Nuveen Large Cap Select Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05309

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, 2009

Date of reporting period: October 31, 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


Message to Shareholders			1
Explanation of Financial Statements			2
Management Discussions and Performance Summaries			3
Expense Examples			45
Report of Independent Registered Public Accounting Firm			53
Schedule of Investments			54
Statements of Assets and Liabilities			82
Statements of Operations			86
Statements of Changes in Net Assets			88
Financial Highlights			92
Notes to Financial Statements			120
Notice to Shareholders			137
EX-99.CERT
EX-99.906CERT

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to Shareholders December 7, 2009

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended October 31, 2009.

This report includes portfolio commentaries, comparative performance graphs and tables, complete listings of portfolio holdings, and additional fund information. We hope you will find this helpful in monitoring your investment portfolio.

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

Please contact your financial professional if you have questions about First American Funds or contact First American Investor Services at 800.677.FUND.

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

Sincerely,




Virginia L. Stringer Chairperson of the Board First American Investment Funds, Inc.		Thomas S. Schreier, Jr. President First American Investment Funds, Inc.

First American Funds 2009 Annual Report 1

Explanation of Financial Statements

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

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

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

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

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

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

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

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

2 First American Funds 2009 Annual Report

Equity Income Fund

Investment Objective: long-term growth of capital and income

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Equity Income Fund (the “fund”), Class Y shares, returned 10.51% for the fiscal year ended October 31, 2009 (Class A shares returned 10.32% without taking the sales charge into account). By comparison, the fund’s broad-based benchmark, the Standard & Poor’s 500 Index*, returned 9.80% for the same period and the fund’s custom benchmark, the Standard and Poor’s 500 Dividend Only Stocks Index*, returned 6.30% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives has worked to restore normal functioning in intrabank funding markets and has supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.

As a result of the broad-based easing of monetary policy and mortgage-related asset purchases by the Federal Reserve, equity markets began moving higher after reaching their low in March, anticipating that these actions would ease financial strains and contribute to a stabilization and improvement in economic and corporate earnings performance. Subsequent economic data and earnings reports validated the initial expectations and have contributed to further gains in the equity markets as the fiscal year progressed.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


Chevron	3.8	%
Exxon Mobil	3.5
ConocoPhillips	2.9
Microsoft	2.5
McDonald’s	2.5
Emerson Electric	2.5
JPMorgan Chase	2.3
Westar Energy	2.3
Bank of America	2.2
E.I. Du Pont de Nemours	2.1

Sector Allocation as of October 31, 2009¹ (% of net assets)


Financials	15.5	%
Energy	15.3
Industrials	14.4
Information Technology	13.5
Healthcare	10.5
Consumer Discretionary	8.8
Consumer Staples	8.0
Telecommunication Services	5.0
Utilities	4.4
Materials	4.0
Short-Term Investment	0.5
Other Assets and Liabilities, Net²	0.1

	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 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 Annual Report 3

Equity Income Fund

What worked for the fund and why?

The fund’s sector allocation during the fiscal year significantly enhanced fund performance. Relative to the fund’s custom benchmark, the fund was underweight in financials for the early part of the period, when the sector was the weakest performer in the market. Being overweight in information technology, a strong performing sector, also enhanced fund performance. Additionally, the fund made a timely allocation to increase the weights in industrials, consumer discretionary and financial sectors during the period and benefited when these sectors subsequently rebounded. These sector moves reflected the fund managers’ growing conviction during the period that the U.S. financial crisis was ending, as evidenced by the U.S. economy stabilizing, corporate earnings returning to profitability, and the global economy rebounding more quickly and strongly than that of the U.S.

Stock selection contributed positively to fund results in several sectors. In financials, ICICI Bank was a standout performer, reflecting the strong rebound in the Indian stock market and its strong market position in the banking industry of that country. The fund initiated timely positions in several REIT holdings, including Ventas, Mack Cali Realty and Annaly Capital Management, which rebounded sharply as the corporate finance markets recovered. Other strong performers included JP Morgan Chase, BlackRock, and Goldman Sachs Group, leading financial institutions which maintained their strong capital and competitive positions relative to their competition throughout the global financial crisis.

In the consumer discretionary sector, Harley Davidson and J.C. Penney were significant positive contributors, as the fund initiated positions at very compelling valuations and benefited when these stocks rebounded. Industrial sector stock selection was another positive for the period, where a timely purchase of Deere paid off as the stock’s valuation recovered. Emerson Electric, one of the fund’s largest industrial holdings, also outperformed in this sector, reflecting its increasing global opportunities and continued strong financial position. In the materials sector, Praxair, which operates in the industrial gas business, performed strongly, reflecting its leading global market position and continued relatively strong business trends in its overseas markets throughout the period. In the information technology sector, the fund’s emphasis on out-of-favor semi-conductor stocks was rewarded as the fund holdings rebounded, including strong performance from Maxim Integrated Products, Texas Instruments, Intel and QUALCOMM.

What did not work for the fund and why?

The fund’s worst performing sectors relative to the custom benchmark were consumer staples and energy. In the former, the fund was under-represented in the stronger performing food and beverage stocks. In the latter, the fund’s holdings did not include the higher volatility and lower dividend paying oil service and E&P (exploration and production) companies, which were the strongest performers for the period.

The fund’s holding of Fairpoint Communications was a very poor performer due to market concerns over subscriber losses in the wireline business, delays in merging the operations of businesses acquired from Verizon, and a highly leveraged balance sheet.

What strategic moves were made by the fund and why?

As of the close of the fiscal year, the fund has repositioned for the anticipated end of the U.S. recession and continued rebound in the broad global economy, led by Asian countries, albeit at a moderating pace. Sector overweights include industrials, information technology, and energy. In the consumer staples and utilities sectors, the fund is underweight relative to the custom benchmark. The fund continues to emphasize primarily large U.S.-based companies with growing global franchises and with dividend policies that support above average current yields and dividend growth.

4 First American Funds 2009 Annual Report

Annual Performance^1,2


	October 31, 2009												September 30, 2009*
										Since Inception												Since Inception
	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		4.23	%		0.78	%		1.56	%		—			(8.54	)%		1.36	%		2.41	%		—


Class B		4.41	%		0.84	%		1.37	%		—			(8.62	)%		1.43	%		2.22	%		—


Class C		8.41	%		1.15	%		1.36	%		—			(4.85	)%		1.77	%		2.23	%		—

Average annual return without sales charge (NAV)
Class A		10.32	%		1.93	%		2.13	%		—			(3.24	)%		2.51	%		2.99	%		—


Class B		9.41	%		1.16	%		1.37	%		—			(3.95	)%		1.75	%		2.22	%		—


Class C		9.41	%		1.15	%		1.36	%		—			(3.91	)%		1.77	%		2.23	%		—


Class R		9.92	%		1.65	%		—			3.02	%		(3.44	)%		2.25	%		—			3.33	%


Class Y		10.51	%		2.17	%		2.38	%		—			(2.89	)%		2.78	%		3.25	%		—


S&P 500 Index³		9.80	%		0.33	%		(0.95	)%		1.88	%⁵		(6.91	)%		1.02	%		(0.15	)		2.14	%⁵


S&P 500 Dividend Only Stocks Index⁴		6.30	%		0.07	%		0.14	%		1.69	%⁵		(9.93	)%		0.59	%		0.91	%		1.89	%⁵

The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

Total returns at public offering price (“POP”) reflect performance over the time period indicated including the maximum sales charge of 5.50% for Class A shares and the maximum contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.


	As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class B, Class C, Class R, and Class Y shares was 1.17%, 1.92%, 1.92%, 1.42%, and 0.92%, respectively.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,6 as of October 31, 2009


Equity Income Fund, Class A (NAV)	$	12,349


Equity Income Fund, Class A (POP)	$	11,669


S&P 500 Index³	$	9,090


S&P 500 Dividend Only Stocks Index⁴	$	10,143

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the S&P 500 Index³ and the S&P 500 Dividend Only Stocks Index⁴.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks.

⁴	The S&P 500 Dividend Only Stocks Index custom benchmark is composed of companies in the S&P 500 Index that have an indicated annual dividend.

⁵	The performance since inception of this index is calculated from the month end following the inception of the class.

⁶	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

First American Funds 2009 Annual Report 5

Global Infrastructure Fund

Investment Objective: to provide long-term growth of capital and income

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Global Infrastructure Fund (the “fund”), Class Y shares, returned 23.14% for the fiscal year ended October 31, 2009 (Class A shares returned 22.76% without taking the sales charge into account). By comparison, the fund’s benchmark, the Standard & Poor’s Global Infrastructure Index*, returned 16.88% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product (“GDP”) expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.

As a result of the broad-based easing of monetary policy and mortgage-related asset purchases by the Federal Reserve, equity markets began moving higher after reaching the low in March, anticipating that these actions would ease financial strains and contribute to a stabilization and improvement in economic and corporate earnings performance. Subsequent economic data and earnings reports validated the initial expectations and have contributed to further gains in the equity markets as the fiscal year progressed.

What worked for the fund and why?

The fund’s performance outpaced the benchmark for the fiscal year. The portfolio benefited from broad asset price appreciation during the year, as the infrastructure segment as a whole did well, with liquidity returning to the market. The fund’s high quality bias and defensive positioning served it well during the difficult fourth quarter of 2008 and first quarter of 2009.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


Abertis Infraestructuras	3.6	%
Transurban Group	3.4
Spectra Energy	3.1
Enbridge	3.1
Kinder Morgan Management	3.0
Cheung Kong Infrastructure Holdings	2.4
TransCanada	2.2
Companhia de Transmissao de Energia Electrica Paulista	2.1
Fraport	2.1
Vinci	1.9

Country Allocation as of October 31, 2009¹ (% of net assets)


United States	18	.0%
Hong Kong	10	.1
United Kingdom	8	.5
Spain	8	.0
Canada	6	.9
France	6	.1
China	4	.8
Singapore	4	.8
Brazil	4	.5
Australia	4	.4
Other	20	.6
Short-Term Investment	0	.1
Other Assets & Liabilities, Net²	3	.2

	100	.0%


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

²	Investments 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 Annual Report

On a sector basis, the portfolio outperformed within electric utilities due to its underweight stance compared to the benchmark. As the economy moved into a recovery period, electric utilities fell short of the market as many investors sold their electric utility holdings as a source of cash to fund more risky equity investments. Our portfolio is often underweight in electric utilities because most of the companies in the benchmark don’t qualify under our definition of infrastructure. When we own electric utilities, we look for companies that have a significant amount of exposure to regulated, hard assets such as electric transmission and distribution because of their consistent cash flows. During the fiscal year, the performance of such stocks greatly benefited the fund.

The portfolio’s performance was also rewarded for its overweight position relative to the benchmark in gas utilities, and our focus on companies that develop and own gas pipeline and distribution systems in China. As China’s urbanization trend continues, the demand for piped gas will continue to increase. Because the Chinese government controls gas distribution, we invest in the gas utilities and distribution companies whose long-standing relationships allow them to benefit from the continued build-out.

Clean water is also a key component of developing nations’ ability to climb the economic ladder. Specifically, the fund benefited from exposure to Asian waste water treatment plants. We also benefited from favorable stock selection in toll roads, as well-timed increases in our weightings to Transurban Group, an Australian toll road company, and APRR, a French toll road company, helped drive positive results for the fiscal year. In addition, our focus on high-cash-flow companies in energy infrastructure and logistics boosted fund performance.

What did not work for the fund and why?

Our approach to investing in infrastructure generally results in the portfolio’s beta, a measure of volatility, being lower than that of the fund’s benchmark. The fund’s relatively lower risk positioning was a drag on performance during a period in which higher-beta companies outperformed. Sectors whose performance is closely linked with business cycles, such as ports and airports, also had a negative impact on fund performance; the fund’s exposure to these sectors was relatively limited at a time when they enjoyed a cyclical rebound.

What strategic moves were made by the fund and why?

We continued to slightly increase the portfolio’s beta compared to its benchmark as the recessionary environment gradually gave way to recovery. Still, staying true to our investment strategy, we remained at a lower risk level than our benchmark and other more diversified global indices. As prices fell for many of the overvalued higher-volatility stocks, we began looking for opportunities to add to positions in sectors poised to gain in the recovering economic environment. Some of the opportunistic buys we made were in the airport, pipeline, toll road, and seaport sectors. These sectors are more correlated to GDP and, while a little less cyclical than the broader market, they are more cyclical than other infrastructure segments.

First American Funds 2009 Annual Report 7

Global Infrastructure Fund

Annual Performance^1,2


	October 31, 2009									September 30, 2009*
				Since Inception									Since Inception
	1 year			12/17/2007			11/3/2008†			1 year			12/17/2007			11/3/2008†
Average annual return with sales charge (POP)
Class A		16.08	%		(14.47	)%		—			(2.87	)%		(14.68	)%		—


Class C		—			—			20.00	%		—			—			21.25	%

Average annual return without sales charge (NAV)
Class A		22.76	%		(11.86	)%		—			2.77	%		(11.95	)%		—


Class C		—			—			21.00	%		—			—			22.25	%


Class R		—			—			21.48	%		—			—			22.57	%


Class Y		23.14	%		(11.71	)%		—			2.95	%		(11.80	)%		—


S&P Global Infrastructure Index³		16.88	%		(15.94	)%		14.55	%		(2.78	)%		(15.62	)%		18.82	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

International investing involves risks not typically associated with domestic investing, including risks of adverse currency fluctuations, potential political and economic instability, different accounting standards, foreign government regulations, currency exchange rates, limited liquidity, and volatile prices.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, before waivers and including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class C, Class R, and Class Y shares was 4.17%, 4.92%, 4.42%, and 3.91%, respectively. The advisor has contractually agreed to waive fees through February 28, 2010 so that total annual fund operating expenses, not including any acquired fund fees and expenses, for Class A, Class C, Class R, and Class Y shares do not exceed 1.25%, 2.00%, 1.50%, and 1.00%, respectively. These fee waivers may be terminated at any time after February 28, 2010, at the discretion of the advisor. Prior to that time, such waivers may not be terminated without the approval of the fund’s board of directors.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

	†	Returns not annualized.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Global Infrastructure Fund, Class A (NAV)	$	7,893


Global Infrastructure Fund, Class A (POP)	$	7,461


S&P Global Infrastructure Index³	$	7,222

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 12/17/2007 to 10/31/2009) as compared to the S&P Global Infrastructure Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	The unmanaged S&P Global Infrastructure Index in comprised of 75 of the largest publicly listed infrastructure companies from around the world that meet specific investability requirements.

⁴	Performance for Class C, Class R and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

8 First American Funds 2009 Annual Report

International Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2009?

The First American International Fund (the “fund”), Class Y shares, returned 25.68% for the fiscal year ended October 31, 2009 (Class A shares returned 25.29% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI EAFE Index*, returned 28.41% for the same period.

How did market conditions affect stock performance during the fiscal year?

For the 12 months ended October 31, 2009, the international equity markets produced a total return of 34.79%, the developed markets produced a total return of 28.41%, and emerging markets produced a total return of 64.63% for the period, as represented by the MSCI All Country World Index ex USA, the MSCI EAFE Index, and the MSCI Emerging Market Index, respectively. The only major market to produce a negative total return during the period was Ireland, where the market was down 19% during the fiscal year. The primary drivers of global equity returns were policy actions to inject liquidity into the marketplace and the resumption of economic growth around much of the world.

What worked for the fund and why?

The fund currently uses two subadvisors who select stocks according to either a growth or value style, while the fund’s advisor allocates between the subadvisors, adjusts the overall portfolio balance and country emphasis using index-related investments, and selects stocks in the infrastructure sector. Each of these were positive contributors to performance during the past year – the subadvisors primarily by smartly selecting individual stock and sector emphases, and our overall portfolio management by successfully redirecting to the strongest performing markets. Relative to the fund’s benchmark, the fund was overweight to the consumer services sector and an underweight to financials, which benefited performance. Country positions that yielded positive results included overweights to Brazil, Indonesia, and Russia, and underweights to Japan and the United Kingdom.

What did not work for the fund and why?

The fund emphasized emerging markets over European stocks during the summer months when European stocks rebounded more sharply. This phase of underperformance partially offset our overall success in country choices.

What strategic moves were made by the fund and why?

The primary move made by the fund was from a conservative allocation in October 2008, to a fully invested posture starting in March 2009, as markets began to rebound. Similarly, we shifted from a developed-nation emphasis to a significant tilt toward emerging economies, starting with an emphasis on China and Hong Kong earlier in the year.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


State Street Institutional Liquid Reserves Fund	5.9	%
U.S. Treasury Bill, 0.227%, 11/19/2009	3.3
Nestle	2.1
GlaxoSmithKline	1.3
Adidas	1.3
Covidien	1.2
BNP Paribas	1.2
FANUC	1.2
BP – ADR	1.1
Novartis	1.1

Country Allocation as of October 31, 2009¹ (% of net assets)


United Kingdom	18	.3%
Japan	18	.1
France	9	.2
Germany	7	.6
Switzerland	6	.0
Canada	4	.2
Hong Kong	3	.1
Spain	2	.4
China	1	.8
Australia	1	.7
Other	18	.1
Short-Term Investments	9	.2
Other Assets & Liabilities, Net²	0	.3

	100	.0%


¹	Fund holdings and country allocations are subject to change at any time and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each country through direct investments and do not reflect the impact on country allocation of holding derivative instruments, such as futures contracts. See note 2 in Notes to Financial Statements and the fund’s Schedule of Investments for derivatives held at October 31, 2009.

²	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables on derivative instruments based on mark-to-market adjustments as well as 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 Annual Report 9

International Fund

Our overall management of the portfolio continues to emphasize sectors and countries believed to offer stronger potential for growth. At year end, the overall themes for the portfolio include a modest overweight versus the benchmark to resource nations, an underweight to high-debt financial services economies, and an overweight to domestic growth economies such as China and India. As of fiscal year end, the portfolio consists of an overweight to emerging markets and an underweight to developed markets. Regionally, the portfolio is overweight the Americas, Asia Pacific excluding Japan, and Africa, and selectively underweight Europe (overweight in Germany and France, underweight in Spain and the United Kingdom). We continue to maintain overweight positions in Brazil, Russia, India, and China (Hong Kong), also known as the BRIC countries. We are overweight developed resource nations such as Canada and Australia and underweight Japan relative to the benchmark.

10 First American Funds 2009 Annual Report

Annual Performance^1,2


	October 31, 2009												September 30, 2009*
										Since Inception												Since Inception
	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001

Average annual return with sales charge (POP)
Class A		18	.34%		2.55	%		0.00	%		—			(2	.86)%		3.76	%		0.61	%		—


Class B		19	.24%		2.56	%		(0.19	)%		—			(3	.09)%		3.78	%		0.41	%		—


Class C		23	.36%		2.93	%		—			4.22	%		1	.03%		4.15	%		—			4.65	%

Average annual return without sales charge (NAV)
Class A		25	.29%		3.72	%		0.57	%		—			2	.76%		4.93	%		1.18	%		—


Class B		24	.24%		2.92	%		(0.19	)%		—			1	.91%		4.12	%		0.41	%		—


Class C		24	.36%		2.93	%		—			4.22	%		2	.03%		4.15	%		—			4.65	%


Class R		25	.39%		3.44	%		0.36	%		—			2	.88%		4.70	%		0.99	%		—


Class Y		25	.68%		3.96	%		0.82	%		—			2	.96%		5.19	%		1.43	%		—


MSCI EAFE Index³		28	.41%		5.59	%		2.46	%		8.06	%		3	.80%		6.57	%		2.97	%		8.32	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, before waivers and including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class B, Class C, Class R, and Class Y shares was 1.54%, 2.29%, 2.29%, 1.79%, and 1.29%, respectively. The advisor has contractually agreed to waive fees through February 28, 2010 so that total annual fund operating expenses, not including any acquired fund fees and expenses, for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.49%, 2.24%, 2.24%, 1.74%, and 1.24%, respectively. These fee waivers may be terminated at any time after February 28, 2010, at the discretion of the advisor. Prior to that time, such waivers may not be terminated without the approval of the fund’s board of directors.


*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


International Fund, Class A (NAV)	$	10,587


International Fund, Class A (POP)	$	10,004


MSCI EAFE Index³	$	12,747

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the MSCI EAFE Index.³


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

	Effective November 3, 2008, Altrinsic Global Advisors, LLC and Hansberger Global Investors, Inc. were named subadvisors of the fund and began managing the fund’s assets. On September 24, 2001, the First American International Fund merged with Firstar International Growth Fund and Firstar International Value Fund. Performance history prior to September 24, 2001 represents that of the Firstar International Growth Fund.

³	An unmanaged index of common stocks in Europe, Australasia, and the Far East.

⁴	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

First American Funds 2009 Annual Report 11

International Select Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2009?

The First American International Select Fund (the “fund”), Class Y shares, returned 32.68% for the fiscal year ended October 31, 2009 (Class A shares returned 32.32% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI All Country World Investable Market Index ex USA*, returned 37.33% for the same period.

How did market conditions affect stock performance during the fiscal year?

What worked for the fund and why?

The fund currently uses three subadvisors who select stocks according to growth, value, or emerging market styles, while the fund’s advisor allocates between the subadvisors, adjusts the overall portfolio balance and country emphasis using index-related investments, and selects stocks in the infrastructure sector. Each of these were positive contributors to performance during the past year – the subadvisors primarily by smartly selecting individual stock and sector emphases, and our overall portfolio management by successfully redirecting to the strongest performing markets. Relative to the fund’s benchmark, the fund was overweight to the consumer services sector and an underweight to financials, which benefited performance. Country positions that yielded positive results included overweights to Brazil, Indonesia, and Russia, and underweights to Japan and the United Kingdom.

What did not work for the fund and why?

What strategic moves were made by the fund and why?


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


State Street Institutional Liquid Reserves Fund	10	.6%
U.S. Treasury Bill, 0.131%, 11/19/2009	4	.1
Nestle	1	.4
GlaxoSmithKline	1	.0
Adidas	0	.9
Covidien	0	.9
BNP Paribas	0	.9
BP – ADR	0	.8
Vendanta Resources	0	.8
Mitsubishi	0	.8

Country Allocation as of October 31, 2009¹(% of net assets)


Japan	12	.2%
United Kingdom	12	.0
France	6	.5
Germany	5	.5
Brazil	5	.1
Switzerland	4	.1
Canada	3	.7
South Africa	3	.2
China	3	.0
Hong Kong	2	.8
Other	27	.0
Short-Term Investments	14	.7
Other Assets & Liabilities, Net²	0	.2

	100	.0%


¹	Fund holdings and country allocations are subject to change at any time and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each country through direct investments and do not reflect the impact on country allocation of holding derivative instruments, such as futures contracts. See note 2 in Notes to Financial Statements and the fund’s Schedule of Investments for derivatives held at October 31, 2009.

²	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables on derivative instruments based on mark-to-market adjustments as well as receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

12 First American Funds 2009 Annual Report

First American Funds 2009 Annual Report 13

International Select Fund

Annual Performance^1,2


	October 31, 2009						September 30, 2009*
				Since Inception						Since Inception
	1 year			12/21/2006			1 year			12/21/2006

Average annual return with sales charge (POP)
Class A		25	.04%		(6.06	)%		(0.29	)%		(5.45	)%


Class C		30	.43%		(4.93	)%		3.81	%		(4.23	)%

Average annual return without sales charge (NAV)
Class A		32	.32%		(4.19	)%		5.54	%		(3.51	)%


Class C		31	.43%		(4.93	)%		4.81	%		(4.23	)%


Class R		31	.99%		(4.47	)%		5.23	%		(3.79	)%


Class Y		32	.68%		(3.96	)%		5.89	%		(3.27	)%


MSCI AC World Index ex USA³		34	.79%		(4.57	)%		6.43	%		(4.28	)%


MSCI AC World Investable Market Index ex USA⁴		37	.33%		(4.48	)%		7.89	%		(4.19	)%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, before waivers and including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class C, Class R, and Class Y shares was 1.73%, 2.48%, 2.48%, 1.98%, and 1.48%, respectively. The advisor has contractually agreed to waive fees through February 28, 2010 so that total annual fund operating expenses, not including any acquired fund fees and expenses, for Class A, Class C, Class R, and Class Y shares do not exceed 1.49%, 2.24%, 2.24%, 1.74% and 1.24%, respectively. These fee waivers may be terminated at any time after February 28, 2010, at the discretion of the advisor. Prior to that time, such waivers may not be terminated without the approval of the fund’s board of directors.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,5 as of October 31, 2009


International Select Fund, Class A (NAV)	$	8,848


International Select Fund, Class A (POP)	$	8,363


MSCI AC World Index ex USA³	$	8,748


MSCI AC World Investable Market Index ex USA⁴	$	8,770

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 12/21/2006 to 10/31/2009) as compared to the MSCI AC World Index ex USA³ and the MSCI AC World Investable Market Index ex USA⁴.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged index of stocks representing developed and emerging markets around the world that collectively comprise most foreign stock markets.

⁴	Previously, the fund used the MSCI AC World Index ex USA as a benchmark. Going forward, the fund’s performance will be compared to the MSCI AC World Investable Market Index ex USA because it more closely reflects the fund’s investment universe. The MSCI AC World Investable Market Index ex USA is an unmanaged index that tracks the performance of small-, mid-, and large-capitalization stocks of non-U.S. companies representing developed and emerging markets around the world that collectively comprise most foreign stock markets.

⁵	Performance for Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

14 First American Funds 2009 Annual Report

Large Cap Growth Opportunities Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Large Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 13.02% for the fiscal year ended October 31, 2009 (Class A shares returned 12.73% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Growth Index*, returned 17.51% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹(% of net assets)


Apple	5.7	%
Cisco Systems	3.3
Philip Morris International	3.0
Hewlett-Packard	2.9
Amazon.com	2.2
Goldman Sachs Group	2.2
Visa, Class A	2.1
Priceline.com	2.0
Medco Health Solutions	2.0
Google, Class A	2.0

Sector Allocation as of October 31, 2009¹ (% of net assets)


Information Technology	39.3	%
Consumer Discretionary	15.2
Healthcare	10.5
Industrials	10.4
Consumer Staples	7.4
Financials	6.1
Energy	5.7
Materials	3.1
Telecommunication Services	1.8
Short-Term Investment	0.7
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 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 Annual Report 15

Large Cap Growth Opportunities Fund

What worked for the fund and why?

As is typical for the fund, individual stock selection (as opposed to broad themes or sector weights) had the greatest impact on performance during the past fiscal year. As the financial markets shifted from fear of economic calamity to recognition of stability, and then to hope for recovery, beneficiaries of cyclical improvement outperformed. Accordingly, portfolio holdings such as Goldman Sachs Group, Priceline.com and Apple rebounded sharply. Goldman Sachs, the premier global investment banking/capital markets franchise, gained market share from more challenged competitors due to its strong capital position and its stable and talented senior management team. Worldwide, travelers increasingly are turning to the internet to arrange their travel plans. Priceline.com, which has positioned itself to capitalize on this trend with a strong value proposition and an unrivaled breadth of hotel property relationships, also gained meaningful share during the past twelve months. Apple was also a strong market share gainer. Buoyed by extraordinary innovation, Apple continued to enhance its position in the personal computer and the personal media device markets while its iPhone drove its emergence as the fastest growing high-end mobile phone manufacturer. These winners, along with others such as BlackRock, F5 Networks and Polo Ralph Lauren, shared several characteristics: each had a strong secular earnings growth outlook, each had catalysts that would drive growth in the shorter-term and each began the period with a stock price that had fallen meaningfully due to the broad economic concerns. All of these remain important fund holdings.

What did not work for the fund and why?

As described above, individual stock selection has the largest impact on the fund’s performance. When analyzing what underperformed the most during the year, this was especially true in the healthcare and information technology sectors. In healthcare, three separate issues were challenges. First, two large Russell 1000 Growth benchmark positions (Schering-Plough and Genentech) that were not owned in the fund were acquired at substantial premiums. Second, as the market rebounded and was led by recovery beneficiaries, defensive fund holdings with strong but stable (rather than improving) earnings, such as Abbott Laboratories and Baxter International, experienced significant valuation compression. Third, some of our judgements proved to be incorrect. In the case of St. Jude Medical, for example, we were too optimistic about the market growth rate for certain medical devices and St. Jude’s market share potential. In the information technology sector, choices that had proven beneficial in the past worked against the fund’s performance this past year. For example, historically we have favored Hewlett-Packard over IBM (although we own both) but over the past year IBM outperformed Hewlett. Similarly, for years we have favored Oracle over Microsoft (and have been rewarded for that choice) but during the past twelve months Microsoft performed better than Oracle. Although we believe that these choices will be correct over the longer term, we recognize that IBM and Microsoft, too, have investment merit.

What strategic moves were made by the fund and why?

Our basic philosophy remains the same. We identify companies with attractive long-term earnings growth prospects, solid management teams and durable competitive advantages. From that group, we invest in those with fair valuations and approaching catalysts. During any year, although there are individual position changes, the basic framework holds. This past year was no different. Two subtle shifts, however, were made. First, we modestly increased our exposure to companies that are beneficiaries of an improving economy. In that context, we initiated positions in leadership companies such as American Express, Walt Disney, Amazon.com and 3M while eliminating some solid but more defensive companies like Wal-Mart Stores and Procter & Gamble. All of these are franchise growth companies but we believe the former group should experience faster earnings growth over the next 12 to 18 months. Second, in an effort to highlight those companies in which we have the highest conviction, the concentration in our favorite holdings has increased. This list would include Apple, Goldman Sachs Group, Priceline.com, Visa, Medco Health Solutions, Amazon.com, BlackRock, Polo Ralph Lauren, Kellogg and Precision Castparts. Again, these shifts are subtle. We will continue to identify franchise growth companies, buy them at what we believe to be opportune moments, and hold them for the long term, with a goal of outperforming our benchmark over time.

16 First American Funds 2009 Annual Report

Annual Performance^1,2


	October 31, 2009															September 30, 2009*
										Since Inception															Since Inception
	1 year			5 years			10 years			11/27/2000			9/24/2001			1 year			5 years			10 years			11/27/2000			9/24/2001
Average annual return with sales charge (POP)


Class A		6.55	%		0.04	%		(2.12	)%		—			—			(8.08	)%		0.75	%		(1.42	)%		—			—


Class B		6.94	%		0.06	%		(2.29	)%		—			—			(8.27	)%		0.77	%		(1.60	)%		—			—


Class C		10.92	%		0.42	%		—			—			0.91	%		(4.46	)%		1.13	%		—			—			1.13	%
Average annual return without sales charge (NAV)
Class A		12.73	%		1.17	%		(1.56	)%		—			—			(2.72	)%		1.90	%		(0.86	)%		—			—


Class B		11.94	%		0.42	%		(2.29	)%		—			—			(3.45	)%		1.14	%		(1.60	)%		—			—


Class C		11.92	%		0.42	%		—			—			0.91	%		(3.49	)%		1.13	%		—			—			1.13	%


Class R		12.51	%		0.92	%		—			(3.13	)%		—			(2.95	)%		1.65	%		—			(2.98	)%		—


Class Y		13.02	%		1.42	%		(1.31	)%		—			—			(2.49	)%		2.16	%		(0.61	)%		—			—


Russell 1000 Growth Index³		17.51	%		1.27	%		(3.39	)%		(3.74	)%		1.94	%		(1.85	)%		1.86	%		(2.56	)%		(3.63	)%		2.14	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.


	Growth stocks typically have more volatility than value stocks; whereas value stocks tend to have slower earnings growth rates.

	As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class B, Class C, Class R, and Class Y shares was 1.20%, 1.95%, 1.95%, 1.45%, and 0.95%, respectively.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Large Cap Growth Opportunities Fund, Class A (NAV)	$	8,544


Large Cap Growth Opportunities Fund, Class A (POP)	$	8,074


Russell 1000 Growth Index³	$	7,080

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the Russell 1000 Growth Index³.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.


	On September 24, 2001, the First American Large Cap Growth Opportunities Fund became the successor by merger to the Firstar Large Cap Core Equity Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American fund had no assets or liabilities. Performance presented prior to September 24, 2001 represents that of the Firstar Large Cap Core Equity Fund.


³	An unmanaged index that measures the performance of those companies within the Russell 1000 Index (large-cap index) with higher price-to-book ratios and higher forecasted growth values.

⁴	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

First American Funds 2009 Annual Report 17

Large Cap Select Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Large Cap Select Fund (the “fund”), Class Y shares, returned 11.81% for the fiscal year ended October 31, 2009 (Class A shares returned 11.54% without taking the sales charge into account). By comparison, the fund’s benchmark, the Standard & Poor’s 500 Index* (“S&P 500 Index”), returned 9.80% for the same period.

How did market conditions affect stock performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


JPMorgan Chase	3.7	%
Bank of America	3.4
Apple	3.1
Cisco Systems	3.0
Teradata	2.7
Goldman Sachs Group	2.6
Pfizer	2.5
Hewlett-Packard	2.4
Coach	2.2
Wells Fargo	1.9

Sector Allocation as of October 31, 2009¹ (% of net assets)


Information Technology	24.7	%
Financials	18.7
Consumer Discretionary	15.4
Energy	12.8
Industrials	10.1
Healthcare	9.5
Materials	3.6
Consumer Staples	3.2
Telecommunication Services	1.2
Utilities	0.7
Other Assets and Liabilities, Net²	0.1

	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 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.

18 First American Funds 2009 Annual Report

What worked for the fund and why?

Being nimble, and focusing on the major risks and opportunities in the marketplace, helped the Large Cap Select Fund perform in an extremely volatile time. We started the fiscal year defensively positioned given the severity of the financial and economic crisis. When the economy and markets appeared to be bottoming, we added risk in a thoughtful manner. Specifically, we took an overweight position relative to the fund’s benchmark in high-quality financials. The financial sector was down almost 7% for the fiscal year, but since March 1, 2009, this sector returned 88% through fiscal year-end. Our returns in the financial sector trailed the benchmark, given the higher quality nature of our holdings. However, the portfolio in total benefited from the overweight position in financials.

On a stock level, several selections in the consumer services and energy sectors outperformed. Online travel company Priceline.com was punished during the economic crisis, even though the company continued to generate free cash flow and had a pristine balance sheet. As economic conditions improved, the stock went up twofold for the portfolio. In the energy sector, we focused on companies that had growing production. Whiting Petroleum and Pioneer Natural Resources are two examples that added meaningfully to performance during the period.

What did not work for the fund and why?

We had poor performance in the healthcare product sector. Our holdings were down 7.4% for the fiscal year compared to a 4% gain for the healthcare sector. This sector proved to be more economically sensitive than we thought it would be, and the uncertainty surrounding healthcare reform weighed on the group. This sector saw some meaningful merger and acquisition activity, with both Schering-Plough and Wyeth being acquired at premium prices during the period. Unfortunately, we did not hold either of these companies.

What strategic moves were made by the fund and why?

Early in this past fiscal year, the fund had a more defensive posture as the severity of the financial and economic crisis was accelerating and deepening. In March 2009, some signs began to emerge that the economy and markets were finding a bottom. At that time we became more aggressive and added to our cyclical and financial holdings. We continue to hold overweight positions in financials and cyclicals relative to the benchmark. We believe that the fundamentals for these stocks will continue to improve, and that their prices do not fully reflect this anticipated improvement.

First American Funds 2009 Annual Report 19

Large Cap Select Fund

Annual Performance^1,2


	October 31, 2009									September 30, 2009*
							Since Inception									Since Inception
	1 year			5 years			1/31/2003			1 year			5 years			1/31/2003
Average annual return with sales charge (POP)
Class A		5.45	%		(1.65	)%		2.68	%		(9.92	)%		(0.65	)%		3.19	%


Class C		9.64	%		(1.33	)%		2.72	%		(6.35	)%		(0.31	)%		3.25	%

Average annual return without sales charge (NAV)
Class A		11.54	%		(0.53	)%		3.54	%		(4.68	)%		0.48	%		4.07	%


Class C		10.64	%		(1.33	)%		2.72	%		(5.40	)%		(0.31	)%		3.25	%


Class R		11.31	%		(0.77	)%		3.31	%		(4.96	)%		0.23	%		3.82	%


Class Y		11.81	%		(0.27	)%		3.81	%		(4.39	)%		0.76	%		4.34	%


S&P 500 Index³		9.80	%		0.33	%		4.94	%		(6.91	)%		1.02	%		5.30	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class C, Class R, and Class Y shares was 1.21%, 1.96%, 1.46%, and 0.96%, respectively.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment ^1,2,4 as of October 31, 2009


Large Cap Select Fund, Class A (NAV)	$	12,646


Large Cap Select Fund, Class A (POP)	$	11,952


S&P 500 Index³	$	13,848

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 1/31/2003 to 10/31/2009) as compared to the S&P 500 Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks.

⁴	Performance for Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

20 First American Funds 2009 Annual Report

Large Cap Value Fund

Investment Objective: primary – capital appreciation; secondary – current income

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Large Cap Value Fund (the “fund”), Class Y shares, returned 3.54% for the fiscal year ended October 31, 2009 (Class A shares returned 3.24% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Value Index*, returned 4.78% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


JPMorgan Chase	4.4	%
Exxon Mobil	4.3
Chevron	4.2
Wells Fargo	3.5
AT&T	3.0
General Electric	3.0
Bank of America	2.9
Walt Disney	2.7
Occidental Petroleum	2.6
Pfizer	2.3

Sector Allocation as of October 31, 2009¹ (% of net assets)


Financials	21.9	%
Energy	21.6
Industrials	11.0
Consumer Discretionary	10.1
Healthcare	9.4
Information Technology	8.2
Consumer Staples	6.0
Utilities	5.1
Materials	3.1
Telecommunication Services	3.0
Short-Term Investment	0.3
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 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 Annual Report 21

Large Cap Value Fund

What worked for the fund and why?

For the most part, individual stock selection drove the positive performances within the fund during the fiscal year. Specifically, the fund benefited from retailers Gap and Kohl’s, both of which had resilient profit margins due to strong inventory control despite lower sales during the period. In information technology, BMC Software outperformed with strong earnings due to an upgrade cycle in its core mainframe business and a new software solution for data centers. In addition, network equipment provider Cisco Systems experienced an improvement in its core operations due to growth in internet-related business. In metals, copper miner Freeport-McMoRan Copper & Gold rebounded strongly as copper prices rose due to emerging market demand. California utility stock PG&E rose due to a more favorable regulatory environment and Michigan’s CMS Energy benefited from higher electricity rates. General Mills, a branded food manufacturer, outperformed our earnings expectations with a strong product portfolio that drove higher sales, as well as a cost focus that improved profit margins. The fund was overweight relative to the benchmark in the consumer discretionary and information technology sectors, which outperformed during the period. The fund was also overweight relative to the benchmark in the healthcare sector, which posted strong relative performance in the beginning of the period.

What did not work for the fund and why?

Food retailer Kroger saw limited sales gains and depressed profit margins as food inflation declined during the period. Household products company Procter & Gamble also performed poorly due to sales declines caused by a premium product portfolio that lost share to lower priced competitors. Financial company State Street underperformed due to capital adequacy concerns caused by off-balance-sheet liabilities, and lower earnings expectations due to low interest rates and declines in capital markets business. Property casualty insurance provider ACE and insurance broker AON declined due to concerns over lower future insurance pricing that may limit earnings growth and returns. The fund was overweight relative to the benchmark in the energy sector, which also underperformed during the fiscal year.

Bank of New York Mellon, following the 2007 purchase of Mellon, has not met expectations as earnings declined due to historically low interest rates and pressure on fee income caused by lower asset values tied to underperforming capital markets. We expect these negative impacts to reverse as interest rates move higher and capital markets stabilize.

What strategic moves were made by the fund and why?

We continued to focus on companies that we believed would benefit from improving fundamentals not fully recognized by the market. The fund established a number of new positions across a variety of industries, including diversified industrial company Ingersoll-Rand, specialty gas manufacturer Air Products and Chemicals, media and entertainment conglomerate Walt Disney, food manufacturer General Mills, shipping company FedEx, technology firms Teradata and Applied Materials, hotel operator Starwood Hotels & Resorts Worldwide, online travel agent Expedia, oil and gas exploration companies Apache and Newfield Exploration, and oil field service company Schlumberger.

The portfolio eliminated several positions including household product manufacturer Procter & Gamble, medical device manufacturer Medtronic, telecom services provider Verizon Communications, biotech drug maker Amgen, food and staples retailer Wal-Mart Stores, waste disposal companies Waste Management and Republic Services, diversified financial firm Citigroup, asset manager Invesco, quick service restaurant operator Burger King, packaging companies Pactiv and Sonoco Products, and food manufacturer H.J. Heinz.

Our basic view of the investment environment is balanced with a focus on stabilizing economic activity that may reduce the downward pressure on near- to intermediate-term company fundamentals. Additionally, significant fiscal and monetary stimulus may support near-term valuation levels. The portfolio is overweight relative to the benchmark in the information technology, energy and consumer discretionary sectors while maintaining an underweight allocation toward the financial, utility, and telecommunication services sectors. We continue to implement the portfolio’s investment process of selecting companies that exhibit improving fundamentals, sell at attractive valuations, and exhibit a near-term catalyst that could improve investor perception.

22 First American Funds 2009 Annual Report

Annual Performance^1,2


	October 31, 2009												September 30, 2009*
										Since Inception												Since Inception
	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		(2.44	)%		(0.96	)%		(1.12	)%		—			(14.59	)%		(0.07	)%		(0.38	)%		—


Class B		(2.52	)%		(0.89	)%		(1.30	)%		—			(14.78	)%		—			(0.56	)%		—


Class C		1.47	%		(0.58	)%		(1.30	)%		—			(11.25	)%		0.30	%		(0.57	)%		—

Average annual return without sales charge (NAV)
Class A		3.24	%		0.17	%		(0.56	)%		—			(9.61	)%		1.06	%		0.19	%		—


Class B		2.48	%		(0.58	)%		(1.30	)%		—			(10.33	)%		0.30	%		(0.56	)%		—


Class C		2.47	%		(0.58	)%		(1.30	)%		—			(10.36	)%		0.30	%		(0.57	)%		—


Class R		2.96	%		(0.10	)%		—			2.01	%		(9.88	)%		0.80	%		—			2.35	%


Class Y		3.54	%		0.43	%		(0.30	)%		—			(9.41	)%		1.32	%		0.44	%		—


Russell 1000 Value Index³		4.78	%		(0.05	)%		1.70	%		3.45	%		(10.62	)%		0.90	%		2.59	%		3.89	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class B, Class C, Class R, and Class Y shares was 1.19%, 1.94%, 1.94%, 1.44%, and 0.94%, respectively.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Large Cap Value Fund, Class A (NAV)	$	9,455


Large Cap Value Fund, Class A (POP)	$	8,937


Russell 1000 Value Index³	$	11,839

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the Russell 1000 Value Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged index that measures the performance of those companies within the Russell 1000 Index (a large-cap index) with lower price-to-book ratios and lower forecasted growth values.

⁴	Performance for Class B, Class C, Class R and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

First American Funds 2009 Annual Report 23

Mid Cap Growth Opportunities Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Mid Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 21.00% for the fiscal year ended October 31, 2009 (Class A shares returned 20.73% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Growth Index*, returned 22.48% for the same period.

How did market conditions affect stock performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


Precision Castparts	2.4	%
Coach	2.0
Flowserve	2.0
TD Ameritrade	2.0
Priceline.com	1.9
Cameron International	1.9
Teradata	1.8
MasterCard, Class A	1.8
Polo Ralph Lauren	1.7
American Tower, Class A	1.7

Sector Allocation as of October 31, 2009¹ (% of net assets)


Information Technology	26.1	%
Consumer Discretionary	22.0
Industrials	15.4
Healthcare	10.3
Energy	8.0
Financials	7.6
Telecommunication Services	3.9
Consumer Staples	3.2
Materials	3.2
Short-Term Investment	0.5
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 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.

24 First American Funds 2009 Annual Report

What worked for the fund and why?

As is typical for the fund, individual stock selection (as opposed to broad themes or sector weights) had the greatest impact on performance during the past fiscal year. As the financial markets shifted from fear of economic calamity to recognition of stability, and then to hope for recovery, beneficiaries of cyclical improvement outperformed. Accordingly, portfolio holdings such as Priceline.com, F5 Networks and WMS Industries rebounded sharply. Worldwide, travelers increasingly are turning to the internet to arrange their travel plans. Priceline.com, which has positioned itself to capitalize on this trend with a strong value proposition and an unrivaled breadth of hotel property relationships, gained meaningful share during the past twelve months. WMS Industries was also a strong market share gainer. Buoyed by new product innovation, WMS Industries continued to enhance its position in gaming machines and video lottery terminals for customers worldwide. F5 Networks, a leading supplier of application networking solutions to help companies manage application traffic on their networks, saw consistent improvement in demand for their flagship BIG-IP products and is poised to capture meaningful share gains as enterprise spending rebounds. These winners, along with others such as Polo Ralph Lauren, Flowserve and Teradata, shared several characteristics: Each had a strong secular earnings growth outlook, each had catalysts that would drive growth in the shorter term and each began the period with a stock price that had fallen meaningfully due to the broad economic concerns. All of these remain important fund holdings.

What did not work for the fund and why?

As described above, individual stock selection has the largest impact on the fund’s performance. When analyzing what underperformed the most during the year, this was especially true in the healthcare and materials sectors. In healthcare, two separate issues were challenges. First, as the market rebounded and was led by recovery beneficiaries, defensive fund holdings with strong but stable (rather than improving) earnings, such as C.R. Bard, Thermo Fisher Scientific, and Omnicare, experienced significant valuation compression. Second, some of our judgements proved to be incorrect. In the case of St. Jude Medical, for example, we were too optimistic about the market growth rate for certain medical devices and St. Jude’s market share potential. In the materials sector, a large Russell Mid Cap Growth benchmark position (Rohm & Haas) was acquired at a large premium and not owned in the fund. In addition, the fund did not own many of the commodity-based companies in the index that experienced large upward price moves during the year, especially since March 2009.

What strategic moves were made by the fund and why?

Our basic philosophy remains the same. We identify companies with attractive long-term earnings growth prospects, solid management teams and durable competitive advantages. From that group, we invest in those with fair valuations and approaching catalysts. During any year, although there are individual position changes, the basic framework holds. This past year was no different, however, two subtle shifts were made. First, we modestly increased our exposure to companies that are beneficiaries of an improving economy. In that context, we initiated positions in leadership companies such as Wynn Resorts, Nordstrom, J.Crew Group, and Precision Castparts while eliminating some solid but more defensive companies like H.J. Heinz, Family Dollar Stores, Yum! Brands, and Dun & Bradstreet. All of these are franchise growth companies but we believe the former group should experience faster earnings growth over the next 12 to 18 months. Second, in an effort to highlight those companies in which we have the highest conviction, the concentration in our favorite holdings has increased. This list includes Priceline.com, Cameron International, Precision Castparts, and Flowserve. Again, these shifts are subtle. We will continue to identify franchise growth companies, buy them at what we believe to be opportune moments, and hold them for the long term, with a goal of outperforming our benchmark over time.

First American Funds 2009 Annual Report 25

Mid Cap Growth Opportunities Fund

Annual Performance^1,2,3


	October 31, 2009															September 30, 2009*
										Since Inception															Since Inception
	1 year			5 years			10 years			12/11/2000			9/24/2001			1 year			5 years			10 years			12/11/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		14.09	%		1.43	%		6.29	%		—			—			(3.44	)%		3.22	%		7.50	%		—			—


Class B		14.84	%		1.58	%		6.09	%		—			—			(3.58	)%		3.36	%		7.29	%		—			—


Class C		18.81	%		1.82	%		—			—			6.08	%		0.42	%		3.61	%		—			—			6.69	%

Average annual return without sales charge (NAV)
Class A		20.73	%		2.59	%		6.90	%		—			—			2.18	%		4.39	%		8.11	%		—			—


Class B		19.84	%		1.83	%		6.09	%		—			—			1.42	%		3.61	%		7.29	%		—			—


Class C		19.81	%		1.82	%		—			—			6.08	%		1.42	%		3.61	%		—			—			6.69	%


Class R		20.42	%		2.33	%		—			2.93	%		—			1.93	%		4.14	%		—			3.44	%		—


Class Y		21.00	%		2.85	%		7.16	%		—			—			2.45	%		4.66	%		8.38	%		—			—


Russell Midcap Growth Index⁴		22.48	%		2.22	%		1.01	%		(1.88	)%		5.64	%		(0.40	)%		3.75	%		2.18	%		(1.44	)%		6.24	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

Stocks of mid-capitalization companies may be slightly less volatile than those of small-capitalization companies, but they still involve substantial risk and may be subject to increased volatility and more price fluctuation than large-capitalization companies.


	As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class B, Class C, Class R, and Class Y shares was 1.22%, 1.97%, 1.97%, 1.47%, and 0.97%, respectively.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,3,5 as of October 31, 2009


Mid Cap Growth Opportunities Fund, Class A (NAV)	$	19,481


Mid Cap Growth Opportunities Fund, Class A (POP)	$	18,409


Russell Midcap Growth Index⁴	$	11,055

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the Russell Midcap Growth Index⁴.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	On September 24, 2001, the First American Mid Cap Growth Opportunities Fund became the successor by merger to the Firstar MidCap Core Equity Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American fund had no assets or liabilities. Performance presented prior to September 24, 2001 represents that of the Firstar MidCap Core Equity Fund.

⁴	An unmanaged index that measures the performance of those Russell midcap companies with higher price-to-book ratios and higher forecasted growth values.

⁵	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

26 First American Funds 2009 Annual Report

Mid Cap Select Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Mid Cap Select Fund (the “fund”), Class Y shares, returned 9.62% for the fiscal year ended October 31, 2009 (Class A shares returned 9.32% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Index*, returned 18.75% for the same period.

How did market conditions affect stock performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


Teradata	3	.5%
WMS Industries	2	.6
Pioneer Natural Resources	2	.5
Whiting Petroleum	2	.2
Jarden	2	.1
Unum Group	2	.0
BlackRock	1	.9
Freeport-McMoRan Copper & Gold	1	.9
F5 Networks	1	.8
Evercore Partners, Class A	1	.7

Sector Allocation as of October 31, 2009¹ (% of net assets)


Information Technology	21	.7%
Consumer Discretionary	21	.6
Financials	18	.3
Industrials	12	.3
Energy	9	.9
Materials	4	.7
Healthcare	4	.4
Telecommunication Services	2	.3
Utilities	2	.2
Consumer Staples	1	.3
Short-Term Investment	1	.4
Other Assets & Liabilities, Net²	(0	.1)

	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 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 Annual Report 27

Mid Cap Select Fund

What worked for the fund and why?

Effective size, sector and market positioning, as well as individual stock selection, added to fund performance during the fiscal year. As the economy recovered, our overweight in small cap names relative to the benchmark, along with a subsequent underweight in larger cap names, added significantly to performance. Our tilt toward more cyclical sectors such as information technology and industrials and away from defensive sectors like utilities and healthcare also added to performance. Based on our view of an economic recovery, we took overweight positions relative to the benchmark in fundamentally strong, economically sensitive names such as mining firm Freeport-McMoRan Copper & Gold, semiconductor manufacturer Amkor Technology, industrial machinery company Chart Industries and financial firm Fifth Third Bancorp. All of these names added significantly to performance, as did opportunistic beta (higher volatility) and market-exposure investments.

What did not work for the fund and why?

From a stock selection point of view, the largest detractors from performance were medical specialties company Immucor, steel company Cliffs Natural Resources and regional banks Astoria Financial and Bank of the Ozarks. Fund performance was also hindered when we did not react quickly enough to the turn in the economy. We were in position to outperform by adding beta in early March, but we simply did not appreciate the rebound that was about to occur for the economically sensitive names. This was illustrated clearly when the fund’s underweight position in consumer discretionary and telecom services held back its performance.

What strategic moves were made by the fund and why?

We continue to emphasize the cyclical areas of the market as data continues to indicate the worst is behind us. We expect returns to be driven primarily by stock selection, and we remain focused on strong or improving business fundamentals, attractive valuations and positive catalysts for improved market recognition. We are overweight cyclical stocks relative to the benchmark, with attractive risk/reward characteristics that we believe investors will value based upon eventual earnings recovery. These stocks include Teradata, WMS Industries, Pioneer Natural Resources, Jarden, and Freeport-McMoRan Copper & Gold. At the sector level, we continue be overweight relative to the benchmark in the cyclical sectors such as financial, information technology and consumer discretionary. We fund the overweights with negative bets in utilities, healthcare and consumer staples. As we move into the anticipated economic recovery of 2010, we believe that the valuation gap between cyclical and non-cyclical stocks will close and we will reduce our cyclical tilt in the portfolio.

28 First American Funds 2009 Annual Report

Annual Performance^1,2


	October 31, 2009												September 30, 2009*
										Since Inception												Since Inception
	1 year			5 years			10 years			2/1/2000			1 year			5 years			10 years			2/1/2000
Average annual return with sales charge (POP)
Class A		3.27	%		(1.44	)%		(11.65	)%		—			(11.02	)%		0.56	%		(9.72	)%		—


Class B		3.49	%		(1.50	)%		(11.82	)%		—			(11.20	)%		0.57	%		(9.89	)%		—


Class C		7.54	%		(1.06	)%		—			(16.26	)%		(7.43	)%		0.96	%		—			(15.95	)%

Average annual return without sales charge (NAV)
Class A		9.32	%		(0.33	)%		(11.15	)%		—			(5.82	)%		1.70	%		(9.20	)%		—


Class B		8.49	%		(1.10	)%		(11.82	)%		—			(6.53	)%		0.96	%		(9.89	)%		—


Class C		8.54	%		(1.06	)%		—			(16.26	)%		(6.49	)%		0.96	%		—			(15.95	)%


Class Y		9.62	%		(0.09	)%		(10.91	)%		—			(5.65	)%		1.95	%		(8.97	)%		—


Russell 2500 Index³		13.26	%		1.61	%		5.42	%		3.93	%		(5.68	)%		3.29	%		6.28	%		4.61	%


Russell Midcap Index⁴		18.75	%		2.40	%		5.09	%		4.22	%		(3.55	)%		3.89	%		6.05	%		4.74	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, before waivers and including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class B, Class C, and Class Y shares was 1.60%, 2.35%, 2.35%, and 1.35%, respectively. The advisor has contractually agreed to waiver fees through February 28, 2010 so that total annual fund operating expenses, not including any acquired fund fees and expenses, for Class A, Class B, Class C, and Class Y shares do not exceed 1.41%, 2.16%, 2.16% and 1.16%, respectively. These fee waivers may be terminated at any time after February 28, 2010, at the discretion of the advisor. Prior to that time, such waivers may not be terminated without the approval of the fund’s board of directors.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,5 as of October 31, 2009


Mid Cap Select Fund, Class A (NAV)	$	3,067


Mid Cap Select Fund, Class A (POP)	$	2,899


Russell 2500 Index³	$	16,958


Russell Midcap Index⁴	$	16,422

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the Russell 2500 Index³ and the Russell Midcap Index⁴.

Performance for periods prior to May 4, 2009 reflects the fund’s operation using different investment strategies than are currently in place. Effective October 3, 2005, the fund’s principal investment strategy changed from investing primarily in technology stocks to investing primarily in common stocks of small- and mid- capitalization companies, and the fund’s name changed from Technology Fund to Small-Mid Cap Core Fund. Thereafter, effective May 4, 2009, the fund’s principal investment strategy was changed from investing primarily in common stocks of small- and mid-capitalization companies to investing primarily in common stocks of mid-capitalization companies, and the fund’s name changed from Small-Mid Cap Core Fund to Mid Cap Select Fund.


³	An unmanaged small- and mid-cap index that measures the performance of the 2,500 smallest companies in the Russell 3000 Index.

⁴	Previously, the fund used the Russell 2500 Index as a benchmark. Going forward, the fund’s performance will be compared to the Russell Midcap Index because it more closely reflects the fund’s investment universe. The Russell Midcap Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000 Index.

⁵	Performance for Class B, Class C, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

First American Funds 2009 Annual Report 29

Mid Cap Value Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Mid Cap Value Fund (the “fund”), Class Y shares, returned 14.24% for the fiscal year ended October 31, 2009 (Class A shares returned 13.95% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Value Index*, returned 14.52% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


Newfield Exploration	2.5	%
Sempra Energy	2.2
Unum Group	2.1
ConAgra Foods	1.9
Noble Energy	1.9
Air Products and Chemicals	1.8
CMS Energy	1.8
Edison International	1.7
AON	1.7
Comerica	1.6

Sector Allocation as of October 31, 2009¹ (% of net assets)


Financials	24.6	%
Consumer Discretionary	13.9
Energy	11.2
Industrials	10.3
Information Technology	9.8
Utilities	9.6
Consumer Staples	7.7
Materials	6.5
Healthcare	4.4
Telecommunication Services	1.1
Short-Term Investment	0.9

	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.

30 First American Funds 2009 Annual Report

What worked for the fund and why?

Fund performance benefited from favorable security selection in the utilities and materials sectors. In addition, sector allocation was favorable stemming from an overweight stance relative to the fund’s benchmark in the consumer cyclical and information technology sectors, as well as an underweight allocation to utilities and financials. Chemical manufacturer Celanese and copper miner Freeport McMoRan Copper & Gold were significant contributors to performance as commodity prices moved higher, driven by an increase in developing market demand, particularly from China. Enterprise software provider BMC Software posted a strong performance because of an upgrade cycle in its core mainframe business as well as increased demand for their new data center software solution. Despite a sluggish sales environment, retailers Gap and Kohl’s were standouts due to strong cost controls and aggressive inventory management. Other holdings that helped fund performance included electronic component manufacturer Amphenol, rural telecom service carrier Windstream, regional bank Comerica, pharmaceutical distributor AmerisourceBergen, and soft drink bottler Pepsi Bottling Group.

What did not work for the fund and why?

Fund performance was negatively impacted by unfavorable stock selection in the healthcare, technology, consumer cyclical, and financial sectors. An overweight allocation toward industrials also negatively impacted performance. Regional banks TCF Bank, M&T Bank, and Regions Financial, as well as thrift Astoria Financial, all underperformed the benchmark due to rising credit costs and sluggish loan demand. Metals recycler Schnitzer Steel underperformed due to sluggish volumes and adverse margin trends in its core recycling business. Homebuilder Toll Brothers underperformed because of a slower-than-expected recovery in new orders. Other holdings which underperformed during the period included real estate investor Essex Property Trust, food retailer Kroger, business process outsourcing provider Affiliated Computer Services, and healthcare benefits provider Cigna.

What strategic moves were made by the fund and why?

The fund established a number of new positions during the year, including energy exploration company Newfield Exploration, diversified insurance carrier Unum Group, industrial gas producer Air Products and Chemicals, utilities CMS Energy and Edison International, regional bank Comerica, and diversified industrial manufacturer Ingersoll-Rand. The fund eliminated a number of positions including packaging manufacturer Pactiv, diversified insurance carrier Arch Capital Group, thrift Astoria Financial, utility PG&E, soft drink bottler Pepsi Bottling Group, packaged food producer HJ Heinz, and quick service restaurant operator Burger King Holdings. We continue to implement the fund’s investment process of selecting companies that exhibit improving fundamentals, sell at attractive valuations, and exhibit a near-term catalyst that could improve investor perception.

First American Funds 2009 Annual Report 31

Mid Cap Value Fund

Annual Performance^1,2


	October 31, 2009												September 30, 2009*
										Since Inception												Since Inception
	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		7.67	%		0.64	%		5.74	%		—			(9.48	)%		1.94	%		5.85	%		—


Class B		8.13	%		0.69	%		5.56	%		—			(9.60	)%		1.99	%		5.67	%		—


Class C		12.10	%		1.02	%		5.56			—			(5.83	)%		2.32	%		5.66	%		—

Average annual return without sales charge (NAV)
Class A		13.95	%		1.78	%		6.34	%		—			(4.20	)%		3.10	%		6.45	%		—


Class B		13.13	%		1.03	%		5.56	%		—			(4.85	)%		2.33	%		5.67	%		—


Class C		13.10	%		1.02	%		5.56			—			(4.88	)%		2.32	%		5.66	%		—


Class R		13.63	%		1.52	%		—			6.83	%		(4.40	)%		2.85	%		—			7.41	%


Class Y		14.24	%		2.03	%		6.60	%		—			(3.96	)%		3.35	%		6.71	%		—


Russell Midcap Value Index³		14.52	%		2.05	%		6.59	%		7.43	%		(7.12	)%		3.53	%		7.43	%		8.16	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class B, Class C, Class R, and Class Y shares was 1.23%, 1.98%, 1.98%, 1.49%, and 0.99%, respectively.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Mid Cap Value Fund, Class A (NAV)	$	18,490


Mid Cap Value Fund, Class A (POP)	$	17,478


Russell Midcap Value Index³	$	18,937

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the Russell Midcap Value Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged index that measures the performance of those Russell mid-cap companies with lower price-to-book ratios and lower forecasted growth values.

⁴	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

32 First American Funds 2009 Annual Report

Real Estate Securities Fund

Investment Objective: above-average current income and long-term capital appreciation

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Real Estate Securities Fund (the “fund”), Class Y shares, returned 3.11% for the fiscal year ended October 31, 2009 (Class A shares returned 2.82% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI U.S. REIT Index*, returned 0.47% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the post-war era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since mid-year, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of non-traditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intra-bank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.

During the fiscal year, weak economic conditions, rising unemployment rates, and a capital-constrained environment contributed to a weak fundamental environment for commercial real estate. The sector experienced higher vacancy levels and falling rental rates. In particular, commercial real estate suffered from a severely constrained debt financing climate, leading to a dramatic reduction in the number of private transactions. In concert with these underlying challenges, publicly traded real estate stocks sold off dramatically during most of the first half of the fiscal year. However, public real estate companies rallied sharply since March lows, with improved access to capital giving them a significant advantage over private competitors.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


Simon Property Group	9.6	%
Public Storage	5.4
Boston Properties	4.7
Vornado Realty Trust	4.4
Host Hotels & Resorts	3.9
Ventas	3.3
Equity Residential Properties Trust	3.3
HCP	3.0
Liberty Property Trust	2.5
Federal Realty Investment Trust	2.4

Sector Allocation as of October 31, 2009¹ (% of net assets)


Office	20	.9	%
Malls	12	.5
Healthcare	12	.4
Apartments	11	.9
Community Centers	8	.3
Industrials	6	.9
Diversified	6	.4
Self Storage	5	.9
Hotels	5	.7
Net Lease	3	.4
Student Housing	2	.3
Infrastructure	1	.5
Manufactured Homes	0	.9
Real Estate Service Provider	0	.0
Private Real Estate Companies	0	.0
Short-Term Investment	0	.5
Other Assets and 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 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 Annual Report 33

Real Estate Securities Fund

What worked for the fund and why?

The fund benefited from individual stock selection. The portfolio had a bias toward higher-quality companies (those with consistent, visible cash flows), and continues to invest on a relative-value basis (with a focus on individual stocks rather than economic or market cycles). This strategy helped the fund avoid several underperforming stocks. Reduced holdings in job markets with financial services industry exposure also proved beneficial. The fund invests in a fairly sector-neutral manner, which we believe provides shareholders with a well-diversified portfolio of public real estate stocks. The fund’s best-performing sectors on a relative basis were malls, apartments and industrials.

What did not work for the fund and why?

The broad REIT rally that occurred during the fiscal year saw lower quality stocks generally outperform higher quality stocks. Thus, the fund’s emphasis on higher quality stocks actually hurt the fund’s performance. We have resisted the temptation to change our long-term investment process as a reaction to this low quality stock performance period. Early in the fiscal year, many of the low-quality stocks had severe balance sheet issues and were dramatically overleveraged. Beginning in March 2009, several companies managed to dispel the perception that they would fail, and the stocks rallied correspondingly.

What strategic moves were made by the fund and why?

Reducing exposure to the financial services industry proved to be a successful strategy through much of the year. In addition, because the fund continued to invest on a relative-value basis, it garnered a fairly balanced position across the various property types, which benefited the fund by reducing the impact of any one negatively performing sector. The fund continued to use international stocks to supplement domestic holdings in an attempt to access more dynamic parts of the global real estate cycle. At the end of the fiscal year, the fund had less than 2% of assets in non-dollar denominated stocks.

34 First American Funds 2009 Annual Report

Annual Performance^1,2


	October 31, 2009															September 30, 2009*
										Since Inception															Since Inception
	1 year			5 years			10 years			2/1/2000			9/24/2001			1 year			5 years			10 years			2/1/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		(2.86	)%		0.86	%		10.48	%		—			—			(28.47	)%		3.02	%		10.71	%		—			—


Class B		(2.78	)%		1.02	%		10.28	%		—			—			(28.45	)%		3.17	%		10.52	%		—			—



Class C		1.11	%		1.25	%		—			10.25	%		—			(25.57	)%		3.42	%		—			10.89	%		—

Average annual return without sales charge (NAV)
Class A		2.82	%		2.01	%		11.10	%		—			—			(24.31	)%		4.19	%		11.34	%		—			—


Class B		2.13	%		1.25	%		10.28	%		—			—			(24.83	)%		3.41	%		10.52	%		—			—


Class C		2.09	%		1.25	%		—			10.25	%		—			(24.85	)%		3.42	%		—			10.89	%		—


Class R		2.62	%		1.75	%		—			—			9.57	%		(24.46	)%		3.92	%		—			—			10.33	%


Class Y		3.11	%		2.26	%		11.38	%		—			—			(24.12	)%		4.44	%		11.62	%		—			—


MSCI U.S. REIT Index³		0.47	%		(0.68	)%		9.12	%		9.06	%		7.71	%		(28.16	)%		1.34	%		9.39	%		9.68	%		8.44	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.


	Sector funds such as the Real Estate Securities Fund are more vulnerable to price fluctuation as a result of events that may affect the industry in which they focus than are funds that invest in multiple industries. Share prices of sector funds also will fluctuate with changing market conditions, as will share prices of other stock funds. Sector funds should not be treated as a core investment; rather, their role is to round out the growth portion of a well-diversified investment portfolio.

	As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class B, Class C, Class R, and Class Y shares was 1.25%, 2.00%, 2.00%, 1.50%, and 1.00%, respectively.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Real Estate Securities Fund, Class A (NAV)	$	28,653


Real Estate Securities Fund, Class A (POP)	$	27,081


MSCI U.S. REIT Index³	$	23,944

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the MSCI U.S. REIT Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged index of the most actively traded real estate investment trusts.

⁴	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

First American Funds 2009 Annual Report 35

Small Cap Growth Opportunities Fund

Investment Objective: growth of capital

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Small Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 22.01% for the fiscal year ended October 31, 2009 (Class A shares returned 21.66% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Growth Index*, returned 11.34% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


Synaptics	2.3	%
First American Prime Obligations Fund, Class Z	2.0
Wolverine World Wide	1.9
PMC-Sierra	1.7
Warnaco Group	1.7
Neutral Tandem	1.6
Bally Technologies	1.6
Polycom	1.6
Kenexa	1.6
Monolithic Power Systems	1.5

Sector Allocation as of October 31, 2009¹ (% of net assets)


Information Technology	28	.6	%
Healthcare	20	.5
Industrials	15	.5
Consumer Discretionary	14	.9
Financials	6	.7
Energy	4	.2
Consumer Staples	3	.8
Telecommunication Services	2	.8
Materials	1	.0
Short-Term Investment	2	.0

	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.

36 First American Funds 2009 Annual Report

What worked for the fund and why?

The most significant positive contributor to 2009 performance was stock selection in the information technology sector, primarily among networking and semiconductor-related issues as balance sheet concerns abated on improved credit market access, and as investors reacted to strong earnings reports. CommScope, a manufacturer of coaxial cable and infrastructure equipment for communications end markets, rose sharply in the second quarter on the back of a positive earnings call, and when management stated that debt covenants would not be violated later in the year. Plantronics, a manufacturer of lightweight telecommunications headsets, reported strong quarterly results that topped expectations throughout the fiscal year, which sent shares higher. PMC-Sierra, a manufacturer of specialty semiconductors for communications and storage equipment, also performed strongly as investors anticipated new storage product ramps, a resumption of fiber-to-the-home spending in Asia, and 3G wireless deployments in China.

The fund’s industrial holdings also performed well on a relative basis. Among them, Chart Industries, a leading provider of infrastructure equipment for the liquefied natural gas industry, performed well, especially in the first quarter. BE Aerospace, the largest manufacturer of cabin interior products for commercial airlines and a leading aftermarket distributor of airline fasteners, also demonstrated the resilience of its aftermarket business despite a challenging operating environment.

Stock selection in the financial sector also contributed positively to the fund’s relative return. The most significant positive contributor to performance was SVB Financial Group, a Silicon Valley-based commercial bank that specializes in lending to technology companies. Following a poor first-quarter performance, this sector improved its credit metrics in the second quarter, which helped drive strong stock price appreciation. Similarly, Investment Technology Group, an agency brokerage and technology company catering to the mutual fund industry, posted solid results, and the stock reacted favorably.

The energy sector also contributed to performance. Strong stock selection among the exploration and production names combined with higher commodity prices to outweigh the fund’s overall lack of exposure to energy service stocks. The primary driver of performance was a pair of oil-focused production companies, Arena Resources in the Permian Basin in Texas and Concho Resources in New Mexico, both of which grew production strongly during the second half of the year on generally higher oil prices.

What did not work for the fund and why?

The most notable detractor from relative performance over the past fiscal year was stock selection in the healthcare sector, particularly in the medical equipment group where execution issues, combined with concerns over potential procedure deferrals, weighed on results. Companies such as the orthopedic implant manufacturer, Wright Medical, and the surgical equipment provider, Integra LifeSciences Holdings, were considerably weak during the first half of the year as multiples contracted on fears of patients deferring elective procedures. Additionally, shares of Alliance Healthcare Services, the nation’s leading provider of diagnostic imaging and radiation therapy services, contracted sharply as the company lowered guidance to account for unexpected weakness in its interim MRI business that investors feared would spill over to its core value-added fixed-site imaging business.

What strategic moves were made by the fund and why?

In contrast to early 2009, there are now growing signals to suggest the U.S. economy may have reached an inflection point with decelerating labor market losses, increasing industrial production, and early signs of a stabilizing housing market. Accordingly, the primary sector changes that we made during the fiscal year were an attempt to capitalize on economic sensitivity and constrained access to capital. Given the healthy backdrop in ordering patterns and our view that data center spending would be at hand, we increased the fund’s information technology overweight relative to the benchmark, primarily in communications equipment and computers/peripherals. Similarly, we increased portfolio exposure to industrial stocks, particularly those in the trucking group, given its early-cycle characteristics coupled with our near-term expectation that capacity will be exiting the system and result in improved pricing power. To provide for these increases, the fund’s weight was reduced in the financial, healthcare, and consumer discretionary groups. As of the fiscal year ended October 31, 2009, the fund was overweight relative to the benchmark in information technology, industrials, financials, and energy; equal weight in consumer staples; and underweight in healthcare, consumer discretionary and materials. We continue to focus on secular trends that will provide investment opportunities in higher-quality companies that have the potential to generate above-average growth for investors.

First American Funds 2009 Annual Report 37

Small Cap Growth Opportunities Fund

Annual Performance^1,2


	October 31, 2009															September 30, 2009*
										Since Inception															Since Inception
	1 year			5 years			10 years			12/11/2000			9/24/2001			1 year			5 years			10 years			12/11/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		14.93	%		(0.49	)%		6.86	%		—			—			(5.40	)%		1.54	%		8.24	%		—			—


Class B		15.72	%		(0.36	)%		6.66	%		—			—			(5.56	)%		1.68	%		8.03	%		—			—


Class C		19.75	%		(0.11	)%		—			—			3.87	%		(1.62	)%		1.94	%		—			—			4.69	%

Average annual return without sales charge (NAV)
Class A		21.66	%		0.64	%		7.46	%		—			—			0.13	%		2.70	%		8.85	%		—			—


Class B		20.72	%		(0.12	)%		6.66	%		—			—			(0.58	)%		1.93	%		8.03	%		—			—


Class C		20.75	%		(0.11	)%		—			—			3.87	%		(0.63	)%		1.94	%		—			—			4.69	%


Class R		21.39	%		0.41	%		—			1.73	%		—			(0.13	)%		2.47	%		—			2.43	%		—


Class Y		22.01	%		0.87	%		7.73	%		—			—			0.42	%		2.95	%		9.12	%		—			—


Russell 2000 Growth Index³		11.34	%		0.95	%		0.12	%		(0.67	)%		4.44	%		(6.32	)%		2.91	%		1.10	%		0.14	%		5.43	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies, and they may be expected to do so in the future.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, before waivers and including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class B, Class C, Class R, and Class Y shares was 1.63%, 2.38%, 2.38%, 1.89%, and 1.39%, respectively. The advisor has contractually agreed to waive fees through February 28, 2010 so that total annual fund operating expenses, not including any acquired fund fees and expenses, for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.47%, 2.22%, 2.22%, 1.72%, and 1.22%, respectively. These fee waivers may be terminated at any time after February 28, 2010, at the discretion of the advisor. Prior to that time, such waivers may not be terminated without the approval of the fund’s board of directors.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Small Cap Growth Opportunities Fund, Class A (NAV)	$	20,543


Small Cap Growth Opportunities Fund, Class A (POP)	$	19,412


Russell 2000 Growth Index³	$	10,120

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the Russell 2000 Growth Index³.

On December 12, 2002, the fund changed its main investment strategy such that it was permitted to invest in securities of companies with market capitalizations within the range of companies in the Russell 2000 index. Previously, the fund invested primarily in companies with market capitalizations of below $500 million at the time of purchase.

On September 24, 2001, the First American Small Cap Growth Opportunities Fund became the successor by merger to the Firstar MicroCap Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American Fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar MicroCap Fund.


³	An unmanaged index that measures the performance of those Russell 2000 Index (a small-cap index) with higher price-to-book ratios and higher forecasted growth values.

⁴	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

38 First American Funds 2009 Annual Report

Small Cap Select Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Small Cap Select Fund (the “fund”), Class Y shares, returned 15.55% for the fiscal year ended October 31, 2009 (Class A shares returned 15.24% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Index*, returned 6.46% for the same period.

How did market conditions affect stock performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


First American Prime Obligations Fund, Class Z	3.2	%
Coinstar	1.9
Delphi Financial Group, Class A	1.8
Panera Bread, Class A	1.7
Progress Software	1.7
Platinum Underwriters Holdings	1.5
MFA Mortgage Investments	1.4
Silgan Holdings	1.4
Umpqua Holdings	1.4
Comstock Resources	1.3

Sector Allocation as of October 31, 2009¹ (% of net assets)


Information Technology	18	.2	%
Consumer Discretionary	17	.3
Financials	16	.8
Industrials	15	.9
Healthcare	11	.9
Energy	6	.9
Materials	3	.8
Consumer Staples	2	.9
Telecommunication Services	1	.9
Utilities	0	.8
Exchange-Traded Fund	0	.6
Short-Term Investment	3	.2
Other Assets & 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 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 Annual Report 39

Small Cap Select Fund

What worked for the fund and why?

Stock selection within most of the sectors of the fund led to a substantial increase in value for the fund relative to the fund’s benchmark. The primary contributors to the fund’s relative return were from the financial, industrial, information technology, and energy sectors. Consumer discretionary, telecommunication services, and utilities were also positive contributors to overall performance during the fiscal year. These positive relative returns were reduced somewhat by negative relative performance in our consumer staples sector and our healthcare sector.

The fund earned some very good returns by investing in banks at the low end of the market. East West Bancorp and Wintrust Financial both were large contributors to relative performance, both gaining more than 100%. Insurance company Delphi Financial Group was also a very good performer with a total return of 46%. These positive returns stood in contrast to the market’s overall segment return of -13% for the period. We also gained from strong stock selection in industrials, including BE Aerospace, Interline Brands, MasTec, and IDEX, which were all up more than 20% during the fiscal year. For the period, industrials as a sector within the fund rose 17% versus the industrials sector of the benchmark, which had returns of -1.6%. In the information technology sector, good stock selection, especially in the semiconductor area, helped the sector return 38% versus the technology sector of the benchmark which was up 29%. Silicon Laboratories, Veeco Instruments, and F5 Networks were up in excess of 60% for the fiscal year, making meaningful contributions to the sector’s returns. The consumer discretionary sector was a positive contributor to performance during the fiscal year, led by strong relative performance from gaming companies WMS Industries and Bally Technologies, which were up 60% and 140%, respectively.

What did not work for the fund and why?

Healthcare and consumer staples were two underperforming sectors for the fund. In healthcare, KV Pharmaceutical had an FDA-mandated recall of one of its most profitable products, causing an earnings and stock price decline. In consumer staples, Hain Celestial Group was down for the year, as the recession took a toll on its higher-cost natural food products sales and was the main reason for the sector’s poor performance.

What strategic moves were made by the fund and why?

The fund continues to be well-diversified, staying within its discipline of buying good companies with good valuations. We have taken a more constructive view on the financial sector, especially the banking area, as the stocks have come down in price and their problem loans are working themselves through the system. Relative to the benchmark, the fund is currently overweight in banks and in the consumer space, where we are finding good valuations with improving operating performance. The other sectors in the fund are very close to the benchmark weight. We have been adding to cyclical ideas in the industrial space, and we continue to underweight the healthcare sector in part to buffer the fund from any adverse changes due to increased government involvement. The fund continues to have a large position in exploration and production companies as the sector is undergoing a significant decline in drilling activity, which we feel will lead to much improved commodity prices in 2010.

40 First American Funds 2009 Annual Report

Annual Performance^1,2


	October 31, 2009												September 30, 2009*
										Since Inception												Since Inception
	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		8.91	%		0.32	%		6.88	%		—			(5.67	)%		2.31	%		7.57	%		—


Class B		9.46	%		0.50	%		6.69	%		—			(5.93	)%		2.49	%		7.38	%		—


Class C		13.42	%		0.72	%		—			6.28	%		(1.95	)%		2.71	%		—			7.19	%

Average annual return without sales charge (NAV)
Class A		15.24	%		1.46	%		7.48	%		—			(0.20	)%		3.48	%		8.18	%		—


Class B		14.46	%		0.70	%		6.69	%		—			(0.98	)%		2.69	%		7.38	%		—


Class C		14.42	%		0.72	%		—			6.28	%		(0.96	)%		2.71	%		—			7.19	%


Class R		15.02	%		1.21	%		7.36	%		—			(0.50	)%		3.22	%		8.06	%		—


Class Y		15.55	%		1.71	%		7.75	%		—			0.00	%		3.73	%		8.45	%		—


Russell 2000 Index³		6.46	%		0.59	%		4.11	%		5.88	%		(9.55	)%		2.41	%		4.88	%		6.88	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class B, Class C, Class R, and Class Y shares was 1.27%, 2.02%, 2.02%, 1.52%, and 1.02%, respectively.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Small Cap Select Fund, Class A (NAV)	$	20,571


Small Cap Select Fund, Class A (POP)	$	19,445


Russell 2000 Index³	$	14,953

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the Russell 2000 Index³.

On September 24, 2001, the First American Small Cap Select Fund became the successor by merger to the Firstar SmallCap Core Equity Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American Fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar SmallCap Core Equity Fund. The Firstar SmallCap Core Equity Fund was organized on November 27, 2000, and prior to that, was a separate series of Mercantile Funds, Inc.


³	An unmanaged small-cap index that measures the performance of the 2,000 smallest companies within the Russell 3000 Index.

⁴	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

First American Funds 2009 Annual Report 41

Small Cap Value Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Small Cap Value Fund (the “fund”), Class Y shares, returned 2.59% for the fiscal year ended October 31, 2009 (Class A shares returned 2.40% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Value Index*, returned 1.96% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


Delphi Financial Group, Class A	1.8	%
United Online	1.7
Arch Chemicals	1.6
Plantronics	1.5
Affiliated Managers Group	1.5
Highwoods Properties	1.5
Regal Beloit	1.5
Silgan Holdings	1.4
Progress Software	1.4
Brady, Class A	1.4

Sector Allocation as of October 31, 2009¹ (% of net assets)


Financials	29	.5%
Industrials	15	.8
Information Technology	14	.5
Consumer Discretionary	13	.9
Materials	7	.1
Energy	6	.3
Healthcare	4	.3
Utilities	4	.2
Exchange-Traded Funds	1	.7
Consumer Staples	1	.6
Telecommunications Service	0	.5
Short-Term Investment	0	.4
Other Assets & 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 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.

42 First American Funds 2009 Annual Report

What worked for the fund and why?

Strong stock selection within the industrial, information technology, and consumer discretionary sectors was the main positive contributor during the fiscal year. Being overweight relative to the fund’s benchmark in the consumer discretionary and information technology was also beneficial, as these sectors gained momentum as the fiscal year progressed. The fund also benefitted from being underweight financials and utilities as those sectors underperformed during the period. The top five positive contributors to the portfolio during the fiscal year included Plantronics (information technology), MFA Financial (financial: mortgage real estate investment trusts), URS Corporation (industrial: engineering and construction), Monro Muffler & Brake (consumer discretionary), and Perot Systems (information technology: consultant). Plantronics, a manufacturer of lightweight telecommunications headsets, benefitted from a restructuring and gained market share after starting the period with very low expectations. URS Corporation was well-positioned to take advantage of the global infrastructure spending that occurred during the fiscal year. Monro Muffler & Brake continued to benefit from margin expansion as the service side of the auto industry performed better than new auto sales. Perot Systems was acquired by Dell at a premium price due to its strong healthcare delivery model.

What did not work for the fund and why?

Stock selection within the consumer staples, energy, healthcare, and materials sectors was the primary detractor from fund performance during the fiscal year. Spartan Stores (consumer staples), PetroQuest (energy), CONMED (healthcare), and Zions Bancorporation (financials) in particular underachieved during the period. Spartan Stores, a Michigan-based grocer, struggled within the difficult economic environment in that state during the fiscal year. PetroQuest suffered during the period as natural gas and other commodity pricing fell, which forced it to pull back on growth opportunities. Zions Bancorporation, a financial company operating banks in western and southwestern states, fell back due to poor credit conditions. Additionally, our relative performance within the materials sector was negatively impacted by not holding any paper or specialty paper companies, which had positive results for the index.

What strategic moves were made by the fund and why?

Our bottom-up portfolio construction process, in conjunction with careful consideration as to where we think we are in the business cycle recovery phase, has resulted in a more pro-cyclical tilt. We are, therefore, overweight relative to the benchmark in sectors whose performance is closely linked to the business cycle, such as information technology and consumer discretionary, and we also have a modest overweight in the commodity-oriented materials and energy segments. We feel these sectors are positioned well now that the economic environment has shifted from one of recession to stabilization and recovery. We continue to underweight financials, consumer staples, and utilities relative to the benchmark.

Building a well-diversified portfolio of small-cap stocks with strengthening balance sheets and free cash flow characteristics remains our focus. We continue to target companies that can gain market share opportunistically in the current environment with sound business models and a strong competitive advantage. We remain committed to our approach of investing in quality companies that are trading at a discount to both intrinsic and relative value metrics.

First American Funds 2009 Annual Report 43

Small Cap Value Fund

Annual Performance^1,2


	October 31, 2009												September 30, 2009*
										Since Inception												Since Inception
	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		(3.20	)%		(1.48	)%		5.70	%		—			(15.24	)%		0.21	%		5.91	%		—


Class C		0.56	%		(1.10	)%		5.49	%		—			(11.74	)%		0.61	%		5.72	%		—

Average annual return without sales charge (NAV)
Class A		2.40	%		(0.35	)%		6.29	%		—			(10.28	)%		1.35	%		6.51	%		—


Class C		1.56	%		(1.10	)%		5.49	%		—			(10.85	)%		0.61	%		5.72	%		—


Class R		2.14	%		(0.59	)%		—			5.72	%		(10.38	)%		1.13	%		—			6.68	%


Class Y		2.59	%		(0.12	)%		6.54	%		—			(9.96	)%		1.61	%		6.77	%		—


Russell 2000 Value Index³		1.96	%		0.08	%		7.53	%		6.95	%		(12.61	)%		1.78	%		8.05	%		7.95	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Small Cap Value Fund, Class A (NAV)	$	18,408


Small Cap Value Fund, Class A (POP)	$	17,400


Russell 2000 Value Index³	$	20,664

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the Russell 2000 Value Index.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged index that measures the performance of those companies within the Russell 2000 Index (small-cap index) with lower price-to-book ratios and lower forecasted growth values.

⁴	Performance for Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

44 First American Funds 2009 Annual 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 May 1, 2009 to October 31, 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 Income Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,174.20	$	6.47


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.26	$	6.01



Class B Actual²	$	1,000.00	$	1,168.90	$	10.55


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.48	$	9.80



Class C Actual²	$	1,000.00	$	1,168.70	$	10.55


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.48	$	9.80



Class R Actual²	$	1,000.00	$	1,171.80	$	7.88


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.95	$	7.32



Class Y Actual²	$	1,000.00	$	1,175.20	$	5.10


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.18%, 1.93%, 1.93%, 1.44%, and 0.93% 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 October 31, 2009 of 17.42%, 16.89%, 16.87%, 17.18%, and 17.52% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2009 Annual Report 45

Expense Examples

Global Infrastructure Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,266.20	$	7.14


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.36



Class C Actual²	$	1,000.00	$	1,262.20	$	11.40


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	10.16



Class R Actual²	$	1,000.00	$	1,265.00	$	8.56


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.64	$	7.63



Class Y Actual²	$	1,000.00	$	1,267.40	$	5.72


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 1.50%, 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).

²	Based on the actual returns for the six-month period ended October 31, 2009 of 26.62%, 26.22%, 26.50%, and 26.74% for Class A, Class C, Class R, and Class Y, respectively.

International Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual⁴	$	1,000.00	$	1,262.30	$	6.90


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.11	$	6.16



Class B Actual⁴	$	1,000.00	$	1,256.70	$	12.57


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.06	$	11.22



Class C Actual⁴	$	1,000.00	$	1,255.80	$	10.63


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.78	$	9.50



Class R Actual⁴	$	1,000.00	$	1,259.30	$	6.15


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.50



Class Y Actual⁴	$	1,000.00	$	1,263.90	$	5.99


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.91	$	5.35


³	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).

⁴	Based on the actual returns for the six-month period ended October 31, 2009 of 26.23%, 25.67%, 25.58%, 25.93%, and 26.39% for Class A, Class B, Class C, Class R, and Class Y, respectively.

46 First American Funds 2009 Annual Report

International Select Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,284.80	$	8.58


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.69	$	7.58



Class C Actual²	$	1,000.00	$	1,279.60	$	12.87


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.91	$	11.37



Class R Actual²	$	1,000.00	$	1,281.60	$	10.01


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.43	$	8.84



Class Y Actual²	$	1,000.00	$	1,286.40	$	7.15


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.31


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.49%, 2.24%, 1.74%, and 1.24% 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).

²	Based on the actual returns for the six-month period ended October 31, 2009 of 28.48%, 27.96%, 28.16%, and 28.64% for Class A, Class C, Class R and Class Y, respectively.

Large Cap Growth Opportunities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual⁴	$	1,000.00	$	1,153.30	$	6.51


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.16	$	6.11



Class B Actual⁴	$	1,000.00	$	1,148.80	$	10.56


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.38	$	9.91



Class C Actual⁴	$	1,000.00	$	1,149.10	$	10.56


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.38	$	9.91



Class R Actual⁴	$	1,000.00	$	1,151.70	$	7.86


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	7.37



Class Y Actual⁴	$	1,000.00	$	1,154.60	$	5.16


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.20%, 1.95%, 1.95%, 1.45%, and 0.95% 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 October 31, 2009 of 15.33%, 14.88%, 14.91%, 15.17%, and 15.46% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2009 Annual Report 47

Expense Examples

Large Cap Select Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,193.70	$	7.08


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.51



Class C Actual²	$	1,000.00	$	1,188.40	$	11.20


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.97	$	10.31



Class R Actual²	$	1,000.00	$	1,193.60	$	8.74


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	8.03



Class Y Actual²	$	1,000.00	$	1,195.40	$	5.70


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.01	$	5.24


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.28%, 2.03%, 1.58%, and 1.03% 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).

²	Based on the actual returns for the six-month period ended October 31, 2009 of 19.37%, 18.84%, 19.36%, and 19.54% for Class A, Class C, Class R, and Class Y, respectively.

Large Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual⁴	$	1,000.00	$	1,170.10	$	6.62


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.11	$	6.16



Class B Actual⁴	$	1,000.00	$	1,166.50	$	10.70


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.32	$	9.96



Class C Actual⁴	$	1,000.00	$	1,166.70	$	10.70


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.32	$	9.96



Class R Actual⁴	$	1,000.00	$	1,168.70	$	7.98


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.43



Class Y Actual⁴	$	1,000.00	$	1,172.90	$	5.26


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.21%, 1.96%, 1.96%, 1.46%, 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).

⁴	Based on the actual returns for the six-month period ended October 31, 2009 of 17.01%, 16.65%, 16.67%, 16.87%, and 17.29% for Class A, Class B, Class C, Class R, and Class Y, respectively.

48 First American Funds 2009 Annual Report

Mid Cap Growth Opportunities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,168.60	$	6.67


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.06	$	6.21



Class B Actual²	$	1,000.00	$	1,164.40	$	10.75


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.27	$	10.01



Class C Actual²	$	1,000.00	$	1,164.10	$	10.75


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.27	$	10.01



Class R Actual²	$	1,000.00	$	1,167.50	$	8.03


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.80	$	7.48



Class Y Actual²	$	1,000.00	$	1,170.20	$	5.31


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.32	$	4.94


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.22%, 1.97%, 1.97%, 1.47%, and 0.97% 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 October 31, 2009 of 16.86%, 16.44%, 16.41%, 16.75%, and 17.02% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Mid Cap Select Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual⁴	$	1,000.00	$	1,135.00	$	7.59


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.17



Class B Actual⁴	$	1,000.00	$	1,130.00	$	11.60


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.32	$	10.97



Class C Actual⁴	$	1,000.00	$	1,132.00	$	11.61


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.32	$	10.97



Class Y Actual⁴	$	1,000.00	$	1,136.80	$	6.25


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.90


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 October 31, 2009 of 13.50%, 13.00%, 13.20%, and 13.68% for Class A, Class B, Class C, and Class Y, respectively.

First American Funds 2009 Annual Report 49

Expense Examples

Mid Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,159.20	$	6.75


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.31



Class B Actual²	$	1,000.00	$	1,155.00	$	10.59


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.38	$	9.91



Class C Actual²	$	1,000.00	$	1,154.80	$	10.81


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.17	$	10.11



Class R Actual²	$	1,000.00	$	1,157.50	$	8.10


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.69	$	7.58



Class Y Actual²	$	1,000.00	$	1,160.70	$	5.39	��


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.21	$	5.04


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.24%, 1.95%, 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 October 31, 2009 of 15.92%, 15.50%, 15.48%, 15.75%, and 16.07% 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 (5/01/2009 to
	Value (5/01/2009)		Value (10/31/09)		10/31/09)

Class A Actual⁴	$	1,000.00	$	1,253.10	$	7.21


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.46



Class B Actual⁴	$	1,000.00	$	1,249.20	$	11.45


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.02	$	10.26



Class C Actual⁴	$	1,000.00	$	1,248.70	$	11.45


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.02	$	10.26



Class R Actual⁴	$	1,000.00	$	1,251.00	$	8.62


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.54	$	7.73



Class Y Actual⁴	$	1,000.00	$	1,254.80	$	5.80


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.06	$	5.19


³	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).

⁴	Based on the actual returns for the six-month period ended October 31, 2009 of 25.31%, 24.92%, 24.87%, 25.10%, and 25.48% for Class A, Class B, Class C, Class R and Class Y, respectively.

50 First American Funds 2009 Annual Report

Small Cap Growth Opportunities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,215.50	$	8.21


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.80	$	7.48



Class B Actual²	$	1,000.00	$	1,210.60	$	12.37


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.01	$	11.27



Class C Actual²	$	1,000.00	$	1,210.80	$	12.37


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.01	$	11.27



Class R Actual²	$	1,000.00	$	1,213.90	$	9.60


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.53	$	8.74



Class Y Actual²	$	1,000.00	$	1,217.30	$	6.82


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.06	$	6.21


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 October 31, 2009 of 21.55%, 21.06%, 21.08%, 21.39%, and 21.73% 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 (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual⁴	$	1,000.00	$	1,152.40	$	6.78


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.36



Class B Actual⁴	$	1,000.00	$	1,148.00	$	10.77


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.17	$	10.11



Class C Actual⁴	$	1,000.00	$	1,148.70	$	10.78


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.17	$	10.11



Class R Actual⁴	$	1,000.00	$	1,151.70	$	8.08


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.69	$	7.58



Class Y Actual⁴	$	1,000.00	$	1,154.20	$	5.38


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.21	$	5.04


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.25%, 1.99%, 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).

⁴	Based on the actual returns for the six-month period ended October 31, 2009 of 15.24%, 14.80%, 14.87%, 15.17%, and 15.42% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2009 Annual Report 51

Expense Examples

Small Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,148.00	$	7.31


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87



Class C Actual²	$	1,000.00	$	1,144.00	$	11.35


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.62	$	10.66



Class R Actual²	$	1,000.00	$	1,145.70	$	8.65


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.13



Class Y Actual²	$	1,000.00	$	1,148.10	$	5.96


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.35%, 2.10%, 1.60%, and 1.10% 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).

²	Based on the actual returns for the six-month period ended October 31, 2009 of 14.80%, 14.40%, 14.57%, and 14.81% for Class A, Class C, Class R, and Class Y, respectively.

52 First American Funds 2009 Annual Report

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Equity Income, Global Infrastructure, International, International Select, Large Cap Growth Opportunities, Large Cap Select, Large Cap Value, Mid Cap Growth Opportunities, Mid Cap Select (formerly Small-Mid Cap Core), Mid Cap Value, Real Estate Securities, Small Cap Growth Opportunities, Small Cap Select, and Small Cap Value Funds (series of First American Investment Funds, Inc.) (collectively, the “funds”) as of October 31, 2009, and the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodians and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the funds listed above of the First American Investment Funds, Inc. at October 31, 2009, the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

December 22, 2009

First American Funds 2009 Annual Report 53

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Equity Income Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 99.4%
Consumer Discretionary – 8.8%
Hasbro		284,998	$	7,772
Home Depot 6		468,022		11,743
J.C. Penney		193,083		6,397
McDonald’s		290,485		17,025
Time Warner		121,185		3,650
Yum! Brands 6		406,314		13,388

				59,975

Consumer Staples – 8.0%
Altria Group		332,471		6,021
ConAgra Foods		242,133		5,085
Hormel Foods		184,363		6,722
Philip Morris International		197,096		9,334
SUPERVALU 6		613,772		9,741
Sysco 6		338,558		8,955
Unilever NV		275,917		8,523

				54,381

Energy – 15.3%
BP – ADR		126,105		7,140
Chevron		337,744		25,851
ConocoPhillips		397,988		19,971
Enbridge Energy Partners 6		29,868		1,388
Enerplus Resources Fund 6		170,729		3,708
Exterran Partners 6		300,168		5,742
Exxon Mobil		329,788		23,636
Total – ADR		233,286		14,014
Williams 6		159,259		3,002

				104,452

Financials – 15.5%
Aflac 6		183,910		7,630
Annaly Capital Management – REIT 6		473,883		8,013
Astoria Financial		547,891		5,468
Bank of America		1,048,995		15,294
Charles Schwab 6		240,434		4,169
DCT Industrial Trust – REIT		339,380		1,537
Goldman Sachs Group 6		69,236		11,782
JPMorgan Chase 6		378,529		15,811
KeyCorp 6		270,919		1,460
Liberty Property Trust – REIT		118,303		3,475
Mid-America Apartment Communities – REIT		92,461		4,052
Morgan Stanley		105,022		3,373
Old Republic International		147,612		1,577
Prudential Financial 6		102,007		4,614
Regions Financial 6		297,426		1,440
Ventas – REIT 6		220,847		8,863
Wells Fargo		262,172		7,215

				105,773

Healthcare – 10.5%
Abbott Laboratories		282,450		14,283
Baxter International		138,176		7,470
Bristol-Myers Squibb		668,755		14,579
Covidien		241,690		10,180
Johnson & Johnson		235,083		13,881
McKesson		118,489		6,959
Pfizer		277,791		4,731

				72,083

Industrials – 14.4%
3M		163,737		12,046
Boeing		107,497		5,138
Emerson Electric 6		450,766		17,016
General Dynamics		179,817		11,274
General Electric		897,963		12,805
Hubbell, Class B		99,002		4,211
IESI-BFC		313,787		4,032
Lockheed Martin		98,729		6,792
Manpower 6		58,101		2,755
United Parcel Service, Class B		219,672		11,792
United Technologies 6		176,498		10,846

				98,707

Information Technology – 13.5%
Analog Devices		315,643		8,090
Applied Materials		663,270		8,092
Automatic Data Processing 6		62,812		2,500
Intel		710,642		13,580
MasterCard, Class A 6		16,847		3,690
Maxim Integrated Products 6		523,245		8,722
Microsoft		628,049		17,416
Molex, Class A		338,677		5,605
Oracle 6		322,932		6,814
QUALCOMM		239,893		9,934
Texas Instruments		325,248		7,627

				92,070

Materials – 4.0%
E.I. Du Pont de Nemours		460,487		14,653
Praxair		89,716		7,127
Rio Tinto – ADR		30,725		5,470

				27,250

Telecommunication Services – 5.0%
AT&T		448,140		11,504
CenturyTel 6		275,894		8,956
Verizon Communications		189,599		5,610
Windstream 6		871,379		8,400

				34,470

Utilities – 4.4%
American Electric Power		95,948		2,899
Duke Energy		273,976		4,334
PNM Resources		672,213		7,206
Westar Energy		807,475		15,463

				29,902

Total Common Stocks
(Cost $575,322)				679,063

Short-Term Investment – 0.5%
First American Prime Obligations Fund, Class Z 0.148% Å Ω
(Cost $3,195)		3,194,515		3,195

Investment Purchased with Proceeds from Securities Lending – 14.8%
Mount Vernon Securities Lending Prime Portfolio 0.209% Ω †
(Cost $101,004)		101,003,734		101,004

Total Investments 5 – 114.7%
(Cost $679,521)				783,262

Other Assets and Liabilities, Net – (14.7)%				(100,233	)

Total Net Assets – 100.0%			$	683,029

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

54 First American Funds 2009 Annual Report

Equity Income Fund (concluded)


6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $93,490 at October 31, 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 for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $679,462. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	140,661
Gross unrealized depreciation		(36,861	)

Net unrealized appreciation	$	103,800


ADR –	American Depositary Receipt


REIT –	Real Estate Investment Trust


Global Infrastructure Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 95.9%
Australia – 4.4%
APA Group		45,931	$	130
Asciano Group		131,594		176
Macquarie Infrastructure Group		214,735		275
Transurban Group		503,069		2,041

				2,622

Austria – 1.0%
Oesterreichische Elektrizitaetswirtschafts, Class A		13,918		625

Belgium – 0.2%
Elia System Operator		3,144		127

Brazil – 3.7%
Companhia de Concessoes Rodoviarias		47,039		930
Companhia de Transmissao de Energia Electrica Paulista		45,614		1,258
CPFL Energia – ADR		442		23

				2,211

Canada – 6.9%
Boralex, Class A =		1,081		9
Brookfield Asset Management, Class A		14,482		303
Enbridge		46,682		1,813
Great Lakes Hydro Income Fund		11,423		193
TransCanada		42,547		1,299
TransCanada		16,833		516

				4,133

Chile – 0.5%
Empresa Nacional De Electricidad – ADR		2,626		120
Enersis – ADR		8,516		151

				271

China – 4.8%
Beijing Capital International Airport, Class H =		145,490		98
China Communication Services, Class H		1,828,002		946
Dalian Port, Class H		1,319,383		479
Guangshen Railway – ADR		11,461		230
Hainan Meilan International Airport, Class H		142,509		114
Jiangsu Expressway, Class H		597,100		531
Xinao Gas Holdings		53,271		114
Zhejiang Expressway, Class H		438,866		373

				2,885

Denmark – 0.3%
AP Moller – Maersk, Class B		25		171

Finland – 0.5%
Fortum Oyj		11,792		279

France – 6.1%
Aeroports de Paris		11,039		838
GDF Suez		7,839		328
Societe des Autoroutes Paris-Rhin-Rhone		13,123		986
Suez Environment		5,100		113
Veolia Environnement – ADR		7,855		256
Vinci		21,677		1,131

				3,652

Germany – 4.3%
E.ON		27,187		1,042
Fraport		25,919		1,220
Hamburger Hafen und Logistik		8,234		321

				2,583

First American Funds 2009 Annual Report 55

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Global Infrastructure Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Hong Kong – 10.1%
Beijing Enterprise		79,271	$	475
Cheung Kong Infrastructure Holdings		393,776		1,400
China Everbright International		1,594,036		722
China Merchants Holdings International		97,436		311
China Resources Gas Group ⊡		342,864		332
China Water Affairs Group		210,551		61
Cosco Pacific		179,400		248
Guangdong Investment		812,236		424
Hopewell Highway Infrastructure		1,080,995		652
Hutchison Whampoa		110,401		775
MTR		107,632		381
NWS Holdings		88,403		168
Towngas China Company		114,326		46

				5,995

Italy – 2.7%
Aeroporto Venezia		281		2
Ansaldo STS		34,008		651
Atlantia		27,640		654
Snam Rete Gas		56,993		276

				1,583

Japan – 3.6%
Airport Facilities		34,302		203
East Japan Railway		5,044		323
Japan Airport Terminal		14,076		197
Kamigumi		99,763		749
Mitsubishi Logistics		13,808		150
Tokyo Electric Power Company		4,209		103
Tokyo Gas Company		101,503		402

				2,127

Luxembourg – 1.0%
SES		26,984		585

Mexico – 0.1%
Grupo Aeroportuario del Sureste – ADR		2,169		88

Netherlands – 0.9%
Koninklijke Vopak		7,935		535

New Zealand – 2.6%
Infratil		338,868		394
Port of Tauranga		131,986		664
Vector		342,863		475

				1,533

Norway – 0.3%
Hafslund, Class B		16,968		192

Portugal – 0.9%
Redes Energeticas Nacionais		122,351		536

Singapore – 4.8%
CitySpring Infrastructure Trust		5,154		2
ComfortDelGro Corporation		184,692		201
Hyflux		201,644		438
Hyflux Water Trust		49,986		24
SembCorp Industries		44,331		104
Singapore Airport Terminal Services		46,148		81
Singapore Post		564,530		379
Singapore Telecomm		390,247		809
SMRT		664,604		793

				2,831

Spain – 8.0%
Abertis Infraestructuras		100,587		2,139
Acciona		2,681		327
Cintra Concesiones de Infraestructuras de Transporte		32,478		334
Enagas		33,040		680
Iberdrola		54,415		493
Iberdrola Renovables		90,751		403
Red Electrica		7,813		403

				4,779

Switzerland – 1.7%
BKW FMB Energie		2,815		232
Flughafen Zuerich		2,677		779

				1,011

United Kingdom – 8.5%
Arriva		75,315		543
Balfour Beatty		225,521		980
Centrica		66,459		270
Forth Ports		22,316		404
International Power		174,645		725
National Grid – ADR		8,886		441
Pennon Group		6,668		50
Scottish & Southern Energy		41,238		728
Serco Group		18,649		154
United Utilities Group		105,580		761

				5,056

United States – 18.0%
American Tower, Class A =		17,555		646
American Water Works		5,564		106
Aqua America		20,008		309
Brookfield Infrastructure Partners		72,394		1,050
California Water Service Group		8,780		321
Connecticut Water Service		3,524		79
El Paso		72,488		711
Exelon		7,224		339
FPL Group		15,915		781
ITC Holdings		13,544		602
Kinder Morgan Management		38,440		1,799
Northeast Utilities		17,936		413
Northwest Natural Gas		3,365		141
Piedmont Natural Gas		9,955		232
South Jersey Industries		13,346		471
Southern Union		42,899		839
Spectra Energy		97,378		1,862

				10,701

Total Common Stocks (Cost $54,653)				57,111

Preferred Stock – 0.8%
Brazil – 0.8%
Companhia de Gas de Sao Paulo, Class A
(Cost $425)		23,891		454

Short-Term Investment – 0.1%
State Street Institutional Liquid Reserves Fund, 0.250% Ω
(Cost $67)		67,144		67

Total Investments 5 – 96.8%
(Cost $55,145)				57,632

Other Assets and Liabilities, Net – 3.2%				1,904

Total Net Assets – 100.0%			$	59,536

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

56 First American Funds 2009 Annual Report

Global Infrastructure Fund (concluded)


=		Non-income producing security.

⊡		Security is internally fair valued. As of October 31, 2009, the fair value of this investment was $332 or 0.6% of total net assets. See note 2 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

5		On October 31, 2009, the cost of investments for federal income tax purposes was $55,676. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	4,316
Gross unrealized depreciation		(2,360	)

Net unrealized appreciation	$	1,956


ADR –	American Depositary Receipt

At October 31, 2009, sector diversification of the fund was as follows:


	% of
Common and Preferred Stock	Net Assets			Fair Value

Industrials*		41.3	%	$	24,574
Utilities*		34.7			20,658
Energy		14.8			8,839
Telecommunication Services		4.0			2,401
Consumer Discretionary		1.0			585
Financials		0.9			508

Total Common and Preferred Stock		96.7			57,565

Total Short-Term Investment		0.1			67

Total Investments		96.8			57,632

Other Assets and Liabilities, Net		3.2			1,904

Net Assets		100.0	%	$	59,536


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


International Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 89.3%
Australia – 1.7%
APA Group		28,994	$	82
Asciano Group =		77,903		104
CSL		140,403		3,942
Macquarie Infrastructure Group		136,388		175
National Australia Bank		105,013		2,775
Newcrest Mining		135,260		3,888
Transurban Group		334,974		1,359

				12,325

Austria – 0.1%
Oesterreichische Elektrizitaetswirtschafts, Class A		8,721		391

Belgium – 0.6%
Anheuser-Busch InBev		84,968		3,989
Elia System Operator		2,255		91

				4,080

Brazil – 1.0%
Companhia de Concessoes Rodoviarias		29,414		581
Companhia de Transmissao de Energia Electrica Paulista		29,088		802
CPFL Energia – ADR		323		17
Petroleo Brasileiro – ADR		54,067		2,499
Vale – ADR		122,304		3,118

				7,017

Canada – 4.2%
Agrium		63,700		2,991
Boralex, Class A =		674		6
Brookfield Asset Management, Class A		9,121		191
Cameco		178,850		4,866
Enbridge		29,587		1,149
EnCana		63,729		3,534
Great Lakes Hydro Income Fund		7,718		131
Inmet Mining		32,690		1,732
Manulife Financial		182,381		3,390
Shoppers Drug Mart		70,306		2,793
Suncor Energy		126,245		4,169
TransCanada		27,377		836
TransCanada		11,261		345
Yamana Gold		339,534		3,616

				29,749

Cayman Islands – 0.7%
New Oriental Education & Technology Group – ADR =		31,349		2,190
Tencent Holdings		169,900		2,958

				5,148

Chile – 0.0%
Empresa Nacional de Electricidad – ADR		1,876		86
Enersis – ADR		5,984		106

				192

China – 1.8%
Agile Property Holdings		1,632,000		2,089
Beijing Capital International Airport, Class H =		87,272		59
China Communication Services, Class H		1,184,917		613
China Communications Construction		1,848,000		1,987
China Merchants Bank		1,003,850		2,568
Dalian Port, Class H		843,651		306
Guangshen Railway – ADR		7,500		150
Hainan Meilan International Airport, Class H		100,621		81
Industrial & Commercial Bank of China, Class H		3,030,000		2,411
Jiangsu Expressway, Class H		388,186		345

First American Funds 2009 Annual Report 57

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


International Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


PetroChina, Class H		1,798,000	$	2,163
Xinao Gas Holdings		32,239		69
Zhejiang Expressway, Class H		284,313		242

				13,083

Denmark – 1.3%
AP Moller – Maersk, Class B		16		109
Novo Nordisk, Class B		64,893		4,032
Vestas Wind Systems =		75,099		5,267

				9,408

Finland – 0.8%
Fortum Oyj		7,374		175
Nokia Oyj		436,227		5,510

				5,685

France – 9.2%
Aeroports de Paris		6,774		514
AXA		202,180		5,028
BNP Paribas		114,014		8,589
Carrefour		150,292		6,451
Electricite de France		111,688		6,225
GDF Suez		4,712		197
Iliad		59,308		6,422
L’oreal		49,213		5,032
Sanofi-Aventis		104,864		7,687
Societe des Autoroutes Paris-Rhin-Rhone		8,178		614
Suez Environment		3,543		79
Total		106,664		6,383
Total – ADR		62,358		3,746
UbiSoft Entertainment =		178,716		2,817
Veolia Environnement – ADR		5,006		163
Vinci		13,436		701
Vivendi Universal		182,682		5,068

				65,716

Germany – 6.8%
Adidas		202,725		9,386
Allianz		35,543		4,074
BASF		36,620		1,960
Deutsche Boerse		50,245		4,070
E.ON		17,098		655
Fraport		16,044		755
Hamburger Hafen und Logistik		5,109		199
Metro		36,090		2,003
SAP		125,288		5,675
SAP – ADR		68,012		3,079
Siemens		61,280		5,538
Symrise		351,530		6,374
Wacker Chemie		33,506		4,814

				48,582

Hong Kong – 3.1%
Beijing Enterprise Holdings		48,511		290
Cheung Kong Holdings		430,653		5,466
Cheung Kong Infrastructure Holdings		275,126		978
China Everbright International		1,033,625		468
China Merchants Holdings International		60,360		193
China Resources Gas Group ⊡		217,873		211
China Water Affairs Group		124,645		36
COSCO Pacific		112,467		155
Esprit Holdings		692,900		4,613
Guangdong Investment		506,015		264
Hang Lung Properties		875,000		3,307
Hopewell Highway Infrastructure		789,158		476
Hutchison Whampoa		67,828		476
Li & Fung		1,114,000		4,633
MTR		65,741		233
NWS Holdings		56,976		108
Towngas China Company		55,920		22

				21,929

India – 0.6%
HDFC Bank – ADR		20,793		2,300
Infosys Technologies – ADR		42,879		1,972

				4,272

Ireland – 1.2%
Covidien		204,490		8,613

Israel – 0.4%
Teva Pharmaceutical Industries – ADR		52,983		2,675

Italy – 1.4%
Aeroporto Venezia		203		2
Ansaldo STS		110,856		2,122
Atlantia		18,658		441
Eni		181,091		4,485
Saipem		104,862		3,094
Snam Rete Gas		40,915		198

				10,342

Japan – 18.1%
Airport Facilities		20,197		119
Canon		97,747		3,685
East Japan Railway		3,233		207
FANUC		101,534		8,434
Fast Retailing		24,200		3,983
Japan Airport Terminal		8,360		117
Jupiter Telecommunications		5,644		5,159
Kamigumi		62,563		470
Keyence		17,613		3,497
Kose		215,585		4,716
Mitsubishi		363,507		7,707
Mitsubishi Logistics		8,680		94
Mitsui		313,412		4,116
Mitsui Sumitomo Insurance Group		135,953		3,165
NGK Insulators		253,000		5,675
Nintendo		23,367		5,861
Nipponkoa Insurance		991,520		5,398
Nomura Holdings		727,050		5,124
Nomura Research Institute		250,341		5,413
SECOM		70,887		3,307
Seven & I Holdings		309,048		6,766
Shin-Etsu Chemical		65,800		3,489
SMC		33,309		3,804
Sony Financial Holdings		1,708		4,901
Sugi Holdings		198,146		4,304
Sumitomo Metal Mining		367,137		5,806
Sumitomo Trust & Banking		513,392		2,675
Suzuki Motor		173,527		4,199
The Bank of Yokohama		757,497		3,720
The Joyo Bank		590,696		2,599
Tokyo Electric Power		3,021		74
Tokyo Gas		73,415		291
Toyota Motor		109,100		4,307
Yamada Denki		93,800		5,716

				128,898

Luxembourg – 0.6%
Millicom International Cellular – ADR =		61,520		3,855
SES		16,859		365

				4,220

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

58 First American Funds 2009 Annual Report


International Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Malaysia – 0.3%
Sime Darby Berhad		696,492	$	1,801

Mexico – 0.4%
Grupo Aeroportuario del Sureste – ADR		1,612		65
Wal-Mart de Mexico – ADR		69,373		2,415

				2,480

Netherlands – 0.9%
Heineken		143,229		6,331
Koninklijke Vopak		5,090		344

				6,675

New Zealand – 0.1%
Infratil		207,994		242
Port of Tauranga		83,035		418
Vector		214,635		297

				957

Norway – 0.7%
Hafslund, Class B		9,842		111
Statoil		198,837		4,686

				4,797

Portugal – 0.5%
Energias de Portugal		799,074		3,534
Redes Energeticas Nacionais		78,563		344

				3,878

Russia – 0.3%
Gazprom – ADR		95,769		2,318

Singapore – 0.8%
CitySpring Infrastructure Trust		3,189		1
ComfortDelGro		108,762		118
DBS Group Holdings		454,386		4,161
Hyflux		136,469		296
Hyflux Water Trust		36,780		18
SembCorp Industries		26,269		62
Singapore Airport Terminal Services		25,562		45
Singapore Post		366,498		246
Singapore Telecommunications		258,358		536
SMRT		439,682		524

				6,007

South Africa – 0.5%
Gold Fields – ADR		96,082		1,225
MTN Group		137,949		2,054

				3,279

South Korea – 0.9%
KB Financial Group – ADR =		36,608		1,737
Samsung Electronics		2,592		1,560
Samsung Electronics – GDR		9,299		2,843

				6,140

Spain – 2.4%
Abertis Infraestructuras		66,765		1,420
Acciona		1,662		202
Banco Santander		363,248		5,846
Banco Santander Euro =		3,992		65
Cintra Concesiones de Infraestructuras de Transporte		23,839		245
Enagas		21,960		452
Gamesa Corporacion Tecnologica		153,246		2,800
Iberdrola		33,281		301
Iberdrola Renovables		55,430		246
Red Electrica		4,856		251
Telefonica		187,661		5,241

				17,069

Sweden – 1.4%
Atlas Copco, Class A		276,452		3,707
Ericsson		626,209		6,542

				10,249

Switzerland – 6.0%
ABB =		183,792		3,419
BKW FMB Energie		1,766		145
Credit Suisse Group		83,586		4,468
Flughafen Zuerich		1,660		483
Foster Wheeler =		93,933		2,629
Logitech International =		184,337		3,134
Nestle		316,111		14,700
Novartis		150,272		7,825
Roche Holding		37,248		5,966

				42,769

Taiwan – 0.2%
Taiwan Semiconductor Manufacturing		932,887		1,692

Thailand – 0.4%
Bangkok Bank		758,381		2,544

United Kingdom – 18.3%
Anglo American =		123,971		4,486
Antofagasta		130,464		1,644
ARM Holdings		2,117,101		5,143
Arriva		45,848		330
Autonomy =		293,728		6,458
BAE Systems		362,247		1,863
Balfour Beatty		141,013		613
BG Group		204,696		3,524
BHP Billiton		194,558		5,242
BP – ADR		143,786		8,141
British Sky Broadcasting Group		498,724		4,348
Cadbury		432,185		5,464
Centrica		47,158		192
Diageo		459,706		7,488
Experian Group		759,153		6,937
Forth Ports		13,603		246
GlaxoSmithKline		467,320		9,586
ICAP		452,980		3,011
International Power		107,560		447
National Grid – ADR		6,592		327
Pennon Group		4,667		35
Prudential		579,006		5,259
Reed Elsevier		666,065		5,043
Rio Tinto		88,135		3,896
Scottish & Southern Energy		237,291		4,188
Serco Group		11,479		95
Smith & Nephew		477,763		4,223
Standard Chartered		286,212		7,021
Tesco		839,398		5,597
United Utilities Group		68,472		494
Vedanta Resources		221,499		7,579
Vodafone Group – ADR		282,726		6,274
WPP		562,851		5,044

				130,238

United States – 1.6%
American Tower, Class A =		11,029		406
American Water Works		3,839		73
Aqua America		12,926		200
Brookfield Infrastructure Partners		53,542		776
California Water Service Group		5,660		207

First American Funds 2009 Annual Report 59

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


International Fund (continued)
DESCRIPTION	SHARES/PAR		FAIR VALUE


Connecticut Water Service		2,287	$	51
El Paso		45,425		446
Exelon		4,480		210
FPL Group		10,207		501
ITC Holdings		10,047		446
Kinder Morgan Management		24,688		1,156
Northeast Utilities		11,562		267
Northwest Natural Gas		2,082		87
Philip Morris International		96,691		4,579
Piedmont Natural Gas		6,206		144
South Jersey Industries		8,348		295
Southern Union		27,437		537
Spectra Energy		64,547		1,234

				11,615

Total Common Stocks
(Cost $530,600)				636,833

Preferred Stocks – 1.2%
Brazil – 0.4%
Companhia de Gas de Sao Paulo, Class A		15,000		285
Itau Unibanco Holding – ADR		139,996		2,679

				2,964

Germany – 0.8%
Henkel KGAA		123,790		5,638

Total Preferred Stocks
(Cost $5,530)				8,602

Right – 0.0%
Belgium – 0.0%
Fortis = ¥ ⊡
(Cost $0)		303,628		—

Short-Term Investments – 9.2%
Money Market Fund – 5.9%
State Street Institutional Liquid Reserves Fund, 0.250% Ω		42,343,753		42,344

U.S. Treasury Obligation – 3.3%
U.S. Treasury Bill
0.227%, 11/19/2009 o	$	23,600		23,597

Total Short-Term Investments
(Cost $65,941)				65,941

Total Investments 5 – 99.7%
(Cost $602,071)				711,376

Other Assets and Liabilities, Net – 0.3%				2,178

Total Net Assets – 100.0%			$	713,554


=		Non-income producing security.

¥		Security considered illiquid. As of October 31, 2009, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

⊡		Security is internally fair valued. As of October 31, 2009, the fair value of these investments was $211 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2009. See note 2 in Notes to Financial Statements.

International Fund (continued)


5		On October 31, 2009, the cost of investments for federal income tax purposes was $602,612. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	130,560
Gross unrealized depreciation		(21,796	)

Net unrealized appreciation	$	108,764


ADR –	American Depositary Receipt

GDR –	Global Depositary Receipt

Schedule of Open Futures Contracts


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

British Pound Currency Futures		December 2009		(70	)	$ (7,193)	$	37
CAC 40 10 Euro Index Futures		December 2009		439		23,142		(868	)
DAX Index Futures		December 2009		115		22,862		(959	)
Dow Jones Euro STOXX 50 Futures		December 2009		878		35,223		(1,369	)
E-Mini MSCI EAFE Index Futures		December 2009		77		5,790		(151	)
E-Mini MSCI Emerging Markets Index Futures		December 2009		(283	)	(12,678)		485
FTSE/JSE Top 40 Index Futures		December 2009		(208	)	(6,346)		(231	)
Hang Seng China Enterprises Index Futures		November 2009		76		6,238		(129	)
IBEX 35 Index Futures		November 2009		(63	)	(10,516)		295
Mexican Bolsa Index Futures		December 2009		(320	)	(6,986)		219
Nasdaq 100 E-Mini Futures		December 2009		(29	)	(966)		33
Nikkei 225 Index Futures		December 2009		(28	)	(3,114)		(44	)
OMXS30 Index Futures		November 2009		(298	)	(3,964)		(127	)
Russell 2000 Mini Index Futures		December 2009		(288	)	(16,180)		905
S&P 500 Futures		December 2009		(57	)	(14,720)		186
S&P MIB Index Futures		December 2009		40		6,477		(484	)
S&P TSE 60 Futures		December 2009		(135	)	(16,112)		551
SGX CNX Nifty Index Futures		November 2009		922		8,659		(469	)
SGX MSCI Singapore Index Futures		November 2009		49		2,207		(40	)
SPI 200 Futures		December 2009		363		37,773		268
Swiss Market Index Futures		December 2009		143		8,754		(185	)

							$	(2,077	)

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

60 First American Funds 2009 Annual Report

International Fund (concluded)

At October 31, 2009, sector diversification of the fund was as follows:


	% of
Common and Preferred Stock	Net Assets			Fair Value

Financials		15.5	%	$	110,751
Consumer Staples		12.4			88,266
Industrials		12.1			86,409
Information Technology		9.5			67,839
Consumer Discretionary		9.0			64,054
Materials		8.7			61,860
Energy		8.3			59,309
Healthcare		7.6			54,549
Utilities		3.8			26,998
Telecommunication Services		3.6			25,400

Total Common and Preferred Stock		90.5			645,435

Total Rights		—			—

Total Short-Term Investments		9.2			65,941

Total Investments		99.7			711,376

Other Assets and Liabilities, Net		0.3			2,178

Net Assets		100.0	%	$	713,554


International Select Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 83.4%
Australia – 2.4%
APA Group		15,075	$	43
Asciano Group		40,502		54
BHP Billiton		98,698		3,237
CSL		101,404		2,847
Macquarie Infrastructure Group		70,906		91
National Australia Bank		62,197		1,643
Newcrest Mining		80,109		2,303
Rio Tinto		63,008		3,493
Transurban Group		174,139		706

				14,417

Austria – 0.0%
Oesterreichische Elektrizitaetswirtschafts, Class A		4,535		204

Belgium – 0.4%
Anheuser-Busch InBev		44,344		2,082
Elia System Operator		1,172		47

				2,129

Brazil – 3.9%
Banco do Brasil		263,600		4,221
Cia Brasileira de Meios de Pagamento		351,000		3,218
Companhia de Concessoes Rodoviarias		113,193		2,236
Companhia de Transmissao de Energia Electrica Paulista		15,118		417
CPFL Energia – ADR		168		9
Fertilizantes Fosfatados =		41,600		395
Natura Cosmeticos		55,200		989
Petroleo Brasileiro – ADR		61,893		2,861
Redecard		194,230		2,883
Souza Cruz		58,599		2,069
Vale – ADR		150,025		3,824

				23,122

Canada – 3.7%
Agrium		37,730		1,771
Boralex, Class A =		350		3
Brookfield Asset Management, Class A		4,741		99
Cameco		143,113		3,894
Enbridge		15,383		598
EnCana		37,747		2,093
First Quantum Minerals		15,000		1,026
Great Lakes Hydro Income Fund		4,015		68
Inmet Mining		17,734		940
Inmet Mining		1,630		86
Manulife Financial		172,955		3,215
Shoppers Drug Mart		53,244		2,115
Suncor Energy		92,905		3,068
TransCanada		14,234		435
TransCanada		5,854		179
Yamana Gold		201,099		2,142

				21,732

Chile – 0.0%
Empresa Nacional de Electricidad – ADR		975		45
Enersis – ADR		3,112		55

				100

China – 3.0%
Agile Property Holdings		2,062,000		2,639
Beijing Capital International Airport, Class H =		45,373		31
China Communication Services, Class H		616,127		319
China Communications Construction		1,902,000		2,045
China Merchants Bank		933,900		2,389
Dalian Port, Class H		438,461		159

First American Funds 2009 Annual Report 61

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


International Select Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Guangshen Railway – ADR		3,899	$	78
Hainan Meilan International Airport, Class H		52,332		42
Industrial & Commercial Bank of China, Class H		2,883,000		2,294
Jiangsu Expressway, Class H		201,818		179
NetEase.com – ADR =		26,000		1,004
New Oriental Education & Technology Group – ADR =		28,553		1,994
PetroChina, Class H		1,712,000		2,060
Shougang Concord International Enterprises		3,634,000		626
Xinao Gas Holdings		16,755		36
Zhejiang Expressway, Class H		147,821		126

				17,788

Denmark – 0.9%
AP Moller – Maersk, Class B		8		55
Novo Nordisk, Class B		34,035		2,114
Vestas Wind Systems =		47,748		3,349

				5,518

Egypt – 0.7%
Commercial International Bank		105,346		1,085
Eastern Tobacco		23,806		559
Mobinil		18,297		700
Orascom Construction Industries		43,803		2,070

				4,414

Finland – 0.6%
Fortum Oyj		3,834		91
Nokia Oyj		258,369		3,263

				3,354

France – 6.5%
Aeroports de Paris		3,522		267
AXA		129,131		3,212
BNP Paribas		66,905		5,040
Carrefour		89,014		3,821
Electricite de France		68,970		3,844
GDF Suez		2,449		102
Iliad		32,081		3,474
L’oreal		29,149		2,980
Sanofi-Aventis		62,109		4,553
Societe des Autoroutes Paris-Rhin-Rhone		4,253		319
Suez Environment		1,842		41
Total		63,173		3,780
Total – ADR		32,199		1,934
UbiSoft Entertainment =		105,848		1,668
Veolia Environnement – ADR		2,603		85
Vinci		6,985		365
Vivendi Universal		108,199		3,002

				38,487

Germany – 5.0%
Adidas		120,383		5,574
Allianz		21,054		2,413
BASF		21,691		1,161
Deutsche Boerse		34,021		2,755
E.ON		8,890		341
Fraport		8,341		393
Hamburger Hafen und Logistik		2,657		104
Metro		21,375		1,186
SAP		74,203		3,361
SAP – ADR		45,824		2,074
Siemens		36,295		3,280
Symrise		208,206		3,775
Wacker Chemie		20,269		2,912

				29,329

Hong Kong – 2.8%
Beijing Enterprises Holdings		25,223		151
Cheung Kong Holdings		254,965		3,236
Cheung Kong Infrastructure Holdings		143,059		509
China Everbright International		537,339		243
China Merchants Holdings International		31,382		100
China Resources Gas Group ⊡		113,263		110
China Water Affairs Group		64,804		19
COSCO Pacific		58,451		81
Esprit Holdings		445,900		2,968
Guangdong Investment		263,082		137
Hang Lung Properties		566,000		2,139
Hopewell Highway Infrastructure		410,396		248
Hutchison Whampoa		35,264		247
Li & Fung		790,000		3,285
MTR		34,179		121
NWS Holdings		29,621		56
Tencent Holdings		233,200		4,061
Towngas China Company		29,073		12

				15,956

India – 1.6%
HDFC Bank – ADR		27,158		3,004
Infosys Technologies – ADR		69,909		3,216
Jindal Steel & Power		80,235		1,081
Punjab National Bank		102,134		1,834

				9,135

Indonesia – 0.8%
Bank Mandiri		3,075,700		1,476
Tambang Batubara Bukit Asam		364,500		568
Telekomunikasi Indonesia – ADR		55,500		1,882
United Tractors		609,166		934

				4,860

Ireland – 0.9%
Covidien		121,080		5,100

Israel – 0.9%
Cellcom Israel		15,700		472
Delek Automotive Systems		62,612		711
Israel Chemicals		165,493		1,933
Teva Pharmaceutical Industries – ADR		41,751		2,108

				5,224

Italy – 1.1%
Aeroporto Venezia		105		1
Ansaldo STS		64,148		1,228
Atlantia		9,700		229
Eni		107,255		2,656
Saipem		66,734		1,969
Snam Rete Gas		22,997		112

				6,195

Japan – 12.2%
Airport Facilities		10,501		62
Canon		57,888		2,183
East Japan Railway		1,681		108
FANUC		53,295		4,427
Fast Retailing		16,000		2,633
Japan Airport Terminal		4,347		61
Jupiter Telecommunications		2,769		2,531
Kamigumi		32,527		244
Keyence		10,429		2,070
Kose		109,813		2,402
Mitsubishi		215,274		4,564
Mitsubishi Logistics		4,512		49
Mitsui		185,618		2,438

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

62 First American Funds 2009 Annual Report


International Select Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Mitsui Sumitomo Insurance Group		80,514	$	1,874
NGK Insulators		128,000		2,871
Nintendo		13,838		3,471
Nipponkoa Insurance		587,047		3,196
Nomura Holdings		430,601		3,035
Nomura Research Institute		145,500		3,146
SECOM		41,977		1,959
Seven & I Holdings		183,033		4,007
Shin-Etsu Chemical		33,300		1,766
SMC		19,700		2,250
Sony Financial Holdings		693		1,989
Sugi Holdings		117,353		2,549
Sumitomo Metal Mining		217,289		3,436
Sumitomo Trust & Banking		303,686		1,582
Suzuki Motor		102,759		2,486
The Bank of Yokohama		448,537		2,203
The Joyo Bank		349,425		1,537
Tokyo Electric Power		1,571		39
Tokyo Gas		38,176		151
Toyota Motor		57,000		2,250
Yamada Denki		37,260		2,271

				71,840

Luxembourg – 0.5%
Millicom International Cellular – ADR =		42,783		2,681
SES		8,765		190

				2,871

Malaysia – 0.3%
British American Tobacco		50,400		662
PLUS Expressways		114,000		110
Sime Darby Berhad		412,466		1,066

				1,838

Mexico – 1.8%
America Movil, Series L – ADR		48,900		2,158
Desarrolladora Homex – ADR =		28,500		1,013
Fomento Economico Mexicano – ADR		36,340		1,574
Grupo Aeroportuario del Sureste – ADR		907		37
Grupo Mexico, Series B		340,250		676
Grupo Televisa – ADR		117,400		2,273
Kimberly-Clark de Mexico, Series A		133,500		527
Wal-Mart de Mexico – ADR		60,265		2,098

				10,356

Netherlands – 0.7%
Heineken		84,833		3,750
Koninklijke Vopak		2,645		178

				3,928

New Zealand – 0.1%
Infratil		108,138		126
Port of Tauranga		43,172		217
Vector		111,592		155

				498

Norway – 0.5%
Hafslund, Class B		5,118		58
Statoil		117,768		2,775

				2,833

Pakistan – 0.1%
Pakistan Petroleum		340,632		717

Philippines – 0.5%
Philippine Long Distance Telephone – ADR		51,300		2,734

Portugal – 0.4%
Energias de Portugal		473,131		2,092
Redes Energeticas Nacionais		40,842		179

				2,271

Russia – 2.3%
Gazprom – ADR		97,132		2,350
LUKOIL – ADR		57,400		3,330
Magnit – GDR =		61,600		801
Mobile TeleSystems – ADR		68,900		3,121
Oriflame Cosmetics – SDR		19,205		1,064
TNK-BP Holding		741,589		1,358
Uralkali – GDR, Class S =		54,304		1,222

				13,246

Singapore – 0.6%
CitySpring Infrastructure Trust		1,657		1
ComfortDelGro		56,546		61
DBS Group Holdings		269,336		2,466
Hyflux		70,946		154
Hyflux Water Trust		18,000		9
SembCorp Industries		13,658		32
Singapore Airport Terminal Services		13,290		23
Singapore Post		190,551		128
Singapore Telecommunications		134,328		279
SMRT		228,610		273

				3,426

South Africa – 3.2%
Gold Fields – ADR		56,910		725
Kumba Iron Ore		43,608		1,302
Massmart Holdings		99,357		1,148
MTN Group		126,274		1,880
Murray & Roberts Holdings		250,495		1,788
Nedbank Group		156,022		2,345
Pretoria Portland Cement		283,592		1,187
Sanlam		973,555		2,673
Shoprite Holdings		69,411		566
Standard Bank Group		150,569		1,879
Tiger Brands		74,710		1,496
Truworths International		273,203		1,564

				18,553

South Korea – 2.5%
Amore Pacific		600		415
Hite Brewery		6,418		873
KB Financial Group – ADR =		21,680		1,029
KT&G		28,320		1,649
NHN =		15,304		2,257
S1		1,446		58
Samsung Electronics		1,533		923
Samsung Electronics – GDR		11,946		3,653
Shinhan Financial Group – ADR		27,448		2,076
Woongjin Coway		55,769		1,864

				14,797

Spain – 1.6%
Abertis Infraestructuras		34,708		738
Acciona		865		105
Banco Santander		164,104		2,641
Banco Santander Euro =		1,803		29
Cintra Concesiones de Infraestructuras de Transporte		12,398		128
Enagas		11,868		244
Gamesa Corporacion Tecnologica		89,888		1,643
Iberdrola		17,304		157
Iberdrola Renovables		28,819		128

First American Funds 2009 Annual Report 63

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


International Select Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Red Electrica		2,524	$	130
Telefonica		125,323		3,500

				9,443

Sweden – 1.0%
Atlas Copco, Class A		154,138		2,067
Ericsson		370,893		3,875

				5,942

Switzerland – 4.1%
ABB =		109,266		2,033
BKW FMB Energie		919		76
Credit Suisse Group		48,865		2,612
Flughafen Zuerich		863		251
Foster Wheeler =		55,632		1,557
Logitech International =		126,756		2,155
Nestle		172,193		8,007
Novartis		80,392		4,186
Roche Holding		20,583		3,297

				24,174

Taiwan – 1.0%
Advanced Semiconductor Engineering		924,233		728
Hon Hai Precision Industry		405,105		1,587
HTC		113,250		1,125
Taiwan Semiconductor Manufacturing		1,387,514		2,517

				5,957

Thailand – 0.5%
Bangkok Bank		449,113		1,506
Banpu Public		64,500		829
Kasikornbank Public		321,600		780

				3,115

Turkey – 1.2%
Akbank T.A.S.		337,907		1,825
Koc Holding		274,682		700
Turkcell Iletisim Hizmetleri – ADR		103,200		1,696
Turkiye Is Bankasi, Class C		804,908		3,048

				7,269

United Kingdom – 12.0%
Anglo American =		73,424		2,657
Antofagasta		77,270		973
ARM Holdings		1,184,112		2,876
Arriva		23,837		172
Autonomy =		189,719		4,171
BAE Systems		214,549		1,103
Balfour Beatty		73,312		319
BG Group		130,769		2,251
BP – ADR		85,161		4,822
British Sky Broadcasting Group		254,076		2,215
Cadbury		225,809		2,855
Centrica		26,506		108
Diageo		272,273		4,435
Experian Group		449,633		4,109
Forth Ports		7,072		128
GlaxoSmithKline		276,695		5,676
ICAP		296,302		1,969
International Power		55,921		232
National Grid – ADR		3,705		184
Pennon Group		2,428		18
Prudential		385,406		3,501
Reed Elsevier		394,497		2,987
Scottish & Southern Energy		138,703		2,448
Serco Group		5,968		49
Smith & Nephew		231,355		2,045
Standard Chartered		158,506		3,888
Tesco		435,957		2,907
United Utilities Group		35,603		257
Vedanta Resources		139,022		4,757
Vodafone Group – ADR		167,453		3,716
WPP		307,277		2,754
WPP Group =		26,090		234

				70,816

United States – 1.1%
American Tower, Class A =		5,734		211
American Water Works		1,997		38
Aqua America		6,718		104
Brookfield Infrastructure Partners		30,095		436
California Water Service Group		2,942		108
Connecticut Water Service		1,189		27
El Paso		23,617		232
Exelon		2,329		109
FPL Group		5,306		261
ITC Holdings		5,335		237
Kinder Morgan Management		12,836		601
Northeast Utilities		6,009		139
Northwest Natural Gas		1,082		45
Philip Morris International		57,269		2,712
Piedmont Natural Gas		3,227		75
South Jersey Industries		4,340		153
Southern Union		14,265		279
Spectra Energy		33,550		641

				6,408

Total Common Stocks
(Cost $463,635)				490,096

Preferred Stocks – 1.7%
Brazil – 1.2%
AES Tiete		32,214		363
Companhia de Gas de Sao Paulo, Class A		7,800		148
Companhia Energetica de Minas Gerais – ADR		49,800		786
Eletropaulo Metropolitana, Class B		32,200		602
Itau Unibanco Holding – ADR		161,705		3,095
Suzano Papel e Celulose		24,910		217
Usinas Siderurgicas de Minas Gerais, Class A		66,900		1,747

				6,958

Germany – 0.5%
Henkel KGAA		73,316		3,339

Total Preferred Stocks
(Cost $9,223)				10,297

Short-Term Investments – 14.7%
Money Market Fund – 10.6%
State Street Institutional Liquid Reserves Fund
0.250% Ω		62,129,377		62,129

U.S. Treasury Obligation – 4.1%
U.S. Treasury Bill
0.131%, 11/19/2009 o	$	24,150		24,149

Total Short-Term Investments
(Cost $86,278)				86,278

Total Investments 5 – 99.8%
(Cost $559,136)				586,671

Other Assets and Liabilities, Net – 0.2%				1,288

Total Net Assets – 100.0%			$	587,959

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

64 First American Funds 2009 Annual Report

International Select Fund (continued)


=		Non-income producing security.

⊡		Security is internally fair valued. As of October 31, 2009, the fair value of this investment was $110 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2009. See note 2 in Notes to Financial Statements.

5		On October 31, 2009, the cost of investments for federal income tax purposes was $565,861. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	57,059
Gross unrealized depreciation		(36,249	)

Net unrealized appreciation	$	20,810


ADR –	American Depositary Receipt

GDR –	Global Depositary Receipt

SDR –	Swedish Depositary Receipt

Schedule of Open Futures Contracts


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

British Pound Currency Futures		December 2009		(57	)	$	(5,857	)	$	22
CAC 40 10 Euro Index Futures		December 2009		280			14,760			(562	)
DAX Index Futures		December 2009		62			12,326			(526	)
FTSE/JSE Top 40 Index Futures		December 2009		(130	)		(3,966	)		(92	)
Hang Seng China Enterprises Index Futures		November 2009		257			21,093			(438	)
IBEX 35 Index Futures		November 2009		(55	)		(9,181	)		258
Mexican Bolsa Index Futures		December 2009		(130	)		(2,838	)		89
MSCI Taiwan Index Futures		November 2009		215			5,708			(216	)
Nasdaq 100 E-Mini Futures		December 2009		(29	)		(966	)		33
Nikkei 225 Index Futures		December 2009		(60	)		(6,672	)		(94	)
OMXS30 Index Futures		November 2009		(298	)		(3,964	)		(128	)
Russell 2000 Mini Index Futures		December 2009		(319	)		(17,921	)		1,205
S&P 500 Futures		December 2009		(58	)		(14,979	)		262
S&P MIB Index Futures		December 2009		34			5,505			(411	)
S&P TSE 60 Futures		December 2009		276			32,940			(1,109	)
SGX CNX Nifty Index Futures		November 2009		1,197			11,242			(609	)
SGX MSCI Singapore Index Futures		November 2009		98			4,414			(80	)
SPI 200 Futures		December 2009		269			27,991			186
Swiss Market Index Futures		December 2009		121			7,407			(154	)

									$	(2,364	)

International Select Fund (concluded)

At October 31, 2009, sector diversification of the fund was as follows:


	% of
	Net Assets			Fair Value

Common and Preferred Stocks
Financials		16.2	%	$	95,535
Consumer Staples		11.2			65,637
Information Technology		10.5			61,485
Industrials		9.8			57,931
Materials		8.7			50,975
Energy		7.9			46,280
Consumer Discretionary		7.6			44,799
Healthcare		5.4			31,926
Telecommunication Services		4.9			28,823
Utilities		2.9			17,002

Total Common and Preferred Stocks		85.1			500,393

Total Short-Term Investments		14.7			86,278

Total Investments		99.8			586,671

Other Assets and Liabilities, Net		0.2			1,288

Net Assets		100.0	%	$	587,959

First American Funds 2009 Annual Report 65

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Large Cap Growth Opportunities Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 99.5%
Consumer Discretionary – 15.2%
Amazon.com 6 =		102,594	$	12,189
Carnival		132,189		3,849
Chipotle Mexican Grill, Class A 6 =		47,254		3,851
Coach		78,562		2,590
Dick’s Sporting Goods 6 =		219,853		4,988
Harman International Industries		87,942		3,308
J. Crew Group 6 =		159,197		6,492
Nordstrom		164,633		5,232
Polo Ralph Lauren 6		116,272		8,653
Priceline.com 6 =		71,061		11,213
Target		174,505		8,451
Walt Disney		196,458		5,377
WMS Industries =		59,670		2,386
Wynn Resorts 6 =		90,975		4,933

				83,512

Consumer Staples – 7.4%
Colgate-Palmolive 6		89,964		7,074
CVS Caremark		185,416		6,545
Kellogg 6		210,383		10,843
Philip Morris International		345,740		16,374

				40,836

Energy – 5.7%
Dril-Quip =		80,237		3,899
Occidental Petroleum		64,994		4,932
Petroleo Brasileiro – ADR		104,832		4,845
Pioneer Natural Resources		104,646		4,302
Schlumberger		130,043		8,088
Southwestern Energy =		120,466		5,250

				31,316

Financials – 6.1%
American Express		213,595		7,442
BlackRock 6		41,085		8,894
Goldman Sachs Group 6		70,123		11,933
JPMorgan Chase		125,653		5,249

				33,518

Healthcare – 10.5%
Amgen =		73,519		3,950
Baxter International		114,115		6,169
DENTSPLY International		184,842		6,092
Edwards Lifesciences =		56,492		4,346
Express Scripts =		112,572		8,997
Gilead Sciences =		96,435		4,103
Illumina 6 =		119,518		3,837
Medco Health Solutions =		199,661		11,205
Teva Pharmaceutical – ADR 6		85,312		4,307
Thermo Fisher Scientific 6 =		101,361		4,561

				57,567

Industrials – 10.4%
3M		130,921		9,632
Boeing		58,255		2,785
C.H. Robinson Worldwide		113,016		6,228
Cummins		115,730		4,983
Joy Global 6		113,540		5,724
Manpower		74,331		3,524
Precision Castparts		80,731		7,712
Robert Half International 6		219,722		5,097
United Technologies		134,138		8,243
Verisk Analytics, Class A =		112,823		3,095

				57,023

Information Technology ⊳ – 39.3%
Accenture, Class A		75,099		2,785
Adobe Systems =		135,273		4,456
Altera		169,137		3,347
Amphenol, Class A		97,599		3,916
Analog Devices		104,033		2,666
Apple =		166,983		31,476
Applied Materials 6		317,872		3,878
BMC Software 6 =		123,094		4,574
Broadcom, Class A 6 =		203,334		5,411
Cisco Systems =		803,338		18,356
Dolby Laboratories, Class A =		140,611		5,897
eBay =		173,758		3,870
Equinix 6 =		44,282		3,778
F5 Networks =		157,875		7,087
Google, Class A 6 =		20,480		10,980
Hewlett-Packard		332,192		15,766
IBM		67,781		8,175
Lam Research 6 =		145,459		4,905
MasterCard, Class A		30,614		6,705
Microsoft		336,251		9,324
Oracle		420,073		8,864
QUALCOMM		225,559		9,340
Red Hat =		151,458		3,909
Salesforce.com =		133,362		7,568
Sybase 6 =		111,064		4,394
Teradata =		218,755		6,099
Visa, Class A 6		155,700		11,796
Yahoo! =		416,223		6,618

				215,940

Materials – 3.1%
Ecolab 6		114,349		5,027
Freeport-McMoRan Copper & Gold		73,729		5,409
Praxair		81,815		6,499

				16,935

Telecommunication Services – 1.8%
American Tower, Class A =		270,033		9,943

Total Common Stocks
(Cost $461,567)				546,590

Short-Term Investment – 0.7%
First American Prime Obligations Fund, Class Z
0.148% Å Ω
(Cost $3,966)		3,966,189		3,966

Investment Purchased with Proceeds from Securities Lending – 19.1%
Mount Vernon Securities Lending Prime Portfolio
0.209% Ω †
(Cost $104,521)		104,521,135		104,521

Total Investments 5 – 119.3%
(Cost $570,054)				655,077

Other Assets and Liabilities, Net – (19.3)%				(105,967	)

Total Net Assets – 100.0%			$	549,110


6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $99,135 at October 31, 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.

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

66 First American Funds 2009 Annual Report

Large Cap Growth Opportunities Fund (concluded)


Å		Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $574,781. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	101,130
Gross unrealized depreciation		(20,834	)

Net unrealized appreciation	$	80,296


ADR –	American Depositary Receipt


Large Cap Select Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 99.9%
Consumer Discretionary – 15.4%
Coach		100,979	$	3,329
Discovery Communications, Class A 6 =		52,411		1,441
Expedia =		70,448		1,597
Guess?		40,216		1,470
Hasbro		44,405		1,211
Jarden		82,283		2,254
Panera Bread, Class A 6 =		28,359		1,701
Priceline.com 6 =		10,255		1,618
Target		37,920		1,837
WABCO Holdings		96,028		2,278
Walt Disney		76,374		2,090
WMS Industries =		59,274		2,370

				23,196

Consumer Staples – 3.2%
Coca-Cola		18,970		1,011
CVS Caremark		57,448		2,028
General Mills		26,864		1,771

				4,810

Energy – 12.8%
Alpha Natural Resources 6 =		18,019		612
Apache		27,430		2,582
Chevron		37,835		2,896
Exxon Mobil		35,237		2,525
Occidental Petroleum 6		36,470		2,767
Oceaneering International =		14,918		762
Pioneer Natural Resources 6		56,212		2,311
Whiting Petroleum 6 =		28,706		1,619
Williams		95,636		1,803
XTO Energy		32,764		1,362

				19,239

Financials – 18.7%
ACE		31,977		1,642
Bank of America		353,017		5,147
BlackRock 6		7,499		1,624
Comerica 6		67,999		1,887
Discover Financial Services 6		123,373		1,745
Goldman Sachs Group 6		23,153		3,940
JPMorgan Chase		132,971		5,554
KeyCorp 6		247,640		1,335
Lincoln National		43,300		1,032
Regions Financial 6		283,932		1,374
Wells Fargo		106,515		2,931

				28,211

Healthcare – 9.5%
Allergan		31,972		1,798
Amgen =		43,473		2,336
Bristol-Myers Squibb		105,164		2,293
Forest Laboratories =		50,600		1,400
Medco Health Solutions =		28,830		1,618
Pfizer		218,702		3,724
Thermo Fisher Scientific 6 =		24,970		1,124

				14,293

First American Funds 2009 Annual Report 67

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Large Cap Select Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Industrials – 10.1%
Boeing 6		31,737	$	1,517
Illinois Tool Works		28,614		1,314
Ingersoll-Rand		48,054		1,518
Manitowoc 6		165,426		1,512
Manpower 6		29,596		1,403
Oshkosh		48,794		1,525
Rockwell Collins		38,401		1,935
Tyco International		46,348		1,555
United Technologies		32,017		1,967
Werner Enterprises 6		54,934		1,030

				15,276

Information Technology – 24.7%
Accenture, Class A 6		45,203		1,676
Altera 6		116,693		2,309
Analog Devices		95,401		2,445
Apple 6 =		24,796		4,674
Automatic Data Processing 6		49,263		1,961
BMC Software 6 =		47,291		1,757
Cisco Systems =		195,796		4,474
eBay =		86,424		1,925
Hewlett-Packard 6		76,048		3,609
Lam Research 6 =		35,341		1,192
Maxim Integrated Products 6		120,664		2,011
Microsoft		78,766		2,184
Sybase 6 =		46,307		1,832
Teradata =		148,272		4,134
Yahoo! =		67,346		1,071

				37,254

Materials – 3.6%
AK Steel		41,746		663
Cliffs Natural Resources		28,590		1,017
Freeport-McMoRan Copper & Gold		18,600		1,364
Packaging Corporation of America		87,234		1,595
Sonoco Products		29,281		783

				5,422

Telecommunication Services – 1.2%
American Tower, Class A =		50,422		1,856

Utilities – 0.7%
CMS Energy 6		83,743		1,114

Total Common Stocks (Cost $132,187)				150,671

Investment Purchased with Proceeds from Securities Lending – 29.2%
Mount Vernon Securities Lending Prime Portfolio
0.209% † Ω
(Cost $43,990)		43,989,836		43,990

Total Investments 5 – 129.1% (Cost $176,177)				194,661

Other Assets and Liabilities, Net – (29.1)%				(43,886	)

Total Net Assets – 100.0%			$	150,775


6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $40,664 at October 31, 2009. See note 2 in Notes to Financial Statements.

=		Non-income producing security.

Large Cap Select Fund (concluded)


†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

5		On October 31, 2009, the cost of investments for federal income tax purposes was $178,127. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	22,165
Gross unrealized depreciation		(5,631	)

Net unrealized appreciation	$	16,534

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

68 First American Funds 2009 Annual Report


Large Cap Value Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 99.4%
Consumer Discretionary – 10.1%
Comcast, Class A 6		519,056	$	7,526
Expedia =		166,735		3,780
Ford Motor 6 =		553,049		3,871
Gap		219,445		4,683
Home Depot		258,760		6,492
Starwood Hotels & Resorts Worldwide		94,001		2,732
Walt Disney		396,895		10,863

				39,947

Consumer Staples – 6.0%
ConAgra Foods		312,476		6,562
CVS Caremark		171,700		6,061
General Mills		88,529		5,836
Kroger		227,283		5,257

				23,716

Energy – 21.6%
Apache		74,036		6,968
Chevron		217,076		16,615
EOG Resources		54,701		4,467
Exxon Mobil		237,647		17,032
Newfield Exploration =		185,023		7,590
Noble		116,298		4,738
Occidental Petroleum 6		136,124		10,329
Peabody Energy 6		118,038		4,673
Schlumberger		83,940		5,221
Transocean =		55,394		4,648
XTO Energy		80,894		3,362

				85,643

Financials – 21.9%
ACE		124,748		6,407
American Express		96,180		3,351
AON 6		98,974		3,812
Bank of America		781,899		11,400
Bank of New York Mellon		181,208		4,831
BB&T 6		166,603		3,984
Goldman Sachs Group 6		39,413		6,707
JPMorgan Chase		414,698		17,322
Morgan Stanley		133,033		4,273
Prudential Financial		100,401		4,541
Unum Group 6		297,359		5,932
Wells Fargo		507,564		13,968

				86,528

Healthcare – 9.4%
AmerisourceBergen		191,834		4,249
Bristol-Myers Squibb		416,307		9,076
Johnson & Johnson		128,576		7,592
Pfizer		543,754		9,260
Quest Diagnostics, Inc.		66,559		3,723
UnitedHealth Group		127,006		3,296

				37,196

Industrials – 11.0%
Boeing		58,120		2,778
FedEx 6		109,805		7,982
General Electric		838,802		11,961
Ingersoll-Rand		197,811		6,249
ITT 6		118,143		5,990
Norfolk Southern		67,774		3,159
United Technologies		88,018		5,409

				43,528

Information Technology – 8.2%
Analog Devices		150,337		3,853
Applied Materials 6		330,080		4,027
BMC Software 6 =		142,128		5,281
Cisco Systems =		330,010		7,541
Hewlett-Packard		157,494		7,475
Teradata =		151,163		4,214

				32,391

Materials – 3.1%
Air Products and Chemicals		77,936		6,011
Dow Chemical 6		129,522		3,041
Freeport-McMoRan Copper & Gold		43,625		3,201

				12,253

Telecommunication Services – 3.0%
AT&T		469,658		12,056

Utilities – 5.1%
CMS Energy 6		323,924		4,308
Edison International		157,471		5,011
Entergy		40,243		3,088
Sempra Energy		74,523		3,834
Xcel Energy 6		205,141		3,869

				20,110

Total Common Stocks
(Cost $378,815)				393,368

Short-Term Investment – 0.3%
First American Prime Obligations Fund, Class Z
0.148% Å Ω
(Cost $1,117)		1,117,420		1,117

Investment Purchased with Proceeds from Securities Lending – 17.7%
Mount Vernon Securities Lending Prime Portfolio
0.209% Ω †
(Cost $70,130)		70,130,428		70,130

Total Investments 5 –��117.4%
(Cost $450,062)				464,615

Other Assets and Liabilities, Net – (17.4)%				(69,003	)

Total Net Assets – 100.0%			$	395,612


6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $64,588 at October 31, 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 for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $459,575. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	46,260
Gross unrealized depreciation		(41,220	)

Net unrealized appreciation	$	5,040

First American Funds 2009 Annual Report 69

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Mid Cap Growth Opportunities Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 99.7%
Consumer Discretionary – 22.0%
Advance Auto Parts 6		384,730	$	14,335
Aeropostale 6 =		298,493		11,202
Apollo Group, Class A 6 =		220,858		12,611
Bed Bath & Beyond =		524,178		18,456
Chipotle Mexican Grill, Class A 6 =		157,865		12,864
Coach		735,229		24,241
Coinstar 6 =		409,092		12,985
DeVry 6		262,796		14,530
Dick’s Sporting Goods 6 =		642,114		14,570
Expedia =		342,379		7,762
Harman International Industries		527,151		19,826
J.Crew Group 6 =		298,559		12,175
Nordstrom		372,235		11,830
Polo Ralph Lauren		275,923		20,534
Priceline.com 6 =		143,331		22,616
TJX 6		245,062		9,153
WMS Industries =		389,281		15,564
Wynn Resorts 6 =		103,414		5,607

				260,861

Consumer Staples – 3.2%
Alberto-Culver 6		422,761		11,338
Central European Distribution =		219,442		6,827
Lorillard		260,717		20,263

				38,428

Energy – 8.0%
Alpha Natural Resources =		360,278		12,239
Cameron International 6 =		603,827		22,323
Noble Energy		165,217		10,843
Oceaneering International =		207,182		10,587
Petrohawk Energy =		733,871		17,261
Quicksilver Resources 6 =		910,376		11,107
Southwestern Energy =		250,950		10,936

				95,296

Financials – 7.6%
Affiliated Managers Group 6 =		188,155		11,946
Alexandria Real Estate Equities – REIT 6		265,814		14,399
IntercontinentalExchange =		193,879		19,425
Lincoln National		349,880		8,338
PartnerRe 6		158,184		12,098
TD Ameritrade =		1,212,356		23,398

				89,604

Healthcare – 10.3%
Allergan		309,035		17,383
C.R. Bard		204,625		15,361
DENTSPLY International 6		495,289		16,325
Edwards Lifesciences =		98,712		7,595
Express Scripts 6 =		179,472		14,343
Henry Schein 6 =		287,013		15,163
Illumina 6 =		394,491		12,663
NuVasive 6 =		319,174		11,583
Thermo Fisher Scientific 6 =		273,238		12,296

				122,712

Industrials – 15.4%
C.H. Robinson Worldwide 6		227,736		12,551
Copa Holdings, Class A		241,723		10,208
Cummins		189,262		8,150
Expeditors International of Washington		240,016		7,733
Flowserve		239,652		23,536
Fluor		372,554		16,549
ITT 6		150,946		7,653
Joy Global 6		189,554		9,556
Manpower		285,958		13,557
Oshkosh		282,699		8,837
Precision Castparts		295,832		28,261
Robert Half International		45,447		1,054
Roper Industries		277,526		14,029
Spirit AeroSystems Holdings, Class A 6 =		525,521		8,366
URS =		271,928		10,567
Verisk Analytics, Class A =		63,987		1,755

				182,362

Information Technology ⊳ – 26.1%
Altera		792,243		15,678
Amphenol, Class A 6		471,438		18,914
Analog Devices		511,846		13,119
ANSYS 6 =		298,849		12,127
Blackboard =		236,978		8,406
BMC Software =		499,380		18,557
Broadcom, Class A 6 =		369,686		9,837
Dolby Laboratories, Class A 6 =		328,020		13,757
Equinix 6 =		65,061		5,551
F5 Networks =		407,944		18,313
Global Payments		300,885		14,813
Juniper Networks 6 =		448,357		11,438
Lam Research 6 =		446,429		15,054
Marvell Technology Group =		741,709		10,176
MasterCard, Class A		94,852		20,774
Maxim Integrated Products 6		341,844		5,698
MicroStrategy, Class A =		142,410		12,428
NetApp 6 =		744,215		20,131
Red Hat =		334,983		8,646
Salesforce.com =		269,183		15,276
Sybase 6 =		478,838		18,943
Teradata =		779,361		21,729

				309,365

Materials – 3.2%
Air Products and Chemicals 6		164,196		12,664
Cliffs Natural Resources		279,808		9,953
Ecolab		349,251		15,353

				37,970

Telecommunication Services – 3.9%
American Tower, Class A =		552,512		20,343
NII Holdings 6 =		467,703		12,595
SBA Communications, Class A 6 =		452,665		12,770

				45,708

Total Common Stocks (Cost $1,025,728)				1,182,306

Short-Term Investment – 0.5%
First American Prime Obligations Fund, Class Z
0.148% Å Ω (Cost $5,757)		5,756,634		5,757

Investments Purchased with Proceeds from Securities Lending – 24.6%
Mount Vernon Securities Lending Prime Portfolio
0.209% Ω †
(Cost $291,904)		291,904,131		291,904

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

70 First American Funds 2009 Annual Report


Mid Cap Growth Opportunities Fund (concluded)
DESCRIPTION	SHARES	FAIR VALUE


Total Investments 5 – 124.8% (Cost $1,323,389)		$	1,479,967

Other Assets and Liabilities, Net – (24.8)%			(293,921	)

Total Net Assets – 100.0%		$	1,186,046


6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $ 275,411 at October 31, 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 for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker- dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $1,328,654. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	191,356
Gross unrealized depreciation		(40,043	)

Net unrealized appreciation	$	151,313


REIT –	Real Estate Investment Trust


Mid Cap Select Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 98.7%
Consumer Discretionary – 21.6%
1-800-FLOWERS.com, Class A =		134,190	$	515
Bally Technologies =		12,813		505
Bed Bath & Beyond = 6		13,141		463
Coach		23,055		760
Coinstar = 6		23,007		730
Discovery Communications, Class A =		16,217		446
Expedia =		22,710		515
Gannett 6		44,036		432
Guess?		9,186		336
J.C. Penney 6		20,439		677
Jarden		33,715		924
Macy’s 6		38,435		675
Office Depot =		78,439		475
WABCO Holdings		16,951		402
Warnaco Group =		11,716		475
WMS Industries =		28,020		1,120

				9,450

Consumer Staples – 1.3%
Bare Escentuals =		43,280		547

Energy – 9.9%
Alpha Natural Resources =		18,207		618
Cameron International = 6		10,141		375
Complete Production Services =		48,862		466
Noble Energy 6		6,966		457
Pioneer Natural Resources		26,789		1,101
Whiting Petroleum =		16,829		949
Williams		19,247		363

				4,329

Financials – 18.3%
American International Group = 6		9,678		325
BlackRock 6		3,923		849
Comerica 6		22,240		617
Delphi Financial Group, Class A		15,056		327
Digital Realty Trust – REIT 6		9,615		434
Discover Financial Services		34,405		487
East West Bancorp		24,606		222
Evercore Partners, Class A		23,348		762
Fifth Third Bancorp		47,824		428
First Midwest Bancorp 6		22,530		234
Liberty Property Trust – REIT		24,527		720
MFA Mortgage Investments – REIT		63,999		475
PartnerRe 6		9,542		730
Regions Financial 6		42,238		204
Unum Group		44,092		880
Zions Bancorporation 6		21,933		311

				8,005

Healthcare – 4.4%
Express Scripts = 6		8,986		718
Isis Pharmaceuticals = 6		7,195		91
MEDNAX =		9,242		480
Onyx Pharmaceuticals =		3,767		100
Regeneron Pharmaceuticals =		5,136		81
Thermo Fisher Scientific =		10,039		452

				1,922

First American Funds 2009 Annual Report 71

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Mid Cap Select Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Industrials – 12.3%
Altra Holdings =		51,701	$	453
Belden		20,712		475
Chart Industries =		18,345		363
EMCOR Group =		31,570		746
Joy Global 6		10,958		552
Manitowoc 6		66,228		605
Manpower 6		8,215		390
Oshkosh		21,529		673
Verisk Analytics, Class A =		23,777		652
W.W. Grainger 6		4,992		468

				5,377

Information Technology – 21.7%
Altera		36,287		718
Amkor Technology = 6		78,689		434
Amphenol, Class A		13,474		541
Avnet =		18,178		451
BMC Software =		19,438		722
CommScope =		20,981		567
Computer Sciences =		9,034		458
F5 Networks =		17,739		796
LoopNet =		48,364		422
Maxim Integrated Products		25,428		424
MICROS Systems =		11,879		320
Perficient =		44,697		364
Plantronics		13,794		333
Polycom =		21,534		462
Sybase = 6		13,104		518
Teradata =		54,869		1,530
Virtusa =		46,469		417

				9,477

Materials – 4.7%
AK Steel		23,531		373
Celanese, Class A		16,966		466
Freeport-McMoRan Copper & Gold		11,367		834
Packaging Corporation of America		21,223		388

				2,061

Telecommunication Services – 2.3%
Cogent Communications Group = 6		48,491		491
Windstream		54,766		528

				1,019

Utilities – 2.2%
CMS Energy 6		35,086		467
Xcel Energy 6		25,693		484

				951

Total Common Stocks
(Cost $39,988)				43,138

Warrants – 0.0%
Lantronix = ¥ ⊡
(Cost $0)		746		—

Short-Term Investment – 1.4%
First American Prime Obligations Fund, Class Z
0.148% Å Ω
(Cost $623)		623,285		623

Investment Purchased with Proceeds from Securities Lending – 23.5%
Mount Vernon Securities Lending Prime Portfolio
0.209% Ω †
(Cost $10,291)		10,290,988		10,291

Total Investments 5 – 123.6%
(Cost $50,902)				54,052

Other Assets and Liabilities, Net – (23.6)%				(10,318	)

Total Net Assets – 100.0%			$	43,734


=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $9,477 at October 31, 2009. See note 2 in Notes to Financial Statements.

¥		Security considered illiquid. As of October 31,2009, the fair value of the fund’s investments considered to be illiquid was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

⊡		Security is internally fair valued. As of October 31, 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 for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $51,112. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	5,250
Gross unrealized depreciation		(2,310	)

Net unrealized appreciation	$	2,940


REIT –	Real Estate Investment Trust

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

72 First American Funds 2009 Annual Report


Mid Cap Value Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 99.1%
Consumer Discretionary – 13.9%
Cablevision Systems		337,575	$	7,751
CBS, Class B		517,670		6,093
Expedia =		257,686		5,842
Gannett 6		506,316		4,972
Gap		344,084		7,343
J.C. Penney 6		209,750		6,949
Jarden		337,132		9,234
Macy’s 6		430,543		7,564
Magna International, Class A 6		105,909		4,197
Newell Rubbermaid 6		436,184		6,329
Starwood Hotels & Resorts Worldwide 6		256,573		7,456
Toll Brothers = 6		335,436		5,810
WMS Industries =		147,483		5,896

				85,436

Consumer Staples – 7.7%
Alberto-Culver		245,154		6,575
ConAgra Foods		557,610		11,710
Dr. Pepper Snapple Group =		237,712		6,480
JM Smucker		127,942		6,746
Kroger		298,980		6,916
Lorillard		109,095		8,479

				46,906

Energy – 11.2%
Alpha Natural Resources = 6		226,219		7,685
El Paso		404,660		3,970
EOG Resources		88,426		7,221
Murphy Oil 6		124,639		7,620
Nabors Industries =		144,365		3,007
Newfield Exploration =		368,409		15,112
Noble		127,220		5,183
Noble Energy		177,197		11,630
Pioneer Natural Resources		178,044		7,319

				68,747

Financials – 24.6%
Ameriprise Financial 6		269,508		9,344
AON 6		261,995		10,090
BOK Financial 6		105,687		4,541
Boston Properties – REIT		87,091		5,293
Comerica 6		358,823		9,957
Discover Financial Services		697,801		9,867
Essex Property Trust – REIT 6		86,491		6,502
Everest Re Group		77,427		6,774
Federal Realty Investment Trust – REIT		133,228		7,865
Fifth Third Bancorp		888,266		7,941
Invesco		348,527		7,371
KeyCorp		730,670		3,938
Liberty Property Trust – REIT		214,186		6,291
Lincoln National 6		352,951		8,411
PartnerRe 6		107,048		8,187
Regions Financial 6		1,279,348		6,192
TD Ameritrade =		332,975		6,426
Unum Group		632,402		12,616
Ventas – REIT 6		222,717		8,938
Vornado Realty Trust – REIT 6		66,304		3,949

				150,493

Healthcare – 4.4%
AmerisourceBergen		381,179		8,443
CIGNA		172,443		4,801
Quest Diagnostics		122,630		6,858
Universal Health Services		119,333		6,641

				26,743

Industrials – 10.3%
Goodrich		124,493		6,766
Ingersoll-Rand PLC		312,395		9,869
ITT 6		189,984		9,632
Manpower		81,373		3,858
Republic Services 6		187,529		4,859
Ryder System 6		182,219		7,389
Stanley Works 6		176,966		8,004
W.W. Grainger 6		72,492		6,795
Werner Enterprises 6		329,659		6,181

				63,353

Information Technology – 9.8%
Altera 6		336,280		6,655
Amphenol, Class A 6		166,072		6,663
Analog Devices		352,253		9,028
Avnet =		304,460		7,544
BMC Software = 6		231,178		8,591
Computer Sciences =		180,575		9,157
KLA-Tencor 6		182,766		5,942
Teradata =		232,502		6,482

				60,062

Materials – 6.5%
Air Products and Chemicals		144,341		11,133
Celanese, Class A		254,090		6,975
Cliffs Natural Resources		111,413		3,963
International Paper		204,905		4,571
Packaging Corporation of America		242,160		4,427
Sonoco Products		316,436		8,465

				39,534

Telecommunication Services – 1.1%
Windstream		680,960		6,564

Utilities – 9.6%
CMS Energy 6		814,773		10,837
Edison International		332,099		10,567
Entergy		105,527		8,096
Sempra Energy		267,006		13,737
Wisconsin Energy		186,380		8,139
Xcel Energy 6		393,360		7,419

				58,795

Total Common Stocks (Cost $562,848)				606,633

Short-Term Investment – 0.9%
First American Prime Obligations Fund, Class Z
0.148% Å Ω
(Cost $5,759)		5,759,236		5,759

First American Funds 2009 Annual Report 73

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Mid Cap Value Fund (concluded)
DESCRIPTION	SHARES		FAIR VALUE


Investment Purchased with Proceeds from Securities Lending – 19.4%

Mount Vernon Securities Lending Prime Portfolio 0.209% Ω †
(Cost $118,965)		118,965,403	$	118,965

Total Investments 5 – 119.4%
(Cost $687,572)				731,357

Other Assets and Liabilities, Net – (19.4)%				(118,982	)

Total Net Assets – 100.0%			$	612,375


=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $109,399 at October 31, 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 for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker- dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $691,708. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	75,695
Gross unrealized depreciation		(36,046	)

Net unrealized appreciation	$	39,649


REIT –	Real Estate Investment Trust


Real Estate Securities Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks ⊳ – 99.0%
Apartments – 11.9%
Apartment Investment & Management, Class A 6 ⊲		38,524	$	476
Avalonbay Communities 6 ⊲		321,945		22,143
BRE Properties 6 ⊲		20,254		552
Camden Property Trust ⊲		381,539		13,831
Equity Residential Properties Trust 6 ⊲		1,163,669		33,607
Essex Property Trust 6 ⊲		255,539		19,211
Home Properties 6 ⊲		12,235		479
Mid-America Apartment Communities 6 ⊲		393,736		17,253
Post Properties ⊲		292,530		4,824
UDR 6 ⊲		545,797		7,849

				120,225

Community Centers – 8.3%
Acadia Realty Trust ⊲		198,675		3,159
Equity One 6 ⊲		219,210		3,271
Federal Realty Investment Trust 6 ⊲		406,756		24,011
Kimco Realty 6 ⊲		1,642,566		20,762
Kite Realty Group Trust 6 ⊲		190,139		705
Ramco-Gershenson Properties Trust 6 ⊲		418,591		3,700
Regency Centers 6 ⊲		457,954		15,364
Saul Centers ⊲		146,716		4,513
Urstadt Biddle Properties, Class A ⊲		186,066		2,748
Weingarten Realty Investors 6 ⊲		329,219		6,091

				84,324

Diversified – 6.4%
Colonial Properties Trust ⊲		25,924		273
Cousins Properties 6 ⊲		1,165,084		8,528
Forest City Enterprises, Class A 6		406,189		3,542
Vornado Realty Trust 6 ⊲		755,199		44,980
Washington Real Estate Investment Trust 6 ⊲		283,848		7,579

				64,902

Healthcare – 12.4%
Assisted Living Concepts, Class A =		51,198		1,061
Capital Senior Living =		419,435		2,219
Cogdell Spencer 6 ⊲ ◖		1,298,838		6,027
HCP 6 ⊲		1,037,017		30,685
Health Care 6 ⊲		270,750		12,013
Healthcare Realty Trust 6 ⊲		191,909		3,997
LTC Properties ⊲		155,182		3,686
Nationwide Health Properties ⊲		394,893		12,735
OMEGA Healthcare Investors ⊲		1,013,686		15,367
Parkway Life ⊲ *		1,275,740		1,112
Universal Health Realty Income Trust ⊲		91,958		2,920
Ventas 6 ⊲		840,077		33,712

				125,534

Hotels – 5.7%
DiamondRock Hospitality 6 = ⊲		293,628		2,234
Gaylord Entertainment 6 =		351,513		5,283
Hersha Hospitality Trust ⊲		250,314		641
Host Hotels & Resorts 6 ⊲		3,953,734		39,972
LaSalle Hotel Properties 6 ⊲		128,440		2,204
Marcus		181,395		2,122
Marriott International, Class A 6		56,213		1,409
Sunstone Hotel Investors 6 ⊲		505,900		3,820

				57,685

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

74 First American Funds 2009 Annual Report


Real Estate Securities Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Industrials – 6.9%
AMB Property ⊲		771,262	$	16,952
DCT Industrial Trust 6 ⊲		2,190,817		9,924
EastGroup Properties 6 ⊲		335,498		12,350
First Industrial Realty Trust ⊲		11,426		50
Mapletree Logistics Trust ⊲ *		281,083		150
Prologis 6 ⊲		1,573,147		17,824
PS Business Parks ⊲		262,023		12,831

				70,081

Infrastructure – 1.5%
American Tower, Class A =		198,603		7,313
Brookfield Asset Management, Class A 6		387,044		8,089

				15,402

Malls – 12.5%
CBL & Associates Properties 6 ⊲		353,679		2,886
Cedar Shopping Centers ⊲		76,290		463
Glimcher Realty Trust ⊲		257,269		695
Macerich 6 ⊲		311,472		9,282
Simon Property Group 6 ⊲		1,436,474		97,522
Tanger Factory Outlet Centers 6 ⊲		160,689		6,117
Taubman Centers 6 ⊲		324,441		9,899

				126,864

Manufactured Homes – 0.9%
Equity Lifestyle Properties 6 ⊲		204,312		9,490

Net Lease – 3.4%
National Retail Properties 6 ⊲		886,011		17,171
Realty Income 6 ⊲		748,153		17,342

				34,513

Office – 20.9%
Alexandria Real Estate Equities 6 ⊲		186,692		10,113
BioMed Realty Trust 6 ⊲		550,517		7,471
Boston Properties 6 ⊲		782,477		47,551
Brandywine Realty Trust ⊲		1,522,117		14,552
Brookfield Properties 6		1,214,299		12,337
Corporate Office Properties Trust 6 ⊲		563,503		18,703
Digital Realty Trust 6 ⊲		391,408		17,664
Douglas Emmett 6 ⊲		888,249		10,481
Duke Realty 6 ⊲		884,070		9,937
Franklin Street Properties 6 ⊲		240,813		2,596
Highwoods Properties 6 ⊲		569,766		15,680
Kilroy Realty 6 ⊲		37,167		1,027
Liberty Property Trust 6 ⊲		856,937		25,168
Mack-Cali Realty ⊲		257,856		7,981
SL Green Realty 6 ⊲		271,418		10,520

				211,781

Real Estate Service Provider – 0.0%
HFF =		33,588		193

Self Storage – 5.9%
Public Storage 6 ⊲		743,820		54,745
Sovran Self Storage 6 ⊲		89,037		2,680
U-Store-It Trust ⊲		342,384		1,952

				59,377

Student Housing – 2.3%
American Campus Communities 6 ⊲		836,844		22,611
Education Realty Trust ⊲		191,566		960

				23,571

Total Common Stocks (Cost $916,130)				1,003,942

Private Real Estate Company – 0.0%
Newcastle Investment Holdings = ¥ ⊡
(Cost $153)		35,000		111

Short-Term Investment – 0.5%
First American Prime Obligations Fund, Class Z
0.148% Å Ω
(Cost $5,733)		5,733,085		5,733

Investment Purchased with Proceeds from Securities Lending – 46.7%
Mount Vernon Securities Lending Prime Portfolio 0.209% Ω †
(Cost $473,358)		473,358,188		473,358

Total Investments 5 – 146.2%
(Cost $1,395,374)				1,483,144

Other Assets and Liabilities, Net – (46.2)%				(468,602	)

Total Net Assets – 100.0%			$	1,014,542


⊳		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 October 31, 2009. Total loaned securities had a fair value of $449,686 at October 31, 2009. See note 2 in Notes to Financial Statements.

⊲		Real Estate Investment Trust. As of October 31, 2009, the fair value of these investments was $960,374 or 94.7% of total net assets.

=		Non-income producing security.

◖		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 fiscal year ended October 31, 2009 are as follows:


	Beginning		Purchase		Sales		Ending		Dividend
Issuer	Cost		Cost		Cost		Cost		Income		Shares		Fair Value

Cogdell Spencer	$	13,367	$	4,769	$	3,790	$	14,346	$	646		1,298,838	$	6,027


*		Foreign Denominated security fair values stated in U.S. dollars. Principal amounts are U.S. dollars unless otherwise noted.

¥		Security considered illiquid. As of October 31, 2009, the fair value of the fund’s investment considered to be illiquid was $111 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

⊡		Security is internally fair valued. As of October 31, 2009, the fair value of this investment was $111 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 for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $1,476,955. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	135,300
Gross unrealized depreciation		(129,111	)

Net unrealized appreciation	$	6,189

First American Funds 2009 Annual Report 75

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Small Cap Growth Opportunities Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 98.0%
Consumer Discretionary – 14.9%
Bally Technologies =		56,271	$	2,216
Gymboree = 6		48,803		2,077
hhgregg = 6		125,457		2,069
P.F. Chang’s China Bistro = 6		60,704		1,772
Panera Bread, Class A = 6		32,374		1,942
Texas Roadhouse =		170,789		1,617
Tractor Supply =		43,796		1,958
Warnaco Group =		56,577		2,293
WMS Industries =		48,822		1,952
Wolverine World Wide		104,725		2,679

				20,575

Consumer Staples – 3.8%
Bare Escentuals =		131,963		1,667
Chattem = 6		29,074		1,842
Diamond Foods		59,349		1,789

				5,298

Energy – 4.2%
Comstock Resources =		50,861		2,090
GMX Resources = 6		89,894		1,144
Penn Virginia 6		62,629		1,268
Whiting Petroleum = 6		24,688		1,393

				5,895

Financials – 6.7%
CoBiz Financial 6		321,461		1,533
East West Bancorp		207,889		1,877
First Midwest Bancorp		149,265		1,552
Investment Technology Group =		74,373		1,604
Penson Worldwide = 6		140,656		1,372
Stifel Financial = 6		27,035		1,405

				9,343

Healthcare – 20.5%
Alliance Imaging =		297,409		1,618
Amedisys = 6		44,461		1,769
Auxilium Pharmaceuticals = 6		21,124		665
BioMarin Pharmaceutical =		103,283		1,607
Haemonetics =		38,725		1,994
Halozyme Therapeutics = 6		170,591		1,034
Human Genome Sciences = 6		54,669		1,022
Isis Pharmaceuticals = 6		96,512		1,223
Masimo =		66,949		1,779
MedAssets =		72,916		1,600
Nektar Therapeutics =		155,514		1,263
NuVasive = 6		45,673		1,657
Onyx Pharmaceuticals =		53,307		1,418
OSI Pharmaceuticals = 6		49,482		1,594
Owens & Minor		39,086		1,598
Regeneron Pharmaceuticals =		64,821		1,018
RTI Biologics =		288,344		1,130
Seattle Genetics =		124,147		1,127
Thoratec =		52,902		1,389
Zoll Medical =		94,361		1,833

				28,338

Industrials – 15.5%
Actuant, Class A		112,154		1,751
Advisory Board =		62,818		1,548
Altra Holdings =		135,693		1,190
BE Aerospace =		98,079		1,739
ESCO Technologies =		38,583		1,515
GrafTech International =		114,956		1,552
HNI		51,240		1,349
Interface, Class A		212,474		1,649
Navigant Consulting =		129,510		1,844
Old Dominion Freight Line =		52,304		1,359
Orbital Sciences =		136,310		1,756
Trina Solar Limited = 6		23,196		753
TrueBlue =		116,508		1,410
Waste Connections =		63,857		2,007

				21,422

Information Technology ⊳ – 28.6%
3Com =		312,971		1,609
CommScope =		66,720		1,803
Double-Take Software =		160,541		1,488
Forrester Research =		63,101		1,598
Kenexa =		170,318		2,146
LoopNet = 6		154,530		1,349
MICROS Systems = 6		66,267		1,784
Monolithic Power Systems =		106,599		2,131
National Instruments		74,621		1,992
NetScout Systems =		145,266		1,785
Perficient =		199,816		1,626
Plantronics		66,965		1,615
PMC-Sierra =		272,616		2,323
Polycom =		100,669		2,161
QLogic =		77,635		1,362
Quest Software = 6		107,985		1,811
Semtech =		116,528		1,803
Silicon Laboratories =		37,137		1,556
Silicon Motion Technology – ADR = 6		308,991		1,075
Synaptics = 6		140,369		3,158
Verigy = 6		178,643		1,758
VideoPropulsion = ¥ ⊡		780,460		—
Virtusa =		180,024		1,617

				39,550

Materials – 1.0%
Arch Chemicals		50,778		1,406

Telecommunication Services – 2.8%
NeuStar, Class A =		67,710		1,564
Neutral Tandem = 6		107,610		2,270

				3,834

Total Common Stocks
(Cost $130,344)				135,661

Warrants – 0.0%
Hollis-Eden Pharmaceuticals, Warrants = ¥ ⊡		70,545		—
Lantronix, Warrants = ¥ ⊡		11,236		—

Total Warrants
(Cost $161)				—

Short-Term Investment – 2.0%
First American Prime Obligations Fund, Class Z
0.148% Å Ω
(Cost $2,799)		2,798,543		2,799

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

76 First American Funds 2009 Annual Report


Small Cap Growth Opportunities Fund (concluded)
DESCRIPTION	SHARES		FAIR VALUE


Investment Purchased with Proceeds from Securities Lending - 22.2%
Mount Vernon Securities Lending Prime Portfolio
0.209% Ω †
(Cost $30,805)		30,805,069	$	30,805

Total Investments 5 – 122.2%
(Cost $164,109)				169,265

Other Assets and Liabilities, Net – (22.2)%				(30,805	)

Total Net Assets – 100.0%			$	138,460


=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $28,556 at October 31, 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 considered illiquid. As of October 31,2009, the fair value of the fund’s investments considered to be illiquid was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

⊡		Security is internally fair valued. As of October 31, 2009, the fair value of these investments was $0 or 0.0% of total net assets.

Å		Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $168,436. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	14,612
Gross unrealized depreciation		13,783

Net unrealized appreciation	$	829


ADR –	American Depositary Receipt


Small Cap Select Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 96.4%
Consumer Discretionary – 17.3%
1-800-Flowers.com, Class A =		1,648,312	$	6,329
Amerigon = 6		639,241		4,110
Bally Technologies =		196,733		7,749
Children’s Place Retail Stores = 6		239,903		7,545
Coinstar = 6		407,688		12,940
Collective Brands =		422,074		7,830
DG Fastchannel =		186,747		3,916
Dress Barn = 6		365,582		6,599
FGX International Holdings Limited =		338,672		4,467
Fossil =		249,299		6,664
Harman International Industries		176,132		6,624
Hibbett Sports = 6		179,445		3,363
P.F. Chang’s China Bistro = 6		129,180		3,771
Panera Bread, Class A = 6		189,936		11,392
Ryland Group 6		101,498		1,883
Tractor Supply = 6		144,183		6,445
Vitacost.com = 6		120,232		1,193
Warnaco Group =		159,773		6,476
WMS Industries =		143,935		5,755

				115,051

Consumer Staples – 2.9%
Chattem = 6		133,475		8,458
Hain Celestial Group = 6		273,400		4,795
NBTY =		174,003		6,336

				19,589

Energy – 6.9%
Advantage Oil & Gas 6		457,915		2,821
Arena Resources =		165,019		6,148
Comstock Resources = 6		215,435		8,852
Concho Resources =		174,705		6,658
GMX Resources = 6		369,523		4,704
Newpark Resources =		785,634		2,365
Penn Virginia 6		259,996		5,265
Petroleum Development = 6		171,609		2,866
Whiting Petroleum = 6		113,328		6,392

				46,071

Financials – 16.8%
Astoria Financial 6		197,808		1,974
Bank of the Ozarks 6		384,625		8,750
Calamos Asset Management, Class A		159,056		1,686
Cullen/Frost Bankers 6		54,448		2,548
CVB Financial 6		210,006		1,682
Delphi Financial Group, Class A		556,166		12,069
Dime Community Bancshares		386,618		4,249
Evercore Partners, Class A		92,482		3,019
Glacier Bancorp 6		619,763		8,113
HCC Insurance Holdings 6		202,916		5,355
Independent Bank 6		343,813		7,313
KBW = 6		110,370		3,090
Knight Capital Group, Class A =		237,261		3,998
MFA Mortgage Investments – REIT		1,271,241		9,432
National Retail Properties – REIT 6		245,550		4,759
Platinum Underwriters Holdings		273,625		9,787
Senior Housing Properties Trust – REIT		280,590		5,410
TCF Financial 6		604,121		7,147
Tower Group		90,962		2,236
Umpqua Holdings 6		925,487		9,171

				111,788

Healthcare – 11.9%
Alexion Pharmaceuticals = 6		68,833		3,057
Allscripts-Misys Healthcare Solutions = 6		184,761		3,603

First American Funds 2009 Annual Report 77

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Small Cap Select Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Amedisys = 6		201,619	$	8,022
Auxilium Pharmaceuticals = 6		32,465		1,021
Bio-Reference Laboratories =		102,319		3,308
Cubist Pharmaceuticals = 6		64,087		1,086
DexCom = 6		331,395		2,273
Endologix =		744,723		3,545
Genoptix = 6		97,661		3,398
Haemonetics =		155,860		8,027
Human Genome Sciences = 6		125,483		2,345
ICU Medical =		76,803		2,688
IPC The Hospitalist =		95,039		2,880
Isis Pharmaceuticals = 6		195,751		2,480
LHC Group =		118,489		3,307
Masimo =		99,375		2,640
MEDNAX =		154,306		8,012
Onyx Pharmaceuticals =		94,367		2,510
PDL BioPharma 6		144,016		1,211
Regeneron Pharmaceuticals =		153,936		2,417
RTI Biologics =		987,307		3,870
Seattle Genetics =		91,485		831
Zoll Medical =		325,053		6,312

				78,843

Industrials – 15.9%
Actuant, Class A 6		531,236		8,292
Advisory Board =		192,739		4,749
Allegiant Travel = 6		166,794		6,290
Altra Holdings =		399,787		3,506
BE Aerospace =		438,883		7,781
CBIZ =		393,183		2,768
ESCO Technologies = 6		86,039		3,380
GrafTech International =		533,783		7,206
IDEX		174,731		4,968
Interface, Class A		879,055		6,821
JA Solar Holdings = 6		324,989		1,245
MasTec = 6		570,006		6,726
MYR Group =		322,580		5,542
Navigant Consulting =		519,172		7,393
Old Dominion Freight Line =		318,854		8,287
Orbital Sciences =		481,739		6,205
Simpson Manufacturing 6		95,284		2,229
Trina Solar Limited – ADR = 6		128,875		4,186
Waste Connections =		266,621		8,380

				105,954

Information Technology – 18.2%
ADC Telecommunications = 6		853,027		5,536
Advanced Analogic Technologies = ◖		2,174,212		6,849
Amkor Technology = 6		1,114,512		6,141
Cognex		186,471		3,000
CommVault Systems =		201,063		3,961
DealerTrack Holdings = 6		461,886		7,612
F5 Networks =		152,206		6,832
Fair Isaac		169,978		3,456
Global Payments 6		142,878		7,034
Harris Stratex Networks, Class A =		749,344		4,721
International Rectifier =		384,605		7,030
Mellanox Technologies =		228,206		3,982
Netlogic Microsystems = 6		129,466		4,921
Polycom = 6		324,973		6,977
Progress Software =		490,072		11,321
Rofin-Sinar Technologies =		137,236		2,944
Sapient =		651,632		5,304
Silicon Laboratories = 6		149,777		6,276
Stratasys = 6		209,887		3,312
Tessera Technologies =		237,658		5,255
TTM Technologies = 6		506,966		5,156
ValueClick =		335,866		3,305

				120,925

Materials – 3.8%
Albemarle		100,091		3,161
Arch Chemicals		230,645		6,387
Buckeye Technologies =		381,614		3,419
Silgan Holdings		175,368		9,426
Thompson Creek Metals = 6		270,931		2,758

				25,151

Telecommunication Services – 1.9%
Cogent Communications Group = 6		451,556		4,574
NeuStar, Class A =		214,980		4,966
NTELOS Holdings		204,546		3,089

				12,629

Utilities – 0.8%
NSTAR		166,343		5,148

Total Common Stocks
(Cost $608,709)				641,149

Exchange-Traded Fund – 0.6%
SPDR KBW Regional Banking ETF 6
(Cost $3,376)		181,184		3,683

Warrants – 0.0%
Lantronix, Warrants = ⊡ ¥
(Cost $0)		5,143		—

Short-Term Investment – 3.2%
First American Prime Obligations Fund, Class Z
0.148% Å Ω
(Cost $21,593)		21,593,081		21,593

Investment Purchased with Proceeds from Securities Lending – 30.1%
Mount Vernon Securities Lending Prime Portfolio
0.209% Ω †
(Cost $200,149)		200,149,178		200,149

Total Investments 5 – 130.3%
(Cost $833,827)				866,574

Other Assets and Liabilities, Net – (30.3)%				(201,418	)

Total Net Assets – 100.0%			$	665,156


=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $185,533 at October 31, 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 fiscal year ended October 31, 2009 are as follows:


	Beginning		Purchase		Sales		Ending		Dividend
Issuer	Cost		Cost		Cost		Cost		Income		Shares		Fair Value

Advanced Analogic Technologies	$	13,680	$	799	$	2,180	$	12,299	$	—		2,174,212	$	6,849


¥		Security considered illiquid. As of October 31,2009, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

⊡		Security is internally fair valued. As of October 31, 2009, the fair value of this investment was $0 or 0.0% of total net assets.

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

78 First American Funds 2009 Annual Report

Small Cap Select Fund (concluded)


Å		Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $846,895. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	85,583
Gross unrealized depreciation		(65,904	)

Net unrealized appreciation	$	19,679


ADR –	American Depositary Receipt


REIT –	Real Estate Investment Trust


Small Cap Value Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 97.7%
Consumer Discretionary – 13.9%
America’s Car-Mart =		62,346	$	1,292
Ameristar Casinos 6		119,682		1,762
Bally Technologies =		62,090		2,446
Callaway Golf 6		136,567		934
Children’s Place Retail Stores = 6		71,694		2,255
Core-Mark Holding =		78,027		2,135
Domino’s Pizza =		243,999		1,791
Ethan Allen Interiors 6		88,995		1,109
Genesco =		72,602		1,893
Group 1 Automotive 6		78,773		2,002
Jarden		66,227		1,814
Jos. A. Bank Clothiers = 6		27,249		1,117
Rent-A-Center =		101,449		1,863
Ryland Group 6		62,752		1,164
Sally Beauty Holdings =		281,343		1,899

				25,476

Consumer Staples – 1.6%
Chattem = 6		13,037		826
Spartan Stores 6		147,125		2,083

				2,909

Energy – 6.3%
Complete Production Services =		115,788		1,104
Hornbeck Offshore Services =		47,775		1,161
Matrix Service =		78,396		695
Natural Gas Services Group =		89,072		1,503
Penn Virginia 6		115,465		2,338
St. Mary Land & Exploration		64,089		2,185
Swift Energy =		88,078		1,866
Western Refining = 6		119,059		668

				11,520

Financials ⊳ – 29.5%
Affiliated Managers Group = 6		42,690		2,710
Alexandria Real Estate Equities – REIT 6		34,876		1,889
American Campus Communities – REIT 6		82,143		2,219
Argo Group International Holdings =		53,903		1,831
Bank of the Ozarks 6		88,014		2,002
Cedar Shopping Centers – REIT		275,352		1,671
Community Bank System		117,029		2,178
Delphi Financial Group, Class A		149,196		3,238
DiamondRock Hospitality – REIT =		187,687		1,428
Financial Federal		77,219		1,577
First Midwest Bancorp 6		171,211		1,781
FirstMerit 6		99,425		1,884
FPIC Insurance Group =		70,965		2,401
Highwoods Properties – REIT		97,560		2,685
Home Properties – REIT 6		48,426		1,897
IBERIABANK	��	28,513		1,235
Independent Bank		84,329		1,794
Knight Capital Group, Class A =		111,153		1,873
MFA Mortgage Investments – REIT		194,686		1,445
Mission West Properties – REIT		172,769		1,149
National Retail Properties – REIT 6		101,929		1,975
Pinnacle Financial Partners = 6		104,877		1,332
Presidential Life		101,095		943
Raymond James Financial 6		97,110		2,293
SeaBright Insurance Holdings =		173,518		1,940
SWS Group		158,010		2,114
Texas Capital Bancshares =		130,217		1,897
WSFS Financial		70,759		1,953
Zions Bancorporation 6		51,642		731

				54,065

First American Funds 2009 Annual Report 79

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Small Cap Value Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Healthcare – 4.3%
Greatbatch = 6		72,274	$	1,422
Hanger Orthopedic Group =		116,772		1,616
LHC Group =		45,214		1,262
MEDNAX =		30,923		1,605
Res-Care =		162,866		1,959

				7,864

Industrials – 15.8%
Altra Holdings =		102,356		898
Apogee Enterprises 6		68,987		913
ATC Technology =		54,918		1,148
Atlas Air Worldwide Holdings =		71,248		1,873
Brady, Class A		92,149		2,495
EMCOR Group =		94,513		2,233
Ennis		100,739		1,526
EnPro Industries =		55,753		1,259
GrafTech International =		174,880		2,361
Heartland Express 6		122,710		1,669
Interface, Class A		265,736		2,062
Interline Brands =		82,664		1,207
MPS Group =		69,629		941
Nordson		38,004		2,006
Regal-Beloit 6		57,214		2,682
Sterling Construction =		107,690		1,737
Triumph Group		42,667		1,997

				29,007

Information Technology – 14.5%
3Com =		220,034		1,131
Amkor Technology = 6		302,531		1,667
CACI International, Class A =		20,367		970
Ixia =		223,229		1,484
MKS Instruments =		109,302		1,710
Pericom Semiconductor =		17,792		167
Perot Systems, Class A =		63,232		1,893
Plantronics		114,221		2,754
PMC-Sierra =		216,516		1,845
Polycom = 6		90,670		1,947
Progress Software =		108,614		2,509
Rogers =		85,514		2,219
TriQuint Semiconductor =		201,596		1,087
TTM Technologies =		188,034		1,912
United Online 6		394,403		3,155

				26,450

Materials – 7.1%
Albemarle		43,435		1,372
Arch Chemicals		107,723		2,983
Buckeye Technologies =		160,374		1,437
Commercial Metals		91,120		1,352
Minerals Technologies		20,038		987
Rockwood Holdings =		112,267		2,232
Silgan Holdings		48,185		2,590

				12,953

Telecommunication Services – 0.5%
NTELOS Holdings		58,329		881

Utilities – 4.2%
El Paso Electric =		130,785		2,452
Northwest Natural Gas		35,620		1,490
Portland General Electric 6		97,050		1,804
Unitil		93,777		1,940

				7,686

Total Common Stocks
(Cost $185,944)				178,811

Exchange-Traded Funds – 1.7%
iShares Russell Microcap Index Fund 6		63,199		2,266
SPDR S&P Biotech 6		15,946		745

Total Exchange-Traded Funds
(Cost $3,133)				3,011

Short-Term Investment – 0.4%
First American Prime Obligations Fund, Class Z
0.148% Å Ω
(Cost $799)		799,135		799

Investment Purchased with Proceeds from Securities Lending – 20.3%
Mount Vernon Securities Lending Prime Portfolio 0.209% Ω †
(Cost $37,160)		37,160,178		37,160

Total Investments 5 – 120.1%
(Cost $227,036)				219,781

Other Assets and Liabilities, Net – (20.1)%				(36,833	)

Total Net Assets – 100.0%			$	182,948


=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $34,194 at October 31, 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.

Å		Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker- dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $227,798. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	19,606
Gross unrealized depreciation		(27,623	)

Net unrealized depreciation	$	(8,017	)


REIT –	Real Estate Investment Trust

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

80 First American Funds 2009 Annual Report

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Statements ofAssets and Liabilities October 31, 2009, all dollars are rounded to thousands (000)



	Equity			Global						International			Large Cap Growth
	Income Fund			Infrastructure Fund			International Fund			Select Fund			Opportunities Fund

Unaffiliated investments, at cost	$	575,322		$	55,145		$	602,071		$	559,136		$	461,567
Affiliated investments, at cost		3,195			—			—			—			3,966
Affiliated investments purchased with proceeds from securities lending, at cost (note 2)		101,004			—			—			—			104,521
Cash denominated in foreign currencies, at cost		—			43			12,034			625			—


ASSETS:
Unaffiliated investments, at fair value* (note 2)	$	679,063		$	57,632		$	711,376		$	586,671		$	546,590
Affiliated investments, at fair value (note 2)		3,195			—			—			—			3,966
Affiliated investments purchased with proceeds from securities lending, at fair value (note 2)		101,004			—			—			—			104,521
Cash denominated in foreign currencies, at fair value (note 2)		—			43			—			—			—
Cash		—			212			11,562			1,522			56
Receivable for dividends and interest		1,292			72			1,155			857			251
Receivable for investments sold		—			2,653			3,843			2,884			—
Receivable for capital shares sold		686			777			513			1,150			211
Receivable for foreign withholding tax reclaim		—			8			647			200			—
Receivable for variation margin (note 2)		—			—			—			120			—
Prepaid expenses and other assets		35			23			35			11			29


Total assets		785,275			61,420			729,131			593,415			655,624


LIABILITIES:
Bank overdraft		—			148			—			—			—
Cash denominated in foreign currencies, at fair value (note 2)		—			—			12,174			563			—
Payable for investments purchased		—			1,396			1,870			4,274			795
Payable upon return of securities loaned (note 2)		101,004			—			—			—			104,521
Payable for capital shares redeemed		647			214			100			85			712
Payable for foreign withholding tax		—			—			—			—			—
Payable for variation margin (note 2)		—			—			534			—			—
Payable to affiliates (note 3)		554			72			811			384			457
Payable to custodian (note 3)		—			39			70			146			—
Payable for distribution and shareholder servicing fees		32			7			10			1			21
Accrued expenses and other liabilities		9			8			8			3			8


Total liabilities		102,246			1,884			15,577			5,456			106,514


Net assets	$	683,029		$	59,536		$	713,554		$	587,959		$	549,110


COMPOSITION OF NET ASSETS:
Portfolio capital	$	605,717		$	58,206		$	661,227		$	630,912		$	575,665
Undistributed (distributions in excess of) net investment income		2,092			941			4,397			2,268			2,094
Accumulated net realized loss on investments, futures contracts and foreign currency transactions		(28,521	)		(2,099	)		(59,214	)		(70,537	)		(113,672	)
Net unrealized appreciation or depreciation of:
Investments		103,741			2,487			109,305			27,535			85,023
Futures contracts		—			—			(2,077	)		(2,364	)		—
Foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			1			(84	)		145			—


Net assets	$	683,029		$	59,536		$	713,554		$	587,959		$	549,110


* Including securities loaned, at value	$	93,490		$	—		$	—		$	—		$	99,135

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

82 First American Funds 2009 Annual Report



Large Cap			Large Cap			Mid Cap Growth			Mid Cap			Mid Cap			Real Estate			Small Cap Growth			Small Cap			Small Cap
Select Fund			Value Fund			Opportunities Fund			Select Fund			Value Fund			Securities Fund			Opportunities Fund			Select Fund			Value Fund

$	132,187		$	378,815		$	1,025,728		$	39,988		$	562,848		$	901,937		$	130,505		$	599,786		$	189,077
	—			1,117			5,757			623			5,759			20,079			2,799			33,892			799

	43,990			70,130			291,904			10,291			118,965			473,358			30,805			200,149			37,160
	—			—			—			—			—			—			—			—			—



$	150,671		$	393,368		$	1,182,306		$	43,138		$	606,633		$	998,026		$	135,661		$	637,983		$	181,822
	—			1,117			5,757			623			5,759			11,760			2,799			28,442			799

	43,990			70,130			291,904			10,291			118,965			473,358			30,805			200,149			37,160
	—			—			—			—			—			—			—			—			—
	—			8			—			—			13			—			—			—			—
	115			643			175			10			492			1,204			42			416			124
	2,435			996			12,799			182			11,149			11,109			1,273			6,006			4,733
	69			134			1,097			5			280			8,838			151			1,833			53
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	26			77			37			28			48			57			51			39			32


	197,306			466,473			1,494,075			54,277			743,339			1,504,352			170,782			874,868			224,723



	402			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	1,876			—			14,211			170			10,844			14,310			1,276			8,188			4,353
	43,990			70,130			291,904			10,291			118,965			473,358			30,805			200,149			37,160
	121			371			807			30			555			1,178			68			686			67
	—			—			—			—			—			6			—			—			—
	—			—			—			—			—			—			—			—			—
	133			336			1,017			37			537			852			154			584			177
	—			—			—			—			—			—			—			—			—
	1			16			81			7			55			98			10			97			10
	8			8			9			8			8			8			9			8			8


	46,531			70,861			308,029			10,543			130,964			489,810			32,322			209,712			41,775


$	150,775		$	395,612		$	1,186,046		$	43,734		$	612,375		$	1,014,542		$	138,460		$	665,156		$	182,948



$	251,568		$	512,460		$	1,317,839		$	170,593		$	753,158		$	1,218,570		$	183,394		$	823,525		$	254,395
	921			4,984			(13	)		155			7,349			(10	)		(8	)		170			(7	)

	(120,198	)		(136,385	)		(288,358	)		(130,164	)		(191,917	)		(291,788	)		(50,082	)		(191,286	)		(64,185	)

	18,484			14,553			156,578			3,150			43,785			87,770			5,156			32,747			(7,255	)
	—			—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—			—


$	150,775		$	395,612		$	1,186,046		$	43,734		$	612,375		$	1,014,542		$	138,460		$	665,156		$	182,948


$	40,664		$	64,588		$	275,411		$	9,477		$	109,399		$	449,686		$	28,556		$	185,533		$	34,194

First American Funds 2009 Annual Report 83


Statements ofAssets and Liabilities	continued, all dollars are rounded to thousands (000), except per share data



	Equity		Global					International		Large Cap Growth
	Income Fund		Infrastructure Fund		International Fund			Select Fund		Opportunities Fund

Class A:
Net assets	$	100,059	$	19,901	$	27,995		$	3,029	$	56,963
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		9,299		2,553		2,597			357		2,351
Net asset value and redemption price per share	$	10.76	$	7.80	$	10.78		$	8.48	$	24.23
Maximum offering price per share¹	$	11.39	$	8.25	$	11.41		$	8.97	$	25.64
Class B²:
Net assets	$	7,237		—	$	1,976			—	$	4,749
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		682		—		201			—		213
Net asset value, offering price, and redemption price per share³	$	10.61		—	$	9.84			—	$	22.31
Class C:
Net assets	$	4,921	$	3,034	$	3,269		$	244	$	4,509
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		463		392		319			29		198
Net asset value, offering price and redemption price per share³	$	10.63	$	7.75	$	10.26		$	8.42	$	22.81
Class R⁴:
Net assets	$	122	$	6	$	5		$	19	$	667
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		11		1		—	**		2		28
Net asset value, offering price, and redemption price per share	$	10.76	$	7.78	$	10.78		$	8.42	$	23.92
Class Y:
Net assets	$	570,690	$	36,595	$	680,309		$	584,667	$	482,222
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		52,578		4,678		62,301			68,880		19,219
Net asset value, offering price, and redemption price per share	$	10.85	$	7.82	$	10.92		$	8.49	$	25.09


	¹	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%

	²	No new or additional investments are allowed in Class B shares. See note 1 in Notes to Financial Statements.

	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 Mid Cap Select 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.

84 First American Funds 2009 Annual Report



				Mid Cap								Small Cap
				Growth						Real Estate		Growth
Large Cap		Large Cap		Opportunities		Mid Cap		Mid Cap		Securities		Opportunities		Small Cap		Small Cap
Select Fund		Value Fund		Fund		Select Fund		Value Fund		Fund		Fund		Select Fund		Value Fund


$	3,292	$	55,401	$	231,743	$	12,487	$	130,222	$	287,493	$	30,202	$	295,348	$	29,026

	336		4,215		8,038		1,632		7,124		23,108		2,076		30,989		3,532
$	9.80	$	13.14	$	28.83	$	7.65	$	18.28	$	12.44	$	14.55	$	9.53	$	8.22
$	10.37	$	13.90	$	30.51	$	8.10	$	19.34	$	13.16	$	15.40	$	10.08	$	8.70

	—	$	2,266	$	6,762	$	1,691	$	3,481	$	2,693	$	2,025	$	5,511		—

	—		180		266		259		202		221		158		725		—
	—	$	12.61	$	25.43	$	6.52	$	17.21	$	12.17	$	12.82	$	7.60		—

$	186	$	2,016	$	12,894	$	2,526	$	12,040	$	17,632	$	1,341	$	16,938	$	2,080

	20		157		484		355		684		1,444		100		1,941		285
$	9.46	$	12.81	$	26.67	$	7.12	$	17.61	$	12.21	$	13.44	$	8.73	$	7.31

$	66	$	340	$	26,822		—	$	25,664	$	46,382	$	1,469	$	24,701	$	2,327

	7		26		945		—		1,414		3,689		102		2,644		287
$	9.74	$	13.09	$	28.37		—	$	18.15	$	12.57	$	14.36	$	9.34	$	8.10

$	147,231	$	335,589	$	907,825	$	27,030	$	440,968	$	660,342	$	103,423	$	322,658	$	149,515

	14,953		25,375		29,338		3,387		23,943		52,524		6,617		31,230		17,690
$	9.85	$	13.23	$	30.94	$	7.98	$	18.42	$	12.57	$	15.63	$	10.33	$	8.45

First American Funds 2009 Annual Report 85


Statements ofOperations	For the year ended October 31, 2009, all dollars are rounded to thousands (000)



	Equity			Global						International			Large Cap Growth
	Income Fund			Infrastructure Fund			International Fund			Select Fund			Opportunities Fund

INVESTMENT INCOME:
Interest from unaffiliated investments	$	—		$	5		$	311		$	79		$	1
Dividends from unaffiliated investments		26,167			1,599			17,033			8,960			6,471
Dividends from affiliated investments		74			—			—			—			21
Less: Foreign taxes withheld		(170	)		(119	)		(1,533	)		(839	)		—
Securities lending income		511			—			37			250			479


Total investment income		26,582			1,485			15,848			8,450			6,972


EXPENSES (note 3):
Investment advisory fees		4,121			371			6,365			3,489			3,121
Administration fees		1,388			107			1,441			809			1,054
Transfer agent fees		277			89			208			115			269
Custodian fees		32			183			320			666			25
Legal fees		15			17			16			15			15
Audit fees		29			30			31			57			29
Registration fees		49			62			47			48			50
Postage & printing fees		34			6			59			18			35
Directors’ fees		30			30			30			35			30
Other expenses		22			21			24			27			22
Distribution and shareholder servicing fees:
Class A		227			30			62			5			127
Class B¹		75			—			19			2			48
Class C		43			14			31			2			42
Class R²		2			—			—			—			3


Total expenses		6,344			960			8,653			5,288			4,870


Less: Fee waivers (note 3)		(8	)		(503	)		(642	)		(936	)		(2	)


Total net expenses		6,336			457			8,011			4,352			4,868


Investment income (loss) – net		20,246			1,028			7,837			4,098			2,104


REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5):
Net realized gain (loss) on:
Unaffiliated investments		(14,066	)		2,258			(59,460	)		(45,089	)		(66,901	)
Affiliated investments		—			—			—			—			—
Futures contracts		—			—			(15,635	)		4,615			6,794
Options written		—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		(1	)		3			(2,356	)		(1,097	)		—
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		56,206			7,143			197,864			138,434			121,303
Affiliated investments		—			—			—			—			—
Futures contracts		—			—			14,698			2,599			—
Foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			2			(314	)		(53	)		—


Net income (loss) on investments, futures contracts, options written, foreign currency transactions, and swap agreements		42,139			9,406			134,797			99,409			61,196


Net increase in net assets resulting from operations	$	62,385		$	10,434		$	142,634		$	103,507		$	63,300


	¹	Class B is not offered by Global Infrastructure Fund.

	²	Class R is not offered by Mid Cap Select Fund.

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

86 First American Funds 2009 Annual Report



						Mid Cap												Small Cap
						Growth									Real Estate			Growth
Large Cap			Large Cap			Opportunities			Mid Cap			Mid Cap			Securities			Opportunities			Small Cap			Small Cap
Select Fund			Value Fund			Fund			Select Fund			Value Fund			Fund			Fund			Select Fund			Value Fund


$	—		$	—		$	2		$	1		$	—		$	—		$	—		$	—		$	—
	2,828			10,373			7,386			866			14,374			35,504			386			5,354			2,837
	7			27			80			3			88			91			22			142			17
	(2	)		—			—			—			(3	)		(79	)		—			—			—
	167			351			1,398			47			660			1,047			191			833			256


	3,000			10,751			8,866			917			15,119			36,563			599			6,329			3,110



	1,049			2,559			6,911			329			3,828			4,813			1,076			3,717			1,179
	361			866			2,157			112			1,200			1,508			245			1,166			377
	115			218			383			180			241			440			178			267			177
	14			21			49			4			27			36			5			31			9
	15			15			15			15			15			15			15			15			15
	29			29			29			29			29			29			29			29			29
	46			49			57			39			59			79			46			71			46
	5			24			73			27			41			52			11			54			11
	30			30			30			30			30			30			30			30			30
	21			21			24			20			22			22			20			22			20

	8			131			505			29			289			409			67			521			64
	2			26			65			19			34			25			18			54			14
	2			22			114			26			116			108			11			156			21
	—			1			115			—			123			141			4			112			11


	1,697			4,012			10,527			859			6,054			7,707			1,755			6,245			2,003


	(1	)		(2	)		(13	)		(239	)		(10	)		(10	)		(346	)		(21	)		(2	)


	1,696			4,010			10,514			620			6,044			7,697			1,409			6,224			2,001


	1,304			6,741			(1,648	)		297			9,075			28,866			(810	)		105			1,109




	(49,896	)		(81,898	)		(161,489	)		(16,427	)		(84,621	)		(162,772	)		(5,607	)		(93,728	)		(37,715	)
	—			—			—			—			—			(1,573	)		—			(1,433	)		—
	—			—			15,590			994			—			—			—			—			—
	—			—			—			(321	)		—			—			—			—			—
	—			—			—			—			—			(8	)		—			—			—

	61,203			81,677			340,238			18,365			147,981			203,043			27,775			176,157			39,307
	—			—			—			—			—			(4,227	)		—			1,710			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—


	11,307			(221	)		194,339			2,611			63,360			34,463			22,168			82,706			1,592


$	12,611		$	6,520		$	192,691		$	2,908		$	72,435		$	63,329		$	21,358		$	82,811		$	2,701

First American Funds 2009 Annual Report 87


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



							Global
	Equity						Infrastructure
	Income Fund						Fund¹

										12/17/07²
	Year Ended			Year Ended			Year Ended			to
	10/31/09			10/31/08			10/31/09			10/31/08

OPERATIONS:
Investment income (loss) – net	$	20,246		$	26,124		$	1,028		$	208
Net realized gain (loss) on:
Unaffiliated investments		(14,066	)		(12,130	)		2,258			(4,310	)
Redemptions in-kind (note 9)		—			4,349			—			—
Futures contracts		—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		(1	)		—			3			2
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		56,206			(379,560	)		7,143			(4,656	)
Futures contracts		—			—			—			—
Foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			2			(1	)


Net increase (decrease) in net assets resulting from operations		62,385			(361,217	)		10,434			(8,757	)


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(3,050	)		(3,201	)		(86	)		—
Class B		(200	)		(204	)		—			—
Class C		(114	)		(110	)		—			—
Class R		(9	)		(16	)		—			—
Class Y		(19,001	)		(19,995	)		(262	)		—
Net realized gain on investments:
Class A		—			(11,805	)		—			—
Class B		—			(1,124	)		—			—
Class C		—			(605	)		—			—
Class R		—			(63	)		—			—
Class Y		—			(67,897	)		—			—


Total distributions		(22,374	)		(105,020	)		(348	)		—


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		9,072			7,241			16,619			5,363
Reinvestment of distributions		2,785			13,962			67			—
Payments for redemptions		(17,930	)		(31,641	)		(4,091	)		(272	)


Increase (decrease) in net assets from Class A transactions		(6,073	)		(10,438	)		12,595			5,091


Class B³:
Proceeds from sales		113			411			—			—
Reinvestment of distributions		187			1,248			—			—
Payments for redemptions (note 3)		(2,480	)		(3,181	)		—			—


Increase (decrease) in net assets from Class B transactions		(2,180	)		(1,522	)		—			—


Class C:
Proceeds from sales		1,181			595			2,639			—
Reinvestment of distributions		107			666			—			—
Payments for redemptions (note 3)		(1,258	)		(2,522	)		(32	)		—


Increase (decrease) in net assets from Class C transactions		30			(1,261	)		2,607			—


Class R:
Proceeds from sales		52			78			5			—
Reinvestment of distributions		9			79			—			—
Payments for redemptions		(452	)		(193	)		—			—


Increase (decrease) in net assets from Class R transactions		(391	)		(36	)		5			—


Class Y:
Proceeds from sales		127,721			77,778			41,075			32,934
Reinvestment of distributions		4,494			39,603			141			—
Payments for redemptions		(169,842	)		(216,514	)		(28,216	)		(8,025	)


Increase (decrease) in net assets from Class Y transactions		(37,627	)		(99,133	)		13,000			24,909


Increase (decrease) in net assets from capital share transactions		(46,241	)		(112,390	)		28,207			30,000
Increase in net assets from regulatory settlement proceeds (note 10)		—			—			—			—


Total increase (decrease) in net assets		(6,230	)		(578,627	)		38,293			21,243
Net assets at beginning of year		689,259			1,267,886			21,243			—


Net assets at end of year	$	683,029		$	689,259		$	59,536		$	21,243


Undistributed (distributions in excess of) net investment income at end of year	$	2,092		$	2,097		$	941		$	210


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

	²	Commencement of operations.

	³	No new additional investments are allowed in Class B shares. See Note 1 in Notes to Financial Statements.

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

88 First American Funds 2009 Annual Report



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

Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08


$	7,837		$	27,555		$	4,098		$	5,378		$	2,104		$	1,891		$	1,304		$	2,530		$	6,741		$	10,809

	(59,460	)		43,357			(45,089	)		(24,099	)		(66,901	)		(52,117	)		(49,896	)		(68,940	)		(81,898	)		(53,971	)
	—			23,282			—			—			—			—			—			—			—			—
	(15,635	)		(12,795	)		4,615			(2,901	)		6,794			—			—			—			—			—
	(2,356	)		(796	)		(1,097	)		181			—			—			—			—			—			—

	197,864			(666,682	)		138,434			(148,884	)		121,303			(229,507	)		61,203			(93,774	)		81,677			(214,939	)
	14,698			(16,775	)		2,599			(6,171	)		—			—			—			—			—			—
	(314	)		138			(53	)		186			—			—			—			—			—			—


	142,634			(602,716	)		103,507			(176,310	)		63,300			(279,733	)		12,611			(160,184	)		6,520			(258,101	)




	(236	)		(504	)		(30	)		(19	)		(59	)		—			(15	)		(21	)		(635	)		(844	)
	—			(16	)		(2	)		(1	)		—			—			—			—			(21	)		(26	)
	—			(9	)		(1	)		(1	)		—			—			—			(1	)		(15	)		(15	)
	—			—			(1	)		—			—			—			—			—			(2	)		(1	)
	(8,282	)		(17,791	)		(6,078	)		(2,254	)		(1,833	)		(464	)		(1,109	)		(1,853	)		(4,702	)		(6,296	)

	—			(4,764	)		—			(58	)		—			(8,176	)		—			(1,002	)		—			(13,581	)
	—			(604	)		—			(7	)		—			(1,066	)		—			(87	)		—			(962	)
	—			(611	)		—			(6	)		—			(757	)		—			(42	)		—			(561	)
	—			(1	)		—			—			—			(50	)		—			(5	)		—			(23	)
	—			(133,882	)		—			(5,572	)		—			(61,331	)		—			(55,522	)		—			(86,486	)


	(8,518	)		(158,182	)		(6,112	)		(7,918	)		(1,892	)		(71,844	)		(1,124	)		(58,533	)		(5,375	)		(108,795	)




	3,228			6,019			1,588			1,504			7,172			7,836			856			888			2,954			3,879
	219			4,612			25			67			56			7,846			12			817			579			13,370
	(6,232	)		(14,884	)		(1,027	)		(1,162	)		(9,957	)		(19,590	)		(1,480	)		(2,403	)		(9,418	)		(20,859	)


	(2,785	)		(4,253	)		586			409			(2,729	)		(3,908	)		(612	)		(698	)		(5,885	)		(3,610	)



	77			341			2			202			42			407			3			18			15			161
	—			597			2			7			—			1,032			—			88			20			964
	(975	)		(2,149	)		(298	)		(61	)		(1,629	)		(2,852	)		(324	)		(117	)		(1,394	)		(2,115	)


	(898	)		(1,211	)		(294	)		148			(1,587	)		(1,413	)		(321	)		(11	)		(1,359	)		(990	)



	331			462			21			244			481			706			22			54			217			319
	—			556			1			5			—			707			—			38			15			510
	(985	)		(1,585	)		(61	)		(105	)		(845	)		(2,155	)		(36	)		(70	)		(869	)		(741	)


	(654	)		(567	)		(39	)		144			(364	)		(742	)		(14	)		22			(637	)		88



	1			3			4			62			225			231			102			13			176			105
	—			1			1			—			—			50			—			5			2			24
	—			(3	)		(42	)		(8	)		(114	)		(89	)		(55	)		(15	)		(35	)		(36	)


	1			1			(37	)		54			111			192			47			3			143			93



	54,320			210,818			363,659			201,444			116,710			111,241			39,404			108,988			38,047			74,224
	5,049			101,831			1,729			4,127			724			32,809			441			23,632			2,849			59,454
	(165,305	)		(597,730	)		(127,280	)		(116,875	)		(106,659	)		(172,512	)		(111,700	)		(159,401	)		(107,134	)		(146,403	)


	(105,936	)		(285,081	)		238,108			88,696			10,775			(28,462	)		(71,855	)		(26,781	)		(66,238	)		(12,725	)


	(110,272	)		(291,111	)		238,324			89,451			6,206			(34,333	)		(72,755	)		(27,465	)		(73,976	)		(17,144	)
	359			—			—			—			—			—			—			—			—			—


	24,203			(1,052,009	)		335,719			(94,777	)		67,614			(385,910	)		(61,268	)		(246,182	)		(72,831	)		(384,040	)
	689,351			1,741,360			252,240			347,017			481,496			867,406			212,043			458,225			468,443			852,483


$	713,554		$	689,351		$	587,959		$	252,240		$	549,110		$	481,496		$	150,775		$	212,043		$	395,612		$	468,443


$	4,397		$	7,434		$	2,268		$	5,358		$	2,094		$	1,882		$	921		$	727		$	4,984		$	3,618

First American Funds 2009 Annual Report 89


Statements ofChanges in Net Assets	continued



	Mid Cap Growth						Mid Cap
	Opportunities Fund						Select Fund

	Year Ended			Year Ended			Year Ended			Year Ended
	10/31/09			10/31/08			10/31/09			10/31/08

OPERATIONS:
Investment income (loss) – net	$	(1,648	)	$	(4,280	)	$	297		$	(26	)
Net realized gain (loss) on:
Unaffiliated investments		(161,489	)		(139,560	)		(16,427	)		(7,982	)
Affiliated investments		—			—			—			—
Redemptions in-kind (note 9)		—			—			—			—
Futures contracts		15,590			—			994			—
Options written		—			—			(321	)		—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			—			—
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		340,238			(635,741	)		18,365			(26,410	)
Affiliated investments		—			—			—			—
Futures contracts		—			—			—			—
Options written		—			—			—			—
Foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			—			—


Net increase (decrease) in net assets resulting from operations		192,691			(779,581	)		2,908			(34,418	)


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			(4	)		—
Class B		—			—			—			—
Class C		—			—			—			—
Class R		—			—			—			—
Class Y		—			—			(143	)		—
Net realized gain on investments:
Class A		—			(42,869	)		—			—
Class B		—			(1,753	)		—			—
Class C		—			(3,115	)		—			—
Class R		—			(3,185	)		—			—
Class Y		—			(137,824	)		—			—
Return of Capital:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class R		—			—			—			—
Class Y		—			—			—			—


Total distributions		—			(188,746	)		(147	)		—


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		36,041			59,598			1,858			3,246
Reinvestment of distributions		—			41,285			3			—
Payments for redemptions		(51,431	)		(104,324	)		(3,132	)		(5,139	)


Increase (decrease) in net assets from Class A transactions		(15,390	)		(3,441	)		(1,271	)		(1,893	)


Class B¹:
Proceeds from sales		54			738			8			118
Reinvestment of distributions		—			1,643			—			—
Payments for redemptions (note 3)		(1,623	)		(3,120	)		(917	)		(2,833	)


Increase (decrease) in net assets from Class B transactions		(1,569	)		(739	)		(909	)		(2,715	)


Class C:
Proceeds from sales		2,061			4,282			190			696
Reinvestment of distributions		—			2,677			—			—
Payments for redemptions (note 3)		(3,972	)		(8,531	)		(894	)		(1,120	)


Increase (decrease) in net assets from Class C transactions		(1,911	)		(1,572	)		(704	)		(424	)


Class R²:
Proceeds from sales		11,251			16,036			—			—
Reinvestment of distributions		—			3,185			—			—
Payments for redemptions		(10,412	)		(9,288	)		—			—


Increase (decrease) in net assets from Class R transactions		839			9,933			—			—


Class Y:
Proceeds from sales		171,004			150,690			10,760			17,744
Reinvestment of distributions		—			104,398			33			—
Payments for redemptions		(142,727	)		(286,403	)		(25,773	)		(32,921	)


Increase (decrease) in net assets from Class Y transactions		28,277			(31,315	)		(14,980	)		(15,177	)


Increase (decrease) in net assets from capital share transactions		10,246			(27,134	)		(17,864	)		(20,209	)
Increase in net assets from regulatory settlement proceeds (note 10)		—			—			—			—


Total increase (decrease) in net assets		202,937			(995,461	)		(15,103	)		(54,627	)
Net assets at beginning of year		983,109			1,978,570			58,837			113,464


Net assets at end of year	$	1,186,046		$	983,109		$	43,734		$	58,837


Undistributed (distributions in excess of) net investment income at end of year	$	(13	)	$	(11	)	$	155		$	(6	)


	¹	No new or additional investments are allowed in Class B shares. See Note 1 in Notes to Financial Statements.

	²	Class R is not offered by Mid Cap Select Fund.

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

90 First American Funds 2009 Annual Report



Mid Cap						Real Estate						Small Cap Growth						Small Cap						Small Cap
Value Fund						Securities Fund						Opportunities Fund						Select Fund						Value Fund

Year Ended			Year Ended			Year Ended			Year Ended			Year ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08


$	9,075		$	9,178		$	28,866		$	27,147		$	(810	)	$	(1,646	)	$	105		$	(311	)	$	1,109		$	2,560

	(84,621	)		(107,430	)		(162,772	)		(128,631	)		(5,607	)		(40,776	)		(93,728	)		(93,456	)		(37,715	)		(26,457	)
	—			—			(1,573	)		—			—			—			(1,433	)		—			—			—
	—			—			—			—			—			247			—			—			—			—
	—			—			—			—			—			305			—			—			—			—
	—			—			—			—			—			—			—			—			—			—

	—			—			(8	)		(31	)		—			—			—			—			—			—
	147,981			(268,835	)		203,043			(281,542	)		27,775			(52,783	)		176,157			(234,746	)		39,307			(77,076	)
	—			—			(4,227	)		—			—			—			1,710			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—		��	—			—			—


	72,435			(367,087	)		63,329			(383,057	)		21,358			(94,653	)		82,811			(328,513	)		2,701			(100,973	)




	(600	)		(1,408	)		(5,684	)		(3,653	)		—			—			—			—			(281	)		(573	)
	(2	)		(22	)		(61	)		(78	)		—			—			—			—			(3	)		(24	)
	(7	)		(63	)		(291	)		(217	)		—			—			—			—			(7	)		(20	)
	(90	)		(175	)		(899	)		(409	)		—			—			—			—			(18	)		(33	)
	(2,658	)		(5,086	)		(16,569	)		(14,270	)		—			—			—			(290	)		(1,989	)		(3,749	)

	—			(16,522	)		—			(22,068	)		—			(10,823	)		—			(14,448	)		—			(5,182	)
	—			(565	)		—			(816	)		—			(340	)		—			(980	)		—			(645	)
	—			(1,759	)		—			(2,036	)		—			(169	)		—			(2,230	)		—			(434	)
	—			(1,982	)		—			(2,193	)		—			(39	)		—			(2,457	)		—			(336	)
	—			(48,932	)		—			(68,467	)		—			(9,817	)		—			(34,350	)		—			(27,249	)

	—			—			(2,077	)		—			—			—			—			—			—			—
	—			—			(33	)		—			—			—			—			—			—			—
	—			—			(141	)		—			—			—			—			—			—			—
	—			—			(356	)		—			—			—			—			—			—			—
	—			—			(6,186	)		—			—			—			—			—			—			—


	(3,357	)		(76,514	)		(32,297	)		(114,207	)		—			(21,188	)		—			(54,755	)		(2,298	)		(38,245	)




	29,555			48,087			197,810			96,399			3,534			17,198			148,270			111,735			5,254			2,653
	583			17,368			7,096			24,612			—			10,653			—			13,800			270			5,531
	(38,523	)		(94,410	)		(71,600	)		(85,724	)		(7,288	)		(101,235	)		(55,873	)		(89,826	)		(5,111	)		(12,847	)


	(8,385	)		(28,955	)		133,306			35,287			(3,754	)		(73,384	)		92,397			35,709			413			(4,663	)



	47			357			51			517			47			103			46			324			16			44
	2			554			81			773			—			325			—			937			3			642
	(1,032	)		(1,801	)		(558	)		(2,144	)		(320	)		(1,039	)		(1,443	)		(3,322	)		(2,690	)		(1,622	)


	(983	)		(890	)		(426	)		(854	)		(273	)		(611	)		(1,397	)		(2,061	)		(2,671	)		(936	)



	676			2,358			8,357			6,738			271			214			1,427			4,504			201			477
	7			1,585			338			1,755			—			154			—			2,068			6			411
	(3,112	)		(6,416	)		(2,664	)		(6,111	)		(239	)		(583	)		(3,469	)		(10,197	)		(499	)		(869	)


	(2,429	)		(2,473	)		6,031			2,382			32			(215	)		(2,042	)		(3,625	)		(292	)		19



	14,902			16,462			25,869			24,530			1,204			299			7,603			13,319			1,693			1,187
	90			2,152			1,255			2,601			—			39			—			2,457			18			369
	(16,399	)		(9,556	)		(6,732	)		(8,819	)		(314	)		(127	)		(9,240	)		(14,269	)		(1,683	)		(1,207	)


	(1,407	)		9,058			20,392			18,312			890			211			(1,637	)		1,507			28			349



	66,387			57,392			382,082			388,360			26,506			12,641			68,946			70,683			17,091			19,705
	1,760			39,960			14,186			49,830			—			7,546			—			26,896			1,747			27,122
	(92,117	)		(140,793	)		(269,156	)		(198,925	)		(14,191	)		(35,529	)		(76,685	)		(259,101	)		(27,723	)		(78,089	)


	(23,970	)		(43,441	)		127,112			239,265			12,315			(15,342	)		(7,739	)		(161,522	)		(8,885	)		(31,262	)


	(37,174	)		(66,701	)		286,415			294,392			9,210			(89,341	)		79,582			(129,992	)		(11,407	)		(36,493	)
	—			—			—			—			—			2,103			—			—			—			—


	31,904			(510,302	)		317,447			(202,872	)		30,568			(203,079	)		162,393			(513,260	)		(11,004	)		(175,711	)
	580,471			1,090,773			697,095			899,967			107,892			310,971			502,763			1,016,023			193,952			369,663


$	612,375			580,471		$	1,014,542		$	697,095		$	138,460		$	107,892		$	665,156		$	502,763		$	182,948		$	193,952


$	7,349		$	1,332		$	(10	)	$	(8	)	$	(8	)	$	(7	)	$	170		$	(9	)	$	(7	)	$	1,164

First American Funds 2009 Annual Report 91

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	$	0.29	$	0.71		$	1.00		$	(0.33	)	$	—		$	(0.33	)	$	10.76
2008²		16.43		0.33		(5.28	)		(4.95	)		(0.29	)		(1.10	)		(1.39	)		10.09
2007²		15.90		0.29		1.96			2.25			(0.29	)		(1.43	)		(1.72	)		16.43
2006²		13.67		0.20		2.32			2.52			(0.21	)		(0.08	)		(0.29	)		15.90
2005³		13.89		0.01		(0.22	)		(0.21	)		(0.01	)		—			(0.01	)		13.67
2005⁴		12.77		0.20		1.15			1.35			(0.22	)		(0.01	)		(0.23	)		13.89
Class B
2009²	$	9.96	$	0.22	$	0.68		$	0.90		$	(0.25	)	$	—		$	(0.25	)	$	10.61
2008²		16.23		0.22		(5.19	)		(4.97	)		(0.20	)		(1.10	)		(1.30	)		9.96
2007²		15.75		0.17		1.94			2.11			(0.20	)		(1.43	)		(1.63	)		16.23
2006²		13.57		0.09		2.30			2.39			(0.13	)		(0.08	)		(0.21	)		15.75
2005³		13.79		—		(0.22	)		(0.22	)		—			—			—			13.57
2005⁴		12.68		0.10		1.14			1.24			(0.12	)		(0.01	)		(0.13	)		13.79
Class C
2009²	$	9.98	$	0.21	$	0.69		$	0.90		$	(0.25	)	$	—		$	(0.25	)	$	10.63
2008²		16.26		0.22		(5.20	)		(4.98	)		(0.20	)		(1.10	)		(1.30	)		9.98
2007²		15.78		0.17		1.94			2.11			(0.20	)		(1.43	)		(1.63	)		16.26
2006²		13.59		0.10		2.30			2.40			(0.13	)		(0.08	)		(0.21	)		15.78
2005³		13.81		—		(0.22	)		(0.22	)		—			—			—			13.59
2005⁴		12.70		0.11		1.13			1.24			(0.12	)		(0.01	)		(0.13	)		13.81
Class R
2009²	$	10.08	$	0.28	$	0.68		$	0.96		$	(0.28	)	$	—		$	(0.28	)	$	10.76
2008²		16.41		0.29		(5.26	)		(4.97	)		(0.26	)		(1.10	)		(1.36	)		10.08
2007²		15.88		0.23		1.98			2.21			(0.25	)		(1.43	)		(1.68	)		16.41
2006²		13.66		0.17		2.31			2.48			(0.18	)		(0.08	)		(0.26	)		15.88
2005³		13.88		0.01		(0.23	)		(0.22	)		—			—			—			13.66
2005⁴		12.78		0.11		1.20			1.31			(0.20	)		(0.01	)		(0.21	)		13.88
Class Y
2009²	$	10.18	$	0.32	$	0.70		$	1.02		$	(0.35	)	$	—		$	(0.35	)	$	10.85
2008²		16.55		0.36		(5.30	)		(4.94	)		(0.33	)		(1.10	)		(1.43	)		10.18
2007²		16.00		0.33		1.98			2.31			(0.33	)		(1.43	)		(1.76	)		16.55
2006²		13.76		0.24		2.33			2.57			(0.25	)		(0.08	)		(0.33	)		16.00
2005³		13.98		0.01		(0.21	)		(0.20	)		(0.01	)		(0.01	)		(0.02	)		13.76
2005⁴		12.85		0.24		1.15			1.39			(0.25	)		(0.01	)		(0.26	)		13.98


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

92 First American Funds 2009 Annual 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
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	10.32	%	$	100,059		1.19	%		3.00	%		1.19	%		3.00	%		48	%
	(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

	9.41	%	$	7,237		1.94	%		2.28	%		1.94	%		2.28	%		48	%
	(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

	9.41	%	$	4,921		1.94	%		2.23	%		1.94	%		2.23	%		48	%
	(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

	9.92	%	$	122		1.45	%		2.94	%		1.45	%		2.94	%		48	%
	(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

	10.51	%	$	570,690		0.94	%		3.25	%		0.94	%		3.25	%		48	%
	(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

First American Funds 2009 Annual Report 93

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		Investments			Operations			Income			Period

Global Infrastructure Fund¹
Class A
2009²	$	6.43	$	0.16	$	1.29		$	1.45		$	(0.08	)	$	7.80
2008³		10.00		0.05		(3.62	)		(3.57	)		—			6.43
Class C
2009⁴	$	6.48	$	0.11	$	1.24		$	1.35		$	(0.08	)	$	7.75
Class R
2009⁴	$	6.48	$	0.14	$	1.24		$	1.38		$	(0.08	)	$	7.78
Class Y
2009²	$	6.43	$	0.17	$	1.30		$	1.47		$	(0.08	)	$	7.82
2008³		10.00		0.16		(3.73	)		(3.57	)		—			6.43


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	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 October 31, 2009. 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.

94 First American Funds 2009 Annual 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



	22.76	%	$	19,901		1.25	%		2.34	%		2.47	%		1.12	%		299	%
	(35.70	)		4,022		1.25			0.80			4.16			(2.11	)		304

	21.00	%	$	3,034		2.00	%		1.59	%		3.22	%		0.37	%		299	%

	21.48	%	$	6		1.50	%		2.15	%		2.72	%		0.93	%		299	%

	23.14	%	$	36,595		1.00	%		2.57	%		2.22	%		1.35	%		299	%
	(35.70	)		17,221		0.99			2.18			3.90			(0.73	)		304

First American Funds 2009 Annual Report 95

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	$	0.09		$	2.09		$	2.18		$	(0.08	)	$	—		$	(0.08	)	$	10.78
2008²		17.15		0.26			(7.14	)		(6.88	)		(0.14	)		(1.45	)		(1.59	)		8.68
2007²		14.80		0.15			2.59			2.74			(0.13	)		(0.26	)		(0.39	)		17.15
2006²		12.01		0.12			2.80			2.92			(0.13	)		—			(0.13	)		14.80
2005³		12.24		0.01			(0.24	)		(0.23	)		—			—			—			12.01
2005⁴		10.19		0.09			2.02			2.11			(0.06	)		—			(0.06	)		12.24
Class B
2009²	$	7.92	$	0.02		$	1.90		$	1.92		$	—		$	—		$	—		$	9.84
2008²		15.78		0.14			(6.52	)		(6.38	)		(0.03	)		(1.45	)		(1.48	)		7.92
2007²		13.65		0.03			2.39			2.42			(0.03	)		(0.26	)		(0.29	)		15.78
2006²		11.09		0.02			2.58			2.60			(0.04	)		—			(0.04	)		13.65
2005³		11.31		—			(0.22	)		(0.22	)		—			—			—			11.09
2005⁴		9.43		—			1.88			1.88			—			—			—			11.31
Class C
2009²	$	8.25	$	0.02		$	1.99		$	2.01		$	—		$	—		$	—		$	10.26
2008²		16.36		0.15			(6.79	)		(6.64	)		(0.02	)		(1.45	)		(1.47	)		8.25
2007²		14.13		0.03			2.48			2.51			(0.02	)		(0.26	)		(0.28	)		16.36
2006²		11.47		0.02			2.67			2.69			(0.03	)		—			(0.03	)		14.13
2005³		11.70		—			(0.23	)		(0.23	)		—			—			—			11.47
2005⁴		9.76		—			1.94			1.94			—			—			—			11.70
Class R⁵
2009²	$	8.67	$	0.07		$	2.11		$	2.18		$	(0.07	)	$	—		$	(0.07	)	$	10.78
2008²		17.17		0.19			(7.10	)		(6.91	)		(0.14	)		(1.45	)		(1.59	)		8.67
2007²		14.81		0.10			2.61			2.71			(0.09	)		(0.26	)		(0.35	)		17.17
2006²		11.94		0.05			2.82			2.87			—			—			—			14.81
2005³		12.17		(0.02	)		(0.21	)		(0.23	)		—			—			—			11.94
2005⁴		10.11		0.09			1.97			2.06			—			—			—			12.17
Class Y
2009²	$	8.81	$	0.11		$	2.12		$	2.23		$	(0.12	)	$	—		$	(0.12	)	$	10.92
2008²		17.38		0.30			(7.24	)		(6.94	)		(0.18	)		(1.45	)		(1.63	)		8.81
2007²		14.99		0.19			2.62			2.81			(0.16	)		(0.26	)		(0.42	)		17.38
2006²		12.16		0.16			2.83			2.99			(0.16	)		—			(0.16	)		14.99
2005³		12.39		0.01			(0.24	)		(0.23	)		—			—			—			12.16
2005⁴		10.31		0.12			2.05			2.17			(0.09	)		—			(0.09	)		12.39


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

	⁶	During the period indicated, the fund received a regulatory settlement, which had no impact on total return.

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

96 First American Funds 2009 Annual Report



											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income (Loss)
			Net Assets		Expenses to			Income (Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	25.29	%⁶	$	27,995		1.49	%		1.00	%		1.59	%		0.90	%		231	%
	(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

	24.24	%⁶	$	1,976		2.24	%		0.23	%		2.34	%		0.13	%		231	%
	(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			—			2.36			(0.05	)		74

	24.36	%⁶	$	3,269		2.24	%		0.24	%		2.34	%		0.14	%		231	%
	(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

	25.39	%⁶	$	5		1.74	%		0.73	%		1.84	%		0.63	%		231	%
	(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

	25.68	%⁶	$	680,309		1.24	%		1.25	%		1.34	%		1.15	%		231	%
	(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

First American Funds 2009 Annual Report 97

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	$	0.07	$	2.00		$	2.07		$	(0.12	)	$	—		$	(0.12	)	$	8.48
2008²		12.15		0.15		(5.52	)		(5.37	)		(0.06	)		(0.19	)		(0.25	)		6.53
2007³		10.00		0.09		2.07			2.16			(0.01	)		—			(0.01	)		12.15
Class C
2009²	$	6.46	$	0.03	$	1.97		$	2.00		$	(0.04	)	$	—		$	(0.04	)	$	8.42
2008²		12.07		0.09		(5.48	)		(5.39	)		(0.03	)		(0.19	)		(0.22	)		6.46
2007³		10.00		0.03		2.04			2.07			—			—			—			12.07
Class R
2009²	$	6.52	$	0.09	$	1.94		$	2.03		$	(0.13	)	$	—		$	(0.13	)	$	8.42
2008²		12.12		0.08		(5.46	)		(5.38	)		(0.03	)		(0.19	)		(0.22	)		6.52
2007³		10.00		0.07		2.06			2.13			(0.01	)		—			(0.01	)		12.12
Class Y
2009²	$	6.55	$	0.08	$	2.01		$	2.09		$	(0.15	)	$	—		$	(0.15	)	$	8.49
2008²		12.17		0.17		(5.52	)		(5.35	)		(0.08	)		(0.19	)		(0.27	)		6.55
2007³		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 period November 1 to October 31 in the fiscal year indicated.

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

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

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

98 First American Funds 2009 Annual 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			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁴			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	32.32	%	$	3,029		1.49	%		1.04	%		1.76	%		0.77	%		64	%
	(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

	31.43	%	$	244		2.24	%		0.40	%		2.51	%		0.13	%		64	%
	(45.39	)		226		2.24			0.92			2.45			0.71			63
	20.75			287		2.24			0.30			2.64			(0.10	)		45

	31.99	%	$	19		1.74	%		1.30	%		2.01	%		1.03	%		64	%
	(45.10	)		48		1.74			0.90			1.95			0.69			63
	21.27			17		1.74			0.77			2.14			0.37			45

	32.68	%	$	584,667		1.24	%		1.17	%		1.51	%		0.90	%		64	%
	(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 Annual Report 99

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		$	2.68		$	2.73		$	(0.02	)	$	—		$	—		$	(0.02	)	$	24.23
2008²		36.27		0.02			(11.65	)		(11.63	)		—			(3.12	)		—			(3.12	)		21.52
2007²		29.58		(0.05	)		7.08			7.03			—			(0.34	)		—			(0.34	)		36.27
2006²		27.86		(0.02	)		1.74			1.72			—			—			—			—			29.58
2005³		28.02		(0.01	)		(0.15	)		(0.16	)		—			—			—			—			27.86
2005⁴		25.00		(0.01	)		3.08			3.07			(0.04	)		—			(0.01	)		(0.05	)		28.02
Class B
2009²	$	19.93	$	(0.09	)	$	2.47		$	2.38		$	—		$	—		$	—		$	—		$	22.31
2008²		34.08		(0.19	)		(10.84	)		(11.03	)		—			(3.12	)		—			(3.12	)		19.93
2007²		28.01		(0.27	)		6.68			6.41			—			(0.34	)		—			(0.34	)		34.08
2006²		26.58		(0.22	)		1.65			1.43			—			—			—			—			28.01
2005³		26.75		(0.03	)		(0.14	)		(0.17	)		—			—			—			—			26.58
2005⁴		24.02		(0.20	)		2.96			2.76			(0.02	)		—			(0.01	)		(0.03	)		26.75
Class C
2009²	$	20.38	$	(0.10	)	$	2.53		$	2.43		$	—		$	—		$	—		$	—		$	22.81
2008²		34.77		(0.19	)		(11.08	)		(11.27	)		—			(3.12	)		—			(3.12	)		20.38
2007²		28.58		(0.28	)		6.81			6.53			—			(0.34	)		—			(0.34	)		34.77
2006²		27.12		(0.23	)		1.69			1.46			—			—			—			—			28.58
2005³		27.29		(0.03	)		(0.14	)		(0.17	)		—			—			—			—			27.12
2005⁴		24.51		(0.20	)		3.00			2.80			(0.01	)		—			(0.01	)		(0.02	)		27.29
Class R
2009²	$	21.26	$	(0.01	)	$	2.67		$	2.66		$	—		$	—		$	—		$	—		$	23.92
2008²		35.97		(0.05	)		(11.54	)		(11.59	)		—			(3.12	)		—			(3.12	)		21.26
2007²		29.41		(0.12	)		7.02			6.90			—			(0.34	)		—			(0.34	)		35.97
2006²		27.78		(0.09	)		1.72			1.63			—			—			—			—			29.41
2005³		27.94		(0.02	)		(0.14	)		(0.16	)		—			—			—			—			27.78
2005⁴		24.98		(0.16	)		3.17			3.01			(0.05	)		—			—	⁵		(0.05	)		27.94
Class Y
2009²	$	22.31	$	0.11		$	2.77		$	2.88		$	(0.10	)	$	—		$	—		$	(0.10	)	$	25.09
2008²		37.42		0.10			(12.07	)		(11.97	)		(0.02	)		(3.12	)		—			(3.14	)		22.31
2007²		30.48		0.03			7.30			7.33			(0.05	)		(0.34	)		—			(0.39	)		37.42
2006²		28.64		0.05			1.79			1.84			—			—			—			—			30.48
2005³		28.79		(0.01	)		(0.14	)		(0.15	)		—			—			—			—			28.64
2005⁴		25.63		0.07			3.15			3.22			(0.04	)		—			(0.02	)		(0.06	)		28.79


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	Includes a tax return of capital of less than $0.01.

	⁶	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.

100 First American Funds 2009 Annual 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
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	12.73	%	$	56,963		1.22	%		0.24	%		1.22	%		0.24	%		112	%
	(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

	11.94	%	$	4,749		1.97	%		(0.48	)%		1.97	%		(0.48	)%		112	%
	(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

	11.92	%	$	4,509		1.97	%		(0.51	)%		1.97	%		(0.51	)%		112	%
	(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

	12.51	%	$	667		1.47	%		(0.05	)%		1.47	%		(0.05	)%		112	%
	(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

	13.02	%	$	482,222		0.97	%		0.48	%		0.97	%		0.48	%		112	%
	(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

First American Funds 2009 Annual Report 101

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 Select Fund¹
Class A
2009²	$	8.83	$	0.04		$	0.97		$	1.01		$	(0.04	)	$	—		$	(0.04	)	$	9.80
2008²		17.05		0.06			(6.04	)		(5.98	)		(0.04	)		(2.20	)		(2.24	)		8.83
2007²		15.18		0.03			2.12			2.15			(0.03	)		(0.25	)		(0.28	)		17.05
2006²		14.30		0.06			1.48			1.54			(0.06	)		(0.60	)		(0.66	)		15.18
2005³		14.47		—			(0.17	)		(0.17	)		—			—			—			14.30
2005⁴		12.52		0.06			2.15			2.21			(0.06	)		(0.20	)		(0.26	)		14.47
Class C
2009²	$	8.56	$	(0.02	)	$	0.93		$	0.91		$	(0.01	)	$	—		$	(0.01	)	$	9.46
2008²		16.69		(0.03	)		(5.90	)		(5.93	)		—			(2.20	)		(2.20	)		8.56
2007²		14.95		(0.09	)		2.08			1.99			—			(0.25	)		(0.25	)		16.69
2006²		14.13		(0.05	)		1.48			1.43			(0.01	)		(0.60	)		(0.61	)		14.95
2005³		14.31		(0.01	)		(0.17	)		(0.18	)		—			—			—			14.13
2005⁴		12.43		(0.05	)		2.14			2.09			(0.01	)		(0.20	)		(0.21	)		14.31
Class R
2009²	$	8.78	$	0.01		$	0.98		$	0.99		$	(0.03	)	$	—		$	(0.03	)	$	9.74
2008²		16.97		0.03			(6.00	)		(5.97	)		(0.02	)		(2.20	)		(2.22	)		8.78
2007²		15.12		—			2.11			2.11			(0.01	)		(0.25	)		(0.26	)		16.97
2006²		14.26		0.01			1.49			1.50			(0.04	)		(0.60	)		(0.64	)		15.12
2005³		14.43		(0.01	)		(0.16	)		(0.17	)		—			—			—			14.26
2005⁴		12.49		0.02			2.15			2.17			(0.03	)		(0.20	)		(0.23	)		14.43
Class Y
2009²	$	8.87	$	0.07		$	0.96		$	1.03		$	(0.05	)	$	—		$	(0.05	)	$	9.85
2008²		17.10		0.09			(6.05	)		(5.96	)		(0.07	)		(2.20	)		(2.27	)		8.87
2007²		15.22		0.07			2.13			2.20			(0.07	)		(0.25	)		(0.32	)		17.10
2006²		14.33		0.10			1.49			1.59			(0.10	)		(0.60	)		(0.70	)		15.22
2005³		14.49		—			(0.16	)		(0.16	)		—			—			—			14.33
2005⁴		12.53		0.09			2.16			2.25			(0.09	)		(0.20	)		(0.29	)		14.49


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	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.

102 First American Funds 2009 Annual 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
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	11.54	%	$	3,292		1.29	%		0.52	%		1.29	%		0.52	%		185	%
	(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

	10.64	%	$	186		2.05	%		(0.23	)%		2.05	%		(0.23	)%		185	%
	(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

	11.31	%	$	66		1.56	%		0.12	%		1.56	%		0.12	%		185	%
	(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

	11.81	%	$	147,231		1.04	%		0.82	%		1.04	%		0.82	%		185	%
	(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

First American Funds 2009 Annual Report 103

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	$	0.18		$	0.22		$	0.40		$	(0.14	)	$	—		$	(0.14	)	$	13.14
2008²		22.61		0.25			(7.02	)		(6.77	)		(0.16	)		(2.80	)		(2.96	)		12.88
2007²		22.12		0.23			2.19			2.42			(0.24	)		(1.69	)		(1.93	)		22.61
2006²		19.56		0.21			3.19			3.40			(0.21	)		(0.63	)		(0.84	)		22.12
2005³		20.06		—			(0.50	)		(0.50	)		—			—			—			19.56
2005⁴		17.21		0.17			2.85			3.02			(0.17	)		—			(0.17	)		20.06
Class B
2009²	$	12.39	$	0.09		$	0.21		$	0.30		$	(0.08	)	$	—		$	(0.08	)	$	12.61
2008²		21.92		0.11			(6.77	)		(6.66	)		(0.07	)		(2.80	)		(2.87	)		12.39
2007²		21.54		0.07			2.12			2.19			(0.12	)		(1.69	)		(1.81	)		21.92
2006²		19.12		0.06			3.11			3.17			(0.12	)		(0.63	)		(0.75	)		21.54
2005³		19.62		(0.01	)		(0.49	)		(0.50	)		—			—			—			19.12
2005⁴		16.87		0.03			2.78			2.81			(0.06	)		—			(0.06	)		19.62
Class C
2009²	$	12.59	$	0.09		$	0.21		$	0.30		$	(0.08	)	$	—		$	(0.08	)	$	12.81
2008²		22.21		0.11			(6.86	)		(6.75	)		(0.07	)		(2.80	)		(2.87	)		12.59
2007²		21.81		0.07			2.14			2.21			(0.12	)		(1.69	)		(1.81	)		22.21
2006²		19.35		0.06			3.15			3.21			(0.12	)		(0.63	)		(0.75	)		21.81
2005³		19.85		(0.01	)		(0.49	)		(0.50	)		—			—			—			19.35
2005⁴		17.07		0.03			2.81			2.84			(0.06	)		—			(0.06	)		19.85
Class R
2009²	$	12.85	$	0.13		$	0.23		$	0.36		$	(0.12	)	$	—		$	(0.12	)	$	13.09
2008²		22.57		0.20			(6.99	)		(6.79	)		(0.13	)		(2.80	)		(2.93	)		12.85
2007²		22.10		0.17			2.17			2.34			(0.18	)		(1.69	)		(1.87	)		22.57
2006²		19.55		0.12			3.23			3.35			(0.17	)		(0.63	)		(0.80	)		22.10
2005³		20.06		(0.01	)		(0.50	)		(0.51	)		—			—			—			19.55
2005⁴		17.22		0.12			2.85			2.97			(0.13	)		—			(0.13	)		20.06
Class Y
2009²	$	12.95	$	0.21		$	0.23		$	0.44		$	(0.16	)	$	—		$	(0.16	)	$	13.23
2008²		22.69		0.29			(7.04	)		(6.75	)		(0.19	)		(2.80	)		(2.99	)		12.95
2007²		22.19		0.29			2.18			2.47			(0.28	)		(1.69	)		(1.97	)		22.69
2006²		19.62		0.26			3.21			3.47			(0.27	)		(0.63	)		(0.90	)		22.19
2005³		20.12		—			(0.50	)		(0.50	)		—			—			—			19.62
2005⁴		17.26		0.22			2.86			3.08			(0.22	)		—			(0.22	)		20.12


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	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.

104 First American Funds 2009 Annual 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
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	3.24	%	$	55,401		1.22	%		1.49	%		1.22	%		1.49	%		68	%
	(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

	2.48	%	$	2,266		1.97	%		0.83	%		1.97	%		0.83	%		68	%
	(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

	2.47	%	$	2,016		1.97	%		0.76	%		1.97	%		0.76	%		68	%
	(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

	2.96	%	$	340		1.47	%		1.06	%		1.47	%		1.06	%		68	%
	(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

	3.54	%	$	335,589		0.97	%		1.76	%		0.97	%		1.76	%		68	%
	(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

First American Funds 2009 Annual Report 105

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

Mid Cap Growth Opportunities Fund¹
Class A
2009²	$	23.88	$	(0.08	)	$	5.03		$	4.95		$	—		$	28.83
2008²		46.57		(0.16	)		(17.86	)		(18.02	)		(4.67	)		23.88
2007²		41.43		(0.24	)		9.19			8.95			(3.81	)		46.57
2006²		40.77		(0.11	)		5.04			4.93			(4.27	)		41.43
2005³		41.55		(0.02	)		(0.76	)		(0.78	)		—			40.77
2005⁴		38.19		(0.24	)		9.65			9.41			(6.05	)		41.55
Class B
2009²	$	21.22	$	(0.23	)	$	4.44		$	4.21		$	—		$	25.43
2008²		42.21		(0.38	)		(15.94	)		(16.32	)		(4.67	)		21.22
2007²		38.15		(0.51	)		8.38			7.87			(3.81	)		42.21
2006²		38.12		(0.38	)		4.68			4.30			(4.27	)		38.15
2005³		38.87		(0.05	)		(0.70	)		(0.75	)		—			38.12
2005⁴		36.31		(0.51	)		9.12			8.61			(6.05	)		38.87
Class C
2009²	$	22.26	$	(0.24	)	$	4.65		$	4.41		$	—		$	26.67
2008²		44.03		(0.40	)		(16.70	)		(17.10	)		(4.67	)		22.26
2007²		39.65		(0.53	)		8.72			8.19			(3.81	)		44.03
2006²		39.46		(0.40	)		4.86			4.46			(4.27	)		39.65
2005³		40.23		(0.05	)		(0.72	)		(0.77	)		—			39.46
2005⁴		37.40		(0.53	)		9.41			8.88			(6.05	)		40.23
Class R
2009²	$	23.56	$	(0.14	)	$	4.95		$	4.81		$	—		$	28.37
2008²		46.11		(0.24	)		(17.64	)		(17.88	)		(4.67	)		23.56
2007²		41.15		(0.34	)		9.11			8.77			(3.81	)		46.11
2006²		40.61		(0.23	)		5.04			4.81			(4.27	)		41.15
2005³		41.40		(0.03	)		(0.76	)		(0.79	)		—			40.61
2005⁴		38.15		(0.31	)		9.61			9.30			(6.05	)		41.40
Class Y
2009²	$	25.57	$	(0.02	)	$	5.39		$	5.37		$	—		$	30.94
2008²		49.40		(0.07	)		(19.09	)		(19.16	)		(4.67	)		25.57
2007²		43.62		(0.14	)		9.73			9.59			(3.81	)		49.40
2006²		42.61		(0.01	)		5.29			5.28			(4.27	)		43.62
2005³		43.42		(0.02	)		(0.79	)		(0.81	)		—			42.61
2005⁴		39.58		(0.16	)		10.05			9.89			(6.05	)		43.42


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	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.

106 First American Funds 2009 Annual Report



											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Loss
			Net Assets		Expenses			Loss			Net Assets			to Average Net			Portfolio
Total			End of		to Average			to Average			(Excluding			Assets (Excluding			Turnover
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	20.73	%	$	231,743		1.23	%		(0.33	)%		1.23	%		(0.33	)%		123	%
	(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

	19.84	%	$	6,762		1.98	%		(1.06	)%		1.98	%		(1.06	)%		123	%
	(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

	19.81	%	$	12,894		1.98	%		(1.07	)%		1.98	%		(1.07	)%		123	%
	(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

	20.42	%	$	26,822		1.48	%		(0.59	)%		1.48	%		(0.59	)%		123	%
	(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

	21.00	%	$	907,825		0.98	%		(0.09	)%		0.98	%		(0.09	)%		123	%
	(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

First American Funds 2009 Annual Report 107

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

Mid Cap Select Fund^1,2
Class A
2009³	$	7.00	$	0.03		$	0.62		$	0.65		$	—		$	7.65
2008³		10.64		(0.01	)		(3.63	)		(3.64	)		—			7.00
2007³		9.57		(0.02	)		1.09			1.07			—			10.64
2006³		8.03		0.01			1.53			1.54			—			9.57
2005⁴		8.31		(0.01	)		(0.27	)		(0.28	)		—			8.03
2005⁵		7.40		(0.07	)		0.98			0.91			—			8.31
Class B
2009³	$	6.01	$	(0.01	)	$	0.52		$	0.51		$	—		$	6.52
2008³		9.21		(0.07	)		(3.13	)		(3.20	)		—			6.01
2007³		8.34		(0.08	)		0.95			0.87			—			9.21
2006³		7.06		(0.04	)		1.32			1.28			—			8.34
2005⁴		7.31		(0.01	)		(0.24	)		(0.25	)		—			7.06
2005⁵		6.55		(0.11	)		0.87			0.76			—			7.31
Class C
2009³	$	6.56	$	(0.01	)	$	0.57		$	0.56		$	—		$	7.12
2008³		10.04		(0.08	)		(3.40	)		(3.48	)		—			6.56
2007³		9.09		(0.09	)		1.04			0.95			—			10.04
2006³		7.69		(0.05	)		1.45			1.40			—			9.09
2005⁴		7.97		(0.01	)		(0.27	)		(0.28	)		—			7.69
2005⁵		7.14		(0.12	)		0.95			0.83			—			7.97
Class Y
2009³	$	7.31	$	0.06		$	0.64		$	0.70		$	(0.03	)	$	7.98
2008³		11.09		0.01			(3.79	)		(3.78	)		—			7.31
2007³		9.95		—			1.15			1.15			(0.01	)		11.09
2006³		8.34		0.04			1.57			1.61			—			9.95
2005⁴		8.63		—			(0.29	)		(0.29	)		—			8.34
2005⁵		7.66		(0.05	)		1.02			0.97			—			8.63


	¹	Per share data calculated using average shares outstanding method.

	²	The financial highlights for Mid Cap Select Fund as set forth herein include the historical financial highlights of the First American Technology Fund and Small-Mid Cap Core Fund. Effective October 3, 2005, the fund’s principal investment strategy changed from investing primarily in technology stocks to investing primarily in common stocks of small- and mid- capitalization companies, and the fund’s name changed from Technology Fund to Small-Mid Cap Core Fund. Thereafter, effective May 4, 2009, the fund’s principal investment strategy was changed from investing primarily in common stocks of small- and mid-capitalization companies to investing primarily in common stocks of mid-capitalization companies, and the fund’s name changed from Small-Mid Cap Core Fund to Mid Cap Select Fund.

	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	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.

108 First American Funds 2009 Annual Report



											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income (Loss)
			Net Assets		Expenses to			Income (Loss)			Net Assets			to Average Net			Portfolio
Total			End of		Average			to Average			(Excluding			Assets (Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	9.32	%	$	12,487		1.41	%		0.49	%		1.92	%		(0.02	)%		186	%
	(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

	8.49	%	$	1,691		2.16	%		(0.20	)%		2.67	%		(0.71	)%		186	%
	(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

	8.54	%	$	2,526		2.16	%		(0.24	)%		2.67	%		(0.75	)%		186	%
	(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

	9.62	%	$	27,030		1.16	%		0.81	%		1.67	%		0.30	%		186	%
	(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

First American Funds 2009 Annual Report 109

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	$	0.24		$	1.99		$	2.23		$	(0.08	)	$	—		$	(0.08	)	$	18.28
2008²		27.83		0.21			(9.92	)		(9.71	)		(0.16	)		(1.83	)		(1.99	)		16.13
2007²		26.65		0.14			2.78			2.92			(0.16	)		(1.58	)		(1.74	)		27.83
2006²		24.04		0.14			3.89			4.03			(0.16	)		(1.26	)		(1.42	)		26.65
2005³		24.88		(0.01	)		(0.83	)		(0.84	)		—			—			—			24.04
2005⁴		20.09		0.13			4.76			4.89			(0.10	)		—			(0.10	)		24.88
Class B
2009²	$	15.22	$	0.13		$	1.87		$	2.00		$	(0.01	)	$	—		$	(0.01	)	$	17.21
2008²		26.48		0.03			(9.39	)		(9.36	)		(0.07	)		(1.83	)		(1.90	)		15.22
2007²		25.50		(0.05	)		2.65			2.60			(0.04	)		(1.58	)		(1.62	)		26.48
2006²		23.12		(0.03	)		3.71			3.68			(0.04	)		(1.26	)		(1.30	)		25.50
2005³		23.94		(0.02	)		(0.80	)		(0.82	)		—			—			—			23.12
2005⁴		19.39		(0.05	)		4.60			4.55			—			—			—			23.94
Class C
2009²	$	15.58	$	0.12		$	1.92		$	2.04		$	(0.01	)	$	—		$	(0.01	)	$	17.61
2008²		27.05		0.03			(9.60	)		(9.57	)		(0.07	)		(1.83	)		(1.90	)		15.58
2007²		26.02		(0.06	)		2.72			2.66			(0.05	)		(1.58	)		(1.63	)		27.05
2006²		23.57		(0.04	)		3.80			3.76			(0.05	)		(1.26	)		(1.31	)		26.02
2005³		24.40		(0.02	)		(0.81	)		(0.83	)		—			—			—			23.57
2005⁴		19.77		(0.03	)		4.66			4.63			—			—			—			24.40
Class R
2009²	$	16.04	$	0.19		$	1.98		$	2.17		$	(0.06	)	$	—		$	(0.06	)	$	18.15
2008²		27.72		0.15			(9.87	)		(9.72	)		(0.13	)		(1.83	)		(1.96	)		16.04
2007²		26.56		0.06			2.78			2.84			(0.10	)		(1.58	)		(1.68	)		27.72
2006²		24.00		0.05			3.91			3.96			(0.14	)		(1.26	)		(1.40	)		26.56
2005³		24.83		(0.01	)		(0.82	)		(0.83	)		—			—			—			24.00
2005⁴		20.09		0.12			4.70			4.82			(0.08	)		—			(0.08	)		24.83
Class Y
2009²	$	16.24	$	0.28		$	2.01		$	2.29		$	(0.11	)	$	—		$	(0.11	)	$	18.42
2008²		27.98		0.27			(9.99	)		(9.72	)		(0.19	)		(1.83	)		(2.02	)		16.24
2007²		26.77		0.22			2.80			3.02			(0.23	)		(1.58	)		(1.81	)		27.98
2006²		24.14		0.22			3.89			4.11			(0.22	)		(1.26	)		(1.48	)		26.77
2005³		24.98		—			(0.84	)		(0.84	)		—			—			—			24.14
2005⁴		20.17		0.18			4.78			4.96			(0.15	)		—			(0.15	)		24.98


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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.

110 First American Funds 2009 Annual 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 Net			Portfolio
Total			End of		to Average			to Average			(Excluding			Assets (Excluding			Turnover
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	13.95	%	$	130,222		1.25	%		1.52	%		1.25	%		1.52	%		106	%
	(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

	13.13	%	$	3,481		1.98	%		0.85	%		1.98	%		0.85	%		106	%
	(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

	13.10	%	$	12,040		2.00	%		0.80	%		2.00	%		0.80	%		106	%
	(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

	13.63	%	$	25,664		1.50	%		1.21	%		1.50	%		1.21	%		106	%
	(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

	14.24	%	$	440,968		1.00	%		1.76	%		1.00	%		1.76	%		106	%
	(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

First American Funds 2009 Annual Report 111

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		Investments			Operations			Income			Realized Gains			of Capital			Distributions			Period

Real Estate Securities Fund¹
Class A
2009²	$	12.67	$	0.41	$	(0.16	)	$	0.25		$	(0.34	)	$	—		$	(0.14	)	$	(0.48	)	$	12.44
2008²		23.99		0.60		(8.78	)		(8.18	)		(0.40	)		(2.74	)		—			(3.14	)		12.67
2007²		26.49		0.47		(0.24	)		0.23			(0.36	)		(2.37	)		—			(2.73	)		23.99
2006²		21.42		0.47		7.77			8.24			(0.58	)		(2.59	)		—			(3.17	)		26.49
2005³		21.81		0.03		(0.42	)		(0.39	)		—			—			—			—			21.42
2005⁴		18.62		0.69		4.47			5.16			(0.55	)		(1.42	)		—			(1.97	)		21.81
Class B
2009²	$	12.39	$	0.36	$	(0.19	)	$	0.17		$	(0.25	)	$	—		$	(0.14	)	$	(0.39	)	$	12.17
2008²		23.53		0.46		(8.60	)		(8.14	)		(0.26	)		(2.74	)		—			(3.00	)		12.39
2007²		26.08		0.27		(0.22	)		0.05			(0.23	)		(2.37	)		—			(2.60	)		23.53
2006²		21.14		0.29		7.66			7.95			(0.42	)		(2.59	)		—			(3.01	)		26.08
2005³		21.53		0.01		(0.40	)		(0.39	)		—			—			—			—			21.14
2005⁴		18.41		0.54		4.40			4.94			(0.40	)		(1.42	)		—			(1.82	)		21.53
Class C
2009²	$	12.44	$	0.34	$	(0.17	)	$	0.17		$	(0.26	)	$	—		$	(0.14	)	$	(0.40	)	$	12.21
2008³		23.62		0.45		(8.63	)		(8.18	)		(0.26	)		(2.74	)		—			(3.00	)		12.44
2007²		26.17		0.26		(0.21	)		0.05			(0.23	)		(2.37	)		—			(2.60	)		23.62
2006²		21.21		0.28		7.70			7.98			(0.43	)		(2.59	)		—			(3.02	)		26.17
2005³		21.61		0.01		(0.41	)		(0.40	)		—			—			—			—			21.21
2005⁴		18.47		0.54		4.42			4.96			(0.40	)		(1.42	)		—			(1.82	)		21.61
Class R
2009²	$	12.79	$	0.39	$	(0.16	)	$	0.23		$	(0.31	)	$	—		$	(0.14	)	$	(0.45	)	$	12.57
2008²		24.20		0.54		(8.85	)		(8.31	)		(0.36	)		(2.74	)		—			(3.10	)		12.79
2007²		26.72		0.38		(0.21	)		0.17			(0.32	)		(2.37	)		—			(2.69	)		24.20
2006²		21.61		0.35		7.90			8.25			(0.55	)		(2.59	)		—			(3.14	)		26.72
2005³		22.00		0.02		(0.41	)		(0.39	)		—			—			—			—			21.61
2005⁴		18.80		0.72		4.43			5.15			(0.53	)		(1.42	)		—			(1.95	)		22.00
Class Y
2009²	$	12.79	$	0.47	$	(0.19	)	$	0.28		$	(0.36	)	$	—		$	(0.14	)	$	(0.50	)	$	12.57
2008²		24.18		0.64		(8.84	)		(8.20	)		(0.45	)		(2.74	)		—			(3.19	)		12.79
2007²		26.67		0.53		(0.24	)		0.29			(0.41	)		(2.37	)		—			(2.78	)		24.18
2006²		21.54		0.53		7.82			8.35			(0.63	)		(2.59	)		—			(3.22	)		26.67
2005³		21.92		0.03		(0.41	)		(0.38	)		—			—			—			—			21.54
2005⁴		18.71		0.74		4.49			5.23			(0.60	)		(1.42	)		—			(2.02	)		21.92


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	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.

112 First American Funds 2009 Annual 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
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	2.82	%	$	287,493		1.27	%		3.81	%		1.27	%		3.81	%		117	%
	(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

	2.13	%	$	2,693		2.02	%		3.57	%		2.02	%		3.57	%		117	%
	(38.18	)		3,276		1.98			2.57			1.98			2.57			150
	—			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

	2.09	%	$	17,632		2.02	%		3.26	%		2.02	%		3.26	%		117	%
	(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

	2.62	%	$	46,382		1.52	%		3.61	%		1.52	%		3.61	%		117	%
	(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

	3.11	%	$	660,342		1.02	%		4.39	%		1.02	%		4.39	%		117	%
	(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

First American Funds 2009 Annual Report 113

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	$	(0.11	)	$	2.70		$	2.59		$	—		$	14.55
2008²		21.65		(0.14	)		(7.97	)		(8.11	)		(1.58	)		11.96
2007²		20.49		(0.19	)		2.67			2.48			(1.32	)		21.65
2006²		22.79		(0.18	)		2.37			2.19			(4.49	)		20.49
2005³		23.75		(0.02	)		(0.94	)		(0.96	)		—			22.79
2005⁴		21.74		(0.32	)		5.28			4.96			(2.95	)		23.75
Class B
2009²	$	10.62	$	(0.18	)	$	2.38		$	2.20		$	—		$	12.82
2008²		19.56		(0.23	)		(7.13	)		(7.36	)		(1.58	)		10.62
2007²		18.76		(0.31	)		2.43			2.12			(1.32	)		19.56
2006²		21.36		(0.31	)		2.20			1.89			(4.49	)		18.76
2005³		22.27		(0.03	)		(0.88	)		(0.91	)		—			21.36
2005⁴		20.69		(0.45	)		4.98			4.53			(2.95	)		22.27
Class C
2009²	$	11.13	$	(0.19	)	$	2.50		$	2.31		$	—		$	13.44
2008²		20.41		(0.24	)		(7.46	)		(7.70	)		(1.58	)		11.13
2007²		19.53		(0.33	)		2.53			2.20			(1.32	)		20.41
2006²		22.05		(0.32	)		2.29			1.97			(4.49	)		19.53
2005³		23.00		(0.04	)		(0.91	)		(0.95	)		—			22.05
2005⁴		21.28		(0.48	)		5.15			4.67			(2.95	)		23.00
Class R
2009²	$	11.83	$	(0.16	)	$	2.69		$	2.53		$	—		$	14.36
2008²		21.49		(0.17	)		(7.91	)		(8.08	)		(1.58	)		11.83
2007²		20.39		(0.24	)		2.66			2.42			(1.32	)		21.49
2006²		22.75		(0.23	)		2.36			2.13			(4.49	)		20.39
2005³		23.72		(0.03	)		(0.94	)		(0.97	)		—			22.75
2005⁴		21.74		(0.48	)		5.41			4.93			(2.95	)		23.72
Class Y
2009²	$	12.81	$	(0.09	)	$	2.91		$	2.82		$	—		$	15.63
2008²		23.03		(0.10	)		(8.54	)		(8.64	)		(1.58	)		12.81
2007²		21.66		(0.15	)		2.84			2.69			(1.32	)		23.03
2006²		23.81		(0.13	)		2.47			2.34			(4.49	)		21.66
2005³		24.81		(0.02	)		(0.98	)		(1.00	)		—			23.81
2005⁴		22.55		(0.27	)		5.48			5.21			(2.95	)		24.81


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

	⁶	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.

	⁷	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.

114 First American Funds 2009 Annual Report



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



	21	.66%	$	30,202		1.47	%		(0.89	)%		1.79	%		(1.21	)%		169	%
	(40	.07)⁶		29,022		1.46			(0.82	)		1.63			(0.99	)		138
	12	.81⁷		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

	20	.72%	$	2,025		2.22	%		(1.64	)%		2.54	%		(1.96	)%		169	%
	(40	.55)⁶		1,978		2.21			(1.57	)		2.38			(1.74	)		138
	12	.03⁷		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

	20	.75%	$	1,341		2.22	%		(1.66	)%		2.54	%		(1.98	)%		169	%
	(40	.53)⁶		1,104		2.21			(1.56	)		2.38			(1.73	)		138
	11	.96⁷		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

	21	.39%	$	1,469		1.72	%		(1.24	)%		2.04	%		(1.56	)%		169	%
	(40	.24)⁶		433		1.72			(1.04	)		1.89			(1.21	)		138
	12	.56⁷		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

	22	.01%	$	103,423		1.22	%		(0.67	)%		1.54	%		(0.99	)%		169	%
	(39	.97)⁶		75,355		1.22			(0.56	)		1.39			(0.73	)		138
	13	.10⁷		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

First American Funds 2009 Annual Report 115

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	$	(0.01	)	$	1.27		$	1.26		$	—		$	—		$	—		$	9.53
2008²		14.06		(0.02	)		(4.92	)		(4.94	)		—			(0.85	)		(0.85	)		8.27
2007²		15.12		(0.02	)		1.04			1.02			—			(2.08	)		(2.08	)		14.06
2006²		15.33		(0.05	)		3.05			3.00			—			(3.21	)		(3.21	)		15.12
2005³		15.82		(0.01	)		(0.48	)		(0.49	)		—			—			—			15.33
2005⁴		15.95		(0.08	)		3.10			3.02			—			(3.15	)		(3.15	)		15.82
Class B
2009²	$	6.64	$	(0.05	)	$	1.01		$	0.96		$	—		$	—		$	—		$	7.60
2008²		11.56		(0.08	)		(3.99	)		(4.07	)		—			(0.85	)		(0.85	)		6.64
2007²		12.88		(0.11	)		0.87			0.76			—			(2.08	)		(2.08	)		11.56
2006²		13.58		(0.13	)		2.64			2.51			—			(3.21	)		(3.21	)		12.88
2005³		14.02		(0.02	)		(0.42	)		(0.44	)		—			—			—			13.58
2005⁴		14.56		(0.17	)		2.78			2.61			—			(3.15	)		(3.15	)		14.02
Class C
2009²	$	7.63	$	(0.06	)	$	1.16		$	1.10		$	—		$	—		$	—		$	8.73
2008²		13.13		(0.09	)		(4.56	)		(4.65	)		—			(0.85	)		(0.85	)		7.63
2007²		14.36		(0.12	)		0.97			0.85			—			(2.08	)		(2.08	)		13.13
2006²		14.79		(0.16	)		2.94			2.78			—			(3.21	)		(3.21	)		14.36
2005³		15.28		(0.02	)		(0.47	)		(0.49	)		—			—			—			14.79
2005⁴		15.60		(0.19	)		3.02			2.83			—			(3.15	)		(3.15	)		15.28
Class R
2009²	$	8.12	$	(0.03	)	$	1.25		$	1.22		$	—		$	—		$	—		$	9.34
2008²		13.86		(0.04	)		(4.85	)		(4.89	)		—			(0.85	)		(0.85	)		8.12
2007²		14.98		(0.05	)		1.01			0.96			—			(2.08	)		(2.08	)		13.86
2006²		15.24		(0.09	)		3.04			2.95			—			(3.21	)		(3.21	)		14.98
2005³		15.73		(0.01	)		(0.48	)		(0.49	)		—			—			—			15.24
2005⁴		15.91		(0.08	)		3.05			2.97			—			(3.15	)		(3.15	)		15.73
Class Y
2009²	$	8.94	$	0.02		$	1.37		$	1.39		$	—		$	—		$	—		$	10.33
2008²		15.10		0.01			(5.31	)		(5.30	)		(0.01	)		(0.85	)		(0.86	)		8.94
2007²		16.06		0.01			1.11			1.12			—			(2.08	)		(2.08	)		15.10
2006²		16.06		(0.01	)		3.22			3.21			—			(3.21	)		(3.21	)		16.06
2005³		16.57		(0.01	)		(0.50	)		(0.51	)		—			—			—			16.06
2005⁴		16.54		(0.04	)		3.22			3.18			—			(3.15	)		(3.15	)		16.57


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	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.

116 First American Funds 2009 Annual Report



											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income (Loss)
			Net Assets		Expenses to			Income (Loss)			Net Assets			to Average Net			Portfolio
Total			End of		Average			to Average			(Excluding			Assets (Excluding			Turnover
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	15.24	%	$	295,348		1.26	%		(0.09	)%		1.26	%		(0.09	)%		99	%
	(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

	14.46	%	$	5,511		2.01	%		(0.80	)%		2.01	%		(0.80	)%		99	%
	(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

	14.42	%	$	16,938		2.01	%		(0.80	)%		2.01	%		(0.80	)%		99	%
	(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

	15.02	%	$	24,701		1.51	%		(0.31	)%		1.51	%		(0.31	)%		99	%
	(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

	15.55	%	$	322,658		1.01	%		0.19	%		1.01	%		0.19	%		99	%
	(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

First American Funds 2009 Annual Report 117

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		$	0.15		$	0.18		$	(0.08	)	$	—		$	(0.08	)	$	8.22
2008²		13.52		0.08			(3.97	)		(3.89	)		(0.14	)		(1.37	)		(1.51	)		8.12
2007²		15.38		0.12			0.48			0.60			(0.02	)		(2.44	)		(2.46	)		13.52
2006²		16.34		0.03			2.86			2.89			(0.04	)		(3.81	)		(3.85	)		15.38
2005³		16.78		0.01			(0.45	)		(0.44	)		—			—			—			16.34
2005⁴		16.84		0.03			2.63			2.66			(0.06	)		(2.66	)		(2.72	)		16.78
Class C
2009²	$	7.22	$	(0.02	)	$	0.13		$	0.11		$	(0.02	)	$	—		$	(0.02	)	$	7.31
2008²		12.19		—			(3.54	)		(3.54	)		(0.06	)		(1.37	)		(1.43	)		7.22
2007²		14.17		0.02			0.44			0.46			—			(2.44	)		(2.44	)		12.19
2006²		15.39		(0.07	)		2.66			2.59			—			(3.81	)		(3.81	)		14.17
2005³		15.82		—			(0.43	)		(0.43	)		—			—			—			15.39
2005⁴		16.10		(0.09	)		2.50			2.41			(0.03	)		(2.66	)		(2.69	)		15.82
Class R
2009²	$	8.00	$	0.01		$	0.15		$	0.16		$	(0.06	)	$	—		$	(0.06	)	$	8.10
2008²		13.35		0.05			(3.91	)		(3.86	)		(0.12	)		(1.37	)		(1.49	)		8.00
2007²		15.24		0.10			0.47			0.57			(0.02	)		(2.44	)		(2.46	)		13.35
2006²		16.29		(0.01	)		2.84			2.83			(0.07	)		(3.81	)		(3.88	)		15.24
2005³		16.74		0.01			(0.46	)		(0.45	)		—			—			—			16.29
2005⁴		16.83		(0.01	)		2.64			2.63			(0.06	)		(2.66	)		(2.72	)		16.74
Class Y
2009²	$	8.36	$	0.05		$	0.15		$	0.20		$	(0.11	)	$	—		$	(0.11	)	$	8.45
2008²		13.87		0.11			(4.08	)		(3.97	)		(0.17	)		(1.37	)		(1.54	)		8.36
2007²		15.71		0.16			0.49			0.65			(0.05	)		(2.44	)		(2.49	)		13.87
2006²		16.62		0.07			2.90			2.97			(0.07	)		(3.81	)		(3.88	)		15.71
2005³		17.06		0.01			(0.45	)		(0.44	)		—			—			—			16.62
2005⁴		17.05		0.07			2.67			2.74			(0.07	)		(2.66	)		(2.73	)		17.06


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	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.

118 First American Funds 2009 Annual 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
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	2.40	%	$	29,026		1.37	%		0.46	%		1.37	%		0.46	%		73	%
	(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

	1.56	%	$	2,080		2.12	%		(0.27	)%		2.12	%		(0.27	)%		73	%
	(32.23	)		2,373		2.06			—			2.06			—			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

	2.14	%	$	2,327		1.62	%		0.19	%		1.62	%		0.19	%		73	%
	(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

	2.59	%	$	149,515		1.12	%		0.72	%		1.12	%		0.72	%		73	%
	(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


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)


1 >	Organization

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 Select Fund (formerly Small-Mid Cap Core Fund), Mid Cap Value Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, and Small 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. As of October 31, 2009, FAIF offered 40 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. From October 3, 2005 to May 4, 2009, Mid Cap Select Fund had different investment strategies and was named Small-Mid Cap Core Fund. Prior thereto, the fund, was named Technology Fund, had different investment strategies 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 Mid Cap Select 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 that 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 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 fair 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), and over-the-counter options on securities, indices, and currencies are valued at

120 First American Funds 2009 Annual Report

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 internally 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 October 31, 2009, Global Infrastructure Fund, International Fund, International Select Fund, Mid Cap Select Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Small Cap Select Fund held internally fair valued securities with a total fair value of $332, $211, $110, $0, $111, $0, and $0, respectively, or 0.6%, 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 Depositary 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.

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

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

Level 2 – Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc. and foreign securities for which an independent pricing service may be employed for purposes of fair market valuation).

Level 3 – Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities for which there is limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the funds’ board of directors.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.

First American Funds 2009 Annual Report 121


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)

As of October 31, 2009, each fund’s investments were classified as follows:


									Total
Fund	Level 1		Level 2			Level 3			Fair Value

Equity Income Fund
Common Stocks	$	679,063	$	—		$	—		$	679,063
Short-Term Investments		104,199		—			—			104,199


Total Investments	$	783,262	$	—		$	—		$	783,262


Global Infrastructure Fund
Common and Preferred Stocks	$	15,426	$	41,807	¹	$	332	¹	$	57,565
Short-Term Investment		67		—			—			67


Total Investments	$	15,493	$	41,807		$	332		$	57,632


	¹	The Common and Preferred Stocks Level 2 and Level 3 balance consists of the fair value of the associated Level 2 and Level 3 investments in the following industries:


Consumer Discretionary	$	585
Energy		516
Financials		204
Industrials		24,255
Telecommunication Services		1,755
Utilities		14,824


	$	42,139


									Total
Fund	Level 1		Level 2			Level 3			Fair Value

International Fund
Common and Preferred Stocks	$	101,179	$	544,045	²	$	211	²	$	645,435
Short-Term Investments		42,344		23,597			—			65,941


Total Investments	$	143,523	$	567,642		$	211		$	711,376


	²	The Common and Preferred Stocks Level 2 and Level 3 balances consist of the fair value of the associated Level 2 and Level 3 investments in the following industries:


Consumer Discretionary	$	61,864
Consumer Staples		81,272
Energy		28,214
Financials		100,454
Healthcare		43,261
Industrials		83,565
Information Technology		56,811
Materials		50,910
Telecommunication Services		14,866
Utilities		23,039


	$	544,256


International Select Fund
Common and Preferred Stocks	$	96,908	$	403,375	³	$	110	³	$	500,393
Short-Term Investments		62,129		24,149			—			86,278


Total Investments	$	159,037	$	427,524		$	110		$	586,671


	³	The Common and Preferred Stocks Level 2 and Level 3 balances consist of the fair value of the associated Level 2 and Level 3 investments in the following industries:


Consumer Discretionary	$	39,519
Consumer Staples		59,253
Financials		83,017
Industrials		56,259
Information Technology		49,383
Materials		42,513
Telecommunication Services		10,152
Healthcare		24,718
Energy		24,565
Utilities		14,106


	$	403,485

122 First American Funds 2009 Annual Report


Large Cap Growth Opportunities Fund
Common Stocks	$	546,590	$	—	$	—	$	546,590
Short-Term Investments		108,487		—		—		108,487


Total Investments	$	655,077	$	—	$	—	$	655,077



Large Cap Select Fund
Common Stocks	$	150,671	$	—	$	—	$	150,671
Short-Term Investments		43,990		—		—		43,990


Total Investments	$	194,661	$	—	$	—	$	194,661



Large Cap Value Fund
Common Stocks	$	393,368	$	—	$	—	$	393,368
Short-Term Investments		71,247		—		—		71,247


Total Investments	$	464,615	$	—	$	—	$	464,615



Mid Cap Growth Opportunities Fund
Common Stocks	$	1,182,306	$	—	$	—	$	1,182,306
Short-Term Investments		297,661		—		—		297,661


Total Investments	$	1,479,967	$	—	$	—	$	1,479,967



Mid Cap Select Fund
Common Stocks	$	43,138	$	—	$	—	$	43,138
Warrants		—		—		—		—
Short-Term Investments		10,914		—		—		10,914


Total Investments	$	54,052	$	—	$	—	$	54,052



Mid Cap Value Fund
Common Stocks	$	606,633	$	—	$	—	$	606,633
Short-Term Investments		124,724		—		—		124,724


Total Investments	$	731,357	$	—	$	—	$	731,357



Real Estate Securities Fund
Common Stocks	$	1,003,942	$	—	$	—	$	1,003,942
Private Real Estate Company		—		—		111		111
Short-Term Investments		479,091		—		—		479,091


Total Investments	$	1,483,033	$	—	$	111	$	1,483,144



Small Cap Growth Opportunities Fund
Common Stocks	$	135,661	$	—	$	—	$	135,661
Warrants		—		—		—		—
Short-Term Investments		33,604		—		—		33,604


Total Investments	$	169,265	$	—	$	—	$	169,265



Small Cap Select Fund
Common Stocks	$	641,149	$	—	$	—	$	641,149
Exchange-Traded Funds		3,683		—		—		3,683
Warrants		—		—		—		—
Short-Term Investments		221,742		—		—		221,742


Total Investments	$	866,574	$	—	$	—	$	866,574



Small Cap Value Fund
Common Stocks	$	178,811	$	—	$	—	$	178,811
Exchange-Traded Funds		3,011		—		—		3,011
Short-Term Investments		37,959		—		—		37,959


Total Investments	$	219,781	$	—	$	—	$	219,781

Refer to the Schedule of Investments for further industry breakout.

First American Funds 2009 Annual Report 123


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)

As of October 31, 2009, each fund’s investments in other financial instruments* were classified as follows:


								Total Unrealized
								Appreciation
Fund	Level 1			Level 2		Level 3		(Depreciation)

International Fund	$	(2,077	)	$	—	$	—	$	(2,077	)
International Select Fund		(2,364	)		—		—		(2,364	)


	*	Other financial instruments are derivative instruments such as futures, 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 for funds which held Level 3 asset as of October 31, 2009:


	Global						Real Estate
	Infrastructure		International		International		Securities
	Fund		Fund		Select Fund		Fund

Balance as of October 31, 2008	$	—	$	—	$	—	$	159
Accrued discounts/premiums		—		—		—		—
Realized gain (loss)		—		—		—		—
Net change in unrealized appreciation or depreciation		29		18		10		(48	)
Net purchases (sales)		303		193		100		—
Transfers in and/or (out) of Level 3		—		—		—		—
Balance as of October 31, 2009	$	332	$	211	$	110	$	111


Net change in unrealized appreciation or depreciation of Level 3 investments held as of October 31, 2009	$	29	$	18	$	10	$	(48	)

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 cost of the security on the transaction date.

DISTRIBUTIONS TO SHAREHOLDERS – 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 Select Fund, Mid Cap Value Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, and Small Cap Value 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 their 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.

As of October 31, 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 the 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 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.

124 First American Funds 2009 Annual Report

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


	Accumulated			Undistributed
	Net Realized			Net Investment			Portfolio
Fund	Gain (Loss)			Income			Capital

Equity Income Fund	$	(1,505	)	$	2,123		$	(618	)
Global Infrastructure Fund		(51	)		51			—
International Fund		2,356			(2,356	)		—
International Select Fund		1,076			(1,076	)		—
Large Cap Growth Opportunities Fund		47,305			—			(47,305	)
Large Cap Select Fund		43			14			(57	)
Mid Cap Growth Opportunities Fund		20,174			1,646			(21,820	)
Mid Cap Select Fund		334,032			11			(334,043	)
Mid Cap Value Fund		(285	)		299			(14	)
Real Estate Securities Fund		5,771			3,429			(9,200	)
Small Cap Growth Opportunities Fund		(9	)		809			(800	)
Small Cap Select Fund		19,462			74			(19,536	)
Small Cap Value Fund		(18	)		18			—

The character of distributions made during the tax year 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 year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the funds. The distributions paid during the fiscal years ended October 31, 2009, and October 31, 2008 were as follows:


	October 31, 2009

	Ordinary		Return of
Fund	Income		Capital		Total

Equity Income Fund	$	22,374	$	—	$	22,374
Global Infrastructure Fund		348		—		348
International Fund		8,518		—		8,518
International Select Fund		6,112		—		6,112
Large Cap Growth Opportunities Fund		1,892		—		1,892
Large Cap Select Fund		1,124		—		1,124
Large Cap Value Fund		5,375		—		5,375
Mid Cap Select Fund		147		—		147
Mid Cap Value Fund		3,357		—		3,357
Real Estate Securities Fund		23,504		8,793		32,297
Small Cap Value Fund		2,298		—		2,298




	October 31, 2008

	Ordinary		Long Term
Fund	Income		Gain		Total

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

First American Funds 2009 Annual Report 125


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)

As of October 31, 2009, 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)

Equity Income Fund	$	2,044	$	(28,521	)	$	103,800		$	—		$	77,323
Global Infrastructure Fund		959		(1,583	)		1,956			1			1,333
International Fund		4,420		(60,760	)		108,764			(82	)		52,342
International Select Fund		2,280		(66,180	)		20,810			145			(42,945	)
Large Cap Growth Opportunities Fund		2,107		(108,946	)		80,296			—			(26,543	)
Large Cap Select Fund		930		(118,248	)		16,534			—			(100,784	)
Large Cap Value Fund		4,996		(126,873	)		5,040			—			(116,837	)
Mid Cap Growth Opportunities Fund		—		(283,092	)		151,313			—			131,779
Mid Cap Select Fund		161		(129,952	)		2,940			—			(126,851	)
Mid Cap Value Fund		7,361		(187,782	)		39,649			—			(140,772	)
Real Estate Securities Fund		—		(210,207	)		6,189			—			(204,018	)
Small Cap Growth Opportunities Fund		1		(45,755	)		829			—			(44,925	)
Small Cap Select Fund		182		(178,220	)		19,679			—			(158,359	)
Small Cap Value Fund		3		(63,423	)		(8,017	)		—			(71,437	)

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

As of October 31, 2009, 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	2010		2011		2012		2013		2014		2015		2016		2017		Total


Equity Income Fund	$	—	$	—	$	—	$	—	$	—	$	—	$	11,961	$	16,560	$	28,521
Global Infrastructure Fund		—		—		—		—		—		—		1,583		—		1,583
International Fund		—		—		—		—		—		—		—		60,760		60,760
International Select Fund		—		—		—		—		—		—		30,787		35,393		66,180
Large Cap Growth Opportunities Fund		—		—		—		—		—		—		49,626		59,320		108,946
Large Cap Select Fund		—		—		—		—		—		—		63,932		54,316		118,248
Large Cap Value Fund		—		—		—		—		—		—		45,994		80,879		126,873
Mid Cap Growth Opportunities Fund				—		—		—		—		—		131,264		151,828		283,092
Mid Cap Select Fund		102,106		4,320		—		—		—		—		7,819		15,707		129,952
Mid Cap Value Fund		—		—		—		—		—		—		101,981		85,801		187,782
Real Estate Securities Fund		—		—		—		—		—		—		77,591		132,616		210,207
Small Cap Growth Opportunities Fund		—		—		—		—		—		—		34,593		11,162		45,755
Small Cap Select Fund		—		—		—		—		—		—		80,713		97,507		178,220
Small Cap Value Fund		—		—		—		—		—		—		26,329		37,094		63,423

DERIVATIVES – The funds may invest in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. The funds’ investment objectives allow the funds to enter into various types of derivative contracts, including, but not limited to, futures contracts, forward foreign exchange contracts, and purchased and written options. Derivatives may contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the funds to gains or losses in excess of the amounts shown on the Statements of Assets and Liabilities.

FUTURES TRANSACTIONS – The funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. In order to gain exposure to or protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, certain funds 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

126 First American Funds 2009 Annual Report

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 October 31, 2009, International Fund and International Select 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 October 31, 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 originally paid. As of October 31, 2009, the funds held no investments in options purchased.

For the fiscal year ended October 31, 2009, the quarterly average gross notional amounts of the derivatives held by the funds were:


	Futures/		Futures/		Options
Fund	Long		Short		Written-Call

International Fund	$	113,429	$	79,795	$	—
International Select Fund		70,673		31,453		—
Large Cap Growth Opportunities Fund		—		—		—
Mid Cap Growth Opportunities Fund		—		—		—
Mid Cap Select Fund		1,002		—		78

As of October 31, 2009, the funds’ fair values of derivative instruments (i.e. futures contracts) categorized by risk exposure were classified as follows:


	Statement of			International
	Assets and Liabilities	International		Select
	Location	Fund		Fund

Asset Derivatives
Equity Contracts	Receivables, Net Assets–Unrealized Appreciation*	$	2,942	$	2,033
Foreign Exchange Contracts	Receivables		37		22


Balance as of October 31, 2009		$	2,979	$	2,055


Liability Derivatives
Equity Contracts	Payables, Net Assets–Unrealized Depreciation*	$	5,056	$	4,419


Balance as of October 31, 2009		$	5,056	$	4,419


	*	Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes to the funds’ Schedule of Investments. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the fiscal year ended October 31, 2009:

Amount of realized gain (loss) on derivatives recognized in income:


International Fund	Futures			Total

Equity Contracts	$	(14,890	)	$	(14,890	)
Foreign Exchange Contracts		(745	)		(745	)

First American Funds 2009 Annual Report 127


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)


International Select Fund	Futures			Total

Equity Contracts	$	5,095		$	5,095
Foreign Exchange Contracts		(480	)		(480	)


Large Cap Growth Opportunities Fund	Futures		Total

Equity Contracts	$	6,794	$	6,794


Mid Cap Growth Opportunities Fund	Futures		Total

Equity Contracts	$	15,590	$	15,590


Mid Cap Select Fund	Options			Futures		Total

Equity Contracts	$	(321	)	$	994	$	673

Net change in unrealized appreciation or depreciation on derivatives recognized in income:


International Fund	Futures		Total

Equity Contracts	$	14,661	$	14,661
Foreign Exchange Contracts		37		37


International Select Fund	Futures		Total

Equity Contracts	$	2,577	$	2,577
Foreign Exchange Contracts		22		22

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 October 31, 2009, 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 October 31, 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

128 First American Funds 2009 Annual Report

of October 31, 2009, the funds held no investments in when-issued or forward-commitment securities.

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 fiscal year ended October 31, 2009, the funds held no investments in dollar roll transactions.

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. As of October 31, 2009, International Fund, Mid Cap Select Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Small Cap Select Fund held investments in illiquid securities with a total value of $0, $0, $111, $0, and $0, respectively, or 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

International Fund

Shares

Acquired

Basis

Fortis Rights

304

11/08

—

Dates

Cost

Mid Cap Select Fund

Shares

Acquired

Basis

Lantronix Warrants

5/08

—

Dates

Cost

Real Estate Securities Fund

Shares

Acquired

Basis

Newcastle Investment Holdings

6/98

153

Dates

Cost

Small Cap Growth Opportunities Fund

Shares

Acquired

Basis

Hollis-Eden Pharmaceuticals Warrants

2/06

161

Lantronix Warrants

5/08

—

VideoPropulsion

780

12/99

—

Dates

Cost

Small Cap Select Fund

Shares

Acquired

Basis

Lantronix Warrants

6/08

—

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.

First American Funds 2009 Annual Report 129


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)

Securities lending fees paid to U.S. Bank by the funds during the fiscal year ended October 31, 2009, were as follows:


Fund	Amount

Equity Income Fund	$	187
International Select Fund		59
Large Cap Growth Opportunities Fund		186
Large Cap Select Fund		63
Large Cap Value Fund		131
Mid Cap Growth Opportunities Fund		532
Mid Cap Select Fund		18
Mid Cap Value Fund		244
Real Estate Securities Fund		396
Small Cap Growth Opportunities Fund		68
Small Cap Select Fund		286
Small Cap Value Fund		84

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 during the fiscal year ended October 31, 2009, were as follows:


Fund	Amount

Equity Income Fund	$	604
Large Cap Growth Opportunities Fund		1,317
Large Cap Select Fund		55
Large Cap Value Fund		353
Mid Cap Growth Opportunities Fund		355
Mid Cap Select Fund		125
Mid Cap Value Fund		153
Real Estate Securities Fund		1
Small Cap Growth Opportunities Fund		603
Small Cap Select Fund		466
Small Cap Value		72

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 fiscal year ended October 31, 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.

EVENTS SUBSEQUENT TO FISCAL YEAR END – Management has evaluated fund related events and transactions that occurred subsequent to October 31, 2009, through December 22, 2009, the date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the funds’ financial statements.


3 >	Fees and Expenses

130 First American Funds 2009 Annual Report

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

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 Select 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


	*	The advisory fees for 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

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
Mid Cap Select Fund		1.41			2.16			2.16			N/A			1.16
Small Cap Growth Opportunities Fund		1.47			2.22			2.22			1.72			1.22

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 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 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

First American Funds 2009 Annual Report 131


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)

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. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses. Prior to January 2, 2008, Global Infrastructure Fund, International Fund, and International Select Fund have also received certain credits from SSB to reduce the amount of custody fees incurred. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statements of Operations.

For the fiscal year ended October 31, 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 Growth Opportunities Fund	$	1	$	—
Large Cap Select Fund		6		—
Large Cap Value Fund		1		—
Mid Cap Select		2		—
Real Estate Securities Fund		2		—

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 affiliates of FAF Advisors for the fiscal year ended October 31, 2009:


Fund	Amount

Equity Income Fund	$	196
Global Infrastructure Fund		13
International Fund		31
International Select Fund		4
Large Cap Growth Opportunities Fund		90
Large Cap Select Fund		6
Large Cap Value Fund		79
Mid Cap Growth Opportunities Fund		184
Mid Cap Select Fund		16
Mid Cap Value Fund		51
Real Estate Securities Fund		75
Small Cap Growth Opportunities Fund		36
Small Cap Select Fund		95
Small Cap Value Fund		39

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 other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal year ended October 31, 2009, legal fees and expenses of $69 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 fiscal year ended October 31, 2009, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:


Fund

Equity Income Fund	$	54
Global Infrastructure Fund		14
International Fund		9
International Select Fund		3
Large Cap Growth Opportunities Fund		27
Large Cap Select Fund		5
Large Cap Value Fund		13
Mid Cap Growth Opportunities Fund		44
Mid Cap Select Fund		5
Mid Cap Value Fund		10
Real Estate Securities Fund		9
Small Cap Growth Opportunities Fund		9
Small Cap Select Fund		21
Small Cap Value Fund		6

132 First American Funds 2009 Annual Report


4 >	Capital Share Transactions

FAIF has 370 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:



	Equity						Global
	Income Fund						Infrastructure Fund						International Fund

	Year			Year			Year			12/17/07*			Year			Year
	Ended			Ended			Ended			to			Ended			Ended
	10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08

Class A:
Shares issued		922			526			2,504			664			357			436
Shares issued in lieu of cash distributions		291			973			10			—			26			317
Shares redeemed		(1,903	)		(2,431	)		(587	)		(38	)		(704	)		(1,141	)


Total Class A transactions		(690	)		(932	)		1,927			626			(321	)		(388	)


Class B:¹
Shares issued		11			30			—			—			9			25
Shares issued in lieu of cash distributions		20			87			—			—			—			45
Shares redeemed		(264	)		(243	)		—			—			(124	)		(177	)


Total Class B transactions		(233	)		(126	)		—			—			(115	)		(107	)


Class C:¹
Shares issued		124			49			396			—			39			36
Shares issued in lieu of cash distributions		11			47			—			—			—			40
Shares redeemed		(136	)		(200	)		(4	)		—			(112	)		(122	)


Total Class C transactions		(1	)		(104	)		392			—			(73	)		(46	)


Class R:¹
Shares issued		5			6			1			—			—			—
Shares issued in lieu of cash distributions		1			5			—			—			—			—
Shares redeemed		(48	)		(15	)		—			—			—			—


Total Class R transactions		(42	)		(4	)		1			—			—			—


Class Y:
Shares issued		13,237			5,895			6,078			3,662			6,013			16,723
Shares issued in lieu of cash distributions		467			2,716			22			—			593			6,896
Shares redeemed		(17,527	)		(16,341	)		(4,098	)		(986	)		(18,994	)		(45,063	)


Total Class Y transactions		(3,823	)		(7,730	)		2,002			2,676			(12,388	)		(21,444	)


Net increase (decrease) in capital shares		(4,789	)		(8,896	)		4,322			3,302			(12,897	)		(21,985	)


	*	Commencement of operations.


	¹	Class B, Class C, and Class R shares were not offered by Global Infrastructure Fund during the fiscal year ended October 31, 2008. The fund began offering Class C and Class R shares on November 3, 2008.



	International						Large Cap Growth							Large Cap
	Select Fund						Opportunities Fund							Select Fund

	Year			Year			Year			Year				Year			Year
	Ended			Ended			Ended			Ended			��	Ended			Ended
	10/31/09			10/31/08			10/31/09			10/31/08				10/31/09			10/31/08

Class A:
Shares issued		210			143			342			271				99			71
Shares issued in lieu of cash distributions		4			6			3			248				1			59
Shares redeemed		(148	)		(124	)		(478	)		(696	)			(173	)		(190	)


Total Class A transactions		66			25			(133	)		(177	)			(73	)		(60	)


Class B:
Shares issued		—			19			2			14				—			1
Shares issued in lieu of cash distributions		—			1			—			35				—			7
Shares redeemed		(40	)		(7	)		(85	)		(104	)			(39	)		(9	)


Total Class B transactions		(40	)		13			(83	)		(55	)			(39	)		(1	)


Class C:
Shares issued		3			23			25			25				3			4
Shares issued in lieu of cash distributions		—			—			—			23				—			3
Shares redeemed		(9	)		(12	)		(41	)		(79	)			(4	)		(5	)


Total Class C transactions		(6	)		11			(16	)		(31	)			(1	)		2


Class R:
Shares issued		1			7			12			8				10			1
Shares issued in lieu of cash distributions		—			—			—			1				—			—
Shares redeemed		(6	)		(1	)		(5	)		(4	)			(5	)		(1	)


Total Class R transactions		(5	)		6			7			5				5			—


Class Y:
Shares issued		50,353			21,338			5,401			3,761				4,793			8,815
Shares issued in lieu of cash distributions		276			374			36			1,002				56			1,699
Shares redeemed		(19,878	)		(11,780	)		(4,929	)		(6,090	)			(13,346	)		(13,334	)


Total Class Y transactions		30,751			9,932			508			(1,327	)			(8,497	)		(2,820	)


Net increase (decrease) in capital shares		30,766			9,987			283			(1,585	)			(8,605	)		(2,879	)

First American Funds 2009 Annual Report 133


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)



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

	Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08

Class A:
Shares issued		254			226			1,472			1,612			270			341
Shares issued in lieu of cash distributions		50			711			—			1,029			1			—
Shares redeemed		(814	)		(1,221	)		(2,187	)		(3,036	)		(474	)		(556	)


Total Class A transactions		(510	)		(284	)		(715	)		(395	)		(203	)		(215	)


Class B:
Shares issued		1			10			3			21			1			14
Shares issued in lieu of cash distributions		2			53			—			46			—			—
Shares redeemed		(126	)		(124	)		(78	)		(101	)		(160	)		(344	)


Total Class B transactions		(123	)		(61	)		(75	)		(34	)		(159	)		(330	)


Class C:
Shares issued		20			19			88			120			31			77
Shares issued in lieu of cash distributions		1			28			—			71			—			—
Shares redeemed		(74	)		(43	)		(188	)		(263	)		(144	)		(126	)


Total Class C transactions		(53	)		4			(100	)		(72	)		(113	)		(49	)


Class R:²
Shares issued		15			6			464			449			—			—
Shares issued in lieu of cash distributions		—			1			—			80			—			—
Shares redeemed		(2	)		(2	)		(421	)		(267	)		—			—


Total Class R transactions		13			5			43			262			—			—


Class Y:
Shares issued		3,340			4,518			6,379			4,000			1,621			1,776
Shares issued in lieu of cash distributions		246			3,150			—			2,437			5			—
Shares redeemed		(9,176	)		(8,720	)		(5,692	)		(7,712	)		(3,765	)		(3,428	)


Total Class Y transactions		(5,590	)		(1,052	)		687			(1,275	)		(2,139	)		(1,652	)


Net increase (decrease) in capital shares		(6,263	)		(1,388	)		(160	)		(1,514	)		(2,614	)		(2,246	)

²Class R is not offered by the Mid Cap Select Fund.



							Real Estate
	Mid Cap						Securities						Small Cap Growth
	Value Fund						Fund						Opportunities Fund

	Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08

Class A:
Shares issued		1,853			2,107			18,629			5,449			286			991
Shares issued in lieu of cash distributions		39			708			666			1,377			—			572
Shares redeemed		(2,473	)		(4,248	)		(6,699	)		(4,781	)		(637	)		(6,028	)


Total Class A transactions		(581	)		(1,433	)		12,596			2,045			(351	)		(4,465	)


Class B:
Shares issued		3			16			5			29			4			7
Shares issued in lieu of cash distributions		—			23			8			44			—			20
Shares redeemed		(72	)		(84	)		(56	)		(123	)		(32	)		(69	)


Total Class B transactions		(69	)		(45	)		(43	)		(50	)		(28	)		(42	)


Class C:
Shares issued		44			105			758			398			22			13
Shares issued in lieu of cash distributions		1			66			33			100			—			9
Shares redeemed		(205	)		(293	)		(268	)		(356	)		(21	)		(36	)


Total Class C transactions		(160	)		(122	)		523			142			1			(14	)


Class R:
Shares issued		972			731			2,407			1,378			90			18
Shares issued in lieu of cash distributions		6			88			118			144			—			2
Shares redeemed		(1,025	)		(431	)		(619	)		(503	)		(25	)		(7	)


Total Class R transactions		(47	)		388			1,906			1,019			65			13


Class Y:
Shares issued		4,102			2,573			36,806			22,570			1,885			701
Shares issued in lieu of cash distributions		118			1,620			1,335			2,761			—			380
Shares redeemed		(5,865	)		(6,204	)		(26,769	)		(11,162	)		(1,149	)		(1,906	)


Total Class Y transactions		(1,645	)		(2,011	)		11,372			14,169			736			(825	)


Net increase (decrease) in capital shares		(2,502	)		(3,223	)		26,354			17,325			423			(5,333	)

134 First American Funds 2009 Annual Report



	Small Cap						Small Cap
	Select Fund						Value Fund

	Year			Year			Year			Year
	Ended			Ended			Ended			Ended
	10/31/09			10/31/08			10/31/09			10/31/08

Class A:
Shares issued		17,577			10,356			700			255
Shares issued in lieu of cash distributions		—			1,153			37			496
Shares redeemed		(6,751	)		(8,283	)		(696	)		(1,217	)


Total Class A transactions		10,826			3,226			41			(466	)


Class B:
Shares issued		7			34			2			4
Shares issued in lieu of cash distributions		—			97			1			66
Shares redeemed		(223	)		(377	)		(423	)		(171	)


Total Class B transactions		(216	)		(246	)		(420	)		(101	)


Class C:
Shares issued		187			420			31			52
Shares issued in lieu of cash distributions		—			186			1			41
Shares redeemed		(483	)		(996	)		(76	)		(93	)


Total Class C transactions		(296	)		(390	)		(44	)		—


Class R:
Shares issued		941			1,227			230			116
Shares issued in lieu of cash distributions		—			209			2			34
Shares redeemed		(1,137	)		(1,350	)		(215	)		(124	)


Total Class R transactions		(196	)		86			17			26


Class Y:
Shares issued		7,705			5,975			2,259			1,837
Shares issued in lieu of cash distributions		—			2,082			239			2,360
Shares redeemed		(8,879	)		(21,448	)		(3,723	)		(7,102	)


Total Class Y transactions		(1,174	)		(13,391	)		(1,225	)		(2,905	)


Net increase (decrease) in capital shares		8,944			(10,715	)		(1,631	)		(3,446	)

Class B shares converted to Class A shares (reflected above as Class A shares issued and Class B shares redeemed) during the fiscal years ended October 31, 2009 and October 31, 2008, were as follows:


	Fiscal		Fiscal
	Year		Year
	Ended		Ended
Fund	10/31/09		10/31/08

Equity Income Fund		83		55
International Fund		60		99
International Select Fund		38		1
Large Cap Growth Opportunities Fund		47		52
Large Cap Select Fund		29		—
Large Cap Value Fund		75		68
Mid Cap Growth Opportunities Fund		22		17
Mid Cap Select Fund		107		219
Mid Cap Value Fund		28		23
Real Estate Securities Fund		10		14
Small Cap Growth Opportunities Fund		3		1
Small Cap Select Fund		61		67
Small Cap Value Fund		359		41


5 >	Investment Security Transactions

During the fiscal year ended October 31, 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 Income Fund	$	301,875	$	336,422
Global Infrastructure Fund		146,471		118,529
International Fund		1,335,800		1,408,621
International Select Fund		417,053		194,342
Large Cap Growth Opportunities Fund		564,457		538,294
Large Cap Select Fund		299,835		371,116
Large Cap Value Fund		266,589		333,470
Mid Cap Growth Opportunities Fund		1,251,169		1,212,818
Mid Cap Select Fund		88,038		104,130
Mid Cap Value Fund		574,885		589,018
Real Estate Securities Fund		1,114,537		810,538
Small Cap Growth Opportunities Fund		187,061		178,750
Small Cap Select Fund		581,929		510,994
Small Cap Value Fund		123,601		133,353

First American Funds 2009 Annual Report 135


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)


6 >	Options Written

Transactions in options written for the fiscal year ended October 31, 2009, were as follows:


	Put Options Written				Call Options Written
	Number of		Premium		Number of			Premium
Mid Cap Select Fund	Contracts		Amount		Contracts			Amount

Balance at October 31, 2008		—	$	—		—		$	—
Opened		—		—		3,126			297
Expired		—		—		(1,621	)		(48	)
Closed		—		—		(1,505	)		(249	)

Balance at October 31, 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 October 31, 2009, Large Cap Growth Opportunities Fund, Mid 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 >	Redemption-in-Kind Transactions

On March 14, 2008, $13,066 was redeemed from Equity Income Fund as a redemption-in-kind transaction, and on June 11, 2008, $84,930 was redeemed from International Fund as a redemption-in-kind transaction. In each transaction, the fund paid redemption proceeds by distributing a proportionate amount of securities in the funds portfolio. Remaining shareholders in the fund did not recognize any additional capital gains from the transaction.


10 >	Regulatory Settlement Proceeds

International Fund expects to receive a total of $359 during the fiscal year ended October 31, 2009 from Millennium Partners and Small Cap Growth Opportunities Fund received a total of $2,103 during the fiscal year ended October 31, 2008 from Bank of America, in each case 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 funds’ Statements of Changes in Net Assets for the years ended October 31, 2009 and October 31, 2008. Neither of the funds nor their affiliates were involved in the proceedings.

136 First American Funds 2009 Annual Report


Notice toShareholders	October 31, 2009 (unaudited)

TAX INFORMATION

The information set forth below is for each fund’s fiscal period as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal periods of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2010 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended October 31, 2009, each fund has designated long term capital gains, ordinary income, dividends qualifying for the corporate received deduction, and qualified dividend income with regard to distributions paid during the period as follows:


	Long Term			Ordinary
	Capital Gains			Income			Return of			Total
	Distribution			Distributions (Tax			Capital			Distributions
Fund	(Tax Basis)¹			Basis)¹			(Tax Basis)¹			(Tax Basis)

Equity Income Fund		0.00	%		100.00	%		0.00	%		100.00	%
Global Infrastructure Fund		0.00			100.00			0.00			100.00
International Fund²		0.00			100.00			0.00			100.00
International Select Fund²		0.00			100.00			0.00			100.00
Large Cap Growth Opportunities Fund		0.00			100.00			0.00			100.00
Large Cap Select Fund		0.00			100.00			0.00			100.00
Large Cap Value Fund		0.00			100.00			0.00			100.00
Mid Cap Growth Opportunities Fund		0.00			0.00			0.00			0.00
Mid Cap Select Fund		0.00			100.00			0.00			100.00
Mid Cap Value Fund		0.00			100.00			0.00			100.00
Real Estate Securities Fund		0.00			73.00			27.00			100.00
Small Cap Growth Opportunities Fund		0.00			0.00			0.00			0.00
Small Cap Select Fund		0.00			0.00			0.00			0.00
Small Cap Value Fund		0.00			100.00			0.00			100.00


	¹	Based on a percentage of the fund’s total distributions.

	²	The Global Infrastructure Fund, International Fund, and International Select Fund have elected to pass through to shareholders foreign taxes under Section 853 of the Internal Revenue Code. Foreign taxes paid for the funds were $97, $1,492 and $713, respectively, and foreign source income for the funds was $1,191, $12,195 and $6,777, respectively.

Shareholder Notification of Federal Tax Status:

Each fund has designated the following percentages of the ordinary income distributions during the fiscal year ended October 31, 2009 as dividends qualifying for the dividends received deduction available to corporate shareholders:


Fund

Equity Income Fund	100.00	%
Global Infrastructure Fund	13.60
International Fund	0.13
International Select Fund	0.98
Large Cap Growth Opportunities Fund	100.00
Large Cap Select Fund	100.00
Large Cap Value Fund	100.00
Mid Cap Growth Opportunities Fund	0.00
Mid Cap Select Fund	100.00
Mid Cap Value Fund	100.00
Real Estate Securities Fund	5.54
Small Cap Growth Opportunities Fund	0.00
Small Cap Select Fund	100.00
Small Cap Value Fund	100.00

First American Funds 2009 Annual Report 137


Notice toShareholders	October 31, 2009 (unaudited)

In addition, each fund has designated the following percentages of the ordinary income distributions from net investment income during the fiscal year ended October 31, 2009 as qualified dividend income available to individual shareholders under the Jobs and Growth Tax Relief Reconciliation Act of 2003:


Fund

Equity Income Fund	100.00	%
Global Infrastructure Fund	94.12
International Fund	100.00
International Select Fund	100.00
Large Cap Growth Opportunities Fund	100.00
Large Cap Select Fund	100.00
Large Cap Value Fund	100.00
Mid Cap Growth Opportunities Fund	0.00
Mid Cap Select Fund	100.00
Mid Cap Value Fund	100.00
Real Estate Securities Fund	5.50
Small Cap Growth Opportunities Fund	0.00
Small Cap Select Fund	100.00
Small Cap Value Fund	100.00

Additional Information Applicable to Foreign Shareholders Only:

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


Fund

Equity Income Fund	0.67	%
Global Infrastructure Fund	0.13
International Fund (b)	1.31
International Select Fund (b)	0.37
Large Cap Growth Opportunities Fund	2.27
Large Cap Select Fund	2.48
Large Cap Value Fund	0.34
Mid Cap Growth Opportunities Fund	0.00
Mid Cap Select Fund	0.36
Mid Cap Value Fund	1.85
Real Estate Securities Fund	0.39
Small Cap Growth Opportunities Fund	0.00
Small Cap Select Fund	2.23
Small Cap Value Fund	5.54

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


Fund

Equity Income Fund	0.00	%
Global Infrastructure Fund	0.00
International Fund (b)	0.00
International Select Fund (b)	0.00
Large Cap Growth Opportunities Fund	0.00
Large Cap Select Fund	0.00
Large Cap Value Fund	0.00
Mid Cap Growth Opportunities Fund	0.00
Mid Cap Select Fund	0.00
Mid Cap Value Fund	0.00
Real Estate Securities Fund	0.00
Small Cap Growth Opportunities Fund	0.00
Small Cap Select Fund	0.00
Small Cap Value Fund	0.00

138 First American Funds 2009 Annual Report

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 U.S. Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.FUND.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal 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.

APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

The Board of Directors of the Funds (the “Board”), which is comprised entirely of independent directors, oversees the management of each Fund and, as required by law, determines annually whether to renew the Funds’ advisory agreement with FAF Advisors, Inc. (“FAF Advisors”). In addition to determining whether to renew the Agreement with FAF Advisors, the Board also is responsible for determining whether to approve sub-advisory agreements for the Funds.

At a meeting on May 5-7, 2009, the Board considered information relating to the Funds’ investment advisory agreement with FAF Advisors (the “Agreement”) and: (i) with respect to the International Select Fund, information relating to each sub-advisory agreement between FAF Advisors and Altrinsic Global Advisors, LLC (“Altrinsic”), Hansberger Global Investors, Inc. (“HGI”), and Lazard Asset Management LLC (“Lazard”), and (ii) with respect to the International Fund, information relating to the sub-advisory agreements between FAF Advisors and HGI and Altrinsic (collectively the “Sub-Advisory Agreements” and the “Sub-Advisors”). In advance of the meeting, the Board received materials relating to the Agreement and the Sub-Advisory Agreements, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 16-18, 2009, the Board concluded its consideration of and approved the Agreement and the Sub-Advisory Agreements through June 30, 2010.

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

Before approving the Agreement and the Sub-Advisory Agreements, the Board met in executive session with its independent counsel on numerous occasions to consider the materials provided by FAF Advisors and the terms of the Agreement and the Sub-Advisory Agreements. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund and that the Sub-Advisory Agreements are fair and in the interests of the shareholders of the International Fund and of the International Select Fund. In reaching its conclusions, the Board considered the following:

Nature, Quality and Extent of Investment Advisory Services

The Board examined the nature, quality and extent of the services provided by FAF Advisors to each Fund, and the nature, quality and extent of the services provided by the Sub-Advisors to the International Fund and to the International Select Fund.

First American Funds 2009 Annual Report 139


Notice toShareholders	October 31, 2009 (unaudited)

For each Fund, the Board reviewed FAF Advisors’ key personnel who provide investment management services to the Fund as well as the fact that, under the Agreement, FAF Advisors has the authority and responsibility to make and execute investment decisions for each Fund within the framework of the Fund’s investment policies and restrictions, subject to review by the Board. The Board further considered that FAF Advisors’ duties with respect to each Fund include: (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Fund’s investment policies and restrictions and the Investment Company Act of 1940, (iii) monitoring the performance of the various organizations providing services to each Fund, including the Fund’s distributor, sub-administrator, transfer agent and custodian. The Board also considered that, with respect to International Fund and International Select Fund, FAF Advisors is responsible for allocating assets among the Sub-Advisors, monitoring the performance of the Sub-Advisors and managing assets that have not been allocated to a Sub-Advisor. Finally, the Board considered FAF Advisors’ representation that the services provided by FAF Advisors under the Agreement are the type of services customarily provided by investment advisors in the fund industry.

With respect to the International Fund and the International Select Fund, the Board examined the nature, quality and extent of the services provided by each Sub-Advisor and reviewed each Sub-Advisor’s key personnel who provide investment management services to the Funds. The Board noted that, under the Sub-Advisory Agreements, the Sub-Advisors have the authority and responsibility to make and execute investment decisions for the Funds with respect to assets that have been allocated to them and within the framework of the Funds’ investment policies and restrictions, subject to the supervision of FAF Advisors and review by the Board. The Board further considered that the Sub-Advisors’ duties with respect to the International Fund and the International Select Fund include investment research and stock selection and adherence to the Funds’ investment policies and restrictions. The Board noted that, under the Agreement, FAF Advisors is responsible for monitoring the performance of the Sub-Advisors.

The Board considered compliance reports about FAF Advisors, Altrinsic, HGI and Lazard from the Fund’s Chief Compliance Officer (“CCO”).

Based on the foregoing, the Board concluded that: (i) each Fund is likely to benefit from the nature, extent and quality of the services provided by FAF Advisors under the Agreement, and (ii) the International Fund and the International Select Fund are likely to benefit from the nature, extent and quality of the services provided by their respective Sub-Advisors under the Sub-Advisory Agreements into which each of them has entered.

Investment Performance of the Funds

The Board considered the performance of each Fund on a gross-of-expenses basis, including comparative information provided by an independent data service, regarding the median performance of a group of comparable funds selected by that data service (the “performance universe”) and how each Fund performed versus its benchmark index. The performance periods considered by the Board all ended on February 28, 2009, unless noted otherwise.

Equity Income Fund. The Board considered that the Fund outperformed its performance universe median for the one-, three- and five-year periods, though it underperformed its performance universe median for the ten-year period. The Board also considered that the Fund outperformed its benchmark index for all periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

International Fund. The Board noted that the Fund outperformed its performance universe median for the one- and three-year periods, though it underperformed its performance universe median for the five- and ten-year periods. The Board also noted that the Fund outperformed its benchmark index for the one-, three- and ten-year periods, though it underperformed its benchmark index for the five-year period. The Board considered that the Fund’s sub-advisors, Altrinsic and HGI, did not begin to manage the Fund until November 2008, and that for the four-month period ended February 28, 2009, the Fund outperformed both its performance universe and its benchmark index. The Board concluded that, in light of the foregoing, it would be in the interest of the Fund and its shareholders to renew the Agreement and the Sub-Advisory Agreements.

International Select Fund. The Board considered that the Fund outperformed both its performance universe median and its benchmark index for the one-year period and since the Fund’s inception on December 21, 2006. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement and the Sub-Advisory Agreements.

Large Cap Growth Opportunities Fund. The Board considered that the Fund outperformed its performance universe median for the one-, three- and five-year periods, though it underperformed its performance universe median for the ten-year period. The Board also noted that the Fund outperformed its benchmark index for all periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Large Cap Select Fund. The Board considered that the Fund underperformed its performance universe median for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark index for the five-year

140 First American Funds 2009 Annual Report

period, though it underperformed its benchmark index for the one- and three-year periods. The Board considered that three new analysts, who will support the portfolio management process, were added in May 2008 and that a new director of research, who also supports portfolio management, was added in August 2008. The Board also noted that the Fund outperformed both its performance universe and its benchmark index for the quarter ended March 31, 2009. The Board concluded that, in light of the changes in the research organization that supports portfolio management and the Fund’s improved performance, it would be in the interest of the Fund and its shareholders to renew the Agreement. The Board also concluded to closely monitor the performance of this Fund.

Large Cap Value Fund. The Board considered that the Fund outperformed both its performance universe median and its benchmark index for the one-, three- and five-year periods, though it underperformed both its performance universe median and its benchmark index for the ten-year period. The Board noted FAF Advisors’ assertion that the Fund’s underperformance over the ten-year period could be attributed primarily to a former management team. The Board concluded that, in light of the Fund’s competitive performance for the one-, three- and five-year periods, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Mid Cap Growth Opportunities Fund. The Board considered that the Fund outperformed both its performance universe median and its benchmark index for the one-, three-, five- and ten-year periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Mid Cap Value Fund. The Board considered that the Fund outperformed its performance universe median for the one-, three- and five-year periods, though it underperformed its performance universe median for the ten-year period. The Board also considered that the Fund outperformed its benchmark index for all periods. The Board noted FAF Advisors’ assertion that the Fund’s underperformance vis-à-vis its performance universe median for the ten-year period could be attributed primarily to a former management team. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Global Infrastructure Fund. The Board considered that the Fund outperformed its benchmark index for the one-year period and since its inception on July 31, 2007. The Board also considered that the Fund performed competitively against its performance universe median for the period since its inception on July 31, 2007, though it underperformed its performance universe median for the one-year period. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Real Estate Securities Fund. The Board considered that the Fund outperformed both its benchmark index and its performance universe median for the one-, three-, five-, and ten-year periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Growth Opportunities Fund. The Board considered that the Fund outperformed its performance universe median and its benchmark index for the one- and ten-year periods, though it underperformed both its performance universe median and its benchmark index for the three-and five-year periods. The Board considered FAF Advisors’ assertion that the underperformance for the three- and five-year periods could be attributed in part to performance prior to the management team restructuring that occurred in 2007. The Board concluded that, in light of the Fund’s improved performance for the one-year period and the newer management team, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Select Fund. The Board considered that the Fund outperformed both its performance universe and its benchmark index for the one-, three-, five- and ten-year periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Value Fund. The Board considered that the Fund outperformed its performance universe median for the one- and three-year periods, though it underperformed its performance universe median for the five- and ten-year periods. The Board also considered that the Fund outperformed its benchmark index for all periods. The Board concluded that, in light of the Fund’s competitive performance, especially in more recent periods, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Mid Cap Select Fund (formerly Small-Mid Cap Core Fund). Effective May 4, 2009, the Fund’s principal investment strategy was changed from investing primarily in common stocks of small- and mid-capitalization companies to investing primarily in common stocks of mid-capitalization companies. At the same time, the Fund’s name changed from Small-Mid Cap Core Fund to Mid Cap Select Fund. In connection with its annual consideration of the Agreement with respect to the Fund, the Board considered the Fund’s performance through February 28, 2009, when the Fund was operating as Small-Mid Cap Core Fund. The Board considered that the Fund outperformed its performance universe median and its benchmark index for the one- and three-year periods, though it underperformed both its performance universe median and its benchmark index for the five- and ten-year periods. The Board considered FAF Advisors’ assertion that the Fund began operating as a small-mid

First American Funds 2009 Annual Report 141


Notice toShareholders	October 31, 2009 (unaudited)

cap core fund on October 3, 2005; therefore, comparisons of the Fund’s performance against a mid-cap core performance universe and the Russell 2500 benchmark index for the five- and ten-year periods are not meaningful. In light of this and of the Fund’s competitive performance for the one- and three-year periods, the Board concluded it would be in the interest of the Fund and its shareholders to renew the Agreement.

Costs of Services and Profits Realized by FAF Advisors

The Board reviewed FAF Advisors’ costs in serving as the Funds’ investment manager, including the costs associated with the personnel and systems necessary to manage the Funds. The Board also considered the profitability of FAF Advisors and its affiliates resulting from their relationship with each Fund. The Board compared fee and expense information for each Fund to fee and expense information for comparable funds managed by other advisors. The Board also reviewed advisory fees for other funds advised or sub-advised by FAF Advisors and for private accounts managed by FAF Advisors. The Board found that while the management fees for FAF Advisors’ institutional separate accounts are generally lower than the management fees charged by FAF Advisors to mutual funds, mutual funds receive additional services from FAF Advisors that separate accounts do not receive.

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

Further detail considered by the Board regarding the advisory fees and expense ratios of each Fund is set forth below:

Large Cap Growth Opportunities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Mid Cap Select Fund (formerly Small-Mid Cap Core Fund). The Board considered that, after waivers, each Fund’s advisory fee and total expense ratio are lower than the peer group median. The Board concluded that the Funds’ advisory fee and total expense ratio are reasonable in light of the services provided.

Equity Income Fund, International Fund, Large Cap Select Fund, Large Cap Value Fund. The Board considered that, after waivers, each Fund’s advisory fee and total expense ratio are higher than the peer group median, though consistent with FAF Advisors’ pricing philosophy. The Board concluded that the advisory fee and total expense ratio are reasonable in light of the services provided.

International Select Fund. The Board considered that, after waivers, the Fund’s advisory fee is lower that the peer group median and that the Fund’s total expense ratio is equal to that of the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Mid Cap Growth Opportunities Fund, Real Estate Securities Fund. The Board considered that, after waivers, each Fund’s advisory fee is equal to that of the peer group median, and that each Fund’s total expense ratio is lower than the peer group median. The Board concluded that the Funds’ advisory fee and total expense ratio are reasonable in light of the services provided.

Mid Cap Value Fund. The Board considered that, after waivers, the Fund’s advisory fee is higher than the peer group median and that the Fund’s total expense ratio is lower than the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Global Infrastructure Fund. The Board considered that the Fund’s advisory fees was waived during the Fund’s last fiscal year. The Board also noted that the Fund’s total expense ratio is lower than the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Economies of Scale in Providing Investment Advisory Services

The Board considered the extent to which each Fund’s investment advisory fee reflects economies of scale for the benefit of Fund shareholders. Based on information provided by FAF Advisors, the Board noted that profitability will likely increase somewhat as assets grow over time. The Board considered that, although most Funds do not have advisory fee breakpoints in place, FAF Advisors has committed to waive advisory fees to the extent necessary to keep each Fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The Board considered information presented by FAF Advisors to support its assertion that the median total expense ratio of a Fund’s peer group should reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group and

142 First American Funds 2009 Annual Report

any economies of scale which those funds realize. Therefore, by capping a Fund’s total expense ratio at a level close to the median, Fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules and any such economies of scale. In light of FAF Advisors’ commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each Fund and its shareholders to renew the Agreement.

Other Benefits to FAF Advisors

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

The Board also considered FAF Advisors’ use of the Funds’ portfolio brokerage transactions to obtain research. The Board concluded, based on its own review and on representations of FAF Advisors and the CCO, that FAF Advisors’ use of “soft” commission dollars was consistent with regulatory requirements.

After full consideration of these and other factors, the Board concluded that approval of the Agreement and the Sub-Advisory Agreements was in the interest of each Fund and its shareholders.

First American Funds 2009 Annual Report 143


Notice toShareholders	October 31, 2009 (unaudited)

Directors and Officers of the Funds


Independent Directors
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †

Benjamin R. Field III P.O. Box 1329 Minneapolis, MN 55440-1329 (1938)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Retired	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329 (1946)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997	Director, Charterhouse Group, Inc., a private equity firm, since October 2005; Advisor/Consultant, Future Freight^tm, a logistics/supply chain company; Trustee, National Jewish Health; Board Member/Co-founder, Shades of Blue, an aviation-related youth development organization; Vice President and Chief Operating Officer, Cargo-United Airlines, from July 2001 until retirement in November 2005	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Victoria J. Herget P.O. Box 1329 Minneapolis, MN 55440-1329 (1951)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Investment consultant and non-profit board member; Board Chair, United Educators Insurance Company	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


John P. Kayser P.O. Box 1329 Minneapolis, MN 55440-1329 (1949)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 2006	Retired; Principal from 1983 to 2004, William Blair & Company, LLC, a Chicago-based investment firm	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329 (1941)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; member, investment advisory committee, Sisters of the Good Shepherd	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and Chief Executive Officer, RKR Consultants, Inc., a consulting company providing advice on business strategy, mergers and acquisitions; non-profit board member since 2005	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	Cliffs Natural Resources, Inc. (a producer of iron ore pellets and coal)


Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329 (1940)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since April 1991	Attorney At Law; Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman, and Chief Executive Officer, Community Resource Partnerships, Inc., a corporation engaged in strategic planning, operations management, government relations, transportation planning, and public relations; Owner, Chairman, and Chief Executive Officer, Excensus^tm, LLC, a demographic planning and application development firm	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None

144 First American Funds 2009 Annual Report


Independent Directors – concluded
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †

Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FAIF since September 1987	Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Chair, St. Paul Riverfront Corporation, since 2005	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329 (1943)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and President, Jim Wade Homes, a homebuilding company	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


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

The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800.677.FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.

First American Funds 2009 Annual Report 145


Notice toShareholders	October 31, 2009 (unaudited)


Officers
	Position(s)	Term of Office
Name, Address, and	Held	and Length of
Year of Birth	with Funds	Time Served	Principal Occupation(s) During Past 5 Years

Thomas S. Schreier, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1962)*	President	Re-elected by the Board annually; President of FAIF since February 2001	Chief Executive Officer, FAF Advisors, Inc.; Chief Investment Officer, FAF Advisors, Inc., since September 2007


Jeffery M. Wilson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956)*	Vice President – Administration	Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000	Senior Vice President, FAF Advisors, Inc.


Charles D. Gariboldi, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959)*	Treasurer	Re-elected by the Board annually; Treasurer of FAIF since December 2004	Mutual Funds Treasurer, FAF Advisors, Inc., since October 2004; prior thereto, Vice President – Investment Accounting and Fund Treasurer, Thrivent Financial for Lutherans


Jill M. Stevenson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965)*	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005	Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director and Senior Project Manager, FAF Advisors, Inc.


David H. Lui FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960)*	Chief Compliance Officer	Re-elected by the Board annually; Chief Compliance Officer of FAIF since March 2005	Chief Compliance Officer, FAF Advisors, Inc., since March 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc., and Chief Compliance Counsel, Franklin Templeton Investments


Jason K. Mitchell FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1976)*	Anti-Money Laundering Officer	Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since December 2008 and from September 2006 through August 2008	Compliance Manager, FAF Advisors, Inc., since June 2006; prior thereto, Compliance Analyst, FAF Advisors, Inc., from October 2004 to June 2006


Kathleen L. Prudhomme FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1953)*	Secretary	Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998	Deputy General Counsel, FAF Advisors, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm


James D. Alt Dorsey & Whitney LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm


James R. Arnold U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Senior Vice President, U.S. Bancorp Fund Services, LLC


Richard J. Ertel FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004	Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc., September 2004 to May 2006


Michael W. Kremenak FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1978)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since February 2009	Counsel, FAF Advisors Inc., since January 2009; prior thereto, Associate, Skadden, Arps, Slate, Meagher & Flom LLP, a New York City-based law firm, from September 2005 to January 2009


*	Messrs. Schreier, Wilson, Gariboldi, Lui, Mitchell, Ertel, and Kremenak, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of FAF Advisors, Inc., which serves as investment adviser and administrator for FAIF. Mr. Arnold is an officer of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as transfer agent for FAIF.

146 First American Funds 2009 Annual Report

First American Funds’ Privacy Policy

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

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

Why we collect your information

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


•	Know who you are and prevent unauthorized access to your information.
•	Design and improve the products we offer.
•	Comply with the laws and regulations that govern us.

The types of information we collect

We may collect the following nonpublic personal information about you:


•	Information about your identity, such as your name, address, and social security number
•	Information about your transactions with us
•	Information you provide on applications, such as your beneficiaries

Confidentiality and security

We operate through service providers. We require our service providers to restrict access to nonpublic personal information about you to those employees who need that information in order to provide products or services to you. We also require them to maintain physical, electronic, and procedural safeguards that comply with applicable federal standards and regulations to guard your information.

What information we disclose

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

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

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

Additional rights and protections

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

Our pledge applies to products and services offered by:


•	First American Funds, Inc.
•	First American Investment Funds, Inc.
•	First American Strategy Funds, Inc.
•	American Strategic Income Portfolio Inc.
•	American Strategic Income Portfolio Inc. II
•	American Strategic Income Portfolio Inc. III
•	American Select Portfolio Inc.
•	American Municipal Income Portfolio Inc.
•	Minnesota Municipal Income Portfolio Inc.
•	First American Minnesota Municipal Income Fund II, Inc.
•	American Income Fund, Inc.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

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Board of Directors First 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. The views expressed in this report reflect those of the portfolio managers only through the period ended October 31, 2009. The portfolio managers views are subject to change at any time based upon market or other conditions. 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.

0202-09 12/2009 AR-STOCK

Table of Contents


Message to Shareholders			1
Explanation of Financial Statements			2
Management Discussions and Performance Summaries			3
Expense Examples			12
Report of Independent Registered Public Accounting Firm			15
Schedule of Investments			16
Statements of Assets and Liabilities			42
Statements of Operations			44
Statements of Changes in Net Assets			45
Financial Highlights			46
Notes to Financial Statements			52
Notice to Shareholders			60

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to Shareholders December 7, 2009

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended October 31, 2009.

Please contact your financial professional if you have questions about First American Funds or contact First American Investor Services at 800.677.FUND.

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

Sincerely,




Virginia L. Stringer Chairperson of the Board First American Investment Funds, Inc.		Thomas S. Schreier, Jr. President First American Investment Funds, Inc.

First American Funds 2009 Annual Report 1

Explanation of Financial Statements

2 First American Funds 2009 Annual Report

Equity Index Fund

Investment Objective: to provide investment results that correspond to the performance of the Standard & Poor’s
500 Index* (“S&P 500 Index”).

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Equity Index Fund (the “fund”), Class Y shares, returned 9.78% for the fiscal year ended October 31, 2009 (Class A shares returned 9.51% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P 500 Index*, returned 9.80% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve (“the Fed”) to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.

As a result of the broad-based easing of monetary policy and mortgage-related asset purchases by the Fed, equity markets began moving higher after reaching the low in March, anticipating that these actions would ease financial strains and contribute to a stabilization and improvement in economic and corporate earnings performance. Subsequent economic data and earnings reports validated the initial expectations and have contributed to further gains in the equity markets as the fiscal year progressed.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


Exxon Mobil	3	.7%
Microsoft	2	.3
Proctor & Gamble	1	.9
Apple	1	.8
JPMorgan Chase	1	.8
Johnson & Johnson	1	.8
IBM	1	.7
Chevron	1	.7
AT&T	1	.6
General Electric	1	.6

Sector Allocation as of October 31, 2009¹ (% of net assets)


Information Technology	18	.9%
Financials	14	.5
Healthcare	12	.5
Energy	12	.2
Consumer Staples	11	.7
Industrials	10	.0
Consumer Discretionary	9	.0
Utilities	3	.6
Materials	3	.3
Telecommunication Services	3	.1
Short-Term Investments	1	.2
Other Assets and Liabilities, Net²	0	.0

	100	.0%


¹	Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments and do not reflect the impact on sector allocation of holding derivative instruments, such as futures contracts. See note 2 in Notes to Financial Statements and the fund’s Schedule of Investments for derivatives held at October 31, 2009.

²	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as 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 Annual Report 3

Equity Index Fund

What will be the likely developments in the equity markets in the coming fiscal year?

With equity markets having rebounded decisively from their March lows, most equity investments appear to have the economic rebound fully incorporated into their prices. As measured by the VIX Index of volatility in the S&P options marketplace, perceived risk levels have dropped sharply to levels consistent with long-term averages. Further reassuring markets, the Obama Administration and the Fed are both committed to very accommodative policies that should soften the concerns of ongoing unemployment and its effects on the economic health of the U.S.

As noted above, policy makers have stabilized losses, but conditions still remain guarded. An advantage of index investments is that their broad and effective diversification can help to avoid excess risks, minimizing surprises that can impact individual sectors or groups of stocks with similar “style” characteristics*. For example, if the Fed starts to pull back on its “quantitative easing,” through its purchase of long-term agency and mortgage-backed securities, firms with higher debt/equity ratios could again be disadvantaged if corporate bond yields rise in response. Another concern is that, with unemployment stubbornly high, firms that depend on strong consumer confidence may need to further trim operations.

Fund Overview

The fund is invested to replicate the S&P 500 Index as closely as possible with consideration given to turnover costs and fees. As a result, the fund performed very similarly to the index. The index includes 500 leading companies in the major industries of the U.S. economy and covers about 75% of the dollar value of all traded stocks in the U.S. market.

The best-performing sectors during the fiscal year were information technology, consumer discretionary, and materials, having gained 31%, 21%, and 16% respectively. The sector that declined the most over the same period was financials, which fell 7%.


*	Diversification does not assure a profit or protect against a loss in a declining market.

4 First American Funds 2009 Annual Report

Equity Index Fund

Annual Performance^1,2


	October 31, 2009												September 30, 2009*
										Since Inception												Since Inception
	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001

Average annual return with sales charge (POP)
Class A		3	.51%		(1.23	)%		(2.03	)%		—			(12.30	)%		(0.56	)%		(1.25	)%		—


Class B		3	.69%		(1.23	)%		(2.21	)%		—			(12.47	)%		(0.56	)%		(1.43	)%		—


Class C		7	.69%		(0.86	)%		(2.21	)%		—			(8.84	)%		(0.19	)%		(1.43	)%		—

Average annual return without sales charge (NAV)
Class A		9	.51%		(0.11	)%		(1.48	)%		—			(7.21	)%		0.57	%		(0.68	)%		—


Class B		8	.69%		(0.86	)%		(2.21	)%		—			(7.93	)%		(0.18	)%		(1.43	)%		—


Class C		8	.69%		(0.86	)%		(2.21	)%		—			(7.93	)%		(0.19	)%		(1.43	)%		—


Class R		9	.27%		(0.35	)%		—			1.68	%		(7.48	)%		0.31	%		—			1.93	%


Class Y		9	.78%		0.14	%		(1.23	)%		—			(7.03	)%		0.81	%		(0.44	)%		—


S&P 500 Index³		9	.80%		0.33	%		(0.95	)%		2.35	%		(6.91	)%		1.02	%		(0.15	)%		2.61	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, before waivers and including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class B, Class C, Class R, and Class Y shares was 0.78%, 1.53%, 1.53%, 1.03%, and 0.53%, respectively. The advisor has contractually agreed to waive fees through February 28, 2010 so that total annual fund operating expenses, not including any acquired fund fees and expenses, for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 0.62%, 1.37%, 1.37%, 0.87%, and 0.37%, respectively. These fee waivers may be terminated at any time after February 28, 2010, at the discretion of the advisor. Prior to that time, such waivers may not be terminated without the approval of the fund’s board of directors.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment ^1,2,4 as of October 31, 2009


Equity Index Fund, Class A (NAV)	$	8,617


Equity Index Fund, Class A (POP)	$	8,142


S&P 500 Index³	$	9,090

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1999 to 10/31/2009) as compared to the S&P 500 Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged, market capitalization-weighted index based on the average weighted performance of 500 widely held large-cap common stocks.

⁴	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

First American Funds 2009 Annual Report 5

Mid Cap Index Fund

Investment Objective: to provide investment results that correspond to the performance of the Standard & Poor’s MidCap 400 Index* (“S&P MidCap 400 Index”).

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Mid Cap Index Fund (the “fund”), Class Y shares, returned 17.92% for the fiscal year ended October 31, 2009 (Class A shares returned 17.53% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P MidCap 400 Index*, returned 18.18% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve (“the Fed”) to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


First American Prime Obligations Fund, Class Z	8	.1%
U.S. Treasury Bill, 0.230%, 11/19/2009	1	.2
Priceline.com	0	.7
Vertex Pharmaceuticals	0	.7
Newfield Exploration	0	.6
Everest Re Group	0	.6
Ross Stores	0	.6
Joy Global	0	.6
Pride International	0	.6
Cerner	0	.6

Sector Allocation as of October 31, 2009¹ (% of net assets)


Financials	16	.8%
Consumer Discretionary	14	.4
Industrials	13	.6
Information Technology	13	.6
Healthcare	11	.1
Energy	6	.0
Materials	6	.0
Utilities	5	.9
Consumer Staples	3	.5
Telecommunication Services	0	.5
Short-Term Investments	9	.3
Other Assets and Liabilities, Net²	(0	.7)

	100	.0%


¹	Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments and do not reflect the impact on sector allocation of holding derivative instruments, such as futures contracts. See note 2 in Notes to Financial Statements and the fund’s Schedule of Investments for derivatives held at October 31, 2009.

²	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as 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 Annual Report

What will be the likely developments in the equity markets in the coming fiscal year?

Fund Overview

The fund is invested to replicate the S&P MidCap 400 Index as closely as possible with consideration given to turnover costs and fees. As a result, the fund performed very similarly to the index. The index includes stocks that reflect the risk and return characteristics of the broader mid-cap universe. Mid-cap stocks are now being recognized as an independent asset class and the capitalization range of this index covers about 10% of U.S. equities market.

The best-performing sectors during the fiscal year were information technology, consumer discretionary, and materials, having gained 35%, 31%, and 25% respectively. The worst-performing sector over the same period was financials, which fell 1%.


*	Diversification does not assure a profit or protect against a loss in a declining market.

First American Funds 2009 Annual Report 7

Mid Cap Index Fund

Annual Performance^1,2


	October 31, 2009															September 30, 2009*
							Since Inception															Since Inception
	1 year			5 years			11/04/1999			11/27/2000			9/24/2001			1 year			5 years			11/04/1999			11/27/2000			9/24/2001

Average annual return with sales charge (POP)
Class A		11	.11%		1.61	%		4.73	%		—			—			(8.81	)%		2.87	%		5.27	%		—			—


Class C		15	.68%		2.01	%		—			—			5.71	%		(5.05	)%		3.28	%		—			—			6.40	%

Average annual return without sales charge (NAV)
Class A		17	.53%		2.77	%		5.32	%		—			—			(3.47	)%		4.04	%		5.87	%		—			—


Class C		16	.68%		2.01	%		—			—			5.71	%		(4.17	)%		3.28	%		—			—			6.40	%


Class R		17	.29%		2.48	%		—			3.44	%		—			(3.70	)%		3.78	%		—			4.04	%		—


Class Y		17	.92%		3.02	%		5.59	%		—			—			(3.22	)%		4.32	%		6.14	%		—			—


S&P MidCap 400 Index³		18	.18%		3.24	%		6.20	%		4.35	%		7.16	%		(3.11	)%		4.53	%		6.75	%		4.94	%		7.86	%


¹	Stocks of mid-capitalization companies may be slightly less volatile than those of small-capitalization companies, but they still involve substantial risk and may be subject to increased volatility and more price fluctuation than large-capitalization companies.

Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, before waivers and including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class C, Class R, and Class Y shares was 0.85%, 1.59%, 1.11%, and 0.60%, respectively. The advisor has contractually agreed to waive fees through February 28, 2010 so that total annual fund operating expenses, not including any acquired fund fees and expenses, for Class A, Class C, Class R, and Class Y shares do not exceed 0.75%, 1.50%, 1.00%, and 0.50%, respectively. These fee waivers may be terminated at any time after February 28, 2010, at the discretion of the advisor. Prior to that time, such waivers may not be terminated without the approval of the fund’s board of directors.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Mid Cap Index Fund, Class A (NAV)	$	16,793


Mid Cap Index Fund, Class A (POP)	$	15,872


S&P MidCap 400 Index³	$	18,232

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 11/04/1999 to 10/31/2009) as compared to the S&P MidCap 400 Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged, market value-weighted index of 400 mid-cap companies.

⁴	Performance for Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

8 First American Funds 2009 Annual Report

Small Cap Index Fund

Investment Objective: to provide investment results that correspond to the performance of the Russell 2000 Index*.

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Small Cap Index Fund (the “fund”), Class Y shares, returned 6.50% for the fiscal year ended October 31, 2009 (Class A shares returned 6.34% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Index*, returned 6.46% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve (“the Fed”) to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


First American Prime Obligations Fund, Class Z	8	.4%
U.S. Treasury Bill, 0.230%, 11/19/2009	1	.6
Human Genome Sciences	0	.3
Tupperware	0	.3
Perot Systems, Class A	0	.3
Solera Holdings	0	.2
Bally Technologies	0	.2
E*TRADE Financial	0	.2
J. Crew Group	0	.2
3Com	0	.2

Sector Allocation as of October 31, 2009¹ (% of net assets)


Financials	18	.5%
Information Technology	17	.0
Industrials	14	.3
Consumer Discretionary	12	.7
Healthcare	12	.7
Energy	4	.5
Materials	4	.0
Utilities	3	.0
Consumer Staples	3	.0
Telecommunication Services	1	.0
Short-Term Investments	10	.0
Other Assets and Liabilities, Net²	(0	.7)

	100	.0%


¹	Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments and do not reflect the impact on sector allocation of holding derivative instruments, such as futures contracts. See note 2 in Notes to Financial Statements and the fund’s Schedule of Investments for derivatives held at October 31, 2009.

²	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as 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 Annual Report 9

Small Cap Index Fund

What will be the likely developments in the equity markets in the coming fiscal year?

With equity markets having rebounded decisively from their March lows, most equity investments appear to have the economic rebound fully incorporated into their prices. As measured by the VIX index of volatility in the S&P options marketplace, perceived risk levels have dropped sharply to levels consistent with long-term averages, if not as low as were assessed prior to the bear markets. Further reassuring markets, the Obama Administration and the Fed are both committed to very accommodative policies that should soften the concerns of ongoing unemployment and its effects on the economic health of the U.S.

Fund Overview

The fund is invested to replicate the Russell 2000 Index as closely as possible with consideration given to turnover costs and fees. As a result, the fund performed very similarly to the index. The index includes the traded shares of U.S. companies ranked 1,001 through 3,000 in size, thereby skipping large-and mid-capitalization names in the list of investable companies.

The best-performing sectors during the fiscal year were information technology, consumer discretionary, and materials, having gained 29%, 28%, and 28% respectively. The sector that declined the most over the same period was financials, which fell 13%.


*	Diversification does not assure a profit or protect against a loss in a declining market.

10 First American Funds 2009 Annual Report

Small Cap Index Fund

Annual Performance^1,2


	October 31, 2009												September 30, 2009*
										Since Inception												Since Inception
	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001

Average annual return with sales charge (POP)
Class A		0	.48%		(0.97	)%		4.21	%		—			(14.17	)%		0.81	%		4.92	%		—


Class C		4	.72%		(0.66	)%		—			4.12	%		(10.61	)%		1.12	%		—			5.09	%

Average annual return without sales charge (NAV)
Class A		6	.34%		0.16	%		4.80	%		—			(9.19	)%		1.96	%		5.51	%		—


Class C		5	.60%		(0.66	)%		—			4.12	%		(9.86	)%		1.12	%		—			5.09	%


Class R		6	.08%		(0.17	)%		4.57	%		—			(9.37	)%		1.64	%		5.30	%		—


Class Y		6	.50%		0.32	%		5.00	%		—			(9.04	)%		2.13	%		5.72	%		—


Russell 2000 Index³		6	.46%		0.59	%		4.11	%		5.88	%		(9.55	)%		2.41	%		4.88	%		6.88	%


¹	Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies, and they may be expected to do so in the future.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, before waivers and including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class C, Class R, and Class Y shares was 1.35%, 2.10%, 1.61%, and 1.10%, respectively. The advisor has contractually agreed to waive fees through February 28, 2010 so that total annual fund operating expenses, not including any acquired fund fees and expenses, for Class A, Class C, Class R, and Class Y shares do not exceed 0.83%, 1.58%, 1.08%, and 0.58%, respectively. These fee waivers may be terminated at any time after February 28, 2010, at the discretion of the advisor. Prior to that time, such waivers may not be terminated without the approval of the fund’s board of directors.


*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Small Cap Index Fund, Class A (NAV)	$	15,983


Small Cap Index Fund, Class A (POP)	$	15,102


Russell 2000 Index³	$	14,953

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 10/31/1999 to 10/31/2009) as compared to the Russell 2000 Index.³

On September 24, 2001, the Small Cap Index Fund became the successor by merger to the Firstar Small Cap Index Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American Fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar Small Cap Index Fund. The Firstar Small Cap Index Fund was organized on December 11, 2000, and, prior to that, was a separate series of Mercantile Mutual Funds, Inc.


³	An unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 2000 Index.

⁴	Performance for Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

First American Funds 2009 Annual Report 11

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes

Equity Index Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,197.60	$	3.43


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.08	$	3.16



Class B Actual²	$	1,000.00	$	1,192.90	$	7.57


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.97



Class C Actual²	$	1,000.00	$	1,192.90	$	7.57


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.97



Class R Actual²	$	1,000.00	$	1,196.50	$	4.82


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.82	$	4.43



Class Y Actual²	$	1,000.00	$	1,199.00	$	2.05


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89


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 October 31, 2009 of 19.76%, 19.29%, 19.29%, 19.65%, and 19.90% for Class A, Class B, Class C, Class R, and Class Y, respectively.

12 First American Funds 2009 Annual Report

Mid Cap Index Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,179.70	$	4.07


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77



Class C Actual²	$	1,000.00	$	1,176.20	$	8.17


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.69	$	7.58



Class R Actual²	$	1,000.00	$	1,178.80	$	5.44


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.21	$	5.04



Class Y Actual²	$	1,000.00	$	1,181.90	$	2.69


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74	$	2.50


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.74%, 1.49%, 0.99%, and 0.49% 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).

²	Based on the actual returns for the six month period ended October 31, 2009 of 17.97%, 17.62%, 17.88%, and 18.19% for Class A, Class C, Class R, and Class Y, respectively.

Small Cap Index Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual⁴	$	1,000.00	$	1,158.40	$	4.46


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.07	$	4.18



Class C Actual⁴	$	1,000.00	$	1,154.50	$	8.53


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.29	$	7.98



Class R Actual⁴	$	1,000.00	$	1,157.20	$	5.82


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.45



Class Y Actual⁴	$	1,000.00	$	1,159.80	$	3.10


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.33	$	2.91


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.82%, 1.57%, 1.07%, and 0.57% 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 October 31, 2009 of 15.84%, 15.45%, 15.72%, and 15.98% for Class A, Class C, Class R, and Class Y, respectively.

First American Funds 2009 Annual Report 13

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Equity Index, Mid Cap Index, and Small Cap Index Funds (series of First American Investment Funds, Inc.) (collectively, the “funds”) as of October 31, 2009, and the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the funds listed above of the First American Investment Funds, Inc. at October 31, 2009, the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

December 22, 2009

First American Funds 2009 Annual Report 15

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Equity Index Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 98.8%
Consumer Discretionary – 9.0%
Abercrombie & Fitch, Class A 6		8,944	$	294
Amazon.com = 6		33,700		4,004
Apollo Group, Class A = 6		11,200		639
AutoNation = 6		11,440		197
Autozone =		3,657		495
Bed Bath & Beyond = 6		27,538		970
Best Buy 6		36,516		1,394
Big Lots =		10,678		267
Black & Decker		6,852		324
Carnival 6		43,015		1,253
CBS, Class B		81,493		959
Coach		35,278		1,163
Comcast, Class A 6		310,950		4,509
D.R. Horton 6		29,192		320
Darden Restaurants 6		13,369		405
DeVry 6		6,240		345
DIRECTV Group = 6		47,362		1,246
Eastman Kodak 6		28,855		108
Expedia = 6		20,927		474
Family Dollar Stores 6		16,112		456
Ford Motor = 6		340,731		2,385
Fortune Brands		14,093		549
GameStop, Class A =		16,874		410
Gannett 6		24,446		240
Gap		46,873		1,000
Genuine Parts		17,806		623
Goodyear Tire & Rubber =		25,533		329
H&R Block		33,712		618
Harley-Davidson 6		25,115		626
Harman International Industries		6,278		236
Hasbro		13,177		359
Home Depot		179,763		4,510
International Game Technology		34,698		619
Interpublic Group of Companies =		46,584		280
J.C. Penney		22,913		759
Johnson Controls		66,176		1,583
KB HOME		8,125		115
Kohl’s = 6		31,000		1,774
Leggett & Platt		19,284		373
Lennar		15,690		198
Limited Brands 6		32,174		566
Lowe’s		158,305		3,098
Macy’s 6		47,282		831
Marriott International, Class A 6		26,482		664
Mattel		39,671		751
McDonald’s		116,807		6,846
McGraw-Hill		37,083		1,067
Meredith		46		1
New York Times, Class A 6		15,185		121
Newell Rubbermaid 6		27,101		393
News, Class A 6		240,337		2,769
Nike, Class B 6		41,024		2,551
Nordstrom 6		16,829		535
Office Depot =		28,498		172
Omnicom Group 6		33,856		1,161
O’Reilly Automotive =		11,263		420
Polo Ralph Lauren 6		6,435		479
Pulte Homes		35,527		320
RadioShack 6		14,537		245
Scripps Networks Interactive, Class A		7,226		273
Sears Holdings = 6		6,045		410
Sherwin-Williams		11,114		634
Staples 6		74,182		1,610
Starbucks =		76,690		1,456
Starwood Hotels & Resorts Worldwide 6		19,648		571
Target 6		81,280		3,936
Tiffany & Company 6		13,046		513
Time Warner		126,074		3,797
Time Warner Cable 6		33,020		1,302
TJX		43,805		1,636
VF		8,792		625
Viacom, Class B =		67,039		1,850
Walt Disney		198,989		5,446
Washington Post, Class B		161		70
Whirlpool 6		7,999		573
Wyndham Worldwide		18,834		321
Wynn Resorts = 6		7,092		384
Yum! Brands		49,063		1,617

				87,422

Consumer Staples – 11.7%
Altria Group		217,025		3,930
Archer-Daniels-Midland		66,575		2,005
Avon Products		46,964		1,505
Brown-Forman, Class B		9,551		466
Campbell Soup		17,138		544
Clorox		15,494		918
Coca-Cola		234,050		12,477
Coca-Cola Enterprises 6		33,432		638
Colgate-Palmolive 6		52,399		4,120
ConAgra Foods		47,405		996
Constellation Brands, Class A =		19,292		305
Costco Wholesale		45,176		2,568
CVS Caremark		150,017		5,296
Dean Foods =		13,810		252
Dr. Pepper Snapple Group =		26,896		733
Estee Lauder, Class A		10,638		452
General Mills		32,552		2,146
H.J. Heinz		34,342		1,382
Hershey		18,795		710
Hormel Foods		5,058		184
JM Smucker		12,422		655
Kellogg		25,951		1,338
Kimberly-Clark		44,171		2,702
Kraft Foods, Class A 6		159,882		4,400
Kroger 6		68,632		1,587
Lorillard		16,812		1,307
McCormick 6		13,641		478
Molson Coors Brewing, Class B 6		15,906		779
Pepsi Bottling Group		13,947		522
PepsiCo		166,307		10,070
Philip Morris International		206,462		9,778
Procter & Gamble		311,036		18,040
Reynolds American		17,634		855
Safeway 6		43,879		980
Sara Lee		78,238		883
SUPERVALU		21,222		337
Sysco		69,005		1,825
Tyson Foods, Class A		32,032		401
Walgreen 6		102,177		3,865
Wal-Mart Stores		227,541		11,304
Whole Foods Market = 6		14,575		467

				114,200

Energy – 12.2%
Anadarko Petroleum 6		52,851		3,220
Apache		35,393		3,331
Baker Hughes		34,588		1,455
BJ Services		30,518		586
Cabot Oil & Gas		10,916		420

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

16 First American Funds 2009 Annual Report


Equity Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Cameron International = 6		22,748	$	841
Chesapeake Energy 6		59,693		1,462
Chevron		214,361		16,407
ConocoPhillips		158,190		7,938
CONSOL Energy		18,845		807
Denbury Resources = 6		26,350		385
Devon Energy		47,117		3,049
Diamond Offshore Drilling		7,612		725
El Paso		74,218		728
ENSCO International 6		15,064		690
EOG Resources		26,522		2,166
Exxon Mobil		507,642		36,383
FMC Technologies = 6		13,377		704
Halliburton		97,963		2,861
Hess		29,828		1,633
Marathon Oil 6		72,084		2,305
Massey Energy		8,318		242
Murphy Oil		17,863		1,092
Nabors Industries =		30,259		630
National-Oilwell Varco =		44,076		1,807
Noble Energy		18,353		1,204
Occidental Petroleum 6		85,135		6,460
Peabody Energy		28,404		1,124
Pioneer Natural Resources		12,684		521
Range Resources 6		16,353		818
Rowan		11,070		257
Schlumberger		124,719		7,758
Smith International 6		22,324		619
Southwestern Energy =		37,056		1,615
Spectra Energy 6		59,508		1,138
Sunoco		12,628		389
Tesoro 6		14,116		200
Valero Energy		58,985		1,068
Williams		62,111		1,171
XTO Energy		61,129		2,541

				118,750

Financials – 14.5%
Aflac		50,183		2,082
Allstate		59,319		1,754
American Express		124,623		4,342
American International Group 6		14,144		476
Ameriprise Financial		23,619		819
AON		30,627		1,179
Apartment Investment & Management – REIT 6		15,211		188
Assurant 6		9,825		294
AvalonBay Communities – REIT 6		8,531		587
Bank of America		915,374		13,346
Bank of New York Mellon		126,568		3,374
BB&T 6		68,489		1,638
Boston Properties – REIT 6		14,665		891
Capital One Financial 6		47,470		1,737
CB Richard Ellis Group = 6		25,051		259
Charles Schwab 6		98,575		1,709
Chubb 6		36,588		1,775
Cincinnati Financial 6		15,590		395
Citigroup		1,373,976		5,620
CME Group		7,096		2,147
Comerica 6		17,200		477
Discover Financial Services		50,671		716
E *TRADE Financial = 6		151,597		221
Equity Residential Properties Trust – REIT		30,555		882
Federated Investors, Class B		8,275		217
Fifth Third Bancorp		84,255		753
First Horizon National = 6		23,502		278
Franklin Resources 6		17,304		1,811
Genworth Financial, Class A = 6		50,697		538
Goldman Sachs Group 6		53,162		9,047
Hartford Financial Services Group 6		40,644		997
HCP – REIT 6		29,500		873
Health Care – REIT		9,728		432
Host Hotels & Resorts – REIT		63,653		644
Hudson City Bancorp		54,311		714
Huntington Bancshares 6		63,202		241
IntercontinentalExchange =		8,001		802
Invesco		41,994		888
Janus Capital Group 6		18,597		244
JPMorgan Chase		413,034		17,252
KeyCorp 6		89,913		485
Kimco Realty – REIT		39,651		501
Legg Mason		17,108		498
Leucadia National =		17,450		392
Lincoln National		31,348		747
Loew’s		38,387		1,271
M&T Bank 6		8,662		544
Marsh & McLennan		52,809		1,239
Marshall & Ilsley		45,997		245
MBIA = 6		21,267		86
MetLife		86,904		2,957
Moody’s 6		22,417		531
Morgan Stanley		143,108		4,597
NASDAQ OMX Group =		14,316		259
Northern Trust		23,147		1,163
NYSE Euronext		27,528		712
Peoples United Financial		36,870		591
Plum Creek Timber – REIT 6		19,296		604
PNC Financial Services Group 6		48,732		2,385
Principal Financial Group 6		32,888		823
Progressive =		72,101		1,154
ProLogis – REIT 6		46,958		532
Prudential Financial		48,293		2,184
Public Storage – REIT		14,259		1,049
Regions Financial 6		125,179		606
Simon Property Group – REIT 6		29,205		1,983
SLM = 6		48,261		468
State Street		52,275		2,194
SunTrust Banks 6		51,583		986
T. Rowe Price Group 6		27,829		1,356
Torchmark		8,886		361
Travelers		63,933		3,183
U.S. Bancorp 6◖		200,802		4,663
Unum Group		34,572		690
Ventas – REIT		15,579		625
Vornado Realty Trust – REIT 6		16,238		967
Wells Fargo		492,952		13,566
XL Capital, Class A 6		36,355		597
Zions Bancorporation 6		13,320		189

				140,622

Healthcare – 12.5%
Abbott Laboratories		164,592		8,323
Aetna		49,036		1,276
Allergan		31,609		1,778
AmerisourceBergen		35,267		781
Amgen =		109,754		5,897
Baxter International		64,086		3,464
Becton, Dickinson & Company		25,832		1,766
Biogen Idec =		30,523		1,286
Boston Scientific =		158,442		1,287
Bristol-Myers Squibb		203,400		4,434
C.R. Bard		10,617		797
Cardinal Health		39,244		1,112

First American Funds 2009 Annual Report 17

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Equity Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


CareFusion =		19,622	$	439
Celgene =		48,560		2,479
Cephalon = 6		6,887		376
CIGNA		29,989		835
Coventry Health Care = 6		16,340		324
DaVita =		10,494		556
DENTSPLY International 6		11,312		373
Eli Lilly		105,962		3,604
Express Scripts = 6		26,593		2,125
Forest Laboratories =		33,099		916
Genzyme = 6		28,687		1,452
Gilead Sciences =		97,023		4,128
Hospira =		16,843		752
Humana =		16,438		618
IMS Health		19,214		315
Intuitive Surgical = 6		4,193		1,033
Johnson & Johnson		291,745		17,228
King Pharmaceuticals =		24,897		252
Laboratory Corporation of America = 6		11,759		810
Life Technologies = 6		18,274		862
McKesson		28,038		1,647
Medco Health Solutions = 6		53,058		2,978
Medtronic		122,090		4,359
Merck 6		222,173		6,872
Millipore =		4,739		318
Mylan, Inc. = 6		32,099		521
Patterson Companies = 6		12,581		321
PerkinElmer		14,199		264
Pfizer		846,624		14,418
Quest Diagnostics, Inc.		16,172		904
Schering-Plough		171,559		4,838
St. Jude Medical = 6		34,588		1,179
Stryker 6		25,036		1,152
Tenet Healthcare =		50,207		257
Thermo Fisher Scientific = 6		41,722		1,877
UnitedHealth Group 6		122,463		3,178
Varian Medical Systems =		13,183		540
Watson Pharmaceuticals =		11,312		389
WellPoint =		51,001		2,385
Zimmer Holdings =		22,774		1,197

				121,272

Industrials – 10.0%
3M		74,704		5,496
Avery Dennison		10,934		390
Boeing		77,783		3,718
Burlington Northern Santa Fe		27,584		2,078
C.H. Robinson Worldwide 6		17,623		971
Caterpillar 6		64,478		3,550
Cintas 6		13,678		379
CSX		42,173		1,779
Cummins		21,635		932
Danaher 6		25,190		1,719
Deere & Company		45,620		2,078
Dover		15,716		592
Dun & Bradstreet		4,990		382
Eaton		14,316		865
Emerson Electric 6		79,559		3,003
Equifax		13,027		357
Expeditors International of Washington 6		19,438		626
Fastenal 6		13,701		473
FedEx		32,248		2,344
First Solar = 6		5,078		619
Flowserve		6,076		597
Fluor		18,607		826
General Dynamics		38,888		2,438
General Electric		1,121,634		15,994
Goodrich		12,006		653
Honeywell International 6		76,832		2,757
Illinois Tool Works		41,333		1,898
Iron Mountain = 6		18,967		463
ITT		18,528		939
Jacobs Engineering Group =		12,691		537
L-3 Communications Holdings 6		12,881		931
Lockheed Martin		34,013		2,340
Masco		39,380		463
Monster Worldwide = 6		13,044		189
Norfolk Southern		39,613		1,847
Northrop Grumman 6		36,538		1,832
Paccar 6		38,855		1,454
Pall		12,883		409
Parker Hannifin		18,018		954
Pitney Bowes 6		16,420		402
Precision Castparts 6		13,969		1,334
Quanta Services =		20,642		438
R.R. Donnelley & Sons		22,729		456
Raytheon		43,482		1,969
Republic Services		31,292		811
Robert Half International		16,769		389
Rockwell Automation 6		16,485		675
Rockwell Collins 6		16,786		846
Ryder System 6		6,266		254
Snap-On		5,916		216
Southwest Airlines 6		77,939		655
Stanley Works 6		8,201		371
Stericycle =		8,049		422
Textron 6		25,326		450
Union Pacific		53,950		2,975
United Parcel Service, Class B		107,216		5,755
United Technologies		102,343		6,289
W.W. Grainger		6,772		635
Waste Management 6		53,917		1,611

				96,825

Information Technology – 18.9%
Adobe Systems = 6		56,924		1,875
Advanced Micro Devices = 6		63,263		291
Affiliated Computer Services, Class A =		10,246		534
Agilent Technologies = 6		41,731		1,032
Akamai Technologies = 6		17,646		388
Altera		32,451		642
Amphenol, Class A 6		18,732		752
Analog Devices		30,665		786
Apple = 6		94,039		17,726
Applied Materials		141,577		1,727
Autodesk = 6		23,192		578
Automatic Data Processing		54,837		2,183
BMC Software =		19,579		728
Broadcom, Class A = 6		45,178		1,202
CA		42,961		899
Ciena = 6		9,649		113
Cisco Systems =		610,671		13,954
Citrix Systems = 6		19,820		729
Cognizant Technology Solutions, Class A = 6		29,432		1,138
Computer Sciences =		17,677		896
Compuware =		26,196		185
Convergys =		14,743		160
Corning		161,869		2,365
Dell =		184,211		2,669
eBay =		115,412		2,570
Electronic Arts =		30,796		562
EMC =		217,179		3,577

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

18 First American Funds 2009 Annual Report


Equity Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Fidelity National Information Services		20,036	$	436
Fiserv = 6		16,474		756
FLIR Systems = 6		14,552		405
Google, Class A = 6		25,451		13,645
Harris		14,149		590
Hewlett-Packard		254,689		12,088
IBM		139,903		16,874
Intel		593,518		11,342
Intuit = 6		34,204		994
Jabil Circuit		22,632		303
JDS Uniphase =		23,341		130
Juniper Networks = 6		54,774		1,397
KLA-Tencor 6		17,877		581
Lexmark International, Class A =		10,079		257
Linear Technology		22,819		591
LSI Logic =		67,797		347
MasterCard, Class A		10,073		2,206
McAfee =		16,166		677
MEMC Electronic Materials =		23,721		295
Microchip Technology 6		19,460		466
Micron Technology = 6		85,867		583
Microsoft		810,339		22,471
Molex		14,621		273
Motorola		239,227		2,050
National Semiconductor		20,577		266
NetApp = 6		37,872		1,024
Novell =		40,209		164
Novellus Systems = 6		10,490		216
NVIDIA = 6		56,663		678
Oracle		400,988		8,461
Paychex		33,879		963
QLogic =		12,900		226
QUALCOMM		171,914		7,119
Red Hat =		15,903		410
Salesforce.com =		10,888		618
SanDisk =		23,496		481
Sun Microsystems =		79,530		651
Symantec = 6		91,984		1,617
Tellabs =		48,132		290
Teradata =		18,686		521
Teradyne = 6		20,257		170
Texas Instruments		136,733		3,206
Total System Services		12,554		201
VeriSign = 6		20,392		465
Waters =		11,727		673
Western Digital = 6		23,602		795
Western Union		76,849		1,396
Xerox 6		98,833		743
Xilinx		29,471		641
Yahoo! =		125,672		1,998

				184,011

Materials – 3.3%
Air Products and Chemicals		23,415		1,806
Airgas		8,204		364
AK Steel		11,800		187
Alcoa		103,151		1,281
Allegheny Technologies		10,652		329
Ball		10,689		527
Bemis		10,776		278
CF Industries Holdings		5,902		491
Dow Chemical 6		120,907		2,839
E.I. Du Pont de Nemours		93,217		2,966
Eastman Chemical		7,369		387
Ecolab 6		19,033		837
FMC		6,189		316
Freeport-McMoRan Copper & Gold =		43,733		3,208
International Flavors & Fragrances		6,699		255
International Paper		44,998		1,004
MeadWestvaco		18,555		424
Monsanto		57,483		3,862
Newmont Mining		51,690		2,246
Nucor		32,660		1,302
Owens-Illinois =		17,674		563
Pactiv =		15,308		354
PPG Industries		17,185		970
Praxair		32,552		2,586
Sealed Air		16,651		320
Sigma-Aldrich		13,803		717
Titanium Metals 6		8,890		76
United States Steel		14,463		499
Vulcan Materials 6		12,902		594
Weyerhaeuser		23,036		837

				32,425

Telecommunication Services – 3.1%
American Tower, Class A =		42,746		1,574
AT&T		623,551		16,007
CenturyTel 6		32,400		1,052
Frontier Communications 6		36,035		258
MetroPCS Communications =		26,832		167
Qwest Communications International 6		160,601		577
Sprint Nextel = 6		304,305		901
Verizon Communications		297,275		8,796
Windstream		49,737		479

				29,811

Utilities – 3.6%
AES = 6		71,084		929
Allegheny Energy		17,921		409
Ameren		21,675		528
American Electric Power		49,460		1,495
CenterPoint Energy		36,600		461
CMS Energy		23,595		314
Consolidated Edison 6		27,212		1,107
Constellation Energy Group		21,154		654
Dominion Resources		61,930		2,111
DTE Energy		16,538		612
Duke Energy		136,052		2,152
Dynegy, Class A =		53,385		107
Edison International		34,613		1,101
Entergy		23,939		1,837
EQT		13,878		581
Exelon		69,378		3,258
FirstEnergy		33,962		1,470
FPL Group		43,076		2,115
Integrys Energy Group		8,016		277
Nicor		4,691		174
NiSource		28,180		364
Northeast Utilities		16,288		375
Pepco Holdings 6		21,275		318
PG&E		40,083		1,639
Pinnacle West Capital		10,290		322
PPL		39,924		1,175
Progress Energy		27,665		1,038
Public Service Enterprise Group		52,117		1,553
Questar		18,102		721
SCANA		9,239		313
Sempra Energy		27,599		1,420
Southern		81,149		2,531
TECO Energy		21,468		308
Wisconsin Energy		12,398		541

First American Funds 2009 Annual Report 19

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Equity Index Fund (continued)
DESCRIPTION	SHARES/PAR		FAIR VALUE


Xcel Energy 6		47,541	$	897

				35,207

Total Common Stocks
(Cost $737,070)				960,545

Short-Term Investments – 1.2%
Money Market Fund – 0.5%
First American Prime Obligations Fund, Class Z
0.148% Å Ω		5,033,310		5,033

U.S. Treasury Obligation – 0.7%
U.S. Treasury Bill
0.207%, 11/19/2009 o	$	6,400		6,400

Total Short-Term Investments
(Cost $11,433)				11,433

Investment Purchased with Proceeds from Securities Lending – 17.5%
Mount Vernon Securities Lending Prime Portfolio
0.209% Ω †
(Cost $169,796)		169,795,665		169,796

Total Investments 5 – 117.5%
(Cost $918,299)				1,141,774

Other Assets and Liabilities, Net – (17.5)%				(170,018	)

Total Net Assets – 100.0%			$	971,756


6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $158,534 at October 31, 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 fiscal year ended October 31, 2009 were as follows:


	Beginning		Purchase		Sales		Ending		Dividend				Fair
Issuer	Cost		Cost		Cost		Cost		Income		Shares		Value

U.S. Bancorp	$	5,053	$	295	$	936	$	4,412	$	122		200,802	$	4,663

Equity Index Fund (concluded)


Å		Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2009. See note 2 in Notes to Financial Statements.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $935,101. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	374,739
Gross unrealized depreciation		(168,066	)

Net unrealized appreciation	$	206,673


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts

Number of

Notional

Settlement

Contracts

Contract

Unrealized

Description

Month

Purchased

Value

Depreciation

S&P 500 Futures

December 2009

$10,072

(366

)

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

20 First American Funds 2009 Annual Report

Equity Index Fund (concluded)


Mid Cap Index Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 91.4%
Consumer Discretionary – 14.4%
99 Cents Only Stores =		10,188	$	116
Aaron’s 6		11,785		295
Advance Auto Parts		20,531		765
Aeropostale =		14,531		545
American Eagle Outfitters		46,876		820
American Greetings, Class A		9,876		201
AnnTaylor Stores = 6		13,488		175
Barnes & Noble 6		8,002		133
Blyth		1,553		55
Bob Evans Farms		7,832		206
BorgWarner 6		26,916		816
Boyd Gaming =		12,109		89
Brinker International		23,030		291
Brinks Home Security Holdings =		9,794		303
Callaway Golf		14,577		100
Career Education =		16,364		341
CarMax = 6		49,222		968
Cheesecake Factory =		13,057		237
Chico’s FAS =		40,139		480
Chipotle Mexican Grill, Class A = 6		7,138		582
Coldwater Creek = 6		10,347		59
Collective Brands =		14,304		265
Corinthian Colleges = 6		18,271		290
Dick’s Sporting Goods = 6		21,763		494
Dollar Tree =		19,582		884
DreamWorks Animation, Class A =		16,860		539
Foot Locker		33,746		354
Fossil =		10,500		281
Gentex		32,139		514
Guess?		13,177		482
Hanesbrands =		20,844		451
Harte-Hanks		11,303		133
International Speedway, Class A		6,819		174
ITT Educational Services =		7,395		668
J. Crew Group = 6		12,435		507
John Wiley & Sons, Class A		9,191		324
Lamar Advertising, Class A = 6		11,484		279
Life Time Fitness = 6		9,286		200
LKQ =		30,704		530
M.D.C. Holdings		8,395		274
Marvel Entertainment =		10,637		531
Matthews International, Class A		6,794		249
Mohawk Industries =		12,541		537
Netflix = 6		10,135		542
NVR = 6		1,299		860
Panera Bread, Class A = 6		6,971		418
PetSmart		28,002		659
Phillips-Van Heusen		11,142		447
Priceline.com =		9,444		1,490
Regis		12,758		207
Rent-A-Center =		15,553		286
Ross Stores		27,612		1,215
Ryland Group		9,582		178
Saks = 6		35,624		200
Scholastic		5,478		136
Scientific Games, Class A =		14,098		198
Service International 6		58,926		405
Sotheby’s Holdings, Class A 6		14,414		229
Strayer Education 6		3,129		635
Thor Industries		7,712		202
Timberland, Class A =		11,008		178
Toll Brothers =		30,636		531
Tupperware		14,070		633
Under Armour, Class A = 6		8,561		230
Urban Outfitters =		28,956		909
Warnaco Group =		10,039		407
Wendy’s/Arby’s Group, Class A		89,309		353
Williams-Sonoma 6		23,624		444
WMS Industries =		11,803		472

				29,001

Consumer Staples – 3.5%
Alberto-Culver		18,209		488
BJ’s Wholesale Club =		12,266		430
Church & Dwight		15,709		894
Corn Products International		16,232		457
Energizer Holdings =		15,507		944
Flowers Foods 6		17,550		410
Hansen Natural =		16,088		582
Lancaster Colony		4,767		232
NBTY =		13,824		503
PepsiAmericas		13,279		388
Ralcorp Holdings =		12,328		662
Ruddick		9,107		243
Smithfield Foods = 6		31,466		420
Tootsie Roll Industries		6,343		157
Universal 6		5,936		247

				7,057

Energy – 6.0%
Arch Coal 6		35,301		765
Bill Barrett =		8,118		251
Cimarex Energy		18,220		713
Comstock Resources =		9,983		410
Encore Acquisition =		14,093		522
Exterran Holdings = 6		13,723		280
Forest Oil =		23,888		468
Frontier Oil		23,026		319
Helix Energy Solutions Group =		19,641		270
Helmerich & Payne 6		24,186		920
Mariner Energy =		21,507		274
Newfield Exploration =		31,058		1,274
Oceaneering International =		12,176		622
Overseas Shipholding Group 6		5,982		235
Patriot Coal = 6		16,095		182
Patterson-UTI Energy 6		33,457		521
Plains Exploration & Production =		31,115		825
Pride International = 6		38,788		1,147
Quicksilver Resources =		28,528		348
Southern Union		32,221		631
Superior Energy Services = 6		17,586		380
Tidewater 6		11,157		465
Unit =		9,228		361

				12,183

Financials – 16.8%
Affiliated Managers Group = 6		9,691		615
Alexandria Real Estate Equities – REIT 6		9,362		507
AMB Property – REIT		31,851		700
American Financial Group		17,633		434
AmeriCredit = 6		23,299		411
Apollo Investment 6		34,955		315
Arthur J. Gallagher		22,611		504
Associated Banc 6		29,046		372
Astoria Financial		17,873		178
BancorpSouth 6		15,777		356
Bank of Hawaii 6		11,662		518
BRE Properties – REIT 6		14,438		393
Brown & Brown		24,402		448
Camden Property Trust – REIT		13,600		493
Cathay General Bancorp 6		10,832		96

First American Funds 2009 Annual Report 21

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)

Equity Index Fund (concluded)


Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


City National 6		10,219	$	385
Commerce Bancshares		14,598		560
Corporate Office Properties Trust – REIT		12,720		422
Cousins Properties – REIT		20,041		147
Cullen/Frost Bankers		12,973		607
Duke Realty – REIT		48,758		548
Eaton Vance 6		26,782		760
Equity One – REIT		8,280		124
Essex Property Trust – REIT		6,013		452
Everest Re Group		13,929		1,219
Federal Realty Investment Trust – REIT 6		15,291		903
Fidelity National Financial, Class A		50,393		684
First American		20,422		621
First Niagara Financial Group		40,919		525
FirstMerit 6		18,998		360
Fulton Financial 6		39,333		325
Hanover Insurance Group		11,250		473
HCC Insurance Holdings		24,699		652
Highwoods Properties – REIT		15,546		428
Horace Mann Educators		9,496		118
Hospitality Properties Trust – REIT		26,062		503
International Bancshares 6		11,145		166
Jefferies Group = 6		27,579		720
Jones Lang LaSalle		9,075		425
Liberty Property Trust – REIT		24,154		709
Macerich – REIT 6		20,735		618
Mack-Cali Realty – REIT		16,680		516
Mercury General		7,750		283
Nationwide Health Properties – REIT		25,943		837
New York Community Bancorp 6		78,194		844
NewAlliance Bancshares		20,470		227
Old Republic International		49,688		531
OMEGA Healthcare Investors – REIT		17,994		273
PacWest Bancorp		6,649		113
Potlatch – REIT		8,327		232
Protective Life		18,202		350
Raymond James Financial 6		22,071		521
Rayonier – REIT		17,075		659
Realty Income – REIT 6		22,815		529
Regency Centers – REIT 6		17,184		577
Reinsurance Group America		17,025		785
SEI Investments		29,191		510
SL Green Realty – REIT 6		18,579		720
StanCorp Financial Group		11,303		415
SVB Financial Group = 6		7,748		320
Synovus Financial		109,450		243
TCF Financial 6		23,959		283
Trustmark		9,670		183
UDR – REIT		31,860		458
Unitrin		11,349		222
Valley National Bancorp 6		34,667		460
W.R. Berkley		32,660		807
Waddell & Reed Financial, Class A		18,358		515
Washington Federal		25,823		443
Webster Financial		14,326		162
Weingarten Realty Investors – REIT 6		22,339		413
Westamerica Bancorporation 6		6,472		309
Wilmington Trust 6		14,847		179

				33,713

Healthcare – 11.1%
Affymetrix =		14,934		78
Beckman Coulter		15,317		985
Bio-Rad Laboratories, Class A =		4,191		375
Cerner = 6		15,029		1,143
Charles River Laboratories International =		14,834		542
Community Health Systems =		20,703		647
Covance =		14,293		739
Edwards Lifesciences =		12,790		984
Endo Pharmaceuticals Holdings =		26,744		599
Gen-Probe =		11,367		474
Health Management Associates, Class A =		52,387		319
Health Net =		23,923		357
Henry Schein =		20,151		1,064
Hill-Rom Holdings		13,206		259
Hologic =		57,341		847
IDEXX Laboratories = 6		13,031		666
Immucor = 6		15,364		275
Kindred Healthcare =		8,721		128
Kinetic Concepts = 6		13,961		463
Lifepoint Hospitals =		12,804		363
Lincare Holdings = 6		15,925		500
Masimo =		11,585		308
Medicis Pharmaceutical, Class A		12,839		272
Mettler-Toledo International =		7,531		734
Omnicare		26,668		578
OSI Pharmaceuticals = 6		12,620		407
Owens & Minor		9,335		382
Perrigo		17,723		659
Pharmaceutical Product Development 6		26,399		569
Psychiatric Solutions =		11,899		246
ResMed =		16,459		810
STERIS 6		14,277		418
Techne		8,149		509
Teleflex		8,565		426
Thoratec = 6		12,218		321
United Therapeutics =		9,934		423
Universal Health Services		10,696		595
Valeant Pharmaceuticals International = 6		14,549		428
Varian =		7,032		360
VCA Antech =		17,679		421
Vertex Pharmaceuticals = 6		41,742		1,401
WellCare Health Plans =		8,997		235

				22,309

Industrials – 13.6%
AECOM Technology =		24,650		622
AGCO = 6		20,023		563
AirTran Holdings = 6		25,650		108
Alaska Air Group =		8,365		215
Alexander & Baldwin		8,991		259
Alliant Techsystems =		7,309		568
AMETEK		23,276		812
BE Aerospace =		21,302		378
Brinks		9,794		232
Bucyrus International 6		16,787		746
Carlisle Companies		12,897		400
Clean Harbors =		5,094		288
Con-way		10,954		361
Copart = 6		15,036		484
Corporate Executive Board		7,753		186
Corrections Corporation of America = 6		24,832		594
Crane		11,097		309
Deluxe		11,339		161
Donaldson		17,120		611
Dycom Industries =		9,269		92
Federal Signal		10,396		64
FTI Consulting =		11,076		452
GATX 6		10,601		288
Graco		13,765		379
Granite Construction 6		7,467		213
Harsco		17,992		567

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

22 First American Funds 2009 Annual Report

Equity Index Fund (concluded)


Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Herman Miller 6		13,506	$	209
HNI 6		10,057		265
Hubbell, Class B		12,651		538
IDEX		17,092		486
J.B. Hunt Transport Services		19,907		598
JetBlue Airways = 6		50,630		251
Joy Global 6		22,869		1,153
Kansas City Southern =		21,209		514
KBR		36,733		752
Kelly Services, Class A		4,022		45
Kennametal		17,128		404
Kirby =		11,727		396
Korn/Ferry International =		9,576		153
Landstar System		10,363		365
Lennox International		11,738		395
Lincoln Electric Holdings		9,365		444
Manpower 6		17,648		837
Mine Safety Appliances		6,750		172
MPS Group =		23,314		315
MSC Industrial Direct, Class A		10,232		440
Navigant Consulting =		9,921		141
Nordson		7,347		388
Oshkosh		19,973		624
Pentair		21,699		631
Rollins		9,325		169
Roper Industries		22,043		1,114
Shaw Group =		17,803		457
SPX		10,833		572
Terex =		25,150		509
Thomas & Betts =		12,909		442
Timken		18,579		409
Trinity Industries 6		17,520		296
United Rentals =		13,104		124
URS =		18,133		705
Valmont Industries		4,460		322
Waste Connections =		17,442		548
Watson Wyatt Worldwide, Class A		8,970		391
Werner Enterprises 6		9,891		185
Westinghouse Air Brake Technologies		10,478		385
Woodward Governor		11,935		281

				27,377

Information Technology – 13.6%
3Com =		86,262		443
ACI Worldwide =		8,147		131
Acxiom =		17,629		202
ADC Telecommunications = 6		21,089		137
ADTRAN 6		13,433		310
Advent Software = 6		3,647		139
Alliance Data Systems = 6		12,413		682
ANSYS =		19,237		781
Arrow Electronics =		26,376		668
Atmel =		104,851		390
Avnet =		33,757		837
Avocent =		9,795		244
Broadridge Financial Solutions		31,123		648
Cadence Design Systems =		59,189		362
CommScope =		20,253		547
Cree = 6		22,515		948
Diebold		14,395		435
Digital River =		8,087		185
DST Systems =		9,633		402
Equinix = 6		8,626		736
F5 Networks =		17,112		768
FactSet Research Systems		8,973		575
Fair Isaac		10,991		223
Fairchild Semiconductor International = 6		26,293		197
Gartner, Class A = 6		12,870		240
Global Payments		17,357		854
Hewitt Associates, Class A =		18,278		649
Imation		7,182		63
Informatica =		18,525		393
Ingram Micro, Class A =		39,234		692
Integrated Device Technology =		37,410		220
International Rectifier =		15,566		285
Intersil, Class A		26,568		333
Itron =		8,615		517
Jack Henry & Associates		19,470		449
Lam Research = 6		28,295		954
Lender Processing Services		21,481		855
ManTech International =		4,294		188
Mentor Graphics =		19,269		141
MICROS Systems =		17,616		474
National Instruments		12,167		325
NCR =		36,608		372
NeuStar, Class A =		16,212		375
Palm = 6		35,792		416
Parametric Technology =		24,816		370
Plantronics		10,435		252
Polycom =		19,512		419
Quest Software =		13,471		226
RF Micro Devices =		62,933		250
Rovi =		22,720		626
SAIC =		46,873		830
Semtech =		14,412		223
Silicon Laboratories =		9,734		408
Solera Holdings		16,183		521
SRA International, Class A =		11,133		209
Sybase = 6		19,054		754
Synopsys =		32,563		716
Tech Data =		10,850		417
Trimble Navigation =		26,157		549
ValueClick =		18,981		187
Vishay Intertechnology =		40,777		254
Zebra Technologies, Class A =		13,225		331

				27,327

Materials – 6.0%
Albemarle		19,910		629
AptarGroup 6		14,809		523
Ashland		16,631		574
Cabot Microelectronics		14,823		325
Carpenter Technology		9,645		203
Cliffs Natural Resources		29,269		1,041
Commercial Metals		25,465		378
Cytec Industries		12,030		399
Greif, Class A		7,438		398
Louisiana Pacific = 6		27,211		143
Lubrizol		15,080		1,004
Martin Marietta Materials		10,306		859
Minerals Technologies		4,402		217
Olin		17,480		267
Packaging Corporation of America		24,030		439
Reliance Steel & Aluminum 6		14,021		511
RPM International		32,033		564
Scotts Miracle-Gro, Class A		9,383		381
Sensient Technologies		9,922		251
Sonoco Products		22,049		590
Steel Dynamics		48,074		644
Temple-Inland		23,269		360
Terra Industries		22,227		706

First American Funds 2009 Annual Report 23

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)

Equity Index Fund (concluded)


Mid Cap Index Fund (continued)
DESCRIPTION	SHARES/PAR		FAIR VALUE


Valspar		21,494	$	545
Worthington Industries 6		14,509		160

				12,111

Telecommunication Services – 0.5%
Cincinnati Bell =		53,463		165
Syniverse Holdings =		15,362		263
Telephone & Data Systems		20,482		607

				1,035

Utilities – 5.9%
AGL Resources 6		16,870		590
Alliant Energy		27,855		740
Aqua America 6		28,586		442
Atmos Energy		21,494		599
Black Hills		7,697		188
Cleco		13,170		326
DPL		25,810		654
Energen		15,644		686
Great Plains Energy		37,141		642
Hawaiian Electric Industries 6		19,549		349
IDACORP		9,178		258
MDU Resources Group		39,552		821
National Fuel Gas		17,167		778
NSTAR		23,750		735
NV Energy		49,665		569
OGE Energy		20,301		674
ONEOK 6		23,459		849
PNM Resources		18,920		203
UGI		23,714		566
Vectren		16,707		377
Westar Energy		22,331		428
WGL Holdings		10,644		352

				11,826

Total Common Stocks (Cost $185,866)				183,939

Warrants – 0.0%
Krispy Kreme Doughnuts, Warrants =
(Cost $0)		1,473		—

Short-Term Investments – 9.3%
Money Market Fund – 8.1%
First American Prime Obligations Fund, Class Z
0.148% Å Ω		16,288,643		16,289

U.S. Treasury Obligation – 1.2%
U.S. Treasury Bill
0.230%, 11/19/2009 o	$	2,320		2,320

Total Short-Term Investments
(Cost $18,609)				18,609

Investment Purchased with Proceeds from Securities Lending – 19.1%
Mount Vernon Securities Lending Prime Portfolio
0.209% Ω †
(Cost $38,456)		38,455,578		38,456

Total Investments 5 – 119.8%
(Cost $242,931)				241,004

Other Assets and Liabilities, Net – (19.8)%				(39,828	)

Total Net Assets – 100.0%			$	201,176


=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $35,784 at October 31, 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 for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2009. See note 2 in Notes to Financial Statements.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $244,633. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	36,442
Gross unrealized depreciation		(40,071	)

Net unrealized depreciation	$	(3,629	)


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts

Number of

Notional

Settlement

Contracts

Contract

Unrealized

Description

Month

Purchased

Value

Depreciation

S&P Mid Cap 400 E-Mini Futures

December 2009

246

$16,172

(497

)

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

24 First American Funds 2009 Annual Report


Small Cap Index Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 90.7%
Consumer Discretionary – 12.7%
1-800-Flowers.com, Class A =		1,466	$	6
99 Cents Only Stores =		2,750		31
AFC Enterprises =		1,504		12
Ambassadors Group		1,074		14
American Apparel =		1,970		6
American Axle & Manufacturing Holdings 6		2,699		16
American Greetings, Class A 6		2,600		53
American Public Education =		1,107		35
America’s Car-Mart = 6		583		12
Amerigon =		1,317		8
Ameristar Casinos 6		1,561		23
AnnTaylor Stores = 6		3,572		46
Arbitron		1,587		34
ArvinMeritor		4,512		35
Asbury Automotive Group =		1,962		19
Ascent Media =		859		20
Audiovox =		1,015		7
Bally Technologies =		3,321		131
Beazer Homes USA = 6		2,369		10
Bebe Stores		1,444		9
Belo, Class A		5,184		24
Benihana =		803		4
Big 5 Sporting Goods 6		1,341		20
BJ’s Restaurants = 6		1,195		19
Blue Nile = 6		776		47
Bluegreen =		713		2
Blyth		340		12
Bob Evans Farms		1,803		47
Books-A-Million		429		4
Borders Group =		3,519		7
Bridgepoint Education =		846		12
Brookfield Homes = 6		523		3
Brown Shoe		2,480		26
Brunswick		5,379		51
Buckle		1,554		47
Buffalo Wild Wings = 6		1,097		45
Build-A-Bear Workshop =		1,026		5
Cabela’s = 6		2,434		31
California Pizza Kitchen = 6		1,176		15
Callaway Golf 6		3,854		26
Capella Education = 6		888		61
Caribou Coffee = 6		417		3
Carmike Cinemas		670		7
Carrols Restaurant Group =		688		4
Carters =		3,458		82
Cato, Class A		1,621		32
Cavco Industries =		350		11
CEC Entertainment =		1,404		41
Charming Shoppes = 6		7,038		32
Cheesecake Factory =		3,664		67
Cherokee		464		9
Children’s Place Retail Stores = 6		1,454		46
China Automotive Systems =		264		3
ChinaCast Education =		1,792		11
Christopher & Banks		2,187		13
Churchill Downs		557		17
Cinemark Holdings		1,684		19
Citi Trends =		896		24
CKE Restaurants		2,989		26
CKX =		3,542		23
Coinstar = 6		1,840		58
Coldwater Creek = 6		3,334		19
Collective Brands =		3,906		72
Columbia Sportswear		725		28
Conn’s = 6		574		4
Cooper Tire & Rubber		3,596		55
Core-Mark Holding =		548		15
Corinthian Colleges = 6		4,953		79
CPI 6		306		3
Cracker Barrel Old Country Store		1,379		46
Crocs =		5,110		31
Crown Media Holdings, Class A = 6		1,579		2
CSS Industries		430		9
Dana Holding =		8,398		48
Deckers Outdoor =		799		72
Denny’s =		5,565		12
Destination Maternity =		287		6
Dillard’s, Class A		3,318		45
DineEquity = 6		1,073		23
Dolan Media =		1,827		22
Domino’s Pizza =		2,213		16
Dorman Products =		692		10
Dover Downs Gaming & Entertainment		785		4
Dress Barn = 6		2,738		49
Drew Industries =		1,146		22
Drugstore.com =		4,897		14
DSW = 6		749		14
E.W. Scripps, Class A =		1,746		11
Eastman Kodak 6		16,355		61
Einstein Noah Restaurant Group =		238		3
Ethan Allen Interiors 6		1,442		18
Exide Technologies =		3,694		23
FGX International Holdings Limited =		890		12
Finish Line, Class A		2,479		25
Fisher Communications =		377		7
Fossil =		2,860		76
Fred’s		2,322		27
Frisch’s Restaurants		135		3
Fuel Systems Solutions = 6		764		25
Fuqi International = 6		679		14
Furniture Brands International		2,621		11
Gaiam, Class A =		1,045		7
Gander Mountain =		315		2
Gaylord Entertainment =		2,311		35
Genesco =		1,171		31
G-iii Apparel Group =		795		13
Global Sources =		961		6
Grand Canyon Education =		963		16
Great Wolf Resorts =		1,695		6
Group 1 Automotive 6		1,467		37
Gymboree =		1,779		76
Harte-Hanks		2,134		25
Haverty Furniture =		1,044		13
Hawk =		334		5
Helen of Troy =		1,769		40
hhgregg��= 6		726		12
Hibbett Sports = 6		1,696		32
Hooker Furniture		657		8
Hot Topic = 6		2,684		21
Hovnanian Enterprises, Class A = 6		3,162		12
HSN =		2,423		36
Iconix Brand Group =		4,080		48
Interval Leisure Group =		2,413		27
iRobot = 6		1,185		16
Isle of Capri Casinos = 6		918		7
J. Crew Group = 6		3,067		125
Jack in the Box =		3,444		65
Jackson Hewitt Tax Service		1,666		8
JAKKS Pacific =		1,703		24
Jo-Ann Stores =		1,612		43

First American Funds 2009 Annual Report 25

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Jones Apparel Group		5,207	$	93
Jos. A. Bank Clothiers = 6		1,116		46
Journal Communications, Class A		2,456		9
K12 =		1,440		23
Kenneth Cole Productions		537		5
Kirkland’s =		757		9
Knology =		1,812		18
Krispy Kreme Doughnuts =		3,554		12
K-Swiss, Class A		1,479		12
Lakes Entertainment =		1,142		3
Landry’s Restaurants =		648		7
La-Z-Boy		3,139		22
LeapFrog Enterprises =		2,041		7
Learning Tree International =		485		5
Life Time Fitness = 6		2,456		53
Lin TV, Class A =		1,556		6
Lincoln Educational Services =		591		12
Lithia Motors = 6		1,023		9
Live Nation =		5,100		34
Liz Claiborne		5,798		33
LodgeNet Entertainment =		1,233		6
Luby’s =		1,169		4
Lululemon Athletica =		2,479		62
Lumber Liquidators = 6		881		19
M/I Homes = 6		1,067		12
Mac-Gray =		698		6
Maidenform Brands =		1,306		18
Marcus		1,177		14
Marine Products		968		5
Martha Stewart Living =		1,388		7
Matthews International, Class A		1,846		68
McCormick & Schmick’s Seafood Restaurants =		905		5
Mediacom Communications =		2,582		12
Men’s Wearhouse		3,176		74
Meritage Homes =		1,910		35
Midas =		855		7
Modine Manufacturing		2,623		27
Monarch Casino & Resort = 6		703		5
Monro Muffler Brake		967		30
Morgans Hotel Group =		1,523		5
Movado Group		987		10
Multimedia Games =		1,625		8
National Cinemedia		2,569		41
National Presto Industries		292		25
New York & Company =		1,324		6
NIVS IntelliMedia Technology Group =		499		1
Nobel Learning Communities =		248		2
NutriSystem 6		1,872		40
O’Charleys =		1,013		7
OfficeMax =		4,653		53
Orbitz Worldwide =		2,199		11
Orient-Express Hotels, Class A 6		4,685		40
Outdoor Channel Holdings =		886		6
Overstock.com = 6		897		13
Oxford Industries		833		16
P.F. Chang’s China Bistro = 6		1,406		41
Pacific Sunwear of California =		3,821		23
Pantry =		1,371		19
Papa John’s International =		1,271		29
Peet’s Coffee & Tea = 6		793		27
Pep Boys – Manny, Moe & Jack		2,969		26
Perry Ellis International =		687		9
PetMed Express		1,380		22
Pier 1 Imports = 6		5,217		18
Pinnacle Entertainment =		3,662		31
Playboy Enterprises, Class B = 6		1,374		4
Polaris Industries 6		1,916		81
Pool		2,949		58
Pre-Paid Legal Services = 6		482		19
Primedia		1,761		4
Princeton Review =		725		3
Quiksilver =		7,811		16
Raser Technologies = 6		3,719		4
RC2 =		1,020		13
RCN =		2,205		18
Reading International =		1,057		4
Red Lion Hotels =		811		4
Red Robin Gourmet Burgers =		947		16
Regis 6		3,082		50
Rent-A-Center =		4,027		74
Rentrak =		575		9
Retail Ventures =		1,693		11
Rex Stores =		493		6
Ruby Tuesday =		3,953		26
Ruth’s Hospitality Group =		1,134		4
Ryland Group 6		2,624		49
Saks = 6		7,246		41
Sally Beauty Holdings =		5,729		39
Scholastic		1,399		35
Sealy = 6		2,753		8
Shoe Carnival =		516		8
Shuffle Master =		3,271		26
Shutterfly =		1,145		16
Sinclair Broadcast Group, Class A		2,843		11
Skechers U.S.A., Class A =		2,021		44
Skyline		389		7
Smith & Wesson =		3,245		14
Sonic =		3,703		35
Sonic Automotive, Class A 6		1,858		17
Sotheby’s Holdings, Class A 6		4,084		65
Spartan Motors		1,978		10
Speedway Motorsports		791		11
Sport Supply Group		562		6
Stage Stores		2,314		27
Stamps.com =		768		8
Standard Motor Products		954		8
Standard-Pacific =		5,846		18
Stanley Furniture		630		5
Steak ’N Shake =		1,670		19
Stein Mart =		1,558		15
Steiner Leisure =		920		34
Steinway Musical Instruments =		540		6
Steven Madden =		1,026		42
Stewart Enterprises, Class A		5,516		25
Stoneridge =		918		7
Sturm, Ruger & Company 6		1,161		12
Superior Industries International		1,409		19
SYMS =		360		3
Systemax =		607		8
Talbots		1,431		13
Tempur-Pedic International =		4,568		88
Tenneco Automotive =		3,042		41
Texas Roadhouse =		3,050		29
Ticketmaster Entertainment =		2,298		22
Timberland, Class A =		2,779		45
Town Sports International Holdings =		1,183		3
Tractor Supply =		2,168		97
True Religion Apparel = 6		1,552		40
Tuesday Morning =		1,760		6
Tupperware		3,818		172
Tween Brands =		1,454		12
U.S. Auto Parts Network =		601		3

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

26 First American Funds 2009 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


ULTA =		1,687	$	26
Under Armour, Class A = 6		2,020		54
Unifi =		2,449		7
UniFirst		835		35
Universal Electronics =		822		17
Universal Technical Institute =		1,313		24
Universal Travel Group = 6		612		7
Vail Resorts = 6		1,793		62
Valassis Communications =		2,932		53
Value Line		78		2
Volcom = 6		1,151		19
Warnaco Group =		2,792		113
West Marine = 6		871		7
Wet Seal, Class A =		5,912		19
Weyco Group		424		9
Winnebago Industries = 6		1,697		19
Wolverine World Wide		2,894		74
Wonder Auto Technology =		897		12
World Wrestling Entertainment		1,243		16
Youbet.com =		1,829		4
Zale =		1,875		9
Zumiez = 6		1,151		15

				7,054

Consumer Staples – 3.0%
Agfeed Industries = 6		1,683		7
Alico		268		8
Alliance One International = 6		5,484		24
American Dairy = 6		591		17
American Italian Pasta =		1,277		35
American Oriental Bioengineering = 6		3,762		15
Andersons		1,110		34
B & G Foods		1,090		9
Bare Escentuals =		4,038		51
Boston Beer, Class A =		457		17
Calavo Growers		562		10
Cal-Maine Foods 6		761		21
Casey’s General Stores		3,100		98
Central Garden & Pet, Class A =		3,743		35
Chattem = 6		1,186		75
China Sky One Medical = 6		636		8
China-biotics =		445		5
Chiquita Brands International = 6		2,716		44
Coca-Cola Bottling		276		12
Darling International =		5,014		35
Diamond Foods		941		28
Diedrich Coffee =		183		4
Elizabeth Arden =		1,378		15
Farmer Brothers		339		6
Fresh Del Monte Produce =		2,439		53
Great Atlantic & Pacific Tea = 6		1,990		20
Griffin Land & Nurseries		186		6
Hain Celestial Group =		2,356		41
Heckmann = 6		4,879		21
HQ Sustainable Maritime Industries =		538		4
Imperial Sugar		698		9
Ingles Markets, Class A		775		12
Inter Parfums		761		9
J&J Snack Foods		802		31
Lancaster Colony		1,181		57
Lance		1,652		40
Lifeway Foods =		263		3
Mannatech 6		1,108		4
Medifast =		791		17
Nash-Finch		746		22
National Beverage =		528		6
Nu Skin Enterprises, Class A		2,901		66
Nutraceutical International =		664		7
Oil-Dri Corporation of America		313		5
Omega Protein =		996		4
Orchids Paper Products =		491		9
Overhill Farms =		965		5
Prestige Brand Holdings =		1,897		13
PriceSmart		974		19
Revlon =		1,187		10
Ruddick		2,447		65
Sanderson Farms		1,239		45
Schiff Nutrition International		523		3
Seneca Foods =		393		11
Smart Balance =		3,643		19
Spartan Stores 6		1,354		19
Star Scientific = 6		4,301		4
Susser Holdings =		421		5
Synutra International = 6		1,097		13
The Female Health =		968		5
Tootsie Roll Industries		1,459		36
Treehouse Foods =		1,923		72
United Natural Foods =		2,618		63
Universal 6		1,425		59
USANA Health Sciences =		472		14
Vector Group		2,113		31
Village Super Market		371		11
WD-40 Company		962		30
Weis Markets		618		22
Winn Dixie Stores =		3,322		37
Zapata =		551		4
Zhongpin = 6		1,136		15

				1,666

Energy – 4.5%
Allis Chalmers Energy =		3,600		13
Alon USA Energy		605		5
Apco Oil & Gas International		557		12
Approach Resources =		732		6
Arena Resources =		2,331		87
Atlas Energy		2,074		54
ATP Oil & Gas = 6		2,395		41
Basic Energy Services =		1,867		13
Berry Petroleum, Class A		2,611		66
Bill Barrett =		2,341		73
Bolt Technology =		468		5
Boots & Coots =		4,768		7
BPZ Energy =		5,142		32
Brigham Exploration =		5,059		48
Bristow Group =		1,778		52
Bronco Drilling =		1,528		10
Cal Dive International =		2,571		20
Carbo Ceramics 6		1,158		68
Carrizo Oil & Gas =		1,701		39
Cheniere Energy =		3,296		8
Clayton Williams Energy =		358		9
Clean Energy Fuels = 6		1,830		21
Complete Production Services =		3,557		34
Contango Oil & Gas Company =		764		36
Credo Pete =		429		4
Crosstex Energy 6		2,215		12
Cubic Energy =		1,649		2
CVR Energy =		1,348		14
Dawson Geophysical =		474		11
Delek US Holdings		731		5
Delta Petroleum = 6		10,847		14
DHT Maritime		3,026		10

First American Funds 2009 Annual Report 27

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Dril-Quip =		1,798	$	87
Endeavour International =		6,612		7
ENGlobal =		1,526		5
Evergreen Energy = 6		7,569		3
FX Energy =		2,469		7
General Maritime		2,975		21
Geokinetics =		387		6
Georesources =		441		5
Global Industries =		6,083		44
GMX Resources = 6		1,880		24
Golar LNG 6		2,055		25
Goodrich Petroleum =		1,493		38
Gran Tierra Energy =		13,695		65
Green Plains Renewable Energy =		568		4
Gulf Island Fabrication		713		14
GulfMark Offshore =		1,311		36
Gulfport Energy =		1,536		12
Harvest Natural Resources =		1,993		11
Hercules Offshore =		6,126		31
Hornbeck Offshore Services =		1,348		33
International Coal Group = 6		6,618		27
Ion Geophysical = 6		6,412		25
Isramco =		65		5
James River Coal =		1,684		32
Key Energy Services =		7,536		55
Knightsbridge Tankers		994		13
Lufkin Industries		862		49
Matrix Service =		1,512		13
McMoRan Exploration = 6		4,616		36
Natco Group =		1,215		53
Natural Gas Services Group =		709		12
Newpark Resources =		5,031		15
Nordic American Tanker Shipping 6		2,573		73
Northern Oil & Gas =		1,719		16
Oilsands Quest = 6		13,408		16
OYO Geospace =		247		6
Panhandle Oil And Gas		398		8
Parker Drilling =		7,077		37
Patriot Coal = 6		4,464		50
Penn Virginia 6		2,767		56
Petroleum Development =		863		14
PetroQuest Energy =		3,091		19
PHI =		793		14
Pioneer Drilling =		2,895		19
PrimeEnergy =		51		2
Rex Energy =		1,547		13
Rosetta Resources =		3,188		43
RPC		1,869		17
Ship Finance International 6		2,653		30
Stone Energy =		2,516		39
SulphCo = 6		4,141		4
Superior Well Services = 6		961		10
Swift Energy =		1,998		42
Syntroleum = 6		3,848		9
T-3 Energy Services =		767		15
Teekay Tankers, Class A 6		732		6
TETRA Technologies =		4,589		43
TGC Industries =		805		4
Toreador Resources		1,239		11
Union Drilling =		761		6
Uranerz Energy Corporation =		2,746		4
Uranium Energy = 6		3,395		9
USEC = 6		6,851		26
Vaalco Energy		3,605		15
Vantage Drilling Company =		1,822		3
Venoco =		1,187		15
W&T Offshore		2,071		24
Warren Resources =		3,591		8
Western Refining = 6		1,737		10
Westmoreland Coal =		516		3
Willbros Group =		2,407		32
World Fuel Services 6		1,683		86
Zion Oil & Gas = 6		725		5

				2,506

Financials – 18.5%
1st Source		834		12
Abington Bancorp		1,325		9
Acadia Realty Trust – REIT		2,418		38
Advance America Cash Advance Centers		2,798		14
Agree Realty – REIT		436		10
Alexander’s =		132		35
Alliance Financial		251		7
Allied Capital		10,897		34
Ambac Financial Group 6		17,524		20
American Campus Communities – REIT 6		3,183		86
American Capital 6		16,913		45
American Capital Agency – REIT		541		14
American Equity Investment Life Holding		3,463		23
American National Bankshares		372		8
American Physicians Capital		669		19
American Physicians Service Group		388		9
American Safety Insurance Holdings =		576		9
Ameris Bancorp		794		5
Amerisafe =		1,150		21
Ames National 6		349		7
Amtrust Financial Services		1,386		16
Anthracite Capital – REIT 6		4,799		3
Anworth Mortgage Asset – REIT		6,198		44
Apollo Investment 6		9,833		89
Ares Capital 6		5,925		62
Argo Group International Holdings =		1,720		58
Arrow Financial		517		13
Ashford Hospitality Trust – REIT = 6		3,771		15
Asset Acceptance Capital =		966		7
Associated Estates Realty – REIT		901		8
Assured Guaranty 6		6,067		101
Astoria Financial		5,214		52
Auburn National Bancorp		144		3
Avatar Holdings =		332		5
Baldwin & Lyons, Class B		402		9
BancFirst		411		15
Banco Latinoamericano de Exportaciones		1,670		24
Bancorp Bank =		1,208		6
Bancorp Rhode Island		222		6
Bank Mutual		3,041		21
Bank of Kentucky Financial		187		4
Bank Of Marin Bancorp		316		10
Bank of the Ozarks 6		794		18
BankFinancial		1,099		10
Banner 6		949		3
Bar Harbor Bankshares		176		5
Beneficial Mutual Bancorp =		1,775		16
Berkshire Hills Bancorp		836		17
BGC Partners, Class A		2,823		14
BioMed Realty Trust – REIT		5,979		81
Blackrock Kelso Capital		704		5
Boston Private Financial Holdings		4,134		25
Bridge Bancorp		379		8
Broadpoint Gleacher Securities = 6		2,888		18
Brookline Bancorp		3,346		33
Brooklyn Federal Bancorp		188		2

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

28 First American Funds 2009 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Bryn Mawr Bank		373	$	6
Calamos Asset Management		1,416		15
California First National Bancorp		112		1
Camden National		465		14
Cape Bancorp =		718		5
Capital City Bank Group 6		662		8
Capital Southwest		178		13
CapLease – REIT		2,923		10
Capstead Mortgage – REIT		3,873		51
Cardinal Financial		1,642		13
Cardtronics =		816		8
Care Investment Trust – REIT		719		6
Cash America International 6		1,802		55
Cathay General Bancorp 6		3,021		27
CBL & Associates Properties – REIT 6		8,330		68
Cedar Shopping Centers – REIT		2,510		15
Center Bancorp		753		6
Centerstate Banks of Florida		1,121		8
Central Pacific Financial 6		1,626		2
Century Bancorp		215		5
Chemical Financial		1,312		29
Cheviot Financial		171		1
Chicopee Bancorp =		393		5
China Housing & Land Development = 6		1,566		5
Citizens = 6		2,297		14
Citizens & Northern		486		6
Citizens Banking = 6		23,787		14
Citizens Holding		243		5
City Holdings		1,106		34
Clifton Savings Bancorp		589		5
CNA Surety =		1,001		15
CNB Financial 6		527		8
CoBiz Financial		1,784		9
Cogdell Spencer – REIT		1,698		8
Cohen & Steers 6		1,049		20
Colonial Properties Trust – REIT		3,997		42
Columbia Banking System		1,697		25
Community Bank System		1,991		37
Community Trust Bancorp		871		21
Compass Diversified Trust		1,454		15
Compucredit Holdings =		900		3
Conseco =		11,268		59
Consolidated-Tomoka Land		330		11
Cousins Properties – REIT		4,408		32
Crawford & Company =		1,307		7
Credit Acceptance =		335		12
CVB Financial 6		4,962		40
Cypress Sharpridge Investments		997		13
Danvers Bancorp 6		967		13
DCT Industrial Trust – REIT 6		12,347		56
Delphi Financial Group, Class A		2,642		57
Developers Diversified Realty – REIT 6		8,643		74
Diamond Hill Investment Group =		130		7
DiamondRock Hospitality – REIT =		7,014		53
Dime Community Bancshares		1,574		17
Dollar Financial =		1,410		26
Donegal Group, Class A		937		14
Doral Financial = 6		296		1
Duff & Phelps, Class A		989		17
DuPont Fabros Technology – REIT		1,614		24
Dynex Capital – REIT		685		6
E *TRADE Financial = 6		88,366		129
Eagle Bancorp =		913		9
East West Bancorp		5,571		50
Eastern Insurance Holdings		478		3
EastGroup Properties – REIT		1,448		53
Education Realty Trust – REIT		3,421		17
eHealth =		1,461		21
EMC Insurance Group		349		7
Employers Holdings		2,788		41
Encore Capital Group =		896		13
Enstar Group =		407		25
Enterprise Bancorp		308		3
Enterprise Financial Services		644		6
Entertainment Properties Trust – REIT		2,131		73
Epoch Holdings		774		7
Equity Lifestyle Properties – REIT		1,362		63
Equity One – REIT 6		2,278		34
ESB Financial		560		7
Essa Bancorp		921		11
Evercore Partners, Class A		671		22
Extra Space Storage – REIT		5,268		50
Ezcorp =		2,633		34
F.N.B		6,873		49
Farmers Capital Bank		391		4
FBL Financial Group, Class A		927		19
FBR Capital Markets =		1,631		10
FelCor Lodging Trust – REIT		3,945		12
Fifth Street Finance		1,973		19
Financial Federal		1,451		30
Financial Institutions		638		7
First Acceptance =		1,142		3
First Bancorp		532		8
First Bancorp – North Carolina		836		11
First Bancorp of Puerto Rico 6		4,898		9
First Busey 6		2,470		10
First California Financial Group =		344		1
First Cash Financial Services =		1,400		24
First Commonwealth Financial		4,982		26
First Community Bancshares – Nevada		849		10
First Defiance Financial		496		7
First Financial – Indiana		709		20
First Financial Bancorp – Ohio		3,104		39
First Financial Bankshares 6		1,269		62
First Financial Holdings		853		12
First Financial Northwest		1,239		7
First Financial Services		246		2
First Industrial Realty Trust – REIT		3,188		14
First Marblehead = 6		3,748		7
First Merchants		1,226		8
First Mercury Financial		819		10
First Midwest Bancorp 6		3,304		34
First of Long Island		329		8
First Potomac Realty Trust – REIT		1,528		17
First South Bancorp 6		443		5
FirstMerit		5,033		95
Flagstar Bancorp =		4,698		4
Flagstone Reinsurance Holdings		2,386		26
Flushing Financial		1,560		18
Forestar Real Estate Group =		2,186		32
Fox Chase Bancorp =		345		3
FPIC Insurance Group =		524		18
Franklin Street Properties – REIT		3,332		36
GAMCO Investors		441		19
German Amern Bancorp 6		675		10
Getty Realty – REIT		1,252		31
GFI Group		4,116		21
Glacier Bancorp 6		3,751		49
Gladstone Capital		1,286		11
Gladstone Commercial – REIT		523		7
Gladstone Investment		1,347		7
Glimcher Realty Trust – REIT		3,723		10

First American Funds 2009 Annual Report 29

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Government Properties Income Trust – REIT =		606	$	14
Gramercy Capital – REIT =		3,791		12
Great Southern Bancorp 6		612		14
Greenlight Capital =		1,625		30
Guaranty Bancorp =		2,881		4
Hallmark Financial Services =		577		4
Hampton Roads Bankshares 6		1,125		2
Hancock Holding		1,496		54
Harleysville Group		815		26
Harleysville National 6		2,488		14
Harris & Harris Group =		1,505		6
Hatteras Financial – REIT 6		2,208		62
Healthcare Realty Trust – REIT 6		3,420		71
Heartland Financial USA 6		895		12
Hercules Technology Growth Capital		2,155		20
Heritage Financial		339		4
Hersha Hospitality Trust – REIT		2,702		7
Highwoods Properties – REIT		4,319		119
Hilltop Holdings =		2,517		30
Home Bancorp =		545		7
Home Bancshares		853		18
Home Federal Bancorp		1,019		12
Home Properties – REIT		1,935		76
Horace Mann Educators		2,655		33
IBERIABANK		1,244		54
Independence Holdings		395		2
Independent Bank		1,275		27
Infinity Property & Casualty		921		36
Inland Real Estate – REIT		4,287		37
International Assets Holding =		765		14
International Bancshares		3,179		47
Invesco Mortgage Capital =		519		10
Investors Bancorp =		2,905		32
Investors Real Estate Trust – REIT		3,339		28
iStar Financial – REIT = 6		7,609		16
JMP Group		893		8
K Fed Bancorp		245		2
Kansas City Life Insurance		248		7
KBW =		2,125		60
Kearny Financial		1,168		12
Kentucky First Fed Bancorp		186		2
Kilroy Realty – REIT 6		2,606		72
Kite Realty Group Trust – REIT		2,822		10
Knight Capital Group, Class A =		5,669		96
Kohlberg Capital		1,116		6
LaBranche =		3,377		9
Lakeland Bancorp 6		1,430		9
Lakeland Financial		686		14
LaSalle Hotel Properties – REIT 6		3,835		66
Legacy Bancorp		450		4
Lexington Corporate Properties Trust – REIT		5,468		23
Life Partners Holdings 6		403		7
LTC Properties – REIT		1,413		34
Maiden Holdings		2,858		20
Main Street Capital 6		431		6
MainSource Financial Group		1,125		7
MarketAxess Holdings =		1,935		23
Max Capital Hamilton		3,242		67
MB Financial		3,029		54
MCG Capital		4,432		18
Meadowbrook Insurance Group		3,503		24
Medallion Financial		806		6
Medical Properties Trust – REIT 6		4,670		37
Mercer Insurance Group		341		6
Merchants Bancshares		291		7
Meridian Interstate Bancorp =		580		5
Metro Bancorp =		579		7
MF Global = 6		5,902		42
MFA Mortgage Investments – REIT		15,665		116
MGIC Investment =		7,628		33
Mid-America Apartment Communities – REIT 6		1,721		75
Midsouth Bancorp		279		4
Mission West Properties – REIT		891		6
Monmouth Real Estate Investment, Class A – REIT		1,106		8
Montpelier Holdings		5,407		87
MVC Capital		1,371		13
Nara Bancorp		1,991		15
NASB Financial		288		7
National Bankshares		422		11
National Financial Partners =		2,676		22
National Health Investors – REIT		1,569		47
National Interstate		266		5
National Penn Bancshares 6		7,628		43
National Retail Properties – REIT 6		4,874		94
National Western Life Insurance, Class A 6		151		27
Navigators Group =		650		35
NBT Bancorp		1,990		43
Nelnet, Class A =		1,175		17
NewAlliance Bancshares		6,347		70
Newstar Financial =		1,688		4
NGP Capital Resources		1,221		9
Northeast Community Bancorp		359		2
Northfield Bancorp		1,067		13
Northrim Bancorp		387		6
NorthStar Realty Finance – REIT 6		3,541		13
Northwest Bancorp		957		21
Norwood Financial		115		3
NYMAGIC		228		3
OceanFirst Financial		479		5
Ocwen Financial =		2,826		31
Ohio Valley Banc 6		242		5
Old National Bancorp		5,256		55
Old Point Financial		122		2
Old Second Bancorp 6		757		4
OMEGA Healthcare Investors – REIT		4,763		72
Oppenheimer Holdings		576		15
optionsXpress Holdings		2,576		40
Oriental Financial Group		1,477		16
Oritani Financial		704		9
Orrstown Financial Services 6		312		10
Pacific Cap Bancorp New 6		2,602		3
Pacific Continental		784		9
PacWest Bancorp 6		1,625		28
Park National		641		37
Parkway Properties – REIT		1,221		22
Peapack-Gladstone Financial		473		6
PennantPark Investment		1,530		12
Penns Woods Bancorp		233		7
Pennsylvania Real Estate Investment Trust – REIT		2,331		17
Pennymac Mortgage Investment Trust =		1,013		19
Penson Worldwide = 6		1,190		12
Peoples Bancorp – Ohio		629		7
Peoples Financial		231		4
PHH = 6		3,316		54
Phoenix Companies =		7,050		22
PICO Holdings =		1,149		39
Pinnacle Financial Partners = 6		2,002		25
Piper Jaffray Companies =		1,201		56
Platinum Underwriters Holdings		3,092		111
PMA Capital =		1,906		9

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

30 First American Funds 2009 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


PMI Group 6		4,759	$	12
Porter Bancorp		164		3
Portfolio Recovery Associates = 6		884		41
Post Properties – REIT		2,920		48
Potlatch – REIT		2,423		68
PremierWest Bancorp		1,321		3
Presidential Life		1,519		14
Primus Guaranty =		1,293		4
PrivateBancorp		2,129		19
ProAssurance =		1,994		100
Prospect Capital 6		2,517		25
Prosperity Bancshares		2,812		101
Provident Financial Services		3,471		37
Provident New York Bancorp		2,388		20
Prudential Bancorp		245		2
PS Business Parks – REIT		939		46
Pzena Investment Management =		470		3
QC Holdings		209		1
Radian Group		4,994		29
RAIT Financial Trust – REIT 6		5,114		9
Ramco-Gershenson Properties Trust – REIT 6		1,374		12
Redwood Trust – REIT		4,726		66
Renasant		1,227		18
Republic Bancorp – Kentucky, Class A 6		604		11
Republic First Bancorp =		437		2
Resource America, Class A		768		3
Resource Capital – REIT		1,253		6
Rewards Network		389		4
Riskmetrics Group =		1,342		20
RLI		1,119		56
Rockville Financial		499		5
Roma Financial		476		6
S&T Bancorp 6		1,436		23
Safeguard Scientifics =		1,259		12
Safety Insurance Group		946		32
Sanders Morris Harris Group		1,098		6
Sandy Spring Bancorp 6		1,003		12
Santander Bancorp =		259		3
Saul Centers – REIT		672		21
SCBT Financial		741		19
SeaBright Insurance Holdings =		1,197		13
Selective Insurance Group		3,182		49
Shore Bancshares		512		8
Sierra Bancorp		410		4
Signature Bank =		2,158		68
Simmons First National, Class A		854		25
Smithtown Bancorp		893		9
South Financial Group		12,988		10
Southside Bancshares		783		16
Southwest Bancorp – Oklahoma		917		9
Sovran Self Storage – REIT		1,271		38
Starwood Property Trust =		2,446		49
State Auto Financial		956		16
State Bancorp		777		6
StellarOne		1,384		15
Sterling Bancorp		1,304		9
Sterling Bancshares 6		5,023		28
Sterling Financial – Washington = 6		3,195		3
Stewart Information Services		987		9
Stifel Financial = 6		1,669		87
Strategic Hotels & Resorts – REIT = 6		5,791		10
Suffolk Bancorp 6		629		18
Sun Bancorp – New Jersey =		1,087		4
Sun Communities – REIT		1,465		26
Sunstone Hotel Investors – REIT		5,920		45
Susquehanna Bancshares 6		5,259		29
SVB Financial Group = 6		2,011		83
SWS Group		1,467		20
SY Bancorp		841		19
Tanger Factory Outlet Centers – REIT		2,244		85
Tejon Ranch =		635		17
Territorial Bancorp =		512		8
Teton Advisors =		6		—
Texas Capital Bancshares =		2,172		32
Thomas Weisel Partners Group =		1,177		5
TICC Capital		2,121		10
Tompkins Trustco		503		22
Tower Bancorp		212		5
Tower Group		2,467		61
Townebank Portsmouth 6		1,208		14
TradeStation Group =		2,031		16
Tree.com =		391		3
Triangle Capital 6		679		8
TriCo Bancshares		872		13
TrustCo Bank Corporation of New York 6		4,401		26
Trustmark 6		3,499		66
UCBH Holdings 6		7,345		7
UMB Financial		1,963		78
UMH Properties – REIT		534		4
Umpqua Holdings		5,179		51
Union Bankshares		934		12
United American Indemnity =		2,038		14
United Bankshares 6		2,328		42
United Community Banks =		4,949		20
United Financial Bancorp		965		12
United Fire & Casualty		1,323		23
United Security Bancshares 6		366		8
Universal Health Realty Income Trust – REIT		866		28
Universal Insurance Holdings		805		4
Univest Corporation of Pennsylvania		849		16
Urstadt Biddle Properties, Class A		1,658		25
US Global Investors 6		800		8
U-Store-It Trust – REIT		4,809		27
Viewpoint Financial		609		8
Virtus Investment Partners =		353		5
Walter Investment Management – REIT		1,389		18
Washington Banking		581		5
Washington Real Estate Investment Trust – REIT		3,413		91
Washington Trust Bancorp		789		12
Waterstone Financial =		389		1
Webster Financial 6		4,116		47
WesBanco		1,463		21
West Bancorp		945		4
Westamerica Bancorporation 6		1,687		81
Western Alliance Bancorp =		2,796		12
Westfield Financial		1,724		14
Westwood Holdings		342		12
Wilber		354		2
Wilshire Bancorp 6		1,310		9
Winthrop Realty Trust – REIT		624		6
Wintrust Financial 6		1,461		41
World Acceptance =		950		24
WSFS Financial		373		10
Yadkin Valley Financial		891		3
Zenith National Insurance		2,178		62

				10,270

Healthcare – 12.7%
Abaxis =		1,335		30
ABIOMED =		1,993		18
Accelrys =		1,452		8
Accuray =		2,418		14

First American Funds 2009 Annual Report 31

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Acorda Therapeutics =		2,319	$	50
Acura Pharmaceuticals = 6		442		2
Adolor =		2,497		4
Affymax =		841		17
Affymetrix =		4,311		23
Air Methods =		647		20
Akorn = 6		3,092		4
Albany Molecular Research =		1,421		12
Align Technology =		3,470		55
Alkermes =		5,764		46
Alliance Imaging =		1,601		9
Allied Healthcare International =		2,743		7
Allion Healthcare =		1,212		8
Allos Therapeutics =		3,803		21
Almost Family =		437		13
Alnylam Pharmaceuticals =		2,197		37
Alphatec Holdings =		1,827		9
AMAG Pharmaceuticals = 6		1,039		39
Amedisys = 6		1,667		66
America Service Group		504		7
American Caresource Holding =		646		2
American Dental Partners =		789		9
American Medical Systems = 6		4,502		69
AMERIGROUP =		3,138		69
AMICAS =		2,147		7
Amicus Therapeutics =		924		4
AMN Healthcare Services =		1,944		16
Amsurg, Class A =		1,869		39
Analogic		780		29
AngioDynamics =		1,490		23
Ardea Biosciences =		813		11
Arena Pharmaceuticals = 6		5,630		20
Ariad Pharmaceuticals = 6		6,575		12
ArQule =		2,524		8
Array BioPharma =		2,934		5
Aryx Therapeutics =		1,269		3
Aspect Medical Systems =		1,062		13
Assisted Living Concepts, Class A =		638		13
Athenahealth = 6		2,043		77
Atrion		81		10
ATS Medical = 6		2,890		8
Auxilium Pharmaceuticals = 6		2,604		82
AVANIR Pharmaceuticals = 6		3,702		7
AVI BioPharma = 6		5,798		9
BioCryst Pharmaceuticals = 6		1,307		12
Biodel =		928		4
BioDelivery Sciences International =		575		2
Biomimetic Therapeutics =		777		9
Bio-Reference Laboratories =		723		23
BioScrip =		2,551		19
Biospecifics Technologies =		236		7
BMP Sunstone =		1,974		7
Bovie Medical = 6		1,039		8
Bruker BioSciences =		3,341		36
Cadence Pharmaceuticals = 6		1,557		14
Cambrex =		1,692		10
Cantel Medical =		726		12
Capital Senior Living =		1,382		7
Caraco Pharmaceutical Laboratories =		907		3
Cardiac Science =		1,054		4
Cardionet =		1,449		9
Cardiovascular Systems =		548		3
Cardium Therapeutics = 6		2,373		2
Catalyst Health Solutions =		2,237		70
Celera =		4,990		31
Cell Therapeutics = 6		32,581		31
Celldex Therapeutics =		1,509		7
Centene =		2,544		45
Cepheid = 6		3,533		47
Chelsea Therapeutics International =		1,969		5
Chemed		1,345		61
Chindex International =		812		11
Clarient =		1,823		6
Clinical Data = 6		657		10
Computer Programs & Systems		538		23
Conceptus = 6		1,861		33
CONMED =		1,679		36
Continucare =		1,786		5
Cornerstone Therapeutics =		398		2
Corvel =		482		14
Cross Country Healthcare =		1,784		15
CryoLife =		1,618		10
Cubist Pharmaceuticals = 6		3,514		60
Curis = 6		3,882		8
Cutera =		811		7
Cyberonics = 6		1,667		24
Cynosure =		518		5
Cypress Bioscience =		2,320		14
Cytokinetics =		2,526		8
Cytori Therapeutics =		1,651		5
Delcath Systems = 6		1,383		6
DepoMed =		2,969		9
DexCom =		2,800		19
Dionex =		1,066		72
Discovery Laboratories = 6		7,301		7
Durect =		5,012		11
Dyax =		4,028		13
Eclipsys =		3,425		64
Electro Optical Sciences = 6		1,076		11
Emergency Medical Services =		576		28
Emergent Biosolutions =		995		14
Emeritus = 6		1,144		21
Endologix =		2,676		13
Ensign Group		671		10
Enteromedics = 6		929		1
Enzo Biochem =		1,884		10
Enzon = 6		2,762		23
eResearchTechnology =		2,513		19
ev3 =		4,322		51
Exactech =		442		7
Exelixis =		6,492		39
Facet Biotech =		1,498		26
Genomic Health =		816		15
Genoptix = 6		1,028		36
Gentiva Health Services =		1,765		42
Geron = 6		5,430		33
Greatbatch = 6		1,414		28
GTx = 6		1,164		10
Haemonetics =		1,495		77
Halozyme Therapeutics =		3,830		23
Hanger Orthopedic Group =		1,791		25
Hansen Medical =		1,415		4
Harvard Bioscience =		1,497		5
Health Grades =		1,449		6
Healthsouth =		5,384		79
Healthspring =		2,986		43
Healthways =		2,044		33
Heartware International =		284		9
Hemispherx Biopharma = 6		7,099		10
Hi-Tech Pharmaceutical =		494		9
HMS Holdings =		1,577		68
Home Diagnostics =		705		4

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

32 First American Funds 2009 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Human Genome Sciences = 6		9,835	$	184
ICU Medical =		775		27
Idenix Pharmaceuticals =		1,726		4
Idera Pharmaceuticals =		1,318		7
I-Flow =		1,328		17
Immucor = 6		4,295		77
ImmunoGen =		3,116		21
Immunomedics =		3,946		14
Impax Laboratories =		3,700		33
Incyte = 6		5,247		31
Indevus Pharmaceuticals, escrow shares = ¥ ⊡		4,270		—
Infinity Pharmaceuticals =		1,093		6
Insmed =		7,622		5
Inspire Pharmaceuticals =		3,705		17
Insulet = 6		1,587		18
Integra LifeSciences =		1,149		35
InterMune =		2,330		28
Invacare		1,865		42
inVentiv Health =		2,040		35
IPC The Hospitalist =		982		30
IRIS International =		1,070		11
Isis Pharmaceuticals = 6		5,679		72
ISTA Pharmaceuticals =		2,026		7
Javelin Pharmaceuticals = 6		2,712		4
Kendle International =		905		15
Kensey Nash =		597		14
Kindred Healthcare =		2,379		35
K-V Pharmaceutical, Class A =		2,272		9
Landauer		548		28
Lannett =		616		4
LCA-Vision =		1,003		5
Lexicon Pharmaceuticals =		6,272		8
LHC Group =		925		26
Life Sciences Research =		474		4
Ligand Pharmaceuticals =		6,909		12
Luminex = 6		2,526		37
Magellan Health Services =		2,130		68
Mako Surgical = 6		797		7
MannKind = 6		3,489		18
Map Pharmaceuticals =		424		3
Martek Biosciences =		2,021		36
Masimo =		3,094		82
Matrixx Initiatives =		576		3
Maxygen =		1,542		9
MedAssets =		2,405		53
MedCath =		863		7
Medical Action Industries =		864		9
Medicines = 6		3,217		23
Medicis Pharmaceutical, Class A		3,588		76
Medidata Solutions =		381		6
Medivation =		1,750		45
MedQuist =		558		3
Merge Healthcare =		1,582		6
Meridian Bioscience		2,470		55
Merit Medical Systems =		1,703		29
Metabolix = 6		1,183		12
Metropolitan Health Networks =		2,463		5
Micromet = 6		3,462		18
Micrus Endovascular =		905		11
Middlebrook Pharmaceutical =		1,944		2
Molecular Insight Pharmaceuticals = 6		1,029		5
Molina Healthcare =		813		15
Momenta Pharmaceuticals =		2,146		20
MWI Veterinary Supply =		657		23
Myriad Pharmaceuticals =		1,399		8
NABI Biopharmaceuticals =		3,583		12
Nanosphere =		699		5
National Healthcare		471		17
National Research		97		2
Natus Medical =		1,707		24
Nektar Therapeutics =		5,645		46
Neogen =		783		25
Neurocrine Biosciences =		2,234		5
NeurogesX =		630		5
Nighthawk Radiology Holdings =		1,393		8
Novamed = 6		1,218		5
Novavax = 6		4,028		15
NPS Pharmaceuticals =		2,745		9
NuVasive = 6		2,223		81
NxStage Medical = 6		1,462		8
Obagi Medical Products =		963		10
Odyssey Healthcare =		2,106		29
Omnicell =		1,846		18
Oncogenex Pharmaceuticals =		244		7
Onyx Pharmaceuticals =		3,524		94
Opko Health =		2,603		6
Optimer Pharmaceuticals = 6		1,747		20
OraSure Technologies =		2,623		9
Orexigen Therapeutics =		1,605		10
Orthofix International =		1,043		33
Orthovita = 6		3,880		14
Osiris Therapeutics = 6		1,022		6
Owens & Minor		2,539		104
Oxigene =		1,660		2
Pain Therapeutics =		2,014		10
Palomar Medical Technologies =		1,061		11
Par Pharmaceutical Companies =		2,026		42
PAREXEL =		3,508		44
PDL BioPharma 6		7,285		61
Pharmasset =		1,276		24
Pharmerica =		1,860		29
Phase Forward =		2,631		34
Poniard Pharmaceuticals =		1,405		9
POZEN =		1,514		9
Progenics Pharmaceutical =		1,548		6
Protalix Biotherapeutics =		2,109		20
PSS World Medical = 6		3,629		73
Psychiatric Solutions =		3,430		71
Quality Systems 6		1,437		88
Questcor Pharmaceuticals =		3,500		16
Quidel =		1,638		23
Radnet =		1,779		4
Regeneron Pharmaceuticals =		3,843		60
RehabCare Group =		1,122		21
Repligen =		1,819		9
Repros Therapeutics = 6		576		1
Res-Care =		1,442		17
Rigel Pharmaceuticals =		3,004		19
Rochester Medical =		610		6
Rockwell Medical Technologies = 6		861		6
RTI Biologics =		3,126		12
Salix Pharmaceuticals = 6		2,798		51
Sangamo BioSciences =		2,507		13
Santarus = 6		3,161		10
Savient Pharmaceuticals = 6		4,017		51
Sciclone Pharmaceuticals =		2,178		5
Seattle Genetics =		4,367		40
Sequenom = 6		3,729		10
SIGA Technologies = 6		1,580		10
Sirona Dental Systems =		1,046		28
Skilled Healthcare Group, Class A =		1,215		10
Somanetics =		711		11

First American Funds 2009 Annual Report 33

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


SonoSite =		1,016	$	25
Spectranetics =		1,872		11
Spectrum Pharmaceuticals = 6		2,607		11
StemCells = 6		6,293		7
Stereotaxis = 6		1,731		6
STERIS		3,565		104
Sucampo Pharmaceuticals =		656		3
Sun Healthcare Group =		2,658		24
Sunrise Senior Living =		2,630		11
SuperGen =		3,603		8
SurModics = 6		939		24
Symmetry Medical =		2,063		16
Synovis Life Technologies =		676		8
Synta Pharmaceuticals =		908		3
The Provident Service =		748		9
Theravance = 6		3,250		45
Thoratec =		3,443		90
TomoTherapy =		2,812		9
TranS1 =		662		3
Transcend Services =		382		7
Triple-S Management =		1,253		21
U.S. Physical Therapy =		644		9
Universal American Financial =		2,383		24
Utah Medical Products		195		6
Vanda Pharmaceuticals = 6		1,626		17
Varian =		1,718		88
Vascular Solutions =		987		8
Vical = 6		2,573		8
ViroPharma =		4,720		36
Virtual Radiologic =		380		5
Vital Images =		972		11
Vivus = 6		4,850		38
Volcano =		2,946		42
WellCare Health Plans =		2,575		67
West Pharmaceutical Services 6		1,997		79
Wright Medical Group =		2,320		38
XenoPort =		1,666		28
Young Innovations		332		8
Zoll Medical =		1,285		25
ZymoGenetics =		2,321		11

				7,046

Industrials – 14.3%
3D Systems =		1,044		9
A.O. Smith		1,338		53
AAON		780		14
AAR =		2,360		46
ABM Industries		2,803		53
Acacia Research =		1,949		15
ACCO Brands =		3,327		20
Aceto		1,511		8
Actuant, Class A		3,709		58
Acuity Brands 6		2,496		79
Administaff		1,305		32
Advanced Battery Technologies = 6		2,974		10
Advisory Board =		929		23
AeroVironment =		810		22
Air Transport Services Group =		3,389		9
Aircastle		2,861		23
AirTran Holdings = 6		7,314		31
Alamo Group		388		5
Alaska Air Group =		2,220		57
Albany International, Class A		1,727		29
Allegiant Travel = 6		936		35
Altra Holdings =		1,627		14
Amerco =		524		22
American Commercial Lines =		509		11
American Ecology		1,107		18
American Railcar Industries		529		5
American Reprographics =		2,118		13
American Science & Engineering		560		37
American Superconductor =		2,647		89
American Woodmark		760		15
Ameron International		538		32
Ampco-Pittsburgh		485		13
Amrep =		117		1
APAC Customer Services =		1,550		10
Apogee Enterprises 6		1,682		22
Applied Industrial Technology		2,577		52
Applied Signal Technology		793		16
Argan =		451		6
Argon ST =		789		15
Arkansas Best		1,543		40
Ascent Solar Technologies =		1,140		6
Astec Industries =		1,104		25
Astronics =		564		5
ATC Technology =		1,189		25
Atlas Air Worldwide Holdings =		1,043		27
Avis Budget Group =		6,207		52
AZZ =		741		25
Badger Meter 6		904		34
Baldor Electric 6		2,840		73
Barnes Group		2,782		44
Barrett Business Services		467		5
Beacon Roofing Supply =		2,749		39
Belden		2,840		65
Blount International =		2,338		21
BlueLinx Holdings =		708		2
Bowne & Company		1,599		10
Brady, Class A		2,921		79
Briggs & Stratton 6		3,038		57
Broadwind Energy = 6		1,914		11
Builders FirstSource = 6		897		3
CAI International =		593		4
Cascade		547		14
CBIZ =		2,501		18
CDI		722		9
Celadon Group =		1,347		13
Cenveo =		2,847		20
Ceradyne =		1,532		25
Chart Industries =		1,732		34
Chase		371		4
China BAK Battery =		3,097		10
China Fire & Security Group = 6		855		12
CIRCOR International		1,035		28
CLARCOR		3,105		91
Clean Harbors =		1,158		65
Colfax =		1,440		16
Columbus McKinnon =		1,161		19
Comfort Systems USA		2,319		25
COMSYS IT Partners =		932		6
Consolidated Graphics =		580		12
Cornell =		673		15
Corporate Executive Board		2,079		50
CoStar Group = 6		1,135		44
Courier		621		9
CRA International =		658		16
Cubic		953		33
Curtiss-Wright		2,758		82
Deluxe		2,996		43
Diamond Management & Technology Consultation		1,454		9

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

34 First American Funds 2009 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


DigitalGlobe =		898	$	20
Dollar Thrifty Automotive = 6		1,322		24
Ducommun		619		11
DXP Enterprises =		650		7
Dycom Industries =		2,347		23
Dynamex =		632		12
Dynamic Materials		783		15
DynCorp International =		1,586		27
Eagle Bulk Shipping 6		2,869		14
Eastern		363		6
EMCOR Group =		3,947		93
Encore Wire 6		1,198		25
Ener1 =		2,914		15
Energy Conversion Devices = 6		2,789		30
Energy Recovery = 6		2,046		11
EnergySolutions		4,605		38
EnerNOC =		724		21
EnerSys =		2,461		54
Ennis		1,649		25
EnPro Industries =		1,240		28
ESCO Technologies =		1,598		63
Esterline Technologies =		1,810		76
Evergreen Solar = 6		11,453		17
Exponent =		760		20
Federal Signal		2,969		18
First Advantage =		656		12
Flanders =		871		4
Flow International =		2,104		5
Force Protection =		4,329		19
Forward Air 6		1,752		37
Franklin Covey =		777		4
Franklin Electric		1,406		38
FreightCar America		728		17
FuelCell Energy = 6		3,988		13
Fuel-Tech =		1,106		13
Furmanite =		2,118		8
Fushi Copperweld =		964		7
G&K Services, Class A		1,085		24
Genco Shipping & Trading 6		1,571		31
GenCorp =		3,216		24
Genesee & Wyoming, Class A =		1,998		58
Geo Group =		3,117		66
GeoEye =		1,132		29
Gibraltar Industries		1,517		16
Gorman-Rupp		841		21
GP Strategies =		962		7
GrafTech International =		7,333		99
Graham		871		12
Granite Construction 6		2,089		60
Great Lakes Dredge & Dock		2,316		14
Greenbrier Companies		1,363		12
Griffon =		3,137		28
GT Solar International = 6		1,920		10
H & E Equipment Services =		1,665		18
Harbin Electric =		691		11
Hawaiian Holdings =		3,147		22
Healthcare Services Group		2,517		50
Heartland Express 6		3,006		41
HEICO 6		1,408		54
Heidrick & Struggles International		1,035		28
Heritage Crystal Clean =		156		2
Herley Industries =		826		9
Herman Miller 6		3,263		50
Hexcel =		5,887		65
Hill International =		1,516		10
HNI 6		2,737		72
Horizon Lines, Class A		1,806		9
Houston Wire & Cable 6		1,077		13
Hub Group =		2,265		56
Hurco =		361		6
Huron Consulting Group =		1,313		30
ICF International =		538		15
ICT Group =		489		8
II-VI =		1,517		40
InnerWorkings =		1,714		9
Insituform Technologies, Class A =		2,275		48
Insteel Industries		1,068		12
Integrated Electrical Services =		430		3
Interface, Class A		3,099		24
Interline Brands =		1,979		29
International Shipholding		327		11
JetBlue Airways = 6		14,043		70
John Bean Technologies		1,680		28
Kadant =		780		10
Kaman		1,563		32
Kaydon		1,992		70
Kelly Services, Class A		1,526		17
Kforce =		1,730		20
Kimball International		1,856		14
Knight Transportation		3,302		53
Knoll		2,837		28
Korn Ferry International =		2,699		43
K-Tron International =		151		14
LaBarge =		769		9
Ladish =		924		12
Lawson Prods		212		3
Layne Christensen =		1,186		31
LB Foster =		628		18
Lindsay Manufacturing 6		751		25
LMI Aerospace =		508		5
LSI Industries		1,050		7
M & F Worldwide =		711		15
Marten Transport =		1,002		18
MasTec = 6		3,177		37
McGrath Rentcorp		1,446		29
Met Pro		816		8
Metalico =		1,999		8
Michael Baker =		479		17
Microvision = 6		4,491		17
Middleby = 6		1,053		48
Miller Industries =		984		10
Mine Safety Appliances		1,803		46
Mobile Mini =		2,162		31
Moog, Class A =		2,596		65
MPS Group =		5,465		74
Mueller Industries		2,157		51
Mueller Water Products, Class A		8,696		39
Multi Color		606		8
Myr Group =		1,051		18
NACCO Industries, Class A		345		21
Navigant Consulting =		3,043		43
NCI Building Systems =		5,436		11
Nordson		2,048		108
North American Galvanizing & Coating =		774		4
Northwest Pipe =		563		17
Odyssey Marine Exploration =		3,044		5
Old Dominion Freight Line =		1,696		44
Omega Flex		170		3
On Assignment =		2,076		13
Orbital Sciences =		3,403		44
Orion Energy Systems =		1,064		4
Orion Marine Group =		1,618		31

First American Funds 2009 Annual Report 35

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Otter Tail 6		2,162	$	50
Pacer International		1,963		6
Patriot Transportation Holdings =		88		8
Perma-Fix Environmental Services =		3,294		8
Pike Electric =		918		12
PMFG = 6		797		12
Polypore International =		1,381		15
Portec Rail Products		406		4
Powell Industries =		474		17
Power-One = 6		4,339		12
Powersecure International =		1,047		9
Preformed Line Products		147		6
Primoris Services 6		498		4
Quanex Building Products		2,174		32
Raven Industries		937		23
RBC Bearings =		1,324		28
Regal-Beloit		2,184		102
Republic Airways Holdings =		1,973		16
Resources Connection = 6		2,737		47
Robbins & Myers		1,643		38
Rollins		2,674		48
RSC Holdings =		2,990		20
Rush Enterprises =		1,953		21
Saia =		824		12
Satcon Technology =		3,145		6
Sauer-Danfoss		658		5
Schawk		1,017		10
School Specialty =		1,092		24
Seaboard		18		24
Simpson Manufacturing 6		2,324		54
SkyWest		3,393		47
Smartheat =		406		4
Spherion =		3,096		15
Standard Parking =		454		8
Standard Register		918		4
Standex International		726		13
Stanley =		700		20
Steelcase, Class A		4,354		25
Sterling Construction =		805		13
Sun Hydraulics 6		756		14
Sykes Enterprises =		2,112		50
TAL International Group		819		10
TASER International =		3,668		15
TBS International = 6		817		7
Team =		1,148		19
Tecumseh Products, Class A =		1,126		12
Teledyne Technologies =		2,198		75
Tennant		1,136		30
Tetra Tech =		3,673		95
Textainer Group Holdings		520		8
Titan International		2,146		18
Titan Machinery =		1,057		11
Todd Shipyards		351		6
Tredegar		1,802		25
Trex =		940		15
Trimas =		819		4
Triumph Group		1,016		48
TrueBlue =		2,577		31
Tutor Perini =		1,779		31
Twin Disc		485		5
UAL =		10,072		66
Ultralife Batteries =		681		3
Ultrapetrol Bahamas =		1,411		7
United Capital =		101		2
United Rentals =		3,666		35
United Stationers =		1,445		68
Universal Forest Products		1,169		42
Universal Truckload Services		334		5
US Airways Group = 6		9,719		30
USA Truck =		474		5
Valence Technology = 6		3,116		4
Viad		1,214		21
Vicor =		1,136		8
Volt Information Sciences =		843		7
VSE		217		10
Waste Services =		1,453		10
Watsco		1,455		75
Watson Wyatt Worldwide, Class A		2,600		113
Watts Water Technologies, Class A		1,784		50
Werner Enterprises		2,483		47
Willis Lease Finance =		288		4
Woodward Governor		3,677		86
YRC Worldwide = 6		3,625		13

				7,980

Information Technology – 17.0%
3Com =		23,626		121
3PAR = 6		1,675		16
ACI Worldwide = 6		2,137		34
Acme Packet =		2,370		23
Actel =		1,481		18
ActivIdentity =		2,794		6
Actuate =		2,949		15
Acxiom =		4,140		48
Adaptec =		7,428		24
ADC Telecommunications =		5,892		38
ADTRAN		3,268		75
Advanced Analogic Technologies =		2,475		8
Advanced Energy Industries = 6		1,848		23
Advent Software = 6		963		37
Agilysys		1,320		6
Airvana =		1,529		9
American Software, Class A		1,221		8
Amkor Technology = 6		6,663		37
ANADIGICS =		3,667		12
Anaren =		948		14
Anixter International =		1,815		76
Applied Micro Circuits =		3,749		29
Arcsight = 6		1,123		28
Ariba =		5,329		63
Arris Group =		7,555		78
Art Technology Group =		7,491		31
Aruba Networks =		3,591		28
AsiaInfo Holdings =		1,763		39
Atheros Communications = 6		3,724		92
ATMI =		1,880		28
Avid Technology =		1,754		22
Avocent =		2,602		65
Bel Fuse		690		12
Benchmark Electronics =		3,924		66
Bigband Networks =		2,165		8
Black Box		1,069		28
Blackbaud		2,601		58
Blackboard =		1,931		68
Blue Coat Systems =		2,409		54
Bottomline Technologies =		1,529		22
Brightpoint =		2,900		21
Brooks Automation =		3,922		27
Cabot Microelectronics =		1,365		44
CACI International, Class A =		1,765		84
Callidus Software =		1,633		5
Cass Information Systems		502		15

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

36 First American Funds 2009 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Cavium Networks =		2,211	$	42
Ceva =		1,180		12
Checkpoint Systems =		2,307		31
China Information Security Technology =		1,646		11
China Security & Surveillance Technology =		1,993		10
China TransInfo Technology =		528		4
Chordiant Software =		1,758		6
CIBER =		4,191		13
Cirrus Logic =		3,979		19
Cogent =		2,602		25
Cognex		2,364		38
Cogo Group =		1,539		9
Coherent =		1,374		35
Cohu		1,342		15
Communications Systems		382		4
CommVault Systems =		2,487		49
Compellent Technologies =		1,026		19
Computer Task Group =		912		6
comScore =		1,315		20
Comtech Telecommunications =		1,716		55
Comverge = 6		1,270		14
Concur Technologies = 6		2,526		90
Constant Contact =		1,462		24
CPI International =		532		5
Cray =		2,085		16
CSG Systems International =		1,970		32
CTS		2,059		18
CyberSource =		4,214		69
Cymer =		1,765		60
Daktronics		1,908		14
DDi =		874		4
DealerTrack Holdings = 6		2,386		39
Deltek =		988		7
DemandTec =		1,200		11
DG Fastchannel =		1,110		23
Dice Holdings =		873		5
Digi International =		1,500		12
Digital River =		2,328		53
Diodes = 6		1,945		32
Divx =		1,978		10
Double-Take Software =		1,005		9
DSP Group =		1,288		7
DTS =		1,036		29
Dynamics Research =		526		7
EarthLink 6		6,430		52
Ebix = 6		375		23
Echelon = 6		1,979		27
Electro Rent		1,187		13
Electro Scientific Industries =		1,628		18
Electronics For Imaging =		3,022		35
eLoyalty =		399		3
Emcore =		4,591		5
EMS Technologies =		948		17
Emulex =		5,058		51
Entegris =		6,791		26
Entropic Communications =		3,219		8
Epicor Software =		3,686		28
EPIQ Systems =		1,956		25
ePlus =		224		3
Euronet Worldwide = 6		2,966		70
Exar =		2,107		15
Exlservice Holdings =		911		12
Extreme Networks =		5,416		11
Fair Isaac		2,979		61
FalconStor Software =		2,102		7
FARO Technologies =		970		15
FEI =		2,280		54
FormFactor =		3,005		51
Forrester Research =		959		24
Gartner, Class A = 6		3,612		67
Global Cash Access Holdings =		2,463		16
Globecomm Systems =		1,181		8
GSE Systems =		974		6
GSI Commerce =		1,514		29
GSI Technology =		1,124		4
Hackett Group =		2,232		7
Harmonic =		5,834		31
Harris Stratex Networks, Class A =		3,598		23
Heartland Payment Systems		2,285		28
Hittite Microwave =		1,306		48
Hughes Communications =		543		13
i2 Technologies =		910		14
ICx Technologies =		743		4
iGATE		1,395		12
Imation		1,669		15
Imergent		477		3
Immersion =		1,723		6
Infinera =		5,397		40
Infogroup =		1,938		13
Informatica =		5,148		109
Information Services Group =		1,448		5
Infospace =		1,925		17
Innodata Isogen =		1,307		8
Insight Enterprises =		2,795		29
Integral Systems =		987		8
Intellon =		1,298		9
Interactive Intelligence =		784		13
Interdigital =		2,637		54
Intermec =		3,782		47
Internap Network Services =		3,097		10
Internet Brands =		1,672		12
Internet Capital Group =		2,167		16
Intevac =		1,269		13
iPass		3,071		4
IPG Photonics = 6		1,409		19
Isilon Systems =		1,390		7
Ixia =		2,304		15
IXYS =		1,367		9
J2 Global Communications =		2,583		53
Jack Henry & Associates		4,718		109
JDA Software =		1,496		30
Kenexa =		1,369		17
Keynote Systems =		750		8
Kopin =		4,011		18
Kulicke & Soffa =		3,540		16
KVH Industries =		852		9
L-1 Identity Solutions =		4,562		27
Lattice Semiconductor =		6,542		12
Lawson Software =		8,385		53
Limelight Networks =		2,004		7
Lionbridge Technologies =		3,500		7
Liquidity Services =		916		9
Littelfuse =		1,324		36
Liveperson =		2,517		13
Logmein =		294		6
LoopNet =		1,216		11
Loral Space & Communications =		678		18
Manhattan Associates =		1,444		33
ManTech International =		1,335		59
Marchex		1,536		7
MAXIMUS		1,026		47
Maxwell Technologies = 6		1,368		25

First American Funds 2009 Annual Report 37

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Measurement Specialties =		859	$	7
Memsic =		946		3
Mentor Graphics =		5,740		42
MercadoLibre =		1,576		56
Mercury Computer Systems =		1,332		14
Methode Electronics, Class A		2,226		16
Micrel		2,775		21
Microsemi =		4,806		64
MicroStrategy =		525		46
Microtune =		3,089		5
MIPS Technologies, Class A =		2,744		11
MKS Instruments =		3,006		47
ModusLink Global Solutions =		2,814		23
MoneyGram International =		5,033		15
Monolithic Power Systems =		2,066		41
Monotype Imaging Holdings =		1,322		10
Move =		9,405		19
MTS Systems		1,020		27
Multi-Fineline Electronix =		600		16
NCI =		397		11
Ness Technologies =		2,361		16
Net 1 UEPS Technologies =		2,233		39
Netezza =		2,876		27
NETGEAR =		2,056		37
Netlogic Microsystems = 6		1,102		42
NetScout Systems =		1,714		21
NetSuite = 6		1,018		14
Network Equipment Technologies =		1,779		6
Newport =		2,109		16
NIC		3,074		27
Novatel Wireless = 6		1,844		16
NVE =		272		10
OmniVision Technologies = 6		3,081		38
Online Resources =		1,689		9
Opentable = 6		184		5
OpenTV =		4,877		8
Openwave Systems =		5,081		12
Oplink Communications =		1,249		19
OPNET Technologies		715		8
Opnext =		1,511		4
OSI Systems =		966		19
Palm = 6		9,720		113
PAR Technology =		495		3
Parametric Technology =		7,066		105
Park Electrochemical		1,183		27
ParkerVision =		1,791		5
PC Connection =		476		3
PC Mall =		600		4
PC-Tel =		1,161		7
Pegasystems		915		26
Perficient =		1,791		15
Pericom Semiconductor =		1,543		15
Perot Systems, Class A =		5,068		152
Pervasive Software =		936		5
Phoenix Technologies =		1,690		4
Photronics = 6		3,196		13
Plantronics		2,981		72
Plexus =		2,406		61
PLX Technology =		1,896		6
Polycom =		5,092		109
Power Integrations		1,439		45
Powerwave Technologies =		8,048		10
Progress Software =		2,415		56
PROS Holdings =		1,163		10
QAD		871		4
Quantum =		12,818		24
Quest Software =		2,863		48
Rackspace Hosting =		4,050		68
Radiant Systems =		1,673		16
RadiSys =		1,423		12
RAE Systems =		2,475		2
RealNetworks =		4,948		18
Renaissance Learning		562		5
RF Micro Devices =		16,210		65
RightNow Technologies =		1,569		24
Rimage =		525		10
Riverbed Technology =		3,338		68
Rofin-Sinar Technologies =		1,726		37
Rogers =		988		26
Rosetta Stone = 6		381		8
Rubicon Technology = 6		771		12
Rudolph Technologies =		1,792		11
S1 =		3,222		19
Saba Software =		1,500		6
Sapient =		5,144		42
SAVVIS =		2,186		32
ScanSource =		1,617		41
SeaChange International =		1,795		12
Semitool =		1,383		10
Semtech =		3,617		56
Shoretel =		2,696		18
Sigma Designs = 6		1,622		19
Silicon Graphics International =		1,822		11
Silicon Image =		4,560		10
Silicon Storage Technology =		4,693		10
Skyworks Solutions = 6		10,211		107
Smart Modular Technologies =		2,704		11
Smith Micro Software =		1,890		17
Solarwinds = 6		739		13
Solera Holdings 6		4,240		137
SonicWALL =		2,981		24
Sonus Networks =		12,577		24
Sourcefire =		1,350		27
Spectrum Control =		766		6
SRA International, Class A =		2,492		47
SRS Labs =		707		5
Standard Microsystems =		1,286		25
Starent Networks =		2,389		81
StarTek =		726		4
STEC = 6		1,585		34
Stratasys =		1,156		18
SuccessFactors = 6		2,384		36
Super Micro Computer =		1,329		11
Supertex =		626		15
Support.com =		5,337		13
Switch & Data Facilities =		1,194		20
Sycamore Networks =		11,738		33
Symmetricom =		2,939		14
Symyx Technologies =		2,079		12
Synaptics = 6		2,092		47
Synchronoss Technologies =		1,239		14
SYNNEX =		1,174		30
Syntel 6		700		25
Take-Two Interactive Software =		4,898		54
Taleo, Class A =		1,905		41
Technitrol		2,499		19
Techtarget =		755		5
Techwell =		900		9
Tekelec =		4,059		61
Telecommunication Systems =		2,332		21
Teletech Holdings =		1,961		35
Terremark Worldwide = 6		3,073		20

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

38 First American Funds 2009 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Tessera Technologies =		2,966	$	66
The Knot =		1,730		18
THQ =		4,119		22
TIBCO Software =		10,522		92
Tier Technologies =		1,069		9
TiVo =		6,372		69
TNS =		1,498		42
Travelzoo =		338		5
Trident Microsystems =		3,838		7
TriQuint Semiconductor =		8,986		48
TTM Technologies =		2,630		27
Tyler Technologies =		1,887		36
Ultimate Software Group =		1,430		36
Ultratech =		1,439		19
Unica =		770		5
Unisys =		2,533		74
United Online 6		5,098		41
Universal Display = 6		1,781		20
UTStarcom =		6,904		12
ValueClick =		5,304		52
VASCO Data Security International =		1,600		10
Veeco Instruments = 6		1,959		48
VeriFone Holdings =		4,400		59
ViaSat =		1,583		46
Virage Logic =		987		6
Virtusa =		805		7
Vocus =		1,011		18
Volterra Semiconductor =		1,375		19
Web.com Group =		1,499		11
Websense =		2,626		42
White Electric Designs =		699		3
Wright Express =		2,340		65
X-Rite =		1,581		3
Zix =		3,862		7
Zoran =		3,012		27
Zygo =		901		6

				9,463

Materials – 4.0%
A. Schulman		1,529		27
A.M. Castle & Company		924		10
AEP Industries =		318		11
Allied Nevada Gold =		3,328		32
AMCOL International		1,593		41
American Vanguard		1,189		10
Ampal-American Israel, Class A =		1,101		3
Arch Chemicals		1,528		42
Balchem		1,054		29
Boise =		2,288		11
Brush Engineered Metals =		1,186		22
Buckeye Technologies =		2,744		25
BWAY Holding Company =		439		8
Calgon Carbon = 6		3,337		53
Century Aluminum =		2,771		24
China Green Agriculture =		499		6
China Precision Steel = 6		1,888		4
Clearwater Paper =		715		32
Coeur d’Alene Mines =		4,371		88
Deltic Timber		647		27
Domtar =		2,533		106
Ferro		2,543		16
General Moly =		3,885		9
General Steel Holdings =		940		3
Glatfelter		3,003		32
Graphic Packaging Holding =		8,706		20
H.B. Fuller		2,988		57
Hawkins 6		531		11
Haynes International =		697		20
Headwaters =		2,460		10
Hecla Mining = 6		14,266		59
Horsehead Holding =		2,614		25
ICO =		1,502		6
Innophos Holdings		1,051		20
Innospec		1,370		16
Kaiser Aluminum		923		37
Kapstone Paper & Packaging =		1,242		9
Koppers Holdings		1,212		32
Landec =		1,601		10
Louisiana Pacific = 6		6,744		35
LSB Industries =		1,018		13
Minerals Technologies		1,098		54
Myers Industries		1,920		17
Neenah Paper		859		9
NewMarket Group		688		64
NL Industries		381		2
Olin		4,751		73
Olympic Steel		552		14
OM Group = 6		1,863		50
Omnova Solutions =		2,674		17
Paramount Gold & Silver = 6		3,872		4
PolyOne =		5,424		30
Quaker Chemical		630		13
Rock-Tenn, Class A		2,338		102
Rockwood Holdings =		3,005		60
RTI International Metals =		1,570		33
Schweitzer-Mauduit International		918		47
Sensient Technologies		2,795		71
ShengdaTech =		1,660		10
Silgan Holdings		1,477		79
Solutia =		6,872		76
Spartech		1,777		17
Stepan		447		26
Stillwater Mining =		2,316		14
Sutor Technology Group =		413		1
Texas Industries		1,358		45
United States Lime & Minerals =		98		3
Universal Stainless & Alloy =		370		6
US Concrete =		2,226		4
US Gold =		4,864		13
W.R. Grace & Company =		4,400		96
Wausau-Mosinee Paper		2,580		23
Westlake Chemical 6		1,082		26
Worthington Industries 6		3,740		41
Zep		1,288		22
Zoltek Companies =		1,693		15

				2,228

Telecommunication Services – 1.0%
Abovenet =		754		36
Alaska Communications Systems Group 6		2,444		19
Atlantic Tele-Network		513		23
Cbeyond = 6		1,404		19
Centennial Communications, Class A =		5,183		44
Cincinnati Bell =		13,276		41
Cogent Communications Group =		2,684		27
Consolidated Communications Holdings		1,348		19
D&E Communications		880		10
General Communication, Class A =		2,979		18
Global Crossing =		1,658		19
HickoryTech		796		7
iBasis =		1,722		4
Incontact =		1,650		4

First American Funds 2009 Annual Report 39

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Iowa Telecommunication Services		1,861	$	22
iPCS =		998		24
Neutral Tandem = 6		2,002		42
NTELOS Holdings		1,751		26
Paetec Holding =		7,186		23
Premiere Global Services =		3,701		28
Shenandoah Telecommunications		1,318		22
Surewest Communications =		870		8
Syniverse Holdings =		4,175		72
USA Mobility		1,378		15
Virgin Mobile USA, Class A =		2,320		9

				581

Utilities – 3.0%
Allete		1,562		53
American States Water		1,169		39
Artesian Resources 6		379		6
Avista		3,332		63
Black Hills		2,234		54
Cadiz =		700		8
California Water Service Group		1,199		44
Central Vermont Public Service		674		13
CH Energy Group		963		40
Chesapeake Utilities		568		18
Cleco 6		3,684		91
Connecticut Water Service		490		11
Consolidated Water		845		12
El Paso Electric =		2,739		51
Empire District Electric		2,083		38
IDACORP		2,875		81
Laclede Group		1,384		43
MGE Energy		1,408		49
Middlesex Water Company		720		11
New Jersey Resources		2,569		90
Nicor		2,548		95
Northwest Natural Gas		1,615		68
NorthWestern		2,088		50
Pennichuck		259		6
Piedmont Natural Gas 6		4,265		99
PNM Resources		5,282		57
Portland General Electric 6		4,402		82
SJW		937		20
South Jersey Industries		1,904		67
Southwest Gas		2,726		68
Southwest Water 6		1,499		8
UIL Holdings		1,718		44
UniSource Energy Holding		2,171		63
Unitil		641		13
US Geothermal =		3,634		6
WGL Holdings		3,057		101
York Water 6		695		11

				1,673

Total Common Stocks
(Cost $50,778)				50,467

Warrants = – 0.0%
Greenhunter Energy 6 ¥ ⊡		30		—
Krispy Kreme Doughnuts		210		—
Lantronix ¥ ⊡		39		—

Total Warrants
(Cost $0)				—

Rights – 0.0%
Winthrop Realty Trust ¥		178		—
Zion Oil & Gas 6		167		—

Total Rights
(Cost $0)				—

Closed-End Fund – 0.0%
Kayne Anderson Energy
(Cost $14)		585		7

Short-Term Investments – 10.0%
Money Market Fund – 8.4%
First American Prime Obligations Fund
0.148% Å Ω		4,665,284		4,665

U.S. Treasury Obligation – 1.6%
U.S. Treasury Bill
0.230%, 11/19/2009 o	$	920		920

Total Short-Term Investments
(Cost $5,585)				5,585

Investment Purchased with Proceeds from Securities Lending – 20.2%
Mount Vernon Securities Lending Prime Portfolio
0.209% Ω †
(Cost $11,229)		11,228,898		11,229

Total Investments 5 – 120.9%
(Cost $67,606)				67,288

Other Assets and Liabilities, Net – (20.9)%				(11,626	)

Total Net Assets – 100.0%			$	55,662


=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $10,125 at October 31, 2009. See note 2 in Notes to Financial Statements.

¥		Security considered illiquid. As of October 31, 2009, the fair value of the fund’s investments considered to be illiquid was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

⊡		Security is internally fair valued. As of October 31, 2009, the fair 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 for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2009. See note 2 in Notes to Financial Statements.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker- dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $68,138. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	11,976
Gross unrealized depreciation		(12,826	)

Net unrealized depreciation	$	(850	)


REIT –	Real Estate Investment Trust

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

40 First American Funds 2009 Annual Report

Small Cap Index Fund (concluded)

Schedule of Open Futures Contracts

Number of

Notional

Settlement

Contracts

Contract

Unrealized

Description

Month

Purchased

Value

Depreciation

Russell 2000 Mini Index Futures

December 2009

$5,225

(322

)

First American Funds 2009 Annual Report 41


Statements of Assets and Liabilities	October 31, 2009, all dollars and shares are rounded to thousands (000), except per share data



	Equity			Mid Cap			Small Cap
	Index Fund			Index Fund			Index Fund

Unaffiliated investments, at cost	$	739,058		$	188,186		$	51,712
Affiliated investments, at cost		9,445			16,289			4,665
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		169,796			38,456			11,229


ASSETS:
Unaffiliated investments, at fair value* (note 2)	$	962,282		$	186,259		$	51,394
Affiliated investments, at fair value* (note 2)		9,696			16,289			4,665
Affiliated investment purchased with proceeds from securities lending, at fair value (note 2)		169,796			38,456			11,229
Cash		4			—			20
Receivable for dividends and interest		1,225			98			34
Receivable for investments sold		—			—			1
Receivable for capital shares sold		826			6,083			47
Receivable from advisor (note 3)		—			—			11
Prepaid expenses and other assets		31			53			33


Total assets		1,143,860			247,238			67,434


LIABILITIES:
Payable upon return of securities loaned (note 2)		169,796			38,456			11,229
Payable for investments purchased		—			6,767			190
Payable for capital shares redeemed		1,546			261			140
Payable for variation margin		309			470			153
Payable to affiliates (note 3)		394			84			38
Payable for distribution and shareholder servicing fees		46			12			5
Accrued expenses and other liabilities		13			12			17


Total liabilities		172,104			46,062			11,772


Net assets	$	971,756		$	201,176		$	55,662


COMPOSITION OF NET ASSETS:
Portfolio capital	$	762,083		$	215,469		$	64,606
Undistributed net investment income		953			1,313			285
Accumulated net realized loss on investments and futures contracts (note 2)		(14,389	)		(13,182	)		(8,589	)
Net unrealized appreciation (depreciation) of:
Investments		223,475			(1,927	)		(318	)
Futures contracts		(366	)		(497	)		(322	)


Net assets	$	971,756		$	201,176		$	55,662


* Including securities loaned, at fair value	$	158,534		$	35,784		$	10,125

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

42 First American Funds 2009 Annual Report



	Equity		Mid Cap		Small Cap
	Index Fund		Index Fund		Index Fund

Class A:
Net assets	$	115,213	$	22,766	$	8,591
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		6,108		2,391		1,088
Net asset value, and redemption price per share	$	18.86	$	9.52	$	7.90
Maximum offering price per share¹	$	19.96	$	10.07	$	8.36
Class B²:
Net assets	$	9,822		—		—
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		529		—		—
Net asset value, offering price, and redemption price per share³	$	18.58		—		—
Class C:
Net assets	$	8,661	$	2,766	$	1,380
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		463		298		181
Net asset value, offering price, and redemption price per share³	$	18.70	$	9.28	$	7.62
Class R:
Net assets	$	10,915	$	12,212	$	2,512
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		580		1,295		325
Net asset value, offering price, and redemption price per share	$	18.83	$	9.43	$	7.73
Class Y:
Net assets	$	827,145	$	163,432	$	43,179
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		43,863		17,115		5,456
Net asset value, offering price, and redemption price per share	$	18.86	$	9.55	$	7.91


	¹	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.

	²	No new or additional investments are allowed in Class B shares. See note 1 in Notes to Financial Statements.

	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.

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

First American Funds 2009 Annual Report 43


Statements of Operations	For the year ended October 31, 2009, all dollars are rounded to thousands (000)



	Equity			Mid Cap			Small Cap
	Index Fund			Index Fund			Index Fund

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	23,711		$	2,940		$	687
Dividends from affiliated investments		210			52			21
Interest from unaffiliated investments		14			6			3
Securities lending income		1,085			256			139


Total investment income		25,020			3,254			850


EXPENSES (note 3):
Investment advisory fees		2,338			416			194
Administration fees		2,053			380			184
Transfer agent fees		316			131			119
Custodian fees		48			9			2
Legal fees		15			15			15
Audit fees		29			29			29
Registration fees		57			48			48
Postage and printing fees		73			13			7
Directors’ fees		30			30			30
Other expenses		54			33			61
Distribution and shareholder servicing fees:
Class A		259			35			15
Class B		101			6			4
Class C		82			27			13
Class R		51			45			8


Total expenses		5,506			1,217			729


Less: Fee waivers (note 3)		(1,565	)		(280	)		(410	)


Total net expenses		3,941			937			319


Investment income – net		21,079			2,317			531


REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5):
Net realized gain (loss) on:
Unaffiliated investments		(381	)		(12,559	)		(8,262	)
Affiliated investments		(117	)		—			—
Futures contracts		2,686			(2,979	)		(288	)
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		51,528			34,624			9,224
Affiliated investments		(1,386	)		—			—
Future contracts		2,540			2,869			246


Net gain on investments and futures contracts		54,870			21,955			920


Net increase in net assets resulting from operations	$	75,949		$	24,272		$	1,451

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

44 First American Funds 2009 Annual Report


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



	Equity						Mid Cap						Small Cap
	Index Fund						Index Fund						Index Fund

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08

OPERATIONS:
Investment income – net	$	21,079		$	31,393		$	2,317		$	3,577		$	531		$	1,145
Net realized gain (loss) on:
Unaffiliated investments		(381	)		11,988			(12,559	)		19,413			(8,262	)		11,307
Affiliated investments		(117	)		254			—			—			—			—
Redemption-in-kind (note 7)		—			33,430			—			—			—			—
Futures contracts		2,686			(14,113	)		(2,979	)		(3,523	)		(288	)		(1,568	)
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		51,528			(721,395	)		34,624			(134,758	)		9,224			(46,893	)
Affiliated investments		(1,386	)		(1,060	)		—			—			—			—
Futures contracts		2,540			(3,051	)		2,869			(3,623	)		246			(577	)


Net increase (decrease) in net assets resulting from operations		75,949			(662,554	)		24,272			(118,914	)		1,451			(36,586	)


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2,257	)		(2,631	)		(115	)		(126	)		(58	)		(63	)
Class B		(149	)		(193	)		(5	)		(5	)		(3	)		(3	)
Class C		(116	)		(132	)		(12	)		(11	)		(7	)		(6	)
Class R		(198	)		(101	)		(63	)		(42	)		(11	)		(6	)
Class Y		(19,546	)		(25,572	)		(1,368	)		(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		(22,266	)		(65,447	)		(12,771	)		(38,307	)		(7,981	)		(12,640	)


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		15,557			20,758			13,274			4,704			5,583			1,928
Reinvestment of distributions		2,158			6,237			920			1,717			882			975
Payments for redemptions		(24,174	)		(49,679	)		(4,446	)		(4,543	)		(3,361	)		(1,862	)


Increase (decrease) in net assets from Class A transactions		(6,459	)		(22,684	)		9,748			1,878			3,104			1,041


Class B¹:
Proceeds from sales		33			770			34			122			3			156
Reinvestment of distributions		146			720			78			225			98			131
Payments for redemptions (note 3)		(3,587	)		(10,397	)		(1,187	)		(499	)		(644	)		(320	)


Decrease in net assets from Class B transactions		(3,408	)		(8,907	)		(1,075	)		(152	)		(543	)		(33	)


Class C:
Proceeds from sales		792			1,128			252			797			141			127
Reinvestment of distributions		106			449			180			502			198			285
Payments for redemptions (note 3)		(2,424	)		(4,643	)		(929	)		(1,051	)		(324	)		(585	)


Increase (decrease) in net assets from Class C transactions		(1,526	)		(3,066	)		(497	)		248			15			(173	)


Class R:
Proceeds from sales		5,367			9,125			6,776			8,117			1,902			1,239
Reinvestment of distributions		198			244			644			644			196			92
Payments for redemptions		(5,283	)		(2,841	)		(4,346	)		(2,163	)		(738	)		(379	)


Increase in net assets from Class R transactions		282			6,528			3,074			6,598			1,360			952


Class Y:
Proceeds from sales		170,677			303,124			41,509			34,746			13,371			22,782
Reinvestment of distributions		9,611			32,635			6,315			17,958			3,291			5,060
Payments for redemptions		(352,443	)		(464,413	)		(70,209	)		(68,345	)		(22,718	)		(44,407	)


Decrease in net assets from Class Y transactions		(172,155	)		(128,654	)		(22,385	)		(15,641	)		(6,056	)		(16,565	)


Decrease in net assets from capital share transactions		(183,266	)		(156,783	)		(11,135	)		(7,069	)		(2,120	)		(14,778	)


Total increase (decrease) in net assets		(129,583	)		(884,784	)		366			(164,290	)		(8,650	)		(64,004	)
Net assets at beginning of year		1,101,339			1,986,123			200,810			365,100			64,312			128,316


Net assets at end of year	$	971,756		$	1,101,339		$	201,176		$	200,810		$	55,662		$	64,312


Undistributed net investment income at end of year	$	953		$	2,285		$	1,313		$	806		$	285		$	281


	¹	No new or additional investments are allowed in Class B shares. See note 1 in Notes to Financial Statements.

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

First American Funds 2009 Annual Report 45

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	$	0.34	$	1.27		$	1.61		$	(0.36	)	$	—		$	(0.36	)	$	18.86
2008²		28.67		0.42		(10.57	)		(10.15	)		(0.38	)		(0.53	)		(0.91	)		17.61
2007²		25.80		0.37		3.16			3.53			(0.36	)		(0.30	)		(0.66	)		28.67
2006²		22.59		0.33		3.21			3.54			(0.33	)		—			(0.33	)		25.80
2005³		23.00		0.01		(0.40	)		(0.39	)		(0.02	)		—			(0.02	)		22.59
2005⁴		20.91		0.34		2.09			2.43			(0.34	)		—			(0.34	)		23.00
Class B
2009²	$	17.35	$	0.22	$	1.25		$	1.47		$	(0.24	)	$	—		$	(0.24	)	$	18.58
2008²		28.27		0.24		(10.42	)		(10.18	)		(0.21	)		(0.53	)		(0.74	)		17.35
2007²		25.47		0.17		3.11			3.28			(0.18	)		(0.30	)		(0.48	)		28.27
2006²		22.31		0.15		3.17			3.32			(0.16	)		—			(0.16	)		25.47
2005³		22.72		—		(0.40	)		(0.40	)		(0.01	)		—			(0.01	)		22.31
2005⁴		20.66		0.18		2.06			2.24			(0.18	)		—			(0.18	)		22.72
Class C
2009²	$	17.46	$	0.21	$	1.26		$	1.47		$	(0.23	)	$	—		$	(0.23	)	$	18.70
2008²		28.45		0.24		(10.48	)		(10.24	)		(0.22	)		(0.53	)		(0.75	)		17.46
2007²		25.62		0.17		3.14			3.31			(0.18	)		(0.30	)		(0.48	)		28.45
2006²		22.44		0.15		3.19			3.34			(0.16	)		—			(0.16	)		25.62
2005³		22.85		—		(0.40	)		(0.40	)		(0.01	)		—			(0.01	)		22.44
2005⁴		20.78		0.18		2.07			2.25			(0.18	)		—			(0.18	)		22.85
Class R
2009²	$	17.58	$	0.29	$	1.28		$	1.57		$	(0.32	)	$	—		$	(0.32	)	$	18.83
2008²		28.63		0.35		(10.54	)		(10.19	)		(0.33	)		(0.53	)		(0.86	)		17.58
2007²		25.77		0.29		3.17			3.46			(0.30	)		(0.30	)		(0.60	)		28.63
2006²		22.57		0.26		3.21			3.47			(0.27	)		—			(0.27	)		25.77
2005³		22.98		0.01		(0.40	)		(0.39	)		(0.02	)		—			(0.02	)		22.57
2005⁴		20.91		0.26		2.11			2.37			(0.30	)		—			(0.30	)		22.98
Class Y
2009²	$	17.61	$	0.38	$	1.27		$	1.65		$	(0.40	)	$	—		$	(0.40	)	$	18.86
2008²		28.66		0.48		(10.56	)		(10.08	)		(0.44	)		(0.53	)		(0.97	)		17.61
2007²		25.79		0.44		3.16			3.60			(0.43	)		(0.30	)		(0.73	)		28.66
2006²		22.58		0.39		3.21			3.60			(0.39	)		—			(0.39	)		25.79
2005³		22.99		0.02		(0.41	)		(0.39	)		(0.02	)		—			(0.02	)		22.58
2005⁴		20.91		0.40		2.08			2.48			(0.40	)		—			(0.40	)		22.99


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	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.

46 First American Funds 2009 Annual 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
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate



	9.51	%	$	115,213		0.62	%		2.03	%		0.79	%		1.86	%		10	%
	(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			—
	11.69			238,379		0.62			1.53			0.79			1.36			4

	8.69	%	$	9,822		1.37	%		1.33	%		1.54	%		1.16	%		10	%
	(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	)		—
	10.86			58,857		1.37			0.79			1.54			0.62			4

	8.69	%	$	8,661		1.37	%		1.31	%		1.54	%		1.14	%		10	%
	(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	)		—
	10.84			26,258		1.37			0.79			1.54			0.62			4

	9.27	%	$	10,915		0.87	%		1.73	%		1.04	%		1.56	%		10	%
	(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			—
	11.38			1,663		0.87			1.14			1.19			0.82			4

	9.78	%	$	827,145		0.37	%		2.31	%		0.54	%		2.14	%		10	%
	(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			—
	11.92			1,940,567		0.37			1.78			0.54			1.61			4

First American Funds 2009 Annual Report 47

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	$	0.09		$	1.27		$	1.36		$	(0.07	)	$	(0.60	)	$	(0.67	)	$	9.52
2008²		15.69		0.13			(5.30	)		(5.17	)		(0.10	)		(1.59	)		(1.69	)		8.83
2007²		14.25		0.15			2.08			2.23			(0.13	)		(0.66	)		(0.79	)		15.69
2006²		13.52		0.11			1.55			1.66			(0.11	)		(0.82	)		(0.93	)		14.25
2005³		13.82		—			(0.30	)		(0.30	)		—			—			—			13.52
2005⁴		11.84		0.09			2.40			2.49			(0.09	)		(0.42	)		(0.51	)		13.82
Class C
2009²	$	8.64	$	0.04		$	1.23		$	1.27		$	(0.03	)	$	(0.60	)	$	(0.63	)	$	9.28
2008²		15.41		0.04			(5.19	)		(5.15	)		(0.03	)		(1.59	)		(1.62	)		8.64
2007²		14.03		0.04			2.03			2.07			(0.03	)		(0.66	)		(0.69	)		15.41
2006²		13.32		—			1.55			1.55			(0.02	)		(0.82	)		(0.84	)		14.03
2005³		13.63		(0.01	)		(0.30	)		(0.31	)		—			—			—			13.32
2005⁴		11.70		(0.01	)		2.38			2.37			(0.02	)		(0.42	)		(0.44	)		13.63
Class R
2009²	$	8.76	$	0.07		$	1.26		$	1.33		$	(0.06	)	$	(0.60	)	$	(0.66	)	$	9.43
2008²		15.60		0.10			(5.27	)		(5.17	)		(0.08	)		(1.59	)		(1.67	)		8.76
2007²		14.19		0.11			2.07			2.18			(0.11	)		(0.66	)		(0.77	)		15.60
2006²		13.48		0.07			1.55			1.62			(0.09	)		(0.82	)		(0.91	)		14.19
2005³		13.78		—			(0.30	)		(0.30	)		—			—			—			13.48
2005⁴		11.83		0.04			2.41			2.45			(0.08	)		(0.42	)		(0.50	)		13.78
Class Y
2009²	$	8.84	$	0.12		$	1.27		$	1.39		$	(0.08	)	$	(0.60	)	$	(0.68	)	$	9.55
2008²		15.70		0.17			(5.31	)		(5.14	)		(0.13	)		(1.59	)		(1.72	)		8.84
2007²		14.27		0.19			2.07			2.26			(0.17	)		(0.66	)		(0.83	)		15.70
2006²		13.53		0.15			1.56			1.71			(0.15	)		(0.82	)		(0.97	)		14.27
2005³		13.83		0.01			(0.31	)		(0.30	)		—			—			—			13.53
2005⁴		11.84		0.12			2.41			2.53			(0.12	)		(0.42	)		(0.54	)		13.83


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	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.

48 First American Funds 2009 Annual 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
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate



	17.53	%	$	22,766		0.75	%		1.15	%		0.92	%		0.98	%		18	%
	(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

	16.68	%	$	2,766		1.50	%		0.48	%		1.67	%		0.31	%		18	%
	(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

	17.29	%	$	12,212		1.00	%		0.89	%		1.17	%		0.72	%		18	%
	(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

	17.92	%	$	163,432		0.50	%		1.47	%		0.67	%		1.30	%		18	%
	(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

First American Funds 2009 Annual Report 49

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	$	0.06		$	0.27		$	0.33		$	(0.07	)	$	(1.27	)	$	(1.34	)	$	7.90
2008²		15.37		0.13			(4.88	)		(4.75	)		(0.10	)		(1.61	)		(1.71	)		8.91
2007²		16.23		0.14			1.13			1.27			(0.12	)		(2.01	)		(2.13	)		15.37
2006²		14.12		0.07			2.56			2.63			(0.10	)		(0.42	)		(0.52	)		16.23
2005³		14.57		—			(0.45	)		(0.45	)		—			—			—			14.12
2005⁴		13.38		0.07			2.17			2.24			(0.06	)		(0.99	)		(1.05	)		14.57
Class C
2009²	$	8.66	$	0.01		$	0.26		$	0.27		$	(0.04	)	$	(1.27	)	$	(1.31	)	$	7.62
2008²		15.02		0.04			(4.76	)		(4.72	)		(0.03	)		(1.61	)		(1.64	)		8.66
2007²		15.92		0.03			1.10			1.13			(0.02	)		(2.01	)		(2.03	)		15.02
2006²		13.88		(0.04	)		2.51			2.47			(0.01	)		(0.42	)		(0.43	)		15.92
2005³		14.34		(0.01	)		(0.45	)		(0.46	)		—			—			—			13.88
2005⁴		13.26		(0.03	)		2.10			2.07			—			(0.99	)		(0.99	)		14.34
Class R
2009²	$	8.76	$	0.04		$	0.26		$	0.30		$	(0.06	)	$	(1.27	)	$	(1.33	)	$	7.73
2008²		15.16		0.10			(4.81	)		(4.71	)		(0.08	)		(1.61	)		(1.69	)		8.76
2007²		16.04		0.11			1.11			1.22			(0.09	)		(2.01	)		(2.10	)		15.16
2006²		13.97		0.03			2.53			2.56			(0.07	)		(0.42	)		(0.49	)		16.04
2005³		14.43		—			(0.46	)		(0.46	)		—			—			—			13.97
2005⁴		13.31		0.04			2.11			2.15			(0.04	)		(0.99	)		(1.03	)		14.43
Class Y
2009²	$	8.92	$	0.09		$	0.25		$	0.34		$	(0.08	)	$	(1.27	)	$	(1.35	)	$	7.91
2008²		15.37		0.16			(4.88	)		(4.72	)		(0.12	)		(1.61	)		(1.73	)		8.92
2007²		16.23		0.18			1.13			1.31			(0.16	)		(2.01	)		(2.17	)		15.37
2006²		14.12		0.11			2.55			2.66			(0.13	)		(0.42	)		(0.55	)		16.23
2005³		14.57		0.01			(0.46	)		(0.45	)		—			—			—			14.12
2005⁴		13.43		0.11			2.12			2.23			(0.10	)		(0.99	)		(1.09	)		14.57


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	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.

	⁴	For the period October 1 to September 30 in the year indicated.

	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.

50 First American Funds 2009 Annual 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
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate



	6.34	%	$	8,591		0.82	%		0.87	%		1.66	%		0.03	%		22	%
	(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			—
	17.08			10,323		0.90			0.53			1.03			0.40			23

	5.60	%	$	1,380		1.57	%		0.17	%		2.41	%		(0.67	)%		22	%
	(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	)		—
	15.84			2,256		1.65			(0.23	)		1.78			(0.36	)		23

	6.08	%	$	2,512		1.07	%		0.55	%		1.91	%		(0.29	)%		22	%
	(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	)		—
	16.45			11		1.15			0.30			1.43			0.02			23

	6.50	%	$	43,179		0.57	%		1.19	%		1.41	%		0.35	%		22	%
	(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			—
	16.93			164,156		0.65			0.78			0.78			0.65			23

First American Funds 2009 Annual Report 51


Notes to Financial Statements	October 31, 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 October 31, 2009, FAIF offered 40 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 that 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:

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.

52 First American Funds 2009 Annual Report

Generally accepted accounting principles (GAAP) require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the 3 broad levels listed below:

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

Level 2 – Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.

As of October 31, 2009, each fund’s investments were classified as follows:


							Total
Equity Index Fund	Level 1		Level 2		Level 3		Fair Value

Common Stocks	$	960,545	$	—	$	—	$	960,545
Short-Term Investments		174,829		6,400		—		181,229


Total Investments in Securities	$	1,135,374	$	6,400	$	—	$	1,141,774


							Total
Mid Cap Index Fund	Level 1		Level 2		Level 3		Fair Value

Common Stocks	$	183,939	$	—	$	—	$	183,939
Warrants		—		—		—		—
Short-Term Investments		54,745		2,320		—		57,065


Total Investments in Securities	$	238,684	$	2,320	$	—	$	241,004


							Total
Small Cap Index Fund	Level 1		Level 2		Level 3		Fair Value

Common Stocks	$	50,467	$	—	$	—	$	50,467
Warrants		—		—		—		—
Rights		—		—		—		—
Closed-End Fund		7		—		—		7
Short-Term Investments		15,894		920		—		16,814


Total Investments in Securities	$	66,368	$	920	$	—	$	67,288

See each fund’s Schedule of Investments for further industry breakout.

As of October 31, 2009, each fund’s investments in other financial instruments* were classified as follows:


								Total
Fund	Level 1			Level 2		Level 3		Fair Value

Equity Index Fund	$	(366	)	$	—	$	—	$	(366	)
Mid Cap Index Fund		(497	)		—		—		(497	)
Small Cap Index Fund		(322	)		—		—		(322	)


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

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


	Equity		Mid Cap		Small Cap
	Index		Index		Index
	Fund		Fund		Fund

Balance as of October 31, 2008	$	—	$	—	$	0
Realized gain (loss)		—		—		0
Net change in unrealized appreciation or depreciation		—		—		0
Net purchases (sales)		—		—		0
Transfers in and/or out of Level 3		—		—		0
Balance as of October 31, 2009	$	—	$	—	$	0


Net change in unrealized appreciation or depreciation of Level 3 securities as of October 31, 2009		—		—		0

First American Funds 2009 Annual Report 53


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)

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 cost of the 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.

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.

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


	Accumulated		Undistributed
	Net Realized		Net Investment			Portfolio
Fund	Gain (Loss)		Income			Capital

Equity Index Fund	$	18	$	(145	)	$	127
Mid Cap Index Fund		247		(247	)		—
Small Cap Index Fund		21		(21	)		—

The character of distributions paid during the year 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 fiscal years ended October 31, 2009 and October 31, 2008, were as follows:


	October 31, 2009

	Ordinary		Long Term
Fund	Income		Gain		Total

Equity Index Fund	$	22,266	$	—	$	22,266
Mid Cap Index Fund		1,563		11,208		12,771
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, 2009, 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	$	966	$	2,047	$	—		$	206,673		$	209,686
Mid Cap Index Fund		1,323		—		(11,978	)		(3,629	)		(14,284	)
Small Cap Index Fund		291		—		(8,379	)		(850	)		(8,938	)

54 First American Funds 2009 Annual Report

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, 2009, Mid Cap Index Fund and Small Cap Index Fund had capital loss carryforwards of $11,978 and $8,379 respectively, which if not offset by subsequent capital gains, will expire in 2017.

DERIVATIVES – The funds may invest in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. The funds’ investment objectives allow the funds to enter into various types of derivatives contracts. Derivatives may contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the funds to gains or losses in excess of the amounts shown on the Statement of Assets and Liabilities.

FUTURES TRANSACTIONS – The funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. In order to gain exposure 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, the fund is required to deposit cash or pledge U.S. Government securities. The margin required for a futures contract is set by the exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract.

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

The funds’ outstanding futures contracts as of October 31, 2009, are disclosed in the Schedule of Investments.

For the fiscal year ended October 31, 2009, the quarterly average gross notional amounts of the derivatives held by the funds were:


	Futures/
Fund	Long

Equity Index Fund	$	24,983
Mid Cap Index Fund		11,473
Small Cap Index Fund		4,298

As of October 31, 2009, the funds’ fair values of derivative instruments categorized by risk exposure were classified as follows:


	Statement of
	Assets and Liabilities	Equity		Mid Cap		Small Cap
	Location	Index Fund		Index Fund		Index Fund

Liability Derivatives
Equity Contracts	Payables, Net Assets--Unrealized Depreciation*	$	366	$	497	$	322


Balance as of October 31, 2009		$	366	$	497	$	322


	*	Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes to the funds’ Schedule of Investments. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the fiscal year ended October 31, 2009:

Amount of realized gain (loss) on derivatives recognized in income:


Equity Index Fund	Futures

Equity Contracts	$	2,686


Mid Cap Index Fund	Futures

Equity Contracts	$	(2,979	)


Small Cap Index Fund	Futures

Equity Contracts	$	(288	)

Change in unrealized appreciation on derivatives recognized in income:


Equity Index Fund	Futures

Equity Contracts	$	2,540


Mid Cap Index Fund	Futures

Equity Contracts	$	2,869

First American Funds 2009 Annual Report 55


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)


Small Cap Index Fund	Futures

Equity Contracts	$	246

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 October 31, 2009, Small Cap Index Fund had investments in illiquid securities with a total value of $0 or 0.0% of total net assets.

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

Dates

Cost

Small Cap Index Fund

Shares

Acquired

Basis

Greenhunter Energy, Warrants

—*

6/08

—

Indevus Pharmaceuticals, Escrow Shares

3/09

—

Lantronix, Warrants

—*

5/08

—

Winthrop Realty Trust, Rights

—*

6/06-12/08

—


	*	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 fiscal year ended October 31, 2009, were as follows:


Fund	Amount

Equity Index Fund	$	400
Mid Cap Index Fund		89
Small Cap Index Fund		46

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 when cash is received. Adjustments made during the fiscal year ended October 31, 2009, were as follows:


Fund	Amount

Equity Index Fund	$	583
Mid Cap Index Fund		34
Small Cap Index Fund		108

56 First American Funds 2009 Annual Report

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 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			N/A			1.50			1.00			0.50
Small Cap Index Fund		0.83			N/A			1.58			1.08			0.58

N/A = Not Applicable

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

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 fiscal year ended October 31, 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

First American Funds 2009 Annual Report 57


Notes to Financial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)

pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00% and 0.50% of each fund’s average daily net assets attributable to Class A, Class B, Class C, and Class R shares, respectively. Class Y shares pay no distribution or shareholder servicing fees. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

Under the distribution agreement, the following amounts were retained by affiliates of FAF Advisors for the fiscal year ended October 31, 2009:


Fund	Amount

Equity Index Fund	$	167
Mid Cap Index Fund		20
Small Cap Index 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 other operating expenses including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal year ended October 31, 2009, legal fees and expenses of $15 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 fiscal year ended October 31, 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	$	54
Mid Cap Index Fund		4
Small Cap Index Fund		1

58 First American Funds 2009 Annual Report


4 >	Capital Share Transactions

FAIF has 370 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

	Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08

Class A:
Shares issued		950			868			1,515			387			765			168
Shares issued in lieu of cash distributions		133			244			123			130			130			77
Shares redeemed		(1,484	)		(2,065	)		(535	)		(368	)		(485	)		(160	)


Total Class A transactions		(401	)		(953	)		1,103			149			410			85


Class B:
Shares issued		2			31			5			9			1			12
Shares issued in lieu of cash distributions		9			28			11			17			15			11
Shares redeemed		(223	)		(427	)		(148	)		(40	)		(96	)		(27	)


Total Class B transactions		(212	)		(368	)		(132	)		(14	)		(80	)		(4	)


Class C:
Shares issued		48			47			32			67			20			11
Shares issued in lieu of cash distributions		7			18			24			39			30			23
Shares redeemed		(152	)		(193	)		(117	)		(90	)		(46	)		(51	)


Total Class C transactions		(97	)		(128	)		(61	)		16			4			(17	)


Class R:
Shares issued		338			398			802			685			274			107
Shares issued in lieu of cash distributions		12			10			86			49			30			7
Shares redeemed		(308	)		(123	)		(524	)		(182	)		(107	)		(32	)


Total Class R transactions		42			285			364			552			197			82


Class Y:
Shares issued		10,499			12,669			5,103			2,915			1,908			1,954
Shares issued in lieu of cash distributions		593			1,273			838			1,357			483			400
Shares redeemed		(21,437	)		(19,533	)		(8,845	)		(5,510	)		(3,096	)		(3,632	)


Total Class Y transactions		(10,345	)		(5,591	)		(2,904	)		(1,238	)		(705	)		(1,278	)


Net decrease in capital shares		(11,013	)		(6,755	)		(1,630	)		(535	)		(174	)		(1,132	)

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


	Fiscal		Fiscal
	Year Ended		Year Ended
Fund	10/31/09		10/31/08

Equity Index Fund		131		188
Mid Cap Index Fund		129		4
Small Cap Index Fund		84		4


5 >	Investment Security Transactions

During the fiscal year ended October 31, 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	$	90,186	$	257,661
Mid Cap Index Fund		29,357		50,505
Small Cap Index Fund		9,815		18,519


6 >	Indemnifications


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.

First American Funds 2009 Annual Report 59


Notice to Shareholders	October 31, 2009 (unaudited)

TAX INFORMATION

The information set forth below is for each fund’s fiscal year as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2010 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended October 31, 2009, each fund has designated long term capital gains and ordinary income with regard to distributions paid during the period as follows:


	Long Term			Ordinary
	Capital Gains			Income			Total
	Distributions			Distributions			Distributions
Fund	(Tax Basis)¹			(Tax Basis)¹			(Tax Basis)²

Equity Index Fund		0.00	%		100.00	%		100.00	%
Mid Cap Index Fund		87.76			12.24			100.00
Small Cap Index Fund		93.66			6.34			100.00


	¹	Based on a percentage of the fund’s total distributions. The funds may also designate as distributions from long-term capital gains, to the extent necessary to fully distribute those gains, earnings and profits distributed to shareholders on their redemption of shares.

	²	None of the distributions made by these funds are eligible for the dividends received deduction or are characterized as qualified dividend income.

Shareholder Notification of Federal Tax Status:


Fund

Equity Index Fund	100.00	%
Mid Cap Index Fund	98.59
Small Cap Index Fund	86.60


Fund

Equity Index Fund	100.00	%
Mid Cap Index Fund	99.21
Small Cap Index Fund	90.86

Additional Information Applicable to Foreign Shareholders Only:

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


Fund

Equity Index Fund	0.66	%
Mid Cap Index Fund	4.89
Small Cap Index Fund	7.15

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


Fund

Equity Index Fund	0.00	%
Mid Cap Index Fund	0.00
Small Cap Index Fund	0.00

60 First American Funds 2009 Annual Report

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available at firstamericanfunds.com and on the 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 1.800.SEC.0330.

APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AGREEMENT

At a meeting on May 5-7, 2009, the Board considered information relating to the Funds’ investment advisory agreement with FAF Advisors (the “Agreement”). In advance of the meeting, the Board received materials relating to the Agreement, and had the opportunity to ask questions and request further information in connection with its consideration. At a subsequent meeting on June 16-18, 2009, the Board concluded its consideration of and approved the Agreement through June 30, 2010.

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

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

Nature, Quality and Extent of Investment Advisory Services

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

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

First American Funds 2009 Annual Report 61


Notice to Shareholders	October 31, 2009 (unaudited)

Investment Performance of the Funds

The Board considered the performance of each Fund on a gross-of-expenses basis, including comparative information provided by an independent data service, regarding the median performance of a group of comparable funds selected by that data service (the “performance universe”) and how each Fund performed versus its benchmark index. The performance periods reviewed by the Board all ended on February 28, 2009.

Equity Index Fund. The Board considered that the Fund outperformed its performance universe median and its benchmark index for the one-, three-, five- and ten-year periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Mid Cap Index Fund. The Board considered that the Fund outperformed its performance universe median and its benchmark index for the one-, three- and five-year periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Index Fund. The Board considered that the Fund outperformed its benchmark index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its performance universe median for the one-year period, though it underperformed its performance universe median for the three- and five-year periods. The Board considered that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Costs of Services and Profits Realized by FAF Advisors

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

Further detail considered by the Board regarding the advisory fees and total expense ratios of each Fund is set forth below:

Equity Index Fund. The Board considered that the Fund’s advisory fee, after waivers, is only one basis point higher than the peer group median. The Board also considered that the Fund’s total expense ratio, after waivers, was higher than the peer group median, though consistent with FAF Advisors’ pricing philosophy. The Board took note of FAF Advisors’ commitment to continue to monitor the total expenses of the Fund with the objective of reducing such expenses and aligning the Fund’s total expenses to its peer group median. Given the Fund’s strong investment performance and the competitive advisory fee, the Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Mid Cap Index Fund. The Board considered that the Fund’s advisory fee, after waivers, is lower than the peer group median and that the Fund’s total expense ratio, after waivers, is slightly higher than the peer group median, though consistent with FAF Advisors’ pricing philosophy. Given the Fund’s strong investment performance, the Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Small Cap Index Fund. The Board considered that the Fund’s advisory fee, after waivers, and the Fund’s total expense ratio, after waivers, are lower than the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Economies of Scale in Providing Investment Advisory Services

62 First American Funds 2009 Annual Report

Advisors has committed to waive advisory fees to the extent necessary to keep each Fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The Board considered information presented by FAF Advisors to support its assertion that the median total expense ratio of a Fund’s peer group should reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group and any economies of scale which those funds realize. Therefore, by capping a Fund’s total expense ratio at a level close to the median, Fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules and any such economies of scale. In light of FAF Advisors’ commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each Fund and its shareholders to renew the Agreement.

Other Benefits to FAF Advisors

The Board also considered FAF Advisors’ use of the Funds’ portfolio brokerage transactions to obtain research. The Board concluded, based on its own review and on representations of FAF Advisors and the Chief Compliance Officer, that FAF Advisors’ use of “soft” commission dollars was consistent with regulatory requirements.

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

First American Funds 2009 Annual Report 63


Notice to Shareholders	October 31, 2009 (unaudited)

Directors and Officers of the Funds


Independent Directors
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †

Benjamin R. Field III P.O. Box 1329 Minneapolis, MN 55440-1329 (1938)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Retired	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329 (1946)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997	Director, Charterhouse Group, Inc., a private equity firm, since October 2005; Advisors/Consultant, Future Freight^tm, a logistic/supply chain company; Trustee, National Jewish Health; Board Member/Co-founder, Shades of Blue, an aviation-related youth development organization; Vice President and Chief Operating Officer, Cargo-United Airlines, from July 2001 until retirement in November 2005	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Victoria J. Herget P.O. Box 1329 Minneapolis, MN 55440-1329 (1951)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Investment consultant and non-profit board member; Board Chair, United Educators Insurance Company	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


John P. Kayser P.O. Box 1329 Minneapolis, MN 55440-1329 (1949)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 2006	Retired; Principal from 1983 to 2004, William Blair & Company, LLC, a Chicago-based investment firm	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329 (1941)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; member, investment advisory committee, sisters of the Good Shepherd	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and Chief Executive Officer, RKR Consultants, Inc., a consulting company providing advice on business strategy, mergers and acquisitions; non-profit board member since 2005	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	Cliffs Natural Resources, Inc. (a producer of iron ore pellets and coal)


Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329 (1940)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since April 1991	Attorney At Law; Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman, and Chief Executive Officer, Community Resource Partnerships, Inc., a corporation engaged in strategic planning, operations management, government relations, transportation planning, and public relations; Owner, Chairman, and Chief Executive Officer, Excensus,^tm LLC, a demographic planning and application development firm	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None

64 First American Funds 2009 Annual Report


Independent Directors – concluded
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †

Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FAIF since September 1987	Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Chair, St. Paul Riverfront Corporation, since 2005	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329 (1943)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and President, Jim Wade Homes, a homebuilding company	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


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

First American Funds 2009 Annual Report 65


Notice to Shareholders	October 31, 2009 (unaudited)


Officers
	Position(s)	Term of Office
Name, Address, and	Held	and Length of
Year of Birth	with Funds	Time Served	Principal Occupation(s) During Past 5 Years

Thomas S. Schreier, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1962)*	President	Re-elected by the Board annually; President of FAIF since February 2001	Chief Executive Officer, FAF Advisors, Inc.; Chief Investment Officer, FAF Advisors, Inc., since September 2007


Jeffery M. Wilson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956)*	Vice President – Administration	Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000	Senior Vice President, FAF Advisors, Inc.


Charles D. Gariboldi, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959)*	Treasurer	Re-elected by the Board annually; Treasurer of FAIF since December 2004	Mutual Funds Treasurer, FAF Advisors, Inc., since October 2004; prior thereto, Vice President – Investment Accounting and Fund Treasurer, Thrivent Financial for Lutherans


Jill M. Stevenson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965)*	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005	Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director and Senior Project Manager, FAF Advisors, Inc.


David H. Lui FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960)*	Chief Compliance Officer	Re-elected by the Board annually; Chief Compliance Officer of FAIF since March 2005	Chief Compliance Officer, FAF Advisors, Inc., since March 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc., and Chief Compliance Counsel, Franklin Templeton Investments


Jason K. Mitchell FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1976)*	Anti-Money Laundering Officer	Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since December 2008 and from September 2006 through August 2008	Compliance Manager, FAF Advisors, Inc., since June 2006; prior thereto, Compliance Analyst, FAF Advisors, Inc., from October 2004 to June 2006


Kathleen L. Prudhomme FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1953)*	Secretary	Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998	Deputy General Counsel, FAF Advisors, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm


James D. Alt Dorsey & Whitney LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm


James R. Arnold U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Senior Vice President, U.S. Bancorp Fund Services, LLC


Richard J. Ertel FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004	Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc., September 2004 to May 2006


Michael W. Kremenak FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1978)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since February 2009	Counsel, FAF Advisors Inc., since January 2009; prior thereto, Associate, Skadden, Arps, Slate, Meagher & Flom LLP, a New York city-based law firm, from September 2005 to January 2009


*	Messrs. Schreier, Wilson, Gariboldi, Lui, Mitchell, Ertel, and Kremenak, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of FAF Advisors, Inc., which serves as investment adviser and administrator for FAIF. Mr. Arnold is an officer of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as transfer agent for FAIF.

66 First American Funds 2009 Annual Report

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First American Funds’ Privacy Policy

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

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

Why we collect your information

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


•	Know who you are and prevent unauthorized access to your information.
•	Design and improve the products we offer.
•	Comply with the laws and regulations that govern us.

The types of information we collect

We may collect the following nonpublic personal information about you:


•	Information about your identity, such as your name, address, and social security number
•	Information about your transactions with us
•	Information you provide on applications, such as your beneficiaries

Confidentiality and security

What information we disclose

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

Additional rights and protections

Our pledge applies to products and services offered by:


• First American Funds, Inc.		• American Select Portfolio Inc.
• First American Investment Funds, Inc.		• American Municipal Income Portfolio Inc.
• First American Strategy Funds, Inc.		• Minnesota Municipal Income Portfolio Inc.
• American Strategic Income Portfolio Inc.		• First American Minnesota Municipal Income Fund II, Inc.
• American Strategic Income Portfolio Inc. II		• American Income Fund, Inc.
• American Strategic Income Portfolio Inc. III

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Board of Directors First 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


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

0202-09 12/2009 AR-INDEX

Table of Contents


Message to Shareholders			1
Explanation of Financial Statements			2
Management Discussions and Performance Summaries			3
Expense Examples			12
Report of Independent Registered Public Accounting Firm			14
Schedule of Investments			15
Statements of Assets and Liabilities			26
Statements of Operations			27
Statements of Changes in Net Assets			28
Financial Highlights			30
Notes to Financial Statements			32
Notice to Shareholders			39

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

Message to Shareholders December 7, 2009

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended October 31, 2009.

Please contact your financial professional if you have questions about First American Funds or contact First American Investor Services at 800.677.FUND.

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

Sincerely,




Virginia L. Stringer Chairperson of the Board First American Investment Funds, Inc.		Thomas S. Schreier, Jr. President First American Investment Funds, Inc.

First American Funds 2009 Annual Report 1

Explanation of Financial Statements

2 First American Funds 2009 Annual Report

Quantitative Large Cap Core Fund

Investment Objective: to provide, over the long term, a total return that exceeds that of the S&P 500 Index*

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Quantitative Large Cap Core Fund (the “fund”), Class Y shares, returned 10.13% for the fiscal year ended October 31, 2009 (Class A shares returned 9.87% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P 500 Index*, returned 9.80% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve (“the Fed”) to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.

What worked for the fund and why?

During the early part of the fiscal year, as U.S. equity markets were in a state of advanced turmoil, concerns spread that distress in the banking system might cause a general breakdown in American business. Our measures of the financial system’s negative outlook caused us to successfully underweight the financials sector late in 2008 relative to the benchmark. An underweight in energy, as well as a defensive overweight in healthcare stocks, were also very helpful. These sector calls were the most significant drivers of performance during the fiscal year.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


First American Prime Obligations Fund, Class Z	4	.6%
Exxon Mobil	3	.3
Microsoft	2	.9
Pfizer	2	.0
Chevron	1	.8
IBM	1	.7
Johnson & Johnson	1	.7
Proctor & Gamble	1	.6
JPMorgan Chase	1	.6
General Electric	1	.5

Sector Allocation as of October 31, 2009¹ (% of net assets)


Information Technology	25	.8%
Financials	16	.2
Healthcare	13	.3
Energy	10	.0
Industrials	7	.6
Consumer Staples	6	.8
Consumer Discretionary	5	.1
Utilities	4	.4
Materials	2	.7
Telecommunication Services	2	.1
Short-Term Investments	6	.0
Other Assets and Liabilities, Net²	0	.0

	100	.0%


¹	Fund Holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments and do not reflect the impact on sector allocation of holding derivative instruments, such as futures. See note 2 in Notes to Financial Statements and the fund’s Schedule of Investments for derivatives held at October 31, 2009.

²	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as 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 Annual Report 3

Quantitative Large Cap Core Fund

Less dramatic were our views of how the negative overall conditions would spread to non-financial sectors, which led us to seek lower-risk stocks during this period. The portfolio beta, or measure of volatility, dipped briefly below 0.9, which, all else being equal, would cause the portfolio to decline only 0.9% for every 1.0% decline in the market. This proved to be a successful approach.

In early March, as investors showed renewed confidence in equity opportunities, stocks experienced a sharp rally. By early April, we had revised our earlier, more defensive position in equities to experience full sensitivity to market changes, allowing the fund to capture the majority of the rebound.

Aspects of our investment style, chiefly our emphasis on stocks with lower price/earnings ratios (i.e., the current price of the stock divided by the company’s trailing 12 months’ earnings per share) also helped boost performance.

What did not work for the fund and why?

We attempt to minimize individual stock risk by diversifying*. During this fiscal year, however, stock selection was a detractor. The underweight in financials was very helpful in leading us to avoid underperformers Citicorp and Bank of America but harmful for strong performers JPMorgan Chase and Goldman Sachs. The largest single detracting name, however, was Apple. Although our risk-control discipline kept us from avoiding the stock entirely, our measures did not anticipate its meteoric success in the year.

What strategic moves were made by the fund and why?

We believe the models proved their mettle through this most difficult of markets by pulling into a conservative stance, then returning the portfolio to a slightly cautious stance. Although conventional wisdom holds that technology companies have volatile earnings and high price/earnings ratios, we have nonetheless moved to a significant overweight in technology stocks. While the fund has benefited from an underweight to financials in the past, the opportunities in the sector are now more favorable; the fund, therefore, held more financials than its benchmark at the end of the fiscal year.


*	Diversification does not assure a profit or protect against a loss in a declining market.

4 First American Funds 2009 Annual Report

Quantitative Large Cap Core Fund

Annual Performance^1,2


	October 31, 2009						September 30, 2009*
	1 year			Since Inception			1 year			Since Inception
				7/31/2007						7/31/2007
Average annual return with sales charge (POP)
Class A		3	.85%		(14.39	)%		(12.03	)%		(14.07	)%


Class C		8	.05%		(12.88	)%		(8.56	)%		(12.46	)%
Average annual return without sales charge (NAV)
Class A		9	.87%		(12.21	)%		(6.92	)%		(11.79	)%


Class C		9	.05%		(12.88	)%		(7.64	)%		(12.46	)%


Class Y		10	.13%		(12.01	)%		(6.69	)%		(11.58	)%


S&P 500 Index³		9	.80%		(11.96	)%		(6.91	)%		(11.64	)%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, before waivers and including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class C, and Class Y shares was 1.19%, 1.94%, and 0.94%, respectively. The advisor has contractually agreed to waive fees through February 28, 2010 so that total annual fund operating expenses, not including any acquired fund fees and expenses, for Class A, Class C, and Class Y shares do not exceed 0.70%, 1.45%, and 0.45%, respectively. These fee waivers may be terminated at any time after February 28, 2010, at the discretion of the advisor. Prior to that time, such waivers may not be terminated without the approval of the fund’s board of directors.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Quantitative Large Cap Core Fund, Class A (NAV)	$	7,459


Quantitative Large Cap Core Fund, Class A (POP)	$	7,047


S&P 500 Index³	$	7,506

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 7/31/2007 to 10/31/2009) as compared to the S&P 500 Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged, market capitalization-weighted index based on the average weighted performance of 500 widely held large-cap common stocks.

⁴	Performance for Class C and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

First American Funds 2009 Annual Report 5

Quantitative Large Cap Growth Fund

Investment Objective: to provide, over the long term, a total return that exceeds that of the Russell 1000 Growth Index*

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Quantitative Large Cap Growth Fund (the “fund”), Class Y shares, returned 15.42% for the fiscal year ended October 31, 2009 (Class A shares returned 15.09% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Growth Index*, returned 17.51% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve (“the Fed”) to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.

What worked for the fund and why?

The fund employs three main strategies: portfolio beta (sensitivity to market moves), sectors, and styles. All three strategies were helpful for the fund, especially our choices to reduce beta (i.e., lower the volatility of the holdings) during the early part of the period. By mid-January, we had reduced the beta to 0.93 and continued to lower it as markets sank lower, yet restored it to near-market levels by mid-April. For such a tumultuous time, this proved to be successful management of beta.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


Microsoft	4	.4%
IBM	3	.1
Apple	2	.6
Google, Class A	2	.4
First American Prime Obligations Fund, Class Z	2	.3
Cisco Systems	2	.3
Johnson & Johnson	2	.2
Hewlett-Packard	2	.0
Procter & Gamble	1	.8
Oracle	1	.8

Sector Allocation as of October 31, 2009¹ (% of net assets)


Information Technology	39	.2%
Healthcare	17	.0
Consumer Staples	11	.5
Industrials	7	.5
Consumer Discretionary	7	.2
Financials	7	.0
Materials	2	.7
Energy	2	.2
Utilities	1	.9
Telecommunication Services	0	.7
Short-Term Investments	2	.9
Other Assets and Liabilities, Net²	0	.2

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments and do not reflect the impact on sector allocation of holding derivative instruments, such as futures. See note 2 in Notes to Financial Statements and the fund’s Schedule of Investments for derivatives held at October 31, 2009.

²	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as 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 Annual Report

Quantitative Large Cap Growth Fund

Our sector choices were also helpful. In the early part of the fiscal year, we successfully steered the fund to be significantly overweight in healthcare and underweight in transportation names (which were then dominated by the rapidly shrinking U.S. auto producers) relative to the benchmark.

Finally, we gained modestly from our choices of investment style. Our most successful call was in avoiding stocks whose value was boosted by market momentum. Our models have found that in recessions and other challenging environments, companies frequently change leadership. Such changes can serve as catalysts that galvanize underperforming stocks, making a “contrarian” approach – one that seeks out promising underperformers – more likely to succeed. Our next most successful style was to emphasize stocks with a lower price-earnings ratio (i.e., the current price of the stock divided by the company’s trailing 12 months’ earnings per share) than that of the fund’s benchmark.

What did not work for the fund and why?

The fund relies on a strategy of diversification to avoid adverse stock selection, but on balance some of the picks were unhelpful*. We had a significant overweight in information technology stocks, and only a modest underweight in Apple as part of our risk control. However, Apple was extremely successful during the period, which hurt fund performance relative to the benchmark. Within the healthcare sector, we chose to overweight Pfizer and underweight Schering-Plough, whereas the converse would have been much more favorable. Less significantly, our relatively low volatility held the portfolio back during the sharp rally that began in March 2009.

What strategic moves were made by the fund and why?


*	Diversification does not assure a profit or protect against a loss in a declining market.

First American Funds 2009 Annual Report 7

Quantitative Large Cap Growth Fund

Annual Performance^1,2


	October 31, 2009						September 30, 2009*
				Since Inception						Since Inception
	1 year			7/31/2007			1 year			7/31/2007

Average annual return with sales charge (POP)
Class A		8	.78%		(10.13	)%		(7.37	)%		(9.88	)%


Class C		13	.27%		(8.52	)%		(3.65	)%		(8.16	)%

Average annual return without sales charge (NAV)
Class A		15	.09%		(7.84	)%		(1.98	)%		(7.49	)%


Class C		14	.27%		(8.52	)%		(2.68	)%		(8.16	)%


Class Y		15	.42%		(7.61	))%		(1.74	)%		(7.25	)%


Russell 1000 Growth Index³		17	.51%		(8.89	)%		(1.85	)%		(8.65	)%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

	Total returns at public offering price (“POP”) reflect performance over the time period indicated including the maximum sales charge of 5.50% for Class A shares and the maximum contingent deferred sales charge of 1.00% for Class C shares for the relevant period. Total returns assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, before waivers and including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class C, and Class Y shares was 2.90%, 3.65%, and 2.65%, respectively. The advisor has contractually agreed to waive fees through February 28, 2010 so that total annual fund operating expenses, not including any acquired fund fees and expenses, for Class A, Class C, and Class Y shares do not exceed 0.70%, 1.45%, and 0.45%, respectively. These fee waivers may be terminated at any time after February 28, 2010, at the discretion of the advisor. Prior to that time, such waivers may not be terminated without the approval of the fund’s board of directors.


*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Quantitative Large Cap Growth Fund, Class A (NAV)	$	8,321


Quantitative Large Cap Growth Fund, Class A (POP)	$	7,862


Russell 1000 Growth Index³	$	8,108

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 7/31/2007 to 10/31/2009) as compared to the Russell 1000 Growth Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged growth index that measures the performance of those companies within the Russell 1000 Index (large-cap index) with higher book-to-price ratios and lower forecasted growth rates.

⁴	Performance for Class C and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

8 First American Funds 2009 Annual Report

Quantitative Large Cap Value Fund

Investment Objective: to provide, over the long term, a total return that exceeds that of the Russell 1000 Value Index*

How did the fund perform for the fiscal year ended October 31, 2009?

The First American Quantitative Large Cap Value Fund (the “fund”), Class Y shares, returned 9.00% for the fiscal year ended October 31, 2009 (Class A shares returned 8.73% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Value Index*, returned 4.78% for the same period.

How did market conditions affect stock market performance during the fiscal year?

The U.S. economy appears to have emerged from the most severe recession of the postwar era during the third quarter of 2009. Gross Domestic Product expanded at a 2.8% annual rate during the quarter, and leading indicators currently suggest that positive growth will be maintained during the final quarter of the year and into 2010. Despite the return to positive growth since midyear, the unemployment rate has continued to rise and reached a new cyclical high of 10.2% in October. The continued increase in the unemployment rate reflects both a historical pattern, where it is common for the unemployment rate to reach its peak after economic activity has reached its trough during the cycle, as well as the subdued pace of the growth recovery to date. In order for the unemployment rate to decline in a sustained manner, economic growth needs to exceed the economy’s potential growth and this set of circumstances has yet to occur. The severity of the recession has left high levels of unutilized resources in the industrial sector and property markets, and the labor market as well. The combined effect of this broad-based resource underutilization has resulted in downward pressure on inflation trends throughout 2009. This trend is expected to remain in place in 2010. The exceptionally high level of unemployment and muted inflation trends have led the Federal Reserve (“the Fed”) to cut its target overnight lending rate to a range of 0% to 0.25% and engage in a host of nontraditional easing activities, including large-scale purchases of mortgage securities. These activities have resulted in a significant increase in the monetary base, which along with other policy initiatives have worked to restore normal functioning in intrabank funding markets and have supported a broad-based improvement in financial conditions. This policy stance is expected to persist well into 2010 in an effort to support financial conditions and an ongoing recovery in economic activity.

What worked for the fund and why?

At the beginning of the fiscal year, the models we use to guide strategy in the fund were indicating a sharply negative outlook for three key sectors in the value space: financials, energy, and durable goods. In underweighting all three, we dramatically reduced the portfolio beta, or sensitivity to market moves. Our statistical tracking shows the beta as responsible for over half of the outperformance versus the fund’s benchmark.


*	Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Top 10 Holdings as of October 31, 2009¹ (% of net assets)


Exxon Mobil	5	.1%
Chevron	3	.4
Pfizer	3	.2
General Electric	2	.9
JPMorgan Chase	2	.8
AT&T	2	.6
Bank of America	2	.5
Wells Fargo	2	.0
ConocoPhillips	1	.7
Goldman Sachs Group	1	.6

Sector Allocation as of October 31, 2009¹ (% of net assets)


Financials	26	.0%
Energy	16	.9
Information Technology	11	.6
Healthcare	10	.5
Utilities	8	.6
Industrials	8	.0
Consumer Discretionary	6	.5
Telecommunication Services	4	.7
Materials	3	.1
Consumer Staples	2	.2
Short-Term Investments	1	.7
Other Assets and Liabilities, Net²	0	.2

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments and do not reflect the impact on sector allocation of holding derivative instruments, such as futures. See note 2 in Notes to Financial Statements and the fund’s Schedule of Investments for derivatives held at October 31, 2009.

²	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as 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 Annual Report 9

Quantitative Large Cap Value Fund

Despite the spreading concern at the beginning of the fiscal year that the banking system troubles would take down the broader economy, we targeted those sectors that seemed the least at risk from the then-current difficulties. Healthcare and technology scored the best on our models and were successfully overweighted relative to the benchmark. Still, the underweight on financials accounted for more than half of our successful sector positioning.

The third leg of our strategy, portfolio styles, also weighed in positively. In the shrinking economy, our emphasis on stocks with low price/earnings ratios (i.e., the current price of the stock divided by the company’s trailing 12 months’ earnings per share) was very favorable. Based largely on interest rate and business activity indicators, we avoided firms with higher debt/equity ratios (financial leverage) and steered clear of stocks that owed their appreciation solely to market momentum.

Finally, our outperformance also relates to our models’ success in re-orienting our strategy to the more favorable investing climate. By March 12 – just three days after the bottom of most U.S. indices – we moved the portfolio beta back above 1.0 briefly and kept it at near-market levels for the balance of the fiscal year. Our macro-sensitive models allowed the portfolio to continue to add value during the second half of the fiscal year.

What did not work for the fund and why?

In the approximately two dozen style and sector positions that we track, only the “volatility” characteristic, inherent in stocks that tend to fluctuate more, was a notable detractor. For most of the fiscal year, the fund underweighted volatility stocks, and they outperformed.

We normally depend on diversification to address unanticipated ups and downs of individual stocks that are not associated with movements in styles and sectors*. For this fiscal year, stock selection was, on balance, a negative, though only a modest one thanks to good diversification. The timing of our underweight positions in Goldman Sachs, Ford, and Anadarko Petroleum worked to our detriment due to their relatively stronger performance, as did overweight positions in the underperforming financial firm NYSE Euronext and energy company Mirant.

What strategic moves were made by the fund and why?

We believe the models proved their mettle through this most difficult of markets by pulling into a conservative stance, then returning the portfolio to a slightly cautious stance. Although conventional wisdom holds that technology companies have volatile earnings and high price/earnings ratios, we have nonetheless moved to a significant overweight in technology stocks. Even more striking, the portfolio, at the end of the fiscal year, held more financials than its benchmark.


*	Diversification does not assure a profit or protect against a loss in a declining market.

10 First American Funds 2009 Annual Report

Quantitative Large Cap Value Fund

Annual Performance^1,2


	October 31, 2009						September 30, 2009*
				Since Inception						Since Inception
	1 year			7/31/2007			1 year			7/31/2007

Average annual return with sales charge (POP)
Class A		2	.75%		(13.94	)%		(11.00	)%		(13.19	)%


Class C		7	.21%		(12.28	)%		(7.18	)%		(11.44	)%

Average annual return without sales charge (NAV)
Class A		8	.73%		(11.74	)%		(5.80	)%		(10.89	)%


Class C		8	.21%		(12.28	)%		(6.24	)%		(11.44	)%


Class Y		9	.00%		(11.52	)%		(5.56	)%		(10.66	)%


Russell 1000 Value Index³		4	.78%		(15.04	)%		(10.62	)%		(14.36	)%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.

As reflected in the prospectus for the fiscal year ended October 31, 2008, the fund’s total annual operating expense ratio, before waivers and including the expenses of other investment companies in which the fund invests, if any (“acquired fund fees and expenses”), for Class A, Class C, and Class Y shares was 3.79%, 4.54%, and 3.54%, respectively. The advisor has contractually agreed to waive fees through February 28, 2010 so that total annual fund operating expenses, not including any acquired fund fees and expenses, for Class A, Class C, and Class Y shares do not exceed 0.70%, 1.45%, and 0.45%, respectively. These fee waivers may be terminated at any time after February 28, 2010, at the discretion of the advisor. Prior to that time, such waivers may not be terminated without the approval of the fund’s board of directors.


	*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.

Value of $10,000 Investment^1,2,4 as of October 31, 2009


Quantitative Large Cap Value Fund, Class A (NAV)	$	7,548


Quantitative Large Cap Value Fund, Class A (POP)	$	7,132


Russell 1000 Value Index³	$	6,928

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 7/31/2007 to 10/31/2009) as compared to the Russell 1000 Value Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged value index that measures the performance of those companies within the Russell 1000 Index (large-cap index) with higher book-to-price ratios and lower forecasted growth rates.

⁴	Performance for Class C and Class Y shares is not presented. Performance for these classes will vary due to their different expense structures.

First American Funds 2009 Annual Report 11

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes

Quantitative Large Cap Core Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,192.70	$	3.81


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.73	$	3.52



Class C Actual²	$	1,000.00	$	1,188.50	$	7.94


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.95	$	7.32



Class Y Actual²	$	1,000.00	$	1,193.90	$	2.43


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.99	$	2.24


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 October 31, 2009 of 19.27%, 18.85%, and 19.39% for Class A, Class C, and Class Y, respectively.

12 First American Funds 2009 Annual Report

Quantitative Large Cap Growth Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual²	$	1,000.00	$	1,185.20	$	3.86


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57



Class C Actual²	$	1,000.00	$	1,180.60	$	7.97


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	7.37



Class Y Actual²	$	1,000.00	$	1,186.80	$	2.48


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29


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 October 31, 2009 of 18.52%, 18.06%, and 18.68% for Class A, Class C, and Class Y, respectively.

Quantitative Large Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (5/01/09 to
	Value (5/01/09)		Value (10/31/09)		10/31/09)

Class A Actual⁴	$	1,000.00	$	1,204.00	$	3.89


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57



Class C Actual⁴	$	1,000.00	$	1,201.60	$	7.99


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.95	$	7.32



Class Y Actual⁴	$	1,000.00	$	1,205.20	$	2.50


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.70%, 1.44%, 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).

⁴	Based on the actual returns for the six-month period ended October 31, 2009 of 20.40%, 20.16%, and 20.52% for Class A, Class C, and Class Y, respectively.

First American Funds 2009 Annual Report 13

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Quantitative Large Cap Core, Quantitative Large Cap Growth, and Quantitative Large Cap Value Funds (series of First American Investment Funds, Inc.) (collectively, the “funds”) as of October 31, 2009, and the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the funds listed above of First American Investment Funds, Inc. at October 31, 2009, the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

December 22, 2009

14 First American Funds 2009 Annual Report

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Quantitative Large Cap Core Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 94.0%
Consumer Discretionary – 5.1%
Amazon.com = 6		3,083	$	366
Bed Bath & Beyond =		1,138		40
Best Buy		4,558		174
Carnival		7,690		224
Comcast, Class A 6		13,924		202
DISH Network, Class A = 6		2,949		51
Ford Motor =		26,905		188
Fortune Brands		5,321		207
Garmin 6		2,882		87
H&R Block		33,463		614
Harley-Davidson 6		7,766		194
Harman International Industries		247		9
Hasbro		7,283		199
Home Depot		20,250		508
International Game Technology		2,215		40
International Speedway, Class A		8,384		214
Lowe’s		30,582		598
Marriott International, Class A 6		7,990		200
Mattel		7,755		147
McDonald’s		2,657		156
McGraw-Hill		12,333		355
Meredith 6		1,777		48
Newell Rubbermaid 6		13,624		198
News, Class A		24,409		281
Omnicom Group		5,910		203
Sherwin-Williams		7,817		446
Staples		5,086		110
Starwood Hotels & Resorts Worldwide		2,955		86
VF		343		24
Viacom, Class B =		10,483		289
Walt Disney		19,950		546
Washington Post, Class B		1,121		484
Williams-Sonoma 6		2,701		51

				7,539

Consumer Staples – 6.8%
Altria Group		42,040		761
Archer-Daniels-Midland		1,681		51
Avon Products		2,055		66
Brown-Forman, Class B		1,703		83
Coca-Cola		15,918		849
Colgate-Palmolive 6		3,727		293
CVS Caremark		16,108		569
Kimberly-Clark		8,069		493
Kraft Foods, Class A		10,495		289
Lorillard		1,885		147
Molson Coors Brewing, Class B		8,035		393
PepsiCo		13,687		829
Philip Morris International		35,447		1,679
Procter & Gamble		40,181		2,330
Safeway		5,416		121
Sara Lee		8,350		94
Sysco 6		7,623		202
Walgreen		12,959		490
Wal-Mart Stores		4,192		208

				9,947

Energy – 10.0%
Anadarko Petroleum		1,787		109
Apache		8,587		808
Arch Coal 6		2,887		63
Baker Hughes 6		3,121		131
BJ Services		2,266		44
Chevron		34,312		2,626
ConocoPhillips		19,852		996
CONSOL Energy 6		3,948		169
Devon Energy		8,212		531
ENSCO International 6		6,314		289
EOG Resources		1,268		104
Exxon Mobil		67,864		4,864
Frontline 6		14,240		332
Halliburton		23,821		696
Hess		54		3
Marathon Oil 6		11,577		370
Murphy Oil		1,460		89
National-Oilwell Varco =		6,807		279
Occidental Petroleum		3,371		256
Peabody Energy 6		1,066		42
Rowan		8,862		206
Schlumberger		10,417		648
Smith International		5,403		150
Sunoco		9,836		303
Tidewater		6,711		280
Valero Energy 6		9,102		165
XTO Energy		2,947		122

				14,675

Financials – 16.2%
Affiliated Managers Group = 6		2,477		157
Aflac		9,014		374
Allied World Assurance Company Holdings		3,099		139
Allstate		9,836		291
American Express		25,082		874
American Financial Group		8,631		212
Ameriprise Financial		7,949		276
AON		11,445		441
Arch Capital Group =		1,715		115
Assurant		14,910		446
Axis Capital Holdings		4,213		122
Bank of America		125,907		1,836
Bank of Hawaii 6		11,004		489
Bank of New York Mellon		20,117		536
BB&T 6		15,942		381
Camden Property Trust – REIT		5,188		188
Charles Schwab		24,103		418
Chimera Investment – REIT		31,214		109
Chubb		8,577		416
Cincinnati Financial 6		15,963		405
Citigroup		58,088		238
CME Group 6		660		200
Cullen/Frost Bankers		2,676		125
Discover Financial Services		6,180		87
Everest Re Group		3,143		275
Federated Investors, Class B 6		18,758		492
Franklin Resources 6		4,779		500
Goldman Sachs Group 6		8,771		1,492
Hartford Financial Services Group 6		2,516		62
Interactive Brokers Group, Class A =		24,765		396
IntercontinentalExchange = 6		2,296		230
Invesco		8,994		190
Investment Technology Group =		8,142		176
Janus Capital Group		7,761		102
JPMorgan Chase		54,749		2,287
Lazard, Class A		7,196		272
Legg Mason		15,058		438
Lincoln National		6,920		165

First American Funds 2009 Annual Report 15

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Quantitative Large Cap Core Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Marsh & McLennan		3,248	$	76
MetLife		10,398		354
Morgan Stanley		31,754		1,020
NASDAQ OMX Group =		8,619		156
New York Community Bancorp 6		12,863		139
PartnerRe		3,169		242
PNC Financial Services Group		5,491		269
Principal Financial Group 6		9,176		230
Progressive =		1,637		26
Protective Life		13,679		263
Prudential Financial		9,056		410
Public Storage – REIT 6		798		59
Rayonier – REIT		9,676		373
SEI Investments		1,763		31
StanCorp Financial Group		3,475		128
State Street		8,938		375
T. Rowe Price Group 6		1,166		57
TD Ameritrade =		23,634		456
Torchmark		3,953		160
Travelers		9,931		494
Unitrin		3,138		61
Unum Group		3,414		68
W.R. Berkley		5,404		134
Wells Fargo		70,730		1,946
Wilmington Trust 6		7,360		89
XL Capital, Class A		7,716		127

				23,695

Healthcare – 13.3%
Abbott Laboratories		23,052		1,166
Aetna		4,594		120
Allergan		4,195		236
AmerisourceBergen		13,869		307
Amgen =		14,608		785
Baxter International		11,557		625
Becton, Dickinson & Company		7,033		481
Boston Scientific =		18,335		149
Bristol-Myers Squibb		66,498		1,450
C.R. Bard		3,443		258
Cardinal Health		9,944		282
CareFusion =		4,972		111
CIGNA		21,152		589
Cooper		1,382		39
Eli Lilly 6		31,218		1,062
Endo Pharmaceuticals Holdings =		15,135		339
Forest Laboratories =		20,767		575
Genzyme = 6		4,897		248
Gilead Sciences =		8,083		344
Hospira =		48		2
IMS Health		5,202		85
Johnson & Johnson		40,970		2,419
King Pharmaceuticals =		6,444		65
McKesson		3,240		190
Medtronic		17,467		624
Merck		42,931		1,328
Mettler-Toledo International =		2,357		230
Pfizer		174,120		2,965
Schering-Plough		10,822		305
St. Jude Medical =		4,355		148
Stryker 6		11,747		540
Techne		547		34
Teleflex		2,364		118
Thermo Fisher Scientific =		7,323		329
UnitedHealth Group		15,012		389
Varian Medical Systems =		2,946		121
Zimmer Holdings =		8,098		426

				19,484

Industrials – 7.6%
3M		13,421		987
Avery Dennison		6,048		216
Burlington Northern Santa Fe		3,288		248
Caterpillar 6		6,713		370
Cintas 6		1,382		38
CSX		1,966		83
Danaher		10,682		729
Deere & Company		4,708		214
Dover		7,012		264
Eaton		5,875		355
Emerson Electric		11,871		448
Equifax		4,026		110
FedEx		5,508		400
Fluor		1,654		73
General Dynamics		1,544		97
General Electric		158,277		2,257
Harsco		2,126		67
Honeywell International		11,062		397
Illinois Tool Works		9,622		442
ITT		169		9
Masco		12,335		145
Norfolk Southern		8,358		390
Northrop Grumman		6,982		350
Parker Hannifin		803		42
Pitney Bowes 6		31,006		760
R.R. Donnelley & Sons		11,249		226
Roper Industries		1,059		54
Snap-On		503		18
Trinity Industries 6		3,064		52
Union Pacific		5,313		293
United Parcel Service, Class B		10,951		588
United Technologies		7,165		440

				11,162

Information Technology ⊳ – 25.8%
Adobe Systems =		12,488		411
Agilent Technologies = 6		12,123		300
Akamai Technologies = 6		52		1
Altera		12,263		243
Amdocs =		25,347		639
Amphenol, Class A		3,806		153
Analog Devices		24,151		619
Apple =		11,329		2,136
Applied Materials 6		24,784		302
Atmel =		78,055		290
Autodesk =		5,438		136
Automatic Data Processing		20,364		810
AVX		25,908		293
BMC Software =		18,718		696
CA		46,057		964
Cisco Systems =		98,621		2,253
Citrix Systems =		5,378		198
Cognizant Technology Solutions, Class A =		2,001		77
CommScope =		375		10
Computer Sciences =		6,640		337
Compuware =		44,115		311
Corning		29,308		428

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

16 First American Funds 2009 Annual Report


Quantitative Large Cap Core Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Dell =		29,151	$	422
Diebold		5,826		176
eBay =		19,662		438
Electronic Arts =		6,177		113
EMC =		44,086		726
FLIR Systems =		6,136		171
Google, Class A = 6		2,791		1,496
Harris		10,459		436
Hewlett-Packard		44,646		2,119
IAC/InterActive = 6		3,275		62
IBM		21,006		2,534
Intel		102,177		1,953
Intuit =		14,256		414
KLA-Tencor		4,714		153
Lender Processing Services		4,921		196
Lexmark International, Class A =		9,527		243
Linear Technology 6		18,802		487
Marvell Technology Group =		11,520		158
Maxim Integrated Products		5,978		100
McAfee =		9,686		406
MEMC Electronic Materials =		7,478		93
Microchip Technology 6		5,063		121
Microsoft		150,761		4,181
Motorola		16,137		138
National Instruments		15,163		405
National Semiconductor		13,561		175
Novell =		47,282		193
Novellus Systems =		10,584		218
NVIDIA = 6		22,172		265
Oracle		59,290		1,251
Paychex 6		14,245		405
QLogic =		15,504		272
QUALCOMM		25,896		1,072
Red Hat =		7,061		182
Salesforce.com =		2,303		131
Sybase = 6		5,718		226
Symantec =		13,504		237
Synopsys =		35,742		786
Texas Instruments		45,148		1,059
Total System Services		18,607		297
Trimble Navigation =		3,090		65
VMware, Class A =		410		16
Western Digital =		6,135		207
Western Union		13,851		252
Xerox 6		23,732		178
Xilinx 6		23,140		503
Yahoo! =		7,709		123
Zebra Technologies, Class A =		9,977		249

				37,710

Materials – 2.7%
Alcoa 6		26,247		326
Allegheny Technologies		641		20
Ashland		4,650		161
Bemis		2,591		67
Cabot Microelectronics		1,143		25
Carpenter Technology Corp. 6		3,706		78
Celanese, Class A		6,108		168
Cliffs Natural Resources		1,439		51
Compass Minerals International 6		1,674		104
Crown Holdings =		8,501		227
Cytec Industries		1,443		48
Dow Chemical 6		29,495		693
E.I. Du Pont de Nemours		9,679		308
FMC		3,254		166
Freeport-McMoRan Copper & Gold =		1,074		79
Monsanto		1,149		77
Nucor		7,222		288
Pactiv =		6,689		154
PPG Industries		5,191		293
Praxair		495		39
Scotts Miracle-Gro, Class A		5,421		220
Sealed Air		2,736		53
Sonoco Products		2,588		69
Temple-Inland		14,789		228

				3,942

Telecommunication Services – 2.1%
American Tower, Class A =		6,773		249
AT&T		63,568		1,632
MetroPCS Communications =		20,885		130
NII Holdings = 6		8,991		242
U.S. Cellular =		2,717		99
Verizon Communications		25,701		761

				3,113

Utilities – 4.4%
AGL Resources 6		4,738		166
Allegheny Energy		4,831		110
Alliant Energy		8,006		213
Ameren		17,536		427
American Electric Power		13,528		409
Consolidated Edison 6		5,084		207
Constellation Energy Group		11,532		356
DTE Energy		3,161		117
Duke Energy 6		15,660		248
Edison International		7,963		253
Entergy		2,114		162
EQT		4,322		181
Exelon		4,711		221
FirstEnergy		13,735		594
FPL Group		2,563		126
Great Plains Energy		14,832		257
Integrys Energy Group		19,717		682
Mirant =		20,221		283
Pepco Holdings		22,671		338
PG&E		2,425		99
Pinnacle West Capital		7,330		230
Questar		3,696		147
Sempra Energy		2,786		143
Southern		10,451		326
Wisconsin Energy		2,861		125
Xcel Energy		1,148		22

				6,442

Total Common Stocks
(Cost $131,372)				137,709

Short-Term Investments – 6.0%
Money Market Fund – 4.6%
First American Prime Obligations Fund, Class Z
0.148% Å Ω		6,713,522		6,714

U.S. Treasury Obligation – 1.4%
U.S. Treasury Bill
0.145%, 11/19/2009 o	$	2,000		2,000

Total Short-Term Investments
(Cost $8,714)				8,714

First American Funds 2009 Annual Report 17

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Quantitative Large Cap Core Fund (concluded)
DESCRIPTION	SHARES		FAIR VALUE


Investment Purchased with Proceeds from Securities Lending – 10.9%
Mount Vernon Securities Lending Prime Portfolio, 0.209% † Ω
(Cost $15,942)		15,942,203	$	15,942

Total Investments 5 – 110.9%
(Cost $156,028)				162,365

Other Assets and Liabilities, Net – (10.9)%				(15,938	)

Total Net Assets – 100.0%			$	146,427


=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $14,928 at October 31, 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 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 for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 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 October 31, 2009, the cost of investments for federal income tax purposes was $156,775. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	13,648
Gross unrealized depreciation		(8,058	)

Net unrealized appreciation	$	5,590


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts

Number of

Notional

Settlement

Contracts

Contract

Unrealized

Description

Month

Purchased

Value

Depreciation

S&P 500 Futures

December 2009

$8,522

(234

)


Quantitative Large Cap Growth Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 96.9%
Consumer Discretionary – 7.2%
Advance Auto Parts		368	$	14
Amazon.com = 6		1,533		182
Apollo Group, Class A =		187		11
Bed Bath & Beyond =		1,181		42
Best Buy		1,305		50
Carnival		403		12
Choice Hotels International		641		19
Coach		773		26
DIRECTV Group = 6		814		21
Dollar Tree =		894		40
DreamWorks Animation, Class A =		777		25
Garmin 6		1,666		50
Guess?		202		7
H&R Block		4,982		91
Harley-Davidson 6		614		15
Hasbro		792		22
Hillenbrand		735		15
International Game Technology		1,198		21
International Speedway, Class A		1,915		49
John Wiley & Sons, Class A		1,269		45
Johnson Controls		224		5
Lowe’s		3,404		67
Mattel		1,537		29
McDonald’s		3,608		211
McGraw-Hill		1,826		53
Meredith 6		825		22
Newell Rubbermaid 6		300		4
Nike, Class B		1,267		79
Omnicom Group		2,405		82
O’Reilly Automotive =		741		28
Phillips-Van Heusen		298		12
RadioShack 6		35		1
Sherwin-Williams		2,276		130
Signet Jewelers Limited =		33		1
Staples		2,602		56
Starbucks =		2,740		52
Target		1,974		96
Tiffany & Company 6		260		10
Tim Hortons		1,962		56
VF		387		28
Viacom, Class B =		1,427		39
Washington Post, Class B		177		76

				1,894

Consumer Staples – 11.5%
Altria Group		5,560		101
Archer-Daniels-Midland		911		27
Avon Products		2,313		74
Brown-Forman, Class B		494		24
Campbell Soup		31		1
Coca-Cola		6,938		370
Colgate-Palmolive 6		2,180		171
CVS Caremark		2,965		105
Estee Lauder, Class A		630		27
Kimberly-Clark		1,083		66
Lorillard		1,183		92
Mead Johnson Nutrition, Class A 6		232		10
Molson Coors Brewing, Class B		766		37
PepsiCo		6,373		386
Philip Morris International		9,710		460
Procter & Gamble		8,136		472
Safeway		103		2
Sysco 6		2,964		78

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

18 First American Funds 2009 Annual Report


Quantitative Large Cap Growth Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Walgreen 6		4,800	$	182
Wal-Mart Stores		6,960		346

				3,031

Energy – 2.2%
Alpha Natural Resources =		32		1
Arch Coal		179		4
CONSOL Energy 6		775		33
Denbury Resources =		26		—
ENSCO International 6		572		26
Exxon Mobil		4,291		307
Frontier Oil		1,079		15
Frontline 6		1,824		43
Holly 6		285		8
Peabody Energy 6		1,056		42
Rowan		981		23
Sunoco		1,814		56
Tidewater 6		973		41

				599

Financials – 7.0%
Affiliated Managers Group = 6		753		48
Aflac		2,009		83
Allied World Assurance Company Holdings		1,254		56
Ameriprise Financial		447		15
Arch Capital Group =		848		57
Assurant		1,606		48
Axis Capital Holdings		1,130		33
BlackRock		151		33
Charles Schwab		5,347		93
Cincinnati Financial 6		1,659		42
CME Group 6		167		51
Eaton Vance 6		1,145		33
Everest Re Group		376		33
Federated Investors, Class B 6		3,021		79
Franklin Resources 6		1,006		105
Goldman Sachs Group 6		171		29
Greenhill & Company		215		19
Interactive Brokers Group, Class A =		5,448		87
IntercontinentalExchange = 6		1,197		120
Investment Technology Group =		2,009		43
Janus Capital Group		1,176		15
Lazard, Class A		1,969		74
Lincoln National		251		6
Morgan Stanley		921		30
NASDAQ OMX Group =		1,584		29
NYSE Euronext		3,050		79
PartnerRe		519		40
Principal Financial Group		1,982		50
Protective Life		1,258		24
Prudential Financial		1,178		53
RenaissanceRe Holdings		406		21
SEI Investments		2,767		48
StanCorp Financial Group		891		33
State Street		1,580		66
T. Rowe Price Group 6		935		46
TD Ameritrade =		1,999		39
Torchmark		749		30
W.R. Berkley		1,836		45
Waddell & Reed Financial, Class A		842		24

				1,859

Healthcare – 17.0%
Abbott Laboratories		7,901		400
Aetna		686		18
Allergan		1,991		112
AmerisourceBergen		4,286		95
Amgen =		3,185		171
Baxter International		3,275		177
Beckman Coulter		552		36
Becton, Dickinson & Company		2,390		163
Biogen Idec =		995		42
Bio-Rad Laboratories, Class A =		217		19
Bristol-Myers Squibb		10,613		231
C.R. Bard		1,600		120
Cardinal Health		1,577		45
CareFusion =		788		18
Celgene =		1,730		88
CIGNA		1,493		42
Coventry Health Care =		133		3
Eli Lilly 6		4,777		162
Endo Pharmaceuticals Holdings =		3,264		73
Forest Laboratories =		3,999		111
Gen-Probe =		483		20
Genzyme =		1,775		90
Gilead Sciences =		3,785		161
Henry Schein =		180		10
Hospira =		930		42
Humana =		139		5
IMS Health		1,366		22
Johnson & Johnson		9,719		574
Kinetic Concepts = 6		764		25
McKesson		752		44
Medco Health Solutions =		919		52
Medtronic		5,964		213
Merck		5,246		162
Mettler-Toledo International =		1,153		112
Pfizer		11,303		193
Pharmaceutical Product Development		132		3
ResMed =		353		17
Schering-Plough		5,690		160
St. Jude Medical =		1,812		62
Stryker 6		3,088		142
Techne		912		57
Teleflex		791		39
Thermo Fisher Scientific =		967		44
Varian Medical Systems =		1,169		48
Zimmer Holdings =		1,548		81

				4,504

Industrials – 7.5%
3M		4,363		321
AMETEK		134		5
Burlington Northern Santa Fe		497		37
C.H. Robinson Worldwide		820		45
Carlisle Companies		426		13
Caterpillar 6		1,539		85
Cintas		1,519		42
Danaher		3,186		217
Deere & Company		828		38
Dover		1,450		55
Eaton		1,044		63
Emerson Electric		2,186		83
Equifax		767		21
Expeditors International of Washington 6		959		31
Fluor		862		38
Harsco		1,159		36
Honeywell International		3,884		139
IDEX		205		6
Illinois Tool Works		1,009		46
ITT		249		13

First American Funds 2009 Annual Report 19

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Quantitative Large Cap Growth Fund (continued)
DESCRIPTION	SHARES			FAIR VALUE


Jacobs Engineering Group =		256		$	11
Joy Global 6		340			17
MSC Industrial Direct, Class A		85			4
Parker Hannifin		109			6
Pitney Bowes 6		4,341			106
R.R. Donnelley & Sons		881			18
Rockwell Automation 6		445			18
Roper Industries		826			42
Snap-On		299			11
Union Pacific		1,557			86
United Parcel Service, Class B		3,067			165
United Technologies		2,587			159
WESCO International = 6		10			—

					1,977

Information Technology ⊳ – 39.2%
Accenture, Class A		5,867			217
Adobe Systems =		3,878			128
Agilent Technologies = 6		1,539			38
Akamai Technologies = 6		2,123			47
Altera		2,739			54
Amdocs =		5,081	��		128
Amphenol, Class A		1,332			53
Analog Devices		3,546			91
ANSYS = 6		1,324			54
Apple =		3,636			685
Applied Materials 6		7,845			96
Autodesk =		1,066			27
Automatic Data Processing		5,564			221
Avnet =		892			22
AVX		2,784			31
BMC Software =		4,517			168
Broadcom, Class A = 6		2,652			71
CA		8,185			171
Cisco Systems =		26,127			597
Citrix Systems =		2,129			78
Cognizant Technology Solutions, Class A =		913			35
Computer Sciences =		1,445			73
Compuware =		9,008			64
Corning		8,517			124
Dell =		9,536			138
Diebold		1,179			36
Dolby Laboratories, Class A =		525			22
DST Systems = 6		349			15
eBay =		2,206			49
Electronic Arts =		2,823			51
EMC =		7,105			117
FLIR Systems =		1,885			52
Genpact Limited =		743			9
Google, Class A = 6		1,164			624
Harris		3,373			141
Hewlett-Packard		10,946			519
IBM		6,815			822
Integrated Device Technology =		177			1
Intel		22,699			434
Intuit =		4,612			134
Itron =		429			26
KLA-Tencor		857			28
Lender Processing Services		936			37
Lexmark International, Class A =		1,380			35
Linear Technology 6		4,359			113
Marvell Technology Group =		870			12
McAfee =		2,681			112
MEMC Electronic Materials =		2,564			32
Microsoft		41,723			1,157
National Instruments		3,622			97
National Semiconductor		3,383			44
NCR =		859			9
NetApp = 6		379			10
NeuStar, Class A =		2,255			52
Novell =		10,197			42
Nuance Communications =		1,942			25
Oracle		21,969			463
Paychex 6		2,808			80
QUALCOMM		8,539			354
Red Hat =		2,353			61
Rovi =		768			21
Salesforce.com =		574			33
Silicon Laboratories =		710			30
Sybase = 6		2,724			108
Symantec =		4,093			72
Synopsys =		6,273			138
Teradata =		13			—
Texas Instruments		10,425			244
Total System Services		4,487			72
Trimble Navigation =		1,232			26
Visa, Class A 6		786			59
VMware, Class A =		207			8
Waters =		571			33
Western Digital = 6		1,132			38
Western Union		3,168			58
Xilinx		4,318			94
Yahoo! =		5,702			91

					10,351

Materials – 2.7%
Air Products and Chemicals		150			12
Alcoa 6		2,106			26
Allegheny Technologies		194			6
Ashland		758			26
Ball		825			41
Bemis		575			15
Cabot Microelectronics		304			7
Carpenter Technology		815			17
Cliffs Natural Resources		612			22
Crown Holdings =		1,104			29
Cytec Industries		550			18
Ecolab 6		388			17
Monsanto		1,775			119
Mosaic		512			24
Nucor		926			37
Pactiv =		3,344			77
PPG Industries		836			47
Praxair		1,092			87
Reliance Steel & Aluminum		283			10
Scotts Miracle-Gro, Class A		62			3
Sigma-Aldrich		58			3
Sonoco Products		392			11
Titanium Metals 6		162			1
Valspar 6		2,107			53

					708

Telecommunication Services – 0.7%
American Tower, Class A =		2,349			87
MetroPCS Communications =		4,231			26
NII Holdings =		2,022			54
U.S. Cellular =		290			11

					178

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

20 First American Funds 2009 Annual Report


Quantitative Large Cap Growth Fund (concluded)
DESCRIPTION	SHARES/PAR		VALUE


Utilities – 1.9%
Allegheny Energy		1,305	$	30
Alliant Energy		2,240		59
Ameren		65		2
Constellation Energy Group		1,885		58
FirstEnergy		1,168		51
Great Plains Energy		4,017		69
Integrys Energy Group		134		5
Mirant =		3,830		54
NSTAR		514		16
PPL		1,105		32
SCANA		662		22
Sempra Energy		593		30
Vectren		236		5
Westar Energy		1,386		27
Wisconsin Energy		1,025		45

				505

Total Common Stocks
(Cost $24,007)				25,606

Short-Term Investments – 2.9%
Money Market Fund – 2.3%
First American Prime Obligations Fund, Class Z
0.148% Å Ω		622,420		622

U.S. Treasury Obligation – 0.6%
U.S. Treasury Bill
0.107%, 11/19/2009 o	$	150		150

Total Short-Term Investments
(Cost $772)				772

Investment Purchased with Proceeds from Securities Lending – 13.0%
Mount Vernon Securities Lending Prime Portfolio, 0.209% Ω †
(Cost $3,423)		3,422,865		3,423

Total Investments 5 – 112.8%
(Cost $28,202)				29,801

Other Assets and Liabilities, Net – (12.8)%				(3,379	)

Total Net Assets – 100.0%			$	26,422


=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $3,235 at October 31, 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 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 for this fund. See note 3 in Notes to Financial Statements.

Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 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.

Quantitative Large Cap Growth Fund (concluded)


5		On October 31, 2009, the cost of investments for federal income tax purposes was $28,318. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	2,772
Gross unrealized depreciation		(1,289	)

Net unrealized appreciation	$	1,483


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts

Number of

Notional

Settlement

Contracts

Contract

Unrealized

Description

Month

Purchased

Value

Depreciation

S&P 500 E-Mini Futures

December 2009

$723

(22

)

First American Funds 2009 Annual Report 21

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Quantitative Large Cap Value Fund
DESCRIPTION	SHARES		FAIR VALUE


Common Stocks – 98.1%
Consumer Discretionary – 6.5%
Black & Decker		429	$	20
Carnival		2,014		59
Comcast, Class A 6		5,905		86
DISH Network, Class A =		2,911		51
Ford Motor 6 =		1,652		12
Fortune Brands		1,493		58
Gannett 6		4,815		47
Garmin 6		1,386		42
H&R Block		3,057		56
Harley-Davidson 6		177		4
Harman International Industries		695		26
Hasbro		969		26
Home Depot		4,801		120
International Game Technology		363		6
International Speedway, Class A		1,920		49
John Wiley & Sons, Class A		376		13
Johnson Controls		754		18
Lowe’s		3,735		73
Mattel		829		16
McGraw-Hill		1,552		45
Meredith 6		1,463		40
Newell Rubbermaid 6		4,441		64
News, Class A		7,886		91
Omnicom Group		954		33
RadioShack 6		169		3
Royal Caribbean Cruises 6 =		658		13
Sherwin-Williams		785		45
Time Warner		4,093		123
Viacom, Class B =		734		20
Walt Disney		7,046		193
Washington Post, Class B		208		90
Whirlpool		499		36

				1,578

Consumer Staples – 2.2%
Altria Group		1,425		26
Bunge Limited 6		466		27
CVS Caremark		605		21
Kimberly-Clark		482		29
Kraft Foods, Class A 6		3,877		107
Molson Coors Brewing, Class B		2,182		107
Philip Morris International		71		3
Procter & Gamble		3,476		202
Sara Lee		1,224		14

				536

Energy – 16.9%
Anadarko Petroleum		1,646		100
Apache		1,219		115
Arch Coal		2,425		53
Atwood Oceanics =		54		2
Baker Hughes 6		1,460		61
BJ Services		1,489		29
Chesapeake Energy 6		2,674		66
Chevron		10,892		834
ConocoPhillips		8,110		407
Devon Energy		1,838		119
ENSCO International 6		1,103		50
EOG Resources		749		61
Exxon Mobil		17,237		1,235
Frontier Oil		545		8
Frontline 6		3,004		70
Halliburton		4,081		119
Helix Energy Solutions Group =		20		—
Hess		514		28
Holly 6		87		3
Marathon Oil 6		3,232		103
Nabors Industries =		3,137		65
National-Oilwell Varco =		1,909		78
Noble Energy		551		36
Occidental Petroleum		1,267		96
Oceaneering International =		16		1
Oil States International =		663		23
Rowan		974		23
Schlumberger		998		62
Smith International		962		27
Sunoco		1,955		60
Tesoro 6		848		12
Tidewater 6		1,162		48
Unit =		408		16
Valero Energy		2,901		52
XTO Energy		1,438		60

				4,122

Financials ⊳ – 26.0%
Affiliated Managers Group 6 =		491		31
Aflac		584		24
Allied World Assurance Company Holdings		557		25
Allstate		3,187		94
American Express		3,986		139
American Financial Group		859		21
American National Insurance		310		26
Ameriprise Financial		2,212		77
Annaly Capital Management – REIT		3,087		52
Associated Banc 6		2,419		31
Assurant		3,214		96
Axis Capital Holdings		666		19
Bank of America		41,586		606
Bank of Hawaii 6		1,403		62
Bank of New York Mellon		6,644		177
BB&T 6		2,575		62
BlackRock		268		58
Capital One Financial 6		1,033		38
Chimera Investment – REIT		11,599		41
Chubb		1,593		77
Cincinnati Financial 6		2,062		52
Citigroup		33,674		138
City National 6		1,647		62
CME Group 6		397		120
Commerce Bancshares		58		2
Discover Financial Services		3,130		44
Erie Indemnity, Class A		925		33
Everest Re Group		578		51
Federated Investors, Class B 6		1,063		28
Fidelity National Financial, Class A		777		11
First American		248		8
Franklin Resources 6		568		59
Genworth Financial, Class A =		3,004		32
Goldman Sachs Group 6		2,317		394
Hartford Financial Services Group 6		3,457		85
HCC Insurance Holdings		1,863		49
Hospitality Properties Trust – REIT		1,016		20
Huntington Bancshares 6		1,245		5
Interactive Brokers Group, Class A =		5,102		82
IntercontinentalExchange 6 =		409		41
Invesco		2,359		50
Investment Technology Group =		1,515		33
Janus Capital Group		2,074		27
JPMorgan Chase		16,535		691

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

22 First American Funds 2009 Annual Report


Quantitative Large Cap Value Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


KeyCorp		181	$	1
Kimco Realty – REIT		2,397		30
Lazard, Class A		1,426		54
Legg Mason		4,063		118
Lincoln National		2,029		48
Loew’s		1,569		52
Marsh & McLennan		1,553		36
Marshall & Ilsley		124		1
MBIA 6 =		60		—
Mercury General		941		34
MetLife		2,501		85
Morgan Stanley		4,583		147
NASDAQ OMX Group =		1,344		24
New York Community Bancorp 6		11,122		120
NYSE Euronext		4,149		107
Old Republic International		787		8
PNC Financial Services Group		2,870		140
Principal Financial Group		2,321		58
Progressive =		1,539		25
ProLogis – REIT 6		2,558		29
Protective Life		3,824		74
Prudential Financial		2,757		125
Public Storage – REIT 6		1,257		93
Raymond James Financial 6		395		9
SLM =		2,657		26
StanCorp Financial Group		1,238		45
State Street		1,881		79
SunTrust Banks 6		261		5
T. Rowe Price Group		187		9
TD Ameritrade Holding =		1,345		26
Torchmark		1,535		62
Transatlantic Holdings		31		2
Travelers		2,283		114
Unitrin		1,490		29
W.R. Berkley		2,817		70
Wells Fargo		17,671		486
Wilmington Trust 6		4,619		56
XL Capital, Class A		2,978		49

				6,349

Healthcare – 10.5%
Aetna		1,269		33
AmerisourceBergen		2,138		47
Becton, Dickinson & Company		655		45
Boston Scientific =		1,906		16
Bristol-Myers Squibb		2,463		54
Cardinal Health		2,492		71
CareFusion =		1,246		28
CIGNA		2,625		73
Cooper		590		17
Coventry Health Care =		911		18
Eli Lilly 6		4,714		160
Endo Pharmaceuticals Holdings =		3,561		80
Forest Laboratories =		4,032		112
Health Net =		682		10
IMS Health		1,900		31
Johnson & Johnson		3,564		210
King Pharmaceuticals =		3,371		34
McKesson		355		21
Medtronic		428		15
Merck		9,560		296
Mettler-Toledo International =		345		34
Pfizer		45,887		781
Stryker 6		1,334		61
Teleflex		369		18
Thermo Fisher Scientific =		1,769		80
UnitedHealth Group		3,328		86
WellPoint =		715		33
Zimmer Holdings =		1,664		88

				2,552

Industrials – 8.0%
3M		1,019		75
Avery Dennison		820		29
Brinks		21		1
Carlisle Companies		39		1
Caterpillar 6		1,633		90
Cintas		13		—
CSX		1,138		48
Danaher		826		56
Deere & Company		1,101		50
Dover		380		14
Eaton		1,005		61
FedEx		1,656		120
General Dynamics		979		61
General Electric		49,550		707
Harsco		1,577		50
Honeywell International		538		19
Illinois Tool Works		3,329		153
ITT		35		2
Manitowoc 6		1,315		12
Norfolk Southern		1,953		91
Northrop Grumman		93		5
Pitney Bowes 6		6,255		153
R.R. Donnelley & Sons		3,812		77
Snap-On		78		3
Terex =		1,402		28
Timken		977		22
Trinity Industries 6		2,024		34

				1,962

Information Technology – 11.6%
Accenture, Class A		845		31
Adobe Systems =		1,115		37
Agilent Technologies 6 =		1,938		48
Akamai Technologies 6 =		794		17
Amdocs =		6,814		172
Amphenol, Class A		574		23
Analog Devices		2,894		74
ANSYS 6 =		576		23
Applied Materials 6		7,157		87
Autodesk =		1,566		39
Automatic Data Processing		662		26
Avnet =		457		11
AVX		7,027		80
BMC Software =		2,388		89
CA		6,425		134
Citrix Systems =		596		22
CommScope =		884		24
Computer Sciences =		1,887		96
Compuware =		9,275		65
Convergys =		749		8
Corning		1,785		26
DST Systems 6 =		104		4
eBay =		4,707		105
Electronic Arts =		1,975		36
EMC =		8,958		147
FLIR Systems =		1,519		42
Harris		2,032		85
Integrated Device Technology =		3,184		19
Intel		7,470		143
Intersil, Class A		306		4

First American Funds 2009 Annual Report 23

Schedule of Investments October 31, 2009, all dollars are rounded to thousands (000)


Quantitative Large Cap Value Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE


Intuit =		1,467	$	43
Jabil Circuit		2,359		32
KLA-Tencor		1,725		56
Lexmark International, Class A =		2,245		57
Linear Technology 6		4,139		107
Marvell Technology Group =		1,670		23
Maxim Integrated Products		1,082		18
McAfee =		933		39
MEMC Electronic Materials =		1,923		24
Microsoft		1,643		46
Motorola		8,013		69
National Instruments		2,221		59
National Semiconductor		3,881		50
Novell =		12,364		51
Nuance Communications =		1,254		16
Red Hat =		1,262		33
Sybase 6 =		836		33
Synopsys =		5,498		121
Texas Instruments		980		23
Total System Services		3,372		54
Trimble Navigation =		990		21
VMware, Class A =		564		22
Xerox 6		7,527		57
Xilinx		2,688		58

				2,829

Materials – 3.1%
Alcoa 6		7,406		92
Allegheny Technologies		315		10
Ashland		1,261		44
Bemis		281		7
Cabot Microelectronics		1,217		27
Carpenter Technology Corp.		1,763		37
Celanese, Class A		5		—
Cytec Industries		844		28
Dow Chemical 6		4,558		107
E.I. Du Pont de Nemours		2,930		93
International Paper		2,643		59
Nucor		1,979		79
Packaging Corporation of America		1,251		23
Pactiv =		1,098		25
PPG Industries		800		45
RPM International		140		2
Sonoco Products		180		5
Titanium Metals 6		1,164		10
Valspar 6		1,406		36
Vulcan Materials 6		391		18

				747

Telecommunication Services – 4.7%
AT&T		25,078		644
Leap Wireless International =		453		6
MetroPCS Communications =		4,011		25
NII Holdings =		3,164		85
Sprint Nextel 6 =		6,366		19
U.S. Cellular =		651		24
Verizon Communications		12,068		357

				1,160

Utilities – 8.6%
AGL Resources 6		1,543		54
Allegheny Energy		1,327		30
Alliant Energy		2,596		69
Ameren		4,197		102
American Electric Power		3,070		93
Atmos Energy		945		26
Consolidated Edison 6		1,194		49
Constellation Energy Group		3,122		97
Dominion Resources		2,054		70
DTE Energy		634		23
Duke Energy 6		7,551		119
Dynegy, Class A =		6,100		12
Edison International		2,560		81
Energen		253		11
Entergy		379		29
EQT		850		36
Exelon		1,463		69
FirstEnergy		2,889		125
FPL Group		1,298		64
Great Plains Energy		5,160		89
Integrys Energy Group		2,735		95
Mirant =		7,911		111
NRG Energy 6 =		856		20
Nstar		524		16
OGE Energy		1,269		42
Pepco Holdings		7,003		105
PG&E		709		29
Pinnacle West Capital		979		31
Questar		1,590		63
SCANA		1,400		47
Sempra Energy		1,978		102
Southern		3,272		102
Vectren		944		21
Wisconsin Energy		741		32
Xcel Energy		1,210		23

				2,087

Total Common Stocks
(Cost $23,081)				23,922

Short-Term Investments – 1.7%
Money Market Fund – 1.4%
First American Prime Obligations Fund, Class Z
0.148% Å Ω		337,454		337

U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
0.260%, 11/19/2009 o	$	75		75

Total Short-Term Investments
(Cost $412)				412

Investment Purchased with Proceeds from Securities Lending – 15.0%
Mount Vernon Securities Lending Prime Portfolio
0.209% Ω †
(Cost $3,664)		3,663,644		3,664

Total Investments 5 – 114.8%
(Cost $27,157)				27,998

Other Assets and Liabilities, Net – (14.8)%				(3,606	)

Total Net Assets – 100.0%			$	24,392


6		This security or a portion of this security is out on loan at October 31, 2009. Total loaned securities had a fair value of $3,391 at October 31, 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 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 for this fund. See note 3 in Notes to Financial Statements.

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

24 First American Funds 2009 Annual Report

Quantitative Large Cap Value Fund (concluded)


Ω		The rate quoted is the annualized seven-day effective yield as of October 31, 2009.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2009. See note 2 in Notes to Financial Statements.


†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the 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 October 31, 2009, the cost of investments for federal income tax purposes was $27,281. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	2,762
Gross unrealized depreciation		(2,045	)

Net unrealized appreciation	$	717


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts

Number of

Notional

Settlement

Contracts

Contract

Unrealized

Description

Month

Purchased

Value

Depreciation

S&P 500 E-Mini Futures

December 2009

$362

(13

)

First American Funds 2009 Annual Report 25


Statements ofAssets and Liabilities	October 31, 2009, 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	$	133,372		$	24,157		$	23,156
Affiliated money market fund, at cost		6,714			622			337
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		15,942			3,423			3,664


ASSETS:
Unaffiliated investments, at fair value* (note 2)	$	139,709		$	25,756		$	23,997
Affiliated money market fund, at fair value (note 2)		6,714			622			337
Affiliated investment purchased with proceeds from securities lending, at fair value (note 2)		15,942			3,423			3,664
Receivable for dividends and interest		149			24			35
Receivable for capital shares sold		100			—			—
Receivable from advisor		—			22			14
Prepaid expenses and other assets		44			43			44


Total assets		162,658			29,890			28,091


LIABILITIES:
Payable upon return of securities loaned (note 2)		15,942			3,423			3,664
Payable for capital shares redeemed		3			—			—
Payable to affiliates (note 3)		48			17			17
Payable for variation margin		229			20			10
Payable for distribution and shareholder servicing fees		—			—			—
Accrued expenses and other liabilities		9			8			8


Total liabilities		16,231			3,468			3,699


Net assets	$	146,427		$	26,422		$	24,392


COMPOSITION OF NET ASSETS:
Portfolio capital	$	165,456		$	28,127		$	25,164
Undistributed net investment income		1,659			269			415
Accumulated net realized loss on investments and futures contracts (note 2)		(26,791	)		(3,551	)		(2,015	)
Net unrealized appreciation or depreciation of:
Investments		6,337			1,599			841
Futures contracts		(234	)		(22	)		(13	)


Net assets	$	146,427		$	26,422		$	24,392


* Including securities loaned, at fair value	$	14,928		$	3,235		$	3,391


Class A:
Net assets	$	243		$	66		$	24
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		14			3			1
Net asset value, and redemption price per share	$	18.01		$	20.29		$	18.12
Maximum offering price per share¹	$	19.06		$	21.47		$	19.17
Class C:
Net assets	$	4		$	26		$	6
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		—**			1			—**
Net asset value, offering price, and redemption price per share²	$	17.91		$	20.20		$	18.18
Class Y:
Net assets	$	146,180		$	26,330		$	24,362
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		8,101			1,295			1,343
Net asset value, offering price, and redemption price per share	$	18.04		$	20.33		$	18.15


	¹	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.

	²	Class C has a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.


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

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

26 First American Funds 2009 Annual Report


Statements ofOperations	For the year ended October 31, 2009, 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	$	2,516		$	439		$	592
Dividends from affiliated money market fund		52			3			8
Interest from unaffiliated investments		4			1			1
Securities lending income		65			14			21


Total investment income		2,637			457			622


EXPENSES (note 3):
Investment advisory fees		300			65			59
Administration fees		232			64			58
Transfer agent fees		90			90			90
Custodian fees		6			1			1
Legal fees		15			15			15
Audit fees		29			29			29
Registration fees		44			43			43
Postage and printing fees		3			2			—
Directors’ fees		30			30			30
Other expenses		20			19			20
Distribution and shareholder servicing fees:
Class A		—			—			—
Class C		—			—			—


Total expenses		769			358			345


Less: Fee waivers (note 3)		(325	)		(261	)		(257	)


Total net expenses		444			97			88


Investment income – net		2,193			360			534


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 5):
Net realized gain (loss) on:
Investments		(18,929	)		(3,088	)		(1,066	)
Futures contracts		1,549			120			(31	)
Net change in unrealized appreciation or depreciation of:
Investments		27,924			6,093			3,364
Futures contracts		(358	)		(22	)		(41	)


Net gain on investments and futures contracts		10,186			3,103			2,226


Net increase in net assets resulting from operations	$	12,379		$	3,463		$	2,760

First American Funds 2009 Annual Report 27


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

	Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08

OPERATIONS:
Investment income – net	$	2,193		$	1,422		$	360		$	148		$	534		$	214
Net realized gain (loss) on:
Investments		(18,929	)		(7,587	)		(3,088	)		(746	)		(1,066	)		(1,073	)
Futures contracts		1,549			(1,790	)		120			167			(31	)		184
Net change in unrealized appreciation or depreciation of:
Investments		27,924			(24,537	)		6,093			(5,124	)		3,364			(2,879	)
Futures contracts		(358	)		116			(22	)		(1	)		(41	)		15


Net increase (decrease) in net assets resulting from operations		12,379			(32,376	)		3,463			(5,556	)		2,760			(3,539	)


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1	)		(2	)		—			—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		(1,072	)		(941	)		(151	)		(94	)		(200	)		(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	)		(200	)		(226	)


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		130			109			19			51			11			7
Reinvestment of distributions		1			3			—			1			—			1
Payments for redemptions		(20	)		(72	)		(18	)		(39	)		(2	)		(16	)


Increase (decrease) in net assets from Class A transactions		111			40			1			13			9			(8	)


Class C:
Proceeds from sales		—			—			13			—			11			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions (note 3)		(6	)		—			(2	)		—			(11	)		—


Increase (decrease) in net assets from Class C transactions		(6	)		—			11			—			—			—


Class R:
Proceeds from sales		—			—			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		(3	)		—			(4	)		—			(3	)		—


Decrease in net assets from Class R transactions		(3	)		—			(4	)		—			(3	)		—


Class Y:
Proceeds from sales		94,121			84,298			5,095			18,446			6,486			12,884
Reinvestment of distributions		546			1,108			119			147			169			206
Payments for redemptions		(49,049	)		(11,171	)		(2,158	)		(652	)		(1,628	)		(16	)


Increase in net assets from Class Y transactions		45,618			74,235			3,056			17,941			5,027			13,074


Increase in net assets from capital share transactions		45,720			74,275			3,064			17,954			5,033			13,066


Total increase in net assets		57,026			40,504			6,376			12,226			7,593			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	$	146,427		$	89,401		$	26,422		$	20,046		$	24,392		$	16,799


Undistributed net investment income at end of period	$	1,659		$	539		$	269		$	60		$	415		$	82

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

28 First American Funds 2009 Annual Report

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Financial Highlights For a share outstanding throughout the indicated period.



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

Quantitative Large Cap Core Fund¹
Class A
2009²	$	16.56	$	0.31		$	1.29		$	1.60		$	(0.15	)	$	—		$	(0.15	)	$	18.01
2008²		26.90		0.40			(10.21	)	$	(9.81	)		(0.29	)		(0.24	)		(0.53	)		16.56
2007³		25.00		0.06			1.91			1.97			(0.07	)		—			(0.07	)		26.90
Class C
2009²	$	16.51	$	0.24		$	1.24		$	1.48		$	(0.08	)	$	—		$	(0.08	)	$	17.91
2008²		26.88		0.23			(10.20	)	$	(9.97	)		(0.16	)		(0.24	)		(0.40	)		16.51
2007³		25.00		0.02			1.90			1.92			(0.04	)		—			(0.04	)		26.88
Class Y
2009²	$	16.57	$	0.35		$	1.29		$	1.64		$	(0.17	)	$	—		$	(0.17	)	$	18.04
2008²		26.90		0.44			(10.20	)	$	(9.76	)		(0.33	)		(0.24	)		(0.57	)		16.57
2007³		25.00		0.11			1.87			1.98			(0.08	)		—			(0.08	)		26.90


Quantitative Large Cap Growth Fund¹
Class A
2009²	$	17.75	$	0.26		$	2.39		$	2.65		$	(0.11	)	$	—		$	(0.11	)	$	20.29
2008²		27.51		0.24			(9.58	)		(9.34	)		(0.16	)		(0.26	)		(0.42	)		17.75
2007³		25.00		0.02			2.53			2.55			(0.04	)		—			(0.04	)		27.51
Class C
2009²	$	17.69	$	0.11		$	2.41		$	2.52		$	(0.01	)	$	—		$	(0.01	)	$	20.20
2008²		27.47		0.05			(9.55	)		(9.50	)		(0.02	)		(0.26	)		(0.28	)		17.69
2007³		25.00		(0.03	)		2.53			2.50			(0.03	)		—			(0.03	)		27.47
Class Y
2009²	$	17.76	$	0.30		$	2.40		$	2.70		$	(0.13	)	$	—		$	(0.13	)	$	20.33
2008²		27.52		0.28			(9.57	)		(9.29	)		(0.21	)		(0.26	)		(0.47	)		17.76
2007³		25.00		0.07			2.50			2.57			(0.05	)		—			(0.05	)		27.52


Quantitative Large Cap Value Fund¹
Class A
2009²	$	16.84	$	0.39		$	1.05		$	1.44		$	(0.16	)	$	—		$	(0.16	)	$	18.12
2008²		26.53		0.52			(9.56	)		(9.04	)		(0.40	)		(0.25	)		(0.65	)		16.84
2007³		25.00		0.10			1.51			1.61			(0.08	)		—			(0.08	)		26.53
Class C
2009²	$	16.80	$	0.16		$	1.22		$	1.38		$	—		$	—		$	—		$	18.18
2008²		26.51		0.35			(9.55	)		(9.20	)		(0.26	)		(0.25	)		(0.51	)		16.80
2007³		25.00		0.08			1.48			1.56			(0.05	)		—			(0.05	)		26.51
Class Y
2009²	$	16.85	$	0.44		$	1.04		$	1.48		$	(0.18	)	$	—		$	(0.18	)	$	18.15
2008²		26.54		0.55			(9.54	)		(8.99	)		(0.45	)		(0.25	)		(0.70	)		16.85
2007³		25.00		0.15			1.48			1.63			(0.09	)		—			(0.09	)		26.54


	¹	Per share data calculated using average share method.

	²	For the period November 1 to October 31 in the fiscal year indicated.

	³	Commenced operations on July 31, 2007. All ratios for the period July 31, 2007 to October 31, 2007 have been annualized, except total return and portfolio turnover.

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

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

30 First American Funds 2009 Annual Report



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			(Loss)
			Net Assets		Expenses to			Income (Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets			Turnover
Return⁴			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate



	9.87	%	$	243		0.69	%		1.94	%		1.01	%		1.62	%		75	%
	(37.08	)		118		0.70			1.77			1.18			1.29			153
	7.89			131		0.70			0.91			1.40			0.21			55

	9.05	%	$	4		1.44	%		1.57	%		1.76	%		1.25	%		75	%
	(37.58	)		10		1.45			0.99			1.93			0.51			153
	7.69			15		1.45			0.23			2.15			(0.47	)		55

	10.13	%	$	146,180		0.44	%		2.19	%		0.76	%		1.87	%		75	%
	(36.93	)		89,270		0.45			1.99			0.93			1.51			153
	7.93			48,745		0.45			1.73			1.15			1.03			55



	15.09	%	$	66		0.70	%		1.46	%		1.91	%		0.25	%		66	%
	(34.41	)		56		0.69			0.99			2.89			(1.21	)		161
	10.22			71		0.70			0.23			4.70			(3.77	)		58

	14.27	%	$	26		1.45	%		0.62	%		2.66	%		(0.59	)%		66	%
	(34.91	)		12		1.44			0.23			3.64			(1.97	)		161
	10.01			18		1.45			(0.36	)		5.45			(4.36	)		58

	15.42	%	$	26,330		0.45	%		1.67	%		1.66	%		0.46	%		66	%
	(34.27	)		19,974		0.44			1.23			2.64			(0.97	)		161
	10.29			7,725		0.45			1.07			4.45			(2.93	)		58




	8.73	%	$	24		0.70	%		2.44	%		2.01	%		1.13	%		59	%
	(34.79	)		14		0.69			2.26			3.78			(0.83	)		178
	6.46			31		0.70			1.57			4.73			(2.46	)		65

	8.21	%	$	6		1.45	%		1.01	%		2.76	%		(0.30	)%		59	%
	(35.25	)		3		1.44			1.52			4.53			(1.57	)		178
	6.25			5		1.45			1.18			5.48			(2.85	)		65

	9.00	%	$	24,362		0.45	%		2.72	%		1.76	%		1.41	%		59	%
	(34.63	)		16,779		0.44			2.51			3.53			(0.58	)		178
	6.52			7,457		0.45			2.28			4.48			(1.75	)		65

First American Funds 2009 Annual Report 31


Notes toFinancial Statements	October 31, 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. As of October 31, 2009, FAIF offered 40 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.


2 >	Summary of Significant Accounting Policies

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

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.

32 First American Funds 2009 Annual Report

shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of October 31, 2009, Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund held no internally fair valued securities.

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

Level 2 – Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.

As of October 31, 2009, the fund’s investments were classified as follows:


							Total
Fund	Level 1		Level 2		Level 3		Fair Value

Quantitative Large Cap Core Fund
Common Stocks	$	137,709	$	—	$	—	$	137,709
Short-Term Investments		22,656		2,000		—		24,656


Total Investments	$	160,365	$	2,000	$	—	$	162,365


Quantitative Large Cap Growth Fund
Common Stocks	$	25,606	$	—	$	—	$	25,606
Short-Term Investments		4,045		150		—		4,195


Total Investments	$	29,651	$	150	$	—	$	29,801


Quantitative Large Cap Value Fund
Common Stocks	$	23,922	$	—	$	—	$	23,922
Short-Term Investments		4,001		75		—		4,076


Total Investments	$	27,923	$	75	$	—	$	27,998

See each fund’s Schedule of Investments for further industry breakout.

As of October 31, 2009, each fund’s investments in other financial instruments* were classified as follows:


								Total
Fund	Level 1			Level 2		Level 3		Fair Value

Quantitative Large Cap Core Fund	$	(234	)	$	—	$	—	$	(234	)
Quantitative Large Cap Growth Fund		(22	)		—		—		(22	)
Quantitative Large Cap Value Fund		(13	)		—		—		(13	)


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

During the fiscal year ended October 31, 2009, the funds held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.

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 cost of the 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.

As of October 31, 2009, the funds did not have any tax positions that did not meet the “more-likely-than-not”

First American Funds 2009 Annual Report 33


Notes toFinancial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)

threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the 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 future 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.

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


	Accumulated		Undistributed
	Net Realized		Net Investment			Portfolio
Fund	Gain (Loss)		Income			Capital

Quantitative Large Cap Value Fund	$	1	$	(1	)	$	—

The character of distributions made during the fiscal year 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 year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the funds. The distributions paid during the fiscal years ended October 31, 2009 and October 31, 2008, were as follows:

October 31, 2009

Ordinary

Fund

Income

Quantitative Large Cap Core Fund

1,073

Quantitative Large Cap Growth Fund

151

Quantitative Large Cap Value Fund

200


	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, 2009, 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			Appreciation		Deficit

Quantitative Large Cap Core Fund	$	1,660	$	(26,276	)	$	5,590	$	(19,026	)
Quantitative Large Cap Growth Fund		272		(3,456	)		1,483		(1,701	)
Quantitative Large Cap Value Fund		418		(1,903	)		717		(768	)

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, 2009, 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		2017		Total

Quantitative Large Cap Core Fund	$	7,444	$	18,832	$	26,276
Quantitative Large Cap Growth Fund		313		3,143		3,456
Quantitative Large Cap Value Fund		378		1,525		1,903

DERIVATIVES – The funds may invest in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. The funds’ investment objectives allow the funds to enter into stock index futures. Derivatives may contain various risk including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the funds to gains or losses in excess of the amounts shown on the Statement of Assets and Liabilities.

FUTURES TRANSACTIONS – The funds are subject to equity price risk and interest rate risk in the normal course of pursuing their investment objectives. 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, the fund is required to deposit cash or pledge U.S. Government securities. The margin required for a futures contract is set by the exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract.

34 First American Funds 2009 Annual Report

contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes.

As of October 31, 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.

For the fiscal year ended October 31, 2009, the quarterly average gross notional amounts of the derivatives held by the funds were:


	Futures/		Futures/
Fund	Long		Short

Quantitative Large Cap Core Fund	$	5,265	$	370
Quantitative Large Cap Growth Fund		364		—
Quantitative Large Cap Value Fund		640		—

As of October 31, 2009, the funds’ fair values of derivative instruments categorized by risk exposure were classified as follows:


	Statement of	Quantitative		Quantitative		Quantitative
	Assets and Liabilities	Large Cap		Large Cap		Large Cap
	Location	Core Fund		Growth Fund		Value Fund

Liability Derivatives
Equity Contracts	Payables, Net Assets – Unrealized Depreciation*	$	234	$	22	$	13


Balance as of October 31, 2009		$	234	$	22	$	13


	*	Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes to the funds’ Schedules of Investments. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the fiscal year ended October 31, 2009:

Amount of realized gain (loss) on derivatives recognized in income:


Quantitative Large Cap Core Fund	Futures

Equity Contracts	$	1,549


Quantitative Large Cap Growth Fund	Futures

Equity Contracts	$	120


Quantitative Large Cap Value Fund	Futures

Equity Contracts	$	(31	)

Change in unrealized appreciation (depreciation) on derivatives recognized in income:


Quantitative Large Cap Core Fund	Futures

Equity Contracts	$	(358	)


Quantitative Large Cap Growth Fund	Futures

Equity Contracts	$	(22	)


Quantitative Large Cap Value Fund	Futures

Equity Contracts	$	(41	)

First American Funds 2009 Annual Report 35


Notes toFinancial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)

2009, Quantitative Large Cap Core Fund, Quantitative 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.


Fund	Amount

Quantitative Large Cap Core Fund	$	25
Quantitative Large Cap Growth Fund		5
Quantitative Large Cap Value Fund		8

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. The funds did not have any adjustments made for the fiscal year ended October 31, 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 is 0.30% for each of Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund. 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

36 First American Funds 2009 Annual Report

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 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 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.

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 fiscal year ended October 31, 2009, custodian fees for Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund were increased by $1, $0, and $0, respectively, 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% 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 fiscal year ended October 31, 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 other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal year ended October 31, 2009, legal fees and expenses of $15 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

First American Funds 2009 Annual Report 37


Notes toFinancial Statements	October 31, 2009, all dollars and shares are rounded to thousands (000)

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 fiscal year ended October 31, 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		—


4 >	Capital Share Transactions

FAIF has 370 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

	Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	10/31/09			10/31/08			10/31/09			10/31/08			10/31/09			10/31/08

Class A:
Shares issued		8			5			1			2			—			—
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		(1	)		(3	)		(1	)		(1	)		—			—


Total Class A transactions		7			2			—			1			—			—


Class C:
Shares issued		—			—			—			—			1			—
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		(1	)		—			—			—			(1	)		—


Total Class C transactions		(1	)		—			—			—			—			—


Class Y:
Shares issued		5,877			4,109			283			870			436			707
Shares issued in lieu of cash distributions		36			46			7			6			11			9
Shares redeemed		(3,199	)		(580	)		(119	)		(33	)		(100	)		(1	)


Total Class Y transactions		2,714			3,575			171			843			347			715


Net increase in capital shares		2,720			3,577			171			844			347			715


5 >	Investment Security Transactions

During the fiscal year ended October 31, 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	$	119,196	$	70,274
Quantitative Large Cap Growth Fund		16,888		13,781
Quantitative Large Cap Value Fund		18,043		11,000


6 >	Sector Risk

Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. As of October 31, 2009, Quantitative Large Cap Core Fund and Quantitative Large Cap Growth Fund 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, Quantitative Large Cap Value Fund had a significant portion 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.


7 >	Indemnifications

38 First American Funds 2009 Annual Report


Notice toShareholders	October 31, 2009 (unaudited)

TAX INFORMATION

For the fiscal year ended October 31, 2009, each fund has designated long term capital gains and ordinary income with regard to distributions paid during the period as follows:


	Ordinary
	Income			Total
	Distributions			Distributions
Fund	(Tax Basis)¹			(Tax Basis)²

Quantitative Large Cap Core Fund		100.00	%		100.00	%
Quantitative Large Cap Growth Fund		100.00			100.00
Quantitative Large Cap Value Fund		100.00			100.00


	¹	Based on a percentage of the fund’s total distributions.
	²	None of the distributions made by these funds are eligible for the dividends received deduction or are characterized as qualified dividend income.

Shareholder Notification of Federal Tax Status:


Fund

Quantitative Large Cap Core Fund	100.00	%
Quantitative Large Cap Growth Fund	100.00
Quantitative Large Cap Value Fund	100.00


Fund

Quantitative Large Cap Core Fund	100.00	%
Quantitative Large Cap Growth Fund	100.00
Quantitative Large Cap Value Fund	99.63

Additional Information Applicable to Foreign Shareholders Only:

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


Fund

Quantitative Large Cap Core Fund	3.71	%
Quantitative Large Cap Growth Fund	9.31
Quantitative Large Cap Value Fund	1.47

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


Fund

Quantitative Large Cap Core Fund	0.00	%
Quantitative Large Cap Growth Fund	0.00
Quantitative Large Cap Value Fund	0.00

First American Funds 2009 Annual Report 39


Notice toShareholders	October 31, 2009 (unaudited)

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

FORM N-Q HOLDINGS INFORMATION

QUARTERLY PORTFOLIO HOLDINGS

APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AGREEMENT

At a meeting on May 5-7, 2009, the Board considered information relating to the Funds’ investment advisory agreement with FAF Advisors (the “Agreement”). In advance of the meeting, the Board received materials relating to the Agreement, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 16-18, 2009, the Board concluded its consideration of and approved the Agreement through June 30, 2010.

Nature, Quality and Extent of Investment Advisory Services

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

40 First American Funds 2009 Annual Report

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

Investment Performance of the Funds

Quantitative Large Cap Core Fund. The Board considered that the Fund outperformed its benchmark index for the one-year period and since its inception on July 31, 2007, though it underperformed its performance universe median for both periods. The Board also considered, however, the Fund’s short operating history and concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement and permit the Fund to develop a longer performance record.

Quantitative Large Cap Growth Fund. The Board considered that the Fund outperformed both its benchmark index and its performance universe median for the one-year period and since its inception on July 31, 2007. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Quantitative Large Cap Value Fund. The Board considered that the Fund outperformed both its benchmark index and its performance universe median for the one-year period and since its inception on July 31, 2007. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Costs of Services and Profits Realized by FAF Advisors

The Board considered that each Fund’s advisory fees were waived during the Funds’ last fiscal year. The Board also noted that each Fund’s total expense ratio is lower than the peer group median. The Board concluded that each Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Economies of Scale in Providing Investment Advisory Services

The Board considered the extent to which each Fund’s investment advisory fee reflects economies of scale for the benefit of Fund shareholders. Based on information provided by FAF Advisors, the Board noted that profitability likely will increase as assets grow over time. The Board considered that each Fund has advisory fee breakpoints in place, and that FAF Advisors has committed to waive advisory fees to the extent necessary to keep each Fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. In light of the fee breakpoints currently in place for each Fund and FAF Advisors’ commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each Fund and its shareholders to renew the Agreement.

First American Funds 2009 Annual Report 41


Notice toShareholders	October 31, 2009 (unaudited)

Other Benefits to FAF Advisors

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

42 First American Funds 2009 Annual Report

Directors and Officers of the Funds


Independent Directors
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †

Benjamin R. Field III P.O. Box 1329 Minneapolis, MN 55440-1329 (1938)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Retired	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329 (1946)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997	Director, Charterhouse Group, Inc., a private equity firm, since October 2005; Advisor/Consultant, Future Freight^tm, a logistics/supply chain company; Trustee, National Jewish Health; Board Member/Co-founder, Shades of Blue, an aviation-related youth development organization; Vice President and Chief Operating Officer, Cargo-United Airlines, from July 2001 until retirement in November 2005	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Victoria J. Herget P.O. Box 1329 Minneapolis, MN 55440-1329 (1951)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Investment consultant and non-profit board member; Board Chair, United Educators Insurance Company	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


John P. Kayser P.O. Box 1329 Minneapolis, MN 55440-1329 (1949)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 2006	Retired; Principal from 1983 to 2004, William Blair & Company, LLC, a Chicago-based investment firm	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329 (1941)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; member, investment advisory committee, Sisters of the Good Shepherd	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and Chief Executive Officer, RKR Consultants, Inc., a consulting company providing advice on business strategy, mergers and acquisitions; non-profit board member since 2005	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	Cliffs Natural Resources, Inc. (a producer of iron ore pellets and coal)


Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329 (1940)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since April 1991	Attorney At Law; Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman, and Chief Executive Officer, Community Resource Partnerships, Inc., a corporation engaged in strategic planning, operations management, government relations, transportation planning, and public relations; Owner, Chairman, and Chief Executive Officer, Excensus^tm, LLC, a demographic planning and application development firm	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None

First American Funds 2009 Annual Report 43


Notice toShareholders	October 31, 2009 (unaudited)


Independent Directors – concluded
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †

Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FAIF since September 1987	Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Chair, St. Paul Riverfront Corporation, since 2005	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329 (1943)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and President, Jim Wade Homes, a homebuilding company	First American Funds Complex: twelve registered investment companies, including fifty-eight portfolios	None


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

44 First American Funds 2009 Annual Report


Officers
	Position(s)	Term of Office
Name, Address, and	Held	and Length of
Year of Birth	with Funds	Time Served	Principal Occupation(s) During Past 5 Years

Thomas S. Schreier, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1962)*	President	Re-elected by the Board annually; President of FAIF since February 2001	Chief Executive Officer, FAF Advisors, Inc.; Chief Investment Officer, FAF Advisors, Inc., since September 2007


Jeffery M. Wilson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956)*	Vice President – Administration	Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000	Senior Vice President, FAF Advisors, Inc.


Charles D. Gariboldi, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959)*	Treasurer	Re-elected by the Board annually; Treasurer of FAIF since December 2004	Mutual Funds Treasurer, FAF Advisors, Inc., since October 2004; prior thereto, Vice President — Investment Accounting and Fund Treasurer, Thrivent Financial for Lutherans


Jill M. Stevenson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965)*	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005	Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director and Senior Project Manager, FAF Advisors, Inc.


David H. Lui FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960)*	Chief Compliance Officer	Re-elected by the Board annually; Chief Compliance Officer of FAIF since March 2005	Chief Compliance Officer, FAF Advisors, Inc., since March 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc., and Chief Compliance Counsel, Franklin Templeton Investments


Jason K. Mitchell FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1976)*	Anti-Money Laundering Officer	Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since December 2008 and from September 2006 through August 2008	Compliance Manager, FAF Advisors, Inc., since June 2006; prior thereto, Compliance Analyst, FAF Advisors, Inc., from October 2004 to June 2006


Kathleen L. Prudhomme FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1953)*	Secretary	Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998	Deputy General Counsel, FAF Advisors, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm


James D. Alt Dorsey & Whitney LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm


James R. Arnold U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Senior Vice President, U.S. Bancorp Fund Services, LLC


Richard J. Ertel FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004	Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc., September 2004 to May 2006


Michael W. Kremenak FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1978)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since February 2009	Counsel, FAF Advisors Inc., since January 2009; prior thereto, Associate, Skadden, Arps, Slate, Meagher & Flom LLP, a New York City-based law firm, from September 2005 to January 2009


*	Messrs. Schreier, Wilson, Gariboldi, Lui, Mitchell, Ertel, and Kremenak, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of FAF Advisors, Inc., which serves as investment adviser and administrator for FAIF. Mr. Arnold is an officer of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as transfer agent for FAIF.

First American Funds 2009 Annual Report 45

First American Funds’ Privacy Policy

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

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

Why we collect your information

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


•	Know who you are and prevent unauthorized access to your information.
•	Design and improve the products we offer.
•	Comply with the laws and regulations that govern us.

The types of information we collect

We may collect the following nonpublic personal information about you:


•	Information about your identity, such as your name, address, and social security number
•	Information about your transactions with us
•	Information you provide on applications, such as your beneficiaries

Confidentiality and security

What information we disclose

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

Additional rights and protections

Our pledge applies to products and services offered by:


• First American Funds, Inc.		• American Select Portfolio Inc.
• First American Investment Funds, Inc.		• American Municipal Income Portfolio Inc.
• First American Strategy Funds, Inc.		• Minnesota Municipal Income Portfolio Inc.
• American Strategic Income Portfolio Inc.		• First American Minnesota Municipal Income Fund II, Inc.
• American Strategic Income Portfolio Inc. II		• American Income Fund, Inc.
• American Strategic Income Portfolio Inc. III

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Board of Directors First 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


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

0202-09 12/2009 AR-QUANT

Item 2—Code of Ethics

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

Item 3—Audit Committee Financial Expert

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

Item 4—Principal Accountant Fees and Services

(a)		Audit Fees — Ernst & Young LLP (“E&Y”) billed the registrant audit fees totaling $1,139,190 in the fiscal period ended October 31, 2009 and $1,080,747 in the fiscal year ended October 31, 2008, including fees associated with the annual audit, SEC Rule 17f-2 security count filings and filings of the registrant’s Form N-CSR.

(b)		Audit-Related Fees — E&Y billed the registrant audit-related fees totaling $108,154 in the fiscal period ended October 31, 2009 and $3,647 in the fiscal year ended October 31, 2008, including fees associated with the semi-annual review of fund disclosures.

(c)		Tax Fees — E&Y billed the registrant fees of $170,849 in the fiscal period ended October 31, 2009 and $209,423 in the fiscal year ended October 31, 2008, for tax services, including tax compliance, tax advice, and tax planning. Tax compliance, tax advice, and tax planning services primarily related to preparation of original and amended tax returns, timely RIC qualification reviews, and tax distribution analysis and planning.

(d)		All Other Fees — There were no fees billed by E&Y for other services to the registrant during the fiscal years ended October 31, 2009 and October 31, 2008.

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

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

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

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

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

	•		Meet quarterly with the partner of the independent audit firm

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

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

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

			On an annual basis, the Committee will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the funds’ independent audit firm directly for the funds. At least annually the Committee will receive a report from the independent audit firm of all audit and non-audit services, which were approved during the year.

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

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

			Audit Services

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

	•		Annual Fund financial statement audits

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

	•		SEC and regulatory filings and consents

			Audit-related Services

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

	•		Accounting consultations

	•		Fund merger support services

	•		Other accounting related matters

	•		Agreed Upon Procedure Reports

	•		Attestation Reports

	•		Other Internal Control Reports

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

			Tax Services

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

•

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

	•		Federal, state and local income tax compliance, and

	•		Sales and use tax compliance

	•		Timely RIC qualification reviews

	•		Tax distribution analysis and planning

	•		Tax authority examination services

	•		Tax appeals support services

	•		Accounting methods studies

	•		Fund merger support services

	•		Tax consulting services and related projects

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

			Other Non-audit Services

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

			Proscribed Services

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

	•		Management functions

	•		Accounting and bookkeeping services

	•		Internal audit services

	•		Financial information systems design and implementation

	•		Valuation services supporting the financial statements

	•		Actuarial services supporting the financial statements

	•		Executive recruitment

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

	•		Investment banking

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

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

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

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

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

(g)		The aggregate non-audit fees billed by E&Y to the registrant, the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, totaled $1,071,003 in the fiscal period October 31, 2009 and $321,233 in the fiscal year ended October 31, 2008.

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

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

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. Registrant’s code of ethics is provided to any person upon request without charge.

(a)(2)		Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed as exhibits hereto.

(a)(3)		Not applicable.

(b)		Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 are filed as exhibits hereto.

Signatures

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

First American Investment Funds, Inc.


By:		/s/ Thomas S. Schreier, Jr.


		Thomas S. Schreier, Jr.
		President

Date: December 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: December 24, 2009


By:		/s/Charles D. Gariboldi, Jr.


		Charles D. Gariboldi, Jr.
		Treasurer

Date: December 24, 2009

Nuveen Large Cap Select Fund (FLRYX) N-CSRCertified annual shareholder report (management investment company)