0.7%
Vestas Wind System =		31,839		2,067

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

28   First American Funds 2009 Semiannual Report

International Select Fund (continued)
DESCRIPTION	SHARES		VALUE
Egypt – 0.5%
Eastern Tobacco		8,603	$	237
Mobinil		14,555		535
Orascom Construction Industries		23,182		654
				1,426
Finland – 0.6%
Nokia Oyj		126,833		1,801
France – 7.8%
Aeroports de Paris		3,799		219
AXA		82,732		1,390
BNP Paribas		12,388		652
Carrefour		64,403		2,611
Electricite de France		25,608		1,186
Eutelsat Communications =		15,624		338
GDF Suez		11,066		397
Groupe Danone		20,743		987
Iliad		19,087		2,005
L’oreal		17,464		1,249
Rubis		4,734		268
Sanofi-Aventis		35,644		2,064
SES		14,223		257
Societe des Autoroutes Paris-Rhin-Rhone		1,707		110
Suez Environment =		1,906		29
Thales		41,006		1,701
Total		47,858		2,395
UbiSoft Entertainment =		60,081		1,174
Vinci		819		37
Vivendi Universal		92,551		2,489
				21,558
Germany – 5.2%
Adidas		29,790		1,126
Allianz		12,609		1,164
BASF		12,992		490
Deutsche Boerse		19,619		1,449
E.ON		40,757		1,378
Metro		26,541		1,129
SAP		44,455		1,709
SAP – ADR		30,833		1,175
Siemens		21,747		1,462
Symrise		136,860		1,872
Wacker Chemie		13,149		1,361
				14,315
Hong Kong – 2.8%
Agile Property Holdings		1,946,000		1,447
Cheung Kong Holdings		115,912		1,195
Cheung Kong Infrastructure Holdings		15,994		62
CLP Holdings		24,979		169
Cosco Pacific		47,520		45
Esprit Holdings		258,700		1,585
Hopewell Highway Infrastructure		308,203		168
Hopewell Holdings		29,978		77
Hutchison Whampoa		56,679		334
Li & Fung		512,000		1,439
Tencent Holdings		151,800		1,342
				7,863
Hungary – 0.0%
OTP Bank =		10,429		134
India – 1.6%
HDFC Bank – ADR		15,334		1,135
Infosys Technologies – ADR		36,577		1,127
Jindal Steel & Power		4,224		139
Oil & Natural Gas		84,362	$	1,468
Punjab National Bank		52,258		503
				4,372
Indonesia – 1.4%
Astra International		221,000		372
Bank Mandiri Persero		5,345,000		1,389
Telekomunikasi Indonesia – ADR		57,400		1,650
United Tractors		611,666		517
				3,928
Israel – 1.0%
Bank Hapoalim B.M. =		260,192		593
Delek Automotive Systems		41,196		326
Israel Chemicals		87,781		722
Teva Pharmaceutical Industries – ADR		23,623		1,037
				2,678
Italy – 1.5%
Ansaldo STS		63,311		1,009
Atlantia		10,068		178
Eni		64,253		1,379
Saipem		70,288		1,502
Snam Rete Gas		15,484		61
Terna-Rete Elettrica Nationale		42,210		136
				4,265
Japan – 12.4%
Bank of Yokohama		269,321		1,142
CANON		34,700		1,038
Daiwa Securities Group		58,990		309
East Japan Railway		4,171		235
FANUC		32,170		2,321
Fuji Media Holdings		901		1,005
Japan Airport Terminal		18,628		187
The Joyo Bank		291,794		1,348
Jupiter Telecommunications		1,342		944
Kamigumi		41,012		263
KEYENCE		6,249		1,104
Kose		88,383		1,780
Mid REIT		192		378
Mitsubishi UFJ Financial Group		143,741		784
Mitsui Sumitomo Insurance Group		43,046		1,174
NGK Insulators		75,000		1,150
Nintendo		2,800		753
Nipponkoa Insurance		352,380		1,911
Nomura Holdings		200,925		1,213
Nomura Research Institute		103,280		1,837
SECOM		7,400		273
Seven & I Holdings		53,841		1,217
Shin-Etsu Chemical		17,000		826
SMC		11,839		1,161
Sony Financial Holdings		344		1,082
Sugi Holdings		70,299		1,328
Sumitomo Trust & Banking		182,778		765
Suzuki Motor		107,101		2,020
TERUMO		25,500		965
THK		47,082		653
Tokyo Electric Power Company		9,381		220
Tokyo Gas Company		19,425		74
Toyota Motor		40,600		1,607
United Urban Investment – REIT		83		375
Yamada Denki		18,700		861
				34,303
Luxembourg – 0.6%
Millicom International Cellular – ADR =		32,050		1,553

First American Funds 2009 Semiannual Report   29

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

International Select Fund (continued)
DESCRIPTION	SHARES		VALUE
Malaysia – 0.5%
British American Tobacco		19,900	$	249
Plus Expressways		313,500		290
Sime Darby Berhad		467,396		863
				1,402
Mexico – 1.4%
America Movil, Series L – ADR		28,300		930
Desarrolladora Homex – ADR =		21,600		401
Fomento Economico Mexicano – ADR		25,540		723
Grupo Televisa – ADR		36,600		566
Kimberly-Clark de Mexico		85,100		308
Wal Mart de Mexico – ADR		37,475		1,013
				3,941
Netherlands – 1.4%
Heineken		86,727		2,577
ING Group		28,459		260
Koninklijke Philips Electronics – ADR		56,105		1,009
Koninklijke Vopak		3,026		133
				3,979
New Zealand – 0.1%
Auckland International Airport		175,796		165
Port of Tauranga		71,337		222
				387
Norway – 0.9%
Renewable Energy =		122,705		1,108
StatoilHydro		70,554		1,315
				2,423
Pakistan – 0.1%
Pakistan Petroleum		121,310		256
Philippines – 0.5%
Philippine Long Distance Telephone – ADR		29,300		1,344
Portugal – 0.3%
Energias de Portugal		260,352		947
Russia – 2.2%
Gazprom – ADR		71,106		1,288
LUKOIL – ADR		42,150		1,849
Mobile Telesystems – ADR		39,700		1,316
Oriflame Cosmetics – SDR		24,205		1,044
TNK-BP Holdings		513,567		488
				5,985
Singapore – 1.3%
CitySpring Infrastructure Trust		143,437		50
Cosco – ADR		71,900		248
DBS Group Holdings		135,519		861
Hyflux		95,639		117
Hyflux Water Trust		18,000		4
Keppel		282,000		1,126
Parkway Life – REIT		273,630		140
Singapore Airport Terminal Services		94,000		83
Singapore Post		373,980		192
Singapore Telecommunications		101,629		175
SMRT		440,273		459
				3,455
South Africa – 2.3%
Gold Fields – ADR		81,464		847
Kumba Iron Ore		45,138		861
Massmart Holdings		33,733		291
MTN Group		80,374		1,043
Murray & Roberts Holdings		119,227		665
Nedbank Group		74,496		760
Pretoria Portland Cement		165,088	$	634
Sanlam		403,403		753
Truworths International		131,898		527
				6,381
South Korea – 2.5%
AmorePacific		712		380
Hite Brewery		5,226		746
KB Financial Group – ADR =		30,268		965
NHN =		4,294		519
Samsung Electronics		2,644		1,221
Samsung Electronics – GDR		6,987		1,612
Shinhan Financial Group – ADR =		11,348		560
Woongjin Coway		32,490		811
				6,814
Spain – 2.4%
Abertis Infraestructuras		41,105		736
Acciona		745		76
Banco Bilbao Vizcaya Argentaria		113,505		1,230
Banco Santander		133,271		1,282
Cintra Concesiones de Infraestructuras de Transporte		20,491		112
Enagas		3,683		64
Gamesa Corporacion Tecnologica		67,849		1,280
Red Electrica		4,698		197
Telefonica		80,005		1,537
				6,514
Sweden – 0.7%
Ericsson		222,190		1,887
Switzerland – 3.6%
ABB		71,767		1,016
BKW FMB Energie		1,099		76
Credit Suisse Group		41,742		1,631
Nestle		96,046		3,131
Nobel Biocare		49,749		1,014
Novartis		44,461		1,683
Roche Holding		11,347		1,431
				9,982
Taiwan – 1.3%
Advanced Semiconductor Engineering		711,233		395
Advantech – Fractional Shares = ⊡		1.56		—
Hon Hai Precision Industry		202,700		585
HTC		46,000		623
Novatek Microelectronics – Fractional Shares = ⊡		0.67		—
Taiwan Semiconductor Manufacturing		1,207,220		2,043
				3,646
Thailand – 0.4%
Bangkok Bank		269,120		650
Banpu Public		47,900		383
Kasikornbank		95,800		151
				1,184
Turkey – 1.1%
Akbank T.A.S.		155,847		602
Ford Otomotiv Sanayi		63,862		213
Turkcell Iletisim Hizmet – ADR		108,800		1,382
Turkiye Is Bankasi		331,808		958
				3,155
United Kingdom – 13.0%
Antofagasta		208,378		1,788
ARM Holdings		691,709		1,215
Arriva		2,232		15

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

30   First American Funds 2009 Semiannual Report

International Select Fund (continued)
DESCRIPTION	SHARES		VALUE
Autonomy =		108,439	$	2,275
BAE Systems		128,525		676
Balfour Beatty		93,714		463
BG Group		96,280		1,537
BP – ADR		51,015		2,166
British Sky Broadcasting Group		158,002		1,125
Cadbury		227,149		1,698
Centrica		10,201		34
Diageo		141,068		1,683
Experian Group		389,907		2,567
GlaxoSmithKline		154,700		2,383
ICAP		253,993		1,388
Kingfisher		233,582		636
Mouchel Group		22,051		84
National Grid – ADR		8,579		357
Pennon Group		8,858		58
Prudential		244,841		1,407
Scottish & Southern Energy		100,299		1,635
Serco Group		42,720		231
Smith & Nephew		143,724		1,011
Standard Chartered		107,621		1,665
Tesco		234,006		1,159
Treveria =		636,750		125
United Utilities Group		49,334		369
Vedanta Resources		94,677		1,481
Vodafone Group – ADR		137,317		2,520
WPP		284,362		1,946
WPP Group		26,090		179
				35,876
United States – 1.8%
American Electric Power		2,534		67
American Tower, Class A =		3,828		122
California Water Service		3,487		136
Connecticut Water Service		9,786		203
Covanta Holding =		18,725		264
Digital Realty Trust – REIT		2,619		94
Dominion Resources		5,155		156
Dr. Pepper Snapple Group – Fractional Shares = ⊡		0.64		—
El Paso		16,996		117
Entergy		584		38
Exelon		2,820		130
Kinder Morgan Management =		14,891		608
LTC Properties – REIT		3,918		71
Middlesex Water Company		7,460		105
Northeast Utilities		10,503		221
Northwest Natural Gas		3,440		141
NSTAR		5,665		178
Philip Morris International		37,712		1,365
Piedmont Natural Gas		1,794		44
Quanta Services =		13,151		299
Southern		2,950		85
Spectra Energy		6,064		88
Standard Parking =		7,940		121
URS =		872		38
Waste Connections =		5,118		132
WGL Holdings		239		7
Williams		2,952		42
Wisconsin Energy		107		4
				4,876
Total Common Stocks
(Cost $284,803)				234,811
International Select Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Preferred Stocks – 1.6%
Brazil – 1.0%
AES Tiete		45,614		375
Cia Vale do Rio Doce		43,700		609
Companhia Energetica De Minas – Fractional Shares = ⊡		1.22		—
Eletropaulo Metropolitana, Class B		18,100		232
Itau Unibanco Banco Multiplo – ADR		80,030		1,099
Klabin		60,700		86
Suzano Papel e Celulose =		52,410		333
Usinas Siderurgicas de Minas Gerais		3,200		47
				2,781
Germany – 0.6%
Henkel KGAA		65,965		1,789
Total Preferred Stocks
(Cost $6,105)				4,570
Rights – 0.0%
Italy – 0.0%
Snam Rete Gas =
(Cost $14)		15,484		12
Short-Term Investments – 13.0%
Money Market Fund – 9.1%
State Street Institutional Liquid Reserves Fund		25,223,612		25,224
U.S. Treasury Obligation – 3.9%
U.S. Treasury Bill
0.047%, 06/04/2009 o	$	10,650		10,649
Total Short-Term Investments
(Cost $35,873)				35,873
Total Investments 5 – 99.5%
(Cost $326,795)				275,266
Other Assets and Liabilities, Net – 0.5%				1,291
Total Net Assets – 100.0%			$	276,557

=	Non-income producing security.
⊡	Security is fair valued and illiquid. As of April 30, 2009, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2009. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $326,795. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	15,834
Gross unrealized depreciation		(67,363	)
Net unrealized depreciation	$	(51,529	)

ADR – American Depository Receipt

GDR – Global Depository Receipt

REIT – Real Estate Investment Trust

SDR – Swedish Depository Receipt

First American Funds 2009 Semiannual Report   31

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

International Select Fund (concluded)

Schedule of Open Futures Contracts

		Purchased
		(Sold)			Notional			Unrealized
	Settlement	Number of			Contract			Appreciation
Description	Month	Contracts			Value			(Depreciation)
E-Mini MSCI EAFE Index Futures	June 2009		67		$	3,895		$	607
Euro FX Currency Futures	June 2009		(14	)		(2,321	)		5
FTSE 100 Index Futures	June 2009		(85	)		(5,290	)		(582	)
Hang Seng China Enterprises Index Futures	May 2009		70			4,086			161
Hang Seng Index Futures	May 2009		24			2,382			77
IBEX 35 Index Futures	May 2009		(24	)		(2,825	)		(95	)
Mexican Bolsa Index Futures	June 2009		(105	)		(1,680	)		(143	)
Nasdaq 100 E-Mini Futures	June 2009		(95	)		(2,648	)		(110	)
Nikkei 225 Index Futures	June 2009		(29	)		(2,605	)		10
S&P MIB Index Futures	June 2009		(24	)		(2,971	)		(440	)
S&P 500 Futures	June 2009		38			8,265			801
S&P TSE 60 Futures	June 2009		130			12,286			1,050
SGX CNX Nifty Index Futures	May 2009		198			1,394			26
SGX MSCI Singapore Index Futures	May 2009		(23	)		(715	)		(39	)
SPI 200 Futures	June 2009		103			7,048			365
								$	1,693

At April 30, 2009, sector diversification of the fund was as follows:

	% of
	Net Assets			Value
Common and Preferred Stocks
Financials		15.4	%	$	42,677
Industrials		11.7			32,308
Consumer Staples		11.3			31,327
Information Technology		9.6			26,568
Energy		8.9			24,576
Consumer Discretionary		8.2			22,653
Materials		6.6			18,163
Telecommunication Services		6.4			17,620
Healthcare		4.6			12,846
Utilities		3.8			10,643
Total Common and Preferred Stocks		86.5			239,381
Total Rights		—			12
Total Short-Term Investments		13.0			35,873
Total Investments		99.5			275,266
Other Assets and Liabilities, Net		0.5			1,291
Net Assets		100.0	%	$	276,557

Large Cap Growth Opportunities Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 99.4%
Consumer Discretionary – 14.8%
Advance Auto Parts		149,259	$	6,530
Best Buy 6		258,475		9,920
Carnival		122,991		3,306
Coach =		107,946		2,645
Dick’s Sporting Goods =		147,312		2,799
Dollar Tree 6 =		119,175		5,046
GameStop, Class A =		89,968		2,714
McDonald’s		144,336		7,692
McGraw-Hill		78,405		2,364
Netflix 6 =		52,247		2,367
Nike, Class B 6		95,262		4,998
Polo Ralph Lauren 6		121,330		6,532
Priceline.com 6 =		68,445		6,645
Target 6		138,989		5,735
				69,293
Consumer Staples – 6.7%
CVS Caremark 6		231,242		7,349
Kellogg 6		114,997		4,842
PepsiCo		137,876		6,861
Philip Morris International		121,796		4,409
Procter & Gamble		88,451		4,373
Wal-Mart Stores		68,841		3,470
				31,304
Energy – 7.4%
Occidental Petroleum		138,068		7,772
Petrohawk Energy =		159,903		3,773
Petroleo Brasileiro – ADR 6		134,637		4,520
Schlumberger		189,305		9,274
Southwestern Energy 6 =		181,755		6,518
XTO Energy		72,453		2,511
				34,368
Financials – 6.5%
American Express 6		97,060		2,448
Bank of New York Mellon		179,339		4,570
BlackRock 6		39,574		5,798
Charles Schwab		475,133		8,781
Goldman Sachs Group		67,542		8,679
				30,276
Healthcare – 10.4%
Abbott Laboratories		245,162		10,260
Baxter International		151,838		7,364
Becton, Dickinson & Company		52,961		3,203
DENTSPLY International 6		178,031		5,095
Gilead Sciences =		93,709		4,292
Medco Health Solutions 6 =		166,705		7,260
St. Jude Medical 6 =		141,080		4,729
Teva Pharmaceutical – ADR 6		89,135		3,912
Thermo Fisher Scientific =		73,705		2,586
				48,701
Industrials – 13.4%
C.H. Robinson Worldwide 6		122,810		6,529
CSX		153,082		4,530
Danaher 6		96,150		5,619
Dun & Bradstreet 6		75,030		6,107
Emerson Electric		223,824		7,619
Fastenal 6		124,623		4,780
Goodrich		103,039		4,562
Precision Castparts		50,612		3,789
Raytheon		95,369		4,313
Republic Services		233,027		4,894

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

32   First American Funds 2009 Semiannual Report

Large Cap Growth Opportunities Fund (continued)
DESCRIPTION	SHARES		VALUE
Union Pacific 6		58,179	$	2,859
United Technologies		147,169		7,188
				62,789
Information Technology ⊳ – 33.5%
Accenture, Class A		140,107		4,123
Amphenol, Class A		192,416		6,511
Apple 6 =		160,832		20,237
BMC Software =		191,259		6,631
Broadcom, Class A 6 =		171,287		3,972
CA		119,897		2,068
Cisco Systems =		546,324		10,555
Corning		323,501		4,730
Dolby Laboratories, Class A 6 =		145,058		5,821
F5 Networks =		125,657		3,427
Google, Class A 6 =		16,908		6,695
Hewlett-Packard		404,112		14,540
IBM 6		65,287		6,738
Intel 6		619,753		9,780
Lender Processing Services		73,339		2,102
MasterCard, Class A 6		35,754		6,559
Maxim Integrated Products		96,945		1,314
Oracle 6		661,527		12,794
QUALCOMM		317,599		13,441
Shanda Interactive Entertainment – ADR 6 =		40,509		1,938
Sybase 6 =		70,271		2,386
Visa, Class A 6		149,963		9,742
				156,104
Materials – 4.9%
Ecolab 6		163,588		6,306
Monsanto		109,297		9,278
Praxair 6		96,333		7,188
				22,772
Telecommunication Services – 1.8%
American Tower, Class A =		260,082		8,260
Total Common Stocks
(Cost $440,807)				463,867
Short-Term Investment – 0.6%
First American Prime Obligations Fund, Class Z Å
(Cost $2,960)		2,960,014		2,960
Investment Purchased with Proceeds from Securities Lending – 35.2%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $164,083)		164,083,354		164,083
Total Investments 5 – 135.2%
(Cost $607,850)				630,910
Other Assets and Liabilities, Net – (35.2)%				(164,353	)
Total Net Assets – 100.0%			$	466,557

Large Cap Growth Opportunities Fund (concluded)

6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $160,748 at April 30, 2009. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
⊳	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $607,850. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	50,518
Gross unrealized depreciation		(27,458	)
Net unrealized appreciation	$	23,060

ADR – American Depository Receipt

First American Funds 2009 Semiannual Report   33

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Large Cap Select Fund
DESCRIPTION		SHARES		VALUE
Common Stocks – 99.9%
Consumer Discretionary – 14.3%
Advance Auto Parts 6			42,322	$	1,851
Best Buy 6			52,290		2,007
Dollar Tree 6 =			35,231		1,492
GameStop, Class A =			46,475		1,402
Hasbro 6			65,177		1,738
Home Depot			100,495		2,645
J.C. Penney 6			73,241		2,248
Priceline.com 6 =			16,493		1,601
Stanley Works 6			55,330		2,104
Toll Brothers =			84,311		1,708
WABCO Holdings			42,836		685
WMS Industries 6 =			83,725		2,688
					22,169
Consumer Staples – 2.4%
General Mills			37,063		1,879
PepsiCo			35,826		1,783
					3,662
Energy – 13.4%
Chevron			62,998		4,164
Exxon Mobil			66,993		4,467
Occidental Petroleum			25,104		1,413
Southwestern Energy 6 =			86,537		3,103
Weatherford International 6 =			127,181		2,115
Williams			214,466		3,024
XTO Energy			71,469		2,477
					20,763
Financials – 16.7%
ACE			41,066		1,902
Bank of America 6			205,844		1,838
BlackRock			12,181		1,785
Charles Schwab			115,745		2,139
Comerica			89,684		1,882
Goldman Sachs Group			24,540		3,153
Hudson City Bancorp			144,553		1,816
Invesco 6			166,419		2,450
JPMorgan Chase 6			129,908		4,287
National Retail Properties – REIT 6			51,271		909
TD Ameritrade 6 =			109,867		1,748
Wells Fargo 6			97,269		1,946
					25,855
Healthcare – 11.1%
Abbott Laboratories			39,632		1,659
Allergan 6			33,887		1,581
Amgen 6 =			61,154		2,964
Bristol-Myers Squibb 6			138,394		2,657
DENTSPLY International 6			42,982		1,230
Express Scripts 6 =			34,041		2,178
Omnicare 6			43,173		1,110
St. Jude Medical 6 =			46,756		1,567
Teva Pharmaceutical – ADR 6			32,208		1,414
Vertex Pharmaceuticals 6 =			28,097		866
					17,226
Industrials – 7.6%
Emerson Electric			97,881		3,332
General Electric 6			158,297		2,002
Illinois Tool Works			53,582		1,758
Parker Hannifin			49,328		2,237
Werner Enterprises 6			148,185		2,423
	��				11,752
Information Technology – 24.9%
Accenture, Class A			55,058		1,620
Apple =			35,140		4,422
Avnet =			71,395		1,563
BMC Software 6 =			93,259		3,233
Cisco Systems 6 =			266,313		5,145
Corning			103,224		1,509
Dolby Laboratories, Class A =			57,525		2,309
Equinix 6 =			19,397		1,362
Global Payments			47,528		1,524
Hewlett-Packard			112,358		4,043
Intel 6			144,356		2,278
Lender Processing Services			33,120		949
Maxim Integrated Products			105,273		1,426
MEMC Electronic Materials =			68,826		1,115
QUALCOMM			74,914		3,170
Sybase 6 =			49,082		1,667
Texas Instruments 6			68,814		1,243
					38,578
Materials – 6.6%
Air Products and Chemicals			29,321		1,932
AK Steel			63,356		824
Freeport-McMoRan Copper & Gold			20,697		883
Monsanto			27,234		2,312
Packaging Corporation of America			145,035		2,302
Sonoco Products 6			81,709		1,994
					10,247
Telecommunication Services – 2.2%
American Tower, Class A 6 =			53,441		1,697
Windstream			196,397		1,630
					3,327
Utilities – 0.7%
CMS Energy 6			88,760		1,067
Total Common Stocks
(Cost $153,244)					154,646
Short-Term Investment – 0.1%
First American Prime Obligations Fund, Class Z Å
(Cost $88)			88,193		88
Investment Purchased with Proceeds from Securities Lending – 41.0%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $63,531)			63,531,220		63,531
Total Investments 5 – 141.0%
(Cost $216,863)					218,265
Other Assets and Liabilities, Net – (41.0)%					(63,453	)
Total Net Assets- 100.0%				$	154,812

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

34   First American Funds 2009 Semiannual Report

Large Cap Select Fund (concluded)

6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $60,578 at April 30, 2009. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $216,863. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	14,130
Gross unrealized depreciation		(12,728	)
Net unrealized appreciation	$	1,402

ADR –  American Depository Receipt

REIT –  Real Estate Investment Trust

Large Cap Value Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 99.5%
Consumer Discretionary – 10.9%
Burger King Holdings 6		165,125	$	2,698
Comcast, Class A		312,259		4,827
D.R. Horton		194,744		2,541
Gap 6		448,178		6,965
Home Depot 6		415,110		10,926
J.C. Penney		75,508		2,317
Kohl’s 6 =		60,926		2,763
Magna International, Class A		103,405		3,512
Omnicom Group 6		139,309		4,384
				40,933
Consumer Staples – 9.6%
ConAgra Foods		379,854		6,723
General Mills		90,624		4,594
H.J. Heinz 6		99,277		3,417
Kroger		185,532		4,011
Procter & Gamble		259,335		12,822
Wal-Mart Stores		90,328		4,553
				36,120
Energy – 16.7%
Chevron		260,089		17,192
Devon Energy		62,505		3,241
EOG Resources		55,996		3,555
Exxon Mobil		315,563		21,038
Occidental Petroleum		122,796		6,912
Transocean 6 =		60,806		4,103
Williams		262,383		3,700
XTO Energy		82,809		2,870
				62,611
Financials – 19.9%
ACE		136,918		6,342
Ameriprise Financial		110,209		2,904
AON		105,574		4,455
Bank of America 6		601,617		5,373
Bank of New York Mellon		163,745		4,172
Everest Re Group		27,827		2,077
Goldman Sachs Group		41,260		5,302
JPMorgan Chase 6		543,002		17,919
M&T Bank 6		58,862		3,087
Morgan Stanley 6		136,181		3,220
PartnerRe 6		32,278		2,201
Prudential Financial 6		88,513		2,556
Unum Group 6		233,227		3,811
Wells Fargo 6		563,023		11,266
				74,685
Healthcare – 11.8%
AmerisourceBergen 6		142,202		4,784
Amgen 6 =		135,947		6,589
Bristol-Myers Squibb 6		307,292		5,900
Johnson & Johnson		180,021		9,426
Medtronic		93,473		2,991
Pfizer 6		494,077		6,601
Quest Diagnostics 6		79,029		4,057
Wyeth		85,997		3,646
				43,994
Industrials – 8.8%
Cooper Industries, Class A 6		131,661		4,317
Emerson Electric		141,380		4,813
General Electric 6		782,742		9,902
Parker Hannifin		95,422		4,327
URS =		42,464		1,871

First American Funds 2009 Semiannual Report   35

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Large Cap Value Fund (continued)
DESCRIPTION	SHARES		VALUE
W.W. Grainger 6		49,140	$	4,122
Waste Management 6		138,392		3,691
				33,043
Information Technology – 6.8%
BMC Software 6 =		115,835		4,016
CA		178,495		3,079
Cisco Systems =		370,295		7,154
Corning		105,363		1,540
Hewlett-Packard		139,321		5,013
Intel 6		285,040		4,498
				25,300
Materials – 4.5%
Air Products and Chemicals 6		89,333		5,887
Freeport-McMoRan Copper & Gold		93,595		3,992
Nucor 6		58,906		2,397
Sonoco Products		191,382		4,671
				16,947
Telecommunication Services – 6.4%
AT&T		586,567		15,028
Verizon Communications 6		287,919		8,735
				23,763
Utilities – 4.1%
CMS Energy 6		188,759		2,269
Edison International		167,171		4,766
FirstEnergy 6		71,903		2,941
PG&E 6		145,861		5,414
				15,390
Total Common Stocks
(Cost $423,248)				372,786
Short-Term Investment – 0.3%
First American Prime Obligations Fund, Class Z Å
(Cost $960)		959,607		960
Investment Purchased with Proceeds from Securities Lending – 35.4%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $132,643)		132,643,197		132,643
Total Investments 5 – 135.2%
(Cost $556,851)				506,389
Other Assets and Liabilities, Net – (35.2)%				(131,715	)
Total Net Assets – 100.0%			$	374,674

Large Cap Value Fund (concluded)

6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $127,380 at April 30, 2009. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $556,851. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	32,198
Gross unrealized depreciation		(82,660	)
Net unrealized depreciation	$	(50,462	)

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

36   First American Funds 2009 Semiannual Report

Mid Cap Growth Opportunities Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 98.2%
Consumer Discretionary – 22.8%
Advance Auto Parts 6		373,273	$	16,331
Aeropostale 6 =		295,319		10,032
Best Buy 6		194,843		7,478
Burger King Holdings 6		524,062		8,563
Chipotle Mexican Grill, Class A 6 =		87,661		7,108
Coach =		555,511		13,610
Coinstar =		147,695		5,256
DeVry 6		288,960		12,298
GameStop, Class A =		396,759		11,966
Hasbro 6		328,717		8,764
Kohl’s 6 =		560,631		25,425
McGraw-Hill		249,340		7,518
Netflix 6 =		104,736		4,746
Omnicom Group 6		175,281		5,516
Polo Ralph Lauren 6		344,520		18,549
Priceline.com 6 =		154,169		14,968
Royal Caribbean Cruises		214,845		3,165
TJX 6		322,575		9,022
WMS Industries 6 =		386,294		12,404
Yum! Brands		545,425		18,190
				220,909
Consumer Staples – 1.5%
Alberto-Culver		641,385		14,296
Energy – 8.7%
Cameron International 6 =		513,697		13,140
Denbury Resources =		511,444		8,326
Dril-Quip =		142,493		4,899
Noble Energy		156,670		8,891
Oceaneering International 6 =		191,363		8,720
Petrohawk Energy 6 =		520,272		12,279
Quicksilver Resources 6 =		734,765		5,974
Southwestern Energy 6 =		479,129		17,182
Weatherford International 6 =		291,657		4,850
				84,261
Financials – 5.7%
Charles Schwab		633,194		11,701
Northern Trust 6		164,912		8,965
PartnerRe 6		86,795		5,919
TCF Financial 6		713,542		9,925
TD Ameritrade Holding 6 =		1,185,790		18,866
				55,376
Healthcare – 11.8%
Allergan 6		496,773		23,179
C.R. Bard 6		108,950		7,804
DENTSPLY International 6		238,224		6,818
Express Scripts 6 =		219,043		14,012
Henry Schein 6 =		152,110		6,243
IDEXX Laboratories 6 =		305,202		11,994
Omnicare 6		363,777		9,353
St. Jude Medical =		487,915		16,355
Thermo Fisher Scientific 6 =		199,499		6,998
Vertex Pharmaceuticals 6 =		376,529		11,605
				114,361
Industrials – 18.0%
C.H. Robinson Worldwide 6		210,348		11,182
Copart 6 =		332,806		10,447
Cummins		194,099		6,599
Danaher 6		167,617		9,796
Dun & Bradstreet 6		97,902		7,969
Flowserve		234,712		15,937
Fluor		213,660		8,091
Goodrich		360,190		15,949
IHS, Class A =		70,873		2,931
ITT 6		273,153		11,202
Knight Transportation 6		474,535		8,390
Precision Castparts 6		254,294		19,037
Republic Services		487,987		10,248
Roper Industries 6		354,804		16,176
URS =		112,306		4,948
W.W. Grainger 6		185,448		15,555
				174,457
Information Technology – 22.8%
Amphenol, Class A		467,445		15,818
Analog Devices		283,944		6,042
ANSYS =		224,454		6,199
BMC Software 6 =		623,901		21,631
Broadcom, Class A 6 =		939,204		21,780
CA 6		894,846		15,436
Changyou.com – ADR =		257,992		7,933
Dolby Laboratories, Class A 6 =		326,975		13,121
F5 Networks 6 =		364,054		9,928
Global Payments 6		255,578		8,194
Juniper Networks 6 =		645,706		13,980
Lender Processing Services		223,257		6,399
Marvell Technology Group =		560,721		6,157
MasterCard, Class A 6		94,852		17,401
Maxim Integrated Products		489,382		6,631
McAfee =		209,634		7,870
Mettler-Toledo International 6 =		159,418		9,825
Sybase 6 =		344,827		11,710
Teradata =		603,745		10,095
Xilinx 6		243,615		4,979
				221,129
Materials – 2.9%
Air Products and Chemicals		151,661		9,994
Ecolab 6		332,706		12,826
Martin Marietta Materials 6		59,585		5,007
				27,827
Telecommunication Services – 4.0%
American Tower, Class A 6 =		638,767		20,287
NII Holdings =		438,000		7,078
SBA Communications, Class A 6 =		433,621		10,928
				38,293
Total Common Stocks
(Cost $890,833)				950,909
Short-Term Investment – 1.5%
First American Prime Obligations Fund, Class Z Å
(Cost $14,468)		14,467,776		14,468
Investment Purchased with Proceeds from Securities Lending – 46.2%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $446,878)		446,878,312		446,878
Total Investments 5 – 145.9%
(Cost $1,352,179)				1,412,255
Other Assets and Liabilities, Net – (45.9)%				(444,163	)
Total Net Assets – 100.0%			$	968,092

First American Funds 2009 Semiannual Report   37

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Mid Cap Growth Opportunities Fund (concluded)

6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $431,552 at April 30, 2009. See note 2 in Notes to Financial Statements.
=	Non-income producing security
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $1,352,179. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	119,860
Gross unrealized depreciation		(59,784	)
Net unrealized appreciation	$	60,076

ADR –  American Depository Receipt

Mid Cap Value Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 97.2%
Consumer Discretionary – 17.7%
Advance Auto Parts		89,900	$	3,933
Burger King Holdings 6		148,196		2,422
Cablevision Systems 6		287,261		4,929
D.R. Horton 6		611,316		7,978
Ford Motor 6 =		1,123,890		6,721
Gap 6		651,014		10,117
Hasbro 6		279,261		7,445
J.C. Penney 6		208,924		6,412
Kohl’s 6 =		116,546		5,285
Magna International, Class A		105,492		3,582
Omnicom Group 6		186,579		5,872
Pulte Homes 6		157,467		1,812
Sherwin-Williams 6		71,630		4,057
Stanley Works 6		176,269		6,704
Toll Brothers 6 =		334,114		6,769
VF 6		90,152		5,343
WMS Industries 6 =		154,661		4,966
				94,347
Consumer Staples – 8.3%
Alberto-Culver		115,224		2,568
Bunge Limited 6		33,073		1,588
ConAgra Foods 6		583,729		10,332
Corn Products International		175,560		4,196
H.J. Heinz 6		113,217		3,897
Hershey 6		105,589		3,816
Kroger		214,574		4,639
Lorillard		127,950		8,078
Pepsi Bottling Group		160,321		5,013
				44,127
Energy – 6.0%
Denbury Resources =		192,685		3,137
El Paso 6		403,065		2,781
EOG Resources		88,078		5,591
Nabors Industries =		143,796		2,187
Newfield Exploration =		122,587		3,822
Noble Energy		200,143		11,358
Plains Exploration & Production 6 =		178,340		3,366
				32,242
Financials – 24.4%
Ameriprise Financial		283,090		7,459
AON		224,187		9,461
Arch Capital Group 6 =		97,924		5,658
Boston Properties – REIT 6		115,907		5,728
Comerica		357,409		7,498
Discover Financial Services		370,804		3,015
Essex Property Trust – REIT 6		73,431		4,662
Everest Re Group 6		108,838		8,124
Federal Realty Investment Trust – REIT 6		89,135		4,920
HCC Insurance Holdings		147,493		3,528
Hudson City Bancorp		423,637		5,321
Invesco 6		406,670		5,986
Lincoln National 6		76,368		858
M&T Bank 6		120,312		6,310
Northern Trust 6		101,115		5,497
PartnerRe 6		113,444		7,736
Public Storage – REIT 6		87,498		5,850
Regions Financial 6		191,404		859
StanCorp Financial Group 6		109,106		2,993
TCF Financial 6		427,572		5,948
TD Ameritrade Holding =		296,133		4,712
Unum Group 6		460,852		7,530

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

38   First American Funds 2009 Semiannual Report

Mid Cap Value Fund (continued)
DESCRIPTION	SHARES		VALUE
Ventas – REIT 6		133,910	$	3,835
Vornado Realty Trust – REIT 6		65,042		3,180
W.R. Berkley		140,443		3,358
				130,026
Healthcare – 4.2%
AmerisourceBergen 6		247,162		8,314
Omnicare		91,935		2,364
Quest Diagnostics 6		122,147		6,270
Universal Health Services		105,172		5,301
				22,249
Industrials – 8.0%
Cooper Industries, Class A		186,604		6,119
Delta Air Lines =		200,457		1,237
Parker Hannifin		259,794		11,782
Republic Services		271,408		5,699
URS =		140,806		6,204
W.W. Grainger 6		72,207		6,057
Werner Enterprises 6		342,885		5,606
				42,704
Information Technology – 9.4%
Affiliated Computer Services, Class A =		67,197		3,251
Amphenol, Class A		201,304		6,812
Analog Devices		219,959		4,681
Avnet =		263,582		5,770
BMC Software 6 =		161,331		5,593
Broadcom, Class A 6 =		234,954		5,449
CA		304,183		5,247
Computer Sciences =		94,679		3,499
Harris		117,255		3,586
Molex		225,386		3,757
Sybase =		77,366		2,627
				50,272
Materials – 7.0%
Air Products and Chemicals		134,963		8,894
Celanese, Series A		267,173		5,568
Freeport-McMoRan Copper & Gold		116,117		4,952
Nucor 6		108,064		4,397
Packaging Corporation of America		349,249		5,543
Sonoco Products		341,274		8,331
				37,685
Telecommunication Services – 1.7%
Windstream		1,081,452		8,976
Utilities – 10.5%
American Electric Power		163,854		4,322
CMS Energy 6		670,725		8,062
Edison International		161,578		4,607
PG&E 6		249,485		9,261
SCANA		167,845		5,072
Sempra Energy		189,227		8,708
Wisconsin Energy		220,737		8,821
Xcel Energy 6		391,810		7,225
				56,078
Total Common Stocks
(Cost $535,157)				518,706
Short-Term Investment – 2.6%
First American Prime Obligations Fund, Class Z Å
(Cost $14,155)		14,154,999		14,155
Investment Purchased with Proceeds from Securities Lending – 31.7%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $169,212)		169,211,582		169,212
Total Investments 5 – 131.5%
(Cost $718,524)				702,073
Other Assets and Liabilities, Net – (31.5)%				(168,365	)
Total Net Assets – 100.0%			$	533,708

6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $162,391 at April 30, 2009. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $718,524. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	50,429
Gross unrealized depreciation		(66,880	)
Net unrealized depreciation	$	(16,451	)

REIT –  Real Estate Investment Trust

First American Funds 2009 Semiannual Report   39

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Real Estate Securities Fund
DESCRIPTION	SHARES		VALUE
Real Estate Common Stocks ⊳ – 99.1%
Apartments – 13.7%
American Campus Communities 6 ⊲		427,250	$	9,263
Apartment Investment & Management, Class A 6 ⊲		94,365		689
Associated Estates Realty ⊲		89,021		494
Avalonbay Communities 6 ⊲		245,730		13,960
Camden Property Trust ⊲		108,974		2,956
Equity Residential Properties Trust 6 ⊲		1,087,853		24,901
Essex Property Trust 6 ⊲		365,790		23,224
Home Properties ⊲		18,144		661
Mid-America Apartment Communities 6 ⊲		138,268		5,115
UDR ⊲		250,774		2,525
				83,788
Community Centers – 10.8%
Acadia Realty Trust ⊲		172,592		2,503
Equity One 6 ⊲		330,080		4,912
Eurocommercial Properties ⊲ ¬		66,153		1,950
Federal Realty Investment Trust 6 ⊲		389,076		21,477
Kimco Realty 6 ⊲		918,992		11,046
Kite Realty Group Trust ⊲		963		3
Ramco-Gershenson Properties Trust ⊲		47,474		522
Regency Centers 6 ⊲		336,628		12,607
Saul Centers ⊲		213,392		6,794
Urstadt Biddle Properties, Class A ⊲		102,186		1,569
Weingarten Realty Investors 6 ⊲		193,736		3,011
				66,394
Diversified – 7.2%
Cousins Properties 6 ⊲		21,642		183
Vornado Realty Trust 6 ⊲		703,271		34,383
Washington Real Estate Investment Trust 6 ⊲		446,380		9,521
				44,087
Healthcare – 14.1%
Capital Senior Living =		515,416		2,036
Cogdell Spencer 6 ⊲		973,004		6,033
HCP 6 ⊲		909,151		19,956
Health Care 6 ⊲		136,826		4,662
Healthcare Realty Trust 6 ⊲		176,261		2,959
LTC Properties ⊲		611,790		11,018
Nationwide Health Properties ⊲		229,563		5,668
Omega Healthcare Investors ⊲		302,399		4,754
Parkway Life ⊲ ¬		1,275,740		651
Skilled Healthcare Group, Class A =		249,781		2,181
Universal Health Realty Income Trust ⊲		42,925		1,374
Ventas 6 ⊲		870,686		24,936
				86,228
Hotels – 3.5%
DiamondRock Hospitality 6 ⊲		563,933		3,660
Hersha Hospitality Trust ⊲		55,958		204
Host Hotels & Resorts 6 ⊲		2,320,809		17,847
				21,711
Industrials – 7.9%
AMB Property 6 ⊲		536,656		10,245
Brixton ⊲ ¬		592,055		252
DCT Industrial Trust 6 ⊲		919,116		4,062
EastGroup Properties 6 ⊲		150,266		5,050
First Potomac Realty Trust 6 ⊲		306,913		3,005
Mapletree Logistics Trust ⊲ ¬		281,083		81
Prologis 6 ⊲		1,044,244		9,513
PS Business Parks ⊲		372,037		16,277
				48,485
Infrastructure – 1.1%
American Tower, Class A =		112,952		3,587
Hopewell Holdings ¬		1,211,824		3,120
				6,707
Malls – 9.9%
Simon Property Group 6 ⊲		924,492		47,704
Tanger Factory Outlet Centers 6 ⊲		148,151		4,936
Taubman Centers 6 ⊲		346,935		8,264
				60,904
Manufactured Homes – 0.9%
Equity Lifestyle Properties ⊲		145,516		5,773
Net Lease – 3.7%
National Retail Properties 6 ⊲		632,997		11,229
Realty Income 6 ⊲		500,891		11,185
				22,414
Office – 18.3%
Alexandria Real Estate Equities 6 ⊲		118,772		4,333
Boston Properties 6 ⊲		495,097		24,468
Brookfield Asset Management, Class A		642,072		9,971
Corporate Office Properties Trust 6 ⊲		466,474		14,255
Digital Realty Trust 6 ⊲		424,672		15,292
Douglas Emmett ⊲		655,096		6,269
Duke Realty ⊲		366,854		3,584
Highwoods Properties 6 ⊲		371,347		8,909
Kilroy Realty 6 ⊲		39,582		853
Liberty Property Trust 6 ⊲		630,891		15,356
Mack-Cali Realty ⊲		144,402		3,879
Mission West Properties ⊲		426,551		2,905
Parkway Properties ⊲		109,634		1,521
SL Green Realty 6 ⊲		34,548		610
				112,205
Real Estate Service Provider – 0.0%
HFF =		31,923		86
Self Storage – 8.0%
Extra Space Storage ⊲		211,932		1,507
Public Storage 6 ⊲		698,279		46,687
Sovran Self Storage ⊲		41,713		940
				49,134
Total Real Estate Common Stocks (Cost $627,411)				607,916
Private Real Estate Company – 0.0%
Newcastle Investment Holdings = ⊡		35,000		152
(Cost $153)
Short-Term Investment – 1.0%
First American Prime Obligations Fund, Class Z Å
(Cost $5,972)		5,971,687		5,972
Investment Purchased with Proceeds from Securities Lending – 42.1%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $258,231)		258,230,872		258,231
Total Investments 5 – 142.2%
(Cost $891,767)				872,271
Other Assets and Liabilities, Net – (42.2)%				(259,015	)
Total Net Assets – 100.0%			$	613,256

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

40   First American Funds 2009 Semiannual Report

Real Estate Securities Fund (concluded)

⊳	The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 7 in Notes to Financial Statements.
6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $247,506 at April 30, 2009. See note 2 in Notes to Financial Statements.
⊲	Real Estate Investment Trust. As of April 30, 2009, the market value of these investments was $586,935, or 95.7% of Total Net Assets.
¬	Foreign denominated security values stated in U.S. dollars. Principal amounts are U.S. dollars unless otherwise noted.
=	Non-income producing security.
⊡	Security is fair valued and illiquid. As of April 30, 2009, the fair value of this investment was $152 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $891,767. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	55,714
Gross unrealized depreciation		(75,210	)
Net unrealized depreciation	$	(19,496	)

Small Cap Growth Opportunities Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 96.8%
Consumer Discretionary – 16.1%
Bally Technologies =		68,877	$	1,803
Deckers Outdoor =		24,018		1,357
Einstein Noah Restaurant Group =		98,677		1,065
GUESS? 6		69,343		1,806
Gymboree = 6		69,390		2,387
Panera Bread, Class A =		16,293		913
Urban Outfitters = 6		88,881		1,732
Warnaco Group =		77,653		2,239
WMS Industries = 6		39,650		1,273
Wolverine World Wide		77,044		1,605
				16,180
Energy – 4.1%
Arena Resources =		30,256		867
Comstock Resources =		31,252		1,077
Concho Resources =		43,531		1,194
Penn Virginia		73,907		1,040
				4,178
Financials – 6.5%
Digital Realty Trust – REIT 6		18,801		677
Greenhill & Company		12,207		946
Investment Technology Group =		58,335		1,329
Marshall & Ilsley 6		117,615		680
Penson Worldwide =		73,600		746
SEI Investments		104,051		1,460
SVB Financial Group =		34,392		714
				6,552
Healthcare – 22.8%
Alexion Pharmaceuticals = 6		37,349		1,248
Alliance Imaging =		228,057		1,795
Amedisys = 6		32,143		1,078
Array BioPharma =		237,913		697
BioMarin Pharmaceutical =		68,837		885
Catalyst Health Solutions =		49,952		1,126
Eurand =		164,345		1,808
Haemonetics =		21,887		1,130
Immucor =		48,900		797
Integra LifeSciences =		47,404		1,224
Isis Pharmaceuticals =		58,544		918
MedAssets =		47,978		827
Myriad Genetics =		24,135		936
NuVasive = 6		39,385		1,493
Onyx Pharmaceuticals = 6		30,795		798
OSI Pharmaceuticals = 6		27,264		915
Regeneron Pharmaceuticals =		89,198		1,183
RTI Biologics =		248,847		881
Skilled Healthcare Group, Class A =		121,513		1,061
TranS1 = 6		57,691		420
United Therapeutics =		12,853		807
VNUS Medical Technologies =		39,650		878
				22,905
Industrials – 15.3%
Advisory Board =		89,815		1,674
BE Aerospace =		147,560		1,592
Chart Industries =		107,734		1,490
Curtiss-Wright		22,207		710
ESCO Technologies =		23,346		971
Kaydon 6		37,365		1,194
Knight Transportation		56,460		998
Navigant Consulting =		86,727		1,276
Old Dominion Freight Line = 6		33,733		949
Orbital Sciences =		86,307		1,334

First American Funds 2009 Semiannual Report   41

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Small Cap Growth Opportunities Fund (continued)
DESCRIPTION	SHARES		VALUE
Taleo, Class A =		84,480	$	1,015
Waste Connections =		44,417		1,145
Watson Wyatt Worldwide, Class A		19,713		1,046
				15,394
Information Technology ⊳ – 28.4%
ANSYS =		39,315		1,086
Avocent =		92,024		1,329
Belden		62,840		1,013
Brocade Communications Systems =		236,180		1,365
CommScope = 6		46,244		1,161
DealerTrack Holdings = 6		63,935		971
Entegris =		810,881		1,200
F5 Networks = 6		54,253		1,479
Forrester Research =		54,326		1,380
LoopNet = 6		178,337		1,532
MICROS Systems = 6		58,960		1,237
National Instruments		75,874		1,672
Perficient =		240,816		1,679
Plantronics		164,320		2,093
PMC-Sierra = 6		201,798		1,598
Quest Software =		93,837		1,363
Semtech =		80,343		1,159
Silicon Laboratories =		40,678		1,353
SRA International, Class A =		81,822		1,259
Tellabs =		192,297		1,008
Verigy =		145,976		1,606
VideoPropulsion = ⊡		780,460		—
				28,543
Materials – 2.1%
Arch Chemicals		44,217		1,069
GrafTech International =		117,141		1,030
				2,099
Telecommunication Services – 1.5%
NeuStar, Class A =		78,994		1,502
Total Common Stocks
(Cost $92,318)				97,353
Warrants – 0.0%
Hollis-Eden Pharmaceuticals, Warrants = ⊡		70,545		—
Lantronix, Warrants = ⊡		11,236		—
Total Warrants
(Cost $161)				—
Short-Term Investment – 3.7%
First American Prime Obligations Fund, Class Z Å
(Cost $3,732)		3,731,815		3,732
Investment Purchased with Proceeds from Securities Lending – 16.9%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $17,055)		17,055,310		17,055
Total Investments 5 – 117.4%
(Cost $113,266)				118,140
Other Assets and Liabilities, Net – (17.4)%				(17,546	)
Total Net Assets – 100.0%			$	100,594

Small Cap Growth Opportunities Fund (concluded)

=	Non-income producing security.
6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $16,331 at April 30, 2009. See note 2 in Notes to Financial Statements.
⊳	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
⊡	Security is fair valued and illiquid. As of April 30, 2009, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $113,266. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	15,522
Gross unrealized depreciation		(10,648	)
Net unrealized appreciation	$	4,874

REIT –  Real Estate Investment Trust

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

42   First American Funds 2009 Semiannual Report

Small Cap Select Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 94.3%
Consumer Discretionary – 17.7%
1-800-Flowers.com, Class A =		1,705,725	$	4,981
Amerigon = 6		642,711		3,631
Bally Technologies =		130,208		3,409
Children’s Place Retail Stores =		139,748		3,974
Christopher & Banks		389,469		2,165
Coinstar = 6		250,490		8,915
Dress Barn = 6		170,847		2,587
FGX International Holdings Limited =		364,762		4,202
Fossil =		267,711		5,397
Hibbett Sports = 6		216,007		4,504
Hot Topic = 6		319,422		3,910
Interface, Class A		1,001,562		5,799
McCormick & Schmick’s Seafood Restaurants =		271,357		1,921
P.F. Chang’s China Bistro = 6		146,776		4,430
Panera Bread, Class A = 6		90,264		5,056
RC2 =		197,699		2,236
Red Robin Gourmet Burgers =		57,499		1,412
Scientific Games, Class A =		254,612		4,453
Texas Roadhouse, Class A = 6		260,139		2,960
Tractor Supply =		104,612		4,224
VistaPrint =		83,063		2,853
WMS Industries = 6		259,741		8,340
				91,359
Consumer Staples – 2.8%
Chattem = 6		116,433		6,393
Hain Celestial Group = 6		182,519		3,046
Ralcorp Holdings = 6		85,721		4,900
				14,339
Energy – 4.7%
Arena Resources =		210,502		6,035
Comstock Resources = 6		95,693		3,298
Concho Resources =		236,259		6,478
Holly		85,645		1,795
Penn Virginia		100,428		1,413
Petroleum Development = 6		164,421		2,665
Whiting Petroleum = 6		85,892		2,814
				24,498
Financials – 17.1%
Affiliated Managers Group = 6		25,794		1,466
Astoria Financial		330,198		2,727
Bank of the Ozarks 6		246,948		6,132
Cullen/Frost Bankers 6		51,157		2,409
Delphi Financial Group, Class A 6		520,097		8,982
Digital Realty Trust – REIT 6		25,739		927
Dime Community Bancshares		362,794		3,026
East West Bancorp		548,256		3,745
Glacier Bancorp 6		349,499		5,354
HCC Insurance Holdings 6		190,431		4,555
Independent Bank		260,117		5,192
Knight Capital Group, Class A =		92,645		1,435
LaSalle Hotel Properties – REIT 6		133,488		1,597
MFA Mortgage Investments – REIT		1,075,217		6,333
National Retail Properties – REIT 6		188,685		3,347
Platinum Underwriters Holdings		302,474		8,702
Senior Housing Properties Trust – REIT		263,344		4,316
TCF Financial 6		601,592		8,368
Tower Group		126,644		3,444
Umpqua Holdings 6		313,935		3,011
Wintrust Financial		197,850		3,363
				88,431
Healthcare – 12.7%
Alexion Pharmaceuticals = 6		64,595		2,159
Amedisys = 6		132,633		4,449
Array BioPharma = 6		440,412		1,290
Bio-Reference Laboratories =		96,014		2,465
DexCom = 6		477,957		2,141
Exelixis = 6		263,410		1,299
Genoptix =		145,520		4,232
ICU Medical =		244,071		9,177
Immucor = 6		298,071		4,856
IPC The Hospitalist =		207,352		3,801
Isis Pharmaceuticals = 6		158,062		2,478
Masimo = 6		89,485		2,586
MEDNAX =		144,815		5,199
Myriad Genetics =		55,048		2,135
Onyx Pharmaceuticals = 6		88,557		2,294
OSI Pharmaceuticals = 6		70,464		2,365
Regeneron Pharmaceuticals =		188,016		2,493
RTI Biologics =		803,840		2,846
Senomyx =		531,366		1,238
SonoSite = 6		91,201		1,645
TranS1 = 6		310,309		2,259
United Therapeutics = 6		34,268		2,152
				65,559
Industrials – 13.5%
Advisory Board =		382,267		7,125
BE Aerospace = 6		834,040		8,999
CBIZ = 6		374,610		2,944
ESCO Technologies = 6		60,605		2,520
Forward Air 6		83,250		1,388
IDEX		286,049		7,223
Interline Brands =		388,494		5,035
Kaydon 6		109,134		3,488
Kennametal 6		114,974		2,351
Knight Transportation 6		281,424		4,976
MasTec =		346,942		4,340
Navigant Consulting =		353,309		5,197
Old Dominion Freight Line = 6		176,566		4,970
Simpson Manufacturing 6		126,321		2,812
Waste Connections = 6		251,107		6,474
				69,842
Information Technology – 20.1%
ADC Telecommunications = 6		1,229,220		9,047
Advanced Analogic Technologies = ◖		2,091,578		10,039
Amkor Technology = 6		377,261		1,626
Bankrate = 6		43,068		1,077
Belden		221,471		3,570
Cavium Networks = 6		246,187		3,097
CommVault Systems =		235,148		2,928
DealerTrack Holdings = 6		562,600		8,540
Digital River =		99,619		3,827
F5 Networks = 6		127,551		3,478
Global Payments		172,757		5,539
Hittite Microwave =		126,535		4,702
Intersil, Class A		169,323		1,964
Itron =		57,865		2,662
Netlogic Microsystems =		80,691		2,630
Omniture = 6		202,194		2,491
Polycom = 6		231,925		4,323
Progress Software =		402,152		8,522
Sapient =		867,949		4,452
Silicon Laboratories = 6		187,433		6,234
Synaptics = 6		67,817		2,203
Tessera Technologies =		262,510		3,686

First American Funds 2009 Semiannual Report   43

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Small Cap Select Fund (continued)
DESCRIPTION	SHARES		VALUE
TTM Technologies = 6		424,491	$	3,150
Veeco Instruments =		559,180		4,049
				103,836
Materials – 2.7%
Albemarle		148,427		3,981
AptarGroup 6		115,130		3,573
Arch Chemicals		167,325		4,046
Olympic Steel		117,848		2,161
				13,761
Telecommunication Services – 2.1%
Cogent Communications Group =		423,552		3,575
General Communication, Class A =		285,076		2,184
NeuStar, Class A =		200,837		3,818
NTELOS Holdings		82,495		1,318
				10,895
Utilities – 0.9%
NSTAR 6		156,242		4,908
Total Common Stocks
(Cost $495,659)				487,428
Exchange-Traded Funds – 1.5%
iShares Dow Jones U.S. Real Estate Index Fund 6		121,376		4,008
SPDR KBW Regional Banking ETF 6		172,063		3,587
Total Exchange-Traded Funds
(Cost $7,348)				7,595
Warrants – 0.0%
Lantronix, Warrants = ⊡
(Cost $0)		5,143		—
Short-Term Investment – 5.2%
First American Prime Obligations Fund, Class Z Å
(Cost $27,067)		27,067,471		27,067
Investment Purchased with Proceeds from Securities Lending – 29.0%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $149,870)		149,869,847		149,870
Total Investments 5 – 130.0%
(Cost $679,944)				671,960
Other Assets and Liabilities, Net – (30.0)%				(155,190	)
Total Net Assets – 100.0%			$	516,770

Small Cap Select Fund (concluded)

=	Non-income producing security.
6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $142,369 at April 30, 2009. See note 2 in Notes to Financial Statements.
◖	A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings of that company represent 5% or more of the outstanding voting securities of the company. Transactions with companies that are or were affiliates during the six-month period ended April 30, 2009 are as follows:

	Beginning		Purchase		Sales	Ending		Dividend
Issuer	Cost		Cost		Cost	Cost		Income		Shares		Value
Advanced Analogic Technologies	$	13,680	$	413	$2,180	$	11,913	$	—		2,091,578	$	10,039

⊡	Security is fair valued and illiquid. As of April 30, 2009, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $679,944. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	66,092
Gross unrealized depreciation		(74,076	)
Net unrealized depreciation	$	(7,984	)

REIT –  Real Estate Investment Trust

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

44   First American Funds 2009 Semiannual Report

Small Cap Value Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 97.5%
Consumer Discretionary – 16.0%
Aaron Rents 6		110,200	$	3,698
America’s Car-Mart =		100,448		1,629
Ameristar Casinos		123,903		2,543
Callaway Golf		136,567		1,031
Children’s Place Retail Stores =		76,598		2,178
Domino’s Pizza 6 =		271,204		2,560
Ethan Allen Interiors 6		88,995		1,197
Interface, Class A		282,570		1,636
Jack in the Box 6 =		98,648		2,426
Jos. A. Bank Clothiers =		27,249		1,102
Monro Muffler Brake		52,898		1,321
Ryland Group 6		51,358		1,064
WMS Industries 6 =		34,895		1,120
Wolverine World Wide		112,364		2,341
				25,846
Consumer Staples – 4.3%
Alberto-Culver		64,235		1,432
Chattem 6 =		13,037		716
Darling International =		51,208		293
Ralcorp Holdings 6 =		41,829		2,391
Spartan Stores 6		127,202		2,069
				6,901
Energy – 2.5%
Hornbeck Offshore Services =		39,384		915
Penn Virginia		88,300		1,243
St. Mary Land & Exploration		72,913		1,303
Swift Energy 6 =		54,650		591
				4,052
Financials ⊳ – 31.0%
Alexandria Real Estate Equities – REIT 6		43,366		1,582
American Campus Communities – REIT		61,739		1,339
Argo Group International Holdings =		35,943		1,006
Aspen Insurance Holdings		123,287		2,907
Bank of the Ozarks 6		119,632		2,970
Cathay General Bancorp 6		94,004		1,055
CIT Group 6		343,310		762
Cogdell Spencer – REIT		77,174		478
Delphi Financial Group, Class A		172,828		2,985
DiamondRock Hospitality – REIT		151,259		982
Dime Community Bancshares		75,454		629
F.N.B. 6		127,456		958
Financial Federal		77,219		1,900
First Midwest Bancorp		171,211		1,517
FirstMerit 6		39,628		769
FPIC Insurance Group 6 =		56,896		1,738
IBERIABANK		31,563		1,442
Independent Bank		89,838		1,793
Knight Capital Group, Class A =		120,724		1,870
MFA Mortgage Investments – REIT		283,222		1,668
National Retail Properties – REIT 6		33,673		597
Pinnacle Financial Partners 6 =		87,691		1,564
Presidential Life		101,095		1,081
Raymond James Financial 6		97,110		1,524
SeaBright Insurance Holdings =		173,518		1,610
Selective Insurance Group		108,670		1,604
Senior Housing Properties Trust – REIT		78,928		1,294
Sterling Bancshares 6		319,677		2,126
Stifel Financial =		16,770		826
SWS Group		123,276		1,577
TCF Financial 6		102,525		1,426
Texas Capital Bancshares =		145,444		2,036
WSFS Financial		70,759		1,918
Zions Bancorporation 6		67,476		738
				50,271
Healthcare – 5.4%
Catalyst Health Solutions =		52,962		1,194
CONMED =		19,991		266
Greatbatch 6 =		72,274		1,521
MEDNAX =		39,918		1,433
Merit Medical Systems =		84,116		1,304
Res-Care =		162,866		2,609
Varian =		10,863		359
				8,686
Industrials – 11.9%
Apogee Enterprises		68,987		924
Brady, Class A		92,149		1,942
Con-way		68,141		1,689
EMCOR Group 6 =		94,513		1,965
Ennis		77,827		701
Heartland Express 6		93,296		1,395
Huron Consulting Group =		27,241		1,306
Interline Brands =		82,664		1,071
Nordson 6		53,675		1,947
Regal-Beloit 6		46,725		1,899
SkyWest		48,772		587
Triumph Group		42,667		1,763
URS =		47,553		2,095
				19,284
Information Technology – 14.4%
Amkor Technology 6 =		424,430		1,829
CACI International, Class A =		49,269		1,949
Ixia =		223,229		1,286
MKS Instruments =		23,894		374
Pericom Semiconductor =		185,575		1,653
Perot Systems, Class A =		175,156		2,463
Plantronics		201,253		2,564
PMC-Sierra 6 =		149,859		1,187
Polycom 6 =		69,487		1,295
Progress Software =		108,614		2,302
Rogers =		36,152		920
TriQuint Semiconductor =		653,469		2,503
TTM Technologies =		118,793		881
United Online 6		394,403		2,090
				23,296
Materials – 5.8%
Albemarle		64,212		1,722
AptarGroup 6		40,714		1,263
Arch Chemicals		107,723		2,605
Commercial Metals		46,197		688
GrafTech International =		144,716		1,272
Silgan Holdings		39,578		1,840
				9,390
Telecommunication Services – 0.5%
NTELOS Holdings		47,830		764
Utilities – 5.7%
El Paso Electric =		107,943		1,490
Northwest Natural Gas		40,131		1,641
Portland General Electric		148,677		2,716

First American Funds 2009 Semiannual Report   45

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Small Cap Value Fund (concluded)
DESCRIPTION	SHARES		VALUE
Unitil 6		72,089	$	1,477
Westar Energy		113,069		1,982
				9,306
Total Common Stocks
(Cost $185,946)				157,796
Exchange-Traded Funds – 2.2%
iShares Dow Jones U.S. Real Estate Index Fund		83,867		2,769
SPDR S&P Biotech		15,946		722
Total Exchange-Traded Funds
(Cost $3,694)				3,491
Short-Term Investment – 1.3%
First American Prime Obligations Fund, Class Z Å
(Cost $2,180)		2,179,643		2,180
Investment Purchased with Proceeds from Securities Lending – 21.9%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $35,498)		35,497,526		35,498
Total Investments 5 – 122.9%
(Cost $227,318)				198,965
Other Assets and Liabilities, Net – (22.9)%				(37,084	)
Total Net Assets – 100.0%			$	161,881

6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $33,088 at April 30, 2009. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
⊳	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $227,318. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	11,477
Gross unrealized depreciation		(39,830	)
Net unrealized depreciation	$	(28,353	)

REIT –  Real Estate Investment Trust

Small-Mid Cap Core Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 98.3%
Consumer Discretionary – 13.4%
Advance Auto Parts		21,013	$	919
Children’s Place Retail Stores =		33,261		946
Family Dollar Stores		20,756		689
Hasbro		16,301		435
Hibbett Sports =		17,380		362
Stanley Works		32,202		1,225
Warnaco Group =		21,583		622
WMS Industries =		18,701		601
Wolverine World Wide		33,003		687
				6,486
Consumer Staples – 1.0%
Bunge Limited 6		9,980		479
Energy – 5.0%
BJ Services 6		25,636		356
Cameron International =		13,429		344
Concho Resources =		29,909		820
Penn Virginia		27,208		383
Tesoro 6		32,982		503
				2,406
Financials – 23.4%
Aflac		15,643		452
Bank of the Ozarks 6		40,549		1,007
Comerica		16,076		337
Fifth Third Bancorp 6		114,995		472
FPIC Insurance Group = 6		11,525		352
HCC Insurance Holdings		17,268		413
Knight Capital Group, Class A =		30,493		472
MFA Mortgage Investments – REIT		164,706		970
Mid-America Apartment Communities – REIT		20,257		749
National Retail Properties – REIT 6		44,671		792
Platinum Underwriters Holdings		15,631		450
Public Storage – REIT 6		5,707		382
StanCorp Financial Group		14,463		397
Sterling Bancshares 6		114,161		759
Stifel Financial =		10,318		508
SWS Group		26,842		343
TCF Financial 6		67,502		939
TD Ameritrade = 6		45,287		721
Unum Group 6		25,767		421
Ventas – REIT 6		13,691		392
				11,328
Healthcare – 7.9%
ICU Medical =		23,216		873
Immucor =		39,923		650
Omnicare		13,749		353
Quest Diagnostics 6		8,879		456
SonoSite =		24,814		448
Vertex Pharmaceuticals = 6		33,664		1,038
				3,818
Industrials – 14.1%
Advisory Board =		25,582		477
Chart Industries =		38,305		530
Cooper Industries, Class A 6		19,622		643
Dun & Bradstreet 6		5,512		449
EMCOR Group = 6		37,123		772
ESCO Technologies =		18,545		771
Forward Air 6		37,070		618
Parker Hannifin		11,569		524
URS =		13,432		592

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

46   First American Funds 2009 Semiannual Report

Small-Mid Cap Core Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
W.W. Grainger 6		9,382	$	787
Werner Enterprises 6		40,851		668
				6,831
Information Technology – 20.2%
Amkor Technology = 6		233,683		1,007
Amphenol, Class A		16,477		558
Avnet =		49,734		1,089
BMC Software = 6		34,400		1,193
CA		31,765		548
DealerTrack Holdings =		32,297		490
Digital River =		19,115		734
Dolby Laboratories, Class A = 6		17,361		697
F5 Networks = 6		30,709		837
Global Payments		13,516		433
Lender Processing Services		14,304		410
MercadoLibre = 6		13,003		355
Perficient =		44,702		312
PMC-Sierra = 6		66,129		524
Xilinx 6		27,318		558
				9,745
Materials – 7.7%
Albemarle		15,769		423
Ecolab 6		13,147		507
Freeport-McMoRan Copper & Gold		11,367		485
GrafTech International =		81,214		714
Olympic Steel		23,838		437
Packaging Corporation of America		25,276		401
Sonoco Products		30,883		754
				3,721
Telecommunication Services – 1.0%
American Tower, Class A =		15,443		490
Utilities – 4.6%
CMS Energy 6		71,854		864
NSTAR 6		14,275		448
SCANA		14,769		446
Westar Energy		25,137		441
				2,199
Total Common Stocks
(Cost $47,270)				47,503
Warrants – 0.0%
Lantronix, Warrants = ⊡
(Cost $0)		746		—
Short-Term Investments – 1.7%
Money Market Fund – 0.6%
First American Prime Obligations Fund, Class Z Å		306,465		306
U.S. Treasury Obligation – 1.1%
U.S. Treasury Bill
0.160%, 06/04/2009 o	$	525		525
Total Short-Term Investments
(Cost $831)				831
Investment Purchased with Proceeds from Securities Lending – 34.0%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $16,400)		16,399,689		16,400
Total Investments 5 – 134.0%
(Cost $64,501)				64,734
Other Assets and Liabilities, Net – (34.0)%				(16,415	)
Total Net Assets – 100.0%			$	48,319

=	Non-income producing security.
6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $15,479 at April 30, 2009. See note 2 in Notes to Financial Statements.
⊡	Security is fair valued and illiquid. As of April 30, 2009, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2009. 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $64,501. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	4,984
Gross unrealized depreciation		(4,751	)
Net unrealized appreciation	$	233

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

			Number of		Notional
	Settlement		Contracts		Contract	Unrealized
Description	Month		Purchased		Value	Appreciation
Russell 2000 Mini Index Futures		June 2009		55	$2,677	$	557

First American Funds 2009 Semiannual Report   47

Statements ofAssets and Liabilities   April 30, 2009 (unaudited), all dollars and shares are rounded to thousands (000),
except per share data

	Balanced			Equity			Global						International
	Fund			Income Fund			Infrastructure Fund			International Fund			Select Fund
Unaffiliated investments, at cost	$	135,991		$	557,931		$	39,285		$	593,538		$	326,795
Affiliated investments, at cost		14,640			12,857			—			—			—
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		33,263			135,455			—			—			—
Cash denominated in foreign currencies, at cost		3			—			101			10,167			6,867
ASSETS:
Unaffiliated investments, at value* (note 2)	$	122,942		$	595,604		$	39,349		$	599,804		$	275,266
Affiliated investments, at value (note 2)		14,640			12,857			—			—			—
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		33,263			135,455			—			—			—
Cash denominated in foreign currencies, at value (note 2)		—			—			103			—			—
Cash		3			—			58			11,515			7,953
Receivable for dividends and interest		810			1,439			128			3,546			1,211
Receivable for investments sold		4,433			4,287			2,446			2,230			1,364
Receivable for capital shares sold		42			501			270			26			581
Receivable for foreign withholding tax reclaim		—			—			—			—			187
Receivable for variation margin (note 2)		57			—			—			—			—
Receivable from advisor (note 3)		—			—			27			—			—
Prepaid expenses and other assets		11			32			37			30			24
Total assets		176,201			750,175			42,418			617,151			286,586
LIABILITIES:
Cash denominated in foreign currencies, at value (note 2)		3			—			—			10,683			7,220
Payable for investments purchased		3,135			3,740			3,358			3,321			2,061
Payable for investments purchased on a when-issued basis		6,189			—			—			—			—
Payable upon return of securities loaned (note 2)		33,263			135,455			—			—			—
Payable for capital shares redeemed		302			432			—			272			364
Payable for foreign withholding tax		—			—			3			—			—
Payable for swap agreements (note 2)		824			—			—			—			—
Payable for variation margin (note 2)		—			—			—			318			82
Payable to affiliates (note 3)		102			468			40			559			229
Payable to custodian (note 3)		—			—			7			116			51
Payable for distribution and shareholder servicing fees		15			26			3			7			1
Accrued expenses and other liabilities		11			41			14			31			21
Total liabilities		43,844			140,162			3,425			15,307			10,029
Net assets	$	132,357		$	610,013		$	38,993		$	601,844		$	276,557
COMPOSITION OF NET ASSETS:
Portfolio capital	$	200,371		$	628,324		$	48,841		$	702,390		$	414,384
Undistributed (distributions in excess of) net investment income		2,087			218			245			2,628			1,276
Accumulated net realized loss on investments, futures contracts, foreign currency transactions, and swap agreements		(57,329	)		(56,202	)		(10,159	)		(109,295	)		(88,912	)
Net unrealized appreciation or depreciation of:
Investments		(13,049	)		37,673			64			6,266			(51,529	)
Futures contracts		220			—			—			388			1,693
Foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			2			(533	)		(355	)
Swap agreements		57			—			—			—			—
Net assets	$	132,357		$	610,013		$	38,993		$	601,844		$	276,557
* Including securities loaned, at value	$	32,040		$	132,094		$	—		$	—		$	—
Class A:
Net assets	$	54,811		$	86,297		$	10,967		$	23,302		$	1,566
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		7,451			9,275			1,781			2,728			237
Net asset value and redemption price per share	$	7.36		$	9.30		$	6.16		$	8.54		$	6.60
Maximum offering price per share1	$	7.79		$	9.84		$	6.52		$	9.04		$	6.98
Class B2,3:
Net assets	$	3,326		$	7,200		$	—		$	1,837		$	259
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		457			784			—			235			40
Net asset value, offering price, and redemption price per share3	$	7.28		$	9.18		$	—		$	7.83		$	6.57
Class C3:
Net assets	$	1,433		$	4,298		$	1,477		$	2,909		$	205
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		196			467			240			356			31
Net asset value, offering price and redemption price per share3	$	7.33		$	9.20		$	6.14		$	8.17		$	6.58
Class R4:
Net assets	$	276		$	381		$	5		$	3		$	46
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		37			41			1			—	**		7
Net asset value, offering price, and redemption price per share	$	7.41		$	9.29		$	6.15		$	8.56		$	6.57
Class Y:
Net assets	$	72,511		$	511,837		$	26,544		$	573,793		$	274,481
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		9,825			54,542			4,302			66,383			41,576
Net asset value, offering price, and redemption price per share	$	7.38		$	9.38		$	6.17		$	8.64		$	6.60

1	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
2	Class B is not offered by Global Infrastructure Fund.
3	Class B and Class C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
4	Class R is not offered by Small-Mid Cap Core Fund.

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

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

48   First American Funds 2009 Semiannual Report

Large Cap Growth			Large Cap			Large Cap			Mid Cap Growth			Mid Cap			Real Estate			Small Cap Growth			Small Cap			Small Cap			Small-Mid Cap
Opportunities Fund			Select Fund			Value Fund			Opportunities Fund			Value Fund			Securities Fund			Opportunities Fund			Select Fund			Value Fund			Core Fund
$	440,807		$	153,244		$	423,248		$	890,833		$	535,157		$	627,564		$	92,479		$	491,094		$	189,640		$	47,795
	2,960			88			960			14,468			14,155			5,972			3,732			38,980			2,180			306
	164,083			63,531			132,643			446,878			169,212			258,231			17,055			149,870			35,498			16,400
	—			—			—			—			—			—			—			—			—			—
$	463,867		$	154,646		$	372,786		$	950,909		$	518,706		$	608,068		$	97,353		$	484,984		$	161,287		$	48,028
	2,960			88			960			14,468			14,155			5,972			3,732			37,106			2,180			306
	164,083			63,531			132,643			446,878			169,212			258,231			17,055			149,870			35,498			16,400
	—			—			—			—			—			—			—			—			—			—
	—			—			8			7,099			13			—			—			—			—			—
	365			168			866			435			509			751			14			390			190			46
	4,316			7,902			2,998			12,633			9,979			9,745			1,551			2,374			253			—
	289			5			11			934			225			3,646			128			991			51			62
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	29			29			32			37			52			58			31			40			28			24
	635,909			226,369			510,304			1,433,393			712,851			886,471			119,864			675,755			199,487			64,866
	—			—			—			—			—			—			—			—			—			—
	4,379			7,723			1,864			16,952			8,970			12,865			2,054			8,174			950			—
	—			—			—			—			—			—			—			—			—			—
	164,083			63,531			132,643			446,878			169,212			258,231			17,055			149,870			35,498			16,400
	468			144			769			583			433			1,599			38			407			977			61
	—			—			—			—			—			13			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			12
	379			132			309			780			452			432			97			448			152			57
	—			—			—			—			—			—			—			—			—			—
	17			1			14			62			43			45			7			64			9			6
	26			26			31			46			33			30			19			22			20			11
	169,352			71,557			135,630			465,301			179,143			273,215			19,270			158,985			37,606			16,547
$	466,557		$	154,812		$	374,674		$	968,092		$	533,708		$	613,256		$	100,594		$	516,770		$	161,881		$	48,319
$	614,683		$	284,263		$	554,327		$	1,289,559		$	760,394		$	994,852		$	168,608		$	775,201		$	257,311		$	515,156
	1,451			637			2,861			230			4,318			7,214			(210	)		772			(196	)		129
	(172,637	)		(131,490	)		(132,052	)		(381,773	)		(214,553	)		(369,314	)		(72,678	)		(251,219	)		(66,881	)		(467,756	)
	23,060			1,402			(50,462	)		60,076			(16,451	)		(19,496	)		4,874			(7,984	)		(28,353	)		233
	—			—			—			—			—			—			—			—			—			557
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
$	466,557		$	154,812		$	374,674		$	968,092		$	533,708		$	613,256		$	100,594		$	516,770		$	161,881		$	48,319
$	160,748		$	60,578		$	127,380		$	431,552		$	162,391		$	247,506		$	16,331		$	142,369		$	33,088		$	15,479
$	49,681		$	2,872		$	49,701		$	198,131		$	113,092		$	141,834		$	25,549		$	201,437		$	23,818		$	11,139
	2,364			350			4,427			8,033			7,171			13,925			2,135			24,360			3,326			1,652
$	21.01		$	8.21		$	11.23		$	24.67		$	15.77		$	10.19		$	11.97		$	8.27		$	7.16		$	6.74
$	22.23		$	8.69		$	11.88		$	26.11		$	16.69		$	10.78		$	12.67		$	8.75		$	7.58		$	7.13
$	4,739		$	269		$	2,433		$	6,415		$	3,287		$	2,389		$	1,737		$	5,421		$	2,079		$	1,875
	244			34			225			294			221			240			164			819			332			325
$	19.42		$	7.98		$	10.81		$	21.84		$	14.90		$	9.97		$	10.59		$	6.62		$	6.26		$	5.77
$	4,198		$	176		$	2,107		$	11,007		$	11,374		$	9,596		$	1,030		$	15,431		$	1,998		$	2,563
	211			22			192			480			746			959			93			2,030			312			407
$	19.85		$	7.96		$	10.98		$	22.91		$	15.25		$	10.01		$	11.10		$	7.60		$	6.39		$	6.29
$	586		$	18		$	222		$	23,520		$	24,233		$	25,626		$	552		$	22,597		$	2,282		$	—
	28			2			20			968			1,545			2,490			46			2,785			323			—
$	20.77		$	8.16		$	11.20		$	24.30		$	15.68		$	10.29		$	11.83		$	8.11		$	7.07		$	—
$	407,353		$	151,477		$	320,211		$	729,019		$	381,722		$	433,811		$	71,726		$	271,884		$	131,704		$	32,742
	18,744			18,387			28,381			27,572			24,054			42,167			5,586			30,367			17,905			4,662
$	21.73		$	8.24		$	11.28		$	26.44		$	15.87		$	10.29		$	12.84		$	8.95		$	7.36		$	7.02

First American Funds 2009 Semiannual Report   49

Statements ofOperations   For the six-month period ended April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

																Large Cap
							Global									Growth
	Balanced			Equity			Infrastructure			International			International			Opportunities
	Fund			Income Fund			Fund			Fund			Select Fund			Fund
INVESTMENT INCOME:
Interest from unaffiliated investments	$	2,562		$	—		$	4		$	37		$	38		$	1
Dividends from unaffiliated investments		790			12,701			577			8,008			3,527			3,375
Dividends from affiliated money market fund		31			61			—			—			—			17
Less: Foreign taxes withheld		—			(11	)		(34	)		(702	)		(251	)		17
Securities lending income		75			392			—			37			250			278
Total investment income		3,458			13,143			547			7,380			3,564			3,688
EXPENSES (note 3):
Investment advisory fees		455			1,938			136			2,918			1,234			1,400
Administration fees		180			653			48			649			294			473
Transfer agent fees		100			147			49			108			61			144
Custodian fees		3			15			93			190			216			11
Legal fees		7			7			7			7			7			7
Audit fees		15			15			15			15			32			15
Registration fees		37			24			29			23			23			24
Postage & printing fees		9			34			4			51			11			27
Directors’ fees		14			15			15			15			16			15
Other expenses		11			10			9			11			10			10
Distribution and shareholder servicing fees:
Class A		67			107			13			28			2			58
Class B1		18			37			—			10			1			24
Class C		7			20			—			14			1			20
Class R2		1			1			—			—			—			1
Total expenses		924			3,023			418			4,039			1,908			2,229
Less: Fee waivers (note 3)		(239	)		(4	)		(254	)		(371	)		(374	)		(1	)
Total net expenses		685			3,019			164			3,668			1,534			2,228
Investment income (loss) – net		2,773			10,124			383			3,712			2,030			1,460
REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5):
Net realized gain (loss) on:
Unaffiliated investments		(34,550	)		(43,253	)		(5,842	)		(102,186	)		(50,802	)		(78,561	)
Affiliated investments		—			—			—			—			—			—
Futures contracts		(968	)		—			—			(23,691	)		(8,282	)		6,794
Options written		2			—			—			—			—			—
Swap agreements		(879	)		—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		9			—			(8	)		701			214			—
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		25,428			(9,862	)		4,720			94,825			59,370			59,340
Affiliated investments		—			—			—			—			—			—
Futures contracts		1,123			—			—			17,163			6,656			—
Swap agreements		1,150			—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			3			(763	)		(553	)		—
Net income (loss) on investments, futures contracts, options written, swap agreements, and foreign currency transactions		(8,685	)		(53,115	)		(1,127	)		(13,951	)		6,603			(12,427	)
Net increase (decrease) in net assets resulting from operations	$	(5,912	)	$	(42,991	)	$	(744	)	$	(10,239	)	$	8,633		$	(10,967	)

1	Class B is not offered by Global Infrastructure Fund.
2	Class R is not offered by Small-Mid Cap Core Fund.

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

50   First American Funds 2009 Semiannual Report

						Mid Cap									Small Cap
						Growth						Real Estate			Growth
Large Cap			Large Cap			Opportunities			Mid Cap			Securities			Opportunities			Small Cap			Small Cap			Small-Mid Cap
Select Fund			Value Fund			Fund			Value Fund			Fund			Fund			Select Fund			Value Fund			Core Fund
$	—		$	—		$	1		$	—		$	—		$	—		$	—		$	—		$	—
	1,762			6,317			4,046			8,611			21,220			252			2,693			1,666			556
	6			25			50			76			74			16			103			15			3
	—			—			—			(3	)		(54	)		—			—			—			—
	129			254			788			474			641			114			618			205			34
	1,897			6,596			4,885			9,158			21,881			382			3,414			1,886			593
	528			1,251			2,988			1,753			1,955			445			1,542			545			166
	182			423			932			549			613			102			484			175			57
	61			115			215			140			174			94			160			94			98
	6			10			22			12			15			2			11			4			1
	7			7			7			7			7			7			7			7			7
	15			15			15			15			15			15			15			15			15
	23			24			27			29			32			23			30			23			18
	11			23			60			32			29			9			25			9			3
	15			15			15			15			15			15			15			14			15
	10			10			11			10			10			10			10			10			9
	4			63			224			133			138			30			197			28			13
	1			14			31			17			12			8			26			11			10
	1			10			52			55			43			5			71			10			13
	—			—			50			54			50			1			49			5			—
	864			1,980			4,649			2,821			3,108			766			2,642			950			425
	(1	)		(2	)		(5	)		(6	)		(5	)		(181	)		(9	)		(1	)		(114	)
	863			1,978			4,644			2,815			3,103			585			2,633			949			311
	1,034			4,618			241			6,343			18,778			(203	)		781			937			282
	(61,145	)		(77,565	)		(234,730	)		(107,542	)		(236,100	)		(28,212	)		(134,199	)		(40,429	)		(19,612	)
	—			—			—			—			—			—			(1,433	)		—			—
	—			—			15,590			—			—			—			—			—			298
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			(8	)		—			—			—			—
	44,121			16,662			243,736			87,745			91,550			27,493			131,850			18,209			15,448
	—			—			—			—			—			—			5,286			—			—
	—			—			—			—			—			—			—			—			557
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	(17,024	)		(60,903	)		24,596			(19,797	)		(144,558	)		(719	)		1,504			(22,220	)		(3,309	)
$	(15,990	)	$	(56,285	)	$	24,837		$	(13,454	)	$	(125,780	)	$	(922	)	$	2,285		$	(21,283	)	$	(3,027	)

First American Funds 2009 Semiannual Report   51

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

													Global
	Balanced						Equity						Infrastructure						International
	Fund						Income Fund						Fund						Fund
	Six-Month						Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended			12/17/071			Period Ended
	4/30/09			Year Ended			4/30/09			Year Ended			4/30/09			to			4/30/09			Year Ended
	(unaudited)			10/31/08			(unaudited)			10/31/08			(unaudited)			10/31/08			(unaudited)			10/31/08
OPERATIONS:
Investment income (loss) – net	$	2,773		$	8,510		$	10,124		$	26,124		$	383		$	208		$	3,712		$	27,555
Net realized gain (loss) on:
Unaffiliated investments		(34,550	)		(21,140	)		(43,253	)		(12,130	)		(5,842	)		(4,310	)		(102,186	)		43,357
Affiliated investments		—			—			—			—			—			—			—			—
Redemptions in-kind (note 9)		—			—			—			4,349			—			—			—			23,282
Futures contracts		(968	)		782			—			—			—			—			(23,691	)		(12,795	)
Options written		2			367			—			—			—			—			—			—
Swap agreements		(879	)		391			—			—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		9			12			—			—			(8	)		2			701			(796	)
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		25,428			(65,261	)		(9,862	)		(379,560	)		4,720			(4,656	)		94,825			(666,682	)
Affiliated investments		—			—			—			—			—			—			—			—
Futures contracts		1,123			(1,285	)		—			—			—			—			17,163			(16,775	)
Options written		—			(7	)		—			—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			(1	)		—			—			3			(1	)		(763	)		138
Swap agreements		1,150			(1,575	)		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from operations		(5,912	)		(79,207	)		(42,991	)		(361,217	)	$	(744	)		(8,757	)		(10,239	)		(602,716	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(719	)		(2,782	)		(1,644	)		(3,201	)		(86	)		—			(236	)		(504	)
Class B		(39	)		(159	)		(116	)		(204	)		—			—			—			(16	)
Class C		(17	)		(59	)		(62	)		(110	)		—			—			—			(9	)
Class R		(4	)		(6	)		(7	)		(16	)		—			—			—			—
Class Y		(1,060	)		(5,641	)		(10,174	)		(19,995	)		(262	)		—			(8,282	)		(17,791	)
Net realized gain on investments:
Class A		—			(10,035	)		—			(11,805	)		—			—			—			(4,764	)
Class B		—			(790	)		—			(1,124	)		—			—			—			(604	)
Class C		—			(275	)		—			(605	)		—			—			—			(611	)
Class R		—			(4	)		—			(63	)		—			—			—			(1	)
Class Y		—			(21,214	)		—			(67,897	)		—			—			—			(133,882	)
Total distributions		(1,839	)		(40,965	)		(12,003	)		(105,020	)		(348	)		—			(8,518	)		(158,182	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		1,800			4,164			3,377			7,241			8,401			5,363			1,579			6,019
Reinvestment of distributions		691			12,406			1,508			13,962			66			—			219			4,612
Payments for redemptions		(6,717	)		(19,471	)		(11,188	)		(31,641	)		(1,325	)		(272	)		(3,283	)		(14,884	)
Increase (decrease) in net assets from Class A transactions		(4,226	)		(2,901	)		(6,303	)		(10,438	)		7,142			5,091			(1,485	)		(4,253	)
Class B2:
Proceeds from sales		38			382			26			411			—			—			27			341
Reinvestment of distributions		38			909			108			1,248			—			—			—			597
Payments for redemptions (note 3)		(982	)		(2,103	)		(1,283	)		(3,181	)		—			—			(626	)		(2,149	)
Increase (decrease) in net assets from Class B transactions		(906	)		(812	)		(1,149	)		(1,522	)		—			—			(599	)		(1,211	)
Class C2:
Proceeds from sales		153			199			661			595			1,475			—			142			462
Reinvestment of distributions		16			319			58			666			—			—			—			556
Payments for redemptions (note 3)		(286	)		(605	)		(662	)		(2,522	)		—			—			(412	)		(1,585	)
Increase (decrease) in net assets from Class C transactions		(117	)		(87	)		57			(1,261	)		1,475			—			(270	)		(567	)
Class R2:
Proceeds from sales		104			410			22			78			5			—			1			3
Reinvestment of distributions		4			10			7			79			—			—			—			1
Payments for redemptions		(159	)		(2	)		(132	)		(193	)		—			—			—			(3	)
Increase (decrease) in net assets from Class R transactions		(51	)		418			(103	)		(36	)		5			—			1			1
Class Y:
Proceeds from sales		5,932			21,293			72,336			77,778			19,469			32,934			30,930			210,818
Reinvestment of distributions		1,020			25,617			2,442			39,603			141			—			5,049			101,831
Payments for redemptions		(36,949	)		(82,249	)		(91,532	)		(216,514	)		(9,390	)		(8,025	)		(102,376	)		(597,730	)
Increase (decrease) in net assets from Class Y transactions		(29,997	)		(35,339	)		(16,754	)		(99,133	)		10,220			24,909			(66,397	)		(285,081	)
Increase (decrease) in net assets from capital share transactions		(35,297	)		(38,721	)		(24,252	)		(112,390	)		18,842			30,000			(68,750	)		(291,111	)
Total decrease in net assets		(43,048	)		(158,893	)		(79,246	)		(578,627	)		17,750			21,243			(87,507	)		(1,052,009	)
Net assets at beginning of period		175,405			334,298			689,259			1,267,886			21,243			—			689,351			1,741,360
Net assets at end of period	$	132,357		$	175,405		$	610,013		$	689,259		$	38,993		$	21,243		$	601,844		$	689,351
Undistributed (distributions in excess of) net investment income at end of period	$	2,087		$	1,153		$	218		$	2,097		$	245		$	210		$	2,628		$	7,434

1	Commencement of operations.
2	Class B is not offered by Global Infrastructure Fund. The fund began offering Class C and Class R on November 3, 2008.

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

52   First American Funds 2009 Semiannual Report

International						Large Cap Growth						Large Cap						Large Cap
Select Fund						Opportunities Fund						Select Fund						Value Fund
Six-Month						Six-Month						Six-Month						Six-Month
Period Ended						Period Ended						Period Ended						Period Ended
4/30/09			Year Ended			4/30/09			Year Ended			4/30/09			Year Ended			4/30/09			Year Ended
(unaudited)			10/31/08			(unaudited)			10/31/08			(unaudited)			10/31/08			(unaudited)			10/31/08
$	2,030		$	5,378		$	1,460		$	1,891		$	1,034		$	2,530		$	4,618		$	10,809
	(50,802	)		(24,099	)		(78,561	)		(52,117	)		(61,145	)		(68,940	)		(77,565	)		(53,971	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(8,282	)		(2,901	)		6,794			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	214			181			—			—			—			—			—			—
	59,370			(148,884	)		59,340			(229,507	)		44,121			(93,774	)		16,662			(214,939	)
	—			—			—			—			—			—			—			—
	6,656			(6,171	)		—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(553	)		186			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	8,633			(176,310	)		(10,967	)		(279,733	)		(15,990	)		(160,184	)		(56,285	)		(258,101	)
	(30	)		(19	)		(58	)		—			(15	)		(21	)		(635	)		(844	)
	(2	)		(1	)		—			—			—			—			(21	)		(26	)
	(1	)		(1	)		—			—			—			(1	)		(15	)		(15	)
	(1	)		—			—			—			—			—			(2	)		(1	)
	(6,078	)		(2,254	)		(1,833	)		(464	)		(1,109	)		(1,853	)		(4,702	)		(6,296	)
	—			(58	)		—			(8,176	)		—			(1,002	)		—			(13,581	)
	—			(7	)		—			(1,066	)		—			(87	)		—			(962	)
	—			(6	)		—			(757	)		—			(42	)		—			(561	)
	—			—			—			(50	)		—			(5	)		—			(23	)
	—			(5,572	)		—			(61,331	)		—			(55,522	)		—			(86,486	)
	(6,112	)		(7,918	)		(1,891	)		(71,844	)		(1,124	)		(58,533	)		(5,375	)		(108,795	)
	194			1,504			3,280			7,836			243			888			1,667			3,879
	25			67			56			7,846			12			817			579			13,370
	(548	)		(1,162	)		(5,637	)		(19,590	)		(711	)		(2,403	)		(5,438	)		(20,859	)
	(329	)		409			(2,301	)		(3,908	)		(456	)		(698	)		(3,192	)		(3,610	)
	2			202			4			407			3			18			4			161
	2			7			—			1,032			—			88			20			964
	(5	)		(61	)		(944	)		(2,852	)		(39	)		(117	)		(854	)		(2,115	)
	(1	)		148			(940	)		(1,413	)		(36	)		(11	)		(830	)		(990	)
	13			244			279			706			20			54			153			319
	1			5			—			707			—			38			15			510
	(37	)		(105	)		(324	)		(2,155	)		(12	)		(70	)		(371	)		(741	)
	(23	)		144			(45	)		(742	)		8			22			(203	)		88
	3			62			170			231			2			13			67			105
	1			—			—			50			—			5			2			24
	(7	)		(8	)		(50	)		(89	)		(3	)		(15	)		(2	)		(36	)
	(3	)		54			120			192			(1	)		3			67			93
	112,589			201,444			57,556			111,241			21,886			108,988			24,953			74,224
	1,730			4,127			723			32,809			441			23,632			2,849			59,454
	(92,167	)		(116,875	)		(57,194	)		(172,512	)		(61,959	)		(159,401	)		(55,753	)		(146,403	)
	22,152			88,696			1,085		��	(28,462	)		(39,632	)		(26,781	)		(27,951	)		(12,725	)
	21,796			89,451			(2,081	)		(34,333	)		(40,117	)		(27,465	)		(32,109	)		(17,144	)
	24,317			(94,777	)		(14,939	)		(385,910	)		(57,231	)		(246,182	)		(93,769	)		(384,040	)
	252,240			347,017			481,496			867,406			212,043			458,225			468,443			852,483
$	276,557		$	252,240		$	466,557		$	481,496		$	154,812		$	212,043		$	374,674		$	468,443
$	1,276		$	5,358		$	1,451		$	1,882		$	637		$	727		$	2,861		$	3,618

First American Funds 2009 Semiannual Report   53

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

	Mid Cap Growth						Mid Cap						Real Estate
	Opportunities Fund						Value Fund						Securities Fund
	Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended
	4/30/09			Year Ended			4/30/09			Year Ended			4/30/09			Year Ended
	(unaudited)			10/31/08			(unaudited)			10/31/08			(unaudited)			10/31/08
OPERATIONS:
Investment income (loss) – net	$	241		$	(4,280	)	$	6,343		$	9,178		$	18,778		$	27,147
Net realized gain (loss) on:
Unaffiliated investments		(234,730	)		(139,560	)		(107,542	)		(107,430	)		(236,100	)		(128,631	)
Affiliated investments		—			—			—			—			—			—
Redemptions in-kind (note 9)		—			—			—			—			—			—
Futures contracts		15,590			—			—			—			—			—
Options written		—			—			—			—			—			—
Swap agreements		—			—		��	—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			—			—			(8	)		(31	)
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		243,736			(635,741	)		87,745			(268,835	)		91,550			(281,542	)
Affiliated investments		—			—			—			—			—			—
Futures contracts		—			—			—			—			—			—
Options written		—			—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			—			—			—			—
Swap agreements		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from operations		24,837			(779,581	)		(13,454	)		(367,087	)		(125,780	)		(383,057	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			(600	)		(1,408	)		(2,217	)		(3,653	)
Class B		—			—			(2	)		(22	)		(37	)		(78	)
Class C		—			—			(7	)		(63	)		(133	)		(217	)
Class R		—			—			(90	)		(175	)		(370	)		(409	)
Class Y		—			—			(2,658	)		(5,086	)		(8,799	)		(14,270	)
Net realized gain on investments:
Class A		—			(42,869	)		—			(16,522	)		—			(22,068	)
Class B		—			(1,753	)		—			(565	)		—			(816	)
Class C		—			(3,115	)		—			(1,759	)		—			(2,036	)
Class R		—			(3,185	)		—			(1,982	)		—			(2,193	)
Class Y		—			(137,824	)		—			(48,932	)		—			(68,467	)
Total distributions		—			(188,746	)		(3,357	)		(76,514	)		(11,556	)		(114,207	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		16,064			59,598			13,659			48,087			63,890			96,399
Reinvestment of distributions		—			41,285			583			17,368			2,004			24,612
Payments for redemptions		(31,264	)		(104,324	)		(21,721	)		(94,410	)		(34,334	)		(85,724	)
Increase (decrease) in net assets from Class A transactions		(15,200	)		(3,441	)		(7,479	)		(28,955	)		31,560			35,287
Class B:
Proceeds from sales		39			738			39			357			33			517
Reinvestment of distributions		—			1,643			2			554			32			773
Payments for redemptions (note 3)		(939	)		(3,120	)		(727	)		(1,801	)		(285	)		(2,144	)
Increase (decrease) in net assets from Class B transactions		(900	)		(739	)		(686	)		(890	)		(220	)		(854	)
Class C:
Proceeds from sales		700			4,282			304			2,358			1,667			6,738
Reinvestment of distributions		—			2,677			7			1,585			105			1,755
Payments for redemptions (note 3)		(2,694	)		(8,531	)		(1,661	)		(6,416	)		(1,360	)		(6,111	)
Increase (decrease) in net assets from Class C transactions		(1,994	)		(1,572	)		(1,350	)		(2,473	)		412			2,382
Class R1:
Proceeds from sales		5,425			16,036			8,389			16,462			8,194			24,530
Reinvestment of distributions		—			3,185			90			2,152			370			2,601
Payments for redemptions		(3,959	)		(9,288	)		(7,226	)		(9,556	)		(1,816	)		(8,819	)
Increase (decrease) in net assets from Class R transactions		1,466			9,933			1,253			9,058			6,748			18,312
Class Y:
Proceeds from sales		64,657			150,690			27,489			57,392			160,383			388,360
Reinvestment of distributions		—			104,398			1,759			39,960			4,736			49,830
Payments for redemptions		(87,883	)		(286,403	)		(50,938	)		(140,793	)	��	(150,122	)		(198,925	)
Increase (decrease) in net assets from Class Y transactions		(23,226	)		(31,315	)		(21,690	)		(43,441	)		14,997			239,265
Increase (decrease) in net assets from capital share transactions		(39,854	)		(27,134	)		(29,952	)		(66,701	)		53,497			294,392
Increase in net assets from regulatory settlement proceeds (note 9)		—			—			—			—			—			—
Total decrease in net assets		(15,017	)		(995,461	)		(46,763	)		(510,302	)		(83,839	)		(202,872	)
Net assets at beginning of period		983,109			1,978,570			580,471			1,090,773			697,095			899,967
Net assets at end of period	$	968,092		$	983,109		$	533,708		$	580,471		$	613,256		$	697,095
Undistributed (distributions in excess of) net investment income at end of period	$	230		$	(11	)	$	4,318		$	1,332		$	7,214		$	(8	)

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

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

54   First American Funds 2009 Semiannual Report

Small Cap Growth						Small Cap						Small Cap						Small-Mid Cap
Opportunities Fund						Select Fund						Value Fund						Core Fund
Six-Month						Six-Month						Six-Month						Six-Month
Period Ended						Period Ended						Period Ended						Period Ended
4/30/09			Year Ended			4/30/09			Year Ended			4/30/09			Year Ended			4/30/09			Year Ended
(unaudited)			10/31/08			(unaudited)			10/31/08			(unaudited)			10/31/08			(unaudited)			10/31/08
$	(203	)	$	(1,646	)	$	781		$	(311	)	$	937		$	2,560		$	282		$	(26	)
							��
	(28,212	)		(40,776	)		(134,199	)		(93,456	)		(40,429	)		(26,457	)		(19,612	)		(7,982	)
	—			—			(1,433	)		—			—			—			—			—
	—			247			—			—			—			—			—			—
	—			305			—			—			—			—			298			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	27,493			(52,783	)		131,850			(234,746	)		18,209			(77,076	)		15,448			(26,410	)
	—			—			5,286			—			—			—			—			—
	—			—			—			—			—			—			557			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(922	)		(94,653	)		2,285			(328,513	)		(21,283	)		(100,973	)		(3,027	)		(34,418	)
	—			—			—			—			(281	)		(573	)		(4	)		—
	—			—			—			—			(3	)		(24	)		—			—
	—			—			—			—			(6	)		(20	)		—			—
	—			—			—			—			(18	)		(33	)		—			—
	—			—			—			(290	)		(1,989	)		(3,749	)		(143	)		—
	—			(10,823	)		—			(14,448	)		—			(5,182	)		—			—
	—			(340	)		—			(980	)		—			(645	)		—			—
	—			(169	)		—			(2,230	)		—			(434	)		—			—
	—			(39	)		—			(2,457	)		—			(336	)		—			—
	—			(9,817	)		—			(34,350	)		—			(27,249	)		—			—
	—			(21,188	)		—			(54,755	)		(2,297	)		(38,245	)		(147	)		—
	1,408			17,198			53,623			111,735			1,346			2,653			819			3,246
	—			10,653			—			13,800			270			5,531			3			—
	(4,300	)		(101,235	)		(23,313	)		(89,826	)		(2,708	)		(12,847	)		(1,934	)		(5,139	)
	(2,892	)		(73,384	)		30,310			35,709			(1,092	)		(4,663	)		(1,112	)		(1,893	)
	14			103			21			324			16			44			—			118
	—			325			—			937			3			642			—			—
	(213	)		(1,039	)		(723	)		(3,322	)		(542	)		(1,622	)		(500	)		(2,833	)
	(199	)		(611	)		(702	)		(2,061	)		(523	)		(936	)		(500	)		(2,715	)
	��
	50			214			654			4,504			109			477			112			696
	—			154			—			2,068			6			411			—			—
	(109	)		(583	)		(1,935	)		(10,197	)		(195	)		(869	)		(448	)		(1,120	)
	(59	)		(215	)		(1,281	)		(3,625	)		(80	)		19			(336	)		(424	)
	199			299			3,683			13,319			691			1,187			—			—
	—			39			—			2,457			18			369			—			—
	(103	)		(127	)		(4,064	)		(14,269	)		(356	)		(1,207	)		—			—
	96			211			(381	)		1,507			353			349			—			—
	5,845			12,641			28,657			70,683			7,537			19,705			8,666			17,744
	—			7,546			—			26,896			1,747			27,122			33			—
	(9,167	)		(35,529	)		(44,881	)		(259,101	)		(16,433	)		(78,089	)		(14,095	)		(32,921	)
	(3,322	)		(15,342	)		(16,224	)		(161,522	)		(7,149	)		(31,262	)		(5,396	)		(15,177	)
	(6,376	)		(89,341	)		11,722			(129,992	)		(8,491	)		(36,493	)		(7,344	)		(20,209	)
	—			2,103			—			—			—			—			—			—
	(7,298	)		(203,079	)		14,007			(513,260	)		(32,071	)		(175,711	)		(10,518	)		(54,627	)
	107,892			310,971			502,763			1,016,023			193,952			369,663			58,837			113,464
$	100,594		$	107,892		$	516,770		$	502,763		$	161,881		$	193,952		$	48,319		$	58,837
$	(210	)	$	(7	)	$	772		$	(9	)	$	(196	)	$	1,164		$	129		$	(6	)

First American Funds 2009 Semiannual Report   55

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions									Net Asset
	Value		Net		Gains			Total from			from Net			Distributions						Value
	Beginning		Investment		(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income		Investments			Operations			Income			Realized Gains			Distributions			Period
Balanced Fund1
Class A
20092	$	7.61	$	0.13	$	(0.28	)	$	(0.15	)	$	(0.10	)	$	—		$	(0.10	)	$	7.36
20083		12.44		0.32		(3.57	)		(3.25	)		(0.33	)		(1.25	)		(1.58	)		7.61
20073		12.27		0.22		1.04			1.26			(0.21	)		(0.88	)		(1.09	)		12.44
20063		11.27		0.20		1.00			1.20			(0.20	)		—			(0.20	)		12.27
20054		11.43		0.01		(0.17	)		(0.16	)		—			—			—			11.27
20055		10.12		0.15		1.31			1.46			(0.15	)		—			(0.15	)		11.43
20045		9.47		0.13		0.66			0.79			(0.14	)		—			(0.14	)		10.12
Class B
20092	$	7.54	$	0.11	$	(0.29	)	$	(0.18	)	$	(0.08	)	$	—		$	(0.08	)	$	7.28
20083		12.34		0.24		(3.54	)		(3.30	)		(0.25	)		(1.25	)		(1.50	)		7.54
20073		12.18		0.13		1.03			1.16			(0.12	)		(0.88	)		(1.00	)		12.34
20063		11.18		0.11		1.00			1.11			(0.11	)		—			(0.11	)		12.18
20054		11.34		—		(0.16	)		(0.16	)		—			—			—			11.18
20055		10.04		0.07		1.30			1.37			(0.07	)		—			(0.07	)		11.34
20045		9.41		0.05		0.65			0.70			(0.07	)		—			(0.07	)		10.04
Class C
20092	$	7.59	$	0.11	$	(0.29	)	$	(0.18	)	$	(0.08	)	$	—		$	(0.08	)	$	7.33
20083		12.42		0.24		(3.57	)		(3.33	)		(0.25	)		(1.25	)		(1.50	)		7.59
20073		12.25		0.13		1.04			1.17			(0.12	)		(0.88	)		(1.00	)		12.42
20063		11.22		0.11		0.99			1.10			(0.07	)		—			(0.07	)		12.25
20054		11.38		—		(0.16	)		(0.16	)		—			—			—			11.22
20055		10.08		0.07		1.30			1.37			(0.07	)		—			(0.07	)		11.38
20045		9.44		0.05		0.66			0.71			(0.07	)		—			(0.07	)		10.08
Class R6
20092	$	7.67	$	0.13	$	(0.30	)	$	(0.17	)	$	(0.09	)	$	—		$	(0.09	)	$	7.41
20083		12.54		0.30		(3.61	)		(3.31	)		(0.31	)		(1.25	)		(1.56	)		7.67
20073		12.35		0.19		1.07			1.26			(0.19	)		(0.88	)		(1.07	)		12.54
20063		11.29		0.17		1.01			1.18			(0.12	)		—			(0.12	)		12.35
20054		11.45		0.01		(0.17	)		(0.16	)		—			—			—			11.29
20055		10.14		0.11		1.32			1.43			(0.12	)		—			(0.12	)		11.45
20045		9.49		0.14		0.64			0.78			(0.13	)		—			(0.13	)		10.14
Class Y
20092	$	7.63	$	0.14	$	(0.28	)	$	(0.14	)	$	(0.11	)	$	—		$	(0.11	)	$	7.38
20083		12.47		0.35		(3.58	)		(3.23	)		(0.36	)		(1.25	)		(1.61	)		7.63
20073		12.30		0.25		1.04			1.29			(0.24	)		(0.88	)		(1.12	)		12.47
20063		11.31		0.23		0.99			1.22			(0.23	)		—			(0.23	)		12.30
20054		11.46		0.01		(0.16	)		(0.15	)		—			—			—			11.31
20055		10.15		0.17		1.32			1.49			(0.18	)		—			(0.18	)		11.46
20045		9.50		0.16		0.66			0.82			(0.17	)		—			(0.17	)		10.15

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the fiscal year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

56   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(1.94	)%	$	54,811		1.10	%		3.83	%		1.44	%		3.49	%		80	%
	(29.47	)		61,222		1.10			3.12			1.30			2.92			143
	10.97			103,818		1.10			1.79			1.24			1.65			144
	10.73			106,565		1.10			1.67			1.23			1.54			143
	(1.40	)		112,557		1.10			0.90			1.21			0.79			12
	14.51			114,388		1.06			1.35			1.21			1.20			147
	8.39			119,292		1.05			1.27			1.19			1.13			110
	(2.30	)%	$	3,326		1.85	%		3.10	%		2.19	%		2.76	%		80	%
	(30.02	)		4,422		1.85			2.37			2.05			2.17			143
	10.08			8,212		1.85			1.06			1.99			0.92			144
	9.93			13,809		1.85			0.92			1.98			0.79			143
	(1.41	)		19,409		1.85			0.15			1.96			0.04			12
	13.64			20,657		1.81			0.60			1.96			0.45			147
	7.46			28,101		1.80			0.54			1.94			0.40			110
	(2.27	)%	$	1,433		1.85	%		3.10	%		2.19	%		2.76	%		80	%
	(30.06	)		1,612		1.85			2.37			2.05			2.17			143
	10.15			2,785		1.85			1.06			1.99			0.92			144
	9.86			3,030		1.85			0.92			1.98			0.79			143
	(1.41	)		4,787		1.85			0.15			1.96			0.04			12
	13.61			5,528		1.81			0.60			1.96			0.45			147
	7.53			5,890		1.80			0.55			1.94			0.41			110
	(2.13	)%	$	276		1.35	%		3.61	%		1.69	%		3.27	%		80	%
	(29.68	)		342		1.35			3.11			1.55			2.91			143
	10.82			33		1.35			1.54			1.49			1.40			144
	10.49			23		1.35			1.38			1.61			1.12			143
	(1.40	)		1		1.35			0.65			1.61			0.39			12
	14.16			1		1.31			1.06			1.61			0.76			147
	8.22			1		1.05			1.39			1.19			1.25			110
	(1.81	)%	$	72,511		0.85	%		4.11	%		1.19	%		3.77	%		80	%
	(29.30	)		107,807		0.85			3.34			1.05			3.14			143
	11.21			219,450		0.85			2.05			0.99			1.91			144
	10.92			247,365		0.85			1.92			0.98			1.79			143
	(1.31	)		254,534		0.85			1.15			0.96			1.04			12
	14.76			262,557		0.81			1.60			0.96			1.45			147
	8.62			283,005		0.80			1.55			0.94			1.41			110

First American Funds 2009 Semiannual Report   57

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions									Net Asset
	Value		Net		Gains			Total from			from Net			Distributions						Value
	Beginning		Investment		(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income		Investments			Operations			Income			Realized Gains			Distributions			Period
Equity Income Fund1
Class A
20092	$	10.09	$	0.14	$	(0.76	)	$	(0.62	)	$	(0.17	)	$	—		$	(0.17	)	$	9.30
20083		16.43		0.33		(5.28	)		(4.95	)		(0.29	)		(1.10	)		(1.39	)		10.09
20073		15.90		0.29		1.96			2.25			(0.29	)		(1.43	)		(1.72	)		16.43
20063		13.67		0.20		2.32			2.52			(0.21	)		(0.08	)		(0.29	)		15.90
20054		13.89		0.01		(0.22	)		(0.21	)		(0.01	)		—			(0.01	)		13.67
20055		12.77		0.20		1.15			1.35			(0.22	)		(0.01	)		(0.23	)		13.89
20045		11.56		0.18		1.23			1.41			(0.20	)		—			(0.20	)		12.77
Class B
20092	$	9.96	$	0.11	$	(0.75	)	$	(0.64	)	$	(0.14	)	$	—		$	(0.14	)	$	9.18
20083		16.23		0.22		(5.19	)		(4.97	)		(0.20	)		(1.10	)		(1.30	)		9.96
20073		15.75		0.17		1.94			2.11			(0.20	)		(1.43	)		(1.63	)		16.23
20063		13.57		0.09		2.30			2.39			(0.13	)		(0.08	)		(0.21	)		15.75
20054		13.79		—		(0.22	)		(0.22	)		—			—			—			13.57
20055		12.68		0.10		1.14			1.24			(0.12	)		(0.01	)		(0.13	)		13.79
20045		11.49		0.08		1.22			1.30			(0.11	)		—			(0.11	)		12.68
Class C
20092	$	9.98	$	0.11	$	(0.75	)	$	(0.64	)	$	(0.14	)	$	—		$	(0.14	)	$	9.20
20083		16.26		0.22		(5.20	)		(4.98	)		(0.20	)		(1.10	)		(1.30	)		9.98
20073		15.78		0.17		1.94			2.11			(0.20	)		(1.43	)		(1.63	)		16.26
20063		13.59		0.10		2.30			2.40			(0.13	)		(0.08	)		(0.21	)		15.78
20054		13.81		—		(0.22	)		(0.22	)		—			—			—			13.59
20055		12.70		0.11		1.13			1.24			(0.12	)		(0.01	)		(0.13	)		13.81
20045		11.51		0.08		1.22			1.30			(0.11	)		—			(0.11	)		12.70
Class R6
20092	$	10.08	$	0.13	$	(0.76	)	$	(0.63	)	$	(0.16	)	$	—		$	(0.16	)	$	9.29
20083		16.41		0.29		(5.26	)		(4.97	)		(0.26	)		(1.10	)		(1.36	)		10.08
20073		15.88		0.23		1.98			2.21			(0.25	)		(1.43	)		(1.68	)		16.41
20063		13.66		0.17		2.31			2.48			(0.18	)		(0.08	)		(0.26	)		15.88
20054		13.88		0.01		(0.23	)		(0.22	)		—			—			—			13.66
20055		12.78		0.11		1.20			1.31			(0.20	)		(0.01	)		(0.21	)		13.88
20045		11.56		0.19		1.22			1.41			(0.19	)		—			(0.19	)		12.78
Class Y
20092	$	10.18	$	0.16	$	(0.77	)	$	(0.61	)	$	(0.19	)	$	—		$	(0.19	)	$	9.38
20083		16.55		0.36		(5.30	)		(4.94	)		(0.33	)		(1.10	)		(1.43	)		10.18
20073		16.00		0.33		1.98			2.31			(0.33	)		(1.43	)		(1.76	)		16.55
20063		13.76		0.24		2.33			2.57			(0.25	)		(0.08	)		(0.33	)		16.00
20054		13.98		0.01		(0.21	)		(0.20	)		(0.01	)		(0.01	)		(0.02	)		13.76
20055		12.85		0.24		1.15			1.39			(0.25	)		(0.01	)		(0.26	)		13.98
20045		11.63		0.21		1.24			1.45			(0.23	)		—			(0.23	)		12.85

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the fiscal year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

58   First American Funds 2009 Semiannual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income (Loss)
			Net Assets		Expenses			Income (Loss)			Net Assets			to Average			Portfolio
Total			End of		to Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(6.04	)%	$	86,297		1.21	%		3.20	%		1.21	%		3.20	%		13	%
	(32.51	)		100,824		1.17			2.45			1.17			2.45			32
	15.24			179,379		1.16			1.83			1.16			1.83			20
	18.66			171,814		1.18			1.40			1.18			1.40			23
	(1.53	)		171,998		1.20			0.70			1.20			0.70			—
	10.65			176,878		1.16			1.51			1.19			1.48			27
	12.26			184,381		1.15			1.39			1.19			1.35			12
	(6.40	)%	$	7,200		1.96	%		2.46	%		1.96	%		2.46	%		13	%
	(32.95	)		9,113		1.92			1.69			1.92			1.69			32
	14.40			16,893		1.91			1.09			1.91			1.09			20
	17.76			19,845		1.93			0.65			1.93			0.65			23
	(1.60	)		21,003		1.95			(0.05	)		1.95			(0.05	)		—
	9.86			21,639		1.91			0.78			1.94			0.75			27
	11.37			23,869		1.90			0.65			1.94			0.61			12
	(6.38	)%	$	4,298		1.96	%		2.45	%		1.96	%		2.45	%		13	%
	(32.95	)		4,625		1.92			1.69			1.92			1.69			32
	14.37			9,241		1.91			1.09			1.91			1.09			20
	17.80			11,225		1.93			0.68			1.93			0.68			23
	(1.59	)		15,313		1.95			(0.05	)		1.95			(0.05	)		—
	9.84			16,128		1.91			0.79			1.94			0.76			27
	11.34			19,300		1.90			0.66			1.94			0.62			12
	(6.20	)%	$	381		1.46	%		2.98	%		1.46	%		2.98	%		13	%
	(32.64	)		535		1.42			2.20			1.42			2.20			32
	14.98			940		1.41			1.48			1.41			1.48			20
	18.33			511		1.43			1.14			1.57			1.00			23
	(1.55	)		418		1.45			0.45			1.60			0.30			—
	10.33			415		1.41			0.83			1.59			0.65			27
	12.18			1		1.15			1.52			1.19			1.48			12
	(5.97	)%	$	511,837		0.96	%		3.45	%		0.96	%		3.45	%		13	%
	(32.29	)		574,162		0.92			2.70			0.92			2.70			32
	15.54			1,061,433		0.91			2.09			0.91			2.09			20
	18.89			1,129,971		0.93			1.65			0.93			1.65			23
	(1.50	)		1,169,267		0.95			0.95			0.95			0.95			—
	10.94			1,206,483		0.91			1.80			0.94			1.77			27
	12.54			1,404,431		0.90			1.65			0.94			1.61			12

First American Funds 2009 Semiannual Report   59

Financial Highlights   For a share outstanding throughout the indicated periods.

	Net Asset				Realized and						Distributions								Net Asset
	Value		Net		Unrealized			Total from			from Net			Distributions					Value
	Beginning		Investment		Losses on			Investment			Investment			from Net		Total			End of
	of Period		Income		Investments			Operations			Income			Realized Gains		Distributions			Period
Global Infrastructure Fund1
Class A
20092	$	6.43	$	0.07	$	(0.26	)	$	(0.19	)	$	(0.08	)	$	—	$	(0.08	)	$	6.16
20083		10.00		0.05		(3.62	)		(3.57	)		—			—		—			6.43
Class C
20094	$	6.63	$	0.05	$	(0.46	)	$	(0.41	)	$	(0.08	)	$	—	$	(0.08	)	$	6.14
Class R
20094	$	6.63	$	0.06	$	(0.46	)	$	(0.40	)	$	(0.08	)	$	—	$	(0.08	)	$	6.15
Class Y
20092	$	6.43	$	0.08	$	(0.26	)	$	(0.18	)	$	(0.08	)	$	—	$	(0.08	)	$	6.17
20083		10.00		0.16		(3.73	)		(3.57	)		—			—		—			6.43

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	Commenced operations on December 17, 2007. All ratios for the period ended October 31, 2008 have been annualized, except total return and portfolio turnover.
4	For the period November 3, 2008, when the class of shares was offered, to April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

60   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return5			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(3.05	)%	$	10,967		1.25	%		2.45	%		2.93	%		0.77	%		194	%
	(35.70	)		4,022		1.25			0.80			4.16			(2.11	)		304
	(6.30	)%	$	1,477		2.00	%		1.88	%		3.68	%		0.20	%		194	%
	(6.15	)%	$	5		1.47	%		2.26	%		3.15	%		0.58	%		194	%
	(2.84	)%	$	26,544		1.00	%		2.59	%		2.68	%		0.91	%		194	%
	(35.70	)		17,221		0.99			2.18			3.90			(0.73	)		304

First American Funds 2009 Semiannual Report   61

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions									Net Asset
	Value		Net			Gains			Total from			from Net			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions			Period
International Fund1
Class A
20092	$	8.68	$	0.05		$	(0.11	)	$	(0.06	)	$	(0.08	)	$	—		$	(0.08	)	$	8.54
20083		17.15		0.26			(7.14	)		(6.88	)		(0.14	)		(1.45	)		(1.59	)		8.68
20073		14.80		0.15			2.59			2.74			(0.13	)		(0.26	)		(0.39	)		17.15
20063		12.01		0.12			2.80			2.92			(0.13	)		—			(0.13	)		14.80
20054		12.24		0.01			(0.24	)		(0.23	)		—			—			—			12.01
20055		10.19		0.09			2.02			2.11			(0.06	)		—			(0.06	)		12.24
20045		8.99		0.03			1.22			1.25			(0.05	)		—			(0.05	)		10.19
Class B
20092	$	7.92	$	0.01		$	(0.10	)	$	(0.09	)	$	—		$	—		$	—		$	7.83
20083		15.78		0.14			(6.52	)		(6.38	)		(0.03	)		(1.45	)		(1.48	)		7.92
20073		13.65		0.03			2.39			2.42			(0.03	)		(0.26	)		(0.29	)		15.78
20063		11.09		0.02			2.58			2.60			(0.04	)		—			(0.04	)		13.65
20054		11.31		—			(0.22	)		(0.22	)		—			—			—			11.09
20055		9.43		—			1.88			1.88			—			—			—			11.31
20045		8.34		(0.05	)		1.14			1.09			—			—			—			9.43
Class C
20092	$	8.25	$	0.01		$	(0.09	)	$	(0.08	)	$	—		$	—		$	—		$	8.17
20083		16.36		0.15			(6.79	)		(6.64	)		(0.02	)		(1.45	)		(1.47	)		8.25
20073		14.13		0.03			2.48			2.51			(0.02	)		(0.26	)		(0.28	)		16.36
20063		11.47		0.02			2.67			2.69			(0.03	)		—			(0.03	)		14.13
20054		11.70		—			(0.23	)		(0.23	)		—			—			—			11.47
20055		9.76		—			1.94			1.94			—			—			—			11.70
20045		8.63		(0.05	)		1.18			1.13			—			—			—			9.76
Class R6
20092	$	8.67	$	0.04		$	(0.08	)	$	(0.04	)	$	(0.07	)	$	—		$	(0.07	)	$	8.56
20083		17.17		0.19			(7.10	)		(6.91	)		(0.14	)		(1.45	)		(1.59	)		8.67
20073		14.81		0.10			2.61			2.71			(0.09	)		(0.26	)		(0.35	)		17.17
20063		11.94		0.05			2.82			2.87			—			—			—			14.81
20054		12.17		(0.02	)		(0.21	)		(0.23	)		—			—			—			11.94
20055		10.11		0.09			1.97			2.06			—			—			—			12.17
20045		8.98		(0.01	)		1.19			1.18			(0.05	)		—			(0.05	)		10.11
Class Y
20092	$	8.81	$	0.06		$	(0.11	)	$	(0.05	)	$	(0.12	)	$	—		$	(0.12	)	$	8.64
20083		17.38		0.30			(7.24	)		(6.94	)		(0.18	)		(1.45	)		(1.63	)		8.81
20073		14.99		0.19			2.62			2.81			(0.16	)		(0.26	)		(0.42	)		17.38
20063		12.16		0.16			2.83			2.99			(0.16	)		—			(0.16	)		14.99
20054		12.39		0.01			(0.24	)		(0.23	)		—			—			—			12.16
20055		10.31		0.12			2.05			2.17			(0.09	)		—			(0.09	)		12.39
20045		9.10		0.06			1.23			1.29			(0.08	)		—			(0.08	)		10.31

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the fiscal year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

62   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
																				��
	(0.75	)%	$	23,302		1.49	%		1.05	%		1.62	%		0.92	%		222	%
	(43.82	)		25,342		1.49			1.92			1.54			1.87			18
	18.92			56,705		1.49			0.97			1.53			0.93			14
	24.50			52,489		1.51			0.89			1.54			0.86			17
	(1.88	)		48,439		1.51			0.58			1.55			0.54			—
	20.80			48,851		1.56			0.77			1.61			0.72			74
	13.91			44,851		1.60			0.31			1.64			0.27			77
	(1.14	)%	$	1,837		2.23	%		0.21	%		2.36	%		0.08	%		222	%
	(44.19	)		2,499		2.24			1.16			2.29			1.11			18
	18.05			6,668		2.24			0.22			2.28			0.18			14
	23.50			7,172		2.26			0.15			2.29			0.12			17
	(1.95	)		6,632		2.26			(0.17	)		2.30			(0.21	)		—
	19.94			6,819		2.31			0.00			2.36			(0.05	)		74
	13.12			7,371		2.35			(0.48	)		2.39			(0.52	)		77
	(0.97	)%	$	2,909		2.24	%		0.29	%		2.37	%		0.16	%		222	%
	(44.21	)		3,232		2.24			1.20			2.29			1.15			18
	18.09			7,173		2.24			0.20			2.28			0.16			14
	23.53			8,049		2.26			0.16			2.29			0.13			17
	(1.97	)		7,520		2.26			(0.17	)		2.30			(0.21	)		—
	19.88			7,915		2.31			(0.01	)		2.36			(0.06	)		74
	13.14			8,542		2.35			(0.52	)		2.39			(0.56	)		77
	(0.43	)%	$	3		1.74	%		0.96	%		1.87	%		0.83	%		222	%
	(43.94	)		2		1.74			1.40			1.79			1.35			18
	18.66			4		1.74			0.60			1.78			0.56			14
	24.04			1		1.76			0.39			1.91			0.24			17
	(1.89	)		1		1.76			0.33			1.95			0.14			—
	20.38			163		1.81			0.77			2.01			0.57			74
	13.16			1		1.60			(0.11	)		1.64			(0.15	)		77
	(0.56	)%	$	573,793		1.24	%		1.29	%		1.37	%		1.16	%		222	%
	(43.68	)		658,276		1.24			2.19			1.29			2.14			18
	19.23			1,670,810		1.24			1.21			1.28			1.17			14
	24.81			1,738,254		1.26			1.16			1.29			1.13			17
	(1.86	)		1,516,510		1.26			0.83			1.30			0.79			—
	21.12			1,523,057		1.31			1.07			1.36			1.02			74
	14.13			1,145,409		1.35			0.59			1.39			0.55			77

First American Funds 2009 Semiannual Report   63

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions									Net Asset
	Value		Net		Gains			Total from			from Net			Distributions						Value
	Beginning		Investment		(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income		Investments			Operations			Income			Realized Gains			Distributions			Period
International Select Fund1
Class A
20092	$	6.53	$	0.04	$	0.15		$	0.19		$	(0.12	)	$	—		$	(0.12	)	$	6.60
20083		12.15		0.15		(5.52	)		(5.37	)		(0.06	)		(0.19	)		(0.25	)		6.53
20074		10.00		0.09		2.07			2.16			(0.01	)		—			(0.01	)		12.15
Class B
20092	$	6.46	$	0.02	$	0.15		$	0.17		$	(0.06	)	$	—		$	(0.06	)	$	6.57
20083		12.07		0.08		(5.47	)		(5.39	)		(0.03	)		(0.19	)		(0.22	)		6.46
20074		10.00		0.02		2.05			2.07			—			—			—			12.07
Class C
20092	$	6.46	$	0.02	$	0.14		$	0.16		$	(0.04	)	$	—		$	(0.04	)	$	6.58
20083		12.07		0.09		(5.48	)		(5.39	)		(0.03	)		(0.19	)		(0.22	)		6.46
20074		10.00		0.03		2.04			2.07			—			—			—			12.07
Class R
20092	$	6.52	$	0.04	$	0.14		$	0.18		$	(0.13	)	$	—		$	(0.13	)	$	6.57
20083		12.12		0.08		(5.46	)		(5.38	)		(0.03	)		(0.19	)		(0.22	)		6.52
20074		10.00		0.07		2.06			2.13			(0.01	)		—			(0.01	)		12.12
Class Y
20092	$	6.55	$	0.05	$	0.15		$	0.20		$	(0.15	)	$	—		$	(0.15	)	$	6.60
20083		12.17		0.17		(5.52	)		(5.35	)		(0.08	)		(0.19	)		(0.27	)		6.55
20074		10.00		0.13		2.05			2.18			(0.01	)		—			(0.01	)		12.17

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the year indicated.
4	Commenced operations on December 21, 2006. All ratios for the period ended October 31, 2007 have been annualized, except total return and portfolio turnover.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

64   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return5			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	2.99	%	$	1,566		1.49	%		1.39	%		1.79	%		1.09	%		31	%
	(45.00	)		1,904		1.49			1.52			1.70			1.31			63
	21.58			3,228		1.49			0.95			1.89			0.55			45
	2.77	%	$	259		2.24	%		0.66	%		2.54	%		0.36	%		31	%
	(45.37	)		257		2.24			0.79			2.45			0.58			63
	20.75			324		2.24			0.24			2.64			(0.16	)		45
	2.71	%	$	205		2.24	%		0.61	%		2.54	%		0.31	%		31	%
	(45.39	)		226		2.24			0.92			2.45			0.71			63
	20.75			287		2.24			0.30			2.64			(0.10	)		45
	2.99	%	$	46		1.74	%		1.19	%		2.04	%		0.89	%		31	%
	(45.10	)		48		1.74			0.90			1.95			0.69			63
	21.27			17		1.74			0.77			2.14			0.37			45
	3.14	%	$	274,481		1.24	%		1.65	%		1.54	%		1.35	%		31	%
	(44.86	)		249,805		1.24			1.72			1.45			1.51			63
	21.78			343,161		1.24			1.36			1.64			0.96			45

First American Funds 2009 Semiannual Report   65

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions												Net Asset
	Value		Net			Gains			Total From			from Net			Distributions			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			from Return			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			of Capital			Distributions			Period
Large Cap Growth Opportunities Fund1
Class A
20092	$	21.52	$	0.05		$	(0.54	)	$	(0.49	)	$	(0.02	)	$	—		$	—		$	(0.02	)	$	21.01
20083		36.27		0.02			(11.65	)		(11.63	)		—			(3.12	)		—			(3.12	)		21.52
20073		29.58		(0.05	)		7.08			7.03			—			(0.34	)		—			(0.34	)		36.27
20063		27.86		(0.02	)		1.74			1.72			—			—			—			—			29.58
20054		28.02		(0.01	)		(0.15	)		(0.16	)		—			—			—			—			27.86
20055		25.00		(0.01	)		3.08			3.07			(0.04	)		—			(0.01	)		(0.05	)		28.02
20045		22.84		(0.03	)		2.20			2.17			(0.01	)		—			—	7		(0.01	)		25.00
Class B
20092	$	19.93	$	(0.02	)	$	(0.49	)	$	(0.51	)	$	—		$	—		$	—		$	—		$	19.42
20083		34.08		(0.19	)		(10.84	)		(11.03	)		—			(3.12	)		—			(3.12	)		19.93
20073		28.01		(0.27	)		6.68			6.41			—			(0.34	)		—			(0.34	)		34.08
20063		26.58		(0.22	)		1.65			1.43			—			—			—			—			28.01
20054		26.75		(0.03	)		(0.14	)		(0.17	)		—			—			—			—			26.58
20055		24.02		(0.20	)		2.96			2.76			(0.02	)		—			(0.01	)		(0.03	)		26.75
20045		22.10		(0.21	)		2.13			1.92			—			—			—	7		—			24.02
Class C
20092	$	20.38	$	(0.03	)	$	(0.50	)	$	(0.53	)	$	—		$	—		$	—		$	—		$	19.85
20083		34.77		(0.19	)		(11.08	)		(11.27	)		—			(3.12	)		—			(3.12	)		20.38
20073		28.58		(0.28	)		6.81			6.53			—			(0.34	)		—			(0.34	)		34.77
20063		27.12		(0.23	)		1.69			1.46			—			—			—			—			28.58
20054		27.29		(0.03	)		(0.14	)		(0.17	)		—			—			—			—			27.12
20055		24.51		(0.20	)		3.00			2.80			(0.01	)		—			(0.01	)		(0.02	)		27.29
20045		22.55		(0.21	)		2.17			1.96			—			—			—	7		—			24.51
Class R6
20092	$	21.26	$	0.02		$	(0.51	)	$	(0.49	)	$	—		$	—		$	—		$	—		$	20.77
20083		35.97		(0.05	)		(11.54	)		(11.59	)		—			(3.12	)		—			(3.12	)		21.26
20073		29.41		(0.12	)		7.02			6.90			—			(0.34	)		—			(0.34	)		35.97
20063		27.78		(0.09	)		1.72			1.63			—			—			—			—			29.41
20054		27.94		(0.02	)		(0.14	)		(0.16	)		—			—			—			—			27.78
20055		24.98		(0.16	)		3.17			3.01			(0.05	)		—			—	7		(0.05	)		27.94
20045		22.85		(0.02	)		2.16			2.14			(0.01	)		—			—	7		(0.01	)		24.98
Class Y
20092	$	22.31	$	0.07		$	(0.55	)	$	(0.48	)	$	(0.10	)	$	—		$	—		$	(0.10	)	$	21.73
20083		37.42		0.10			(12.07	)		(11.97	)		(0.02	)		(3.12	)		—			(3.14	)		22.31
20073		30.48		0.03			7.30			7.33			(0.05	)		(0.34	)		—			(0.39	)		37.42
20063		28.64		0.05			1.79			1.84			—			—			—			—			30.48
20054		28.79		(0.01	)		(0.14	)		(0.15	)		—			—	��		—			—			28.64
20055		25.63		0.07			3.15			3.22			(0.04	)		—			(0.02	)		(0.06	)		28.79
20045		23.38		0.03			2.25			2.28			(0.02	)		—			(0.01	)		(0.03	)		25.63

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except per share data.
3	For the period November 1 to October 31 in the fiscal year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Includes a tax return of capital of less than $0.01.
8	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

66   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return8			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(2.25	)%	$	49,681		1.24	%		0.47	%		1.24	%		0.47	%		49	%
	(34.81	)		53,430		1.20			0.07			1.20			0.07			92
	24.01			96,514		1.19			(0.15	)		1.19			(0.15	)		102
	6.17			90,285		1.19			(0.07	)		1.19			(0.07	)		94
	(0.57	)		104,960		1.21			(0.47	)		1.21			(0.47	)		6
	12.30			107,079		1.17			(0.03	)		1.20			(0.06	)		103
	9.52			112,379		1.15			(0.13	)		1.19			(0.17	)		113
	(2.56	)%	$	4,739		1.98	%		(0.27	)%		1.98	%		(0.27	)%		49	%
	(35.33	)		5,907		1.95			(0.68	)		1.95			(0.68	)		92
	23.13			11,955		1.94			(0.90	)		1.94			(0.90	)		102
	5.38			13,990		1.94			(0.82	)		1.94			(0.82	)		94
	(0.64	)		19,601		1.96			(1.22	)		1.96			(1.22	)		6
	11.47			20,239		1.92			(0.77	)		1.95			(0.80	)		103
	8.69			25,633		1.90			(0.87	)		1.94			(0.91	)		113
	(2.60	)%	$	4,198		1.99	%		(0.28	)%		1.99	%		(0.28	)%		49	%
	(35.31	)		4,368		1.95			(0.68	)		1.95			(0.68	)		92
	23.09			8,506		1.94			(0.90	)		1.94			(0.90	)		102
	5.38			8,424		1.94			(0.82	)		1.94			(0.82	)		94
	(0.62	)		10,739		1.96			(1.22	)		1.96			(1.22	)		6
	11.44			11,147		1.92			(0.78	)		1.95			(0.81	)		103
	8.69			12,811		1.90			(0.87	)		1.94			(0.91	)		113
	(2.30	)%	$	586		1.49	%		0.18	%		1.49	%		0.18	%		49	%
	(35.00	)		454		1.45			(0.18	)		1.45			(0.18	)		92
	23.70			566		1.44			(0.39	)		1.44			(0.39	)		102
	5.87			558		1.44			(0.32	)		1.57			(0.45	)		94
	(0.57	)		290		1.46			(0.72	)		1.61			(0.87	)		6
	12.04			290		1.42			(0.57	)		1.60			(0.75	)		103
	9.38			1		1.15			(0.08	)		1.19			(0.12	)		113
	(2.12	)%	$	407,353		0.99	%		0.73	%		0.99	%		0.73	%		49	%
	(34.65	)		417,337		0.95			0.32			0.95			0.32			92
	24.32			749,865		0.94			0.11			0.94			0.11			102
	6.42			793,853		0.94			0.18			0.94			0.18			94
	(0.52	)		849,194		0.96			(0.22	)		0.96			(0.22	)		6
	12.58			849,382		0.92			0.26			0.95			0.23			103
	9.76			1,188,261		0.90			0.13			0.94			0.09			113

First American Funds 2009 Semiannual Report   67

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions			Distributions						Net Asset
	Value		Net			Gains			Total from			from Net			from Net						Value
	Beginning		Investment			(Losses) on			Investment			Investment			Realized			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Gains			Distributions			Period
Large Cap Select Fund1
Class A
20092	$	8.83	$	0.04		$	(0.62	)	$	(0.58	)	$	(0.04	)	$	—		$	(0.04	)	$	8.21
20083		17.05		0.06			(6.04	)		(5.98	)		(0.04	)		(2.20	)		(2.24	)		8.83
20073		15.18		0.03			2.12			2.15			(0.03	)		(0.25	)		(0.28	)		17.05
20063		14.30		0.06			1.48			1.54			(0.06	)		(0.60	)		(0.66	)		15.18
20054		14.47		—			(0.17	)		(0.17	)		—			—			—			14.30
20055		12.52		0.06			2.15			2.21			(0.06	)		(0.20	)		(0.26	)		14.47
20045		11.45		0.04			1.19			1.23			(0.05	)		(0.11	)		(0.16	)		12.52
Class B
20092	$	8.58	$	0.01		$	(0.61	)	$	(0.60	)	$	—		$	—		$	—		$	7.98
20083		16.69		(0.03	)		(5.88	)		(5.91	)		—			(2.20	)		(2.20	)		8.58
20073		14.94		(0.09	)		2.09			2.00			—			(0.25	)		(0.25	)		16.69
20063		14.12		(0.05	)		1.48			1.43			(0.01	)		(0.60	)		(0.61	)		14.94
20054		14.30		(0.01	)		(0.17	)		(0.18	)		—			—			—			14.12
20055		12.41		(0.05	)		2.15			2.10			(0.01	)		(0.20	)		(0.21	)		14.30
20045		11.41		(0.06	)		1.18			1.12			(0.01	)		(0.11	)		(0.12	)		12.41
Class C
20092	$	8.56	$	0.01		$	(0.60	)	$	(0.59	)	$	(0.01	)	$	—		$	(0.01	)	$	7.96
20083		16.69		(0.03	)		(5.90	)		(5.93	)		—			(2.20	)		(2.20	)		8.56
20073		14.95		(0.09	)		2.08			1.99			—			(0.25	)		(0.25	)		16.69
20063		14.13		(0.05	)		1.48			1.43			(0.01	)		(0.60	)		(0.61	)		14.95
20054		14.31		(0.01	)		(0.17	)		(0.18	)		—			—			—			14.13
20055		12.43		(0.05	)		2.14			2.09			(0.01	)		(0.20	)		(0.21	)		14.31
20045		11.42		(0.06	)		1.19			1.13			(0.01	)		(0.11	)		(0.12	)		12.43
Class R6
20092	$	8.78	$	0.03		$	(0.62	)	$	(0.59	)	$	(0.03	)	$	—		$	(0.03	)	$	8.16
20083		16.97		0.03			(6.00	)		(5.97	)		(0.02	)		(2.20	)		(2.22	)		8.78
20073		15.12		—			2.11			2.11			(0.01	)		(0.25	)		(0.26	)		16.97
20063		14.26		0.01			1.49			1.50			(0.04	)		(0.60	)		(0.64	)		15.12
20054		14.43		(0.01	)		(0.16	)		(0.17	)		—			—			—			14.26	��
20055		12.49		0.02			2.15			2.17			(0.03	)		(0.20	)		(0.23	)		14.43
20045		11.44		0.02			1.18			1.20			(0.04	)		(0.11	)		(0.15	)		12.49
Class Y
20092	$	8.87	$	0.05		$	(0.63	)	$	(0.58	)	$	(0.05	)	$	—		$	(0.05	)	$	8.24
20083		17.10		0.09			(6.05	)		(5.96	)		(0.07	)		(2.20	)		(2.27	)		8.87
20073		15.22		0.07			2.13			2.20			(0.07	)		(0.25	)		(0.32	)		17.10
20063		14.33		0.10			1.49			1.59			(0.10	)		(0.60	)		(0.70	)		15.22
20054		14.49		—			(0.16	)		(0.16	)		—			—			—			14.33
20055		12.53		0.09			2.16			2.25			(0.09	)		(0.20	)		(0.29	)		14.49
20045		11.45		0.07			1.19			1.26			(0.07	)		(0.11	)		(0.18	)		12.53

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the fiscal year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

68   First American Funds 2009 Semiannual Report

												Ratio of			Ratio of Net
									Ratio of Net			Expenses			Investment Income (Loss)
						Ratio of			Investment			to Average			to Average
			��	Net Assets		Expenses			Income (Loss)			Net Assets			Net Assets			Portfolio
Total				End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return7				Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(6.56	)%		$	2,872		1.31	%		1.02	%		1.31	%		1.02	%		106	%
	(39.81	)			3,608		1.21			0.49			1.21			0.49			210
	14.36				7,998		1.19			0.20			1.19			0.20			138
	11.07				7,152		1.20			0.41			1.20			0.41			112
	(1.17	)			5,682		1.19			(0.20	)		1.19			(0.20	)		8
	17.83				5,299		1.17			0.41			1.22			0.36			176
	10.82				714		1.15			0.30			1.21			0.24			67
	(6.98	)%		$	269		2.06	%		0.27	%		2.06	%		0.27	%		106	%
	(40.24	)			331		1.96			(0.26	)		1.96			(0.26	)		210
	13.52				664		1.94			(0.55	)		1.94			(0.55	)		138
	10.32				643		1.95			(0.34	)		1.95			(0.34	)		112
	(1.26	)			573		1.94			(0.95	)		1.94			(0.95	)		8
	17.02				567		1.92			(0.36	)		1.97			(0.41	)		176
	9.89				270		1.90			(0.44	)		1.96			(0.50	)		67
	(6.90	)%		$	176		2.06	%		0.26	%		2.06	%		0.26	%		106	%
	(40.38	)			180		1.96			(0.26	)		1.96			(0.26	)		210
	13.45				325		1.94			(0.57	)		1.94			(0.57	)		138
	10.36				248		1.95			(0.35	)		1.95			(0.35	)		112
	(1.26	)			180		1.94			(0.95	)		1.94			(0.95	)		8
	16.91				182		1.92			(0.35	)		1.97			(0.40	)		176
	9.98				59		1.90			(0.45	)		1.96			(0.51	)		67
	(6.75	)%		$	18		1.53	%		0.80	%		1.53	%		0.80	%		106	%
	(39.94	)			20		1.46			0.24			1.46			0.24			210
	14.09				37		1.44			0.02			1.44			0.02			138
	10.79				118		1.45			0.08			1.57			(0.04	)		112
	(1.18	)			2		1.44			(0.45	)		1.59			(0.60	)		8
	17.54				2		1.42			0.14			1.62			(0.06	)		176
	10.60				1		1.32			0.18			1.38			0.12			67
	(6.46	)%		$	151,477		1.05	%		1.28	%		1.05	%		1.28	%		106	%
	(39.63	)			207,904		0.96			0.74			0.96			0.74			210
	14.65				449,201		0.94			0.45			0.94			0.45			138
	11.37				476,154		0.95			0.66			0.95			0.66			112
	(1.10	)			341,061		0.94			0.05			0.94			0.05			8
	18.14				329,656		0.92			0.67			0.97			0.62			176
	11.10				291,807		0.90			0.57			0.96			0.51			67

First American Funds 2009 Semiannual Report   69

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions									Net Asset
	Value		Net			Gains			Total From			from Net			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions			Period
Large Cap Value Fund1
Class A
20092	$	12.88	$	0.12		$	(1.63	)	$	(1.51	)	$	(0.14	)	$	—		$	(0.14	)	$	11.23
20083		22.61		0.25			(7.02	)		(6.77	)		(0.16	)		(2.80	)		(2.96	)		12.88
20073		22.12		0.23			2.19			2.42			(0.24	)		(1.69	)		(1.93	)		22.61
20063		19.56		0.21			3.19			3.40			(0.21	)		(0.63	)		(0.84	)		22.12
20054		20.06		—			(0.50	)		(0.50	)		—			—			—			19.56
20055		17.21		0.17			2.85			3.02			(0.17	)		—			(0.17	)		20.06
20045		14.97		0.15			2.24			2.39			(0.15	)		—			(0.15	)		17.21
Class B
20092	$	12.39	$	0.08		$	(1.58	)	$	(1.50	)	$	(0.08	)	$	—		$	(0.08	)	$	10.81
20083		21.92		0.11			(6.77	)		(6.66	)		(0.07	)		(2.80	)		(2.87	)		12.39
20073		21.54		0.07			2.12			2.19			(0.12	)		(1.69	)		(1.81	)		21.92
20063		19.12		0.06			3.11			3.17			(0.12	)		(0.63	)		(0.75	)		21.54
20054		19.62		(0.01	)		(0.49	)		(0.50	)		—			—			—			19.12
20055		16.87		0.03			2.78			2.81			(0.06	)		—			(0.06	)		19.62
20045		14.70		0.03			2.20			2.23			(0.06	)		—			(0.06	)		16.87
Class C
20092	$	12.59	$	0.08		$	(1.61	)	$	(1.53	)	$	(0.08	)	$	—		$	(0.08	)	$	10.98
20083		22.21		0.11			(6.86	)		(6.75	)		(0.07	)		(2.80	)		(2.87	)		12.59
20073		21.81		0.07			2.14			2.21			(0.12	)		(1.69	)		(1.81	)		22.21
20063		19.35		0.06			3.15			3.21			(0.12	)		(0.63	)		(0.75	)		21.81
20054		19.85		(0.01	)		(0.49	)		(0.50	)		—			—			—			19.35
20055		17.07		0.03			2.81			2.84			(0.06	)		—			(0.06	)		19.85
20045		14.87		0.03			2.23			2.26			(0.06	)		—			(0.06	)		17.07
Class R6
20092	$	12.85	$	0.10		$	(1.63	)	$	(1.53	)	$	(0.12	)	$	—		$	(0.12	)	$	11.20
20083		22.57		0.20			(6.99	)		(6.79	)		(0.13	)		(2.80	)		(2.93	)		12.85
20073		22.10		0.17			2.17			2.34			(0.18	)		(1.69	)		(1.87	)		22.57
20063		19.55		0.12			3.23			3.35			(0.17	)		(0.63	)		(0.80	)		22.10
20054		20.06		(0.01	)		(0.50	)		(0.51	)		—			—			—			19.55
20055		17.22		0.12			2.85			2.97			(0.13	)		—			(0.13	)		20.06
20045		14.96		0.17			2.23			2.40			(0.14	)		—			(0.14	)		17.22
Class Y
20092	$	12.95	$	0.13		$	(1.64	)	$	(1.51	)	$	(0.16	)	$	—		$	(0.16	)	$	11.28
20083		22.69		0.29			(7.04	)		(6.75	)		(0.19	)		(2.80	)		(2.99	)		12.95
20073		22.19		0.29			2.18			2.47			(0.28	)		(1.69	)		(1.97	)		22.69
20063		19.62		0.26			3.21			3.47			(0.27	)		(0.63	)		(0.90	)		22.19
20054		20.12		—			(0.50	)		(0.50	)		—			—			—			19.62
20055		17.26		0.22			2.86			3.08			(0.22	)		—			(0.22	)		20.12
20045		15.01		0.20			2.24			2.44			(0.19	)		—			(0.19	)		17.26

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

70   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(11.77	)%	$	49,701		1.23	%		2.20	%		1.23	%		2.20	%		27	%
	(34.00	)		60,870		1.19			1.41			1.19			1.41			90
	11.60			113,223		1.17			1.05			1.17			1.05			81
	17.93			115,438		1.19			1.05			1.19			1.05			55
	(2.48	)		118,443		1.21			(0.17	)		1.21			(0.17	)		2
	17.62			121,809		1.17			0.90			1.20			0.87			61
	16.01			113,683		1.15			0.91			1.19			0.87			104
	(12.15	)%	$	2,433		1.98	%		1.46	%		1.98	%		1.46	%		27	%
	(34.51	)		3,750		1.94			0.65			1.94			0.65			90
	10.76			7,973		1.92			0.31			1.92			0.31			81
	17.04			9,815		1.94			0.32			1.94			0.32			55
	(2.55	)		13,826		1.96			(0.92	)		1.96			(0.92	)		2
	16.70			14,876		1.92			0.15			1.95			0.12			61
	15.19			21,829		1.90			0.19			1.94			0.15			104
	(12.17	)%	$	2,107		1.98	%		1.44	%		1.98	%		1.44	%		27	%
	(34.46	)		2,643		1.94			0.66			1.94			0.66			90
	10.71			4,587		1.92			0.31			1.92			0.31			81
	17.05			5,174		1.94			0.30			1.94			0.30			55
	(2.52	)		5,399		1.96			(0.92	)		1.96			(0.92	)		2
	16.75			5,710		1.92			0.15			1.95			0.12			61
	15.21			6,344		1.90			0.18			1.94			0.14			104
	(11.91	)%	$	222		1.49	%		1.91	%		1.49	%		1.91	%		27	%
	(34.13	)		174		1.44			1.18			1.44			1.18			90
	11.25			188		1.42			0.78			1.42			0.78			81
	17.63			164		1.44			0.58			1.55			0.47			55
	(2.54	)		7		1.46			(0.42	)		1.61			(0.57	)		2
	17.34			7		1.42			0.61			1.60			0.43			61
	16.05			1		1.15			1.00			1.19			0.96			104
	(11.72	)%	$	320,211		0.98	%		2.45	%		0.98	%		2.45	%		27	%
	(33.80	)		401,006		0.94			1.66			0.94			1.66			90
	11.83			726,512		0.92			1.30			0.92			1.30			81
	18.23			825,633		0.94			1.29			0.94			1.29			55
	(2.47	)		740,511		0.96			0.08			0.96			0.08			2
	17.92			764,679		0.92			1.17			0.95			1.14			61
	16.31			1,021,197		0.90			1.17			0.94			1.13			104

First American Funds 2009 Semiannual Report   71

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized									Net Asset
	Value		Net			Gains			Total from			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			from Net			End of
	of Period		Income (Loss)			Investments			Operations			Realized Gains			Period
Mid Cap Growth Opportunities Fund1
Class A
20092	$	23.88	$	(0.01	)	$	0.80		$	0.79		$	—		$	24.67
20083		46.57		(0.16	)		(17.86	)		(18.02	)		(4.67	)		23.88
20073		41.43		(0.24	)		9.19			8.95			(3.81	)		46.57
20063		40.77		(0.11	)		5.04			4.93			(4.27	)		41.43
20054		41.55		(0.02	)		(0.76	)		(0.78	)		—			40.77
20055		38.19		(0.24	)		9.65			9.41			(6.05	)		41.55
20045		33.68		(0.30	)		5.88			5.58			(1.07	)		38.19
Class B
20092	$	21.22	$	(0.08	)	$	0.70		$	0.62		$	—		$	21.84
20083		42.21		(0.38	)		(15.94	)		(16.32	)		(4.67	)		21.22
20073		38.15		(0.51	)		8.38			7.87			(3.81	)		42.21
20063		38.12		(0.38	)		4.68			4.30			(4.27	)		38.15
20054		38.87		(0.05	)		(0.70	)		(0.75	)		—			38.12
20055		36.31		(0.51	)		9.12			8.61			(6.05	)		38.87
20045		32.30		(0.55	)		5.63			5.08			(1.07	)		36.31
Class C
20092	$	22.26	$	(0.09	)	$	0.74		$	0.65		$	—		$	22.91
20083		44.03		(0.40	)		(16.70	)		(17.10	)		(4.67	)		22.26
20073		39.65		(0.53	)		8.72			8.19			(3.81	)		44.03
20063		39.46		(0.40	)		4.86			4.46			(4.27	)		39.65
20054		40.23		(0.05	)		(0.72	)		(0.77	)		—			39.46
20055		37.40		(0.53	)		9.41			8.88			(6.05	)		40.23
20045		33.24		(0.57	)		5.80			5.23			(1.07	)		37.40
Class R6
20092	$	23.56	$	(0.04	)	$	0.78		$	0.74		$	—		$	24.30
20083		46.11		(0.24	)		(17.64	)		(17.88	)		(4.67	)		23.56
20073		41.15		(0.34	)		9.11			8.77			(3.81	)		46.11
20063		40.61		(0.23	)		5.04			4.81			(4.27	)		41.15
20054		41.40		(0.03	)		(0.76	)		(0.79	)		—			40.61
20055		38.15		(0.31	)		9.61			9.30			(6.05	)		41.40
20045		33.66		(0.30	)		5.86			5.56			(1.07	)		38.15
Class Y
20092	$	25.57	$	0.02		$	0.85		$	0.87		$	—		$	26.44
20083		49.40		(0.07	)		(19.09	)		(19.16	)		(4.67	)		25.57
20073		43.62		(0.14	)		9.73			9.59			(3.81	)		49.40
20063		42.61		(0.01	)		5.29			5.28			(4.27	)		43.62
20054		43.42		(0.02	)		(0.79	)		(0.81	)		—			42.61
20055		39.58		(0.16	)		10.05			9.89			(6.05	)		43.42
20045		34.78		(0.21	)		6.08			5.87			(1.07	)		39.58

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

72   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	3.31	%	$	198,131		1.25	%		(0.11	)%		1.25	%		(0.11	)%		55	%
	(42.75	)		209,052		1.22			(0.43	)		1.22			(0.43	)		113
	23.36			425,995		1.21			(0.56	)		1.21			(0.56	)		96
	12.69			322,385		1.23			(0.26	)		1.23			(0.26	)		75
	(1.88	)		314,830		1.23			(0.72	)		1.23			(0.72	)		9
	26.25			317,906		1.21			(0.62	)		1.24			(0.65	)		107
	16.88			173,436		1.20			(0.79	)		1.24			(0.83	)		135
	2.92	%	$	6,415		2.00	%		(0.85	)%		2.00	%		(0.85	)%		55	%
	(43.18	)		7,241		1.97			(1.18	)		1.97			(1.18	)		113
	22.47			15,820		1.96			(1.31	)		1.96			(1.31	)		96
	11.83			15,605		1.98			(1.02	)		1.98			(1.02	)		75
	(1.93	)		14,586		1.98			(1.47	)		1.98			(1.47	)		9
	25.29			14,922		1.96			(1.40	)		1.99			(1.43	)		107
	16.03			10,974		1.95			(1.54	)		1.99			(1.58	)		135
	2.92	%	$	11,007		2.00	%		(0.85	)%		2.00	%		(0.85	)%		55	%
	(43.16	)		13,011		1.97			(1.18	)		1.97			(1.18	)		113
	22.42			28,891		1.96			(1.31	)		1.96			(1.31	)		96
	11.84			19,540		1.98			(1.02	)		1.98			(1.02	)		75
	(1.91	)		15,435		1.98			(1.47	)		1.98			(1.47	)		9
	25.27			17,079		1.96			(1.40	)		1.99			(1.43	)		107
	16.03			12,356		1.95			(1.54	)		1.99			(1.58	)		135
	3.14	%	$	23,520		1.51	%		(0.37	)%		1.51	%		(0.37	)%		55	%
	(42.88	)		21,246		1.47			(0.69	)		1.47			(0.69	)		113
	23.06			29,490		1.46			(0.81	)		1.46			(0.81	)		96
	12.41			17,853		1.48			(0.57	)		1.61			(0.70	)		75
	(1.91	)		5,502		1.48			(0.97	)		1.63			(1.12	)		9
	25.95			5,501		1.46			(0.77	)		1.64			(0.95	)		107
	16.83			1		1.20			(0.81	)		1.24			(0.85	)		135
	3.40	%	$	729,019		1.00	%		0.14	%		1.00	%		0.14	%		55	%
	(42.59	)		732,559		0.97			(0.18	)		0.97			(0.18	)		113
	23.68			1,478,374		0.96			(0.31	)		0.96			(0.31	)		96
	12.98			1,243,776		0.98			(0.02	)		0.98			(0.02	)		75
	(1.86	)		1,238,595		0.98			(0.47	)		0.98			(0.47	)		9
	26.57			1,273,320		0.96			(0.40	)		0.99			(0.43	)		107
	17.18			1,168,220		0.95			(0.54	)		0.99			(0.58	)		135

First American Funds 2009 Semiannual Report   73

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions			Distributions						Net Asset
	Value		Net			Gains			Total from			from Net			from Net						Value
	Beginning		Investment			(Losses) on			Investment			Investment			Realized			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Gains			Distributions			Period
Mid Cap Value Fund1
Class A
20092	$	16.13	$	0.17		$	(0.45	)	$	(0.28	)	$	(0.08	)	$	—		$	(0.08	)	$	15.77
20083		27.83		0.21			(9.92	)		(9.71	)		(0.16	)		(1.83	)		(1.99	)		16.13
20073		26.65		0.14			2.78			2.92			(0.16	)		(1.58	)		(1.74	)		27.83
20063		24.04		0.14			3.89			4.03			(0.16	)		(1.26	)		(1.42	)		26.65
20054		24.88		(0.01	)		(0.83	)		(0.84	)		—			—			—			24.04
20055		20.09		0.13			4.76			4.89			(0.10	)		—			(0.10	)		24.88
20045		16.30		0.08			3.77			3.85			(0.06	)		—			(0.06	)		20.09
Class B
20092	$	15.22	$	0.11		$	(0.42	)	$	(0.31	)	$	(0.01	)	$	—		$	(0.01	)	$	14.90
20083		26.48		0.03			(9.39	)		(9.36	)		(0.07	)		(1.83	)		(1.90	)		15.22
20073		25.50		(0.05	)		2.65			2.60			(0.04	)		(1.58	)		(1.62	)		26.48
20063		23.12		(0.03	)		3.71			3.68			(0.04	)		(1.26	)		(1.30	)		25.50
20054		23.94		(0.02	)		(0.80	)		(0.82	)		—			—			—			23.12
20055		19.39		(0.05	)		4.60			4.55			—			—			—			23.94
20045		15.81		(0.06	)		3.65			3.59			(0.01	)		—			(0.01	)		19.39
Class C
20092	$	15.58	$	0.12		$	(0.44	)	$	(0.32	)	$	(0.01	)	$	—		$	(0.01	)	$	15.25
20083		27.05		0.03			(9.60	)		(9.57	)		(0.07	)		(1.83	)		(1.90	)		15.58
20073		26.02		(0.06	)		2.72			2.66			(0.05	)		(1.58	)		(1.63	)		27.05
20063		23.57		(0.04	)		3.80			3.76			(0.05	)		(1.26	)		(1.31	)		26.02
20054		24.40		(0.02	)		(0.81	)		(0.83	)		—			—			—			23.57
20055		19.77		(0.03	)		4.66			4.63			—			—			—			24.40
20045		16.12		(0.06	)		3.72			3.66			(0.01	)		—			(0.01	)		19.77
Class R6
20092	$	16.04	$	0.15		$	(0.45	)	$	(0.30	)	$	(0.06	)	$	—		$	(0.06	)	$	15.68
20083		27.72		0.15			(9.87	)		(9.72	)		(0.13	)		(1.83	)		(1.96	)		16.04
20073		26.56		0.06			2.78			2.84			(0.10	)		(1.58	)		(1.68	)		27.72
20063		24.00		0.05			3.91			3.96			(0.14	)		(1.26	)		(1.40	)		26.56
20054		24.83		(0.01	)		(0.82	)		(0.83	)		—			—			—			24.00
20055		20.09		0.12			4.70			4.82			(0.08	)		—			(0.08	)		24.83
20045		16.31		0.07			3.76			3.83			(0.05	)		—			(0.05	)		20.09
Class Y
20092	$	16.24	$	0.19		$	(0.45	)	$	(0.26	)	$	(0.11	)	$	—		$	(0.11	)	$	15.87
20083		27.98		0.27			(9.99	)		(9.72	)		(0.19	)		(1.83	)		(2.02	)		16.24
20073		26.77		0.22			2.80			3.02			(0.23	)		(1.58	)		(1.81	)		27.98
20063		24.14		0.22			3.89			4.11			(0.22	)		(1.26	)		(1.48	)		26.77
20054		24.98		—			(0.84	)		(0.84	)		—			—			—			24.14
20055		20.17		0.18			4.78			4.96			(0.15	)		—			(0.15	)		24.98
20045		16.36		0.12			3.79			3.91			(0.10	)		—			(0.10	)		20.17

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the fiscal year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

74   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(1.70	)%	$	113,092		1.27	%		2.39	%		1.27	%		2.39	%		50	%
	(37.32	)		124,275		1.23			0.90			1.23			0.90			93
	11.47			254,342		1.22			0.58			1.22			0.58			95
	17.36			156,576		1.24			0.50			1.24			0.50			70
	(3.38	)		56,125		1.23			(0.48	)		1.23			(0.48	)		10
	24.38			54,360		1.21			0.59			1.25			0.55			101
	23.65			28,561		1.20			0.41			1.25			0.36			83
	(2.05	)%	$	3,287		2.02	%		1.67	%		2.02	%		1.67	%		50	%
	(37.82	)		4,133		1.98			0.14			1.98			0.14			93
	10.67			8,360		1.97			(0.13	)		1.97			(0.13	)		95
	16.45			8,590		1.99			(0.17	)		1.99			(0.17	)		70
	(3.43	)		9,252		1.98			(1.25	)		1.98			(1.25	)		10
	23.47			10,157		1.96			(0.21	)		2.00			(0.25	)		101
	22.69			9,928		1.95			(0.35	)		2.00			(0.40	)		83
	(2.06	)%	$	11,374		2.02	%		1.65	%		2.02	%		1.65	%		50	%
	(37.80	)		13,154		1.98			0.14			1.98			0.14			93
	10.66			26,141		1.97			(0.18	)		1.97			(0.18	)		95
	16.47			18,162		1.99			(0.24	)		1.99			(0.24	)		70
	(3.40	)		7,439		1.98			(1.24	)		1.98			(1.24	)		10
	23.43			7,426		1.96			(0.15	)		2.00			(0.19	)		101
	22.69			3,342		1.95			(0.33	)		2.00		��	(0.38	)		83
	(1.84	)%	$	24,233		1.52	%		2.11	%		1.52	%		2.11	%		50	%
	(37.47	)		23,423		1.49			0.64			1.49			0.64			93
	11.18			29,752		1.47			0.29			1.47			0.29			95
	17.06			17,724		1.49			0.15			1.61			0.03			70
	(3.34	)		785		1.47			(0.69	)		1.62			(0.84	)		10
	24.04			380		1.46			0.52			1.65			0.33			101
	23.51			1		1.20			0.37			1.25			0.32			83
	(1.57	)%	$	381,722		1.02	%		2.64	%		1.02	%		2.64	%		50	%
	(37.17	)		415,486		0.99			1.14			0.99			1.14			93
	11.79			772,178		0.97			0.86			0.97			0.86			95
	17.63			728,014		0.99			0.81			0.99			0.81			70
	(3.36	)		598,428		0.98			(0.24	)		0.98			(0.24	)		10
	24.68			621,172		0.96			0.80			1.00			0.76			101
	23.95			433,879		0.95			0.66			1.00			0.61			83

First American Funds 2009 Semiannual Report   75

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions									Net Asset
	Value		Net		Gains			Total from			from Net			Distributions						Value
	Beginning		Investment		(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income		Investments			Operations			Income			Realized Gains			Distributions			Period
Real Estate Securities Fund1
Class A
20092	$	12.67	$	0.31	$	(2.60	)	$	(2.29	)	$	(0.19	)	$	—		$	(0.19	)	$	10.19
20083		23.99		0.60		(8.78	)		(8.18	)		(0.40	)		(2.74	)		(3.14	)		12.67
20073		26.49		0.47		(0.24	)		0.23			(0.36	)		(2.37	)		(2.73	)		23.99
20063		21.42		0.47		7.77			8.24			(0.58	)		(2.59	)		(3.17	)		26.49
20054		21.81		0.03		(0.42	)		(0.39	)		—			—			—			21.42
20055		18.62		0.69		4.47			5.16			(0.55	)		(1.42	)		(1.97	)		21.81
20045		16.00		0.63		3.21			3.84			(0.62	)		(0.60	)		(1.22	)		18.62
Class B
20092	$	12.39	$	0.27	$	(2.54	)	$	(2.27	)	$	(0.15	)	$	—		$	(0.15	)	$	9.97
20083		23.53		0.46		(8.60	)		(8.14	)		(0.26	)		(2.74	)		(3.00	)		12.39
20073		26.08		0.27		(0.22	)		0.05			(0.23	)		(2.37	)		(2.60	)		23.53
20063		21.14		0.29		7.66			7.95			(0.42	)		(2.59	)		(3.01	)		26.08
20054		21.53		0.01		(0.40	)		(0.39	)		—			—			—			21.14
20055		18.41		0.54		4.40			4.94			(0.40	)		(1.42	)		(1.82	)		21.53
20045		15.85		0.50		3.17			3.67			(0.51	)		(0.60	)		(1.11	)		18.41
Class C
20092	$	12.44	$	0.27	$	(2.55	)	$	(2.28	)	$	(0.15	)	$	—		$	(0.15	)	$	10.01
20083		23.62		0.45		(8.63	)		(8.18	)		(0.26	)		(2.74	)		(3.00	)		12.44
20073		26.17		0.26		(0.21	)		0.05			(0.23	)		(2.37	)		(2.60	)		23.62
20063		21.21		0.28		7.70			7.98			(0.43	)		(2.59	)		(3.02	)		26.17
20054		21.61		0.01		(0.41	)		(0.40	)		—			—			—			21.21
20055		18.47		0.54		4.42			4.96			(0.40	)		(1.42	)		(1.82	)		21.61
20045		15.89		0.50		3.19			3.69			(0.51	)		(0.60	)		(1.11	)		18.47
Class R6
20092	$	12.79	$	0.30	$	(2.62	)	$	(2.32	)	$	(0.18	)	$	—		$	(0.18	)	$	10.29
20083		24.20		0.54		(8.85	)		(8.31	)		(0.36	)		(2.74	)		(3.10	)		12.79
20073		26.72		0.38		(0.21	)		0.17			(0.32	)		(2.37	)		(2.69	)		24.20
20063		21.61		0.35		7.90			8.25			(0.55	)		(2.59	)		(3.14	)		26.72
20054		22.00		0.02		(0.41	)		(0.39	)		—			—			—			21.61
20055		18.80		0.72		4.43			5.15			(0.53	)		(1.42	)		(1.95	)		22.00
20045		16.00		0.61		3.24			3.85			(0.45	)		(0.60	)		(1.05	)		18.80
Class Y
20092	$	12.79	$	0.33	$	(2.63	)	$	(2.30	)	$	(0.20	)	$	—		$	(0.20	)	$	10.29
20083		24.18		0.64		(8.84	)		(8.20	)		(0.45	)		(2.74	)		(3.19	)		12.79
20073		26.67		0.53		(0.24	)		0.29			(0.41	)		(2.37	)		(2.78	)		24.18
20063		21.54		0.53		7.82			8.35			(0.63	)		(2.59	)		(3.22	)		26.67
20054		21.92		0.03		(0.41	)		(0.38	)		—			—			—			21.54
20055		18.71		0.74		4.49			5.23			(0.60	)		(1.42	)		(2.02	)		21.92
20045		16.06		0.69		3.22			3.91			(0.66	)		(0.60	)		(1.26	)		18.71

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the fiscal year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

76   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income to
					Ratio of			Investment			to Average			Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(17.87	)%	$	141,834		1.28	%		6.50	%		1.28	%		6.50	%		74	%
	(37.71	)		133,162		1.23			3.31			1.23			3.31			150
	0.78			203,101		1.22			1.87			1.22			1.87			210
	43.25			228,186		1.23			2.06			1.23			2.06			161
	(1.79	)		133,339		1.23			1.48			1.23			1.48			11
	28.99			135,745		1.23			3.43			1.25			3.41			118
	24.98			86,996		1.23			3.63			1.26			3.60			127
	(18.16	)%	$	2,389		2.02	%		5.85	%		2.02	%		5.85	%		74	%
	(38.18	)		3,276		1.98			2.57			1.98			2.57			150
	0.00			7,391		1.97			1.12			1.97			1.12			210
	42.17			7,288		1.98			1.30			1.98			1.30			161
	(1.81	)		4,419		1.98			0.74			1.98			0.74			11
	27.98			4,700		1.98			2.69			2.00			2.67			118
	24.06			4,412		1.98			2.91			2.01			2.88			127
	(18.16	)%	$	9,596		2.02	%		5.80	%		2.02	%		5.80	%		74	%
	(38.19	)		11,458		1.98			2.56			1.98			2.56			150
	0.03			18,403		1.97			1.06			1.97			1.06			210
	42.16			12,281		1.98			1.25			1.98			1.25			161
	(1.85	)		4,669		1.98			0.75			1.98			0.75			11
	28.00			4,954		1.98			2.68			2.00			2.66			118
	24.12			4,247		1.98			2.92			2.01			2.89			127
	(17.97	)%	$	25,626		1.53	%		6.25	%		1.53	%		6.25	%		74	%
	(37.90	)		22,813		1.48			3.01			1.48			3.01			150
	0.52			18,493		1.47			1.52			1.47			1.52			210
	42.87			9,423		1.48			1.50			1.60			1.38			161
	(1.77	)		57		1.48			1.23			1.63			1.08			11
	28.60			36		1.48			3.37			1.65			3.20			118
	24.94			1		1.23			3.57			1.26			3.54			127
	(17.75	)%	$	433,811		1.02	%		6.83	%		1.02	%		6.83	%		74	%
	(37.56	)		526,386		0.98			3.51			0.98			3.51			150
	1.01			652,579		0.97			2.12			0.97			2.12			210
	43.58			756,868		0.98			2.31			0.98			2.31			161
	(1.73	)		504,655		0.98			1.74			0.98			1.74			11
	29.25			525,196		0.98			3.66			1.00			3.64			118
	25.33			414,544		0.98			3.95			1.01			3.92			127

First American Funds 2009 Semiannual Report   77

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized										Net Asset
	Value		Net			Gains			Total from				Distributions			Value
	Beginning		Investment			(Losses) on			Investment				from Net			End of
	of Period		Loss			Investments			Operations				Realized Gains			Period
Small Cap Growth Opportunities Fund1
Class A
20092	$	11.96	$	(0.03	)	$	0.04		$	0.01			$	—		$	11.97
20083		21.65		(0.14	)		(7.97	)		(8.11	)			(1.58	)		11.96
20073		20.49		(0.19	)		2.67			2.48				(1.32	)		21.65
20063		22.79		(0.18	)		2.37			2.19				(4.49	)		20.49
20054		23.75		(0.02	)		(0.94	)		(0.96	)			—			22.79
20055		21.74		(0.32	)		5.28			4.96				(2.95	)		23.75
20045		21.95		(0.35	)		0.27			(0.08	)			(0.13	)		21.74
Class B												��
20092	$	10.62	$	(0.06	)	$	0.03		$	(0.03	)		$	—		$	10.59
20083		19.56		(0.23	)		(7.13	)		(7.36	)			(1.58	)		10.62
20073		18.76		(0.31	)		2.43			2.12				(1.32	)		19.56
20063		21.36		(0.31	)		2.20			1.89				(4.49	)		18.76
20054		22.27		(0.03	)		(0.88	)		(0.91	)			—			21.36
20055		20.69		(0.45	)		4.98			4.53				(2.95	)		22.27
20045		21.05		(0.50	)		0.27			(0.23	)			(0.13	)		20.69
Class C
20092	$	11.13	$	(0.07	)	$	0.04		$	(0.03	)		$	—		$	11.10
20083		20.41		(0.24	)		(7.46	)		(7.70	)			(1.58	)		11.13
20073		19.53		(0.33	)		2.53			2.20				(1.32	)		20.41
20063		22.05		(0.32	)		2.29			1.97				(4.49	)		19.53
20054		23.00		(0.04	)		(0.91	)		(0.95	)			—			22.05
20055		21.28		(0.48	)		5.15			4.67				(2.95	)		23.00
20045		21.65		(0.49	)		0.25			(0.24	)			(0.13	)		21.28
Class R6
20092	$	11.83	$	(0.05	)	$	0.05		$	—			$	—		$	11.83
20083		21.49		(0.17	)		(7.91	)		(8.08	)			(1.58	)		11.83
20073		20.39		(0.24	)		2.66			2.42				(1.32	)		21.49
20063		22.75		(0.23	)		2.36			2.13				(4.49	)		20.39
20054		23.72		(0.03	)		(0.94	)		(0.97	)			—			22.75
20055		21.74		(0.48	)		5.41			4.93				(2.95	)		23.72
20045		21.95		(0.42	)		0.34			(0.08	)			(0.13	)		21.74
Class Y
20092	$	12.81	$	(0.02	)	$	0.05		$	0.03			$	—		$	12.84
20083		23.03		(0.10	)		(8.54	)		(8.64	)			(1.58	)		12.81
20073		21.66		(0.15	)		2.84			2.69				(1.32	)		23.03
20063		23.81		(0.13	)		2.47			2.34				(4.49	)		21.66
20054		24.81		(0.02	)		(0.98	)		(1.00	)			—			23.81
20055		22.55		(0.27	)		5.48			5.21				(2.95	)		24.81
20045		22.70		(0.32	)		0.30			(0.02	)			(0.13	)		22.55

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the fiscal year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
8	During the period indicated, the fund received a regulatory settlement, which had a positive impact on total return of 0.75% for Class A, Class C, and Class Y, 0.79% for Class B, and 0.76% for Class R.
9	During the period indicated, the fund received a regulatory settlement, which had a positive impact on total return of 0.05% for Class A, Class R, and Class Y and 0.06% for Class B and Class C.

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

78   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Loss to
					Ratio of			Investment			to Average			Average
			Net Assets		Expenses			Loss			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	0.08	%	$	25,549		1.47	%		(0.60	)%		1.88	%		(1.01	)%		78	%
	(40.07	)8		29,022		1.46			(0.82	)		1.63			(0.99	)		138
	12.81	9		149,231		1.47			(0.89	)		1.59			(1.01	)		118
	9.91			138,786		1.47			(0.88	)		1.58			(0.99	)		209
	(4.04	)		78,357		1.47			(1.17	)		1.56			(1.26	)		14
	24.21			84,567		1.82			(1.42	)		1.87			(1.47	)		190
	(0.39	)		101,031		1.93			(1.42	)		1.96			(1.45	)		178
	(0.28	)%	$	1,737		2.22	%		(1.35	)%		2.63	%		(1.76	)%		78	%
	(40.55	)8		1,978		2.21			(1.57	)		2.38			(1.74	)		138
	12.03	9		4,467		2.22			(1.65	)		2.34			(1.77	)		118
	9.03			6,540		2.22			(1.62	)		2.33			(1.73	)		209
	(4.09	)		8,271		2.22			(1.93	)		2.31			(2.02	)		14
	23.27			8,760		2.57			(2.16	)		2.62			(2.21	)		190
	(1.13	)		9,063		2.68			(2.16	)		2.71			(2.19	)		178
	(0.27	)%	$	1,030		2.22	%		(1.36	)%		2.63	%		(1.77	)%		78	%
	(40.53	)8		1,104		2.21			(1.56	)		2.38			(1.73	)		138
	11.96	9		2,295		2.22			(1.64	)		2.34			(1.76	)		118
	9.11			2,664		2.22			(1.63	)		2.33			(1.74	)		209
	(4.13	)		2,962		2.22			(1.93	)		2.31			(2.02	)		14
	23.28			3,152		2.57			(2.20	)		2.62			(2.25	)		190
	(1.14	)		4,669		2.68			(2.07	)		2.71			(2.10	)		178
	0.00	%	$	552		1.72	%		(0.90	)%		2.13	%		(1.31	)%		78	%
	(40.24	)8		433		1.72			(1.04	)		1.89			(1.21	)		138
	12.56	9		522		1.72			(1.17	)		1.84			(1.29	)		118
	9.62			1,323		1.72			(1.16	)		1.95			(1.39	)		209
	(4.09	)		5		1.72			(1.43	)		1.96			(1.67	)		14
	24.06			5		2.07			(2.14	)		2.27			(2.34	)		190
	(0.39	)		1		1.93			(1.67	)		1.96			(1.70	)		178
	0.23	%	$	71,726		1.22	%		(0.36	)%		1.63	%		(0.77	)%		78	%
	(39.97	)8		75,355		1.22			(0.56	)		1.39			(0.73	)		138
	13.10	9		154,456		1.22			(0.64	)		1.34			(0.76	)		118
	10.16			182,429		1.22			(0.63	)		1.33			(0.74	)		209
	(4.03	)		210,769		1.22			(0.92	)		1.31			(1.01	)		14
	24.47			220,772		1.57			(1.15	)		1.62			(1.20	)		190
	(0.11	)		224,432		1.68			(1.25	)		1.71			(1.28	)		178

First American Funds 2009 Semiannual Report   79

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions									Net Asset
	Value		Net			Gains			Total from			from Net			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions			Period
Small Cap Select Fund1
Class A
20092	$	8.27	$	—		$	—		$	—		$	—		$	—		$	—		$	8.27
20083		14.06		(0.02	)		(4.92	)		(4.94	)		—			(0.85	)		(0.85	)		8.27
20073		15.12		(0.02	)		1.04			1.02			—			(2.08	)		(2.08	)		14.06
20063		15.33		(0.05	)		3.05			3.00			—			(3.21	)		(3.21	)		15.12
20054		15.82		(0.01	)		(0.48	)		(0.49	)		—			—			—			15.33
20055		15.95		(0.08	)		3.10			3.02			—			(3.15	)		(3.15	)		15.82
20045		14.52		(0.12	)		2.60			2.48			—			(1.05	)		(1.05	)		15.95
Class B
20092	$	6.64	$	(0.02	)	$	—		$	(0.02	)	$	—		$	—		$	—		$	6.62
20083		11.56		(0.08	)		(3.99	)		(4.07	)		—			(0.85	)		(0.85	)		6.64
20073		12.88		(0.11	)		0.87			0.76			—			(2.08	)		(2.08	)		11.56
20063		13.58		(0.13	)		2.64			2.51			—			(3.21	)		(3.21	)		12.88
20054		14.02		(0.02	)		(0.42	)		(0.44	)		—			—			—			13.58
20055		14.56		(0.17	)		2.78			2.61			—			(3.15	)		(3.15	)		14.02
20045		13.42		(0.22	)		2.41			2.19			—			(1.05	)		(1.05	)		14.56
Class C
20092	$	7.63	$	(0.02	)	$	(0.01	)	$	(0.03	)	$	—		$	—		$	—		$	7.60
20083		13.13		(0.09	)		(4.56	)		(4.65	)		—			(0.85	)		(0.85	)		7.63
20073		14.36		(0.12	)		0.97			0.85			—			(2.08	)		(2.08	)		13.13
20063		14.79		(0.16	)		2.94			2.78			—			(3.21	)		(3.21	)		14.36
20054		15.28		(0.02	)		(0.47	)		(0.49	)		—			—			—			14.79
20055		15.60		(0.19	)		3.02			2.83			—			(3.15	)		(3.15	)		15.28
20045		14.32		(0.24	)		2.57			2.33			—			(1.05	)		(1.05	)		15.60
Class R6
20092	$	8.12	$	(0.01	)	$	—		$	(0.01	)	$	—		$	—		$	—		$	8.11
20083		13.86		(0.04	)		(4.85	)		(4.89	)		—			(0.85	)		(0.85	)		8.12
20073		14.98		(0.05	)		1.01			0.96			—			(2.08	)		(2.08	)		13.86
20063		15.24		(0.09	)		3.04			2.95			—			(3.21	)		(3.21	)		14.98
20054		15.73		(0.01	)		(0.48	)		(0.49	)		—			—			—			15.24
20055		15.91		(0.08	)		3.05			2.97			—			(3.15	)		(3.15	)		15.73
20045		14.49		(0.13	)		2.60			2.47			—			(1.05	)		(1.05	)		15.91
Class Y
20092	$	8.94	$	0.01		$	—		$	0.01		$	—		$	—		$	—		$	8.95
20083		15.10		0.01			(5.31	)		(5.30	)		(0.01	)		(0.85	)		(0.86	)		8.94
20073		16.06		0.01			1.11			1.12			—			(2.08	)		(2.08	)		15.10
20063		16.06		(0.01	)		3.22			3.21			—			(3.21	)		(3.21	)		16.06
20054		16.57		(0.01	)		(0.50	)		(0.51	)		—			—			—			16.06
20055		16.54		(0.04	)		3.22			3.18			—			(3.15	)		(3.15	)		16.57
20045		14.98		(0.09	)		2.70			2.61			—			(1.05	)		(1.05	)		16.54

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

80   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	0.00	%	$	201,437		1.29	%		0.08	%		1.29	%		0.08	%		55	%
	(37.00	)		166,698		1.26			(0.15	)		1.26			(0.15	)		92
	7.35			238,129		1.23			(0.22	)		1.23			(0.22	)		97
	22.46			222,293		1.24			(0.38	)		1.24			(0.38	)		111
	(3.10	)		104,568		1.25			(0.92	)		1.25			(0.92	)		14
	20.46			107,270		1.22			(0.53	)		1.25			(0.56	)		122
	17.64			97,775		1.21			(0.76	)		1.24			(0.79	)		116
	(0.30	)%	$	5,421		2.04	%		(0.67	)%		2.04	%		(0.67	)%		55	%
	(37.52	)		6,249		2.01			(0.90	)		2.01			(0.90	)		92
	6.51			13,720		1.98			(0.97	)		1.98			(0.97	)		97
	21.59			15,077		1.99			(1.14	)		1.99			(1.14	)		111
	(3.14	)		13,406		2.00			(1.67	)		2.00			(1.67	)		14
	19.45			14,023		1.97			(1.28	)		2.00			(1.31	)		122
	16.88			13,050		1.96			(1.51	)		1.99			(1.54	)		116
	(0.39	)%	$	15,431		2.04	%		(0.67	)%		2.04	%		(0.67	)%		55	%
	(37.44	)		17,062		2.01			(0.90	)		2.01			(0.90	)		92
	6.46			34,505		1.98			(0.95	)		1.98			(0.95	)		97
	21.64			18,794		1.99			(1.14	)		1.99			(1.14	)		111
	(3.21	)		13,453		2.00			(1.67	)		2.00			(1.67	)		14
	19.58			14,418		1.97			(1.28	)		2.00			(1.31	)		122
	16.79			13,841		1.96			(1.50	)		1.99			(1.53	)		116
	(0.12	)%	$	22,597		1.54	%		(0.17	)%		1.54	%		(0.17	)%		55	%
	(37.19	)		23,069		1.51			(0.40	)		1.51			(0.40	)		92
	6.99			38,181		1.48			(0.43	)		1.48			(0.43	)		97
	22.23			2,697		1.49			(0.59	)		1.62			(0.72	)		111
	(3.11	)		333		1.50			(1.14	)		1.65			(1.29	)		14
	20.16			312		1.47			(0.53	)		1.65			(0.71	)		122
	17.60			19		1.21			(0.81	)		1.24			(0.84	)		116
	0.11	%	$	271,884		1.04	%		0.33	%		1.04	%		0.33	%		55	%
	(36.86	)		289,685		1.01			0.10			1.01			0.10			92
	7.58			691,488		0.98			0.03			0.98			0.03			97
	22.81			732,252		0.99			(0.15	)		0.99			(0.15	)		111
	(3.08	)		682,088		1.00			(0.67	)		1.00			(0.67	)		14
	20.73			715,496		0.97			(0.28	)		1.00			(0.31	)		122
	17.98			770,981		0.96			(0.52	)		0.99			(0.55	)		116

First American Funds 2009 Semiannual Report   81

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions									Net Asset
	Value		Net			Gains			Total from			from Net			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions			Period
Small Cap Value Fund1
Class A
20092	$	8.12	$	0.03		$	(0.91	)	$	(0.88	)	$	(0.08	)	$	—		$	(0.08	)	$	7.16
20083		13.52		0.08			(3.97	)		(3.89	)		(0.14	)		(1.37	)		(1.51	)		8.12
20073		15.38		0.12			0.48			0.60			(0.02	)		(2.44	)		(2.46	)		13.52
20063		16.34		0.03			2.86			2.89			(0.04	)		(3.81	)		(3.85	)		15.38
20054		16.78		0.01			(0.45	)		(0.44	)		—			—			—			16.34
20055		16.84		0.03			2.63			2.66			(0.06	)		(2.66	)		(2.72	)		16.78
20045		14.28		0.03			3.13			3.16			(0.04	)		(0.56	)		(0.60	)		16.84
Class B
20092	$	7.05	$	0.01		$	(0.79	)	$	(0.78	)	$	(0.01	)	$	—		$	(0.01	)	$	6.26
20083		11.94		—			(3.48	)		(3.48	)		(0.04	)		(1.37	)		(1.41	)		7.05
20073		13.93		0.02			0.43			0.45			—			(2.44	)		(2.44	)		11.94
20063		15.19		(0.07	)		2.62			2.55			—			(3.81	)		(3.81	)		13.93
20054		15.61		—			(0.42	)		(0.42	)		—			—			—			15.19
20055		15.92		(0.09	)		2.47			2.38			(0.03	)		(2.66	)		(2.69	)		15.61
20045		13.60		(0.08	)		2.96			2.88			—			(0.56	)		(0.56	)		15.92
Class C
20092	$	7.22	$	0.01		$	(0.82	)	$	(0.81	)	$	(0.02	)	$	—		$	(0.02	)	$	6.39
20083		12.19		—			(3.54	)		(3.54	)		(0.06	)		(1.37	)		(1.43	)		7.22
20073		14.17		0.02			0.44			0.46			—			(2.44	)		(2.44	)		12.19
20063		15.39		(0.07	)		2.66			2.59			—			(3.81	)		(3.81	)		14.17
20054		15.82		—			(0.43	)		(0.43	)		—			—			—			15.39
20055		16.10		(0.09	)		2.50			2.41			(0.03	)		(2.66	)		(2.69	)		15.82
20045		13.74		(0.08	)		3.00			2.92			—			(0.56	)		(0.56	)		16.10
Class R6
20092	$	8.00	$	0.03		$	(0.90	)	$	(0.87	)	$	(0.06	)	$	—		$	(0.06	)	$	7.07
20083		13.35		0.05			(3.91	)		(3.86	)		(0.12	)		(1.37	)		(1.49	)		8.00
20073		15.24		0.10			0.47			0.57			(0.02	)		(2.44	)		(2.46	)		13.35
20063		16.29		(0.01	)		2.84			2.83			(0.07	)		(3.81	)		(3.88	)		15.24
20054		16.74		0.01			(0.46	)		(0.45	)		—			—			—			16.29
20055		16.83		(0.01	)		2.64			2.63			(0.06	)		(2.66	)		(2.72	)		16.74
20045		14.27		0.03			3.12			3.15			(0.03	)		(0.56	)		(0.59	)		16.83
Class Y
20092	$	8.36	$	0.04		$	(0.93	)	$	(0.89	)	$	(0.11	)	$	—		$	(0.11	)	$	7.36
20083		13.87		0.11			(4.08	)		(3.97	)		(0.17	)		(1.37	)		(1.54	)		8.36
20073		15.71		0.16			0.49			0.65			(0.05	)		(2.44	)		(2.49	)		13.87
20063		16.62		0.07			2.90			2.97			(0.07	)		(3.81	)		(3.88	)		15.71
20054		17.06		0.01			(0.45	)		(0.44	)		—			—			—			16.62
20055		17.05		0.07			2.67			2.74			(0.07	)		(2.66	)		(2.73	)		17.06
20045		14.44		0.08			3.16			3.24			(0.07	)		(0.56	)		(0.63	)		17.05

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

82   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(10.80	)%	$	23,818		1.40	%		1.02	%		1.40	%		1.02	%		37	%
	(31.75	)		28,344		1.31			0.75			1.31			0.75			49
	4.18			53,498		1.26			0.90			1.26			0.90			63
	20.78			57,922		1.26			0.21			1.26			0.21			96
	(2.62	)		46,467		1.25			0.78			1.25			0.78			15
	16.78			48,128		1.24			0.19			1.26			0.17			72
	22.70			43,192		1.23			0.21			1.25			0.19			34
	(11.08	)%	$	2,079		2.15	%		0.28	%		2.15	%		0.28	%		37	%
	(32.32	)		2,964		2.06			0.00			2.06			0.00			49
	3.41			6,213		2.01			0.14			2.01			0.14			63
	19.88			7,855		2.01			(0.53	)		2.01			(0.53	)		96
	(2.69	)		8,913		2.00			0.03			2.00			0.03			15
	15.90			9,325		1.99			(0.56	)		2.01			(0.58	)		72
	21.76			9,901		1.98			(0.51	)		2.00			(0.53	)		34
	(11.22	)%	$	1,998		2.15	%		0.27	%		2.15	%		0.27	%		37	%
	(32.23	)		2,373		2.06			0.00			2.06			0.00			49
	3.42			4,006		2.01			0.14			2.01			0.14			63
	19.89			4,405		2.01			(0.53	)		2.01			(0.53	)		96
	(2.72	)		4,590		2.00			0.03			2.00			0.03			15
	15.92			4,808		1.99			(0.56	)		2.01			(0.58	)		72
	21.83			4,609		1.98			(0.52	)		2.00			(0.54	)		34
	(10.84	)%	$	2,282		1.65	%		0.76	%		1.65	%		0.76	%		37	%
	(31.90	)		2,159		1.56			0.50			1.56			0.50			49
	3.96			3,263		1.51			0.72			1.51			0.72			63
	20.44			1,849		1.51			(0.09	)		1.63			(0.21	)		96
	(2.69	)		4		1.50			0.59			1.65			0.44			15
	16.60			4		1.49			(0.04	)		1.66			(0.21	)		72
	22.69			1		1.23			0.22			1.25			0.20			34
	(10.64	)%	$	131,704		1.15	%		1.27	%		1.15	%		1.27	%		37	%
	(31.56	)		158,112		1.06			1.00			1.06			1.00			49
	4.45			302,683		1.01			1.15			1.01			1.15			63
	21.01			355,148		1.01			0.47			1.01			0.47			96
	(2.58	)		348,166		1.00			1.03			1.00			1.03			15
	17.08			363,261		0.99			0.44			1.01			0.42			72
	23.02			367,774		0.98			0.50			1.00			0.48			34

First American Funds 2009 Semiannual Report   83

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions			Net Asset
	Value		Net			Gains			Total from			from Net			Value
	Beginning		Investment			(Losses) on			Investment			Investment			End of
	of Period		Income (Loss)			Investments			Operations			Income			Period
Small-Mid Cap Core Fund1,2
Class A
20093	$	7.00	$	0.03		$	(0.29	)	$	(0.26	)	$	—		$	6.74
20084		10.64		(0.01	)		(3.63	)		(3.64	)		—			7.00
20074		9.57		(0.02	)		1.09			1.07			—			10.64
20064		8.03		0.01			1.53			1.54			—			9.57
20055		8.31		(0.01	)		(0.27	)		(0.28	)		—			8.03
20056		7.40		(0.07	)		0.98			0.91			—			8.31
20046		7.05		(0.07	)		0.42			0.35			—			7.40
Class B
20093	$	6.01	$	0.01		$	(0.25	)	$	(0.24	)	$	—		$	5.77
20084		9.21		(0.07	)		(3.13	)		(3.20	)		—			6.01
20074		8.34		(0.08	)		0.95			0.87			—			9.21
20064		7.06		(0.04	)		1.32			1.28			—			8.34
20055		7.31		(0.01	)		(0.24	)		(0.25	)		—			7.06
20056		6.55		(0.11	)		0.87			0.76			—			7.31
20046		6.29		(0.11	)		0.37			0.26			—			6.55
Class C
20093	$	6.56	$	0.01		$	(0.28	)	$	(0.27	)	$	—		$	6.29
20084		10.04		(0.08	)		(3.40	)		(3.48	)		—			6.56
20074		9.09		(0.09	)		1.04			0.95			—			10.04
20064		7.69		(0.05	)		1.45			1.40			—			9.09
20055		7.97		(0.01	)		(0.27	)		(0.28	)		—			7.69
20056		7.14		(0.12	)		0.95			0.83			—			7.97
20046		6.86		(0.12	)		0.40			0.28			—			7.14
Class Y
20093	$	7.31	$	0.04		$	(0.30	)	$	(0.26	)	$	(0.03	)	$	7.02
20084		11.09		0.01			(3.79	)		(3.78	)		—			7.31
20074		9.95		—			1.15			1.15			(0.01	)		11.09
20064		8.34		0.04			1.57			1.61			—			9.95
20055		8.63		—			(0.29	)		(0.29	)		—			8.34
20056		7.66		(0.05	)		1.02			0.97			—			8.63
20046		7.28		(0.05	)		0.43			0.38			—			7.66

1	Per share data calculated using average shares outstanding method.
2	The financial highlights for Small-Mid Cap Core Fund as set forth herein include the historical financial highlights of the First American Technology Fund. Effective October 3, 2005, the fund’s name and strategy changed.
3	For the six-month period ended April 30, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
4	For the period November 1 to October 31 in the year indicated.
5	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
6	For the period October 1 to September 30 in the year indicated.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

84   First American Funds 2009 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(3.68	)%	$	11,139		1.41	%		1.09	%		1.89	%		0.61	%		74	%
	(34.21	)		12,848		1.41			(0.13	)		1.60			(0.32	)		170
	11.18			21,817		1.41			(0.20	)		1.49			(0.28	)		151
	19.18			26,190		1.39			0.12			1.46			0.05			110
	(3.37	)		22,339		1.34			(0.86	)		1.34			(0.86	)		80
	12.30			23,016		1.42			(0.83	)		1.50			(0.91	)		197
	4.96			27,356		1.23			(0.86	)		1.28			(0.91	)		51
	(3.99	)%	$	1,875		2.16	%		0.34	%		2.64	%		(0.14	)%		74	%
	(34.74	)		2,512		2.16			(0.88	)		2.35			(1.07	)		170
	10.43			6,883		2.16			(0.94	)		2.24			(1.02	)		151
	18.13			8,689		2.14			(0.58	)		2.21			(0.65	)		110
	(3.42	)		10,054		2.09			(1.61	)		2.09			(1.61	)		80
	11.60			10,685		2.17			(1.59	)		2.25			(1.67	)		197
	4.13			13,445		1.98			(1.60	)		2.03			(1.65	)		51
	(4.12	)%	$	2,563		2.16	%		0.33	%		2.64	%		(0.15	)%		74	%
	(34.66	)		3,068		2.16			(0.88	)		2.35			(1.07	)		170
	10.45			5,190		2.16			(0.96	)		2.24			(1.04	)		151
	18.21			4,986		2.14			(0.64	)		2.21			(0.71	)		110
	(3.51	)		4,253		2.09			(1.61	)		2.09			(1.61	)		80
	11.62			4,485		2.17			(1.59	)		2.25			(1.67	)		197
	4.08			6,000		1.98			(1.60	)		2.03			(1.65	)		51
	(3.57	)%	$	32,742		1.16	%		1.33	%		1.64	%		0.85	%		74	%
	(34.08	)		40,409		1.16			0.12			1.35			(0.07	)		170
	11.62			79,574		1.16			0.02			1.24			(0.06	)		151
	19.30			67,437		1.14			0.35			1.21			0.28			110
	(3.36	)		31,381		1.09			(0.61	)		1.09			(0.61	)		80
	12.66			33,537		1.17			(0.58	)		1.25			(0.66	)		197
	5.22			43,758		0.98			(0.60	)		1.03			(0.65	)		51

First American Funds 2009 Semiannual Report   85

Notes to Financial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

1 > Organization

Balanced Fund, Equity Income Fund, Global Infrastructure Fund, International Fund, International Select Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Small-Mid Cap Core Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of April 30, 2009, FAIF offered 41 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Each fund other than Real Estate Securities Fund is a diversified open-end management investment company. Real Estate Securities Fund is a non-diversified, open-end management investment company. Prior to October 3, 2005, Small-Mid Cap Core Fund had different investment strategies, was named Technology Fund, and also was non-diversified. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

FAIF offers Class A, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge for 12 months. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Class R shares are not offered by the Small-Mid Cap Core Fund. Prior to November 3, 2008, Class C and Class R were not offered by Global Infrastructure Fund. Prior to the close of business on June 30, 2008, each fund except Global Infrastructure Fund offered Class B shares. Subsequent to this date, no new or additional investments are allowed in Class B shares, except through permitted exchanges and any reinvested dividends. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years.

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

2 > Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, then the ask will be the closing price. If the last trade is below the bid, then the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Investments in open-end mutual funds are valued at their respective net asset values on the valuation date.

Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely used quotation system. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value.

The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, Inc. (“FAF Advisors”), on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts (other than foreign currency forward contracts), swaps, and over-

86   First American Funds 2009 Semiannual Report

the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available. Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s exchange rate, and the 30-, 60-, 90-, 180-, and 360-day forward rates provided by an independent pricing service.

When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. As of April 30, 2009, Balanced Fund, International Select Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, and Small-Mid Cap Core Fund held fair valued securities with a total value of $0, $0, $152, $0, $0, and $0, respectively, or 0.0%, 0.0%, 0.0%, 0.0%, 0.0%, and 0.0% of total net assets, respectively. The fair values of foreign securities held by Global Infrastructure Fund, International Fund, and International Select Fund are determined on each business day by an independent third party based on factors such as price changes for futures contracts, sector indices, American Depository Receipts, and currency exchange rates that occur between the close of the local market and the close of the New York Stock Exchange. The use of daily fair value pricing by the Global Infrastructure Fund, International Fund, and International Select Fund may cause the net asset value of their shares to differ significantly from the net asset value that would be determined without fair value pricing. Foreign securities are valued at the closing prices on the principal exchange on which they trade unless they are fair valued as described above. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.

The funds adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements (“FAS 157”), on November 1, 2008. FAS 157 requires each fund to classify its securities based on valuation method, using the following three levels:

Level 1 – Quoted prices in active markets for identical securities. Generally, the types of securities included within Level 1 of a fund are open-end funds, futures with quoted prices, and investments traded on U.S. exchanges, including common stocks, preferred stocks, ADRs, GDRs, and exchange-traded funds.

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 investments traded on exchanges outside the U.S., rights, corporate bonds, asset-backed securities, mortgage-backed securities, collateralized mortgage obligations, U.S. government and agency securities, U.S. Treasury bills, and swaps.

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 management’s fair value procedures established by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments. Industry implementation has just begun and it may be some period of time before industry practices become more uniform. For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

First American Funds 2009 Semiannual Report   87

Notes to Financial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

As of April 30, 2009, each fund’s investments in securities were classified as follows:

							Total
Fund	Level 1		Level 2		Level 3		Market Value
Balanced Fund	$	113,214	$	56,671	$	960	$	170,845
Equity Income Fund		743,916		—		—		743,916
Global Infrastructure Fund		12,747		26,602		—		39,349
International Fund		84,193		515,611		—		599,804
International Select Fund		69,306		205,960		—		275,266
Large Cap Growth Opportunities Fund		630,910		—		—		630,910
Large Cap Select Fund		218,265		—		—		218,265
Large Cap Value Fund		506,389		—		—		506,389
Mid Cap Growth Opportunities Fund		1,412,255		—		—		1,412,255
Mid Cap Value Fund		702,073		—		—		702,073
Real Estate Securities Fund		866,065		6,054		152		872,271
Small Cap Growth Opportunities Fund		118,140		—		—		118,140
Small Cap Select Fund		671,960		—		—		671,960
Small Cap Value Fund		198,965		—		—		198,965
Small-Mid Cap Core Fund		64,209		525		—		64,734

As of April 30, 2009, each fund’s investments in other financial instruments* were classified as follows:

Fund	Level 1		Level 2		Level 3		Total
Balanced Fund	$	220	$	57	$	—	$	277
International Fund		388		—		—		388
International Select Fund		1,693		—		—		1,693
Small-Mid Cap Core Fund		557		—		—		557

*  Other financial instruments are derivative instruments such as futures and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

				Real Estate
	Balanced Fund			Securities Fund
Balance as of October 31, 2008	$	1,074		$	159
Accrued discounts/premiums		—			—
Realized gain (loss)		—			—
Change in net unrealized appreciation (depreciation)		(112	)		(7	)
Net purchases (sales)		(2	)		—
Transfers in and/or out of Level 3		—			—
Balance as of April 30, 2009	$	960		$	152

SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Dividend income is recorded on the ex-dividend date. Interest income, including accretion of bond discounts and amortization of bond premiums, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. The resulting gain/loss is calculated as the difference between the sales price and the underlying security on the transaction date.

DISTRIBUTIONS TO SHAREHOLDERS – Balanced Fund, Equity Income Fund, and Real Estate Securities Fund declare and pay income dividends quarterly. Global Infrastructure Fund, International Fund, International Select Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Small-Mid Cap Core Fund declare and pay income dividends annually. Distributions are payable in cash or reinvested in additional shares of the funds. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually.

Real Estate Securities Fund receives substantial distributions from holdings in real estate investment trusts (“REITs”). Additionally, other funds also invest in REITs. Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, Real Estate Securities Fund, and other funds that invest in REITs, must use estimates in reporting the character of its income and distributions for financial statement purposes. The actual character of distributions to fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a fund shareholder may represent a return of capital.

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

88   First American Funds 2009 Semiannual Report

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. These differences are primarily due to deferred wash sale and straddle losses, foreign currency gains and losses, investments in limited partnerships and REITs, and the “mark-to-market” of certain passive foreign investment companies (“PFICs”) for tax purposes. To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the fiscal period that the differences arise.

The character of distributions made during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the funds. The funds designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amounts necessary to reduce earnings and profits of the funds’ related to net capital gain to zero for the tax year ended October 31, 2008. The distributions paid during the six-month period ended April 30, 2009 (estimated), and the fiscal year ended October 31, 2008 were as follows:

	April 30, 2009
		Ordinary		Long Term
Fund		Income		Gain		Total
Balanced Fund	$	1,839		—	$	1,839
Equity Income Fund		12,003		—		12,003
Global Infrastructure Fund		348		—		348
International Fund		8,518		—		8,518
International Select Fund		6,112		—		6,112
Large Cap Growth Opportunities Fund		1,891		—		1,891
Large Cap Select Fund		1,124		—		1,124
Large Cap Value Fund		5,375		—		5,375
Mid Cap Value Fund		3,357		—		3,357
Real Estate Securities Fund		11,556		—		11,556
Small Cap Value Fund		2,297		—		2,297
Small-Mid Cap Core Fund		147		—		147
	October 31, 2008
		Ordinary		Long Term
Fund		Income		Gain		Total
Balanced Fund	$	24,384	$	16,581	$	40,965
Equity Income Fund		30,036		74,984		105,020
International Fund		21,018		137,164		158,182
International Select Fund		6,421		1,497		7,918
Large Cap Growth Opportunities Fund		13,656		58,188		71,844
Large Cap Select Fund		35,710		22,823		58,533
Large Cap Value Fund		34,901		73,894		108,795
Mid Cap Growth Opportunities Fund		27,657		161,089		188,746
Mid Cap Value Fund		30,903		45,611		76,514
Real Estate Securities Fund		45,177		69,030		114,207
Small Cap Growth Opportunities Fund		17,232		3,956		21,188
Small Cap Select Fund		9,296		45,459		54,755
Small Cap Value Fund		18,134		20,111		38,245

As of October 31, 2008, the funds’ most recently completed fiscal year-end, components of accumulated earnings (deficit) on a tax-basis were as follows:

			Accumulated
	Undistributed		Capital and			Unrealized			Other			Total
	Ordinary		Post-October			Appreciation			Accumulated			Accumulated
Fund	Income		Losses			(Depreciation)			Gains (Losses)			Earnings (Deficit)
Balanced Fund	$	—	$	(19,256	)	$	(40,887	)	$	(113	)	$	(60,256	)
Equity Income Fund		3,293		(11,961	)		45,361			—			36,693
Global Infrastructure Fund		211		(3,174	)		(5,791	)		(1	)		(8,755	)
International Fund		7,587		—			(89,594	)		230			(81,777	)
International Select Fund		5,364		(30,787	)		(114,948	)		29			(140,342	)
Large Cap Growth Opportunities Fund		1,892		(96,931	)		(40,205	)		(14	)		(135,258	)
Large Cap Select Fund		734		(63,928	)		(49,084	)		(52	)		(112,330	)
Large Cap Value Fund		3,627		(45,994	)		(75,521	)		(96	)		(117,984	)
Mid Cap Growth Opportunities Fund		—		(151,432	)		(193,487	)		(1,374	)		(346,293	)
Mid Cap Value Fund		1,341		(101,786	)		(108,047	)		(1,375	)		(209,867	)
Real Estate Securities Fund		—		(98,570	)		(145,682	)		—			(244,252	)
Small Cap Growth Opportunities Fund		—		(34,593	)		(31,979	)		(513	)		(67,085	)
Small Cap Select Fund		—		(100,606	)		(160,101	)		—			(260,707	)
Small Cap Value Fund		1,171		(26,281	)		(46,733	)		—			(71,843	)
Small-Mid Cap Core Fund		—		(448,284	)		(15,373	)		—			(463,657	)

The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and investments in limited partnerships, the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts, and the mark-to-market for certain PFICs for tax purposes.

First American Funds 2009 Semiannual Report   89

Notes to Financial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

As of October 31, 2008, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the funds’ fiscal year-ends as follows:

	Expiration Year
Fund	2009			2010		2011		2012		2013		2014		2015		2016		Total
Balanced Fund	$	—		$	—	$	—	$	—	$	—	$	—	$	—	$	19,256	$	19,256
Equity Income Fund		—			—		—		—		—		—		—		11,961		11,961
Global Infrastructure Fund		—			—		—		—		—		—		—		3,174		3,174
International Select Fund		—			—		—		—		—		—		—		30,787		30,787
Large Cap Growth Opportunities Fund		47,305			—		—		—		—		—		—		49,626		96,931
Large Cap Select Fund		—			—		—		—		—		—		—		63,928		63,928
Large Cap Value Fund		—			—		—		—		—		—		—		45,994		45,994
Mid Cap Growth Opportunities Fund		20,168			—		—		—		—		—		—		131,264		151,432
Mid Cap Value Fund		—	��		—		—		—		—		—		—		101,786		101,786
Real Estate Securities Fund		—			—		—		—		—		—		—		98,570		98,570
Small Cap Growth Opportunities Fund		—			—		—		—		—		—		—		34,593		34,593
Small Cap Select Fund		19,442			—		—		—		—		—		—		81,164		100,606
Small Cap Value Fund		—			—		—		—		—		—		—		26,281		26,281
Small-Mid Cap Core Fund		334,032			102,106		4,320		—		—		—		—		7,826		448,284

In accordance with Section 382 of the Internal Revenue Code, utilization of all or a portion of the above capital loss carryovers is limited on an annual basis for Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunities Fund, Small Cap Select Fund, and Small-Mid Cap Core Fund to $23,652, $10,084, $9,721, and $1,524, respectively.

FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market, maintain sufficient liquidity to meet redemption requests, and increase the level of fund assets devoted to replicating the composition of the S&P and Russell indices while reducing transaction costs, certain funds may enter into S&P stock index futures contracts and other stock index futures contracts. Balanced Fund may also enter into interest rate index futures contracts. Upon entering into a futures contract, a fund is required to deposit cash or pledge U.S. government securities. The margin required for a futures contract is set by the exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract.

Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the funds’ Statements of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes.

As of April 30, 2009, Balanced Fund, International Fund, International Select Fund, and Small-Mid Cap Core Fund held outstanding futures contracts as disclosed in their Schedules of Investments.

OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance returns. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon exercise of the option. As of April 30, 2009, the funds held no investments in outstanding written options.

Options purchased are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchased put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium

90   First American Funds 2009 Semiannual Report

originally paid. As of April 30, 2009, the funds held no investments in options purchased.

SWAP AGREEMENTS – Balanced Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The fund may enter into swap agreements to manage exposure to credit and interest rate risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Swap agreements are marked-to-market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap agreement is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the fund are included as part of other income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the reference entity or index. As a seller of protection on credit default swap agreements, a fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a fund would effectively add leverage to its portfolio because, in addition to its total net assets, a fund would be subject to investment exposure on the notional amount of the swap.

If a fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity, other deliverable obligations or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index. If a fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity, other deliverable obligations or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific reference entity. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A fund may use credit default swaps on corporate issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a fund owns or has exposure to the reference entity) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end are disclosed in the footnotes to the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscontinued) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of April 30, 2009,

First American Funds 2009 Semiannual Report   91

Notes to Financial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

for which a fund is the seller of protection are disclosed in the footnotes to the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective reference entity or index, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a fund for the same reference entity or entities. As of April 30, 2009, Balanced Fund held outstanding credit default swap agreements as disclosed in its Schedule of Investments.

FOREIGN CURRENCY TRANSLATION – The books and records of Global Infrastructure Fund, International Fund, International Select Fund, and Real Estate Securities Fund relating to the funds’ non-U.S. dollar denominated investments are maintained in U.S. dollars on the following basis:

•  market value of investment securities, assets, and liabilities are translated at the current rate of exchange; and

•  purchases and sales of investment securities, income, and expenses are translated at the relevant rates of exchange prevailing on the respective dates of such transactions.

The funds do not isolate the portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The funds report certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. As of April 30, 2009, Balanced Fund, Global Infrastructure Fund, International Fund, and International Select Fund held foreign currency holdings consisting of multiple denominations.

FORWARD FOREIGN CURRENCY CONTRACTS – The funds may enter into forward foreign currency contracts as hedges against either specific transactions or fund positions. The aggregate principal amount of the contracts are not recorded because the funds intend to settle the contracts prior to delivery. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The funds realize gains or losses at the time the forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes.

The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit a potential gain that might result should the value of the currency increase. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. The face or contract amount in U.S. dollars reflects the total exposure the fund has in that particular currency contract. In addition, there could be exposure to risks (limited to the amount of unrealized gains) if the counterparties to the contracts are unable to meet the terms of their contracts. As of April 30, 2009, the funds held no investments in outstanding forward currency contracts.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to their delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. As of April 30, 2009, the Balanced Fund had when-issued or forward-commitment securities outstanding with a total cost of $6,189.

In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical, securities on a specified future date. As an inducement for the fund to “roll over” its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage. As of and for the six-month period ended April 30, 2009, the funds held no investments in dollar rolls.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its total net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors

92   First American Funds 2009 Semiannual Report

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. As of April 30, 2009, Balanced Fund, International Select Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, and Small-Mid Cap Core Fund held investments in illiquid securities with a total value of $361, $0, $152, $0, $0, and $0, respectively, or 0.3%, 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%, respectively, of total net assets.

Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows:

			Dates		Cost
Balanced Fund	Par		Acquired		Basis
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A	$	414		2/07	$	402
Duty Free International		588		1/99-11/02		588
GS Mortgage Securities II, Series 2006-RR2, Class A1		357		7/06		351
Saxon Asset Securities Trust, Series 2004-1, Class A		4		1/04		4
Westam Mortgage Financial, Series 11, Class A		1		10/02		1

			Dates		Cost
International Select Fund	Shares		Acquired		Basis
Advantech		—*		4/08	$	—
Companhia Energetica De Minas		—*		2/08		—
Dr. Pepper Snapple Group		—*		3/07		—
Novatek Microelectronics		—*		3/08		—

*  Due to the presentation of the financial statements in thousands, the number rounds to zero.

			Dates		Cost
Real Estate Securities Fund	Shares		Acquired		Basis
Newcastle Investment Holdings		35		6/98	$	153

			Dates		Cost
Small Cap Growth Opportunities Fund	Shares		Acquired		Basis
Hollis-Eden Pharmaceuticals Warrants		71		2/06	$	161
Lantronix Warrants		11		5/08		—
VideoPropulsion		780		12/99		—

			Dates		Cost
Small Cap Select Fund	Shares		Acquired		Basis
Lantronix Warrants		5		6/08	$	—

			Dates		Cost
Small-Mid Cap Core Fund	Shares		Acquired		Basis
Lantronix Warrants		1		5/08	$	—

SECURITIES LENDING – In order to generate additional income, a fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to receive collateral from the borrower in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. If the value of the securities on loan increases, additional collateral is received from the borrower. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. With respect to Global Infrastructure Fund, International Fund, and International Select Fund, a portion of this amount is paid to State Street Bank and Trust (“State Street”) for acting as sub-lending agent. For each fund other than Global Infrastructure Fund, International Fund, and International Select Fund, collateral for securities on loan is invested in a money market fund administered by FAF Advisors and FAF Advisors receives an administration fee equal to 0.02% of such fund’s average daily net assets. For Global Infrastructure Fund, International Fund, and International Select Fund, collateral for securities on loan is invested in a money market fund administered by State Street.

Securities lending fees paid to U.S. Bank by the funds during the six-month period ended April 30, 2009, were as follows:

Fund	Amount
Balanced Fund	$	27
Equity Income Fund		136
International Select Fund		59
Large Cap Growth Opportunities Fund		105
Large Cap Select Fund		47
Large Cap Value Fund		93
Mid Cap Growth Opportunities Fund		296
Mid Cap Value Fund		171
Real Estate Securities Fund		231
Small Cap Growth Opportunities Fund		38
Small Cap Select Fund		198
Small Cap Value Fund		64
Small-Mid Cap Core Fund		12

Income from securities lending is recorded on the Statements of Operations as securities lending income net of fees paid to U.S. Bank.

SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities no longer included in the portfolio is recorded as an adjustment to realized gains or losses. Adjustments made

First American Funds 2009 Semiannual Report   93

Notes to Financial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

during the six-month period ended April 30, 2009, were as follows:

Fund	Amount
Balanced Fund	$	617
Equity Income Fund		21
Large Cap Growth Opportunities Fund		628
Large Cap Value Fund		237
Mid Cap Growth Opportunities Fund		286
Mid Cap Value Fund		137
Real Estate Securities Fund		1
Small Cap Growth Opportunities Fund		430
Small Cap Select Fund		191
Small-Mid Cap Core Fund		8
Small Cap Value		52

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended April 30, 2009.

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of selected open-end First American Funds, as designated by each director. All amounts in the Plan are 100% vested, and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for each fund is as follows:

	Advisory Fee
	as a % of Average
Fund	Daily Net Assets
Balanced Fund*		0.65	%
Equity Income Fund*		0.65
Global Infrastructure Fund		0.90
International Fund		1.00
International Select Fund		1.00
Large Cap Growth Opportunities Fund*		0.65
Large Cap Select Fund*		0.65
Large Cap Value Fund*		0.65
Mid Cap Growth Opportunities Fund		0.70
Mid Cap Value Fund		0.70
Real Estate Securities Fund		0.70
Small Cap Growth Opportunities Fund		1.00
Small Cap Select Fund		0.70
Small Cap Value Fund		0.70
Small-Mid Cap Core Fund		0.70

*  The advisory fees for Balanced Fund, Equity Income Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, and Large Cap Value Fund are equal to an annual rate of 0.65% of the average daily net assets up to $3 billion, 0.625% of the average daily net assets on the next $2 billion, and 0.60% of the average daily net assets in excess of $5 billion.

FAF Advisors has agreed to contractually waive fees and reimburse other fund expenses for the following funds through February 28, 2010, so that total annual fund operating expenses, excluding indirect fees and expenses incurred through investment in exchange-traded funds and other investment companies, as a percentage of average daily net assets, do not exceed the following amounts:

				Share Class
Fund	A			B			C			R			Y
Balanced Fund		1.10	%		1.85	%		1.85	%		1.35	%		0.85	%
Global Infrastructure Fund1		1.25			N/A			2.00			1.50			1.00
International Fund		1.49			2.24			2.24			1.74			1.24
International Select Fund		1.49			2.24			2.24			1.74			1.24
Small Cap Growth Opportunities Fund		1.47			2.22			2.22			1.72			1.22
Small-Mid Cap Core Fund		1.41			2.16			2.16			N/A			1.16

N/A = Not Applicable

¹ The fund began offering Class C and Class R on November 3, 2008.

The funds may invest in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acts as the investment advisor to both the investing funds and the related money market funds, FAF Advisors will reimburse each investing fund an amount equal to that portion of FAF Advisor’s investment advisory fee received from the

94   First American Funds 2009 Semiannual Report

related money market funds that is attributable to the assets of the investing fund. This reimbursement, if any, is included in “Fee waivers” in the Statements of Operations.

ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

SUB-ADVISORY FEES – Altrinsic Global Advisors, LLC (“Altrinsic”) and Hansberger Global Investors, Inc. (“HGI”) each serve as investment sub-advisor to International Fund pursuant to separate sub-advisory agreements with FAF Advisors. Altrinsic, HGI, and Lazard Asset Management, LLC (“Lazard”) each serve as investment sub-advisor to the International Select Fund pursuant to separate sub-advisory agreements with FAF Advisors. Each sub-advisor has discretion to select portfolio securities for its portion of the respective fund. FAF Advisors pays monthly fees to Altrinsic, HGI, and Lazard for the services provided under their respective sub-advisory agreements with FAF Advisors.

TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAIF. The funds are charged transfer agent fees based on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based on the number of accounts within that fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.

CUSTODIAN FEES – U.S. Bank serves as the custodian for each fund other than Global Infrastructure Fund, International Fund, and International Select Fund pursuant to a custodian agreement with FAIF. The fee for each fund (except Global Infrastructure Fund, International Fund, and International Select Fund) is equal to an annual rate of 0.005% of average daily net assets. State Street Bank (“SSB”) serves as the custodian for Global Infrastructure Fund, International Fund, and International Select Fund pursuant to a custodian agreement with FAIF. Global Infrastructure Fund, International Fund, and International Select Fund pay SSB various asset-based fees and transaction charges based on the issuer’s country. All fees are computed daily and paid monthly.

Under the custodian agreements, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. Global Infrastructure Fund, International Fund, and International Select Fund have also entered into agreements with SSB to receive certain credits to reduce the amount of custody fees incurred. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses. Effective January 1, 2008, the agreements were amended and the funds no longer receive custody fee credits.

For the six-month period ended April 30, 2009, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned as follows:

Fund	Increased		Decreased
Large Cap Select Fund	$	1	$	—
Real Estate Securities Fund		1		—

DISTRIBUTION AND SHAREHOLDER SERVICING (12B-1) FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00%, and 0.50% of each fund’s average daily net assets attributable to Class A, Class B, Class C, and Class R shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

Under the distribution and shareholder servicing agreement, the following amounts were retained by

First American Funds 2009 Semiannual Report   95

Notes to Financial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

affiliates of FAF Advisors for the six-month period ended April 30, 2009:

Fund	Amount
Balanced Fund	$	57
Equity Income Fund		92
Global Infrastructure Fund		3
International Fund		14
International Select Fund		2
Large Cap Growth Opportunities Fund		42
Large Cap Select Fund		3
Large Cap Value Fund		38
Mid Cap Growth Opportunities Fund		86
Mid Cap Value Fund		26
Real Estate Securities Fund		35
Small Cap Growth Opportunities Fund		16
Small Cap Select Fund		48
Small Cap Value Fund		19
Small-Mid Cap Core Fund		8

OTHER FEES AND EXPENSES – In addition to investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended April 30, 2009, legal fees and expenses of $46 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge (“CDSC”) is imposed on redemptions made in the Class B shares. The CDSC varies depending on the number of years from time of payment for the purchase of Class B shares until the redemption of such shares. Class B shares automatically convert to Class A shares after eight years.

	CDSC as a Percentage
	of Dollar Amount
Year Since Purchase	Subject to Charge
First		5.00	%
Second		5.00
Third		4.00
Fourth		3.00
Fifth		2.00
Sixth		1.00
Seventh		—
Eighth		—

A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first 12 months.

The CDSC for Class B and Class C shares is imposed on the value of the purchased shares or the value at the time of redemption, whichever is less.

For the six-month period ended April 30, 2009, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:

Fund
Balanced Fund	$	12
Equity Income Fund		26
Global Infrastructure Fund		6
International Fund		4
International Select Fund		1
Large Cap Growth Opportunities Fund		17
Large Cap Select Fund		4
Large Cap Value Fund		8
Mid Cap Growth Opportunities Fund		24
Mid Cap Value Fund		5
Real Estate Securities Fund		5
Small Cap Growth Opportunities Fund		4
Small Cap Select Fund		11
Small Cap Value Fund		4
Small-Mid Cap Core Fund		3

96   First American Funds 2009 Semiannual Report

4 > Capital Share Transactions

FAIF has 366 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

	Balanced						Equity						Global
	Fund						Income Fund						Insfrastructure Fund
	Six-Month Period			Year			Six-Month Period			Year			Six-Month Period			12/17/07*
	Ended			Ended			Ended			Ended			Ended			to
	4/30/09			10/31/08			4/30/09			10/31/08			4/30/09			10/31/08
Class A:
Shares issued		256			435			377			526			1,368			664
Shares issued in lieu of cash distributions		100			1,168			167			973			10			—
Shares redeemed		(953	)		(1,902	)		(1,258	)		(2,431	)		(223	)		(38	)
Total Class A transactions		(597	)		(299	)		(714	)		(932	)		1,155			626
Class B:1
Shares issued		5			38			3			30			—			—
Shares issued in lieu of cash distributions		6			86			12			87			—			—
Shares redeemed		(140	)		(203	)		(146	)		(243	)		—			—
Total Class B transactions		(129	)		(79	)		(131	)		(126	)		—			—
Class C:1
Shares issued		22			19			73			49			240			—
Shares issued in lieu of cash distributions		3			30			6			47			—			—
Shares redeemed		(41	)		(61	)		(76	)		(200	)		—			—
Total Class C transactions		(16	)		(12	)		3			(104	)		240			—
Class R:1
Shares issued		14			41			2			6			1			—
Shares issued in lieu of cash distributions		—			1			1			5			—			—
Shares redeemed		(22	)		—			(15	)		(15	)		—			—
Total Class R transactions		(8	)		42			(12	)		(4	)		1			—
Class Y:
Shares issued		846			2,063			7,860			5,895			3,099			3,662
Shares issued in lieu of cash distributions		146			2,398			269			2,716			22			—
Shares redeemed		(5,292	)		(7,929	)		(9,988	)		(16,341	)		(1,495	)		(986	)
Total Class Y transactions		(4,300	)		(3,468	)		(1,859	)		(7,730	)		1,626			2,676
Net increase (decrease) in capital shares		(5,050	)		(3,816	)		(2,713	)		(8,896	)		3,022			3,302

*	Commencement of operations.
1	Class B shares are not offered by Global Infrastructure Fund. The fund began offering Class C and Class R shares on November 3, 2008.

	International						International						Large Cap Growth
	Fund						Select Fund						Opportunities Fund
	Six-Month Period			Year			Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/09			10/31/08			4/30/09			10/31/08			4/30/09			10/31/08
Class A:
Shares issued		197			436			32			143			170			271
Shares issued in lieu of cash distributions		26			317			4			6			3			248
Shares redeemed		(413	)		(1,141	)		(90	)		(124	)		(293	)		(696	)
Total Class A transactions		(190	)		(388	)		(54	)		25			(120	)		(177	)
Class B:
Shares issued		4			25			1			19			—			14
Shares issued in lieu of cash distributions		—			45			—			1			—			35
Shares redeemed		(85	)		(177	)		(1	)		(7	)		(52	)		(104	)
Total Class B transactions		(81	)		(107	)		—			13			(52	)		(55	)
Class C:
Shares issued		19			36			2			23			15			25
Shares issued in lieu of cash distributions		—			40			—			—			—			23
Shares redeemed		(55	)		(122	)		(6	)		(12	)		(18	)		(79	)
Total Class C transactions		(36	)		(46	)		(4	)		11			(3	)		(31	)
Class R:
Shares issued		—			—			1			7			9			8
Shares issued in lieu of cash distributions		—			—			—			—			—			1
Shares redeemed		—			—			(1	)		(1	)		(2	)		(4	)
Total Class R transactions		—			—			—			6			7			5
Class Y:
Shares issued		3,773			16,723			18,555			21,338			2,857			3,761
Shares issued in lieu of cash distributions		593			6,896			276			374			36			1,002
Shares redeemed		(12,672	)		(45,063	)		(15,384	)		(11,780	)		(2,860	)		(6,090	)
Total Class Y transactions		(8,306	)		(21,444	)		3,447			9,932			33			(1,327	)
Net increase (decrease) in capital shares		(8,613	)		(21,985	)		3,389			9,987			(135	)		(1,585	)

First American Funds 2009 Semiannual Report   97

Notes to Financial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

	Large Cap						Large Cap						Mid Cap Growth
	Select Fund						Value Fund						Opportunities Fund
	Six-Month Period			Year			Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/09			10/31/08			4/30/09			10/31/08			4/30/09			10/31/08
Class A:
Shares issued		31			71			150			226			745			1,612
Shares issued in lieu of cash distributions		2			59			50			711			—			1,029
Shares redeemed		(92	)		(190	)		(498	)		(1,221	)		(1,465	)		(3,036	)
Total Class A transactions		(59	)		(60	)		(298	)		(284	)		(720	)		(395	)
Class B:
Shares issued		—			1			—			10			2			21
Shares issued in lieu of cash distributions		—			7			2			53			—			46
Shares redeemed		(5	)		(9	)		(80	)		(124	)		(49	)		(101	)
Total Class B transactions		(5	)		(1	)		(78	)		(61	)		(47	)		(34	)
Class C:
Shares issued		3			4			15			19			34			120
Shares issued in lieu of cash distributions		—			3			1			28			—			71
Shares redeemed		(2	)		(5	)		(34	)		(43	)		(138	)		(263	)
Total Class C transactions		1			2			(18	)		4			(104	)		(72	)
Class R:
Shares issued		—			1			7			6			252			449
Shares issued in lieu of cash distributions		—			—			—			1			—			80
Shares redeemed		—			(1	)		—			(2	)		(186	)		(267	)
Total Class R transactions		—			—			7			5			66			262
Class Y:
Shares issued		2,797			8,815			2,254			4,518			2,766			4,000
Shares issued in lieu of cash distributions		56			1,699			246			3,150			—			2,437
Shares redeemed		(7,916	)		(13,334	)		(5,084	)		(8,720	)		(3,845	)		(7,712	)
Total Class Y transactions		(5,063	)		(2,820	)		(2,584	)		(1,052	)		(1,079	)		(1,275	)
Net increase (decrease) in capital shares		(5,126	)		(2,879	)		(2,971	)		(1,388	)		(1,884	)		(1,514	)

	Mid Cap						Real Estate						Small Cap Growth
	Value Fund						Securities Fund						Opportunities Fund
	Six-Month Period			Year			Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/09			10/31/08			4/30/09			10/31/08			4/30/09			10/31/08
Class A:
Shares issued		946			2,107			6,794			5,449			135			991
Shares issued in lieu of cash distributions		39			708			227			1,377			—			572
Shares redeemed		(1,519	)		(4,248	)		(3,608	)		(4,781	)		(427	)		(6,028	)
Total Class A transactions		(534	)		(1,433	)		3,413			2,045			(292	)		(4,465	)
Class B:
Shares issued		3			16			3			29			2			7
Shares issued in lieu of cash distributions		—			23			4			44			—			20
Shares redeemed		(53	)		(84	)		(31	)		(123	)		(24	)		(69	)
Total Class B transactions		(50	)		(45	)		(24	)		(50	)		(22	)		(42	)
Class C:
Shares issued		21			105			179			398			5			13
Shares issued in lieu of cash distributions		1			66			12			100			—			9
Shares redeemed		(120	)		(293	)		(153	)		(356	)		(11	)		(36	)
Total Class C transactions		(98	)		(122	)		38			142			(6	)		(14	)
Class R:
Shares issued		594			731			860			1,378			19			18
Shares issued in lieu of cash distributions		6			88			42			144			—			2
Shares redeemed		(516	)		(431	)		(195	)		(503	)		(10	)		(7	)
Total Class R transactions		84			388			707			1,019			9			13
Class Y:
Shares issued		1,868			2,573			16,736			22,570			520			701
Shares issued in lieu of cash distributions		118			1,620			530			2,761			—			380
Shares redeemed		(3,520	)		(6,204	)		(16,251	)		(11,162	)		(815	)		(1,906	)
Total Class Y transactions		(1,534	)		(2,011	)		1,015			14,169			(295	)		(825	)
Net increase (decrease) in capital shares		(2,132	)		(3,223	)		5,149			17,325			(606	)		(5,333	)

98   First American Funds 2009 Semiannual Report

	Small Cap						Small Cap						Small-Mid Cap
	Select Fund						Value Fund						Core Fund
	Six-Month Period			Year			Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/09			10/31/08			4/30/09			10/31/08			4/30/09			10/31/08
Class A:
Shares issued		7,483			10,356			200			255			131			341
Shares issued in lieu of cash distributions		—			1,153			36			496			—			—
Shares redeemed		(3,286	)		(8,283	)		(401	)		(1,217	)		(314	)		(556	)
Total Class A transactions		4,197			3,226			(165	)		(466	)		(183	)		(215	)
Class B:
Shares issued		3			34			2			4			—			14
Shares issued in lieu of cash distributions		—			97			1			66			—			—
Shares redeemed		(125	)		(377	)		(91	)		(171	)		(93	)		(344	)
Total Class B transactions		(122	)		(246	)		(88	)		(101	)		(93	)		(330	)
Class C:
Shares issued		96			420			18			52			19			77
Shares issued in lieu of cash distributions		—			186			1			41			—			—
Shares redeemed		(303	)		(996	)		(36	)		(93	)		(80	)		(126	)
Total Class C transactions		(207	)		(390	)		(17	)		—			(61	)		(49	)
Class R:2
Shares issued		511			1,227			105			116			—			—
Shares issued in lieu of cash distributions		—			209			2			34			—			—
Shares redeemed		(566	)		(1,350	)		(54	)		(124	)		—			—
Total Class R transactions		(55	)		86			53			26			—			—
Class Y:
Shares issued		3,670			5,975			1,105			1,837			1,359			1,776
Shares issued in lieu of cash distributions		—			2,082			239			2,360			5			—
Shares redeemed		(5,707	)		(21,448	)		(2,354	)		(7,102	)		(2,228	)		(3,428	)
Total Class Y transactions		(2,037	)		(13,391	)		(1,010	)		(2,905	)		(864	)		(1,652	)
Net decrease in capital shares		1,776			(10,715	)		(1,227	)		(3,446	)		(1,201	)		(2,246	)

² Class R is not offered by the Small-Mid Cap Core Fund.

Class B shares converted to Class A shares (reflected above as Class A shares issued and Class B shares redeemed) during the six-month period ended April 30, 2009, and the fiscal period ended October 31, 2008, were as follows:

	Six-Month		Fiscal
	Period		Period
	Ended		Ended
Fund	4/30/09		10/31/08
Balanced Fund		68		62
Equity Income Fund		21		55
International Fund		38		99
International Select Fund		—		1
Large Cap Growth Opportunities Fund		22		52
Large Cap Select Fund		1		—
Large Cap Value Fund		43		68
Mid Cap Growth Opportunities Fund		10		17
Mid Cap Value Fund		19		23
Real Estate Securities Fund		4		14
Small Cap Growth Opportunities Fund		—		1
Small Cap Select Fund		19		67
Small Cap Value Fund		59		41
Small-Mid Cap Core Fund		54		219

5 > Investment Security Transactions

During the six-month period ended April 30, 2009, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows:

	U.S. Government				Other Investment
	Securities				Securities
Fund	Purchases		Sales		Purchases		Sales
Balanced Fund	$	30,443	$	25,954	$	79,077	$	117,676
Equity Income Fund		—		—		78,594		102,399
Global Infrastructure Fund		—		—		77,780		58,668
International Fund		—		—		1,198,643		1,326,802
International Select Fund		—		—		87,089		67,030
Large Cap Growth Opportunities Fund		—		—		217,289		212,838
Large Cap Select Fund		—		—		176,380		215,441
Large Cap Value Fund		—		—		104,615		131,523
Mid Cap Growth Opportunities Fund		—		—		479,108		502,597
Mid Cap Value Fund		—		—		252,428		271,626
Real Estate Securities Fund		—		—		500,024		418,457
Small Cap Growth Opportunities Fund		—		—		70,578		77,876
Small Cap Select Fund		—		—		240,698		242,217
Small Cap Value Fund		—		—		58,677		65,377
Small-Mid Cap Core Fund		—		—		36,338		42,967

First American Funds 2009 Semiannual Report   99

Notes to Financial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

6 > Options Written

Transactions in options written for the six-month period ended April 30, 2009, were as follows:

	Put Options Written				Call Options Written
	Number of		Premium		Number of			Premium
Balanced Fund	Contracts		Amount		Contracts			Amount
Balance at October 31, 2008		—	$	—		—		$	—
Opened		—		—		12			2
Expired		—		—		(12	)		(2	)
Closed		—		—		—			—
Balance at April 30, 2009		—	$	—		—		$	—

7 > Sector Risk

Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. Real Estate Securities Fund primarily invests in income-producing common stocks of publicly traded companies engaged in the real estate industry. The real estate industry has been subject to substantial fluctuations and declines on a local, regional, and national basis in the past and that may continue in the future. Global Infrastructure Fund concentrates its investments in infrastructure-related securities of companies in the industrial and utility sectors. The securities of these companies in the industrial and utility sectors have greater exposure to adverse economic, regulatory, political, legal, and other changes affecting the issuers of such securities. As of April 30, 2009, Large Cap Growth Opportunities Fund and Small Cap Growth Opportunities Fund each had a significant portion of their assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole. As of the same date, Small Cap Value Fund had significant portions of its assets invested in the financials sector. The financials sector may be more greatly impacted by the performance of the overall economy, interest rates, competition, and consumer confidence and spending.

8 > Indemnifications

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

9 > Regulatory Settlement Proceeds

Small Cap Growth Opportunities Fund received a total of $2,103 during the fiscal year ended October 31, 2008 from Bank of America as part of a settlement of an administrative proceeding with the Securities and Exchange Commission involving market timing and late trading of mutual funds. The settlement proceeds are presented in the fund’s Statement of Changes in Net Assets for the year ended October 31, 2008. Neither the fund nor its affiliates were involved in the proceeding.

10 > New Accounting Pronouncements

In March 2008, the Financial Accounting Standards Board (“FASB”) issued Statement on Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”), which requires enhanced disclosures about a fund’s derivative and hedging activities. FAS 161 is effective for financial statements issued for periods beginning after November 15, 2008 and interim periods within those fiscal years. The funds do not expect FAS 161 to have a material impact on the financial statement amounts; however, additional disclosures will be required.

11 > Subsequent Events (dollars and shares not rounded)

Effective May 4, 2009, Small-Mid Cap Core Fund was renamed First American Mid Cap Select Fund and its principal investment strategy was changed to investing primarily in common stocks of mid-capitalization companies.

Effective at the close of business on May 29, 2009, Balanced Fund merged with Strategy Balanced Allocation Fund. Balanced Fund shareholders approved the merger at a meeting on May 7, 2009.

The merger was accomplished by a taxable exchange of 17,636,842 shares of Balanced Fund valued at $131,114,884. Balanced Fund’s net asset values per share immediately before the acquisition were:

Class	Net Assets		Shares		NAV
Class A	$	55,314,005		7,450,943	$	7.42
Class B		3,304,105		449,520		7.35
Class C		1,435,947		193,987		7.40
Class R		282,472		37,737		7.49
Class Y		70,778,355		9,504,655		7.45
	$	131,114,884		17,636,842

100   First American Funds 2009 Semiannual Report

Notice toShareholders   April 30, 2009 (unaudited)

RESULTS OF SPECIAL MEETING

A special meeting of the shareholders of Balanced Fund was held on May 7, 2009, for shareholders of record as of March 16, 2009, to vote on the following proposal, the result of which is provided below.

To approve an Agreement and Plan of Reorganization for the fund providing for the reorganization of the fund into Strategy Balanced Allocation Fund, including the amendment to FAIF’s Amended and Restated Articles of Incorporation necessary to effect the reorganization:

For	Against	Abstain
9,268,362	351,187	413,839

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities, is available at firstamericanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge upon request by calling 800.677.FUND.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds’ Forms N-Q are available without charge (1) upon request by calling 800.677.FUND and (2) on the Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.

QUARTERLY PORTFOLIO HOLDINGS

Each fund will make portfolio holdings information publicly available by posting the information at firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 business days of the calendar quarter end.

First American Funds 2009 Semiannual Report   101

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Board of DirectorsFirst American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; Chair of Saint Paul Riverfront Corporation;
former Owner and President of Strategic Management Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Retired; former Senior Financial Advisor, Senior Vice President,

Chief Financial Officer, and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Director of Charterhouse Group, Inc.

Victoria Herget

Director of First American Investment Funds, Inc.

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

John Kayser

Director of First American Investment Funds, Inc.

Retired; former Principal, Chief Financial Officer, and Chief Administrative
Officer of William Blair & Company, LLC

Leonard Kedrowski

Director of First American Investment Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Investment Funds, Inc.

Owner and Chief Executive Officer of RKR Consultants, Inc.

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

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

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. This report is for the information of shareholders of the First American Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.
The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

INVESTMENT ADVISOR
       FAF Advisors, Inc.
       800 Nicollet Mall
       Minneapolis, Minnesota 55402

ADMINISTRATOR
       FAF Advisors, Inc.
       800 Nicollet Mall
       Minneapolis, Minnesota 55402

TRANSFER AGENT
       U.S. Bancorp Fund Services, LLC
       615 East Michigan Street
       Milwaukee, Wisconsin 53202 CUSTODIANS
       U.S. Bank National Association
       60 Livingston Avenue
       St. Paul, Minnesota 55101

       State Street Bank and Trust Company
       2 Avenue de Lafayette
       Boston, Massachusetts 02111

DISTRIBUTOR
       Quasar Distributors, LLC
       615 East Michigan Street
       Milwaukee, Wisconsin 53202 INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
       Ernst & Young LLP
       220 South Sixth Street
       Suite 1400
       Minneapolis, Minnesota 55402

COUNSEL
       Dorsey & Whitney LLP
       50 South Sixth Street
       Suite 1500
       Minneapolis, Minnesota 55402

In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.

0056-09  6/2009  SAR-STOCK

Table of Contents

Explanation of Financial Statements	1
Holdings Summaries	2
Expense Examples	3
Schedule of Investments	5
Statements of Assets and Liabilities	30
Statements of Operations	31
Statements of Changes in Net Assets	32
Financial Highlights	34
Notes to Financial Statements	40
Notice to Shareholders	47

Mutual fund investing involves risk; principal loss is possible.

 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

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

The Statement of Assets and Liabilities lists the assets and liabilities of a fund and present a fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing a 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 a fund’s assets. Other assets include cash and receivables for items such as income earned by a 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 a 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 a fund.

The Statement of Changes in Net Assets describes how a 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 a fund’s net asset size to change during the period.

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

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

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

First American Funds 2009 Semiannual Report   1

Holdings Summaries

Equity Index Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Exxon Mobil	4	.2%
First American Prime Obligations Fund, Class Z	2	.7
Microsoft	2	.0
AT&T	1	.9
Johnson & Johnson	1	.9
Proctor & Gamble	1	.9
IBM	1	.7
Chevron	1	.7
General Electric	1	.7
JPMorgan Chase	1	.6

Sector Allocation as of April 30, 2009¹ (% of net assets)

Information Technology	18	.0%
Healthcare	13	.4
Energy	12	.1
Financials	11	.8
Consumer Staples	11	.6
Industrials	10	.0
Consumer Discretionary	9	.2
Utilities	3	.9
Telecommunication Services	3	.6
Materials	3	.3
Short-Term Investments	3	.1
	100	.0%

Mid Cap Index Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

First American Prime Obligations Fund, Class Z	3	.6%
U.S. Treasury Bill, 0.064%, 06/04/2009	1	.4
Vertex Pharmaceuticals	0	.7
Western Digital	0	.7
Ross Stores	0	.7
Everest Re Group	0	.6
Quanta Services	0	.6
FMC Technologies	0	.6
Fidelity National Financial, Class A	0	.6
Advance Auto Parts	0	.6

Sector Allocation as of April 30, 2009¹ (% of net assets)

Financials	17	.4%
Industrials	15	.1
Consumer Discretionary	14	.5
Information Technology	13	.3
Healthcare	11	.0
Materials	6	.8
Utilities	6	.2
Energy	6	.0
Consumer Staples	3	.8
Telecommunication Services	0	.8
Short-Term Investments	5	.0
Other Assets and Liabilities, Net2	0	.1
	100	.0%

Small Cap Index Fund

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

First American Prime Obligations Fund, Class Z	7	.8%
U.S. Treasury Bill, 0.085%, 06/04/2009	2	.0
Myriad Genetics	0	.4
Ralcorp Holdings	0	.4
Alexion Pharmaceuticals	0	.3
Sybase	0	.3
Aeropostale	0	.3
Realty Income – REIT	0	.3
Watson Wyatt Worldwide	0	.3
ITC Holdings	0	.3

Sector Allocation as of April 30, 2009¹ (% of net assets)

Financials	17	.9%
Information Technology	16	.8
Industrials	14	.4
Consumer Discretionary	12	.6
Healthcare	12	.5
Materials	3	.7
Energy	3	.7
Utilities	3	.6
Consumer Staples	3	.6
Telecommunication Services	1	.1
Short-Term Investments	9	.9
Other Assets and Liabilities, Net2	0	.2
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

2   First American Funds 2009 Semiannual Report

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from November 1, 2008 to April 30, 2009.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Equity Index Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual2	$	1,000.00	$	914.40	$	2.94
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.11
Class B Actual2	$	1,000.00	$	911.20	$	6.49
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.00	$	6.85
Class C Actual2	$	1,000.00	$	911.10	$	6.49
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.00	$	6.85
Class R Actual2	$	1,000.00	$	913.30	$	4.13
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.48	$	4.36
Class Y Actual2	$	1,000.00	$	915.60	$	1.76
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	1.86

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.62%, 1.37%, 1.37%, 0.87%, and 0.37% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended April 30, 2009 of -8.56%, -8.88%, -8.89%, -8.67%, and -8.44% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2009 Semiannual Report   3

Expense Examples  

Mid Cap Index Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual2	$	1,000.00	$	996.30	$	3.71
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class B Actual2	$	1,000.00	$	992.20	$	7.41
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50
Class C Actual2	$	1,000.00	$	992.10	$	7.41
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50
Class R Actual2	$	1,000.00	$	995.10	$	4.95
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01
Class Y Actual2	$	1,000.00	$	997.70	$	2.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.50%, 1.50%, 1.00%, and 0.50% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six month period ended April 30, 2009 of -0.37%, -0.78%, -0.79%, -0.49%, and -0.23% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Index Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual4	$	1,000.00	$	918.10	$	3.90
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.73	$	4.11
Class B Actual4	$	1,000.00	$	913.60	$	7.45
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.01	$	7.85
Class C Actual4	$	1,000.00	$	914.60	$	7.45
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.01	$	7.85
Class R Actual4	$	1,000.00	$	916.70	$	5.09
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.49	$	5.36
Class Y Actual4	$	1,000.00	$	918.30	$	2.71
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.97	$	2.86

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.82%, 1.57%, 1.57%, 1.07%, and 0.57% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six month period ended April 30, 2009 of -8.19%, -8.64%, -8.54%, -8.33%, and -8.17% for Class A, Class B, Class C, Class R, and Class Y, respectively.

4   First American Funds 2009 Semiannual Report

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Equity Index Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 96.9%
Consumer Discretionary – 9.2%
Abercrombie & Fitch, Class A 6		9,685	$	262
Amazon.com 6 =		36,420		2,932
Apollo Group, Class A 6 =		12,109		762
AutoNation 6 =		12,351		219
AutoZone 6 =		4,583		763
Bed Bath & Beyond 6 =		29,729		904
Best Buy 6		39,397		1,512
Big Lots 6 =		11,375		314
Black & Decker		7,359		297
Carnival 6		46,713		1,256
CBS, Class B		87,228		614
Centex		14,184		155
Coach =		37,958		930
Comcast, Class A		337,384		5,216
D.R. Horton 6		31,029		405
Darden Restaurants		14,527		537
DIRECTV Group 6 =		62,130		1,536
Eastman Kodak 6		31,118		95
Expedia 6 =		22,703		309
Family Dollar Stores 6		17,296		574
Ford Motor 6 =		328,025		1,962
Fortune Brands		15,360		604
GameStop, Class A =		18,263		551
Gannett 6		26,408		103
Gap 6		50,754		789
General Motors 6		62,793		121
Genuine Parts		19,152		650
Goodyear Tire & Rubber =		24,128		265
H&R Block 6		36,578		554
Harley-Davidson 6		27,094		600
Harman International Industries		6,863		125
Hasbro		14,227		379
Home Depot 6		194,079		5,108
International Game Technology		37,292		461
Interpublic Group of Companies =		50,621		317
J.C. Penney		24,860		763
Johnson Controls 6		65,772		1,250
KB HOME		8,749		158
Kohl’s 6 =		33,577		1,523
Leggett & Platt		20,607		296
Lennar		15,731		153
Limited Brands 6		34,453		393
Lowe’s		170,766		3,671
Macy’s		50,831		695
Marriott International, Class A 6		36,103		851
Mattel		42,697		639
McDonald’s		128,798		6,864
McGraw-Hill		39,737		1,198
New York Times, Class A 6		16,170		87
Newell Rubbermaid		29,444		308
News, Class A		259,751		2,146
Nike, Class B 6		44,593		2,340
Nordstrom 6		18,181		411
Office Depot =		30,817		80
Omnicom Group 6		36,480		1,148
O’Reilly Automotive 6 =		12,408		482
Polo Ralph Lauren 6		6,912		372
Pulte Homes 6		24,222		279
RadioShack 6		15,593		220
Scripps Networks Interactive, Class A 6		7,989		219
Sears Holdings 6 =		6,500		406
Sherwin-Williams 6		11,945		677
Snap-On		6,402		217
Stanley Works		8,868		337
Staples 6		80,219		1,654
Starbucks =		82,900		1,199
Starwood Hotels & Resorts Worldwide 6		21,223		443
Target 6		87,629		3,616
Tiffany & Company 6		14,093		408
Time Warner		136,172		2,973
Time Warner Cable		35,993		1,160
TJX		47,674		1,333
VF 6		9,539		565
Viacom, Class B 6 =		72,157		1,388
Walt Disney 6		214,660		4,701
Washington Post, Class B		212		89
Whirlpool 6		8,622		389
Wyndham Worldwide 6		20,337		237
Wynn Resorts 6 =		7,663		301
Yum! Brands		52,959		1,766
				82,586
Consumer Staples – 11.6%
Altria Group		234,475		3,829
Archer-Daniels-Midland		71,993		1,772
Avon Products		50,566		1,151
Brown-Forman, Class B		10,375		482
Campbell Soup 6		18,823		484
Clorox		16,668		934
Coca-Cola Enterprises		36,109		616
Coca-Cola		227,089		9,776
Colgate-Palmolive		56,615		3,340
ConAgra Foods		51,179		906
Constellation Brands, Class A =		20,952		243
Costco Wholesale 6		48,839		2,374
CVS Caremark		162,304		5,158
Dean Foods =		15,303		317
Dr. Pepper Snapple Group =		29,039		601
Estee Lauder, Class A 6		11,618		347
General Mills		35,328		1,791
H.J. Heinz 6		36,998		1,273
Hershey 6		20,194		730
Hormel Foods		5,647		177
JM Smucker		13,421		529
Kellogg 6		28,082		1,183
Kimberly-Clark		47,667		2,342
Kraft Foods, Class A		172,311		4,032
Kroger		75,295		1,628
Lorillard		18,231		1,151
McCormick		14,741		434
Molson Coors Brewing, Class B 6		17,164		657
Pepsi Bottling Group		15,100		472
PepsiCo		179,445		8,929
Philip Morris International		231,818		8,392
Procter & Gamble		336,089		16,616
Reynolds American		19,060		724
Safeway		49,132		970
Sara Lee		84,109		700
SUPERVALU		23,007		376
Sysco		73,983		1,726
Tyson Foods, Class A		34,582		365
Walgreen 6		110,547		3,475
Wal-Mart Stores		255,813		12,893
Whole Foods Market 6		15,760		327
				104,222

First American Funds 2009 Semiannual Report   5

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Energy – 12.1%
Anadarko Petroleum 6		53,014	$	2,283
Apache		38,222		2,785
Baker Hughes		37,202		1,324
BJ Services 6		32,983		458
Cabot Oil & Gas		11,790		356
Cameron International 6 =		24,579		629
Chesapeake Energy 6		64,450		1,270
Chevron		232,717		15,383
ConocoPhillips		170,693		6,998
CONSOL Energy		20,370		637
Denbury Resources =		28,451		463
Devon Energy		50,863		2,637
Diamond Offshore Drilling		8,199		594
El Paso 6		77,858		537
ENSCO International 6		16,261		460
EOG Resources		28,634		1,818
Exxon Mobil		567,155		37,812
Halliburton		105,534		2,134
Hess		32,229		1,766
Marathon Oil		78,057		2,318
Murphy Oil		19,473		929
Nabors Industries =		32,647		497
National-Oilwell Varco =		47,605		1,441
Noble Energy		19,293		1,095
Occidental Petroleum		91,975		5,177
Peabody Energy		30,660		809
Pioneer Natural Resources		13,646		315
Range Resources 6		17,674		706
Rowan		12,024		188
Schlumberger 6		134,816		6,605
Smith International 6		24,175		625
Southwestern Energy 6 =		39,956		1,433
Spectra Energy 6		64,951		942
Sunoco		13,614		361
Tesoro 6		15,284		233
Valero Energy		61,296		1,216
Williams		67,007		945
XTO Energy		66,021		2,288
				108,467
Financials – 11.8%
Aflac		54,128		1,564
Allstate		63,845		1,489
American Express 6		133,771		3,374
American International Group 6		305,588		422
Ameriprise Financial		25,770		679
AON		32,964		1,391
Apartment Investment & Management – REIT 6		16,199		118
Assurant		10,819		264
AvalonBay Communities – REIT 6		9,205		523
Bank of America 6		734,071		6,555
Bank of New York Mellon		131,360		3,347
BB&T 6		60,103		1,403
Boston Properties – REIT 6		13,210		653
Capital One Financial		44,981		753
CB Richard Ellis Group 6 =		25,519		191
Charles Schwab		106,500		1,968
Chubb		39,560		1,541
Cincinnati Financial		16,962		406
CIT Group 6		44,581		99
Citigroup 6		627,977		1,915
CME Group		7,656		1,695
Comerica		18,475		388
Developers Diversified Realty – REIT		1		—
Discover Financial Services		55,020		447
E*TRADE Financial 6 =		65,599		94
Equity Residential Properties Trust – REIT 6		32,866		752
Federated Investors, Class B		9,030		207
Fifth Third Bancorp 6		66,212		271
First Horizon National		24,045		277
Franklin Resources		18,576		1,123
Genworth Financial, Class A		49,448		117
Goldman Sachs Group		57,411		7,377
Hartford Financial Services Group		37,295		428
HCP – REIT		29,119		639
Health Care – REIT 6		10,666		363
Host Hotels & Resorts – REIT 6		63,039		485
Hudson City Bancorp		58,712		737
Huntington Bancshares 6		41,508		116
IntercontinentalExchange =		8,615		755
Invesco 6		44,122		649
Janus Capital Group		20,053		201
JPMorgan Chase 6		430,935		14,221
KeyCorp 6		55,055		339
Kimco Realty – REIT 6		35,524		427
Legg Mason 6		14,606		293
Leucadia National 6 =		18,980		403
Lincoln National 6		29,368		330
Loew’s		41,436		1,031
M&T Bank 6		8,802		462
Marsh & McLennan		57,219		1,207
Marshall & Ilsley 6		30,146		174
MBIA 6 =		22,706		107
MetLife 6		93,812		2,791
Moody’s 6		24,029		709
Morgan Stanley		122,546		2,897
NASDAQ OMX Group =		15,476		298
Northern Trust 6		25,181		1,369
NYSE Euronext 6		29,382		681
Peoples United Financial		39,810		622
Plum Creek Timber – REIT 6		20,670		714
PNC Financial Services Group 6		48,920		1,942
Principal Financial Group		29,510		482
Progressive =		81,358		1,243
ProLogis – REIT 6		48,063		438
Prudential Financial		48,648		1,405
Public Storage – REIT 6		14,107		943
Regions Financial 6		81,244		365
Simon Property Group – REIT 6		28,847		1,488
SLM 6 =		52,206		252
State Street		49,164		1,678
SunTrust Banks 6		40,901		591
T. Rowe Price Group 6		29,985		1,155
Torchmark		11,788		346
Travelers		69,461		2,858
U.S. Bancorp ◖		200,339		3,650
Unum Group		37,368		611
Ventas – REIT		16,402		470
Vornado Realty Trust – REIT 6		17,317		847
Wells Fargo 6		485,962		9,724
XL Capital, Class A 6		39,242		373
Zions Bancorporation		13,074		143
				105,855
Healthcare – 13.4%
Abbott Laboratories		177,634		7,434
Aetna		52,808		1,162
Allergan 6		34,204		1,596
AmerisourceBergen 6		19,465		655

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

6   First American Funds 2009 Semiannual Report

Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Amgen 6 =		121,317	$	5,880
Baxter International		72,584		3,520
Becton, Dickinson & Company		27,853		1,685
Biogen Idec =		32,958		1,593
Boston Scientific 6 =		171,155		1,439
Bristol-Myers Squibb		220,118		4,226
C.R. Bard		11,456		821
Cardinal Health		42,283		1,429
Celgene =		52,445		2,240
Cephalon 6 =		7,511		493
CIGNA		32,291		637
Coventry Health Care =		17,593		280
Covidien 6		54,759		1,806
DaVita =		11,367		527
DENTSPLY International 6		12,566		360
Eli Lilly 6		114,496		3,769
Express Scripts 6 =		28,882		1,848
Forest Laboratories 6 =		35,644		773
Genzyme 6 =		30,964		1,651
Gilead Sciences 6 =		104,673		4,794
Hospira =		18,197		598
Humana =		17,870		514
IMS Health		22,135		278
Intuitive Surgical 6 =		4,512		649
Johnson & Johnson		319,256		16,716
King Pharmaceuticals =		26,990		213
Laboratory Corporation of America =		12,673		813
Life Technologies 6 =		19,748		737
McKesson		33,764		1,249
Medco Health Solutions 6 =		57,129		2,488
Medtronic		131,527		4,209
Merck		244,447		5,925
Millipore =		5,207		308
Mylan Laboratories 6 =		34,673		459
Patterson Companies 6 =		13,353		273
PerkinElmer		15,182		221
Pfizer		766,464		10,240
Quest Diagnostics		17,439		895
Schering-Plough		185,302		4,266
St. Jude Medical 6 =		37,511		1,257
Stryker 6		27,047		1,047
Tenet Healthcare 6 =		53,731		121
Thermo Fisher Scientific 6 =		45,252		1,587
UnitedHealth Group		139,198		3,274
Varian Medical Systems 6 =		14,241		475
Watson Pharmaceuticals =		12,202		378
WellPoint =		57,153		2,444
Wyeth		150,452		6,379
Zimmer Holdings =		27,679		1,218
				119,849
Industrials – 10.0%
3M 6		80,564		4,640
Avery Dennison		11,885		342
Boeing		83,911		3,361
Burlington Northern Santa Fe		32,213		2,174
C.H. Robinson Worldwide 6		19,054		1,013
Caterpillar 6		69,556		2,475
Cintas		14,787		379
Cooper Industries, Class A 6		20,602		675
CSX		47,265		1,399
Cummins		23,338		793
Danaher 6		27,342		1,598
Deere & Company		49,188		2,029
Dover		17,286		532
Dun & Bradstreet 6		5,439		443
Eaton		15,713		688
Emerson Electric		89,350		3,041
Equifax		14,092		411
Expeditors International of Washington 6		21,021		730
Fastenal 6		14,792		567
FedEx 6		34,875		1,952
Flowserve		6,549		445
Fluor		20,124		762
General Dynamics 6		42,137		2,177
General Electric 6		1,211,005		15,319
Goodrich		13,052		578
Honeywell International 6		83,109		2,594
Illinois Tool Works		44,578		1,462
Ingersoll-Rand, Class A		39,053		850
ITT		20,064		823
Jacobs Engineering Group 6 =		13,733		522
L-3 Communications Holdings		13,973		1,064
Lockheed Martin		38,596		3,031
Manitowoc		13,871		82
Masco		42,413		376
Monster Worldwide =		14,107		195
Norfolk Southern		42,710		1,524
Northrop Grumman		39,268		1,899
Paccar 6		41,920		1,486
Pall		13,879		366
Parker Hannifin 6		19,373		878
Pitney Bowes 6		18,162		446
Precision Castparts 6		15,151		1,134
R.R. Donnelley & Sons		24,461		285
Raytheon		46,808		2,117
Republic Services		34,009		714
Robert Half International		18,059		434
Rockwell Automation 6		17,682		559
Rockwell Collins		18,122		695
Ryder System		6,738		187
Southwest Airlines 6		84,191		588
Stericycle =		8,766		413
Textron		27,594		296
Union Pacific 6		58,205		2,860
United Parcel Service, Class B		115,614		6,051
United Technologies		110,293		5,387
W.W. Grainger		7,297		612
Waste Management 6		58,069		1,549
				90,002
Information Technology – 18.0%
Adobe Systems =		61,344		1,678
Advanced Micro Devices 6 =		67,994		245
Affiliated Computer Services, Class A =		11,070		536
Agilent Technologies 6 =		44,629		815
Akamai Technologies 6 =		19,104		421
Altera		34,927		570
Amphenol, Class A		20,177		683
Analog Devices		33,123		705
Apple 6 =		101,568		12,780
Applied Materials		152,828		1,866
Autodesk =		25,120		501
Automatic Data Processing 6		59,071		2,079
BMC Software 6 =		23,025		798
Broadcom, Class A 6 =		48,785		1,131
CA 6		46,289		799
Ciena 6 =		9,525		114
Cisco Systems 6 =		673,840		13,019
Citrix Systems =		21,347		609

First American Funds 2009 Semiannual Report   7

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Cognizant Technology Solutions, Class A =		31,897	$	791
Computer Sciences =		18,955		701
Compuware =		34,875		261
Convergys =		15,779		160
Corning		174,983		2,558
Dell =		198,888		2,311
eBay 6 =		124,533		2,051
Electronic Arts =		33,521		682
EMC 6 =		234,168		2,934
Fidelity National Information Services 6		17,732		317
Fiserv =		21,029		785
FLIR Systems =		15,820		351
Google, Class A 6 =		27,478		10,880
Harris		15,267		467
Hewlett-Packard		274,828		9,888
IBM		152,042		15,692
Intel		640,653		10,110
Intuit =		39,408		912
Iron Mountain 6 =		20,487		584
Jabil Circuit		23,132		187
JDS Uniphase =		24,678		114
Juniper Networks 6 =		59,189		1,281
KLA-Tencor 6		19,311		536
Lexmark International, Class A =		10,738		211
Linear Technology 6		24,695		538
LSI Logic =		73,274		281
MasterCard, Class A 6		8,280		1,519
McAfee =		17,478		656
MEMC Electronic Materials =		25,607		415
Microchip Technology 6		21,003		483
Micron Technology =		85,308		416
Microsoft		875,748		17,743
Molex		15,790		263
Motorola 6		258,574		1,430
National Semiconductor 6		22,224		275
NetApp 6 =		40,663		744
Novell =		43,122		162
Novellus Systems 6 =		11,314		204
NVIDIA 6 =		61,272		703
Oracle =		439,983		8,509
Paychex		36,589		988
QLogic =		13,903		197
QUALCOMM		185,882		7,867
Salesforce.com 6 =		11,784		504
SanDisk =		25,411		399
Sun Microsystems =		85,828		786
Symantec 6 =		98,887		1,706
Tellabs =		51,472		270
Teradata =		20,144		337
Teradyne =		21,718		129
Texas Instruments		148,072		2,674
Total System Services 6		14,218		177
Tyco Electronics		55,402		966
VeriSign =		22,020		453
Waters 6 =		12,540		554
Western Union		87,003		1,457
Xerox		106,132		648
Xilinx		31,796		650
Yahoo! 6 =		157,932		2,257
				161,473
Materials – 3.3%
Air Products and Chemicals 6		25,186		1,660
AK Steel		12,722		166
Alcoa		100,348		910
Allegheny Technologies		11,479		376
Ball		11,483		433
Bemis		11,659		280
CF Industries Holdings		5,902		425
Dow Chemical 6		107,272		1,716
E.I. Du Pont de Nemours 6		100,843		2,814
Eastman Chemical 6		7,982		317
Ecolab		20,450		788
Freeport-McMoRan Copper & Gold 6		47,208		2,013
International Flavors & Fragrances		7,363		230
International Paper		48,645		616
Massey Energy 6		9,040		144
MeadWestvaco		19,999		313
Monsanto		62,089		5,271
Newmont Mining 6		55,804		2,246
Nucor 6		35,313		1,437
Owens-Illinois =		19,095		466
Pactiv =		16,421		359
PPG Industries		18,574		818
Praxair		36,372		2,714
Sealed Air		17,990		343
Sigma-Aldrich		14,833		650
Titanium Metals		9,608		65
United States Steel		13,227		351
Vulcan Materials 6		12,608		599
Weyerhaeuser		24,820		875
				29,395
Telecommunication Services – 3.6%
American Tower, Class A 6 =		46,103		1,464
AT&T		673,344		17,251
CenturyTel 6		12,308		334
Embarq		16,491		603
Frontier Communications 6		38,671		275
Qwest Communications International 6		180,730		703
Sprint Nextel =		328,537		1,433
Verizon Communications		321,249		9,747
Windstream		53,423		443
				32,253
Utilities – 3.9%
AES =		76,710		542
Allegheny Energy		19,350		502
Ameren		23,478		540
American Electric Power		53,484		1,411
CenterPoint Energy		39,548		421
CMS Energy		25,510		307
Consolidated Edison		29,528		1,096
Constellation Energy Group		22,835		550
Dominion Resources 6		66,909		2,018
DTE Energy		17,921		530
Duke Energy 6		146,915		2,029
Dynegy, Class A =		57,659		103
Edison International 6		37,362		1,065
Entergy		25,594		1,658
EQT		14,983		504
Exelon		74,937		3,457
FirstEnergy		36,535		1,494
FPL Group 6		46,543		2,503
Integrys Energy Group		8,661		229
Nicor		5,073		163
NiSource		30,497		335
Northeast Utilities		17,766		373
Pepco Holdings		21,927		262
PG&E		43,191		1,603

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

8   First American Funds 2009 Semiannual Report

Equity Index Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Pinnacle West Capital		11,143	$	305
PPL		43,098		1,289
Progress Energy		30,020		1,024
Public Service Enterprise Group		56,388		1,683
Questar		19,571		582
SCANA		10,267		310
Sempra Energy		29,661		1,365
Southern		87,752		2,534
TECO Energy 6		23,264		246
Wisconsin Energy		13,384		535
Xcel Energy		51,387		948
				34,516
Total Common Stocks
(Cost $772,350)				868,618
Short-Term Investments – 3.1%
Money Market Fund – 2.7%
First American Prime Obligations Fund, Class Z Å		24,218,092		24,218
U.S. Treasury Obligation – 0.4%
U.S. Treasury Bill
0.061%, 06/04/2009 o	$	3,800		3,800
Total Short-Term Investments
(Cost $28,018)				28,018
Investment Purchased with Proceeds from Securities Lending – 25.3%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $226,847)		226,847,047		226,847
Total Investments 5 – 125.3%
(Cost $1,027,215)				1,123,483
Other Assets and Liabilities, Net – (25.3)%				(226,745	)
Total Net Assets – 100.0%			$	896,738

6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a value of $218,363 at April 30, 2009. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
◖	Investment in affiliated security. FAF Advisors, Inc., which serves as the fund’s advisor, is a subsidiary of U.S. Bank National Association, which is a subsidiary of U.S. Bancorp. Details of transactions with this affiliated company for the six-month period ended April 30, 2009 were as follows:

	Beginning		Purchase		Sales		Ending		Dividend
Issuer	Cost		Cost		Cost		Cost		Income		Shares		Value
U.S. Bancorp	$	5,053		—	$	651	$	4,402	$	101		200,339	$	3,650

Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as an advisor to this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2009. 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

Equity Index Fund (concluded)

5 On April 30, 2009, the cost of investments for federal income tax purposes was approximately $1,027,215. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	296,705
Gross unrealized depreciation		(200,437	)
Net unrealized appreciation	$	96,268

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

			Number of		Notional
	Settlement		Contracts		Contract	Unrealized
Description	Month		Purchased		Value	Appreciation
S&P 500 Futures		June 2009		127	$27,623	$	1,040

First American Funds 2009 Semiannual Report   9

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Mid Cap Index Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 94.9%
Consumer Discretionary – 14.5%
99 Cents Only Stores =		10,188	$	109
Advance Auto Parts		20,531		898
Aeropostale = 6		14,531		494
American Eagle Outfitters 6		46,876		695
American Greetings, Class A		9,876		78
AnnTaylor Stores =		13,488		100
Barnes & Noble 6		8,002		209
Blyth		1,553		68
Bob Evans Farms		7,832		190
BorgWarner 6		25,132		728
Boyd Gaming 6		12,109		111
Brinker International		23,030		408
Brinks Home Security Holdings =		9,794		260
Callaway Golf		14,577		110
CarMax = 6		46,537		594
Cheesecake Factory =		13,057		227
Chico’s FAS =		37,935		290
Chipotle Mexican Grill, Class A = 6		7,138		579
Coldwater Creek =		13,777		48
Collective Brands =		14,304		208
Corinthian Colleges = 6		18,271		281
DeVry		12,840		546
Dick’s Sporting Goods =		17,863		339
Dollar Tree = 6		20,556		870
DreamWorks Animation, Class A =		16,860		405
Foot Locker 6		33,746		401
Gentex		32,139		430
GUESS?		13,177		343
Hanesbrands =		20,844		343
Harte-Hanks		11,303		93
International Speedway, Class A		6,819		162
ITT Educational Services =		6,706		676
J. Crew Group = 6		11,346		195
John Wiley & Sons, Class A		9,191		312
Lamar Advertising, Class A = 6		17,163		290
Life Time Fitness = 6		7,222		136
LKQ =		30,704		521
M.D.C. Holdings		7,469		255
Marvel Entertainment =		10,637		317
Matthews International, Class A		6,794		213
Mohawk Industries = 6		11,643		551
Netflix = 6		9,114		413
NVR = 6		1,194		603
Panera Bread, Class A =		6,016		337
PetSmart		28,002		641
Phillips-Van Heusen 6		11,142		323
Priceline.com = 6		8,881		862
Regis		10,209		195
Rent-A-Center =		15,553		299
Ross Stores 6		28,308		1,074
Ryland Group		9,582		198
Saks = 6		29,644		154
Scholastic		5,478		108
Scientific Games, Class A =		14,098		247
Service International 6		58,926		267
Strayer Education 6		3,129		593
Thor Industries		7,712		177
Timberland, Class A =		11,008		179
Toll Brothers = 6		28,506		578
TravelCenters, fractional share = ⊡		0.70		—
Tupperware 6		12,836		321
Under Armour, Class A =		7,424		175
Urban Outfitters = 6		24,248		473
Warnaco Group =		10,039		290
Wendy’s/Arby’s Group, Class A		89,309		447
Williams-Sonoma 6		19,174		268
				23,305
Consumer Staples – 3.8%
Alberto-Culver		18,209		406
BJ’s Wholesale Club =		12,266		409
Church & Dwight 6		14,385		783
Corn Products International		16,232		388
Energizer Holdings =		12,573		720
Flowers Foods 6		17,550		405
Hansen Natural =		16,088		656
Lancaster Colony		4,767		209
NBTY =		11,017		285
PepsiAmericas 6		13,279		326
Ralcorp Holdings =		12,328		705
Ruddick		7,085		182
Smithfield Foods = 6		25,981		225
Tootsie Roll Industries		6,343		154
Universal		5,936		179
				6,032
Energy – 6.0%
Arch Coal		31,301		437
Bill Barrett =		7,024		182
Cimarex Energy		18,220		490
Comstock Resources =		9,983		344
Encore Acquisition =		11,596		339
Exterran Holdings = 6		13,723		283
FMC Technologies = 6		28,156		964
Forest Oil =		21,321		341
Frontier Oil		23,026		293
Helix Energy Solutions Group =		20,005		182
Helmerich & Payne 6		22,471		693
Mariner Energy =		19,507		222
Newfield Exploration =		27,931		871
Oceaneering International =		12,176		555
Overseas Shipholding Group		5,982		172
Patriot Coal =		13,701		86
Patterson-UTI Energy		33,457		425
Plains Exploration & Production = 6		24,629		465
Pride International = 6		37,635		854
Quicksilver Resources = 6		24,146		196
Superior Energy Services = 6		17,586		338
Tidewater 6		12,173		526
Unit =		10,329		282
				9,540
Financials – 17.4%
Affiliated Managers Group = 6		8,932		508
Alexandria Real Estate Equities – REIT 6		8,227		300
AMB Property – REIT 6		29,809		569
American Financial Group		14,628		257
AmeriCredit = 6		28,734		292
Apollo Investment 6		30,929		148
Arthur J. Gallagher		20,404		459
Associated Banc 6		29,046		449
Astoria Financial		17,873		148
BancorpSouth		15,777		367
Bank of Hawaii 6		11,662		410
BRE Properties – REIT		10,887		267
Brown & Brown		24,402		475
Camden Property Trust – REIT 6		12,172		330
Cathay General Bancorp		10,832		121
City National 6		8,782		321
Colonial BancGroup 6		37,960		29
Commerce Bancshares		14,598		483

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

10   First American Funds 2009 Semiannual Report

Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Corporate Office Properties Trust – REIT 6		12,720	$	389
Cousins Properties – REIT 6		9,724		82
Cullen/Frost Bankers		12,973		611
Duke Realty – REIT 6		46,183		451
Eaton Vance 6		26,782		733
Equity One – REIT 6		8,280		123
Essex Property Trust – REIT 6		6,013		382
Everest Re Group		13,929		1,040
Federal Realty Investment Trust – REIT 6		12,769		705
Fidelity National Financial, Class A		50,393		914
First American		20,422		573
First Niagara Financial Group		27,837		377
FirstMerit 6		18,724		363
Fulton Financial 6		35,516		235
GATX 6		10,601		319
Hanover Insurance Group		11,250		337
HCC Insurance Holdings		24,699		591
Highwoods Properties – REIT 6		13,750		330
Horace Mann Educators		9,496		83
Hospitality Properties Trust – REIT 6		19,621		240
International Bancshares 6		11,145		151
Jefferies Group 6		26,122		511
Jones Lang LaSalle		7,549		244
Liberty Property Trust – REIT 6		21,328		519
Macerich – REIT 6		16,653		292
Mack-Cali Realty – REIT 6		14,694		395
Mercury General		7,750		262
Nationwide Health Properties – REIT		21,737		537
New York Community Bancorp��6		72,821		824
NewAlliance Bancshares		20,470		264
Old Republic International		49,688		466
Omega Healthcare Investors – REIT		17,994		283
PacWest Bancorp		4,617		67
Potlatch – REIT		8,327		245
Protective Life		15,121		130
Raymond James Financial 6		20,310		319
Rayonier – REIT		17,075		659
Realty Income – REIT 6		22,815		509
Regency Centers – REIT 6		17,184		644
Reinsurance Group America		15,588		496
SEI Investments		29,191		410
SL Green Realty – REIT 6		12,529		221
StanCorp Financial Group		11,303		310
SVB Financial Group =		7,748		161
Synovus Financial 6		66,729		215
TCF Financial 6		23,959		333
Trustmark 6		9,670		210
UDR – REIT		31,860		321
Unitrin		11,349		193
Valley National Bancorp		27,030		391
W.R. Berkley		32,660		781
Waddell & Reed Financial, Class A		18,358		411
Washington Federal		20,164		262
Webster Financial 6		12,558		66
Weingarten Realty Investors – REIT 6		22,339		347
Westamerica Bancorporation 6		6,472		347
Wilmington Trust		14,847		215
				27,822
Healthcare – 11.0%
Affymetrix =		14,934		70
Beckman Coulter		13,412		705
Bio-Rad Laboratories, Class A =		4,191		292
Cerner = 6		14,098		759
Charles River Laboratories International =		14,834		410
Community Health Systems =		20,703		473
Covance = 6		13,703		538
Edwards Lifesciences =		12,790		811
Endo Pharmaceuticals Holdings = 6		26,744		442
Gen-Probe =		11,367		547
Health Management Associates, Class A =		52,387		245
Health Net =		23,923		345
Henry Schein = 6		18,989		779
Hill-Rom Holdings 6		13,206		171
Hologic =		55,009		817
IDEXX Laboratories = 6		13,031		512
Immucor =		15,364		250
Kindred Healthcare =		6,938		90
Kinetic Concepts =		11,505		285
Lifepoint Hospitals = 6		12,804		331
Lincare Holdings = 6		15,925		384
Masimo =		10,479		303
Medicis Pharmaceutical, Class A		10,932		176
Mine Safety Appliances		5,538		137
Omnicare 6		22,616		582
OSI Pharmaceuticals = 6		12,620		424
Owens & Minor		8,300		288
Perrigo		16,843		437
Pharmaceutical Product Development		24,839		487
Psychiatric Solutions =		11,899		231
ResMed =		16,459		633
Sepracor = 6		24,357		346
STERIS 6		14,277		344
Techne		8,149		466
Thoratec =		12,218		355
United Therapeutics =		4,967		312
Universal Health Services		11,638		587
Valeant Pharmaceuticals International =		17,536		294
Varian =		7,032		232
VCA Antech =		17,679		442
Vertex Pharmaceuticals = 6		37,757		1,164
WellCare Health Plans =		8,997		135
				17,631
Industrials – 15.1%
Aecom Technology =		19,882		512
AGCO = 6		20,023		487
AirTran Holdings =		25,650		178
Alaska Air Group =		8,365		140
Alexander & Baldwin		8,991		240
Alliant Techsystems = 6		7,309		582
AMETEK		23,276		750
BE Aerospace =		19,643		212
Brinks		9,794		278
Bucyrus International		16,309		354
Career Education =		16,364		361
Carlisle Companies		12,897		293
Clean Harbors =		4,354		218
Con-way		9,789		243
Copart = 6		13,859		435
Corporate Executive Board		7,753		134
Corrections Corporation of America = 6		27,119		383
Crane		11,097		256
Deluxe		11,339		164
Donaldson		17,120		565
Dycom Industries =		9,269		78
Federal Signal		10,396		81
FTI Consulting =		11,076		608
Graco 6		13,765		325
Granite Construction 6		7,467		295
Harsco		17,992		496
Herman Miller 6		13,506		201
HNI 6		10,057		156
Hubbell, Class B		12,651		420

First American Funds 2009 Semiannual Report   11

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
IDEX		17,092	$	432
J.B. Hunt Transport Services 6		17,756		499
JetBlue Airways = 6		38,275		189
Joy Global		23,391		596
Kansas City Southern =		19,797		302
KBR		36,733		574
Kelly Services, Class A		4,022		46
Kennametal 6		17,128		350
Korn/Ferry International =		9,576		101
Landstar System		10,363		369
Lennox International		9,075		289
Lincoln Electric Holdings		9,365		417
Manpower		17,648		760
MSC Industrial Direct, Class A		10,232		418
Navigant Consulting =		9,921		146
Nordson 6		7,347		266
Oshkosh		15,875		152
Pentair		21,699		578
Quanta Services = 6		43,170		981
Rollins		9,325		168
Roper Industries 6		18,835		859
SAIC =		44,357		803
Shaw Group =		17,803		597
Sotheby’s Holdings, Class A		14,414		167
SPX		10,833		500
Teleflex		8,565		368
Terex =		21,126		291
Thomas & Betts =		10,801		336
Timken		18,579		299
Trinity Industries		17,520		256
United Rentals =		13,104		79
URS =		18,133		799
Waste Connections =		17,442		450
Watson Wyatt Worldwide, Class A		8,970		476
Werner Enterprises 6		9,891		162
Westinghouse Air Brake Technologies		10,478		400
Woodward Governor		11,935		238
YRC Worldwide = 6		12,426		38
				24,196
Information Technology – 13.3%
3Com =		86,262		349
ACI Worldwide =		8,147		141
Acxiom		14,639		141
ADC Telecommunications = 6		21,089		155
ADTRAN 6		13,433		284
Advent Software = 6		3,647		121
Alliance Data Systems = 6		13,525		566
ANSYS =		19,237		531
Arrow Electronics =		26,376		600
Atmel =		104,851		403
Avnet =		32,407		709
Avocent =		9,795		141
Broadridge Financial Solutions		29,451		570
Cadence Design Systems =		59,189		330
CommScope =		15,293		384
Cree =		18,198		498
Diebold		14,395		380
Digital River =		8,087		311
DST Systems =		9,633		348
F5 Networks = 6		18,366		501
FactSet Research Systems 6		8,973		481
Fair Isaac		10,991		185
Fairchild Semiconductor International =		26,293		162
Gartner, Class A =		12,870		174
Global Payments		17,357		556
Hewitt Associates, Class A =		18,278		573
Imation		7,182		72
Ingram Micro, Class A = 6		33,723		490
Integrated Device Technology =		37,410		203
International Rectifier =		15,566		263
Intersil, Class A		26,568		308
Itron =		7,700		354
Jack Henry & Associates		15,997		288
Lam Research = 6		27,068		755
Lender Processing Services		18,343		526
Macrovision Solutions =		17,213		348
ManTech International =		4,294		155
Mentor Graphics =		19,269		130
Metavante Technologies =		19,155		452
Mettler-Toledo International = 6		6,554		404
MPS Group =		23,314		187
National Instruments		12,167		268
NCR =		36,608		372
Palm = 6		28,959		304
Parametric Technology =		24,816		277
Plantronics		10,435		133
Polycom =		19,512		364
RF Micro Devices =		62,933		133
Semtech = 6		14,412		208
Silicon Laboratories = 6		10,658		355
SRA International, Class A =		7,698		119
Sybase = 6		19,054		647
Synopsys =		30,198		658
Tech Data =		12,137		349
Trimble Navigation =		26,157		561
ValueClick =		18,981		201
Vishay Intertechnology =		40,777		239
Western Digital =		47,274		1,112
Wind River Systems =		16,743		123
Zebra Technologies, Class A =		13,225		281
				21,233
Materials – 6.8%
Airgas		17,800		768
Albemarle		19,910		534
AptarGroup 6		14,809		460
Ashland		14,407		316
Cabot Microelectronics		14,823		216
Carpenter Technology		9,645		199
Cliffs Natural Resources		24,917		575
Commercial Metals		25,465		379
Cytec Industries		8,862		176
FMC		16,524		805
Greif, Class A		7,438		337
Louisiana Pacific		23,417		95
Lubrizol		15,080		652
Martin Marietta Materials 6		9,404		790
Minerals Technologies		4,402		164
Olin		15,189		191
Packaging Corporation of America		19,622		311
Reliance Steel & Aluminum		14,021		494
RPM International		25,400		351
Scotts Miracle-Gro, Class A		9,383		317
Sensient Technologies		9,922		232
Sonoco Products		22,049		538
Steel Dynamics		35,381		441
Temple-Inland		23,269		278
Terra Industries		22,227		589
Valspar		21,494		516
Worthington Industries		14,509		216
				10,940

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

12   First American Funds 2009 Semiannual Report

Mid Cap Index Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Telecommunication Services – 0.8%
Cincinnati Bell =		53,463	$	149
NeuStar, Class A =		16,212		308
Syniverse Holdings =		10,277		130
Telephone & Data Systems		23,054		661
				1,248
Utilities – 6.2%
AGL Resources 6		16,870		526
Alliant Energy		27,855		623
Aqua America 6		28,586		525
Black Hills		7,697		153
Cleco		13,170		278
DPL		25,810		579
Energen		15,644		565
Great Plains Energy 6		24,069		348
Hawaiian Electric Industries		19,549		304
IDACORP		9,178		220
MDU Resources Group		39,552		695
National Fuel Gas		17,167		562
NSTAR 6		23,750		746
NV Energy		49,665		509
OGE Energy		20,301		522
ONEOK		23,459		614
PNM Resources		18,920		161
Southern Union		25,088		399
UGI		23,714		544
Vectren		16,707		370
Westar Energy		22,331		391
WGL Holdings		10,644		331
				9,965
Total Common Stocks
(Cost $178,441)				151,912
Warrants – 0.0%
Krispy Kreme Doughnuts, Warrants =
(Cost $0)		1,473		—
Short-Term Investments – 5.0%
Money Market Fund – 3.6%
First American Prime Obligations Fund, Class Z Å		5,714,499		5,714
U.S. Treasury Obligation – 1.4%
U.S. Treasury Bill
0.064%, 06/04/2009 o	$	2,320		2,320
Total Short-Term Investments
(Cost $8,034)				8,034
Investment Purchased with Proceeds from Securities Lending – 26.0%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $41,532)		41,532,353		41,532
Total Investments 5 – 125.9%
(Cost $228,007)				201,478
Other Assets and Liabilities, Net – (25.9)%				(41,410	)
Total Net Assets – 100.0%			$	160,068

Mid Cap Index Fund (concluded)

=	Non-income producing security.
6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $39,641 at April 30, 2009. See note 2 in Notes to Financial Statements.
⊡	Security is fair valued and illiquid. As of April 30, 2009, the value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is effective yield as of April 30, 2009.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $228,007. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	24,541
Gross unrealized depreciation		(51,070	)
Net unrealized depreciation	$	(26,529	)

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

			Number of		Notional
	Settlement		Contracts		Contract	Unrealized
Description	Month		Purchased		Value	Appreciation
S&P Mid Cap 400 Futures		June 2009		28	$7,840	$	1,237

First American Funds 2009 Semiannual Report   13

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 89.9%
Consumer Discretionary – 12.6%
1-800-Flowers.com, Class A =		1,466	$	4
99 Cents Only Stores =		2,628		28
Aaron Rents 6		2,539		85
Aeropostale = 6		3,774		128
AFC Enterprises =		1,504		9
AH Belo, Class A		1,147		2
Ambassadors Group		1,074		13
American Apparel =		1,911		13
American Axle & Manufacturing Holdings		2,577		3
American Greetings, Class A		2,749		22
American Public Education =		597		21
America’s Car-Mart =		544		9
Amerigon =		1,218		7
Ameristar Casinos		1,400		29
Andersons 6		996		16
Arbitron		1,469		31
ArvinMeritor		4,158		5
Asbury Automotive Group		1,731		17
ATC Technology =		1,189		19
Avatar Holdings =		332		6
Bally Technologies =		3,087		81
Beazer Homes USA = 6		2,213		6
Bebe Stores		2,165		20
Belo, Class A		4,990		8
Big 5 Sporting Goods		1,341		11
BJ’s Restaurants = 6		835		14
Blockbuster, Class A = 6		10,193		8
Blount International =		2,192		14
Blue Nile = 6		757		32
Bluegreen =		713		1
Blyth		340		15
Bob Evans Farms		1,579		38
Borders Group =		3,281		9
Brookfield Homes 6		523		3
Brown Shoe		2,416		16
Brunswick		4,942		30
Buckle		1,307		49
Buffalo Wild Wings = 6		1,003		39
Build-A-Bear Workshop =		884		5
Cabela’s =		2,216		28
Cache =		658		3
California Pizza Kitchen =		1,176		18
Callaway Golf		3,700		28
Capella Education Company = 6		796		41
Carters =		3,193		68
Casual Male Retail Group =		2,021		3
Cato, Class A		1,554		30
Cavco Industries =		350		8
CEC Entertainment =		1,125		34
Champion Enterprise =		4,279		2
Charlotte Russe Holding =		1,176		15
Charming Shoppes =		6,391		22
Cheesecake Factory =		3,337		58
Cherokee		464		8
Chico’s FAS =		9,879		75
Children’s Place Retail Stores =		1,307		37
Christopher & Banks		1,974		11
Churchill Downs		519		18
Cinemark Holdings		1,435		13
Citi Trends =		805		20
CKE Restaurants		2,989		29
CKX =		2,897		16
Coinstar =		1,529		54
Coldwater Creek =		3,211		11
Collective Brands =		3,606		52
Columbia Sportswear 6		682		21
Conn’s = 6		530		9
Cooper Tire & Rubber 6		3,323		27
Core Mark Holding =		435		8
Corinthian Colleges = 6		4,767		73
Courier		621		10
Cox Radio =		1,662		8
Cracker Barrel Old Country		1,249		41
Crocs =		4,659		10
Crown Media Holdings, Class A = 6		1,579		5
CSS Industries		403		8
Cumulus Media, Class A =		1,911		2
Dana Holding =		5,542		4
Deckers Outdoor =		731		41
Denny’s =		5,306		14
DG Fastchannel = 6		844		20
Dillard’s, Class A		3,094		24
DineEquity		982		31
Dolan Media =		1,429		17
Domino’s Pizza = 6		2,213		21
Dorman Products =		594		6
Dover Downs Gaming & Entertainment		701		3
Dover Motorsports		821		1
Dress Barn = 6		2,518		38
Drew Industries =		1,085		16
Drugstore.com =		4,532		7
DSW = 6		749		8
Einstein Noah Restaurant Group =		238		3
Entercom Communications 6		1,626		3
Entravision Communications =		3,498		2
Ethan Allen Interiors 6		1,388		19
Exide Technologies =		4,212		23
FGX International Holdings Limited =		757		9
Finish Line, Class A		2,369		20
Fisher Communications		294		4
Fossil =		2,539		51
Fred’s		2,235		31
Fuel Systems Solutions =		677		10
Fuqi International =		529		3
Furniture Brands International 6		2,621		8
Gaiam, Class A =		967		6
Gaylord Entertainment =		2,286		32
Genesco =		1,065		24
GenTek =		463		9
G-iii Apparel Group =		740		6
Global Sources =		960		4
Grand Canyon Education =		452		7
Gray Television 6		2,321		2
Great Wolf Resorts =		1,496		6
Group 1 Automotive 6		1,277		27
GSI Commerce =		1,324		19
Gymboree = 6		1,606		55
Harte-Hanks		1,990		16
Haverty Furniture 6		1,044		11
Hayes Lemmerz International =		5,483		1
Helen of Troy =		1,558		25
hhgregg =		677		11
Hibbett Sports =		1,696		35
Hooker Furniture		499		6
Hot Topic =		2,448		30
Hovnanian Enterprises, Class A = 6		2,555		7

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

14   First American Funds 2009 Semiannual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Iconix Brand Group =		3,228	$	46
Insight Enterprises =		2,625		15
Interactive Data		2,066		46
Interface, Class A		2,936		17
iRobot = 6		970		11
Isle of Capri Casinos =		859		9
J. Crew Group = 6		2,372		41
Jack in the Box = 6		3,290		81
JAKKS Pacific =		1,533		19
Jo-Ann Stores =		1,431		26
Jos. A. Bank Clothiers =		1,027		42
Journal Communications, Class A		2,166		3
K12 = 6		341		6
Kenneth Cole Productions		537		4
Kimball International		1,732		10
Knology = 6		1,563		11
Krispy Kreme Doughnuts =		3,554		14
K-Swiss, Class A		1,479		15
Landry’s Restaurants		648		6
La-Z-Boy		2,633		7
LeapFrog Enterprises =		2,041		4
Lear =		3,972		3
Lee Enterprises 6		2,409		1
Life Time Fitness = 6		1,950		37
Lin TV, Class A =		1,404		2
Lincoln Educational Services =		242		4
Live Nation = 6		4,276		17
Lodgian =		991		3
Luby’s =		1,169		6
Lululemon Athletica =		1,017		14
Lumber Liquidators = 6		510		8
M/I Homes		773		12
Maidenform Brands =		1,223		16
Marcus		1,100		14
Marine Products		968		5
MarineMax =		922		4
Martha Stewart Living =		1,388		5
Marvel Entertainment =		2,761		82
Matthews International, Class A		1,846		58
McClatchy 6		3,086		2
Media General, Class A 6		1,141		3
Mediacom Communications =		2,582		15
Men’s Wearhouse		2,890		54
Meritage Homes =		1,732		36
Midas =		779		8
Modine Manufacturing		1,807		7
Monarch Casino & Resort =		703		7
Monro Muffler Brake		967		24
Morgans Hotel Group =		1,523		7
Movado Group		899		8
National Cinemedia		2,356		34
National Presto Industries		243		17
Nautilus =		1,846		2
Netflix = 6		2,245		102
New York & Company =		1,324		8
NutriSystem 6		1,710		24
O’Charleys		1,013		7
Orbitz Worldwide =		2,017		4
Outdoor Channel Holdings =		886		7
Overstock.com =		856		12
Oxford Industries		784		8
P.F. Chang’s China Bistro = 6		1,220		37
Pacific Sunwear of California = 6		3,672		15
Palm Harbor Homes =		665		2
Papa John’s International =		1,084		29
PC Mall =		600		4
Pep Boys – Manny, Moe & Jack		2,362		17
Perry Ellis International =		687		5
PetMed Express =		1,287		21
Pier 1 Imports =		5,025		9
Pinnacle Entertainment =		3,357		42
Playboy Enterprises, Class B =		1,374		4
Polaris Industries		1,897		63
Pool		2,677		48
Prestige Brand Holdings =		1,664		11
Primedia		1,761		7
Quantum Fuel Systems Technologies Worldwide =		4,645		3
Quiksilver =		7,056		12
Raser Technologies = 6		2,877		11
RC2 =		983		11
RCN =		2,042		8
Red Robin Gourmet Burgers =		865		21
Regis		2,294		44
Rent-A-Center =		3,736		72
Retail Ventures =		1,568		4
Rex Stores =		493		6
RHI Entertainment =		369		1
Rick’s Cabaret International =		319		2
Riviera Holdings =		570		1
Ruby Tuesday =		2,854		22
Russ Berrie and Company =		946		2
Ruth’s Chris Steak House =		997		4
Ryland Group		2,374		49
Sally Beauty Holdings = 6		5,324		39
Sauer-Danfoss		658		3
Scholastic		1,345		27
Sealy =		2,495		9
Shoe Carnival =		516		6
Shuffle Master =		2,984		11
Shutterfly =		1,067		14
Sinclair Broadcast Group, Class A 6		2,573		3
Skechers U.S.A., Class A =		1,839		22
Skyline		389		8
Smith & Wesson =		2,038		15
Sonic Automotive, Class A 6		1,535		8
Sonic = 6		3,326		36
Spartan Motors		1,816		15
Speedway Motorsports		713		11
Stage Stores		2,147		26
Stamps.com =		768		7
Standard-Pacific =		5,617		11
Steak ’N Shake = 6		1,529		18
Stein Mart =		1,402		6
Steiner Leisure =		920		29
Steinway Musical Instruments =		540		7
Steven Madden =		989		29
Stoneridge =		826		2
Superior Industries International		1,249		19
SYMS =		360		2
Systemax = 6		607		10
Talbots		1,348		3
Tempur-Pedic International		4,215		54
Tenneco Automotive =		2,610		8
Texas Roadhouse, Class A = 6		2,758		31
thinkorswim Group =		2,937		28
Timberland, Class A =		2,676		43
TiVo =		5,750		43

First American Funds 2009 Semiannual Report   15

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Town Sports International Holdings =		964	$	3
Tractor Supply =		1,865		75
True Religion Apparel =		955		15
Tuesday Morning =		1,584		5
Tupperware 6		3,415		85
Tween Brands =		1,346		4
ULTA =		1,102		10
Under Armour, Class A = 6		1,845		43
Unifi =		2,449		2
UniFirst		779		29
Universal Electronics =		787		15
Vail Resorts =		1,658		48
Valassis Communications =		2,648		14
VistaPrint =		2,472		85
Volcom =		1,018		14
Warnaco Group =		2,548		73
Wendy’s/Arby’s Group, Class A		21,244		106
Wet Seal, Class A =		5,195		20
Weyco Group		394		11
Winnebago Industries		1,697		15
WMS Industries = 6		2,457		79
Wolverine World Wide		2,742		57
Wonder Auto Technology =		798		6
World Wrestling Entertainment		1,243		13
Xerium Technologies =		1,125		1
Zale = 6		1,789		7
Zumiez = 6		1,100		13
				5,724
Consumer Staples – 3.6%
Agfeed Industries = 6		1,312		5
Alico		268		7
Alliance One International =		5,484		21
American Dairy =		397		6
American Oriental Bioengineering = 6		3,456		15
Arden Group, Class A		63		7
B & G Foods		1,090		7
Boston Beer, Class A =		457		12
Cadiz =		590		4
Calavo Growers		562		8
Cal-Maine Foods		714		19
Casey’s General Stores		2,839		75
Central Garden & Pet, Class A =		3,545		32
Chattem = 6		962		53
China Sky One Medical =		394		5
Chiquita Brands International =		2,385		18
Coca-Cola Bottling		276		14
Darling International =		4,562		26
Diamond Foods		870		23
Elizabeth Arden =		1,378		12
Farmer Brothers		339		7
Flowers Foods		4,362		101
Fresh Del Monte Produce =		2,275		33
Great Atlantic & Pacific Tea = 6		1,990		15
Green Mountain Coffee Roasters = 6		1,011		73
Griffin Land & Nurseries		186		6
Hain Celestial Group =		2,198		37
HQ Sustainable Maritime Industries =		361		3
Imperial Sugar		698		5
Ingles Markets, Class A		672		10
Inter Parfums		761		6
J&J Snack Foods		802		31
Lancaster Colony		1,074		47
Lance		1,652		38
Lifeway Foods =		263		2
Mannatech 6		1,108		5
Maui Land & Pineapple =		291		2
Nash-Finch		692		20
National Beverage =		528		5
Nu Skin Enterprises, Class A		2,617		33
Omega Protein =		996		3
Pantry =		1,254		30
Peet’s Coffee & Tea =		793		22
PriceSmart		783		14
Ralcorp Holdings = 6		3,172		181
Reddy Ice Holdings		970		2
Ruddick		2,284		59
Sanderson Farms		1,145		46
Schiff Nutrition International =		523		2
Seaboard		18		17
Smart Balance =		3,397		24
Spartan Stores 6		1,223		20
Star Scientific = 6		3,574		18
Susser Holdings =		421		6
Synutra International = 6		586		5
Tootsie Roll Industries		1,541		37
Treehouse Foods = 6		1,761		47
United Natural Foods =		2,400		55
Universal		1,425		43
USANA Health Sciences =		472		11
Vector Group		1,674		23
Village Super Market		306		9
WD-40 Company		833		22
Weis Markets		618		23
Winn Dixie Stores =		3,027		35
Zhongpin =		1,001		9
				1,611
Energy – 3.7%
Abraxas Petroleum =		2,277		2
Allis Chalmers Energy =		1,568		3
Alon USA Energy		605		8
American Oil & Gas =		1,989		1
APCO Argentina		210		4
Approach Resources =		503		4
Arena Resources =		2,134		61
Atlas America		1,946		30
ATP Oil & Gas =		1,555		11
Basic Energy Services =		2,273		23
Berry Petroleum, Class A		2,389		39
Bill Barrett =		2,050		53
BMB Munai =		1,978		2
Bolt Technology =		468		5
BPZ Energy =		4,040		22
Brigham Exploration =		2,910		7
Bristow Group = 6		1,365		31
Bronco Drilling =		1,301		7
Cal Dive International =		2,475		20
Callon Petroleum =		1,273		2
Cano Petroleum =		4,155		3
Carbo Ceramics 6		1,094		34
Carrizo Oil & Gas = 6		1,530		19
Cheniere Energy =		2,739		11
Clayton Williams Energy =		307		9
Clean Energy Fuels = 6		1,200		10
Complete Production Services =		2,687		18
Comstock Resources =		2,570		89
Concho Resources =		3,092		85
Contango Oil & Gas Company =		735		28
Crosstex Energy		2,215		4

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

16   First American Funds 2009 Semiannual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
CVR Energy =		1,246	$	9
Dawson Geophysical =		474		9
Delek US Holdings		731		7
Delta Petroleum = 6		3,479		10
DHT Maritime		1,943		8
Double Eagle Petroleum =		442		2
Dril-Quip =		1,677		58
Endeavour International =		6,166		10
Energy XXI (Bermuda)		6,766		3
Evergreen Energy = 6		6,893		8
EXCO Resources =		8,425		99
FX Energy =		2,274		9
Gasco Energy =		5,288		3
General Maritime		2,353		23
GeoGlobal Resources = 6		2,142		3
Geokinetics =		387		2
Geomet =		864		1
Georesources =		342		2
GMX Resources = 6		940		10
Golar LNG		1,808		10
Goodrich Petroleum =		1,273		29
Gran Tierra Energy = 6		12,365		31
Greenhunter Energy =		232		—
Gulf Island Fabrication		660		9
GulfMark Offshore =		1,272		34
Gulfport Energy =		1,422		4
Harvest Natural Resources =		1,993		10
Hornbeck Offshore Services =		1,307		30
Houston American Energy		808		2
ICO =		1,502		4
International Coal Group = 6		7,177		14
Ion Geophysical =		4,734		12
James River Coal =		1,510		21
Knightsbridge Tankers		886		12
Lufkin Industries		862		30
Matrix Service =		1,433		14
McMoRan Exploration =		3,368		18
Meridian Resource =		4,938		1
Mitcham Industries =		531		2
Natco Group =		1,085		26
National Coal =		1,416		2
Natural Gas Services Group =		657		7
Newpark Resources =		5,031		14
NGP Capital Resources		1,221		9
Northern Oil & Gas =		1,193		7
Oilsands Quest = 6		10,386		8
Pacific Ethanol = 6		2,398		1
Panhandle Oil And Gas		398		7
Parallel Petroleum =		2,280		3
Parker Drilling =		6,223		17
Penn Virginia		2,347		33
Petroleum Development =		819		13
PetroQuest Energy =		2,695		8
PHI =		712		8
Pioneer Drilling =		2,789		14
PrimeEnergy =		51		2
Quest Resource =		1,555		1
RAM Energy Resources =		2,612		2
Rentech =		9,283		5
Resource America, Class A		768		4
Rex Energy =		938		4
Rosetta Resources =		2,903		20
RPC		1,869		20
Ship Finance International		2,247		19
Stone Energy =		1,768		8
SulphCo = 6		2,934		3
Superior Well Services =		908		10
Swift Energy =		1,709		18
T-3 Energy Services =		699		9
Teekay Tankers, Class A		732		9
Toreador Resources		947		3
Tri Valley = 6		1,216		2
Trico Marine Service = 6		712		3
TXCO Resources = 6		1,930		1
Union Drilling =		761		5
Vaalco Energy =		3,605		17
Venoco =		1,134		5
Warren Resources =		3,289		5
Western Refining		1,619		20
Westmoreland Coal =		516		4
Willbros Group =		2,175		25
World Fuel Services		1,622		62
				1,671
Financials – 17.9%
1st Source		834		16
Abington Bancorp		1,325		12
Acadia Realty Trust – REIT		1,834		27
Advance America Cash Advance Centers		2,500		10
Advanta, Class B		2,076		2
Agree Realty – REIT		436		7
Alexander’s		132		29
Ambac Financial Group 6		16,185		15
AMCORE Financial		1,416		2
American Campus Communities – REIT		2,119		46
American Capital Agency – REIT		541		10
American Equity Investment Life Holding 6		3,463		20
American Physicians Capital		502		21
American Safety Insurance Holdings =		576		7
Ameris Bancorp		671		4
Amerisafe =		978		15
Ames National		349		8
Ampal-American Israel, Class A =		1,101		3
Amtrust Financial Services		881		8
Anchor Bancorp		1,162		2
Anthracite Capital – REIT 6		3,599		1
Anworth Mortgage Asset – REIT		5,543		36
Apollo Investment 6		7,962		38
Arbor Realty Trust 6		769		2
Ares Capital		5,481		32
Argo Group International Holdings =		1,720		48
Arrow Financial		502		13
Ashford Hospitality Trust – REIT		5,678		17
Aspen Insurance Holdings		4,596		108
Associated Estates Realty – REIT		786		4
Assured Guaranty		3,267		32
Baldwin & Lyons, Class B		402		8
BancFirst		411		18
Banco Latinoamericano de Exportaciones		1,509		19
BancTrust Financial Group 6		950		6
Bank Mutual		3,041		31
Bank of the Ozarks 6		688		17
BankFinancial		836		9
Banner 6		785		4
Beneficial Mutual Bancorp =		1,775		18
Berkshire Hills Bancorp		560		13
BGC Partners, Class A		1,895		5
BioMed Realty Trust – REIT 6		4,510		51
Blackrock Kelso Capital		704		4

First American Funds 2009 Semiannual Report   17

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Boston Private Financial Holdings 6		3,080	$	14
Broadpoint Securities =		1,309		6
Brookline Bancorp		3,346		33
Bryn Mawr Bank		373		7
Calamos Asset Management		1,416		16
Camden National		417		12
Capital City Bank Group 6		662		10
Capital Southwest		178		14
Capital Trust – REIT		905		2
Capitol Bancorp 6		862		3
CapLease – REIT		2,512		7
Capstead Mortgage – REIT		3,529		40
Cardinal Financial		1,309		10
Cardtronics =		651		2
Care Investment Trust – REIT		719		4
Cascade Bancorp 6		1,384		2
Cash America International		1,631		36
Cathay General Bancorp 6		2,754		31
Cedar Shopping Centers – REIT		2,510		9
Centerstate Banks of Florida		500		6
Central Pacific Financial		1,626		10
Chemical Financial		1,312		28
Chimera Investment – REIT		7,614		27
Citizens & Northern		486		10
Citizens Banking =		7,051		12
Citizens = 6		2,209		16
City Bank 6		748		2
City Holdings		1,106		33
Clifton Savings Bancorp 6		589		6
CNA Surety =		1,001		19
CoBiz 6		1,117		7
Cogdell Spencer – REIT		546		3
Cohen & Steers		938		14
Colonial BancGroup 6		11,300		9
Colonial Properties Trust – REIT		2,571		19
Columbia Banking System 6		1,020		10
Community Bank System		1,991		33
Community Trust Bancorp		793		24
Compass Diversified Trust		1,345		12
CompuCredit = 6		900		3
Consolidated-Tomoka Land		330		11
Corporate Office Properties Trust – REIT 6		2,272		69
Corus Bankshares = 6		2,031		—
Cousins Properties – REIT 6		2,616		22
Crawford & Company =		1,307		8
Credit Acceptance =		335		8
CVB Financial 6		3,732		22
Danvers Bancorp		967		14
DCT Industrial Trust – REIT 6		9,445		42
Delphi Financial Group, Class A		2,536		44
Diamond Hill Investment Group		112		5
DiamondRock Hospitality – REIT		6,035		39
Dime Community Bancshares		1,308		11
Dollar Financial =		1,314		13
Donegal Group, Class A		937		14
Doral Financial = 6		296		1
DuPont Fabros Technology – REIT		942		8
East West Bancorp		3,580		24
EastGroup Properties – REIT 6		1,204		40
Education Realty Trust – REIT		1,478		7
eHealth =		1,406		27
EMC Insurance Group		349		8
Employers Holdings		2,788		23
Encore Bancshares =		349		3
Encore Capital Group =		896		8
Enstar Group =		356		25
Enterprise Financial Services		555		5
Entertainment Properties Trust – REIT 6		1,942		45
Epoch Holdings		540		4
Equity Lifestyle Properties – REIT		1,318		52
Equity One – REIT 6		2,278		34
Essa Bancorp		921		13
Evercore Partners		551		10
Extra Space Storage – REIT		4,780		34
Ezcorp =		2,511		31
F.N.B. 6		4,470		34
Farmers Capital Bank		336		7
FBL Financial Group, Class A		695		4
FBR Capital Markets =		1,631		7
FCStone Group =		1,271		4
Federal Agricultural Mortgage, Class C		583		2
FelCor Lodging Trust – REIT		3,465		7
Fifth Street Finance		561		4
Financial Federal		1,451		36
Financial Institutions		594		9
First Acceptance =		1,142		3
First Bancorp – North Carolina		718		9
First Bancorp of Puerto Rico 6		3,981		22
First Bancorp		469		8
First Busey 6		1,378		11
First Cash Financial Services =		1,102		18
First Commonwealth Financial		4,320		37
First Community Bancshares – Nevada		608		9
First Financial – Indiana		709		26
First Financial Bancorp – Ohio		1,958		21
First Financial Bankshares		1,186		58
First Financial Holdings		853		8
First Financial Northwest		1,239		10
First Marblehead = 6		3,748		7
First Merchants		1,226		15
First Mercury Financial =		596		8
First Midwest Bancorp		2,739		24
First Niagara Financial Group 6		7,758		105
First Place Financial		961		5
First Potomac Realty Trust – REIT		1,528		15
First South Bancorp 6		443		5
FirstBank, fractional share = ¥ y		0.29		—
FirstMerit 6		4,563		89
Flagstar Bancorp = 6		2,934		4
Flagstone Reinsurance Holdings		1,127		10
Flushing Financial		1,560		14
Forestar Real Estate Group =		2,009		26
Fox Chase Bancorp =		345		3
FPIC Insurance Group = 6		524		16
Franklin Street Properties – REIT 6		3,332		45
Friedman Billings Ramsey Group – REIT = 6		8,475		2
Frontier Financial 6		2,631		4
FX Real Estate & Entertainment =		527		—
GAMCO Investors		410		21
Getty Realty – REIT		1,252		25
GFI Group		4,116		17
Glacier Bancorp		3,174		49
Gladstone Capital		1,180		8
Gladstone Investment		1,197		4
Glimcher Realty Trust – REIT		2,095		5
Gramercy Capital – REIT		2,257		5
Greene County Bancshares 6		711		6
Greenhill & Company		1,030		80

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

18   First American Funds 2009 Semiannual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Greenlight Capital =		1,625	$	25
Grubb & Ellis		2,063		2
Guaranty Bancorp =		2,881		6
Guaranty Financial Group = 6		4,120		2
Hallmark Financial Services =		331		2
Hancock Holding		1,402		53
Hanmi Financial		2,596		4
Harleysville Group		815		24
Harleysville National		2,395		21
Harris & Harris Group =		1,221		6
Hatteras Financial – REIT		690		16
Healthcare Realty Trust – REIT 6		3,046		51
Heartland Financial USA		895		13
Hercules Technology Growth Capital		1,880		11
Heritage Commerce		858		7
Hersha Hospitality Trust – REIT		2,702		10
Highwoods Properties – REIT 6		3,336		80
Hilltop Holdings =		2,517		29
Home Bancshares		719		16
Home Properties – REIT		1,935		71
Horace Mann Educators		2,655		23
IBERIABANK		782		36
Independence Holdings		395		2
Independent Bank		918		18
Infinity Property & Casualty		921		32
Inland Real Estate – REIT		3,017		27
Integra Bank		1,139		2
Interactive Brokers Group =		2,273		34
International Assets Holding =		228		3
International Bancshares 6		2,809		38
Investors Bancorp = 6		2,082		19
Investors Real Estate Trust – REIT		2,664		25
IPC Holdings		2,856		74
Kansas City Life Insurance		248		5
KBW =		1,572		38
Kearny Financial		1,168		13
Kite Realty Group Trust – REIT		1,807		6
Knight Capital Group, Class A =		5,480		85
Kohlberg Capital		940		3
LaBranche =		3,127		13
Ladenburg Thalman Financial Services =		5,621		4
Lakeland Bancorp		1,430		12
Lakeland Financial		686		13
LaSalle Hotel Properties – REIT		2,202		26
Lexington Corporate Properties Trust – REIT		4,388		17
Life Partners Holdings		403		8
LTC Properties – REIT		1,091		20
Maguire Properties – REIT =		2,268		2
Maiden Holdings		2,532		11
MainSource Financial Group		1,125		10
MarketAxess Holdings =		1,702		16
Max Capital Hamilton		3,208		53
MB Financial		1,885		26
MCG Capital		4,102		7
Meadowbrook Insurance Group		3,146		19
Medallion Financial		806		6
Meridian Interstat Bancorp =		580		5
MFA Mortgage Investments – REIT		11,824		70
Mid-America Apartment Communities – REIT		1,446		54
Midwest Banc Holdings 6		1,224		2
Mission West Properties – REIT		891		6
Monmouth Real Estate Investment, Class A – REIT		1,106		7
Montpelier Holdings		5,407		67
Move =		7,241		15
MVC Capital		1,371		12
Nara Bancorp		1,219		5
NASB Financial		288		6
National Financial Partners		2,232		16
National Health Investors – REIT		1,214		33
National Interstate		266		4
National Penn Bancshares, fractional share = ¥ y		0.50		—
National Penn Bancshares 6		4,565		37
National Retail Properties – REIT 6		4,103		73
National Western Life Insurance, Class A		151		17
Navigators Group =		650		30
NBT Bancorp 6		1,813		43
Nelnet, Class A =		920		6
NewAlliance Bancshares		6,347		82
Newcastle Investment – REIT 6		2,863		2
Newstar Financial =		1,298		3
Northfield Bancorp		1,067		12
NorthStar Realty Finance – REIT 6		3,541		11
Northwest Bancorp		957		17
NYMAGIC		228		3
OceanFirst Financial		479		6
Ocwen Financial =		1,990		22
Odyssey RE Holdings		1,353		52
Old National Bancorp		3,736		51
Old Second Bancorp 6		757		4
Omega Healthcare Investors – REIT		4,272		67
One Liberty Properties – REIT 6		347		1
optionsXpress Holdings		2,371		39
Oriental Financial Group		1,318		12
Oritani Financial =		704		10
Pacific Capital Bancorp 6		2,602		18
Pacific Continental		578		7
PacWest Bancorp		1,561		23
Park National 6		641		43
Parkway Properties – REIT		965		13
Patriot Capital Funding		1,140		3
Peapack-Gladstone Financial		451		9
PennantPark Investment		1,002		6
Pennsylvania Commerce Bancorp =		281		6
Pennsylvania Real Estate – REIT 6		1,595		12
Penson Worldwide =		949		10
Peoples Bancorp – Ohio		629		10
Phoenix Companies		6,456		10
Pinnacle Financial Partners = 6		1,226		22
Piper Jaffray Companies =		1,093		38
Platinum Underwriters Holdings		2,709		78
PMA Capital =		1,906		7
PMI Group		4,584		3
Post Properties – REIT		2,471		32
Potlatch – REIT		2,231		66
PremierWest Bancorp		1,103		4
Presidential Life		1,216		13
Primus Guaranty =		1,293		3
PrivateBancorp 6		1,215		25
ProAssurance =		1,580		69
Prospect Capital 6		1,422		13
Prosperity Bancshares		2,127		59
Provident Bankshares 6		1,870		16
Provident Financial Services		3,153		34
Provident New York Bancorp		2,388		20
PS Business Parks – REIT		939		41
Pzena Investment Management 6		345		2

First American Funds 2009 Semiannual Report   19

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Radian Group		4,362	$	8
RAIT Financial Trust – REIT		3,470		5
Ramco-Gershenson Properties Trust – REIT		1,374		15
Realty Income – REIT 6		5,718		128
Redwood Trust – REIT		3,359		55
Renasant		1,137		16
Republic Bancorp – Kentucky, Class A 6		604		13
Resource Capital – REIT 6		1,110		4
Riskmetrics Group = 6		1,203		21
RLI		1,119		54
Rockville Financial		499		5
Roma Financial		476		6
S&T Bancorp 6		1,292		23
Safety Insurance Group		764		25
Sanders Morris Harris Group		1,098		5
Sandy Spring Bancorp		912		15
Santander Bancorp		259		2
Saul Centers – REIT		672		21
SCBT Financial		545		13
SeaBright Insurance Holdings =		1,197		11
Seacoast Banking 6		1,039		4
Selective Insurance Group		3,182		47
Senior Housing Properties Trust – REIT		6,731		110
Shore Bancshares		456		9
Sierra Bancorp		410		5
Signature Bank =		1,808		49
Simmons First National, Class A		721		19
Smithtown Bancorp 6		534		7
South Financial Group		4,105		7
Southside Bancshares		783		17
Southwest Bancorp – Oklahoma		917		6
Sovran Self Storage – REIT		1,080		24
State Auto Financial		956		16
State Bancorp		777		6
StellarOne		1,225		16
Sterling Bancorp		1,304		15
Sterling Bancshares 6		3,896		26
Sterling Financial – Washington 6		2,928		9
Stewart Information Services 6		987		22
Stifel Financial =		1,480		73
Strategic Hotels & Resorts – REIT		4,166		4
Stratus Properties =		336		3
Suffolk Bancorp		629		16
Sun Bancorp – New Jersey =		1,088		7
Sun Communities – REIT		1,465		21
Sunstone Hotel Investors – REIT		3,094		16
Susquehanna Bancshares 6		4,736		38
SVB Financial Group =		1,680		35
SWS Group		1,400		18
SY Bancorp		841		21
Tanger Factory Outlet Centers – REIT 6		1,946		65
Tejon Ranch =		635		15
Teton Advisors =		6		—
Texas Capital Bancshares =		1,455		20
Thomas Properties Group		1,228		2
Thomas Weisel Partners Group = 6		1,177		5
Tompkins Trustco		346		15
Tower Group		2,111		57
Townebank Portsmouth		1,127		19
TradeStation Group =		1,771		14
TriCo Bancshares		872		14
TrustCo Bank Corporation of New York		3,827		23
Trustmark 6		2,795		61
UCBH Holdings 6		6,233		8
UMB Financial		1,686		77
Umpqua Holdings		3,365		32
Union Bankshares		934		16
United American Indemnity = 6		1,662		8
United Bankshares 6		2,120		55
United Capital =		101		2
United Community Banks 6		2,231		14
United Community Financial		1,401		3
United Financial Bancorp		965		13
United Fire & Casualty		1,235		23
United Security Bancshares		439		3
Universal American Financial =		2,172		22
Universal Health Realty Income Trust – REIT		866		28
Univest Corporation of Pennsylvania		849		18
Urstadt Biddle Properties, Class A – REIT		1,658		25
US Global Investors 6		698		4
U-Store-It Trust – REIT		2,774		10
Validus Holdings 6		3,542		79
Viewpoint Financial 6		609		9
Virtus Investment Partners =		322		4
W Holding 6		119		3
Washington Real Estate Investment Trust – REIT 6		2,733		58
Washington Trust Bancorp		577		11
Waterstone Financial =		389		1
WesBanco		1,463		29
West Bancorp		945		8
West Coast Bancorp – Oregon		1,126		3
Westamerica Bancorporation 6		1,572		84
Western Alliance Bancorp = 6		1,077		7
Westfield Financial		1,724		16
Westwood Holdings		291		12
Wilshire Bancorp		1,310		5
Winthrop Realty Trust – REIT		624		5
Wintrust Financial		1,263		21
World Acceptance =		909		27
WSFS Financial		373		10
Yadkin Valley Financial 6		891		7
Zenith National Insurance		2,094		48
				8,095
Healthcare – 12.5%
Abaxis =		1,194		18
ABIOMED =		1,698		11
ACADIA Pharmaceuticals = 6		1,818		2
Accuray =		2,036		12
Acorda Therapeutics =		2,086		41
Acura Pharmaceuticals = 6		442		3
Adolor =		2,497		6
Affymax =		726		13
Affymetrix =		3,886		18
Air Methods =		647		17
Akorn =		3,092		3
Albany Molecular Research =		1,421		14
Alexion Pharmaceuticals 6		4,557		152
Alexza Pharmaceuticals =		1,346		2
Align Technology = 6		3,470		43
Alkermes =		5,391		41
Alliance Imaging =		1,428		11
Allos Therapeutics =		2,989		18
Allscripts Healthcare Solutions 6		7,879		98
Almost Family =		345		9
Alnylam Pharmaceuticals =		1,991		37
Alphatec Holdings =		1,351		3
AMAG Pharmaceuticals = 6		951		43

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

20   First American Funds 2009 Semiannual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Amedisys =		1,494	$	50
American Medical Systems =		4,105		51
AMERIGROUP = 6		3,021		90
Amicus Therapeutics = 6		232		2
AMN Healthcare Services =		1,944		13
Amsurg, Class A =		1,525		31
Analogic 6		734		27
AngioDynamics =		1,311		17
Ardea Biosciences =		682		8
Arena Pharmaceuticals = 6		4,005		11
Ariad Pharmaceuticals =		4,828		7
ArQule =		2,270		10
Array BioPharma =		2,618		8
Assisted Living Concepts =		638		13
Athenahealth = 6		1,165		37
Atrion		81		7
Auxilium Pharmaceuticals = 6		2,321		53
Biodel =		582		3
BioForm Medical =		1,185		1
Biomimetic Therapeutics =		719		6
Bio-Rad Laboratories, Class A =		1,068		74
Bio-Reference Laboratories =		723		19
BMP Sunstone =		1,666		7
Bruker BioSciences =		3,341		22
Cadence Pharmaceuticals =		1,485		15
Caliper Life Sciences =		2,592		4
Cantel Medical =		599		8
Capital Senior Living =		1,382		5
Caraco Pharmaceutical Laboratories =		907		4
Cardiac Science =		1,054		3
Cardionet =		243		5
Catalyst Health Solutions =		1,787		40
Celera =		4,407		36
Cell Genesys =		4,656		3
Celldex Therapeutics =		809		7
Centene =		2,449		45
Cepheid =		3,213		31
Chemed 6		1,345		57
Chindex International =		598		5
Clinical Data =		563		7
Columbia Labs =		2,539		4
Computer Programs & Systems		436		15
Conceptus = 6		1,638		22
CONMED =		1,441		19
Corvel =		482		11
Cougar Biotechnology = 6		840		29
Cross Country Healthcare =		1,651		15
CryoLife =		1,508		8
Cubist Pharmaceuticals = 6		3,105		52
Cyberonics =		1,329		18
Cynosure =		518		3
Cypress Bioscience =		2,035		15
Cytokinetics =		1,847		3
Cytori Therapeutics =		1,080		2
Dendreon = 6		5,494		116
DepoMed =		2,605		5
Dexcom =		2,278		10
Discovery Laboratories =		5,412		5
Durect =		4,616		11
Dyax =		3,015		6
Eclipsys =		3,067		40
Emergency Medical Services =		478		17
Emergent Biosolutions =		734		8
Emeritus =		1,067		10
Ensign Group		451		7
Enzo Biochem =		1,742		7
Enzon = 6		2,211		13
eResearchTechnology =		2,420		12
ev3 =		3,965		33
Exactech =		372		5
Exelixis =		5,885		29
Facet Biotech =		1,336		12
Five Star Quality Care =		1,726		3
Genomic Health = 6		712		16
Genoptix =		451		13
Gentiva Health Services =		1,553		25
Geron = 6		4,814		25
Greatbatch = 6		1,237		26
GTx =		1,026		10
Haemonetics =		1,375		71
Halozyme Therapeutics =		3,401		21
Hanger Orthopedic Group =		1,521		21
Hansen Medical =		924		5
Healthsouth =		4,964		47
Healthspring =		2,788		26
Healthways =		1,915		20
HMS Holdings =		1,355		41
Human Genome Sciences =		7,643		17
ICU Medical =		689		26
Idenix Pharmaceuticals =		1,726		6
Idera Pharmaceuticals =		1,114		7
I-Flow =		1,328		7
Immucor =		3,921		64
ImmunoGen =		2,862		20
Immunomedics =		3,544		4
Incyte =		4,217		10
Indevus Pharmaceuticals, escrow shares = ¥ y		4,270		—
Inspire Pharmaceuticals =		2,289		10
Insulet =		995		6
Integra LifeSciences =		934		24
InterMune =		1,956		26
Invacare		1,766		27
inVentiv Health =		1,865		21
IPC The Hospitalist =		300		6
IRIS International =		998		11
Isis Pharmaceuticals = 6		5,052		79
Javelin Pharmaceuticals =		2,712		4
Jazz Pharmaceuticals =		306		—
Kendle International =		743		7
Kensey Nash = 6		597		13
Kindred Healthcare =		1,568		20
K-V Pharmaceutical, Class A =		2,035		3
Lexicon Pharmaceuticals =		4,355		5
LHC Group =		794		18
Life Sciences Research =		474		3
Ligand Pharmaceuticals =		5,704		17
Luminex =		2,327		38
Magellan Health Services =		1,986		59
MannKind = 6		2,478		10
Map Pharmaceuticals =		424		1
Marshall Edwards =		1,028		1
Martek Biosciences 6		1,810		33
Masimo = 6		2,599		75
Maxygen =		1,406		8
Medarex =		7,147		42
MedAssets =		793		14
MedCath =		863		9
Medical Action Industries =		864		8

First American Funds 2009 Semiannual Report   21

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Medical Properties Trust – REIT		4,361	$	23
Medicines = 6		2,866		29
Medicis Pharmaceutical, Class A		3,110		50
Medivation = 6		1,439		28
Meridian Bioscience		2,267		39
Merit Medical Systems =		1,480		23
Metabolix =		1,071		8
Micrus Endovascular =		769		5
Middlebrook Pharmaceutical = 6		1,944		3
Mine Safety Appliances		1,682		41
Molecular Insight Pharmaceuticals =		960		4
Molina Healthcare = 6		813		18
Momenta Pharmaceuticals =		1,478		17
MWI Veterinary Supply =		479		15
Myriad Genetics =		5,038		195
NABI Biopharmaceuticals =		3,583		12
Nanosphere =		699		2
National Healthcare		380		15
National Research		97		3
Natus Medical =		1,496		13
Nektar Therapeutics =		5,175		29
Neogen =		783		18
Neurocrine Biosciences =		1,897		6
Nighthawk Radiology Holdings =		1,393		5
Novavax = 6		3,246		8
Noven Pharmaceuticals =		1,315		14
NPS Pharmaceuticals =		2,561		9
NuVasive = 6		2,005		76
NxStage Medical =		950		2
Obagi Medical Products =		963		6
Odyssey Healthcare =		2,106		22
Omnicell =		1,846		16
Onyx Pharmaceuticals =		3,113		81
Opko Health =		2,603		3
Optimer Pharmaceuticals = 6		1,600		22
OraSure Technologies =		2,623		9
Orexigen Therapeutics = 6		1,087		3
Orthofix International =		957		16
Orthovita =		3,591		11
OSI Pharmaceuticals = 6		3,201		107
Osiris Therapeutics =		823		10
Owens & Minor		2,304		80
Pain Therapeutics =		1,813		9
Palomar Medical Technologies =		990		9
Par Pharmaceutical Companies =		2,026		22
PAREXEL =		3,120		31
PDL BioPharma		6,681		48
Pharmasset =		928		8
Pharmerica = 6		1,650		30
POZEN =		1,455		11
Progenics Pharmaceutical =		1,445		8
Protalix Biotherapeutics =		585		2
PSS World Medical =		3,560		52
Psychiatric Solutions =		3,103		60
Questcor Pharmaceuticals =		3,041		14
Quidel =		1,534		18
Radnet =		1,158		2
Regeneron Pharmaceuticals =		3,500		46
RehabCare Group =		1,011		17
Repligen =		1,685		7
Res-Care =		1,260		20
Rexahn Pharmaceuticals =		1,584		1
Rigel Pharmaceuticals =		2,043		14
RTI Biologics =		2,916		10
Salix Pharmaceuticals =		2,695		30
Sangamo BioSciences =		1,986		8
Savient Pharmaceuticals = 6		3,406		18
Seattle Genetics =		3,418		32
Sequenom = 6		3,391		12
Sirona Dental Systems =		1,046		17
Skilled Healthcare Group, Class A =		1,215		11
Somanetics =		711		12
SonoSite =		1,016		18
Spectranetics =		1,872		7
Stereotaxis = 6		1,529		5
STERIS 6		3,429		83
Stewart Enterprises, Class A		5,516		19
Sucampo Pharmaceuticals =		495		3
Sun Healthcare Group =		2,409		20
Sunrise Senior Living =		2,474		6
SurModics =		780		17
Symmetry Medical =		1,835		13
Synovis Life Technologies =		676		10
Synta Pharmaceuticals = 6		908		3
Targacept =		984		4
Theravance =		2,920		42
Thoratec = 6		3,074		89
TomoTherapy = 6		2,221		6
TranS1 =		662		5
Triple-S Management =		770		10
U.S. Physical Therapy =		644		8
United Therapeutics =		1,478		93
Valeant Pharmaceuticals International =		3,592		60
Varian =		1,600		53
ViroPharma =		4,398		25
Virtual Radiologic =		380		3
Vision-Sciences =		913		1
Vital Images =		972		10
Vivus =		3,874		16
VNUS Medical Technologies =		705		16
Volcano =		2,664		35
West Pharmaceutical Services 6		1,819		59
Wright Medical Group =		2,049		28
XenoPort =		1,516		21
XOMA =		7,465		4
Zoll Medical =		1,170		19
ZymoGenetics =		2,321		8
				5,642
Industrials – 14.4%
3D Systems =		967		7
A.O. Smith		1,117		35
AAON		706		14
AAR = 6		2,169		33
ABM Industries		2,448		43
ACCO Brands =		3,056		6
Aceto		1,326		9
Actuant, Class A		3,128		38
Acuity Brands		2,309		66
Administaff		1,305		35
Advanced Battery Technologies =		2,458		7
Advisory Board =		929		17
AeroVironment =		555		13
Aircastle		2,633		17
AirTran Holdings =		6,600		46
Akeena Solar =		1,132		1
Alamo Group		335		4
Alaska Air Group =		2,029		34
Albany International, Class A		1,634		15

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

22   First American Funds 2009 Semiannual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Allegiant Travel = 6		770	$	40
Altra Holdings =		1,432		8
Amerco =		524		17
American Commercial Lines =		2,037		10
American Ecology		918		15
American Railcar Industries		529		5
American Reprographics =		1,974		13
American Science & Engineering		560		34
American Superconductor = 6		2,485		64
American Woodmark		760		16
Ameron International		518		31
Ampco-Pittsburgh		463		11
Amrep =		117		2
Apogee Enterprises		1,593		21
Applied Industrial Technology		2,386		54
Applied Signal Technology		682		13
Argon ST =		789		16
Arkansas Best 6		1,277		29
Ascent Solar Technologies =		405		2
Asset Acceptance Capital =		966		8
Astec Industries =		994		31
Atlas Air Worldwide Holdings =		749		20
Axsys Technologies =		492		21
AZZ =		667		21
Badger Meter		816		32
Baldor Electric		2,582		60
Barnes Group		2,677		38
Beacon Power = 6		6,125		5
Beacon Roofing Supply =		2,499		40
Bowne & Company		1,423		7
Brady, Class A		2,811		59
Briggs & Stratton 6		2,796		42
Builders FirstSource =		467		2
CAI International =		398		1
Capstone Turbine = 6		9,715		8
Cascade		547		13
Casella Waste Systems =		1,201		2
CBIZ =		2,501		20
CDI		722		9
Celadon Group =		1,232		8
Cenveo =		2,847		13
Ceradyne =		1,485		26
Chart Industries =		1,585		22
China Architectural Engineering =		1,010		2
China BAK Battery =		1,839		4
China Direct =		369		—
China Precision Steel =		931		2
China Security & Surveillance Technology = 6		1,752		12
Circor International		941		24
CLARCOR		2,826		88
Clean Harbors =		1,073		54
Coleman Cable =		424		1
Colfax =		1,206		10
Columbus McKinnon =		1,071		14
Comfort Systems USA		2,319		25
Commercial Vehicle Group =		1,320		1
COMSYS IT Partners =		932		5
Consolidated Graphics =		540		10
Cornell =		602		11
CoStar Group = 6		1,058		39
CRA International =		658		15
Cubic		858		25
Curtiss-Wright		2,525		81
Deluxe		2,906		42
Dollar Thrifty Automotive =		1,218		5
Ducommun		572		10
Duff & Phelps, Class A = 6		593		11
DXP Enterprises =		389		5
Dycom Industries =		2,347		20
Dynamex =		632		9
Dynamic Materials		718		12
DynCorp International =		1,586		24
Eagle Bulk Shipping 6		2,537		17
Electro Rent		1,187		11
EMCOR Group = 6		3,799		79
Encore Wire 6		1,198		26
Ener1 =		2,265		13
Energy Conversion Devices = 6		2,570		47
Energy Recovery = 6		834		7
EnergySolutions		1,858		18
EnerSys =		1,539		26
ENGlobal =		1,526		9
Ennis		1,649		15
EnPro Industries =		1,240		20
ESCO Technologies =		1,463		61
Esterline Technologies =		1,646		43
Evergreen Solar = 6		8,076		20
Exponent =		760		21
Federal Signal		2,708		21
First Advantage =		556		8
First Industrial Realty Trust – REIT 6		2,363		9
Flanders =		871		5
Flow International =		2,104		4
Force Protection =		3,820		29
Forward Air 6		1,577		26
Franklin Electric		1,290		31
FreightCar America		692		13
FuelCell Energy =		3,778		12
Fuel-Tech = 6		1,056		14
Furmanite =		1,975		8
Fushi Copperweld =		781		4
G&K Services, Class A		1,010		25
Genco Shipping & Trading 6		1,359		26
GenCorp =		3,216		8
Genesee & Wyoming, Class A =		1,720		52
Geo Group =		2,854		47
GeoEye =		1,015		25
Gevity HR		1,252		5
Global Cash Access Holdings = 6		2,263		14
Global Traffic Network =		641		3
Gorman-Rupp		803		17
Graham		555		7
Granite Construction 6		1,850		73
Great Lakes Dredge & Dock		2,159		9
Greenbrier Companies		887		8
Griffon =		2,587		22
GT Solar International =		1,707		12
H & E Equipment Services =		899		7
Harbin Electric = 6		418		3
Hawaiian Holdings =		2,224		11
Healthcare Services Group		2,370		42
Heartland Express 6		3,006		45
HEICO 6		1,220		35
Heidrick & Struggles International 6		961		16
Herley Industries =		732		8
Herman Miller 6		3,167		47
Hexcel =		5,414		52
Hill International =		1,270		5

First American Funds 2009 Semiannual Report   23

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
HNI 6		2,508	$	39
Horizon Lines, Class A		1,806		10
Houston Wire & Cable		1,003		10
Hub Group =		2,085		48
Hudson Highland Group =		1,401		2
Hurco =		361		6
Huron Consulting Group =		1,078		52
ICF International =		360		10
ICT Group =		489		3
II-VI =		1,343		32
InnerWorkings =		1,714		9
Insituform Technologies, Class A =		1,889		29
Insteel Industries		987		7
Integrated Electrical Services =		430		4
Interline Brands =		1,756		23
International Shipholding		327		7
Jackson Hewitt Tax Service		1,562		8
JetBlue Airways =		9,671		48
Kadant =		780		10
Kaman		1,436		24
Kaydon 6		1,744		56
Kelly Services, Class A		1,424		16
Kenexa =		1,369		9
Key Technology =		306		3
Kforce =		1,730		19
Knight Transportation		3,302		58
Knoll		2,626		19
Korn/Ferry International =		2,597		27
K-Tron International =		132		11
LaBarge =		662		5
Ladish =		859		7
Lawson Products		212		2
Layne Christensen =		1,074		23
LB Foster =		628		21
Learning Tree International =		485		4
LECG =		1,409		4
Lindsay Manufacturing 6		667		26
LMI Aerospace =		471		3
LSI Industries		1,050		6
Lydall =		901		4
M & F Worldwide =		711		11
Marten Transport =		1,002		21
MasTec =		2,697		34
McGrath Rentcorp		1,300		27
Medis Technologies =		1,764		1
Mercury Computer Systems =		1,274		10
Met Pro		816		8
Metalico = 6		1,354		3
Michael Baker =		412		14
Microvision = 6		3,839		7
Middleby = 6		1,012		44
Mobile Mini =		1,979		27
Moog, Class A =		2,387		64
Mueller Industries		2,078		46
Mueller Water Products, Class A		6,447		27
Multi Color		494		6
NACCO Industries, Class A		327		13
Navigant Consulting =		2,726		40
NCI Building Systems = 6		1,105		4
Nordic American Tanker Shipping 6		1,980		64
Nordson 6		1,887		68
Odyssey Marine Exploration =		2,608		9
Old Dominion Freight Line =		1,576		44
Omega Flex		170		3
On Assignment =		1,922		7
Orbital Sciences =		3,304		51
Orion Energy Systems =		495		2
Orion Marine Group =		1,169		18
Pacer International		1,963		8
Park-Ohio Holdings =		427		2
Patriot Transportation Holdings =		88		6
Perini =		2,823		49
PHH =		2,984		50
Pico Holdings =		877		26
Pike Electric =		918		10
Plug Power =		4,346		4
PMFG =		719		4
Polypore International =		865		7
Portfolio Recovery Associates = 6		788		28
Powell Industries =		437		16
Power-One =		3,956		5
Powersecure International =		918		4
Preformed Line Products		147		5
Pre-Paid Legal Services =		482		18
PRG-Schultz International =		814		2
Princeton Review =		725		3
Protection One =		337		1
The Provident Service =		683		7
Quanex Building Products		2,077		21
Raven Industries		896		21
RBC Bearings =		1,201		22
Regal-Beloit 6		1,815		74
Republic Airways Holdings =		1,973		14
Resources Connection = 6		2,737		54
Robbins & Myers		1,617		31
Rollins		2,211		40
RSC Holdings =		2,581		18
Rush Enterprises =		1,851		24
Saia =		760		10
Schawk		1,017		7
School Specialty =		1,017		19
Simpson Manufacturing 6		2,099		47
SkyWest		3,293		40
Sotheby’s Holdings, Class A 6		3,801		44
Spherion =		3,096		11
Standard Parking =		454		7
Standard Register		918		5
Standex International		626		9
Stanley =		494		13
Sterling Construction =		625		12
Sun Hydraulics		653		12
TAL International Group		673		6
Taleo, Class A =		1,455		17
TBS International =		587		5
Team =		1,002		14
Tecumseh Products, Class A =		885		9
Teledyne Technologies =		1,985		63
Teletech Holdings =		2,217		29
Tennant		915		14
Tetra Tech =		3,321		82
Textainer Group Holdings		520		5
Thermadyne Holdings =		726		2
Titan International		1,933		12
Titan Machinery =		398		4
TransDigm Group =		1,861		65
Tredegar		1,346		24
Trex =		851		9
Trimas =		819		2

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

24   First American Funds 2009 Semiannual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Triumph Group		933	$	39
TrueBlue =		2,481		24
Twin Disc		485		3
UAL =		7,535		37
Ultralife Batteries =		681		5
Ultrapetrol Bahamas =		1,411		5
United Stationers =		1,298		42
Universal Forest Products		930		31
Universal Technical Institute =		1,313		19
Universal Truckload Services		334		4
US Airways Group =		6,419		24
Valence Technology =		2,750		6
Viad		1,155		22
Vicor		1,000		5
Volt Information Sciences =		843		6
VSE		217		6
Wabash National		1,720		2
Waste Connections = 6		4,200		108
Waste Services =		1,288		7
Watsco		1,319		57
Watson Wyatt Worldwide		2,352		125
Watts Water Technologies, Class A		1,635		36
Werner Enterprises 6		2,483		41
Westinghouse Air Brake Technologies		2,732		104
Woodward Governor		3,313		66
YRC Worldwide = 6		3,197		10
				6,534
Information Technology – 16.8%
3Com =		22,575		91
3PAR =		1,477		11
Accelrys =		1,452		7
ACI Worldwide =		1,967		34
Acme Packet =		1,473		11
Actel =		1,327		16
Actuate =		2,949		11
Acxiom		3,447		33
Adaptec =		6,823		20
ADTRAN 6		3,094		65
Advanced Analogic Technologies =		2,475		12
Advanced Energy Industries =		1,848		16
Advent Software = 6		963		32
Agilysys		1,240		7
Airvana =		1,307		7
American Software – Class A		1,221		7
Amkor Technology = 6		6,103		26
ANADIGICS =		3,504		11
Anaren =		948		12
Anixter International =		1,671		66
Applied Micro Circuits = 6		3,749		20
Arcsight =		374		6
Ariba =		4,786		46
Arris Group =		6,983		75
Art Technology Group =		7,094		22
AsiaInfo Holdings =		1,907		32
Asyst Technologies =		2,714		—
Atheros Communications = 6		3,348		58
ATMI =		1,811		29
Audiovox =		891		5
Authentec =		1,358		3
Avid Technology =		1,686		19
Avocent =		2,505		36
Axcelis Technologies =		5,308		2
Bankrate = 6		718		18
Bel Fuse		566		9
Belden		2,468		40
Benchmark Electronics =		3,776		46
Bidz =		314		1
Black Box		889		24
Blackbaud		2,503		38
Blackboard =		1,731		59
Blue Coat Systems =		1,855		25
Bottomline Technologies =		1,190		9
Brightpoint =		2,791		15
Brooks Automation =		3,555		22
Cabot Microelectronics =		1,225		35
CACI International, Class A =		1,699		67
Callidus Software =		1,633		5
Cass Information Systems		371		13
Cavium Networks = 6		1,695		21
Ceva =		1,091		9
Checkpoint Systems =		2,198		27
China Fire & Security Group = 6		789		9
China Information Security Technology =		1,242		4
Chordiant Software =		1,758		6
CIBER =		3,025		10
Cirrus Logic =		3,643		17
Cogent =		2,256		26
Cognex		2,364		33
Cogo Group =		1,396		11
Coherent =		1,280		24
Cohu		1,141		11
Commvault Systems =		2,318		29
Compellent Technologies =		766		9
comScore =		1,006		13
Comtech Telecommunications =		1,509		51
Comverge =		1,184		9
Concur Technologies = 6		2,412		65
Constant Contact = 6		1,102		18
CPI International =		532		6
Cray =		1,730		7
CSG Systems International =		1,970		29
CTS		1,913		12
CyberSource = 6		3,892		57
Cymer =		1,657		47
Daktronics		1,806		16
Data Domain = 6		1,791		30
DealerTrack Holdings = 6		2,386		36
Deltek =		681		3
DemandTec =		1,064		8
Dice Holdings =		873		3
Digi International =		1,381		10
Digimarc =		313		3
Digital River =		2,078		80
Diodes = 6		1,561		23
Dionex =		991		62
Divx =		1,461		7
Double-take Software =		936		8
DSP Group =		1,288		8
DTS =		996		27
EarthLink =		6,192		47
Ebix =		327		9
Echelon =		1,661		13
Electro Scientific Industries =		1,628		14
Electronics for Imaging =		3,022		30
Elixir Gaming Technologies = ¥		3,672		—
Emcore =		4,107		5
EMS Technologies =		948		18
Emulex =		4,725		49

First American Funds 2009 Semiannual Report   25

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
EnerNOC =		524	$	9
Entegris =		6,196		9
Entropic Communications =		506		1
Entrust =		3,323		6
Epicor Software = 6		3,998		22
EPIQ Systems =		1,946		30
Euronet Worldwide = 6		2,595		42
Exar =		2,107		13
Exlservice Holdings =		789		7
Extreme Networks =		4,937		9
Fair Isaac		2,744		46
FalconStor Software =		2,102		8
FARO Technologies =		904		14
FEI =		2,058		35
Finisar =		22,158		15
FormFactor =		2,754		48
Forrester Research =		959		24
Gartner, Class A =		3,340		45
Gerber Scientific =		1,378		5
Globecomm Systems =		1,093		7
Guidance Software =		505		2
Hackett Group =		2,232		5
Harmonic =		5,269		39
Harris Stratex Networks, Class A =		1,486		6
Heartland Payment Systems		1,324		11
Hittite Microwave =		1,059		39
HSW International =		1,512		—
Hughes Communications =		390		7
Hutchinson Technology =		1,503		3
Hypercom =		2,751		3
i2 Technologies = 6		831		7
iBasis =		1,722		2
ICx Technologies =		743		3
iGATE		1,395		5
Imation		1,669		17
Immersion =		1,723		7
Infinera =		5,195		44
Infogroup =		1,938		8
Informatica =		4,955		79
InfoSpace =		1,925		13
Integral Systems =		987		7
Interactive Intelligence =		784		9
Interdigital =		2,539		67
Intermec =		3,475		42
Internap Network Services =		2,822		8
Internet Brands =		1,202		7
Internet Capital Group =		2,167		12
Intevac =		1,269		9
IPG Photonics =		1,042		12
Isilon Systems =		1,390		4
Ixia =		2,304		13
IXYS		1,367		13
J2 Global Communications =		2,486		60
Jack Henry & Associates 6		4,338		78
JDA Software =		1,305		18
Keynote Systems =		750		6
Kopin =		3,742		10
Kulicke & Soffa =		3,343		13
L-1 Identity Solutions =		4,041		30
Landauer		548		29
Lattice Semiconductor =		6,542		11
Lawson Software =		7,227		39
Limelight Networks =		1,563		8
Liquidity Services =		793		6
Littelfuse =		1,157		19
LoopNet =		1,613		14
Loral Space & Communications =		659		15
LTX-Credence =		7,053		3
Macrovision Solutions =		4,617		93
Magma Design Automation =		2,485		4
Manhattan Associates =		1,444		24
ManTech International =		1,131		41
Marchex		1,536		7
Mattson Technology =		2,788		3
MAXIMUS		928		37
Maxwell Technologies =		990		10
Measurement Specialties =		859		6
Mentor Graphics =		5,082		34
MercadoLibre = 6		1,427		39
Methode Electronics, Class A		2,128		13
Micrel		2,775		21
MICROS Systems =		4,560		96
Microsemi =		4,404		59
MicroStrategy =		499		19
Microtune =		3,089		6
MIPS Technologies, Class A =		2,523		8
MKS Instruments =		2,811		44
ModusLink Global Solutions =		2,814		10
Monolithic Power Systems =		1,472		27
Monotype Imaging Holdings =		818		3
MPS Group =		5,465		44
MRV Communications =		8,525		4
MSC.Software =		2,536		16
MTS Systems		909		19
Multi-Fineline Electronix =		480		10
NCI =		353		9
Ness Technologies =		2,127		8
Net 1 UEPS Technologies =		2,629		43
Netezza =		2,139		17
NETGEAR =		1,949		31
Netlogic Microsystems =		971		32
NetScout Systems =		1,599		14
NetSuite =		360		5
Neutral Tandem =		903		26
Newport =		2,016		10
Nextwave Wireless =		2,628		1
NIC		2,251		12
Novatel Wireless =		1,746		12
NVE =		252		10
Oclaro =		9,419		9
Omniture = 6		3,689		45
OmniVision Technologies =		3,081		29
Online Resources =		1,563		7
OpenTV =		4,877		7
Oplink Communications =		972		11
OPNET Technologies =		715		6
Opnext =		1,077		3
Orbcomm = 6		1,715		2
OSI Systems =		966		18
OYO Geospace =		247		4
Palm = 6		7,591		80
Parametric Technology =		6,498		72
Park Electrochemical		1,023		21
ParkerVision = 6		1,588		4
PC Connection =		476		2
PC-Tel		1,161		6
Pegasystems		685		12
Perficient =		1,791		12

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

26   First American Funds 2009 Semiannual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Pericom Semiconductor =		1,239	$	11
Perot Systems, Class A =		4,881		69
Phase Forward =		2,414		34
Phoenix Technologies =		1,493		4
Photronics =		2,443		4
Plantronics		2,762		35
Plexus = 6		2,230		49
PLX Technology =		1,589		5
PMC-Sierra = 6		12,341		98
Polycom = 6		4,868		91
Power Integrations		1,545		33
Powerwave Technologies =		7,357		6
Presstek =		1,497		3
Progress Software =		2,326		49
PROS Holdings =		698		5
QAD		871		2
Quality Systems 6		980		53
Quantum =		11,202		12
Quest Software =		3,252		47
Rackable Systems =		1,676		8
Rackspace Hosting = 6		974		9
Radiant Systems =		1,442		11
RadiSys =		1,177		8
RealNetworks =		4,948		12
Renaissance Learning		410		4
RF Micro Devices =		14,729		31
RightNow Technologies =		1,569		12
Rimage =		525		8
Riverbed Technology =		3,139		58
Rofin-Sinar Technologies =		1,662		35
Rogers =		988		25
Rubicon Technology =		720		6
Rudolph Technologies =		1,684		9
S1 =		2,610		16
Safeguard Scientifics =		7,556		7
Sanmina =		29,724		17
Sapient =		4,956		25
SAVVIS =		2,121		24
ScanSource = 6		1,449		36
SeaChange International =		1,542		10
Semitool =		1,243		6
Semtech =		3,457		50
Shoretel =		2,349		12
Sigma Designs =		1,497		19
Silicon Image =		4,096		11
Silicon Storage Technology =		4,693		9
SiRF Technology Holdings =		3,290		9
Skyworks Solutions = 6		9,127		81
Smart Modular Technologies =		2,704		7
Smith Micro Software =		1,676		14
Solera Holdings = 6		2,953		67
Sonic Solutions =		1,715		4
SonicWALL =		2,981		16
Sonus Networks =		11,393		20
Sourcefire =		1,085		12
Spansion =		6,918		1
SPSS =		956		30
SRA International, Class A =		2,400		37
Standard Microsystems =		1,286		20
Starent Networks = 6		1,666		33
STEC = 6		1,772		17
Stratasys =		1,156		11
SuccessFactors = 6		1,214		11
Super Micro Computer =		1,200		6
Supertex =		626		16
Supportsoft =		2,509		6
Switch & Data Facilities =		1,113		13
Sybase = 6		4,473		152
Sycamore Networks =		10,706		32
Sykes Enterprises =		1,790		35
Symmetricom =		2,939		15
Synaptics = 6		1,904		62
Synchronoss Technologies =		1,239		16
SYNNEX =		945		20
Syntel		700		19
Take-Two Interactive Software		4,304		39
TASER International =		3,532		17
Technitrol		2,333		10
Techtarget =		755		3
Techwell =		790		6
Tekelec =		3,652		57
Telecommunication Systems =		1,826		18
Terremark Worldwide =		2,913		11
Tessera Technologies =		2,709		38
The Knot =		1,555		14
TheStreet.com		1,089		2
THQ =		3,762		13
TIBCO Software =		10,522		67
TNS =		1,498		25
Trident Microsystems =		3,415		5
TriQuint Semiconductor =		8,112		31
TTM Technologies =		2,351		17
Tyler Technologies =		2,053		34
Ultimate Software Group =		1,389		26
Ultra Clean Holdings =		950		2
Ultratech =		1,310		18
Unica =		770		4
United Online 6		4,234		22
Universal Display = 6		1,620		18
UTStarcom =		6,185		7
ValueClick =		4,860		52
VASCO Data Security International = 6		1,504		10
Veeco Instruments =		1,799		13
VeriFone Holdings = 6		3,826		29
ViaSat =		1,418		33
Vignette =		1,555		13
Virtusa =		479		3
Vocus =		871		15
Volterra Semiconductor =		1,375		16
Web.com Group =		1,499		6
Websense =		2,528		45
Wind River Systems =		4,032		30
Wright Express =		2,173		50
Zoran =		2,924		26
Zygo =		901		5
				7,597
Materials – 3.7%
A. Schulman		1,529		24
A.M. Castle & Company 6		924		9
AEP Industries =		290		6
Allied Nevada Gold =		2,517		14
AMCOL International		1,444		28
American Vanguard		1,189		15
Arch Chemicals		1,369		33
Balchem		980		24
Boise =		1,998		2
Brush Engineered Metals =		1,142		19
Buckeye Technologies =		2,212		11

First American Funds 2009 Semiannual Report   27

Schedule of Investments   April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
BWAY Holding Company =		404	$	4
Calgon Carbon =		2,841		48
Cambrex =		1,438		3
Clearwater Paper =		715		11
Coeur D’Alene Mines = 6		37,693		52
Compass Minerals International		1,814		87
Deltic Timber		582		24
Ferro		2,448		7
Flotek Industries =		1,268		3
General Moly =		3,540		5
General Steel Holdings = 6		583		3
Gibraltar Industries		1,517		10
Glatfelter		2,552		23
GrafTech International =		6,728		59
Graphic Packaging Holding =		8,154		14
H.B. Fuller 6		2,988		53
Haynes International =		667		15
Headwaters =		2,351		6
Hecla Mining = 6		12,140		30
Horsehead Holding =		1,954		14
Innophos Holdings		581		9
Innospec		1,309		10
Kaiser Aluminum		882		26
Kapstone Paper & Packaging =		972		3
Koppers Holdings		1,166		22
Landec =		1,298		9
Louisiana Pacific		5,783		24
LSB Industries =		981		12
Mercer International =		1,686		1
Minerals Technologies		1,058		39
Myers Industries		1,597		16
Neenah Paper		792		4
NewMarket Group		754		47
NL Industries		381		5
NN		861		1
Northwest Pipe =		512		19
Olin		4,186		53
Olympic Steel		506		9
OM Group = 6		1,710		48
Penford		611		3
PolyOne =		5,223		14
Quaker Chemical		558		7
Rock-Tenn, Class A		2,135		81
Rockwood Holdings =		2,335		29
Royal Gold		1,828		66
RTI International Metals =		1,288		17
Schweitzer-Mauduit International		839		19
Sensient Technologies		2,357		55
ShengdaTech = 6		1,660		6
Silgan Holdings		1,390		65
Solutia =		5,298		20
Spartech		1,651		6
Stepan		344		14
Stillwater Mining = 6		2,221		10
Sutor Tech Group =		413		1
Symyx Technologies =		1,897		9
Texas Industries		1,306		42
United States Lime & Minerals =		98		4
Universal Stainless & Alloy =		370		5
Uranium Resources =		2,710		4
US Concrete =		2,226		4
USEC = 6		6,225		39
Verso Paper		760		1
W.R. Grace & Company =		4,069		36
Wausau-Mosinee Paper		2,580		22
Westlake Chemical 6		1,082		20
Worthington Industries		3,602		54
Zep		1,288		17
Zoltek Companies =		1,541		12
				1,695
Telecommunication Services – 1.1%
Alaska Communications Systems Group		2,144		13
Aruba Networks =		2,950		14
Atlantic Tele-Network		513		11
Bigband Networks =		1,781		10
Cbeyond = 6		1,351		28
Centennial Communications, Class A =		3,653		30
Cincinnati Bell =		13,993		39
Cogent Communications Group =		2,684		23
Consolidated Communications Holdings		1,155		13
FairPoint Communications		4,828		5
Fibertower =		6,524		3
General Communication, Class A =		2,979		23
Global Crossing =		1,462		11
GlobalStar = 6		2,354		1
ICO Global Communication Holdings =		5,702		3
IDT =		846		1
Iowa Telecommunication Services		1,593		21
iPCS =		960		14
nTelos Holdings		1,674		27
Paetec Holding =		6,919		21
Premiere Global Services =		3,605		38
Shenandoah Telecommunications		1,318		26
Syniverse Holdings =		2,873		36
Terrestar =		3,153		2
tw telecom =		8,238		76
USA Mobility		1,158		13
Virgin Mobile USA, Class A =		1,673		3
Vonage Holdings =		3,533		1
				506
Utilities – 3.6%
Allete		1,296		34
American States Water		1,169		40
Avista		2,993		45
Black Hills		2,103		42
California Water Service		1,099		43
Central Vermont Public Service		532		9
CH Energy Group		900		40
Chesapeake Utilities		368		11
CLECO		3,371		71
Connecticut Water Service		158		3
Consolidated Water 6		750		10
El Paso Electric =		2,373		33
Empire District Electric 6		1,694		25
IDACORP		2,522		61
ITC Holdings		2,766		120
Laclede Group		1,384		48
MGE Energy		1,408		43
Middlesex Water Company		720		10
New Jersey Resources		2,247		74
Nicor		2,548		82
Northwest Natural Gas		1,245		51
NorthWestern		1,979		41
Ormat Technologies		1,003		35
Otter Tail		1,790		40
Piedmont Natural Gas 6		3,729		91
PNM Resources		4,829		41

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

28   First American Funds 2009 Semiannual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Portland General Electric		3,786	$	69
SJW		937		24
South Jersey Industries		1,904		66
Southwest Gas		2,149		44
Southwest Water		1,303		8
Synthesis Energy Systems =		1,431		1
UIL Holdings		1,501		35
UniSource Energy Holding		1,928		51
US Geothermal =		3,364		3
Westar Energy		5,776		101
WGL Holdings		2,726		85
				1,630
Total Common Stocks
(Cost $48,552)				40,705
Closed-End Fund – 0.0%
Kayne Anderson Energy Development Fund
(Cost $13)		508		6
Rights – 0.0%
Deltek, Rights
(Cost $0)		681		—
Warrants = – 0.0%
Greenhunter Energy, Warrants 6 ¥ y		30		—
Krispy Kreme Doughnuts, Warrants		210		—
Lantronix, Warrants ¥ y		39		—
Total Warrants
(Cost $0)				—
Short-Term Investments – 9.9%
Money Market Fund – 7.8%
First American Prime Obligations Fund, Class Z Å		3,539,698		3,540
U.S. Treasury Obligation – 2.1%
U.S. Treasury Bill
0.085%, 06/04/2009 o	$	920		920
Total Short-Term Investments
(Cost $4,460)				4,460
Investment Purchased with Proceeds from Securities Lending – 20.0%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $9,067)		9,066,664		9,067
Total Investments 5 – 119.8%
(Cost $62,092)				54,238
Other Assets and Liabilities, Net – (19.8)%				(8,956	)
Total Net Assets – 100.0%			$	45,282

=	Non-income producing security
6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $8,445 at April 30, 2009. See note 2 in Notes to Financial Statements.
¥	Security is illiquid. A security is considered illiquid if it may not be sold or disposed of in the ordinary course of business within seven days at approximately the price at which it is valued. As of April 30, 2009, the value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
y	Security is fair valued. As of April 30, 2009, the value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.

Small Cap Index Fund (concluded)

o	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2009. 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 for securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $62,092. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	9,341
Gross unrealized depreciation		(17,195	)
Net unrealized depreciation	$	(7,854	)

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

			Number of		Notional
	Settlement		Contracts		Contract	Unrealized
Description	Month		Purchased		Value	Appreciation
Russell 2000 Futures		June 2009		89	$4,332	$	798

First American Funds 2009 Semiannual Report   29

Statements ofAssets and Liabilities   April 30, 2009 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data

	Equity			Mid Cap			Small Cap
	Index Fund			Index Fund			Index Fund
Unaffiliated investments, at cost	$	771,748		$	180,761		$	49,485
Affiliated investments, at cost		28,620			5,714			3,540
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		226,847			41,532			9,067
ASSETS:
Unaffiliated investments, at value* (note 2)	$	868,768		$	154,232		$	41,631
Affiliated investments, at value (note 2)		27,868			5,714			3,540
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		226,847			41,532			9,067
Cash		33			—			—
Receivable for dividends and interest		1,357			109			1
Receivable for investments sold		198			22			38
Receivable for capital shares sold		672			72			181
Receivable for variation margin (note 2)		—			7			—
Receivable from advisor (note 3)		—			—			21
Prepaid expenses and other assets		31			35			31
Total assets		1,125,774			201,723			54,510
LIABILITIES:
Payable upon return of securities loaned (note 2)		226,847			41,532			9,067
Payable for investments purchased		202			23			76
Payable for capital shares redeemed		1,577			24			1
Payable for variation margin (note 2)		—			—			18
Payable to affiliates (note 3)		320			53			49
Payable for distribution and shareholder servicing fees		38			9			3
Accrued expenses and other liabilities		52			14			14
Total liabilities		229,036			41,655			9,228
Net assets	$	896,738		$	160,068		$	45,282
COMPOSITION OF NET ASSETS:
Portfolio capital	$	850,888		$	203,816		$	61,564
Undistributed net investment income		1,385			709			146
Accumulated net realized loss on investments (note 2)		(52,843	)		(19,165	)		(9,372	)
Net unrealized appreciation (depreciation) of:
Investments		96,268			(26,529	)		(7,854	)
Futures contracts		1,040			1,237			798
Net assets	$	896,738		$	160,068		$	45,282
* Including securities loaned, at value	$	218,363		$	39,641		$	8,445
Class A:
Net assets	$	99,221		$	13,847		$	5,493
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		6,248			1,717			806
Net asset value, and redemption price per share	$	15.88		$	8.07		$	6.82
Maximum offering price per share1	$	16.80		$	8.54		$	7.22
Class B:
Net assets	$	9,706		$	1,018		$	546
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		620			130			84
Net asset value, offering price, and redemption price per share2	$	15.65		$	7.86		$	6.50
Class C:
Net assets	$	7,750		$	2,636		$	1,220
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		492			334			185
Net asset value, offering price, and redemption price per share2	$	15.75		$	7.89		$	6.60
Class R:		��
Net assets	$	10,282		$	8,584		$	1,626
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		649			1,073			243
Net asset value, offering price, and redemption price per share	$	15.85		$	8.00		$	6.68
Class Y:
Net assets	$	769,779		$	133,983		$	36,397
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		48,489			16,588			5,337
Net asset value, offering price, and redemption price per share	$	15.88		$	8.08		$	6.82

1	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
2	Class B and Class C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

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

30   First American Funds 2009 Semiannual Report

Statements ofOperations   For the six-month period ended April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

	Equity			Mid Cap			Small Cap
	Index Fund			Index Fund			Index Fund
INVESTMENT INCOME:
Dividends from unaffiliated investments	$	13,474		$	1,658		$	404
Dividends from affiliated investments		158			37			16
Interest from unaffiliated investments		73			4			2
Securities lending income		657			186			93
Total investment income		14,362			1,885			515
EXPENSES (note 3):
Investment advisory fees		1,126			186			88
Administration fees		990			173			87
Transfer agent fees		204			64			63
Custodian fees		23			4			1
Legal fees		7			7			7
Audit fees		15			15			15
Registration fees		26			23			23
Postage and printing fees		63			11			3
Directors’ fees		15			15			15
Other expenses		33			16			32
Distribution and shareholder servicing fees:
Class A		120			15			6
Class B		51			5			3
Class C		40			12			6
Class R		22			18			3
Total expenses		2,735			564			352
Less: Fee waivers (note 3)		(840	)		(144	)		(208	)
Total net expenses		1,895			420			144
Investment income – net		12,467			1,465			371
REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5):
Net realized loss on:
Unaffiliated investments		(31,045	)		(14,542	)		(7,429	)
Affiliated investments		(138	)		—			—
Futures contracts		(5,065	)		(6,732	)		(1,883	)
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		(74,677	)		10,022			1,688
Affiliated investments		(2,388	)		—			—
Future contracts		3,946			4,603			1,366
Net loss on investments and futures contracts		(109,367	)		(6,649	)		(6,258	)
Net decrease in net assets resulting from operations	$	(96,900	)	$	(5,184	)	$	(5,887	)

First American Funds 2009 Semiannual Report   31

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

	Equity						Mid Cap						Small Cap
	Index Fund						Index Fund						Index Fund
	Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended
	4/30/09			Year Ended			4/30/09			Year Ended			4/30/09			Year Ended
	(unaudited)			10/31/08			(unaudited)			10/31/08			(unaudited)			10/31/08
OPERATIONS:
Investment income – net	$	12,467		$	31,393		$	1,465		$	3,577		$	371		$	1,145
Net realized gain (loss) on:
Unaffiliated investments		(31,045	)		11,988			(14,542	)		19,413			(7,429	)		11,307
Affiliated investments		(138	)		254			—			—			—			—
Redemption-in-kind distribution (note 7)		—			33,430			—			—			—			—
Futures contracts		(5,065	)		(14,113	)		(6,732	)		(3,523	)		(1,883	)		(1,568	)
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		(74,677	)		(721,395	)		10,022			(134,758	)		1,688			(46,893	)
Affiliated investments		(2,388	)		(1,060	)		—			—			—			—
Futures contracts		3,946			(3,051	)		4,603			(3,623	)		1,366			(577	)
Net decrease in net assets resulting from operations		(96,900	)		(662,554	)		(5,184	)		(118,914	)		(5,887	)		(36,586	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1,344	)		(2,631	)		(115	)		(126	)		(58	)		(63	)
Class B		(102	)		(193	)		(5	)		(5	)		(3	)		(3	)
Class C		(78	)		(132	)		(12	)		(11	)		(7	)		(6	)
Class R		(117	)		(101	)		(63	)		(42	)		(11	)		(6	)
Class Y		(11,726	)		(25,572	)		(1,367	)		(2,674	)		(427	)		(785	)
Net realized gain on investments:
Class A		—			(3,893	)		(883	)		(1,774	)		(868	)		(947	)
Class B		—			(552	)		(80	)		(232	)		(97	)		(132	)
Class C		—			(351	)		(204	)		(548	)		(207	)		(311	)
Class R		—			(144	)		(581	)		(602	)		(185	)		(86	)
Class Y		—			(31,878	)		(9,460	)		(32,293	)		(6,118	)		(10,301	)
Total distributions		(13,367	)		(65,447	)		(12,770	)		(38,307	)		(7,981	)		(12,640	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		8,238			20,758			4,171			4,704			1,728			1,928
Reinvestment of distributions		1,285			6,237			920			1,717			881			975
Payments for redemptions		(13,487	)		(49,679	)		(1,631	)		(4,543	)		(1,688	)		(1,862	)
Increase (decrease) in net assets from Class A transactions		(3,964	)		(22,684	)		3,460			1,878			921			1,041
Class B:
Proceeds from sales		16			770			34			122			3			156
Reinvestment of distributions		99			720			78			225			98			131
Payments for redemptions (note 3)		(1,941	)		(10,397	)		(132	)		(499	)		(72	)		(320	)
Increase (decrease) in net assets from Class B transactions		(1,826	)		(8,907	)		(20	)		(152	)		29			(33	)
Class C:
Proceeds from sales		326			1,128			154			797			93			127
Reinvestment of distributions		71			449			180			502			199			285
Payments for redemptions (note 3)		(1,429	)		(4,643	)		(503	)		(1,051	)		(247	)		(585	)
Increase (decrease) in net assets from Class C transactions		(1,032	)		(3,066	)		(169	)		248			45			(173	)
Class R:
Proceeds from sales		3,285			9,125			2,192			8,117			776			1,239
Reinvestment of distributions		117			244			644			644			196			92
Payments for redemptions		(1,788	)		(2,841	)		(1,718	)		(2,163	)		(238	)		(379	)
Increase in net assets from Class R transactions		1,614			6,528			1,118			6,598			734			952
Class Y:
Proceeds from sales		109,300			303,124			20,250			34,746			5,694			22,782
Reinvestment of distributions		5,687			32,635			6,315			17,958			3,291			5,060
Payments for redemptions		(204,113	)		(464,413	)		(53,742	)		(68,345	)		(15,876	)		(44,407	)
Decrease in net assets from Class Y transactions		(89,126	)		(128,654	)		(27,177	)		(15,641	)		(6,891	)		(16,565	)
Decrease in net assets from capital share transactions		(94,334	)		(156,783	)		(22,788	)		(7,069	)		(5,162	)		(14,778	)
Total decrease in net assets		(204,601	)		(884,784	)		(40,742	)		(164,290	)		(19,030	)		(64,004	)
Net assets at beginning of period		1,101,339			1,986,123			200,810			365,100			64,312			128,316
Net assets at end of period	$	896,738		$	1,101,339		$	160,068		$	200,810		$	45,282		$	64,312
Undistributed net investment income at end of period	$	1,385		$	2,285		$	709		$	806		$	146		$	281

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

32   First American Funds 2009 Semiannual Report

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Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions									Net Asset
	Value		Net		Gains			Total from			from Net			Distributions						Value
	Beginning		Investment		(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income		Investments			Operations			Income			Realized Gains			Distributions			Period
Equity Index Fund1
Class A
20092	$	17.61	$	0.19	$	(1.71	)	$	(1.52	)	$	(0.21	)	$	—		$	(0.21	)	$	15.88
20083		28.67		0.42		(10.57	)		(10.15	)		(0.38	)		(0.53	)		(0.91	)		17.61
20073		25.80		0.37		3.16			3.53			(0.36	)		(0.30	)		(0.66	)		28.67
20063		22.59		0.33		3.21			3.54			(0.33	)		—			(0.33	)		25.80
20054		23.00		0.01		(0.40	)		(0.39	)		(0.02	)		—			(0.02	)		22.59
20055		20.91		0.34		2.09			2.43			(0.34	)		—			(0.34	)		23.00
20045		18.70		0.23		2.22			2.45			(0.24	)		—			(0.24	)		20.91
Class B
20092	$	17.35	$	0.14	$	(1.69	)	$	(1.55	)	$	(0.15	)	$	—		$	(0.15	)	$	15.65
20083		28.27		0.24		(10.42	)		(10.18	)		(0.21	)		(0.53	)		(0.74	)		17.35
20073		25.47		0.17		3.11			3.28			(0.18	)		(0.30	)		(0.48	)		28.27
20063		22.31		0.15		3.17			3.32			(0.16	)		—			(0.16	)		25.47
20054		22.72		—		(0.40	)		(0.40	)		(0.01	)		—			(0.01	)		22.31
20055		20.66		0.18		2.06			2.24			(0.18	)		—			(0.18	)		22.72
20045		18.48		0.08		2.19			2.27			(0.09	)		—			(0.09	)		20.66
Class C
20092	$	17.46	$	0.14	$	(1.70	)	$	(1.56	)	$	(0.15	)	$	—		$	(0.15	)	$	15.75
20083		28.45		0.24		(10.48	)		(10.24	)		(0.22	)		(0.53	)		(0.75	)		17.46
20073		25.62		0.17		3.14			3.31			(0.18	)		(0.30	)		(0.48	)		28.45
20063		22.44		0.15		3.19			3.34			(0.16	)		—			(0.16	)		25.62
20054		22.85		—		(0.40	)		(0.40	)		(0.01	)		—			(0.01	)		22.44
20055		20.78		0.18		2.07			2.25			(0.18	)		—			(0.18	)		22.85
20045		18.59		0.08		2.20			2.28			(0.09	)		—			(0.09	)		20.78
Class R6
20092	$	17.58	$	0.17	$	(1.70	)	$	(1.53	)	$	(0.20	)	$	—		$	(0.20	)	$	15.85
20083		28.63		0.35		(10.54	)		(10.19	)		(0.33	)		(0.53	)		(0.86	)		17.58
20073		25.77		0.29		3.17			3.46			(0.30	)		(0.30	)		(0.60	)		28.63
20063		22.57		0.26		3.21			3.47			(0.27	)		—			(0.27	)		25.77
20054		22.98		0.01		(0.40	)		(0.39	)		(0.02	)		—			(0.02	)		22.57
20055		20.91		0.26		2.11			2.37			(0.30	)		—			(0.30	)		22.98
20045		18.70		0.23		2.20			2.43			(0.22	)		—			(0.22	)		20.91
Class Y
20092	$	17.61	$	0.22	$	(1.72	)	$	(1.50	)	$	(0.23	)	$	—		$	(0.23	)	$	15.88
20083		28.66		0.48		(10.56	)		(10.08	)		(0.44	)		(0.53	)		(0.97	)		17.61
20073		25.79		0.44		3.16			3.60			(0.43	)		(0.30	)		(0.73	)		28.66
20063		22.58		0.39		3.21			3.60			(0.39	)		—			(0.39	)		25.79
20054		22.99		0.02		(0.41	)		(0.39	)		(0.02	)		—			(0.02	)		22.58
20055		20.91		0.40		2.08			2.48			(0.40	)		—			(0.40	)		22.99
20045		18.69		0.29		2.22			2.51			(0.29	)		—			(0.29	)		20.91

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

34   First American Funds 2009 Semiannual Report

														Ratio of Net
														Investment
								Ratio of Net			Ratio of			Income (Loss)
					Ratio of			Investment			Expenses			to Average
			Net Assets		Expenses			Income (Loss)			to Average			Net Assets			Portfolio
Total			End of		to Average			to Average			Net Assets			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			(Excluding Waivers)			Waivers)			Rate
	(8.56	)%	$	99,221		0.62	%		2.56	%		0.81	%		2.37	%		3	%
	(36.35	)		114,654		0.62			1.74			0.78			1.58			4
	13.93			213,957		0.62			1.37			0.76			1.23			4
	15.76			229,185		0.62			1.36			0.77			1.21			3
	(1.70	)		234,629		0.62			0.69			0.79			0.52			0
	11.69			238,379		0.62			1.53			0.79			1.36			4
	13.12			234,349		0.62			1.13			0.79			0.96			1
	(8.88	)%	$	9,706		1.37	%		1.82	%		1.56	%		1.63	%		3	%
	(36.82	)		12,856		1.37			0.99			1.53			0.83			4
	13.05			31,343		1.37			0.63			1.51			0.49			4
	14.94			43,369		1.37			0.63			1.52			0.48			3
	(1.78	)		56,097		1.37			(0.06	)		1.54			(0.23	)		0
	10.86			58,857		1.37			0.79			1.54			0.62			4
	12.31			69,828		1.37			0.38			1.54			0.21			1
	(8.89	)%	$	7,750		1.37	%		1.82	%		1.56	%		1.63	%		3	%
	(36.83	)		9,784		1.37			0.99			1.53			0.83			4
	13.09			19,585		1.37			0.62			1.51			0.48			4
	14.93			20,714		1.37			0.62			1.52			0.47			3
	(1.78	)		24,195		1.37			(0.05	)		1.54			(0.22	)		0
	10.84			26,258		1.37			0.79			1.54			0.62			4
	12.28			30,111		1.37			0.38			1.54			0.21			1
	(8.67	)%	$	10,282		0.87	%		2.25	%		1.06	%		2.06	%		3	%
	(36.51	)		9,463		0.87			1.49			1.03			1.33			4
	13.65			7,230		0.87			1.07			1.01			0.93			4
	15.47			3,419		0.87			1.08			1.15			0.80			3
	(1.72	)		1,715		0.87			0.44			1.19			0.12			0
	11.38			1,663		0.87			1.14			1.19			0.82			4
	13.00			333		0.62			1.13			0.79			0.96			1
	(8.44	)%	$	769,779		0.37	%		2.82	%		0.56	%		2.63	%		3	%
	(36.18	)		954,582		0.37			1.99			0.53			1.83			4
	14.22			1,714,008		0.37			1.62			0.51			1.48			4
	16.07			1,935,614		0.37			1.61			0.52			1.46			3
	(1.69	)		1,882,517		0.37			0.94			0.54			0.77			0
	11.92			1,940,567		0.37			1.78			0.54			1.61			4
	13.45			1,979,198		0.37			1.38			0.54			1.21			1

First American Funds 2009 Semiannual Report   35

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions									Net Asset
	Value		Net			Gains			Total from			from Net			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions			Period
Mid Cap Index Fund1
Class A
20092	$	8.83	$	0.06		$	(0.15	)	$	(0.09	)	$	(0.07	)	$	(0.60	)	$	(0.67	)	$	8.07
20083		15.69		0.13			(5.30	)		(5.17	)		(0.10	)		(1.59	)		(1.69	)		8.83
20073		14.25		0.15			2.08			2.23			(0.13	)		(0.66	)		(0.79	)		15.69
20063		13.52		0.11			1.55			1.66			(0.11	)		(0.82	)		(0.93	)		14.25
20054		13.82		—			(0.30	)		(0.30	)		—			—			—			13.52
20055		11.84		0.09			2.40			2.49			(0.09	)		(0.42	)		(0.51	)		13.82
20045		10.36		0.05			1.67			1.72			(0.05	)		(0.19	)		(0.24	)		11.84
Class B
20092	$	8.61	$	0.04		$	(0.16	)	$	(0.12	)	$	(0.03	)	$	(0.60	)	$	(0.63	)	$	7.86
20083		15.36		0.04			(5.17	)		(5.13	)		(0.03	)		(1.59	)		(1.62	)		8.61
20073		13.98		0.04			2.03			2.07			(0.03	)		(0.66	)		(0.69	)		15.36
20063		13.28		—			1.53			1.53			(0.01	)		(0.82	)		(0.83	)		13.98
20054		13.59		(0.01	)		(0.30	)		(0.31	)		—			—			—			13.28
20055		11.67		(0.01	)		2.37			2.36			(0.02	)		(0.42	)		(0.44	)		13.59
20045		10.25		(0.03	)		1.64			1.61			—			(0.19	)		(0.19	)		11.67
Class C
20092	$	8.64	$	0.04		$	(0.16	)	$	(0.12	)	$	(0.03	)	$	(0.60	)	$	(0.63	)	$	7.89
20083		15.41		0.04			(5.19	)		(5.15	)		(0.03	)		(1.59	)		(1.62	)		8.64
20073		14.03		0.04			2.03			2.07			(0.03	)		(0.66	)		(0.69	)		15.41
20063		13.32		—			1.55			1.55			(0.02	)		(0.82	)		(0.84	)		14.03
20054		13.63		(0.01	)		(0.30	)		(0.31	)		—			—			—			13.32
20055		11.70		(0.01	)		2.38			2.37			(0.02	)		(0.42	)		(0.44	)		13.63
20045		10.28		(0.03	)		1.64			1.61			—			(0.19	)		(0.19	)		11.70
Class R6
20092	$	8.76	$	0.05		$	(0.15	)	$	(0.10	)	$	(0.06	)	$	(0.60	)	$	(0.66	)	$	8.00
20083		15.60		0.10			(5.27	)		(5.17	)		(0.08	)		(1.59	)		(1.67	)		8.76
20073		14.19		0.11			2.07			2.18			(0.11	)		(0.66	)		(0.77	)		15.60
20063		13.48		0.07			1.55			1.62			(0.09	)		(0.82	)		(0.91	)		14.19
20054		13.78		—			(0.30	)		(0.30	)		—			—			—			13.48
20055		11.83		0.04			2.41			2.45			(0.08	)		(0.42	)		(0.50	)		13.78
20045		10.36		0.06			1.65			1.71			(0.05	)		(0.19	)		(0.24	)		11.83
Class Y
20092	$	8.84	$	0.08		$	(0.16	)	$	(0.08	)	$	(0.08	)	$	(0.60	)	$	(0.68	)	$	8.08
20083		15.70		0.17			(5.31	)		(5.14	)		(0.13	)		(1.59	)		(1.72	)		8.84
20073		14.27		0.19			2.07			2.26			(0.17	)		(0.66	)		(0.83	)		15.70
20063		13.53		0.15			1.56			1.71			(0.15	)		(0.82	)		(0.97	)		14.27
20054		13.83		0.01			(0.31	)		(0.30	)		—			—			—			13.53
20055		11.84		0.12			2.41			2.53			(0.12	)		(0.42	)		(0.54	)		13.83
20045		10.37		0.08			1.66			1.74			(0.08	)		(0.19	)		(0.27	)		11.84

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the fiscal year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

36   First American Funds 2009 Semiannual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income (Loss)
			Net Assets		Expenses			Income (Loss)			Net Assets			to Average			Portfolio
Total			End of		to Average			to Average			(Excluding			Net Assets			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate
	(0.37	)%	$	13,847		0.75	%		1.71	%		0.94	%		1.52	%		11	%
	(36.46	)		11,374		0.74			1.04			0.84			0.94			15
	16.32			17,868		0.75			1.02			0.81			0.96			15
	12.70			14,722		0.75			0.77			0.81			0.71			7
	(2.17	)		14,318		0.75			0.26			0.80			0.21			1
	21.43			14,827		0.75			0.68			0.82			0.61			15
	16.80			11,987		0.75			0.47			0.80			0.42			14
	(0.78	)%	$	1,018		1.50	%		0.99	%		1.69	%		0.80	%		11	%
	(36.90	)		1,140		1.48			0.29			1.58			0.19			15
	15.41			2,248		1.50			0.32			1.56			0.26			15
	11.87			2,678		1.50			0.03			1.56			(0.03	)		7
	(2.28	)		3,485		1.50			(0.49	)		1.55			(0.54	)		1
	20.57			3,546		1.50			(0.08	)		1.57			(0.15	)		15
	15.88			3,133		1.50			(0.27	)		1.55			(0.32	)		14
	(0.79	)%	$	2,636		1.50	%		1.01	%		1.69	%		0.82	%		11	%
	(36.91	)		3,101		1.48			0.30			1.58			0.20			15
	15.39			5,287		1.50			0.28			1.56			0.22			15
	11.96			4,320		1.50			0.02			1.56			(0.04	)		7
	(2.27	)		3,388		1.50			(0.49	)		1.55			(0.54	)		1
	20.60			3,533		1.50			(0.08	)		1.57			(0.15	)		15
	15.83			2,653		1.50			(0.27	)		1.55			(0.32	)		14
	(0.49	)%	$	8,584		1.00	%		1.48	%		1.19	%		1.29	%		11	%
	(36.66	)		8,157		1.00			0.80			1.10			0.70			15
	16.01			5,913		1.00			0.78			1.06			0.72			15
	12.40			4,032		1.00			0.47			1.17			0.30			7
	(2.18	)		131		1.00			0.01			1.20			(0.19	)		1
	21.09			122		1.00			0.28			1.22			0.06			15
	16.62			1		0.75			0.49			0.80			0.44			14
	(0.23	)%	$	133,983		0.50	%		2.04	%		0.69	%		1.85	%		11	%
	(36.31	)		177,038		0.49			1.29			0.59			1.19			15
	16.52			333,784		0.50			1.29			0.56			1.23			15
	13.05			333,636		0.50			1.03			0.56			0.97			7
	(2.17	)		342,072		0.50			0.51			0.55			0.46			1
	21.82			353,354		0.50			0.92			0.57			0.85			15
	16.97			313,403		0.50			0.73			0.55			0.68			14

First American Funds 2009 Semiannual Report   37

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions									Net Asset
	Value		Net			Gains			Total from			from Net			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions			Period
Small Cap Index Fund1
Class A
20092	$	8.91	$	0.05		$	(0.80	)	$	(0.75	)	$	(0.07	)	$	(1.27	)	$	(1.34	)	$	6.82
20083		15.37		0.13			(4.88	)		(4.75	)		(0.10	)		(1.61	)		(1.71	)		8.91
20073		16.23		0.14			1.13			1.27			(0.12	)		(2.01	)		(2.13	)		15.37
20063		14.12		0.07			2.56			2.63			(0.10	)		(0.42	)		(0.52	)		16.23
20054		14.57		—			(0.45	)		(0.45	)		—			—			—			14.12
20055		13.38		0.07			2.17			2.24			(0.06	)		(0.99	)		(1.05	)		14.57
20045		11.47		0.04			1.98			2.02			(0.03	)		(0.08	)		(0.11	)		13.38
Class B
20092	$	8.56	$	0.02		$	(0.77	)	$	(0.75	)	$	(0.04	)	$	(1.27	)	$	(1.31	)	$	6.50
20083		14.86		0.04			(4.70	)		(4.66	)		(0.03	)		(1.61	)		(1.64	)		8.56
20073		15.77		0.03			1.09			1.12			(0.02	)		(2.01	)		(2.03	)		14.86
20063		13.76		(0.04	)		2.48			2.44			(0.01	)		(0.42	)		(0.43	)		15.77
20054		14.21		(0.01	)		(0.44	)		(0.45	)		—			—			—			13.76
20055		13.15		(0.03	)		2.08			2.05			—			(0.99	)		(0.99	)		14.21
20045		11.33		(0.06	)		1.96			1.90			—			(0.08	)		(0.08	)		13.15
Class C
20092	$	8.66	$	0.02		$	(0.77	)	$	(0.75	)	$	(0.04	)	$	(1.27	)	$	(1.31	)	$	6.60
20083		15.02		0.04			(4.76	)		(4.72	)		(0.03	)		(1.61	)		(1.64	)		8.66
20073		15.92		0.03			1.10			1.13			(0.02	)		(2.01	)		(2.03	)		15.02
20063		13.88		(0.04	)		2.51			2.47			(0.01	)		(0.42	)		(0.43	)		15.92
20054		14.34		(0.01	)		(0.45	)		(0.46	)		—			—			—			13.88
20055		13.26		(0.03	)		2.10			2.07			—			(0.99	)		(0.99	)		14.34
20045		11.43		(0.06	)		1.97			1.91			—			(0.08	)		(0.08	)		13.26
Class R6
20092	$	8.76	$	0.04		$	(0.79	)	$	(0.75	)	$	(0.06	)	$	(1.27	)	$	(1.33	)	$	6.68
20083		15.16		0.10			(4.81	)		(4.71	)		(0.08	)		(1.61	)		(1.69	)		8.76
20073		16.04		0.11			1.11			1.22			(0.09	)		(2.01	)		(2.10	)		15.16
20063		13.97		0.03			2.53			2.56			(0.07	)		(0.42	)		(0.49	)		16.04
20054		14.43		—			(0.46	)		(0.46	)		—			—			—			13.97
20055		13.31		0.04			2.11			2.15			(0.04	)		(0.99	)		(1.03	)		14.43
20045		11.41		0.03			1.97			2.00			(0.02	)		(0.08	)		(0.10	)		13.31
Class Y
20092	$	8.92	$	0.06		$	(0.81	)	$	(0.75	)	$	(0.08	)	$	(1.27	)	$	(1.35	)	$	6.82
20083		15.37		0.16			(4.88	)		(4.72	)		(0.12	)		(1.61	)		(1.73	)		8.92
20073		16.23		0.18			1.13			1.31			(0.16	)		(2.01	)		(2.17	)		15.37
20063		14.12		0.11			2.55			2.66			(0.13	)		(0.42	)		(0.55	)		16.23
20054		14.57		0.01			(0.46	)		(0.45	)		—			—			—			14.12
20055		13.43		0.11			2.12			2.23			(0.10	)		(0.99	)		(1.09	)		14.57
20045		11.51		0.07			1.99			2.06			(0.06	)		(0.08	)		(0.14	)		13.43

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

38   First American Funds 2009 Semiannual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income (Loss)
			Net Assets		Expenses			Income (Loss)			Net Assets			to Average			Portfolio
Total			End of		to Average			to Average			(Excluding			Net Assets			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate
	(8.19	)%	$	5,493		0.82	%		1.49	%		1.77	%		0.54	%		1	%
	(34.15	)		6,043		0.82			1.09			1.31			0.60			19
	8.56			9,109		0.83			0.92			1.12			0.63			12
	19.02			10,639		0.83			0.47			1.08			0.22			17
	(3.09	)		10,067		0.83			0.27			1.01			0.09			0
	17.08			10,323		0.90			0.53			1.03			0.40			23
	17.71			8,749		0.93			0.30			1.02			0.21			25
	(8.64	)%	$	546		1.57	%		0.75	%		2.52	%		(0.20	)%		1	%
	(34.64	)		685		1.57			0.33			2.06			(0.16	)		19
	7.78			1,245		1.58			0.17			1.87			(0.12	)		12
	18.07			1,333		1.58			(0.28	)		1.83			(0.53	)		17
	(3.17	)		1,498		1.58			(0.48	)		1.76			(0.66	)		0
	15.82			1,555		1.65			(0.23	)		1.78			(0.36	)		23
	16.83			1,494		1.68			(0.46	)		1.77			(0.55	)		25
	(8.54	)%	$	1,220		1.57	%		0.74	%		2.52	%		(0.21	)%		1	%
	(34.67	)		1,531		1.57			0.34			2.06			(0.15	)		19
	7.78			2,916		1.58			0.17			1.87			(0.12	)		12
	18.15			2,662		1.58			(0.28	)		1.83			(0.53	)		17
	(3.21	)		2,068		1.58			(0.48	)		1.76			(0.66	)		0
	15.84			2,256		1.65			(0.23	)		1.78			(0.36	)		23
	16.77			1,939		1.68			(0.46	)		1.77			(0.55	)		25
	(8.33	)%	$	1,626		1.07	%		1.20	%		2.02	%		0.25	%		1	%
	(34.33	)		1,121		1.08			0.87			1.57			0.38			19
	8.34			703		1.08			0.71			1.37			0.43			12
	18.75			280		1.08			0.23			1.47			(0.16	)		17
	(3.19	)		23		1.08			0.02			1.41			(0.31	)		0
	16.45			11		1.15			0.30			1.43			0.02			23
	17.65			1		0.93			0.24			0.99			0.18			25
	(8.17	)%	$	36,397		0.57	%		1.79	%		1.52	%		0.84	%		1	%
	(33.95	)		54,932		0.57			1.33			1.06			0.84			19
	8.84			114,343		0.58			1.16			0.87			0.87			12
	19.32			135,802		0.58			0.72			0.83			0.47			17
	(3.09	)		153,572		0.58			0.52			0.76			0.34			0
	16.93			164,156		0.65			0.78			0.78			0.65			23
	18.02			156,411		0.68			0.54			0.77			0.45			25

First American Funds 2009 Semiannual Report   39

Notes toFinancial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

1 > Organization

Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of April 30, 2009, FAIF offered 41 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund are each diversified open-end management investment companies.

FAIF offers Class A, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge for 12 months. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Prior to the close of business on June 30, 2008, each fund offered Class B shares. Subsequent to this date, no new or additional investments are allowed in Class B shares, except for permitted exchanges and any reinvested dividends. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years.

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

2 > Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, then the ask will be the closing price. If the last trade is below the bid, then the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Investments in open-end mutual funds are valued at their respective net asset values on the valuation date.

Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely used quotation system. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value.

The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, Inc. (“FAF Advisors”), on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available.

When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. As of

40   First American Funds 2009 Semiannual Report

April 30, 2009, Mid Cap Index Fund and Small Cap Index Fund held fair valued securities with a total market value of $0 and $0 or 0.0% and 0.0%, respectively, of each fund’s total net assets.

The funds adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements (“FAS 157”), on November 1, 2008. FAS 157 requires each fund to classify its securities based on valuation method, using the following three levels:

Level 1 – Quoted prices in active markets for identical securities. Generally, the types of securities included within Level 1 of a fund are investments in open and closed end funds, common stocks, and futures with quoted prices.

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.

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 the funds 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 funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these securities. Industry implementation has just begun and it may be some period of time before industry practices become more uniform. For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of April 30, 2009, each fund’s investments in securities were classified as follows:

							Total
Fund	Level 1		Level 2		Level 3		Market Value
Equity Index Fund	$	1,119,683	$	3,800	$	—	$	1,123,483
Mid Cap Index Fund		199,158		2,320		—		201,478
Small Cap Index Fund		53,318		920		—		54,238

As of April 30, 2009, each fund’s investments in other financial instruments* were classified as follows:

Fund	Level 1		Level 2		Level 3		Total
Equity Index Fund	$	1,040	$	—	$	—	$	1,040
Mid Cap Index Fund		1,237		—		—		1,237
Small Cap Index Fund		798		—		—		798

*  Other financial instruments include futures, which are valued at the unrealized appreciation (depreciation) on the instrument.

SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. The resulting gain/loss is calculated as the difference between the sales price and the underlying security on the transaction date.

DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared and paid annually for Mid Cap Index Fund and Small Cap Index Fund and quarterly for Equity Index Fund. Distributions are payable in cash or reinvested in additional shares of the fund. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually.

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

As of April 30, 2009, 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. These differences are primarily due to losses deferred from wash sales, the tax recognition of mark to market gains (losses) on open futures contracts, proceeds from securities litigation, and the sale of real estate investment trust securities (“REITs”). To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which the differences arise.

First American Funds 2009 Semiannual Report   41

Notes toFinancial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

The character of distributions paid during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period or year in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) are recorded by the funds. The tax character of distributions paid during the six-month period ended April 30, 2009 (estimated) and the fiscal year ended October 31, 2008, were as follows:

	April, 30, 2009
	Ordinary		Long Term
Fund	Income		Gain		Total
Equity Index Fund	$	13,367	$	—	$	13,367
Mid Cap Index Fund		1,562		11,208		12,770
Small Cap Index Fund		506		7,475		7,981

	October 31, 2008
	Ordinary		Long Term
Fund	Income		Gain		Total
Equity Index Fund	$	29,606	$	35,841	$	65,447
Mid Cap Index Fund		3,585		34,722		38,307
Small Cap Index Fund		1,739		10,901		12,640

As of October 31, 2008, the funds’ most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows:

					Accumulated
	Undistributed		Undistributed		Capital and			Unrealized			Total
	Ordinary		Long Term		Post October			Appreciation			Accumulated
Fund	Income		Capital Gains		Losses			(Depreciation)			Earnings (Deficit)
Equity Index Fund	$	2,298	$	—	$	(3,675	)	$	157,506		$	156,129
Mid Cap Index Fund		815		11,208		—			(37,809	)		(25,786	)
Small Cap Index Fund		287		7,475		—			(10,169	)		(2,407	)

The differences between book and tax basis unrealized appreciation (depreciation) are primarily due to the tax deferral of losses on wash sales and the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts.

As of October 31, 2008 Equity Index Fund had capital loss carryforwards of $3,675 which if not offset by subsequent capital gains, will expire in 2016.

FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market, maintain sufficient liquidity to meet redemption requests, and increase the level of fund assets devoted to replicating the composition of the S&P and Russell indices while reducing transaction costs, the funds may enter into S&P and Russell Index futures contracts and other stock index futures contracts. Upon entering into a futures contract, a fund is required to deposit cash or pledge U.S. government securities. The margin required for a futures contract is set by the exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract.

Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the funds’ Statements of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes.

The funds’ outstanding futures contracts as of April 30, 2009, are disclosed in the Schedule of Investments.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its total net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted

42   First American Funds 2009 Semiannual Report

securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At April 30, 2009, Mid Cap Index Fund and Small Cap Index Fund had investments in illiquid securities with a total value of $0 and $0 or 0.0% and 0.0%, respectively, of total net assets.

Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows:

			Date		Cost
Mid Cap Index Fund	Shares		Acquired		Basis
Travelcenters, Fractional Share		—*		10/01	$	—

			Dates		Cost
Small Cap Index Fund	Shares		Acquired		Basis
Elixir Gaming Technologies		4		6/08	$	5
FirstBank, Fractional Share		—*		8/05		—
Greenhunter Energy, Warrants		—*		8/08		—
Indevus Pharmaceuticals, Escrow Shares		4		3/09		—
Lantronix, Warrants		—*		5/08		—
National Penn, Fractional Share		—*		10/05		—

*  Due to the presentation of the financial statements in thousands, this number rounds to zero.

SECURITIES LENDING – In order to generate additional income, each fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to receive collateral from the borrower in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. If the value of the securities on loan increases, additional collateral is received from the borrower. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. Collateral for securities on loan is invested in a money market fund administered by FAF Advisors and FAF Advisors receives an administration fee equal to 0.02% of such money market fund’s average daily net assets. Securities lending fees paid to U.S. Bank by the funds during the six-month period ended April 30, 2009, were as follows:

Fund	Amount
Equity Index Fund	$	239
Mid Cap Index Fund		63
Small Cap Index Fund		30

Each fund’s income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to U.S. Bank.

SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities no longer included in the portfolio is recorded as an adjustment to realized gains or losses when cash is received. Adjustments made during the six-month period ended April 30, 2009, were as follows:

Fund	Amount
Equity Index Fund	$	472
Mid Cap Index Fund		8
Small Cap Index Fund		80

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended April 30, 2009.

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, as designated by each director. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

First American Funds 2009 Semiannual Report   43

Notes toFinancial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

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

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund is 0.25%, 0.25%, and 0.40%, respectively. FAF Advisors has agreed to contractually waive fees and reimburse other fund expenses through February 28, 2010, so that total annual fund operating expenses, excluding indirect fees and expenses incurred through investment in exchange traded funds and other investment companies, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			B			C			R			Y
Equity Index Fund		0.62	%		1.37	%		1.37	%		0.87	%		0.37	%
Mid Cap Index Fund		0.75			1.50			1.50			1.00			0.50
Small Cap Index Fund		0.83			1.58			1.58			1.08			0.58

The funds may invest in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acts as the investment advisor to both the investing funds and the related money market funds, FAF Advisors will reimburse each investing fund an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. This reimbursement, if any, is included in “Fee waivers” in the Statement of Operations.

ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on a annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAIF. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based upon the number of accounts within that fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.

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

Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from the custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses. For the six-month period ended April 30, 2009, custodian fees for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund were not increased as a result of overdrafts and were not decreased as a result of interest earned.

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 FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00% and 0.50% of each fund’s average daily net assets attributable to Class A, Class B, Class C, and Class R shares, respectively. Class Y shares pay no distribution or shareholder servicing fees. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

44   First American Funds 2009 Semiannual Report

Under the distribution agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2009:

Fund	Amount
Equity Index Fund	$	79
Mid Cap Index Fund		10
Small Cap Index Fund		4

OTHER FEES AND EXPENSES – In addition to investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended April 30, 2009, legal fees and expenses of $9 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge (“CDSC”) is imposed on redemptions made in Class B shares. The CDSC varies depending on the number of years from time of payment for the purchase of Class B shares until the redemption of such shares. Class B shares automatically convert to Class A shares after eight years.

	CDSC as a Percentage
	of Dollar Amount
Year Since Purchase	Subject to Charge
First		5.00	%
Second		5.00
Third		4.00
Fourth		3.00
Fifth		2.00
Sixth		1.00
Seventh		—
Eighth		—

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

The CDSC for Class B shares and Class C shares is imposed on the value of the purchased shares or the value at the time of redemption, whichever is less.

For the six-month period ended April 30, 2009, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:

Fund	Amount
Equity Index Fund	$	31
Mid Cap Index Fund		3
Small Cap Index Fund		1

4 > Capital Share Transactions

FAIF has 366 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

	Equity						Mid Cap						Small Cap
	Index Fund						Index Fund						Index Fund
	Six-Month						Six-Month						Six-Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/09			10/31/08			4/30/09			10/31/08			4/30/09			10/31/08
Class A:
Shares issued		542			868			532			387			262			168
Shares issued in lieu of cash distributions		84			244			122			130			130			77
Shares redeemed		(887	)		(2,065	)		(225	)		(368	)		(264	)		(160	)
Total Class A transactions		(261	)		(953	)		429			149			128			85
Class B:
Shares issued		1			31			5			9			1			12
Shares issued in lieu of cash distributions		6			28			11			17			15			11
Shares redeemed		(128	)		(427	)		(18	)		(40	)		(12	)		(27	)
Total Class B transactions		(121	)		(368	)		(2	)		(14	)		4			(4	)
Class C:
Shares issued		22			47			21			67			13			11
Shares issued in lieu of cash distributions		5			18			24			39			30			23
Shares redeemed		(95	)		(193	)		(70	)		(90	)		(35	)		(51	)
Total Class C transactions		(68	)		(128	)		(25	)		16			8			(17	)
Class R:
Shares issued		221			398			296			685			125			107
Shares issued in lieu of cash distributions		8			10			86			49			29			7
Shares redeemed		(118	)		(123	)		(240	)		(182	)		(39	)		(32	)
Total Class R transactions		111			285			142			552			115			82
Class Y:
Shares issued		7,096			12,669			2,755			2,915			885			1,954
Shares issued in lieu of cash distributions		372			1,273			838			1,357			483			400
Shares redeemed		(13,187	)		(19,533	)		(7,024	)		(5,510	)		(2,192	)		(3,632	)
Total Class Y transactions		(5,719	)		(5,591	)		(3,431	)		(1,238	)		(824	)		(1,278	)
Net decrease in capital shares		(6,058	)		(6,755	)		(2,887	)		(535	)		(569	)		(1,132	)

First American Funds 2009 Semiannual Report   45

Notes toFinancial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the six-month period ended April 30, 2009 and the fiscal year ended October 31, 2008, as follows:

	Six-Month		Fiscal
	Period Ended		Year Ended
Fund	4/30/09		10/31/08
Equity Index Fund		74		188
Mid Cap Index Fund		3		4
Small Cap Index Fund		2		4

5 > Investment Security Transactions

During the six-month period ended April 30, 2009, purchases of securities and proceeds from sales of securities other than temporary investments in short-term securities, were as follows:

Fund	Purchases		Sales
Equity Index Fund	$	23,322	$	116,846
Mid Cap Index Fund		15,712		42,370
Small Cap Index Fund		613		12,794

6 > 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.

7 > Redemption-in-Kind Transaction

On August 1, 2008, $65,171 was redeemed from Equity Index Fund as a redemption-in-kind transaction. In this transaction, the fund distributed a proportionate amount of securities in the fund’s portfolio to the U.S. Bancorp Pension Plan. Remaining shareholders in the fund did not recognize any additional capital gains from the transactions.

8 > New Accounting Pronouncements

In March 2008, the Financial Accounting Standards Board (“FASB”) issued Statement on Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”), which requires enhanced disclosures about a fund’s derivative and hedging activities. FAS 161 is effective for financial statements issued for periods beginning after November 15, 2008 and interim periods within those fiscal years. The funds do not expect FAS 161 to have a material impact on the financial statement amounts; however, additional disclosures will be required.

46   First American Funds 2009 Semiannual Report

Notice toShareholders   April 30, 2009 (unaudited)

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities is available at firstamericanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge upon request by calling 800.677.FUND.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds’ Forms N-Q are available without charge (1) upon request by calling 800.677.FUND and (2) on the Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.

First American Funds 2009 Semiannual Report   47

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Board of DirectorsFirst American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; Chair of Saint Paul Riverfront Corporation;

former Owner and President of Strategic Management Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Retired; former Senior Financial Advisor, Senior Vice President,

Chief Financial Officer, and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Director of Charterhouse Group, Inc.

Victoria Herget

Director of First American Investment Funds, Inc.

Investment Consultant; Chair of United Educators Insurance Company;

former Managing Director of Zurich Scudder Investments

John Kayser

Director of First American Investment Funds, Inc.

Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of William Blair & Company, LLC

Leonard Kedrowski

Director of First American Investment Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Investment Funds, Inc.

Owner and Chief Executive Officer of RKR Consultants, Inc.

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

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

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. This report is for the information of shareholders of the First American Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.
The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

INVESTMENT ADVISOR
       FAF Advisors, Inc.
       800 Nicollet Mall
       Minneapolis, Minnesota 55402

ADMINISTRATOR
       FAF Advisors, Inc.
       800 Nicollet Mall
       Minneapolis, Minnesota 55402

TRANSFER AGENT
       U.S. Bancorp Fund Services, LLC
       615 East Michigan Street
       Milwaukee, Wisconsin 53202 CUSTODIAN
       U.S. Bank National Association
       60 Livingston Avenue
       St. Paul, Minnesota 55101

DISTRIBUTOR
       Quasar Distributors, LLC
       615 East Michigan Street
       Milwaukee, Wisconsin 53202 INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
       Ernst & Young LLP
       220 South Sixth Street
       Suite 1400
       Minneapolis, Minnesota 55402

COUNSEL
       Dorsey & Whitney LLP
       50 South Sixth Street
       Suite 1500
       Minneapolis, Minnesota 55402

In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.

0056-09  6/2009  SAR-INDEX

Table of Contents

Explanation of Financial Statements	1
Holdings Summaries	2
Expense Examples	3
Schedule of Investments	5
Statements of Assets and Liabilities	15
Statements of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	20
Notice to Shareholders	26

Mutual fund investing involves risk; principal loss is possible.

First American Funds’ quantitative funds are actively managed using our proprietary macro quant process, which projects individual stock performance based on multiple factors and current economic conditions. Stocks selected using this process could underperform if the current performance of the factors differs from their historic performance. Turnover, expenses, and taxes will be similar to other actively managed funds.

 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

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

The Statement of Assets and Liabilities lists the assets and liabilities of a fund and present a fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing a 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 a fund’s assets. Other assets include cash and receivables for items such as income earned by a 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 a 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 a fund.

The Statement of Changes in Net Assets describes how a 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 a fund’s net asset size to change during the period.

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

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

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

First American Funds 2009 Semiannual Report   1

Holdings Summaries

Quantitative Large Cap Core

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

First American Prime Obligations Fund, Class Z	9	.0%
Exxon Mobil	4	.8
Chevron	2	.4
Procter & Gamble	2	.2
Johnson & Johnson	2	.1
AT&T	2	.0
Pfizer	1	.7
Microsoft	1	.6
Cisco Systems	1	.4
Google, Class A	1	.2

Sector Allocation as of April 30, 2009¹ (% of net assets)

Information Technology	16	.8%
Healthcare	13	.3
Energy	12	.0
Consumer Discretionary	10	.9
Financials	10	.2
Industrials	9	.8
Consumer Staples	8	.6
Telecommunication Services	3	.3
Utilities	2	.6
Materials	2	.1
Short-Term Investments	10	.1
Other Assets and Liabilities, Net2	0	.3
	100	.0%

Quantitative Large Cap Growth

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Microsoft	3	.1%
First American Prime Obligations Fund, Class Z	2	.9
Cisco Systems	2	.5
IBM	2	.5
Exxon Mobil	2	.1
Apple	2	.0
Google, Class A	2	.0
Hewlett-Packard	2	.0
Intel	1	.8
QUALCOMM	1	.6

Sector Allocation as of April 30, 2009¹ (% of net assets)

Information Technology	31	.0%
Healthcare	13	.4
Industrials	12	.3
Consumer Discretionary	11	.5
Consumer Staples	10	.2
Energy	8	.2
Financials	4	.1
Materials	3	.3
Telecommunication Services	1	.2
Utilities	1	.1
Short-Term Investments	3	.4
Other Assets and Liabilities, Net2	0	.3
	100	.0%

Quantitative Large Cap Value

Top 10 Holdings as of April 30, 2009¹ (% of net assets)

Exxon Mobil	6	.5%
First American Prime Obligations Fund, Class Z	4	.9
Chevron	3	.5
AT&T	3	.4
General Electric	2	.7
Johnson & Johnson	2	.5
Pfizer	2	.5
JPMorgan Chase	2	.4
Procter & Gamble	2	.3
Verizon Communications	2	.0

Sector Allocation as of April 30, 2009¹ (% of net assets)

Financials	19	.7%
Energy	15	.0
Healthcare	12	.5
Consumer Discretionary	11	.3
Industrials	9	.0
Consumer Staples	6	.1
Utilities	5	.9
Telecommunication Services	5	.9
Information Technology	4	.3
Materials	3	.8
Short-Term Investments	6	.2
Other Assets and Liabilities, Net2	0	.3
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

2   First American Funds 2009 Semiannual Report

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from November 1, 2008 to April 30, 2009.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Quantitative Large Cap Core Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual2	$	1,000.00	$	921.10	$	3.29
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.46
Class C Actual2	$	1,000.00	$	917.60	$	6.85
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.20
Class Y Actual2	$	1,000.00	$	922.50	$	2.10
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.61	$	2.21

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.69%, 1.44%, and 0.44% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended April 30, 2009 of -7.89%, -8.24%, and -7.75% for Class A, Class C, and Class Y, respectively.

First American Funds 2009 Semiannual Report   3

Expense Examples  

Quantitative Large Cap Growth Fund

			Ending Account
	Beginning Account Value (11/01/08)		Value (4/30/09)		Expenses Paid During Period1 (11/01/08 to 4/30/09)
Class A Actual2	$	1,000.00	$	971.10	$	3.42
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51
Class C Actual2	$	1,000.00	$	967.90	$	7.08
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25
Class Y Actual2	$	1,000.00	$	972.50	$	2.20
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.26

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.70%, 1.45%, and 0.45% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended April 30, 2009 of -2.89%, -3.21%, and -2.75% for Class A, Class C, and Class Y, respectively.

Quantitative Large Cap Value Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (11/01/08 to
	Value (11/01/08)		Value (4/30/09)		4/30/09)
Class A Actual4	$	1,000.00	$	903.10	$	3.30
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51
Class C Actual4	$	1,000.00	$	900.60	$	6.88
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.30
Class Y Actual4	$	1,000.00	$	904.50	$	2.08
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.61	$	2.21

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.70%, 1.46%, and 0.44% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended April 30, 2009 of -9.69%, -9.94%, and -9.55% for Class A, Class C, and Class Y, respectively.

4   First American Funds 2009 Semiannual Report

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Quantitative Large Cap Core Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 89.6%
Consumer Discretionary – 10.9%
Amazon.com 6 =		2,701	$	218
Apollo Group, Class A 6 =		3,787		238
Bed Bath & Beyond 6 =		688		21
Best Buy 6		4,558		175
Carnival		7,690		207
Coach =		16,654		408
Comcast, Class A		13,924		215
DIRECTV Group 6 =		12,756		315
Family Dollar Stores		2,127		71
Genuine Parts		11,318		384
Harley-Davidson 6		4,351		96
Hasbro		7,283		194
Home Depot 6		17,966		473
J.C. Penney 6		2,668		82
Kohl’s =		1,766		80
Lowe’s		32,743		704
Mattel		15,402		230
McDonald’s		8,973		478
McGraw-Hill		12,333		372
Meredith 6		17,709		444
Newell Rubbermaid		13,624		142
News, Class A		28,423		235
Nike, Class B		4,907		257
Nordstrom 6		1,326		30
Omnicom Group 6		5,910		186
Polo Ralph Lauren 6		3,762		203
Sherwin-Williams 6		9,199		521
Snap-On		503		17
Stanley Works		4,618		176
Staples 6		9,835		203
Target 6		5,160		213
Time Warner		11,737		256
Time Warner Cable =		2,946		95
VF		1,941		115
Viacom, Class B 6 =		2,584		50
Walt Disney		19,950		437
Washington Post, Class B		589		247
				8,788
Consumer Staples – 8.6%
Altria Group		11,635		190
Archer-Daniels-Midland		5,605		138
Coca-Cola		17,239		742
Colgate-Palmolive		1,800		106
CVS Caremark 6		10,354		329
JM Smucker		2,949		116
Kimberly-Clark		2,131		105
Kraft Foods, Class A		10,310		241
Lorillard		5,898		372
Molson Coors Brewing, Class B		2,072		79
PepsiCo		10,281		512
Philip Morris International		21,371		774
Procter & Gamble		35,928		1,776
Safeway		3,249		64
Sysco		13,017		304
Walgreen 6		12,045		379
Wal-Mart Stores		15,219		767
				6,994
Energy – 12.0%
Anadarko Petroleum 6		1,787		77
Apache		2,995		218
Baker Hughes		3,121		111
BJ Services 6		2,266		31
Chevron		29,202		1,930
ConocoPhillips		12,910		529
Devon Energy		3,307		171
ENSCO International		6,314		179
EOG Resources		5,038		320
Exxon Mobil		57,972		3,865
Halliburton		1,771		36
Hess		54		3
Marathon Oil		11,577		344
Murphy Oil		585		28
National-Oilwell Varco =		3,449		104
Noble Energy		1,189		68
Occidental Petroleum		8,953		504
Rowan		8,862		138
Schlumberger		5,534		271
Southwestern Energy 6 =		5,111		183
Sunoco 6		9,836		261
Tesoro 6		5,184		79
Valero Energy		9,102		181
XTO Energy		1,786		62
				9,693
Financials – 10.2%
Aflac		9,014		260
Allstate		9,836		229
Ameriprise Financial		9,762		257
AON		2,770		117
Assurant		2,444		60
Bank of America 6		41,821		373
Bank of New York Mellon		14,808		377
Charles Schwab		5,103		94
Chubb		3,615		141
Cincinnati Financial		10,620		254
CME Group		2,249		498
Discover Financial Services		6,180		50
Federated Investors, Class B		4,086		94
Franklin Resources		4,779		289
Goldman Sachs Group		478		61
IntercontinentalExchange =		4,431		388
Invesco		4,652		69
JPMorgan Chase 6		28,355		936
Legg Mason		3,926		79
Lincoln National 6		12,238		138
Marsh & McLennan		3,248		69
MetLife		10,398		309
NASDAQ OMX Group =		8,619		166
NYSE Euronext 6		20,506		475
Principal Financial Group		9,176		150
Progressive =		1,637		25
Prudential Financial		9,056		262
Public Storage – REIT 6		3,252		217
State Street		6,088		208
Torchmark 6		6,647		195
Travelers		9,931		409
Unum Group 6		7,794		127
Wells Fargo 6		42,712		855
				8,231
Healthcare – 13.3%
Abbott Laboratories		12,121		507
Aetna		4,120		91
Allergan 6		4,195		196
AmerisourceBergen		6,155		207
Amgen 6 =		11,679		566
Baxter International		4,251		206
Becton, Dickinson & Company		4,909		297

First American Funds 2009 Semiannual Report   5

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Quantitative Large Cap Core Fund (continued)
DESCRIPTION	SHARES		VALUE
Bristol-Myers Squibb		29,928	$	575
C.R. Bard		1,772		127
Cardinal Health		3,185		108
Celgene =		3,334		142
CIGNA		9,906		195
Coventry Health Care =		11,204		178
Eli Lilly		14,292		470
Forest Laboratories 6 =		3,674		80
Gilead Sciences =		8,083		370
Hospira =		48		2
Humana =		969		28
Johnson & Johnson		31,649		1,657
King Pharmaceuticals =		17,737		140
McKesson		2,008		74
Medtronic		10,344		331
Merck		28,186		683
Pfizer		100,349		1,341
Schering-Plough		7,947		183
St. Jude Medical =		5,783		194
Stryker		7,060		273
Thermo Fisher Scientific =		4,158		146
UnitedHealth Group		17,830		419
Varian Medical Systems 6 =		2,946		98
WellPoint =		6,268		268
Wyeth		9,473		402
Zimmer Holdings =		3,934		173
				10,727
Industrials – 9.8%
3M		13,421		773
Avery Dennison		2,519		72
Boeing		3,525		141
C.H. Robinson Worldwide		1,036		55
Caterpillar 6		1,936		69
Cintas		7,271		187
Cooper Industries, Class A		2,348		77
Danaher 6		1,522		89
Dover		7,012		216
Eaton		5,875		257
Emerson Electric		3,993		136
Equifax		4,026		117
FedEx 6		4,755		266
Fluor		929		35
General Dynamics		1,571		81
General Electric		71,798		908
Goodrich		1,740		77
Honeywell International 6		9,365		292
Illinois Tool Works		17,324		568
Ingersoll-Rand, Class A 6		2,372		52
ITT		1,890		78
Lockheed Martin		3,578		281
Monster Worldwide 6 =		13,321		184
Norfolk Southern 6		5,558		198
Parker Hannifin		4,754		216
Precision Castparts		1,829		137
R.R. Donnelley & Sons		11,249		131
Raytheon		1,842		83
Robert Half International		7,360		177
Rockwell Automation 6		2,331		74
Rockwell Collins		2,799		107
Union Pacific 6		5,313		261
United Parcel Service, Class B		10,951		573
United Technologies		12,519		612
W.W. Grainger 6		4,121		346
				7,926
Information Technology – 16.8%
Adobe Systems =		5,415		148
Akamai Technologies =		7,704		170
Analog Devices		11,515		245
Apple =		6,414		807
Applied Materials 6		3,408		42
Automatic Data Processing 6		19,203		676
Broadcom, Class A 6 =		16,186		375
Cisco Systems =		59,201		1,144
Cognizant Technology Solutions, Class A =		8,831		219
Computer Sciences =		6,640		245
Compuware =		1,975		15
Corning		11,456		167
Dell =		15,707		183
eBay =		21,951		362
EMC 6 =		18,672		234
Fidelity National Information Services 6		3,559		64
Google, Class A 6 =		2,519		997
Harris		3,246		99
Hewlett-Packard		27,196		979
IBM		8,082		834
Intel 6		60,741		958
Intuit =		14		—
Jabil Circuit		17,649		143
McAfee =		4,912		184
Microsoft		64,508		1,307
Motorola 6		34,935		193
Oracle =		25,129		486
Paychex		14,245		385
QUALCOMM		20,443		865
Salesforce.com 6 =		3,965		170
SanDisk =		2,693		42
Tellabs =		38,854		204
Teradata =		6,139		103
Texas Instruments		21,887		395
Total System Services		10,423		130
				13,570
Materials – 2.1%
Allegheny Technologies		2,879		94
Bemis		16,030		385
Dow Chemical 6		3,967		64
E.I. Du Pont de Nemours 6		2,240		63
International Paper		1,993		25
Nucor 6		4,154		169
Pactiv =		20,302		444
PPG Industries		5,191		229
Praxair		495		37
Sealed Air		2,736		52
Titanium Metals		23,734		161
				1,723
Telecommunication Services – 3.3%
American Tower, Class A =		1,050		33
AT&T		63,568		1,629
CenturyTel 6		106		3
Verizon Communications 6		32,676		991
				2,656

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

6   First American Funds 2009 Semiannual Report

Quantitative Large Cap Core Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Utilities – 2.6%
Ameren		6,657	$	153
Consolidated Edison		5,084		189
DTE Energy		749		22
Duke Energy		15,660		216
FPL Group 6		3,855		207
Integrys Energy Group		7,914		209
Pepco Holdings		1,965		24
PG&E		5,872		218
Pinnacle West Capital		7,330		201
Questar		3,696		110
Sempra Energy		2,786		128
Southern 6		10,451		302
Wisconsin Energy		2,861		114
Xcel Energy		1,148		21
				2,114
Total Common Stocks (Cost $78,618)				72,422
Short-Term Investments – 10.1%
Money Market Fund – 9.0%
First American Prime Obligations Fund, Class Z Å		7,241,885		7,242
U.S. Treasury Obligation – 1.1%
U.S. Treasury Bill
0.054%, 06/04/2009 o	$	900		900
Total Short-Term Investments (Cost $8,142)				8,142
Investment Purchased with Proceeds from Securities Lending – 19.7%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $15,921)		15,920,849		15,921
Total Investments 5 – 119.4% (Cost $102,681)				96,485
Other Assets and Liabilities, Net – (19.4)%				(15,671	)
Total Net Assets – 100.0%			$	80,814

6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $15,351 at April 30, 2009. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the effective yield as of April 30, 2009. 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $102,681. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	5,378
Gross unrealized depreciation		(11,574	)
Net unrealized depreciation	$	(6,196	)

REIT –  Real Estate Investment Trust

Quantitative Large Cap Core Fund (concluded)

Schedule of Open Futures Contracts

			Number of		Notional
	Settlement		Contracts		Contract	Unrealized
Description	Month		Purchased		Value	Appreciation
S&P 500 Futures		June 2009		37	$8,048	$	98

First American Funds 2009 Semiannual Report   7

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Quantitative Large Cap Growth Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 96.3%
Consumer Discretionary – 11.5%
Advance Auto Parts		368	$	16
Amazon.com 6 =		1,097		88
American Eagle Outfitters 6		954		14
AnnTaylor Stores =		246		2
Apollo Group, Class A 6 =		1,398		88
Bed Bath & Beyond 6 =		1,181		36
Best Buy 6		1,305		50
Carnival		1,157		31
Coach =		4,510		110
Comcast, Class A		869		13
DIRECTV Group 6 =		4,561		113
Dollar Tree 6 =		894		38
DreamWorks Animation, Class A =		777		19
Family Dollar Stores		337		11
Genuine Parts		2,161		73
GUESS?		2,323		60
Harley-Davidson 6		943		21
Hasbro		792		21
Hillenbrand		735		13
International Speedway, Class A		1,253		30
Interval Leisure Group =		2,015		16
John Wiley & Sons, Class A		1,269		43
Johnson Controls		224		4
Kohl’s 6 =		318		14
Liberty Media Entertainment, Series A =		1,227		30
Lowe’s		2,551		55
Marriott International, Class A		281		7
Mattel		1,537		23
McDonald’s		3,608		192
McGraw-Hill		1,826		55
Meredith 6		2,265		57
Newell Rubbermaid		300		3
News, Class A		836		7
Nike, Class B		1,996		105
Nordstrom 6		1,171		26
Omnicom Group 6		2,405		76
O’Reilly Automotive 6 =		741		29
Panera Bread, Class A =		638		36
Phillips-Van Heusen 6		298		9
Polo Ralph Lauren 6		797		43
RadioShack 6		35		—
Ross Stores 6		149		6
Sherwin-Williams 6		2,276		129
Signet Jewelers Limited 6		3,385		54
Snap-On		299		10
Stanley Works		278		11
Staples 6		2,602		54
Starbucks 6 =		2,740		40
Strayer Education 6		128		24
Target 6		1,974		81
Tiffany & Company 6		260		7
Tim Hortons		1,554		38
TJX 6		1,652		46
VF		387		23
Viacom, Class B 6 =		496		10
Walt Disney		810		18
Washington Post, Class B		133		56
				2,284
Consumer Staples – 10.2%
Altria Group		3,928		64
Brown-Forman, Class B		494		23
Campbell Soup		31		1
Coca-Cola		5,393		232
Colgate-Palmolive		1,330		79
Costco Wholesale 6		1,362		66
CVS Caremark 6		1,955		62
Estee Lauder, Class A 6		40		1
Hansen Natural =		2,206		90
Kimberly-Clark		411		20
Lorillard		1,183		75
PepsiCo		4,549		227
Philip Morris International		8,380		303
Procter & Gamble		4,371		216
Safeway		103		2
Sysco		4,551		106
Walgreen 6		4,800		151
Wal-Mart Stores		5,977		301
				2,019
Energy – 8.2%
Apache		77		6
Baker Hughes		1,721		61
BJ Services 6		579		8
Chevron		1,920		127
CONSOL Energy		358		11
Denbury Resources =		26		—
Diamond Offshore Drilling 6		246		18
ENSCO International 6		1,137		32
EOG Resources		1,361		86
Exxon Mobil		6,359		424
FMC Technologies 6 =		406		14
Frontier Oil		1,079		14
Halliburton		2,982		60
Hess		772		42
Holly		285		6
Marathon Oil		1,372		41
Murphy Oil		1,163		55
National-Oilwell Varco =		1,713		52
Noble Energy		18		1
Occidental Petroleum		3,563		201
Rowan		296		5
Schlumberger		3,613		177
Southwestern Energy 6 =		2,174		78
Sunoco 6		1,814		48
Tidewater 6		973		42
Valero Energy		809		16
				1,625
Financials – 4.1%
Aflac		2,398		69
Allied World Assurance Company Holdings		410		15
Ameriprise Financial		556		15
BlackRock		344		50
Charles Schwab		3,033		56
CME Group		468		104
Federated Investors, Class B		183		4
Franklin Resources		89		5
HCC Insurance Holdings		877		21
IntercontinentalExchange 6 =		1,407		123
Lincoln National 6		1,869		21
MetLife		265		8
NASDAQ OMX Group =		2,027		39
NYSE Euronext 6		3,050		71
Principal Financial Group		1,138		19
Protective Life		418		4
Prudential Financial		1,178		34
StanCorp Financial Group		891		24
State Street		60		2
T. Rowe Price Group 6		573		22

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

8   First American Funds 2009 Semiannual Report

Quantitative Large Cap Growth Fund (continued)
DESCRIPTION		SHARES		VALUE
TD Ameritrade Holding =			3,327	$	53
Torchmark 6			749		22
W.R. Berkley			1,213		29
					810
Healthcare – 13.4%
Abbott Laboratories			6,588		276
Aetna			2,334		51
Allergan 6			1,373		64
AmerisourceBergen			672		23
Amgen =			218		11
Baxter International			2,237		109
Becton, Dickinson & Company			2,390		145
Bristol-Myers Squibb			10,613		204
C.R. Bard			562		40
Cardinal Health			1,577		53
Celgene =			1,738		74
Cerner 6 =			638		34
CIGNA			2,091		41
Coventry Health Care =			2,346		37
Eli Lilly			1,500		49
Endo Pharmaceuticals Holdings =			3,264		54
Forest Laboratories 6 =			471		10
Genzyme 6 =			384		21
Gilead Sciences =			3,785		173
Henry Schein 6 =			180		7
Humana =			139		4
Johnson & Johnson			4,261		223
King Pharmaceuticals =			1,973		16
McKesson			752		28
Medco Health Solutions =			919		40
Medtronic			4,989		160
Merck			5,246		127
Omnicare			494		13
Pfizer			9,230		123
Pharmaceutical Product Development			132		3
ResMed =			353		14
Schering-Plough			3,836		88
St. Jude Medical =			1,812		61
Stryker			2,297		89
Thermo Fisher Scientific =			494		17
UnitedHealth Group			2,806		66
Varian Medical Systems 6 =			698		23
WellCare Health Plans =			23		—
WellPoint =			592		25
Wyeth			157		7
Zimmer Holdings =			1,548		68
					2,671
Industrials – 12.3%
3M			4,363		251
AECOM Technology =			1,231		32
AMETEK			134		4
Boeing			1,900		76
Burlington Northern Santa Fe			497		34
C.H. Robinson Worldwide 6			820		44
Carlisle Companies			426		10
Caterpillar 6			1,539		55
Cintas			1,519		39
Cooper Industries, Class A			1,959		64
Corporate Executive Board			2,380		41
CSX			133		4
Danaher 6			683		40
Deere & Company 6			828		34
Donaldson			260		9
Dover			1,450		45
Eaton			1,044		46
Emerson Electric			2,899		99
Equifax			767		22
Expeditors International of Washington 6			959		33
Fluor			429		16
Goodrich			864		38
Harsco			257		7
Honeywell International 6			3,884		121
Hubbell, Class B			1,126		37
IDEX			205		5
Illinois Tool Works			3,572		117
Ingersoll-Rand, Class A 6			667		15
ITT 6			249		10
ITT Educational Services =			380		38
Joy Global 6			340		9
Kennametal 6			642		13
Lennox International			165		5
Lockheed Martin			1,551		122
Manitowoc			333		2
Manpower			704		30
Monster Worldwide 6 =			1,355		19
MSC Industrial Direct, Class A			85		3
Pall			199		5
Parker Hannifin			1,239		56
Precision Castparts			933		70
Robert Half International			1,152		28
Rockwell Automation 6			1,575		50
Rockwell Collins			2,137		82
Thomas & Betts =			390		12
Timken			758		12
Union Pacific 6			1,845		91
United Parcel Service, Class B			3,067		161
United Technologies			3,441		168
W.W. Grainger 6			1,394		117
WESCO International =			10		—
					2,441
Information Technology ⊳ – 31.0%
Accenture, Class A			5,879		173
Adobe Systems =			2,395		65
Akamai Technologies =			1,756		39
Altera			1,365		22
Analog Devices			2,326		49
Apple 6 =			3,197		402
Applied Materials 6			7,845		96
Arrow Electronics =			520		12
Autodesk =			1,066		21
Automatic Data Processing 6			5,375		189
Avnet =			892		20
AVX			6,005		60
BMC Software =			90		3
Broadcom, Class A 6 =			4,916		114
Cisco Systems =			26,127		505
Citrix Systems =			749		21
Cognizant Technology Solutions, Class A =			2,449		61
CommScope =	��		1,342		34
Computer Sciences =			1,445		53
Compuware =			1,302		10
Corning			5,734		84
Dell =			9,536		111
DST Systems =			349		13
eBay =			6,205		102
EMC 6 =			7,105		89
F5 Networks 6 =			524		14
Genpact Limited =			2,067		19
Google, Class A 6 =			1,007		399

First American Funds 2009 Semiannual Report   9

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Quantitative Large Cap Growth Fund (continued)
DESCRIPTION	SHARES		VALUE
Harris		1,372	$	42
Hewlett-Packard		10,946		394
IBM		4,872		503
Intel 6		22,699		358
Intuit =		1,547		36
Jabil Circuit		3,512		28
KLA-Tencor		857		24
Marvell Technology Group =		870		10
McAfee =		1,363		51
MEMC Electronic Materials =		758		12
Mettler-Toledo International 6 =		24		1
Microsoft		30,324		614
National Instruments		1,288		28
NCR 6 =		859		9
NetApp 6 =		379		7
Oracle =		15,093		292
Paychex		4,493		121
QUALCOMM		7,435		315
Red Hat 6 =		97		2
Salesforce.com 6 =		1,127		48
Silicon Laboratories =		710		24
Synopsys =		510		11
Tellabs =		4,523		24
Teradata =		1,639		27
Texas Instruments		7,130		129
Total System Services		3,274		41
Trimble Navigation 6 =		329		7
Visa, Class A 6		1,549		101
VMware, Class A =		761		20
WebMD Health, Class A =		481		12
Western Digital =		832		20
Yahoo! 6 =		5,347		76
				6,167
Materials – 3.3%
Air Products and Chemicals		150		10
Allegheny Technologies		1,033		34
Ashland		758		17
Bemis		3,581		86
Cabot Microelectronics		304		4
Carpenter Technology		539		11
Cytec Industries		550		11
Ecolab 6		388		15
Intrepid Potash =		29		1
Monsanto		1,031		87
Nucor 6		776		32
Packaging Corporation of America		920		15
Pactiv =		3,344		73
PPG Industries		836		37
Praxair 6		1,092		81
Scotts Miracle-Gro, Class A		1,340		45
Sigma-Aldrich		58		2
Sonoco Products		116		3
Titanium Metals		7,454		51
Valspar 6		2,107		51
				666
Telecommunication Services – 1.2%
American Tower, Class A =		711		22
AT&T		1,393		36
MetroPCS Communications =		4,231		72
NeuStar, Class A =		2,557		49
NII Holdings =		1,273		20
U.S. Cellular =		788		27
Verizon Communications 6		652		20
				246
Quantitative Large Cap Growth Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Utilities – 1.1%
Alliant Energy		2,240		50
Ameren 6		65		2
Constellation Energy Group		61		2
EQT		283		10
Great Plains Energy		1,161		17
Integrys Energy Group		461		12
NSTAR 6		514		16
Questar		1,763		52
SCANA		662		20
Sempra Energy		593		27
Vectren		236		5
				213
Total Common Stocks
(Cost $20,955)				19,142
Short-Term Investments – 3.4%
Money Market Fund – 2.9%
First American Prime Obligations Fund, Class Z Å		579,121		579
U.S. Treasury Obligation – 0.5%
U.S. Treasury Bill
0.260%, 06/04/2009 o	$	100		100
Total Short-Term Investments
(Cost $679)				679
Investment Purchased with Proceeds from Securities Lending – 23.6%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $4,699)		4,698,671		4,699
Total Investments 5 – 123.3%
(Cost $26,333)				24,520
Other Assets and Liabilities, Net – (23.3)%				(4,640	)
Total Net Assets – 100.0%			$	19,880

6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a market value of $4,587 at April 30, 2009. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
⊳	The fund is significantly invested in this sector and therefore subject to additional risks. See note 6 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the effective yield as of April 30, 2009. 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $26,333. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	1,279
Gross unrealized depreciation		(3,092	)
Net unrealized depreciation	$	(1,813	)

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

10   First American Funds 2009 Semiannual Report

Quantitative Large Cap Growth Fund (concluded)

Schedule of Open Futures Contracts

			Number of	Notional
	Settlement		Contracts	Contract		Unrealized
Description	Month		Purchased	Value		Appreciation
S&P 500 E-Mini Futures		June 2009	15	$	653	$	7

Quantitative Large Cap Value Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 93.5%
Consumer Discretionary – 11.3%
American Eagle Outfitters 6		476	$	7
AnnTaylor Stores =		669		5
Barnes & Noble 6		335		9
Bed Bath & Beyond 6 =		634		19
Carnival		2,014		54
Coach =		1,989		49
Comcast, Class A		5,905		91
DIRECTV Group 6 =		1,048		26
E.W. Scripps, Class A		9,855		19
Foot Locker		1,534		18
Fortune Brands		266		11
Gannett 6		5,693		22
Genuine Parts		2,059		70
GUESS?		899		23
Harley-Davidson 6		177		4
Harman International Industries		695		13
Hasbro		969		26
Home Depot 6		6,913		182
International Game Technology		225		3
International Speedway, Class A		945		22
Interval Leisure Group =		1,428		11
J.C. Penney 6		510		16
John Wiley & Sons, Class A		376		13
Johnson Controls		754		14
Limited Brands 6		79		1
Liz Claiborne		479		2
Lowe’s		8,492		183
Macy’s		2,481		34
Mattel		3,945		59
McGraw-Hill		2,521		76
Meredith 6		3,703		93
Newell Rubbermaid		4,441		46
News, Class A		7,886		65
Nike, Class B		556		29
Omnicom Group 6		954		30
O’Reilly Automotive 6 =		347		14
Phillips-Van Heusen 6		323		9
Polo Ralph Lauren 6		478		26
RadioShack 6		169		2
Royal Caribbean Cruises 6		658		10
Sears Holdings =		44		3
Sherwin-Williams 6		1,168		66
Signet Jewelers Limited 6		4,267		68
Snap-On		78		3
Stanley Works		183		7
Staples 6		334		7
Ticketmaster =		2,080		11
Time Warner		4,093		89
Time Warner Cable =		1,027		33
VF		977		58
Viacom, Class B 6 =		734		14
Walt Disney		7,046		154
Washington Post, Class B		133		56
Whirlpool 6		499		23
Williams-Sonoma 6		2,235		31
Wyndham Worldwide 6		2,892		34
				2,063

First American Funds 2009 Semiannual Report   11

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Quantitative Large Cap Value Fund (continued)
DESCRIPTION	SHARES		VALUE
Consumer Staples – 6.1%
Altria Group		2,381	$	39
Archer-Daniels-Midland		2,273		56
Coca-Cola		2,983		128
CVS Caremark 6		605		19
Hansen Natural =		1,199		49
Hormel Foods		85		3
Kimberly-Clark		304		15
Kraft Foods, Class A		5,234		123
Lorillard		640		40
Molson Coors Brewing, Class B		528		20
Pepsi Bottling Group		586		18
Philip Morris International		405		15
Procter & Gamble		8,401		415
Safeway		1,250		25
Sara Lee		1,034		9
Sysco		2,094		49
Walgreen 6		1,701		54
Wal-Mart Stores		701		35
Whole Foods Market 6		210		4
				1,116
Energy – 15.0%
Anadarko Petroleum 6		1,646		71
Apache		1,219		89
Atwood Oceanics =		54		1
Baker Hughes		266		9
BJ Services 6		1,489		21
Chevron		9,632		637
ConocoPhillips		6,159		252
Devon Energy		1,838		95
EOG Resources		749		48
Exxon Mobil		17,751		1,183
Frontier Oil		545		7
Helix Energy Solutions Group =		20		—
Holly		87		2
Marathon Oil		3,232		96
Noble Energy		551		31
Occidental Petroleum		140		8
Oceaneering International =		16		1
Rowan		256		4
Sunoco 6		1,955		52
Tesoro 6		848		13
Tidewater 6		540		23
Valero Energy		2,901		58
XTO Energy		1,438		50
				2,751
Financials – 19.7%
Aflac		1,125		33
Allied World Assurance Company Holdings		557		21
Allstate		3,187		74
American Capital 6		500		2
American Financial Group		859		15
American National Insurance		559		38
Ameriprise Financial		2,745		72
Annaly Capital Management – REIT		3,087		43
AON		860		36
Associated Banc 6		2,419		37
Assurant		899		22
Axis Capital Holdings		666		16
Bank of America 6		21,561		193
Bank of Hawaii 6		1,403		49
Bank of New York Mellon		4,282		109
BB&T 6		1,426		33
BlackRock		268		39
CapitalSource		5,219		16
Chubb		1,593		62
Cincinnati Financial		2,062		49
Citigroup 6		6,308		19
City National 6		2,926		107
CME Group		397		88
Commerce Bancshares		58		2
Discover Financial Services		3,130		25
Erie Indemnity, Class A		925		33
Federated Investors, Class B		340		8
Fidelity National Financial, Class A		1,525		28
First American		248		7
Franklin Resources		568		34
Genworth Financial, Class A		3,004		7
Goldman Sachs Group		464		60
Hartford Financial Services Group		1,769		20
HCC Insurance Holdings		1,863		45
Hospitality Properties Trust – REIT 6		1,016		12
Huntington Bancshares 6		1,245		4
IntercontinentalExchange =		946		83
Invesco		1,139		17
JPMorgan Chase 6		13,425		443
KeyCorp 6		181		1
Kimco Realty – REIT 6		1,137		14
Legg Mason 6		2,275		46
Lincoln National 6		3,227		36
Loew’s		1,569		39
Marsh & McLennan		1,553		33
Marshall & Ilsley		124		1
MBIA 6 =		2,126		10
Mercury General		941		32
MetLife 6		2,501		74
Morgan Stanley		1,492		35
NASDAQ OMX Group =		1,344		26
NYSE Euronext 6		4,149		96
Old Republic International		2,604		24
PNC Financial Services Group		845		34
Principal Financial Group		3,502		57
Progressive =		1,539		24
ProLogis – REIT 6		406		4
Protective Life		3,824		33
Prudential Financial		2,757		80
Public Storage – REIT 6		1,257		84
Raymond James Financial 6		395		6
StanCorp Financial Group		1,238		34
State Street		1,255		43
SunTrust Banks 6		261		4
T. Rowe Price Group 6		187		7
TD Ameritrade Holding =		2,653		42
Torchmark 6		1,535		45
Transatlantic Holdings		31		1
Travelers		2,283		94
Unitrin		1,490		25
Unum Group 6		2,662		44
W.R. Berkley		2,817		67
Wells Fargo 6		17,671		354
Wilmington Trust 6		4,619		67
				3,617

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

12   First American Funds 2009 Semiannual Report

Quantitative Large Cap Value Fund (continued)
DESCRIPTION	SHARES		VALUE
Healthcare – 12.5%
Aetna		1,269	$	28
AmerisourceBergen		1,069		36
Amgen 6 =		3,638		176
Becton, Dickinson & Company		655		40
Boston Scientific =		1,045		9
Bristol-Myers Squibb		2,463		47
Cardinal Health		638		22
Cerner 6 =		166		9
CIGNA		2,625		52
Coventry Health Care =		2,479		39
Covidien 6		761		25
Eli Lilly		4,714		155
Endo Pharmaceuticals Holdings =		1,816		30
Forest Laboratories 6 =		621		13
Health Net =		682		10
Johnson & Johnson		8,842		463
King Pharmaceuticals =		4,137		33
Medtronic		428		14
Merck		7,726		187
Pfizer		34,404		460
Stryker		567		22
Thermo Fisher Scientific =		737		26
UnitedHealth Group		3,328		78
WellPoint =		1,762		75
Wyeth		4,816		204
Zimmer Holdings =		727		32
				2,285
Industrials – 9.0%
3M		1,019		59
Avery Dennison		85		2
Brinks		21		—
Career Education =		237		5
Carlisle Companies		731		17
Cintas		1,902		49
Cooper Industries, Class A		851		28
Corporate Executive Board		1,468		25
Delta Air Lines =		6,018		37
Dover		380		12
Eaton		1,005		44
FedEx 6		1,656		93
General Dynamics		1,755		91
General Electric		38,665		489
Goodrich		313		14
Honeywell International 6		538		17
Hubbell, Class B		778		26
Illinois Tool Works		4,652		152
Ingersoll-Rand, Class A 6		2,095		46
ITT 6		35		1
Kennametal 6		867		18
Manpower		759		33
Monster Worldwide 6 =		2,454		34
Norfolk Southern 6		406		14
Northrop Grumman		93		4
Parker Hannifin		409		18
Precision Castparts		54		4
R.R. Donnelley & Sons		1,673		19
Raytheon		279		13
Rockwell Automation 6		339		11
Rockwell Collins		953		36
Steelcase, Class A		3,042		14
Teleflex		369		16
Thomas & Betts =		100		3
Timken		977		16
Trinity Industries		806		12
United Parcel Service, Class B		373		19
United Technologies		2,082		102
URS =		377		17
W.W. Grainger 6		369		31
				1,641
Information Technology – 4.3%
Accenture, Class A		2,100		62
Arrow Electronics =		765		17
Automatic Data Processing 6		2,079		73
Avnet =		457		10
AVX		3,076		31
Broadcom, Class A 6 =		1,278		30
Cognizant Technology Solutions, Class A =		223		5
CommScope =		1,210		30
Computer Sciences =		1,887		70
Convergys =		749		8
DST Systems =		104		4
eBay =		1,207		20
EMC 6 =		2,832		35
Genpact Limited =		995		9
IAC/InterActive =		1,689		27
Intel 6		4,257		67
Intersil, Class A		306		4
Jabil Circuit		5,876		48
Lexmark International, Class A =		15		—
Motorola 6		12,907		71
Paychex		1,963		53
SanDisk =		705		11
Tellabs =		7,926		41
Teradata =		1,008		17
Texas Instruments 6		980		18
Total System Services		1,906		24
Tyco Electronics		173		3
Yahoo! 6 =		199		3
				791
Materials – 3.8%
Ashland		3,493		77
Bemis		3,479		84
Cabot Microelectronics		1,217		18
Carpenter Technology		284		6
Celanese, Series A		5		—
Cytec Industries		844		17
Dow Chemical 6		4,558		73
E.I. Du Pont de Nemours 6		2,930		82
Freeport-McMoRan Copper & Gold		131		5
International Paper		2,643		33
Nucor 6		967		39
Packaging Corporation of America		1,251		20
Pactiv =		4,414		96
PPG Industries		800		35
RPM International		140		2
Scotts Miracle-Gro, Class A		975		33
Sonoco Products		180		4
Titanium Metals		3,743		25
Valspar 6		1,406		34
Vulcan Materials 6		391		19
				702

First American Funds 2009 Semiannual Report   13

Schedule of Investments  April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

Quantitative Large Cap Value Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Telecommunication Services – 5.9%
AT&T		24,031	$	616
CenturyTel 6		261		7
MetroPCS Communications =		2,232		38
NeuStar, Class A =		1,038		20
NII Holdings =		653		10
U.S. Cellular =		651		22
Verizon Communications 6		12,068		366
				1,079
Utilities – 5.9%
AGL Resources 6		1,543		48
Alliant Energy		2,596		58
Ameren		2,184		50
American Electric Power		705		19
Aqua America		1,355		25
Atmos Energy		945		23
Consolidated Edison		1,194		44
Constellation Energy Group		64		2
Dominion Resources		2,054		62
DTE Energy		634		19
Duke Energy 6		7,551		104
Energen		253		9
EQT		192		6
FPL Group 6		1,298		70
Great Plains Energy		2,274		33
Integrys Energy Group		1,513		40
Mirant =		1,591		20
NSTAR 6		524		17
OGE Energy		1,269		33
Pepco Holdings		198		2
PG&E		709		26
Pinnacle West Capital		979		27
Questar		1,590		47
SCANA		1,400		42
Sempra Energy		1,978		91
Southern 6		3,272		95
Vectren		944		21
Wisconsin Energy		741		30
Xcel Energy		1,210		22
				1,085
Total Common Stocks
(Cost $19,071)				17,130
Short-Term Investments – 6.2%
Money Market Fund – 4.9%
First American Prime Obligations Fund, Class Z Å		905,858		906
U.S. Treasury Obligation – 1.3%
U.S. Treasury Bill
0.050%, 06/04/2009 o	$	240		240
Total Short-Term Investments
(Cost $1,146)				1,146
Investment Purchased with Proceeds from Securities Lending – 24.0%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $4,391)		4,390,630		4,391
Total Investments 5 – 123.7%
(Cost $24,608)				22,667
Other Assets and Liabilities, Net – (23.7)%				(4,340	)
Total Net Assets – 100.0%			$	18,327

Quantitative Large Cap Value Fund (concluded)

6	This security or a portion of this security is out on loan at April 30, 2009. Total loaned securities had a value of $4,190 at April 30, 2009. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2009. 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.
5	On April 30, 2009, the cost of investments for federal income tax purposes was approximately $24,608. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	1,454
Gross unrealized depreciation		(3,395	)
Net unrealized depreciation	$	(1,941	)

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

			Number of		Notional
	Settlement		Contracts		Contract	Unrealized
Description	Month		Purchased		Value	Appreciation
S&P 500 E-Mini Futures		June 2009		25	$1,088	$	11

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

14   First American Funds 2009 Semiannual Report

Statements ofAssets and Liabilities   April 30, 2009 (unaudited), all dollars and shares are rounded to thousands (000),
except per share data

	Quantitative			Quantitative			Quantitative
	Large Cap			Large Cap			Large Cap
	Core Fund			Growth Fund			Value Fund
Unaffiliated investments, at cost	$	79,518		$	21,055		$	19,311
Affiliated money market fund, at cost		7,242			579			906
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		15,921			4,699			4,391
ASSETS:
Unaffiliated investments, at value* (note 2)	$	73,322		$	19,242		$	17,370
Affiliated money market fund, at value (note 2)		7,242			579			906
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		15,921			4,699			4,391
Cash		1			—			22
Receivable for dividends and interest		124			18			33
Receivable for investments sold		—			25			—
Receivable for capital shares sold		178			—			—
Receivable for variation margin (note 2)		8			1			1
Receivable from advisor (note 3)		6			26			17
Prepaid expenses and other assets		38			38			38
Total assets		96,840			24,628			22,778
LIABILITIES:
Bank overdraft		—			12			—
Payable for investments purchased		—			—			22
Payable upon return of securities loaned (note 2)		15,921			4,699			4,391
Payable for capital shares redeemed		47			—			—
Payable to affiliates (note 3)		32			21			21
Accrued expenses and other liabilities		26			16			17
Total liabilities		16,026			4,748			4,451
Net assets	$	80,814		$	19,880		$	18,327
COMPOSITION OF NET ASSETS:
Portfolio capital	$	119,249		$	25,648		$	23,180
Undistributed net investment income		627			102			161
Accumulated net realized loss on investments (note 2)		(32,964	)		(4,064	)		(3,084	)
Net unrealized appreciation or depreciation of:
Investments		(6,196	)		(1,813	)		(1,941	)
Futures contracts		98			7			11
Net assets	$	80,814		$	19,880		$	18,327
* Including securities loaned, at value	$	15,351		$	4,587		$	4,190
Class A:
Net assets	$	121		$	58		$	15
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		8			3			1
Net asset value, and redemption price per share	$	15.10		$	17.12		$	15.05
Maximum offering price per share1	$	15.98		$	18.12		$	15.93
Class C:
Net assets	$	9		$	20		$	9
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1			1			1
Net asset value, offering price, and redemption price per share2	$	15.07		$	17.11		$	15.13
Class Y:
Net assets	$	80,684		$	19,802		$	18,303
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		5,341			1,156			1,215
Net asset value, offering price, and redemption price per share	$	15.11		$	17.13		$	15.06

1	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
2	Class C has a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

First American Funds 2009 Semiannual Report   15

Statements ofOperations   For the six-month period ended April 30, 2009 (unaudited), all dollars are rounded to thousands (000)

	Quantitative			Quantitative			Quantitative
	Large Cap			Large Cap			Large Cap
	Core Fund			Growth Fund			Value Fund
INVESTMENT INCOME:
Dividends from unaffiliated investments	$	1,267		$	221		$	300
Dividends from affiliated money market fund		39			3			7
Interest from unaffiliated investments		3			—			1
Securities lending income		32			10			8
Total investment income		1,341			234			316
EXPENSES (note 3):
Investment advisory fees		121			28			24
Administration fees		95			29			25
Transfer agent fees		50			50			50
Custodian fees		2			—			—
Legal fees		7			7			7
Audit fees		15			15			15
Registration fees		22			21			21
Postage and printing fees		4			—			—
Directors’ fees		15			15			15
Other expenses		10			10			9
Distribution and shareholder servicing fees:
Class A		—			—			—
Class C		—			—			—
Class R		—			—			—
Total expenses		341			175			166
Less: Fee waivers (note 3)		(161	)		(134	)		(130	)
Total net expenses		180			41			36
Investment income – net		1,161			193			280
REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5):
Net realized loss on:
Investments		(22,987	)		(3,431	)		(1,914	)
Futures contracts		(566	)		(50	)		(251	)
Net change in unrealized appreciation or depreciation of:
Investments		15,391			2,681			582
Futures contracts		(26	)		7			(17	)
Net loss on investments and futures contracts		(8,188	)		(793	)		(1,600	)
Net decrease in net assets resulting from operations	$	(7,027	)	$	(600	)	$	(1,320	)

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

16   First American Funds 2009 Semiannual Report

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

	Quantitative						Quantitative						Quantitative
	Large Cap						Large Cap						Large Cap
	Core Fund						Growth Fund						Value Fund
	Six-Month						Six-Month						Six-Month
	Period Ended			Year			Period Ended			Year			Period Ended			Year
	4/30/09			Ended			4/30/09			Ended			4/30/09			Ended
	(unaudited)			10/31/08			(unaudited)			10/31/08			(unaudited)			10/31/08
OPERATIONS:
Investment income – net	$	1,161		$	1,422		$	193		$	148		$	280		$	214
Net realized gain (loss) on:
Investments		(22,987	)		(7,587	)		(3,431	)		(746	)		(1,914	)		(1,073	)
Futures contracts		(566	)		(1,790	)		(50	)		167			(251	)		184
Net change in unrealized appreciation or depreciation of:
Investments		15,391			(24,537	)		2,681			(5,124	)		582			(2,879	)
Futures contracts		(26	)		116			7			(1	)		(17	)		15
Net decrease in net assets resulting from operations		(7,027	)		(32,376	)		(600	)		(5,556	)		(1,320	)		(3,539	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1	)		(2	)		—			—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		(1,072	)		(941	)		(151	)		(94	)		(201	)		(149	)
Net realized gain on investments:
Class A		—			(1	)		—			(1	)		—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		—			(451	)		—			(77	)		—			(77	)
Total distributions		(1,073	)		(1,395	)		(151	)		(172	)		(201	)		(226	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		24			109			15			51			3			7
Reinvestment of distributions		1			3			—			1			—			1
Payments for redemptions		(11	)		(72	)		(11	)		(39	)		—			(16	)
Increase (decrease) in net assets from Class A transactions		14			40			4			13			3			(8	)
Class C:
Proceeds from sales		—			—			10			—			7			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions (note 3)		—			—			(2	)		—			(3	)		—
Increase in net assets from Class C transactions		—			—			8			—			4			—
Class R:
Proceeds from sales		—			—			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		(3	)		—			(3	)		—			(3	)		—
Decrease in net assets from Class R transactions		(3	)		—			(3	)		—			(3	)		—
Class Y:
Proceeds from sales		29,185			84,298			1,038			18,446			3,186			12,884
Reinvestment of distributions		546			1,108			119			147			169			206
Payments for redemptions		(30,229	)		(11,171	)		(581	)		(652	)		(310	)		(16	)
Increase (decrease) in net assets from Class Y transactions		(498	)		74,235			576			17,941			3,045			13,074
Increase (decrease) in net assets from capital share transactions		(487	)		74,275			585			17,954			3,049			13,066
Total increase (decrease) in net assets		(8,587	)		40,504			(166	)		12,226			1,528			9,301
Net assets at beginning of period		89,401			48,897			20,046			7,820			16,799			7,498
Net assets at end of period	$	80,814		$	89,401		$	19,880		$	20,046		$	18,327		$	16,799
Undistributed net investment income at end of period	$	627		$	539		$	102		$	60		$	161		$	82

First American Funds 2009 Semiannual Report   17

Financial Highlights   For a share outstanding throughout the indicated periods.

	Net Asset		Net			Realized and						Distributions
	Value		Investment			Unrealized			Total from			from Net			Distributions
	Beginning		Income			Gains (Losses) on			Investment			Investment			from Net			Total
	of Period		(Loss)			Investments			Operations			Income			Realized Gains			Distributions
Quantitative Large Cap Core Fund1
Class A
20092	$	16.56	$	0.19		$	(1.50	)	$	(1.31	)	$	(0.15	)	$	—		$	(0.15	)
20083		26.90		0.40			(10.21	)		(9.81	)		(0.29	)		(0.24	)		(0.53	)
20074		25.00		0.06			1.91			1.97			(0.07	)		—			(0.07	)
Class C
20092	$	16.51	$	0.14		$	(1.50	)	$	(1.36	)	$	(0.08	)	$	—		$	(0.08	)
20083		26.88		0.23			(10.20	)		(9.97	)		(0.16	)		(0.24	)		(0.40	)
20074		25.00		0.02			1.90			1.92			(0.04	)		—			(0.04	)
Class Y
20092	$	16.57	$	0.21		$	(1.50	)	$	(1.29	)	$	(0.17	)	$	—		$	(0.17	)
20083		26.90		0.44			(10.20	)		(9.76	)		(0.33	)		(0.24	)		(0.57	)
20074		25.00		0.11			1.87			1.98			(0.08	)		—			(0.08	)
Quantitative Large Cap Growth Fund1
Class A
20092	$	17.75	$	0.15		$	(0.67	)	$	(0.52	)	$	(0.11	)	$	—		$	(0.11	)
20083		27.51		0.24			(9.58	)		(9.34	)		(0.16	)		(0.26	)		(0.42	)
20074		25.00		0.02			2.53			2.55			(0.04	)		—			(0.04	)
Class C
20092	$	17.69	$	0.09		$	(0.66	)	$	(0.57	)	$	(0.01	)	$	—		$	(0.01	)
20083		27.47		0.05			(9.55	)		(9.50	)		(0.02	)		(0.26	)		(0.28	)
20074		25.00		(0.03	)		2.53			2.50			(0.03	)		—			(0.03	)
Class Y
20092	$	17.76	$	0.17		$	(0.67	)	$	(0.50	)	$	(0.13	)	$	—		$	(0.13	)
20083		27.52		0.28			(9.57	)		(9.29	)		(0.21	)		(0.26	)		(0.47	)
20074		25.00		0.07			2.50			2.57			(0.05	)		—			(0.05	)
Quantitative Large Cap Value Fund1
Class A
20092	$	16.84	$	0.23		$	(1.86	)	$	(1.63	)	$	(0.16	)	$	—		$	(0.16	)
20083		26.53		0.52			(9.56	)		(9.04	)		(0.40	)		(0.25	)		(0.65	)
20074		25.00		0.10			1.51			1.61			(0.08	)		—			(0.08	)
Class C
20092	$	16.80	$	0.09		$	(1.76	)	$	(1.67	)	$	—		$	—		$	—
20083		26.51		0.35			(9.55	)		(9.20	)		(0.26	)		(0.25	)		(0.51	)
20074		25.00		0.08			1.48			1.56			(0.05	)		—			(0.05	)
Class Y
20092	$	16.85	$	0.25		$	(1.86	)	$	(1.61	)	$	(0.18	)	$	—		$	(0.18	)
20083		26.54		0.55			(9.54	)		(8.99	)		(0.45	)		(0.25	)		(0.70	)
20074		25.00		0.15			1.48			1.63			(0.09	)		—			(0.09	)

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended April 30, 2009 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the fiscal year indicated.
4	Commenced operations on July 31, 2007. All ratios for the period July 31, 2007 to October 31, 2007 have been annualized, except total return and portfolio turnover.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

18   First American Funds 2009 Semiannual Report

													Ratio of			Ratio of Net
										Ratio of Net			Expenses			Investment
Net Asset							Ratio of			Investment			to Average			Income (Loss)
Value					Net Assets		Expenses			Income (Loss)			Net Assets			to Average			Portfolio
End of		Total			End of		to Average			to Average			(Excluding			Net Assets			Turnover
Period		Return5			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate
$	15.10		(7.89	)%	$	121		0.69	%		2.65	%		1.09	%		2.25	%		48	%
	16.56		(37.08	)		118		0.70			1.77			1.18			1.29			153
	26.90		7.89			131		0.70			0.91			1.40			0.21			55
$	15.07		(8.24	)%	$	9		1.44	%		1.91	%		1.84	%		1.51	%		48	%
	16.51		(37.58	)		10		1.45			0.99			1.93			0.51			153
	26.88		7.69			15		1.45			0.23			2.15			(0.47	)		55
$	15.11		(7.75	)%	$	80,684		0.44	%		2.87	%		0.84	%		2.47	%		48	%
	16.57		(36.93	)		89,270		0.45			1.99			0.93			1.51			153
	26.90		7.93			48,745		0.45			1.73			1.15			1.03			55
$	17.12		(2.89	)%	$	58		0.70	%		1.86	%		2.15	%		0.41	%		33	%
	17.75		(34.41	)		56		0.69			0.99			2.89			(1.21	)		161
	27.51		10.22			71		0.70			0.23			4.70			(3.77	)		58
$	17.11		(3.21	)%	$	20		1.45	%		1.10	%		2.90	%		(0.35	)%		33	%
	17.69		(34.91	)		12		1.44			0.23			3.64			(1.97	)		161
	27.47		10.01			18		1.45			(0.36	)		5.45			(4.36	)		58
$	17.13		(2.75	)%	$	19,802		0.45	%		2.10	%		1.90	%		0.65	%		33	%
	17.76		(34.27	)		19,974		0.44			1.23			2.64			(0.97	)		161
	27.52		10.29			7,725		0.45			1.07			4.45			(2.93	)		58
$	15.05		(9.69	)%	$	15		0.70	%		3.20	%		2.31	%		1.59	%		25	%
	16.84		(34.79	)		14		0.69			2.26			3.78			(0.83	)		178
	26.53		6.46			31		0.70			1.57			4.73			(2.46	)		65
$	15.13		(9.94	)%	$	9		1.46	%		1.24	%		3.07	%		(0.37	)%		25	%
	16.80		(35.25	)		3		1.44			1.52			4.53			(1.57	)		178
	26.51		6.25			5		1.45			1.18			5.48			(2.85	)		65
$	15.06		(9.55	)%	$	18,303		0.44	%		3.45	%		2.05	%		1.84	%		25	%
	16.85		(34.63	)		16,779		0.44			2.51			3.53			(0.58	)		178
	26.54		6.52			7,457		0.45			2.28			4.48			(1.75	)		65

First American Funds 2009 Semiannual Report   19

Notes toFinancial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

1 > Organization

Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. The funds commenced operations July 31, 2007. As of April 30, 2009, FAIF offered 41 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund are each diversified open-end management investment companies.

The funds offer Class A, Class C, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge for 12 months. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Prior to the close of business on April 28, 2009, each fund offered Class R shares. Subsequent to this date, no new or additional investments are allowed in Class R shares.

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

2 > Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, then the ask will be the closing price. If the last trade is below the bid, then the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Investments in open-end mutual funds are valued at their respective net asset values on the valuation date.

Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely used quotation system. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value.

The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, Inc (“FAF Advisors”), on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available.

When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs (American Depositary Receipts), and various other indices, may be reviewed in the course of making a good faith

20   First American Funds 2009 Semiannual Report

determination of a security’s fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of April 30, 2009, Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund held no fair valued securities.

The funds adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements (“FAS 157”), on November 1, 2008. FAS 157 requires each fund to classify its securities based on valuation method, using the following three levels:

Level 1 – Quoted prices in active markets for identical securities. Generally, the types of securities included within Level 1 of a fund are investments in open-end funds, common stocks, and futures with quoted prices.

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.

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 management’s fair value procedures established by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments. Industry implementation has just begun and it may be some period of time before industry practices become more uniform. For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of April 30, 2009, each fund’s investments in securities were classified as follows:

							Total
							Market
Fund	Level 1		Level 2		Level 3		Value
Quantitative Large Cap Core Fund	$	95,585	$	900	$	—	$	96,485
Quantitative Large Cap Growth Fund		24,420		100		—		24,520
Quantitative Large Cap Value Fund		22,427		240		—		22,667

As of April 30, 2009, each fund’s investments in other financial instruments* were classified as follows:

Fund	Level 1		Level 2		Level 3		Total
Quantitative Large Cap Core Fund	$	98	$	—	$	—	$	98
Quantitative Large Cap Growth Fund		7		—		—		7
Quantitative Large Cap Value Fund		11		—		—		11

*  Other financial instruments include futures, which are valued at the unrealized appreciation (depreciation) on the instrument.

SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. The resulting gain/loss is calculated as the difference between the sales price and the underlying security on the transaction date.

DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared and paid annually by each of the funds. Distributions are payable in cash or reinvested in additional shares of the fund. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually.

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

The character of distributions made during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the funds. The distributions paid during the six-month period ended April 30, 2009 and the fiscal year ended October 31, 2008, were as follows:

	April 30, 2009
	Ordinary		Long Term
Fund	Income		Gain		Total
Quantitative Large Cap Core Fund	$	1,073	$	—	$	1,073
Quantitative Large Cap Growth Fund		151		—		151
Quantitative Large Cap Value Fund		201		—		201

First American Funds 2009 Semiannual Report   21

Notes toFinancial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

	October 31, 2008
	Ordinary		Long Term
Fund	Income		Gain		Total
Quantitative Large Cap Core Fund	$	1,341	$	54	$	1,395
Quantitative Large Cap Growth Fund		171		1		172
Quantitative Large Cap Value Fund		219		7		226

As of October 31, 2008, the funds’ most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows:

			Accumulated
	Undistributed		Capital and						Total
	Ordinary		Post-October			Unrealized			Accumulated
Fund	Income		Losses			Depreciation			Deficit
Quantitative Large Cap Core Fund	$	541	$	(7,444	)	$	(23,430	)	$	(30,333	)
Quantitative Large Cap Growth Fund		62		(313	)		(4,764	)		(5,015	)
Quantitative Large Cap Value Fund		83		(351	)		(3,062	)		(3,330	)

The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts.

As of October 31, 2008, the funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the funds’ fiscal year-ends as follows:

Fund	2016		Total
Quantitative Large Cap Core Fund	$	7,444	$	7,444
Quantitative Large Cap Growth Fund		313		313
Quantitative Large Cap Value Fund		351		351

FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, each fund may enter into futures contracts. Upon entering into a futures contract, a fund is required to deposit cash or pledge U.S. government securities. The margin required for a futures contract is set by the exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract.

Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the funds’ Statements of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the period will be recognized as capital gains (losses) for federal income tax purposes.

As of April 30, 2009, Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund had outstanding futures contracts as disclosed in their Schedule of Investments.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its total net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At April 30, 2009, Quantitative Large Cap Core Fund, Quantitative

22   First American Funds 2009 Semiannual Report

Large Cap Growth Fund, and Quantitative Large Cap Value Fund held no investments in illiquid securities.

SECURITIES LENDING – In order to generate additional income, each fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to receive collateral from the borrower in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. If the value of the securities on loan increases, additional collateral is received from the borrower. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. Collateral for securities on loan is invested in a money market fund administered by FAF Advisors and FAF Advisors receives an administration fee equal to 0.02% of such fund’s average daily net assets. Securities lending fees paid to U.S. Bank by the funds for the six-month period ended April 30, 2009, were as follows:

Fund	Amount
Quantitative Large Cap Core Fund	$	12
Quantitative Large Cap Growth Fund		4
Quantitative Large Cap Value Fund		3

SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities no longer included in the portfolio is recorded as an adjustment to realized gains or losses. The funds did not have any adjustments made for the six-month period ended April 30, 2009.

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended April 30, 2009.

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, as designated by each director. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund is 0.30%, 0.30%, and 0.30%, respectively. FAF Advisors has agreed to contractually waive fees and reimburse other fund expenses through February 28, 2010, so that total annual fund operating expenses, excluding indirect fees and expenses incurred through investment in exchange traded funds and other investment companies, as a percentage of average daily net assets, do not exceed the following amounts:

Fund	A			C			Y
Quantitative Large Cap Core Fund		0.70	%		1.45	%		0.45	%
Quantitative Large Cap Growth Fund		0.70			1.45			0.45
Quantitative Large Cap Value Fund		0.70			1.45			0.45

The funds may invest in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acts as

First American Funds 2009 Semiannual Report   23

Notes toFinancial Statements   (unaudited as to April 30, 2009), all dollars and shares are rounded to thousands (000)

the investment advisor to both the investing funds and the related money market funds, FAF Advisors will reimburse each investing fund an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. This reimbursement, if any, is included in “Fee waivers” in the Statement of Operations.

ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank National Association (“U.S. Bank”). Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on a annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAIF. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based upon the number of accounts within that fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.

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

Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses. For the six-month period ended April 30, 2009, custodian fees for Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund were not increased as a result of overdrafts and were not decreased as a result of interest earned, respectively.

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 FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25% and 1.00% of each fund’s average daily net assets attributable to Class A shares and Class C shares, respectively. Class Y shares pay no distribution or shareholder servicing fees. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

Under the distribution and shareholder servicing agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2009:

Fund	Amount
Quantitative Large Cap Core Fund	$	—
Quantitative Large Cap Growth Fund		—
Quantitative Large Cap Value Fund		—

OTHER FEES AND EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended April 30, 2009, legal fees and expenses of $9 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on redemptions made in the Class C shares for the first 12 months. The CDSC is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less.

For the six-month period ended April 30, 2009, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:

Fund	Amount
Quantitative Large Cap Core Fund	$	—
Quantitative Large Cap Growth Fund		—
Quantitative Large Cap Value Fund		—

24   First American Funds 2009 Semiannual Report

4 > Capital Share Transactions

FAIF has 366 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

	Quantitative						Quantitative						Quantitative
	Large Cap						Large Cap						Large Cap
	Core Fund						Growth Fund						Value Fund
	Six-						Six-						Six-
	Month						Month						Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/09			10/31/08			4/30/09			10/31/08			4/30/09			10/31/08
Class A:
Shares issued		2			5			1			2			—			—
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		(1	)		(3	)		(1	)		(1	)		—			—
Total Class A transactions		1			2			—			1			—			—
Class C:
Shares issued		—			—			—			—			1			—
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		—			—			—			—			—			—
Total Class C transactions		—			—			—			—			1			—
Class R:
Shares issued		—			—			—			—			—			—
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		—			—			—			—			—			—
Total Class R transactions		—			—			—			—			—			—
Class Y:
Shares issued		1,993			4,109			61			870			231			707
Shares issued in lieu of cash distributions		36			46			7			6			10			9
Shares redeemed		(2,075	)		(580	)		(36	)		(33	)		(22	)		(1	)
Total Class Y transactions		(46	)		3,575			32			843			219			715
Net increase (decrease) in capital shares		(45	)		3,577			32			844			220			715

5 > Investment Security Transactions

During the six-month period ended April 30, 2009, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows:

Fund	Purchases		Sales
Quantitative Large Cap Core Fund	$	36,291	$	35,982
Quantitative Large Cap Growth Fund		6,337		5,948
Quantitative Large Cap Value Fund		7,695		3,887

6 > Sector Risks

Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. As of April 30, 2009, Quantitative Large Cap Growth Fund had a significant portion of its assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole.

7 > Indemnifications

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

8 > New Accounting Pronouncements

In March 2008, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities – an amendment of FASB Statement No. 133” (“FAS 161”), which requires enhanced disclosures about a fund’s derivative and hedging activities. FAS 161 is effective for financial statements issued for periods beginning after November 15, 2008 and interim periods within those fiscal years. The funds do not expect FAS 161 to have a material impact on the financial statement amounts; however, additional disclosures will be required.

First American Funds 2009 Semiannual Report   25

Notice toShareholders   April 30, 2009 (unaudited)

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities, is available at firstamericanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge upon request by calling 800.677.FUND.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal period with the Securities and Exchange Commission on Form N-Q. The funds’ Forms N-Q are available without charge (1) upon request by calling 800.677.FUND and (2) on the Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.

QUARTERLY PORTFOLIO HOLDINGS

Each fund will make portfolio holdings information publicly available by posting the information at firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 business days of the calendar quarter end.

26   First American Funds 2009 Semiannual Report

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Board of DirectorsFirst American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; Chair of Saint Paul Riverfront Corporation;

former Owner and President of Strategic Management Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Retired; former Senior Financial Advisor, Senior Vice President,

Chief Financial Officer, and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Director of Charterhouse Group, Inc.

Victoria Herget

Director of First American Investment Funds, Inc.

Investment Consultant; Chair of United Educators Insurance Company;

former Managing Director of Zurich Scudder Investments

John Kayser

Director of First American Investment Funds, Inc.

Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of William Blair & Company, LLC

Leonard Kedrowski

Director of First American Investment Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Investment Funds, Inc.

Owner and Chief Executive Officer of RKR Consultants, Inc.

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

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

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. This report is for the information of shareholders of the First American Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.
The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

INVESTMENT ADVISOR
       FAF Advisors, Inc.
       800 Nicollet Mall
       Minneapolis, Minnesota 55402

ADMINISTRATOR
       FAF Advisors, Inc.
       800 Nicollet Mall
       Minneapolis, Minnesota 55402

TRANSFER AGENT
       U.S. Bancorp Fund Services, LLC
       615 East Michigan Street
       Milwaukee, Wisconsin 53202 CUSTODIAN
       U.S. Bank National Association
       60 Livingston Avenue
       St. Paul, Minnesota 55101

DISTRIBUTOR
       Quasar Distributors, LLC
       615 East Michigan Street
       Milwaukee, Wisconsin 53202 INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
       Ernst & Young LLP
       220 South Sixth Street
       Suite 1400
       Minneapolis, Minnesota 55402

COUNSEL
       Dorsey & Whitney LLP
       50 South Sixth Street
       Suite 1500
       Minneapolis, Minnesota 55402

In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.

0056-09  6/2009  SAR-QUANT

Item 2—Code of Ethics

Not applicable to the semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to the semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to the semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, 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.
(a)(2)	Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act are filed as exhibits hereto.
(a)(3)	Not applicable.
(b)	Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act are filed as exhibits hereto.

Signatures

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

First American Investment Funds, Inc.

By:	/s/ Thomas S. Schreier, Jr.
	Thomas S. Schreier, Jr. President

Date: June 24, 2009

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

By:	/s/ Thomas S. Schreier, Jr.
	Thomas S. Schreier, Jr. President

Date: June 24, 2009

By:	/s/ Charles D. Gariboldi, Jr.
	Charles D. Gariboldi, Jr. Treasurer

Date: June 24, 2009