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, 2010

Date of reporting period: October 31, 2010

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			51

Report of Independent Registered Public Accounting Firm			59

Schedule of Investments			60

Statements of Assets and Liabilities			94

Statements of Operations			98

Statements of Changes in Net Assets			100

Financial Highlights			104

Notes to Financial Statements			136

Notice to Shareholders			155
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 14, 2010

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended October 31, 2010.

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.

As announced on July 29, 2010, U.S. Bancorp has entered into an agreement to sell a portion of the asset management business of FAF Advisors, the funds’ advisor, to Nuveen Investments. Included in the sale will be that part of FAF Advisors’ business that advises the funds. Subject to the approval of the funds’ board of directors and shareholders, along with other conditions related to the closing of the sale, Nuveen Asset Management, a subsidiary of Nuveen Investments, will become the advisor to the funds. The sale is currently expected to close by the end of 2010. There will be no change in the funds’ investment objectives or policies as a result of the transaction.

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

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

Sincerely,




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 2010 ANNUAL REPORT 1

Explanation of Financial Statements

 

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

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

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

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

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

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

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

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

2 FIRST AMERICAN FUNDS 2010 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, 2010?

The First American Equity Income Fund (the “fund”), Class Y shares, returned 18.78% for the fiscal year ended October 31, 2010 (Class A shares returned 18.46% without taking the sales charge into account). By comparison, the fund’s broad-based benchmark, the Standard & Poor’s 500 Index*, returned 16.52% for the same period. The fund’s custom benchmark, the Standard and Poor’s 500 Dividend Only Stocks Index*, returned 15.15% for the same period.

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

The U.S. economy continued on its slow path to recovery during the fiscal year. Economic growth indicators appeared to stabilize, relieving persistent fears of a double-dip recession. However, the jobless rate continued to hold above 9%, marking the longest stretch above this rate on record. The sluggish nature of the recovery led the Federal Reserve to continue its stimulative fiscal positioning. Toward the end of the period, the Fed expanded its quantitative easing by committing to buy up Treasury bonds in the hopes of driving investors to purchase riskier asset classes such as corporate debt and equities. Inflation data during the period remained very subdued; however, oil and broader commodity prices jumped sharply toward the end of the fiscal year in anticipation of the Fed’s further easing. Higher energy, commodity, and import prices are unlikely to materially change the underlying inflation trend unless they push wage and compensation rates higher, an unlikely development with the unemployment rate holding at the current high level.

U.S. equity markets posted excellent returns for the fiscal year, continuing their rebound from the 2008-2009 drop. However, the strong overall results masked several bouts of significant volatility during the period. At various times throughout the year, unfavorable data regarding employment, housing, and consumer spending weighed on the markets as did unrelenting negative headlines about regulatory action against financial firms, the Gulf of Mexico oil spill, and political posturing regarding financial reform. Midway through the fiscal year, markets plunged in response to concerns over the sovereign debt situation in Southern Europe and a potential major slowdown in China. Then on May 6, 2010 the equity markets experienced a “flash crash” with the Dow Jones Industrials Average falling nearly 1,000 points in a matter of minutes for no apparent fundamental reason. In the end, however, equity markets showed resilience, shrugging off these events. Markets advanced significantly as investors focused on positive news, including strong corporate earnings reports, improved U.S. economic growth indicators, and the Federal Reserve’s stimulative positioning.

What worked for the fund and why?

The fund’s performance was enhanced by sector allocation during the fiscal year. Relative to the custom benchmark, the fund was overweight in the consumer discretionary sector. This was the strongest performing area of the market during the period as investors discounted the outlook for improving consumer spending, especially among higher income households. The fund’s overweight position in the telecommunications services sector also aided results as investors sought out extra dividend yield opportunities in this high-yielding area of the market.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


Chevron	2	.8	%
Exxon Mobil	2	.6
ConocoPhillips	2	.3
Bristol-Myers Squibb	2	.2
General Electric	2	.1
Microsoft	2	.0
First American Prime Obligations Fund, Class Z	2	.0
Johnson & Johnson	1	.8
Abbott Laboratories	1	.7
Intel	1	.7

Sector Allocation as of October 31, 2010¹ (% of net assets)


Financials	15	.2	%
Information Technology	14	.7
Consumer Discretionary	12	.3
Industrials	11	.9
Energy	11	.6
Healthcare	9	.0
Consumer Staples	7	.0
Materials	6	.5
Telecommunication Services	5	.9
Utilities	4	.0
Short-Term Investment	2	.0
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 2010 ANNUAL REPORT 3

Equity Income Fund

Stock selection also contributed positively to fund results in several sectors. In financials, insurance companies Aflac and Old Republic International were standout performers, with investors re-evaluating their recovering earnings prospects in a more stable financial market environment. Real estate investment trust holdings Mid-America Apartment Communities, Ventas, and Annaly Capital Management added to the fund’s performance as this area of the market benefited from investor interest in their high dividend yields. Two bank holdings, KeyCorp and Astoria Financial, were also standouts as ongoing concerns related to the residential and commercial credit markets weighed more heavily on other companies within the group.

In the consumer discretionary sector, Hasbro, Brunswick, and J.C. Penney benefited the fund, generally beating investor earnings forecasts, while restaurant companies YUM! Brands, Darden Restaurants, and McDonald’s also provided solid results in that generally strong performing group. In the materials sector, E.I. du Pont de Nemours, Huntsman, PPG Industries, and Freeport-McMoRan Copper & Gold all rose significantly, reflecting their strong earnings performance. In telecommunications, Qwest Communications and CenturyLink added significantly to the fund’s results as investors bid those stocks up in a favorable response to their plans to merge operations. Windstream was another standout performer in the sector as investors preferred higher dividend companies within the group. Other strong contributors included: Emerson Electric due to continued strength in its emerging markets operations; utility sector holding Westar Energy; and technology holdings Analog Devices and Maxim Integrated Products in the strongly performing semiconductor group.

What did not work for the fund and why?

The fund’s worst-performing sectors relative to the custom benchmark were healthcare and energy. In the healthcare sector, fund holdings Baxter International and Covidien disappointed as they fell short of investor earnings expectations. In energy, the fund’s position in BP hindered results as the company’s well-publicized oil spill in the Gulf of Mexico hurt the stock.

What strategic moves were made by the fund and why?

At the end of the fiscal year, the fund was positioned for a gradual broadening of the economic recovery in the United States and continued moderating growth in emerging market economies. Asian countries, however, are expected to continue to show stronger growth than the developed economies. The fund’s sector overweights are modest and include consumer discretionary, information technology, telecommunications services, and materials. On the other hand, the fund remains underweight relative to the custom benchmark in the consumer staples, energy, and industrials sectors. The fund will continue to emphasize primarily large, U.S.-based companies with growing global franchises and dividend policies that support above-average current yields and dividend growth.

4 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Annual Performance^1,2


	October 31, 2010												September 30, 2010*
										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		11.91	%		2.65	%		2.52	%		—			6.16	%		1.67	%		2.52	%		—


Class B		12.59	%		2.73	%		2.33	%		—			6.53	%		1.74	%		2.33	%		—


Class C		16.60	%		3.05	%		2.32	%		—			10.45	%		2.06	%		2.32	%		—

Average annual return without sales charge (NAV)
Class A		18.46	%		3.82	%		3.10	%		—			12.35	%		2.82	%		3.10	%		—


Class B		17.59	%		3.05	%		2.33	%		—			11.53	%		2.06	%		2.33	%		—


Class C		17.60	%		3.05	%		2.32	%		—			11.45	%		2.06	%		2.32	%		—


Class R		18.16	%		3.55	%		—			4.59	%		11.96	%		2.55	%		—			4.25	%


Class Y		18.78	%		4.07	%		3.35	%		—			12.51	%		3.07	%		3.35	%		—


S&P 500 Index³		16.52	%		1.73	%		(0.02	)%		3.81	%		10.16	%		0.64	%		(0.43	)%		3.42	%


S&P 500 Dividend Only Stocks Index⁴		15.15	%		1.22	%		0.93	%		3.09	%⁵		9.56	%		0.18	%		0.70	%		2.72	%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 800.677.3863.


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 maximum sales charges of 5.50% for Class A shares and the 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.

Investment performance in the table reflects fee waivers that had in effect for certain portions of the periods indicated. In the absence of such fee waivers, total returns would be reduced.

As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.19%, 1.94%, 1.94%, 1.45%, 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^1,2,6 as of October 31, 2010


Equity Income Fund, Class A (NAV)	$	13,567


Equity Income Fund, Class A (POP)	$	12,820


S&P 500 Index³	$	9,983


S&P 500 Dividend Only Stocks Index⁴	$	10,967

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) 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 voluntary fee waivers in effect. 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 the different expense structures.

FIRST AMERICAN FUNDS 2010 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, 2010?

The First American Global Infrastructure Fund (the “fund”), Class Y shares, returned 22.92% for the fiscal year ended October 31, 2010 (Class A shares returned 22.56% without taking the sales charge into account). By comparison, the fund’s benchmark, the Standard & Poor’s Global Infrastructure Index*, returned 14.37% for the same period.

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

What worked for the fund and why?

The fund weathered a very volatile environment for infrastructure, outpacing the index for the fiscal year. Early in the year, the infrastructure segment benefited from the overall strengthening of global economies. However, mid-way through the period, the asset class experienced significant weakness as sovereign debt issues in Southern Europe and the fear of a Chinese government-instituted liquidity squeeze caused infrastructure stocks to sell off. Later in the fiscal year, the segment rebounded strongly from its oversold state as the global economic outlook continued to gain momentum.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


China Merchangs Holdings International	3	.4	%
Republic Services	3	.1
Vinci	3	.1
Enbridge	3	.0
Tokyo Electric Power	3	.0
Transburban Group	3	.0
Spectra Energy	2	.8
Beijing Enterprises Holdings	2	.6
Sempra Energy	2	.3
Crown Castle International	2	.3

Country Allocation as of October 31, 2010¹ (% of net assets)


United States	21	.0%
Japan	12	.0
Singapore	9	.9
Hong Kong	9	.1
Australia	8	.6
France	6	.6
Canada	6	.0
United Kingdom	4	.9
Brazil	4	.0
Spain	3	.0
Other²	13	.7
Short-Term Investment	0	.6
Other Assets & Liabilities, Net³	0	.6

	100	.0%


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

²	Refer to the fund’s Schedule of Investments for further country breakout.

³	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 2010 ANNUAL REPORT

Because of our concerns over sovereign debt issues early on, we lowered the fund’s weighting in Southern Europe vs. the index, particularly in countries such as Spain, Italy, and Portugal. This underweight position proved beneficial to the fund’s performance partway through the fiscal year. As the situation in Southern Europe progressed, we were able to use the market’s overreaction to substantially reduce the fund’s underweight and buy a number of attractive companies at significant discounts to intrinsic value. Similarly, the fund was able to take advantage of the sell-off in the Asian markets caused by concerns over monetary policy tightening by the Chinese government. The fund benefited from a number of advantageous stock purchases in the port, rail, diversified, and gas utilities sectors, particularly in Hong-Kong based companies.

The fund also gained significantly from its underweight position in electric utilities. We typically maintain an underweight stance in the electric utilities sector because most of the integrated and generation-specific companies in the index don’t qualify as core holdings under our definition of infrastructure. Integrated and generation-specific utilities performed poorly for part of the period due to very weak natural gas prices, which in turn led to lower power prices. Additionally, the fund benefited from underweights in two German integrated electric utilities that underperformed as the country’s government sought to reduce its deficit by assessing significant taxes on nuclear operations. When we do own electric utilities in the fund, we look for companies that have a significant amount of exposure to renewable generation and regulated electric transmission and distribution because these firms provide very consistent cash flows.

Additionally, performance was aided by several out-of-index toll road holdings during the period. Also, in technology infrastructure, the fund was rewarded for its exposure to two areas not represented in the index: cell phone tower infrastructure companies and data centers. Data centers are buildings in the electric, fiber-optic, or internet grid that house the servers needed to drive companies’ businesses. In diversified infrastructure, the fund benefited from multiple holdings spread throughout Asia and Australia, particularly Brookfield Infrastructure Partners. Early in the period, Brookfield was able to take controlling interest in prime seaport, gas pipeline, and coal terminal assets from an overleveraged Australian infrastructure company that got into trouble during the economic downturn.

What did not work for the fund and why?

In the airport sector, the fund underperformed the benchmark because of its underweight position in Australian company MAP Group (formerly Macquarie Airports). MAP Group’s stock price benefited from the strength of the Australian dollar and the company’s continued streamlining efforts, which include internalizing management and divesting in non-core assets. The fund’s performance was also hindered by several out-of-index positions in Japanese gas utilities and rail companies that were weighed down by uncertainty over high debt levels and the need to raise capital. Additionally, the fund underperformed in the toll road sector due to its underweight positions in two firms that received takeover offers. Finally, we were a little early with our move to increase the fund’s weighting in ports midway through the fiscal year due to the attractive fundamentals we were seeing in the sector.

What strategic moves were made by the fund and why?

We continued to be very active in the fund, taking advantage of relative value trading opportunities. The environment throughout the fiscal year highlighted the strengths of our bottom-up company analysis that helps us uncover this relative value within each sector. When stocks trade down based on where the companies are domiciled or irrational fears, and not on fundamentals, it provides buying opportunities for the fund. One of the main advantages of a listed infrastructure strategy is the ability to capitalize on short-term market dislocations using our active management style.

Earlier in the fiscal year, we had reduced the fund’s European exposure based on country-specific deficit concerns that would result in declining stock prices. Later in the period, we began shifting the fund back toward its historical country weightings. Staying true to our investment strategy, we maintained the fund’s lower risk level (as measured by beta*) vs. our benchmark and other more diversified global indices during the fiscal year. As the economy continued to recover, we looked for opportunities in slightly more cyclical sectors such as airports, pipelines, toll roads, and ports. These sectors typically demonstrate less correlation to Gross Domestic Product and are a little less cyclical than the broader market; however, they are more cyclical than other areas of the infrastructure segment.


*	A statistical measure of a fund’s or stock’s volatility as compared to the overall market.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 7

Global Infrastructure Fund

Annual Performance^1,2


	October 31, 2010									September 30, 2010*
				Since Inception			Since Inception						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		15.88	%		(3.06	)%		—			10.02	%		(4.61	)%		—


Class C		20.62	%		—			21.41	%		14.47	%		—			19.82	%

Average annual return without sales charge (NAV)
Class A		22.56	%		(1.14	)%		—			16.45	%		(2.67	)%		—


Class C		21.62	%		—			21.41	%		15.47	%		—			19.82	%


Class R		22.27	%		—			21.97	%		16.28	%		—			20.42	%


Class Y		22.92	%		(0.94	)%		—			16.81	%		(2.45	)%		—


S&P Global Infrastructure Index³		14.37	%		(6.44	)%		14.46	%		6.91	%		(8.15	)%		12.42	%


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 maximum sales charges 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.

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 of the most recent prospectus, the fund’s total annual operating expense ratio before waivers (including acquired fund fees and expenses) for Class A, Class C, Class R and Class Y shares was 2.47%, 3.22%, 2.72% and 2.22%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least February 28, 2011 so that the total annual fund operating expenses (after all waivers and excluding acquired fund fees and expenses) for Class A and Class Y shares do not exceed 1.25%, 2.00%, 1.50% and 1.00%, respectively. These fee waivers and expense reimbursements may be terminated at any time after February 28, 2011, at the discretion of the advisor. Prior to that time, such waivers and reimbursements 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, 2010


Global Infrastructure, Class A (NAV)	$	9,675


Global Infrastructure, Class A (POP)	$	9,144


S&P Global Infrastructure Index³	$	8,260

The chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 12/17/2007 to 10/31/2010) 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 voluntary fee waivers in effect. 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 are not presented. Performance for these classes will vary due to the different expense structures.

8 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

International Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2010?

The First American International Fund (the “fund”), Class Y shares, returned 8.52% for the fiscal year ended October 31, 2010 (Class A shares returned 8.21% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI EAFE Index*, returned 8.82% for the same period.

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

International stock market returns over the 12-month period were generally strong, continuing last year’s recovery from the 2008-2009 global crash. As was the case last year, emerging economies’ gains were higher. The MSCI Emerging Markets Index gained more than 21%, while the developed nation focused MSCI EAFE Index registered only a slight gain of 4%. The MSCI AC World Investable Market Index ex. U.S.A., which is comprised of approximately 80% developed and 20% emerging market nations, gained more than 8%.

These relatively good returns masked major shifts and concerns that arose during the fiscal year. The three most notable issues were: the struggles over deleveraging, particularly in the United States but also affecting economies in Europe; the related crisis with the euro as countries attempted to control sovereign debt in the face of lower economic activity; and high, export-led growth in emerging markets that threatened inflation and bubbles in their asset markets. For example, concerns about insolvency at European banks, and their governments’ inability to backstop them, caused the MSCI EAFE Index to drop more than 15% between January 1, 2010 and mid-May. During this same timeframe, the more buoyant MSCI Emerging Markets Index also experienced a decline. After that low point, most markets enjoyed steady growth as investors generally expressed confidence in nations’ ability to work out their imbalances without disruption. As we write this review in November, those beliefs are being tested anew.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


State Street Institutional Liquid Reserves Fund	4	.4	%
U.S. Treasury Bill, 0.185%, 11/04/2010	2	.9
Roche Holding	1	.9
Nestle	1	.9
SMC	1	.5
Novartis	1	.4
Canon	1	.4
Adidas	1	.2
FANUC	1	.1
BNP Paribas	1	.1

Country Allocation as of October 31, 2010¹ (% of net assets)


Japan	19	.2	%
United Kingdom	15	.2
Germany	8	.9
Switzerland	8	.7
France	6	.5
Canada	5	.5
United States	3	.9
China	2	.6
Hong Kong	2	.6
Australia	2	.0
Other²	17	.4
Short-Term Investments	7	.6
Other Assets & Liabilities, Net³	(0	.1	)

	100	.0	%


¹	Fund holdings and sector/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, 2010.

²	Refer to the fund’s Schedule of Investments for further country breakout.

³	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 2010 ANNUAL REPORT 9

International Fund

What worked for the fund and why?

We continued to use the management approach detailed last year. Two subadvisors select stocks according to the growth or value styles, while we allocate between the subadvisors, adjust the overall portfolio balance and country emphasis using index-related investments, and select stocks in the infrastructure sector. The growth stock portion of the fund outperformed in last year’s markets. The fund also benefited from our theme of avoiding Spain, which was a strong success as continuing concern about its low growth and high debt dogged all of peripheral Europe. The fund’s European exposure was focused in the northern nations of Germany, Sweden, and the Netherlands, which all outpaced the rest of the continent. On balance, the fund’s underemphasis in Europe was complemented by overemphasizing emerging markets – especially China, after our initial concern about high valuations. Furthermore, the fund had good results from our general underweight to Japan, the weakest of the large-economy markets. A couple of significant stock selections were strong contributors, including ARM Holdings, a designer of chips for virtually all smart phones, and BP, in which the portfolio enjoyed a well-timed positioning.

What did not work for the fund and why?

The fund unsuccessfully emphasized technology stocks during a period when most of the sector failed to match ARM Holdings’ strong results. Also, we underweighted consumer discretionary stocks out of concern for deferred consumer spending in developed markets. Unfortunately, the consumer discretionary sector performed relatively well. Finally, our concerns about the growing difficulties in the European financial system led us to hedge away the fund’s euro exposure during the second half of the year, just as investors’ concerns were being soothed.

What strategic moves were made by the fund and why?

The fund’s primary strategy continues to be to direct more emphasis toward emerging nations, where we continue to see higher growth rates that are less affected by the overhang of the recession than developed nations have been. Although the fund is underweight in Europe, its position in Northern Europe — Germany, Sweden, and the Netherlands — continues to be strong. These nations are on the periphery of the Eurozone, especially Spain and Italy, where the fund’s underweight resides.

In the first half of 2010, the fund pulled back on its emphasis to China, as concern mounted about tightening credit conditions to contain inflation and asset bubbles. We restored a positive position mid-year and had a significant overweight at year end. We also looked to spread out the fund’s emphasis in emerging Asia to catch the rapid growth in the region with less impact from Chinese policies. At the end of the fiscal year, we had moved back to a guarded overemphasis. In contrast, we reduced the fund’s position in India, due to ongoing inflation pressures that are leading the central bank to raise rates and otherwise restrict credit. Due to world commodity demand and the ever-unpredictable supply, we expect prices will continue to be a concern there and in other nations where food is a large part of household budgets.

As the recovery has matured, we have seen a fall-off in activity associated with a recovery, especially inventory rebuilding. We expect more moderate growth across the globe, but continue to emphasize commodity-producing areas as demand should continue to be strong.

10 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Annual Performance^1,2


	October 31, 2010												September 30, 2010*
										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		2.23	%		1.30	%		0.39	%		—			(3.72	)%		0.29	%		(0.54	)%		—


Class B		2.42	%		1.30	%		0.18	%		—			(3.82	)%		0.29	%		(0.73	)%		—


Class C		6.50	%		1.70	%		—			4.57	%		0.14	%		0.67	%		—			4.26	%

Average annual return without sales charge (NAV)
Class A		8.21	%		2.45	%		0.96	%		—			1.92	%		1.43	%		0.03	%		—


Class B		7.42	%		1.66	%		0.18	%		—			1.18	%		0.64	%		(0.73	)%		—


Class C		7.50	%		1.70	%		—			4.57	%		1.14	%		0.67	%		—			4.26	%


Class R		7.94	%		2.23	%		0.73	%		—			1.67	%		1.22	%		(0.18	)%		—


Class Y		8.52	%		2.71	%		1.20	%		—			2.21	%		1.68	%		0.28	%		—


MSCI EAFE Index³		8.82	%		3.79	%		3.61	%		8.14	%		3.71	%		2.45	%		2.99	%		7.80	%


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 (’“DSC”) 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 of the most recent prospectus, 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 1.60%, 2.35%, 2.35%, 1.85%, and 1.35%, respectively. The advisor has contractually agreed to waive fees through February 28, 2011 so that the 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, 2011, 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, 2010


International Fund, Class A (NAV)	$	10,999


International Fund, Class A (POP)	$	10,396


MSCI EAFE Index³	$	14,251

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 10/31/2000 to 10/31/2010 as compared to the MSCI EAFE 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.

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 2010 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, 2010?

The First American International Select Fund (the “fund”), Class Y shares, returned 13.14% for the fiscal year ended October 31, 2010 (Class A shares returned 12.72% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI All Country World Investable Market Index ex. U.S.A.*, returned 14.10% for the same period.

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

What worked for the fund and why?

We continued to use the management approach detailed last year. Three subadvisors select stocks according to growth, value, or emerging market styles, while we allocate among the subadvisors, adjust the overall portfolio balance and country emphasis using index-related investments, and select stocks in the infrastructure sector. The fund benefited from strong stock selection from two of the subadvisors. Also, our overall theme of avoiding Spain was a strong success as was our emphasis on Canada, an important supplier of minerals and energy and an often-overlooked, world investment opportunity. Additionally, overemphasizing emerging markets – especially China after our initial concern about high valuations – while directing the fund’s European exposure toward Northern Europe, worked well. Furthermore, the fund had good results from our general underweight to Japan, the weakest of the large-economy markets. A couple of significant stock selections were strong contributors, including ARM Holdings, a designer of chips for virtually all smart phones, and BP, in which the portfolio enjoyed a well-timed positioning.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


State Street Institutional Liquid Reserves Fund	3	.3	%
U.S. Treasury Bill, 0.185%, 11/04/2010	2	.8
Roche Holding	1	.4
Vale – ADR	1	.3
Nestle	1	.3
Market Vectors Russia	1	.2
SMC	1	.1
Novartis	1	.0
Canon	1	.0
Adidas	0	.9

Country Allocation as of October 31, 2010¹ (% of net assets)


Japan	14	.1%
United Kingdom	10	.1
Germany	6	.9
Brazil	6	.5
Switzerland	6	.4
France	5	.1
Canada	4	.8
United States	4	.7
China	3	.9
South Korea	2	.9
Other²	28	.1
Short-Term Investments	6	.5

	100	.0%


¹	Fund holdings and sector/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, 2010.

²	Refer to the fund’s Schedule of Investments for further country breakout.

12 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

What did not work for the fund and why?

The fund unsuccessfully emphasized technology stocks during a period when most of the sector failed to match ARM Holdings’ strong results. Also, we underweighted consumer discretionary stocks out of concern for deferred consumer spending in developed markets. Unfortunately, the consumer discretionary sector performed relatively well. Stock selection detracted, on balance, as a large number of modest disappointments offset successes. Finally, our concerns about the growing difficulties in the European financial system led us to hedge away the fund’s euro exposure during the second half of the year, just as investors’ concerns were being soothed.

What strategic moves were made by the fund and why?

The fund’s primary strategy continues to be to direct more emphasis toward emerging nations, where we continue to see higher growth rates that are less affected by the overhang of the recession than developed nations have been. Although the fund is underweight in Europe, its position in Northern Europe – Germany, Sweden, and the Netherlands – continues to be strong. These nations are on the periphery of the Eurozone, especially Spain and Italy, where the fund’s underweight resides.

In the first half of 2010, the fund pulled back on its strong emphasis to China, as concern mounted about tightening credit conditions to contain inflation and asset bubbles. We restored a positive position mid-year and had a significant overweight at year end. We also looked to spread out the fund’s emphasis in emerging Asia to catch the rapid growth in the region with less impact from Chinese policies. At the end of the fiscal year, we had moved back to a guarded overemphasis. In contrast, we reduced the fund’s position in India, due to ongoing inflation pressures that are leading the central bank to raise rates and otherwise restrict credit. Due to world commodity demand and the ever-unpredictable supply, we expect prices will continue to be a concern there and in other nations where food is a large part of household budgets.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 13

International Select Fund

Annual Performance^1,2


	October 31, 2010						September 30, 2010*
				Since Inception						Since Inception
	1 year			12/21/2006			1 year			12/21/2006
Average annual return with sales charge (POP)
Class A		6.57	%		(1.52	)%		0.96	%		(2.32	)%


Class C		11.00	%		(0.81	)%		5.14	%		(1.59	)%

Average annual return without sales charge (NAV)
Class A		12.72	%		(0.07	)%		6.89	%		(0.86	)%


Class C		12.00	%		(0.81	)%		6.14	%		(1.59	)%


Class R		12.59	%		(0.32	)%		6.73	%		(1.11	)%


Class Y		13.14	%		0.21	%		7.19	%		(0.60	)%


MSCI AC World Investable Market Index Ex. USA³		14.10	%		0.02	%		8.90	%		(0.89	)%


¹	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.

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 charges 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 of the most recent prospectus, 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 1.78%, 2.53%, 2.03%, and 1.53%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through February 28, 2011 so that the total annual fund operating expenses for Class A, Class C, Class R, and Class Y shares do not exceed 1.49%, 2.24%, 1.74%, and 1.24%, respectively. These fee waivers and expense reimbursements may be terminated at any time after February 28, 2011, at the discretion of the advisor. Prior to that time, such waivers and reimbursements 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, 2010


International Select Fund, Class A (NAV)	$	9,974


International Select Fund, Class A (POP)	$	9,427


MSCI AC World Investable Market Index Ex. USA³	$	10,009

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 12/21/2006 to 10/31/2010) as compared to the MSCI AC World Investable Market Index Ex. USA³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. 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	Performance for Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

14 FIRST AMERICAN FUNDS 2010 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, 2010?

The First American Large Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 25.34% for the fiscal year ended October 31, 2010 (Class A shares returned 25.03% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Growth Index*, returned 19.65% for the same period.

How did market conditions affect stock market 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, 2010¹ (% of net assets)


Apple	7	.5	%
Amazon.com	3	.6
Visa, Class A	2	.5
Priceline.com	2	.4
QUALCOMM	2	.1
Dollar Tree	2	.1
Oracle	2	.1
Google, Class A	2	.0
Netflix	1	.9
Cummins	1	.8

Sector Allocation as of October 31, 2010¹ (% of net assets)


Information Technology	39	.1	%
Consumer Discretionary	23	.8
Industrials	12	.1
Healthcare	9	.0
Energy	7	.0
Consumer Staples	3	.1
Financials	2	.9
Materials	1	.5
Telecommunication Services	1	.2
Short-Term Investment	0	.1
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 2010 ANNUAL REPORT 15

Large Cap Growth Opportunities Fund

What worked for the fund and why?

As is typical for the fund, individual stock selection had the greatest impact on its strong performance during the past fiscal year. The consumer discretionary and technology sectors – home to many outstanding franchise growth companies – produced several of the fund’s largest winners during the period. Within consumer discretionary, long-held favorites priceline.com, Amazon.com, and Chipotle Mexican Grill each rose significantly. Both priceline.com and Amazon.com benefited from the secular growth of e-commerce as consumers are increasingly turning to the internet for travel planning and shopping. Priceline.com also continued to generate very strong profit growth – particularly because of its heavy exposure to European and Asian travel. Meanwhile Amazon.com continued to distance itself from e-commerce competitors as it broadened product offerings, expanded distribution capabilities worldwide, and offered free shipping on an increasing number of orders. Chipotle’s formula of offering healthy and fast Mexican food continued to resonate with consumers, providing ample growth opportunities.

In the technology sector, Apple and F5 Networks followed very strong 2009 fiscal year performance with material gains over the past year as well. Apple has profitably introduced the most innovative products in the technology arena, expanding on its incredible success with the iPod and iPhone by introducing the iPad. The earnings growth that Apple has produced has been phenomenal. F5 Networks has the leading market share in the fast-growing area of application delivery networking, which provides intelligent products to improve data network speed and efficiency.

While the companies mentioned above have been held in the fund for a number of years, several newcomers also contributed meaningfully to performance. The fund was rewarded with strong contributions from Netflix, the leading DVD-by-mail and streaming video company; Wynn Resorts, the premier casino operator with increasing exposure to Asian gambling; Perrigo, a leading manufacturer of generic over-the-counter products; and Edwards Lifesciences, a medical products company that is transforming the treatment of heart valve disease. The success of these newcomers indicates that our process continued to uncover rewarding investment ideas.

What did not work for the fund and why?

As described above, individual stock selection had the largest impact on the fund’s performance. As in previous years, the stocks that detracted most from performance during 2010 experienced negative earnings revisions or downward valuation adjustments caused by concerns about the sustainability of growth. Goldman Sachs and CVS Caremark were examples of the former, while Visa and Medco Health Solutions were examples of the latter. Goldman’s earnings were below expectations and below last year’s due to lower trading and investment banking activity. CVS, which has attempted to be an integrated drugstore and pharmacy benefit management company, felt pressures in both of its businesses. Conversely, Visa, the global credit and debit card transaction processing network, continued to produce strong earnings results. However, concerns about how regulatory changes may impact the company’s profitability caused Visa’s valuation to fall by approximately 25% over the past year. Similarly, Medco, the leading pharmacy benefit management company, produced strong earnings growth, but had a 20% fall in its valuation as investors contemplated a potential slowdown in its long-term growth prospects.

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. Although there are individual position changes during any year, the basic framework holds and this past year was no different. As such, most of the changes that we made during the fiscal year reflected our bottom-up, one-stock-at-a-time approach. Stocks that we sold generally faced current and/or future earnings pressures. While the companies remained well run and had favorable long-term growth outlooks, their replacements, in our opinion, have better earnings growth prospects over the next 12 months. For example, we sold companies such as Blackrock, Abbott Laboratories, and Adobe and purchased Allergan, a leading ophthalmic pharmaceutical company; Dollar Tree, the largest and most successful single-price-point retailer in the country; Discovery Communications, the world’s number one cable content company; and the newer investments highlighted above. On the margin, we supplemented our single-stock approach with slight thematic tilts. Currently, we are slightly tilted toward pure growth companies as opposed to cyclical growth companies (which can be more attractive during the earlier stages of an economic recovery) or more stable companies (generally emphasized when we are worried about economic growth). These pure growth companies should do well in a decelerating, but still strong, earnings growth environment. In summary, 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 2010 ANNUAL REPORT

Annual Performance^1,2


	October 31, 2010															September 30, 2010*
	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		18.15	%		2.71	%		(1.71	)%		—			—			10.71	%		1.61	%		(2.44	)%		—			—


Class B		19.07	%		2.75	%		(1.89	)%		—			—			11.26	%		1.63	%		(2.62	)%		—			—


Class C		23.07	%		3.10	%		—			—			3.22	%		15.29	%		2.00	%		—			—			2.71	%

Average annual return without sales charge (NAV)
Class A		25.03	%		3.38	%		(1.15	)%		—			—			17.13	%		2.76	%		(1.88	)%		—			—


Class B		24.07	%		3.11	%		(1.89	)%		—			—			16.26	%		2.00	%		(2.62	)%		—			—


Class C		24.07	%		3.10	%		—			—			3.22	%		16.29	%		2.00	%		—			—			2.71	%


Class R		24.71	%		3.61	%		—			(0.64	)%		—			16.81	%		2.50	%		—			(1.13	)%		—


Class Y		25.34	%		4.14	%		(0.90	)%		—			—			17.42	%		3.02	%		(1.64	)%		—			—


Russell 1000 Growth Index³		19.65	%		3.21	%		(2.52	)%		(1.61	)%		3.75	%		12.65	%		2.06	%		(3.44	)%		(2.09	)%		3.25	%


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.

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


	*	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, 2010


Large Cap Growth Opportunities Fund, Class A (NAV)	$	8,907


Large Cap Growth Opportunities Fund, Class A (POP)	$	8,418


Russell 1000 Growth Index³	$	7,749

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) as compared to the Russell 1000 Growth Index³.


	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 2010 ANNUAL REPORT 17

Large Cap Select Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2010?

The First American Large Cap Select Fund (the “fund”), Class Y shares, returned 19.75% for the fiscal year ended October 31, 2010 (Class A shares returned 19.49% without taking the sales charge into account). By comparison, the fund’s benchmark, the Standard & Poor’s 500 Index* (“S&P 500 Index”), returned 16.52% for the same period.

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

What worked for the fund and why?

Strong stock selection helped the Large Cap Select Fund perform well in a difficult economic and market environment. We favored companies that had specific growth opportunities regardless of the domestic economic environment. We also held some stocks that would benefit from continued strong demand from the emerging markets.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


Apple	4	.5%
Citigroup	2	.4
Anadarko Petroleum	2	.4
JPMorgan Chase	2	.3
Caterpillar	2	.2
VMware, Class A	2	.1
DIRECTV, Class A	2	.0
BMC Software	2	.0
Bristol-Myers Squibb	2	.0
Goldman Sachs Group	1	.9

Sector Allocation as of October 31, 2010¹ (% of net assets)


Information Technology	29	.4%
Consumer Discretionary	16	.7
Industrials	12	.8
Financials	10	.4
Healthcare	10	.4
Energy	9	.7
Materials	3	.8
Consumer Staples	2	.7
Telecommunication Services	2	.5
Utilities	1	.3
Short-Term Investment	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.

18 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

The energy and basic material sectors were the two best-performing areas of the fund. Both sectors benefited from higher commodity prices that were tied to strong emerging market growth and a weaker U.S. dollar. The fund’s holdings in energy companies with strong production growth – such as oil and gas exploration firms Whiting Petroleum and Pioneer Natural Resources – performed very well. In basic materials, the fund’s positions in Cliffs Natural Resources, an iron ore producer, and Freeport-McMoRan Copper & Gold also added significant value.

Superior stock selection carried through to other sectors including healthcare, technology, industrials, and retail. Some noteworthy stocks that added to the fund’s performance were Apple, Sybase (which was acquired), Eaton, Caterpillar, and Williams-Sonoma.

What did not work for the fund and why?

The fund’s overweight position in financials and poor stock selection within that sector were both drags on performance. Although the fund averaged only a slight overweight in financials vs. the index, it was the worst-performing sector in the S&P 500 Index during the fiscal year. Also, the fund had almost no exposure in the real estate investment trust (REIT) industry of the financial sector. REITs were the best-performing industry within financials as these companies did not have the negative overhang of financial regulatory reform. The fund’s positions in some of the biggest financial firms like Goldman Sachs, JPMorgan Chase, and Bank of America all produced negative returns for the period. All of these companies were adversely impacted by the industry’s reform.

What strategic moves were made by the fund and why?

We positioned the fund with overweights in cyclical sectors such as consumer discretionary and technology for the whole fiscal year. Although the U.S. economic recovery has been quite slow, we are still favoring consumer discretionary stocks. We believe this sector will continue to perform well as the economic recovery progresses and as these stocks remain quite attractively valued. We also continue to like the technology sector as it is benefiting from world economic growth and recovering U.S. corporate enterprise spending. On the other hand, we have reduced the fund’s weighting in financials. Loan growth remains non-existent, net interest margins are set to decline, and uncertainty remains around financial regulatory reform. Although credit quality certainly has improved in this sector, we don’t believe this is enough to offset the negatives.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 19

Large Cap Select Fund

Annual Performance^1,2


	October 31, 2010									September 30, 2010*
							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		12.92	%		(0.75	)%		4.71	%		4.83	%		(1.83	)%		4.17	%


Class C		17.60	%		(0.41	)%		4.64	%		9.13	%		(1.49	)%		4.12	%

Average annual return without sales charge (NAV)
Class A		19.49	%		0.38	%		5.47	%		10.95	%		(0.72	)%		4.94	%


Class C		18.60	%		(0.41	)%		4.64	%		10.13	%		(1.49	)%		4.12	%


Class R		19.11	%		0.13	%		5.23	%		10.75	%		(0.95	)%		4.70	%


Class Y		19.75	%		0.63	%		5.74	%		11.24	%		(0.44	)%		5.22	%


S&P 500 Index³		16.52	%		1.73	%		6.37	%		10.16	%		0.64	%		5.92	%


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 maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

	As of the most recent prospectus, the fund’s total operating expense ratio (including any acquired fees and expenses) for Class A, Class C, Class R, and Class Y shares was 1.29%, 2.05%, 1.56%, and 1.04%, 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, 2010




Large Cap Select Fund, Class A (NAV)	$	15,110


Large Cap Select Fund, Class A (POP)	$	14,282


S&P 500 Index³	$	16,135

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 1/31/2003 to 10/31/2010) 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 voluntary fee waivers in effect. 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 the different expense structures.

20 FIRST AMERICAN FUNDS 2010 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, 2010?

The First American Large Cap Value Fund (the “fund”), Class Y shares, returned 10.54% for the fiscal year ended October 31, 2010 (Class A shares returned 10.36% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Value Index*, returned 15.71% for the same period.

How did market conditions affect stock market 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, 2010¹ (% of net assets)


JPMorgan Chase	2	.9%
AT&T	2	.6
Citigroup	2	.5
CSX	2	.1
Goldman Sachs Group	2	.0
ACE	2	.0
Pfizer	2	.0
Kraft Foods, Class A	1	.9
CMS Energy	1	.9
DIRECTV, Class A	1	.8

Sector Allocation as of October 31, 2010¹ (% of net assets)


Financials	22	.7%
Energy	14	.1
Healthcare	12	.3
Industrials	10	.6
Consumer Discretionary	8	.9
Information Technology	8	.1
Consumer Staples	7	.2
Materials	5	.7
Utilities	5	.6
Telecommunication Services	4	.4
Other Assets and Liabilities, Net²	0	.4

	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 2010 ANNUAL REPORT 21

Large Cap Value Fund

What worked for the fund and why?

During the fiscal year, the fund’s performance benefited from favorable security selection in the energy, telecommunication, and utility sectors. Within energy, the fund was rewarded for its preference for oil-producing companies with accelerating production profiles and the ability to self fund production. Fund holdings Pioneer Natural Resources, Whiting Petroleum, Concho Resources, and Newfield Exploration experienced strong returns during the period due to those characteristics. Telecommunications provider Qwest Communications rose because of accelerating fundamental trends and its agreement to be acquired by CenturyLink. Utility stock selection was positive with strong performance from CMS Energy following improved fundamental trends and a greater-than-expected dividend increase. Other stocks that had a positive impact on the fund’s performance included department store operator Macy’s; automotive manufacturer Ford Motor; pharmaceutical distributor AmerisourceBergen; soft drink manufacturer Dr. Pepper Snapple Group; and security software developer Check Point Software. Sector allocation was also favorable due to the fund’s overweight stance relative to the benchmark in the consumer cyclical and industrial sectors, as well as an underweight allocation to financials.

What did not work for the fund and why?

Fund performance was negatively impacted by unfavorable stock selection in the consumer staples, information technology, and industrial sectors. Food manufacturers including J.M. Smucker, ConAgra Foods, and General Mills lagged as profit margins came under pressure due to rising commodity costs and elevated promotional activity. Food retailer Kroger also experienced lower profit margins as the promotional environment remained elevated. Technology stock selection hindered results because of Hewlett-Packard, which experienced the unexpected departure of its CEO, and Cisco Systems, as a result of adverse market share trends. The fund fell short in the industrial sector as waste disposal operator Republic Services lagged. The company suffered because of negative pricing pressure related to sluggish demand as well as a lack of exposure to the strong-performing rail and transportation segment early in the period. Other stocks that had a negative impact on performance included pulp and paper manufacturer International Paper; managed care provider WellPoint; electronics retailer Best Buy; and regional bank PNC Financial Services. Additionally, the fund’s modest cash position and underweight allocation to real estate investment trusts (REITs) hurt performance due to the robust returns registered by the market and REIT stocks during the period.

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 financial services firms Citigroup, PNC Financial, State Street, Ameriprise Financial, and Invesco; energy firms Cameron International, Concho Resources, National Oilwell Varco, and Pioneer Natural Resources; technology firms Xerox, Marvell Technology, Avnet, Check Point Software, Amphenol, and Qualcomm; specialty chemical manufacturers Albemarle and PPG Industries; satellite television provider DirectTV; fertilizer manufacturer Mosaic; industrial firms Caterpillar, Cummins, and Eaton; and telecommunications provider Qwest Communication.

We eliminated several positions from the fund including: energy-related companies Exxon Mobil, Occidental Petroleum, Apache, Noble, and Transocean; industrial conglomerate General Electric; technology companies Hewlett-Packard, Cisco Systems, Intel, Teradata, and Applied Materials; diversified financial service providers Bank of America, Morgan Stanley, and Bank of New York Mellon; food manufacturers Conagra Foods and J.M. Smucker; and industrial companies Fedex, Ingersoll-Rand, and United Technologies. We continued 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.

22 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Annual Performance^1,2


	October 31, 2010												September 30, 2010*
										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		4.33	%		(1.33	)%		(0.14	)%		—			(1.58	)%		(2.48	)%		(0.06	)%		—


Class B		4.54	%		(1.26	)%		(0.32	)%		—			(1.59	)%		(2.40	)%		(0.25	)%		—


Class C		8.45	%		(0.97	)%		(0.33	)%		—			2.42	%		(2.10	)%		(0.25	)%		—

Average annual return without sales charge (NAV)
Class A		10.36	%		(0.21	)%		0.43	%		—			4.12	%		(1.37	)%		0.51	%		—


Class B		9.54	%		(0.95	)%		(0.32	)%		—			3.14	%		(2.10	)%		(0.25	)%		—


Class C		9.45	%		(0.97	)%		(0.33	)%		—			3.42	%		(2.10	)%		(0.25	)%		—


Class R		10.04	%		(0.47	)%		—			2.86	%		3.87	%		(1.63	)%		—			2.52	%


Class Y		10.54	%		0.04	%		0.68	%		—			4.41	%		(1.12	)%		0.76	%		—


Russell 1000 Value Index³		15.71	%		0.62	%		2.64	%		4.73	%		8.90	%		(0.48	)%		2.59	%		4.44	%


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.

	Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the 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 of the most recent prospectus, the fund’s total operating expense ratio 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^1,2,4 as of October 31, 2010


Large Cap Value Fund, Class A (NAV)	$	10,436


Large Cap Value Fund, Class A (POP)	$	9,860


Russell 1000 Value Index³	$	12,983

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) 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 voluntary fee waivers in effect. 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 in 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 the different expense structures.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 23

Mid Cap Growth Opportunities Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2010?

The First American Mid Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 29.57% for the fiscal year ended October 31, 2010 (Class A shares returned 29.24% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Growth Index*, returned 28.03% for the same period.

How did market conditions affect stock market 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, 2010¹ (% of net assets)


NetApp	3	.2	%
Priceline.com	2	.6
Amphenol, Class A	2	.1
Precision Castparts	2	.0
F5 Networks	2	.0
Cummins	2	.0
Advance Auto Parts	1	.9
Teradata	1	.9
Chipotle Mexican Grill, Class A	1	.8
Wynn Resorts	1	.7

Sector Allocation as of October 31, 2010¹ (% of net assets)


Information Technology	29	.3	%
Consumer Discretionary	22	.6
Industrials	18	.5
Healthcare	10	.0
Financials	5	.1
Energy	5	.0
Materials	3	.6
Consumer Staples	2	.7
Telecommunication Services	2	.0
Utilities	0	.7
Short-Term Investment	0	.1
Other Assets and Liabilities, Net²	0	.4

	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 2010 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. The beneficiaries of cyclical improvement outperformed as the financial markets and corporate profits recovered from the calamity of the previous year. Accordingly, the fund’s top performers included priceline.com and F5 Networks, which were also at the top of the list the previous year, as well as Chipotle Mexican Grill. In the case of priceline.com, travelers across the globe are increasingly turning to the internet to arrange their travel plans. Priceline.com has positioned itself to capitalize on this trend with a strong value proposition and an unrivaled breadth of hotel property relationships, which helped it gain meaningful market share during the past 12 months. F5 Networks, a leading supplier of application networking solutions to help companies manage application traffic on their networks, saw consistent improvement in demand for its flagship products and is poised to capture more market share as enterprise capital spending rebounds. Chipotle Mexican Grill, the nation’s largest fast-casual, Mexican-food restaurant, enjoyed some of the most favorable market-share trends of any restaurant concept this past year and over the last decade. Market-share gains combined with increasing operating margins and the ability to grow the store base over many years contributed to its strong stock performance. These winners, along with others such as NetApp, Netflix, and Wynn Resorts shared several characteristics. Each had a strong secular earnings growth outlook along with catalysts that would drive growth in the shorter term. All of these companies remain important fund holdings.

What did not work for the fund and why?

As described above, individual stock selection had the largest impact on the fund’s performance. Two of the fund’s largest detractors occurred in technology, a sector where we also had the best overall stock selection this past year. Vistaprint, a leading web-based marketing supplies company for small businesses, saw its growth rate interrupted. Also, MicroStrategy, a provider of business intelligence software worldwide, declined as its new product cycle fell far short of expectations. Stock selection in the healthcare and financial sectors was also weak. Nuvasive, a medical device company engaged in the surgical treatment of spine disorders, continued to execute and take market share; however, it competes in an industry that has experienced rapidly declining growth and the stock declined as a result. Thoratec, a medical device company engaged in the manufacture of blood pumps, was hurt by a potential new competitor entering its industry. In the financial sector, TD Ameritrade underperformed as short-term interest rates fell and hurt projected earnings. All of the companies mentioned above were sold from the fund’s portfolio.

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. Although there are individual position changes during any year, the basic framework holds and this past year was no different. As such, most of the changes that we made during the fiscal year reflected our bottom-up, one-stock-at-a-time approach. Stocks that we sold generally faced current and/or future earnings pressures. While the underlying companies remained well run and had favorable long-term growth outlooks, their replacements, in our opinion, have better earnings growth prospects over the next 12 months. For example, we sold holdings such as TJX Companies, DeVry, and CR Bard, and purchased Dollar Tree, the largest and most successful single-price-point retailer in the country; Netflix, one of the best-positioned companies in the on-line DVD rental industry; and Cognizant, one of the largest outsourcing service providers. On the margin, we supplemented our single-stock approach with slight thematic tilts. Currently, we are slightly tilted toward pure growth companies as opposed to cyclical growth companies (which can be more attractive during the earlier stages of an economic recovery) or more stable companies (generally emphasized when we are worried about economic growth). These pure growth companies should do well in a decelerating, but still strong, earnings growth environment.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 25

Mid Cap Growth Opportunities Fund

Annual Performance^1,2


	October 31, 2010															September 30, 2010*
										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		22.12	%		3.25	%		4.92	%		—			—			11.26	%		1.79	%		4.02	%		—			—


Class B		23.27	%		3.35	%		4.72	%		—			—			11.87	%		1.89	%		3.82	%		—			—


Class C		27.27	%		3.64	%		—			—			8.31	%		15.87	%		2.18	%		—			—			7.78	%

Average annual return without sales charge (NAV)
Class A		29.24	%		4.43	%		5.51	%		—			—			17.75	%		2.95	%		4.61	%		—			—


Class B		28.27	%		3.65	%		4.72	%		—			—			16.87	%		2.18	%		3.82	%		—			—


Class C		28.27	%		3.64	%		—			—			8.31	%		16.87	%		2.18	%		—			—			7.78	%


Class R		28.94	%		4.17	%		—			5.31	%		—			17.46	%		2.70	%		—			4.79	%		—


Class Y		29.57	%		4.69	%		5.78	%		—			—			18.06	%		3.21	%		4.87	%		—			—


Russell Midcap Growth Index⁴		28.03	%		4.28	%		0.20	%		0.80	%		7.89	%		18.27	%		2.86	%		(0.88	)%		0.41	%		7.51	%


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.

As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.23%, 1.98%, 1.98%, 1.48%, and 0.98%, 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 ^1,2,5 as of October 31, 2010


Mid Cap Growth Opportunities Fund, Class A (NAV)	$	17,100


Mid Cap Growth Opportunities Fund, Class A (POP)	$	16,159


Russell Midcap Growth Index⁴	$	10,206

This chart, illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) as compared to the Russell Midcap Growth Index⁴.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. 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 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 mid-cap companies with higher price-to-book ratios and higher forecasted growth values.

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

26 FIRST AMERICAN FUNDS 2010 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, 2010?

The First American Mid Cap Select Fund (the “fund”), Class Y shares, returned 22.26% for the fiscal year ended October 31, 2010 (Class A shares returned 22.03% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Index*, returned 27.71% for the same period.

How did market conditions affect stock market 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, 2010¹ (% of net assets)


F5 Networks	3	.2	%
NetApp	2	.9
Ventas – REIT	2	.3
Akamai Technologies	2	.2
CMS Energy	2	.1
Newfield Exploration	2	.0
Eaton	2	.0
Joy Global	2	.0
Interpublic Group of Companies	1	.9
PartnerRe	1	.9

Sector Allocation as of October 31, 2010¹ (% of net assets)


Consumer Discretionary	23	.5	%
Information Technology	22	.8
Financials	13	.6
Industrials	11	.6
Healthcare	7	.6
Energy	6	.7
Materials	5	.5
Utilities	3	.5
Telecommunication Services	3	.2
Consumer Staples	1	.5
Short-Term Investment	0	.5
Other Assets & Liabilities, Net²	0	.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.

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 2010 ANNUAL REPORT 27

Mid Cap Select Fund

What worked for the fund and why?

During the fiscal year, the fund once again benefited from effective size, sector, and market positioning, in addition to strong stock selection. As the economy continued on the road to recovery, the fund was rewarded for its emphasis on smaller capitalization stocks relative to the benchmark, along with its corresponding underweight in larger cap stocks. The fund’s tilt away from defensive sectors like staples, utilities, and healthcare and toward more cyclical sectors such as information technology and consumer discretionary also aided performance. Based on our outlook for an ongoing economic recovery and the subsequent quest for growth, we positioned the fund with overweight positions in fundamentally strong, economically sensitive stocks relative to the benchmark. In technology, the fund benefited from its position in software company F5 Networks and also from the takeovers of two portfolio holdings, SonicWALL and Sybase. Additionally, the fund gained significant performance from our stock selection in the energy and commodity sectors, including oil and gas exploration companies such as Pioneer Natural Resources and Whiting Petroleum as well as mining company Cliffs Natural Resources. Finally, the fund was rewarded for its positions in opportunistic, higher beta* stocks that gave it more exposure to market strength.

What did not work for the fund and why?

In terms of stock selection, the largest detractors from the fund’s performance were retailers 1-800-Flowers and J.C. Penney. In the healthcare sector, robotic surgery equipment manufacturer Intuitive Surgical and medical specialties company Thoratec also hurt results. Performance was also hindered by the fund’s relative weightings in various financial industries vs. the index. These included overweights in the weaker performing areas — banks and diversified financials — along with an underweight in the strongly advancing real estate sector. Although we attempted to keep cash at a minimum, the fund also experienced negative relative performance from holding a minimal amount of cash during the bull market conditions.

What strategic moves were made by the fund and why?

We continued to emphasize the cyclical sectors of the market, such as information technology and consumer discretionary, as more data indicated that the economy was moving forward. We funded these overweights with underweight positions in the utilities, healthcare, and consumer staples sectors. Because we expected returns to be driven primarily by stock selection, we remained focused on finding companies that exhibited strong or improving business fundamentals, attractive valuations, and positive catalysts for improved market recognition. We also emphasized cyclical stocks with attractive risk/reward characteristics that we believed investors will value as earnings eventually recover. Examples of these types of companies included fund holdings such as F5 Networks, NetApp, Newfield Exploration, Ventas, and Joy Global. As we continue to see economic recovery in 2011, we believe that companies on the smaller end of the mid-cap range are poised to outperform.


*	A statistical measure of a fund or stock’s volatility as compared to the overall market.

28 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Annual Performance^1,2


	October 31, 2010									September 30, 2010*
	1 year			5 years			10 years			1 year			5 years			10 years
Average annual return with sales charge (POP)
Class A		15	.25%		1.90	%		(12.21	)%		5	.57%		0.47	%		(13.93	)%


Class B		16	.17%		1.91	%		(12.39	)%		5	.92%		0.44	%		(14.09	)%


Class C		19	.93%		2.29	%		(12.38	)%		9	.81%		0.81	%		(14.09	)%

Average annual return without sales charge (NAV)
Class A		22	.03%		3.07	%		(11.71	)%		11	.73%		1.60	%		(13.44	)%


Class B		21	.17%		2.27	%		(12.39	)%		10	.92%		0.83	%		(14.09	)%


Class C		20	.93%		2.29	%		(12.38	)%		10	.81%		0.81	%		(14.09	)%


Class Y		22	.26%		3.30	%		(11.49	)%		12	.09%		1.85	%		(13.21	)%


Russell Midcap Index³		27	.71%		4.01	%		5.42	%		17	.54%		2.60	%		4.86	%


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 of the most recent prospectus, 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, and Class Y shares was 1.92%, 2.67%, 2.67%, and 1.67%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least February 28, 2011 so that the total annual fund operating expenses (after all waivers and excluding 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 and expense reimbursements may be terminated at any time after February 28, 2011, at the discretion of the advisor. Prior to that time, such waivers and reimbursements 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, 2010


Mid Cap Select Fund, Class A (NAV)	$	2,877


Mid Cap Select Fund, Class A (POP)	$	2,719


Russell Midcap Index³	$	16,951

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) as compared to the Russell Midcap Index³.

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 index that measures the performance of the 800 smallest companies in the Russell 1000 Index.

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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 29

Mid Cap Value Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2010?

The First American Mid Cap Value Fund (the “fund”), Class Y shares, returned 22.98% for the fiscal year ended October 31, 2010 (Class A shares returned 22.65% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Value Index*, returned 27.49% for the same period.

How did market conditions affect stock market 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, 2010¹ (% of net assets)


PPG Industries	2	.1	%
CMS Energy	2	.0
Arch Capital Group	1	.9
Unum Group	1	.9
Sempra Energy	1	.9
Xerox	1	.9
Stanley Black & Decker	1	.8
JM Smucker	1	.8
PartnerRe	1	.8
Wisconsin Energy	1	.8

Sector Allocation as of October 31, 2010¹ (% of net assets)


Financials	23	.1	%
Energy	11	.3
Consumer Discretionary	11	.1
Utilities	10	.6
Industrials	10	.1
Materials	9	.4
Healthcare	7	.9
Information Technology	7	.5
Consumer Staples	5	.4
Telecommunication Services	3	.0
Short-Term Investment	1	.5
Other Assets and Liabilities, Net²	(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.

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.

30 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

What worked for the fund and why?

During the fiscal year, the fund’s performance benefited from favorable security selection in the energy, materials, and telecommunication sectors. Within energy, the fund was rewarded for its preference for oil-producing companies with accelerating production profiles and the ability to self fund production. Fund holdings Pioneer Natural Resources, Whiting Petroleum, Concho Resources, and Newfield Exploration experienced strong returns during the period due to those favorable characteristics. Chemical manufacturers Celanese, PPG Industries, Albemarle; iron ore miner Cliffs Resources; and fertilizer manufacturer CF Industries Holdings were significant contributors to performance as commodity prices moved higher, driven by an increase in developing market demand, particularly from China. Telecommunications provider Qwest Communications rose because of accelerating fundamental trends and its agreement to be acquired by CenturyLink. Aerospace equipment manufacturer Goodrich outperformed due to rebounding industry conditions. Machinery manufacturer Cummins continued to benefit from accelerating demand for its heavy-duty truck products outside of the United States. Other holdings that helped fund performance included auto parts manufacturer Magna International, department store operator Macy’s, and hotel operator Starwood Hotels & Resorts. Sector allocation was also favorable due to the fund’s overweight stance relative to the benchmark in the information technology and consumer cyclical sectors, as well as an underweight allocation to financials.

What did not work for the fund and why?

Fund performance was negatively impacted by unfavorable stock selection in the consumer staples, consumer discretionary, information technology, and healthcare sectors. Food manufacturers including ConAgra Foods and Del Monte Foods lagged as profit margins came under pressure because of rising commodity costs and elevated promotional activity. Food retailers Kroger and Safeway also experienced lower profit margins as the promotional environment remained elevated. Within the consumer discretionary area, retail holdings OfficeMax, Expedia, AnnTaylor Stores, and Guess? negatively impacted performance due to sharp corrections following a brief pause in fundamental trends during the summer months. Communications equipment providers Tellabs and Polycom underperformed as a result of slowing demand for core offerings and lower earnings expectations. Semiconductor-related companies Micron Technology and KLA-Tencor also fell short due to peaking fundamental trends that investors believed were not sustainable. Other holdings that negatively impacted the fund’s performance during the period included reinsurance provider Everest Re Group, specialty chemical manufacturer Air Products & Chemicals, and waste disposal operator Republic Services. Additionally, the fund’s modest cash position and underweight allocation to real estate investment trusts (REITs) hurt performance due to the robust returns registered by the market and REIT stocks during the period.

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 during the fiscal year including: chemical producers PPG Industries and Albemarle; fertilizer manufacturer CF Industries Holdings, energy-related firms Whiting Petroleum, Concho Resources, and Plains Exploration; industrial companies Eaton, Cummins, Dover, and Textron; pharmaceutical developers Endo Pharmaceuticals and Valeant Pharmaceuticals; and technology providers Xerox, Check Point Software, and Marvell Technology.

We eliminated several positions from the fund including: food company Conagra Foods; food retailers Kroger and Safeway; industrial companies Ingersoll-Rand, ITT Corp, W.W. Grainger, and Werner Enterprises; specialty chemical manufacturer Air Products & Chemicals; packaging manufacturers Sonoco Products and Packaging Corp of America; technology firms Computer Sciences, Polycom, Tellabs, Analog Devices, KLA Tencor, and Altera; regional banks Comerica, Regions Financial, and Keycorp; and consumer discretionary companies OfficeMax, Newell Rubbermaid, WMS Industries, Expedia, Guess?, and Gap. We continued 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 2010 ANNUAL REPORT 31

Mid Cap Value Fund

Annual Performance^1,2


	October 31, 2010												September 30, 2010*
										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		15.93	%		1.61	%		5.98	%		—			7.79	%		0.18	%		5.89	%		—


Class B		16.77	%		1.66	%		5.79	%		—			8.11	%		0.23	%		5.69	%		—


Class C		20.74	%		1.99	%		5.79	%		—			12.16	%		0.57	%		5.70	%		—

Average annual return without sales charge (NAV)
Class A		22.65	%		2.76	%		6.58	%		—			14.04	%		1.32	%		6.49	%		—


Class B		21.77	%		2.00	%		5.79	%		—			13.11	%		0.56	%		5.69	%		—


Class C		21.74	%		1.99	%		5.79	%		—			13.16	%		0.57	%		5.70	%		—


Class R		22.40	%		2.51	%		—			8.44	%		13.69	%		1.07	%		—			8.08	%


Class Y		22.98	%		3.03	%		6.83	%		—			14.30	%		1.57	%		6.74	%		—


Russell Midcap Value Index³		27.49	%		3.38	%		8.00	%		9.47	%		16.93	%		1.97	%		7.80	%		9.10	%


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 of the most recent prospectus, the fund’s total annual operating expense ratio (including any acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares was 1.25%, 1.98%, 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, 2010


Mid Cap Value Fund, Class A (NAV)	$	18,915


Mid Cap Value Fund, Class A (POP)	$	17,880


Russell Midcap Value Index³	$	21,586

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) 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 voluntary fee waivers in effect. 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 the different expense structures.

32 FIRST AMERICAN FUNDS 2010 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, 2010?

The First American Quantitative Large Cap Core Fund (the “fund”), Class Y shares, returned 15.61% for the fiscal year ended October 31, 2010 (Class A shares returned 15.24% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P 500 Index*, returned 16.52% for the same period.

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

U.S. equity markets posted excellent returns for the fiscal year, continuing their rebound from the 2008-2009 drop. However, the strong overall results masked several bouts of significant volatility during the period. At various times throughout the year, unfavorable data regarding employment, housing, and consumer spending weighed on the markets as did unrelenting negative headlines about regulatory action against financial firms, the Gulf of Mexico oil spill, and political posturing regarding financial reform. Midway through the fiscal year, markets plunged in response to concerns over the sovereign debt situation in Southern Europe and a potential major slowdown in China. Then on May 6^th the equity markets experienced a “flash crash” with the Dow Jones Industrials Average falling nearly 1,000 points in a matter of minutes for no apparent fundamental reason. In the end, however, equity markets showed resilience, shrugging off these events. Markets advanced significantly as investors focused on positive news, including strong corporate earnings reports, improved U.S. economic growth indicators, and the Federal Reserve’s stimulative positioning.

What worked for the fund and why?

Our various “style” management strategies continued to benefit the performance of the Quantitative Large Cap Core Fund during the past year. In particular, one of our key style strategies that proved beneficial was an emphasis on smaller-capitalization stocks in the fund. The fund’s average market capitalization was approximately $28 billion, in the range of firms such as Texas Instruments, Deere & Co, or Bank of New York Mellon. This compares to the S&P 500’s average market cap of $45 billion, which is about the size of Ford Motor Company, Bristol-Myers Squibb, or DuPont. Other style strategies also contributed to performance over the course of the fiscal year, including our emphasis on owning stocks with somewhat more variable earnings, higher financial leverage, and higher book value for every dollar of market value.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


Exxon Mobil	3	.7	%
Microsoft	2	.4
Chevron	2	.3
Apple	1	.8
Proctor & Gamble	1	.6
Pfizer	1	.5
Cisco Systems	1	.5
Google, Class A	1	.4
IBM	1	.4
AT&T	1	.3

Sector Allocation as of October 31, 2010¹ (% of net assets)


Information Technology	24	.6	%
Financials	12	.8
Consumer Discretionary	11	.9
Healthcare	10	.9
Industrials	10	.3
Energy	9	.2
Consumer Staples	7	.8
Materials	7	.3
Telecommunication Services	3	.5
Utilities	0	.2
Short-Term Investments	1	.6
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 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 2010 ANNUAL REPORT 33

Quantitative Large Cap Core Fund

In the sector component of our strategy, we placed a strong overweight on technology stocks. This overweight stance, plus a modest underweight in the healthcare sector, was also beneficial to the fund’s performance. Finally, in the fund’s diversified portfolio, we successfully implemented a number of individual stock decisions to achieve our underlying style and industry strategies. For example, the fund benefited from avoiding the agriculture products firm Monsanto and from overweighting internet company IAC and semiconductor firm Marvell Technology Group.

What did not work for the fund and why?

The market drivers over the past few years again led us to take positions in industries that were not successful overall. Financial firms were at the top of that list as changes in the Federal Reserve’s interest rate policy went well outside the historical ranges, while new regulatory proposals also caused valuations to gyrate. Throughout the fiscal year, the fund’s performance was hindered by an overweight position in the financial sector, including increasing its position in that group as news made the stocks more volatile. In aggregate, individual stock selections also reduced the fund’s returns. For example, we overweighted laggards such as Pitney-Bowes and Alcoa and underweighted companies that ran ahead of their peers such as Apple and Amazon.com.

What strategic moves were made by the fund and why?

Over the past year, large-cap stocks have turned in a remarkable V-shaped rebound in profits to a near-record share of national income, belying the slow recovery of the overall economy. Much of the rebound has been driven by the surge of production due to inventory rebuilding, the stimulus package, and tight control on production costs. These factors are not expected to drive further gains. Final demand for production remains weak, the big boost from inventories is over, and “austerity measures” instead of stimulus is the watchword in Washington today. Also, further gains from already low labor costs would require dramatic reductions in wages or new sources of productivity that seem incompatible with extending hours worked. Therefore, the fund’s strategy is currently less levered to an increase in market values and more focused on stable earnings plus organic growth.

34 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Annual Performance^1,2


	October 31, 2010						September 30, 2010*
				Since Inception						Since Inception
	1 year			7/31/2007			1 year			7/31/2007
Average annual return with sales charge (POP)
Class A		8.89	%		(6.20	)%		2.65	%		(7.47	)%


Class C		13.46	%		(5.25	)%		6.86	%		(6.49	)%

Average annual return without sales charge (NAV)
Class A		15.24	%		(4.55	)%		8.62	%		(5.80	)%


Class C		14.46	%		(5.25	)%		7.86	%		(6.49	)%


Class Y		15.61	%		(4.30	)%		8.93	%		(5.56	)%


S&P 500 Index³		16.52	%		(4.04	)%		10.16	%		(5.27	)%


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 maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

As of the most recent prospectus, the fund’s total annual operating expense ratio, (before waivers and including any acquired fund fees and expenses), for Class A, Class C and Class Y shares was 2.02%, 2.77% and 1.77%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least February 28, 2011 so that total annual fund operating expenses, (after all waivers and excluding 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 and expense reimbursements may be terminated at any time after February 28, 2011, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

The First American Quantitative Large Cap Core Fund is 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.


	*	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, 2010


Quantitative Large Cap Core Fund, Class A (NAV)	$	8,595


Quantitative Large Cap Core Fund, Class A (POP)	$	8,121


S&P 500 Index³	$	8,746

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares
(from 7/31/2007 to 10/31/2010) 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 voluntary fee waivers in effect. 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 the different expense structures.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 35

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, 2010?

The First American Real Estate Securities Fund (the “fund”), Class Y shares, returned 45.16% for the fiscal year ended October 31, 2010 (Class A shares returned 44.82% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI U.S. REIT Index*, returned 43.39% for the same period.

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

U.S. equity markets posted excellent returns for the fiscal year, continuing their rebound from the 2008-2009 drop. However, the strong overall results masked several bouts of significant volatility during the period. At various times throughout the year, unfavorable data regarding employment, housing, and consumer spending weighed on the markets as did unrelenting negative headlines about regulatory action against financial firms, the Gulf of Mexico oil spill, and political posturing regarding financial reform. Midway through the fiscal year, markets plunged in response to concerns over the sovereign debt situation in Southern Europe and a potential major slowdown in China. Then on May 6th the equity markets experienced a “flash crash” with the Dow Jones Industrials Average falling nearly 1,000 points in a matter of minutes for no apparent fundamental reason. In the end, however, equity markets showed resilience, shrugging off these events. Markets advanced significantly as investors focused on positive news, including strong corporate earnings reports, improved U.S. economic growth indicators, and the Federal Reserve’s stimulative positioning.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


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

Sector Allocation as of October 31, 2010¹ (% of net assets)


Office	18	.4	%
Apartments	15	.1
Malls	13	.1
Healthcare	12	.3
Community Centers	8	.7
Hotels	7	.7
Industrials	7	.4
Self Storage	6	.7
Diversified	4	.8
Net Lease	1	.5
Infrastructure	1	.4
Student Housing	0	.9
Manufactured Homes	0	.9
Short-Term Investment	2	.3
Other Assets and Liabilities, Net²	(1	.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.

36 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

In the commercial real estate sector, many of the issues remained the same as those documented in last year’s report. Generally weak economic conditions, a lack of job growth, and constrained capital contributed to a weak fundamental environment. However, public real estate investment trusts (REITs) — approximately 10% of the total commercial real estate sector — continued their strong price recovery that began in March 2009, enjoying a significant capital advantage over many private real estate companies. As a whole, the experienced management teams at these public firms have been able to repair balance sheets due to their collections of very good overall portfolios in strong long-term locations. Public REITs are now well positioned to take advantage of opportunities for internal and external growth. Over the fiscal year, apartments were the best-performing REIT sector given the strong dynamics found in that segment including: renewed household formation, already strong occupancy levels, and very little new supply in the foreseeable future.

What worked for the fund and why?

The fund benefited from individual stock selection during the fiscal year. Consistent with our investment process, the portfolio had a bias toward higher-quality companies (those with consistent, visible cash flows) and continued 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. 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 office, community centers, and healthcare REITs. Our strong relative performance in the office sector was due to underweight positions in underperforming stocks such as Commonwealth REIT and Duke Realty; a good position in non-index holding Brookfield Properties; and active management of several companies whose price dynamics throughout the year offered distinct entry and/or exit points. In community centers and healthcare REITs, the fund performed well due to a combination of solid holdings in outperformers and underweight positions in several underperformers.

What did not work for the fund and why?

The broad REIT rally that continued during this fiscal year saw some lower quality stocks keeping up and, in some cases, outperforming higher quality stocks. Therefore, the fund’s emphasis on higher quality stocks actually hurt its performance. An example of this was in the apartment sector where the fund’s underweight positions in the sector’s historically weaker companies held back performance. That being said, we continue to believe in our long-term investment process. The fund’s worst-performing sectors on a relative value basis were apartments, student housing, and cash. Although we strive to stay close to fully invested at all times, the fund’s small average cash position of approximately 0.70% was a drag on performance in the strongly appreciating markets.

What strategic moves were made by the fund and why?

We continued to invest the fund on a relative value and sector-neutral basis, which provided a well-diversified portfolio of public real estate companies. This has the effect of reducing the impact of any one negatively performing sector. We took a cautious approach to weightings in suburban office companies, believing the fundamental environment for central business district office companies was stronger. We continued to own international real estate stocks and infrastructure stocks with heavy real estate foundations 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 5% of its assets in international and infrastructure holdings.


*	Diversification does not assure a profit or protect against a loss in a declining market.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 37

Real Estate Securities Fund

Annual Performance^1,2


	October 31, 2010												September 30, 2010*
										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		36.90	%		4.82	%		12.12	%		—			24.53	%		3.46	%		11.15	%		—


Class B		38.66	%		4.95	%		11.92	%		—			25.80	%		3.60	%		10.95	%		—


Class C		42.76	%		5.23	%		11.91	%		—			29.74	%		3.85	%		10.95	%		—
Average annual return without sales charge (NAV)
Class A		44.82	%		6.01	%		12.75	%		—			31.79	%		4.64	%		11.78	%		—


Class B		43.66	%		5.22	%		11.92	%		—			30.80	%		3.86	%		10.95	%		—


Class C		43.76	%		5.23	%		11.91	%		—			30.74	%		3.85	%		10.95	%		—


Class R		44.54	%		5.76	%		—			12.96	%		31.49	%		4.39	%		—			12.50	%


Class Y		45.16	%		6.27	%		13.03	%		—			32.15	%		4.90	%		12.07	%		—


MSCI U.S. REIT Index³		43.39	%		3.33	%		11.25	%		11.15	%		30.54	%		1.88	%		10.20	%		10.69	%


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.

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.


	*	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, 2010


Real Estate Securities Fund, Class A (NAV)	$	33,217


Real Estate Securities Fund, Class A (POP)	$	31,393


MSCI U.S. REIT Index³	$	29,048

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) 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 the different expense structures.

38 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Small Cap Growth Opportunities Fund

Investment Objective: growth of capital

How did the fund perform for the fiscal year ended October 31, 2010?

The First American Small Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 31.22% for the fiscal year ended October 31, 2010 (Class A shares returned 30.86% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Growth Index*, returned 28.67% for the same period.

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

U.S. equity markets posted excellent returns for the fiscal year, continuing their rebound from the 2008-2009 drop. However, the strong overall results masked several bouts of significant volatility during the period. At various times throughout the year, unfavorable data regarding employment, housing, and consumer spending weighed on the markets as did unrelenting negative headlines about regulatory action against financial firms, the Gulf of Mexico oil spill, and political posturing regarding financial reform. Midway through the fiscal year, markets plunged in response to concerns over the sovereign debt situation in Southern Europe and a potential major slowdown in China. Then on May 6^th the equity markets experienced a “flash crash” with the Dow Jones Industrials Average falling nearly 1,000 points in a matter of minutes for no apparent fundamental reason. In the end, however, equity markets showed resilience, shrugging off these events. Markets advanced significantly as investors focused on positive news, including strong corporate earnings reports, improved U.S. economic growth indicators, and the Federal Reserve’s stimulative positioning.

What worked for the fund and why?

Stock selection in the healthcare sector was the most significant positive contributor to the fund’s relative performance, particularly among biotechnology firms because of acquisition activity and the anticipation of clinical results. The strongest biotechnology performer was OSI Pharmaceuticals, a company that manufactures and co-markets the cancer medication Tarceva. The company was the subject of a hostile takeover by a Japanese pharmaceutical company, Astellas, which drove its shares higher by 55%. In the healthcare services group, shares of the home nursing company Amedisys reacted favorably in anticipation of strong fourth-quarter results and robust 2010 guidance. At that point, we believed the stock was fully valued and sold it prior to an unexpected federal inquiry into its billing practices. Zoll Medical, a manufacturer of defibrillation equipment with an emerging new product pipeline, benefited from stabilization in its core markets and annual guidance that was well received by investors.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


First American Prime Obligations Fund, Class Z	4	.1	%
Wolverine World Wide	2	.3
Warnaco Group	1	.8
PMC-Sierra	1	.8
Atheros Communications	1	.8
Zoll Medical	1	.7
Clean Harbors	1	.7
AnnTaylor Stores	1	.6
Buffalo Wild Wings	1	.6
Plantronics	1	.6

Sector Allocation as of October 31, 2010¹ (% of net assets)


Information Technology	28	.0	%
Consumer Discretionary	20	.3
Healthcare	18	.7
Industrials	16	.8
Energy	5	.1
Financials	3	.9
Materials	2	.3
Telecommunication Services	1	.5
Short-Term Investment	4	.1
Other Assets & Liabilities, Net²	(0	.7	)

	100	.0	%


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

²	Investments 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 2010 ANNUAL REPORT 39

Small Cap Growth Opportunities Fund

Once again, stock selection in the industrial sector contributed to the fund’s outperformance. BE Aerospace, the largest manufacturer of cabin interior products for commercial airlines and a leading aftermarket distributor of aerospace fasteners, benefited from the long-awaited increase in demand associated with increases in new plane orders that sent shares higher. Interface also fared well as this modular carpet manufacturer for commercial and residential markets suggested that cost initiatives had taken hold and that office turnover and renovation work would support top-line growth on a more sustained basis.

Consumer staples – a sector that is typically not emphasized in the fund – provided outperformance driven by a pair of acquisitions. The first of these was Chattem, a Tennessee-based manufacturer and marketer of branded, over-the-counter healthcare products. The company was acquired in December 2009 by the French pharmaceutical giant Sanofi-Aventis for a 33% premium. In January 2010, Bare Escentuals, a marketer of minerals-based makeup, was acquired in a cash deal by the Japanese cosmetics company, Shiseido, sending shares higher by 42%.

Lastly, the fund derived positive relative performance in the consumer discretionary sector, primarily from a group of restaurants that generally reported modest improvements in comparable store sales – a distinct reversal from the sluggish environment in 2009. Restaurant holdings that added to results this fiscal year included California Pizza Kitchen, Panera Bread Company, Texas Roadhouse, Buffalo Wild Wings, and P.F. Chang’s China Bistro.

What did not work for the fund and why?

Stock selection in the telecommunications sector was the most notable detractor from relative performance over the past fiscal year. Shares of Neutral Tandem, a provider of local switching and related services to telecommunications carriers, were weak during the first three quarters as a result of soft initial 2010 guidance, concerns over increased price competition from a small private company, and a pronouncement by the U.S. Patent Office that its patents were invalid. The fund’s energy holdings, primarily natural gas-levered companies without liquid condensate production such as GMX Resources and Comstock Resources, also weighed on performance as the market factored in continued on-shore supply growth. Finally, the fund’s modest cash balance was also a slight negative given the strong performance of small-cap stocks over the past year.

What strategic moves were made in the fund and why?

Over the course of the past fiscal year, we have attempted to maintain flexibility in the fund’s positioning given the stop-and-start nature of the recovery in the U.S. economy. Generally speaking, investors were encouraged by progress made on the labor front in the early portion of the year, but this gave way to summer weakness punctuated by housing market softness and a period of rising unemployment claims. However, the Federal Reserve’s new course of monetary stimulus has created a renewed optimism for growth looking ahead to 2011. In terms of sector moves, the most significant change we made during the year was to increase consumer discretionary holdings, moving the fund from an underweight relative to the benchmark Russell 2000 Growth Index to being substantially overweight. We believed there were attractive opportunities in specialty retail as well as apparel and luxury goods that presented favorable valuations and should fare well as investors react to additional stimulus measures and prospects for extended tax cuts. A portion of the fund’s overweight in the consumer discretionary area also reflects the lack of attractive candidates among consumer staples stocks at this point. We also increased the fund’s weighting in the energy sector this past year, where strong oil prices were driven by the weakening U.S. dollar. This led us to emphasize oil-based production holdings as well as oil-related energy service companies, which should benefit from heightened production activity.

On the other hand, we lowered the fund’s normally overweight position among technology holdings to the benchmark weight. Not only has the sector performed strongly – particularly in the networking and semiconductor groups – but valuations do not appear as attractive as they were earlier in the year. We also reduced financial sector holdings in light of the continuing uncertainties associated with regional banks in terms of prospective loan growth and net interest margin pressure. The fund’s healthcare and industrial weightings are essentially in line with the benchmark. Our investment process continues to be driven by the identification of secular trends and valuation opportunities that we believe will provide attractive returns for investors.

40 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Annual Performance^1,2


	October 31, 2010															September 30, 2010*
										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		23.64	%		2.25	%		3.09	%		—			—			11.15	%		0.45	%		1.54	%		—			—


Class B		24.95	%		2.36	%		2.90	%		—			—			11.75	%		0.55	%		1.35	%		—			—


Class C		28.91	%		2.65	%		—			—			6.45	%		15.75	%		0.84	%		—			—			5.96	%

Average annual return without sales charge (NAV)
Class A		30.86	%		3.42	%		3.67	%		—			—			17.63	%		1.59	%		2.11	%		—			—


Class B		29.95	%		2.64	%		2.90	%		—			—			16.75	%		0.83	%		1.35	%		—			—


Class C		29.91	%		2.65	%		—			—			6.45	%		16.75	%		0.84	%		—			—			5.96	%


Class R		30.50	%		3.16	%		—			4.33	%		—			17.33	%		1.33	%		—			3.86	%		—


Class Y		31.22	%		3.67	%		3.93	%		—			—			17.91	%		1.84	%		2.37	%		—			—


Russell 2000 Growth Index³		28.67	%		3.99	%		1.15	%		1.96	%		6.86	%		14.79	%		2.35	%		(0.13	)%		1.54	%		6.43	%


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.

Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the 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.

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 of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses), for Class A, Class B, Class C, Class R, and Class Y shares was 1.48%, 2.23%, 2.23%, 1.73%, and 1.23%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least February 28, 2011 so that the total annual fund operating expenses (after all waivers and excluding 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 and expense reimbursements may be terminated at any time after February 28, 2011, at the discretion of the advisor. Prior to that time, such waivers and reimbursements 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, 2010


Small Cap Growth Opportunities Fund, Class A (NAV)	$	14,343


Small Cap Growth Opportunities Fund, Class A (POP)	$	13,554


Russell 2000 Growth Index³	$	11,209

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) as compared to the Russell 2000 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 voluntary fee waivers in effect. 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 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 the different expense structures.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 41

Small Cap Select Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2010?

The First American Small Cap Select Fund (the “fund”), Class Y shares, returned 23.30% for the fiscal year ended October 31, 2010 (Class A shares returned 22.98% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Index*, returned 26.58% for the same period.

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

U.S. equity markets posted excellent returns for the fiscal year, continuing their rebound from the 2008-2009 drop. However, the strong overall results masked several bouts of significant volatility during the period. At various times throughout the year, unfavorable data regarding employment, housing, and consumer spending weighed on the markets as did unrelenting negative headlines about regulatory action against financial firms, the Gulf of Mexico oil spill, and political posturing regarding financial reform. Midway through the fiscal year, markets plunged in response to concerns over the sovereign debt situation in Southern Europe and a potential major slowdown in China. Then on May 6^th the equity markets experienced a “flash crash” with the Dow Jones Industrials Average falling nearly 1,000 points in a matter of minutes for no apparent fundamental reason. In the end, however, equity markets showed resilience, shrugging off these events. Markets advanced significantly as investors focused on positive news, including strong corporate earnings reports, improved U.S. economic growth indicators, and the Federal Reserve’s stimulative positioning.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


First American Prime Obligations Fund, Class Z	2	.5	%
Delphi Financial Group, Class A	1	.8
MasTec	1	.8
CommVault Systems	1	.7
Umpqua Holdings	1	.7
MGIC Investment	1	.6
Regal-Beloit	1	.5
Thoratec	1	.5
Smith Micro Software	1	.5
Zoll Medical	1	.5

Sector Allocation as of October 31, 2010¹ (% of net assets)


Information Technology	21	.0	%
Financials	19	.4
Consumer Discretionary	15	.3
Industrials	15	.3
Healthcare	11	.0
Materials	6	.5
Energy	5	.5
Short-Term Investment	2	.5
Consumer Staples	1	.9
Utilities	0	.9
Telecommunication Services	0	.9
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 2010 ANNUAL REPORT

What worked for the fund and why?

The fund’s performance benefited from stock selection within the consumer, technology, and industrial sectors. In the consumer area, the fund’s investments in Coinstar and Fossil contributed positively to results as the stocks returned 80% and 120%, respectively, over the fiscal year timeframe. Coinstar continued to execute on opportunities in the DVD rental marketplace. Fossil hit the market right with its merchandise and executed very well in an extremely tough and value-conscious market. These positive returns helped the fund’s consumer holdings generate a 32% return vs. 29% for the sector as a whole. In technology, gains in Progress Software and NetLogic Microsystems of 61% and 70%, respectively, helped that sector outpace the index, gaining 38% for the fund vs. 36% for the index. Smith Micro Software was also a big contributor to the fund. The company continued to execute on the opportunity for embedded software that helps manage the increasingly complex wireless network infrastructure. Finally, the industrial sector was a source of relative strength for the fund. Companies like BE Aerospace and Interface were up dramatically as their businesses found some stability and their managements took the opportunity to acquire new businesses or streamline operations.

What did not work for the fund and why?

Energy, financials, and healthcare were the three underperforming sectors for the fund, each being down more than 1% for the fiscal year. In energy, GMX Resources and Comstock Resources – two exploration and production companies that are heavily levered to the Haynesville shale natural gas fields – were poor performers. Natural gas supply has been extremely robust this year even though the commodity price has been very weak. This was especially problematic for these two companies as their gas production is on a higher cost basis than other companies. In financials, the fund was less interested in the real estate investment trust (REIT) industry as the slow economy and high unemployment rate continued to hurt occupancy and rental rates. This tough operating environment did not hold back REITs from performing well as their operations stabilized at this lower level and the low interest rates improved their ability to purchase more assets at reasonable prices. Healthcare was hurt by the fund’s investment in Amedisys, a home healthcare service company. The stock came under pressure as the government increased its scrutiny on the home healthcare industry and began looking at how it was incentivizing these companies through its payment schedule.

What strategic moves were made by the fund and why?

We continued to keep the fund well diversified* and to execute our discipline of buying good companies with good valuations. We did not materially change the fund’s positioning as the economic growth of the United States continued on its moderate course. The fund’s sector weightings are very close to their index weights. Early in the year, we sold several of the fund’s financial holdings, including TCF Bank and East West Bancorp, as they were valued much higher and hit their price targets. We have also been adding to cyclical ideas in the industrial space. We continued to underweight the healthcare sector in part to buffer the fund from any adverse changes due to increased government involvement. Additionally, the fund continues to have good exposure to the energy sector as we believe the world’s economic conditions will continue to gradually improve.


*	Diversification does not assure a profit or protect against a loss in a declining market.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 43

Annual Performance^1,2


	October 31, 2010												September 30, 2010*
										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		16.27	%		2.10	%		5.62	%		—			3.45	%		0.38	%		4.69	%		—


Class B		16.97	%		2.22	%		5.42	%		—			3.64	%		0.52	%		4.51	%		—


Class C		20.99	%		2.49	%		—			7.90	%		7.60	%		0.75	%		—			7.34	%

Average annual return without sales charge (NAV)
Class A		22.98	%		3.26	%		6.21	%		—			9.46	%		1.52	%		5.29	%		—


Class B		21.97	%		2.47	%		5.42	%		—			8.64	%		0.76	%		4.51	%		—


Class C		21.99	%		2.49	%		—			7.90	%		8.60	%		0.75	%		—			7.34	%


Class R		22.70	%		3.00	%		6.07	%		—			9.15	%		1.25	%		5.15	%		—


Class Y		23.30	%		3.51	%		6.48	%		—			9.69	%		1.76	%		5.55	%		—


Russell 2000 Index³		26.58	%		3.07	%		4.89	%		7.98	%		13.35	%		1.60	%		4.00	%		7.58	%


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, 2010


Small Cap Select Fund, Class A (NAV)	$	18,272


Small Cap Select Fund, Class A (POP)	$	17,271


Russell 2000 Index³	$	16,121

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) as compared to the Russell 2000 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 voluntary fee waivers in effect. 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 small-cap index that measures the performance of the 2,000 smallest companies in 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 the different expense structures.

44 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Small Cap Value Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2010?

The First American Small Cap Value Fund (the “fund”), Class Y shares, returned 25.43% for the fiscal year ended October 31, 2010 (Class A shares returned 25.15% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Value Index*, returned 24.43% for the same period.

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

U.S. equity markets posted excellent returns for the fiscal year, continuing their rebound from the 2008-2009 drop. However, the strong overall results masked several bouts of significant volatility during the period. At various times throughout the year, unfavorable data regarding employment, housing, and consumer spending weighed on the markets as did unrelenting negative headlines about regulatory action against financial firms, the Gulf of Mexico oil spill, and political posturing regarding financial reform. Midway through the fiscal year, markets plunged in response to concerns over the sovereign debt situation in Southern Europe and a potential major slowdown in China. Then on May 6th the equity markets experienced a “flash crash” with the Dow Jones Industrials Average falling nearly 1,000 points in a matter of minutes for no apparent fundamental reason. In the end, however, equity markets showed resilience, shrugging off these events. Markets advanced significantly as investors focused on positive news, including strong corporate earnings reports, improved U.S. economic growth indicators, and the Federal Reserve’s stimulative positioning.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


Buckeye Technologies	1	.8	%
Affiliated Managers Group	1	.8
First American Prime Obligations Fund, Class Z	1	.7
DiamondRock Hospitality	1	.7
Berry Petroleum, Class A	1	.7
TTM Technologies	1	.6
Atlas Air Worldwide Holdings	1	.6
GrafTech International	1	.5
Interface, Class A	1	.5
Triumph Group	1	.5

Sector Allocation as of October 31, 2010¹ (% of net assets)


Financials	28	.9	%
Industrials	16	.2
Information Technology	14	.1
Consumer Discretionary	12	.8
Energy	7	.3
Materials	6	.8
Healthcare	5	.5
Utilities	3	.6
Telecommunication Services	1	.3
Consumer Staples	0	.7
Exchange-Traded Fund	0	.7
Short-Term Investment	1	.7
Other Assets & Liabilities, Net²	0	.4

	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 2010 ANNUAL REPORT 45

Small Cap Value Fund

What worked for the fund and why?

The fund’s performance was primarily driven by solid, bottom-up stock selection across most of the sectors. From a top-down perspective, the fund’s pro-cyclical tilt also benefited results, including overweights relative to the benchmark in the materials, consumer discretionary, industrial, and information technology sectors. Our underweight stance in financials and consumer staples also helped as those sectors underperformed during the period. The top contributors to the fund during the fiscal year included: Atlas Air Worldwide Holdings, a leading global provider of air cargo solutions; Buckeye Technologies, a manufacturer of specialty paper products and fluff pulp; Interface, a global manufacturer of floor covering products; Complete Production Services, a leading provider of oil and gas well completion/production services; and Sally Beauty Holdings, a leading distributor and retailer of beauty supplies. Generally speaking, the common characteristic of the above-mentioned companies was solid market positioning, which allowed for top-line growth and margin expansion in an overall economic recovery. For example, Atlas Air Worldwide and Interface both benefited from continued strength in their core international markets. Buckeye Technologies’ positioning in strong sub-markets of the overall paper industry — in conjunction with management’s cost containment efforts — allowed the company to de-lever its balance sheet. Complete Production Services’ state-of-the-art positioning in both equipment and manpower enabled solid margin expansion as it continued to grow with leading domestic energy producers. Finally, Sally Beauty Holdings was able to demonstrate above-industry organic growth in an otherwise difficult domestic economy because of its focused marketing strategy.

What did not work for the fund and why?

The primary detractor during the fiscal year was stock selection in the healthcare sector, combined with modest underperformance from several holdings in the financial and utility sectors relative to the benchmark. Within healthcare, the fund was hindered by a lack of representation in the pharmaceutical industry. From a stock specific standpoint, Res-Care — a leading provider of care and services for people with developmental disabilities — was negatively impacted by impaired funding sources as state budgets became stressed. Additional detractors for the fund included Piper Jaffray, a leading middle-market investment bank; Kirkland’s, a specialty retailer of home décor and gifts; Sterling Construction, a civil engineering contractor primarily focused in Texas, Utah, and Nevada; and United Online, a branded provider of consumer products and social networking services. In general, these companies were hurt by continued sluggishness in their respective domestic markets.

What strategic moves were made by the fund and why?

From a sector positioning standpoint, we did not make any major changes to the fund over the course of the fiscal year as we continued to favor a pro-cyclical tilt. As the period progressed, we tilted the fund’s holdings in favor of larger, more liquid investments.

Our bottom-up portfolio construction process, in conjunction with careful consideration of the status of the business cycle recovery phase, continues to favor more pro-cyclical tilt. The fund is, therefore, overweight relative to the benchmark in sectors whose performance is closely linked to the business cycle, such as information technology, consumer discretionary, and industrials. The fund also has a modest overweight in the commodity-oriented materials and energy segments. We believe these sectors are well positioned now that the economic environment has shifted from recession toward 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.


*	Diversification does not assure a profit or protect against a loss in a declining market.

46 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Annual Performance^1,2 as of October 31, 2010


	October 31, 2010												September 30, 2010*
										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		18.24	%		0.79	%		5.51	%		—			3.93	%		(0.99	)%		4.71	%		—


Class C		23.21	%		1.17	%		5.31	%		—			8.07	%		(0.61	)%		4.52	%		—
Average annual return without sales charge (NAV)
Class A		25.15	%		1.93	%		6.11	%		—			9.96	%		0.14	%		5.30	%		—


Class C		24.21	%		1.17	%		5.31	%		—			9.07	%		(0.61	)%		4.52	%		—


Class R		24.85	%		1.69	%		—			7.67	%		9.72	%		(0.09	)%		—			7.02	%


Class Y		25.43	%		2.17	%		6.36	%		—			10.24	%		0.39	%		5.56	%		—


Russell 2000 Value Index³		24.43	%		2.02	%		8.16	%		8.74	%		11.84	%		0.73	%		7.72	%		8.37	%


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, 2010


Small Cap Value Fund, Class A (NAV)	$	18,096


Small Cap Value Fund, Class A (POP)	$	17,102


Russell 2000 Value Index³	$	21,921

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) as compared to the Russell 2000 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 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.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 47

Tactical Market Opportunities Fund

How did the fund perform during the period from December 31, 2009, through October 31, 2010?

The First American Tactical Market Opportunities Fund (the “fund”), Class Y shares, returned 6.20% for the fiscal period ended October 31, 2010. By comparison, the fund’s benchmark, the Bank of America Merrill Lynch 3-Month Treasury Bill Index*, returned 0.10% for the same period.

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

In the bond market, market technicals continued to be extremely supportive as retail investors pushed more than $200 billion into taxable fixed-income funds of all types so far in 2010. This demand was a major driver of strong bond market returns, particularly since many broad sectors of the market experienced net negative issuance, creating a shortage of high-quality, fixed-income assets. Most spread sectors posted excellent returns for the fiscal year, with high-yield credit, investment-grade credit, and commercial mortgage-backed securities leading the pack. These sectors continued to demonstrate stable-to-improving credit fundamentals and were fueled by strong investor demand for higher yielding assets. On the other hand, agency mortgage-backed securities finally hit the wall because of high dollar prices on pass-through securities, prepayment fears due to lower mortgage rates and policy rumors, and net positive supply as new origination exceeded investor demand.

What worked for the fund and why?

The fund strategy consists of outperforming the BofA Merrill Lynch 3-Month Treasury Bill Index by 4% annually over a reasonable period of time while maintaining a lower volatility than the broad market. In order to achieve these objectives, we first consider the allocation between fixed income, equities, and cash. Other asset classes, such as currencies and commodities, are periodically held to take advantage of market opportunities or to further diversify** the fund.

Overall, the fund’s fixed-income component provided a significant contribution to performance during the fiscal period. Its fixed-income allocation generally consisted of long duration Treasuries as well as exchange-traded funds (ETFs) in various fixed-income sectors such as investment-grade credit, high-yield bonds, emerging market debt, mortgage-backed securities, and preferred stock. We also included short Treasury futures at the front end of the yield curve as a view on market rates and also as a hedge to other fixed-income securities.

The fund’s equity allocation included several long positions in index futures and ETFs that contributed positively to performance. For example, the fund benefited from long positions in China, Germany, the S&P 500, South Africa, and Russia. Additionally, the fund’s short position in Spain contributed favorably to performance.

What did not work for the fund and why?

In general, short equity positions detracted from performance over the time period, including short Russell 2000, Mexico, India, and Canada. Although these short positions underperformed, they were utilized as part of spread trades with other countries and do not necessarily reflect a negative outlook on the broad market. Rather, these spread trades are used to express a view of relative performance between countries while reducing the overall volatility of the fund.


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

**	Diversification does not assure a profit or protect against a loss in a declining market.

48 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

What strategic moves were made by the fund and why?

As mentioned, the fixed-income component consisted of Treasuries and a variety of fixed-income ETFs representing various sectors such as investment-grade credit, high-yield bonds, mortgage-backed securities, emerging market debt, and preferred stock. These securities are held in various proportions at different times and are a primary component of the Tactical Market Opportunity Fund’s strategy. Throughout the year, we have slowly reduced the fund’s overall fixed-income exposure as rates have decreased and ETF prices have gone higher. ETF rotation within fixed income is an ongoing process to take advantage of market conditions, the outlook for fixed-income sectors, and relative yield advantages.

The equity component of the fund generally consists of long or short futures contracts as well as country and sector ETFs. While net equity exposure remains constrained, gross exposure is significant and reflects a view of relative country performance. These views are generally expressed with futures spread trades such as long emerging markets/short EAFE, long South Africa/short Mexico, long Germany/short Spain, and long China/short India to name a few. Other securities, such as high-yield and preferred stock ETFs, provide equity-like exposure yet are not included in the net and gross equity market value calculation. When evaluating the proper equity risk exposure, the weights of these fixed-income ETFs are considered. From a positioning perspective, the fund still has an emphasis on emerging markets and materials-producing countries as well as a short position in peripheral Europe.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


First American Prime Obligations Fund, Class Z	48.0	%
iShares Barclays 1-3 Year Credit Bond Fund	13.0
U.S. Treasury Bond, 4.500%, 08/15/2039	10.8
iShares JPMorgan USD Emerging Markets Bond Fund	5.6
iShares iBoxx $ High Yield Corporate Bond Fund	5.4
iShares S&P U.S. Preferred Stock Index Fund	4.9
iShares Barclays MBS Bond Fund	4.0
U.S. Treasury Bill, 0.157%, 04/14/2011	3.8
Market Vectors Russia	2.3
Utilities Select Sector SPDR	1.1

Sector Allocation as of October 31, 2010¹ (% of net assets)


Exchange-Traded Funds	36.3	%
U.S. Government & Agency Security	10.8
Short-Term Investments	53.1
Other Assets and Liabilities, Net²	(0.2	)

	100.0	%


¹	Fund holdings and sector allocations are subject to change at anytime 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, 2010.

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 2010 ANNUAL REPORT 49

Tactical Market Opportunities Fund

Annual Performance^1,2 as of October 31, 2010


	October 31, 2010^†			*September 30, 2010^†**
	Since Inception			Since Inception
	12/30/2009			12/30/2009

Average annual return without sales charge (NAV)
Class Y		6.20	%		5.60	%


Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index ³		0.10	%		0.08	%


¹	Total returns at net asset value (“NAV”) reflect performance over the time period indicated and assume reinvestment of all distributions at NAV.

As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses) for Class Y was 5.62%. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least February 28, 2011 so that total annual fund operating expenses (after all waivers and excluding acquired fund fees and expenses) for Class Y does not exceed 0.95%. These fee waivers and expense reimbursements may be terminated at any time after February 28, 2011, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. There is no guarantee that the fund will achieve its investment objectives. The advisor’s asset allocation decisions may be incorrect and could adversely affect fund performance. The fund is exposed to the risks of the underlying securities held by an exchange-traded fund (ETF) and bears its proportionate share of the ETF’s expenses. Derivative investing may involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount invested. The use of leverage through the use of derivatives may magnify this risk. Foreign investing, especially in emerging markets, entails additional risks, including currency fluctuations, political and economic instability, accounting changes, and foreign taxation. Debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Lower-rated and nonrated securities present a greater risk of loss to principal and interest than higher-rated securities. Commodity prices may be highly volatile and are affected by factors such as changes in demand, disruption in supply, and hedging and trading strategies of other market participants. Each of these asset classes may be less liquid and more volatile.


	^†	Returns not annualized


	*	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 as of October 31, 2010


Tactical Market Opportunities Fund, Class Y	$	10,620


Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index³	$	10,010

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class Y shares (from 12/30/2009 to 10/31/2010) as compared to the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill 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 voluntary fee waivers in effect. 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 Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. At the end of the month, that issue is sold and rolled into a newly selected issue.

50 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Expense Examples

Expense Example

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, 2010 to October 31, 2010.

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 these 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 (5/01/10 to
	Value (5/01/10)		Value (10/31/10)		10/31/10)

Class A Actual²	$	1,000.00	$	1,011.40	$	5.78


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.46	$	5.80



Class B Actual²	$	1,000.00	$	1,008.10	$	9.57


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.68	$	9.60



Class C Actual²	$	1,000.00	$	1,008.10	$	9.57


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.68	$	9.60



Class R Actual²	$	1,000.00	$	1,010.70	$	6.99


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.25	$	7.02



Class Y Actual²	$	1,000.00	$	1,012.50	$	4.51


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.72	$	4.53


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.14%, 1.89%, 1.89%, 1.38%, and 0.89% 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, 2010 of 1.14%, 0.81%, 0.81%, 1.07%, and 1.25% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 51

Expense Examples

Global Infrastructure Fund


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

Class A Actual²	$	1,000.00	$	1,114.80	$	6.66


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



Class C Actual²	$	1,000.00	$	1,110.80	$	10.64


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



Class R Actual²	$	1,000.00	$	1,113.70	$	7.99


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



Class Y Actual²	$	1,000.00	$	1,115.60	$	5.33


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, 2010 of 11.48%, 11.08%, 11.37%, and 11.56% for Class A, Class C, Class R, and Class Y, respectively.

International Fund


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

Class A Actual⁴	$	1,000.00	$	1,014.80	$	7.52


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.74	$	7.53



Class B Actual⁴	$	1,000.00	$	1,010.50	$	11.30


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.96	$	11.32



Class C Actual⁴	$	1,000.00	$	1,011.00	$	11.30


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.96	$	11.32



Class R Actual⁴	$	1,000.00	$	1,013.10	$	8.78


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.48	$	8.79



Class Y Actual⁴	$	1,000.00	$	1,016.40	$	6.25


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.26


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.48%, 2.23%, 2.23%, 1.73%, and 1.23% 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, 2010 of 1.48%, 1.05%, 1.10%, 1.31%, and 1.64% for Class A, Class B, Class C, Class R, and Class Y, respectively.

52 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

International Select Fund


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

Class A Actual²	$	1,000.00	$	1,048.40	$	7.69


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



Class C Actual²	$	1,000.00	$	1,044.30	$	11.49


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.96	$	11.32



Class R Actual²	$	1,000.00	$	1,047.50	$	8.98


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



Class Y Actual²	$	1,000.00	$	1,050.50	$	6.41


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%, 2.23%, 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, 2010 of 4.84%, 4.43%, 4.75%, and 5.05% for Class A, Class C, Class R and Class Y, respectively.

Large Cap Growth Opportunities Fund


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

Class A Actual⁴	$	1,000.00	$	1,066.30	$	6.20


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.21	$	6.06



Class B Actual⁴	$	1,000.00	$	1,062.20	$	10.08


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.43	$	9.86



Class C Actual⁴	$	1,000.00	$	1,062.30	$	10.08


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.43	$	9.86



Class R Actual⁴	$	1,000.00	$	1,065.00	$	7.50


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



Class Y Actual⁴	$	1,000.00	$	1,067.80	$	4.90


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.47	$	4.79


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.19%, 1.94%, 1.94%, 1.44%, and 0.94% 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, 2010 of 6.63%, 6.22%, 6.23%, 6.50%, and 6.78% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 53

Expense Examples

Large Cap Select Fund


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

Class A Actual²	$	1,000.00	$	993.20	$	6.68


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.77



Class C Actual²	$	1,000.00	$	989.40	$	10.43


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.72	$	10.56



Class R Actual²	$	1,000.00	$	991.40	$	7.93


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



Class Y Actual²	$	1,000.00	$	994.10	$	5.43


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


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.33%, 2.08%, 1.58%, and 1.08% 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, 2010 of -0.68%, -1.06%, -0.86%, and -0.59% for Class A, Class C, Class R, and Class Y, respectively.

Large Cap Value Fund


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

Class A Actual⁴	$	1,000.00	$	970.20	$	6.16


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



Class B Actual⁴	$	1,000.00	$	966.90	$	9.87


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



Class C Actual⁴	$	1,000.00	$	966.10	$	9.86


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



Class R Actual⁴	$	1,000.00	$	968.70	$	7.44


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



Class Y Actual⁴	$	1,000.00	$	971.70	$	4.92


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 1.24%, 1.99%, 1.99%, 1.50%, 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, 2010 of -2.98%, -3.31%, -3.39%, -3.13%, and -2.83% for Class A, Class B, Class C, Class R, and Class Y, respectively.

54 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Mid Cap Growth Opportunities Fund


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

Class A Actual²	$	1,000.00	$	1,076.90	$	6.44


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.26



Class B Actual²	$	1,000.00	$	1,073.00	$	10.35


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	10.06



Class C Actual²	$	1,000.00	$	1,072.80	$	10.34


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	10.06



Class R Actual²	$	1,000.00	$	1,075.60	$	7.69


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



Class Y Actual²	$	1,000.00	$	1,078.30	$	5.13


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.27	$	4.99


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.23%, 1.98%, 1.98%, 1.47%, and 0.98% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2010 of 7.69%, 7.30%, 7.28%, 7.56%, and 7.83% 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 (5/01/10 to
	Value (5/01/10)		Value (10/31/10)		10/31/10)

Class A Actual³	$	1,000.00	$	998.90	$	7.10


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



Class B Actual³	$	1,000.00	$	995.00	$	10.86


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



Class C Actual³	$	1,000.00	$	994.20	$	10.86


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



Class Y Actual³	$	1,000.00	$	1,000.00	$	5.85


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, 2010 of -0.11%, -0.50%, -0.58%, and 0.00% for Class A, Class B, Class C, and Class Y, respectively.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 55

Expense Examples

Mid Cap Value Fund


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

Class A Actual²	$	1,000.00	$	1,000.90	$	6.30


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



Class B Actual²	$	1,000.00	$	997.10	$	10.07


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



Class C Actual²	$	1,000.00	$	997.20	$	10.07


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



Class R Actual²	$	1,000.00	$	1,000.00	$	7.51


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



Class Y Actual²	$	1,000.00	$	1,002.70	$	5.05


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%, 2.00%, 1.49%, and 1.00% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2010 of 0.09%, -0.29%, -0.28%, 0.00%, and 0.27% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Quantitative Large Cap Core Fund


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

Class A Actual⁴	$	1,000.00	$	999.00	$	3.53


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57



Class C Actual⁴	$	1,000.00	$	995.60	$	7.29


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



Class Y Actual⁴	$	1,000.00	$	1,001.00	$	2.27


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%, 1.45%, 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).

⁴	Based on the actual returns for the six-month period ended October 31, 2010 of -0.10%, -0.44%, and 0.10% for Class A, Class C, and Class Y, respectively.

56 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Real Estate Securities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (5/01/2010 to
	Value (5/01/2010)		Value (10/31/10)		10/31/10)

Class A Actual²	$	1,000.00	$	1,073.80	$	6.53


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



Class B Actual²	$	1,000.00	$	1,069.40	$	10.38


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



Class C Actual²	$	1,000.00	$	1,069.80	$	10.43


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



Class R Actual²	$	1,000.00	$	1,072.60	$	7.73


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.74	$	7.53



Class Y Actual²	$	1,000.00	$	1,074.90	$	5.23


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%, 1.99%, 2.00%, 1.48%, and 1.00% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2010 of 7.38%, 6.94%, 6.98%, 7.26%, and 7.49% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Growth Opportunities Fund


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

Class A Actual⁴	$	1,000.00	$	991.70	$	7.38


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



Class B Actual⁴	$	1,000.00	$	988.10	$	11.12


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



Class C Actual⁴	$	1,000.00	$	988.10	$	11.12


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



Class R Actual⁴	$	1,000.00	$	990.50	$	8.63


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



Class Y Actual⁴	$	1,000.00	$	993.20	$	6.13


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


³	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).

⁴	Based on the actual returns for the six-month period ended October 31, 2010 of -0.83%, -1.19%, -1.19%, -0.95%, and -0.68% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 57

Expense Examples

Small Cap Select Fund


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

Class A Actual²	$	1,000.00	$	986.50	$	6.21


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



Class B Actual²	$	1,000.00	$	982.00	$	9.94


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



Class C Actual²	$	1,000.00	$	983.40	$	9.95


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



Class R Actual²	$	1,000.00	$	985.40	$	7.41


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.74	$	7.53



Class Y Actual²	$	1,000.00	$	988.40	$	4.96


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%, 1.99%, 1.99%, 1.48%, 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, 2010 of -1.35%, -1.80%, -1.66%, -1.46%, and -1.16% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Value Fund


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

Class A Actual⁴	$	1,000.00	$	973.40	$	6.67


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.82



Class C Actual⁴	$	1,000.00	$	969.10	$	10.37


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.67	$	10.61



Class R Actual⁴	$	1,000.00	$	972.10	$	7.85


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



Class Y Actual⁴	$	1,000.00	$	973.20	$	5.42


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.55


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.34%, 2.09%, 1.58%, and 1.09% 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, 2010 of -2.66%, -3.09%, -2.79%, and -2.68% for Class A, Class C, Class R, and Class Y, respectively.

Tactical Market Opportunities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period⁵ (5/01/10 to
	Value (5/01/10)		Value (10/31/10)		10/31/10)

Class Y Actual⁶	$	1,000.00	$	1,048.40	$	4.70


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.63


⁵	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.91% for Class Y, 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).

⁶	Based on the actual returns for the six-month period ended October 31, 2010 of 4.84% for Class Y.

58 FIRST AMERICAN FUNDS 2010 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 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, Mid Cap Value, Quantitative Large Cap Core, Real Estate Securities, Small Cap Growth Opportunities, Small Cap Select, Small Cap Value, and Tactical Market Opportunity Funds (series of First American Investment Fund, Inc.) (collectively, the “funds”), including the schedule of investments, as of October 31, 2010, and the related statements of operations, changes in net assets and 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, 2010, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds listed above of First American Investment Funds, Inc. at October 31, 2010, the results of their operations, changes in their net assets and their financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

December 23, 2010

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 59

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Equity Income Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 98.1%
Consumer Discretionary – 12.3%
Brunswick 6		316,324	$	5,004
Darden Restaurants 6		231,009		10,559
Foot Locker 6		672,300		10,710
Hasbro		281,882		13,037
Home Depot		366,137		11,306
J.C. Penney		123,819		3,861
Mattel 6		283,623		6,617
McDonald’s		158,917		12,359
Thomson Reuters 6		156,343		5,980
Whirlpool 6		121,809		9,237
Yum! Brands		270,951		13,429

				102,099

Consumer Staples – 7.0%
Altria Group		328,835		8,359
ConAgra Foods		239,485		5,386
Kraft Foods, Class A 6		378,535		12,215
Philip Morris International		194,939		11,404
Sysco 6		334,855		9,865
Unilever 6		358,714		10,650

				57,879

Energy – 11.6%
Anadarko Petroleum 6		144,358		8,888
Chesapeake Energy 6		83,509		1,812
Chevron		280,138		23,143
ConocoPhillips		319,220		18,962
Enbridge Energy Partners 6		29,542		1,817
Exterran Partners 6		296,886		6,920
Exxon Mobil		326,181		21,681
Total – ADR 6		230,732		12,570

				95,793

Financials – 15.2%
Aflac		182,836		10,219
Annaly Capital Management – REIT 6		484,758		8,585
Astoria Financial 6	��	541,900		6,730
Bank of America		1,037,517		11,869
DCT Industrial Trust – REIT 6		335,670		1,682
Fifth Third Bancorp 6		449,720		5,648
Goldman Sachs Group 6		52,908		8,516
JPMorgan Chase		347,854		13,090
KeyCorp		510,586		4,182
Liberty Property Trust – REIT		117,008		3,915
Mid-America Apartment Communities – REIT		91,449		5,581
National Retail Properties – REIT		165,292		4,479
Old Republic International 6		640,528		8,455
Prudential Financial 6		124,618		6,552
Redwood Trust – REIT 6		274,660		3,895
Regions Financial 6		839,099		5,286
SunTrust Banks		232,337		5,813
Ventas – REIT 6		83,760		4,486
Wells Fargo		259,305		6,763

				125,746

Healthcare – 9.0%
Abbott Laboratories		279,359		14,337
Bristol-Myers Squibb		661,437		17,793
Covidien		202,257		8,064
Johnson & Johnson		232,510		14,804
McKesson		57,312		3,781
Pfizer 6		724,147		12,600
Teva Pharmaceutical Industries – ADR 6		65,603		3,405

				74,784

Industrials – 11.9%
3M 6		161,946	$	13,639
Boeing		106,320		7,510
Emerson Electric 6		157,557		8,649
General Dynamics		102,451		6,979
General Electric		1,099,012		17,606
Hubbell, Class B		116,115		6,273
Manpower 6		156,674		8,575
Textron 6		379,530		7,902
United Parcel Service, Class B 6		120,200		8,094
United Technologies		174,568		13,053

				98,280

Information Technology – 14.7%
Analog Devices 6		312,191		10,511
Applied Materials 6		656,012		8,108
Automatic Data Processing		185,460		8,238
Intel		702,867		14,108
MasterCard, Class A		36,439		8,748
Maxim Integrated Products 6		517,519		11,209
Microsoft		636,431		16,955
Molex, Class A		369,127		6,301
Oracle 6		319,398		9,390
Paychex		116,023		3,214
QUALCOMM		244,987		11,056
Texas Instruments		321,691		9,512
Visa, Class A 6		54,474		4,258

				121,608

Materials – 6.5%
E.I. Du Pont de Nemours		207,991		9,833
Freeport-McMoRan Copper & Gold 6		105,556		9,994
Huntsman		603,292		8,356
PPG Industries		116,854		8,963
Praxair 6		95,641		8,736
Weyerhaeuser		476,948		7,736

				53,618

Telecommunication Services – 5.9%
AT&T		443,236		12,632
CenturyLink 6		272,880		11,292
Qwest Communications International 6		2,011,497		13,276
Windstream 6		893,064		11,306

				48,506

Utilities – 4.0%
American Electric Power		94,897		3,553
CenterPoint Energy 6		460,478		7,626
PNM Resources		664,861		7,839
Westar Energy 6		543,783		13,757

				32,775

Total Common Stocks
(Cost $622,177)				811,088

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

60 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Equity Income Fund (concluded)
DESCRIPTION	SHARES		FAIR VALUE >


Short-Term Investment – 2.0%
First American Prime Obligations Fund, Class Z
0.102% Å Ω
(Cost $16,709)		16,709,221	$	16,709

Investment Purchased with Proceeds from Securities Lending – 27.1%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $224,304)		224,304,109		224,304

Total Investments 5 – 127.2%
(Cost $863,190)				1,052,101

Other Assets and Liabilities, Net – (27.2)%				(224,985	)

Total Net Assets – 100.0%			$	827,116


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

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $216,824 at October 31, 2010. 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 shown is the annualized seven-day effective yield as of October 31, 2010.

†		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, 2010, the cost of investments for federal income tax purposes was $863,148. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	206,044
Gross unrealized depreciation		(17,091	)

Net unrealized appreciation	$	188,953


ADR –	American Depositary Receipt


REIT –	Real Estate Investment Trust


Global Infrastructure Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 98.8%
Australia – 8.6%
APA Group		203,100	$	777
Asciano Group =		1,881,820		2,891
Australian Infrastructure Fund		426,417		827
DUET Group		583,896		995
Macquarie Atlas Roads Group =		70,963		101
MAp Group		579,503		1,732
Spark Infrastructure Group		1,188,677		1,304
Transurban Group		901,800		4,614

				13,241

Austria – 0.7%
Flughafen Wien		17,047		1,057

Belgium – 0.4%
Elia System Operator – VVPR Strips =		3,039		1
Elia System Operator		15,195		575

				576

Brazil – 4.0%
All America Latina Logistica		50,948		485
Companhia de Gas de Sao Paulo, Class A		45,797		978
Companhia de Saneamento Basico do Estado de Sao Paulo – ADR		9,150		420
Companhia de Saneamento de Minas Gerais		27,354		420
Companhia de Transmissao de Energia Electrica Paulista		50,442		1,572
Companhia Energetica do Ceara – Coelce, Class A		41,776		692
CPFL Energia – ADR		91		6
EcoRodovias Infraestructura e Logistica =		63,386		481
Energias do Brasil		28,448		624
Light		11,719		148
Santos Brasil Participacoes		6,664		90
Wilson Sons – BDR		16,554		282

				6,198

Canada – 6.0%
ATCO, Class I		1,147		59
Boralex, Class A =		16,315		134
Brookfield Renewable Power Fund		13,888		293
Canadian Utilities, Class A		14,942		718
Enbridge		84,340		4,672
IESI-BFC		52,153		1,219
TransCanada		55,942		2,067

				9,162

Chile – 0.1%
Enersis – ADR		8,052		184

China – 1.1%
China Suntien Green Energy, Class H =		1,599,197		538
Dalian Port, Class H		319,584		138
Jiangsu Expressway, Class H		654,030		793
Zhejiang Expressway, Class H		202,460		205

				1,674

Denmark – 0.3%
AP Moller – Maersk, Class B		47		408

France – 6.6%
Aeroports de Paris		27,514		2,338
Electricite de France		15,290		701
Eutelsat Communications		21,596		813
Rubis		1,573		174
Seche Environnement		2,004		162
Suez Environnement		59,330		1,161

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 61

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Global Infrastructure Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Vinci		88,657	$	4,754

				10,103

Germany – 0.7%
Fraport Frankfurt Airport		16,797		1,066

Hong Kong – 9.1%
Beijing Capital International Airport, Class H		963,267		533
Beijing Enterprises Holdings		572,097		3,920
Beijing Enterprises Water Group =		1,181,093		413
China Everbright International		540,398		287
China Gas Holdings		1,594,863		912
China Merchants Holdings International		1,475,007		5,187
China Resources Gas Group		343,086		510
China Water Affairs Group		249,253		95
Guangdong Investment		1,079,694		542
Hong Kong and China Gas		417,335		1,008
Hopewell Highway Infrastructure		11,684		9
MTR		170,458		651

				14,067

India – 1.0%
GAIL India – GDR		24,049		1,594

Italy – 2.5%
Atlantia		7,120		163
Hera		73,182		155
IREN		89,537		157
SAVE		50,983		496
Snam Rete Gas		57,809		313
Terna-Rete Elettrica Nationale		559,296		2,581

				3,865

Japan – 12.0%
Chubu Electric Power		30,473		770
East Japan Railway		47,700		2,946
Japan Airport Terminal		89,729		1,472
Kamigumi		286,038		2,234
Kansai Electric Power		42,668		1,080
Mitsubishi Logistics		39,460		477
Park24		135,629		1,310
Toho Gas		245,367		1,293
Tokyo Electric Power		195,495		4,668
Tokyo Gas		461,021		2,169

				18,419

Luxembourg – 2.1%
SES		124,119		3,187

Mexico – 0.2%
Empresas ICA – ADR =		30,217		319

Netherlands – 0.9%
Koninklijke Vopak		26,521		1,327

New Zealand – 1.5%
Auckland International Airport		139,889		224
Contact Energy		88,619		396
Infratil		122,071		171
Port of Tauranga		217,723		1,236
Vector		148,861		276

				2,303

Norway – 0.2%
Hafslund, Class B		33,585		373

Portugal – 0.6%
Brisa Auto-Estradas de Portugal		124,344		942

Singapore – 9.9%
CitySpring Infrastructure Trust		839,606		397
ComfortDelGro		2,803,286		3,216
Hyflux		1,282,787	$	3,131
Parkway Life – REIT		373,423		482
SembCorp Industries		582,215		2,066
Singapore Airport Terminal Services		858,445		1,893
Singapore Post		1,434,482		1,308
Singapore Telecommunications		443,028		1,062
SMRT		1,023,851		1,625

				15,180

Spain – 3.0%
Abertis Infraestructuras		143,122		2,830
Enagas		78,211		1,725

				4,555

Switzerland – 1.4%
BKW FMB Energie		6,601		450
Flughafen Zuerich		4,691		1,729

				2,179

United Kingdom – 4.9%
Centrica		332,609		1,770
Forth Ports		1,094		23
National Grid – ADR		10,002		475
Pennon Group		39,053		390
Scottish & Southern Energy		137,905		2,548
Serco Group		28,419		280
Severn Trent		54,495		1,218
United Utilities Group		92,702		908

				7,612

United States – 21.0%
AGL Resources		1,914		75
American Electric Power		21,050		788
American Tower, Class A =		35,353		1,825
Atmos Energy		396		12
California Water Service Group		20,464		764
Chesapeake Utilities		3,151		116
Connecticut Water Service		4,343		106
Coresite Realty – REIT =		36,634		552
Crown Castle International =		80,024		3,451
Digital Realty Trust – REIT		22,600		1,350
DuPont Fabros Technology – REIT		12,342		310
ITC Holdings		26,179		1,639
Kinder Morgan Management		7,044		434
Middlesex Water		3,687		66
New Jersey Resources		1,284		52
NextEra Energy		22,630		1,245
Niska Gas Storage Partners		5,560		111
NiSource		48,442		838
Northeast Utilities		14,541		455
Questar		45,267		768
Republic Services		160,444		4,783
SBA Communications, Class A =		32,813		1,288
Sempra Energy		65,493		3,503
SJW		10,230		248
Southern Union		48,988		1,231
Spectra Energy		178,239		4,237
Standard Parking =		69,911		1,195
Unitil		14,054		305
Williams		15,911		342
Xcel Energy		9,533		227

				32,316

Total Common Stocks
(Cost $138,395)				151,907

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

62 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Global Infrastructure Fund (concluded)
DESCRIPTION	SHARES		FAIR VALUE >


Short-Term Investment – 0.6%
State Street Institutional Liquid Reserves Fund
0.220% Ω
(Cost $901)		900,924	$	901

Total Investments 5 – 99.4%
(Cost $139,296)				152,808

Other Assets and Liabilities, Net – 0.6%				877

Total Net Assets – 100.0%			$	153,685


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

=		Non-income producing security.

Ω		The rate shown is the annualized seven-day effective yield as of October 31, 2010.

5		On October 31, 2010, the cost of investments for federal income tax purposes was $140,470. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	13,427
Gross unrealized depreciation		(1,089	)

Net unrealized appreciation	$	12,338


ADR –	American Depositary Receipt

BDR –	Brazilian Depositary Receipt

GDR –	Global Depositary Receipt


REIT –	Real Estate Investment Trust

At October 31, 2010, sector diversification of the fund was as follows:


	% of Net Assets			Fair Value

Common Stocks
Industrials*		43.9	%	$	67,413
Utilities*		34.8			53,510
Energy		10.1			15,582
Telecommunication Services		5.0			7,626
Consumer Discretionary		2.9			4,496
Financials		1.4			2,212
Transportation		0.4			586
Healthcare		0.3			482

Total Common Stocks		98.8			151,907

Total Short-Term Investment		0.6			901

Total Investments		99.4			152,808

Other Assets and Liabilities, Net		0.6			877

Net Assets		100.0	%	$	153,685


*		The fund is significantly invested in these sectors and therefore subject to additional risks. See note 6 in Notes to Financial Statements.

Fund (concluded)


International Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 91.9%
Australia – 2.0%
APA Group		71,793	$	275
Asciano Group =		674,560		1,036
Australian Infrastructure Fund		149,334		290
CSL		87,656		2,827
DUET Group		206,139		351
Macquarie Atlas Roads Group =		21,731		31
Macquarie Group		83,477		2,967
MAp Group		204,848		612
National Australia Bank		61,283		1,534
Newcrest Mining		38,800		1,527
Spark Infrastructure Group		419,784		461
Transurban Group		318,096		1,628

				13,539

Austria – 0.1%
Flughafen Wien		6,008		373

Belgium – 0.9%
Anheuser-Busch InBev		95,126		5,974
Elia System Operator – VVPR Strips =		1,188		—
Elia System Operator		5,354		203

				6,177

Brazil – 1.8%
All America Latina Logistica		18,067		172
Companhia de Gas de Sao Paulo, Class A		16,088		343
Companhia de Saneamento Basico do Estado de Sao Paulo – ADR		3,225		148
Companhia de Saneamento de Minas Gerais		9,686		149
Companhia de Transmissao de Energia Electrica Paulista		17,741		553
Companhia Energetica de Minas Gerais – ADR		152,448		2,720
Companhia Energetica do Ceara – COELCE, Class A		14,839		246
CPFL Energia – ADR		32		2
EcoRodovias Infraestructura e Logistica =		22,273		169
Energias do Brasil		10,161		223
Itau Unibanco Holding – ADR		109,463		2,688
Light		4,117		52
Petroleo Brasileiro – ADR		55,213		1,884
Santos Brasil Participacoes		2,452		33
Vale – ADR		85,127		2,736
Wilson Sons – BDR		5,766		98

				12,216

Canada – 5.5%
Agrium		18,950		1,677
ATCO, Class I		403		21
Bank of Nova Scotia		69,170		3,701
Boralex, Class A =		5,753		47
Brookfield Renewable Power Fund		4,878		103
Cameco		155,148		4,804
Canadian Utilities, Class A		5,283		254
Cenovus Energy		103,999		2,894
Enbridge		29,717		1,646
EnCana		116,589		3,293
IESI-BFC		18,392		430
Inmet Mining		30,080		1,798
Manulife Financial		237,429		3,015
Pan American Silver		40,380		1,289
Suncor Energy		146,523		4,690
TMX Group		95,470		3,175

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 63

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


International Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


TransCanada		19,653	$	726
Yamana Gold		360,974		3,968

				37,531

Chile – 0.4%
Enersis – ADR		2,851		65
Sociedad Quimica y Minera de Chile – ADR		50,805		2,632

				2,697

China – 2.6%
Agile Property Holdings		2,024,000		2,670
China Communications Construction, Class H		2,181,000		2,092
China Merchants Bank		737,350		2,101
China Suntien Green Energy, Class H =		563,146		190
Dalian Port, Class H		112,848		49
Industrial & Commercial Bank of China, Class H		2,688,000		2,171
Jiangsu Expressway, Class H		231,406		280
New Oriental Education & Technology Group – ADR =		26,187		2,812
PetroChina, Class H		1,946,000		2,395
Tencent Holdings		138,100		3,175
Zhejiang Expressway, Class H		71,046		72

				18,007

Denmark – 1.3%
AP Moller-Maersk, Class B		17		148
Novo Nordisk, Class B		51,127		5,368
Vestas Wind Systems =		108,939		3,473

				8,989

Finland – 0.9%
Nokia Oyj		576,827		6,195

France – 6.5%
Aeroports de Paris		9,701		824
AXA		194,327		3,544
BNP Paribas		101,157		7,399
Carrefour		96,792		5,241
Electricite de France		74,293		3,408
Eutelsat Communications		7,625		287
Iliad		52,620		5,928
L’oreal		24,883		2,923
Rubis		555		62
Seche Environnement		732		59
Suez Environnement		20,779		407
Total		101,704		5,536
Total – ADR		59,200		3,225
Ubisoft Entertainment =		309,866		4,037
Vinci		31,225		1,674

				44,554

Germany – 8.9%
Adidas		125,450		8,171
Aixtron		132,618		4,318
Allianz		49,793		6,235
BASF		30,160		2,193
BMW		56,355		4,039
Deutsche Boerse		44,579		3,136
E.ON		211,980		6,635
Fraport Frankfurt Airport		5,927		376
Henkel KGAA		66,690		3,932
Metro		29,720		2,083
SAP		93,918		4,893
Siemens		39,200		4,473
Symrise		158,870		4,825
Wacker Chemie		25,383		5,236

				60,545

Hong Kong – 2.6%
Beijing Capital International Airport, Class H		339,112		188
Beijing Enterprises Holdings		202,036		1,384
Beijing Enterprises Water Group =		415,543		145
Cheung Kong Holdings		270,821		4,137
China Everbright International		191,780		102
China Gas Holdings		563,850		322
China Merchants Holdings International		520,618		1,830
China Resources Gas Group		121,390		180
China Resources Land		1,028,000		2,032
China Water Affairs Group		88,453		34
Esprit Holdings		638,303		3,446
Guangdong Investment		381,182		191
Hong Kong & China Gas		147,049		356
Hopewell Highway Infrastructure		4,130		3
Li & Fung		612,000		3,240
MTR		60,045		229

				17,819

India – 0.4%
GAIL India – GDR		8,505		564
HDFC Bank – ADR		11,215		1,940

				2,504

Ireland – 1.6%
Covidien		151,690		6,047
Experian Group		220,473		2,562
WPP		185,081		2,151

				10,760

Israel – 0.4%
Teva Pharmaceutical Industries – ADR		55,327		2,871

Italy – 1.3%
Atlantia		2,520		58
Eni		141,431		3,185
Hera		25,705		54
IREN		31,423		56
Saipem		94,859		4,213
SAVE		17,986		175
Snam Rete Gas		20,479		111
Terna-Rete Elettrica Nationale		197,426		911

				8,763

Japan – 19.2%
AMADA		230,539		1,517
Canon		203,802		9,382
Chubu Electric Power		10,741		271
East Japan Railway		16,788		1,037
FANUC		53,800		7,789
Fast Retailing		23,600		3,091
INPEX		860		4,479
Japan Airport Terminal		31,668		519
Kamigumi		101,469		793
Kansai Electric Power		15,039		381
Keyence		16,021		3,969
Mitsubishi		264,956		6,364
Mitsubishi Logistics		13,879		168
Mitsubishi UFJ Financial Group		365,882		1,698
Mitsui Sumitomo Insurance Group		130,273		3,121
NGK Insulators		235,000		3,558
Nintendo		26,500		6,843
NKSJ Holdings =		744,900		5,112

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

64 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


International Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Nomura Research Institute		123,548	$	2,331
Park24		48,110		465
SECOM		70,650		3,214
Seven & I Holdings		266,688		6,191
Shin-Etsu Chemical		70,600		3,570
SMC		65,756		10,037
Sony Financial Holdings		1,792		6,231
Sugi Holdings		163,186		3,646
Sumitomo Metal Mining		345,099		5,492
Sumitomo Trust & Banking		1,224,408		6,684
Suzuki Motor		273,506		6,676
The Bank of Yokohama		1,353,973		6,639
THK		118,200		2,269
Toho Gas		86,564		456
Tokyo Electric Power		68,845		1,644
Tokyo Gas		162,482		765
Toyota Motor		132,000		4,675

				131,077

Luxembourg – 0.9%
Millicom International Cellular		54,582		5,163
SES		43,768		1,124

				6,287

Malaysia – 0.2%
Sime Darby Berhad		575,192		1,635

Mexico – 0.4%
Empresas ICA – ADR =		10,687		113
Wal-Mart de Mexico – ADR		99,511		2,727

				2,840

Netherlands – 1.3%
Heineken		128,909		6,544
Koninklijke KPN		125,189		2,091
Koninklijke Vopak		9,527		477

				9,112

New Zealand – 0.1%
Auckland International Airport		51,077		82
Contact Energy		31,140		139
Infratil		47,222		66
Port of Tauranga		76,532		434
Vector		51,232		95

				816

Norway – 0.5%
Hafslund, Class B		11,399		127
Statoil		135,307		2,955

				3,082

Portugal – 0.4%
Brisa Auto-Estradas de Portugal		44,075		334
Energias de Portugal		658,014		2,517

				2,851

Russia – 0.3%
Gazprom – ADR		84,969		1,857

Singapore – 1.4%
CitySpring Infrastructure Trust		284,561		135
ComfortDelGro		986,280		1,131
DBS Group Holdings		374,316		4,032
Hyflux		459,793		1,122
Parkway Life – REIT		133,198		172
SembCorp Industries		202,893		720
Singapore Airport Terminal Services		302,905		668
Singapore Post		505,788		461
Singapore Telecommunications		156,119		374
SMRT		365,143		580

				9,395

South Korea – 0.4%
Samsung Electronics – GDR		7,814		2,587

Spain – 0.8%
Abertis Infraestructuras		51,031		1,009
Banco Santander		325,824		4,182
Enagas		27,799		613

				5,804

Sweden – 1.4%
Atlas Copco, Class A		269,029		5,623
Ericsson		359,569		3,954

				9,577

Switzerland – 8.7%
ABB =		163,065		3,378
BKW FMB Energie		2,333		159
Compagnie Financiere Richemont		57,859		2,886
Credit Suisse Group		74,160		3,070
Flughafen Zuerich		1,651		609
Foster Wheeler =		197,873		4,634
Logitech International =		202,393		3,803
Nestle		231,750		12,694
Noble =		85,120		2,939
Novartis		170,632		9,887
Roche Holding		88,577		13,008
Xstrata		133,510		2,587

				59,654

Thailand – 0.2%
Bangkok Bank		281,881		1,456

United Kingdom – 15.2%
Anglo American		151,205		7,044
Antofagasta		60,384		1,278
ARM Holdings		1,022,849		5,972
Autonomy =		249,294		5,837
BG Group		219,396		4,271
BHP Billiton		172,617		6,114
BP – ADR		85,996		3,511
British Sky Broadcasting Group		466,486		5,281
Centrica		117,092		623
Diageo		323,056		5,960
Forth Ports		394		8
GlaxoSmithKline		352,750		6,888
HSBC Holdings – ADR		67,017		3,492
National Grid – ADR		3,540		168
Pennon Group		13,845		138
Prudential		513,709		5,196
Reed Elsevier		632,625		5,427
Rio Tinto		66,137		4,296
Scottish & Southern Energy		222,717		4,116
Serco Group		10,355		102
Severn Trent		19,205		430
Standard Chartered		249,120		7,205
Tesco		744,735		5,097
United Utilities Group		32,732		321
Vedanta Resources		136,930		4,554
Vodafone Group – ADR		232,816		6,405
Willis Group Holdings		127,820		4,065

				103,799

United States – 3.3%
AGL Resources		683		27
American Electric Power		7,413		278

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 65

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


International Fund (continued)
DESCRIPTION	SHARES/PAR		FAIR VALUE >


American Tower, Class A =		12,442	$	642
Atmos Energy		144		4
Bunge		66,760		4,011
California Water Service Group		7,251		271
Chesapeake Utilities		1,114		41
Connecticut Water Service		1,570		38
Coresite Realty – REIT =		12,930		195
Crown Castle International =		28,253		1,218
Digital Realty Trust – REIT		7,964		476
DuPont Fabros Technology – REIT		4,355		109
ITC Holdings		9,219		576
Kinder Morgan Management		2,444		151
Middlesex Water		1,312		23
New Jersey Resources		469		19
NextEra Energy		7,959		438
Niska Gas Storage Partners		1,938		39
NiSource		17,723		307
Northeast Utilities		5,293		166
Philip Morris International		58,861		3,443
Questar		15,975		271
Republic Services		56,167		1,674
SBA Communications, Class A =		11,487		451
Schlumberger		56,020		3,915
Sempra Energy		23,071		1,234
SJW		3,663		89
Southern Union		17,280		434
Spectra Energy		62,886		1,495
Standard Parking =		24,682		422
Unitil		4,924		107
Williams		5,451		117
Xcel Energy		3,365		80

				22,761

Total Common Stocks
(Cost $514,172)				628,130

Exchange-Traded Funds – 0.6%
United States – 0.6%
Market Vectors Russia		110,000		3,772
Market Vectors Vietnam		10,000		248

Total Exchange-Traded Funds
(Cost $3,582)				4,020

Short-Term Investments – 7.6%
Money Market Fund – 4.4%
State Street Institutional Liquid Reserves Fund
0.220% Ω		29,755,767		29,756

U.S. Treasury Obligations – 3.2%
U.S. Treasury Bills o
0.185%, 11/04/2010	$	19,600		19,600
0.150%, 04/07/2011		2,550		2,548

				22,148

Total Short-Term Investments
(Cost $51,904)				51,904

Total Investments 5 – 100.1%
(Cost $569,658)				684,054

Other Assets and Liabilities, Net – (0.1)%				(582	)

Total Net Assets – 100.0%			$	683,472

International Fund (continued)


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

=		Non-income producing security.

Ω		The rate shown is the annualized seven-day effective yield as of October 31, 2010.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2010. See note 2 in Notes to Financial Statements.

5		On October 31, 2010, the cost of investments for federal income tax purposes was $570,229. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	132,232
Gross unrealized depreciation		(18,407	)

Net unrealized appreciation	$	113,825


ADR –	American Depositary Receipt

BDR –	Brazilian Depositary Receipt

GDR –	Global Depositary Receipt


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts


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

Amsterdam Index Futures		November 2010		187		$17,508	$	63
CAC 40 10 Euro Index Futures		December 2010		134		7,112		131
DAX Index Futures		December 2010		109		25,106		1,293
Dow Jones Euro STOXX 50 Futures		December 2010		(124	)	(4,900)		(128	)
E-Mini MSCI EAFE Index Futures		December 2010		(64	)	(5,169)		(381	)
E-Mini MSCI Emerging Markets Index Futures		December 2010		335		18,589		1,290
Euro Currency Futures		December 2010		(260	)	(45,136)		(3,805	)
FTSE 100 Index Futures		December 2010		516		46,806		1,270
FTSE/JSE Top 40 Index Futures		December 2010		148		5,750		380
IBEX 35 Index Futures		November 2010		(118	)	(17,598)		(74	)
KOPSI 200 Index Futures		December 2010		(89	)	(9,576)		(196	)
Mexican Bolsa Index Futures		December 2010		(548	)	(15,818)		(1,257	)
Nikkei 225 Index Futures		December 2010		631		28,979		15
OMXS30 Index Futures		November 2010		924		15,054		(61	)
Russell 2000 Mini Index Futures		December 2010		(286	)	(20,083)		(1,905	)
S&P 500 Futures		December 2010		(142	)	(41,879)		(3,029	)
S&P TSE 60 Futures		December 2010		(240	)	(34,206)		(1,210	)
SGX MSCI Singapore Index Futures		November 2010		149		8,507		(155	)
SGX S&P CNX Nifty Index Futures		November 2010		(1,256	)	(15,172)		256
SPI 200 Futures		December 2010		361		41,081		96
STOXX 600 Banks Index Futures		December 2010		(104	)	(1,511)		113
STOXX Small 200 Index Futures		December 2010		105		4,957		175
Swiss Market Index Futures		December 2010		230		15,141		(57	)

							$	(7,176	)

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

66 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

International Fund (concluded)

At October 31, 2010, sector diversification of the fund, sector was as follows:


	% of Net Assets			Fair Value

Common Stocks
Financials		16.9	%	$	115,411
Industrials		12.6			86,435
Consumer Staples		10.3			70,465
Information Technology		9.8			67,295
Energy		9.6			65,533
Consumer Discretionary		8.5			58,306
Materials		8.5			57,989
Healthcare		6.9			47,070
Utilities		5.5			37,151
Telecommunication Services		3.3			22,272
Transportation		—			203

Total Common Stocks		91.9			628,130

Total Exchange-Traded Funds		0.6			4,020

Total Short-Term Investments		7.6			51,904

Total Investments		100.1			684,054

Other Assets and Liabilities, Net		(0.1	)		(582	)

Net Assets		100.0	%	$	683,472

International Fund (concluded)


International Select Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 91.2%
Australia – 2.8%
APA Group		55,105	$	211
Asciano Group =		517,768		795
Australian Infrastructure Fund		114,614		222
BHP Billiton		132,090		5,458
CSL		93,868		3,027
DUET Group		158,224		270
Macquarie Atlas Roads Group =		15,007		21
Macquarie Group		102,755		3,654
MAp Group		157,241		470
National Australia Bank		60,257		1,508
Newcrest Mining		38,579		1,518
Rio Tinto		65,236		5,309
Spark Infrastructure Group		322,237		353
Transurban Group		244,171		1,249

				24,065

Austria – 0.0%
Flughafen Wien		4,611		286

Belgium – 0.6%
Anheuser-Busch InBev		74,532		4,681
Elia System Operator – VVPR Strips =		911		—
Elia System Operator		4,109		156

				4,837

Brazil – 6.5%
All America Latina Logistica		13,866		132
Banco do Brasil		342,743		6,672
Cielo		543,100		4,673
Companhia de Concessoes Rodoviarias		50,000		1,353
Companhia de Gas de Sao Paulo, Class A		12,349		264
Companhia de Saneamento Basico do Estado de Sao Paulo – ADR		2,476		114
Companhia de Saneamento de Minas Gerais		7,434		114
Companhia de Transmissao de Energia Electrica Paulista		13,618		424
Companhia Energetica de Minas Gerais – ADR		358,838		6,402
Companhia Energetica do Ceara – COELCE, Class A		11,391		189
Companhia Siderurgica Nacional – ADR		125,600		2,120
CPFL Energia – ADR		25		2
EcoRodovias Infraestructura e Logistica =		17,097		130
Eletropaulo Metropolitana, Class B		22,400		392
Energias do Brasil		7,798		171
Fertilizantes Fosfatados =		24,400		276
Itau Unibanco Holding – ADR		193,051		4,741
Light		3,161		40
Natura Cosmeticos		81,800		2,343
Petroleo Brasileiro – ADR		105,307		3,593
Redecard		293,930		3,803
Santos Brasil Participacoes		1,882		25
Souza Cruz		39,599		2,036
Ultrapar Participacoes		22,900		1,391
Usinas Siderurgicas de Minas Gerais, Class A		250,200		3,124
Vale – ADR		349,823		11,243
Wilson Sons – BDR		4,425		75

				55,842

Canada – 4.8%
Agrium		18,860		1,669
ATCO, Class I		310		16
Bank of Nova Scotia		71,014		3,800
Boralex, Class A =		4,438		37
Brookfield Renewable Power Fund		3,744		79
Cameco		190,343		5,893

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 67

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


International Select Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Canadian Utilities, Class A		4,055	$	195
Cenovus Energy		103,357		2,876
Enbridge		22,810		1,264
EnCana		114,127		3,224
First Quantum Minerals		30,700		2,688
IESI-BFC		14,118		330
Inmet Mining		29,394		1,757
Manulife Financial		276,682		3,514
Pan American Silver		40,140		1,281
Suncor Energy		137,870		4,413
TMX Group		93,420		3,107
TransCanada		15,085		557
Yamana Gold		353,459		3,885

				40,585

Chile – 0.5%
Enersis – ADR		2,188		50
Sociedad Quimica y Minera de Chile – ADR		75,018		3,886

				3,936

China – 3.9%
Agile Property Holdings		3,786,000		4,994
China Communications Construction, Class H		3,754,000		3,600
China Construction Bank, Class H		1,805,000		1,725
China Merchants Bank		1,127,900		3,214
China Suntien Green Energy, Class H =		432,257		146
Dalian Port, Class H		86,603		37
Industrial & Commercial Bank of China, Class H		4,082,000		3,298
Jiangsu Expressway, Class H		177,637		215
NetEase.com – ADR =		44,900		1,877
New Oriental Education & Technology Group – ADR =		44,079		4,733
PetroChina, Class H		2,978,000		3,666
Tencent Holdings		224,500		5,161
Weichai Power, Class H		35,500		468
Zhejiang Expressway, Class H		54,535		55

				33,189

Denmark – 0.7%
AP Moller – Maersk, Class B		13		113
Novo Nordisk, Class B		34,752		3,649
Vestas Wind Systems =		80,654		2,571

				6,333

Egypt – 0.6%
Commercial International Bank		248,960		1,862
Eastern Tobacco		34,206		715
Mobinil		23,297		692
Orascom Construction Industries		46,414		2,104

				5,373

Finland – 0.7%
Nokia Oyj		589,479		6,331

France – 5.1%
Aeroports de Paris		7,447		633
AXA		187,654		3,422
BNP Paribas		95,365		6,976
Carrefour		96,184		5,208
CFAO		27,469		1,222
Electricite de France		74,163		3,402
Eutelsat Communications		5,853		220
Iliad		42,938		4,837
L’oreal		24,739		2,906
Rubis		427		47
Seche Environnement		564		45
Suez Environnement		15,950		312
Total		101,133		5,505
Total – ADR		59,685		3,252
Ubisoft Entertainment =		303,248		3,951
Vinci		23,969		1,285

				43,223

Germany – 6.9%
Adidas		116,363		7,579
Aixtron		119,706		3,898
Allianz		49,054		6,143
BASF		29,661		2,157
BMW		57,903		4,150
Deutsche Boerse		45,534		3,203
E.ON		210,680		6,594
Frankfurt Airport		4,549		289
Henkel KGAA		66,316		3,910
Metro		29,235		2,049
SAP		92,473		4,818
Siemens		38,955		4,445
Symrise		157,896		4,795
Wacker Chemie		24,542		5,061

				59,091

Hong Kong – 2.2%
Beijing Capital International Airport, Class H		260,300		144
Beijing Enterprises Holdings		155,074		1,063
Beijing Enterprises Water Group =		318,971		112
Cheung Kong Holdings		269,213		4,112
China Everbright International		147,211		78
China Gas Holdings		432,798		247
China High Speed Transmission Equipment		77,000		158
China Merchants Holdings International		399,566		1,405
China Resources Gas Group		93,178		138
China Resources Land		1,830,000		3,617
China Water Affairs Group		67,897		26
Esprit Holdings		648,546		3,500
Guangdong Investment		292,585		147
Hong Kong & China Gas		112,877		273
Hopewell Highway Infrastructure		3,170		2
Li & Fung		688,000		3,643
MTR		46,086		176
Shougang Concord International Enterprises		655,000		110

				18,951

Hungary – 0.2%
OTP Bank		67,239		1,997

India – 1.5%
Bank of India		153,631		1,687
GAIL India – GDR		6,527		433
HDFC Bank – ADR		24,486		4,235
Infosys Technologies – ADR		17,400		1,173
Jindal Steel & Power		75,976		1,196
Punjab National Bank		124,748		3,634

				12,358

Indonesia – 1.0%
Bank of Mandiri		1,553,200		1,221
Semen Gresik Persero		1,109,300		1,220
Tambang Batubara Bukit Asam		547,700		1,207
Telekomunikasi Indonesia – ADR		82,700		3,340
United Tractors		663,166		1,653

				8,641

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

68 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


International Select Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Ireland – 1.2%
Covidien		150,750	$	6,010
Experian Group		215,713		2,507
WPP		183,987		2,138

				10,655

Israel – 0.4%
Israel Chemicals		8,409		128
Teva Pharmaceutical Industries – ADR		64,963		3,372

				3,500

Italy – 1.0%
Atlantia		1,936		44
Eni		140,635		3,167
Hera		19,730		42
IREN		24,121		42
Saipem		91,923		4,084
SAVE		13,805		134
Snam Rete Gas		15,799		86
Terna-Rete Elettrica Nationale		151,529		699

				8,298

Japan – 14.1%
AMADA		229,159		1,508
Canon		176,763		8,137
Chubu Electric Power		8,245		208
East Japan Railway		12,883		795
FANUC		40,600		5,878
Fast Retailing		21,200		2,777
INPEX		850		4,426
Japan Airport Terminal		24,309		399
Kamigumi		77,867		608
Kansai Electric Power		11,542		292
Keyence		15,951		3,952
Mitsubishi		263,434		6,328
Mitsubishi Logistics		10,653		129
Mitsubishi UFJ Financial Group		421,978		1,958
Mitsui Sumitomo Insurance Group		129,794		3,109
NGK Insulators		173,000		2,619
Nintendo		26,348		6,803
NKSJ Holdings		675,100		4,633
Nomura Research Institute		119,986		2,264
Park24		37,112		359
SECOM		69,423		3,158
Seven & I Holdings		261,093		6,061
Shin-Etsu Chemical		53,800		2,720
SMC		61,027		9,316
Sony Financial Holdings		1,287		4,476
Sugi Holdings		160,413		3,584
Sumitomo Metal Mining		342,911		5,457
Sumitomo Trust & Banking		1,217,025		6,645
Suzuki Motor		271,960		6,638
The Bank of Yokohama		1,345,854		6,599
THK		117,500		2,256
Toho Gas		66,440		350
Tokyo Electric Power		52,843		1,262
Tokyo Gas		124,697		587
Toyota Motor		105,300		3,730

				120,021

Luxembourg – 0.9%
Millicom International Cellular		57,255		5,416
Oriflame Cosmetics – SDR		24,695		1,400
SES		33,595		863

				7,679

Malaysia – 0.3%
British American Tobacco		61,800		925
Sime Darby Berhad		562,466		1,599

				2,524

Mexico – 1.8%
America Movil, Series L – ADR		45,200		2,588
Desarrolladora Homex – ADR =		34,500		1,159
Empresas ICA – ADR =		8,203		87
Fomento Economico Mexicano – ADR		38,740		2,127
Grupo Mexico, Series B		730,553		2,403
Grupo Televisa – ADR		87,900		1,973
Kimberly-Clark de Mexico, Series A		173,700		1,090
Wal-Mart de Mexico – ADR		139,525		3,824

				15,251

Netherlands – 1.0%
Heineken		126,163		6,405
Koninklijke KPN		124,454		2,078
Koninklijke Vopak		7,312		366

				8,849

New Zealand – 0.1%
Auckland International Airport		39,202		63
Contact Energy =		23,902		107
Infratil		36,484		51
Port of Tauranga		58,744		333
Vector		39,324		73

				627

Norway – 0.4%
Hafslund, Class B		8,748		97
Statoil		134,548		2,939

				3,036

Pakistan – 0.1%
Oil & Gas Development		315,696		566
Pakistan Petroleum		234,935		511

				1,077

Philippines – 0.4%
Philippine Long Distance Telephone – ADR		54,600		3,392

Portugal – 0.3%
Brisa Auto-Estradas de Portugal		33,831		257
Energias de Portugal		647,301		2,476

				2,733

Russia – 1.4%
Gazprom – ADR		142,217		3,108
LUKOIL – ADR		41,000		2,286
Magnit – GDR = ⊡		56,371		1,507
Mobile TeleSystems – ADR		96,350		2,086
TNK-BP Holding		536,241		1,092
Uralkali – GDR, Class S		63,293		1,564

				11,643

Singapore – 0.9%
CitySpring Infrastructure Trust		218,211		103
ComfortDelGro		757,218		869
DBS Group Holdings		367,406		3,957
Hyflux		352,883		861
Parkway Life – REIT		102,212		132
SembCorp Industries		155,736		553
Singapore Airport Terminal Services		232,502		513
Singapore Post		388,229		354

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 69

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


International Select Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Singapore Telecommunications		119,791	$	287
SMRT		281,698		447

				8,076

South Africa – 2.1%
Kumba Iron Ore		52,873		3,002
Massmart Holdings		73,709		1,501
Murray & Roberts Holdings		328,367		2,035
Nedbank Group		79,661		1,488
Pretoria Portland Cement		334,892		1,595
Sanlam		645,181		2,415
Shoprite Holdings		103,942		1,470
Standard Bank Group		94,427		1,389
Tiger Brands		55,870		1,498
Truworths International		174,779		1,725

				18,118

South Korea – 2.9%
Hite Brewery		7,618		850
Hyundai Mobis		7,809		1,945
Korea Life Insurance		323,002		2,241
KT&G		47,860		2,942
NHN =		16,440		2,909
Samsung Electronics – GDR		4,058		1,354
Samsung Electronics – GDR		18,599		6,157
Shinhan Financial Group – ADR		58,648		4,561
Woongjin Coway		52,357		1,900

				24,859

Spain – 0.5%
Abertis Infraestructuras		39,171		775
Banco Santander		241,886		3,105
Enagas		21,336		470

				4,350

Sweden – 1.0%
Atlas Copco, Class A		230,322		4,813
Ericsson		357,483		3,932

				8,745

Switzerland – 6.4%
ABB =		146,577		3,036
BKW FMB Energie		1,791		122
Compagnie Financiere Richemont		58,755		2,931
Credit Suisse Group		65,401		2,707
Flughafen Zuerich		1,268		467
Foster Wheeler =		196,872		4,611
Logitech International =		225,472		4,237
Nestle		198,699		10,884
Noble =		84,640		2,923
Novartis		144,305		8,361
Roche Holding		79,533		11,680
Xstrata		132,760		2,572

				54,531

Taiwan – 1.4%
Advanced Semiconductor Engineering		1,297,044		1,129
Delta Electronics		270,000		1,115
Hon Hai Precision Industry		642,998		2,432
HTC		75,863		1,720
MediaTek		153,150		1,927
Taiwan Semiconductor Manufacturing		1,937,961		3,987

				12,310

Thailand – 0.6%
Bangkok Bank		280,215		1,447
Banpu Public		64,400		1,679
Kasikornbank		389,300		1,640

				4,766

Turkey – 1.5%
Akbank T.A.S		323,907		2,008
Koc Holding		288,745		1,359
Turkcell Iletisim Hizmetleri – ADR		216,000		3,873
Turkiye Is Bankasi, Class C		1,170,650		5,183

				12,423

United Kingdom – 10.1%
Anglo American		152,299		7,096
Antofagasta		60,020		1,271
ARM Holdings		589,504		3,442
Autonomy =		237,415		5,559
BG Group		228,596		4,450
BP – ADR		85,561		3,494
British Sky Broadcasting Group		369,827		4,187
Centrica		89,880		478
Diageo		321,083		5,923
Forth Ports		303		6
GlaxoSmithKline		350,635		6,847
HSBC Holdings – ADR		67,765		3,531
National Grid – ADR		2,716		129
Pennon Group		10,625		106
Prudential		490,121		4,957
Reed Elsevier		619,117		5,312
Scottish & Southern Energy		208,663		3,856
Serco Group		7,945		78
Severn Trent		14,739		330
Standard Chartered		215,470		6,233
Tesco		584,827		4,002
United Utilities Group		25,124		246
Vedanta Resources		129,825		4,317
Vodafone Group – ADR		229,023		6,300
Willis Group Holdings		127,060		4,040

				86,190

United States – 2.4%
AGL Resources		524		21
American Electric Power		5,690		213
American Tower, Class A =		9,550		493
Atmos Energy		110		3
Bunge		68,410		4,109
California Water Service Group		5,564		208
Chesapeake Utilities		855		31
Connecticut Water Service		1,206		30
Coresite Realty – REIT =		9,925		150
Crown Castle International =		21,683		935
Digital Realty Trust – REIT		6,114		365
DuPont Fabros Technology – REIT		3,343		84
ITC Holdings		7,076		443
Kinder Morgan Management		1,876		116
Middlesex Water		1,007		18
New Jersey Resources		360		15
NextEra Energy		6,109		336
Niska Gas Storage Partners		1,487		30
NiSource		13,593		235
Northeast Utilities		4,062		127
Philip Morris International		58,499		3,422
Questar		12,262		208
Republic Services		43,113		1,285
SBA Communications, Class A =		8,817		346
Schlumberger		55,680		3,891

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

70 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


International Select Fund (continued)
DESCRIPTION	SHARES/PAR		FAIR VALUE >


Sempra Energy		17,710	$	947
SJW		2,812		68
Southern Union		13,264		333
Spectra Energy		48,270		1,147
Standard Parking =		18,945		324
Unitil		3,780		82
Williams		4,183		90
Xcel Energy		2,583		62

				20,167

Total Common Stocks
(Cost $701,622)				778,858

Exchange-Traded Funds – 2.3%
United States – 2.3%
iShares MSCI Chile Investable Market Index Fund		60,000		4,550
iShares MSCI Turkey Investable Market Index Fund		30,000		2,220
Market Vectors Russia		310,000		10,630
Market Vectors Vietnam		90,000		2,229

Total Exchange-Traded Funds
(Cost $17,056)				19,629

Short-Term Investments – 6.5%
Money Market Fund – 3.3%
State Street Institutional Liquid Reserves Fund
0.220% Ω		28,201,375		28,201

U.S. Treasury Obligations – 3.2%
U.S. Treasury Bills o
0.185%, 11/04/2010	$	24,150		24,150
0.150%, 04/07/2011		3,025		3,023
0.157%, 04/14/2011		600		599

				27,772

Total Short-Term Investments
(Cost $55,974)				55,973

Total Investments 5 – 100.0%
(Cost $774,652)				854,460

Other Assets and Liabilities, Net – 0.0%				58

Total Net Assets – 100.0%			$	854,518


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

=		Non-income producing security.

⊡		Security is internally fair valued. As of October 31, 2010, the fair value of this investment was $1,507 or 0.2% of total net assets.

Ω		The rate shown is the annualized seven-day effective yield as of October 31, 2010.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2010. See note 2 in Notes to Financial Statements.

5		On October 31, 2010, the cost of investments for federal income tax purposes was $778,325. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	111,553
Gross unrealized depreciation		(35,418	)

Net unrealized appreciation	$	76,135


ADR –	American Depositary Receipt

BDR –	Brazilian Depositary Receipt

GDR –	Global Depositary Receipt


REIT –	Real Estate Investment Trust


SDR –	Swedish Depositary Receipt

International Select Fund (concluded)

Schedule of Open Futures Contracts


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

Amsterdam Index Futures		November 2010		187		$17,508	$	63
CAC 40 10 Euro Index Futures		December 2010		163		8,651		159
DAX Index Futures		December 2010		95		21,881		1,127
Dow Jones Euro STOXX 50 Futures		December 2010		(790	)	(31,216)		(816	)
E-Mini MSCI EAFE Index Futures		December 2010		(131	)	(10,580)		(634	)
E-Mini MSCI Emerging Markets Index Futures		December 2010		82		4,550		24
Euro Currency Futures		December 2010		(251	)	(43,574)		(3,674	)
FTSE 100 Index Futures		December 2010		383		34,742		874
FTSE/JSE Top 40 Index Futures		December 2010		75		2,914		193
Hang Seng Index Futures		November 2010		4		593		(16	)
H-Shares Index Futures		November 2010		465		39,345		(1,582	)
IBEX 35 Index Futures		November 2010		(155	)	(23,115)		(109	)
KOPSI 200 Index Futures		December 2010		(32	)	(3,443)		47
Mexican Bolsa Index Futures		December 2010		(758	)	(21,880)		(1,773	)
MSCI Taiwan Stock Index Futures		November 2010		495		14,548		72
Nikkei 225 Index Futures		December 2010		157		7,210		(15	)
OMXS30 Index Futures		November 2010		1,035		16,862		(69	)
Russell 2000 Mini Index Futures		December 2010		(327	)	(22,962)		(1,893	)
S&P 500 Futures		December 2010		(154	)	(45,418)		(3,199	)
S&P TSE 60 Futures		December 2010		219		31,213		1,258
SGX MSCI Singapore Index Futures		November 2010		189		10,791		(197	)
SGX S&P CNX Nifty Index Futures		November 2010		(905	)	(10,932)		185
SPI 200 Futures		December 2010		429		48,820		63
STOXX 600 Bank Futures		December 2010		(481	)	(6,989)		521
STOXX SML200 Futures		December 2010		(196	)	(9,253)		(298	)
Swiss Market Index Futures		December 2010		127		8,360		(31	)

							$	(9,720	)

At October 31, 2010, sector diversification of the fund, was as follows:


	% of Net Assets			Fair Value

Common Stocks
Financials		18.9	%	$	161,258
Information Technology		11.3			96,739
Consumer Staples		10.2			87,371
Industrials		10.2			86,882
Materials		10.1			86,084
Energy		9.1			77,846
Consumer Discretionary		7.7			66,031
Healthcare		5.1			43,078
Utilities		4.3			36,751
Telecommunication Services		4.3			36,665
Transportation		—			153

Total Common Stocks		91.2			778,858

Total Exchange-Traded Funds		2.3			19,629

Total Short-Term Investments		6.5			55,973

Total Investments		100.0			854,460

Other Assets and Liabilities, Net		0.0			58

Net Assets		100.00	%	$	854,518

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 71

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Large Cap Growth Opportunities Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 99.7%
Consumer Discretionary – 23.8%
Advance Auto Parts		106,463	$	6,918
Amazon.com 6 =		134,943		22,285
Chipotle Mexican Grill, Class A 6 =		35,334		7,428
Ctrip.com International – ADR 6 =		111,666		5,814
Dick’s Sporting Goods 6 =		186,092		5,363
DIRECTV, Class A =		199,856		8,686
Discovery Communications, Class A 6 =		205,817		9,182
Dollar Tree =		249,843		12,819
Las Vegas Sands =		113,855		5,224
lululemon Athletica 6 =		95,846		4,248
Netflix 6 =		69,576		12,071
Polo Ralph Lauren 6		66,810		6,473
Priceline.com =		39,801		14,997
Starbucks		269,502		7,675
Walt Disney		124,981		4,513
Wynn Resorts 6		68,651		7,357
Yum! Brands		135,573		6,719

				147,772

Consumer Staples – 3.1%
Estee Lauder, Class A		113,191		8,056
PepsiCo		167,344		10,927

				18,983

Energy – 7.0%
Concho Resources =		97,249		6,678
Exxon Mobil		67,422		4,482
FMC Technologies =		64,532		4,653
National Oilwell Varco		119,278		6,412
Occidental Petroleum		64,454		5,068
Schlumberger		141,127		9,863
Whiting Petroleum =		63,316		6,360

				43,516

Financials – 2.9%
American Express		219,220		9,089
Goldman Sachs Group 6		55,961		9,007

				18,096

Healthcare – 9.0%
Allergan		153,425		11,110
Cerner 6 =		40,788		3,582
Edwards Lifesciences =		82,984		5,304
Express Scripts =		192,937		9,361
Perrigo		111,047		7,316
ResMed 6 =		130,386		4,155
Thermo Fisher Scientific =		62,331		3,205
Thoratec 6 =		100,005		3,264
Varian Medical Systems =		61,343		3,878
Vertex Pharmaceuticals 6 =		124,809		4,784

				55,959

Industrials – 12.1%
3M		69,259		5,833
Boeing		67,732		4,785
C.H. Robinson Worldwide		86,513		6,098
Caterpillar 6		143,860		11,307
Cummins		129,357		11,396
Goodrich		84,299		6,918
Parker Hannifin		116,657		8,930
Precision Castparts		80,881		11,047
United Technologies		120,634		9,020

				75,334

Information Technology ⊳ – 39.1%
Accenture, Class A		149,996		6,706
Akamai Technologies =		134,678		6,959
Amphenol, Class A		184,566		9,252
Apple =		155,055		46,651
Baidu – ADR 6 =		57,425		6,317
Broadcom, Class A 6		187,566		7,641
Cisco Systems =		345,373		7,885
Citrix Systems =		103,515		6,632
Cognizant Technology Solutions, Class A =		121,288		7,907
Dolby Laboratories, Class A =		97,405		6,008
EMC =		526,282		11,057
F5 Networks =		86,049		10,128
Google, Class A =		20,184		12,373
Juniper Networks 6 =		259,817		8,416
Marvell Technology Group =		326,167		6,298
NetApp 6 =		165,190		8,796
Oracle		432,339		12,711
QUALCOMM		295,275		13,326
Red Hat =		164,833		6,966
Rovi 6 =		83,084		4,208
Salesforce.com =		73,844		8,571
Teradata =		167,198		6,581
Visa, Class A 6		202,578		15,836
VMware, Class A =		79,045		6,044

				243,269

Materials – 1.5%
Freeport-McMoRan Copper & Gold 6		99,336		9,405

Telecommunication Services – 1.2%
American Tower, Class A =		143,670		7,415

Total Common Stocks
(Cost $472,731)				619,749

Short-Term Investment – 0.1%
First American Prime Obligations Fund, Class Z
0.102% Å Ω
(Cost $751)		751,444		751

Investment Purchased with Proceeds from Securities Lending – 23.0%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $142,971)		142,970,645		142,971

Total Investments 5 – 122.8%
(Cost $616,453)				763,471

Other Assets and Liabilities, Net – (22.8)%				(142,022	)

Total Net Assets – 100.0%			$	621,449


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

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $138,733 at October 31, 2010. 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.

Ω		The rate shown is the annualized seven-day effective yield as of October 31, 2010.

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

72 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Large Cap Growth Opportunities 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.

5		On October 31, 2010, the cost of investments for federal income tax purposes was $617,358. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	149,609
Gross unrealized depreciation		(3,496	)

Net unrealized appreciation	$	146,113


ADR –	American Depositary Receipt

Large Cap Growth Opportunities Fund (concluded)


Large Cap Select Fund
DESCRIPTION	SHARES		FAIR VALUE>


Common Stocks – 99.7%
Consumer Discretionary – 16.7%
AnnTaylor Stores =		68,723	$	1,601
Brunswick 6		88,980		1,408
D.R. Horton 6		122,531		1,279
DIRECTV, Class A =		61,781		2,685
Discovery Communications, Class A 6 =		45,428		2,026
Foot Locker		155,850		2,483
Interpublic Group of Companies 6 =		149,244		1,545
Jarden		66,987		2,148
OfficeMax 6 =		100,088		1,771
Starbucks		82,569		2,352
Whirlpool		22,657		1,718
Williams-Sonoma		43,596		1,411

				22,427

Consumer Staples – 2.7%
Energizer Holdings =		18,459		1,380
Estee Lauder, Class A		31,545		2,245

				3,625

Energy – 9.7%
Anadarko Petroleum		51,805		3,189
Cameron International 6 =		56,045		2,452
Concho Resources =		19,630		1,348
National Oilwell Varco		30,816		1,657
Newfield Exploration =		26,636		1,588
Schlumberger		9,883		691
Whiting Petroleum 6 =		21,877		2,197

				13,122

Financials – 10.4%
Citigroup =		780,049		3,253
Fifth Third Bancorp		115,601		1,452
Goldman Sachs Group 6		16,122		2,595
JPMorgan Chase		82,550		3,106
KeyCorp		136,864		1,121
Lincoln National		52,595		1,288
Public Storage – REIT		12,289		1,219

				14,034

Healthcare – 10.4%
Alexion Pharmaceuticals =		18,064		1,234
Allergan		27,000		1,955
Bristol-Myers Squibb		99,428		2,675
Edwards Lifesciences =		19,552		1,250
Endo Pharmaceuticals Holdings =		47,494		1,745
McKesson		27,744		1,830
Thermo Fisher Scientific =		34,363		1,767
Valeant Pharmaceuticals International 6		53,469		1,476

				13,932

Industrials – 12.8%
Caterpillar 6		37,262		2,929
Cummins		20,293		1,788
Delta Air Lines =		111,485		1,549
Dover		31,230		1,658
Eaton		28,762		2,555
Honeywell International		41,094		1,936
Manpower		28,554		1,563
Parker Hannifin		22,932		1,755
Textron 6		72,820		1,516

				17,249

Information Technology ⊳ – 29.4%
Accenture, Class A		33,309		1,489
Adobe Systems =		37,841		1,065
Akamai Technologies =		46,660		2,411

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 73

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Large Cap Select Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE>


Amphenol, Class A		30,494	$	1,529
Apple =		19,972		6,009
Autodesk =		42,526		1,539
Avnet =		47,324		1,409
BMC Software =		59,037		2,684
Check Point Software Technologies 6 =		44,783		1,914
Citrix Systems =		20,642		1,322
EMC =		106,075		2,229
Marvell Technology Group =		111,369		2,151
MasterCard, Class A		9,929		2,384
NetApp 6 =		43,194		2,300
QUALCOMM		45,674		2,061
Teradata =		61,594		2,424
VMware, Class A =		36,957		2,826
Xerox		160,520		1,878

				39,624

Materials – 3.8%
Freeport-McMoRan Copper & Gold		19,813		1,876
Mosaic		24,898		1,822
Walter Energy		15,567		1,369

				5,067

Telecommunication Services – 2.5%
Qwest Communications International 6		212,629		1,403
SBA Communications, Class A =		48,791		1,916

				3,319

Utilities – 1.3%
CMS Energy 6		97,143		1,785

Total Common Stocks
(Cost $115,217)				134,184

Short-Term Investment – 0.3%
First American Prime Obligations Fund, Class Z
0.102% Å Ω
(Cost $421)		420,593		421

Investment Purchased with Proceeds from Securities Lending – 18.1%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $24,274)		24,274,245		24,274

Total Investments 5 – 118.1%
(Cost $139,912)				158,879

Other Assets and Liabilities, Net – (18.1)%				(24,297	)

Total Net Assets – 100.0%			$	134,582


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

=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $23,456 at October 31, 2010. 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 shown is the annualized seven-day effective yield as of October 31, 2010.

†		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

Large Cap Select Fund (concluded)


		fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

5		On October 31, 2010, the cost of investments for federal income tax purposes was $139,964. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	19,650
Gross unrealized depreciation		(735	)

Net unrealized appreciation	$	18,915


REIT –	Real Estate Investment Trust

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

74 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Large Cap Value Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 99.6%
Consumer Discretionary – 8.9%
Darden Restaurants		82,139	$	3,755
DIRECTV, Class A =		144,184		6,266
Interpublic Group of Companies 6 =		362,559		3,752
Macy’s 6		183,615		4,341
Mattel 6		168,981		3,942
Stanley Black & Decker		77,917		4,829
Walt Disney		97,084		3,506

				30,391

Consumer Staples – 7.2%
Bunge 6		42,745		2,568
Energizer Holdings =		23,943		1,790
General Mills		116,302		4,366
Kraft Foods, Class A 6		202,443		6,533
PepsiCo		88,055		5,750
Procter & Gamble		59,751		3,798

				24,805

Energy – 14.1%
Anadarko Petroleum		84,628		5,211
Cameron International =		110,818		4,848
Chevron		52,447		4,333
Concho Resources =		69,723		4,788
ConocoPhillips		63,472		3,770
National Oilwell Varco		82,090		4,413
Newfield Exploration =		80,016		4,771
Noble Energy 6		32,775		2,671
Pioneer Natural Resources 6		62,370		4,353
Schlumberger		63,672		4,450
Whiting Petroleum =		46,271		4,647

				48,255

Financials – 22.7%
ACE 6		114,770		6,820
Ameriprise Financial		86,660		4,479
AvalonBay Communities – REIT		30,864		3,281
Citigroup 6 =		2,091,548		8,722
Fifth Third Bancorp		284,816		3,577
Goldman Sachs Group 6		43,106		6,938
Invesco		151,963		3,495
JPMorgan Chase		261,702		9,848
PartnerRe		53,807		4,268
PNC Financial Services Group 6		85,664		4,617
Prudential Financial		85,332		4,487
Simon Property Group – REIT		35,141		3,374
State Street		87,222		3,642
Unum Group		221,365		4,963
Wells Fargo		201,980		5,268

				77,779

Healthcare – 12.3%
AmerisourceBergen		135,802		4,457
Amgen =		90,851		5,196
Bristol-Myers Squibb		135,487		3,645
Endo Pharmaceuticals Holdings =		100,223		3,682
Johnson & Johnson		69,962		4,454
Merck		117,291		4,255
Pfizer		385,515		6,708
St. Jude Medical =		89,469		3,427
UnitedHealth Group		102,095		3,680
Valeant Pharmaceuticals International 6		96,144		2,655

				42,159

Industrials – 10.6%
Boeing		53,999		3,815
Caterpillar		42,632		3,351
CSX		119,332		7,333
Cummins		55,392		4,880
Delta Air Lines =		186,201		2,586
Eaton		49,449		4,393
Manpower		46,118		2,524
Republic Services		139,332		4,153
Textron 6		160,269		3,337

				36,372

Information Technology – 8.1%
Amphenol, Class A		73,174		3,668
Avnet =		147,311		4,387
BMC Software =		59,687		2,713
Check Point Software Technologies 6 =		91,826		3,926
Marvell Technology Group =		228,686		4,416
QUALCOMM		76,686		3,461
Xerox		461,786		5,403

				27,974

Materials – 5.7%
Albemarle		77,933		3,907
Freeport-McMoRan Copper & Gold		29,416		2,785
Mosaic		68,708		5,026
PPG Industries		80,010		6,137
Walter Energy		19,317		1,699

				19,554

Telecommunication Services – 4.4%
AT&T		316,719		9,027
Qwest Communications International 6		906,406		5,982

				15,009

Utilities – 5.6%
CenterPoint Energy		230,377		3,815
CMS Energy 6		346,902		6,376
Public Service Enterprise Group		130,371		4,218
Sempra Energy		88,919		4,755

				19,164

Total Common Stocks
(Cost $318,455)				341,462

Short-Term Investment – 0.0%
First American Prime Obligations Fund, Class Z
0.102% Å Ω
(Cost $110)		110,255		110

Investment Purchased with Proceeds from Securities Lending – 18.1%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $62,033)		62,033,268		62,033

Total Investments 5 – 117.7%
(Cost $380,598)				403,605

Other Assets and Liabilities, Net – (17.7)%				(60,833	)

Total Net Assets – 100.0%			$	342,772


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

=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $59,902 at October 31, 2010. See note 2 in Notes to Financial Statements.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 75

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)

Large Cap Value 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 shown is the annualized seven-day effective yield as of October 31, 2010.

†		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, 2010, the cost of investments for federal income tax purposes was $380,731. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	34,371
Gross unrealized depreciation		(11,497	)

Net unrealized appreciation	$	22,874


REIT –	Real Estate Investment Trust

Large Cap Value Fund (concluded)


Mid Cap Growth Opportunities Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 99.5%
Consumer Discretionary – 22.6%
Abercrombie & Fitch, Class A 6		172,853	$	7,408
Advance Auto Parts 6		385,259		25,034
AnnTaylor Stores 6 =		414,883		9,667
Bed Bath & Beyond 6 =		218,387		9,587
Chipotle Mexican Grill, Class A 6 =		113,257		23,808
Coinstar 6 =		281,242		16,194
Ctrip.com International – ADR 6 =		295,171		15,370
Dick’s Sporting Goods 6 =		599,909		17,289
Discovery Communications, Class A 6 =		450,298		20,088
Dollar Tree =		432,542		22,194
Las Vegas Sands =		191,875		8,803
lululemon Athletica 6 =		227,880		10,100
Netflix 6 =		131,158		22,756
Polo Ralph Lauren 6		146,852		14,227
Priceline.com 6 =		91,279		34,395
Ulta Salon, Cosmetics & Fragrance =		256,148		7,861
Williams-Sonoma 6		321,719		10,414
Wynn Resorts 6		215,610		23,107

				298,302

Consumer Staples – 2.7%
Estee Lauder, Class A		117,754		8,381
TreeHouse Foods 6 =		166,623		7,781
Whole Foods Market 6 =		500,035		19,876

				36,038

Energy – 5.0%
Concho Resources 6 =		258,461		17,748
FMC Technologies 6 =		252,425		18,200
National Oilwell Varco		250,279		13,455
Petrohawk Energy =		415,371		7,065
Whiting Petroleum 6 =		102,472		10,292

				66,760

Financials – 5.1%
Blackstone Group 6		1,243,201		16,758
Discover Financial Services 6		1,008,850		17,806
IntercontinentalExchange =		139,956		16,077
MSCI, Class A 6 =		270,764		9,707
PartnerRe 6		84,603		6,711

				67,059

Healthcare – 10.0%
Alexion Pharmaceuticals 6 =		186,314		12,725
Cerner 6 =		158,503		13,921
Edwards Lifesciences =		99,694		6,372
Express Scripts =		211,697		10,272
PerkinElmer		305,105		7,155
Perrigo		296,377		19,525
ResMed 6 =		367,592		11,715
Thoratec 6 =		349,010		11,392
Valeant Pharmaceuticals International 6		731,042		20,184
Vertex Pharmaceuticals 6 =		498,550		19,109

				132,370

Industrials – 18.5%
AMETEK		279,481		15,106
C.H. Robinson Worldwide		199,750		14,078
Cummins		296,888		26,156
Eaton		217,221		19,296
Expeditors International of Washington 6		384,477		18,978
Fastenal 6		345,025		17,762
Joy Global		247,978		17,594
MSC Industrial Direct, Class A 6		325,875		18,555
Parker Hannifin		213,612		16,352

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

76 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Mid Cap Growth Opportunities Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Precision Castparts		197,208	$	26,934
Rockwell Automation		258,036		16,094
Roper Industries 6		324,973		22,563
Ryanair Holdings – ADR 6		449,031		14,652

				244,120

Information Technology ⊳ – 29.3%
Akamai Technologies =		380,648		19,668
Altera 6		440,892		13,760
Amphenol, Class A 6		549,614		27,552
Autodesk 6 =		574,258		20,777
BMC Software =		308,023		14,003
Check Point Software Technologies 6 =		362,692		15,505
Citrix Systems =		354,445		22,709
Cognizant Technology Solutions, Class A =		157,272		10,252
Dolby Laboratories, Class A 6 =		306,456		18,902
F5 Networks =		225,111		26,496
Juniper Networks 6 =		404,757		13,110
Lam Research 6 =		417,080		19,098
Marvell Technology Group =		929,923		17,957
NetApp 6 =		782,405		41,663
Red Hat 6 =		307,843		13,009
Rovi 6 =		201,700		10,216
Salesforce.com 6 =		137,107		15,914
SuccessFactors 6 =		512,608		13,902
Teradata =		621,893		24,478
Waters =		293,402		21,750
Xilinx 6		244,749		6,562

				387,283

Materials – 3.6%
Albemarle		429,314		21,521
PPG Industries 6		174,847		13,411
Walter Energy 6		141,025		12,405

				47,337

Telecommunication Services – 2.0%
NII Holdings =		228,702		9,562
SBA Communications, Class A 6 =		421,490		16,548

				26,110

Utilities – 0.7%
ITC Holdings		148,042		9,269

Total Common Stocks
(Cost $1,028,715)				1,314,648

Short-Term Investment – 0.1%
First American Prime Obligations Fund, Class Z
0.102% Å Ω
(Cost $418)		418,277		418

Investment Purchased with Proceeds from Securities Lending – 33.1%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $437,314)		437,313,722		437,314

Total Investments 5 – 132.7%
(Cost $1,466,447)				1,752,380

Other Assets and Liabilities, Net – (32.7)%				(431,461	)

Total Net Assets – 100.0%			$	1,320,919

Mid Cap Growth Opportunites Fund (concluded)


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

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $429,035 at October 31, 2010. 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.

Ω		The rate shown is the annualized seven-day effective yield as of October 31, 2010.

†		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, 2010, the cost of investments for federal income tax purposes was $1,466,894. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	295,243
Gross unrealized depreciation		(9,757	)

Net unrealized appreciation	$	285,486

ADR – American Depositary Receipt

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 77

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Mid Cap Select Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 99.5%
Consumer Discretionary – 23.5%
Advance Auto Parts 6		9,706	$	631
AnnTaylor Stores 6 =		25,230		588
Bed Bath & Beyond =		13,141		577
Brunswick 6		30,509		483
Coinstar 6 =		9,134		526
D.R. Horton 6		41,610		434
Dollar Tree 6 =		11,698		600
Foot Locker 6		45,219		720
Interpublic Group of Companies 6 =		73,494		761
lululemon Athletica 6 =		10,940		485
Netflix 6 =		3,182		552
OfficeMax =		28,584		506
Quiksilver =		132,489		552
Valassis Communications =		10,884		359
Warnaco Group =		9,093		483
Whirlpool		6,341		481
Williams-Sonoma 6		13,578		440

				9,178

Consumer Staples – 1.5%
Estee Lauder, Class A 6		8,266		588

Energy – 6.7%
Cameron International =		16,678		729
National Oilwell Varco		8,533		459
Newfield Exploration =		13,405		799
Whiting Petroleum =		6,170		620

				2,607

Financials – 13.6%
Ameriprise Financial 6		14,217		735
CNO Financial Group 6 =		102,055		555
Digital Realty Trust – REIT 6		12,140		725
Discover Financial Services 6		32,735		578
Fifth Third Bancorp 6		31,582		396
PartnerRe 6		9,542		757
Unum Group		29,960		672
Ventas – REIT		16,692		894

				5,312

Healthcare – 7.6%
AmerisourceBergen		14,480		476
C.R. Bard		5,197		432
Endo Pharmaceuticals Holdings 6 =		14,323		526
Intuitive Surgical =		2,351		618
Thoratec 6 =		12,853		420
Zoll Medical 6 =		15,592		507

				2,979

Industrials – 11.6%
Altra Holdings =		37,394		553
Cummins		7,618		671
Eaton		8,701		773
Joy Global 6		10,773		764
Parker Hannifin		9,443		723
Precision Castparts		4,448		608
Textron 6		21,509		448

				4,540

Information Technology – 22.8%
Adobe Systems =		10,074		284
Akamai Technologies =		16,508		853
Amkor Technology 6 =		61,108		441
Citrix Systems =		7,695		493
Dolby Laboratories, Class A 6 =		6,617		408
F5 Networks =		10,554		1,242
LoopNet =		33,665		355
MICROS Systems =		14,266		648
MKS Instruments =		14,199		293
NetApp 6 =		21,545		1,147
Plantronics 6		19,854		712
Quest Software =		14,861		389
Red Hat =		11,468		485
Teradata =		18,553		730
Verigy =		49,069		449

				8,929

Materials – 5.5%
Albemarle		14,962		750
PPG Industries 6		8,207		629
Rockwood Holdings =		11,514		391
Walter Energy		4,434		390

				2,160

Telecommunication Services – 3.2%
Qwest Communications International 6		93,050		614
SBA Communications, Class A 6 =		15,860		623

				1,237

Utilities – 3.5%
CenterPoint Energy		34,158		566
CMS Energy 6		43,763		804

				1,370

Total Common Stocks
(Cost $33,845)				38,900

Warrants – 0.0%
Lantronix, Warrants = ¥ ⊡
(Cost $0)		746		—

Short-Term Investment – 0.5%
First American Prime Obligations Fund, Class Z
0.102% Å Ω
(Cost $189)		188,621		189

Investment Purchased with Proceeds from Securities Lending – 43.4%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $16,985)		16,985,471		16,985

Total Investments 5 – 143.4%
(Cost $51,019)				56,074

Other Assets and Liabilities, Net – (43.4)%				(16,969	)

Total Net Assets – 100.0%			$	39,105


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

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $16,443 at October 31, 2010. See note 2 in Notes to Financial Statements.

=		Non-income producing security.

¥		Security considered illiquid. As of October 31, 2010, the fair value of the fund’s investments in securities 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, 2010, the fair value of this investment 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 shown is the annualized seven-day effective yield as of October 31, 2010.

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

78 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Mid 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.

5		On October 31, 2010, the cost of investments for federal income tax purposes was $51,025. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	5,726
Gross unrealized depreciation		(677	)

Net unrealized appreciation	$	5,049

REIT – Real Estate Investment Trust

Mid Cap Select Fund (concluded)


Mid Cap Value Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 99.4%
Consumer Discretionary – 11.1%
AnnTaylor Stores =		176,587	$	4,114
Cablevision Systems, Class A		213,681		5,714
CBS, Class B 6		509,626		8,628
Darden Restaurants		145,556		6,653
Foot Locker		305,370		4,865
Interpublic Group of Companies 6 =		791,802		8,195
Macy’s 6		361,886		8,555
Mattel 6		304,249		7,098
Stanley Black & Decker		170,420		10,561

				64,383

Consumer Staples – 5.4%
Bunge 6		121,237		7,283
Dr. Pepper Snapple Group 6		210,116		7,680
Energizer Holdings =		40,377		3,019
JM Smucker		162,419		10,440
TreeHouse Foods =		62,835		2,935

				31,357

Energy – 11.3%
Cameron International 6 =		188,427		8,244
Concho Resources 6 =		139,198		9,559
Newfield Exploration =		167,064		9,960
Noble Energy 6		73,528		5,991
Pioneer Natural Resources 6		131,746		9,196
Plains Exploration & Production =		222,426		6,199
Spectra Energy		309,230		7,350
Whiting Petroleum =		95,194		9,561

				66,060

Financials – 23.1%
Ameriprise Financial 6		179,799		9,294
Arch Capital Group 6 =		129,009		11,145
AvalonBay Communities – REIT		52,325		5,563
BOK Financial 6		118,493		5,478
Boston Properties – REIT 6		81,966		7,065
Discover Financial Services		499,221		8,811
Essex Property Trust – REIT 6		81,399		9,195
Federal Realty Investment Trust – REIT 6		85,951		7,046
Fifth Third Bancorp		779,133		9,786
Invesco		256,765		5,905
Lazard, Class A		118,624		4,377
Liberty Property Trust – REIT		201,587		6,745
Lincoln National 6		346,563		8,484
PartnerRe		130,805		10,375
SunTrust Banks		316,139		7,910
Unum Group		496,905		11,141
Ventas – REIT		111,915		5,994

				134,314

Healthcare – 7.9%
AmerisourceBergen		228,986		7,515
C.R. Bard		71,900		5,976
CIGNA		114,425		4,027
Endo Pharmaceuticals Holdings =		171,057		6,285
Health Net =		126,498		3,402
St. Jude Medical =		157,108		6,017
Universal Health Services		194,731		8,037
Valeant Pharmaceuticals International 6		164,376		4,538

				45,797

Industrials – 10.1%
Cummins		90,588		7,981
Delta Air Lines =		316,830		4,401
Dover		107,728		5,720

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 79

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Mid Cap Value Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Eaton		111,631	$	9,916
Goodrich		117,165		9,616
Manpower		131,721		7,209
Republic Services		269,564		8,035
Textron 6		271,554		5,654

				58,532

Information Technology – 7.5%
Amphenol, Class A		117,750		5,903
Avnet =		249,417		7,427
BMC Software =		100,851		4,585
Check Point Software Technologies 6 =		169,930		7,264
Marvell Technology Group =		391,295		7,556
Xerox		934,774		10,937

				43,672

Materials – 9.4%
Albemarle		191,556		9,603
Celanese, Class A 6		212,668		7,582
CF Industries Holdings		81,038		9,930
Crown Holdings =		188,416		6,065
PPG Industries 6		158,544		12,160
Walter Energy 6		106,698		9,385

				54,725

Telecommunication Services – 3.0%
Qwest Communications International 6		1,277,735		8,433
Windstream 6		696,309		8,815

				17,248

Utilities – 10.6%
CenterPoint Energy		593,916		9,835
CMS Energy 6		642,360		11,807
Progress Energy 6		120,025		5,401
Public Service Enterprise Group		216,987		7,020
Sempra Energy		204,583		10,941
Wisconsin Energy		172,977		10,299
Xcel Energy		278,281		6,640

				61,943

Total Common Stocks
(Cost $499,523)				578,031

Short-Term Investment – 1.5%
First American Prime Obligations Fund, Class Z
0.102% Å Ω
(Cost $8,394)		8,393,566		8,394

Investment Purchased with Proceeds from Securities Lending – 23.6%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $137,426)		137,425,906		137,426

Total Investments 5 – 124.5%
(Cost $645,343)				723,851

Other Assets and Liabilities, Net – (24.5)%				(142,344	)

Total Net Assets – 100.0%			$	581,507

Mid Cap Value Fund (concluded)


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

=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $132,999 at October 31, 2010. 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 shown is the annualized seven-day effective yield as of October 31, 2010.

†		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, 2010, the cost of investments for federal income tax purposes was $645,645. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	81,198
Gross unrealized depreciation		(2,992	)

Net unrealized appreciation	$	78,206

REIT – Real Estate Investment Trust

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

80 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Mid Cap Value Fund (concluded)


Quantitative Large Cap Core Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 98.5%
Consumer Discretionary – 11.9%
Aeropostale 6 =		20,600	$	502
Amazon.com 6 =		2,091		345
American Eagle Outfitters		8,824		141
Apollo Group, Class A =		7,282		273
AutoZone =		1,892		450
Best Buy		5,117		220
Big Lots =		4,462		140
Brinker International		17,734		329
Career Education 6 =		22,133		388
Carnival 6		12,401		535
Chico’s FAS		20,289		197
Coach		6,514		326
Comcast, Class A 6		49,092		1,010
Darden Restaurants		8,102		370
DIRECTV, Class A =		6,485		282
Dollar Tree =		3,750		193
DreamWorks Animation, Class A 6 =		12,884		455
Expedia		10,197		295
Family Dollar Stores 6		15,601		720
Ford Motor 6 =		17,930		253
Fortune Brands		2,061		111
Fossil =		2,372		140
Gannett		11,329		134
Gap		39,751		756
Garmin 6		9,819		323
Gentex		7,215		144
Genuine Parts		9,658		462
Hasbro		7,414		343
Hillenbrand		9,215		198
Home Depot		24,835		767
International Speedway, Class A		13,332		305
ITT Educational Services 6 =		5,466		353
J.C. Penney		5,736		179
Johnson Controls		978		34
Kohl’s =		6,998		358
Lowe’s		27,880		595
Mattel 6		31,875		744
McDonald’s		12,229		951
McGraw-Hill		12,116		456
News, Class A		2,756		40
Nordstrom 6		6,293		242
Omnicom Group		4,346		191
Panera Bread, Class A =		1,561		140
RadioShack		21,722		437
Ross Stores		9,909		585
Royal Caribbean Cruises 6 =		22,331		883
Sherwin-Williams		12,542		915
Signet Jewelers =		21,471		755
Stanley Black & Decker		2,148		133
Staples 6		3,267		67
Target		17,419		905
Tempur-pedic International =		15,815		546
Thor Industries		35,003		1,102
Time Warner		30,845		1,003
TJX		2,089		96
Viacom, Class B		24,343		939
Walt Disney		7,044		254
Whirlpool		3,883		295

				24,305

Consumer Staples – 7.8%
Alberto-Culver		4,557		170
Altria Group		72,632		1,846
Archer-Daniels-Midland		1,681		56
BJ’s Wholesale Club =		4,477		187
Brown-Forman, Class B		5,333		324
Coca-Cola		27,710		1,699
Colgate-Palmolive		3,727		287
CVS Caremark		10,731		323
Dean Foods =		29,060		302
Hansen Natural =		5,344		274
Hershey		4,256		211
Kimberly-Clark		8,069		511
Kraft Foods, Class A 6		233		8
Kroger		10,790		237
Molson Coors Brewing, Class B		3,423		162
PepsiCo		30,885		2,017
Philip Morris International		24,471		1,432
Procter & Gamble		50,327		3,199
Sysco 6		11,638		343
Walgreen		6,360		215
Wal-Mart Stores		38,677		2,095
Whole Foods Market =		1,758		70

				15,968

Energy – 9.2%
Anadarko Petroleum		995		61
Apache		11,294		1,141
Baker Hughes		4,804		223
Chevron		56,467		4,665
ConocoPhillips		18,186		1,080
Exxon Mobil		112,833		7,500
Halliburton		22,713		724
Hess		54		3
Marathon Oil		13,188		469
Occidental Petroleum		13,201		1,038
Schlumberger		14,616		1,021
SEACOR Holdings =		5,010		475
Tidewater 6		5,069		234
Unit =		77		3

				18,637

Financials – 12.8%
Aflac		1,496		84
American Express		20,893		866
American Financial Group		11,885		363
Ameriprise Financial 6		11,158		577
Annaly Capital Management – REIT 6		63,378		1,122
AON		9,653		384
Ares Capital		8,758		147
Bank of America		82,930		949
Bank of Hawaii 6		25,143		1,086
Bank of New York Mellon 6		11,451		287
BB&T 6		17,062		399
Berkshire Hathaway, Class B 6 =		8,216		654
BOK Financial 6		5,634		260
Brown & Brown		28,810		642
CBOE Holdings 6		7,937		191
Chimera Investment – REIT 6		93,534		383
Citigroup =		71,145		297
Commerce Bancshares		9,800		361
Cullen/Frost Bankers 6		8,957		470
Discover Financial Services 6		30,302		535
Eaton Vance		5,511		159
Federated Investors, Class B 6		23,131		576
First Citizens Bancshares, Class A		1,428		267
Franklin Resources		11,108		1,274
Goldman Sachs Group 6		5,350		861
HCC Insurance Holdings		10,218		271
Host Hotels & Resorts – REIT 6		5,475		87
Interactive Brokers Group, Class A =		9,353		175

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 81

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Quantitative Large Cap Core Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


JPMorgan Chase		58,857	$	2,215
Marsh & McLennan		3,248		81
MetLife 6		5,930		239
Moody’s 6		17,841		483
PNC Financial Services Group 6		11,082		597
Principal Financial Group		28,993		778
Prudential Financial		9,565		503
Raymond James Financial		3,841		108
Rayonier – REIT		11,888		621
Reinsurance Group of America		2,148		107
StanCorp Financial Group		31,258		1,341
Symetra Financial		9,129		101
T. Rowe Price Group 6		11,589		640
TCF Financial 6		15,332		202
TD Ameritrade 6 =		44,722		764
Torchmark		10,437		598
Unum Group 6		8,703		195
Validus Holdings		6,999		198
Wells Fargo		94,784		2,472

				25,970

Healthcare – 10.9%
Abbott Laboratories		13,164		676
Aetna		11,781		352
Amgen =		16,858		964
Baxter International		9,904		504
Becton, Dickinson & Company		8,840		668
Bristol-Myers Squibb		8,664		233
C.R. Bard		11,374		945
CareFusion =		151		4
CIGNA		31,445		1,106
Cooper 6		2,054		101
Covidien		5,448		217
DENTSPLY International		5,693		179
Eli Lilly		12,483		439
Endo Pharmaceuticals Holdings =		26,113		959
Forest Laboratories =		9,592		317
Henry Schein =		3,579		201
Hill-Rom Holdings		3,612		140
Hospira =		48		3
Humana =		4,626		270
Johnson & Johnson		38,288		2,438
Laboratory Corporation of America 6 =		2,986		243
Medtronic		14,449		509
Merck		62,132		2,254
Mettler-Toledo International =		7,413		968
Omnicare		7,995		193
Pfizer		176,248		3,067
Quest Diagnostics		3,596		177
Stryker 6		812		40
Teleflex 6		2,364		132
Thermo Fisher Scientific =		2,382		122
Thoratec =		21,426		699
UnitedHealth Group		33,338		1,202
WellPoint =		24,231		1,317
Zimmer Holdings =		10,608		503

				22,142

Industrials – 10.3%
3M		13,421		1,130
Alliant Techsystems 6 =		4,920		375
Armstrong World Industries 6 =		4,868		203
Boeing		5,907		417
Carlisle Companies		13,795		484
Cintas 6		3,701		102
Danaher		25,252		1,095
Deere & Company		4,708		362
Dover		10,450		555
Dun & Bradstreet		7,435		553
Eaton		2,509		223
Equifax		5,276		175
FedEx		5,357		470
General Dynamics		16,476		1,122
General Electric		80,241		1,285
Honeywell International		11,062		521
IDEX 6		1,833		66
Illinois Tool Works		9,622		440
ITT		169		8
Landstar System		6,927		261
Lennox International		7,407		304
Lockheed Martin		8,076		576
Monster Worldwide 6 =		3,873		70
Norfolk Southern		5,230		322
Northrop Grumman		12,764		807
Owens Corning =		5,941		161
Pall		1,980		84
Parker Hannifin		912		70
Pentair 6		8,449		276
Pitney Bowes 6		6,865		151
Raytheon		5,495		253
Roper Industries 6		4,139		287
Snap-On		3,212		164
Timken		3,389		140
Toro		14,186		805
Towers Watson, Class A 6		6,754		347
United Parcel Service, Class B 6		16,221		1,092
United Technologies		19,819		1,482
URS =		5,170		201
UTi Worldwide 6		34,454		662
Valmont Industries		5,228		412
W.W. Grainger 6		3,208		398
Waste Connections =		15,975		651
Waste Management		42,323		1,512

				21,074

Information Technology – 24.6%
Advanced Micro Devices =		499		4
Agilent Technologies =		12,123		422
Akamai Technologies =		6,943		359
Amdocs 6 =		30,071		923
Amphenol, Class A		8,134		408
Analog Devices		6,208		209
Apple =		12,036		3,621
Applied Materials		6,313		78
Automatic Data Processing		17,685		786
Avago Technologies =		7,259		179
AVX		130,497		1,871
Broadcom, Class A 6		26,321		1,072
Broadridge Financial Solutions		12,160		267
CA		8,599		200
Cisco Systems =		132,689		3,029
Cognizant Technology Solutions, Class A =		3,291		215
Computer Sciences		15,098		741
Compuware =		114,654		1,148
Corning		47,873		875
Dell =		55,572		799
DST Systems 6		6,768		293
eBay =		34,323		1,023
EMC =		28,423		597
Fairchild Semiconductor International =		4,368		49
FLIR Systems 6 =		6,136		171
Google, Class A =		4,609		2,825
Harris		28,400		1,283

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

82 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Quantitative Large Cap Core Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Hewlett-Packard		57,201	$	2,406
IBM		19,317		2,774
Intel		108,662		2,181
Jabil Circuit		71,675		1,099
Lam Research 6 =		5,174		237
Lender Processing Services		4,403		127
Lexmark International, Class A =		13,400		510
Marvell Technology Group =		39,159		756
Maxim Integrated Products 6		351		8
McAfee =		1,761		83
Micron Technology 6 =		7,720		64
Microsoft		179,290		4,776
Motorola =		40,390		329
NCR =		22,691		311
Novellus Systems 6 =		10,916		319
Oracle		60,163		1,769
Polycom 6 =		24,019		811
QLogic 6 =		11,964		210
QUALCOMM		43,121		1,946
SAIC =		25,580		397
SanDisk =		8,746		329
Synopsys =		4,699		120
Tellabs 6		102,602		700
Texas Instruments		63,889		1,889
Total System Services		11,838		185
Trimble Navigation =		20,472		734
Varian Semiconductor Equipment Associates =		2,545		83
Vishay Intertechnology =		18,953		214
Vishay Precision Group 6 =		18,473		314
Waters =		1,691		125
Western Digital =		12,472		399
Western Union		9,011		159
Xilinx 6		5,913		159
Yahoo! 6 =		5,607		93

				50,063

Materials – 7.3%
Albemarle		4,830		242
Allegheny Technologies 6		4,301		227
AptarGroup		3,563		160
Ashland		17,757		917
Ball		16,792		1,081
Bemis		281		9
Carpenter Technology 6		11,346		405
Celanese, Class A 6		19,239		686
Cliffs Natural Resources 6		7,176		468
Compass Minerals International		1,066		84
Crown Holdings =		14,426		464
Dow Chemical		14,183		437
E.I. Du Pont de Nemours		9,679		458
Eagle Materials		1,853		43
Eastman Chemical		8,602		676
FMC		8,675		634
Greif, Class A		7,189		422
International Flavors & Fragrances		2,722		136
International Paper		427		11
Lubrizol		3,836		393
Monsanto		3,294		196
Newmont Mining		2,930		178
Nucor 6		4,901		187
Packaging Corporation of America		13,059		319
Pactiv =		26,496		879
PPG Industries		5,191		398
Praxair		6,073		555
Reliance Steel & Aluminum		3,333		139
Schnitzer Steel Industries, Class A		2,332		121
Scotts Miracle-Gro, Class A		21,076		1,125
Sealed Air		12,562		291
Sonoco Products		16,425		550
Temple-Inland		44,244		917
Titanium Metals 6 =		7,510		148
Valspar		25,690		825

				14,781

Telecommunication Services – 3.5%
AT&T		95,480		2,721
CenturyLink 6		22,129		916
Frontier Communications 6		61,677		542
Qwest Communications International		84,506		558
Verizon Communications		51,294		1,665
Windstream		57,274		725

				7,127

Utilities – 0.2%
Constellation Energy Group		1,731		52
Energen		6,735		301
Sempra Energy		2,786		149

				502

Total Common Stocks
(Cost $191,697)				200,569

Short-Term Investments – 1.6%
Money Market Fund – 0.4%
First American Prime Obligations Fund, Class Z
0.102% Å Ω		872,552		873

U.S. Treasury Obligation – 1.2%
U.S. Treasury Bill
0.185%, 11/04/2010	$	2,300		2,300

Total Short-Term Investments
(Cost $3,173)				3,173

Investment Purchased with Proceeds from Securities Lending – 13.1%
Mount Vernon Securities Lending Prime Portfolio
0.278% Å †
(Cost $26,604)		26,604,460		26,604

Total Investments 5 – 113.2%
(Cost $221,474)				230,346

Other Assets and Liabilities, Net – (13.2)%				(26,763	)

Total Net Assets – 100.0%			$	203,583


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

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $25,729 at October 31, 2010. 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 shown is the annualized seven-day effective yield as of October 31, 2010.

†		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.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 83

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)

Quantitative Large Cap Core Fund (concluded)


5		On October 31, 2010, the cost of investments for federal income tax purposes was $221,784. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	15,631
Gross unrealized depreciation		(7,069	)

Net unrealized appreciation	$	8,562

REIT – Real Estate Investment Trust

Quantitative Large Cap Core Fund (concluded)


Real Estate Securities Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 98.9% ⊳
Apartments – 15.1%
Apartment Investment & Management, Class A 6 ⊲		98,883	$	2,305
Associated Estates Realty ⊲		571,258		7,935
Avalonbay Communities 6 ⊲		1,133,796		120,534
BRE Properties 6 ⊲		565,623		24,282
Camden Property Trust 6 ⊲		552,962		27,421
Equity Residential Properties Trust 6 ⊲		2,330,434		113,329
Essex Property Trust 6 ⊲		364,897		41,219
Mid-America Apartment Communities 6 ⊲		413,773		25,253
Post Properties 6 ⊲		71,785		2,185

				364,463

Community Centers – 8.7%
Acadia Realty Trust ⊲		1,009,812		19,267
Agree Realty ⊲		8,998		229
Developers Diversified Realty 6 ⊲		2,151,205		27,751
Equity One 6 ⊲		61,754		1,155
Federal Realty Investment Trust 6 ⊲		373,012		30,579
Kimco Realty 6 ⊲		1,276,412		21,993
Kite Realty Group Trust ⊲		507,480		2,426
Ramco-Gershenson Properties Trust ⊲		1,640,877		19,001
Regency Centers 6 ⊲		474,782		20,026
Saul Centers ⊲		267,901		11,434
Tanger Factory Outlet Centers 6 ⊲		31,575		1,513
Urstadt Biddle Properties, Class A 6 ⊲		635,689		12,212
Weingarten Realty Investors 6 ⊲		1,753,327		42,308

				209,894

Diversified – 4.8%
Colonial Properties Trust 6 ⊲		173,643		3,114
Coresite Realty 6 ⊲ =		594,176		8,948
Cousins Properties 6 ⊲		3,261,859		24,170
Forest City Enterprises, Class A 6 =		492,015		7,179
Vornado Realty Trust 6 ⊲		830,099		72,542
Washington Real Estate Investment Trust 6 ⊲		34,735		1,113

				117,066

Healthcare – 12.3%
Assisted Living Concepts, Class A =		4,795		155
Capital Senior Living 6 =		416,284		2,481
Cogdell Spencer 6 ⊲		1,123,933		7,384
HCP 6 ⊲		2,393,450		86,188
Health Care 6 ⊲		665,107		33,987
Healthcare Realty Trust 6 ⊲		1,410,793		34,057
LTC Properties ⊲		746,355		20,786
Nationwide Health Properties ⊲		283,942		11,593
OMEGA Healthcare Investors 6 ⊲		37,019		851
Parkway Life ⊲		3,263,258		4,213
Ventas 6 ⊲		1,774,690		95,052

				296,747

Hotels – 7.7%
Chatham Lodging Trust 6 =		147,698		2,724
Chesapeake Lodging Trust ⊲		507,868		9,132
DiamondRock Hospitality 6 ⊲		132,365		1,400
Host Hotels & Resorts 6 ⊲		4,220,776		67,068
Hyatt Hotels, Class A 6 =		354,458		14,285
LaSalle Hotel Properties 6 ⊲		934,923		22,148
Marcus 6		226,348		2,902
Marriott International, Class A 6		841,552		31,179
Pebblebrook Hotel Trust ⊲ =		1,290,254		25,276
Starwood Hotels & Resorts Worldwide		90,569		4,903
Sunstone Hotel Investors 6 ⊲ =		503,072		5,458

				186,475

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

84 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Real Estate Securities Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Industrials – 7.4%
AMB Property 6 ⊲		1,403,537	$	39,566
DCT Industrial Trust 6 ⊲		2,239,591		11,220
EastGroup Properties 6 ⊲		618,112		25,021
First Potomac Realty Trust ⊲		486,812		8,023
Mapletree Logistics Trust ⊲		309,275		215
Mitsubishi Logistics		222,590		2,692
Prologis 6 ⊲		3,102,457		42,349
PS Business Parks ⊲		657,817		38,982
Terreno Realty 6 ⊲ = ◖		552,301		10,008

				178,076

Infrastructure – 1.4%
American Tower, Class A 6 =		151,213		7,804
Brookfield Asset Management, Class A		499,042		14,831
Crown Castle International =		69,483		2,996
Hopewell Holdings		486		2
Standard Parking =		439,505		7,511

				33,144

Malls – 13.1%
Glimcher Realty Trust ⊲		1,136,239		8,533
Macerich 6 ⊲		1,315,933		58,704
Simon Property Group 6 ⊲		2,279,797		218,906
Taubman Centers 6 ⊲		689,700		32,016

				318,159

Manufactured Homes – 0.9%
Equity Lifestyle Properties 6 ⊲		397,981		22,653

Net Lease – 1.5%
Getty Realty 6 ⊲		120,349		3,431
National Retail Properties 6 ⊲		904,190		24,503
Realty Income 6 ⊲		277,380		9,509

				37,443

Office – 18.4%
Alexandria Real Estate Equities 6 ⊲		639,712		47,006
BioMed Realty Trust 6 ⊲		891,251		16,354
Boston Properties 6 ⊲		1,200,987		103,513
Brandywine Realty Trust 6 ⊲		863,782		10,340
Corporate Office Properties Trust 6 ⊲		297,754		10,567
Digital Realty Trust 6 ⊲		818,792		48,906
Douglas Emmett ⊲		120,645		2,164
Duke Realty 6 ⊲		2,639,143		32,910
DuPont Fabros Technology 6 ⊲		939,656		23,585
Hudson Pacific Properties ⊲		355,723		5,692
Kilroy Realty 6 ⊲		449,572		15,362
Liberty Property Trust 6 ⊲		1,055,816		35,328
Mack-Cali Realty ⊲		1,353,040		45,435
Mission West Properties 6 ⊲		183,269		1,228
Parkway Properties ⊲		99,838		1,554
Piedmont Office Realty Trust, Class A 6 ⊲		244,919		4,622
SL Green Realty 6 ⊲		616,101		40,490

				445,056

Real Estate Service Provider – 0.0%
HFF =		33,588		330

Self Storage – 6.7%
Extra Space Storage ⊲		770,661		12,485
Public Storage 6 ⊲		1,221,624		121,209
Sovran Self Storage 6 ⊲		448,802		17,535
U-Store-It Trust 6 ⊲		1,284,581		11,060

				162,289

Student Housing – 0.9%
American Campus Communities 6 ⊲		564,877		17,867
Campus Crest Communities ⊲ =		268,453		3,356
Education Realty Trust ⊲		229,413		1,720

				22,943

Total Common Stocks
(Cost $2,028,566)				2,394,738

Private Real Estate Company – 0.0%
Newcastle Investment Holdings ⊲ = ¥ ⊡
(Cost $153)		35,000		33

Short-Term Investment – 2.3%
First American Prime Obligations Fund, Class Z
0.102% Å Ω
(Cost $56,919)		56,918,707		56,919

Investment Purchased with Proceeds from Securities Lending – 27.5%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $664,673)		664,672,593		664,673

Total Investments 5 – 128.7%
(Cost $2,750,311)				3,116,363

Other Assets and Liabilities, Net – (28.7)%				(695,519	)

Total Net Assets – 100.0%			$	2,420,844


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

⊳		The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 6 in Notes to Financial Statements.

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $642,162 at October 31, 2010. See note 2 in Notes to Financial Statements.

⊲		Real Estate Investment Trust. As of October 31, 2010, the fair value of these investments was $2,295,521 or 94.8% 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, 2010 are as follows:


	Beginning		Purchase		Sales		Ending		Dividend				Fair
Issuer	Cost		Cost		Cost		Cost		Income		Shares		Value

Terreno Realty	$	—	$	10,472	$	—	$	10,472	$	—		552,301	$	10,008


¥		Security considered illiquid. As of October 31, 2010, the fair value of the fund’s investments in securities considered to be illiquid was $33 or 0.0% of total net assets. See note 2 in notes to Financial Statements.

⊡		Security is internally fair valued. As of October 31, 2010, the fair value of this investment was $33 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 shown is the annualized seven-day effective yield as of October 31, 2010.

†		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.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 85

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)

Real Estate Securities Fund (concluded)


5		On October 31, 2010, the cost of investments for federal income tax purposes was $2,809,464. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	319,783
Gross unrealized depreciation		(12,884	)

Net unrealized appreciation	$	306,899

Real Estate Securities Fund (concluded)


Small Cap Growth Opportunities Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 96.6%
Consumer Discretionary – 20.3%
AnnTaylor Stores 6 =		131,708	$	3,069
Buffalo Wild Wings 6 =		64,666		3,041
Crocs =		135,646		1,890
Dress Barn 6 =		95,784		2,197
Hibbett Sports 6 =		75,346		2,031
J. Crew Group 6 =		79,400		2,540
Lumber Liquidators Holdings 6 =		79,724		1,920
Penske Automotive Group 6 =		172,138		2,315
Polaris Industries 6		37,559		2,670
Sotheby’s Holdings, Class A		24,432		1,071
Texas Roadhouse 6 =		174,762		2,684
Tractor Supply 6		60,607		2,400
Warnaco Group =		64,186		3,409
WMS Industries 6 =		55,729		2,432
Wolverine World Wide		145,955		4,250

				37,919

Energy – 5.1%
Atlas Energy 6 =		72,145		2,101
Dril-Quip 6 =		21,416		1,480
Key Energy Services =		197,006		1,940
Lufkin Industries		39,926		1,950
Oasis Petroleum 6 =		92,706		1,972

				9,443

Financials – 3.9%
Associated Banc 6		199,170		2,524
KBW 6		81,471		2,061
Stifel Financial 6 =		58,366		2,766

				7,351

Healthcare – 18.7%
Acorda Therapeutics 6 =		65,506		1,771
Align Technology =		132,682		2,259
Alkermes =		84,438		977
Catalyst Health Solutions =		60,861		2,304
Cubist Pharmaceuticals =		74,502		1,734
Haemonetics =		43,882		2,398
Halozyme Therapeutics 6 =		164,631		1,207
HealthSouth =		160,790		2,909
ICON – ADR =		87,949		1,702
ICU Medical =		72,833		2,658
LHC Group 6 =		69,505		1,870
Masimo 6		61,059		1,842
Nektar Therapeutics 6 =		150,246		2,189
Onyx Pharmaceuticals =		82,301		2,208
Salix Pharmaceuticals 6 =		51,841		1,961
Thoratec 6 =		52,440		1,712
Zoll Medical 6 =		96,705		3,146

				34,847

Industrials – 16.8%
Actuant, Class A 6		121,466		2,729
Altra Holdings =		148,025		2,191
BE Aerospace 6 =		38,349		1,410	��
Clean Harbors 6 =		43,840		3,091
GrafTech International =		160,701		2,647
Interface, Class A 6		161,194		2,319
Kaydon		75,547		2,634
MasTec =		244,476		2,983
Old Dominion Freight Line =		94,369		2,647
Orbital Sciences =		155,344		2,523
Satcon Technology =		444,830		1,788
Tetra Tech =		115,735		2,437

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

86 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Small Cap Growth Opportunities Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


TrueBlue =		142,498	$	2,002

				31,401

Information Technology ⊳ – 28.0%
ADTRAN		83,407		2,691
Atheros Communications 6 =		105,437		3,273
Blackboard 6 =		61,494		2,567
Kenexa 6 =		135,648		2,481
LoopNet =		197,217		2,081
MICROS Systems =		42,367		1,923
MKS Instruments =		99,832		2,061
Multi-Fineline Electronix =		101,454		2,484
National Instruments		62,209		2,164
Perficient =		226,384		2,391
Pericom Semiconductor =		211,108		1,989
Plantronics 6		84,166		3,020
PMC-Sierra =		438,045		3,369
QLogic 6 =		151,644		2,664
Quest Software =		92,715		2,426
RF Micro Devices =		380,434		2,773
Solarwinds 6 =		157,590		2,860
Varian Semiconductor Equipment Associates =		63,219		2,065
Verigy =		247,031		2,263
VideoPropulsion = ¥ ⊡		780,460		—
Virtusa 6 =		143,680		2,049
Vocus 6 =		119,005		2,636

				52,230

Materials – 2.3%
Arch Chemicals		58,812		2,088
Louisiana-Pacific =		285,865		2,213

				4,301

Telecommunication Services – 1.5%
Neutral Tandem 6 =		189,853		2,776

Total Common Stocks
(Cost $163,365)				180,268

Warrant – 0.0%
Lantronix, Warrants = ¥ ⊡
(Cost $0)		11,236		—

Short-Term Investment – 4.1%
First American Prime Obligations Fund, Class Z
0.102% Å Ω
(Cost $7,626)		7,625,647		7,626

Investment Purchased with Proceeds from Securities Lending – 32.7%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $60,995)		60,994,639		60,995

Total Investments 5 – 133.4%
(Cost $231,986)				248,889

Other Assets and Liabilities, Net – (33.4)%				(62,304	)

Total Net Assets – 100.0%			$	186,585

Small Cap Growth Opportunities Fund (concluded)


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

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $58,595 at October 31, 2010. 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.

¥		Security considered illiquid. As of October 31, 2010, 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, 2010, 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 shown is the annualized seven-day effective yield as of October 31, 2010.

†		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, 2010, the cost of investments for federal income tax purposes was $233,429. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	21,164
Gross unrealized depreciation		(5,704	)

Net unrealized appreciation	$	15,460

ADR – American Depositary Receipt

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 87

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)

Small Cap Growth Opportunities Fund (concluded)


Small Cap Select Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 97.7%
Consumer Discretionary – 15.3%
Amerigon =		590,792	$	6,369
AnnTaylor Stores = 6		493,906		11,508
Bravo Brio Restaurant Group = 6		166,841		3,003
Buffalo Wild Wings = 6		119,839		5,636
Coinstar = 6		137,429		7,913
Collective Brands = 6		595,305		9,126
Dress Barn = 6		425,546		9,762
Fossil =		118,601		6,996
Gaylord Entertainment = 6		82,325		2,745
Life Time Fitness = 6		170,394		6,156
McCormick & Schmick’s Seafood Restaurants = 6		411,891		3,678
Panera Bread, Class A =		82,030		7,343
Quiksilver =		970,033		4,045
ReachLocal = 6		143,301		2,449
Ryland Group 6		100,139		1,500
Tractor Supply 6		192,892		7,639
Valassis Communications =		201,132		6,637
Warnaco Group = 6		189,001		10,038
WMS Industries = 6		150,862		6,582

				119,125

Consumer Staples – 1.9%
Hain Celestial Group = 6		452,917		11,201
Smart Balance = 6		934,136		3,325

				14,526

Energy – 5.5%
Concho Resources = 6		87,532		6,011
Delek US Holdings 6		399,756		2,938
Energy XXI = 6		128,470		2,793
James River Coal = 6		518,805		8,980
L & L Energy = 6		205,670		1,680
Lufkin Industries		119,009		5,814
Parker Drilling =		2,160,896		9,141
Whiting Petroleum =		56,958		5,721

				43,078

Financials – 19.4%
Bank of the Ozarks 6		202,293		7,689
Calamos Asset Management, Class A 6		642,297		7,701
Cullen/Frost Bankers 6		127,702		6,697
CVB Financial 6		569,162		4,331
Delphi Financial Group, Class A 6		528,709		14,312
Dime Community Bancshares 6		381,447		5,565
Evercore Partners, Class A 6		350,842		10,652
Independent Bank 6		258,082		6,062
Knight Capital Group, Class A = 6		763,221		9,945
MGIC Investment = 6		1,394,667		12,301
Nara Bancorp =		212,394		1,665
National Retail Properties – REIT 6		276,743		7,500
Piper Jaffray Companies =		252,187		7,810
Platinum Underwriters Holdings		107,441		4,625
PS Business Parks – REIT		163,094		9,665
Senior Housing Properties Trust – REIT		276,834		6,614
Terreno Realty – REIT =		239,613		4,342
Umpqua Holdings 6		1,192,686		13,120
Waddell & Reed Financial, Class A 6		378,059		10,990

				151,586

Healthcare – 11.0%
Acorda Therapeutics = 6		27,872		754
Alexion Pharmaceuticals = 6		44,674		3,051
Cadence Pharmaceuticals = 6		442,138		3,926
Catalyst Health Solutions =		98,336		3,722
Cepheid = 6		85,507		1,799
Cubist Pharmaceuticals = 6		63,229		1,472
Endologix = 6		1,583,470		8,757
Haemonetics =		101,121		5,526
Incyte = 6		101,290		1,688
LHC Group = 6		170,352		4,582
MEDNAX = 6		170,131		10,073
Nektar Therapeutics = 6		93,693		1,365
Onyx Pharmaceuticals =		61,226		1,643
Regeneron Pharmaceuticals = 6		151,878		3,961
Salix Pharmaceuticals = 6		178,010		6,734
Savient Pharmaceuticals = 6		53,652		666
Seattle Genetics = 6		90,261		1,479
Theravance = 6		55,293		1,127
Thoratec =		363,447		11,863
Zoll Medical = 6		359,664		11,700

				85,888

Industrials – 15.3%
Actuant, Class A		159,936		3,594
Allegiant Travel 6		153,216		7,215
BE Aerospace = 6		111,801		4,110
CBIZ = 6		864,170		5,116
Chart Industries = 6		219,072		5,104
GrafTech International = 6		698,889		11,511
IDEX 6		145,487		5,249
Interface, Class A		663,189		9,543
Kaydon		318,848		11,118
MasTec = 6		1,123,600		13,708
MYR Group =		242,504		3,781
Old Dominion Freight Line =		224,274		6,291
Orbital Sciences =		513,807		8,344
Regal-Beloit		207,796		11,992
Tetra Tech =		283,833		5,978
United Rentals = 6		339,660		6,382

				119,036

Information Technology – 21.0%
Acme Packet =		49,999		1,977
Advanced Analogic Technologies = 6 ◖		2,379,893		8,948
AsiaInfo Holdings = 6		329,503		7,322
CommVault Systems =		456,398		13,204
Entropic Communications = 6		990,239		8,278
International Rectifier = 6		180,041		4,182
Kenexa = 6		617,776		11,299
Mellanox Technologies = 6		373,489		8,598
Polycom = 6		273,608		9,243
Progress Software =		300,142		11,216
RF Micro Devices =		1,266,804		9,235
Smith Micro Software = 6		962,401		11,703
Sourcefire =		84,624		1,996
SPS Commerce = 6		241,748		3,191
STEC = 6		662,870		10,341
Taleo, Class A =		306,869		8,804
Tessera Technologies =		559,001		11,029
TTM Technologies = 6		309,585		3,244
ValueClick = 6		724,971		9,976
Vocus = 6		460,203		10,194

				163,980

Materials – 6.5%
Arch Chemicals		219,637		7,799
Buckeye Technologies		285,217		5,148
Horsehead Holding =		364,445		3,984
Louisiana-Pacific =		1,106,083		8,561
Rock-Tenn, Class A		102,633		5,835
Schnitzer Steel Industries, Class A		148,860		7,695

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

88 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Small Cap Select Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


STR Holdings = 6		271,921	$	6,757
Thompson Creek Metals = 6		383,406		4,616

				50,395

Telecommunication Services – 0.9%
Cogent Communications Group = 6		620,646		6,734

Utilities – 0.9%
NSTAR 6		164,118		6,845

Total Common Stocks
(Cost $667,674)				761,193

Warrants – 0.0%
Lantronix, Warrants = ¥ ⊡
(Cost $0)		5,143		—

Short-Term Investment – 2.5%
First American Prime Obligations Fund, Class Z
0.102% Å Ω
(Cost $19,522)		19,522,201		19,522

Investment Purchased with Proceeds from Securities Lending – 38.6%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $300,888)		300,887,638		300,888

Total Investments 5 – 138.8%
(Cost $988,084)				1,081,603

Other Assets and Liabilities, Net – (38.8)%				(302,370	)

Total Net Assets – 100.0%			$	779,233


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

=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $291,138 at October 31, 2010. 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 period ended October 31, 2010 are as follows:


	Beginning		Purchase		Sales		Ending		Dividend				Fair
Issuer	Cost		Cost		Cost		Cost		Income		Shares		Value

Advanced Analogic Technologies	$	12,299	$	684	$	—	$	12,983	$	—		2,379,893	$	8,948


¥		Security considered illiquid. As of October 31, 2010, the fair value of the fund’s investments in securities 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, 2010, the value of this investment 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 shown is the annualized seven-day effective yield as of October 31, 2010.

†		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.

Small Cap Select Fund (concluded)


5		On October 31, 2010, the cost of investments for federal income tax purposes was $994,885. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	126,155
Gross unrealized depreciation		(39,437	)

Net unrealized appreciation	$	86,718

REIT – Real Estate Investment Trust

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 89

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)

Small Cap Select Fund (concluded)


Small Cap Value Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 97.2%
Consumer Discretionary – 12.8%
America’s Car-Mart =		77,346	$	2,063
Coinstar = 6		38,637		2,225
Core-Mark Holding = 6		65,039		2,146
Domino’s Pizza =		94,298		1,400
Group 1 Automotive = 6		83,306		2,937
Jo-Ann Stores =		38,133		1,649
Jones Group		125,741		1,818
Kirkland’s =		99,641		1,340
OfficeMax = 6		160,334		2,838
Polaris Industries 6		34,443		2,449
Ryland Group 6		103,728		1,554
Sally Beauty Holdings = 6		239,031		2,909
Tenneco =		74,470		2,429

				27,757

Consumer Staples – 0.7%
Spartan Stores 6		108,514		1,622

Energy – 7.3%
Berry Petroleum, Class A 6		105,819		3,620
Complete Production Services =		97,517		2,285
Matrix Service =		190,821		1,733
Natural Gas Services Group =		99,491		1,567
Oil States International =		35,054		1,792
Penn Virginia		66,483		985
SM Energy 6		44,066		1,837
Swift Energy =		61,551		1,960

				15,779

Financials ⊳ – 28.9%
Affiliated Managers Group =		45,631		3,907
Alexandria Real Estate Equities – REIT 6		31,573		2,320
American Campus Communities – REIT 6		72,343		2,288
Apollo Investment 6		277,018		3,044
Bank of the Ozarks 6		71,237		2,708
Brandywine Realty Trust – REIT		236,841		2,835
Cardtronics =		152,599		2,587
CNO Financial Group = 6		394,882		2,148
Cogdell Spencer – REIT		297,873		1,957
Community Bank System 6		117,029		2,735
Delphi Financial Group, Class A 6		98,916		2,678
DiamondRock Hospitality – REIT 6		348,305		3,685
East West Bancorp		178,057		3,139
EZCORP, Class A =		99,420		2,136
First Midwest Bancorp 6		128,092		1,372
FirstMerit 6		182,500		3,135
Flushing Financial		85,453		1,124
FPIC Insurance Group =		65,272		2,312
Heartland Financial USA 6		98,832		1,527
Home Properties – REIT 6		52,631		2,866
IBERIABANK 6		43,232		2,250
MGIC Investment = 6		279,409		2,464
Texas Capital Bancshares = 6		130,217		2,363
U-Store-It Trust – REIT		322,691		2,778
WSFS Financial		62,342		2,434

				62,792

Healthcare – 5.5%
AMERIGROUP =		25,915		1,082
BioScrip = 6		331,598		1,867
DepoMed =		113,632		556
Greatbatch = 6		72,274		1,572
Hanger Orthopedic Group = 6		83,768		1,568
ICON – ADR =		67,769		1,311
LHC Group =		74,344		2,000
MEDNAX =		34,341		2,033

				11,989

Industrials – 16.2%
Altra Holdings =		171,141		2,533
Atlas Air Worldwide Holdings =		66,248		3,462
Brady, Class A		87,149		2,680
Douglas Dynamics		93,373		1,346
EMCOR Group =		105,024		2,715
Ennis		84,685		1,528
GrafTech International =		203,673		3,354
Interface, Class A		226,970		3,266
Old Dominion Freight Line =		100,126		2,808
PHH = 6		106,316		2,049
Regal-Beloit		38,024		2,194
SFN Group = 6		325,419		2,467
Sterling Construction = 6		131,553		1,605
Triumph Group		38,747		3,239

				35,246

Information Technology – 14.1%
Amkor Technology = 6		169,916		1,225
Bottomline Technologies =		106,178		1,913
CACI International, Class A =		36,332		1,821
Kenexa =		93,920		1,718
MKS Instruments =		99,505		2,055
Perficient =		238,093		2,514
Plantronics 6		70,467		2,528
PMC-Sierra =		263,575		2,027
Polycom = 6		76,470		2,583
Progress Software =		64,215		2,400
RF Micro Devices =		265,844		1,938
Rogers = 6		76,165		2,712
TTM Technologies = 6		335,809		3,519
Virtusa =		113,927		1,625

				30,578

Materials – 6.8%
Arch Chemicals		55,726		1,979
Buckeye Technologies		218,267		3,940
Commercial Metals 6		124,745		1,731
Kraton Performance Polymers =		32,968		1,070
Minerals Technologies		28,794		1,689
Packaging Corp of America		68,648		1,677
Rockwood Holdings = 6		42,532		1,443
Schnitzer Steel Industries, Class A		22,187		1,147

				14,676

Telecommunication Services – 1.3%
NTELOS Holdings		73,208		1,330
PAETEC Holding =		367,844		1,552

				2,882

Utilities – 3.6%
Atmos Energy		71,119		2,094
El Paso Electric =		77,515		1,907
UIL Holdings 6		62,500		1,810
Unitil 6		93,777		2,037

				7,848

Total Common Stocks
(Cost $186,829)				211,169

Exchange-Traded Fund – 0.7%
SPDR S&P Metals & Mining 6
(Cost $1,489)		26,466		1,482

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

90 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Small Cap Value Fund (concluded)
DESCRIPTION	SHARES		FAIR VALUE >


Short-Term Investment – 1.7%
First American Prime Obligations Fund, Class Z
0.102% Å Ω
(Cost $3,731)		3,730,698	$	3,731

Investment Purchased with Proceeds from Securities Lending – 25.6%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $55,582)		55,581,567		55,582

Total Investments 5 – 125.2%
(Cost $247,631)				271,964

Other Assets and Liabilities, Net – (25.2)%				(54,803	)

Total Net Assets – 100.0%			$	217,161


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

=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $53,686 at October 31, 2010. 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 shown is the annualized seven-day effective yield as of October 31, 2010.

†		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, 2010, the cost of investments for federal income tax purposes was $247,682. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	37,996
Gross unrealized depreciation		(13,714	)

Net unrealized appreciation	$	24,282

REIT – Real Estate Investment Trust

Fund (concluded)


Tactical Market Opportunities Fund
DESCRIPTION	SHARES/PAR		FAIR VALUE >


Exchange-Traded Funds – 36.3%
iShares Barclays 1-3 Year Credit Bond Fund		33,800	$	3,557
iShares Barclays MBS Bond Fund		10,000		1,097
iShares iBoxx $ High Yield Corporate Bond Fund		16,100		1,461
iShares JPMorgan USD Emerging Markets Bond Fund		13,500		1,526
iShares S&P U.S. Preferred Stock Index Fund		34,000		1,347
Market Vectors Russia		18,300		628
Utilities Select Sector SPDR		9,200		292

Total Exchange-Traded Funds (Cost $9,814)				9,908

U.S. Government & Agency Security – 10.8%
U.S. Treasury Obligation – 10.8%
U.S. Treasury Bond
4.500%, 08/15/2039
(Cost $2,710)	$	2,710		2,947

Short-Term Investments – 53.1%
Money Market Fund – 48.0%
First American Prime Obligations Fund, Class Z
0.102% Å Ω		13,091,672		13,092

U.S. Treasury Obligations – 5.1%
U.S. Treasury Bills o
0.185%, 11/04/2010	$	275		275
0.150%, 04/07/2011		100		100
0.157%, 04/14/2011		1,025		1,024

				1,399

Total Short-Term Investments
(Cost $14,491)				14,491

Total Investments 5 – 100.2%
(Cost $27,229)				27,346

Other Assets and Liabilities, Net – (0.2)%				(46	)

Total Net Assets – 100.0%			$	27,300


>		Securities are valued in accordance with procedures described in 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 shown is the annualized seven-day effective yield as of October 31, 2010.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2010. See note 2 in Notes to Financial Statements.

5		On October 31, 2010, the cost of investments for federal income tax purposes was $27,234. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	150
Gross unrealized depreciation		(38	)

Net unrealized appreciation	$	112

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 91

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)

Tactical Market Opportunities Fund (concluded)

Schedule of Open Futures Contracts


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

DAX Index Futures		December 2010		10		$	2,303	$	55
E-Mini MSCI EAFE Index Futures		December 2010		(16	)		(1,292)		(15	)
E-Mini MSCI Emerging Markets Index Futures		December 2010		26			1,443		24
FTSE/JSE Top 40 Index Futures		December 2010		42			1,632		37
H-Shares Index Futures		November 2010		26			2,200		(88	)
IBEX 35 Index Futures		November 2010		(10	)		(1,491)		(1	)
Mexican Bolsa Index Futures		December 2010		(37	)		(1,068)		(41	)
Russell 2000 Mini Index Futures		December 2010		(47	)		(3,300)		(72	)
S&P 500 E-Mini Futures		December 2010		54			3,185		55

S&P TSE 60 Futures		December 2010		(5	)		(713)		(7	)
SGX S&P CNX Nifty Index Futures		November 2010		(115	)		(1,389)		23
SPI 200 Futures		December 2010		10			1,138		(1	)
U.S. Treasury 2 Year Note Futures		December 2010		(26	)		(5,720)		(4	)
U.S. Treasury 5 Year Note Futures		December 2010		(10	)		(1,216)		1

								$	(34	)

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

92 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

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FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 93


Statements of Assets and Liabilities	October 31, 2010, all dollars and shares are rounded to thousands (000), except per share data



	Equity			Global					International			Large Cap Growth			Large Cap
	Income Fund			Infrastructure Fund		International Fund			Select Fund			Opportunities Fund			Select Fund

Unaffiliated investments, at cost	$	622,177		$	139,296	$	569,658		$	774,652		$	472,731		$	115,217
Affiliated investments, at cost		16,709			—		—			—			751			421
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		224,304			—		—			—			142,971			24,274
Cash denominated in foreign currencies, at cost		—			—		4,845			4,490			—			—


ASSETS:
Unaffiliated investments, at fair value* (note 2)	$	811,088		$	152,808	$	684,054		$	854,460		$	619,749		$	134,184
Affiliated investments, at fair value (note 2)		16,709			—		—			—			751			421
Affiliated investment purchased with proceeds from securities lending, at fair value (note 2)		224,304			—		—			—			142,971			24,274
Cash denominated in foreign currencies, at fair value (note 2)		—			—		4,843			4,586			—			—
Cash		—			464		—			—			—			—
Receivable for dividends and interest		1,416			293		1,360			1,749			270			88
Receivable for investments sold		—			3,626		5,857			6,100			19,080			1,704
Receivable for capital shares sold		1,697			551		29			205			178			10
Receivable for foreign withholding tax reclaim		—			14		992			368			—			—
Receivable for variation margin (note 2)		—			—		—			—			—			—
Prepaid expenses and other assets		40			30		34			28			28			26


Total assets		1,055,254			157,786		697,169			867,496			783,027			160,707


LIABILITIES:
Bank overdraft		—			—		1,748			1,893			—			—
Payable for investments purchased		2,651			3,716		9,458			8,776			17,630			1,674
Payable upon return of securities loaned (note 2)		224,304			—		—			—			142,971			24,274
Payable for capital shares redeemed		494			236		427			374			457			53
Payable for foreign withholding tax		—			—		73			—			—			—
Payable for variation margin (note 2)		—			—		1,217			980			—			—
Payable to affiliates (note 3)		647			110		723			863			497			117
Payable to custodian (note 3)		—			20		39			66			—			—
Payable for distribution and shareholder servicing fees		40			19		9			2			20			1
Accrued expenses and other liabilities		2			—		3			24			3			6


Total liabilities		228,138			4,101		13,697			12,978			161,578			26,125


Net assets	$	827,116		$	153,685	$	683,472		$	854,518		$	621,449		$	134,582


COMPOSITION OF NET ASSETS:
Portfolio capital	$	642,532		$	131,242	$	579,783		$	810,688		$	517,576		$	209,595
Undistributed (distributions in excess of) net investment income		3,972			2,120		4,271			6,281			(13	)		66
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(8,299	)		6,805		(7,936	)		(32,734	)		(43,132	)		(94,046	)
Net unrealized appreciation or depreciation of:
Investments		188,911			13,512		114,396			79,808			147,018			18,967
Futures contracts		—			—		(7,176	)		(9,720	)		—			—
Foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			6		134			195			—			—


Net assets	$	827,116		$	153,685	$	683,472		$	854,518		$	621,449		$	134,582


* Including securities loaned, at fair value	$	216,824		$	—	$	—		$	—		$	138,733		$	23,456

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

94 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT



												Quantitative
Large Cap			Mid Cap Growth			Mid Cap			Mid Cap			Large Cap			Real Estate			Small Cap Growth			Small Cap			Small Cap			Tactical Market
Value Fund			Opportunities Fund			Select Fund			Value Fund			Core Fund			Securities Fund			Opportunities Fund			Select Fund			Value Fund			Opportunities Fund

$	318,455		$	1,028,715		$	33,845		$	499,523		$	193,997		$	2,018,247		$	163,365		$	654,691		$	188,318		$	14,137
	110			418			189			8,394			873			67,391			7,626			32,505			3,731			13,092
	62,033			437,314			16,985			137,426			26,604			664,673			60,995			300,888			55,582			—
	—			—			—			—			—			—			—			—			—			130



$	341,462		$	1,314,648		$	38,900		$	578,031		$	202,869		$	2,384,763		$	180,268		$	752,245		$	212,651		$	14,254
	110			418			189			8,394			873			66,927			7,626			28,470			3,731			13,092
	62,033			437,314			16,985			137,426			26,604			664,673			60,995			300,888			55,582			—
	—			—			—			—			—			—			—			—			—			130
	—			—			—			—			—			—			—			—			—			—
	388			509			13			130			168			975			43			380			69			26
	11,050			25,405			1,578			22,171			—			30,292			5,129			7,048			3,680			3
	7			571			3			320			15			11,347			187			1,116			55			—
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			29
	42			42			27			50			40			91			40			43			34			8


	415,092			1,778,907			57,695			746,522			230,569			3,159,068			254,288			1,090,190			275,802			27,542



	—			—			—			—			—			—			—			—			—			77
	9,611			18,572			1,549			24,172			—			68,597			6,382			6,796			2,668			56
	62,033			437,314			16,985			137,426			26,604			664,673			60,995			300,888			55,582			—
	366			950			7			2,879			305			2,797			122			2,530			182			—
	—			—			—			—			—			11			—			—			—			—
	—			—			—			—			—			—			—			—			—			89
	292			1,066			39			498			72			1,932			188			645			195			14
	—			—			—			—			—			—			—			—			—			—
	14			86			6			37			—			205			12			96			9			—
	4			—			4			3			5			9			4			2			5			6


	72,320			457,988			18,590			165,015			26,986			738,224			67,703			310,957			58,641			242


$	342,772		$	1,320,919		$	39,105		$	581,507		$	203,583		$	2,420,844		$	186,585		$	779,233		$	217,161		$	27,300



$	427,437		$	1,127,643		$	61,916		$	606,863		$	200,847		$	2,102,985		$	187,440		$	784,518		$	243,846		$	27,104
	2,310			(15	)		(11	)		3,971			1,951			(12	)		(9	)		(13	)		(11	)		52
	(109,982	)		(92,642	)		(27,855	)		(107,835	)		(8,087	)		(48,182	)		(17,749	)		(98,791	)		(51,007	)		61

	23,007			285,933			5,055			78,508			8,872			366,052			16,903			93,519			24,333			117
	—			—			—			—			—			—			—			—			—			(34	)
	—			—			—			—			—			1			—			—			—			—


$	342,772		$	1,320,919		$	39,105		$	581,507		$	203,583		$	2,420,844		$	186,585		$	779,233		$	217,161		$	27,300


$	59,902		$	429,035		$	16,443		$	132,999		$	25,729		$	642,162		$	58,595		$	291,138		$	53,686		$	—

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 95


Statements of Assets and Liabilities	continued



	Equity		Global				International		Large Cap Growth		Large Cap
	Income Fund		Infrastructure Fund		International Fund		Select Fund		Opportunities Fund		Select Fund

Class A¹:
Net assets	$	125,226	$	57,594	$	26,698	$	5,530	$	66,409	$	3,487
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		10,083		6,115		2,297		579		2,196		299
Net asset value and redemption price per share	$	12.42	$	9.42	$	11.62	$	9.54	$	30.24	$	11.65
Maximum offering price per share²	$	13.14	$	9.97	$	12.30	$	10.10	$	32.00	$	12.33
Class B³:
Net assets	$	5,039		—	$	1,497		—	$	3,473		—
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		412		—		142		—		125		—
Net asset value, offering price, and redemption price per share⁴	$	12.25		—	$	10.57		—	$	27.68		—
Class C¹:
Net assets	$	11,107	$	8,103	$	2,607	$	816	$	4,220	$	175
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		906		869		236		87		149		16
Net asset value, offering price and redemption price per share⁴	$	12.26	$	9.32	$	11.03	$	9.43	$	28.30	$	11.22
Class R^1,5:
Net assets	$	1,204	$	8	$	6	$	7	$	742	$	117
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		97		1		1		1		25		10
Net asset value, offering price, and redemption price per share	$	12.41	$	9.40	$	11.61	$	9.48	$	29.83	$	11.54
Class Y:
Net assets	$	684,540	$	87,980	$	652,664	$	848,165	$	546,605	$	130,803
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		54,623		9,298		55,404		88,669		17,446		11,172
Net asset value, offering price, and redemption price per share	$	12.53	$	9.46	$	11.78	$	9.57	$	31.33	$	11.71


	¹	Share class is not offered by Tactical Market Opportunities Fund.

	²	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.


	³	No new investments allowed in Class B shares, except for permitted exchanges and reinvestment of dividends. Certain funds do not offer Class B shares. See note 1 in Notes to Financial Statements.


	⁴	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.

	⁵	Share class is not offered by Mid Cap Select Fund and Quantitative Large Cap Core Fund.

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

96 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT



Large Cap		Mid Cap Growth		Mid Cap		Mid Cap		Quantitative		Real Estate		Small Cap Growth		Small Cap		Small Cap		Tactical Market
Value Fund		Opportunities Fund		Select Fund		Value Fund		Large Cap Core Fund		Securities Fund		Opportunities Fund		Select Fund		Value Fund		Opportunities Fund


$	52,567	$	275,040	$	12,402	$	76,667	$	253	$	686,148	$	39,501	$	339,826	$	32,332		—
	3,672		7,381		1,332		3,453		12		39,031		2,075		29,002		3,152		—
$	14.32	$	37.26	$	9.31	$	22.20	$	20.50	$	17.58	$	19.04	$	11.72	$	10.26		—
$	15.15	$	39.43	$	9.85	$	23.49	$	21.69	$	18.60	$	20.15	$	12.40	$	10.86		—

$	1,338	$	5,490	$	1,295	$	2,815		—	$	3,005	$	2,088	$	3,925		—		—
	97		168		164		135		—		175		125		423		—		—
$	13.75	$	32.62	$	7.90	$	20.87		—	$	17.18	$	16.66	$	9.27		—		—

$	1,337	$	13,564	$	2,332	$	11,564	$	14	$	52,732	$	1,596	$	17,393	$	1,843		—
	95		397		271		541		1		3,061		91		1,634		203		—
$	13.97	$	34.21	$	8.61	$	21.36	$	20.50	$	17.23	$	17.46	$	10.65	$	9.08		—

$	794	$	33,772		—	$	20,195		—	$	47,970	$	2,185	$	18,047	$	2,111		—
	56		923		—		916		—		2,696		117		1,575		209		—
$	14.24	$	36.58		—	$	22.05		—	$	17.79	$	18.74	$	11.46	$	10.11		—

$	286,736	$	993,053	$	23,076	$	470,266	$	203,316	$	1,630,989	$	141,215	$	400,042	$	180,875	$	27,300
	19,899		24,769		2,376		21,027		9,885		91,762		6,887		31,433		17,138		2,571
$	14.41	$	40.09	$	9.71	$	22.37	$	20.57	$	17.77	$	20.51	$	12.73	$	10.55	$	10.62

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 97


Statements of Operations	For the fiscal period ended October 31, 2010, all dollars are rounded to thousands (000)



	Equity			Global						International			Large Cap Growth			Large Cap
	Income Fund			Infrastructure Fund			International Fund			Select Fund			Opportunities Fund			Select Fund

INVESTMENT INCOME:
Interest from unaffiliated investments	$	—		$	3		$	11		$	170		$	—		$	—
Dividends from unaffiliated investments		30,294			3,709			16,110			18,177			4,742			1,744
Dividends from affiliated money market fund		5			—			—			—			5			1
Securities lending income		141			—			—			—			168			42
Less: Foreign taxes withheld		(294	)		(282	)		(1,396	)		(1,544	)		(14	)		—


Total investment income		30,146			3,430			14,725			16,803			4,901			1,787


EXPENSES (note 3):
Investment advisory fees		4,852			980			6,997			7,586			3,748			903
Administration fees		1,676			264			1,617			1,741			1,297			320
Transfer agent fees		263			145			189			100			253			100
Custodian fees		37			218			392			737			30			9
Legal fees		15			15			15			15			15			15
Audit fees		32			34			36			63			32			32
Registration fees		48			52			51			64			46			47
Postage and printing fees		50			14			38			44			41			11
Directors’ fees		32			32			32			32			32			32
Other expenses		24			21			25			24			26			23
Distribution and shareholder servicing fees:
Class A²		280			105			68			10			152			9
Class B³		62			—			17			—			40			—
Class C²		70			55			29			5			42			2
Class R^2,4		2			—			—			—			3			—


Total expenses		7,443			1,935			9,506			10,421			5,757			1,503


Less: Fee waivers (note 3)		(5	)		(686	)		(717	)		(999	)		(4	)		(1	)
Less: Expense reimbursement from regulatory settlement (note 8)		(176	)		—			(36	)		—			(38	)		—


Total net expenses		7,262			1,249			8,753			9,422			5,715			1,502


Investment income (loss) – net		22,884			2,181			5,972			7,381			(814	)		285


REALIZED AND UNREALIZED GAINS (LOSSES) – NET:
Net realized gain (loss) on:
Unaffiliated investments		20,111			9,648			54,937			38,581			70,540			26,152
Futures contracts		—			—			(3,993	)		(195	)		—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		(1	)		(24	)		(1,345	)		(1,505	)		—			—
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		85,170			11,025			5,091			52,273			61,995			483
Affiliated investments		—			—			—			—			—			—
Futures contracts		—			—			(5,099	)		(7,356	)		—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			5			218			50			—			—


Net gain on investments, futures contracts, and foreign currency transactions		105,280			20,654			49,809			81,848			132,535			26,635


Net increase in net assets resulting from operations	$	128,164		$	22,835		$	55,781		$	89,229		$	131,721		$	26,920


	¹	For the period December 30, 2009 (commencement of operations) through October 31, 2010.

	²	Class A, Class C, and Class R are not offered by the Tactical Market Opportunities Fund.

	³	No new investments allowed in Class B shares, except for permitted exchanges and reinvestment of dividends. Certain funds do not offer Class B shares. See note 1 in Notes to Financial Statements.

	⁴	Class R is not offered by Mid Cap Select Fund and Quantitative Large Cap Core Fund.

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

98 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT



Large Cap			Mid Cap Growth			Mid Cap			Mid Cap			Quantitative			Real Estate			Small Cap Growth			Small Cap			Small Cap			Tactical Market
Value Fund			Opportunities Fund			Select Fund			Value Fund			Large Cap Core Fund			Securities Fund			Opportunities Fund			Select Fund			Value Fund			Opportunities Fund¹


$	—		$	—		$	—		$	—		$	3		$	—		$	—		$	—		$	—		$	38
	6,942			8,072			443			10,497			3,321			53,026			561			4,840			2,432			43
	3			10			—			6			7			21			3			13			2			1
	65			481			19			129			34			713			151			760			73			—
	—			(193	)		—			(2	)		—			(155	)		—			—			—			—


	7,010			8,370			462			10,630			3,365			53,605			715			5,613			2,507			82



	2,434			8,862			285			4,163			519			11,401			1,705			5,145			1,427			27
	846			2,835			101			1,337			401			3,651			392			1,651			465			12
	209			360			161			210			80			680			165			264			157			17
	20			65			4			31			9			82			9			37			10			—
	15			15			15			15			15			15			15			15			15			19
	32			32			32			32			32			32			32			32			32			32
	44			53			40			53			44			146			47			67			45			4
	30			85			11			46			23			143			17			81			19			1
	32			32			32			32			32			32			32			32			32			28
	25			28			23			26			21			26			24			26			24			8

	137			634			32			216			1			1,150			89			795			78			—
	17			61			15			32			—			29			21			48			—			—
	16			134			25			117			—			335			15			176			20			—
	2			157			—			117			—			261			9			118			12			—


	3,859			13,353			776			6,427			1,177			17,983			2,572			8,487			2,336			148


	(2	)		(10	)		(232	)		(6	)		(405	)		(21	)		(362	)		(15	)		(2	)		(115	)
	—			—			—			—			—			—			—			(40	)		—			—


	3,857			13,343			544			6,421			772			17,962			2,210			8,432			2,334			33


	3,153			(4,973	)		(82	)		4,209			2,593			35,643			(1,495	)		(2,819	)		173			49




	26,403			195,722			6,634			83,856			18,592			252,012			32,333			92,494			13,113			86
	—			—			—			—			88			—			—			—			—			(22	)

	—			—			—			—			—			—			—			—			—			—

	8,454			129,355			1,905			34,723			2,535			278,746			11,747			59,357			31,588			117
	—			—			—			—			—			(464	)		—			1,415			—			—
	—			—			—			—			234			—			—			—			—			(34	)

	—			—			—			—			—			1			—			—			—			—


	34,857			325,077			8,539			118,579			21,449			530,295			44,080			153,266			44,701			147


$	38,010		$	320,104		$	8,457		$	122,788		$	24,042		$	565,938		$	42,585		$	150,447		$	44,874		$	196

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 99


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



							Global
	Equity						Infrastructure						International
	Income Fund						Fund						Fund

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09


OPERATIONS:
Investment income (loss) – net	$	22,884		$	20,246		$	2,181		$	1,028		$	5,972		$	7,837
Net realized gain (loss) on:
Unaffiliated investments		20,111			(14,066	)		9,648			2,258			54,937			(59,460	)
Futures contracts		—			—			—			—			(3,993	)		(15,635	)
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		(1	)		(1	)		(24	)		3			(1,345	)		(2,356	)
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		85,170			56,206			11,025			7,143			5,091			197,864
Futures contracts		—			—			—			—			(5,099	)		14,698
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			5			2			218			(314	)


Net increase in net assets resulting from operations		128,164			62,385			22,835			10,434			55,781			142,634


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2,941	)		(3,050	)		(422	)		(86	)		(112	)		(236	)
Class B		(112	)		(200	)		—			—			—			—
Class C		(143	)		(114	)		(45	)		—			—			—
Class R		(12	)		(9	)		—			—			—			—
Class Y		(17,684	)		(19,001	)		(658	)		(262	)		(4,307	)		(8,282	)


Total distributions		(20,892	)		(22,374	)		(1,125	)		(348	)		(4,419	)		(8,518	)


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		27,882			9,072			40,687			16,619			2,352			3,228
Reinvestment of distributions		2,661			2,785			372			67			103			219
Payments for redemptions		(20,975	)		(17,930	)		(11,596	)		(4,091	)		(5,764	)		(6,232	)


Increase (decrease) in net assets from Class A transactions		9,568			(6,073	)		29,463			12,595			(3,309	)		(2,785	)


Class B¹:
Proceeds from sales		84			113			—			—			67			77
Reinvestment of distributions		107			187			—			—			—			—
Payments for redemptions (note 3)		(3,330	)		(2,480	)		—			—			(667	)		(975	)


Decrease in net assets from Class B transactions		(3,139	)		(2,180	)		—			—			(600	)		(898	)


Class C:
Proceeds from sales		6,915			1,181			4,512			2,639			235			331
Reinvestment of distributions		128			107			40			—			—			—
Payments for redemptions (note 3)		(1,799	)		(1,258	)		(567	)		(32	)		(1,100	)		(985	)


Increase (decrease) in net assets from Class C transactions		5,244			30			3,985			2,607			(865	)		(654	)


Class R:
Proceeds from sales		1,089			52			—			5			1			1
Reinvestment of distributions		11			9			—			—			—			—
Payments for redemptions		(99	)		(452	)		—			—			—			—


Increase (decrease) in net assets from Class R transactions		1,001			(391	)		—			5			1			1


Class Y:
Proceeds from sales		144,124			127,721			53,473			41,075			28,438			54,320
Reinvestment of distributions		4,079			4,494			261			141			2,919			5,049
Payments for redemptions		(124,062	)		(169,842	)		(14,743	)		(28,216	)		(108,028	)		(165,305	)


Increase (decrease) in net assets from Class Y transactions		24,141			(37,627	)		38,991			13,000			(76,671	)		(105,936	)


Increase (decrease) in net assets from capital share transactions		36,815			(46,241	)		72,439			28,207			(81,444	)		(110,272	)


Increase in net assets from regulatory settlement proceeds (note 8)		—			—			—			—			—			359


Total increase (decrease) in net assets		144,087			(6,230	)		94,149			38,293			(30,082	)		24,203
Net assets at beginning of period		683,029			689,259			59,536			21,243			713,554			689,351


Net assets at end of period	$	827,116		$	683,029		$	153,685		$	59,536		$	683,472		$	713,554


Undistributed (distributions in excess of) net investment income at end of period	$	3,972		$	2,092		$	2,120		$	941		$	4,271		$	4,397


	¹	No new or additional investments are allowed in Class B shares, except for permitted exchanges and reinvestment of dividends. Certain funds do not offer Class B shares. See Note 1 in Notes to Financial Statements.

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

100 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT



																								Mid Cap Growth
International						Large Cap Growth						Large Cap						Large Cap						Opportunities
Select Fund						Opportunities Fund						Select Fund						Value Fund						Fund

Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09


$	7,381		$	4,098		$	(814	)	$	2,104		$	285		$	1,304		$	3,153		$	6,741		$	(4,973	)	$	(1,648	)

	38,581			(45,089	)		70,540			(66,901	)		26,152			(49,896	)		26,403			(81,898	)		195,722			(161,489	)
	(195	)		4,615			—			6,794			—			—			—			—			—			15,590

	(1,505	)		(1,097	)		—			—			—			—			—			—			—			—

	52,273			138,434			61,995			121,303			483			61,203			8,454			81,677			129,355			340,238
	(7,356	)		2,599			—			—			—			—			—			—			—			—

	50			(53	)		—			—			—			—			—			—			—			—


	89,229			103,507			131,721			63,300			26,920			12,611			38,010			6,520			320,104			192,691




	(7	)		(30	)		(112	)		(59	)		(19	)		(15	)		(728	)		(635	)		—			—
	—			(2	)		—			—			—			—			(10	)		(21	)		—			—
	—			(1	)		—			—			—			—			(7	)		(15	)		—			—
	—			(1	)		—			—			—			—			(4	)		(2	)		—			—
	(2,439	)		(6,078	)		(1,994	)		(1,833	)		(1,121	)		(1,109	)		(5,078	)		(4,702	)		—			—


	(2,446	)		(6,112	)		(2,106	)		(1,892	)		(1,140	)		(1,124	)		(5,827	)		(5,375	)		—			—




	3,042			1,588			8,454			7,172			486			856			1,946			2,954			38,764			36,041
	5			25			106			56			17			12			671			579			—			—
	(1,140	)		(1,027	)		(12,704	)		(9,957	)		(894	)		(1,480	)		(10,076	)		(9,418	)		(59,512	)		(51,431	)


	1,907			586			(4,144	)		(2,729	)		(391	)		(612	)		(7,459	)		(5,885	)		(20,748	)		(15,390	)



	—			2			14			42			—			3			—			15			39			54
	—			2			—			—			—			—			10			20			—			—
	—			(298	)		(2,161	)		(1,629	)		—			(324	)		(1,124	)		(1,394	)		(2,824	)		(1,623	)


	—			(294	)		(2,147	)		(1,587	)		—			(321	)		(1,114	)		(1,359	)		(2,785	)		(1,569	)



	561			21			155			481			4			22			74			217			1,175			2,061
	—			1			—			—			—			—			6			15			—			—
	(38	)		(61	)		(1,360	)		(845	)		(46	)		(36	)		(910	)		(869	)		(3,782	)		(3,972	)


	523			(39	)		(1,205	)		(364	)		(42	)		(14	)		(830	)		(637	)		(2,607	)		(1,911	)



	2			4			173			225			36			102			486			176			13,126			11,251
	—			1			—			—			1			—			4			2			—			—
	(15	)		(42	)		(250	)		(114	)		(1	)		(55	)		(81	)		(35	)		(14,166	)		(10,412	)


	(13	)		(37	)		(77	)		111			36			47			409			143			(1,040	)		839



	327,770			363,659			54,876			116,710			18,016			39,404			14,969			38,047			139,991			171,004
	704			1,729			783			724			527			441			3,338			2,849			—			—
	(151,115	)		(127,280	)		(105,362	)		(106,659	)		(60,119	)		(111,700	)		(94,336	)		(107,134	)		(298,042	)		(142,727	)


	177,359			238,108			(49,703	)		10,775			(41,576	)		(71,855	)		(76,029	)		(66,238	)		(158,051	)		28,277


	179,776			238,324			(57,276	)		6,206			(41,973	)		(72,755	)		(85,023	)		(73,976	)		(185,231	)		10,246


	—			—			—			—			—			—			—			—			—			—


	266,559			335,719			72,339			67,614			(16,193	)		(61,268	)		(52,840	)		(72,831	)		134,873			202,937
	587,959			252,240			549,110			481,496			150,775			212,043			395,612			468,443			1,186,046			983,109


$	854,518		$	587,959		$	621,449		$	549,110		$	134,582		$	150,775		$	342,772		$	395,612		$	1,320,919		$	1,186,046



$	6,281		$	2,268		$	(13	)	$	2,094		$	66		$	921		$	2,310		$	4,984		$	(15	)	$	(13	)

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 101


Statements of Changes in Net Assets	continued



	Mid Cap						Mid Cap						Quantitative
	Select Fund						Value Fund						Large Cap Core Fund

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09


OPERATIONS:
Investment income (loss) – net	$	(82	)	$	297		$	4,209		$	9,075		$	2,593		$	2,193
Net realized gain (loss) on:
Unaffiliated investments		6,634			(16,427	)		83,856			(84,621	)		18,592			(18,929	)
Affiliated investments		—			—			—			—			—			—
Futures contracts		—			994			—			—			88			1,549
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		1,905			18,365			34,723			147,981			2,535			27,924
Affiliated investments		—			—			—			—			—			—
Futures contracts		—			—			—			—			234			(358	)
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			—			—			—			—


Net increase in net assets resulting from operations		8,457			2,908			122,788			72,435			24,042			12,379


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(37	)		(4	)		(1,055	)		(600	)		(3	)		(1	)
Class B		—			—			(15	)		(2	)		—			—
Class C		—			—			(46	)		(7	)		—			—
Class R		—			—			(180	)		(90	)		—			—
Class Y		(127	)		(143	)		(6,065	)		(2,658	)		(2,274	)		(1,072	)
Return of Capital:
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		—			—			—			—			—			—


Total distributions		(164	)		(147	)		(7,361	)		(3,357	)		(2,277	)		(1,073	)


CAPITAL SHARE TRANSACTIONS (note 4):
Class A²:
Proceeds from sales		1,134			1,858			16,925			29,555			52			130
Reinvestment of distributions		33			3			1,027			583			2			1
Payments for redemptions		(3,730	)		(3,132	)		(89,871	)		(38,523	)		(76	)		(20	)


Increase (decrease) in net assets from Class A transactions		(2,563	)		(1,271	)		(71,919	)		(8,385	)		(22	)		111


Class B³:
Proceeds from sales		—			8			1			47			—			—
Reinvestment of distributions		—			—			14			2			—			—
Payments for redemptions (note 3)		(697	)		(917	)		(1,328	)		(1,032	)		—			—


Decrease in net assets from Class B transactions		(697	)		(909	)		(1,313	)		(983	)		—			—


Class C²:
Proceeds from sales		192			190			685			676			10			—
Reinvestment of distributions		—			—			41			7			—			—
Payments for redemptions (note 3)		(866	)		(894	)		(3,517	)		(3,112	)		—			(6	)


Increase (decrease) in net assets from Class C transactions		(674	)		(704	)		(2,791	)		(2,429	)		10			(6	)


Class R^2,4:
Proceeds from sales		—			—			10,515			14,902			—			—
Reinvestment of distributions		—			—			180			90			—			—
Payments for redemptions		—			—			(20,572	)		(16,399	)		—			(3	)


Increase (decrease) in net assets from Class R transactions		—			—			(9,877	)		(1,407	)		—			(3	)


Class Y:
Proceeds from sales		2,283			10,760			50,896			66,387			76,625			94,121
Reinvestment of distributions		33			33			4,150			1,760			899			546
Payments for redemptions		(11,304	)		(25,773	)		(115,441	)		(92,117	)		(42,121	)		(49,049	)


Increase (decrease) in net assets from Class Y transactions		(8,988	)		(14,980	)		(60,395	)		(23,970	)		35,403			45,618


Increase (decrease) in net assets from capital share transactions		(12,922	)		(17,864	)		(146,295	)		(37,174	)		35,391			45,720


Increase in net assets from regulatory settlement proceeds (note 8)		—			—			—			—			—			—


Total increase (decrease) in net assets		(4,629	)		(15,103	)		(30,868	)		31,904			57,156			57,026
Net assets at beginning of period		43,734			58,837			612,375			580,471			146,427			89,401


Net assets at end of period	$	39,105		$	43,734		$	581,507		$	612,375		$	203,583		$	146,427


Undistributed (distributions in excess of) net investment income at end of period	$	(11	)	$	155		$	3,971		$	7,349		$	1,951		$	1,659


	¹	Commencement of operations.

	²	Class A, Class C, and Class R are not offered by the Tactical Market Opportunities Fund.

	³	No new investments allowed in Class B shares, except for permitted exchanges and reinvestment of dividends. Certain funds do not offer Class B shares. See Note 1 in Notes to Financial Statements.

	⁴	Class R is not offered by Mid Cap Select Fund and Quantitative Large Cap Core Fund.

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

102 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT



																								Tactical Market
Real Estate						Small Cap Growth						Small Cap						Small Cap						Opportunities
Securities Fund						Opportunities Fund						Select Fund						Value Fund						Fund

Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/30/09¹ to
10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09			10/31/10


$	35,643		$	28,866		$	(1,495	)	$	(810	)	$	(2,819	)	$	105		$	173		$	1,109		$	49

	252,012			(162,772	)		32,333			(5,607	)		92,494			(93,728	)		13,113			(37,715	)		86
	—			(1,573	)		—			—			—			(1,433	)		—			—			—
	—			—			—			—			—			—			—			—			(22	)
	—			—			—			—			—			—			—			—			—

	—			(8	)		—			—			—			—			—			—			—

	278,746			203,043			11,747			27,775			59,357			176,157			31,588			39,307			117
	(464	)		(4,227	)		—			—			1,415			1,710			—			—			—
	—			—			—			—			—			—			—			—			(34	)

	1			—			—			—			—			—			—			—			—


	565,938			63,329			42,585			21,358			150,447			82,811			44,874			2,701			196




	(11,390	)		(5,684	)		—			—			—			—			(84	)		(281	)		—
	(53	)		(61	)		—			—			—			—			—			(3	)		—
	(629	)		(291	)		—			—			—			—			—			(7	)		—
	(1,183	)		(899	)		—			—			—			—			(1	)		(18	)		—
	(29,400	)		(16,569	)		—			—			(184	)		—			(751	)		(1,989	)		—

	—			(2,077	)		—			—			—			—			—			—			—
	—			(33	)		—			—			—			—			—			—			—
	—			(141	)		—			—			—			—			—			—			—
	—			(356	)		—			—			—			—			—			—			—
	—			(6,186	)		—			—			—			—			—			—			—


	(42,655	)		(32,297	)		—			—			(184	)		—			(836	)		(2,298	)		—




	400,605			197,810			6,417			3,534			141,839			148,270			1,626			5,254			—
	10,433			7,096			—			—			—			—			81			270			—
	(161,112	)		(71,600	)		(6,354	)		(7,288	)		(164,001	)		(55,873	)		(5,270	)		(5,111	)		—


	249,926			133,306			63			(3,754	)		(22,162	)		92,397			(3,563	)		413			—



	63			51			37			47			5			46			—			16			—
	44			81			—			—			—			—			—			3			—
	(787	)		(558	)		(523	)		(320	)		(2,625	)		(1,443	)		—			(2,690	)		—


	(680	)		(426	)		(486	)		(273	)		(2,620	)		(1,397	)		—			(2,671	)		—



	29,944			8,357			405			271			932			1,427			242			201			—
	426			338			—			—			—			—			—			6			—
	(5,451	)		(2,664	)		(520	)		(239	)		(3,931	)		(3,469	)		(894	)		(499	)		—


	24,919			6,031			(115	)		32			(2,999	)		(2,042	)		(652	)		(292	)		—



	46,563			25,869			1,127			1,204			9,184			7,603			1,416			1,693			—
	1,183			1,255			—			—			—			—			1			18			—
	(65,341	)		(6,732	)		(865	)		(314	)		(21,453	)		(9,240	)		(2,197	)		(1,683	)		—


	(17,595	)		20,392			262			890			(12,269	)		(1,637	)		(780	)		28			—



	946,590			382,082			34,078			26,506			80,890			68,946			20,325			17,091			27,104
	20,949			14,186			—			—			133			—			635			1,747			—
	(341,090	)		(269,156	)		(28,262	)		(14,191	)		(77,159	)		(76,685	)		(25,790	)		(27,723	)		—


	626,449			127,112			5,816			12,315			3,864			(7,739	)		(4,830	)		(8,885	)		27,104


	883,019			286,415			5,540			9,210			(36,186	)		79,582			(9,825	)		(11,407	)		27,104


	—			—			—			—			—			—			—			—			—


	1,406,302			317,447			48,125			30,568			114,077			162,393			34,213			(11,004	)		27,300
	1,014,542			697,095			138,460			107,892			665,156			502,763			182,948			193,952			—


$	2,420,844		$	1,014,542		$	186,585		$	138,460		$	779,233		$	665,156		$	217,161		$	182,948		$	27,300



$	(12	)	$	(10	)	$	(9	)	$	(8	)	$	(13	)	$	170		$	(11	)	$	(7	)	$	52

FIRST AMERICAN FUNDS 2010 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		Investments			Operations			Income			Realized Gains			Distributions			Period

Equity Income Fund¹
Class A
2010²	$	10.76	$	0.34	$	1.63		$	1.97		$	(0.31	)	$	—		$	(0.31	)	$	12.42
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
Class B
2010²	$	10.61	$	0.24	$	1.61		$	1.85		$	(0.21	)	$	—		$	(0.21	)	$	12.25
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
Class C
2010²	$	10.63	$	0.26	$	1.60		$	1.86		$	(0.23	)	$	—		$	(0.23	)	$	12.26
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
Class R
2010²	$	10.76	$	0.30	$	1.64		$	1.94		$	(0.29	)	$	—		$	(0.29	)	$	12.41
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
Class Y
2010²	$	10.85	$	0.37	$	1.65		$	2.02		$	(0.34	)	$	—		$	(0.34	)	$	12.53
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


	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	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.

104 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT



											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income
			Net Assets		Expenses			Income			Net Assets			to Average			Portfolio
Total			End of		to Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	18.46	%	$	125,226		1.17	%		2.89	%		1.19	%		2.87	%		29	%
	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

	17.59	%	$	5,039		1.92	%		2.07	%		1.94	%		2.05	%		29	%
	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

	17.60	%	$	11,107		1.92	%		2.22	%		1.94	%		2.20	%		29	%
	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

	18.16	%	$	1,204		1.39	%		2.50	%		1.41	%		2.48	%		29	%
	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

	18.78	%	$	684,540		0.92	%		3.12	%		0.94	%		3.10	%		29	%
	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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 105

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
2010²	$	7.80	$	0.16		$	1.58		$	1.74		$	(0.12	)	$	9.42
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
2010²	$	7.75	$	0.09		$	1.57		$	1.66		$	(0.09	)	$	9.32
2009⁴		6.48		0.11			1.24			1.35			(0.08	)		7.75
Class R
2010²	$	7.78	$	0.13		$	1.59		$	1.72		$	(0.10	)	$	9.40
2009⁴		6.48		0.14			1.24			1.38			(0.08	)		7.78
Class Y
2010²	$	7.82	$	0.18		$	1.59		$	1.77		$	(0.13	)	$	9.46
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	Commenced operations on November 3, 2008. All ratios for the period ended October 31, 2009 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.

106 FIRST AMERICAN FUNDS 2010 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
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	22.56	%	$	57,594		1.25	%		1.93	%		1.88	%		1.30	%		314	%
	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

	21.62	%	$	8,103		2.00	%		1.14	%		2.63	%		0.51	%		314	%
	21.00			3,034		2.00			1.59			3.22			0.37			299

	22.27	%	$	8		1.50	%		1.54	%		2.13	%		0.91	%		314	%
	21.48			6		1.50			2.15			2.72			0.93			299

	22.92	%	$	87,980		1.00	%		2.13	%		1.63	%		1.50	%		314	%
	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 2010 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			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
2010²	$	10.78	$	0.07		$	0.81		$	0.88		$	(0.04	)	$	—		$	(0.04	)	$	11.62
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
Class B
2010²	$	9.84	$	(0.02	)	$	0.75		$	0.73		$	—		$	—		$	—		$	10.57
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
Class C
2010²	$	10.26	$	(0.02	)	$	0.79		$	0.77		$	—		$	—		$	—		$	11.03
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
Class R
2010²	$	10.78	$	0.04		$	0.82		$	0.86		$	(0.03	)	$	—		$	(0.03	)	$	11.61
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
Class Y
2010²	$	10.92	$	0.10		$	0.83		$	0.93		$	(0.07	)	$	—		$	(0.07	)	$	11.78
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


	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	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

	⁴	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.

108 FIRST AMERICAN FUNDS 2010 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
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	8	.21%	$	26,698		1.48	%		0.62	%		1.59	%		0.51	%		56	%
	25	.29⁴		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

	7	.42%	$	1,497		2.23	%		(0.15	)%		2.34	%		(0.26	)%		56	%
	24	.24⁴		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

	7	.50%	$	2,607		2.23	%		(0.14	)%		2.34	%		(0.25	)%		56	%
	24	.36⁴		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

	7	.94%	$	6		1.73	%		0.38	%		1.84	%		0.27	%		56	%
	25	.39⁴		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

	8	.52%	$	652,664		1.23	%		0.87	%		1.34	%		0.76	%		56	%
	25	.68⁴		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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 109

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
2010²	$	8.48	$	0.06	$	1.02		$	1.08		$	(0.02	)	$	—		$	(0.02	)	$	9.54
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
2010²	$	8.42	$	0.01	$	1.00		$	1.01		$	—		$	—		$	—		$	9.43
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
2010²	$	8.42	$	0.05	$	1.01		$	1.06		$	—		$	—		$	—		$	9.48
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
2010²	$	8.49	$	0.09	$	1.02		$	1.11		$	(0.03	)	$	—		$	(0.03	)	$	9.57
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 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.

110 FIRST AMERICAN FUNDS 2010 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



	12.72	%	$	5,530		1.49	%		0.69	%		1.62	%		0.56	%		47	%
	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

	12.00	%	$	816		2.24	%		0.08	%		2.37	%		(0.05	)%		47	%
	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

	12.59	%	$	7		1.74	%		0.53	%		1.87	%		0.40	%		47	%
	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

	13.14	%	$	848,165		1.24	%		0.98	%		1.37	%		0.85	%		47	%
	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 2010 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						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 Growth Opportunities Fund¹
Class A
2010²	$	24.23	$	(0.09	)	$	6.15		$	6.06		$	(0.05	)	$	—		$	(0.05	)	$	30.24
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
Class B
2010²	$	22.31	$	(0.26	)	$	5.63		$	5.37		$	—		$	—		$	—		$	27.68
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
Class C
2010²	$	22.81	$	(0.27	)	$	5.76		$	5.49		$	—		$	—		$	—		$	28.30
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
Class R
2010²	$	23.92	$	(0.16	)	$	6.07		$	5.91		$	—		$	—		$	—		$	29.83
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
Class Y
2010²	$	25.09	$	(0.03	)	$	6.38		$	6.35		$	(0.11	)	$	—		$	(0.11	)	$	31.33
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


	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	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 2010 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
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	25.03	%	$	66,409		1.20	%		(0.35	)%		1.21	%		(0.36	)%		106	%
	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

	24.07	%	$	3,473		1.95	%		(1.06	)%		1.96	%		(1.07	)%		106	%
	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

	24.07	%	$	4,220		1.95	%		(1.08	)%		1.96	%		(1.09	)%		106	%
	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

	24.71	%	$	742		1.45	%		(0.59	)%		1.46	%		(0.60	)%		106	%
	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

	25.34	%	$	546,605		0.95	%		(0.10	)%		0.96	%		(0.11	)%		106	%
	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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 113

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
2010²	$	9.80	$	(0.01	)	$	1.92		$	1.91		$	(0.06	)	$	—		$	(0.06	)	$	11.65
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
Class C
2010²	$	9.46	$	(0.08	)	$	1.84		$	1.76		$	—		$	—		$	—		$	11.22
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
Class R
2010²	$	9.74	$	(0.03	)	$	1.89		$	1.86		$	(0.06	)	$	—		$	(0.06	)	$	11.54
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
Class Y
2010²	$	9.85	$	0.02		$	1.92		$	1.94		$	(0.08	)	$	—		$	(0.08	)	$	11.71
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


	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	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.

114 FIRST AMERICAN FUNDS 2010 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
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	19.49	%	$	3,487		1.32	%		(0.06	)%		1.32	%		(0.06	)%		140	%
	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

	18.60	%	$	175		2.07	%		(0.79	)%		2.07	%		(0.79	)%		140	%
	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

	19.11	%	$	117		1.58	%		(0.32	)%		1.58	%		(0.32	)%		140	%
	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

	19.75	%	$	130,803		1.07	%		0.21	%		1.07	%		0.21	%		140	%
	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

FIRST AMERICAN FUNDS 2010 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

Large Cap Value Fund¹
Class A
2010²	$	13.14	$	0.09		$	1.27		$	1.36		$	(0.18	)	$	—		$	(0.18	)	$	14.32
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
Class B
2010²	$	12.61	$	(0.01	)	$	1.21		$	1.20		$	(0.06	)	$	—		$	(0.06	)	$	13.75
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
Class C
2010²	$	12.81	$	(0.01	)	$	1.22		$	1.21		$	(0.05	)	$	—		$	(0.05	)	$	13.97
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
Class R
2010²	$	13.09	$	0.05		$	1.26		$	1.31		$	(0.16	)	$	—		$	(0.16	)	$	14.24
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
Class Y
2010²	$	13.23	$	0.12		$	1.27		$	1.39		$	(0.21	)	$	—		$	(0.21	)	$	14.41
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


	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	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 2010 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
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	10.36	%	$	52,567		1.23	%		0.63	%		1.23	%		0.63	%		135	%
	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

	9.54	%	$	1,338		1.98	%		(0.10	)%		1.98	%		(0.10	)%		135	%
	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

	9.45	%	$	1,337		1.98	%		(0.10	)%		1.98	%		(0.10	)%		135	%
	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

	10.04	%	$	794		1.49	%		0.35	%		1.49	%		0.35	%		135	%
	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

	10.54	%	$	286,736		0.98	%		0.89	%		0.98	%		0.89	%		135	%
	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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 117

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
2010²	$	28.83	$	(0.18	)	$	8.61		$	8.43		$	—		$	37.26
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
Class B
2010²	$	25.43	$	(0.37	)	$	7.56		$	7.19		$	—		$	32.62
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
Class C
2010²	$	26.67	$	(0.39	)	$	7.93		$	7.54		$	—		$	34.21
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
Class R
2010²	$	28.37	$	(0.26	)	$	8.47		$	8.21		$	—		$	36.58
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
Class Y
2010²	$	30.94	$	(0.11	)	$	9.26		$	9.15		$	—		$	40.09
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


	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	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 2010 ANNUAL REPORT

						��

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Loss
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Loss			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	29.24	%	$	275,040		1.23	%		(0.57	)%		1.23	%		(0.57	)%		114	%
	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

	28.27	%	$	5,490		1.98	%		(1.31	)%		1.98	%		(1.31	)%		114	%
	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

	28.27	%	$	13,564		1.98	%		(1.32	)%		1.98	%		(1.32	)%		114	%
	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

	28.94	%	$	33,772		1.48	%		(0.82	)%		1.48	%		(0.82	)%		114	%
	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

	29.57	%	$	993,053		0.98	%		(0.31	)%		0.98	%		(0.31	)%		114	%
	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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 119

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
2010³	$	7.65	$	(0.02	)	$	1.70		$	1.68		$	(0.02	)	$	9.31
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
Class B
2010³	$	6.52	$	(0.07	)	$	1.45		$	1.38		$	—		$	7.90
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
Class C
2010³	$	7.12	$	(0.08	)	$	1.57		$	1.49		$	—		$	8.61
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
Class Y
2010³	$	7.98	$	—		$	1.77		$	1.77		$	(0.04	)	$	9.71
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


	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. Effective October 3, 2005, the fund’s name and strategy changed.

	³	For the period November 1 to October 31 in the year indicated.

	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.

120 FIRST AMERICAN FUNDS 2010 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
Return⁴			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	22.03	%	$	12,402		1.41	%		(0.27	)%		1.98	%		(0.84	)%		154	%
	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

	21.17	%	$	1,295		2.16	%		(1.02	)%		2.73	%		(1.59	)%		154	%
	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

	20.93	%	$	2,332		2.16	%		(1.03	)%		2.73	%		(1.60	)%		154	%
	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

	22.26	%	$	23,076		1.16	%		(0.03	)%		1.73	%		(0.60	)%		154	%
	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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 121

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
2010²	$	18.28	$	0.12		$	4.00		$	4.12		$	(0.20	)	$	—		$	(0.20	)	$	22.20
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
Class B
2010²	$	17.21	$	(0.04	)	$	3.78		$	3.74		$	(0.08	)	$	—		$	(0.08	)	$	20.87
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
Class C
2010²	$	17.61	$	(0.04	)	$	3.86		$	3.82		$	(0.07	)	$	—		$	(0.07	)	$	21.36
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
Class R
2010²	$	18.15	$	0.06		$	3.99		$	4.05		$	(0.15	)	$	—		$	(0.15	)	$	22.05
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
Class Y
2010²	$	18.42	$	0.16		$	4.05		$	4.21		$	(0.26	)	$	—		$	(0.26	)	$	22.37
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


	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	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.

122 FIRST AMERICAN FUNDS 2010 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
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	22.65	%	$	76,667		1.25	%		0.58	%		1.25	%		0.58	%		123	%
	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

	21.77	%	$	2,815		2.00	%		(0.20	)%		2.00	%		(0.20	)%		123	%
	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

	21.74	%	$	11,564		2.00	%		(0.21	)%		2.00	%		(0.21	)%		123	%
	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

	22.40	%	$	20,195		1.50	%		0.30	%		1.50	%		0.30	%		123	%
	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

	22.98	%	$	470,266		1.00	%		0.78	%		1.00	%		0.78	%		123	%
	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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 123

FINANCIAL HIGHLIGHTS For a share outstanding throughout the indicated periods.



	Net Asset										Distributions									Net Asset
	Value		Net		Realized and			Total from			from Net			Distributions						Value
	Beginning		Investment		Unrealized			Investment			Investment			from Net Realized			Total			End of
	of Period		Income		Gains (Losses) on Investments			Operations			Income			Gains			Distributions			Period

Quantitative Large Cap Core Fund¹
Class A
2010²	$	18.01	$	0.25	$	2.48		$	2.73		$	(0.24	)	$	—		$	(0.24	)	$	20.50
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
2010²	$	17.91	$	0.08	$	2.51		$	2.59		$	—		$	—		$	—		$	20.50
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
2010²	$	18.04	$	0.29	$	2.51		$	2.80		$	(0.27	)	$	—		$	(0.27	)	$	20.57
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


	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.

124 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT



											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income (Loss)
			Net Assets		Expenses to			Income			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



	15.24	%	$	253		0.70	%		1.28	%		0.93	%		1.05	%		142	%
	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

	14.46	%	$	14		1.45	%		0.43	%		1.68	%		0.20	%		142	%
	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

	15.61	%	$	203,316		0.45	%		1.50	%		0.68	%		1.27	%		142	%
	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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 125

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			Total			End of
	of Period		Income		Investments			Operations			Income			Realized Gains			Return of Capital			Distributions			Period

Real Estate Securities Fund¹
Class A
2010²	$	12.44	$	0.32	$	5.20		$	5.52		$	(0.38	)	$	—		$	—		$	(0.38	)	$	17.58
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
Class B
2010²	$	12.17	$	0.21	$	5.07		$	5.28		$	(0.27	)	$	—		$	—		$	(0.27	)	$	17.18
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
Class C
2010²	$	12.21	$	0.19	$	5.12		$	5.31		$	(0.29	)	$	—		$	—		$	(0.29	)	$	17.23
2009²		12.44		0.34		(0.17	)		0.17			(0.26	)		—			(0.14	)		(0.40	)		12.21
2008²		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
Class R
2010²	$	12.57	$	0.31	$	5.24		$	5.55		$	(0.33	)	$	—		$	—		$	(0.33	)	$	17.79
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
Class Y
2010²	$	12.57	$	0.36	$	5.26		$	5.62		$	(0.42	)	$	—		$	—		$	(0.42	)	$	17.77
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


	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	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.

126 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					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
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	44.82	%	$	686,148		1.24	%		2.04	%		1.24	%		2.04	%		133	%
	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

	43.66	%	$	3,005		1.99	%		1.42	%		1.99	%	��	1.42	%		133	%
	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

	43.76	%	$	52,732		1.99	%		1.26	%		1.99	%		1.26	%		133	%
	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

	44.54	%	$	47,970		1.48	%		1.99	%		1.48	%		1.99	%		133	%
	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

	45.16	%	$	1,630,989		0.99	%		2.29	%		0.99	%		2.29	%		133	%
	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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 127

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
2010²	$	14.55	$	(0.18	)	$	4.67		$	4.49		$	—		$	19.04
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
Class B
2010²	$	12.82	$	(0.27	)	$	4.11		$	3.84		$	—		$	16.66
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
Class C
2010²	$	13.44	$	(0.28	)	$	4.30		$	4.02		$	—		$	17.46
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
Class R
2010²	$	14.36	$	(0.22	)	$	4.60		$	4.38		$	—		$	18.74
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
Class Y
2010²	$	15.63	$	(0.15	)	$	5.03		$	4.88		$	—		$	20.51
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


	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	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

	⁴	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.

	⁵	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.

128 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Loss
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Loss			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	30.86	%	$	39,501		1.47	%		(1.05	)%		1.68	%		(1.26	)%		142	%
	21.66			30,202		1.47			(0.89	)		1.79			(1.21	)		169
	(40.07	)⁴		29,022		1.46			(0.82	)		1.63			(0.99	)		138
	12.81⁵			149,231		1.47			(0.89	)		1.59			(1.01	)		118
	9.91			138,786		1.47			(0.88	)		1.58			(0.99	)		209

	29.95	%	$	2,088		2.22	%		(1.79	)%		2.43	%		(2.00	)%		142	%
	20.72			2,025		2.22			(1.64	)		2.54			(1.96	)		169
	(40.55	)⁴		1,978		2.21			(1.57	)		2.38			(1.74	)		138
	12.03⁵			4,467		2.22			(1.65	)		2.34			(1.77	)		118
	9.03			6,540		2.22			(1.62	)		2.33			(1.73	)		209

	29.91	%	$	1,596		2.22	%		(1.80	)%		2.43	%		(2.01	)%		142	%
	20.75			1,341		2.22			(1.66	)		2.54			(1.98	)		169
	(40.53	)⁴		1,104		2.21			(1.56	)		2.38			(1.73	)		138
	11.96⁵			2,295		2.22			(1.64	)		2.34			(1.76	)		118
	9.11			2,664		2.22			(1.63	)		2.33			(1.74	)		209

	30.50	%	$	2,185		1.72	%		(1.31	)%		1.93	%		(1.52	)%		142	%
	21.39			1,469		1.72			(1.24	)		2.04			(1.56	)		169
	(40.24	)⁴		433		1.72			(1.04	)		1.89			(1.21	)		138
	12.56⁵			522		1.72			(1.17	)		1.84			(1.29	)		118
	9.62			1,323		1.72			(1.16	)		1.95			(1.39	)		209

	31.22	%	$	141,215		1.22	%		(0.80	)%		1.43	%		(1.01	)%		142	%
	22.01			103,423		1.22			(0.67	)		1.54			(0.99	)		169
	(39.97	)⁴		75,355		1.22			(0.56	)		1.39			(0.73	)		138
	13.10⁵			154,456		1.22			(0.64	)		1.34			(0.76	)		118
	10.16			182,429		1.22			(0.63	)		1.33			(0.74	)		209

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 129

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
2010²	$	9.53		$	(0.05	)	$	2.24		$	2.19		$	—		$	—		$	—		$	11.72
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
Class B
2010²	$	7.60		$	(0.10	)	$	1.77		$	1.67		$	—		$	—		$	—		$	9.27
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
Class C
2010²	$	8.73		$	(0.12	)	$	2.04		$	1.92		$	—		$	—		$	—		$	10.65
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
Class R
2010²	$	9.34		$	(0.08	)	$	2.20		$	2.12		$	—		$	—		$	—		$	11.46
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
Class Y
2010²	$	10.33		$	(0.03	)	$	2.44		$	2.41		$	(0.01	)	$	—		$	(0.01	)	$	12.73
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


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	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.

130 FIRST AMERICAN FUNDS 2010 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
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	22.98	%	$	339,826		1.24	%		(0.48	)%		1.25	%		(0.49	)%		88	%
	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

	21.97	%	$	3,925		1.99	%		(1.22	)%		2.00	%		(1.23	)%		88	%
	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

	21.99	%	$	17,393		1.99	%		(1.23	)%		2.00	%		(1.24	)%		88	%
	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

	22.70	%	$	18,047		1.49	%		(0.71	)%		1.50	%		(0.72	)%		88	%
	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

	23.30	%	$	400,042		0.99	%		(0.23	)%		1.00	%		(0.24	)%		88	%
	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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 131

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
2010²	$	8.22	$	(0.01	)	$	2.07		$	2.06		$	(0.02	)	$	—		$	(0.02	)	$	10.26
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
Class C
2010²	$	7.31	$	(0.07	)	$	1.84		$	1.77		$	—		$	—		$	—		$	9.08
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
Class R
2010²	$	8.10	$	(0.03	)	$	2.04		$	2.01		$	—		$	—		$	—		$	10.11
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
Class Y
2010²	$	8.45	$	0.01		$	2.13		$	2.14		$	(0.04	)	$	—		$	(0.04	)	$	10.55
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


	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	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.

132 FIRST AMERICAN FUNDS 2010 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
Return³			Period (000)		Net Assets			Net Assets				Waivers)			Waivers)			Rate



	25.15	%	$	32,332		1.34	%		(0.11	)%			1.34	%		(0.11	)%		58	%
	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

	24.21	%	$	1,843		2.09	%		(0.86	)%			2.09	%		(0.86	)%		58	%
	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

	24.85	%	$	2,111		1.59	%		(0.35	)%	��		1.59	%		(0.35	)%		58	%
	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

	25.43	%	$	180,875		1.09	%		0.14	%			1.09	%		0.14	%		58	%
	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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 133

FINANCIAL HIGHLIGHTS For a share outstanding throughout the indicated periods.

Net Asset

Realized and

Net Asset

Value

Net

Unrealized

Total from

Value

Beginning

Investment

Gains on

Investment

End of

of Period

Income

Investments

Operations

Period

Tactical Market Opportunities Fund

Class Y

2010¹

10.00

0.02

0.60

0.62

10.62


	¹	Commenced operations on December 30, 2009. All ratios for the period ended October 31, 2010 have been annualized, except total return and portfolio turnover.

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

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

134 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Ratio of Net

Ratio of

Investment

Ratio of Net

Expenses

Loss

Ratio of

Investment

to Average

Net Assets

Expenses to

Income

Net Assets

Portfolio

Total

End of

Average

to Average

(Excluding

Turnover

Return²

Period (000)

Net Assets

Waivers)

Rate

6.20

27,300

0.92

1.39

4.14

(1.83

156

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 135


Notes to Financial Statements	October 31, 2010, 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, Quantitative Large Cap Core Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Tactical Market Opportunities 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, 2010, FAIF offered 37 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 A and Class C shares are not offered by Tactical Market Opportunities Fund. Class R shares are not offered by Mid Cap Select Fund, Quantitative Large Cap Core Fund, and Tactical Market Opportunities 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, Quantitative Large Cap Core Fund, and Tactical Market Opportunities 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.

136 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

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 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, 2010, 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 $1,507, $0, $33, $0, and $0, respectively, or 0.2%, 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.

As of October 31, 2010, each fund’s investments were classified as follows:


							Total
Fund	Level 1		Level 2		Level 3		Fair Value

Equity Income Fund
Common Stocks	$	811,088	$	—	$	—	$	811,088
Short-Term Investment		16,709		—		—		16,709
Investment Purchased with Proceeds from Securities Lending		224,304		—		—		224,304


Total Investments	$	1,052,101	$	—	$	—	$	1,052,101

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 137


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)


							Total
Fund	Level 1		Level 2		Level 3		Fair Value

Global Infrastructure Fund¹
Common Stocks	$	51,159	$	100,748	$	—	$	151,907
Short-Term Investments		901		—		—		901


Total Investments	$	52,060	$	100,748	$	—	$	152,808


¹ Investments classified by industry sector are as follows:
Consumer Discretionary	$	—	$	4,496	$	—
Energy		13,813		1,771		—
Financials		2,211		—		—
Healthcare		—		482		—
Industrials		8,368		59,043		—
Telecommunication Services		6,563		1,061		—
Transportation		485		101		—
Utilities		19,719		33,794		—
Short Term Investments		901		—		—

	$	52,060	$	100,748	$	—

International Fund²
Common Stocks	$	136,536	$	491,594	$	—	$	628,130
Exchange-Traded Funds		4,020		—		—		4,020
Short-Term Investments		29,756		22,148		—		51,904


Total Investments	$	170,312	$	513,742	$	—	$	684,054


² Investments classified by industry sector are as follows:
Consumer Discretionary	$	2,812	$	55,494	$	—
Consumer Staples		10,181		60,284		—
Energy		37,874		27,659		—
Financials		22,857		92,555		—
Healthcare		8,919		38,150		—
Industrials		7,573		78,862		—
Information Technology		6,390		60,905		—
Materials		14,099		43,890		—
Telecommunication Services		15,970		6,302		—
Transportation		172		31		—
Utilities		9,689		27,462		—
Exchange-Traded Funds		4,020		—		—
Short Term Investments		29,756		22,148		—

	$	170,312	$	513,742	$	—

International Select Fund³
Common Stocks	$	225,462	$	551,889	$	1,507	$	778,858
Exchange-Traded Funds		19,629		—		—		19,629
Short-Term Investments		28,201		27,772		—		55,973


Total Investments	$	273,292	$	579,661	$	1,507	$	854,460


³ Investments classified by industry sector are as follows:
Consumer Discretionary	$	7,865	$	58,166	$	—
Consumer Staples		18,952		66,912		1,507
Energy		42,866		34,980		—
Financials		38,801		122,457		—
Healthcare		9,382		33,696		—
Industrials		8,219		78,663		—
Information Technology		21,920		74,819		—
Materials		34,333		51,751		—
Telecommunication Services		30,849		5,816		—
Transportation		132		21		—
Utilities		12,143		24,608		—
Short Term Investments		28,201		27,772		—
Exchange-Traded Funds		19,629		—		—

	$	273,292	$	579,661	$	1,507

138 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


							Total
Fund	Level 1		Level 2		Level 3		Fair Value

Large Cap Growth Opportunities Fund
Common Stocks	$	619,749	$	—	$	—	$	619,749
Short-Term Investment		751		—		—		751
Investment Purchased with Proceeds from Securities Lending		142,971		—		—		142,971


Total Investments	$	763,471	$	—	$	—	$	763,471


Large Cap Select Fund
Common Stocks	$	134,184	$	—	$	—	$	134,184
Short-Term Investment		421		—		—		421
Investment Purchased with Proceeds from Securities Lending		24,274		—		—		24,274


Total Investments	$	158,879	$	—	$	—	$	158,879


Large Cap Value Fund
Common Stocks	$	341,462	$	—	$	—	$	341,462
Short-Term Investment		110		—		—		110
Investment Purchased with Proceeds from Securities Lending		62,033		—		—		62,033


Total Investments	$	403,605	$	—	$	—	$	403,605


Mid Cap Growth Opportunities Fund
Common Stocks	$	1,314,648	$	—	$	—	$	1,314,648
Short-Term Investment		418		—		—		418
Investment Purchased with Proceeds from Securities Lending		437,314		—		—		437,314


Total Investments	$	1,752,380	$	—	$	—	$	1,752,380


Mid Cap Select Fund
Common Stocks	$	38,900	$	—	$	—	$	38,900
Warrants		—		—		—		—
Short-Term Investment		189		—		—		189
Investment Purchased with Proceeds from Securities Lending		16,985		—		—		16,985


Total Investments	$	56,074	$	—	$	—	$	56,074


Mid Cap Value Fund
Common Stocks	$	578,031	$	—	$	—	$	578,031
Short-Term Investment		8,394		—		—		8,394
Investment Purchased with Proceeds from Securities Lending		137,426		—		—		137,426


Total Investments	$	723,851	$	—	$	—	$	723,851


Quantitative Large Cap Core Fund
Common Stocks	$	200,569	$	—	$	—	$	200,569
Short-Term Investments		873		2,300		—		3,173
Investment Purchased with Proceeds from Securities Lending		26,604		—		—		26,604


Total Investments	$	228,046	$	2,300	$	—	$	230,346


Real Estate Securities Fund
Common Stocks	$	2,394,738	$	—	$	—	$	2,394,738
Private Real Estate Company		—		—		33		33
Short-Term Investment		56,919		—		—		56,919
Investment Purchased with Proceeds from Securities Lending		664,673		—		—		664,673


Total Investments	$	3,116,330	$	—	$	33	$	3,116,363


Small Cap Growth Opportunities Fund
Common Stocks	$	180,268	$	—	$	—	$	180,268
Warrants		—		—		—		—
Short-Term Investment		7,626		—		—		7,626
Investment Purchased with Proceeds from Securities Lending		60,995		—		—		60,995


Total Investments	$	248,889	$	—	$	—	$	248,889


Small Cap Select Fund
Common Stocks	$	761,193	$	—	$	—	$	761,193
Warrants		—		—		—		—
Short-Term Investment		19,522		—		—		19,522
Investment Purchased with Proceeds from Securities Lending		300,888		—		—		300,888


Total Investments	$	1,081,603	$	—	$	—	$	1,081,603

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 139


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)


							Total
Fund	Level 1		Level 2		Level 3		Fair Value

Small Cap Value Fund
Common Stocks	$	211,169	$	—	$	—	$	211,169
Exchange-Traded Fund		1,482		—		—		1,482
Short-Term Investment		3,731		—		—		3,731
Investment Purchased with Proceeds from Securities Lending		55,582		—		—		55,582


Total Investments	$	271,964	$	—	$	—	$	271,964


Tactical Market Opportunities Fund
Exchange-Traded Funds	$	9,908	$	—	$	—	$	9,908
U.S. Government & Agency Securities		—		2,947		—	$	2,947
Short-Term Investments		13,092		1,399		—		14,491


Total Investments	$	23,000	$	4,346	$	—	$	27,346

Refer to each fund’s Schedule of Investments for further sector breakout.

As of October 31, 2010, each fund’s investments in other financial instruments* were classified as follows:


								Total Unrealized
Fund	Level 1			Level 2		Level 3		Depreciation

International Fund	$	(7,176	)	$	—	$	—	$	(7,176	)
International Select Fund		(9,720	)		—		—		(9,720	)
Tactical Market Opportunities Fund		(34	)		—		—		(34	)


	*	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, 2010:


	Global									Real Estate
	Infrastructure			International			International			Securities
	Fund			Fund			Select Fund			Fund

Balance as of October 31, 2009	$	332		$	211		$	110		$	111
Accrued discounts/premiums		—			—			—			—
Realized gain (loss)		—			—			108			—
Net change in unrealized appreciation or depreciation		—			—			730			(78	)
Net purchases (sales)		—			—			(132	)		—
Transfers in and/or (out) of Level 3		(332	)		(211	)		691			—


Balance as of October 31, 2010	$	—		$	—		$	1,507		$	33


Net change in unrealized appreciation or depreciation of Level 3 investments held as of October 31, 2010	$	—		$	—		$	730		$	(78	)

During the year ended October 31, 2010, the funds recognized no significant transfers to/from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using beginning of period values.

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 normally 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, Quantitative Large Cap Core Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Tactical Market Opportunities Fund normally 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,

140 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

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, 2010, 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.

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	$	112		$	(112	)	$	��
Global Infrastructure Fund		(720	)		123			597
International Fund		1,679			(1,679	)		—
International Select Fund		922			(922	)		—
Large Cap Growth Opportunities Fund		—			813			(813	)
Mid Cap Growth Opportunities Fund		(6	)		4,971			(4,965	)
Mid Cap Select Fund		95,675			80			(95,755	)
Mid Cap Value Fund		226			(226	)		—
Quantitative Large Cap Core Fund		24			(24	)		—
Real Estate Securities Fund		(8,406	)		7,010			1,396
Small Cap Growth Opportunities Fund		—			1,494			(1,494	)
Small Cap Select Fund		1			2,820			(2,821	)
Small Cap Value Fund		65			659			(724	)
Tactical Market Opportunities Fund		(3	)		3			—

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 period ended October 31, 2010, and the fiscal year ended October 31, 2009 were as follows:


	October 31, 2010

	Ordinary		Long Term
Fund	Income		Gains		Total

Equity Income Fund	$	20,892	$	—	$	20,892
Global Infrastructure Fund		1,125		—		1,125
International Fund		4,419		—		4,419
International Select Fund		2,446		—		2,446
Large Cap Growth Opportunities Fund		2,106		—		2,106
Large Cap Select Fund		1,140		—		1,140
Large Cap Value Fund		5,827		—		5,827
Mid Cap Select Fund		164		—		164
Mid Cap Value Fund		7,361		—		7,361
Quantitative Large Cap Core Fund		2,277		—		2,277
Real Estate Securities Fund		28,543		14,112		42,655
Small Cap Select Fund		184		—		184
Small Cap Value Fund		836		—		836

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 141


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)

The funds designated as long term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the fund related to net capital gain to zero for the tax year ended October 31, 2010.


	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
Quantitative Large Cap Core Fund		1,073		—		1,073
Real Estate Securities Fund		23,504		8,793		32,297
Small Cap Value Fund		2,298		—		2,298

As of October 31, 2010, components of accumulated earnings (deficit) on a tax-basis were as follows:


					Accumulated					Other			Total
	Undistributed		Undistributed		Capital and			Unrealized		Accumulated			Accumulated
	Ordinary		Long-Term		Post-October			Appreciation		Gains			Earnings
Fund	Income		Capital Gains		Losses			(Depreciation)		(Losses)			(Deficit)

Equity Income Fund	$	3,943	$	—	$	(8,298	)	$	188,953	$	—		$	184,598
Global Infrastructure Fund		9,793		428		—			12,338		(111	)		22,448
International Fund		4,305		—		(14,508	)		113,825		81			103,703
International Select Fund		6,304		—		(38,755	)		76,135		154			43,838
Large Cap Growth Opportunities Fund		—		—		(42,227	)		146,113		—			103,886
Large Cap Select Fund		77		—		(93,994	)		18,915		—			(75,002	)
Large Cap Value Fund		2,322		—		(109,849	)		22,874		—			(84,653	)
Mid Cap Growth Opportunities Fund		—		—		(91,799	)		285,486		(396	)		193,291
Mid Cap Select Fund		—		—		(27,848	)		5,049		—			(22,799	)
Mid Cap Value Fund		3,983		—		(107,533	)		78,206		—			(25,344	)
Quantitative Large Cap Core Fund		1,957		—		(7,778	)		8,562		—			2,741
Real Estate Securities Fund		—		11,063		—			306,899		(92	)		317,870
Small Cap Growth Opportunities Fund		—		—		(16,281	)		15,460		(25	)		(846	)
Small Cap Select Fund		—		—		(91,990	)		86,718		—			(5,272	)
Small Cap Value Fund		—		—		(50,956	)		24,282		—			(26,674	)
Tactical Market Opportunities Fund		101		—		—			112		(16	)		197

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.

142 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

As of October 31, 2010, 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	2011		2012		2013		2014		2015		2016		2017		2018		Total

Equity Income Fund	$	—	$	—	$	—	$	—	$	—	$	—	$	8,298	$	—	$	8,298
Global Infrastructure Fund		—		—		—		—		—		—		—		—		—
International Fund		—		—		—		—		—		—		14,508		—		14,508
International Select Fund		—		—		—		—		—		3,362		35,393		—		38,755
Large Cap Growth Opportunities Fund		—		—		—		—		—		—		42,227		—		42,227
Large Cap Select Fund		—		—		—		—		—		39,678		54,316		—		93,994
Large Cap Value Fund		—		—		—		—		—		28,962		80,887		—		109,849
Mid Cap Growth Opportunities Fund		—		—		—		—		—		—		91,799		—		91,799
Mid Cap Select Fund		4,320		—		—		—		—		7,820		15,708		—		27,848
Mid Cap Value Fund		—		—		—		—		—		21,812		85,721		—		107,533
Quantitative Large Cap Core Fund		—		—		—		—		—		—		7,778		—		7,778
Real Estate Securities Fund		—		—		—		—		—		—		—		—		—
Small Cap Growth Opportunities Fund		—		—		—		—		—		5,118		11,163		—		16,281
Small Cap Select Fund		—		—		—		—		—		—		91,990		—		91,990
Small Cap Value Fund		—		—		—		—		—		13,843		37,113		—		50,956
Tactical Market Opportunities Fund		—		—		—		—		—		—		—		—		—

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 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, 2010, International Fund, International Select Fund and Tactical Market Opportunities 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, 2010, 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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 143


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)

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, 2010, the funds held no investments in options purchased.

For the fiscal period ended October 31, 2010, the quarterly average gross notional amounts of the derivatives held by the funds were:


	Futures/		Futures/
Fund	Long		Short

International Fund	$	191,467	$	146,497
International Select Fund		204,982		128,431
Quantitative Large Cap Core Fund		10,135		—
Tactical Market Opportunities Fund		3,858		4,850

As of October 31, 2010, the funds’ fair values of derivative instruments (i.e. futures contracts) categorized by risk exposure were classified as follows:


						Tactical
	Statement of			International		Market
	Assets and Liabilities	International		Select		Opportunities
	Location	Fund		Fund		Fund

Asset Derivatives
Interest Rate Contracts	Receivables, Net Assets – Unrealized Appreciation*	$	—	$	—	$	1
Equity Contracts	Receivables, Net Assets – Unrealized Appreciation*		5,082		4,586		194


Balance as of October 31, 2010		$	5,082	$	4,586	$	195


Liability Derivatives
Interest Rate Contracts	Payables, Net Assets – Unrealized Depreciation*	$	—	$	—	$	4
Equity Contracts	Payables, Net Assets – Unrealized Depreciation*		8,453		10,632		225
Foreign Currency Contracts	Payables, Net Assets – Unrealized Depreciation*		3,805		3,674		—


Balance as of October 31, 2010		$	12,258	$	14,306	$	229


	*	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 period ended October 31, 2010:

Amount of realized gain (loss) on derivatives recognized in income:


International Fund	Futures

Equity Contracts	$	(4,994	)
Foreign Exchange Contracts		1,001


International Select Fund	Futures

Equity Contracts		(1,420	)
Foreign Exchange Contracts		1,225


Quantitative Large Cap Core Fund	Futures

Equity Contracts	$	88


Tactical Market Opportunities Fund¹	Futures

Equity Contracts	$	(22	)
Interest Rate Contracts		(4	)
Foreign Exchange Contracts		4

Net change in unrealized appreciation or depreciation on derivatives recognized in income:


International Fund	Futures

Equity Contracts	$	(1,257	)
Foreign Exchange Contracts		(3,842	)


International Select Fund	Futures

Equity Contracts	$	(3,660	)
Foreign Exchange Contracts		(3,696	)

144 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Quantitative Large Cap Core Fund	Futures

Equity Contracts	$	234


Tactical Market Opportunities Fund¹	Futures

Equity Contracts	$	(31	)
Interest Rate Contracts		(3	)


	¹	Commenced operations December 30, 2009. For the period December 30, 2009 to October 31, 2010.

FOREIGN CURRENCY TRANSLATION – The books and records of Global Infrastructure Fund, International Fund, International Select Fund, Real Estate Securities Fund, and Tactical Market Opportunities 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, 2010, Global Infrastructure Fund, International Fund, International Select Fund, and Tactical Market Opportunities 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 is 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, 2010, the funds held no investments in outstanding forward currency contracts.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to their delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. As of October 31, 2010, 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 period ended October 31, 2010, the funds held no investments in dollar roll transactions.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 145


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)

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, 2010, 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, $33, $0, and $0, respectively, or 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

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

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”). As the securities lending agent, U.S. Bank receives fees of up to 25% of each fund’s net income from securities lending transactions and pays half of such fees to FAF Advisors for certain securities lending services provided by FAF Advisors. With respect to Global Infrastructure Fund, International Fund, and International Select Fund, a portion of this amount is paid to State Street Bank and Trust (“State Street”) for acting as sub-lending agent. For each fund other than Global Infrastructure Fund, International Fund, and International Select Fund, collateral for securities on loan is invested in a money market fund administered by FAF Advisors, and FAF Advisors receives an administration fee equal to 0.02% of such fund’s average daily net assets. For Global Infrastructure Fund, International Fund, and International Select Fund, collateral for securities on loan is invested in a money market fund administered by State Street.

Securities lending fees paid to U.S. Bank by the funds during the fiscal year ended October 31, 2010, were as follows:


Fund	Amount

Equity Income Fund	$	36
Large Cap Growth Opportunities Fund		50
Large Cap Select Fund		10
Large Cap Value Fund		16
Mid Cap Growth Opportunities Fund		142
Mid Cap Select Fund		6
Mid Cap Value Fund		31
Quantitative Large Cap Core Fund		10
Real Estate Securities Fund		197
Small Cap Growth Opportunities Fund		52
Small Cap Select Fund		252
Small Cap Value Fund		23

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 – Cash 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, 2010, were as follows:


Fund	Amount

Equity Income Fund	$	236
Large Cap Growth Opportunities Fund		994
Large Cap Select Fund		67
Large Cap Value Fund		296
Mid Cap Growth Opportunities Fund		944
Mid Cap Select Fund		195
Mid Cap Value Fund		44
Quantitative Large Cap Core Fund		2
Small Cap Growth Opportunities Fund		1,183
Small Cap Select Fund		1,056
Small Cap Value Fund		115

EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating

146 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

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 period ended October 31, 2010.

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

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


3 >	Fees and Expenses


	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
Quantitative Large Cap Core Fund		0.30
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
Tactical Market Opportunities Fund		0.75


	*	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, 2011, 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 Fund		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
Quantitative Large Cap Core Fund		0.70			N/A			1.45			N/A			0.45
Small Cap Growth Opportunities Fund		1.47			2.22			2.22			1.72			1.22
Tactical Market Opportunities Fund		N/A			N/A			N/A			N/A			0.95

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 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.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 147


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)

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 International Select Fund pursuant to separate sub-advisory agreements with FAF Advisors. Each sub-advisor has discretion to select portfolio securities for its portion of the respective fund. FAF Advisors pays monthly fees to Altrinsic, HGI, and Lazard for the services provided under their respective sub-advisory agreements with FAF Advisors.

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

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

Under the custodian agreements, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.

For the fiscal year ended October 31, 2010, 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	$	2	$	—
Large Cap Select Fund		2		—
Large Cap Value Fund		1		—
Mid Cap Growth Opportunities Fund		2		—
Mid Cap Select Fund		2		—
Mid Cap Value 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, 2010:


Fund	Amount

Equity Income Fund	$	238
Global Infrastructure Fund		42
International Fund		34
International Select Fund		8
Large Cap Growth Opportunities Fund		101
Large Cap Select Fund		7
Large Cap Value Fund		82
Mid Cap Growth Opportunities Fund		214
Mid Cap Select Fund		18
Mid Cap Value Fund		57
Quantitative Large Cap Core Fund		1
Real Estate Securities Fund		252
Small Cap Growth Opportunities Fund		49
Small Cap Select Fund		100
Small Cap Value Fund		45

OTHER FEES AND EXPENSES – In addition to investment advisory fees, administration fees, transfer agent fees,

148 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

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 period ended October 31, 2010, legal fees and expenses of $80 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, 2010, 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	$	68
Global Infrastructure Fund		22
International Fund		11
International Select Fund		10
Large Cap Growth Opportunities Fund		17
Large Cap Select Fund		2
Large Cap Value Fund		8
Mid Cap Growth Opportunities Fund		41
Mid Cap Select Fund		4
Mid Cap Value Fund		13
Real Estate Securities Fund		23
Small Cap Growth Opportunities Fund		11
Small Cap Select Fund		28
Small Cap Value Fund		5

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 149


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)


4 >	Capital Share Transactions

FAIF has 382 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:



	Equity						Global
	Income Fund						Insfrastructure Fund						International Fund

	Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09

Class A:
Shares issued		2,350			922			4,927			2,504			211			357
Shares issued in lieu of cash distributions		226			291			44			10			9			26
Shares redeemed		(1,792	)		(1,903	)		(1,409	)		(587	)		(520	)		(704	)


Total Class A transactions		784			(690	)		3,562			1,927			(300	)		(321	)


Class B:¹
Shares issued		7			11			—			—			6			9
Shares issued in lieu of cash distributions		10			20			—			—			—			—
Shares redeemed		(287	)		(264	)		—			—			(65	)		(124	)


Total Class B transactions		(270	)		(233	)		—			—			(59	)		(115	)


Class C:¹
Shares issued		587			124			541			396			21			39
Shares issued in lieu of cash distributions		11			11			4			—			—			—
Shares redeemed		(155	)		(136	)		(68	)		(4	)		(104	)		(112	)


Total Class C transactions		443			(1	)		477			392			(83	)		(73	)


Class R:¹
Shares issued		93			5			—			1			1			—
Shares issued in lieu of cash distributions		1			1			—			—			—			—
Shares redeemed		(8	)		(48	)		—			—			—			—


Total Class R transactions		86			(42	)		—			1			1			—


Class Y:
Shares issued		12,184			13,237			6,355			6,078			2,499			6,013
Shares issued in lieu of cash distributions		343			467			31			22			251			593
Shares redeemed		(10,482	)		(17,527	)		(1,766	)		(4,098	)		(9,647	)		(18,994	)


Total Class Y transactions		2,045			(3,823	)		4,620			2,002			(6,897	)		(12,388	)


Net increase (decrease) in capital shares		3,088			(4,789	)		8,659			4,322			(7,338	)		(12,897	)


	¹	Class B shares are not offered by the Global Infrastructure Fund. The Global Infrastructure 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
	10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09

Class A:
Shares issued		352			210			313			342			45			99
Shares issued in lieu of cash distributions		1			4			4			3			1			1
Shares redeemed		(131	)		(148	)		(472	)		(478	)		(83	)		(173	)


Total Class A transactions		222			66			(155	)		(133	)		(37	)		(73	)


Class B:
Shares issued		—			—			—			2			—			—
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		—			(40	)		(88	)		(85	)		—			(39	)


Total Class B transactions		—			(40	)		(88	)		(83	)		—			(39	)


Class C:
Shares issued		62			3			6			25			—			3
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		(4	)		(9	)		(55	)		(41	)		(4	)		(4	)


Total Class C transactions		58			(6	)		(49	)		(16	)		(4	)		(1	)


Class R:
Shares issued		1			1			7			12			3			10
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		(2	)		(6	)		(10	)		(5	)		—			(5	)


Total Class R transactions		(1	)		(5	)		(3	)		7			3			5


Class Y:
Shares issued		36,745			50,353			1,980			5,401			1,646			4,793
Shares issued in lieu of cash distributions		78			276			28			36			49			56
Shares redeemed		(17,034	)		(19,878	)		(3,781	)		(4,929	)		(5,476	)		(13,346	)


Total Class Y transactions		19,789			30,751			(1,773	)		508			(3,781	)		(8,497	)


Net increase (decrease) in capital shares		20,068			30,766			(2,068	)		283			(3,819	)		(8,605	)

150 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT



	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
	10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09

Class A:
Shares issued		140			254			1,171			1,472			133			270
Shares issued in lieu of cash distributions		48			50			—			—			4			1
Shares redeemed		(731	)		(814	)		(1,828	)		(2,187	)		(437	)		(474	)


Total Class A transactions		(543	)		(510	)		(657	)		(715	)		(300	)		(203	)


Class B:
Shares issued		—			1			1			3			—			1
Shares issued in lieu of cash distributions		—			2			—			—			—			—
Shares redeemed		(83	)		(126	)		(99	)		(78	)		(95	)		(160	)


Total Class B transactions		(83	)		(123	)		(98	)		(75	)		(95	)		(159	)


Class C:
Shares issued		6			20			39			88			24			31
Shares issued in lieu of cash distributions		—			1			—			—			—			—
Shares redeemed		(68	)		(74	)		(126	)		(188	)		(108	)		(144	)


Total Class C transactions		(62	)		(53	)		(87	)		(100	)		(84	)		(113	)


Class R:²
Shares issued		36			15			417			464			—			—
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		(6	)		(2	)		(439	)		(421	)		—			—


Total Class R transactions		30			13			(22	)		43			—			—


Class Y:
Shares issued		1,074			3,340			3,994			6,379			256			1,621
Shares issued in lieu of cash distributions		237			246			—			—			4			5
Shares redeemed		(6,787	)		(9,176	)		(8,563	)		(5,692	)		(1,271	)		(3,765	)


Total Class Y transactions		(5,476	)		(5,590	)		(4,569	)		687			(1,011	)		(2,139	)


Net decrease in capital shares		(6,134	)		(6,263	)		(5,433	)		(160	)		(1,490	)		(2,614	)

² Class R shares are not offered by the Mid Cap Select Fund.



	Mid Cap						Quantitative						Real Estate
	Value Fund						Large Cap Core Fund						Securities Fund

	Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09

Class A:
Shares issued		826			1,853			2			8			25,765			18,629
Shares issued in lieu of cash distributions		51			39			—			—			664			666
Shares redeemed		(4,548	)		(2,473	)		(4	)		(1	)		(10,506	)		(6,699	)


Total Class A transactions		(3,671	)		(581	)		(2	)		7			15,923			12,596


Class B:³
Shares issued		—			3			—			—			4			5
Shares issued in lieu of cash distributions		1			—			—			—			3			8
Shares redeemed		(68	)		(72	)		—			—			(53	)		(56	)


Total Class B transactions		(67	)		(69	)		—			—			(46	)		(43	)


Class C:
Shares issued		34			44			1			—			1,946			758
Shares issued in lieu of cash distributions		2			1			—			—			28			33
Shares redeemed		(179	)		(205	)		—			(1	)		(357	)		(268	)


Total Class C transactions		(143	)		(160	)		1			(1	)		1,617			523


Class R:³
Shares issued		508			972			—			—			2,996			2,407
Shares issued in lieu of cash distributions		9			6			—			—			75			118
Shares redeemed		(1,015	)		(1,025	)		—			—			(4,064	)		(619	)


Total Class R transactions		(498	)		(47	)		—			—			(993	)		1,906


Class Y:
Shares issued		2,458			4,102			3,897			5,877			59,982			36,806
Shares issued in lieu of cash distributions		205			118			46			36			1,317			1,335
Shares redeemed		(5,579	)		(5,865	)		(2,159	)		(3,199	)		(22,061	)		(26,769	)


Total Class Y transactions		(2,916	)		(1,645	)		1,784			2,714			39,238			11,372


Net increase (decrease) in capital shares		(7,295	)		(2,502	)		1,783			2,720			55,739			26,354

³ Class B and Class R shares are not offered by the Quantitative Large Cap Core Fund.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 151


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)


																			Tactical
																			Market
	Small Cap Growth						Small Cap						Small Cap						Opportunities
	Opportunities Fund						Select Fund						Value Fund						Fund

	Year			Year			Year			Year			Year			Year			12/30/09*
	Ended			Ended			Ended			Ended			Ended			Ended			to
	10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09			10/31/10

Class A:⁴
Shares issued		368			286			13,154			17,577			171			700			—
Shares issued in lieu of cash distributions		—			—			—			—			9			37			—
Shares redeemed		(369	)		(637	)		(15,141	)		(6,751	)		(560	)		(696	)		—


Total Class A transactions		(1	)		(351	)		(1,987	)		10,826			(380	)		41			—


Class B:⁴
Shares issued		2			4			—			7			—			2			—
Shares issued in lieu of cash distributions		—			—			—			—			—			1			—
Shares redeemed		(35	)		(32	)		(302	)		(223	)		—			(423	)		—


Total Class B transactions		(33	)		(28	)		(302	)		(216	)		—			(420	)		—


Class C:⁴
Shares issued		24			22			94			187			28			31			—
Shares issued in lieu of cash distributions		—			—			—			—			—			1			—
Shares redeemed		(33	)		(21	)		(401	)		(483	)		(110	)		(76	)		—


Total Class C transactions		(9	)		1			(307	)		(296	)		(82	)		(44	)		—


Class R:⁴
Shares issued		67			90			866			941			149			230			—
Shares issued in lieu of cash distributions		—			—			—			—			—			2			—
Shares redeemed		(52	)		(25	)		(1,935	)		(1,137	)		(227	)		(215	)		—


Total Class R transactions		15			65			(1,069	)		(196	)		(78	)		17			—


Class Y:
Shares issued		1,821			1,885			6,805			7,705			2,082			2,259			2,571
Shares issued in lieu of cash distributions		—			—			11			—			68			239			—
Shares redeemed		(1,551	)		(1,149	)		(6,613	)		(8,879	)		(2,702	)		(3,723	)		—


Total Class Y transactions		270			736			203			(1,174	)		(552	)		(1,225	)		2,571


Net increase (decrease) in capital shares		242			423			(3,462	)		8,944			(1,092	)		(1,631	)		2,571


	*	Commencement of operations.

⁴Class A, Class B, Class C, and Class R shares are not offered by the Tactical Market Opportunities Fund.

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, 2010 and October 31, 2009, were as follows:


	Fiscal		Fiscal
	Year		Year
	Ended		Ended
Fund	10/31/10		10/31/09

Equity Income Fund		197		83
International Fund		39		60
International Select Fund		—		38
Large Cap Growth Opportunities Fund		65		47
Large Cap Select Fund		—		29
Large Cap Value Fund		60		75
Mid Cap Growth Opportunities Fund		59		22
Mid Cap Select Fund		66		107
Mid Cap Value Fund		39		28
Real Estate Securities Fund		21		10
Small Cap Growth Opportunities Fund		9		3
Small Cap Select Fund		212		61
Small Cap Value Fund		—		359


5 >	Investment Security Transactions

During the fiscal period ended October 31, 2010, 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	$	240,513	$	212,640
Global Infrastructure Fund		405,412		332,189
International Fund		355,748		429,842
International Select Fund		509,583		302,037
Large Cap Growth Opportunities Fund		600,369		658,710
Large Cap Select Fund		191,684		234,762
Large Cap Value Fund		493,859		580,328
Mid Cap Growth Opportunities Fund		1,414,743		1,606,360
Mid Cap Select Fund		61,522		74,106
Mid Cap Value Fund		716,194		863,270
Quantitative Large Cap Core Fund		273,012		230,296
Real Estate Securities Fund		2,998,372		2,130,956
Small Cap Growth Opportunities Fund		235,146		233,436
Small Cap Select Fund		626,243		661,919
Small Cap Value Fund		116,400		128,123
Tactical Market Opportunities Fund		17,450		4,796


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. 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

152 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

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, 2010, Large Cap Growth Opportunities Fund, Large Cap Select 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, Large Cap Value Fund, Mid Cap Value Fund, and Small Cap Value Fund each had a significant portion of their 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

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


8 >	Regulatory Settlements

International Fund received a total of $359 during the year ended October 31, 2009 from Millennium Partners, as part of a settlement of an administrative proceeding with the SEC involving market timing and late trading of mutual funds. The settlement proceeds are presented in the fund’s Statement of Changes in Net Assets for the year ended October 31, 2009. The fund and its affiliates were not involved in the proceedings.

On August 23, 2010, Equity Income Fund, International Fund, Large Cap Growth Opportunities Fund, and Small Cap Select Fund received settlement payments from the SEC related to the BISYS Fair Fund Settlement. The settlement was paid to funds that had used BISYS from June 1999 through June 2004. The Mercantile Funds, which subsequently merged into Equity Income Fund, International Fund, Large Cap Growth Opportunities Fund, and Small Cap Select Fund, had used BISYS as an administrator during this period. Because the settlement was for the overcharging of expenses to these funds, the amounts are shown in the funds’ Statements of Operations as an expense reimbursement from regulatory settlement.


9 >	New Accounting Pronouncement

On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standard Update for Fair Value Measurements and Disclosures: Improving Disclosures about Fair Value Measurements. The update provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires the funds to disclose purchases, sales, issuances, and settlements on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2010. At this time management is evaluating the implications of the update and the impact to the financial statements.


10 >	Nuveen Acquisition

On July 28, 2010, FAF Advisors and its parent company, U.S. Bank, entered into an agreement to sell a portion of FAF Advisor’s asset management business to Nuveen Investments, Inc. (the “Purchaser”). Included in the sale will be that part of FAF Advisor’s asset management business that advises the funds. The sale is subject to the satisfaction of customary conditions, and is currently expected to close by the end of 2010.

Under the Investment Company Act of 1940, the closing of the transaction will cause each fund’s current investment advisory agreement with FAF Advisors to terminate. On October 7, 2010, the funds’ Board of Directors considered and approved new investment advisory agreements for the funds with Nuveen Asset Management, a subsidiary of the Purchaser. Each fund’s new investment advisory agreement will be submitted to the fund’s shareholders for their approval and, if approved, will take effect upon the closing of the transaction (or such later time as shareholder approval is obtained). The funds’ Board of Directors also considered and approved new distribution agreements with Nuveen Investments, LLC. There will be no change in the funds’ investment objectives or policies as a result of the transaction.


11 >	Subsequent Events

An affiliated 401(k) plan (the “plan”) previously offered certain funds as investment options to plan participants. As a result of a decision to no longer offer such funds as investment options, certain fund shares held in the plan were redeemed in-kind on December 1, 2010, in the amounts set forth below:


Large Cap Growth Opportunities Fund	$	86,539
Large Cap Select Fund		15,346
Large Cap Value Fund		132,685
Mid Cap Growth Opportunities Fund		129,554
Mid Cap Value Fund		91,634
Quantitative Large Cap Core Fund		17,935
Small Cap Value Fund		79,419

An affiliated pension plan (the “plan”) also previously offered certain funds as investment options to plan participants. As a result of a decision to no longer offer such funds as investment options, certain fund shares

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 153


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)

held in the plan were redeemed in-kind on December 20, 2010, in the amounts set forth below:


Mid Cap Growth Opportunities Fund	$	191,102
Mid Cap Value Fund		170,281
Real Estate Securities Fund		48,375
Small Cap Growth Opportunities Fund		46,265
Small Cap Select Fund		49,354
Small Cap Value Fund		48,511

In these transactions, the funds paid redemption proceeds by distributing a proportionate amount of securities in their respective portfolios. Remaining shareholders in the funds did not recognize any capital gains from the transactions.

Management has evaluated all other fund related events and transactions that occurred subsequent to October 31, 2010, through the date of issuance of the funds’ financial statements and determined that no additional events have occurred that require disclosure.

154 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Notice to Shareholders	October 31, 2010 (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 2011 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.

For the fiscal period ended October 31, 2010, 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			Capital			Distributions
Fund	(Tax Basis)¹			(Tax Basis)¹			(Tax Basis)¹			(Tax Basis)

Equity Income Fund		—	%		100.00	%		—	%		100.00	%
Global Infrastructure Fund²		—			100.00			—			100.00
International Fund²		—			100.00			—			100.00
International Select Fund²		—			100.00			—			100.00
Large Cap Growth Opportunities Fund		—			100.00			—			100.00
Large Cap Select Fund		—			100.00			—			100.00
Large Cap Value Fund		—			100.00			—			100.00
Mid Cap Growth Opportunities Fund		—			—			—			—
Mid Cap Select Fund		—			100.00			—			100.00
Mid Cap Value Fund		—			100.00			—			100.00
Quantitative Large Cap Core Fund		—			100.00			—			100.00
Real Estate Securities Fund		33.00			67.00			—			100.00
Small Cap Growth Opportunities Fund		—			—			—			—
Small Cap Select Fund		—			100.00			—			100.00
Small Cap Value Fund		—			100.00			—			100.00
Tactical Market Opportunities Fund		—			—			—			—


	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 $225, $1,334, and $1,501, respectively, and foreign source income for the funds was $2,744, $12,601, and $14,755, respectively.

Shareholder Notification of Federal Tax Status:

Each fund has designated the following percentages of the ordinary income distributions during the fiscal period ended October 31, 2010 as dividends qualifying for the dividends received deduction available to corporate shareholders:


Fund

Equity Income Fund	100.00	%
Global Infrastructure Fund	13.41
International Fund	1.20
International Select Fund	1.26
Large Cap Growth Opportunities Fund	100.00
Large Cap Select Fund	100.00
Large Cap Value Fund	100.00
Mid Cap Growth Opportunities Fund	—
Mid Cap Select Fund	100.00
Mid Cap Value Fund	100.00
Quantitative Large Cap Core Fund	100.00
Real Estate Securities Fund	1.36
Small Cap Growth Opportunities Fund	—
Small Cap Select Fund	84.71
Small Cap Value Fund	100.00
Tactical Market Opportunities Fund	—

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Notice to Shareholders	October 31, 2010 (unaudited)

In addition, each fund has designated the following percentages of the ordinary income distributions from net investment income during the fiscal period ended October 31, 2010 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	76.01
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	—
Mid Cap Select Fund	100.00
Mid Cap Value Fund	100.00
Quantitative Large Cap Core Fund	100.00
Real Estate Securities Fund	3.80
Small Cap Growth Opportunities Fund	—
Small Cap Select Fund	84.71
Small Cap Value Fund	100.00
Tactical Market Opportunities Fund	—

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	0.09	%
Global Infrastructure Fund	0.28
International Fund	1.58
International Select Fund	2.41
Large Cap Growth Opportunities Fund	0.32
Large Cap Select Fund	0.22
Large Cap Value Fund	0.20
Mid Cap Growth Opportunities Fund	—
Mid Cap Select Fund	0.36
Mid Cap Value Fund	1.41
Quantitative Large Cap Core Fund	1.62
Real Estate Securities Fund	0.05
Small Cap Growth Opportunities Fund	—
Small Cap Select Fund	1.89
Small Cap Value Fund	0.11
Tactical Market Opportunities Fund	—

156 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

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	—	%
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	—
Quantitative Large Cap Core Fund	—
Real Estate Securities Fund	—
Small Cap Growth Opportunities Fund	—
Small Cap Select Fund	—
Small Cap Value Fund	—
Tactical Market Opportunities Fund	—

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities is available 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 800.677.3863.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal 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 800.677.3863 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 3-4, 2010, 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 each sub-advisory agreement 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 15-17, 2010, the Board concluded its consideration of and approved the Agreement and the Sub-Advisory Agreements through June 30, 2011.

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Notice to Shareholders	October 31, 2010 (unaudited)

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.

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.

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 for the one-, three- and five-year periods ending February 28, 2010, unless otherwise noted.

Global Infrastructure Fund. The Board considered that the Fund outperformed its performance universe median for the one-year period and performed competitively against its performance universe median for the period since the Fund’s inception on December 17, 2007. The Board also considered that the Fund outperformed its benchmark index for the period since its inception, though it underperformed its benchmark index for the one-year period. In light of the Fund’s competitive performance, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

158 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Equity Income Fund. The Board considered that the Fund outperformed or performed competitively against its performance universe median for all periods. The Board also considered that the Fund outperformed its benchmark index for the three- and five-year periods, though it underperformed its benchmark index for the one-year period. In light of the Fund’s competitive performance, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

International Fund. The Board considered that the Fund outperformed or performed competitively against its performance universe median for all periods. The Board also considered that the Fund outperformed its benchmark index for the three- and five-year periods, though it underperformed its benchmark index for the one-year period. In light of the Fund’s competitive performance, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement and the Sub-Advisory Agreements.

International Select Fund. The Board considered that the Fund outperformed its performance universe median for the one- and three-year periods and since the Fund’s inception on December 21, 2006. The Board also considered that the Fund outperformed its benchmark index for the three-year period and the period since the Fund’s inception, though it underperformed its benchmark index for the one-year period. In light of the Fund’s competitive performance, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement and the Sub-Advisory Agreements.

Large Cap Growth Opportunities Fund. The Board considered that the Fund outperformed both its performance universe median and its benchmark index for the three- and five-year periods, though it underperformed both its performance universe median and its benchmark index for the one-year period. The Board considered FAF Advisors’ assertion that the Fund’s underperformance during the one-year period was attributable primarily to the Fund being underweight to economically sensitive, higher beta stocks relative to the Fund’s benchmark and performance universe in March 2009, when those stocks led a market rally. The Board also considered that FAF Advisors subsequently increased the Fund’s holdings in higher beta stocks throughout the year. In light of the Fund’s long-term competitive performance, the Board concluded that 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 outperformed its benchmark index for all 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. In light of the Fund’s competitive performance against its benchmark and competitive performance against its performance universe for the one-year period, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

Large Cap Value Fund. The Board considered that the Fund outperformed its benchmark index for the three- and five-year periods, though it underperformed its benchmark index for the one-year period. The Board also considered that the Fund underperformed its performance universe median for all periods. The Board considered FAF Advisors’ assertion that the Fund’s underperformance during the one-year period could be attributed primarily to the Fund being underweight to economically sensitive, higher beta stocks relative to the Fund’s benchmark and performance universe in March 2009, when those stocks led a market rally. The Board also considered that FAF Advisors subsequently increased the Fund’s holdings in higher beta stocks throughout the year and noted that the Fund had improved its performance vis-à-vis its performance universe median for the three-month period ending March 31, 2010. In light of the Fund’s competitive performance against its benchmark and improved performance against its performance universe, the Board concluded that 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 or performed competitively against both its performance universe median and its benchmark index for the three- and five-year periods, though it underperformed both its performance universe median and its benchmark index for the one-year period. The Board considered FAF Advisors’ assertion that the Fund’s underperformance during the one-year period could be attributed primarily to the Fund being underweight to economically sensitive, higher beta stocks relative to the Fund’s benchmark and performance universe in March 2009, when those stocks led a market rally. The Board also considered that FAF Advisors subsequently increased the Fund’s holdings in higher beta stocks throughout the year. In light of the Fund’s competitive long-term performance, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

Mid Cap Select Fund. The Board considered that the Fund outperformed its benchmark index for the three- and five-year periods, though it underperformed its benchmark index for the one-year period. The Board also considered that the Fund underperformed its performance universe median for all periods. The Board considered FAF Advisors’ assertion that, effective May 4, 2009, the Fund’s principal investment strategy and name were changed and that the Fund began operating as a mid-cap core fund; therefore, comparisons of the Fund’s performance against a mid-cap core performance universe and the Russell Mid Cap Total Return benchmark index for the three- and five-year periods are not particularly meaningful. The Board also considered FAF Advisors’ assertion that, for the one-year period, the Fund’s underperformance was attributable in large part to the Fund’s quantitative focus on companies with strong cash flows rather than on economically sensitive, higher beta

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Notice to Shareholders	October 31, 2010 (unaudited)

stocks that led a market rally, and that the Fund’s investment approach will tend to lag during periods of historic market rallies. The Board also considered FAF Advisors’ assertion that the Fund will perform better during periods of normalized economic growth, and the Board noted that the Fund had performed competitively against its performance universe for the three months ending March 31, 2010. In light of the Fund’s limited history operating as a mid-cap core fund and its recent competitive performance, the Board concluded 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 benchmark index for the three- and five-year periods, though it underperformed its benchmark index for the one-year period. The Board also considered that the Fund underperformed its performance universe median for all periods. The Board noted FAF Advisors’ assertion that the Fund’s underperformance for the one-year period could be attributed primarily to the Fund being underweight to economically sensitive, higher beta stocks in March 2009, when those stocks led a market rally. The Board also considered that FAF Advisors subsequently increased the Fund’s holdings in high beta stocks throughout the year and noted that the Fund had improved its performance vis-à-vis its performance universe median for the three-month period ending March 31, 2010. In light of the foregoing, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

Quantitative Large Cap Core Fund. The Board considered that the Fund outperformed its benchmark index for the period since the Fund’s inception on July 31, 2007, though the Fund underperformed its benchmark index for the one-year period. The Board also considered that the Fund underperformed its performance universe median for the one-year period and the period since the Fund’s inception. The Board considered FAF Advisors’ assertion that the Fund’s underperformance vis-à-vis its benchmark index and its performance universe median for the one-year period could be attributed in part to risk-averse positioning in March 2009, during a market rally. The Board also considered FAF Advisors’ assertion that the Fund’s strategy and sector weightings remain sound. In light of the Fund’s competitive performance against its benchmark during the period since the Fund’s inception and FAF Advisors’ market outlook for the Fund, the Board concluded that 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 its performance universe median for all periods. The Board also considered that the Fund outperformed its benchmark index for the three- and five-year periods, though it underperformed its benchmark index for the one-year period. In light of the Fund’s competitive performance, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Growth Opportunities Fund. The Board considered that the Fund outperformed both its performance universe median and its benchmark index for all periods. In light of the Fund’s competitive performance, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Select Fund. The Board considered that the Fund outperformed or performed competitively against both its performance universe median and its benchmark index for all periods. In light of the Fund’s competitive performance, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Value Fund. The Board considered that the Fund outperformed its benchmark index for the three- and five-year periods, though it underperformed its benchmark index for the one-year period. The Board also considered that the Fund underperformed its performance universe median for all periods. The Board considered FAF Advisors’ assertion that the Fund’s underperformance during the one-year period could be attributed primarily to the Fund’s investment in higher-quality, lower-beta stocks, whereas during the past year, economically sensitive, higher-beta stocks led a market rally. The Board also considered that FAF Advisors subsequently increased the Fund’s holdings in higher-beta stocks throughout the year, and the Board noted that the Fund outperformed its performance universe median for the three months ending March 31, 2010. In light of the foregoing, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

Tactical Market Opportunities Fund. The Board noted that the Fund offers only one class of shares, Class Y Shares. The discussion below relates to the performance of this class. The Board considered that the Fund started operations on December 30, 2009, and that the Fund has a short operating history. The Board also considered that the Fund outperformed its benchmark index for the three-month period since inception, ending March 31, 2010. In light of the Fund’s short operating history and its competitive performance, the Board concluded that 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

160 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

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 investment companies, investment companies 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:

Global Infrastructure Fund, Equity Income Fund, International Select Fund, Mid Cap Growth Opportunities Fund, Quantitative Large Cap Core Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Value 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 each Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

International Fund, Large Cap Growth Opportunities Fund, Mid Cap Value Fund. The Board considered that, after waivers, each Fund’s advisory fee is higher than the peer group median, but 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.

Large Cap Value Fund. The Board considered that, after waivers, the 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 Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Mid Cap Select Fund. The Board considered that, after waivers, the Fund’s advisory fee is lower than the peer group median and that the Fund’s total expense ratio is higher than the peer group median, though consistent with FAF Advisors’ pricing philosophy. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Large Cap Select 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 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.

Small Cap Select Fund. The Board considered that, after waivers, the Fund’s advisory fee is equal to that of 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.

Tactical Market Opportunities Fund. The Board considered that, at the Fund’s inception, FAF Advisors agreed to waive advisory fees and reimburse expenses through February 28, 2011, so that the total annual fund operating expenses do not exceed 0.95% for the Class Y Shares. The Board concluded that, given the expense limitation and the short time since the approval of the Fund’s initial advisory contract, the Fund’s advisory fee is 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 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,

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Notice to Shareholders	October 31, 2010 (unaudited)

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.

162 FIRST AMERICAN FUNDS 2010 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-six 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; Director, Towne Airfreight; non-profit board member; prior to retirement in 2005, served in several executive positions for United Airlines, including Vice President and Chief Operating Officer – Cargo; Independent Director, First American Fund Complex since 1997	First American Funds Complex: twelve registered investment companies, including fifty-six 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-six 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	First American Funds Complex: twelve registered investment companies, including fifty-six 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-six 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-six 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-six portfolios	None

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 163


Notice to Shareholders	October 31, 2010 (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	Board member, Mutual Fund Directors Forum; Member, Governing Board, Investment Company Institute’s Independent Directors Council; Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm	First American Funds Complex: twelve registered investment companies, including fifty-six 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-six 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 800.677.3863 or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.

164 FIRST AMERICAN FUNDS 2010 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.


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.


Cynthia C. DeRuyter FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1973)*	Anti-Money Laundering Officer	Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since June 2010	Compliance Director, FAF Advisors, Inc., since March 2010; prior thereto, Compliance Manager, RSM McGladrey, Inc., since March 2006; prior thereto, Compliance Manager, FAF Advisors, Inc.


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	Deputy General Counsel, FAF Advisors, Inc.


James D. Alt Dorsey & Whitney LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of 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., from 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, Ertel and Kremenak, Mses. Stevenson, DeRuyter and 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 2010 ANNUAL REPORT 165

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.
•	Comply with the laws and regulations that govern us.

The types of information we collect

We may collect the following nonpublic personal information about you:


•	Information about your identity, such as your name, address, and social security number.
•	Information about your transactions with us.
•	Information you provide on applications, such as your beneficiaries and banking information, if provided to us.

Confidentiality and security

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. 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


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, 2010. 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 800.677.3863 or visit FirstAmericanFunds.com.

0285-10 12/2010 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			50

Notice to Shareholders			59

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to Shareholders December 14, 2010

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended October 31, 2010.

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

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

Sincerely,




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 2010 ANNUAL REPORT 1

Explanation of Financial Statements

2 FIRST AMERICAN FUNDS 2010 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, 2010?

The First American Equity Index Fund (the “fund”), Class Y shares, returned 16.18% for the fiscal year ended October 31, 2010 (Class A shares returned 15.94% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P 500 Index*, returned 16.52% for the same period.

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

U.S. equities performed well during the past 12 months, continuing their rebound from the 2008-2009 drop. While the U.S. government continued its stimulative fiscal positioning, incremental monies have slowed, and these only roughly offset the contractionary effects of individual and corporate reductions in debt levels. It is in this context that the Federal Reserve Bank announced its “Quantitative Easing 2,” a program to buy up Treasury bonds which should drive investors to invest in riskier asset classes such as corporate debt and equities.

So far, investors have indeed returned to the riskier asset classes, restoring price levels in those markets. While this has helped the spirits and bottom lines of investors, the rebound in the overall economy has sputtered out, not enjoying the strength that is typical following recessions. An additional six million Americans are still out of work compared to two years ago and our country’s industrial capacity remains underutilized. This growth capacity means that demand stimulus need not be inflationary, so we expect the Fed to continue with its announced programs and possibly expand them.

The current view in Washington is substantially less inclined to driving up demand, and more supportive of protecting the long-term value of investors’ assets. While the federal budget almost certainly will continue to be in deficit for years, cutting less productive spending will be a priority. We expect the stimulus to support modest growth unless a major “austerity” mentality takes over at the Fed.

The third quarter’s strong earnings reports continued the pattern of earnings growth divergence from underlying economic performance, at least as it relates to the U.S. economy. The outperformance of corporate profits relative to the broader economy reflects continued margin expansion and productivity gains in the corporate sector. Our earnings outlook has been premature in anticipating a convergence of corporate earnings with the performance of the economy. However, with profit margins at near-record levels in the third quarter, material costs rising, and more hours worked, this will likely be a 2011 story.


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

Top 10 Holdings as of October 31, 2010¹ (% of net assets)


First American Prime Obligations Fund, Class Z	4	.2%
Exxon Mobil	3	.0
Apple	2	.4
Microsoft	1	.8
Procter & Gamble	1	.6
IBM	1	.6
Johnson & Johnson	1	.6
General Electric	1	.5
AT&T	1	.5
Chevron	1	.5

Sector Allocation as of October 31, 2010¹ (% of net assets)


Information Technology	18	.3%
Financials	14	.5
Healthcare	10	.9
Consumer Staples	10	.6
Energy	10	.5
Consumer Discretionary	10	.2
Industrials	10	.2
Materials	3	.5
Utilities	3	.4
Telecommunication Services	3	.0
Short-Term Investments	4	.9

	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, 2010.

²	Investments typically comprise substantially all 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 2010 ANNUAL REPORT 3

Equity Index Fund

What will be the likely developments in the equity markets in the coming fiscal year?

Leading indicators for the U.S. economy point to a modest growth rate with very restrained price increases. On the first point, much of the rebound for the recovery so far has been from rebuilding inventories, an effect that usually retreats in importance, while growth in final demand has been very modest. On the latter point, the very high unemployment rates, together with continued increases in productivity and a still-increasing ability to offshore many high-cost jobs, has resulted in declining labor costs per unit of output. Corporate profits are alone in having shown the “V-shaped” recovery pattern that some had hoped for the whole economy.

In a climate of modest growth but favorable price and profit drivers, equities should be able to gain, although we do not expect the rate of change that we have had in the rebound from the recession. In terms of policy uncertainties, investors will be watching the mix of fiscal and monetary stimulus carefully for signs that might favor a resurgence in consumer sentiment and spending. Given that mortgages are the largest single asset on most banks’ balance sheets and that homes are the largest source of net wealth for many Americans, the recovery of home prices will be key in spending and borrowing decisions. This, in turn, will show up in demand for discretionary goods.

At this writing, international trade levels are continuing to improve, which will help U.S. firms oriented to exports. Much of the trade increase is expected in emerging markets that are positioned to continue their high growth rates. In contrast, Europe has a couple of strong economies; however, peripheral Europe is still struggling to deal with high debt levels without the flexibility enjoyed by policymakers in the United States. That may give the United States an edge in capturing the growth in 2011 and beyond.

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 three best-performing sectors for the fiscal year were consumer discretionary, industrials, and telecommunication services, which were up 33%, 29%, and 25%, respectively. The three lowest-performing sectors were financials, energy, and healthcare, which gained 5%, 7%, and 13%, respectively.

In recent years, Standard & Poor’s has shifted its membership, causing the index to be more closely aligned with the largest 500 publicly traded companies in the economy. Thus, the index now reflects some of the most successful firms over the past couple of years, with dramatically increased weights given to companies such as Google and Apple. Unlike a decade ago, however, when many technology firms were bid to exceptional price/earnings multiples, investors are now watching tech earnings scrupulously. Therefore, we do not believe this phenomenon reflects the same bubble-making mentality.


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

4 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Annual Performance^1,2


	October 31, 2010												September 30, 2010*
										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		9.55	%		0.15	%		(1.06	)%		—			3.56	%		(0.93	)%		(1.47	)%		—


Class B		10.07	%		0.15	%		(1.24	)%		—			3.77	%		(0.93	)%		(1.65	)%		—


Class C		14.05	%		0.53	%		(1.25	)%		—			7.80	%		(0.56	)%		(1.66	)%		—

Average annual return without sales charge (NAV)
Class A		15.94	%		1.28	%		(0.50	)%		—			9.59	%		0.19	%		(0.91	)%		—


Class B		15.07	%		0.53	%		(1.24	)%		—			8.77	%		(0.56	)%		(1.65	)%		—


Class C		15.05	%		0.53	%		(1.25	)%		—			8.80	%		(0.56	)%		(1.66	)%		—


Class R		15.63	%		1.03	%		—			3.12	%		9.34	%		(0.06	)%		—			2.73	%


Class Y		16.18	%		1.54	%		(0.25	)%		—			9.93	%		0.45	%		(0.66	)%		—


S&P 500 Index³		16.52	%		1.73	%		(0.02	)%		3.81	%		10.16	%		0.64	%		(0.43	)%		3.42	%


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 of the most recent prospectus, 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 0.79%, 1.54%, 1.54%, 1.04%, and 0.54%, respectively. The advisor has contractually agreed to waive fees through February 28, 2011, 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, 2011, 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, 2010




Equity Index Fund, Class A (NAV)	$	9,514


Equity Index Fund, Class A (POP)	$	8,989


S&P 500 Index³	$	9,983

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) as compared to the S&P 500 Index³.


²	Performance does not reflect 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 2010 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, 2010?

The First American Mid Cap Index Fund (the “fund”), Class Y shares, returned 27.13% for the fiscal year ended October 31, 2010 (Class A shares returned 26.79% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P MidCap 400 Index*, returned 27.64% for the same period.

How did market conditions affect stock market 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, 2010¹ (% of net assets)


First American Prime Obligations Fund, Class Z	3	.4%
F5 Networks	0	.9
U.S. Treasury Bill, 0.185%, 11/04/2010	0	.9
Newfield Exploration	0	.7
Vertex Pharmaceuticals	0	.7
Netflix	0	.7
New York Community Bancorp	0	.7
Joy Global	0	.7
Edwards Lifesciences	0	.7
Lubrizol	0	.6

Sector Allocation as of October 31, 2010¹ (% of net assets)


Financials	18	.9%
Information Technology	15	.3
Industrials	14	.8
Consumer Discretionary	13	.4
Healthcare	10	.7
Materials	6	.3
Energy	6	.0
Utilities	5	.9
Consumer Staples	3	.5
Telecommunication Services	0	.8
Short-Term Investments	4	.3
Other Assets and Liabilities, Net²	0	.1

	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, 2010.

²	Investments typically comprise substantially all 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 2010 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 three best-performing sectors for the fiscal year were materials, information technology, and consumer discretionary, which were up 37%, 34%, and 30%, respectively. The three lowest-performing sectors were financials, energy, and healthcare, which gained 23%, 24%, and 24%, respectively.


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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 7

Mid Cap Index Fund

Annual Performance^1,2


	October 31, 2010															September 30, 2010*
										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		19.87	%		3.24	%		4.75	%		—			—			10.58	%		2.12	%		4.03	%		—			—


Class C		24.86	%		3.66	%		—			—			7.76	%		15.13	%		2.50	%		—			—			7.44	%

Average annual return without sales charge (NAV)
Class A		26.79	%		4.42	%		5.35	%		—			—			17.01	%		3.27	%		4.62	%		—			—


Class C		25.86	%		3.66	%		—			—			7.76	%		16.13	%		2.50	%		—			—			7.44	%


Class R		26.48	%		4.15	%		—			5.56	%		—			16.63	%		3.00	%		—			5.25	%		—


Class Y		27.13	%		4.69	%		5.63	%		—			—			17.26	%		3.53	%		4.89	%		—			—


S&P MidCap 400 Index³		27.64	%		4.93	%		6.12	%		6.49	%		9.24	%		17.78	%		3.77	%		5.40	%		6.18	%		8.92	%


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.

As of the most recent prospectus, 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 0.94%, 1.69%, 1.19%, and 0.69%, respectively. The advisor has contractually agreed to waive fees through February 28, 2011, 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, 2011, 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, 2010


Mid Cap Index Fund, Class A (NAV)	$	16,834


Mid Cap Index Fund, Class A (POP)	$	15,910


S&P MidCap 400 Index³	$	18,112

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) 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 the different expense structures.

8 FIRST AMERICAN FUNDS 2010 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, 2010?

The First American Small Cap Index Fund (the “fund”), Class Y shares, returned 26.22% for the fiscal year ended October 31, 2010 (Class A shares returned 25.91% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Index*, returned 26.58% for the same period.

How did market conditions affect stock market 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, 2010¹ (% of net assets)


First American Prime Obligations Fund, Class Z	3	.6%
U.S. Treasury Bill, 0.185%, 11/04/2010	1	.4
Riverbed Technology	0	.3
TIBCO Software	0	.3
Sotheby’s Holdings, Class A	0	.3
VeriFone Holdings	0	.3
Nordson	0	.2
Parametric Technology	0	.2
Brigham Exploration	0	.2
Rackspace Hosting	0	.2

Sector Allocation as of October 31, 2010¹ (% of net assets)


Financials	19	.8%
Information Technology	18	.0
Industrials	14	.7
Consumer Discretionary	13	.1
Healthcare	11	.9
Energy	5	.3
Materials	5	.3
Utilities	3	.0
Consumer Staples	2	.8
Telecommunication Services	1	.0
Short-Term Investments	5	.0
Other Assets and Liabilities, Net²	0	.1

	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, 2010.

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 2010 ANNUAL REPORT 9

Small Cap Index Fund

What will be the likely developments in the equity markets in the coming fiscal year?

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 three best-performing sectors for the fiscal year were materials, information technology, and consumer discretionary, which were up 39%, 36%, and 29% respectively. The three lowest-performing sectors were healthcare, financials, and telecommunication services, which gained 19%, 20%, and 21% respectively.

The Frank Russell Company, which sponsors the index, re-computes the overall U.S. stock rankings in the middle of each summer. As a result, Russell 2000 companies that have had sharply better returns than their peers, or Russell 1000 companies that have lagged since the prior reconstitution, shift from one index to the other in the process. Although turnover is controlled somewhat, the Russell 2000 Index* maintains a distinct small-company focus in this way, with smaller firms joining to replace the companies that graduate to the Russell 1000. Typically, due to mergers, acquisitions, or re-incorporating outside of the United States, the list of Russell 1000 companies shrinks enough by reconstitution that relatively few less-successful firms are demoted into the Russell 2000.


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

10 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Annual Performance^1,2


	October 31, 2010												September 30, 2010*
										Since												Since
										Inception												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		18.98	%		1.49	%		4.13	%		—			6.63	%		0.06	%		3.77	%		—


Class C		23.93	%		1.88	%		—			6.23	%		10.98	%		0.44	%		—			5.84	%

Average annual return without sales charge (NAV)
Class A		25.91	%		2.64	%		4.72	%		—			12.79	%		1.20	%		4.36	%		—


Class C		24.93	%		1.88	%		—			6.23	%		11.98	%		0.44	%		—			5.84	%


Class R		25.55	%		2.39	%		4.49	%		—			12.45	%		0.94	%		4.14	%		—


Class Y		26.22	%		2.89	%		4.94	%		—			13.09	%		1.45	%		4.58	%		—


Russell 2000 Index³		26.58	%		3.07	%		4.89	%		7.98	%		13.35	%		1.60	%		4.00	%		7.58	%


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 of the most recent prospectus, 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 1.71%, 2.46%, 1.96%, and 1.46%, respectively. The advisor has contractually agreed to waive fees through February 28, 2011, 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 1.58%, respectively. These fee waivers may be terminated at any time after February 28, 2011, 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, 2010


Small Cap Index Fund, Class A (NAV)	$	15,855


Small Cap Index Fund, Class A (POP)	$	14,985


Russell 2000 Index³	$	16,121

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/2000 to 10/31/2010) as compared to the Russell 2000 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.

	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 3000 Index.

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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 11

Expense Examples

Actual Expenses

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 the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Equity Index Fund


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

Class A Actual²	$	1,000.00	$	1,004.50	$	3.08


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.13	$	3.11



Class B Actual²	$	1,000.00	$	1,001.00	$	6.86


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.92



Class C Actual²	$	1,000.00	$	1,000.70	$	6.86


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.92



Class R Actual²	$	1,000.00	$	1,003.70	$	4.34


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	4.38



Class Y Actual²	$	1,000.00	$	1,005.80	$	1.82


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.39	$	1.84


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.61%, 1.36%, 1.36%, 0.86%, and 0.36% 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, 2010 of 0.45%, 0.10%, 0.07%, 0.37%, and 0.58% for Class A, Class B, Class C, Class R, and Class Y, respectively.

12 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Mid Cap Index Fund


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

Class A Actual²	$	1,000.00	$	1,011.80	$	3.75


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77



Class C Actual²	$	1,000.00	$	1,008.60	$	7.54


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



Class R Actual²	$	1,000.00	$	1,010.20	$	5.02


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



Class Y Actual²	$	1,000.00	$	1,013.50	$	2.49


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, 2010 of 1.18%, 0.86%, 1.02%, and 1.35% for Class A, Class C, Class R, and Class Y, respectively.

Small Cap Index Fund


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

Class A Actual⁴	$	1,000.00	$	985.10	$	3.80


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.87



Class C Actual⁴	$	1,000.00	$	981.40	$	7.54


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.59	$	7.68



Class R Actual⁴	$	1,000.00	$	983.70	$	5.05


Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.14



Class Y Actual⁴	$	1,000.00	$	986.10	$	2.55


Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.63	$	2.60


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.76%, 1.51%, 1.01%, and 0.51% 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, 2010 of -1.49%, -1.86%, -1.63%, and -1.39% for Class A, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 13

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14 FIRST AMERICAN FUNDS 2010 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 of the Equity Index, Mid Cap Index, and Small Cap Index Funds (series of First American Investment Funds, Inc) (collectively, the “funds”), including the schedule of investments, as of October 31, 2010, and the related statements of operations, changes in net assets and 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.

Minneapolis, Minnesota

December 23, 2010

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 15

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Equity Index Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 95.1%
Consumer Discretionary – 10.2%
Abercrombie & Fitch, Class A		7,025	$	301
Amazon.com 6 =		28,183		4,654
Apollo Group, Class A =		9,880		370
AutoNation 6 =		7,099		165
AutoZone =		2,510		596
Bed Bath & Beyond 6 =		21,807		957
Best Buy		27,551		1,184
Big Lots =		7,113		223
CarMax 6 =		11,726		363
Carnival 6		34,477		1,488
CBS, Class B 6		56,117		950
Coach		24,299		1,215
Comcast, Class A 6		224,712		4,625
D.R. Horton 6		22,046		230
Darden Restaurants		11,196		512
DeVry 6		5,408		259
DIRECTV, Class A =		72,377		3,146
Discovery Communications, Class A 6 =		23,379		1,043
Eastman Kodak 6 =		21,397		101
Expedia		16,514		478
Family Dollar Stores 6		10,436		482
Ford Motor 6 =		273,982		3,872
Fortune Brands		12,131		656
GameStop, Class A 6 =		12,171		239
Gannett 6		21,468		254
Gap		35,751		680
Genuine Parts 6		12,647		605
Goodyear Tire & Rubber =		20,344		208
H&R Block		26,219		309
Harley-Davidson		18,752		575
Harman International Industries =		5,537		186
Hasbro		10,426		482
Home Depot		133,823		4,132
International Game Technology		23,741		370
Interpublic Group of Companies 6 =		38,968		403
J.C. Penney		18,813		587
Johnson Controls 6		53,574		1,881
Kohl’s =		24,522		1,256
Leggett & Platt		11,793		240
Lennar, Class A 6		12,960		188
Limited Brands		21,495		632
Lowe’s		113,820		2,428
Macy’s 6		33,616		795
Marriott International, Class A 6		20,887		774
Mattel 6		29,047		678
McDonald’s		85,640		6,661
McGraw-Hill 6		27,095		1,020
New York Times, Class A 6 =		10,013		77
Newell Rubbermaid		22,155		391
News, Class A		179,491		2,595
Nike, Class B 6		30,945		2,520
Nordstrom 6		13,260		511
Office Depot =		21,940		99
Omnicom Group		24,445		1,075
O’Reilly Automotive 6 =		9,877		578
Polo Ralph Lauren 6		4,924		477
Priceline.com 6 =		3,855		1,453
Pulte Group 6 =		26,817		211
RadioShack		9,985		201
Ross Stores		9,595		566
Scripps Networks Interactive, Class A		6,326		322
Sears Holdings 6 =		4,117		296
Sherwin-Williams		7,340		536
Stanley Black & Decker		12,773		791
Staples 6		58,130		1,190
Starbucks		59,339		1,690
Starwood Hotels & Resorts Worldwide 6		15,146		820
Target		58,498		3,037
Tiffany & Company 6		10,838		574
Time Warner		90,765		2,951
Time Warner Cable 6		29,319		1,697
TJX		32,347		1,484
Urban Outfitters 6 =		9,216		284
VF 6		7,015		584
Viacom, Class B		48,372		1,867
Walt Disney 6		155,978		5,631
Washington Post, Class B 6		110		44
Whirlpool		5,982		454
Wyndham Worldwide 6		14,333		412
Wynn Resorts		6,002		643
Yum! Brands		37,226		1,845

				91,359

Consumer Staples – 10.6%
Altria Group		164,654		4,186
Archer-Daniels-Midland		51,212		1,706
Avon Products		34,118		1,039
Brown-Forman, Class B 6		8,475		515
Campbell Soup 6		15,158		549
Clorox		11,217		746
Coca-Cola 6		183,731		11,267
Coca-Cola Enterprises		25,904		622
Colgate-Palmolive		39,060		3,012
ConAgra Foods		35,484		798
Constellation Brands, Class A 6 =		15,276		301
Costco Wholesale		34,981		2,196
CVS Caremark		108,379		3,264
Dean Foods =		14,455		150
Dr. Pepper Snapple Group 6		19,567		715
Estee Lauder, Class A		9,412		670
General Mills		52,845		1,984
H.J. Heinz		25,185		1,237
Hershey		13,211		654
Hormel Foods		4,374		201
JM Smucker		10,852		698
Kellogg 6		20,327		1,022
Kimberly-Clark		32,785		2,077
Kraft Foods, Class A 6		138,831		4,480
Kroger		51,125		1,125
Lorillard		12,081		1,031
McCormick		11,860		524
Mead Johnson Nutrition 6		13,957		821
Molson Coors Brewing, Class B		12,566		593
PepsiCo		127,220		8,308
Philip Morris International		145,945		8,537
Procter & Gamble		228,692		14,538
Reynolds American		13,463		874
Safeway 6		31,481		721
Sara Lee		52,663		755
SUPERVALU 6		16,957		183
Sysco		47,113		1,388
Tyson Foods, Class A 6		24,317		378
Walgreen		77,921		2,640
Wal-Mart Stores		159,331		8,631
Whole Foods Market 6 =		12,739		506

				95,642

Energy – 10.5%
Anadarko Petroleum		39,401		2,426
Apache 6		27,104		2,738
Baker Hughes		34,341		1,591

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

16 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Equity Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Cabot Oil & Gas 6		9,342	$	271
Cameron International 6 =		19,448		851
Chesapeake Energy		51,838		1,125
Chevron		159,967		13,215
ConocoPhillips		118,528		7,041
CONSOL Energy		17,976		661
Denbury Resources 6 =		31,806		541
Devon Energy		35,591		2,314
Diamond Offshore Drilling		5,535		366
El Paso		56,045		743
EOG Resources		20,161		1,930
Exxon Mobil		407,124		27,061
FMC Technologies 6 =		9,848		710
Halliburton		72,362		2,305
Helmerich & Payne		8,648		370
Hess		23,272		1,467
Marathon Oil		56,504		2,010
Massey Energy		8,200		345
Murphy Oil		15,858		1,033
Nabors Industries =		22,713		475
National Oilwell Varco		33,371		1,794
Noble Energy		13,906		1,133
Occidental Petroleum		64,680		5,086
Peabody Energy		21,407		1,132
Pioneer Natural Resources 6		9,232		644
QEP Resources 6		13,945		461
Range Resources		12,696		475
Rowan 6 =		9,112		300
Schlumberger		108,780		7,603
Southwestern Energy 6 =		27,570		933
Spectra Energy		52,596		1,250
Sunoco		10,527		394
Tesoro 6		11,247		146
Valero Energy		45,106		810
Williams		46,531		1,001

				94,751

Financials – 14.5%
ACE		21,048		1,251
Aflac		37,395		2,090
Allstate		42,838		1,306
American Express		90,693		3,761
American International Group 6 =		10,756		452
Ameriprise Financial		20,369		1,053
AON		21,117		839	��
Apartment Investment & Management, Class A – REIT		9,304		217
Assurant		8,634		341
AvalonBay Communities – REIT		6,784		721
Bank of America		799,015		9,141
Bank of New York Mellon		96,598		2,421
BB&T 6		55,118		1,290
Berkshire Hathaway, Class B 6 =		131,884		10,494
Boston Properties – REIT		11,072		954
Capital One Financial		36,358		1,355
CB Richard Ellis Group =		23,070		423
Charles Schwab 6		77,941		1,200
Chubb 6		26,024		1,510
Cincinnati Financial 6		12,980		382
Citigroup 6 =		2,030,214		8,466
CME Group		5,231		1,515
Comerica		14,043		502
Discover Financial Services		43,310		764
E *TRADE Financial =		15,818		226
Equity Residential Properties Trust – REIT		22,580		1,098
Federated Investors, Class B 6		7,070		176
Fifth Third Bancorp 6		63,299		795
First Horizon National =		15,975		161
Franklin Resources		11,769		1,350
Genworth Financial, Class A =		39,610		449
Goldman Sachs Group 6		41,057		6,607
Hartford Financial Services Group		35,368		848
HCP – REIT		24,701		889
Health Care – REIT 6		8,504		435
Host Hotels & Resorts – REIT		52,418		833
Hudson City Bancorp		37,744		440
Huntington Bancshares 6		57,068		324
IntercontinentalExchange =		5,889		676
Invesco 6		37,231		856
Janus Capital Group 6		14,632		155
JPMorgan Chase		316,860		11,924
KeyCorp		70,015		573
Kimco Realty – REIT 6		32,303		557
Legg Mason		13,113		407
Leucadia National =		15,114		384
Lincoln National		25,232		618
Loew’s 6		27,996		1,105
M&T Bank 6		6,627		495
Marsh & McLennan		43,103		1,077
Marshall & Ilsley		41,989		248
MetLife 6		72,229		2,913
Moody’s 6		15,666		424
Morgan Stanley		111,321		2,769
NASDAQ OMX Group 6 =		12,375		260
Northern Trust		19,260		956
NYSE Euronext		20,786		637
Peoples United Financial		28,592		352
Plum Creek Timber – REIT 6		12,979		478
PNC Financial Services Group		41,894		2,258
Principal Financial Group		25,463		683
Progressive		53,391		1,130
ProLogis – REIT 6		40,897		558
Prudential Financial 6		37,112		1,951
Public Storage – REIT		10,820		1,074
Regions Financial 6		99,461		627
Simon Property Group – REIT		23,308		2,238
SLM =		38,685		460
State Street		39,956		1,669
SunTrust Banks		39,810		996
T. Rowe Price Group 6		20,671		1,142
Torchmark 6		6,536		374
Travelers		39,448		2,178
U.S. Bancorp ◖		152,660		3,692
Unum Group		26,505		594
Ventas – REIT		13,553		726
Vornado Realty Trust – REIT		12,924		1,129
Wells Fargo		414,932		10,822
XL Group		27,244		576
Zions Bancorporation 6		12,763		264

				130,084

Healthcare – 10.9%
Abbott Laboratories		122,929		6,309
Aetna		33,839		1,010
Allergan		24,490		1,773
AmerisourceBergen		22,499		738
Amgen =		76,290		4,364
Baxter International		46,552		2,370
Becton, Dickinson & Company		18,582		1,403
Biogen Idec 6 =		20,012		1,255
Boston Scientific =		120,758		770
Bristol-Myers Squibb		136,953		3,684

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 17

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Equity Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


C.R. Bard		7,573	$	629
Cardinal Health		28,836		1,000
CareFusion =		15,260		368
Celgene =		36,703		2,278
Cephalon 6 =		5,989		398
Cerner 6 =		2,808		247
CIGNA		22,034		775
Coventry Health Care 6 =		11,782		276
DaVita =		8,799		631
DENTSPLY International		9,822		308
Eli Lilly		80,539		2,835
Express Scripts =		43,649		2,119
Forest Laboratories =		23,140		765
Genzyme =		21,135		1,524
Gilead Sciences =		66,806		2,650
Hospira =		13,211		786
Humana =		13,555		790
Intuitive Surgical =		3,176		835
Johnson & Johnson		219,423		13,970
King Pharmaceuticals =		19,881		281
Laboratory Corporation of America 6 =		8,186		666
Life Technologies =		14,721		739
McKesson		20,827		1,374
Medco Health Solutions =		34,826		1,830
Medtronic		87,726		3,090
Merck		245,164		8,895
Mylan 6 =		24,596		500
Patterson Companies		7,651		212
PerkinElmer		9,383		220
Pfizer		640,933		11,152
Quest Diagnostics		11,972		588
St. Jude Medical =		26,024		997
Stryker 6		22,118		1,095
Tenet Healthcare =		37,267		162
Thermo Fisher Scientific =		32,684		1,680
UnitedHealth Group		90,524		3,264
Varian Medical Systems =		9,838		622
Waters =		8,015		594
Watson Pharmaceuticals =		8,531		398
WellPoint =		31,844		1,730
Zimmer Holdings =		16,152		766

				97,715

Industrials – 10.2%
3M		56,788		4,783
Avery Dennison		8,795		320
Boeing		60,449		4,270
C.H. Robinson Worldwide 6		13,212		931
Caterpillar		49,994		3,929
Cintas 6		10,471		288
CSX		30,997		1,905
Cummins		15,975		1,407
Danaher		41,885		1,816
Deere & Company		33,833		2,598
Dover		13,819		734
Dun & Bradstreet 6		4,404		328
Eaton		12,616		1,121
Emerson Electric 6		59,982		3,293
Equifax		11,403		378
Expeditors International of Washington 6		16,955		837
Fastenal 6		11,293		581
FedEx		24,943		2,188
First Solar 6 =		4,291		591
Flowserve		4,465		447
Fluor		14,235		687
General Dynamics		30,720		2,093
General Electric		850,270		13,621
Goodrich		9,970		818
Honeywell International		61,019		2,875
Illinois Tool Works		31,407		1,435
Iron Mountain		15,595		340
ITT		14,613		690
Jacobs Engineering Group =		9,956		384
L-3 Communications Holdings		9,217		665
Lockheed Martin		24,165		1,723
Masco		28,566		305
Norfolk Southern		29,470		1,812
Northrop Grumman 6		23,987		1,516
Paccar 6		29,060		1,490
Pall		9,310		397
Parker Hannifin		12,824		982
Pitney Bowes 6		14,345		315
Precision Castparts		11,324		1,547
Quanta Services 6 =		16,798		330
R.R. Donnelley & Sons 6		19,619		362
Raytheon		30,238		1,393
Republic Services		25,848		770
Robert Half International		11,948		324
Rockwell Automation		11,356		708
Rockwell Collins		12,535		758
Roper Industries		6,892		479
Ryder System 6		4,220		185
Snap-On		4,605		235
Southwest Airlines		59,287		816
Stericycle 6 =		6,739		483
Textron 6		21,766		453
Tyco International		30,063		1,151
Union Pacific		40,307		3,534
United Parcel Service, Class B 6		78,881		5,312
United Technologies		74,309		5,555
W.W. Grainger		4,935		612
Waste Management		38,173		1,363

				91,263

Information Technology – 18.3%
Adobe Systems =		41,924		1,180
Advanced Micro Devices =		45,047		330
Agilent Technologies =		27,720		965
Akamai Technologies =		14,467		748
Altera		24,023		750
Amphenol, Class A 6		13,821		693
Analog Devices 6		23,730		799
Apple =		72,466		21,804
Applied Materials		106,976		1,322
Autodesk =		18,275		661
Automatic Data Processing		40,058		1,779
BMC Software =		14,457		657
Broadcom, Class A 6		34,394		1,401
CA		31,103		722
Cisco Systems =		454,832		10,384
Citrix Systems =		14,792		948
Cognizant Technology Solutions, Class A =		25,608		1,669
Computer Sciences		13,221		648
Compuware =		17,920		179
Corning		124,298		2,272
Dell 6 =		137,230		1,973
eBay =		90,555		2,699
Electronic Arts =		26,108		414
EMC 6 =		163,707		3,439
Fidelity National Information Services		10,191		276
Fiserv =		14,307		780
FLIR Systems 6 =		12,944		360

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

18 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Equity Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Google, Class A =		19,448	$	11,921
Harris		10,813		489
Hewlett-Packard		185,527		7,803
IBM		100,475		14,429
Intel		443,113		8,894
Intuit =		26,338		1,264
Jabil Circuit		15,430		237
JDS Uniphase 6 =		20,385		214
Juniper Networks 6 =		41,902		1,357
KLA-Tencor		13,539		484
Lexmark International, Class A =		6,251		238
Linear Technology		17,850		575
LSI Logic =		52,054		273
MasterCard, Class A		7,710		1,851
McAfee =		12,425		588
MEMC Electronic Materials =		18,111		232
Microchip Technology 6		14,776		475
Micron Technology 6 =		68,034		563
Microsoft		607,212		16,177
Molex 6		10,810		219
Monster Worldwide 6 =		10,044		181
Motorola =		185,088		1,508
National Semiconductor		18,151		249
NetApp =		27,447		1,462
Novell =		27,863		165
Novellus Systems 6 =		7,471		218
NVIDIA 6 =		45,570		548
Oracle		311,778		9,167
Paychex		25,760		714
QLogic 6 =		10,538		185
QUALCOMM		130,637		5,896
Red Hat =		13,987		591
SAIC =		23,302		362
Salesforce.com =		9,012		1,046
SanDisk =		18,315		688
Symantec =		63,622		1,029
Tellabs		30,682		209
Teradata =		14,349		565
Teradyne 6 =		14,355		161
Texas Instruments		97,337		2,878
Total System Services		10,682		167
VeriSign =		14,534		505
Visa, Class A 6		38,606		3,019
Western Digital =		18,251		584
Western Union		53,530		942
Xerox		109,825		1,285
Xilinx		21,809		585
Yahoo! 6 =		95,210		1,572

				164,616

Materials – 3.5%
Air Products & Chemicals		18,056		1,534
Airgas		6,647		471
AK Steel		8,752		110
Alcoa		81,313		1,068
Allegheny Technologies 6		7,847		413
Ball		7,354		474
Bemis		8,685		276
CF Industries Holdings		5,097		625
Cliffs Natural Resources 6		10,786		703
Dow Chemical		91,976		2,836
E.I. Du Pont de Nemours		72,157		3,411
Eastman Chemical		6,490		510
Ecolab		16,649		821
FMC		5,449		398
Freeport-McMoRan Copper & Gold		37,569		3,558
International Flavors & Fragrances 6		5,894		296
International Paper		34,770		878
MeadWestvaco		13,976		360
Monsanto		43,448		2,582
Newmont Mining		39,233		2,388
Nucor 6		25,096		959
Owens-Illinois =		13,137		368
Pactiv =		10,584		351
PPG Industries		13,246		1,016
Praxair		24,365		2,225
Sealed Air		12,700		294
Sigma-Aldrich		9,981		633
Titanium Metals 6 =		7,176		141
United States Steel		11,418		489
Vulcan Materials		10,169		371
Weyerhaeuser		41,173		668

				31,227

Telecommunication Services – 3.0%
American Tower, Class A =		32,145		1,659
AT&T		470,587		13,412
CenturyTel 6		23,925		990
Frontier Communications 6		78,912		693
MetroPCS Communications 6 =		22,513		234
Qwest Communications International 6		118,914		785
Sprint Nextel =		237,406		978
Verizon Communications		225,119		7,310
Windstream 6		38,474		487

				26,548

Utilities – 3.4%
AES =		60,189		719
Allegheny Energy		13,505		313
Ameren 6		19,213		557
American Electric Power		38,359		1,436
CenterPoint Energy		32,511		538
CMS Energy		18,309		337
Consolidated Edison 6		22,456		1,117
Constellation Energy Group		16,061		486
Dominion Resources		47,470		2,063
DTE Energy		14,569		681
Duke Energy 6		104,578		1,904
Edison International		25,947		957
Entergy		15,076		1,124
EQT		12,044		451
Exelon		52,608		2,147
FirstEnergy		24,277		882
Integrys Energy Group		6,479		345
NextEra Energy 6		33,025		1,818
Nicor		3,605		172
NiSource		24,709		428
Northeast Utilities		14,450		452
NRG Energy 6 =		19,462		387
ONEOK		3,934		196
Pepco Holdings 6		18,933		365
PG&E		29,653		1,418
Pinnacle West Capital		8,968		369
PPL		32,629		878
Progress Energy 6		22,871		1,029
Public Service Enterprise Group		40,293		1,303
SCANA		8,115		331
Sempra Energy		19,714		1,054
Southern		65,665		2,486
TECO Energy		18,857		332

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 19

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Equity Index Fund (continued)
DESCRIPTION	SHARES/PAR		FAIR VALUE >


Wisconsin Energy		9,316	$	555
Xcel Energy		36,599		873

				30,503

Total Common Stocks
(Cost $574,558)				853,708

Short-Term Investments – 4.9%
Money Market Fund – 4.2%
First American Prime Obligations Fund, Class Z
0.102% Å Ω		37,707,427		37,707

U.S. Treasury Obligation – 0.7%
U.S. Treasury Bill
0.169%, 11/04/2010 o	$	6,400		6,400

Total Short-Term Investments
(Cost $44,107)				44,107

Investment Purchased with Proceeds from Securities Lending – 15.2%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $136,238)		136,237,714		136,238

Total Investments 5 – 115.2%
(Cost $754,903)				1,034,053

Other Assets and Liabilities, Net – (15.2)%				(136,101	)

Total Net Assets – 100.0%			$	897,952


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

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $130,416 at October 31, 2010. 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 year ended October 31, 2010 were as follows:


	Beginning		Purchase		Sales		Ending		Dividend				Fair
Issuer	Cost		Cost		Cost		Cost		Income		Shares		Value

U.S. Bancorp	$	4,412	$	—	$	1,087	$	3,325	$	34		152,660	$	3,692


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 shown is the annualized seven-day effective yield as of October 31, 2010.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2010. 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, 2010, the cost of investments for federal income tax purposes was $770,441. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	352,832
Gross unrealized depreciation		(89,220	)

Net unrealized appreciation	$	263,612


REIT –	Real Estate Investment Trust

Equity Index Fund (concluded)

Schedule of Open Futures Contracts

Number of

Notional

Settlement

Contracts

Contract

Unrealized

Description

Month

Purchased

Value

Appreciation

S&P 500 Futures

December 2010

146

$43,059

3,113

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

20 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Mid Cap Index Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 95.6%
Consumer Discretionary – 13.4%
99 Cents Only Stores =		11,677	$	180
Aaron’s 6		19,299		364
Advance Auto Parts		21,058		1,368
Aeropostale = 6		23,102		563
American Eagle Outfitters		48,869		782
American Greetings, Class A		9,876		191
AnnTaylor Stores =		14,754		344
Bally Technologies =		13,480		486
Barnes & Noble 6		9,744		146
Bob Evans Farms		7,832		225
BorgWarner =		28,494		1,599
Boyd Gaming = 6		14,007		116
Brinker International 6		25,384		471
Career Education = 6		16,451		289
Cheesecake Factory =		14,868		433
Chico’s FAS		44,777		435
Chipotle Mexican Grill, Class A = 6		7,774		1,634
Coldwater Creek = 6		15,000		51
Collective Brands = 6		16,089		247
Corinthian Colleges = 6		22,040		115
Dick’s Sporting Goods =		21,763		627
Dollar Tree =		31,465		1,614
DreamWorks Animation, Class A = 6		17,893		632
Dress Barn =		17,273		396
Foot Locker		38,905		620
Fossil =		13,252		782
Gentex		34,976		699
Guess? 6		15,830		616
Hanesbrands =		23,907		593
Harte-Hanks		11,303		136
International Speedway, Class A		7,321		167
ITT Educational Services = 6		6,883		444
J. Crew Group = 6		15,929		510
John Wiley & Sons, Class A		11,517		497
KB HOME 6		18,043		190
Lamar Advertising, Class A = 6		14,299		486
Life Time Fitness = 6		10,463		378
LKQ =		35,775		778
M.D.C. Holdings		9,424		243
Matthews International, Class A		7,441		246
Mohawk Industries = 6		14,057		806
Netflix = 6		10,860		1,884
NVR = 6		1,451		910
Panera Bread, Class A = 6		7,657		685
PetSmart		29,655		1,110
Phillips-Van Heusen		16,573		1,017
Regis 6		14,383		294
Rent-A-Center 6		16,491		415
Ryland Group		11,023		165
Saks = 6		40,213		448
Scholastic		6,956		205
Scientific Games, Class A =		15,765		125
Service International 6		61,680		511
Sotheby’s Holdings, Class A 6		16,747		734
Strayer Education 6		3,471		485
Thor Industries		9,775		308
Timberland, Class A =		11,008		231
Toll Brothers = 6		36,066		647
Tractor Supply		18,143		718
Tupperware		15,768		707
Under Armour, Class A = 6		8,946		418
Warnaco Group =		11,133		591
Wendy’s/Arby’s Group, Class A		80,488		370
Williams-Sonoma 6		27,031		875
WMS Industries = 6		14,520		633

				35,985

Consumer Staples – 3.5%
Alberto-Culver		21,449		800
BJ’s Wholesale Club =		13,640		569
Church & Dwight		17,746		1,169
Corn Products International		18,808		800
Energizer Holdings =		17,539		1,312
Flowers Foods 6		17,953		457
Green Mountain Coffee Roasters = 6		28,795		950
Hansen Natural =		17,197		881
Lancaster Colony 6		4,842		241
Ralcorp Holdings =		13,721		851
Ruddick		10,192		356
Smithfield Foods = 6		41,488		695
Tootsie Roll Industries 6		5,762		151
Universal 6		5,936		246

				9,478

Energy – 6.0%
Arch Coal		40,604		998
Atwood Oceanics =		14,397		468
Bill Barrett =		11,488		434
Cimarex Energy		21,015		1,613
Comstock Resources =		11,824		264
Dril-Quip =		7,654		529
Exterran Holdings = 6		15,795		397
Forest Oil = 6		28,322		870
Frontier Oil		24,826		329
Helix Energy Solutions Group =		26,351		334
Mariner Energy =		25,774		642
Newfield Exploration =		33,390		1,991
Oceaneering International =		13,530		837
Overseas Shipholding Group 6		6,692		224
Patriot Coal = 6		20,007		270
Patterson-UTI Energy		38,523		748
Plains Exploration & Production =		35,011		976
Pride International =		43,896		1,331
Quicksilver Resources =		29,375		440
Southern Union		32,221		810
Superior Energy Services =		19,693		544
Tidewater		12,846		593
Unit =		9,923		389

				16,031

Financials – 18.9%
Affiliated Managers Group =		12,770		1,093
Alexandria Real Estate Equities – REIT 6		13,620		1,001
AMB Property – REIT		42,055		1,186
American Financial Group		19,775		605
Apollo Investment 6		48,596		534
Arthur J. Gallagher		26,290		740
Associated Banc 6		43,227		548
Astoria Financial		20,547		255
BancorpSouth 6		18,359		242
Bank of Hawaii 6		12,061		521
BRE Properties – REIT		16,001		687
Brown & Brown		28,582		637
Camden Property Trust – REIT		16,740		830
Cathay General Bancorp		19,622		267
City National 6		11,588		598
Commerce Bancshares		18,543		683
Corporate Office Properties Trust – REIT 6		14,817		526
Cousins Properties – REIT		25,651		190
Cullen/Frost Bankers		14,935		783
Duke Realty – REIT 6		62,868		784
Eaton Vance 6		29,522		849

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 21

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Mid Cap Index Fund (continued)
DESCRIPTION	SHARES			FAIR VALUE >


Equity One – REIT 6		10,402		$	195
Essex Property Trust – REIT 6		7,579			856
Everest Re Group		13,668			1,152
Federal Realty Investment Trust – REIT		15,349			1,258
Fidelity National Financial, Class A		56,924			762
First American Financial		26,025			365
First Niagara Financial Group 6		52,243			619
FirstMerit 6		27,186			467
Fulton Financial		49,679			464
Greenhill & Company 6		6,334			492
Hanover Insurance Group 6		12,064			546
HCC Insurance Holdings		28,790			762
Highwoods Properties – REIT 6		17,897			593
Hospitality Properties Trust – REIT 6		30,835			703
International Bancshares		13,231			227
Jefferies Group 6		30,892			739
Jones Lang LaSalle 6		10,656			832
Liberty Property Trust – REIT		28,426			951
Macerich – REIT		32,514			1,450
Mack-Cali Realty – REIT		19,842			666
Mercury General		8,900			378
MSCI, Class A =		29,439			1,055
Nationwide Health Properties – REIT		30,927			1,263
New York Community Bancorp 6		108,846			1,843
NewAlliance Bancshares		25,329			327
Old Republic International 6		64,675			854
OMEGA Healthcare Investors – REIT		23,685			545
PacWest Bancorp		7,859			137
Potlatch – REIT 6		9,994			340
Prosperity Bancshares 6		11,652			362
Protective Life		21,408			513
Raymond James Financial		24,891			702
Rayonier – REIT		20,057			1,047
Realty Income – REIT		27,461			941
Regency Centers – REIT 6		20,458			863
Reinsurance Group of America		18,310			917
SEI Investments		36,742			814
Senior Housing Properties Trust – REIT		31,841			761
SL Green Realty – REIT 6		19,547			1,285
StanCorp Financial Group		11,677			501
SVB Financial Group =		10,483			454
Synovus Financial 6		196,191			424
TCF Financial 6		31,667			417
Transatlantic Holdings		15,932			838
Trustmark 6		14,210			314
UDR – REIT		44,829			1,008
Unitrin		12,536			305
Valley National Bancorp 6		40,266			537
W.R. Berkley		29,859			822
Waddell & Reed Financial, Class A		21,354			621
Washington Federal		28,109			422
Webster Financial 6		16,474			282
Weingarten Realty Investors – REIT 6		30,086			726
Westamerica Bancorporation 6		7,283			364
Wilmington Trust 6		22,878			163

					50,803

Healthcare – 10.7%
Allscripts Healthcare Solutions =		40,977			782
Beckman Coulter		17,304			921
Bio-Rad Laboratories, Class A =		4,840			439
Charles River Laboratories International = 6		16,558			543
Community Health Systems =		23,589			710
Covance = 6		16,184			760
Edwards Lifesciences =		28,327			1,810
Endo Pharmaceuticals Holdings =		28,842			1,060
Gen-Probe =		11,939			578
Health Management Associates, Class A = 6		62,631			502
Health Net =		24,348			655
Henry Schein =		22,871			1,284
Hill-Rom Holdings		15,867			615
Hologic =		64,763			1,037
IDEXX Laboratories = 6		14,421			865
Immucor =		17,488			304
Kindred Healthcare =		9,866			135
Kinetic Concepts =		15,620			594
LifePoint Hospitals =		13,551			460
Lincare Holdings		24,513			643
Masimo		14,700			443
Medicis Pharmaceutical, Class A		15,037			447
MEDNAX =		11,906	��		705
Mettler-Toledo International =		8,349			1,090
Omnicare		29,530			712
Owens & Minor		15,829			451
Perrigo		20,623			1,359
Pharmaceutical Product Development		29,694			766
Psychiatric Solutions =		14,219			479
ResMed =		37,828			1,206
STERIS		14,740			504
Techne		9,157			558
Teleflex 6		9,979			556
Thoratec = 6		14,610			477
United Therapeutics =		12,414			745
Universal Health Services		24,294			1,003
VCA Antech =		21,485			444
Vertex Pharmaceuticals = 6		50,690			1,943
WellCare Health Plans = 6		10,620			295

					28,880

Industrials – 14.8%
Acuity Brands 6		10,882			545
AECOM Technology =		29,023			769
AGCO = 6		23,249			987
AirTran Holdings = 6		33,843			250
Alaska Air Group = 6		8,950			473
Alexander & Baldwin 6		10,289			354
Alliant Techsystems = 6		8,295			632
AMETEK		26,616			1,439
Baldor Electric		11,740			493
BE Aerospace = 6		25,564			940
Brinks		11,726			277
Bucyrus International 6		20,245			1,380
Carlisle Companies		15,239			534
Clean Harbors =		5,722			403
Con-way		13,605			449
Copart =		17,914			607
Corporate Executive Board		8,564			268
Corrections Corporation of America =		27,611			709
Crane		11,620			445
Deluxe		12,839			262
Donaldson		19,026			927
FTI Consulting = 6		12,269			435
Gardner Denver		13,071			756
GATX		11,570			366
Graco		15,056			518
Granite Construction 6		8,527			206
Harsco		20,110			466
Herman Miller 6		14,259			274
HNI 6		11,255			278
Hubbell, Class B		14,982			809
IDEX 6		20,358			734
J.B. Hunt Transport Services		22,187			798
JetBlue Airways = 6		50,343			351
Joy Global		25,809			1,831
Kansas City Southern =		25,629			1,123
KBR		39,053			992

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

22 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Kennametal		20,478	$	699
Kirby = 6		13,482		580
Korn/Ferry International =		11,567		204
Landstar System		12,455		469
Lennox International		11,738		481
Lincoln Electric Holdings		10,604		634
Manpower		20,551		1,125
Mine Safety Appliances		7,705		217
MSC Industrial Direct, Class A		11,131		634
Navigant Consulting =		12,521		115
Nordson		8,486		662
Oshkosh =		22,625		668
Pentair 6		24,667		807
Regal-Beloit		9,638		556
Rollins		10,592		276
Shaw Group =		21,105		645
SPX		12,492		838
Terex =		27,165		610
Thomas & Betts =		13,062		569
Timken		20,067		831
Towers Watson, Class A 6		11,313		582
Trinity Industries 6		19,930		453
United Rentals =		15,128		284
URS =		20,939		815
Valmont Industries		5,332		420
Waste Connections =		19,018		775
Watsco 6		6,964		390
Werner Enterprises 6		11,071		236
Westinghouse Air Brake Technologies		11,977		561
Woodward Governor		14,650		459

				39,675

Information Technology – 15.3%
ACI Worldwide =		8,147		199
Acxiom =		19,997		351
ADC Telecommunications =		24,248		308
ADTRAN		15,649		505
Advent Software =		3,689		198
Alliance Data Systems = 6		13,153		799
ANSYS =		22,716		1,028
AOL =		26,518		708
Arrow Electronics =		29,443		872
Atmel =		115,340		1,022
Avnet =		37,947		1,130
Broadridge Financial Solutions		30,531		672
Cadence Design Systems =		66,536		564
Ciena = 6		23,385		325
CommScope =		23,671		749
Convergys =		31,007		351
CoreLogic		26,519		466
Cree = 6		27,006		1,385
Diebold 6		16,416		503
Digital River =		9,907		369
DST Systems 6		8,470		367
Equinix = 6		11,393		960
F5 Networks =		20,109		2,367
FactSet Research Systems 6		11,578		1,016
Fair Isaac 6		10,991		264
Fairchild Semiconductor International =		31,169		351
Gartner, Class A = 6		18,103		574
Global Payments		19,921		776
Informatica = 6		23,127		941
Ingram Micro, Class A =		39,234		693
Integrated Device Technology =		39,627		233
International Rectifier = 6		16,891		392
Intersil, Class A 6		30,944		405
Itron =		10,090		613
Jack Henry & Associates		21,430		582
Lam Research = 6		31,031		1,421
Lender Processing Services		23,260		671
ManTech International =		5,619		220
Mentor Graphics =		27,319		295
MICROS Systems =		20,019		909
National Instruments		14,691		511
NCR =		40,111		550
NeuStar, Class A =		18,750		484
Parametric Technology =		28,828		619
Plantronics		11,914		428
Polycom =		21,310		720
Quest Software =		15,344		402
Rackspace Hosting = 6		24,046		600
RF Micro Devices =		68,215		497
Riverbed Technology = 6		17,766		1,022
Rovi = 6		25,779		1,306
Semtech = 6		15,520		332
Silicon Laboratories = 6		11,153		445
Skyworks Solutions = 6		44,642		1,023
Solera Holdings		17,509		841
SRA International, Class A =		11,133		223
Synopsys =		37,104		949
Tech Data =		11,662		501
TIBCO Software =		40,967		787
Trimble Navigation =		29,780		1,067
ValueClick =		20,671		284
Vishay Intertechnology =		46,645		527
Zebra Technologies, Class A =		14,166		507

				41,179

Materials – 6.3%
Albemarle		22,816		1,144
AptarGroup		16,849		756
Ashland		19,675		1,016
Cabot Microelectronics		16,327		555
Carpenter Technology 6		10,416		371
Commercial Metals		28,565		396
Cytec Industries		12,260		607
Greif, Class A		8,113		477
Intrepid Potash = 6		11,073		380
Louisiana-Pacific =		32,291		250
Lubrizol		16,868		1,729
Martin Marietta Materials 6		11,376		916
Minerals Technologies		4,640		272
NewMarket		2,785		330
Olin		19,792		396
Packaging Corporation of America		25,896		633
Reliance Steel & Aluminum		18,559		777
Rock-Tenn, Class A		9,735		553
RPM International		32,494		673
Scotts Miracle-Gro, Class A		11,150		595
Sensient Technologies		12,336		399
Silgan Holdings		13,414		453
Sonoco Products		25,156		843
Steel Dynamics		54,190		787
Temple-Inland		26,932		558
Valspar		24,609		790
Worthington Industries 6		14,509		223

				16,879

Telecommunication Services – 0.8%
Cincinnati Bell =		53,463		131
Syniverse Holdings =		17,339		528
Telephone & Data Systems		22,675		790
tw telecom =		37,879		697

				2,146

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 23

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Mid Cap Index Fund (continued)
DESCRIPTION	SHARES/PAR		FAIR VALUE >


Utilities – 5.9%
AGL Resources		19,475	$	765
Alliant Energy		27,855		1,018
Aqua America 6		34,302		738
Atmos Energy		21,886		644
Black Hills		9,797		312
Cleco		15,177		475
DPL		29,724		776
Dynegy =		25,629		119
Energen		17,962		802
Great Plains Energy		35,129		668
Hawaiian Electric Industries		23,411		528
IDACORP		12,041		443
MDU Resources Group		47,024		937
National Fuel Gas		20,484		1,130
NSTAR 6		25,887		1,080
NV Energy		58,756		803
OGE Energy		23,162		1,023
PNM Resources		21,661		255
Questar		43,873		744
UGI		27,476		827
Vectren		20,331		557
Westar Energy 6		27,688		700
WGL Holdings		12,401		478

				15,822

Total Common Stocks
(Cost $216,548)				256,878

Warrant – 0.0%
Krispy Kreme Doughnuts =
(Cost $0)		1,473		—

Short-Term Investments – 4.3%
Money Market Fund – 3.4%
First American Prime Obligations Fund, Class Z
0.102% Å Ω		9,201,220		9,201

U.S. Treasury Obligation – 0.9%
U.S. Treasury Bill
0.185%, 11/04/2010 o	$	2,320		2,320

Total Short-Term Investments
(Cost $11,521)				11,521

Investment Purchased with Proceeds from Securities Lending – 22.8%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $61,127)		61,126,730		61,127

Total Investments 5 – 122.7%
(Cost $289,196)				329,526

Other Assets and Liabilities, Net – (22.7)%				(60,927	)

Total Net Assets – 100.0%			$	268,599


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

=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $58,844 at October 31, 2010. 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 shown is the annualized seven-day effective yield as of October 31, 2010.

Mid Cap Index Fund (concluded)


o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2010. 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, 2010, the cost of investments for federal income tax purposes was $290,639. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	64,519
Gross unrealized depreciation		(25,632	)

Net unrealized appreciation	$	38,887


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts

Number of

Notional

Settlement

Contracts

Contract

Unrealized

Description

Month

Purchased

Value

Appreciation

S&P Mid Cap 400 E-Mini Futures

December 2010

138

$11,420

853

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

24 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Small Cap Index Fund
DESCRIPTION	SHARES		FAIR VALUE >


Common Stocks – 94.9%
Consumer Discretionary – 13.1%
1-800-Flowers.com, Class A =		1,466	$	3
99 Cents Only Stores =		2,727		42
AFC Enterprises =		1,504		19
AH Belo, Class A =		1,068		8
Ambassadors Group		1,074		12
American Apparel = 6		1,970		2
American Axle & Manufacturing Holdings =		3,562		33
American Greetings, Class A		2,387		46
American Public Education =		1,107		31
America’s Car-Mart =		583		16
Amerigon =		1,317		14
Ameristar Casinos		1,561		28
AnnTaylor Stores =		3,513		82
Arbitron		1,587		40
Arctic Cat =		720		10
ArvinMeritor = 6		5,606		93
Asbury Automotive Group =		1,723		25
Ascent Media =		859		23
Audiovox =		1,015		7
Ballantyne Strong =		841		7
Barnes & Noble 6		2,288		34
Beasley Broadcast Group =		261		1
Beazer Homes USA = 6		4,433		18
Bebe Stores		1,941		13
Belo, Class A =		5,411		31
Big 5 Sporting Goods		1,341		18
Biglari Holdings =		83		28
BJ’s Restaurants = 6		1,195		40
Blue Nile = 6		776		33
Bluegreen =		713		2
Blyth		340		14
Bob Evans Farms		1,803		52
Bon-Ton Stores =		697		8
Books-A-Million		429		3
Borders Group =		3,519		4
Boyd Gaming = 6		3,200		27
Bridgepoint Education = 6		1,157		16
Brookfield Homes =		523		4
Brown Shoe		2,480		29
Brunswick 6		5,254		83
Buckle 6		1,554		45
Buffalo Wild Wings = 6		1,097		52
Build-A-Bear Workshop = 6		1,026		7
Cabela’s = 6		2,434		45
California Pizza Kitchen = 6		1,176		19
Callaway Golf		3,854		26
Cambium Learning Group =		984		3
Capella Education = 6		996		55
Caribou Coffee = 6		417		4
Carmike Cinemas = 6		670		5
Carrols Restaurant Group =		688		5
Carters =		3,406		85
Casual Male Retail Group =		2,473		11
Cato, Class A		1,621		43
Cavco Industries =		350		11
CEC Entertainment =		1,304		43
Charming Shoppes =		7,038		25
Cheesecake Factory = 6		3,664		107
Cherokee		464		9
Children’s Place Retail Stores =		1,646		73
Christopher & Banks		2,187		13
Churchill Downs		665		24
Cinemark Holdings		3,378		59
Citi Trends =		896		19
CKX =		3,542		14
Coinstar = 6		1,840		106
Coldwater Creek = 6		3,334		11
Collective Brands = 6		3,906		60
Columbia Sportswear 6		690		36
Conn’s = 6		574		3
Cooper Tire & Rubber		3,596		70
Core-Mark Holding = 6		548		18
Corinthian Colleges = 6		5,230		27
CPI		306		8
Cracker Barrel Old Country Store		1,379		74
Crocs = 6		5,110		71
Crown Media Holdings, Class A = 6		1,579		5
CSS Industries		430		7
Culp =		525		5
Cumulus Media, Class A =		1,293		4
Dana Holding = 6		8,398		119
Deckers Outdoor =		2,298		133
Delta Apparel =		355		5
Denny’s =		5,888		19
Destination Maternity =		287		10
Dex One =		2,969		21
Dillard’s, Class A		2,572		66
DineEquity = 6		1,073		48
Dolan Media =		1,827		20
Domino’s Pizza =		2,213		33
Dorman Products =		692		25
Dress Barn = 6		3,421		78
Drew Industries =		1,146		24
Drugstore.com =		5,507		9
DSW = 6		749		25
E.W. Scripps, Class A =		1,746		15
Eastman Kodak = 6		15,944		75
Einstein Noah Restaurant Group =		331		4
Empire Resorts =		1,504		1
Entercom Communications =		1,396		12
Entravision Communications =		2,884		6
Ethan Allen Interiors		1,442		22
Exide Technologies =		4,486		26
Express = 6		949		13
Finish Line, Class A		3,017		46
Fisher Communications =		377		7
Fred’s		2,322		28
Fuel Systems Solutions =		835		34
Furniture Brands International =		2,621		13
Gaiam, Class A		1,045		7
Gaylord Entertainment = 6		2,057		69
Genesco =		1,383		45
G-iii Apparel Group = 6		914		24
Global Sources = 6		982		7
Grand Canyon Education = 6		1,838		35
Gray Television =		2,875		6
Group 1 Automotive = 6		1,467		52
Gymboree = 6		1,689		110
Harte-Hanks		2,134		26
Haverty Furniture		1,044		11
Hawk =		334		17
Helen of Troy =		1,769		45
hhgregg = 6		726		17
Hibbett Sports = 6		1,696		46
Hooker Furniture		657		7
Hot Topic		2,684		15
Hovnanian Enterprises, Class A = 6		3,162		11
HSN =		2,305		69

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 25

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Iconix Brand Group = 6		4,349	$	76
Interval Leisure Group =		2,413		35
iRobot = 6		1,185		25
Isle of Capri Casinos =		918		7
Jack in the Box =		3,266		76
JAKKS Pacific = 6		1,703		32
Jamba =		3,528		8
Jo-Ann Stores =		1,612		70
Joe’s Jeans = 6		2,519		4
Johnson Outdoors =		258		4
Jones Group		5,207		75
Jos. A. Bank Clothiers = 6		1,633		71
Journal Communications, Class A =		2,456		11
K12 =		1,440		40
Kenneth Cole Productions =		537		7
Kid Brands =		745		7
Kirkland’s = 6		993		13
Knology =		1,812		26
Krispy Kreme Doughnuts =		3,554		20
K-Swiss, Class A =		1,479		18
Lacrosse Footwear		278		4
La-Z-Boy = 6		3,139		24
LeapFrog Enterprises =		2,041		11
Learning Tree International		485		5
Lee Enterprises =		2,662		5
Libbey =		959		13
Life Time Fitness = 6		2,456		89
Lifetime Brands = 6		549		7
Lin TV, Class A =		1,706		7
Lincoln Educational Services =		976		12
Lions Gate Entertainment =		4,031		29
Lithia Motors		1,255		14
Live Nation =		8,349		79
Liz Claiborne = 6		5,665		35
LodgeNet Interactive =		1,487		4
Lumber Liquidators Holdings = 6		1,320		32
M/I Homes =		1,067		11
Mac-Gray		698		8
Maidenform Brands =		1,360		36
Marcus		1,177		15
Marine Products =		704		4
MarineMax =		1,309		10
Martha Stewart Living = 6		1,615		7
Matthews International, Class A		1,846		61
McClatchy = 6		3,537		10
McCormick & Schmick’s Seafood Restaurants = 6		905		8
Media General, Class A =		1,307		7
Mediacom Communications =		2,582		18
Men’s Wearhouse		3,124		76
Meritage Homes =		1,910		35
Midas =		855		6
Modine Manufacturing =		2,855		39
Monarch Casino & Resort =		703		8
Monro Muffler Brake 6		1,177		56
Morgans Hotel Group =		1,523		12
Movado Group =		987		11
Multimedia Games =		1,625		6
National American Universal Holdings		463		3
National Cinemedia		2,825		52
National Presto Industries		292		33
New York & Company =		1,324		4
Nexstar Broadcasting Group =		635		4
NutriSystem 6		1,872		36
O’Charleys =		1,013		8
OfficeMax =		5,034		89
Orbitz Worldwide =		1,171		8
Orient-Express Hotels, Class A =		5,275		67
Outdoor Channel Holdings =		886		5
Overstock.com = 6		955		13
Oxford Industries		833		19
P.F. Chang’s China Bistro 6		1,406		65
Pacific Sunwear of California = 6		3,821		23
Papa John’s International = 6		1,271		33
Peet’s Coffee & Tea = 6		696		27
Penske Automotive Group =		2,624		35
Pep Boys		2,969		35
Perry Ellis International = 6		687		15
PetMed Express 6		1,380		21
Pier 1 Imports = 6		6,204		54
Pinnacle Entertainment =		3,662		47
Playboy Enterprises, Class B =		1,374		7
Polaris Industries 6		1,849		131
Pool 6		2,949		59
Pre-Paid Legal Services = 6		482		29
Primedia		991		4
Princeton Review =		1,107		2
Quiksilver =		7,811		33
R.G. Barry		502		5
Radio One =		1,860		2
RC2 = 6		1,303		27
ReachLocal = 6		285		5
Red Lion Hotels =		811		6
Red Robin Gourmet Burgers =		947		19
Regis 6		3,483		71
Rent-A-Center		3,905		98
Rentrak =		575		16
Retail Ventures =		1,370		19
Ruby Tuesday = 6		3,953		48
Rue21 = 6		871		23
Ruth’s Hospitality Group =		1,689		8
Ryland Group 6		2,624		39
Saks = 6		7,694		86
Sally Beauty Holdings = 6		5,729		70
Scientific Games, Class A =		3,859		30
Sealy = 6		2,753		7
Select Comfort = 6		3,242		27
Shiloh Industries =		309		3
Shoe Carnival =		516		12
Shuffle Master = 6		3,271		31
Shutterfly = 6		1,594		48
Sinclair Broadcast Group, Class A =		2,843		23
Skechers U.S.A., Class A = 6		2,021		39
Skyline		389		7
Smith & Wesson = 6		3,546		13
Sonic =		3,703		33
Sonic Automotive, Class A =		2,366		26
Sotheby’s Holdings, Class A 6		3,978		174
Spartan Motors		1,978		10
Speedway Motorsports		791		12
Stage Stores		2,314		31
Standard Motor Products		1,163		12
Standard-Pacific =		6,344		23
Stein Mart =		1,558		15
Steiner Leisure =		920		36
Steinway Musical Instruments =		337		6
Steven Madden =		1,492		63
Stewart Enterprises, Class A		4,830		27
Stoneridge =		918		10
Sturm, Ruger & Company 6		1,161		18

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

26 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Summer Infant =		640	$	5
Superior Industries International		1,409		25
Supermedia =		760		5
Systemax		607		8
Talbots = 6		4,166		41
Tenneco =		3,595		117
Texas Roadhouse = 6		3,050		47
Timberland, Class A =		2,477		52
True Religion Apparel = 6		1,552		32
Tuesday Morning =		1,760		8
U.S. Auto Parts Network =		601		5
ULTA =		1,864		57
Under Armour, Class A = 6		2,020		94
Unifi =		2,449		12
UniFirst		835		38
Universal Electronics =		822		17
Universal Technical Institute		1,187		23
Vail Resorts = 6		2,151		87
Valassis Communications =		2,932		97
Value Line 6		78		1
Vitacost.com =		852		5
Vitamin Shoppe = 6		946		26
Volcom = 6		1,151		20
Warnaco Group = 6		2,635		140
Warner Music Group = 6		2,654		14
West Marine =		871		9
Westwood One = 6		312		3
Wet Seal, Class A =		5,912		21
Weyco Group		424		11
Winmark		142		5
Winnebago Industries =		1,774		18
Wolverine World Wide		2,943		86
World Wrestling Entertainment 6		1,243		17
Zumiez = 6		1,151		30

				8,716

Consumer Staples – 2.8%
Alico		212		5
Alliance One International =		5,484		24
Andersons		1,110		44
Arden Group, Class A		40		3
B & G Foods		2,821		35
Boston Beer, Class A =		457		33
Bridgford Foods		105		1
Calavo Growers		562		12
Cal-Maine Foods 6		761		22
Casey’s General Stores		2,289		95
Cellu Tissue Holdings =		492		6
Central Garden & Pet, Class A =		3,360		35
Chiquita Brands International =		2,716		36
Coca-Cola Bottling		276		15
Darling International =		5,014		50
Diamond Foods 6		1,295		57
Dole Food = 6		2,131		20
Elizabeth Arden =		1,378		28
Farmer Brothers		339		6
Fresh Del Monte Produce =		2,354		52
Great Atlantic & Pacific Tea = 6		1,990		7
Griffin Land & Nurseries		186		5
Hain Celestial Group = 6		2,430		60
Harbinger Group =		551		3
Heckmann =		4,879		20
Imperial Sugar		698		9
Ingles Markets, Class A		775		14
Inter Parfums		761		13
J&J Snack Foods		802		34
John B. Sanflippo & Son =		469		6
Lancaster Colony 6		1,148		57
Lance		1,534		35
Lifeway Foods =		263		3
Limoneira 6		481		10
Medifast = 6		791		19
MGP Ingredients		651		6
Nash-Finch		746		31
National Beverage 6		528		8
Natures Sunshine Product = 6		451		4
Nu Skin Enterprises, Class A		2,901		89
Nutraceutical International =		664		11
Oil-Dri Corporation of America		313		7
Pantry =		1,371		27
Pilgrims Pride = 6		2,886		18
Prestige Brand Holdings =		2,483		27
PriceSmart		974		29
Revlon = 6		634		7
Rite Aid = 6		33,082		30
Ruddick		2,447		85
Sanderson Farms		1,239		52
Schiff Nutrition International		523		4
Seneca Foods = 6		454		10
Smart Balance = 6		3,643		13
Spartan Stores 6		1,354		20
Spectrum Brands Holdings =		1,080		31
Star Scientific = 6		5,723		11
Susser Holdings =		421		6
Synutra International = 6		1,097		12
The Female Health		1,058		6
Tootsie Roll Industries 6		1,427		37
TreeHouse Foods = 6		1,923		90
United Natural Foods =		2,563		92
Universal 6		1,425		59
USANA Health Sciences =		358		16
Vector Group 6		2,410		45
Village Super Market		371		11
WD-40 Company		962		35
Weis Markets		618		24
Winn Dixie Stores =		3,322		22

				1,849

Energy – 5.3%
Abraxas Petroleum =		3,991		12
Allis Chalmers Energy =		2,214		11
Alon USA Energy 6		454		3
American Oil & Gas = 6		2,982		26
Apco Oil & Gas International		557		21
Approach Resources =		732		11
ATP Oil & Gas = 6		2,640		38
Basic Energy Services =		1,377		15
Berry Petroleum, Class A 6		3,068		105
Bill Barrett =		2,723		103
BPZ Energy = 6		5,644		21
Brigham Exploration =		6,907		146
Bristow Group =		2,124		82
Cal Dive International =		5,591		28
Callon Petroleum = 6		1,706		8
Camac Energy = 6		2,828		7
Carbo Ceramics 6		1,158		97
Carrizo Oil & Gas =		1,846		44
Cheniere Energy = 6		3,296		11
Clayton Williams Energy =		358		21
Clean Energy Fuels = 6		2,333		34
Cloud Peak Energy =		1,852		32
Complete Production Services =		4,614		108

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 27

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Contango Oil & Gas Company =		727	$	38
Contango ORE = ⊡		73		—
Crosstex Energy = 6		2,215		18
CVR Energy =		1,348		13
Dawson Geophysical =		474		12
Delek US Holdings 6		731		5
Delta Petroleum = 6		10,847		8
DHT Maritime		3,026		13
Dril-Quip = 6		2,015		139
Endeavour International = 6		8,368		12
Energy Partners =		1,717		19
Energy XXI = 6		3,005		65
Evolution Petroleum =		876		5
FX Energy =		2,469		12
Gastar Exploration =		2,588		10
General Maritime 6		4,177		16
Georesources = 6		770		13
Global Geophysical Services =		445		3
Global Industries =		6,083		35
GMX Resources = 6		1,880		8
Golar LNG		2,055		27
Goodrich Petroleum =		1,493		20
Green Plains Renewable Energy = 6		951		11
Gulf Island Fabrication		849		19
Gulfmark Offshore, Class A =		1,311		39
Gulfport Energy =		1,536		26
Hallador Energy Company 6		225		3
Harvest Natural Resources = 6		1,993		25
Helix Energy Solutions Group =		6,205		79
Hercules Offshore =		6,992		16
Hornbeck Offshore Services = 6		1,348		30
Houston American Energy 6		1,070		15
International Coal Group = 6		7,788		44
Ion Geophysical =		7,762		38
Isramco =		65		4
James River Coal = 6		1,684		29
Key Energy Services =		7,536		74
Knightsbridge Tankers		994		22
Kodiak Oil & Gas = 6		9,227		38
L & L Energy = 6		980		8
Lufkin Industries 6		1,724		84
Magnum Hunter Resources =		3,123		15
Matrix Service =		1,512		14
McMoRan Exploration = 6		4,928		83
Miller Petroleum =		1,070		6
Natural Gas Services Group =		709		11
Newpark Resources =		5,275		31
Nordic American Tanker Shipping 6		2,573		67
Northern Oil & Gas =		2,620		52
Oasis Petroleum = 6		2,478		53
Overseas Shipholding Group		1,517		51
OYO Geospace =		247		15
Panhandle Oil And Gas		398		10
Parker Drilling =		7,077		30
Patriot Coal = 6		4,638		63
Penn Virginia		2,697		40
Petroleum Development = 6		1,173		37
PetroQuest Energy =		3,243		18
PHI =		793		14
Pioneer Drilling =		3,212		20
RAM Energy Resources =		3,292		5
Rentech = 6		12,797		15
Resolute Energy =		2,254		27
Rex Energy =		1,903		23
Rex Stores =		493		8
Rosetta Resources =		3,188		76
RPC		1,869		41
Scorpio Tankers =		769		9
Seahawk Drilling =		636		6
Ship Finance International 6		2,653		53
Stone Energy =		2,516		39
Swift Energy = 6		2,281		73
Syntroleum =		3,848		7
T-3 Energy Services =		767		26
Teekay Tankers, Class A 6		1,605		19
Tesco =		1,791		23
TETRA Technologies =		4,589		45
Transatlantic Petroleum =		8,739		27
Union Drilling =		761		3
Uranium Energy = 6		3,595		14
USEC = 6		6,851		37
Vaalco Energy =		3,605		21
Vantage Drilling = 6		7,380		13
Venoco = 6		1,187		18
W&T Offshore 6		2,071		23
Warren Resources = 6		4,309		18
Western Refining = 6		2,483		16
Willbros Group =		2,814		25
World Fuel Services		3,489		98

				3,517

Financials – 19.8%
1st Source		834		15
1st United Bancorp =		1,301		8
Abington Bancorp		1,325		14
Acadia Realty Trust – REIT		2,418		46
Advance America Cash Advance Centers		3,263		16
Agree Realty – REIT		516		13
Alexander’s – REIT 6		132		50
Alliance Financial		251		8
Alterra Capital Holdings 6		5,717		115
Ambac Financial Group = 6		17,524		15
American Campus Communities – REIT 6		3,859		122
American Capital =		20,403		142
American Capital Agency – REIT		2,498		72
American Equity Investment Life Holding 6		3,463		38
American National Bankshares		372		8
American Physicians Service Group		388		13
American Safety Insurance Holdings =		576		11
Ameris Bancorp = 6		1,418		13
Amerisafe =		1,150		22
Ames National 6		349		7
Amtrust Financial Services		1,386		21
Anworth Mortgage Asset – REIT		6,976		49
Apollo Commercial Real Estate Finance – REIT		1,040		17
Apollo Investment 6		11,503		126
Argo Group International Holdings		1,853		64
Arlington Asset Investment, Class A		400		9
Arrow Financial		532		13
Artio Global Investments		1,672		26
Ashford Hospitality Trust – REIT =		2,409		24
Asset Acceptance Capital =		966		6
Associated Estates Realty – REIT		2,449		34
Asta Funding		627		5
Astoria Financial 6		5,124		64
Avatar Holdings =		475		9
Baldwin & Lyons, Class B		402		10
BancFirst		411		17
Banco Latinoamericano de Exportaciones		1,670		26
Bancorp Bank =		1,208		9
Bancorp Rhode Island		222		6

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

28 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Bank Mutual		3,041	$	15
Bank of Marin Bancorp 6		316		11
Bank of the Ozarks 6		794		30
BankFinancial		1,099		10
Beneficial Mutual Bancorp =		1,775		13
Berkshire Hills Bancorp		836		16
BGC Partners, Class A		3,385		23
BioMed Realty Trust – REIT		7,745		142
Blackrock Kelso Capital		3,878		45
BofI Holding = 6		418		5
Boston Private Financial Holdings		4,134		24
Bridge Bancorp		379		9
Brookline Bancorp		3,346		33
Bryn Mawr Bank		373		6
Calamos Asset Management, Class A 6		1,416		17
California First National Bancorp		112		1
Camden National		465		16
Capital City Bank Group		662		8
Capital Southwest		178		17
CapLease – REIT		3,455		20
Capstead Mortgage – REIT		3,873		44
Cardinal Financial		1,642		16
Cardtronics =		1,600		27
Cash America International		1,754		62
Cathay General Bancorp 6		4,756		65
CBL & Associates Properties – REIT 6		8,193		128
Cedar Shopping Centers – REIT		3,240		20
Center Financial = 6		2,107		11
Centerstate Banks of Florida		1,121		8
Century Bancorp		215		5
Chatham Lodging Trust – REIT		510		9
Chemical Financial		1,312		27
Chesapeake Lodging Trust – REIT		887		16
Citizens = 6		2,297		16
Citizens & Northern 6		717		10
Citizens Banking =		23,787		16
City Holdings 6		936		30
Clifton Savings Bancorp		589		5
CNA Surety =		1,001		19
CNB Financial		722		10
CNO Financial Group = 6		13,341		73
CoBiz Financial 6		1,784		9
Cogdell Spencer – REIT		2,552		17
Cohen & Steers 6		1,049		26
Colonial Properties Trust – REIT		4,158		75
Colony Financial – REIT		870		16
Columbia Banking System		2,360		43
Community Bank System 6		1,991		47
Community Trust Bancorp		871		24
Compass Diversified Trust		1,964		33
CompuCredit Holdings 6		641		4
Consolidated-Tomoka Land		330		9
Cousins Properties – REIT 6		5,348		40
Cowen Group =		2,149		8
Crawford & Company =		1,307		3
Credit Acceptance =		295		17
CreXus Investment – REIT		823		10
CVB Financial 6		5,177		39
Cypress Sharpridge Investments – REIT		1,873		24
Danvers Bancorp		967		15
DCT Industrial Trust – REIT		12,347		62
Delphi Financial Group, Class A 6		2,820		76
Diamond Hill Investment Group 6		143		11
DiamondRock Hospitality – REIT 6		9,158		97
Dime Community Bancshares 6		1,574		23
Dollar Financial = 6		1,410		35
Donegal Group, Class A		937		13
Doral Financial =		1,118		2
Duff & Phelps, Class A		1,618		23
DuPont Fabros Technology – REIT		2,431		61
Dynex Capital – REIT		1,211		13
Eagle Bancorp =		913		11
EastGroup Properties – REIT		1,448		59
Education Realty Trust – REIT		3,421		26
eHealth = 6		1,461		20
EMC Insurance Group		349		7
Employers Holdings		2,536		41
Encore Bancshares = 6		477		4
Encore Capital Group =		827		17
Enstar Group =		407		33
Enterprise Financial Services		882		9
Entertainment Properties Trust – REIT 6		2,792		129
Epoch Holdings		774		10
Equity Lifestyle Properties – REIT		1,541		88
Equity One – REIT 6		2,278		43
ESB Financial 6		560		8
Essa Bancorp		921		12
Evercore Partners, Class A 6		929		28
Excel Trust – REIT		889		10
Extra Space Storage – REIT		5,268		85
EZCORP, Class A =		2,633		57
F.N.B.		6,873		58
FBL Financial Group, Class A		927		24
FBR Capital Markets =		3,120		11
Federal Agricultural Mortgage, Class C 6		572		7
FelCor Lodging Trust – REIT =		5,758		35
Fifth Street Finance 6		3,232		38
Financial Engines =		766		11
Financial Institutions 6		638		12
First American Financial		6,167		87
First Bancorp		532		7
First Bancorp – North Carolina		836		11
First Bancorp of Puerto Rico = 6		4,898		1
First Busey		3,104		14
First Cash Financial Services =		1,787		52
First Commonwealth Financial		5,188		30
First Community Bancshares		849		11
First Financial		709		21
First Financial Bancorp		3,503		59
First Financial Bankshares 6		1,269		60
First Financial Holdings		970		10
First Industrial Realty Trust – REIT = 6		3,755		28
First Interstate Bancsystem		737		10
First Marblehead =		3,286		7
First Merchants		1,514		13
First Mercury Financial		819		13
First Midwest Bancorp 6		4,463		48
First of Long Island		329		8
First Potomac Realty Trust – REIT		2,285		38
First South Bancorp		443		4
FirstMerit		6,395		110
Flagstar Bancorp = 6		2,783		4
Flagstone Reinsurance Holdings		2,792		30
Flushing Financial 6		1,836		24
Forestar Real Estate Group =		2,186		37
Fox Chase Bancorp =		368		4
FPIC Insurance Group =		580		21
Franklin Street Properties – REIT		4,072		54
GAMCO Investors		441		19
German American Bancorp 6		675		11

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 29

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Gerova Financial Group = 6		395	$	2
Getty Realty – REIT		1,252		36
GFI Group		4,116		20
Glacier Bancorp		3,966		52
Gladstone Capital		1,286		15
Gladstone Commercial – REIT		523		10
Gladstone Investment		1,347		10
Gleacher =		4,618		10
Glimcher Realty Trust – REIT		5,044		38
Global Indemnity =		817		14
Golub Capital BDC		440		7
Government Properties Income Trust – REIT		1,263		34
Great Southern Bancorp 6		612		14
Greene County Bancshares = 6		702		3
Greenlight Capital = 6		1,625		46
Hallmark Financial Services =		690		6
Hancock Holding		1,725		54
Hanmi Financial = 6		6,075		7
Harleysville Group		688		24
Harris & Harris Group =		1,831		8
Hatteras Financial – REIT 6		2,374		70
Healthcare Realty Trust – REIT		3,420		83
Heartland Financial USA 6		895		14
Hercules Technology Growth Capital		2,155		22
Heritage Financial =		560		8
Heritage Financial Group		129		1
Hersha Hospitality Trust – REIT		7,970		49
HFF =		1,132		11
Highwoods Properties – REIT 6		4,319		143
Hilltop Holdings =		2,401		24
Home Bancorp =		545		7
Home Bancshares		1,173		24
Home Federal Bancorp		1,019		12
Home Properties – REIT 6		2,089		114
Horace Mann Educators		2,655		50
Hudson Pacific Properties – REIT		873		14
Hudson Valley Holding		706		14
IBERIABANK		1,616		84
Independent Bank 6		1,275		30
Infinity Property & Casualty		831		43
Inland Real Estate – REIT		4,287		37
International Assets Holding =		765		17
International Bancshares 6		3,179		54
Invesco Mortgage Capital – REIT		2,360		51
Investment Technology Group =		2,586		37
Investors Bancorp =		2,905		35
Investors Real Estate Trust – REIT 6		4,452		39
iStar Financial – REIT =		5,542		25
JMP Group		893		6
K Fed Bancorp 6		245		2
Kansas City Life Insurance		248		8
KBW 6		2,125		54
Kearny Financial		899		8
Kennedy-Wilson Holdings – REIT = 6		1,232		13
Kilroy Realty – REIT		3,223		110
Kite Realty Group Trust – REIT		3,219		15
Knight Capital Group, Class A = 6		5,669		74
LaBranche =		2,027		7
Ladenburg Thalman Financial Services =		5,412		6
Lakeland Bancorp 6		1,430		13
Lakeland Financial		890		17
LaSalle Hotel Properties – REIT 6		4,217		100
Lexington Corporate Properties Trust – REIT		5,879		46
Life Partners Holdings 6		403		7
LTC Properties – REIT		1,413		39
Maiden Holdings		2,858		22
Main Street Capital		735		12
MainSource Financial Group		1,125		9
MarketAxess Holdings		1,935		35
Marlin Business Services =		509		6
MB Financial		3,029		45
MCG Capital		4,432		28
Meadowbrook Insurance Group		3,503		30
Medallion Financial		806		6
Medical Properties Trust – REIT		6,720		75
Merchants Bancshares		291		8
Meridian Interstate Bancorp =		580		6
Metro Bancorp =		801		8
MF Global Holdings =		6,226		49
MFA Financial – REIT		17,094		135
MGIC Investment = 6		11,895		105
Mid-America Apartment Communities – REIT		1,721		105
Midsouth Bancorp 6		396		5
MidWestOne Financial Group		410		6
Mission West Properties – REIT		1,056		7
Monmouth Real Estate Investment, Class A – REIT		1,577		13
Montpelier Holdings		4,271		78
MPG Office Trust – REIT =		2,850		8
MVC Capital		1,371		18
Nara Bancorp =		2,252		18
NASB Financial 6		288		5
National Bankshares 6		422		11
National Financial Partners =		2,676		37
National Health Investors – REIT		1,569		73
National Interstate		266		6
National Penn Bancshares		7,628		50
National Retail Properties – REIT 6		4,874		132
National Western Life Insurance, Class A		151		24
Navigators Group =		650		30
NBT Bancorp		1,990		44
Nelnet, Class A		1,567		35
NewAlliance Bancshares		6,347		82
Newcastle Investment – REIT =		3,680		14
Newstar Financial =		1,688		13
NGP Capital Resources		1,221		12
Northfield Bancorp		1,067		12
NorthStar Realty Finance – REIT 6		4,477		20
Northwest Bancshares		6,502		74
NYMAGIC		228		6
OceanFirst Financial		479		6
Ocwen Financial =		4,404		38
Old National Bancorp		5,256		50
OMEGA Healthcare Investors – REIT		5,518		127
OmniAmerican Bancorp =		720		8
One Liberty Properties, fractional share – REIT		500		8
Oppenheimer Holdings		576		15
optionsXpress Holdings =		2,576		41
Oriental Financial Group		2,923		39
Oritani Financial		3,297		35
Orrstown Financial Services		384		10
Pacific Continental		1,122		9
PacWest Bancorp		1,625		28
Park National		641		42
Parkway Properties – REIT		1,221		19
Peapack-Gladstone Financial		473		6
Pebblebrook Hotel Trust – REIT =		2,195		43
PennantPark Investment		2,106		23
Penns Woods Bancorp 6		233		8

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

30 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Pennsylvania Real Estate Investment Trust – REIT 6		3,282	$	47
Pennymac Mortgage Investment Trust – REIT		1,013		17
Penson Worldwide =		1,190		6
Peoples Bancorp		629		8
PHH = 6		3,316		64
Phoenix Companies =		7,050		15
PICO Holdings =		1,378		42
Pinnacle Financial Partners = 6		2,002		23
Piper Jaffray Companies =		1,023		32
Platinum Underwriters Holdings		2,687		116
PMI Group =		8,503		28
Porter Bancorp		172		2
Portfolio Recovery Associates = 6		1,008		68
Post Properties – REIT		2,920		89
Potlatch – REIT 6		2,423		83
Presidential Life		1,519		15
Primerica 6		1,428		30
Primus Guaranty =		1,293		6
PrivateBancorp 6		3,208		38
ProAssurance =		1,928		111
Prospect Capital		3,969		39
Prosperity Bancshares		2,812		87
Provident Financial Services		3,471		44
Provident New York Bancorp		2,388		21
PS Business Parks – REIT		939		56
Pzena Investment Management		470		3
Radian Group		7,980		61
RAIT Financial Trust – REIT = 6		5,747		10
Ramco-Gershenson Properties Trust – REIT		2,251		26
Redwood Trust – REIT 6		4,726		67
Renasant 6		1,227		20
Republic Bancorp, Class A		604		12
Resource Capital – REIT		2,607		16
Retail Opportunity Investments		2,480		24
RLI		1,088		62
Rockville Financial		499		6
Rodman & Renshaw Capital Group =		946		3
Roma Financial		476		5
S&T Bancorp 6		1,436		28
Safeguard Scientifics =		1,259		19
Safety Insurance Group		803		37
Sanders Morris Harris Group		1,098		6
Sandy Spring Bancorp 6		1,456		25
Saul Centers – REIT		375		16
SCBT Financial 6		741		23
SeaBright Insurance Holdings		1,197		10
Selective Insurance Group		3,182		54
Sierra Bancorp		535		6
Signature Bank = 6		2,475		105
Simmons First National, Class A		1,009		27
Solar Capital		339		8
Southside Bancshares 6		823		15
Southwest Bancorp		1,164		12
Sovran Self Storage – REIT		1,676		65
Starwood Property Trust – REIT		2,823		57
State Auto Financial		866		14
State Bancorp		777		7
StellarOne		1,384		18
Sterling Bancorp		1,617		15
Sterling Bancshares 6		5,441		29
Stewart Information Services 6		987		11
Stifel Financial = 6		2,017		96
Strategic Hotels & Resorts – REIT =		8,341		38
Student Loan		237		7
Suffolk Bancorp 6		629		16
Sun Communities – REIT 6		1,127		37
Sunstone Hotel Investors – REIT =		5,920		64
Susquehanna Bancshares		7,838		62
SVB Financial Group =		2,484		108
SWS Group		1,467		10
SY Bancorp 6		841		21
Tanger Factory Outlet Centers – REIT 6		2,443		117
Taylor Capital Group =		569		7
Tejon Ranch = 6		716		16
Terreno Realty – REIT =		526		10
Territorial Bancorp		747		13
Texas Capital Bancshares = 6		2,172		39
THL Credit 6		534		7
Thomas Properties Group =		2,090		8
TICC Capital		1,595		16
Tompkins Trustco		501		19
Tower Bancorp		290		6
Tower Group 6		2,467		60
Townebank Portsmouth 6		1,395		20
TradeStation Group =		2,424		13
Triangle Capital 6		879		14
TriCo Bancshares		872		14
TrustCo Bank Corporation of New York		4,675		25
Trustmark 6		3,499		77
Two Harbors Investment – REIT		1,547		14
UMB Financial		1,882		70
UMH Properties – REIT		534		6
Umpqua Holdings 6		6,795		75
Union First Market Bankshares		1,058		14
United Bankshares 6		2,328		62
United Community Banks =		5,592		11
United Financial Bancorp		965		13
United Fire & Casualty		1,323		26
Universal Health Realty Income Trust – REIT		866		32
Universal Insurance Holdings		805		4
Univest Corporation of Pennsylvania		1,002		19
Urstadt Biddle Properties – REIT, Class A		1,658		32
U-Store-It Trust – REIT		5,546		48
ViewPoint Financial Group		852		8
Virginia Comm Bancorp =		1,191		6
Virtus Investment Partners =		353		13
Walter Investment Management – REIT		2,136		39
Washington Banking		908		11
Washington Real Estate Investment Trust – REIT		3,413		109
Washington Trust Bancorp		789		16
Waterstone Financial =		389		1
Webster Financial		3,874		66
WesBanco		1,463		24
West Bancorporation =		945		6
West Coast Bancorp – Oregon = 6		5,562		15
Westamerica Bancorporation 6		1,687		84
Western Alliance Bancorp =		3,885		23
Westfield Financial		1,724		15
Westwood Holdings		342		12
Whitney Holding		5,724		47
Wilshire Bancorp 6		1,310		9
Winthrop Realty Trust – REIT		1,351		18
Wintrust Financial		1,822		55
World Acceptance = 6		950		41
WSFS Financial		290		11

				13,098

Healthcare – 11.9%
Abaxis =		1,335		32
ABIOMED = 6		1,993		21

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 31

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Accelrys =		3,074	$	22
Accretive Health =		690		7
Accuray =		3,034		20
Acorda Therapeutics = 6		2,319		63
Acura Pharmaceuticals = 6		442		1
Affymax =		1,220		6
Affymetrix =		4,311		19
AGA Medical Holdings =		831		17
Air Methods =		647		26
Akorn = 6		3,092		14
Albany Molecular Research =		1,421		9
Alexza Pharmaceuticals = 6		2,302		2
Align Technology = 6		3,470		59
Alimera Sciences =		389		4
Alkermes =		5,764		67
Alliance Imaging =		1,601		6
Allied Healthcare International =		2,743		8
Allos Therapeutics = 6		4,665		19
Almost Family =		486		17
Alnylam Pharmaceuticals =		2,197		29
Alphatec Holdings =		3,015		7
AMAG Pharmaceuticals =		1,268		20
Amedisys = 6		1,667		42
America Service Group		504		8
American Dental Partners =		789		9
American Medical Systems = 6		4,502		91
AMERIGROUP =		3,069		128
AMN Healthcare Services =		1,944		10
Amsurg, Class A =		1,869		34
Analogic		780		36
AngioDynamics =		1,490		21
Antares Pharma =		4,180		6
Anthera Pharmaceuticals =		341		2
Aoxing Pharmaceutical = 6		1,434		4
Ardea Biosciences = 6		813		17
Arena Pharmaceuticals = 6		6,657		11
Ariad Pharmaceuticals = 6		6,575		24
ArQule =		2,524		14
Array BioPharma =		3,152		10
ArthroCare = 6		1,599		44
AspenBio Pharma = 6		2,120		1
Assisted Living Concepts, Class A =		584		19
Athenahealth = 6		1,964		79
Atrion		81		13
Auxilium Pharmaceuticals = 6		2,475		61
AVANIR Pharmaceuticals = 6		4,278		10
Aveo Pharmaceuticals =		550		8
AVI BioPharma = 6		6,550		14
BioCryst Pharmaceuticals =		1,713		9
Biodel = 6		928		3
Biomimetic Therapeutics =		777		9
Bio-Reference Laboratories =		1,446		31
BioSante Pharmaceuticals = 6		4,166		6
BioScrip = 6		2,551		14
Biospecifics Technologies = 6		236		7
BioTime = 6		1,262		8
BMP Sunstone =		1,974		19
Bruker BioSciences = 6		4,311		65
Cadence Pharmaceuticals = 6		1,557		14
Caliper Life Sciences = 6		2,662		12
Cambrex =		1,692		8
Cantel Medical		726		13
Capital Senior Living =		1,382		8
Caraco Pharmaceutical Laboratories =		511		3
Cardionet =		1,428		7
Catalyst Health Solutions =		2,237		85
Celera = 6		4,990		28
Celldex Therapeutics = 6		1,886		8
Centene =		2,912		65
Cepheid = 6		3,533		74
Cerus = 6		2,308		8
Chelsea Therapeutics International =		2,278		12
Chemed		1,345		79
Chindex International = 6		812		11
Clarient =		3,263		16
Clinical Data = 6		657		13
Codexis =		362		4
Computer Programs & Systems		538		25
Conceptus = 6		1,861		26
CONMED =		1,771		39
Continucare =		1,786		8
Corcept Therapeutics =		1,500		5
Cornerstone Therapeutics =		398		3
Corvel =		413		19
Cross Country Healthcare =		1,784		13
CryoLife =		1,618		10
Cubist Pharmaceuticals = 6		3,514		82
Cumberland Pharmaceuticals =		733		5
Curis = 6		4,487		6
Cutera =		811		6
Cyberonics =		1,667		46
Cynosure =		518		5
Cypress Bioscience =		2,320		9
Cytokinetics = 6		2,526		7
Cytori Therapeutics = 6		2,721		13
Cytrx = 6		6,476		6
Delcath Systems = 6		2,589		22
DepoMed =		3,100		15
DexCom =		3,409		47
Dionex =		1,066		95
Durect =		5,012		13
Dyax =		5,436		13
Dynavax Technologies =		4,249		8
Dynavox =		556		3
Emergent Biosolutions = 6		995		18
Emeritus =		1,144		21
Endologix = 6		2,945		16
Ensign Group		671		13
Enzo Biochem =		1,884		8
Enzon Pharmaceuticals = 6		2,939		33
eResearchTechnology =		2,513		19
Eurand =		1,086		12
Exact Sciences =		2,109		15
Exactech =		442		7
Exelixis =		6,492		29
Five Star Quality Care =		1,874		10
Furiex Pharmaceuticals =		521		6
Genomic Health = 6		816		12
Genoptix =		1,028		18
Gentiva Health Services =		1,681		39
Geron = 6		5,430		30
Greatbatch = 6		1,414		31
Haemonetics =		1,490		81
Halozyme Therapeutics =		4,126		30
Hanger Orthopedic Group = 6		1,516		28
Hansen Medical = 6		2,203		4
Healthsouth =		5,554		101
Healthspring =		3,439		100
Healthways =		2,044		21
Heartware International = 6		556		38

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

32 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Hi-Tech Pharmaceutical =		589	$	13
HMS Holdings =		1,577		95
ICU Medical =		693		25
Idenix Pharmaceuticals =		2,119		9
Immucor =		4,147		72
ImmunoGen = 6		4,021		33
Immunomedics = 6		3,946		16
Impax Laboratories =		3,700		70
Incyte = 6		5,247		87
Indevus Pharmaceuticals, escrow shares = ¥ ⊡		4,270		—
Infinity Pharmaceuticals =		1,093		6
Inhibitex =		2,920		6
Inovio Pharmaceuticals =		4,759		5
Inspire Pharmaceuticals =		3,705		26
Insulet = 6		2,381		38
Integra LifeSciences =		1,149		49
InterMune =		2,691		35
Invacare		1,736		47
IPC The Hospitalist = 6		982		31
IRIS International =		1,070		10
Ironwood Pharmaceuticals = 6		1,146		13
Isis Pharmaceuticals =		5,679		52
Jazz Pharmaceuticals = 6		886		9
Kendle International =		905		8
Kensey Nash =		597		16
Keryx Biopharmaceuticals = 6		3,029		16
Kindred Healthcare =		2,379		33
Landauer		548		34
Lannett =		616		3
LCA-Vision =		1,003		7
Lexicon Pharmaceuticals =		11,734		21
LHC Group = 6		925		25
Ligand Pharmaceuticals =		6,909		11
Luminex =		2,225		40
Magellan Health Services =		2,003		96
Mako Surgical = 6		1,515		16
MannKind = 6		3,949		25
Map Pharmaceuticals =		818		12
Martek Biosciences = 6		2,021		44
Masimo 6		3,094		93
Maxygen =		1,542		10
MedAssets =		2,405		45
MedCath =		1,218		12
Medical Action Industries =		864		9
Medicines =		3,217		41
Medicis Pharmaceutical, Class A		3,588		107
Medidata Solutions =		1,116		21
Medivation = 6		2,018		23
MedQuist =		558		5
Mela Sciences = 6		1,367		10
Merge Healthcare =		3,064		10
Meridian Bioscience		2,470		57
Merit Medical Systems =		1,703		27
Metabolix = 6		1,587		22
Metropolitan Health Networks =		2,463		10
Micromet = 6		4,798		36
Molina Healthcare =		813		21
Momenta Pharmaceuticals = 6		2,393		40
MWI Veterinary Supply = 6		657		38
NABI Biopharmaceuticals =		2,656		13
Nanosphere =		1,011		5
National Healthcare		471		17
National Research		97		3
Natus Medical =		1,707		22
Nektar Therapeutics = 6		5,645		82
Neogen =		1,174		39
Neostem = 6		1,507		3
Neuralstem = 6		2,724		6
Neurocrine Biosciences =		2,909		24
NeurogesX = 6		630		4
Novavax = 6		5,021		12
NPS Pharmaceuticals =		3,963		25
NuPathe =		212		1
NuVasive = 6		2,324		61
NxStage Medical =		1,462		30
Nymox Pharmaceutical =		1,098		5
Obagi Medical Products =		963		11
Omeros = 6		1,113		9
Omnicell =		1,846		26
Onyx Pharmaceuticals =		3,765		101
Opko Health =		5,255		15
Optimer Pharmaceuticals = 6		1,979		19
OraSure Technologies =		2,623		11
Orexigen Therapeutics = 6		1,802		10
Orthofix International =		1,043		29
Orthovita =		3,880		8
Osiris Therapeutics =		1,022		8
Owens & Minor		3,743		107
Pain Therapeutics =		2,014		15
Palomar Medical Technologies =		1,061		11
Par Pharmaceutical Companies =		2,026		66
PAREXEL =		3,508		75
PDI =		526		5
PDL BioPharma		7,285		38
Peregrine Pharmaceuticals = 6		3,053		5
Pharmacyclics = 6		2,254		14
Pharmasset = 6		1,740		65
Pharmerica =		1,860		19
POZEN =		1,514		10
Progenics Pharmaceutical =		1,548		7
Prospect Medical Holdings = 6		568		5
PSS World Medical = 6		3,392		80
Psychiatric Solutions =		3,393		114
Pure Bioscience = 6		2,068		5
Quality Systems 6		1,119		72
Questcor Pharmaceuticals =		3,265		40
Quidel =		1,282		15
RehabCare Group =		1,493		33
Res-Care =		1,442		19
Rigel Pharmaceuticals =		3,004		25
Rochester Medical =		610		7
RTI Biologics =		3,126		8
Rural/Metro =		1,133		10
Salix Pharmaceuticals =		3,383		128
Sangamo BioSciences =		2,699		10
Santarus =		3,161		10
Savient Pharmaceuticals = 6		4,017		50
Sciclone Pharmaceuticals = 6		2,178		7
Seattle Genetics =		5,075		83
Select Medical Holdings =		2,981		22
Senomyx = 6		2,291		11
Sequenom = 6		4,449		28
SIGA Technologies = 6		1,843		24
Sirona Dental Systems =		1,986		75
Skilled Healthcare Group, Class A =		1,215		5
Solta Medical =		3,524		8
Somaxon Pharmaceuticals = 6		1,681		5
SonoSite = 6		813		25
Spectranetics =		1,872		9
Spectrum Pharmaceuticals =		2,937		13

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 33

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Staar Surgical =		2,069	$	11
StemCells = 6		6,293		6
Stereotaxis = 6		1,731		7
STERIS		3,516		120
Sucampo Pharmaceuticals =		656		2
Sun Healthcare Group =		4,137		39
Sunrise Senior Living = 6		3,314		11
SuperGen =		3,603		10
SurModics =		939		11
Symmetry Medical =		2,183		19
Syneron Medical =		2,111		22
Synovis Life Technologies =		676		10
Synta Pharmaceuticals =		1,324		5
Targacept = 6		1,415		35
Team Health Holdings = 6		909		12
The Provident Service =		748		12
Theravance = 6		3,709		76
TomoTherapy =		2,812		11
Transcend Services =		542		9
Transcept Pharmaceuticals =		318		2
Triple-S Management =		1,253		21
U.S. Physical Therapy =		644		12
Unilife = 6		2,870		16
Universal American Financial		1,898		31
Vanda Pharmaceuticals =		1,626		12
Vascular Solutions =		987		11
Vical =		4,217		9
ViroPharma =		4,720		77
Vital Images =		972		13
Vivus = 6		4,850		38
Volcano = 6		2,946		72
WellCare Health Plans = 6		2,575		72
West Pharmaceutical Services 6		1,997		71
Wright Medical Group =		2,320		31
XenoPort = 6		1,628		13
Young Innovations		332		9
Zalicus =		3,903		5
Ziopharm Oncology = 6		2,898		13
Zoll Medical = 6		1,285		42

				7,910

Industrials – 14.7%
3D Systems =		1,044		27
A.O. Smith		1,338		75
A123 Systems = 6		4,310		42
AAON		780		19
AAR =		2,360		52
ABM Industries		3,055		69
Acacia Research =		1,949		52
ACCO Brands =		3,327		21
Aceto		1,511		11
Actuant, Class A		4,129		93
Acuity Brands 6		2,581		129
Administaff		1,305		34
Advanced Battery Technologies = 6		3,385		13
Advisory Board =		929		43
AeroVironment = 6		982		23
Air Transport Services Group =		3,389		23
Aircastle		3,012		28
AirTran Holdings = 6		8,056		60
Alamo Group		388		9
Alaska Air Group = 6		2,123		112
Albany International, Class A		1,727		35
Allegiant Travel 6		880		41
Altra Holdings =		1,627		24
Amerco =		524		43
Ameresco, Class A =		434		6
American Commercial Lines = 6		552		18
American Railcar Industries =		529		8
American Reprographics =		2,118		15
American Science & Engineering		560		46
American Superconductor = 6		2,647		89
American Woodmark		537		9
Ameron International		538		37
Ampco-Pittsburgh		485		13
APAC Customer Services =		1,550		9
Apogee Enterprises		1,682		18
Applied Energetics = 6		4,600		5
Applied Industrial Technology		2,577		78
Applied Signal Technology		793		27
Argan =		451		4
Arkansas Best 6		1,543		39
Astec Industries =		1,104		33
Astronics =		564		12
Atlas Air Worldwide Holdings =		1,532		80
Avis Budget Group = 6		6,207		72
AZZ		741		28
Badger Meter 6		904		38
Baldor Electric		2,840		119
Baltic Trading Limited =		969		11
Barnes Group		2,782		51
Barrett Business Services		467		7
Beacon Roofing Supply =		2,749		41
Belden		2,775		77
Blount International =		2,838		43
BlueLinx Holdings =		708		2
Bowne & Company		2,334		26
Brady, Class A		2,921		90
Briggs & Stratton		3,038		53
Brinks		2,842		67
Broadwind Energy = 6		5,494		10
Builders FirstSource =		2,566		5
CAI International =		593		10
Capstone Turbine = 6		14,271		11
Cascade		547		19
Casella Waste Systems =		1,480		7
CBIZ = 6		2,501		15
CDI		722		10
Celadon Group =		1,347		17
Cenveo =		3,266		18
Ceradyne =		1,532		36
Chart Industries = 6		1,732		40
CIRCOR International		1,035		36
CLARCOR		2,993		119
Clean Harbors = 6		1,289		91
Coleman Cable =		471		3
Colfax = 6		1,440		23
Columbus McKinnon =		1,161		20
Comfort Systems USA		2,319		27
Commercial Vehicle Group =		1,454		20
Consolidated Graphics =		553		26
Corporate Executive Board		2,033		63
CoStar Group = 6		1,135		56
Courier		621		9
CRA International =		658		12
Cubic		953		42
Curtiss-Wright 6		2,715		84
Deluxe		2,996		61
Diamond Management & Technology Consultation		1,454		18
DigitalGlobe =		1,637		53

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

34 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Dollar Thrifty Automotive = 6		1,724	$	80
Douglas Dynamics		681		10
Ducommun		619		13
DXP Enterprises =		650		12
Dycom Industries =		2,347		25
Dynamex =		632		13
Dynamic Materials		783		12
Eagle Bulk Shipping = 6		3,779		19
EMCOR Group =		3,947		102
Encore Wire		1,130		23
Ener1 = 6		3,617		13
Energy Conversion Devices = 6		2,789		13
Energy Recovery =		2,436		9
EnergySolutions		5,252		25
EnerNOC = 6		1,169		35
EnerSys =		2,865		76
Ennis		1,536		28
EnPro Industries =		1,240		44
ESCO Technologies		1,598		55
Esterline Technologies =		1,784		108
Evergreen Solar = 6		11,453		11
Excel Maritime Carriers = 6		2,362		14
Exponent =		760		24
Federal Signal		3,694		21
Flow International =		2,777		7
Force Protection =		4,329		24
Forward Air		1,752		47
Franklin Covey =		777		6
Franklin Electric		1,406		51
FreightCar America		728		19
FuelCell Energy = 6		5,656		6
Fuel-Tech =		1,106		7
Furmanite =		2,118		12
G&K Services, Class A 6		1,085		27
Genco Shipping & Trading = 6		1,571		26
GenCorp =		3,471		17
Generac Holdings =		1,147		16
Genesee & Wyoming, Class A =		2,265		105
Geo Group =		3,793		97
GeoEye = 6		1,310		58
Gibraltar Industries =		1,796		16
Global Defense Technology & Systems =		278		4
Gorman-Rupp		725		22
GP Strategies =		962		8
GrafTech International = 6		7,145		118
Graham		584		10
Granite Construction 6		2,089		51
Great Lakes Dredge & Dock		3,476		22
Greenbrier Companies =		1,123		20
Griffon =		2,630		31
GT Solar International = 6		3,704		30
H & E Equipment Services =		1,665		16
Hawaiian Holdings =		3,147		23
Healthcare Services Group		2,517		60
Heartland Express		3,006		45
HEICO 6		1,760		88
Heidrick & Struggles International		1,035		22
Herley Industries =		826		14
Herman Miller 6		3,263		63
Hexcel =		5,800		103
Higher One Holdings = 6		136		2
Hill International =		1,516		8
HNI		2,683		66
Hoku = 6		1,016		3
Horizon Lines, Class A		1,806		8
Houston Wire & Cable		1,077		12
Hub Group =		2,265		74
Hudson Highland Group =		1,908		7
Huron Consulting Group =		1,313		26
ICF International =		1,016		26
II-VI =		1,517		60
InnerWorkings =		1,714		12
Insituform Technologies, Class A = 6		2,275		49
Insteel Industries		1,068		9
Interface, Class A		3,099		45
Interline Brands =		1,979		40
International Shipholding		327		9
JetBlue Airways = 6		14,480		101
John Bean Technologies		1,680		29
Kadant =		780		15
Kaman		1,563		42
Kaydon		1,992		69
Kelly Services, Class A =		1,526		23
Kforce = 6		1,730		26
Kimball International		1,856		11
Knight Transportation		3,302		59
Knoll 6		2,837		43
Korn Ferry International =		2,699		48
Kratos Defense & Security Solutions =		945		11
LaBarge =		769		10
Ladish =		924		30
Lawson Products		212		4
Layne Christensen =		1,186		33
LB Foster =		628		21
LECG =		1,529		1
Lindsay Manufacturing 6		751		43
LMI Aerospace =		508		8
LSI Industries		1,050		10
Lydall =		1,012		8
M & F Worldwide =		711		19
Marten Transport		1,002		21
MasTec = 6		3,177		39
McGrath Rentcorp		1,446		37
Met Pro		816		9
Metalico =		2,227		10
Michael Baker =		479		16
Microvision = 6		5,367		11
Middleby = 6		980		73
Miller Industries		785		11
Mine Safety Appliances		1,602		45
Mistras Group =		856		9
Mobile Mini =		2,162		38
Moog, Class A =		2,692		101
Mueller Industries		2,157		63
Mueller Water Products, Class A		9,379		28
Multi Color		606		10
Myr Group =		1,051		16
NACCO Industries, Class A		345		34
Navigant Consulting =		3,043		28
NCI Building Systems =		1,087		11
Nordson		2,017		157
Northwest Pipe =		563		11
Old Dominion Freight Line =		2,544		71
Omega Flex		170		2
On Assignment =		2,076		12
Orbital Sciences =		3,403		55
Orion Marine Group =		1,618		20
Otter Tail		2,162		44
P.A.M Transportation Services =		272		3
Pacer International =		1,963		11

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 35

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Park-Ohio Holdings =		465	$	7
Patriot Transportation Holdings =		88		6
PGT =		1,140		2
Pike Electric =		918		7
Pinnacle Airlines =		1,103		6
PMFG = 6		874		14
Polypore International =		1,292		43
Powell Industries =		474		15
Powersecure International =		1,047		10
Preformed Line Products		147		6
Primoris Services 6		1,202		9
Quality Distribution =		529		4
Quanex Building Products		2,174		39
RailAmerica =		1,371		16
Raven Industries		937		39
RBC Bearings =		1,324		44
Republic Airways Holdings =		2,101		20
Resources Connection 6		2,737		44
Roadrunner Transportation Systems =		629		8
Robbins & Myers 6		1,643		48
Rollins		2,674		70
RSC Holdings =		2,990		24
Rush Enterprises =		1,953		31
Saia =		942		14
Satcon Technology =		6,839		27
Sauer-Danfoss =		658		15
Schawk		658		13
School Specialty =		1,092		15
Seaboard		18		33
SFN Group =		3,096		23
Simpson Manufacturing 6		2,324		62
SkyWest		3,319		50
Standard Parking =		921		16
Standard Register		918		3
Standex International		726		20
Steelcase, Class A		4,354		37
Sterling Construction = 6		955		12
Sun Hydraulics		756		23
Sykes Enterprises =		2,279		38
TAL International Group		994		28
TASER International = 6		3,668		15
Team =		1,148		23
Tecumseh Products, Class A =		1,126		15
Teledyne Technologies =		2,165		90
Tennant		1,136		38
Tetra Tech =		3,617		76
Textainer Group Holdings		520		13
Thermadyne Holdings =		512		8
Titan International 6		2,146		33
Titan Machinery = 6		773		15
Tredegar		1,455		28
Trex = 6		940		17
Trimas =		819		13
Triumph Group		1,016		85
TrueBlue =		2,577		36
Tutor Perini		1,561		36
Twin Disc		485		10
Ultrapetrol Bahamas =		1,411		9
United Capital =		101		3
United Rentals = 6		3,666		69
United Stationers =		1,445		81
Universal Forest Products 6		1,169		35
Universal Truckload Services =		334		5
UQM Technologies =		2,140		5
US Airways Group = 6		9,572		113
US Ecology		1,107		18
USA Truck = 6		474		6
Viad		1,214		24
Vicor		1,136		20
Volt Information Sciences =		843		7
VSE		217		8
Wabash National = 6		3,857		31
Watsco 6		1,622		91
Watts Water Technologies, Class A		1,784		63
Werner Enterprises 6		2,483		53
Woodward Governor		3,677		115
Xerium Technologies = 6		445		6

				9,756

Information Technology – 18.0%
ACI Worldwide =		2,018		49
Acme Packet = 6		2,598		103
Actel =		1,287		27
Actuate =		2,949		14
Acxiom =		4,140		73
ADC Telecommunications =		5,892		75
ADTRAN		3,572		115
Advanced Analogic Technologies = 6		2,475		9
Advanced Energy Industries =		2,159		31
Advent Software =		963		52
Agilysys =		1,320		8
Alpha & Omega Semiconductor =		301		3
American Software, Class A		1,221		7
Amkor Technology = 6		6,226		45
ANADIGICS =		3,667		25
Anaren =		948		16
Ancestry.com = 6		1,122		30
Anixter International		1,666		89
Applied Micro Circuits =		4,019		40
Archipelago Learning =		696		7
Ariba =		5,329		100
Arris Group =		7,555		70
Art Technology Group =		9,465		40
Aruba Networks = 6		4,347		95
Aspen Technology =		3,692		41
ATMI =		1,880		33
Aviat Networks =		3,598		16
Avid Technology =		1,754		22
Axcelis Technologies =		6,181		13
AXT =		1,839		15
Bel Fuse		690		16
Benchmark Electronics =		3,742		61
Bigband Networks =		2,962		9
Black Box		1,069		35
Blackbaud		2,601		66
Blackboard = 6		1,931		81
Blue Coat Systems =		2,470		67
Bottomline Technologies =		1,699		31
Brightpoint =		4,180		31
BroadSoft =		444		4
Brooks Automation =		3,922		27
Cabot Microelectronics =		1,365		53
CACI International, Class A =		1,765		88
Calix =		441		6
Cass Information Systems		502		17
Cavium Networks = 6		2,633		84
CDC =		1,944		9
Ceva =		1,180		22
Checkpoint Systems =		2,307		51
CIBER =		4,191		15
Cirrus Logic = 6		3,884		50

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

36 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Cogent =		2,602	$	27
Cognex		2,364		63
Coherent =		1,374		58
Cohu		1,342		19
CommVault Systems =		2,487		72
Compellent Technologies =		1,383		35
Computer Task Group =		912		7
comScore =		1,315		31
Comtech Telecommunications = 6		1,716		53
Comverge = 6		1,493		11
Concur Technologies = 6		2,388		123
Conexant Systems = 6		4,818		7
Constant Contact = 6		1,693		39
Convio =		351		3
CPI International =		532		8
Cray =		2,085		12
CSG Systems International =		2,020		39
CTS		2,059		21
Cymer =		1,765		65
Daktronics		1,908		21
DDi		874		9
DealerTrack Holdings =		2,386		46
Deltek =		1,117		9
DemandTec =		1,200		13
DG Fastchannel = 6		1,486		35
Dice Holdings =		873		8
Digi International =		1,500		14
Digimarc =		400		11
Digital River =		2,328		87
Diodes =		1,945		43
DSP Group =		1,288		9
DTS = 6		1,036		41
EarthLink		6,430		58
Ebix = 6		1,594		39
Echelon =		1,979		16
Echo Global Logistics = 6		631		9
Electro Rent		1,187		18
Electro Scientific Industries =		1,628		19
Electronics For Imaging =		2,687		37
EMS Technologies =		948		17
Emulex =		4,813		55
Entegris = 6		7,932		47
Entropic Communications = 6		3,621		30
Epicor Software =		2,903		27
EPIQ Systems 6		1,956		23
ePlus =		224		5
Euronet Worldwide = 6		2,966		54
Exar =		2,107		14
Exlservice Holdings =		911		17
Extreme Networks =		5,416		17
Fabrinet =		580		8
Fair Isaac 6		2,744		66
FalconStor Software =		2,102		6
FARO Technologies =		970		23
FEI =		2,280		50
Finisar = 6		4,471		76
FormFactor =		3,005		29
Forrester Research =		866		29
Fortinet = 6		2,350		71
FSI International =		2,282		6
Gerber Scientific =		1,493		10
Global Cash Access Holdings =		2,690		10
Globecomm Systems =		1,181		11
GSI Commerce =		3,687		90
GSI Technology =		1,124		8
Guidance Software = 6		790		5
Hackett Group =		2,232		9
Harmonic =		5,834		41
Heartland Payment Systems		2,285		33
Hittite Microwave =		1,622		84
Hughes Communications =		543		15
Hutchinson Technology =		1,386		5
Hypercom =		2,734		16
iGATE		1,395		29
Ikanos Communications =		1,784		2
Imation =		1,669		16
Immersion =		1,723		11
Infinera =		5,397		44
Infospace =		1,925		16
Insight Enterprises =		2,795		42
Integral Systems =		987		8
Integrated Device Technology =		9,639		57
Integrated Silicon Solutions =		1,537		12
Interactive Intelligence =		784		19
Interdigital = 6		2,637		89
Intermec =		2,899		34
Internap Network Services =		3,097		15
Internet Brands =		1,672		22
Internet Capital Group =		2,167		27
Intevac =		1,269		13
Intralinks Holdings =		653		14
IPG Photonics =		1,409		32
Isilon Systems =		1,575		45
Ixia =		1,940		30
IXYS =		1,367		14
J2 Global Communications =		2,681		71
Jack Henry & Associates		5,073		138
JDA Software =		2,473		63
Keithley Instruments		666		14
Kenexa = 6		1,369		25
Keynote Systems		750		9
Kit Digital = 6		1,176		16
Kopin =		4,011		15
Kulicke & Soffa =		4,167		26
KVH Industries =		852		12
L-1 Identity Solutions =		4,562		54
Lattice Semiconductor =		6,542		32
Lawson Software = 6		8,385		75
Limelight Networks =		2,718		18
Lionbridge Technologies =		3,500		18
Liquidity Services = 6		916		15
Littelfuse		1,324		56
Liveperson =		2,517		23
Local Com =		950		4
LogMeIn = 6		894		36
LoopNet =		1,216		13
Loral Space & Communications =		678		38
LTX-Credence =		2,904		18
Magma Design Automation = 6		3,076		13
Manhattan Associates =		1,347		41
ManTech International =		1,335		52
Marchex		1,536		10
Mattson Technology = 6		2,969		8
MAXIMUS		1,026		62
MaxLinear, Class A =		444		5
Maxwell Technologies = 6		1,567		25
Measurement Specialties =		859		19
Mediamind Technologies =		321		5
Mentor Graphics =		6,331		68
Mercury Computer Systems = 6		1,332		21

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 37

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Meru Networks = 6		321	$	5
Methode Electronics, Class A		2,226		21
Micrel 6		2,775		33
Microsemi = 6		4,954		99
MicroStrategy =		552		50
Microtune =		3,089		9
Mindspeed Technologies = 6		1,896		14
MIPS Technologies, Class A =		2,744		40
MKS Instruments = 6		3,006		62
ModusLink Global Solutions =		2,629		17
MoneyGram International = 6		5,033		12
Monolithic Power Systems =		1,919		31
Monotype Imaging Holdings =		1,322		13
MoSys =		1,611		8
Motricity =		314		7
Move =		9,405		22
MTS Systems		1,020		33
Multi-Fineline Electronix =		600		15
Nanometrics =		1,057		14
NCI =		397		7
Netezza =		3,025		82
NETGEAR =		2,056		63
Netlogic Microsystems = 6		3,717		112
NetScout Systems =		1,714		40
NetSuite = 6		1,018		21
Network Engines =		2,138		4
Network Equipment Technologies =		1,779		6
Newport =		2,109		31
NIC		3,074		27
Novatel Wireless = 6		1,844		19
NVE =		272		13
Occam Networks =		746		6
Oclaro = 6		2,931		25
OmniVision Technologies = 6		3,081		84
Online Resources =		1,689		9
Opentable = 6		939		58
Openwave Systems =		5,081		10
Oplink Communications =		1,249		22
OPNET Technologies		715		14
Opnext =		2,572		4
OSI Systems =		966		35
Parametric Technology =		6,889		148
Park Electrochemical		1,183		32
PC Connection =		476		4
PC-Tel =		1,161		7
PDF Solutions =		1,341		5
Pegasystems 6		915		25
Perficient =		1,379		15
Pericom Semiconductor =		1,543		15
Photronics = 6		3,196		20
Plantronics 6		2,864		103
Plexus =		2,406		73
PLX Technology =		2,237		8
Power Integrations		1,439		49
Power One = 6		4,141		43
Powerwave Technologies = 6		8,048		18
Presstek =		1,628		3
Progress Software =		2,415		90
PROS Holdings =		1,163		12
QAD		871		4
Qlik Technologies = 6		792		20
Quantum =		12,818		43
Quest Software =		3,558		93
QuinStreet = 6		596		9
Rackspace Hosting = 6		5,754		144
Radiant Systems = 6		1,673		33
RadiSys =		1,423		14
Reald = 6		401		8
RealNetworks =		4,948		15
Realpage =		839		19
Renaissance Learning		781		11
RF Micro Devices =		16,210		118
Richardson Electronics		858		9
RightNow Technologies =		1,285		34
Rimage =		525		8
Riverbed Technology =		3,743		215
Rofin-Sinar Technologies =		1,726		48
Rogers = 6		988		35
Rosetta Stone = 6		622		14
Rubicon Technology = 6		941		22
Rudolph Technologies =		1,792		13
S1 =		3,222		19
Saba Software =		1,500		9
Sanmina-SCI =		4,719		62
Sapient 6		6,116		80
SAVVIS = 6		2,186		52
ScanSource =		1,617		48
SeaChange International =		1,795		14
Semtech = 6		3,617		77
ShoreTel =		2,696		17
Sigma Designs =		1,861		21
Silicon Graphics International =		1,822		14
Silicon Image =		4,560		28
Smart Modular Technologies =		3,119		23
Smith Micro Software = 6		1,890		23
Solarwinds =		2,073		38
Sonic Solutions = 6		2,529		30
Sonus Networks =		12,577		39
Sourcefire = 6		1,631		38
Spansion =		769		13
Spectrum Control =		766		12
SPS Commerce =		279		4
SRA International, Class A =		2,492		50
SRS Labs =		707		6
SS&C Technologies Holdings =		740		13
Stamps.com =		768		12
Standard Microsystems =		1,286		31
STEC = 6		2,417		38
Stratasys = 6		1,156		36
Stream Global Services =		268		1
SuccessFactors = 6		3,734		101
Super Micro Computer =		1,450		16
Supertex = 6		626		15
Support.com =		2,786		16
Sycamore Networks		1,173		36
Symmetricom =		2,939		18
Synaptics = 6		2,092		56
Synchronoss Technologies =		1,239		26
SYNNEX =		1,174		34
Syntel		785		38
Take-Two Interactive Software =		4,179		45
Taleo, Class A =		2,383		68
Technitrol = 6		2,499		11
Techtarget =		755		4
Tekelec =		4,059		53
Telecommunication Systems = 6		2,692		15
Telenav =		477		3
Teletech Holdings =		1,791		27
Terremark Worldwide = 6		3,543		35
Tessco Technologies		297		4

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

38 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Tessera Technologies = 6		2,966	$	59
The Knot =		1,730		16
THQ =		4,119		16
TIBCO Software =		9,860		190
Tier Technologies =		1,069		6
TiVo =		6,853		76
TNS =		1,498		29
Travelzoo = 6		338		12
Trident Microsystems =		3,838		7
TriQuint Semiconductor =		8,986		93
TTM Technologies =		4,750		50
Tyler Technologies = 6		1,887		39
Ultimate Software Group =		1,430		59
Ultra Clean Holdings =		1,285		10
Ultratech =		1,439		26
Unisys =		2,578		59
United Online 6		5,098		32
Universal Display = 6		1,781		45
UTStarcom =		6,904		14
ValueClick = 6		4,827		66
VASCO Data Security International =		1,600		13
Veeco Instruments = 6		2,406		101
VeriFone Holdings =		5,071		172
ViaSat =		1,968		81
Viasystems Group =		255		4
Virnetx Holding 6		2,089		39
Virtusa =		805		11
Vocus = 6		1,011		22
Volterra Semiconductor =		1,471		30
Wave Systems = 6		4,752		11
Websense =		2,563		52
Wright Express = 6		2,340		88
X-Rite =		1,981		8
Xyratex =		1,789		28
Zix = 6		3,862		15
Zoran =		3,012		21
Zygo =		901		10

				11,912

Materials – 5.3%
A. Schulman		1,802		39
A.M. Castle & Company = 6		924		14
AEP Industries =		318		8
Allied Nevada Gold = 6		4,439		110
AMCOL International 6		1,415		39
American Vanguard		1,189		9
Arch Chemicals		1,342		48
Balchem		1,674		51
Boise =		4,160		30
Brush Engineered Metals =		1,186		39
Buckeye Technologies		2,321		42
Calgon Carbon = 6		3,337		50
Capital Gold = 6		3,631		16
Century Aluminum =		3,783		51
Clearwater Paper =		715		58
Coeur d’Alene Mines =		5,225		108
Deltic Timber		647		30
Ferro =		5,210		72
General Moly = 6		3,885		20
Georgia Gulf = 6		2,001		41
Glatfelter		3,003		37
Globe Specialty Metals		3,639		57
Golden Star Resources = 6		15,301		80
Graham Packaging =		1,010		12
Graphic Packaging Holding =		6,671		24
H.B. Fuller		2,988		62
Hawkins		531		19
Haynes International		697		25
Headwaters =		3,582		12
Hecla Mining = 6		15,044		104
Horsehead Holding =		2,614		29
Innophos Holdings		1,271		47
Jaguar Mining = 6		4,990		32
Kaiser Aluminum		878		40
Kapstone Paper & Packaging =		2,268		29
KMG Chemicals		364		5
Koppers Holdings		1,212		34
Kraton Performance Polymers =		667		22
Landec =		1,601		10
Louisiana-Pacific =		7,658		59
LSB Industries = 6		1,018		23
Metals USA Holdings =		678		8
Minerals Technologies		1,143		67
Molycorp = 6		1,519		54
Myers Industries		1,920		17
Neenah Paper		859		13
NewMarket		605		72
NL Industries		381		4
Noranda Aluminum Holding =		682		7
Olin		4,751		95
Olympic Steel		552		12
OM Group = 6		1,863		62
Omnova Solutions =		2,674		21
PolyOne =		5,424		70
Quaker Chemical		661		24
Rock-Tenn, Class A		2,338		133
Rockwood Holdings =		3,093		105
RTI International Metals =		1,831		57
Schweitzer-Mauduit International		1,070		69
Sensient Technologies		2,972		96
Silgan Holdings		2,954		100
Solutia =		7,259		131
Spartech =		1,777		15
Stepan		447		30
Stillwater Mining = 6		2,638		47
STR Holdings = 6		1,683		42
Texas Industries		1,234		42
Thompson Creek Metals = 6		8,297		100
TPC Group =		469		13
U.S. Energy =		1,586		8
United States Lime & Minerals =		154		6
Universal Stainless & Alloy =		370		11
US Gold = 6		5,249		27
Verso Paper = 6		871		3
W.R. Grace & Company =		4,400		141
Wausau-Mosinee Paper =		2,909		25
Westlake Chemical 6		1,167		37
Worthington Industries 6		3,588		55
Zep		1,288		23
Zoltek Companies =		1,693		16

				3,495

Telecommunication Services – 1.0%
Abovenet =		1,337		76
Alaska Communications Systems Group		2,694		27
Atlantic Tele-Network		513		22
Cbeyond = 6		1,404		19
Cincinnati Bell =		12,245		30
Cogent Communications Group =		2,684		29
Consolidated Communications Holdings		1,348		25
Fibertower =		2,962		13
General Communication, Class A =		2,979		31

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 39

Schedule of Investments October 31, 2010, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Global Crossing = 6		1,658	$	23
GlobalStar = 6		4,141		7
ICO Global Communication Holdings =		5,582		8
IDT, Class B =		839		12
Iridium Communications = 6		2,022		17
Neutral Tandem = 6		2,002		29
NTELOS Holdings		1,751		32
PAETEC Holding =		7,186		30
Premiere Global Services =		3,701		25
Shenandoah Telecommunications		1,318		24
Syniverse Holdings =		4,175		127
USA Mobility		1,118		19
Vonage Holdings =		6,245		16

				641

Utilities – 3.0%
Allete		1,789		65
American DG Energy = 6		1,117		3
American States Water 6		1,101		41
Artesian Resources		379		7
Avista		3,332		73
Black Hills		2,234		71
Cadiz =		700		8
California Water Service Group		1,199		45
Central Vermont Public Service		674		14
CH Energy Group		963		44
Chesapeake Utilities		568		21
Cleco 6		3,629		113
Connecticut Water Service 6		490		12
Consolidated Water		845		9
Dynegy =		6,084		28
El Paso Electric =		2,739		67
Empire District Electric		2,083		44
IDACORP		2,832		104
Laclede Group		1,319		46
MGE Energy 6		1,408		57
Middlesex Water Company		720		13
New Jersey Resources		2,450		99
Nicor		2,548		121
Northwest Natural Gas		1,577		78
NorthWestern 6		2,088		62
Piedmont Natural Gas 6		4,265		126
PNM Resources		5,143		61
Portland General Electric		4,583		96
SJW		768		19
South Jersey Industries		1,772		89
Southwest Gas		2,726		95
UIL Holdings 6		2,301		67
UniSource Energy Holding		2,171		76
Unitil 6		641		14
WGL Holdings		2,968		114
York Water		695		11

				2,013

Total Common Stocks
(Cost $52,097)				62,907

Closed-End Fund – 0.0%
Kayne Anderson Energy
(Cost $14)		585		10

Warrants – 0.0%
Greenhunter Energy = 6 ¥ ⊡		30		—
Krispy Kreme Doughnuts =		210		—
Lantronix = ¥ ⊡		39		—

Total Warrants
(Cost $0)				—

Short-Term Investments – 5.0%
Money Market Fund – 3.6%
First American Prime Obligations Fund, Class Z
0.102% Å Ω		2,381,815		2,382

U.S. Treasury Obligation – 1.4%
U.S. Treasury Bill
0.185%, 11/04/2010 o	$	920		920

Total Short-Term Investments
(Cost $3,302)				3,302

Investment Purchased with Proceeds from Securities Lending – 28.9%
Mount Vernon Securities Lending Prime Portfolio
0.278% Ω †
(Cost $19,183)		19,183,115		19,183

Total Investments 5 – 128.8%
(Cost $74,596)				85,402

Other Assets and Liabilities, Net – (28.8)%				(19,116	)

Total Net Assets – 100.0%			$	66,286


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

=		Non-income producing security.

6		This security or a portion of this security is out on loan at October 31, 2010. Total loaned securities had a fair value of $18,218 at October 31, 2010. See note 2 in Notes to Financial Statements.

¥		Security considered illiquid. As of October 31, 2010, 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, 2010, 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 shown is the annualized seven-day effective yield as of October 31, 2010.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of October 31, 2010. 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, 2010, the cost of investments for federal income tax purposes was $75,036. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:


Gross unrealized appreciation	$	19,555
Gross unrealized depreciation		(9,189	)

Net unrealized appreciation	$	10,366


REIT –	Real Estate Investment Trust

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

40 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Small Cap Index Fund (concluded)

Schedule of Open Futures Contracts

Number of

Notional

Settlement

Contracts

Contract

Unrealized

Description

Month

Purchased

Value

Appreciation

Russell 2000 Mini Index Futures

December 2010

$3,160

286

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 41


Statements of Assets and Liabilities	October 31, 2010, 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	$	577,633	$	218,868		$	53,031
Affiliated investments, at cost		41,032		9,201			2,382
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		136,238		61,127			19,183


ASSETS:
Unaffiliated investments, at fair value* (note 2)	$	856,416	$	259,198		$	63,837
Affiliated investments, at fair value (note 2)		41,399		9,201			2,382
Affiliated investment purchased with proceeds from securities lending, at fair value (note 2)		136,238		61,127			19,183
Cash		3		—			1
Receivable for dividends and interest		989		154			32
Receivable for investments sold		15		—			54
Receivable for capital shares sold		518		418			143
Receivable for variation margin (note 2)		15		54			21
Receivable from advisor (note 3)		—		—			16
Prepaid expenses and other assets		29		45			36


Total assets		1,035,622		330,197			85,705


LIABILITIES:
Payable upon return of securities loaned (note 2)		136,238		61,127			19,183
Payable for investments purchased		39		—			120
Payable for capital shares redeemed		1,014		333			46
Payable to affiliates (note 3)		288		102			58
Payable for distribution and shareholder servicing fees		44		21			6
Accrued expenses and other liabilities		47		15			6


Total liabilities		137,670		61,598			19,419


Net assets	$	897,952	$	268,599		$	66,286


COMPOSITION OF NET ASSETS:
Portfolio capital	$	577,769	$	228,611		$	61,269
Undistributed net investment income		619		1,302			294
Accumulated net realized gain (loss) on investments and futures contracts (note 2)		37,301		(2,497	)		(6,369	)
Net unrealized appreciation of:
Investments		279,150		40,330			10,806
Futures contracts		3,113		853			286


Net assets	$	897,952	$	268,599		$	66,286


* Including securities loaned, at fair value	$	130,416	$	58,844		$	18,218

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

42 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT



	Equity		Mid Cap		Small Cap
	Index Fund		Index Fund		Index Fund

Class A:
Net assets		$119,761	$	36,499	$	12,667
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		5,568		3,046		1,281
Net asset value and redemption price per share		$ 21.51	$	11.98	$	9.89
Maximum offering price per share¹		$ 22.76	$	12.68	$	10.47
Class B²:
Net assets		$ 7,351		—		—
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		347		—		—
Net asset value, offering price, and redemption price per share³		$ 21.19		—		—
Class C:
Net assets		$ 8,651	$	3,100	$	1,645
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		406		266		173
Net asset value, offering price, and redemption price per share³		$ 21.32	$	11.67	$	9.52
Class R:
Net assets		$ 12,979	$	26,458	$	4,795
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		605		2,230		496
Net asset value, offering price, and redemption price per share		$ 21.47	$	11.86	$	9.66
Class Y:
Net assets		$749,210	$	202,542	$	47,179
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		34,848		16,841		4,759
Net asset value, offering price, and redemption price per share		$ 21.50	$	12.03	$	9.91


	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, except for permitted exchanges and reinvestment of dividends. 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.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 43


Statements of Operations	For the year ended October 31, 2010, all dollars are rounded to thousands (000)



	Equity			Mid Cap			Small Cap
	Index Fund			Index Fund			Index Fund

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	18,619		$	3,610		$	756
Dividends from affiliated investments		62			14			3
Interest from unaffiliated investments		8			3			1
Securities lending income		179			96			86


Total investment income		18,868			3,723			846


EXPENSES (note 3):
Investment advisory fees		2,330			595			252
Administration fees		2,099			549			216
Transfer agent fees		303			106			102
Custodian fees		48			12			3
Legal fees		15			15			15
Audit fees		32			32			32
Registration fees		57			52			52
Postage and printing fees		85			24			10
Directors’ fees		32			32			33
Other expenses		72			43			66
Distribution and shareholder servicing fees:
Class A		296			70			27
Class B		86			—			—
Class C		86			30			15
Class R		60			90			19


Total expenses		5,601			1,650			842


Less: Fee waivers (note 3)		(1,652	)		(285	)		(419	)
Less: Expense reimbursement from regulatory settlements (note 7)		(33	)		—			(20	)


Total net expenses		3,916			1,365			403


Investment income – net		14,952			2,358			443


REALIZED AND UNREALIZED GAINS – NET:
Net realized gain on:
Unaffiliated investments		66,716			7,279			1,593
Affiliated investments		66			—			—
Futures contracts		408			3,002			611
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		55,559			42,257			11,124
Affiliated investments		116			—			—
Future contracts		3,479			1,350			608


Net gain on investments and futures contracts		126,344			53,888			13,936


Net increase in net assets resulting from operations	$	141,296		$	56,246		$	14,379

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

44 FIRST AMERICAN FUNDS 2010 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
	10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09

OPERATIONS:
Investment income – net	$	14,952		$	21,079		$	2,358		$	2,317		$	443		$	531
Net realized gain (loss) on:
Unaffiliated investments		66,716			(381	)		7,279			(12,559	)		1,593			(8,262	)
Affiliated investments		66			(117	)		—			—			—			—
Futures contracts		408			2,686			3,002			(2,979	)		611			(288	)
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		55,559			51,528			42,257			34,624			11,124			9,224
Affiliated investments		116			(1,386	)		—			—			—			—
Futures contracts		3,479			2,540			1,350			2,869			608			246


Net increase in net assets resulting from operations		141,296			75,949			56,246			24,272			14,379			1,451


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1,712	)		(2,257	)		(181	)		(115	)		(59	)		(58	)
Class B		(58	)		(149	)		—			(5	)		—			(3	)
Class C		(60	)		(116	)		(2	)		(12	)		—			(7	)
Class R		(145	)		(198	)		(77	)		(63	)		(15	)		(11	)
Class Y		(13,280	)		(19,546	)		(1,705	)		(1,368	)		(344	)		(427	)
Net realized gain on investments:
Class A		(251	)		—			—			(883	)		—			(868	)
Class B		(21	)		—			—			(80	)		—			(97	)
Class C		(19	)		—			—			(204	)		—			(207	)
Class R		(23	)		—			—			(581	)		—			(185	)
Class Y		(1,734	)		—			—			(9,460	)		—			(6,118	)


Total distributions		(17,303	)		(22,266	)		(1,965	)		(12,771	)		(418	)		(7,981	)


CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales	$	13,953		$	15,557		$	15,229		$	13,274		$	4,995		$	5,583
Reinvestment of distributions		1,881			2,158			169			920			56			882
Payments for redemptions		(26,818	)		(24,174	)		(8,091	)		(4,446	)		(3,387	)		(3,361	)


Increase (decrease) in net assets from Class A transactions		(10,984	)		(6,459	)		7,307			9,748			1,664			3,104


Class B¹:
Proceeds from sales		45			33			—			34			—			3
Reinvestment of distributions		77			146			—			78			—			98
Payments for redemptions (note 3)		(3,779	)		(3,587	)		—			(1,187	)		—			(644	)


Decrease in net assets from Class B transactions		(3,657	)		(3,408	)		—			(1,075	)		—			(543	)


Class C:
Proceeds from sales		641			792			476			252			131			141
Reinvestment of distributions		72			106			2			180			—			198
Payments for redemptions (note 3)		(1,866	)		(2,424	)		(821	)		(929	)		(200	)		(324	)


Increase (decrease) in net assets from Class C transactions		(1,153	)		(1,526	)		(343	)		(497	)		(69	)		15


Class R:
Proceeds from sales		4,795			5,367			16,123			6,776			2,425			1,902
Reinvestment of distributions		168			198			77			644			15			196
Payments for redemptions		(4,447	)		(5,283	)		(6,053	)		(4,346	)		(942	)		(738	)


Increase in net assets from Class R transactions		516			282			10,147			3,074			1,498			1,360


Class Y:
Proceeds from sales		91,079			170,677			38,910			41,509			9,236			13,371
Reinvestment of distributions		8,001			9,611			837			6,315			140			3,291
Payments for redemptions		(281,599	)		(352,443	)		(43,716	)		(70,209	)		(15,806	)		(22,718	)


Decrease in net assets from Class Y transactions		(182,519	)		(172,155	)		(3,969	)		(22,385	)		(6,430	)		(6,056	)


Increase (decrease) in net assets from capital share transactions		(197,797	)		(183,266	)		13,142			(11,135	)		(3,337	)		(2,120	)


Total increase (decrease) in net assets		(73,804	)		(129,583	)		67,423			366			10,624			(8,650	)
Net assets at beginning of period		971,756			1,101,339			201,176			200,810			55,662			64,312

��
Net assets at end of period	$	897,952		$	971,756		$	268,599		$	201,176		$	66,286		$	55,662


Undistributed net investment income at end of period	$	619		$	953		$	1,302		$	1,313		$	294		$	285


	¹	No new or additional investments are allowed in Class B shares, except for permitted exchanges and reinvestment of dividends. See note 1 in Notes to Financial Statements.

FIRST AMERICAN FUNDS 2010 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
2010²	$	18.86	$	0.29	$	2.70		$	2.99		$	(0.30	)	$	(0.04	)	$	(0.34	)	$	21.51
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
Class B
2010²	$	18.58	$	0.13	$	2.66		$	2.79		$	(0.14	)	$	(0.04	)	$	(0.18	)	$	21.19
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
Class C
2010²	$	18.70	$	0.13	$	2.67		$	2.80		$	(0.14	)	$	(0.04	)	$	(0.18	)	$	21.32
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
Class R
2010²	$	18.83	$	0.23	$	2.70		$	2.93		$	(0.25	)	$	(0.04	)	$	(0.29	)	$	21.47
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
Class Y
2010²	$	18.86	$	0.34	$	2.69		$	3.03		$	(0.35	)	$	(0.04	)	$	(0.39	)	$	21.50
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


Mid Cap Index Fund¹
Class A
2010²	$	9.52	$	0.09	$	2.45		$	2.54		$	(0.08	)	$	—		$	(0.08	)	$	11.98
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
Class C
2010²	$	9.28	$	0.01	$	2.39		$	2.40		$	(0.01	)	$	—		$	(0.01	)	$	11.67
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
Class R
2010²	$	9.43	$	0.06	$	2.43		$	2.49		$	(0.06	)	$	—		$	(0.06	)	$	11.86
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
Class Y
2010²	$	9.55	$	0.12	$	2.46		$	2.58		$	(0.10	)	$	—		$	(0.10	)	$	12.03
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


	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	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 2010 ANNUAL REPORT



											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income (Loss)
			Net Assets		Expenses			Income			Net Assets			to Average			Portfolio
Total			End of		to Average			to Average			(Excluding			Net Assets			Turnover
Return³			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate



	15.94	%	$	119,761		0.61	%		1.41	%		0.79	%		1.23	%		4	%
	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

	15.07	%	$	7,351		1.36	%		0.67	%		1.54	%		0.49	%		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

	15.05	%	$	8,651		1.36	%		0.66	%		1.54	%		0.48	%		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

	15.63	%	$	12,979		0.86	%		1.15	%		1.04	%		0.97	%		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

	16.18	%	$	749,210		0.36	%		1.66	%		0.54	%		1.48	%		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




	26.79	%	$	36,499		0.74	%		0.82	%		0.86	%		0.70	%		8	%
	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

	25.86	%	$	3,100		1.49	%		0.07	%		1.61	%		(0.05	)%		8	%
	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

	26.48	%	$	26,458		0.99	%		0.56	%		1.11	%		0.44	%		8	%
	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

	27.13	%	$	202,542		0.49	%		1.07	%		0.61	%		0.95	%		8	%
	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

FIRST AMERICAN FUNDS 2010 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

Small Cap Index Fund¹
Class A
2010²	$	7.90	$	0.05		$	1.99		$	2.04		$	(0.05	)	$	—		$	(0.05	)	$	9.89
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
Class C
2010²	$	7.62	$	(0.02	)	$	1.92		$	1.90		$	—		$	—		$	—		$	9.52
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
Class R
2010²	$	7.73	$	0.03		$	1.94		$	1.97		$	(0.04	)	$	—		$	(0.04	)	$	9.66
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
Class Y
2010²	$	7.91	$	0.07		$	2.00		$	2.07		$	(0.07	)	$	—		$	(0.07	)	$	9.91
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


	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	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 2010 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
Return³			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate



	25.91	%	$	12,667		0.79	%		0.55	%		1.49	%		(0.15	)%		12	%
	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

	24.93	%	$	1,645		1.54	%		(0.20	)%		2.24	%		(0.90	)%		12	%
	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

	25.55	%	$	4,795		1.04	%		0.30	%		1.74	%		(0.40	)%		12	%
	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

	26.22	%	$	47,179		0.54	%		0.80	%		1.24	%		0.10	%		12	%
	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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 49


Notes to Financial Statements	October 31, 2010, 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, 2010, FAIF offered 37 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.

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


2 >	Summary of Significant Accounting Policies

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

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

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.

50 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

held internally fair valued securities with a total fair value of $0 or 0.0% of the fund’s total net assets.

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.).

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.

As of October 31, 2010, each fund’s investments were classified as follows:


							Total
Fund	Level 1		Level 2		Level 3		Fair Value

Equity Index Fund
Common Stocks	$	853,708	$	—	$	—	$	853,708
Short-Term Investments		37,707		6,400		—		44,107
Investment Purchased with Proceeds from Securities Lending		136,238		—		—		136,238


Total Investments	$	1,027,653	$	6,400	$	—	$	1,034,053


Mid Cap Index Fund
Common Stocks	$	256,878	$	—	$	—	$	256,878
Warrant		—		—		—		—
Short-Term Investments		9,201		2,320		—		11,521
Investment Purchased with Proceeds from Securities Lending		61,127		—		—		61,127


Total Investments	$	327,206	$	2,320	$	—	$	329,526


Small Cap Index Fund
Common Stocks	$	62,907	$	—	$	—	$	62,907
Closed-End Fund		10		—		—		10
Warrants		—		—		—		—
Short-Term Investments		2,382		920		—		3,302
Investment Purchased with Proceeds from Securities Lending		19,183				—		19,183


Total Investments	$	84,482	$	920	$	—	$	85,402

Refer to each fund’s Schedule of Investments for further sector breakout.

As of October 31, 2010, 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	$	3,113	$	—	$	—	$	3,113
Mid Cap Index Fund		853		—		—		853
Small Cap Index Fund		286		—		—		286


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

During the fiscal year ended October 31, 2010, the funds recognized no significant transfers between valuation levels. Mid Cap Index and Small Cap Index hold investments that are included in Level 3, however the total fair value of these investments for each respective fund rounded to zero at both fiscal years ended October 31, 2010 and October 31, 2009 and therefore no Level 3 rollforward is needed.

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.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 51


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)

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 capital 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	$	(13,452	)	$	(31	)	$	13,483
Mid Cap Index Fund		404			(404	)		—
Small Cap Index Fund		16			(16	)		—

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, 2010 and October 31, 2009, were as follows:


	October 31, 2010

	Ordinary		Long Term
Fund	Income		Gain		Total

Equity Index Fund	$	15,255	$	2,048	$	17,303
Mid Cap Index Fund		1,965		—		1,965
Small Cap Index Fund		418		—		418

The funds also designate as distributions of long-term capital gains, to the extent necessary to fully distribute those gains, earnings and profits distributed to shareholders on their redemption of shares.


	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

As of October 31, 2010, the components of accumulated earnings on a tax basis were as follows:


					Accumulated
	Undistributed		Undistributed		Capital and					Total
	Ordinary		Long Term		Post October			Unrealized		Accumulated
Fund	Income		Capital Gains		Losses			Appreciation		Earnings

Equity Index Fund	$	3,709	$	52,878	$	—		$	263,612	$	320,199
Mid Cap Index Fund		1,313		—		(201	)		38,887		39,999
Small Cap Index Fund		302		—		(5,642	)		10,366		5,026

52 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

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, 2010, Mid Cap Index Fund and Small Cap Index Fund had capital loss carryforwards of $201 and $5,642 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 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 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, 2010, are disclosed in their Schedules of Investments.

For the fiscal year ended October 31, 2010, the quarterly average gross notional amounts of the derivatives held by the funds were:


Fund	Futures/Long

Equity Index Fund	$	37,418
Mid Cap Index Fund		15,890
Small Cap Index Fund		4,305

As of October 31, 2010, 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

Asset Derivatives
Equity Contracts	Receivables, Net Assets – Unrealized Appreciation*	$	3,113	$	853	$	286


Balance as of October 31, 2010		$	3,113	$	853	$	286


	*	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, 2010:

Amount of realized gain (loss) on derivatives recognized in income:


Equity Index Fund	Futures

Equity Contracts	$	408


Mid Cap Index Fund	Futures

Equity Contracts	$	3,002


Small Cap Index Fund	Futures

Equity Contracts	$	611

Change in unrealized appreciation on derivatives recognized in income:


Equity Index Fund	Futures

Equity Contracts	$	3,479


Mid Cap Index Fund	Futures

Equity Contracts	$	1,350


Small Cap Index Fund	Futures

Equity Contracts	$	608

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 53


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)

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, 2010, 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

—


	*	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”). As the securities lending agent, U.S. Bank receives fees of up to 25% of each fund’s net income from securities lending transactions and pays half of such fees to FAF Advisors for certain securities lending services provided by FAF Advisors. 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, 2010, were as follows:


Fund	Amount

Equity Index Fund	$	51
Mid Cap Index Fund		31
Small Cap Index Fund		29

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 – Cash 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, 2010, were as follows:


Fund	Amount

Equity Index Fund	$	272
Mid Cap Index Fund		31
Small Cap Index Fund		73

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.

54 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

equivalent dollar amounts had been invested in shares of open-end First American Funds, as designated by each director. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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


3 >	Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for 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, 2011, 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

NA = 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.

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.

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, 2010, custodian fees for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index 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%,

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 55


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)

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, 2010:


Fund	Amount

Equity Index Fund	$	186
Mid Cap Index Fund		19
Small Cap Index Fund		10

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, 2010, legal fees and expenses of $14 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, 2010, 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	$	39
Mid Cap Index Fund		5
Small Cap Index Fund		3

56 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


4 >	Capital Share Transactions

FAIF has 382 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
	10/31/10			10/31/09			10/31/10			10/31/09			10/31/10			10/31/09

Class A:
Shares issued		684			950			1,393			1,515			562			765
Shares issued in lieu of cash distributions		92			133			16			123			6			130
Shares redeemed		(1,316	)		(1,484	)		(754	)		(535	)		(375	)		(485	)


Total Class A transactions		(540	)		(401	)		655			1,103			193			410


Class B:
Shares issued		2			2			—			5			—			1
Shares issued in lieu of cash distributions		4			9			—			11			—			15
Shares redeemed		(188	)		(223	)		—			(148	)		—			(96	)


Total Class B transactions		(182	)		(212	)		—			(132	)		—			(80	)


Class C:
Shares issued		31			48			46			32			15			20
Shares issued in lieu of cash distributions		4			7			—			24			—			30
Shares redeemed		(92	)		(152	)		(78	)		(117	)		(23	)		(46	)


Total Class C transactions		(57	)		(97	)		(32	)		(61	)		(8	)		4


Class R:
Shares issued		236			338			1,489			802			275			274
Shares issued in lieu of cash distributions		8			12			7			86			2			30
Shares redeemed		(219	)		(308	)		(561	)		(524	)		(106	)		(107	)


Total Class R transactions		25			42			935			364			171			197


Class Y:
Shares issued		4,435			10,499			3,623			5,103			1,017			1,908
Shares issued in lieu of cash distributions		390			593			79			838			16			483
Shares redeemed		(13,840	)		(21,437	)		(3,976	)		(8,845	)		(1,730	)		(3,096	)


Total Class Y transactions		(9,015	)		(10,345	)		(274	)		(2,904	)		(697	)		(705	)


Net increase (decrease) in capital shares		(9,769	)		(11,013	)		1,284			(1,630	)		(341	)		(174	)

Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the fiscal years ended October 31, 2010 and October 31, 2009, as follows:


	Year Ended		Year Ended
Fund	10/31/10		10/31/09

Equity Index Fund		126		131
Mid Cap Index Fund		—		129
Small Cap Index Fund		—		84


5 >	Investment Security Transactions

During the fiscal year ended October 31, 2010, 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	$	32,674	$	257,311
Mid Cap Index Fund		48,405		16,709
Small Cap Index Fund		8,477		6,734


6 >	Indemnifications


7 >	Regulatory Settlements

On August 23, 2010, Equity Index and Small Cap Index Fund received settlement payments from the SEC related to the BISYS Fair Fund Settlement. The settlement was paid to funds that had used BISYS from June 1999 through June 2004. These funds had used BISYS as an administrator during this period. Because the settlement was for the overcharging of expenses to these funds, the amounts are shown in the funds’ Statements of Operations as an expense reimbursement from regulatory settlements.


8 >	New Accounting Pronouncement

On January 21, 2010, the Financial Accounting Standard Board issued an Accounting Standards Update for Fair Value Measurements and Disclosures: Improving Disclosures about Fair Value Measurements. The update provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires the funds to disclose purchases, sales, issuances and settlements on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2010. At this time management is evaluating the implications of the update and the impact to financial statements.

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 57


Notes to Financial Statements	October 31, 2010, all dollars and shares are rounded to thousands (000)


9 >	Nuveen Acquisition

Under the Investment Company Act of 1940, the closing of the transaction will cause each fund’s current investment advisory agreement with FAF Advisors to terminate. On October 7, 2010, the funds’ board of directors considered and approved new investment advisory agreements for the funds with Nuveen Asset Management, a subsidiary of the Purchaser. Each fund’s new investment advisory agreement will be submitted to the fund’s shareholders for their approval and, if approved, will take effect upon the closing of the transaction (or such later time as shareholder approval is obtained). The funds’ board of directors also considered and approved new distribution agreements with Nuveen Investments, LLC. There will be no change in the funds’ investment objectives or policies as a result of the transaction.


10 >	Subsequent Events

An affiliated pension plan (the “plan”) previously offered Mid Cap Index Fund as an investment option to plan participants. As a result of a decision to no longer offer this fund as an investment option, certain fund shares held in the plan were redeemed in-kind on December 20, 2010, totaling $35,015. In this transaction, the fund paid redemption proceeds by distributing a proportionate amount of securities in its portfolio. Remaining shareholders in the fund did not recognize any additional capital gains from the transaction.

58 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT


Notice to Shareholders	October 31, 2010 (unaudited)

TAX INFORMATION

For the fiscal period ended October 31, 2010, each fund has designated long-term capital gains, ordinary income, and tax exempt 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		12.00	%		88.00	%		100.00	%
Mid Cap Index Fund		0.00			100.00			100.00
Small Cap Index Fund		0.00			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

Equity Index Fund	100.00	%
Mid Cap Index Fund	99.06
Small Cap Index Fund	98.17


Fund

Equity Index Fund	100.00	%
Mid Cap Index Fund	100.00
Small Cap Index 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 were as follows:


Fund

Equity Index Fund	0.24	%
Mid Cap Index Fund	3.42
Small Cap Index Fund	2.23

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 Index Fund	0.00	%
Mid Cap Index Fund	0.00
Small Cap Index Fund	0.00

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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 59


Notice to Shareholders	October 31, 2010 (unaudited)

FORM N-Q HOLDINGS INFORMATION

APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AGREEMENT

At a meeting on May 3-4, 2010, 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 15-17, 2010, the Board concluded its consideration of and approved the Agreement through June 30, 2011.

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 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 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. 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 also considered compliance reports about FAF Advisors from the Funds’ Chief Compliance Officer (“CCO”).

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

Equity Index Fund. The Board considered that the Fund outperformed both its performance universe median and its benchmark index for all periods. In light of the Fund’s competitive performance, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

60 FIRST AMERICAN FUNDS 2010 ANNUAL REPORT

Mid Cap Index Fund. The Board considered that the Fund outperformed both its performance universe median and its benchmark index for all periods. In light of the Fund’s competitive performance, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Index Fund. The Board considered that the Fund outperformed its benchmark index for all 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. In light of the Fund’s competitive performance, the Board considered that 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 investment companies, investment companies receive additional services from FAF Advisors that separate accounts do not receive.

Further detail considered by the Board regarding the advisory fees and expense ratios of each Fund is set forth below:

Mid Cap Index Fund, Small Cap Index Fund. The Board considered that, after waivers, each Fund’s advisory fee is lower than its peer group median and that each Fund’s total expense ratio is equal to that of its peer group median. The Board concluded that each Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Equity Index Fund. The Board considered that, after waivers, the Fund’s advisory fee and total expense ratio are 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.

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 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 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

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 61


Notice to Shareholders	October 31, 2010 (unaudited)

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

62 FIRST AMERICAN FUNDS 2010 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-six 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; Director, Towne Airfreight; non-profit board member; prior to retirement in 2005, served in several executive positions for United Airlines, including Vice President and Chief Operating Officer – Cargo; Independent Director, First American Fund Complex since 1997	First American Funds Complex: twelve registered investment companies, including fifty-six 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-six 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	First American Funds Complex: twelve registered investment companies, including fifty-six 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-six 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-six 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-six portfolios	None

FIRST AMERICAN FUNDS 2010 ANNUAL REPORT 63


Notice to Shareholders	October 31, 2010 (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	Board member, Mutual Fund Directors Forum; Member, Governing Board, Investment Company Institute’s Independent Directors Council; Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm	First American Funds Complex: twelve registered investment companies, including fifty-six 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-six 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.

64 FIRST AMERICAN FUNDS 2010 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.


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.


Cynthia C. DeRuyter FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1973)*	Anti-Money Laundering Officer	Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since June 2010	Compliance Director, FAF Advisors, Inc., since March 2010; prior thereto, Compliance Manager, RSM McGladrey, Inc., since March 2006; prior thereto, Compliance Manager, FAF Advisors, Inc.


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	Deputy General Counsel, FAF Advisors, Inc.


James D. Alt Dorsey & Whitney LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of 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., from 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, Ertel and Kremenak, Mses. Stevenson, DeRuyter and 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 2010 ANNUAL REPORT 65

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.
•	Comply with the laws and regulations that govern us.

The types of information we collect

We may collect the following nonpublic personal information about you:


•	Information about your identity, such as your name, address, and social security number.
•	Information about your transactions with us.
•	Information you provide on applications, such as your beneficiaries and banking information, if provided to us.

Confidentiality and security

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.
•	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


BOARD OF DIRECTORS	First American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; Chair Emeritus 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

0285-10 12/2010 AR-INDEX

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 $1,173,401 in the fiscal year ended October 31, 2010 and $1,139,190 in the fiscal year ended October 31, 2009, 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 $3,918 in the fiscal year ended October 31, 2010 and $108,154 in the fiscal year ended October 31, 2009, including fees associated with the semi-annual review of fund disclosures.

(c)		Tax Fees — E&Y billed the registrant fees of $237,729 in the fiscal year ended October 31, 2010 and $170,849 in the fiscal year ended October 31, 2009, 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, 2010 and October 31, 2009.

(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 $1,017,257 in the fiscal year October 31, 2010 and $1,071,003 in the fiscal year ended October 31, 2009.

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

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

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

(b)		Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 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 30, 2010

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 30, 2010



	By:	/s/ Charles D. Gariboldi, Jr.
		Charles D. Gariboldi, Jr.
		Treasurer

Date: December 30, 2010

Nuveen Large Cap Select Fund (FLRYX) N-CSRCertified annual shareholder report (management investment company)