Nuveen Large Cap Select Fund (FLRYX) N-CSR Certified annual shareholder report (management investment company)

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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
(Address of principal executive offices) 55402
(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:       June 30

Date of reporting period:       June 30, 2007

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.

Item 1. Report to Shareholders

Table of Contents

Message to Shareholders	1
Management Discussions and Performance Summaries	2
Expense Examples	30
Report of Independent Registered Public Accounting Firm	36
Schedule of Investments	37
Statements of Assets and Liabilities	92
Statements of Operations	94
Statements of Changes in Net Assets	96
Financial Highlights	102
Notes to Financial Statements	112
Notice to Shareholders	122

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

FIRST AMERICAN INVESTMENT FUNDS, INC.

SUPPLEMENT DATED JUNE 12, 2007 TO

SHORT & INTERMEDIATE TAX FREE INCOME FUNDS PROSPECTUS

DATED OCTOBER 30, 2006

This information supplements the Short & Intermediate Tax Free Income Funds Prospectus of First American Investment Funds, Inc. (“FAIF”), dated October 30, 2006 (the “Prospectus”). This supplement and the Prospectus constitute a current Prospectus. To request a copy of the Prospectus, please call 800-677-FUND.

Information regarding the portfolio managers primarily responsible for the management of Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, and Short Tax Free Fund, which is set forth in the Prospectus under the heading “Additional Information– Management — Portfolio Management,” is replaced by the following:

Colorado Intermediate Tax Free Fund. Christopher L. Drahn has served as the primary portfolio manager for the fund since April 1994 and Michael L. Welle has co-managed the fund since June 2007.

Intermediate Tax Free Fund. Christopher L. Drahn has served as the primary portfolio manager for the fund since February 1994 and Douglas J. White has co-managed the fund since June 2007.

Short Tax Free Fund. Michael L. Welle has served as the primary portfolio manager for the fund since June 2007 and Christopher L. Drahn has co-managed the fund since October 2002.

The portfolio managers’ biographies set forth in the Prospectus under the heading “Additional Information — Management — Portfolio Manager Biographies” are supplemented by removing the biography for Catherine M. Stienstra and adding the following:

Michael L. Welle, CFA, Fixed Income Portfolio Manager, joined FAF Advisors in 1992. He has 15 years of financial industry experience, including 10 years in portfolio management.

FIRST AMERICAN INVESTMENT FUNDS, INC.

SUPPLEMENT DATED JUNE 12, 2007 TO

TAX FREE INCOME PROSPECTUS

DATED OCTOBER 30, 2006

This information supplements the Tax Free Income Prospectus of First American Investment Funds, Inc. (“FAIF”), dated October 30, 2006 (the “Prospectus”). This supplement and the Prospectus constitute a current Prospectus. To request a copy of the Prospectus, please call 800-677-FUND.

Information regarding the portfolio managers primarily responsible for the management of Arizona Tax Free Fund, Colorado Tax Free Fund, Nebraska Tax Free Fund, and Tax Free Fund, which is set forth in the Prospectus under the heading “Additional Information — Management — Portfolio Management,” is replaced by the following:

Arizona Tax Free Fund. Michael S. Hamilton has served as the primary portfolio manager for the fund since June 2007 and Douglas J. White has co-managed the fund since February 2000.

Colorado Tax Free Fund. Christopher L. Drahn has served as the primary portfolio manager for the fund since June 2007 and, prior to that, co-managed the fund since February 2000. Michael L. Welle has co-managed the fund since June 2007.

Nebraska Tax Free Fund. Michael L. Welle has served as the primary portfolio manager for the fund since June 2007 and Christopher L. Drahn has co-managed the fund since February 2001.

Tax Free Fund. Douglas J. White has served as the primary portfolio manager for the fund since September 2001 and Christopher L. Drahn has co-managed the fund since June 2007.

The portfolio managers’ biographies set forth in the Prospectus under the heading “Additional Information — Management — Portfolio Manager Biographies” are supplemented by removing the biography for Catherine M. Stienstra and adding the following:

Michael L. Welle, CFA, Fixed Income Portfolio Manager, joined FAF Advisors in 1992. He has 15 years of financial industry experience, including 10 years in portfolio management.

Message to SHAREHOLDERS August 13, 2007

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended June 30, 2007.

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

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

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

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

Sincerely,

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

First American Funds Annual Report 2007      1

Arizona Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Arizona state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Arizona Tax Free Fund (the “fund”), Class Y shares, returned 4.48% for the fiscal year ended June 30, 2007 (Class A shares returned 4.12%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman Municipal Bond Index*, returned 4.69%. Performance for the fund’s peer group, the Lipper Arizona Municipal Debt Funds Category Average, was 4.06%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

The fund’s duration was consistently long relative to the benchmark, increasing the fund’s sensitivity to interest-rate movements and helping relative performance. Due to the continued flattening of the municipal yield curve, the fund’s significant exposure to bonds with maturities longer than 15 years was a strong contributor to performance. Due to a lack of supply, it was difficult to add a significant quantity of higher-performing lower-quality bonds to the portfolio. To counter this, the fund selectively added out-of-state securities to be replaced as in-state lower-quality municipal bonds become available. While benefiting the fund in the past, an overweight in healthcare credits was not as significant a contributor to performance.

What strategic moves were made by the fund and why?

Throughout the fiscal year, the fund’s duration was kept long relative to the benchmark to take advantage of interest rate movements. Since we believe most of the curve flattening is behind us, we will focus investments in the 10- to 20-year maturity range. The fund had an overweight in the healthcare sector, where high yields helped performance.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	74.1%
General Obligations3	11.0
Certificates of Participation3	7.3
Short-Term Investment	6.3
Other Assets and Liabilities, Net4	1.3
	100.0%

Bond Credit Quality Distribution as of June 30, 2007² (% of market value)

AAA	30.1%
AA	15.6
A	16.8
BBB	22.2
BB	0.9
Non-Rated	14.4
	100.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of June 30, 2007, 19.4% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

2      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

					Since Inception
	1 year		5 years		2/1/2000
Average annual return with sales charge (POP)
Class A		(0.29)%		3.58%		5.40%
Class C		2.71%		4.10%		5.60%
Average annual return without sales charge (NAV)
Class A		4.12%		4.49%		6.02%
Class C		3.71%		4.10%		5.60%
Class Y		4.48%		4.77%		6.29%
Lehman Municipal Bond Index2		4.69%		4.61%		6.05%

Expense Ratios (as of the current prospectus)	Class A		Class C		Class Y
Gross		1.64%		2.04%		1.39%
Net (reflects voluntary fee waivers)3		0.75%		1.15%		0.50%

Value of $10,000 Investment^{1, 4}  as of June 30, 2007

Arizona Tax Free Fund, Class A (NAV)		$	15,419
Arizona Tax Free Fund, Class A (POP)		$	14,769
Arizona Tax Free Fund, Class Y		$	15,712
Lehman Municipal Bond Index2		$	15,455

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 2/1/2000 to 6/30/2007) as compared to the Lehman Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

A portion of the fund’s income may be subject to state and/or federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 maximum 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.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.
4	Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.

First American Funds Annual Report 2007      3

California Intermediate Tax Free fund

Investment Objective: current income that is exempt from both federal income tax and California state income tax to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended June 30, 2007?

The First American California Intermediate Tax Free Fund (the “fund”), Class Y shares, returned 4.01% for the fiscal year ended June 30, 2007 (Class A shares returned 3.86%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman 7-Year Municipal Bond Index*, returned 4.21%. Performance for the fund’s peer group, the Lipper California Intermediate Municipal Debt Funds Category Average, was 3.65%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

The fund’s duration was somewhat longer than the benchmark’s for most of the fiscal year, which proved beneficial overall. The fund’s holdings in lower-rated higher-yielding bonds generally performed well due both to their higher income component and occasional narrowing of credit spreads. We believe that, for an intermediate single-state fund, the fund had an adequate weighting in such bonds to benefit relative performance against its peers.

Due to yield-curve flattening, bonds with longer maturities were the best performers, and the fund had an adequate weighting in bonds with maturities of 10 years or more to capture that advantage.

The fund engaged in a number of relative-value trading opportunities throughout the year. It was fairly active in the secondary market and sold a number of securities at relatively higher prices than those at which they were purchased, trying to take advantage of the heavy new issue volume in California and the inherent distribution inefficiencies of the municipal market.

What strategic moves were made by the fund and why?

The fund’s duration was slightly longer than the benchmark at the end of the reporting period. Since we believed the majority of curve flattening was behind us, the fund has been generally laddered in structure, holding relatively equal amounts of securities in each maturity range. Healthcare was the largest sector in the portfolio, allowing us to take advantage of the high yields in this sector.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	71.1	%
General Obligations3	19.9
Certificates of Participation3	7.8
Short-Term Investment	1.2
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007²  (% of market value)

AAA	56.1	%
AA	5.9
A	20.7
BBB	15.0
Non-Rated	2.3
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 11.0% of the fund’s net assets were pre-refunded and escrowed to maturity issues.

4      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

					Since Inception
	1 year		5 years		8/8/1997
Average annual return with sales charge (POP)
Class A		1.55%		3.10%		4.15%
Average annual return without sales charge (NAV)
Class A		3.86%		3.57%		4.39%
Class Y		4.01%		3.74%		4.49%
Lehman 7-Year Municipal Bond Index2		4.21%		3.87%		4.79%

Expense Ratios (as of the current prospectus)	Class A		Class Y
Gross		1.27%		1.02%
Net (reflects voluntary fee waivers)3		0.85%		0.70%

Value of a $10,000 Investment¹  as of June 30, 2007

California Intermediate Tax Free Fund, Class A (NAV)		$	15,139
California Intermediate Tax Free Fund, Class A (POP)		$	14,799
California Intermediate Tax Free Fund, Class Y		$	15,306
Lehman 7-Year Municipal Bond Index2		$	15,828

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 9/30/1997 to 6/30/2007) as compared to the Lehman 7-Year Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

A portion of the fund’s income may be subject to state and/or federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.

First American Funds Annual Report 2007      5

California Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and California state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended June 30, 2007?

The First American California Tax Free Fund (the “fund”), Class Y shares, returned 4.78% for the fiscal year ended June 30, 2007 (Class A shares returned 4.62%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman Municipal Bond Index*, returned 4.69%. Performance for the fund’s peer group, the Lipper California Municipal Debt Funds Category Average, was 4.27%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

The fund’s duration was slightly longer than the benchmark’s for most of the fiscal year, which proved beneficial overall. Due to yield-curve flattening, bonds with longer maturities were the best performers on the curve. Though the fund’s weightings in intermediate maturities may have mildly hindered performance over the past fiscal year, we believe they will benefit the fund going forward. The fund’s holdings in lower-rated higher-yielding bonds generally performed well due both to their higher income component and occasional narrowing of credit spreads. The fund did not have a high allocation to nonrated land-based “dirt” bonds, due to concern about housing markets and unappealing yield spreads available during the period.

The fund engaged in a number of relative-value trading opportunities throughout the year. The fund was active in the secondary market and sold a number of securities at relatively higher prices than those at which they were purchased, trying to take advantage of the heavy new issue volume in California and the inherent distribution inefficiencies of the municipal market.

What strategic moves were made by the fund and why?

The fund’s duration was slightly longer than the benchmark at the end of the reporting period. Since we believed most curve flattening was behind us, we slightly overweighted the fund’s holdings in the 10- to 20-year maturity range in comparison to those in the 30-year range.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	77.9	%
General Obligations3	14.4
Certificates of Participation3	6.0
Short-Term Investment	3.3
Other Assets and Liabilities, Net4	(1.6	)
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007² (% of market value)

AAA	49.9	%
AA	10.8
A	18.4
BBB	16.4
Non-Rated	4.5
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 14.5% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

6      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

					Since Inception
	1 year		5 years		2/1/2000
Average annual return with sales charge (POP)
Class A		0.14%		3.59%		5.49%
Class C		3.17%		4.08%		5.71%
Average annual return without sales charge (NAV)
Class A		4.62%		4.49%		6.11%
Class C		4.17%		4.08%		5.71%
Class Y		4.78%		4.75%		6.37%
Lehman Municipal Bond Index2		4.69%		4.61%		6.05%

Expense Ratios (as of the current prospectus)	Class A		Class C		Class Y
Gross		1.47%		1.87%		1.22%
Net (reflects voluntary fee waivers)3		0.75%		1.15%		0.50%

Value of $10,000 Investment^{1, 4}  as of June 30, 2007

California Tax Free Fund, Class A (NAV)	MG, LEGEND1. ‘ ‘, , ,	$	15,518 GIF, ,
California Tax Free Fund, Class A (POP)	MG, LEGEND2. ‘ ‘, , ,	$	14,864 GIF, ,
California Tax Free Fund, Class Y	MG, LEGEND3. ‘ ‘, , ,	$	15,799 GIF, ,
Lehman Municipal Bond Index2	MG, LEGEND4. ‘ ‘, , ,	$	15,455 GIF, ,

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 2/1/2000 to 6/30/2007) as compared to the Lehman Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

A portion of the fund’s income may be subject to state and/or federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 maximum 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.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.
4	Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.

First American Funds Annual Report 2007      7

Colorado Intermediate Tax Free fund

Investment Objective: current income that is exempt from both federal income tax and Colorado state income tax to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Colorado Intermediate Tax Free Fund (the “fund”), Class Y shares, returned 4.28% for the fiscal year ended June 30, 2007 (Class A shares returned 4.21%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman 7-Year Municipal Bond Index*, returned 4.21%. Performance for the fund’s peer group, the Lipper Other States Intermediate Municipal Debt Funds Category Average, was 3.56%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

The fund’s duration ranged from neutral to slightly longer than the benchmark for most of the fiscal year. The fund’s holdings in lower-rated higher-yielding bonds generally performed well due both to their higher income component and occasional narrowing of credit spreads. We believe that, for an intermediate single-state fund, the fund had an adequate weighting in such bonds to benefit relative performance against its peers. We were able to add slightly to our lower-rated weightings when we saw value.

Due to yield-curve flattening, bonds with longer maturities were the best performers, and the fund had an adequate weighting in bonds with maturities of 10 years or more to reflect that fact.

The fund was also active in the secondary market and sold a number of securities at relatively higher prices than when purchased, trying to take advantage of the new issue volume and the inherent distribution inefficiencies of the municipal market.

What strategic moves were made by the fund and why?

The fund’s duration was roughly neutral relative to the benchmark at the end of the reporting period. Since we believed the majority of curve flattening was behind us, the fund was generally laddered in structure, holding relatively equal amounts of securities in each maturity range.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	76.5	%
General Obligations3	20.3
Certificates of Participation3	3.3
Short-Term Investment	0.7
Other Assets and Liabilities, Net4	(0.8	)
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007² (% of market value)

AAA	34.7	%
AA	17.8
A	17.7
BBB	20.3
Non-Rated	9.5
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 13.8% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

8      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

	1 year		5 years		10 years
Average annual return with sales charge (POP)
Class A		1.86%		2.99%		4.13%
Average annual return without sales charge (NAV)
Class A		4.21%		3.46%		4.37%
Class Y		4.28%		3.63%		4.44%
Lehman 7-Year Municipal Bond Index2		4.21%		3.87%		4.97%

Expense Ratios (as of the current prospectus)	Class A		Class Y
Gross		1.35%		1.10%
Net (reflects voluntary fee waivers)3		0.85%		0.70%

Value of $10,000 Investment¹  as of June 30, 2007

Colorado Intermediate Tax Free Fund, Class A (NAV)		$	14,981
Colorado Intermediate Tax Free Fund, Class A (POP)		$	14,649
Colorado Intermediate Tax Free Fund, Class Y		$	15,080
Lehman 7-Year Municipal Bond Index2		$	15,828

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 9/30/1997 to 6/30/2007) as compared to the Lehman 7-Year Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

A portion of the fund’s income may be subject to state and/or federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.

First American Funds Annual Report 2007      9

Colorado Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Colorado state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Colorado Tax Free Fund (the “fund”), Class Y shares, returned 4.39% for the fiscal year ended June 30, 2007 (Class A shares returned 4.13%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman Municipal Bond Index*, returned 4.69%. Performance for the fund’s peer group, the Lipper Colorado Municipal Debt Funds Category, was 4.10%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

The fund’s duration was longer than the benchmark for most of the fiscal year, which proved beneficial to performance. Due to the flattening yield curve, municipal bonds with long maturities were the best-performing area of the curve. The fund maintained sufficient weightings in longer maturities to help performance.

The fund’s holdings in lower-rated higher-yielding bonds generally performed well due both to their higher income component and occasional narrowing of credit spreads. We were able to add somewhat to our lower-rated weightings when we saw value, and we believe the fund has satisfactory weightings in these types of bonds.

In order to achieve a somewhat greater allocation to high yielding credits, the fund held more than 10% in out-of-state lower-rated securities, which benefited performance. We will look to reposition these bonds with in-state alternatives when opportunities arise.

What strategic moves were made by the fund and why?

The fund’s duration was long relative to the benchmark at the end of the fiscal year. Since we believed most curve flattening was behind us, we slightly overweighted the fund’s holdings in the 10- to 20-year maturity range in comparison to those in the 30-year range. The fund’s largest sector weighting was in healthcare (more than 15%), allowing us to take advantage of the high yields in this sector. Our exposure to lower-quality bonds increased during the fiscal year as these bonds generally outperformed higher quality.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	76.4	%
General Obligations3	10.6
Certificates of Participation3	9.8
Short-Term Investment	6.2
Other Assets and Liabilities, Net4	(3.0	)
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007² (% of market value)

AAA	31.7	%
AA	14.0
A	22.0
BBB	23.5
Non-Rated	8.8
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 10.7% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

10      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

					Since Inception
	1 year		5 years		2/1/2000
Average annual return with sales charge (POP)
Class A		(0.32)%		3.52%		5.52%
Class C		2.74%		3.99%		5.72%
Average annual return without sales charge (NAV)
Class A		4.13%		4.41%		6.13%
Class C		3.72%		3.99%		5.72%
Class Y		4.39%		4.67%		6.41%
Lehman Municipal Bond Index2		4.69%		4.61%		6.05%

Expense Ratios (as of the current prospectus)	Class A		Class C		Class Y
Gross		1.78%		2.18%		1.53%
Net (reflects voluntary fee waivers)3		0.75%		1.15%		0.50%

Value of $10,000 Investment^{1, 4}  as of June 30, 2007

Colorado Tax Free Fund, Class A (NAV)		$	15,543
Colorado Tax Free Fund, Class A (POP)		$	14,888
Colorado Tax Free Fund, Class Y		$	15,847
Lehman Municipal Bond Index2		$	15,455

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 2/1/2000 to 6/30/2007) as compared to the Lehman Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

A portion of the fund’s income may be subject to state and/or federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 maximum 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.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.
4	Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.

First American Funds Annual Report 2007      11

Intermediate Tax Free fund

Investment Objective: current income that is exempt from federal income tax to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Intermediate Tax Free Fund (the “fund”), Class Y shares, returned 4.43% for the fiscal year ended June 30, 2007 (Class A shares returned 4.27%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman 7-Year Municipal Bond Index*, returned 4.21%. Performance for the fund’s peer group, the Lipper Intermediate Municipal Debt Funds Category Average, was 3.59%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

The fund’s duration was close to neutral relative to the benchmark for most of the past fiscal year. Lower-quality higher-yielding bonds outperformed high-grade bonds during the period. We believe the fund had a sufficient weighting in such bonds to help relative performance against other intermediate municipal bond funds. We added slightly to the nonrated bond allocation when we saw value.

Due to yield curve flattening, longer (10-plus year) maturities were the best-performing area of the curve. The fund had an adequate weighting in these maturities, which helped performance. Throughout the fiscal year we engaged in numerous day-to-day relative-value trading opportunities, trying to take advantage of the heavy new issue volume and the inherent distribution inefficiencies of the municipal market.

What strategic moves were made by the fund and why?

The fund’s duration was roughly equal to the benchmark at the end of the reporting period. Since we believed the majority of curve flattening was behind us, the fund was generally laddered in structure, holding relatively equal amounts of securities in each maturity range. The fund’s largest sector weighting was in healthcare, allowing us to take advantage of the high yields in this sector.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	67.5	%
General Obligations3	30.4
Certificates of Participation3	2.3
Short-Term Investment	0.5
Other Assets and Liabilities, Net4	(0.7	)
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007² (% of market value)

AAA	52.4	%
AA	11.2
A	12.4
BBB	13.3
BB	0.8
Non-Rated	9.9
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 23.0% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

12      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

	1 year		5 years		10 years
Average annual return with sales charge (POP)
Class A		1.96%		3.18%		4.18%
Average annual return without sales charge (NAV)
Class A		4.27%		3.65%		4.42%
Class Y		4.43%		3.79%		4.52%
Lehman 7-Year Municipal Bond Index2		4.21%		3.87%		4.97%

Expense Ratios (as of the current prospectus)	Class A		Class Y
Gross		1.03%		0.78%
Net (reflects voluntary fee waivers)3		0.85%		0.70%

Value of $10,000 Investment¹  as of June 30, 2007

Intermediate Tax Free Fund, Class A (NAV)			$	15,065
Intermediate Tax Free Fund, Class A (POP)			$	14,726
Intermediate Tax Free Fund, Class Y		��	$	15,204
Lehman 7-Year Municipal Bond Index2			$	15,828

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 9/30/1997 to 6/30/2007) as compared to the Lehman 7-Year Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

Income from the fund may be subject to state and local taxes. A portion of the fund’s income may be subject to federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 2.25% for Class A. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.

First American Funds Annual Report 2007      13

Minnesota Intermediate Tax Free fund

Investment Objective: current income that is exempt from both federal income tax and Minnesota state income tax to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Minnesota Intermediate Tax Free Fund (the “fund”), Class Y shares, returned 4.05% for the fiscal year ended June 30, 2007 (Class A shares returned 3.87%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman 7-Year Municipal Bond Index*, returned 4.21%. Performance for the fund’s peer group, the Lipper Other States Intermediate Municipal Debt Funds Category Average, was 3.56%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

The fund’s duration ranged from neutral to slightly longer than the benchmark during the fiscal year. Beginning the year with slightly longer duration than the benchmark, we shortened duration slightly (i.e., decreased the fund’s sensitivity to interest-rate moves) after a few months, which proved beneficial.

Lower-quality higher yielding bonds outperformed high-grade bonds during the year. We believe the fund had a sufficient weighting in such higher-yielding bonds to help relative performance against other intermediate municipal bond funds. We added slightly to the nonrated bond allocation when we saw value. Due to yield curve flattening, longer (10-plus year)maturities were the best-performing area of the curve. The fund had an adequate weighting in these maturities, which helped performance.

What strategic moves were made by the fund and why?

As a result of our adjustments, the fund’s duration was approximately neutral relative to the benchmark at the end of the fiscal year. Since we believe the majority of curve flattening is behind us, the fund has been generally laddered in structure, holding relatively equal amounts of securities in each maturity range.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	66.3	%
General Obligations3	31.1
Certificate of Participation3	0.5
Short-Term Investment	1.3
Other Assets and Liabilities, Net4	0.8
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007²  (% of market value)

AAA	35.0	%
AA	16.8
A	18.7
BBB	14.4
BB	2.9
Non-Rated	12.2
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 6.9% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

14      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

	1 year		5 years		10 years
Average annual return with sales charge (POP)
Class A		1.51%		2.99%		4.04%
Average annual return without sales charge (NAV)
Class A		3.87%		3.46%		4.28%
Class Y		4.05%		3.62%		4.37%
Lehman 7-Year Municipal Bond Index2		4.21%		3.87%		4.97%

Expense Ratios (as of the current prospectus)	Class A		Class Y
Gross		1.07%		0.82%
Net (reflects voluntary fee waivers)3		0.85%		0.70%

Value of $10,000 Investment¹  as of June 30, 2007

Minnesota Intermediate Tax Free Fund, Class A (NAV)		$	14,880
Minnesota Intermediate Tax Free Fund, Class A (POP)		$	14,548
Minnesota Intermediate Tax Free Fund, Class Y		$	15,002
Lehman 7-Year Municipal Bond Index2		$	15,828

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 9/30/1997 to 6/30/2007) as compared to the Lehman 7-Year Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

A portion of the fund’s income may be subject to state and/or federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.

First American Funds Annual Report 2007      15

Minnesota Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Minnesota state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Minnesota Tax Free Fund (the “fund”), Class Y shares, returned 4.31% for the fiscal year ended June 30, 2007 (Class A shares returned 4.05%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman Municipal Bond Index*, returned 4.69%. Performance for the fund’s peer group, the Lipper Minnesota Municipal Debt Funds Objective Average, was 3.80%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

As the municipal yield curve flattened, yields on longer-term bonds fell. Longer-term positions, therefore, generally outperformed shorter-term positions. The fund’s duration was long relative to the index for most of the fiscal year, which increased its sensitivity to interest-rate movements, helping performance. An overweight to bonds with maturities of 17 years and longer also contributed to performance. Long-maturity zero-coupon bonds (i.e., bonds that are purchased at a discount to their face value and pay no interest) performed especially well.

As lower-quality bonds generally outperformed higher quality, the fund’s positions in BBB-rated bonds performed relatively well. Our sector positioning had minimal impact on performance.

What strategic moves were made by the fund and why?

Our positions in AAA-rated and A-rated bonds were reduced in favor of higher-yielding nonrated bonds. Although yield differences between high- and lower-quality bonds approached historic lows, high-yield bonds continued to outperform.

Duration was maintained long relative to the benchmark, more so toward the end of the fiscal year, after interest rates rose in the spring. Technical factors such as the fear of declining foreign investment in U.S. securities had overwhelmed fundamental factors such as moderate economic growth and low domestic inflation during the spring. This led to an increase in rates and was seen as an attractive opportunity to boost income and price sensitivity by extending the portfolio’s duration.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	87.5	%
General Obligations3	8.0
Short-Term Investment	3.5
Other Assets and Liabilities, Net4	1.0
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007²  (% of market value)

AAA	31.7	%
AA	9.2
A	24.4
BBB	8.4
BB	1.0
Non-Rated5	25.3
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 12.9% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
5	Includes bonds that are pre-refunded issues backed by U.S. government obligations. As of June 30, 2007, 2.4% of the market value of bonds were non-rated, pre-refunded issues.

16      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

								Since Inception
	1 year		5 years		10 years			8/1/1997			2/1/1999
Average annual return with sales charge (POP)
Class A		(0.40)%		3.47%		4.41	%		—			—
Class C		2.65%		3.95%		—			—			3.85	%
Average annual return without sales charge (NAV)
Class A		4.05%		4.37%		4.87	%		—			—
Class C		3.65%		3.95%		—			—			3.85	%
Class Y		4.31%		4.64%		—			4.97	%		—
Lehman Municipal Bond Index2		4.69%		4.61%		5.44	%		5.20	%		4.85	%

Expense Ratios (as of the current prospectus)	Class A		Class C		Class Y
Gross		1.10%		1.50%		0.85%
Net (reflects voluntary fee waivers)3		0.95%		1.35%		0.70%

Value of $10,000 Investment^{1, 4}  as of June 30, 2007

Minnesota Tax Free Fund, Class A (NAV)		$	15,672
Minnesota Tax Free Fund, Class A (POP)		$	15,013
Minnesota Tax Free Fund, Class Y		$	16,057
Lehman Municipal Bond Index2		$	16,484

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares and Class Y shares (from 9/30/1997 to 6/30/2007) as compared to the Lehman Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

A portion of the fund’s income may be subject to state and/or federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 maximum 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.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

On July 31, 1998, the Minnesota Tax Free Fund became the successor by merger to the Piper Minnesota Tax-Exempt Fund, a series of Piper Funds Inc. Prior to the merger, the First American Fund had no assets or liabilities. Performance presented prior to July 31, 1998, represents that of the Piper Minnesota Tax-Exempt Fund.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.
4	Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.

First American Funds Annual Report 2007      17

Missouri Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Missouri state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Missouri Tax Free Fund (the “fund”), Class Y shares, returned 4.58% for the fiscal year ended June 30, 2007 (Class A shares returned 4.23%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman Municipal Bond Index*, returned 4.69%. Performance for the fund’s peer group, the Lipper Missouri Municipal Debt Funds Category Average, was 3.98%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

The fund’s duration was slightly longer than the benchmark’s for most of the fiscal year, increasing the fund’s sensitivity to interest-rate movements and thereby helping relative performance. Due to the flattening of the municipal yield curve, the fund’s holdings with very long maturities were the best performers. The fund did maintain weightings in intermediate-maturity sectors, which may have held back performance but will, we believe, benefit the fund going forward. The fund’s holdings in lower-rated higher-yielding bonds generally performed well due both to their higher income component and occasional narrowing of credit spreads (i.e., differences in yield vs. higher-quality bonds). We were able to add slightly to our lower-rated weightings when we saw value, and we believe the fund has a satisfactory weightings in these types of bonds for the present.

The fund was also active in the secondary market and sold a number of securities at relatively higher prices than when purchased, trying to take advantages of the new issue volume and the inherent distribution inefficiencies of the municipal market.

What strategic moves were made by the fund and why?

The fund’s duration was slightly long relative to the benchmark at the end of the fiscal year. Since we believe most curve flattening is behind us, we slightly overweighted the fund’s holdings in the 10- to 20-year maturity range in comparison to those in the 30-year range. Exposure to lower-quality bonds increased during the fiscal year, a period when lower-quality bonds generally outperformed higher quality.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	82.6	%
General Obligations3	12.9
Certificates of Participation3	5.2
Other Assets and Liabilities, Net4	(0.7	)
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007²  (% of market value)

AAA	55.2	%
AA	14.0
A	8.9
BBB	9.2
BB	1.2
Non-Rated	11.5
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 19.5% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

18      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

							Since Inception
	1 year		5 years		10 years		9/24/2001
Average annual return with sales charge (POP)
Class A		(0.18)%		2.93%		4.03%		—
Class C		2.84%		3.39%		—		3.48%
Average annual return without sales charge (NAV)
Class A		4.23%		3.83%		4.48%		—
Class C		3.84%		3.39%		—		3.48%
Class Y		4.58%		4.10%		4.77%		—
Lehman Municipal Bond Index2		4.69%		4.61%		5.44%		4.72%

Expense Ratios (as of the current prospectus)	Class A		Class C		Class Y
Gross		1.10%		1.50%		0.85%
Net (reflects voluntary fee waivers)3		0.95%		1.35%		0.70%

Value of $10,000 Investment^{1, 4}  as of June 30, 2007

Missouri Tax Free Fund, Class A (NAV)		$	14,943
Missouri Tax Free Fund, Class A (POP)		$	14,304
Missouri Tax Free Fund, Class Y		$	15,348
Lehman Municipal Bond Index2		$	16,282

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 11/30/1997 to 6/30/2007) as compared to the Lehman Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

A portion of the fund’s income may be subject to state and/or federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 maximum 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.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

On September 24, 2001, the Missouri Tax Free Fund became the successor by merger to the Firstar Missouri Tax-Exempt Bond 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 Missouri Tax-Exempt Bond Fund. The Firstar Missouri Tax-Exempt Bond Fund was organized on December 11, 2000.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.
4	Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.

First American Funds Annual Report 2007      19

Nebraska Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Nebraska state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Nebraska Tax Free Fund (the “fund”), Class Y shares, returned 4.51% for the fiscal year ended June 30, 2007 (Class A shares returned 4.24%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman Municipal Bond Index*, returned 4.69%. Performance for the fund’s peer group, the Lipper Other States Municipal Debt Funds Category Average, was 4.00%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

The fund’s duration was managed consistently long relative to the benchmark to increase the fund’s sensitivity to interest-rate movements and thereby help relative performance. Due to the flattened municipal bond yield curve, which favors bonds with longer maturities, the fund’s significant position in the holdings with maturities of 15 to 20 years was a key contributor to total return. An overweight to the underperforming electric utility sector had a negative impact on performance during the fiscal year.

What strategic moves were made by the fund and why?

The fund continued to increase its exposure to nonrated bonds as BBB-rated and nonrated bonds outperformed higher-quality issues on a total return basis. The new issue supply for Nebraska was limited during the fiscal year, making it more difficult to augment the fund’s position in lower-quality in-state bonds. To counter this scarcity of new supply, the fund selectively added out-of-state securities, which will be replaced with comparable in-state municipal bonds when these become available.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	77.1	%
General Obligations3	18.5
Certificates of Participation3	3.2
Short-Term Investment	1.0
Other Assets and Liabilities, Net4	0.2
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007²  (% of market value)

AAA	25.1	%
AA	30.0
A	20.3
BBB	4.7
Non-Rated	19.9
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 5.1% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

20      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

					Since Inception
	1 year		5 years		2/28/2001
Average annual return with sales charge (POP)
Class A		(0.20)%		3.26%		3.92%
Class C		2.86%		3.77%		4.15%
Average annual return without sales charge (NAV)
Class A		4.24%		4.17%		4.63%
Class C		3.86%		3.77%		4.15%
Class Y		4.51%		4.43%		4.89%
Lehman Municipal Bond Index2		4.69%		4.61%		4.97%

Expense Ratios (as of the current prospectus)	Class A		Class C		Class Y
Gross		1.42%		1.82%		1.17%
Net (reflects voluntary fee waivers)3		0.75%		1.15%		0.50%

Value of a $10,000 Investment^{1, 4}  as of June 30, 2007

Nebraska Tax Free Fund, Class A (NAV)		$	13,318
Nebraska Tax Free Fund, Class A (POP)		$	12,757
Nebraska Tax Free Fund, Class Y		$	13,527
Lehman Municipal Bond Index2		$	13,600

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 2/28/2001 to 6/30/2007) as compared to the Lehman Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

A portion of the fund’s income may be subject to state and/or federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 maximum 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.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.
4	Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.

First American Funds Annual Report 2007      21

Ohio Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Ohio state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Ohio Tax Free Fund (the “fund”), Class Y shares, returned 4.44% for the fiscal year ended June 30, 2007 (Class A shares returned 4.28%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman Municipal Bond Index*, returned 4.69%. Performance for the fund’s peer group, the Lipper Ohio Municipal Debt Funds Category Average, was 4.14%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

The fund’s duration was slightly longer than the benchmark’s for most of the fiscal year, increasing the fund’s sensitivity to interest-rate movements and helping relative performance. Due to the flattening of the municipal yield curve, the fund’s holdings with long maturities were the best performers. The fund did maintain exposure to the intermediate maturity sectors, which were adversely affected by the flattened yield curve, detracting from performance. However, we do believe that going forward this will benefit the fund. The fund’s holdings in lower-rated securities proved beneficial both due to added income and continued credit spread tightening.

What strategic moves were made by the fund and why?

The fund’s duration was neutral to the benchmark at the end of the fiscal period. Since we believe most of the curve flattening is behind us we have begun to focus investments in the 10- to 20-year maturity range. The fund’s largest weighting is in healthcare, to take advantage of the high yields in this sector.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	61.6	%
General Obligations3	33.9
Short-Term Investments	3.9
Other Assets and Liabilities, Net4	0.6
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007²  (% of market value)

AAA	39.2	%
AA	34.6
A	18.5
BBB	5.7
Non-Rated	2.0
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 7.2% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

22      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

					Since Inception
	1 year		5 years		4/30/2002
Average annual return with sales charge (POP)
Class A		(0.14)%		3.18%		3.45%
Class C		2.81%		3.43%		3.67%
Average annual return without sales charge (NAV)
Class A		4.28%		4.08%		4.31%
Class C		3.81%		3.43%		3.67%
Class Y		4.44%		4.32%		4.55%
Lehman Municipal Bond Index2		4.69%		4.61%		4.79%

Expense Ratios (as of the current prospectus)	Class A		Class C		Class Y
Gross		1.39%		1.79%		1.14%
Net (reflects voluntary fee waivers)3		0.75%		1.15%		0.50%

Value of $10,000 Investment^{1, 4} as of June 30, 2007

Ohio Tax Free Fund, Class A (NAV)		$	12,437
Ohio Tax Free Fund, Class A (POP)		$	11,913
Ohio Tax Free Fund, Class Y		$	12,583
Lehman Municipal Bond Index2		$	12,735

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 4/30/2002 to 6/30/2007) as compared to the Lehman Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

A portion of the fund’s income may be subject to state and/or federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 maximum 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.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.
4	Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.

First American Funds Annual Report 2007      23

Oregon Intermediate Tax Free fund

Investment Objective: current income that is exempt from both federal income tax and Oregon state income tax to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Oregon Intermediate Tax Free Fund (the “fund”), Class Y shares, returned 3.70% for the fiscal year ended June 30, 2007 (Class A shares returned 3.54%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman 7-Year Municipal Bond Index*, returned 4.21%. Performance for the fund’s peer group, the Lipper Other States Intermediate Municipal Debt Funds Category Average, was 3.56%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

The fund’s duration was slightly longer than the benchmark’s for most of the fiscal year, increasing the fund’s sensitivity to interest-rate movements and helping relative performance. Despite the longer duration of the portfolio, underexposure to lower-quality higher-yielding bonds detracted from performance. Oregon simply does not have the lower-rated higher-yielding supply to make possible a quick move into this sector; seizing these opportunities takes time. In the interim, out-of-state, lower-rated, higher-yielding securities were added to the portfolio to expose the fund to this sector.

What strategic moves were made by the fund and why?

The duration of the fund remained slightly long relative to its benchmark at the end of the fiscal year. An opportunity was taken to better structure the portfolio though the purchase of current 10-year callable bonds as opposed to bonds that had shorter calls (callable bonds can be redeemed by the issuer prior to the maturity date). The fund’s largest weighting is in healthcare, to take advantage of the high yields in this sector.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

General Obligations3	51.5	%
Revenue Bonds3	42.4
Certificates of Participation3	4.8
Short-Term Investment	0.8
Other Assets and Liabilities, Net4	0.5
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007²  (% of market value)

AAA	53.4	%
AA	26.9
A	8.0
BBB	5.2
Non-Rated	6.5
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 19.0% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

24      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

							Since Inception
	1 year		5 years		10 years		2/1/1999
Average annual return with sales charge (POP)
Class A		1.16%		2.73%		—		3.32%
Average annual return without sales charge (NAV)
Class A		3.54%		3.19%		—		3.61%
Class Y		3.70%		3.35%		4.25%		—
Lehman 7-Year Municipal Bond Index2		4.21%		3.87%		4.97%		4.41%

Expense Ratios (as of the current prospectus)	Class A		Class Y
Gross		1.12%		0.87%
Net (reflects voluntary fee waivers)3		0.85%		0.70%

Value of $10,000 Investment¹  as of June 30, 2007

		Class A		Class Y
Oregon Intermediate Tax Free Fund, Class A (NAV)		$	13,473
Oregon Intermediate Tax Free Fund, Class A (POP)		$	13,164
Oregon Intermediate Tax Free Fund, Class Y				$	14,723
Lehman 7-Year Municipal Bond Index2		$	14,372	$	15,828

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 2/1/1999 to 6/30/2007) and Class Y shares (from 9/30/1997 to 6/30/2007) as compared to the Lehman 7-Year Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

A portion of the fund’s income may be subject to state and/or federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 2.25% for Class A. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

Performance prior to August 8, 1997, is that of Oregon Municipal Bond Trust Fund, a predecessor common trust fund. On August 8, 1997, substantially all of the assets of Oregon Municipal Bond Trust Fund were transferred into Oregon Intermediate Tax Free Fund. The objectives, policies, and guidelines of the two funds were, in all material respects, identical. Oregon Municipal Bond Trust Fund was not registered under the Investment Company Act of 1940 and therefore was not subject to certain investment restrictions that might have adversely affected performance.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.

First American Funds Annual Report 2007      25

Short Tax Free fund

Investment Objective: to provide investors with current income that is exempt from federal income tax, to the extent consistent with the preservation of capital

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Short Tax Free Fund (the “fund”), Class Y shares, returned 3.37% for the fiscal year ended June 30, 2007 (Class A shares returned 3.22%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman 3-Year Municipal Bond Index*, returned 3.85%. Performance for the fund’s peer group, the Lipper Short Municipal Debt Funds Category Average, was 3.20%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

Anticipating that the Federal Reserve (the Fed) might set in motion the process of easing interest rates, the fund moved to more of a barbell maturity structure that emphasized shorter and longer maturities, while reducing the fund’s weighting in intermediate maturity bonds. The strategy allowed the fund to acquire some bonds with slightly longer maturities, with the idea of “locking in” additional yield over a longer time horizon. The economy, however, remained resilient and the Fed was able to leave the Fed Funds rate unchanged. Short-term rates actually rose over the period as the market reduced its expectations for any Fed activity. An overweight in the hospital/healthcare sector, characterized by high yields, continued to be a positive contributor to total return.

What strategic moves were made by the fund and why?

In light of continued economic strength and the potential for increasing rates, the fund’s duration was managed shorter than the benchmark. In addition, the fund continued to increase its exposure to nonrated and high-yield bonds, which have been key contributors to total return in the past.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	79.8	%
General Obligations3	18.3
Short-Term Investment	1.3
Other Assets and Liabilities, Net4	0.6
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007²  (% of market value)

AAA	36.2	%
AA	23.7
A	17.7
BBB	17.2
BB	0.3
Non-rated	4.9
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 6.4% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

26      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

			Since Inception
	1 year		10/25/2002
Average annual return with sales charge (POP)
Class A		0.92%		1.70%
Average annual return without sales charge (NAV)
Class A		3.22%		2.20%
Class Y		3.37%		2.35%
Lehman 3-Year Municipal Bond Index2		3.85%		2.56%

Expense Ratios (as of the current prospectus)	Class A		Class Y
Gross		1.07%		0.82%
Net (reflects voluntary fee waivers)3		0.75%		0.60%

Value of $10,000 Investment¹  as of June 30, 2007

Short Tax Free Fund, Class A (NAV)		$	11,072
Short Tax Free Fund, Class A (POP)		$	10,823
Short Tax Free Fund, Class Y		$	11,147
Lehman 3-Year Municipal Bond Index2		$	11,258

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 10/25/2002 to 6/30/2007) as compared to the Lehman 3-Year Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

Income from the fund may be subject to state and local taxes. A portion of the fund’s income may be subject to federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between two and four years.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.

First American Funds Annual Report 2007      27

Tax Free fund

Investment Objective: maximum current income that is exempt from federal income tax to the extent consistent with the prudent investment risk

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Tax Free Fund (the “fund”), Class Y shares, returned 4.42% for the fiscal year ended June 30, 2007 (Class A shares returned 4.16%, without taking the sales charge into account, for the same period). By comparison, the fund’s benchmark, the Lehman Municipal Bond Index*, returned 4.69%. Performance for the fund’s peer group, the Lipper General Municipal Debt Funds Objective Average, was 4.12%.

What were the general municipal market conditions during the fiscal year?

Yields initially declined and bond prices rose during the second half of 2006. After that, yields rose in a choppy fashion through the end of this fiscal year. The yield curve ended the period flatter, as short-term interest rates rose very modestly while intermediate and longer yields declined. The curve did not end the period at its flattest extreme, however, which was recorded earlier in 2007.

In terms of total return for the period, the longer the maturity the better the returns. Curve-flattening pressures persist. In recent years the municipal market has even developed its own form of “carry” trade, in which some investors borrow in the short-term money markets and invest in longer maturities, trying to take advantage of the relative steepness of the municipal yield curve in comparison to other bond markets.

Despite predictions to the contrary, yield spreads (i.e., differences in yield between lower-quality and higher-quality municipal bonds) did not appreciably widen out, and even tightened from time to time. This lack of spread-widening helped lower-quality bonds outperform higher-quality bonds by virtue of their higher income component. We are not optimistic on the prospects of additional spread-tightening for lower-grade bonds. Yield spreads on some corporate-backed municipal bonds did widen over concerns about private equity-led buyouts, potential leveraging of the balance sheet, and investment-portfolio losses related to sub-prime loans. It remains to be seen how much subprime worries seep into the pricing of “purer” municipal bonds.

While the volume of municipal bond new issue supply continued to set records, the distribution process in this market still takes time. The heavy volume can present opportunities for investors who cherry-pick among new issues and can afford to wait for demand to catch up with supply. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

As the municipal yield curve flattened, yields on longer-term bonds fell. Longer-term positions, therefore, generally outperformed shorter-term positions. The fund’s duration was long relative to the index for most of the fiscal year, which increased its sensitivity to interest-rate movements. An overweight to bonds with maturities of 17 years and longer helped performance. Long-maturity zero-coupon bonds (i.e., bonds that pay no interest rate) held by the fund performed especially well. During a period when lower-quality bonds generally outperformed higher quality, the fund’s positions in BBB-rated bonds performed relatively well. The fund’s overweight in healthcare areas such as hospitals and continuing-care retirement communities also helped performance.

What strategic moves were made by the fund and why?

Throughout the fiscal year we gradually reduced our positions in BBB-rated bonds in favor of AAA-rated bonds. Selected BBB-rated bonds had outperformed to a point that appeared to represent overvaluation. With the yield difference between high- and lower-quality securities nearing historic lows, reinvestment in higher-quality bonds seemed prudent.

Duration was maintained long relative to the benchmark, more so toward the end of the fiscal year, after interest rates rose in the spring. Technical factors, such as the fear of declining foreign investment in U.S. securities, had overwhelmed fundamental factors such as moderate economic growth and low domestic inflation during the spring. This led to an increase in rates and was seen as an attractive opportunity to boost income and price sensitivity by extending the portfolio’s duration. We reduced some of the fund’s overweight in healthcare in favor of higher-quality general-obligation bonds.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

Revenue Bonds3	74.7	%
General Obligations3	19.5
Certificates of Participation3	1.0
Short-Term Investment	4.9
Other Assets and Liabilities, Net4	(0.1	)
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007² (% of market value)

AAA	38.2	%
AA	6.2
A	24.3
BBB	16.5
BB	1.0
Non-Rated	13.8
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of June 30, 2007, 13.5% of the fund’s net assets were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

28      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

							Since Inception
	1 year		5 years		10 years		9/24/2001
Average annual return with sales charge (POP)
Class A		(0.25)%		3.84%		4.72%		—
Class C		2.77%		4.33%		—		4.31%
Average annual return without sales charge (NAV)
Class A		4.16%		4.75%		5.18%		—
Class C		3.76%		4.33%		—		4.31%
Class Y		4.42%		5.01%		5.41%		—
Lehman Municipal Bond Index2		4.69%		4.61%		5.44%		4.72%

Expense Ratios (as of the current prospectus)	Class A		Class C		Class Y
Gross		1.04%		1.44%		0.79%
Net (reflects voluntary fee waivers)3		0.95%		1.35%		0.70%

Value of $10,000 Investment^{1, 4}  as of June 30, 2007

Tax Free Fund, Class A (NAV)		$	15,820
Tax Free Fund, Class A (POP)		$	15,152
Tax Free Fund, Class Y		$	16,138
Lehman Municipal Bond Index2		$	16,282

Class A

Class Y

The above chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 11/30/1997 to 6/30/2007) as compared to the Lehman Municipal Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

Income from the fund may be subject to state and local taxes. A portion of the fund’s income may be subject to federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

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 maximum 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.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

On September 24, 2001, the First American Tax Free Fund merged with the Firstar National Municipal Bond Fund. Performance history prior to September 24, 2001, represents that of the Firstar National Municipal Bond Fund.

2	An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
3	The fund’s advisor has agreed to waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval.
4	Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.

First American Funds Annual Report 2007      29

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007, to June 30, 2007.

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 by $1,000 (for example, an $8,600 account value in the fund and class 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 table 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 table for each class 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.

Arizona Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual2	$	1,000.00	$	996.90	$	3.71
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class C Actual2	$	1,000.00	$	995.90	$	5.69
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76
Class Y Actual2	$	1,000.00	$	999.00	$	2.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended June 30, 2007 of -0.31%, -0.41%, and -0.10% for Class A, Class C, and Class Y, respectively.

30      First American Funds Annual Report 2007

California Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual2	$	1,000.00	$	999.60	$	4.21
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26
Class Y Actual2	$	1,000.00	$	1,000.40	$	3.47
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A 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 June 30, 2007 of -0.04% and 0.04% for Class A and Class Y, respectively.

California Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual4	$	1,000.00	$	999.60	$	3.72
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class C Actual4	$	1,000.00	$	997.70	$	5.70
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76
Class Y Actual4	$	1,000.00	$	1,000.00	$	2.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% 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 June 30, 2007 of -0.04%, -0.23%, and 0.00% for Class A, Class C, and Class Y, respectively.

Colorado Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual6	$	1,000.00	$	1,002.70	$	4.22
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26
Class Y Actual6	$	1,000.00	$	1,002.40	$	3.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A 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).
6	Based on the actual returns for the six-month period ended June 30, 2007 of 0.27% and 0.24% for Class A and Class Y, respectively.

First American Funds Annual Report 2007      31

Expense Examples (continued)

Colorado Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual2	$	1,000.00	$	998.90	$	3.72
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class C Actual2	$	1,000.00	$	996.90	$	5.69
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76
Class Y Actual2	$	1,000.00	$	1,000.10	$	2.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended June 30, 2007 of -0.11%, -0.31%, and 0.01% for Class A, Class C, and Class Y, respectively.

Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual4	$	1,000.00	$	1,003.10	$	4.22
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26
Class Y Actual4	$	1,000.00	$	1,003.90	$	3.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A 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 June 30, 2007 of 0.31% and 0.39% for Class A and Class Y, respectively.

Minnesota Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual6	$	1,000.00	$	1,000.80	$	4.22
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26
Class Y Actual6	$	1,000.00	$	1,001.50	$	3.47
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A 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).
6	Based on the actual returns for the six-month period ended June 30, 2007 of 0.08% and 0.15% for Class A and Class Y, respectively.

32      First American Funds Annual Report 2007

Minnesota Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual2	$	1,000.00	$	996.00	$	4.70
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76
Class C Actual2	$	1,000.00	$	994.90	$	6.68
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76
Class Y Actual2	$	1,000.00	$	998.10	$	3.47
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended June 30, 2007 of -0.40%, -0.51%, and -0.19% for Class A, Class C, and Class Y, respectively.

Missouri Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual4	$	1,000.00	$	999.30	$	4.71
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76
Class C Actual4	$	1,000.00	$	997.30	$	6.69
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76
Class Y Actual4	$	1,000.00	$	1,001.30	$	3.47
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.35%, and 0.70% 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 June 30, 2007 of -0.07%, -0.27%, and 0.13% for Class A, Class C, and Class Y, respectively.

Nebraska Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual6	$	1,000.00	$	999.80	$	3.72
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class C Actual6	$	1,000.00	$	997.90	$	5.70
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76
Class Y Actual6	$	1,000.00	$	1,002.00	$	2.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% 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).
6	Based on the actual returns for the six-month period ended June 30, 2007 of -0.02%, -0.21%, and 0.20% for Class A, Class C, and Class Y, respectively.

First American Funds Annual Report 2007      33

Expense Examples (continued)

Ohio Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual2	$	1,000.00	$	998.20	$	3.72
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class C Actual2	$	1,000.00	$	996.20	$	5.69
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76
Class Y Actual2	$	1,000.00	$	999.40	$	2.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended June 30, 2007 of -0.18%, -0.38%, and -0.06% for Class A, Class C, and Class Y, respectively.

Oregon Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual4	$	1,000.00	$	999.20	$	4.21
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26
Class Y Actual4	$	1,000.00	$	999.00	$	3.47
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A 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 June 30, 2007 of -0.08% and -0.10% for Class A and Class Y, respectively.

Short Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual6	$	1,000.00	$	1,010.00	$	3.74
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class Y Actual6	$	1,000.00	$	1,010.80	$	2.99
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A 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).
6	Based on the actual returns for the six-month period ended June 30, 2007 of 1.00% and 1.08% for Class A and Class Y, respectively.

34      First American Funds Annual Report 2007

Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual2	$	1,000.00	$	997.80	$	4.71
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76
Class C Actual2	$	1,000.00	$	995.80	$	6.68
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76
Class Y Actual2	$	1,000.00	$	999.00	$	3.47
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended June 30, 2007 of -0.22%, -0.42%, and -0.10% for Class A, Class C, and Class Y, respectively.

First American Funds Annual Report 2007      35

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments of the Arizona Tax Free, California Intermediate Tax Free, California Tax Free, Colorado Intermediate Tax Free, Colorado Tax Free, Intermediate Tax Free, Minnesota Intermediate Tax Free, Minnesota Tax Free, Missouri Tax Free, Nebraska Tax Free, Ohio Tax Free, Oregon Intermediate Tax Free, Short Tax Free, and Tax Free Funds (each a series of First American Investment Funds, Inc.) (the “funds”) as of June 30, 2007, the related statements of operations, changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designating 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 verification by examination of securities held by the custodian as of June 30, 2007 and confirmation of the securities held by correspondence with 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 as 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 June 30, 2007, the results of their operations, the 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

August 22, 2007

36      First American Funds Annual Report 2007

Schedule of  Investments June 30, 2007, all dollars are rounded to thousands (000)

Arizona Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 92.4%
Revenue Bonds – 74.1%
Continuing Care Retirement Communities – 8.1%
Arizona Health Facilities Authority, The Terraces Project, Series A
	7.500%, 11/15/2023	$	200	$	221
Illinois Finance Authority, Franciscan Communities, Series A
	5.500%, 05/15/2037		400		403
Illinois Finance Authority, Three Crowns Park Plaza, Series A
	5.875%, 02/15/2026		100		104
Maricopa County Industrial Development Authority, Senior Living Health Care Revenue, Immanuel Care, Series A (GNMA)
	4.850%, 08/20/2026		750		751
North Carolina Community Health Care Facilities, Presbyterian Homes
	5.400%, 10/01/2027		270		277
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	5.000%, 09/01/2025		400		402
Tempe Industrial Development Authority, Friendship Village Project, Series A
	5.375%, 12/01/2013		200		200
					2,358
Education – 9.9%
Anderson, Indiana, Economic Development Revenue, Anderson University Project
	5.000%, 10/01/2032		425		416
Gilbert Industrial Development Authority, Southwest Student Services, Pre-refunded 02/01/2009 @ 102
	5.850%, 02/01/2019 (a)		1,000		1,048
Glendale Industrial Development Authority, Midwestern University
	5.250%, 05/15/2014		140		148
	5.000%, 05/15/2031		500		508
Glendale Industrial Development Authority, Midwestern University, Series A, Pre-refunded 05/15/2011 @ 101
	5.750%, 05/15/2021 (a)		250		267
Northern Arizona University (FGIC)
	4.500%, 06/01/2031		250		242
Pima County, Industrial Development Authority, Education Revenue, Paradise Education Center Project
	5.875%, 06/01/2022		250		254
					2,883
Healthcare – 21.2%
Arizona Health Facilities Authority, Banner Health, Series A
	5.000%, 01/01/2021		280		287
Arizona Health Facilities Authority, Blood Systems Incorporated
	4.750%, 04/01/2025		300		289
Arizona Health Facilities Authority, John C. Lincoln Health Network, Pre-refunded 12/01/2012 @ 101
	5.750%, 12/01/2032 (a)		150		163
Glendale Industrial Development Authority
	4.625%, 12/01/2027		200		187
Glendale Industrial Development Authority, John C. Lincoln Health Network
	5.000%, 12/01/2032		100		99
Halifax Medical Center, Florida Hospital Revenue, Series A
	5.000%, 06/01/2038		375		368
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A
	5.250%, 02/15/2030		400		409
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
	5.000%, 07/01/2020		130		128
Iowa Hospital Revenue, Washington County Hospital Project
	5.375%, 07/01/2026		250		252
Johnson City, Tennessee Health & Elderly Facilities Authority
	7.500%, 07/01/2025		100		114
Maricopa County Hospital, Sun Health Corporation
	5.000%, 04/01/2025		200		200
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A
	5.375%, 07/01/2023		500		512
	5.250%, 07/01/2032		100		103
Maricopa County Industrial Development Authority, Mayo Clinic
	5.000%, 11/15/2031		500		507
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Pre-refunded 12/01/2011 @ 101
	5.700%, 12/01/2021 (a)		1,000		1,074
University Medical Center Corporation, Hospital Revenue
	5.000%, 07/01/2016		250		256
	5.000%, 07/01/2024		500		502
Yavapai Industrial Development Authority, Yavapai Regional Medical Center, Series A (RAAI)
	5.250%, 08/01/2021		375		388
	6.000%, 08/01/2033		100		107
Yuma Industrial Development Authority, Yuma Regional Medical Center, Escrowed to Maturity (MBIA)
	5.500%, 08/01/2017 (b)		250		255
					6,200
Housing – 3.5%
Douglas Community Housing Corporation, Rancho La Perilla, Series A (GNMA)
	5.900%, 07/20/2020		500		522
	6.000%, 07/20/2025		475		490
Phoenix Industrial Development Authority, The Phoenix Authority, Series 1A (FHLMC) (FNMA) (GNMA)
	5.875%, 06/01/2016		5		5
					1,017
Lease Revenue – 3.5%
Arizona Game & Fish Department, Administration Building Project (MLO)
	4.500%, 07/01/2032		200		186
Nogales Municipal Development Authority (MBIA) (MLO)
	4.500%, 06/01/2031		250		242

First American Funds Annual Report 2007      37

Schedule of  Investments (continued)

Arizona Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Peoria Municipal Development Authority (MLO)
	5.000%, 07/01/2015	$	310	$	329
Pinal County Industrial Development Authority Correctional Facilities Contract, Florence West Prison Project, Series A (ACA) (MLO)
	5.000%, 10/01/2016		250		257
					1,014
Miscellaneous – 3.7%
Arizona Student Loan Acquisition Authority, Series A (AMT)
	5.900%, 05/01/2024		100		105
Greater Arizona Infrastructure Development Authority, Series A (MBIA)
	5.625%, 08/01/2020		200		207
Greater Arizona Infrastructure Development Authority, Series B
	5.250%, 08/01/2026		750		779
					1,091
Tax Revenue – 11.9%
Greater Arizona Development Authority, Infrastructure Revenue, Pinal County Road Project, Series 1 (MBIA)
	4.500%, 08/01/2025		750		731
Marana, Tangerine Farms Road Improvement District
	4.600%, 01/01/2026		250		239
Ohio County, West Virginia, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B
	5.625%, 03/01/2036		135		139
Peoria Improvement District #0601
	4.250%, 01/01/2022		465		444
Phoenix Civic Improvement Corporation, Excise Tax Revenue, Municipal Courthouse Project, Series A, Pre-refunded 07/01/2009 @ 101
	5.750%, 07/01/2016 (a)		300		314
Queen Creek Improvement District #001
	5.000%, 01/01/2020		300		302
Scottsdale Municipal Property Corporation, Excise Tax Revenue, Convertible CABs, Series C (AMBAC)
	0.000% through 06/30/2013, thereafter 4.550%, 07/01/2021 (c)		500		367
Tempe, Excise Tax Revenue, Series A, Pre-refunded 07/01/2009 @ 100
	5.625%, 07/01/2020 (a)		300		310
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment
	5.000%, 02/01/2026		270		276
Yuma Improvement District #68
	4.700%, 01/01/2021		365		365
					3,487
Transportation – 1.4%
Arizona State Transportation Highway Board, Series A
	5.000%, 07/01/2009		400		409
Utilities – 10.9%
Cottonwood Water Revenue (XLCA)
	5.000%, 07/01/2017		250		264
Gilbert Water Resource Municipal Property Corporation, Wastewater System & Utility Revenue
	5.000%, 04/01/2017		350		350
Gilbert Water Resource Municipal Property Corporation, Wastewater System & Utility Revenue, Pre-refunded 04/01/2008 @ 100
	5.000%, 04/01/2017 (a)		25		25
Glendale Water & Sewer Revenue (FGIC)
	5.000%, 07/01/2019		1,000		1,052
Mesa Utility System Revenue (FGIC)
	4.500%, 07/01/2028		635		617
Tucson Water, Series 1994-A (MBIA)
	6.250%, 07/01/2016		170		197
Yavapai Industrial Development Authority, Waste Management Incorporated Project, Series A-1 (AMT)
	4.900%, 03/01/2028 (d)		400		381
Yavapai Industrial Development Authority, Waste Management Incorporated Project, Series A-2, Mandatory Put 03/01/2008 @ 100 (AMT)
	4.450%, 03/01/2028		300		299
					3,185
Total Revenue Bonds					21,644
General Obligations – 11.0%
California State
	4.750%, 02/01/2024		100		100
Centerra Community Facilities Distributors
	5.500%, 07/15/2029		196		200
Chandler, Pre-refunded 07/01/2010 @101
	5.800%, 07/01/2018 (a)		250		266
Greenlee County School District #18, Morenci
	5.000%, 07/01/2012		165		168
Peoria, Pre-refunded 04/01/2009 @ 100 (FGIC)
	5.400%, 04/01/2015 (a)		100		103
	5.000%, 04/01/2018 (a)		575		586
	5.000%, 04/01/2019 (a)		125		127
Phoenix
	5.250%, 07/01/2020		250		255
Phoenix, Pre-refunded 07/01/2010 @ 100
	5.250%, 07/01/2019 (a)		350		363
	5.375%, 07/01/2025 (a)		750		780
Tucson
	5.500%, 07/01/2018		250		274
Total General Obligations					3,222
Certificates of Participation – 7.3%
Arizona Board of Regents, Northern Arizona University Projects (AMBAC) (MLO)
	4.500%, 09/01/2030		500		485
Arizona Board of Regents, Series D (AMBAC)
	4.000%, 06/01/2027		1,000		898
Northern Arizona University, Research Projects (AMBAC) (MLO)
	5.000%, 09/01/2023		140		146
Pinal County (MLO)
	5.000%, 12/01/2014		400		412
Tucson (MBIA) (MLO)
	5.500%, 07/01/2015		200		203
Total Certificates of Participation					2,144
Total Municipal Bonds (Cost $26,550)					27,010

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

38      First American Funds Annual Report 2007

Arizona Tax Free Fund (concluded)
DESCRIPTION	SHARES		VALUE
Short-Term Investment – 6.3%
Federated Arizona Municipal Money Market Fund (Cost $1,830)		1,830,243	$	1,830
Total Investments – 98.7% (Cost $28,380)				28,840
Other Assets and Liabilities, Net – 1.3%				389
Total Net Assets – 100.0%			$	29,229

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(d)	Variable Rate Security – The rate shown is the rate in effect as of June 30, 2007.

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to AMT was $785 which represents 2.7% of total net assets.

FGIC – Financial Guaranty Insurance Corporation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

XLCA – XL Capital Assurance Inc.

California Intermediate Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 98.8%
Revenue Bonds – 71.1%
Continuing Care Retirement Communities – 4.4%
Association of Bay Area Governments Financial Authority, Odd Fellows Home of California (CMI)
	4.950%, 08/15/2007	$	500	$	500
California Health Facilities Financing Authority, Paradise Valley Estates (CMI)
	4.125%, 01/01/2010		500		500
	4.375%, 01/01/2012		540		543
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
	5.000%, 11/15/2012		500		518
La Verne, Brethren Hillcrest Homes, Series B (ACA)
	5.600%, 02/15/2033		500		527
					2,588
Education – 9.3%
Association of Bay Area Governments Financial Authority, Schools of the Sacred Heart, Series A
	5.800%, 06/01/2008		200		203
California Educational Facilities Authority, Claremont Graduate University, Series A
	5.000%, 03/01/2020		240		246
California Educational Facilities Authority, Golden Gate University
	5.000%, 10/01/2020		505		513
California Educational Facilities Authority, Lutheran University, Series C
	4.750%, 10/01/2015		675		691
California Educational Facilities Authority, University of Redlands, Series A
	5.000%, 10/01/2020		500		515
California Educational Facilities Authority, University of the Pacific
	5.000%, 11/01/2015		300		317
California Educational Facilities Authority, Woodbury University
	4.400%, 01/01/2015		450		444
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A
	5.750%, 03/01/2008		400		403
California State Higher Educational Facilities Authority, Occidental College Project, Pre-refunded 10/01/2007 @ 102 (MBIA)
	5.300%, 10/01/2010 (a)		500		512
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Partially Escrowed to Maturity
	6.000%, 06/01/2010 (b)		495		516
California State Higher Educational Facilities Authority, University of Redlands, Series A, Escrowed to Maturity
	5.550%, 06/01/2009 (b)		225		232
California State Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/2010 @ 101
	5.700%, 06/01/2011 (a)		250		265
	5.750%, 06/01/2012 (a)		260		276
California Statewide Communities Development Authority, Viewpoint Schools (ACA)
	4.125%, 10/01/2014		405		397
					5,530

First American Funds Annual Report 2007      39

Schedule of  Investments (continued)

California Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Healthcare – 14.6%
California Health Facilities Financing Authority, Casa Colina
	5.500%, 04/01/2013	$	300	$	312
California Health Facilities Financing Authority, Catholic Healthcare West, Series I, Mandatory Put 07/01/2014 @ 100
	4.950%, 07/01/2026		450		466
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI)
	4.750%, 11/01/2019		1,200		1,210
California Health Facilities Financing Authority, Valleycare Medical Center, Series A, Pre-refunded 05/01/2012 @ 100 (CMI)
	4.625%, 05/01/2013 (a)		300		309
	4.800%, 05/01/2014 (a)		715		741
California State Health Facilities Authority, Casa de las Campanas, Series A, Pre-refunded 08/01/2008 @100 (CMI)
	5.375%, 08/01/2009 (a)		250		254
California Statewide Communities Development Authority, Daughters of Charity Health, Series G
	5.250%, 07/01/2013		500		521
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
	7.250%, 11/15/2011 (b)		430		458
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
	3.850%, 11/01/2029		1,000		978
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation (AMBAC)
	5.000%, 06/01/2012		150		152
Iowa Hospital Revenue, Washington County Hospital Project
	5.000%, 07/01/2014		250		250
Loma Linda University Medical Center, Hospital Revenue, Series A
	5.000%, 12/01/2015		600		621
Marysville Hospital, Fremont Rideout Health Project, Series A (AMBAC)
	5.000%, 01/01/2010		500		511
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de la Concepcion, Series A
	5.500%, 11/15/2009		650		670
Rancho Mirage Joint Powers Finance Authority, Eisenhower Medical Center, Series A (MBIA)
	5.125%, 07/01/2008		500		507
Turlock California Health Facilities Revenue, Emanuel Medical Center (MLO)
	5.000%, 10/15/2024		700		699
					8,659
Housing – 3.6%
Association of Bay Area Governments Financial Authority, Archstone Redwood Housing Project, Series A
	5.300%, 10/01/2008		500		509
Aztec Shops, California State Auxiliary Organization, San Diego State University
	5.400%, 09/01/2011		1,035		1,077
California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series D (AMT) (FNMA) (GNMA)
	5.250%, 06/01/2010		10		10
California Statewide Communities Development Authority, Equity Residential, Series B, Mandatory Put 06/15/2009 @ 100
	5.200%, 12/01/2029		500		510
					2,106
Lease Revenue – 9.4%
Apple Valley Public Financing Authority, Lease Revenue, Town Hall Annex Project, Series A (AMBAC) (MLO)
	4.500%, 09/01/2017 (c)		535		545
California State Public Works Board, California Community Colleges, Series A (MLO)
	4.875%, 12/01/2018		200		204
California State Public Works Board, Department of Corrections & Rehabilitation, Series F (FGIC) (MLO)
	5.000%, 11/01/2016		1,750		1,866
California State Public Works Board, Department of Health Services (MBIA) (MLO)
	5.200%, 11/01/2012		500		519
California State Public Works Board, Department of Mental Health (MLO)
	5.500%, 06/01/2016		540		581
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Convertible CABs, Series A (FSA) (MLO)
	0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 (d)		150		130
Lincoln Public Financing Authority, Lease Revenue, City Hall Project (AMBAC) (MLO)
	4.250%, 08/01/2017		155		155
Los Angeles Community Redevelopment Agency, Lease Revenue, Manchester Social Services Project (AMBAC) (MLO)
	5.000%, 09/01/2016		1,500		1,587
					5,587
Miscellaneous – 5.1%
California Infrastructure & Economic Development, Salvation Army Western (AMBAC)
	4.000%, 09/01/2018		1,000		973
Children’s Trust Fund, Puerto Rico Tobacco Settlement Issue, Escrowed to Maturity
	5.000%, 07/01/2008 (b)		250		253
Golden West Schools Financing Authority, Series A (MBIA)
	5.700%, 02/01/2013		720		784
	5.750%, 02/01/2014		520		573
Golden West Schools Financing Authority, Series A, Zero Coupon Bond (MBIA)
	4.055%, 02/01/2012 (e)		535		445
					3,028

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

40      First American Funds Annual Report 2007

California Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Recreational Facility Authority – 1.5%
California Infrastructure & Economic Development, Performing Arts Center
	4.000%, 12/01/2015	$	220	$	214
	4.125%, 12/01/2017		100		96
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/2012 @ 101
	6.000%, 07/01/2022 (a)		500		550
					860
Tax Revenue – 11.1%
Antioch Area Public Facilities Financing Agency, Special Tax, Community Facilities District #1989-1 (AMBAC)
	4.000%, 08/01/2018		1,365		1,337
Corona Redevelopment Agency, Tax Allocation, Temescal Canyon Project Area, Series A (AGTY)
	4.125%, 11/01/2017		205		202
	4.200%, 11/01/2018		230		225
El Cajon Redevelopment Agency, Tax Allocation, El Cajon Redevelopment Project (AMBAC)
	4.250%, 10/01/2015		220		222
	4.250%, 10/01/2016		275		277
	4.250%, 10/01/2017		190		190
Long Beach Community Facilities District #5, Towne Center Special Tax
	6.100%, 10/01/2012		165		167
Murrieta Community Facilities District #2, The Oaks Area
	5.750%, 09/01/2020		250		263
Norco, Special Tax, Community Facilities District #97-1 (AGTY)
	4.500%, 10/01/2016		260		264
Palm Desert Financing Authority, Tax Allocation Revenue, Project Area #4, Series A (MBIA)
	4.750%, 10/01/2013		655		681
	4.400%, 10/01/2018		250		250
Poway Unified School District, Special Tax, Community Facilities District #6-4
	5.000%, 09/01/2023		400		397
San Bernardino Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI)
	5.000%, 09/01/2016		500		522
San Francisco City & County Redevelopment Financing Authority, Tax Allocation Revenue, Mission Bay North Redevelopment Project, Series B (RAAI)
	4.000%, 08/01/2012		295		293
	4.100%, 08/01/2014		325		322
	4.250%, 08/01/2016		250		248
Shafter Community Development Agency, Tax Allocation Revenue, Community Development Project Area #1, Series A (FSA)
	4.250%, 11/01/2017		180		180
South Tahoe Redevelopment Agency, Special Tax, Community Facilities District #2001-1
	4.600%, 10/01/2018		280		275
Southern California Logistics Airport Authority (XLCA)
	4.250%, 12/01/2018		285		281
					6,596
Transportation – 2.1%
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC)
	4.172%, 10/01/2014 (e)		1,000		741
San Francisco City & County International Airports Commission, Second Series, Issue 25 (AMT) (FSA)
	5.500%, 05/01/2008		500		507
					1,248
Utilities – 10.0%
Banning Water Utility Authority, Enterprise Revenue, Referendum and Improvement Projects (FGIC)
	5.000%, 11/01/2020		1,025		1,077
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT)
	4.100%, 09/01/2014		750		741
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AGTY) (AMT)
	5.000%, 07/01/2027		250		247
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company, Series A, Mandatory Put 04/01/2013 @ 100 (XLCA)
	4.100%, 04/01/2028		500		498
California Statewide Communities Development Authority, Water Revenue, Series B (FSA)
	4.250%, 10/01/2017		635		637
Chino Basin Regional Financing Authority, Inland Empire Utility Agency Sewer Project, Pre-refunded 11/01/2009 @ 101 (MBIA)
	5.200%, 11/01/2011 (a)		405		422
Imperial, Wastewater Treatment Facility (FGIC)
	5.000%, 10/15/2020		1,000		1,034
Richmond Wastewater Systems, Pre-refunded 08/01/2009 @ 102 (FGIC)
	5.200%, 08/01/2011 (a)		500		524
Signal Hill, Water Revenue (MBIA)
	4.375%, 11/01/2018		345		347
Whittier Utility Authority (MBIA)
	4.400%, 06/01/2017		305		307
	4.500%, 06/01/2018		65		65
					5,899
Total Revenue Bonds					42,101
General Obligations – 19.9%
Alisal Union School District, Series C, Zero Coupon Bond (FGIC)
	3.803%, 08/01/2008 (e)		860		826
Baldwin Park Unified School District Election 2002, Zero Coupon Bond (AMBAC)
	4.845%, 08/01/2020 (e)		1,000		534
California State
	4.000%, 08/01/2015		250		247
	5.000%, 02/01/2017		1,000		1,045
	5.125%, 04/01/2024		500		521
California State, Water Reservoir Development, Series Q
	4.750%, 03/01/2020		200		200

First American Funds Annual Report 2007      41

Schedule of  Investments (continued)

California Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Chabot-Las Positas Community College District, Election of 2004-B, Zero Coupon Bond (AMBAC)
	4.711%, 08/01/2019 (e)	$	400	$	228
Foothill-De Anza Community College District
	6.000%, 08/01/2011		300		321
Fresno Unified School District, Series A (MBIA)
	6.050%, 08/01/2011		500		541
Jefferson Union High School District, San Mateo County, Series A (MBIA)
	6.250%, 02/01/2014		300		339
Los Angeles Unified School District Election of 2005, Series C (AMBAC)
	5.000%, 07/01/2015		1,000		1,067
Pomona Unified School District, Series A (MBIA)
	6.150%, 08/01/2015		500		555
Puerto Rico Commonwealth, Series B (FSA)
	6.500%, 07/01/2015		1,000		1,164
Roseville Joint Union High School District, Election of 2004, Series B (FGIC)
	5.000%, 08/01/2018		550		580
Roseville Joint Union High School District, Series E
	5.200%, 08/01/2020		600		622
San Diego Community College, District Election of 2002 (FSA)
	5.000%, 05/01/2019		1,000		1,050
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC)
	4.418%, 09/01/2017 (e)		1,000		641
Santee School District, Series A (FSA)
	4.125%, 08/01/2019		245		240
Walnut Valley Unified School District, Series A, Pre-refunded 08/01/2010 @ 102 (FSA)
	5.000%, 08/01/2012 (a)		255		269
West Covina Unified School District, Series A (MBIA)
	5.350%, 02/01/2020		770		813
Total General Obligations					11,803
Certificates of Participation – 7.8%
Adelanto Elementary School District, District Administrative Facilities (FSA)
	4.000%, 09/01/2018		205		200
California Special Districts Association Financial Corporation, Montecito Sanitary, Series UU (MBIA)
	4.000%, 07/01/2016		165		163
	4.000%, 07/01/2017		180		177
California Special Districts Association Financial Corporation, Vector Control District, Series TT (MLO) (XLCA)
	4.000%, 06/01/2016		195		194
Grossmont Unified High School District, Pre-refunded 09/01/2008 @ 102 (FSA) (MLO)
	5.400%, 09/01/2013 (a)		300		312
Kern County Board of Education, Series A (MBIA) (MLO)
	5.200%, 05/01/2012		325		335
Kern County Board of Education, Series A, Pre-refunded 05/01/2008 @ 102 (MBIA) (MLO)
	5.200%, 05/01/2012 (a)		580		599
Los Angeles County Schools, Regionalized Business Services Financing Project, Series A (MLO)
	5.000%, 09/01/2008		200		202
Los Angeles, Sonnenblick Del Rio, West Los Angeles (AMBAC) (MLO)
	5.375%, 11/01/2010		405		416
Paradise Unified School District, Measure M Project, Series A (AMBAC) (MLO)
	5.250%, 09/01/2007		300		301
Poway California (AMBAC) (MLO)
	4.500%, 08/01/2016		585		597
Stockton Unified School District (AMBAC)
	4.250%, 02/01/2023		685		652
Travis Unified School District (FGIC) (MLO)
	4.500%, 09/01/2016		425		435
Total Certificates of Participation					4,583
Total Municipal Bonds (Cost $57,726)					58,487
Short-Term Investment – 1.2%
Blackrock Liquidity Funds (Cost $720)			719,903		720
Total Investments – 100.0% (Cost $58,446)					59,207
Other Assets and Liabilities, Net – 0.0%					(15	)
Total Net Assets – 100.0%				$	59,192

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $542 or 0.9% of total net assets. See note 2 in Notes to Financial Statements.
(d)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(e)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of June 30, 2007.

ACA – American Capital Access

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $1,505 or 2.5% of total net assets.

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

XLCA – XL Capital Assurance Inc.

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

42      First American Funds Annual Report 2007

California Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 98.3%
Revenue Bonds – 77.9%
Continuing Care Retirement Communities – 1.5%
Association of Bay Area Governments Finance Authority, Lincoln Glen Manor Senior Citizens (CMI)
	6.100%, 02/15/2025	$	250	$	255
Illinois Finance Authority, Franciscan Communities, Series A
	5.500%, 05/15/2027		300		304
					559
Education – 11.9%
Association of Bay Area Governments Financial Authority, Schools of the Sacred Heart, Series A
	5.900%, 06/01/2010		200		209
California Educational Facilities Authority, Claremont Graduate University, Series A
	5.000%, 03/01/2026		375		382
California Educational Facilities Authority, University of Redlands, Series A
	5.000%, 10/01/2020		500		515
California Educational Facilities Authority, University of the Pacific
	5.000%, 11/01/2030		1,000		1,021
California Educational Facilities Authority, Woodbury University
	4.500%, 01/01/2016		470		466
California Municipal Financing Authority, Education Revenue, American Heritage Education Foundation Project, Series A
	5.250%, 06/01/2026		400		409
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A
	6.750%, 03/01/2019		380		403
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Partially Pre-refunded 06/01/2010 @ 101
	6.625%, 06/01/2020 (a)		215		229
California State Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/2010 @ 101
	5.950%, 06/01/2015 (a)		310		330
California State University Foundation, Monterey Bay, Pre-refunded 06/01/2011 @ 100 (MBIA)
	5.300%, 06/01/2022 (a)		500		526
					4,490
Healthcare – 10.9%
California Health Facilities Financing Authority, Casa Colina
	5.500%, 04/01/2013		50		52
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI)
	4.750%, 11/01/2019		560		564
California Statewide Communities Development Authority, Adventist Health, Series A
	5.000%, 03/01/2030		300		302
California Statewide Communities Development Authority, Daughters of Charity Healthcare, Series A
	5.250%, 07/01/2030		100		102
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
	7.250%, 11/15/2011 (b)		215		229
California Statewide Communities Development Authority, Kaiser Permanente, Series A
	4.750%, 04/01/2033		500		485
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
	3.850%, 11/01/2029		400		391
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation (AMBAC)
	5.000%, 06/01/2012		350		354
California Statewide Communities Development Authority, Redlands Community Hospital, Series A (RAAI)
	5.000%, 04/01/2015		500		521
Loma Linda University Medical Center, Hospital Revenue, Series A
	5.000%, 12/01/2015		400		414
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de La Concepcion, Series A
	5.500%, 11/15/2008		400		408
Turlock California Health Facilities Revenue, Emanuel Medical Center (MLO)
	5.000%, 10/15/2024		300		300
					4,122
Housing – 5.7%
Aztec Shops, California State Auxiliary Organization, San Diego University
	5.200%, 09/01/2008		455		460
California State Department of Veterans Affairs, Series C (AMT)
	5.500%, 12/01/2019		180		186
California State Housing Finance Agency, Single Family Mortgage, Series B (AMT) (FNMA) (GNMA)
	5.650%, 06/01/2010		5		5
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/2008 @ 100
	5.250%, 06/01/2029		500		506
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
	5.150%, 12/01/2031		1,000		1,009
					2,166
Lease Revenue – 9.2%
Apple Valley Public Financing Authority, Lease Revenue, Town Hall Annex Project, Series A (AMBAC) (MLO)
	5.000%, 09/01/2027 (c)		500		517
California State Public Works Board, California Community Colleges, Series B (MLO)
	5.500%, 06/01/2019		1,035		1,117
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Convertible CABs, Series A (FSA) (MLO)
	0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 (d)		1,250		1,080
Los Angeles Community Redevelopment Agency, Lease Revenue, Manchester Social Services Project (AMBAC) (MLO)
	5.000%, 09/01/2016		700		741
					3,455

First American Funds Annual Report 2007      43

Schedule of  Investments (continued)

California Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Miscellaneous – 8.8%
California Statewide Communities Development Authority, Los Angeles Center for Alcohol, Drug Abuse & Family Services Options (CMI)
	4.000%, 05/01/2016	$	115	$	111
Golden West Schools Financing Authority, Glendora Unified School District (MBIA)
	5.500%, 09/01/2019		910		1,010
Golden West Schools Financing Authority, Series A (MBIA)
	5.750%, 02/01/2014		250		276
	5.800%, 08/01/2022		320		370
	5.800%, 08/01/2023		345		400
Sacramento City Financing Authority, Pre-refunded 06/01/2010 @ 101 (MLO)
	5.400%, 06/01/2018 (a)		455		479
	5.500%, 06/01/2023 (a)		645		680
					3,326
Recreational Facility Authority – 1.4%
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/2012 @ 101
	6.000%, 07/01/2022 (a)		500		550
Tax Revenue – 14.2%
Grass Valley Community Redevelopment Agency, Tax Allocation
	6.400%, 12/01/2034		400		418
Irvine Unified School District Financing Authority, Special Tax Group II, Series A
	5.000%, 09/01/2026		225		222
Long Beach Community Facilities District #5, Towne Center Special Tax
	6.100%, 10/01/2012		250		253
Los Angeles
	5.625%, 03/01/2019		200		210
Los Angeles County Community Facilities District #3, Special Tax, Series A (AMBAC)
	5.250%, 09/01/2018		715		741
Murrieta Community Facilities District #2, The Oaks Area
	5.750%, 09/01/2020		125		132
Norco, Special Tax, Community Facilities District #97-1 (AGTY)
	4.875%, 10/01/2030		500		501
Ohio County, West Virginia, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B
	5.625%, 03/01/2036		155		160
Palm Desert Financing Authority, Tax Allocation Revenue, Project Area #4, Series A (MBIA)
	5.000%, 10/01/2029		1,000		1,029
Poway Unified School District, Special Tax, Community Facilities District #6-4
	5.000%, 09/01/2023		250		248
San Bernardino Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI)
	5.000%, 09/01/2016		350		365
San Francisco City & County Redevelopment Financing Authority, Tax Allocation Revenue, Mission Bay North Redevelopment Project, Series B (RAAI)
	4.375%, 08/01/2018		380		374
Solana Beach Public Financing Authority, Assessment Revenue
	5.000%, 09/02/2026		100		98
South Tahoe Redevelopment Agency, Special Tax, Community Facilities District #2001-1
	4.400%, 10/01/2015		120		118
	4.500%, 10/01/2016		125		123
Stockton Public Financing Revenue, Assessment Districts, Senior Lien, Series A (RAAI)
	4.375%, 09/02/2020		365		352
					5,344
Transportation – 1.0%
Puerto Rico Commonwealth Highway & Transportation Authority, Series X (MBIA)
	5.500%, 07/01/2015		100		110
San Francisco Airport Commission, SFO Fuel Company (AMT) (FSA)
	5.625%, 01/01/2012		250		257
					367
Utilities – 13.3%
Banning Water Utility Authority, Enterprise Revenue, Referendum and Improvement Projects (FGIC)
	5.000%, 11/01/2023		1,040		1,084
Burlingame Finance Authority, Wastewater Revenue (FSA)
	4.250%, 04/01/2026		1,390		1,313
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series A-2 (AMT)
	5.400%, 04/01/2025		500		519
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AGTY) (AMT)
	5.000%, 07/01/2027		250		247
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company, Series C, Mandatory Put 11/01/2016 @ 100 (FGIC)
	4.250%, 11/01/2033		500		500
Compton Sewer Authority (MBIA)
	5.375%, 09/01/2023		1,150		1,190
South Bayside Waste Management Authority (AMBAC)
	5.750%, 03/01/2020		150		157
					5,010
Total Revenue Bonds					29,389
General Obligations – 14.4%
Acalanes Unified High School District, Zero Coupon Bond, Pre-refunded 08/01/2010 @ 70.92 (FGIC)
	3.944%, 08/01/2016 (a) (e)		700		440
California State
	5.000%, 02/01/2024		700		720
	4.500%, 08/01/2026		500		480
California State, Pre-refunded 10/01/2010 @ 100
	5.250%, 10/01/2019 (a)		35		37
	5.250%, 10/01/2019 (a)		105		110
California State, Pre-refunded 10/01/2010 @ 100
	5.250%, 10/01/2019 (a)		460		480
Glendora Unified School District, Series A, Pre-refunded 09/01/2010 @ 101 (FSA)
	5.350%, 09/01/2020 (a)		340		358

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

44      First American Funds Annual Report 2007

California Tax Free Fund (continued)
DESCRIPTION		PAR/SHARES		VALUE
Jefferson Union High School District, San Mateo County, Series A (MBIA)
	6.250%, 08/01/2020	$	460	$	546
Pomona Unified School District, Series A (MBIA)
	5.950%, 02/01/2017		855		978
Puerto Rico Commonwealth, Government Development, Series B
	5.000%, 12/01/2014		200		209
Puerto Rico Commonwealth, Public Improvements, Series A (FGIC)
	5.500%, 07/01/2019		200		223
Sacramento Unified School District, Series A, Pre-refunded 07/01/2009 @ 102
	5.750%, 07/01/2017 (a)		400		423
Santee School District, Series A (FSA)
	4.250%, 08/01/2020		420		412
Total General Obligations					5,416
Certificates of Participation – 6.0%
Escondido, Series A (FGIC)
	5.625%, 09/01/2020		300		317
Los Angeles, Sonnenblick del Rio Senior Lien (AMBAC) (MLO)
	6.000%, 11/01/2019		330		353
Ramona Unified School District, Convertible CABs (FGIC)
	0.000% through 05/01/2012, thereafter 5.000%, 05/01/2032 (c) (d)		500		396
Ridgecrest Civic Center Project, Pre-refunded 03/01/2009 @ 101 (MLO)
	6.250%, 03/01/2021 (a)		250		262
Stockton Unified School District (AMBAC)
	4.250%, 02/01/2024		650		615
West Kern County Water District, Pre-refunded 06/01/2010 @ 101 (MLO)
	5.200%, 06/01/2014 (a)		320		334
Total Certificates of Participation					2,277
Total Municipal Bonds (Cost $36,289)					37,082
Short-Term Investment – 3.3%
Blackrock Liquidity Funds (Cost $1,253)			1,252,904		1,253
Total Investments – 101.6% (Cost $37,542)					38,335
Other Assets and Liabilities, Net – (1.6)%					(618	)
Total Net Assets – 100.0%				$	37,717

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call and price indicated.
(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $896 or 2.4% of total net assets. See note 2 in Notes to Financial Statements.
(d)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(e)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of June 30, 2007.

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $2,223 or 5.9% of total net assets.

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

First American Funds Annual Report 2007      45

Schedule of  Investments (continued)

Colorado Intermediate Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 100.1%
Revenue Bonds – 76.5%
Continuing Care Retirement Communities – 1.9%
Colorado State Health Facilities Authority, Christian Living Communities Project, Series A
	5.250%, 01/01/2014	$	250	$	255
Colorado State Health Facilities Authority, Covenant Retirement Communities
	5.000%, 12/01/2016		500		510
					765
Education – 6.9%
Colorado Educational & Cultural Facilities Authority, Ave Maria School Project (RAAI)
	4.750%, 12/01/2014		220		226
	4.750%, 12/01/2015		230		237
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Escrowed to Maturity
	6.250%, 09/15/2011 (a)		280		290
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
	6.375%, 12/01/2011 (a)		605		633
Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School, Pre-refunded 11/01/2009 @ 100
	6.850%, 11/01/2016 (b)		440		468
Colorado State Educational & Cultural Facilities Authority, Front Range Christian School Project (LOC: Evangelical Christian, Wescorp Credit Union)
	4.500%, 04/01/2018		225		223
	4.500%, 04/01/2019		240		236
Colorado State Educational & Cultural Facilities Authority, Northwest Nazarene Project
	4.500%, 11/01/2015		550		538
					2,851
Healthcare – 25.0%
Aspen Valley Hospital
	4.375%, 10/15/2014		560		552
Colorado State Health Facilities Authority, Adventist Health, Sunbelt, Series E
	5.000%, 11/15/2012		500		516
Colorado State Health Facilities Authority, Boulder Hospital (MBIA)
	5.000%, 10/01/2010		500		516
Colorado State Health Facilities Authority, Evangelical Lutheran
	6.900%, 12/01/2025		135		147
Colorado State Health Facilities Authority, Evangelical Lutheran, Pre-refunded 12/01/2010 @ 102
	6.900%, 12/01/2025 (b)		215		238
Colorado State Health Facilities Authority, Evangelical Lutheran Project
	5.000%, 06/01/2016		250		257
Colorado State Health Facilities Authority, Evangelical Lutheran Project, Series A
	4.200%, 06/01/2013		200		197
Colorado State Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America, Series A
	5.000%, 07/01/2015		500		494
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
	5.250%, 12/01/2013		860		907
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project
	5.375%, 01/01/2016		700		705
Colorado State Health Facilities Authority, Parkview Medical Center
	5.750%, 09/01/2008		250		255
	5.500%, 09/01/2009		500		513
Colorado State Health Facilities Authority, Steamboat Springs Health Project, Pre-refunded 09/15/2008 @ 101
	5.300%, 09/15/2009 (b)		160		161
Colorado State Health Facilities Authority, The Devereux Foundation (RAAI)
	4.200%, 11/01/2013		80		80
Colorado State Health Facilities Authority, Vail Valley Medical Center Project
	5.000%, 01/15/2013		300		308
	5.750%, 01/15/2022		800		831
Colorado State Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI)
	5.000%, 05/15/2012		165		171
	5.000%, 05/15/2013		500		519
Colorado State Health Facilities Authority, Yampa Valley Medical Center Project
	5.000%, 09/15/2013 (c)		410		415
Delta County Memorial Hospital District
	5.350%, 09/01/2017		500		511
La Junta County Hospital, Arkansas Valley Regional Medical Center Project
	5.400%, 04/01/2008		335		336
	5.500%, 04/01/2009		355		359
Montrose Memorial Hospital
	5.300%, 12/01/2013		260		267
	5.450%, 12/01/2014		390		405
University of Colorado Hospital Authority, Pre-refunded 11/15/2011 @ 100
	5.000%, 11/15/2014 (b)		300		310
Washington County Iowa Hospital, Washington County Hospital Project
	5.125%, 07/01/2016		350		351
					10,321
Miscellaneous – 7.3%
Colorado Educational & Cultural Facilities Authority, Colorado Public Radio
	4.800%, 07/01/2009		250		252
	4.900%, 07/01/2010		265		269
Colorado Educational & Cultural Facilities Authority, National Conference of State Legislatures
	5.250%, 06/01/2013		700		726
Denver City & County, Helen G. Bonfils Foundation Project, Series B
	5.125%, 12/01/2017		900		904
High Plains Metropolitan District, Series B (LOC: Compass Bank)
	4.375%, 12/01/2015		860		861
					3,012

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

46      First American Funds Annual Report 2007

Colorado Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Recreational Facility Authority – 1.8%
Hyland Hills Metropolitan Park & Recreation District, Series A
	6.100%, 12/15/2009	$	210	$	212
Hyland Hills Metropolitan Park & Recreation District, Special Revenue (ACA)
	5.000%, 12/15/2015		500		518
					730
Revolving Fund – 0.2%
Colorado Water Resource & Power Development Authority, Small Water Resources, Series A (FGIC)
	5.700%, 11/01/2015		55		58
Tax Revenue – 3.8%
Larimer County Sales & Use Tax (AMBAC)
	5.000%, 12/15/2010		460		476
Longmont Sales & Use Tax, Pre-refunded 11/15/2010 @ 100
	5.500%, 11/15/2015 (b)		500		525
Park Meadows Business Improvement District, Shared Sales Tax
	5.000%, 12/01/2017 (c)		250		250
Superior Open Space Sales & Use Tax
	4.500%, 06/01/2013		100		100
	4.600%, 06/01/2014		225		226
					1,577
Transportation – 17.5%
Colorado Department of Transportation (AMBAC)
	6.000%, 06/15/2010		1,000		1,058
E-470 Public Highway Authority, Series B, Zero Coupon Bond (MBIA)
	4.458%, 09/01/2017 (d)		1,575		1,006
	4.591%, 09/01/2019 (d)		960		553
	4.711%, 09/01/2022 (d)		1,000		493
E-470 Public Highway Authority, Series C, Convertible CABs (MBIA)
	0.000% through 09/01/2011, thereafter 5.000%, 09/01/2017 (e)		500		427
Eagle County Air Terminal Revenue, Airport Terminal Improvement Project, Series B (AMT)
	5.250%, 05/01/2020		130		131
Northwest Parkway Public Highway Authority, Convertible CABs (FSA)
	0.000% through 06/15/2011, thereafter 5.200%, 06/15/2014 (e)		750		653
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC)
	0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 (e)		2,000		1,755
Northwest Parkway Public Highway Authority, Convertible CABs (FSA)
	0.000% through 06/15/2011, thereafter 5.350%, 06/15/2016 (e)		1,000		885
Walker Field Public Airport Authority Revenue
	4.500%, 12/01/2016		275		266
					7,227
Utilities – 12.1%
Arapahoe County Water & Wastewater Authority, Escrowed to Maturity
	5.750%, 12/01/2008 (a)		160		164
Arapahoe County Water & Wastewater Authority, Pre-refunded 12/01/2009 @ 100
	6.000%, 12/01/2011 (b)		185		193
Boulder Water & Sewer, Escrowed to Maturity
	5.750%, 12/01/2010 (a)		1,545		1,634
Broomfield Water Activity Enterprise (MBIA)
	5.500%, 12/01/2017		500		529
Colorado Water Resource & Power Development Authority, Small Water Resources, Series A, Pre-refunded 11/01/2010 @ 100 (FGIC)
	5.700%, 11/01/2015 (b)		45		47
Denver City & County Wastewater (FGIC)
	5.250%, 11/01/2017		1,260		1,324
Inverness Water & Sanitation District, Arapahoe & Douglas Counties, Series A (RAAI)
	4.250%, 12/01/2016		600		598
Platte River Power Authority, Series GG (FSA)
	4.500%, 06/01/2017		500		511
					5,000
Total Revenue Bonds					31,541
General Obligations – 20.3%
Arapahoe County School District #5, Cherry Creek, Pre-refunded 12/15/2009 @ 100 (STAID)
	5.500%, 12/15/2011 (b)		1,000		1,038
Cordillera Metropolitan School District, Eagle County (RAAI)
	5.000%, 12/01/2013		620		644
Denver West Metropolitan School District
	4.125%, 12/01/2014		150		146
	4.200%, 12/01/2015		480		467
Douglas County School District #RE-1, Douglas & Elbert Counties, Series B, Zero Coupon Bond (FSA) (STAID)
	4.336%, 12/15/2015 (d)		585		407
Fiddlers Business Improvement District, Greenwood Village, Series 1 (ACA)
	4.250%, 12/01/2015		460		450
Garfield County School District #RE-2 (FSA) (STAID)
	5.250%, 12/01/2019		1,530		1,608
Jefferson County School District #R-001 (MBIA) (STAID)
	6.250%, 12/15/2009		1,000		1,056
North Range Metropolitan District #1 (ACA)
	4.250%, 12/15/2018		600		573
Pinery West Metropolitan District #2 (RAAI)
	4.000%, 12/01/2018		325		308
SBC Metropolitan School District (ACA)
	4.250%, 12/01/2015		445		434
Westglenn Metropolitan District
	6.000%, 12/01/2014		1,220		1,256
Total General Obligations					8,387
Certificates of Participation – 3.3%
Aims Junior College (MBIA)
	4.100%, 12/15/2017		525		517
Garfield County Building Corporation (AMBAC) (MLO)
	5.300%, 12/01/2011		400		416
Pueblo County, Capital Construction (MLO)
	4.400%, 12/01/2016		410		404
Total Certificates of Participation					1,337
Total Municipal Bonds (Cost $40,194)					41,265

First American Funds Annual Report 2007      47

Schedule of  Investments (continued)

Colorado Intermediate Tax Free Fund (concluded)
DESCRIPTION		SHARES		VALUE
Short-Term Investment – 0.7%
Money Market Fund – 0.7%
First American Tax Free Obligations Fund, Class Z (f)
	(Cost $313)		312,811	$	313
Total Investments – 100.8%
	(Cost $40,507)				41,578
Other Assets and Liabilities, Net – (0.8)%					(348	)
Total Net Assets – 100.0%				$	41,230

(a)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(b)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(c)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $665 or 1.6% of total net assets. See note 2 in Notes to Financial Statements.
(d)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield at the time of purchase.
(e)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.

(f)  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.

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $131, which represents 0.3% of net assets.

FGIC – Financial Guaranty Insurance Corporation

FSA – Financial Security Assurance

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

STAID – State Aid Withholding

Colorado Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 96.8%
Revenue Bonds – 76.4%
Continuing Care Retirement Communities – 6.2%
Colorado Health Facilities, Christian Living Communities, Series A
	5.750%, 01/01/2026	$	100	$	104
Colorado State Health Facilities Authority, Covenant Retirement Communities
	5.250%, 12/01/2025		200		204
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B
	6.125%, 12/01/2033		350		376
Illinois Finance Authority, Franciscan Communities, Series A
	5.500%, 05/15/2037		225		227
Illinois Finance Authority, Three Crowns Park Plaza, Series A
	5.875%, 02/15/2026		100		104
North Carolina Community Health Care Facilities, Presbyterian Homes
	5.400%, 10/01/2027		220		226
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	5.000%, 09/01/2025		325		326
					1,567
Education – 12.2%
Anderson, Indiana, Economic Development Revenue, Anderson University Project
	5.000%, 10/01/2032		350		342
Colorado Educational & Cultural Facilities Authority, Academy Charter School Project, Series A
	4.625%, 12/15/2028		330		321
Colorado State Board of Agriculture, Auxiliary Facility Systems (AMBAC)
	5.125%, 03/01/2017		200		202
Colorado State Educational & Cultural Facilities Authority, Ave Maria School Project (RAAI)
	4.850%, 12/01/2025		250		251
Colorado State Educational & Cultural Facilities Authority, Ave Marie School Project, Pre-refunded 12/01/2010 @ 100 (RAAI)
	6.000%, 12/01/2016 (a)		200		211
Colorado State Educational & Cultural Facilities Authority, Charter School, James Irwin Foundation (CIFG) (STAID)
	5.000%, 08/01/2027 (b)		250		260
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
	6.375%, 12/01/2011 (c)		425		445
Colorado State Educational & Cultural Facilities Authority, Front Range Christian School Project (LOC: Evangelical Christian, Wescorp Credit Union)
	5.000%, 04/01/2037		750		757
Colorado State Educational & Cultural Facilities Authority, Northwest Nazarene Project
	4.500%, 11/01/2015		300		293
					3,082
Healthcare – 24.5%
Aspen Valley Hospital
	5.000%, 10/15/2021		450		451

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

48      First American Funds Annual Report 2007

Colorado Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Boulder County Longmont United Hospital Project (RAAI)
	5.300%, 12/01/2010	$	330	$	343
Colorado State Health Facilities Authority, Evangelical Lutheran
	6.900%, 12/01/2025		60		65
Colorado State Health Facilities Authority, Evangelical Lutheran, Pre-refunded 12/01/2010 @ 102
	6.900%, 12/01/2025 (a)		90		100
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A
	5.250%, 06/01/2034		230		234
Colorado State Health Facilities Authority, Evangelical Lutheran Project
	5.000%, 06/01/2016		100		103
Colorado State Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America, Series A
	5.250%, 07/01/2027		300		297
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
	4.625%, 12/01/2024		325		318
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project
	5.375%, 01/01/2016		300		302
Colorado State Health Facilities Authority, Parkview Medical Center
	5.600%, 09/01/2011		300		314
Colorado State Health Facilities Authority, Portercare Adventist Project, Pre-refunded 11/15/2011 @ 101
	6.500%, 11/15/2023 (a)		600		664
Colorado State Health Facilities Authority, Poudre Valley Health Care, Series F
	5.000%, 03/01/2025		350		351
Colorado State Health Facilities Authority, Steamboat Springs Health Project, Pre-refunded 09/15/2008 @ 101
	5.300%, 09/15/2009 (a)		155		156
Colorado State Health Facilities Authority, Vail Valley Medical Center
	5.000%, 01/15/2020		250		252
	5.800%, 01/15/2027		500		521
Delta County Memorial Hospital District
	5.350%, 09/01/2017		220		225
Denver Health & Hospital Authority, Healthcare Revenue, Series A
	4.750%, 12/01/2027		250		237
Halifax Medical Center, Hospital Revenue, Series A
	5.000%, 06/01/2038		325		318
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
	5.000%, 07/01/2020		100		99
Iowa Hospital Revenue, Washington County Hospital Project
	5.375%, 07/01/2026		225		227
La Junta, Arkansas Valley Regional Medical Center Project
	6.100%, 04/01/2024		100		103
Montrose Memorial Hospital
	6.375%, 12/01/2023		130		143
New Hampshire Health & Educational Facilities Authority, The Memorial Hospital
	5.250%, 06/01/2036		100		101
University of Alabama at Birmingham, Hospital Revenue, Series A
	4.500%, 09/01/2031		250		229
					6,153
Housing – 2.7%
Burlingame Housing, Multifamily Revenue, Housing Project (MBIA)
	4.500%, 11/01/2029		500		484
Colorado State Housing & Finance Authority, Multifamily Project, Class I, Series B-4
	5.900%, 04/01/2031		100		103
Colorado State Housing & Finance Authority, Series E-2 (AMT)
	7.000%, 02/01/2030		50		53
Colorado State Housing & Finance Authority, Single Family Housing Program, Series A-2 (AMT)
	7.450%, 10/01/2016		5		5
Colorado State Housing & Finance Authority, Single Family Housing Program, Series B-2 (AMT)
	7.100%, 04/01/2017		30		31
					676
Miscellaneous – 3.5%
Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures
	5.250%, 06/01/2021		750		770
Denver City & County, Helen G. Bonfils Foundation Project, Series B
	5.125%, 12/01/2017		100		100
					870
Recreational Facility Authority – 2.7%
Denver Convention Center, Hotel Authority Revenue (XLCA)
	4.500%, 12/01/2025		500		484
Hyland Hills Metropolitan Park & Recreational District, Special Revenue (ACA)
	4.375%, 12/15/2026		200		185
					669
Tax Revenue – 6.6%
Douglas County Sales & Use Tax Revenue (FSA)
	5.625%, 10/15/2020		200		210
Highlands Ranch Metropolitan School District #2 (FSA)
	5.000%, 06/15/2016		20		20
Larimer County Sales & Use Tax (AMBAC)
	5.625%, 12/15/2018		100		105
Mountain Village Metropolitan District, San Miguel County (MBIA)
	5.200%, 12/01/2017		200		203
Ohio County, West Virginia, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B
	5.625%, 03/01/2036		100		103
Park Meadows Business Improvement District, Shared Sales Tax
	5.300%, 12/01/2027 (b)		475		476

First American Funds Annual Report 2007      49

Schedule of  Investments (continued)

Colorado Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Superior Open Space Sales & Use Tax
	5.000%, 06/01/2026	$	330	$	333
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment
	5.000%, 02/01/2026		210		215
					1,665
Transportation – 11.1%
Denver City & County Airport, Series E (MBIA)
	5.250%, 11/15/2023		500		507
Eagle County Air Terminal Revenue, Airport Terminal Improvement Project, Series B (AMT)
	5.250%, 05/01/2020		75		76
Northwest Parkway Public Highway Authority, Convertible CABs (FSA)
	0.000% through 06/15/2011, thereafter 5.200%, 06/15/2014 (d)		750		653
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC)
	0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 (d)		500		439
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC)
	0.000% through 06/15/2011, thereafter 5.700%, 06/15/2021 (d)		1,000		895
Walker Field Public Airport Authority Revenue
	4.750%, 12/01/2027		250		237
					2,807
Utilities – 6.9%
Arapahoe County Water & Wastewater (MBIA) (MLO)
	5.000%, 12/01/2026		250		257
Boulder Water & Sewer, Pre-refunded 12/01/2010 @ 100
	5.700%, 12/01/2019 (a)		300		317
Broomfield Water Activity Enterprise (MBIA)
	5.500%, 12/01/2019		400		422
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT)
	5.700%, 07/01/2018		250		268
Fort Collins Wastewater Utility Enterprise (FSA)
	5.500%, 12/01/2020		300		314
Inver Grove Heights, Minnesota, Nursing Home Revenue, Presbyterian Homes Care
	5.375%, 10/01/2026		150		149
					1,727
Total Revenue Bonds					19,216
General Obligations – 10.6%
Antelope Water System
	4.875%, 12/01/2025		175		175
Boulder Open Space Acquisition, Pre-refunded 08/15/2010 @ 100
	5.450%, 08/15/2016 (a)		350		365
Bromley Park School District #3 (RAAI)
	4.625%, 12/01/2029		350		338
El Paso County School District #49, Falcon, Series A, Pre-refunded 12/01/2009 @ 105 (FSA) (STAID)
	6.000%, 12/01/2018 (a)		200		219
Fiddlers Business Improvement District, Greenwood Village, Series 1 (ACA)
	4.500%, 12/01/2027		400		371
Midcities Metropolitan School District #2 (RAAI)
	5.125%, 12/01/2030		200		206
North Range Metropolitan District #1 (ACA)
	4.500%, 12/15/2031		340		315
Pinery West School District #2 (RAAI)
	4.500%, 12/01/2032		350		326
SBC Metropolitan District (ACA)
	5.000%, 12/01/2025		115		117
Vista Ridge Metropolitan School District, Limited Tax, Series A (RAAI)
	4.500%, 12/01/2031		250		233
Total General Obligations					2,665
Certificates of Participation – 9.8%
Arapahoe County Building Finance Authority, Pre-refunded 02/15/2010 @ 100 (AMBAC) (MLO)
	5.250%, 02/15/2021 (a)		200		206
Broomfield County Open Space Park & Recreation Facilities (AMBAC) (MLO)
	5.500%, 12/01/2020		800		836
Broomfield County, Westminster Open Space Foundation
	4.625%, 12/01/2025		330		325
Colorado Springs Old City Hall Project (FSA) (MLO)
	5.500%, 12/01/2017		200		210
	5.500%, 12/01/2020		200		209
El Paso County, Judicial Complex Project, Series A (AMBAC)
	4.500%, 12/01/2026		500		482
Pueblo County, Capital Construction (MLO)
	5.000%, 12/01/2024		200		203
Total Certificates of Participation					2,471
Total Municipal Bonds (Cost $23,691)					24,352

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

50      First American Funds Annual Report 2007

Colorado Tax Free Fund (concluded)
DESCRIPTION		SHARES		VALUE
Short-Term Investments – 6.2%
Money Market Fund – 6.2%
First American Tax Free Obligations Fund, Class Z (e)
	(Cost $1,551)		1,550,865	$	1,551
Total Investments – 103.0% (Cost $25,242)					25,903
Other Assets and Liabilities, Net – (3.0)%					(750	)
Total Net Assets – 100.0%				$	25,153

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $731 or 2.9% of total net assets. See note 2 in Notes to Financial Statements.
(c)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(d)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(e)	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.

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $433, which represents 1.7% of net assets.

CIFG – CDC IXIS Financial Guaranty

FSA – Financial Security Assurance

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

STAID – State Aid Withholding

XLCA – XL Capital Assurance Inc.

Intermediate Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 100.2%
Alabama – 1.3%
Revenue Bonds – 1.3%
Alabama State Docks Department, Pre-refunded 10/01/2008 @ 102 (MBIA)
	5.250%, 10/01/2010 (a)	$	3,000	$	3,111
Anniston Regional Medical Center Board, Northeast Alabama Regional Medical Center Project, Escrowed to Maturity
	8.000%, 07/01/2011 (b)		1,400		1,507
Health Care Authority for Baptist Health, Series D
	5.000%, 11/15/2015		800		822
Montgomery BMC Special Care Facilities Revenue, Baptist Health, Series A-2, Convertible CABs, Pre-refunded 11/15/2014 @ 100 (MBIA)
	0.000% through 11/15/2007,
	thereafter 5.000%, 11/15/2016 (a) (c)		2,000		2,060
					7,500
Alaska – 0.1%
Revenue Bond – 0.1%
Aleutians East Borough Project, Aleutian Pribilof Islands (ACA)
	4.375%, 06/01/2015		400		394
Arizona – 3.3%
Revenue Bonds – 1.8%
Arizona Game & Fish Department, AGF Administration Building Project (MLO)
	4.500%, 07/01/2015		250		252
Arizona Health Facilities Authority, The Terraces Project, Series A
	7.500%, 11/15/2023		3,300		3,637
Phoenix Street & Highway User, Escrowed to Maturity
	6.500%, 07/01/2009 (b)		180		182
	6.250%, 07/01/2011 (b)		900		908
Tempe Industrial Development Authority, Friendship Village Project, Series A
	5.375%, 12/01/2013		1,300		1,299
Tucson Airport Authority (FSA)
	5.000%, 06/01/2013		3,760		3,948
					10,226
General Obligations – 0.7%
Gila County Unified School District #10, Payson School Improvement Project of 2006, Series A (AMBAC)
	1.000% through 07/01/2009,
	thereafter 5.000%, 07/01/2016 (d)		1,000		967
	1.000% through 07/01/2009,
	thereafter 5.000%, 07/01/2017 (d)		1,050		1,019
Maricopa County School District #69, Paradise Valley (MBIA)
	5.300%, 07/01/2011		1,000		1,050
Maricopa County Unified School District #48, Scottsdale School Improvement Project 2004, Series B (FSA)
	4.750%, 07/01/2018		1,150		1,193
					4,229

First American Funds Annual Report 2007      51

Schedule of  Investments (continued)

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Certificates of Participation – 0.8%
Arizona Board of Regents, Series A (AMBAC)
	4.375%, 06/01/2019	$	495	$	490
Arizona Board of Regents, Series B (AMBAC)
	4.500%, 06/01/2018		4,120		4,175
					4,665
					19,120
Arkansas – 1.0%
Revenue Bonds – 1.0%
Pulaski County, Residential Housing Facilities Board, Escrowed to Maturity (FHA) (VA)
	7.250%, 06/01/2010 (b)		1,290		1,357
University of Arkansas, Fayetteville, Series B (FGIC)
	4.500%, 11/01/2016		2,000		2,048
University of Arkansas, UAMS Campus (FGIC)
	5.000%, 03/01/2015		1,000		1,058
Washington County Hospital Revenue, Regional Medical Center, Series B
	5.000%, 02/01/2016		1,145		1,173
					5,636
California – 6.6%
Revenue Bonds – 3.4%
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC) c.172%, 10/01/2014 (e)			2,000		1,483
Apple Valley Public Finance, Town Hall Annex Project, Series A (AMBAC) (MLO)
	4.375%, 09/01/2018 (d)		560		559
Apple Valley Redevelopment Agency, Tax Allocation, Project Area #2 (AMBAC) (MLO)
	4.500%, 06/01/2018 (d)		920		928
Association of Bay Area Governments Financial Authority, Archstone Redwood Housing Project, Series A
	5.300%, 10/01/2008		290		295
Association of Bay Area Governments Financial Authority for Nonprofit Corporations, Elder Care Alliance (CMI)
	4.500%, 08/15/2012		335		338
	5.000%, 08/15/2017		1,215		1,244
California Educational Facilities Authority, Lutheran University, Series C
	5.000%, 10/01/2024		1,000		1,026
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT)
	4.100%, 09/01/2014		250		247
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/2008 @ 100
	5.250%, 06/01/2029		1,000		1,012
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
	7.250%, 11/15/2011 (b)		1,245		1,325
California Statewide Communities Development Authority, Health Facilities, Adventist Health, Series A
	5.000%, 03/01/2030		700		704
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
	3.850%, 11/01/2029		1,180		1,154
California Statewide Communities Development Authority, Kaiser Permanente, Series I, Mandatory Put 05/01/2011 @ 100
	3.450%, 04/01/2035		500		483
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
	5.000%, 11/15/2012		1,210		1,253
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Series A, Convertible CABs (FSA) (MLO)
	0.000% through 06/01/2010,
	thereafter 4.550%, 06/01/2022 (c)		1,600		1,383
Golden State Tobacco Securitization Corporation, Pre-refunded 06/01/2010 @ 100 (MLO)
	5.600%, 06/01/2028 (a)		2,450		2,563
Rohnert Community Development Tax Allocation Revenue, Housing Redevelopment Project, Series H (FGIC)
	4.000%, 08/01/2017		335		328
Rohnert Community Development Tax Allocation Revenue, Redevelopment Project, Series R (FGIC)
	5.000%, 08/01/2017		1,000		1,062
San Bernardino County Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI)
	5.000%, 09/01/2016		575		600
Upland Community Redevelopment Agency Tax Allocation, Merged Project (AMBAC)
	4.250%, 09/01/2026		1,400		1,300
Woodland Financial Authority (MLO) (XLCA)
	4.700%, 03/01/2019		815		829
					20,116
General Obligations – 3.2%
ABC Unified School District, Series A (MBIA)
	4.900%, 02/01/2020		1,565		1,654
California State
	5.000%, 02/01/2016		1,000		1,043
	5.000%, 02/01/2017		2,000		2,089
	4.000%, 08/01/2017		2,000		1,951
	5.000%, 11/01/2018		260		268
	5.000%, 08/01/2019		500		524
	5.000%, 02/01/2021		1,500		1,557
	5.125%, 04/01/2024		500		521
California State, Pre-refunded 11/01/2011 @ 100
	5.000%, 11/01/2018 (a)		4,740		4,954
Chabot-Las Positas Community College District, Election of 2004-B, Zero Coupon Bond (AMBAC)
	4.711%, 08/01/2019 (e)		1,390		792
Roseville Joint Unified High School District
	5.100%, 08/01/2019		390		403
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC)
	4.418%, 09/01/2017 (e)		1,000		641
Santa Monica Community College District, Capital Appreciation, 2002 Election, Series C, Zero Coupon Bond (MBIA)
	4.357%, 08/01/2016 (e)		2,000		1,351

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

52      First American Funds Annual Report 2007

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Victor Elementary School District, Series A, Zero Coupon Bond (FGIC)
	4.731%, 08/01/2023 (e)	$	2,030	$	957
					18,705
					38,821
Colorado – 8.5%
Revenue Bonds – 7.9%
Adams County Pollution Control Revenue, Public Service Company Colorado Project, Series A (MBIA)
	4.375%, 09/01/2017		5,000		5,014
Arapahoe County, Single Family, Escrowed to Maturity, Zero Coupon Bond
	4.003%, 09/01/2010 (b) (e)		9,320		8,220
Aspen Valley Hospital
	5.000%, 10/15/2021		500		501
Colorado Health Facilities Authority, Parkview Medical Center
	5.000%, 09/01/2016		640		653
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Pre-refunded 09/15/2011 @ 100
	6.750%, 09/15/2015 (a)		1,200		1,325
Colorado State Educational & Cultural Facilities Authority, Charter School, James Irwin Foundation (CIFG) (STAID)
	4.125%, 08/01/2016 (d)		395		392
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
	6.375%, 12/01/2011 (b)		600		628
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/2011 @ 100
	6.750%, 12/01/2016 (a)		1,500		1,665
	7.250%, 12/01/2021 (a)		1,500		1,692
Colorado State Educational & Cultural Facilities Authority, Pinnacle Charter School Project, Escrowed to Maturity
	5.250%, 12/01/2011 (b)		1,005		1,034
Colorado State Health Facilities Authority, Christian Living Communities Project, Series A
	5.250%, 01/01/2014		600		612
	5.250%, 01/01/2015		620		632
Colorado State Health Facilities Authority, Covenant Retirement Communities
	5.000%, 12/01/2016		500		510
Colorado State Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America Care, Series A
	5.200%, 07/01/2022		1,000		988
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
	4.250%, 12/01/2015		1,250		1,239
Colorado State Health Facilities Authority, Retirement Facilities, Escrowed to Maturity, Zero Coupon Bond
	4.611%, 07/15/2020 (b) (e)		10,000		5,518
Colorado State Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI)
	5.000%, 05/15/2012		500		517
	5.000%, 05/15/2013		405		420
Colorado State Housing Finance Authority, Series A-2
	7.150%, 11/01/2014		25		25
E-470 Public Highway Authority, Series C, Convertible CABs (MBIA)
	0.000% through 09/01/2011,
	thereafter 5.000%, 09/01/2017 (c)		1,500		1,281
High Plains Metropolitan District, Series B (LOC: Compass Bank)
	4.375%, 12/01/2015		340		340
Hyland Hills Metropolitan Park & Recreation District, Special Revenue (ACA)
	5.000%, 12/15/2015		560		580
Mesa County, Escrowed to Maturity, Zero Coupon Bond
	4.093%, 12/01/2011 (b) (e)		5,500		4,598
Montrose Memorial Hospital
	5.700%, 12/01/2017		2,170		2,273
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC)
	0.000% through 06/15/2011,
	thereafter 5.250%, 06/15/2015 (c)		2,750		2,413
Platte River Power Authority, Series GG (FSA)
	4.500%, 06/01/2017		2,000		2,044
Walker Field Public Airport Authority Revenue
	5.000%, 12/01/2022		1,000		991
					46,105
General Obligations – 0.6%
El Paso County School District #2, Harrison, Pre-refunded 12/01/2011 @ 100 (FGIC) (STAID)
	5.500%, 12/01/2016 (a)		1,280		1,359
Fiddlers Business Improvement District, Greenwood Village, Series 1 (ACA)
	5.000%, 12/01/2022		1,000		1,012
Midcities Metropolitan District #2 (RAAI)
	4.875%, 12/01/2016		385		399
North Range Metropolitan District #1 (ACA)
	4.300%, 12/15/2019		1,000		954
					3,724
					49,829
Connecticut – 0.9%
Revenue Bonds – 0.9%
Connecticut State Health & Educational Facilities Authority, Griffin Hospital, Series B (RAAI)
	5.000%, 07/01/2014		1,185		1,238
Mashantucket Western Pequot Tribe, Series A, Pre-refunded 09/01/2007 @ 101
	6.400%, 09/01/2011 (a) (f)		4,170		4,230
					5,468
Florida – 0.8%
Revenue Bond – 0.2%
Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community
	5.250%, 10/01/2013		1,400		1,444
General Obligation – 0.2%
Lake County (AMBAC)
	4.000%, 06/01/2018		1,270		1,232

First American Funds Annual Report 2007      53

Schedule of  Investments (continued)

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Certificate of Participation – 0.4%
Clay County School Board, Series B (MBIA) (MLO)
	5.000%, 07/01/2018	$	2,205	$	2,299
					4,975
Georgia – 0.3%
Revenue Bond – 0.1%
Cherokee County Water & Sewer Authority, Escrowed to Maturity (MBIA)
	11.250%, 08/01/2007 (b)		600		604
General Obligations – 0.2%
Fayette County School District, Convertible CABs (FSA)
	0.000% through 09/01/2010,
	thereafter 4.150%, 03/01/2014 (c)		500		432
Fayette County School District, Convertible CABs (FSA)
	0.000% through 09/01/2010,
	thereafter 4.250%, 03/01/2015 (c)		265		228
Fayette County School District, Convertible CABs (FSA)
	0.000% through 09/01/2010,
	thereafter 4.350%, 03/01/2016 (c)		300		259
					919
					1,523
Idaho – 0.2%
Certificates of Participation – 0.2%
Madison County Hospital Revenue (MLO)
	5.000%, 09/01/2012		500		510
	5.250%, 09/01/2015		295		306
	5.250%, 09/01/2016		500		518
					1,334
Illinois – 17.4%
Revenue Bonds – 8.1%
Chicago, Midway Airport Project, Series C (MBIA)
	5.500%, 01/01/2014		1,300		1,400
Chicago, Single Family Mortgages, Series A (AMT) (FHLMC) (FNMA) (GNMA)
	5.250%, 03/01/2013		5		5
Chicago Water, Zero Coupon Bond (FGIC)
	3.985%, 11/01/2009 (e)		6,450		5,882
Granite Single Family Mortgage, Escrowed to Maturity
	7.750%, 10/01/2011 (b)		560		607
Illinois Development Finance Authority, Midwestern University, Series B, Pre-refunded 05/15/2011 @ 101
	5.750%, 05/15/2016 (a)		350		375
Illinois Educational Facilities Authority, Art Institute of Chicago, Mandatory Put 03/01/2016 @ 100
	4.125%, 03/01/2030		500		487
Illinois Finance Authority, Clare at Water Tower Project, Series A
	5.400%, 05/15/2014		1,000		1,006
	5.500%, 05/15/2015		1,000		1,008
Illinois Finance Authority, Franciscan Communities, Series A
	5.500%, 05/15/2027		1,000		1,014
Illinois Finance Authority, Friendship Village Schaumburg, Series A
	5.000%, 02/15/2015		2,500		2,494
Illinois Finance Authority, Landing at Plymouth Project, Series A
	5.250%, 05/15/2014		1,320		1,326
Illinois Finance Authority, Peoples Gas, Light and Coke Co., Series A, Mandatory Put 06/01/2016 @ 100 (AMBAC)
	4.300%, 06/01/2035		2,000		1,997
Illinois Finance Authority, Three Crowns Park Plaza, Series A
	5.500%, 02/15/2014		2,430		2,482
Illinois Health Facilities Authority, St. Benedict, Series 2003A-2
	5.750%, 11/15/2015		2,750		2,751
Illinois Sports Facilities Authority, State Tax Supported, Convertible CABs (AMBAC)
	0.000% through 06/15/2010,
	thereafter 4.750%, 06/15/2013 (c)		1,405		1,261
Illinois Sports Facilities Authority, State Tax Supported, Convertible CABs (AMBAC)
	0.000% through 06/15/2010,
	thereafter 5.100%, 06/15/2016 (c)		1,620		1,487
Illinois State Development Finance Authority, Elgin School District, Zero Coupon Bond (FSA)
	4.471%, 01/01/2018 (e)		2,750		1,728
Illinois State Development Finance Authority, Elmhurst Community School #205, Pre-refunded 01/01/2011 @ 100 (FSA)
	6.375%, 01/01/2013 (a)		1,025		1,105
Illinois State Health Facilities Authority, Evangelical, Escrowed to Maturity
	6.750%, 04/15/2012 (b)		1,320		1,417
Illinois State Health Facilities Authority, Mercy Hospital & Medical Center, Escrowed to Maturity
	10.000%, 01/01/2015 (b)		645		789
Illinois State Sales Tax
	6.000%, 06/15/2009		2,500		2,602
	5.100%, 06/15/2010		2,000		2,066
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A (FGIC)
	5.550%, 12/15/2011		675		707
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Escrowed to Maturity, Zero Coupon Bond (FGIC)
	3.916%, 06/15/2009 (b) (e)		1,465		1,358
Metropolitan Pier & Exposition Authority, State Sales Tax, Series B, Convertible CABs (MBIA)
	0.000% through 06/15/2012,
	thereafter 5.200%, 06/15/2017 (c)		1,000		823
Morton Grove, Residential Housing, Escrowed to Maturity (MBIA)
	7.350%, 09/01/2009 (b)		5,570		5,960
Southwestern Illinois Development Authority Revenue, Anderson Hospital
	5.125%, 08/15/2026		2,000		2,008
Southwestern Illinois Development Authority Revenue, Local Government, Triad School District 2 (MBIA)
	4.250%, 10/01/2017		350		349
	5.000%, 10/01/2018		1,000		1,054
					47,548

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

54      First American Funds Annual Report 2007

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
General Obligations – 9.3%
Champaign County Community School District #004
	8.250%, 01/01/2009	$	100	$	106
Champaign County Community School District #004, Escrowed to Maturity
	8.250%, 01/01/2009 (b)		1,215		1,291
Chicago, City Colleges, Zero Coupon Bond (FGIC)
	4.342%, 01/01/2015 (e)		10,000		7,245
Chicago, Series A, Convertible CABs (MBIA)
	0.000% through 01/01/2011,
	thereafter 5.300%, 01/01/2016 (c)		2,000		1,787
Chicago, Project & Refunding (FSA)
	5.500%, 01/01/2013		1,000		1,071
Chicago, Project & Refunding, Series A (FGIC)
	5.250%, 01/01/2011		5,000		5,209
Cook County Community Unit School District #65, Evanston, Series A (FSA)
	6.375%, 05/01/2009		3,000		3,133
Cook County Community Unit School District #102, La Grange, Zero Coupon Bond (FGIC)
	4.192%, 12/01/2013 (e)		2,440		1,870
Cook County Community Unit School District #401, Elmwood Park, Zero Coupon Bond (FSA)
	4.103%, 12/01/2011 (e)		3,625		3,029
Cook County School District #088, Bellwood, Series B (FSA)
	5.000%, 12/01/2017		1,675		1,755
Cook County School District #123, Oak Lawn, Capital Appreciation, Zero Coupon Bond (MBIA)
	4.330%, 12/01/2015 (e)		2,250		1,569
Cook County School District #209, Proviso Township, Convertible CABs (FSA)
	0.000% through 12/01/2007,
	thereafter 5.000%, 12/01/2016 (c)		1,000		1,031
Cook County, Series A (MBIA)
	6.250%, 11/15/2011		1,000		1,089
Du Page County Community High School District #94, West Chicago (FSA)
	7.250%, 11/01/2009		1,780		1,910
Illinois State, First Series
	5.500%, 08/01/2015		4,500		4,697
Lake County Community Unit School District #60, Waukegan, Series B (FSA)
	7.500%, 12/01/2008		3,640		3,823
Lake County School District #56, Gurnee (FGIC)
	8.375%, 01/01/2010		1,290		1,422
Madison & Jersey Counties Unit School District #11, Alton, Capital Appreciation, Zero Coupon Bond (FSA)
	4.571%, 12/01/2019 (e)		2,100		1,198
Rockford School District #205 (FGIC)
	5.000%, 02/01/2014		500		526
Southwestern Illinois Development Authority Revenue, Edwardsville Community (FSA)
	5.000%, 12/01/2017		1,000		1,064
Will County School District #86, Joliet, Zero Coupon Bond (FSA)
	4.459%, 11/01/2017 (e)		3,870		2,453
Winnebago & Boone Counties School District #205, Series C, Partially Escrowed to Maturity (FGIC)
	6.000%, 02/01/2008 (b)		5,065		5,131
Winnebago County School District #122, Harlem-Love Park, Zero Coupon Bond (FSA)
	4.451%, 01/01/2017 (e)		3,000		1,974
					54,383
					101,931
Indiana – 2.1%
Revenue Bonds – 1.9%
Anderson Independent Economic Development Revenue, Anderson University Project
	5.000%, 10/01/2017		710		719
Crown Point Multi-School Building, First Mortgage (MBIA) (MLO)
	7.625%, 01/15/2008		1,000		1,020
Evansville Vanderburgh, Public Leasing, Pre-refunded 01/15/2012 @ 100 (MBIA) (MLO)
	5.750%, 07/15/2018 (a)		1,000		1,072
Franklin Township Independent School Building Corporation, Escrowed to Maturity
	5.750%, 07/15/2009 (b)		1,235		1,280
Indiana Transportation Finance Authority, Escrowed to Maturity (AMBAC)
	5.750%, 06/01/2012 (b)		180		191
Indiana Transportation Finance Authority, Series A (AMBAC)
	5.750%, 06/01/2012		1,820		1,960
Indiana University, Series K, Zero Coupon Bond (MBIA)
	4.093%, 08/01/2011 (e)		250		212
Portage Multi-School Building, First Mortgage (MBIA) (STAID)
	4.000%, 07/15/2018		1,250		1,211
St. Joseph County Economic Development Revenue, Holy Cross Village, Notre Dame Project, Series A
	5.750%, 05/15/2016		450		467
	5.550%, 05/15/2019		230		232
St. Joseph County Hospital Authority (MBIA)
	4.750%, 08/15/2012		1,000		1,014
Western School Building, First Mortgage (CIFG) (STAID)
	4.000%, 07/15/2019		795		761
Zionsville Community Schools Building, First Mortgage Bonds, Pre-refunded 01/15/2012 @ 100 (FGIC) (MLO) (STAID)
	5.750%, 07/15/2015 (a)		775		831
					10,970
General Obligation – 0.2%
Gary Sanitation District, Special Tax District (RAAI)
	3.750%, 02/01/2011		1,260		1,245
					12,215
Iowa – 2.4%
Revenue Bonds – 2.4%
Coralville Urban Renewal Revenue, Tax Increment, Series C
	5.000%, 06/01/2016		1,000		1,017
Iowa Finance Authority Health Facilities Revenue, Care Initiatives Project, Series A
	5.250%, 07/01/2013		1,250		1,283
Iowa Finance Authority Retirement Community, Friendship Haven Project, Series A
	5.750%, 11/15/2019		500		501

First American Funds Annual Report 2007      55

Schedule of  Investments (continued)

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Iowa Higher Education Authority, Central College (RAAI)
	5.450%, 10/01/2026	$	1,000	$	1,037
Iowa Higher Education Authority Revenue, Grand View College
	4.700%, 10/01/2019		405		402
	4.750%, 10/01/2024		1,000		981
Iowa Higher Education Authority, Wartburg College Project, Pre-refunded 10/01/2012 @ 100 (ACA) (MBIA)
	5.500%, 10/01/2028 (a)		2,000		2,132
Iowa Higher Education Authority, Wartburg College Project, Series A
	4.700%, 10/01/2016		925		931
	4.750%, 10/01/2017		1,100		1,107
	4.800%, 10/01/2018		1,155		1,163
	5.000%, 10/01/2023		1,475		1,491
Muscatine Electric, Escrowed to Maturity
	9.700%, 01/01/2013 (b)		1,590		1,810
					13,855
Kansas – 2.6%
Revenue Bonds – 1.9%
Johnson County Residual Housing, Escrowed to Maturity, Zero Coupon Bond
	4.142%, 05/01/2012 (b) (e)		7,500		6,151
Kansas State Development Finance Authority, Health Facilities Revenue, Hays Medical Center, Series L
	4.500%, 11/15/2017		1,405		1,379
La Cygne Environmental Improvement Revenue, Kansas City Power & Light (XLCA)
	4.050%, 03/01/2015		1,000		993
Olathe Senior Living Facility Revenue, Catholic Care Campus, Series A
	5.750%, 11/15/2013		700		721
	5.750%, 11/15/2014		765		791
	5.750%, 11/15/2015		820		849
Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA)
	6.700%, 06/01/2029		345		349
					11,233
General Obligations – 0.7%
Johnson County Unified School District #231, Series B (AMBAC)
	4.000%, 10/01/2017		1,050		1,030
Johnson County Unified School District #232, Series A (FSA)
	4.250%, 09/01/2016		2,000		2,013
Sedgwick County School District #267 (AMBAC)
	5.250%, 11/01/2012		1,045		1,109
					4,152
					15,385
Kentucky – 0.2%
Revenue Bonds – 0.2%
Kentucky State Turnpike Authority, Escrowed to Maturity
	7.200%, 07/01/2009 (b)		690		711
	6.000%, 07/01/2011 (b)		540		563
					1,274
Louisiana – 0.8%
Revenue Bonds – 0.6%
Louisiana Local Government Environmental Facilities, Community Development Authority (AMT)
	6.650%, 01/01/2025		650		691
Louisiana Public Facilities Authority, Pennington Medical Foundation Project
	5.000%, 07/01/2021		1,000		1,012
St. Tammany Parish Sales Tax Revenue, District #03, Sales & Use Tax (CIFG)
	5.000%, 06/01/2017		1,405		1,487
					3,190
General Obligations – 0.2%
Louisiana, Series B (CIFG)
	5.000%, 07/15/2015		1,300		1,372
					4,562
Maine – 0.4%
General Obligation – 0.4%
Maine Municipal Bond Bank, Series B (FSA)
	5.750%, 11/01/2010		2,000		2,117
Maryland – 0.3%
Revenue Bonds – 0.3%
Maryland State Department of Transportation
	4.250%, 02/15/2017		1,000		1,006
Westminster Educational Facilities Revenue, McDaniel College
	5.000%, 11/01/2013		350		364
	4.000%, 11/01/2015		700		679
					2,049
Massachusetts – 3.7%
Revenue Bonds – 3.2%
Boston Industrial Development Financing Authority, Crosstown Center Project (AMT)
	6.500%, 09/01/2035		1,975		2,031
Massachusetts Bay Transportation Authority, General Transportation System Project, Series C (FGIC)
	5.750%, 03/01/2010		2,100		2,198
Massachusetts Bay Transportation Authority, Series A
	6.250%, 03/01/2012		1,875		2,050
Massachusetts State Commonwealth, Special Obligation, Series A
	5.500%, 06/01/2013		1,000		1,078
Massachusetts State Health & Educational Authority Revenue, Berkshire Health System, Series F (AGTY)
	5.000%, 10/01/2015		2,000		2,108
Massachusetts State Health & Educational Facilities Authority, Partners Healthcare System, Series A (MBIA)
	5.100%, 07/01/2010		3,000		3,033
Massachusetts State Port Authority
	5.750%, 07/01/2012		1,000		1,075
Massachusetts State Port Authority, Escrowed to Maturity
	13.000%, 07/01/2013 (b)		3,680		4,679
Massachusetts State, Multifamily Housing, Escrowed to Maturity (FHA)
	6.350%, 04/01/2008 (b)		220		220
					18,472

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

56      First American Funds Annual Report 2007

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
General Obligation – 0.5%
Massachusetts State, Series A, Pre-refunded 01/01/2011 @ 100
	5.125%, 01/01/2016 (a)	$	3,000	$	3,109
					21,581
Michigan – 3.4%
Revenue Bonds – 2.2%
Detroit Water Supply, Escrowed to Maturity (FGIC)
	6.250%, 07/01/2012 (b)		285		300
Michigan State Hospital Finance Authority, Henry Ford Health Systems, Series A, Pre-refunded 03/01/2013 @ 100
	5.500%, 03/01/2015 (a)		3,500		3,749
Michigan State Hospital Finance Authority, Henry Ford Hospital, Escrowed to Maturity
	9.000%, 05/01/2008 (b)		1,280		1,329
Michigan State Housing Development Authority, Green Hill Project (FNMA)
	5.125%, 07/15/2008		640		641
Romulus Economic Development Corporation, Partnership Project, Escrowed to Maturity
	7.000%, 11/01/2015 (b)		1,300		1,533
Wayne Charter County Airport, Series A (AMT) (MBIA)
	5.250%, 12/01/2009		5,000		5,135
					12,687
General Obligations – 1.2%
Constantine Public Schools (MQSBLF)
	5.000%, 05/01/2016		1,075		1,120
Detroit (AMT) (FSA)
	5.750%, 04/01/2009		1,255		1,294
Lakeview Public Schools, Pre-refunded 05/01/2011 @ 100 (MQSBLF)
	5.000%, 05/01/2014 (a)		1,985		2,058
Redford School District (FSA) (MQSBLF)
	4.000%, 05/01/2018		455		443
Rochester Community School District, Series 1, Pre-refunded 05/01/2010 @ 100 (FGIC) (MQSBLF)
	5.375%, 05/01/2011 (a)		2,000		2,076
					6,991
					19,678
Minnesota – 3.2%
Revenue Bonds – 3.0%
Aitkin Health Care Facilities, Riverwood Healthcare Center
	5.375%, 02/01/2017		1,590		1,617
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMBAC) (AMT)
	5.375%, 01/01/2010		3,000		3,050
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC)
	5.750%, 01/01/2010		1,000		1,042
Minneapolis Hospital & Rehabilitation, Escrowed to Maturity
	10.000%, 06/01/2013 (b)		760		898
Minnesota Agricultural & Economic Development Board, Health Care Systems, Series A
	5.875%, 11/15/2011		2,135		2,257
Minnesota State Higher Education Facilities Revenue, College of Art & Design, Series 6-K
	5.000%, 05/01/2012		295		301
Minnesota State Municipal Power Agency, Electric Revenue
	4.375%, 10/01/2025		1,800		1,701
Monticello Big Lake Community Hospital District, Health Care Facilities, Series C
	5.250%, 12/01/2011		1,940		2,002
Northfield Hospital Revenue
	5.000%, 11/01/2012		785		803
St. Paul Housing & Redevelopment Authority (AMBAC)
	6.500%, 02/01/2009		1,315		1,344
St. Paul Port Authority Hotel, Pre-refunded 08/01/2008 @ 100
	8.050%, 08/01/2021 (a)		2,335		2,439
					17,454
General Obligation – 0.2%
Fridley Independent School District #014, Series A (FSA) (STAID)
	5.000%, 02/01/2017		1,030		1,098
					18,552
Mississippi – 0.3%
Revenue Bond – 0.3%
Mississippi Hospital Equipment & Facilities Authority, Mississippi Baptist Health Systems, Series A
	5.000%, 08/15/2016		1,440		1,484
Missouri – 1.9%
Revenue Bonds – 1.7%
Hannibal Industrial Development Authority, Health Facilities Revenue, Hannibal Regional Hospital
	4.350%, 03/01/2014		1,405		1,392
Joplin Individual Development Authority Health Facilities, Freeman Health System Project
	4.125%, 02/15/2009		750		748
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Plum Point Project (MBIA)
	4.200%, 01/01/2018		1,000		989
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution, State Revolving Funds Project, Series A
	4.000%, 01/01/2018		620		607
	4.125%, 01/01/2020		1,845		1,797
Missouri State Financial Board Revenue, Midwest Research Institute Project
	5.000%, 11/01/2016		1,130		1,155
Missouri State Health & Educational Facilities Revenue, Senior Living Facilities, Lutheran, Series B
	4.350%, 02/01/2015		850		835
	4.375%, 02/01/2016		930		907
Osage Beach Tax Increment, Prewitts Project
	4.800%, 05/01/2016		1,650		1,619
					10,049
General Obligation – 0.2%
Jefferson City School District, Missouri Direct Deposit Program (MBIA) (STAID)
	5.000%, 03/01/2018		1,000		1,060
					11,109

First American Funds Annual Report 2007      57

Schedule of  Investments (continued)

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Montana – 1.0%
Revenue Bonds – 1.0%
Montana Facilities Finance Authority Revenue, Benefis Health System (AGTY)
	5.000%, 01/01/2017	$	1,000	$	1,049
Montana Facilities Finance Authority Revenue, Health Care Facilities, Master Loan Project, Northeast Montana, Series B
	4.500%, 05/01/2018		455		453
Montana Facilities Finance Authority Revenue, Senior Living, St. Johns Lutheran, Series A
	5.750%, 05/15/2016		1,800		1,837
	6.000%, 05/15/2025		1,675		1,714
Montana State Board of Regents Higher Education Revenue, Montana State University, Series K (AMBAC)
	4.250%, 11/15/2018		1,100		1,094
					6,147
Nebraska – 1.5%
Revenue Bonds – 1.3%
Douglas County Hospital Authority #002, Nebraska Medical Center, Clarkson Regional Health Guaranty (GTY)
	5.000%, 11/15/2011		2,860		2,947
Douglas County Zoo Facilities Revenue, Omaha’s Henry Doorly Zoo Project
	4.750%, 09/01/2017		745		756
	4.750%, 09/01/2018		740		749
Lancaster County Hospital Authority #1, Hospital Revenue, BryanLGH Medical Center Project
	4.000%, 06/01/2018		2,000		1,846
Nebraska Investment Financial Authority, Great Plains Regional Medical Center (RAAI)
	4.700%, 11/15/2011		500		512
	4.800%, 11/15/2012		500		513
	4.900%, 11/15/2013		600		617
					7,940
General Obligation – 0.2%
Lincoln-Lancaster County Public Building, Tax Supported Lease Rental (MLO)
	4.500%, 10/15/2015		1,020		1,047
					8,987
Nevada – 1.2%
Revenue Bonds – 0.8%
Carson City, Carson-Tahoe Hospital Project
	5.750%, 09/01/2011		1,000		1,041
	5.750%, 09/01/2012		1,055		1,103
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B
	6.750%, 11/15/2023		2,150		2,232
					4,376
General Obligation – 0.4%
Washoe County, Escrowed to Maturity
	9.875%, 08/01/2009 (b)		2,265		2,408
					6,784
New Hampshire – 0.6%
Revenue Bonds – 0.6%
New Hampshire Health & Education Facilities Authority
	5.375%, 07/01/2024		1,250		1,289
New Hampshire Municipal Bond Bank, Series A (MBIA)
	4.500%, 02/15/2020		1,300		1,308
New Hampshire State Health & Educational Facilities Authority, Speare Memorial Hospital
	5.500%, 07/01/2025		1,000		1,016
					3,613
New Jersey – 0.4%
Revenue Bonds – 0.4%
New Jersey Economic Development Authority, Cigarette Tax
	5.500%, 06/15/2016		2,000		2,132
New Jersey State Turnpike Authority, Escrowed to Maturity
	6.750%, 01/01/2009 (b)		375		382
					2,514
New York – 2.9%
Revenue Bonds – 1.1%
Hempstead Town Industrial Development Agency (MBIA)
	5.000%, 12/01/2008		2,000		2,032
Long Island Power Authority, Series B
	5.250%, 12/01/2013		4,000		4,260
					6,292
General Obligations – 1.8%
New York, Series A
	5.750%, 08/01/2015		3,220		3,456
New York, Series C
	5.500%, 03/15/2014		3,000		3,174
New York, Series D
	5.500%, 06/01/2012		2,000		2,127
New York, Series G (XLCA)
	5.500%, 08/01/2012		2,000		2,137
					10,894
					17,186
North Carolina – 1.6%
Revenue Bonds – 1.6%
North Carolina Eastern Power Agency, Series D
	5.375%, 01/01/2013		2,955		3,115
North Carolina Medical Care Commission Health Care Facilities Revenue, First Mortgage Presbyterian, Series B
	4.875%, 10/01/2013		2,035		2,051
	5.000%, 10/01/2014		2,120		2,153
North Carolina Power Agency #1, Series A (FSA)
	5.250%, 01/01/2016		2,000		2,112
					9,431
North Dakota – 0.2%
Revenue Bond – 0.2%
Ward County Health Care Facilities Revenue, Trinity Obligated Group
	5.000%, 07/01/2014		1,180		1,214
Ohio – 1.9%
Revenue Bonds – 1.1%
Lorain County Hospital Facilities, Catholic Healthcare Partners, Series B (MBIA)
	5.375%, 09/01/2009		1,000		1,022
Miami County Hospital Facilities, Upper Valley Medical Center
	5.250%, 05/15/2016		750		785

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

58      First American Funds Annual Report 2007

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Ohio State Higher Education Facilities Revenue, John Carroll University Project
	4.000%, 04/01/2014	$	1,135	$	1,123
	4.500%, 04/01/2015		1,000		1,017
	4.300%, 04/01/2018		550		540
Ohio State Water Development Authority, Escrowed to Maturity
	9.375%, 12/01/2010 (b)		1,110		1,190
Richland County Hospital Facilities, Series A
	5.650%, 11/15/2008		595		608
					6,285
General Obligations – 0.6%
Hilliard School District, Series A (MBIA)
	5.000%, 12/01/2017		1,260		1,339
Mason City School District (FSA)
	4.375%, 12/01/2019		1,195		1,193
Miami East Local School District, School Improvement (FSA)
	4.000%, 12/01/2018		275		267
	4.000%, 12/01/2019		200		193
Middletown City School District, School Improvement (FSA)
	4.375%, 12/01/2019		950		946
					3,938
Certificate of Participation – 0.2%
Akron (AGTY) (MLO)
	5.000%, 12/01/2015		1,000		1,042
					11,265
Oklahoma – 1.9%
Revenue Bonds – 1.9%
Cherokee County Economic, Escrowed to Maturity, Zero Coupon Bond (AMBAC)
	4.033%, 11/01/2011 (b) (e)		3,340		2,809
McClain County Economic Development Authority, Educational Facilities Lease Revenue, Newcastle Public Schools Project (MLO)
	5.000%, 09/01/2009		510		517
	5.000%, 09/01/2011		345		352
	5.000%, 09/01/2012		355		363
	4.125%, 09/01/2013		250		244
Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project (AMT)
	5.750%, 01/01/2023		1,430		1,474
Pottawatomie County Educational Facilities Lease Revenue, Shawnee Public Schools Project (MLO)
	5.000%, 09/01/2011		1,000		1,025
South Oklahoma City, Pre-refunded 02/01/2010 @ 100
	9.750%, 02/01/2013 (a)		2,940		3,258
Tulsa Educational Facilities Authority, Holland Hall School Project, Series B
	4.600%, 12/01/2009		1,195		1,213
					11,255
Oregon – 0.7%
General Obligations – 0.7%
Clackamas County School District #108, Estacada (FSA) (SBG)
	c.250%, 06/15/2017		1,205		1,310
Lane County School District #52, Bethel (SBG)
	5.500%, 06/15/2009		1,000		1,032
Yamhill County School District #40, McMinnville (FSA) (SBG)
	c.000%, 06/15/2019		1,415		1,500
					3,842
Pennsylvania – 1.3%
Revenue Bonds – 1.0%
Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center (RAAI)
	5.000%, 12/15/2015		1,275		1,332
	5.000%, 12/15/2017		1,405		1,459
Montgomery County Industrial Development Authority, Whitemarsh Continued Care Project
	6.125%, 02/01/2028		1,000		1,046
Westmoreland County Independent Development Authority Revenue, Retirement Community, Redstone, Series A
	5.375%, 01/01/2014		1,100		1,124
	5.500%, 01/01/2016		1,200		1,239
					6,200
General Obligation – 0.3%
Ephrata Area School District (FGIC) (STAID)
	4.500%, 04/15/2018		1,500		1,526
					7,726
South Carolina – 1.6%
Revenue Bonds – 1.6%
Charleston EDL Excellence Finance, Charleston County School District Project (MLO)
	5.000%, 12/01/2013		2,000		2,090
Lexington County Health Services District, Lexington Medical Center
	5.500%, 11/01/2023		2,000		2,074
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A
	6.000%, 08/01/2013		1,000		1,086
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C
	6.000%, 08/01/2013		2,000		2,171
South Carolina State Public Service Authority, Series A (MBIA)
	5.500%, 01/01/2010		1,665		1,729
					9,150
South Dakota – 1.3%
Revenue Bonds – 0.6%
South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement
	5.900%, 09/01/2007		755		757
	4.750%, 09/01/2011		530		539
	5.000%, 09/01/2012		1,000		1,028
	5.000%, 09/01/2013		1,000		1,029
					3,353
Certificates of Participation – 0.7%
Deadwood (ACA) (MLO)
	5.500%, 11/01/2007		800		804
	5.600%, 11/01/2008		845		861
	5.000%, 11/01/2018		2,385		2,440
					4,105
					7,458

First American Funds Annual Report 2007      59

Schedule of  Investments (continued)

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Tennessee – 3.4%
Revenue Bonds – 3.0%
Memphis-Shelby Counties Sports Authority Revenue, Memphis Arena Project, Series C (MBIA)
	5.000%, 11/01/2017	$	3,175	$	3,376
Metropolitan Government Nashville & Davidson County, Escrowed to Maturity
	6.400%, 04/01/2011 (b)		1,030		1,118
Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/2012 @ 100
	6.000%, 09/01/2016 (a)		1,500		1,639
Shelby County Health, Educational & Housing Facilities Board, St. Jude’s Children’s Research
	5.000%, 07/01/2009		400		404
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project (RAAI)
	5.000%, 09/01/2016		2,000		2,067
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Escrowed to Maturity
	6.250%, 09/01/2011 (b)		1,465		1,578
	6.250%, 09/01/2012 (b)		1,085		1,185
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Pre-refunded 09/01/2012 @ 101
	6.500%, 09/01/2013 (a)		2,215		2,463
Tennessee Energy Acquisition Corporation, Gas Revenue, Series A
	5.000%, 09/01/2014		3,500		3,653
					17,483
General Obligation – 0.4%
Memphis (MBIA)
	5.000%, 10/01/2016		2,000		2,135
					19,618
Texas – 8.5%
Revenue Bonds – 4.1%
Abilene Health Facilities Development, Sears Methodist Retirement, Series A
	5.300%, 11/15/2007		1,000		1,003
	5.350%, 11/15/2008		1,300		1,317
Brazos River Authority, Electric Company Project, Series 1999-B, Mandatory Put 04/01/2013 @ 100 (AMT)
	6.750%, 09/01/2034		2,000		2,147
Brazos River Authority, Electric Company Project, Series C, Mandatory Put 11/01/2011 @ 100 (AMT)
	5.750%, 05/01/2036		1,585		1,612
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT)
	5.700%, 05/15/2033		1,000		1,041
El Paso Water & Sewer Revenue, Series A (FSA)
	4.000%, 03/01/2017		1,000		978
	4.000%, 03/01/2018		650		631
Grapevine Industrial Development, Air Cargo (AMT)
	6.500%, 01/01/2024		490		523
Gregg County Health Facilities Development, Good Shepherd Medical Center, Series A
	5.750%, 10/01/2009		2,895		2,959
	5.000%, 10/01/2013		1,230		1,261
Houston Health Facilities Development, Buckingham Senior Living Community, Series A
	7.000%, 02/15/2023		2,000		2,184
Odessa Housing Finance, Escrowed to Maturity, Zero Coupon Bond (MBIA)
	4.162%, 06/01/2012 (b) (e)		1,465		1,196
San Antonio Electric & Gas, Series A
	5.250%, 02/01/2013		2,135		2,199
San Leanna Educational Facilities Higher Ed Revenue Tax, Saint Edwards University Project
	5.000%, 06/01/2019		575		584
Tarrant County Cultural Education Financial Corporation Retirement Facilities, Northwest Senior Housing, Edgemere Project, Series A
	5.750%, 11/15/2014		1,235		1,289
Travis County Health Facilities, Development Retirement Facilities Revenue, Querencia Barton Creek Project
	5.250%, 11/15/2017		1,000		1,005
	5.500%, 11/15/2025		900		912
Tyler Health Facilities, Mother Frances Hospital
	5.250%, 07/01/2012		1,000		1,032
					23,873
General Obligations – 4.4%
Alvin Independent School District, Schoolhouse (PSFG)
	4.125%, 02/15/2019		1,110		1,076
Brownsville (MBIA)
	5.000%, 02/15/2017		2,125		2,232
Cypress-Fairbanks Independent School District, Pre-refunded 02/15/2010 @ 100 (PSFG)
	5.500%, 02/15/2018 (a)		4,000		4,156
Frisco (AMBAC)
	4.500%, 02/15/2016 (d)		2,045		2,086
Frisco (FGIC)
	5.000%, 02/15/2018		1,125		1,154
	5.000%, 02/15/2019		1,675		1,719
Galena Park Independent School District, School Building (PSFG)
	4.000%, 08/15/2019		1,070		1,025
Grayson County, Pass Through Toll (FSA)
	4.000%, 01/01/2016		1,065		1,048
Irving Independent School District, Series A, Zero Coupon Bond (PSFG)
	3.992%, 02/15/2009 (e)		5,000		4,689
Kaufman County (FSA)
	5.000%, 02/15/2017		1,000		1,035
Keller Independent School District (PSFG)
	5.375%, 08/15/2014		235		246
North Harris Montgomery Community College District (FGIC)
	5.375%, 02/15/2015		2,535		2,675
San Antonio
	4.125%, 02/01/2019		1,000		972
	4.250%, 02/01/2020		1,140		1,110
Victoria School District (PSFG)
	5.000%, 02/15/2018 (d)		500		527
					25,750
					49,623

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

60      First American Funds Annual Report 2007

Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Utah – 0.8%
Revenue Bonds – 0.7%
Salt Lake & Sandy Metropolitan Water District, Series A (AMBAC)
	5.000%, 07/01/2015	$	2,500	$	2,651
South Jordan, Sales Tax, Pre-refunded 08/15/2011 @ 100 (AMBAC)
	5.500%, 08/15/2018 (a)		1,000		1,058
Utah State Housing Finance Agency, Single Family Mortgages, Issue F-1 (AMBAC) (FHA) (VA)
	6.300%, 01/01/2018		5		5
Utah State Housing Finance Agency, Single Family Mortgages, Series III, Class R (FHA) (VA)
	5.950%, 07/01/2008		285		288
					4,002
General Obligation – 0.1%
Ashley Valley Water & Sewer, Escrowed to Maturity (AMBAC)
	10.900%, 01/01/2010 (b)		860		945
					4,947
Virginia – 0.2%
Revenue Bond – 0.2%
Riverside Regional Jail Authority (MBIA)
	5.700%, 07/01/2008		905		906
Washington – 4.2%
Revenue Bonds – 0.8%
Energy Northwest, Wind Project (MBIA)
	4.500%, 07/01/2015		1,000		1,019
Snohomish County Housing Authority
	6.300%, 04/01/2016		960		963
Washington State Housing Community Nonprofit Revenue, Skyline at First Hill Project, Series B
	5.100%, 01/01/2013		3,000		2,989
					4,971
General Obligations – 3.4%
Clark County School District #37, Vancouver (FSA)
	5.250%, 12/01/2014		1,515		1,624
King County, Series B, Pre-refunded 12/01/2007 @ 102
	5.850%, 12/01/2013 (a)		3,000		3,085
Snohomish County (MBIA)
	5.375%, 12/01/2019		5,000		5,247
Spokane County School District #081, Spokane, Convertible CABs (MBIA)
	0.000% through 12/01/2008,
	thereafter 5.000%, 06/01/2016 (c)		1,000		968
Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond (FGIC)
	4.262%, 12/01/2014 (e)		5,690		4,161
Washington State, Series C
	5.500%, 07/01/2014		2,275		2,466
Washington State, Series S-5, Zero Coupon Bond (FGIC)
	4.381%, 01/01/2016 (e)		3,000		2,075
					19,626
					24,597
West Virginia – 0.3%
Revenue Bond – 0.3%
Brooke Pleasants & Tyler Wetzel Counties, Single Family Mortgage, Escrowed to Maturity
	7.400%, 08/15/2010 (b)		1,675		1,840
Wisconsin – 2.6%
Revenue Bonds – 2.3%
Franklin Solid Waste Disposal Revenue, Waste Management Wisconsin, Series A, Mandatory Put 05/01/2016 @ 100 (AMT)
	4.950%, 11/01/2016		2,000		2,017
Wisconsin State Health & Educational Facilities Authority, Aurora Health Care, Series A
	5.500%, 02/15/2020		1,500		1,536
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project
	5.750%, 12/01/2019		2,000		2,023
Wisconsin State Health & Educational Facilities Authority, Fort Healthcare Income Project
	5.375%, 05/01/2018		1,250		1,295
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B
	6.250%, 02/15/2009		500		516
	5.500%, 02/15/2013		850		885
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A
	6.125%, 04/01/2024		1,500		1,567
Wisconsin State Health & Educational Facilities Authority, Vernon Memorial Healthcare Project
	4.650%, 03/01/2015		1,150		1,138
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services
	5.750%, 08/15/2011		645		677
Wisconsin State Health & Educational Facilities Authority, Wisconsin Medical College (MBIA)
	5.000%, 12/01/2015		1,450		1,524
					13,178
General Obligation – 0.3%
Door County, Series A, Crossover Refunded 09/01/2011 @ 100 (FGIC)
	5.125%, 09/01/2016 (g)		1,720		1,781
					14,959
Wyoming – 0.4%
Revenue Bond – 0.4%
Lincoln County, Pacificorp Project, Mandatory Put 06/03/2012 @ 100 (AMT)
	4.125%, 11/01/2025		2,250		2,203
Total Municipal Bonds (Cost $569,200)					585,657

First American Funds Annual Report 2007      61

Schedule of  Investments (continued)

Short-Term Investments – 0.5%
First American Tax Free Obligations Fund, Class Z (h)
	(Cost $2,642)	2,641,872	$	2,642
Total Investments – 100.7% (Cost $571,842)				588,299
Other Assets and Liabilities, Net – (0.7)%				(3,994	)
Total Net Assets – 100.0%			$	584,305

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(d)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $6,498 or 1.1% of total net assets. See note 2 in Notes to Financial Statements.
(e)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of June 30, 2007.

(f)  Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the funds’ board of directors. As of June 30, 2007, the value of these investments was $4,230 or 0.7% of total net assets.

(g)	Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.
(h)	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.

ACA – American Capital Access

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $24,512, which represents 4.2% of total net assets.

CIFG – CDC IXIS Financial Guaranty

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

GTY –	Guaranty
LOC –	Letter of Credit

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MQSBLF – Michigan Qualified School Board Loan Fund Program

PSFG – Permanent School Fund Guarantee

RAAI – Radian Asset Assurance Inc.

SBG – School Bond Guaranty Program

STAID – State Aid Withholding

VA – Veterans Administration

XLCA – XL Capital Assurance Inc.

Minnesota Intermediate Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 97.9%
Revenue Bonds – 66.3%
Economic Development – 1.8%
Minneapolis Community Development Agency, Series G-3, Pre-refunded 12/01/2011 @ 100
	5.350%, 12/01/2021 (a)	$	1,000	$	1,054
Minneapolis Development Revenue, Common Bond, Series 1A (AMT)
	4.550%, 12/01/2013		480		480
	4.625%, 12/01/2014		505		505
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series B (AMT)
	6.500%, 08/01/2008		710		721
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series C (AMT)
	6.625%, 08/01/2008		645		656
					3,416
Education – 10.7%
Minneapolis, The Blake School Project
	5.000%, 09/01/2012		445		458
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4
	4.850%, 10/01/2009		520		528
	5.000%, 10/01/2011		500		507
	5.000%, 10/01/2012		500		506
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 6-C
	4.750%, 05/01/2018		1,075		1,088
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 6-J1
	5.000%, 05/01/2013		320		328
	5.000%, 05/01/2016		375		383
	5.000%, 05/01/2020		1,295		1,310
Minnesota State Higher Education Facilities Authority, College of Art and Design, Series 5-K
	5.000%, 05/01/2011		250		253
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 6-K
	5.000%, 05/01/2013		310		318
	5.000%, 05/01/2014		320		329
	5.000%, 05/01/2015		340		349
	5.000%, 05/01/2016		355		363
	5.000%, 05/01/2017		370		377
Minnesota State Higher Education Facilities Authority, St. Benedict College
	5.100%, 03/01/2011		2,885		2,902
Minnesota State Higher Education Facilities Authority, St. Benedict College, Series 5-W
	4.200%, 03/01/2012		345		345
Minnesota State Higher Education Facilities Authority, St. Catherine College, Series 5-N1
	5.250%, 10/01/2022		1,500		1,547
Minnesota State Higher Education Facilities Authority, St. John’s University, Series 5-I, Pre-refunded 10/01/2011 @ 100 (MBIA)
	5.000%, 10/01/2012 (a)		480		499
Minnesota State Higher Education Facilities Authority, St. Olaf College, Series 6-0
	4.000%, 10/01/2013		850		841
	5.000%, 10/01/2016		500		525
	4.500%, 10/01/2019		250		249

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

62      First American Funds Annual Report 2007

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 4, Pre-refunded 04/01/2008 @ 100
	5.250%, 04/01/2012 (a)	$	385	$	389
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 6-I
	4.000%, 04/01/2014		1,045		1,032
Moorhead Educational Facilities, Concordia College, Series A
	4.100%, 12/15/2014		845		840
	4.200%, 12/15/2015		880		877
	4.300%, 12/15/2016		925		925
	5.000%, 12/15/2018		1,005		1,050
	5.000%, 12/15/2019		1,060		1,104
					20,222
Healthcare – 27.6%
Aitkin Health Care Facilities, Riverwood Healthcare Center
	5.250%, 02/01/2015		735		744
Bemidji Health Care Facilities, North County Health Services
	4.125%, 09/01/2013		300		296
	4.250%, 09/01/2014		485		481
	4.250%, 09/01/2015		500		491
	5.000%, 09/01/2017		500		516
	5.000%, 09/01/2018		1,050		1,079
	5.000%, 09/01/2019		1,110		1,137
Crookston Health Care Facilities, Riverview Health Project
	5.100%, 05/01/2018		1,065		1,054
Cuyuna Range Hospital District
	5.000%, 06/01/2016		425		433
	5.000%, 06/01/2017		1,340		1,340
	5.000%, 06/01/2019		1,320		1,335
Duluth Economic Development Authority, Benedictine Health System
	5.375%, 02/15/2022		2,045		2,109
Glencoe Health Care Facilities, Pre-refunded 04/01/2011 @ 101
	7.400%, 04/01/2021 (a)		1,000		1,112
Glencoe Health Care Facilities, Regional Health Services Project
	5.000%, 04/01/2013		760		776
	5.000%, 04/01/2014		800		818
	5.000%, 04/01/2015		845		863
	5.000%, 04/01/2017		1,815		1,839
Hastings Health Care Facility, Regina Medical Center (ACA)
	5.000%, 09/15/2013		500		504
Inver Grove Heights Nursing Home Revenue, Presbyterian Homes Care
	5.000%, 10/01/2016		430		423
Maple Grove Health Care Facilities, Maple Grove Hospital
	5.000%, 05/01/2017		1,000		1,027
Maple Grove Health Care Facilities, North Memorial
	4.500%, 09/01/2017		1,730		1,694
Marshall Medical Center Gross Revenue, Avera Marshall Regional Medical Center Project
	4.500%, 11/01/2013		345		345
	4.750%, 11/01/2020		1,155		1,130
Minneapolis & St. Paul Housing & Redevelopment Authority, Healthspan, Series A (AMBAC)
	5.000%, 11/15/2013		1,000		1,006
Minneapolis Healthcare System, Allina Health System, Series A
	6.000%, 11/15/2023		2,500		2,666
	5.750%, 11/15/2032		1,300		1,371
Minneapolis Healthcare System, Fairview Health Services, Series A, Escrowed to Maturity
	5.000%, 05/15/2012 (b)		605		630
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project
	5.500%, 02/01/2011		280		290
	5.500%, 02/01/2012		200		209
	5.500%, 02/01/2015		730		763
Minnesota Agricultural & Economic Development Board, Healthcare Systems, Series A (MBIA)
	5.500%, 11/15/2017		305		313
	5.750%, 11/15/2026		10		10
Minnesota Agricultural & Economic Development Board, Healthcare Systems, Series A, Pre-refunded 11/15/2007 @ 102 (MBIA)
	5.750%, 11/15/2026 (a)		490		503
Monticello, Big Lake Community Hospital, Series C
	5.750%, 12/01/2015		2,320		2,381
New Hope Housing & Health Care Facilities, Masonic Home North Ridge
	5.500%, 03/01/2010		500		507
Northfield Hospital Revenue
	5.000%, 11/01/2011		375		383
	5.000%, 11/01/2013		880		900
	5.000%, 11/01/2014		920		942
	5.500%, 11/01/2017		1,080		1,135
Northfield Housing & Redevelopment Authority, Northfield Retirement Center, Series B
	5.125%, 12/01/2026		750		711
Plymouth Health Facilities, Westhealth Project, Series A (FSA)
	6.200%, 06/01/2011		1,360		1,362
Redwood Falls Hospital Facilities Revenue
	5.000%, 12/01/2021		1,015		1,010
Rochester, St. Mary’s Hospital, Escrowed to Maturity
	5.750%, 10/01/2007 (b)		285		286
Shakopee Health Care Facilities, St. Francis Regional Medical Center
	4.000%, 09/01/2012		305		299
	5.000%, 09/01/2017		1,785		1,815
St. Cloud Health Care, St. Cloud Hospital Obligated Group (FSA)
	5.500%, 05/01/2008		1,450		1,471
St. Paul Housing & Redevelopment Authority, Health Partners Obligation Group
	5.250%, 05/15/2019		1,000		1,028
St. Paul Housing & Redevelopment Authority, HealthEast Project
	5.150%, 11/15/2020		1,840		1,858
St. Paul Port Authority, HealthEast Midway Campus, Series A (MLO)
	5.250%, 05/01/2015		1,500		1,514
	5.750%, 05/01/2025		2,000		2,050

First American Funds Annual Report 2007      63

Schedule of  Investments (continued)

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Stillwater Health Care, Health Systems Obligation Group
	4.250%, 06/01/2015	$	300	$	294
	4.250%, 06/01/2016		760		733
Todd, Morrison, Cass & Wadena Counties, United Hospital District
	4.000%, 12/01/2013		400		387
Winona Health Care Facilities, Series A
	5.300%, 07/01/2017		525		540
	5.350%, 07/01/2018		590		607
Worthington Housing Authority, Meadows Worthington Project, Series A
	5.000%, 11/01/2017		1,000		990
					52,510
Housing – 1.4%
Dakota County Housing & Redevelopment Authority, Single Family Mortgages (AMT) (FNMA) (GNMA)
	5.125%, 10/01/2020		55		55
Minnesota State Housing Finance Agency, Rental Housing, Series D (MBIA)
	5.450%, 08/01/2007		235		235
Minnesota State Housing Finance Agency, Single Family Mortgages, Series B (AMT)
	5.550%, 07/01/2024		265		267
Moorhead Senior Housing Revenue, Sheyenne Crossing Project
	5.600%, 04/01/2025		2,000		2,018
South St. Paul Housing & Redevelopment Authority, Single Family Mortgages (FNMA)
	5.100%, 09/01/2007		5		5
					2,580
Lease Revenue – 3.3%
Andover Economic Development Authority Public Facilities Lease Revenue, Community Center, Crossover Refunded 02/01/2014 @ 100 (MLO)
	5.000%, 02/01/2019 (c)		730		757
	5.000%, 02/01/2019 (c)		495		513
Eden Prairie Housing & Redevelopment Authority, Series A (MLO)
	5.000%, 12/01/2011		255		264
Pine County Housing & Redevelopment Authority, Series A (MLO)
	4.500%, 02/01/2015		440		442
	4.500%, 02/01/2016		465		466
	4.500%, 02/01/2017		385		384
St. Paul Housing & Redevelopment Authority, Smith Avenue Transit Center (MLO)
	4.000%, 06/01/2012		1,000		997
St. Paul Port Authority, Office Building (MLO)
	5.000%, 12/01/2019		2,415		2,502
					6,325
Miscellaneous – 1.7%
Commissioner of Iron Range Rescue & Rehabilitation, Minnesota Educational Facilities (MSDCEP) (XLCA)
	4.500%, 10/01/2018		1,180		1,198
Minnesota State Retirement Systems Building
	5.450%, 06/01/2012		550		572
Seaway Port Authority of Duluth, Cargill Income Project
	4.200%, 05/01/2013		1,500		1,484
					3,254
Recreational Facility Authority – 1.2%
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Escrowed to Maturity
	6.700%, 08/01/2007 (b)		495		496
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Pre-refunded 08/01/2008 @ 103
	6.875%, 08/01/2010 (a)		1,685		1,777
					2,273
Revolving Funds – 1.1%
Minnesota Public Facilities Authority, Drinking Water, Series B, Pre-refunded 03/01/2009 @ 100
	5.125%, 03/01/2019 (a)		2,000		2,041
Tax Revenue – 1.8%
Minneapolis Tax Increment Revenue, Grant Park Project
	5.200%, 02/01/2022		1,000		995
Minneapolis, St. Anthony Falls Project
	5.000%, 02/01/2017		1,040		1,026
	5.300%, 02/01/2021		570		574
St. Anthony Housing & Redevelopment Authority, Silver Lake Village Project
	5.000%, 08/01/2015		855		865
					3,460
Transportation – 6.2%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (MBIA)
	5.000%, 01/01/2020		2,200		2,274
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC)
	5.750%, 01/01/2010		2,880		3,000
	5.625%, 01/01/2014		1,000		1,029
Minneapolis & St. Paul Metropolitan Airports Commission, Series C, Pre-refunded 01/01/2011 @ 100 (FGIC)
	5.125%, 01/01/2020 (a)		3,095		3,212
Minnesota Public Facilities Authority Transportation
	5.000%, 03/01/2012		970		995
Puerto Rico Commonwealth, Highway Transportation Authority, Series X (MBIA)
	5.500%, 07/01/2013		1,250		1,325
					11,835
Utilities – 9.5%
Chaska Electric, Series A
	5.600%, 10/01/2008		680		694
	5.650%, 10/01/2009		720		746
	5.650%, 10/01/2010		760		796
	4.200%, 10/01/2015		1,000		990
Cohasset Pollution Control, Allete Project (RAAI)
	4.950%, 07/01/2022		2,230		2,264
Princeton Public Utility System
	4.100%, 04/01/2015		450		441
Rochester Electric Utility, Pre-refunded 12/01/2010 @ 100
	5.000%, 12/01/2016 (a)		1,150		1,189
Shakopee Public Utilities, Series A (FSA)
	4.250%, 02/01/2018		295		294

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

64      First American Funds Annual Report 2007

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Southern Minnesota Municipal Power Agency, Series A (AMBAC)
	5.000%, 01/01/2011	$	1,270	$	1,303
	5.250%, 01/01/2014		3,415		3,647
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA)
	4.541%, 01/01/2020 (d)		3,500		1,996
	4.571%, 01/01/2021 (d)		5,000		2,716
Western Minnesota Municipal Power Agency, Series A (AMBAC)
	5.500%, 01/01/2011		1,000		1,028
					18,104
Total Revenue Bonds					126,020
General Obligations – 31.1%
Anoka County Capital Improvements, Series A
	4.100%, 02/01/2018		610		602
Anoka County Capital Improvements, Series B
	4.550%, 01/01/2011		1,960		1,985
Anoka County, Series D
	5.000%, 02/01/2024 (e)		500		523
Anoka-Hennepin Independent School District #11 (MSDCEP)
	5.000%, 02/01/2014		2,000		2,068
Anoka-Hennepin Independent School District #11, Series A (MSDCEP)
	5.000%, 02/01/2012		1,000		1,034
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/2010 @ 100 (MSDCEP)
	5.375%, 02/01/2013 (c)		600		621
Cambridge Independent School District #911, Series A (MBIA) (MSDCEP)
	4.000%, 02/01/2016		1,060		1,047
Centennial Independent School District #12, Series A, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP)
	5.000%, 02/01/2014 (c)		1,040		1,078
Chaska Independent School District #112, Series A (MSDCEP)
	4.250%, 02/01/2019		1,000		992
Dakota County, Capital Improvements, Series C
	4.850%, 02/01/2010		1,000		1,024
Foley Independent School District #51, School Building, Series A (MSDCEP)
	4.000%, 02/01/2017		1,140		1,116
Kingsland Independent School District #2137, School Building, Series A (FSA) (MSDCEP)
	4.125%, 02/01/2020		515		499
Lake Superior Independent School District #381, Series C (FSA) (MSDCEP)
	4.000%, 10/01/2017		1,000		980
Lakeville Independent School District #194 (MSDCEP)
	5.000%, 02/01/2016		2,000		2,033
Lakeville Independent School District #194, Series A, Crossover Refunded 02/01/2013 @ 100 (FGIC) (MSDCEP)
	5.000%, 02/01/2022 (c)		2,435		2,537
Moorhead Independent School District #152, Crossover Refunded 04/01/2012 @ 100 (FGIC) (MSDCEP)
	5.000%, 04/01/2015 (c)		3,450		3,580
	5.000%, 04/01/2016 (c)		2,510		2,604
Mounds View Independent School District #621, Series A (MBIA) (MSDCEP)
	5.000%, 02/01/2018		2,340		2,414
	5.000%, 02/01/2019		2,565		2,647
Mounds View Independent School District #621, Series A (MSDCEP)
	5.250%, 02/01/2010		1,230		1,272
Mounds View Independent School District #621, Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP)
	5.250%, 02/01/2012 (c)		1,000		1,039
	5.350%, 02/01/2016 (c)		1,000		1,042
Northfield Independent School District #659 (MSDCEP)
	5.000%, 02/01/2015		1,295		1,343
Pequot Lakes Independent School District #186, Crossover Refunded 02/01/2012 @ 100 (FGIC) (MSDCEP)
	5.125%, 02/01/2018 (c)		500		521
Perham (AMT)
	5.850%, 05/01/2015		1,205		1,243
Pipestone-Jasper Independent School District #2689, Crossover Refunded 03/01/2009 @ 100 (FGIC) (MSDCEP)
	5.400%, 03/01/2013 (c)		1,095		1,122
Prior Lake Independent School District #719, School Building, Series B (MBIA) (MSDCEP)
	4.000%, 02/01/2020		1,000		958
Puerto Rico Commonwealth (MBIA)
	6.000%, 07/01/2014		1,605		1,795
Puerto Rico Commonwealth, Government Development, Series B
	5.000%, 12/01/2014		1,000		1,043
Puerto Rico Commonwealth, Series A (XLCA)
	5.500%, 07/01/2017		1,000		1,111
Ramsey County, Series D
	5.000%, 02/01/2014		2,000		2,118
Robbinsdale Independent School District #281, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP)
	5.000%, 02/01/2020 (c)		1,215		1,259
Rochester Independent School District #535, Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP)
	5.000%, 02/01/2015 (c)		1,595		1,646
Rochester Wastewater, Series A
	4.000%, 12/01/2018		1,140		1,119
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 89.37 (FSA) (MSDCEP)
	4.324%, 02/01/2013 (c) (d)		1,055		809
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 94.63 (FSA) (MSDCEP)
	4.323%, 02/01/2012 (c) (d)		1,790		1,453

First American Funds Annual Report 2007      65

Schedule of  Investments (continued)

Minnesota Intermediate Tax Free Fund (concluded)
DESCRIPTION		PAR/SHARES		VALUE
South Washington County, Independent School District #833, Series B (FSA) (MSDCEP)
	5.000%, 02/01/2015	$	1,030	$	1,071
St. Cloud Library Sales Tax, Series B (FSA)
	4.000%, 02/01/2018		1,000		976
St. Louis Park Independent School District #283, Crossover Refunded 02/01/2009 @ 100 (MSDCEP)
	5.250%, 02/01/2010 (c)		1,000		1,020
	5.600%, 02/01/2015 (c)		725		743
St. Michael Independent School District #885, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP)
	5.000%, 02/01/2014 (c)		1,690		1,752
	5.000%, 02/01/2017 (c)		1,000		1,036
Stillwater Independent School District #834 (MSDCEP)
	4.750%, 02/01/2011		2,140		2,167
Total General Obligations					59,042
Certificate of Participation – 0.5%
Northeast Metropolitan Intermediate School District #916 (MLO)
	4.250%, 01/01/2015		1,000		990
Total Municipal Bonds
	(Cost $182,419)				186,052
Short-Term Investment – 1.3%
Federated Minnesota Municipal Cash Trust
	(Cost $2,558)		2,558,319		2,558
Total Investments – 99.2% (Cost $184,977)					188,610
Other Assets and Liabilities, Net – 0.8%					1,463
Total Net Assets – 100.0%				$	190,073

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.
(d)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of June 30, 2007.
(e)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $517 or 0.3% of  total net assets. See note 2 in Notes to Financial Statements.

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $7,956, which represents 4.2% of total net assets.

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MSDCEP – Minnesota School District Credit Enhancement Program

RAAI – Radian Asset Assurance Inc.

XLCA – XL Capital Assurance Inc.

Minnesota Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 95.5%
Revenue Bonds – 87.5%
Continuing Care Retirement Communities – 2.8%
Colorado Health Facilities, Christian Living Communities, Series A
	5.750%, 01/01/2026	$	500	$	521
	5.750%, 01/01/2037		300		311
Golden Valley, Covenant Retirement Communities, Series A
	5.500%, 12/01/2029		1,750		1,787
Illinois Finance Authority, Franciscan Communities, Series A
	5.500%, 05/15/2037		1,275		1,283
Prior Lake Senior Housing Revenue, Shepherds Path, Series B
	5.700%, 08/01/2036		1,000		1,019
					4,921
Economic Development – 4.3%
Minneapolis Community Development, Series G-3, Pre-refunded 12/01/2011 @ 100
	5.450%, 12/01/2031 (a)		3,250		3,438
Minnesota Agricultural & Economic Development Board, Minnesota Small Business Program, Series A (AMT)
	5.550%, 08/01/2016		500		506
Minnesota Agricultural & Economic Development Board, Small Business Development, Series B (AMT)
	7.250%, 08/01/2020		1,000		1,040
Minnesota Agricultural & Economic Development Board, Small Business Development, Series C (AMT)
	7.250%, 08/01/2020		1,385		1,440
Minnesota Agricultural & Economic Development Board, Small Business Development, Series D (AMT)
	7.250%, 08/01/2020		1,120		1,165
					7,589
Education – 5.7%
Golden Valley, The Breck School, Pre-refunded 10/01/2009 @ 100
	5.750%, 10/01/2014 (a)		1,000		1,039
Minneapolis, The Blake School Project
	5.450%, 09/01/2021		2,000		2,072
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 5-D, Pre-refunded 05/01/2010 @ 100
	6.625%, 05/01/2020 (a)		1,000		1,069
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 6-K
	5.000%, 05/01/2026		1,750		1,765
Minnesota State Higher Education Facilities Authority, St. John University, Series 6-G
	4.500%, 10/01/2026		1,000		970
Minnesota State Higher Education Facilities Authority, St. Olaf College, Series 6-0
	4.500%, 10/01/2027		2,000		1,915

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

66      First American Funds Annual Report 2007

Minnesota Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Minnesota State Higher Education Facilities Authority, Vermilion Community College, Series 3-T
	6.000%, 01/01/2013	$	415	$	418
St. Paul Housing & Redevelopment Authority, Community Peace Academy, Series A
	5.000%, 12/01/2036		800		783
					10,031
Healthcare – 28.7%
Aitkin Health Care Facilities, Riverwood Healthcare Center
	5.500%, 02/01/2024		1,050		1,070
Crookston Health Care Facilities, Riverview Health Project
	5.200%, 05/01/2022		1,000		987
Cuyuna Range Hospital District
	5.000%, 06/01/2029		3,150		3,060
	5.500%, 06/01/2035		350		361
Duluth Economic Development Authority, Benedictine Health System
	5.250%, 02/15/2028		1,000		1,021
	5.250%, 02/15/2033		1,660		1,693
Fergus Falls Health Care Facilities Authority, Broen Memorial Home, Series A
	7.000%, 11/01/2019		1,000		1,001
Glencoe Health Care Services Facilities Project, Glencoe Regional Health
	5.000%, 04/01/2031		1,500		1,481
Glencoe Health Care Services Facilities Project, Glencoe Regional Health, Pre-refunded 04/01/2011 @ 101
	7.500%, 04/01/2031 (a)		1,700		1,897
Madelia Hospital Revenue, Madelia Community Hospital Project
	5.250%, 10/01/2031		500		499
	5.300%, 10/01/2036		600		601
Maple Grove Health Care Facilities, North Memorial Health Care
	5.000%, 09/01/2035		2,000		2,001
Maple Grove Health Care System, Maple Grove Hospital
	4.500%, 05/01/2023		1,500		1,414
	5.250%, 05/01/2025		1,000		1,027
Marshall Medical Center, Weiner Memorial Medical Center Project, Series A
	5.250%, 11/01/2016		305		315
	5.850%, 11/01/2023		875		928
Minneapolis Healthcare System, Allina Health System, Series A
	6.000%, 11/15/2023		1,500		1,600
	5.750%, 11/15/2032		2,400		2,531
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A
	6.375%, 11/15/2029		125		133
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A (MBIA)
	5.500%, 11/15/2011		500		513
	5.500%, 11/15/2017		205		210
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Pre-refunded 11/15/2010 @ 101
	6.375%, 11/15/2029 (a)		3,875		4,199
Monticello, Big Lake Community Hospital, Series A
	5.750%, 12/01/2019		1,000		1,009
Monticello, Big Lake Community Hospital, Series C
	6.200%, 12/01/2022		1,000		1,031
New Hope Housing & Healthcare Facilities Authority, Masonic Home North Ridge
	5.750%, 03/01/2015		1,600		1,639
Northfield Housing & Redevelopment Authority, Northfield Retirement Project, Series A
	5.375%, 12/01/2036		1,000		977
Redwood Falls Hospital Revenue, Redwood Area Hospital Project
	5.125%, 12/01/2036		3,000		2,962
Rochester Health Care Facilities, Mayo Clinic
	5.000%, 11/15/2031		1,000		1,016
Shakopee Health Care Facilities, St. Francis Regional Medical Center
	5.250%, 09/01/2034		2,000		2,026
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series B
	5.500%, 07/01/2025		2,000		2,079
St. Paul Housing & Redevelopment Authority, Episcopal Nursing Home
	5.630%, 10/01/2033		2,325		2,372
St. Paul Housing & Redevelopment Authority, Health Partners Obligation Group
	5.250%, 05/15/2026		2,000		2,031
St. Paul Housing & Redevelopment Authority, HealthEast Project
	6.000%, 11/15/2030		800		864
St. Paul Housing & Redevelopment Authority, Regions Hospital
	5.250%, 05/15/2018		500		504
St. Paul Port Authority, HealthEast Midway Campus, Series A (MLO)
	5.875%, 05/01/2030		900		921
St. Paul Port Authority, HealthEast Midway Campus, Series B (MLO)
	6.000%, 05/01/2030		1,800		1,846
Winona Health Care Facilities, Series A
	6.000%, 07/01/2034		1,000		1,070
					50,889
Housing – 15.0%
Cottage Grove Senior Housing Revenue, PHS/ Cottage Grove Inc. Project, Series A			��
	5.000%, 12/01/2031		850		812
Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project (GNMA)
	5.900%, 04/20/2042		2,000		2,097
Eden Prairie Multifamily Housing, Parkway Apartments Project, Series A (GNMA)
	5.700%, 08/20/2022		1,000		1,030
Eden Prairie Multifamily Housing, Preserve Place (GNMA)
	5.500%, 01/20/2018		500		512
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Mandatory Put 02/15/2009 @ 100 (AMT) (FNMA)
	3.050%, 06/15/2034		2,000		1,952
Hopkins Elderly Housing, St. Theresa Project, Series A (FHA) (GNMA)
	5.600%, 11/20/2017		500		511

First American Funds Annual Report 2007      67

Schedule of  Investments (continued)

Minnesota Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Hopkins Multifamily Housing, Renaissance Project
	6.250%, 04/01/2015	$	500	$	511
Maplewood Multifamily Housing, Carefree Cottages II, Mandatory Put 04/15/2019 @ 100 (AMT) (FNMA)
	4.800%, 04/15/2034		2,000		1,984
Minneapolis & St. Paul Housing Financing Board, Single Family, Series A4 (AMT) (FHLMC) (FNMA) (GNMA)
	5.000%, 11/01/2038		999		989
Minneapolis Housing Revenue, Keeler Apartments, Series A
	5.000%, 10/01/2037		1,350		1,301
Minnesota State Housing Finance Agency, Residential Housing, Series B (AMT)
	4.750%, 07/01/2026		1,000		971
	5.650%, 07/01/2033		725		740
Minnesota State Housing Finance Agency, Residential Housing, Series B1-RMK (AMT)
	5.350%, 07/01/2033		1,385		1,400
Minnesota State Housing Finance Agency, Residential Housing, Series D (AMT)
	4.700%, 07/01/2027		3,465		3,333
Minnesota State Housing Finance Agency, Residential Housing, Series F (AMT)
	5.400%, 07/01/2030		2,375		2,409
Minnesota State Housing Finance Agency, Single Family Mortgage, Series C (AMT)
	6.100%, 07/01/2030		380		392
Moorhead Senior Housing Revenue, Sheyenne Crossing Project
	5.650%, 04/01/2041		1,620		1,625
Pine City Health Care & Housing Revenue, North Branch, Series A (GNMA)
	5.000%, 10/20/2047		550		557
St. Louis Park, Multifamily Housing, Park Ridge Apartments (FHA) (GNMA)
	5.250%, 11/01/2020		500		510
St. Paul Housing & Redevelopment Authority, Rossy & Richard Shaller, Series A
	5.250%, 10/01/2042		1,100		1,088
White Bear Lake, Multifamily Housing, Lake Square, Series A (FHA)
	6.000%, 08/01/2020		1,020		1,038
Worthington Housing Authority, Meadows Worthington Project, Series A
	5.375%, 05/01/2037		880		863
					26,625
Lease Revenue – 4.1%
Lakeville Housing & Redevelopment Authority, Ice Arena Project (MLO)
	4.500%, 02/01/2026		1,000		979
	4.625%, 02/01/2032		585		574
New Brighton Economic Development Authority, Public Safety Facility, Leasing Project, Series A (MLO)
	4.900%, 02/01/2015		850		863
	5.000%, 02/01/2016		895		910
	5.100%, 02/01/2017		900		916
Pine County Housing & Redevelopment Authority, Series A (MLO)
	5.000%, 02/01/2028		1,000		1,017
	5.000%, 02/01/2031		1,890		1,917
					7,176
Miscellaneous – 5.3%
Little Canada Commercial Development, RLF Minnesota Project (MLO)
	5.000%, 04/01/2013		920		922
Minnesota State Retirement Systems Building
	5.875%, 06/01/2027		7,000		7,346
Seaway Port Authority of Duluth, Cargill Income Project
	4.200%, 05/01/2013		1,130		1,118
					9,386
Recreational Facility Authority – 2.3%
Moorhead, Golf Course, Series B
	5.875%, 12/01/2021		2,000		2,020
St. Paul Port Authority, Radisson Kellogg Project, Series 2, Pre-refunded 08/01/2008 @ 103
	7.375%, 08/01/2029 (a)		2,000		2,132
					4,152
Tax Revenue – 1.0%
Duluth Economic Development Authority
	8.000%, 08/01/2008		100		103
Minneapolis, St. Anthony Falls Project
	5.650%, 02/01/2027		400		406
	5.750%, 02/01/2027		300		307
St. Anthony Housing & Redevelopment Authority, Silver Lake Village
	5.625%, 02/01/2031		1,000		1,034
					1,850
Transportation – 1.8%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Pre-refunded 01/01/2010 @ 101 (FGIC)
	5.750%, 01/01/2032 (a)		3,000		3,157
Utilities – 16.5%
Chaska Electric, Series A
	6.100%, 10/01/2030		45		48
Chaska Electric, Series A, Pre-refunded 10/01/2010 @ 100
	6.100%, 10/01/2030 (a)		4,955		5,279
Puerto Rico Electric Power Authority, Series SS (MBIA)
	5.000%, 07/01/2024		2,000		2,086
Puerto Rico Electric Power Authority, Series VV (MBIA)
	5.250%, 07/01/2029		3,000		3,312
Rochester Electric Utility, Series C
	5.000%, 12/01/2030		1,500		1,558
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA)
	4.501%, 01/01/2019 (b)		4,000		2,397
	4.691%, 01/01/2024 (b)		12,000		5,583
	4.721%, 01/01/2025 (b)		7,000		3,093
	4.751%, 01/01/2026 (b)		8,300		3,482
	4.761%, 01/01/2027 (b)		3,000		1,198
Western Minnesota Municipal Power Agency (AMBAC)
	5.500%, 01/01/2015		550		577

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

68      First American Funds Annual Report 2007

Minnesota Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Western Minnesota Municipal Power Agency, Escrowed to Maturity (MBIA)
	9.750%, 01/01/2016 (c)	$	410	$	564
					29,177
Total Revenue Bonds					154,953
General Obligations – 8.0%
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/2010 @ 100 (MSDCEP)
	5.750%, 02/01/2017 (d)		1,000		1,045
Becker Independent School District #726, Series A, Crossover Refunded 02/01/2010 @ 100 (FSA) (MSDCEP)
	6.000%, 02/01/2021 (d)		1,000		1,048
Chaska Independent School District #112, Series A, Crossover Refunded 02/01/2009 @ 100 (FSA) (MSDCEP)
	5.700%, 02/01/2018 (d)		1,000		1,023
Delano Independent School District #879, Series A, Crossover Refunded 02/01/2011 @ 100 (FSA) (MSDCEP)
	5.875%, 02/01/2025 (d)		1,000		1,060
Minneapolis Sports Arena
	5.100%, 04/01/2013		500		505
	5.100%, 10/01/2013		250		252
Perham, Disposal System (AMT)
	6.000%, 05/01/2022		1,500		1,553
Rochester Wastewater, Series A
	4.125%, 12/01/2023		2,285		2,186
	4.250%, 12/01/2025		1,500		1,444
Sauk Rapids Independent School District #47, Series A, Crossover Refunded 02/01/2011 @ 100 (MBIA) (MSDCEP)
	5.750%, 02/01/2023 (d)		2,000		2,111
St. Louis Park Independent School District #283, Crossover Refunded 02/01/2009 @ 100 (MSDCEP)
	5.700%, 02/01/2017 (d)		2,000		2,053
					14,280
Total Municipal Bonds
	(Cost $164,576)				169,233
Short-Term Investment – 3.5%
Federated Minnesota Municipal Cash Trust
	(Cost $6,146)		6,145,908		6,146
Total Investments – 99.0%
	(Cost $170,722)				175,379
Other Assets and Liabilities, Net – 1.0%					1,755
Total Net Assets – 100.0%				$	177,134

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of June 30, 2007.
(c)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(d)	Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $19,874, which represents 11.2% of total net assets.

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MSDCEP – Minnesota School District Credit Enhancement Program

First American Funds Annual Report 2007      69

Schedule of  Investments (continued)

Missouri Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 100.7%
Revenue Bonds – 82.6%
Continuing Care Retirement Communities – 5.8%
Cole County Industrial Development Authority, Lutheran Services Heisinger Project
	5.250%, 02/01/2024	$	2,000	$	2,040
Illinois Finance Authority, Franciscan Communities, Series A
	5.500%, 05/15/2027		500		507
Illinois Finance Authority, Friendship Village, Schaumburg, Series A
	5.375%, 02/15/2025		1,800		1,821
Lee’s Summit Industrial Development Authority, Senior Living Facilities, John Knox Village, Series A
	5.000%, 08/15/2014		1,035		1,053
Missouri State Health & Educational Facilities Authority, Senior Living Facilities, Lutheran Senior, Series A
	5.375%, 02/01/2035		1,500		1,545
St. Louis County Industrial Development Authority, Friendship Village West, Series A
	5.500%, 09/01/2028 (a)		2,000		2,042
					9,008
Education – 7.4%
Lincoln University Auxiliary System Revenue (AGTY)
	5.125%, 06/01/2037 (a)		1,000		1,025
Missouri State Development Finance Board, Midwest Research Institute Project
	5.000%, 11/01/2017		1,185		1,208
Missouri State Health & Educational Facilities Authority, University of Missouri-Columbia Arena Project
	5.000%, 11/01/2019		2,540		2,622
Missouri State Health & Educational Facilities Authority, Washington University, Series A
	5.000%, 02/15/2019		1,465		1,534
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Pre-refunded 06/15/2011 @ 100
	5.125%, 06/15/2041 (b)		2,150		2,238
Missouri State University Auxiliary Enterprise System Revenue, Series A (XLCA)
	4.375%, 04/01/2032		900		847
University of Missouri, Pre-refunded 11/01/2007 @ 101
	5.800%, 11/01/2027 (b)		2,000		2,033
					11,507
Healthcare – 16.9%
Barton County Hospital Revenue
	5.375%, 07/01/2027		1,000		1,009
Boone County Hospital
	5.050%, 08/01/2020		1,200		1,213
Cape Girardeau County Industrial Development Authority, Health Care Facilities Revenue, Southeast Missouri Hospital
	5.625%, 06/01/2022		245		253
Cape Girardeau County Industrial Development Authority, Health Care Facilities Revenue, Southeast Missouri Hospital, Pre-refunded 06/01/2012 @ 100
	5.625%, 06/01/2022 (b)		1,255		1,340
Carthage Hospital Revenue
	6.000%, 04/01/2038		1,000		1,018
Clinton County Industrial Development Authority, Health Facilities Revenue, Cameron Regional Medical Center
	5.000%, 12/01/2037		1,000		970
Hannibal Industrial Development Authority Health Facilities
	4.300%, 03/01/2013		1,345		1,332
	5.000%, 03/01/2022		1,000		1,006
Hermann Area Hospital District Revenue
	5.100%, 09/01/2031		1,000		975
Joplin Industrial Development Authority Healthcare Facilities, Freeman Health Systems Project
	5.500%, 02/15/2024		2,000		2,091
Missouri State Health & Educational Facilities Authority, BJC Health Systems, Series A, Escrowed to Maturity
	6.750%, 05/15/2012 (c)		3,310		3,703
Missouri State Health & Educational Facilities Authority, Jefferson Memorial Hospital (RAAI)
	5.000%, 08/15/2019		2,300		2,367
Missouri State Health & Educational Facilities Authority, Lake Regional Health System Project
	5.000%, 02/15/2012		515		526
Missouri State Health & Educational Facilities Authority, SSM Health, Series A, Pre-refunded 06/01/2008 @ 101 (MBIA)
	5.000%, 06/01/2018 (b)		1,555		1,588
Missouri State Health & Educational Facilities Authority, SSM Health, Series B (MBIA)
	5.000%, 06/01/2018		445		453
Missouri State Health & Educational Facilities Authority, St. Lukes Episcopal
	5.000%, 12/01/2017		1,000		1,023
Missouri State Health & Educational Facilities Authority, St. Lukes Health Systems, Series A (FSA)
	5.000%, 11/15/2014		2,000		2,101
Saline County Industrial Development Authority, Health Facilities, John Fitzgibbon Memorial Hospital
	5.625%, 12/01/2035		1,000		1,018
St. Louis County Industrial Development Authority, Ranken-Jordan Project
	5.000%, 11/15/2027		670		659
	5.000%, 11/15/2035		1,300		1,271
St. Louis County Industrial Development Authority, Ranken-Jordan Project, Series A, Pre-refunded 11/15/2013 @ 100
	6.625%, 11/15/2035 (b)		500		566
					26,482
Housing – 3.7%
Missouri State Housing Development Commission, Homeownership Loan Program, Series B (AMT) (FNMA) (GNMA)
	4.800%, 09/01/2031		2,500		2,416
Missouri State Housing Development Commission, Homeownership Loan Program, Series C1 (AMT) (FNMA) (GNMA)
	5.000%, 09/01/2037		1,000		988

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

70      First American Funds Annual Report 2007

Missouri Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Riverside Industrial Development Authority, Riverside Horizons Project, Series A (ACA)
	5.000%, 05/01/2027	$	900	$	908
University City Industrial Development Authority, Multifamily Housing, Series A (GNMA)
	5.950%, 12/20/2025		1,400		1,407
					5,719
Lease Revenue – 16.0%
Clay County, Public Building Authority (FSA) (MLO)
	5.125%, 05/15/2014		2,000		2,022
Kansas City Municipal Assistance, Capital Appreciation Leasehold, Series B-1, Zero Coupon Bond (AMBAC) (MLO)
	4.781%, 04/15/2027 (d)		2,000		785
Kansas City Special Facilities Revenue, MCI Overhaul Base Project, Series G (AMT) (MLO)
	4.750%, 09/01/2028		4,000		3,889
Missouri State Board of Public Buildings, Series A (MLO)
	5.000%, 10/15/2027		1,000		1,027
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A (MBIA) (MLO)
	5.000%, 05/01/2023		2,000		2,050
	5.000%, 05/01/2024		5,130		5,259
	5.125%, 05/01/2026		5,000		5,139
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A (MLO)
	5.000%, 05/01/2017		1,000		1,033
Missouri State Financial Board Infrastructure Facilities, Branson, Series A (MLO)
	5.000%, 12/01/2017		1,000		1,017
	5.375%, 12/01/2022		750		773
Springfield Public Building, Capital Improvement Project (AMBAC) (MLO)
	5.000%, 03/01/2024		2,000		2,061
					25,055
Miscellaneous – 2.5%
Kennett Industrial Development Authority, Manac Trailers USA Project (LOC: Region’s Bank) (AMT)
	4.250%, 03/01/2022		1,500		1,394
	4.250%, 03/01/2024		500		459
Missouri State Development Financial Board, Eastland Center Project, Series A
	4.250%, 04/01/2015		1,010		985
Sugar Creek, Lafarge North America, Series A (AMT)
	5.650%, 06/01/2037		1,000		1,036
					3,874
Revolving Funds – 12.4%
Missouri State Environmental Improvement & Energy Resources Authority, Series A, State Revolving Fund Program, Pre-refunded 07/01/2010 @ 100
	5.500%, 07/01/2016 (b)		1,875		1,958
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A
	4.750%, 07/01/2020		2,000		2,064
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, State Revolving Fund Program
	5.500%, 07/01/2016		620		647
	4.250%, 01/01/2024		1,000		962
	4.375%, 01/01/2028		1,500		1,445
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water
	5.250%, 01/01/2015		2,180		2,242
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program
	5.375%, 07/01/2016		2,000		2,190
	5.000%, 07/01/2023		6,655		6,840
	4.750%, 07/01/2025		1,000		1,017
					19,365
Tax Revenue – 6.6%
Belton Increment Tax Revenue, Town Center Project
	5.500%, 03/01/2020		250		251
	5.625%, 03/01/2025		600		603
Branson Industrial Development Authority Tax Increment Revenue, Branson Landing Retail Project
	5.500%, 06/01/2029		1,000		1,011
Fenton Tax Increment Revenue, Gravois Bluffs Redevelopment Project
	5.000%, 04/01/2014		1,000		1,032
Harrisonville Towne Center Project
	4.375%, 11/01/2017		340		332
	4.500%, 11/01/2022		715		684
Howard Bend Levee District (XLCA)
	5.500%, 03/01/2026		1,745		1,950
Missouri State Development Financial Board, Independence Centerpoint Project, Series E
	5.125%, 04/01/2025		1,000		1,013
Osage Beach Tax Increment Revenue, Prewitt’s Point Project
	5.000%, 05/01/2023		1,455		1,425
Riverside Tax Increment Revenue, L-385 Levee Project (MLO)
	5.250%, 05/01/2020		1,000		1,023
St. Joseph Industrial Development Authority, Tax Increment Revenue, Shoppes at North Village Project
	5.375%, 11/01/2023		1,000		1,006
					10,330
Transportation – 6.2%
Missouri State Highways & Transportation Road, Series A, Pre-refunded 02/01/2011 @ 100
	5.250%, 02/01/2020 (b)		5,000		5,217
Missouri State Highways & Transportation Road, Series A, Pre-refunded 02/01/2012 @ 100
	5.000%, 02/01/2022 (b)		3,225		3,362
Puerto Rico Commonwealth Highway & Transportation Authority, Series K
	5.000%, 07/01/2017		1,000		1,037
					9,616

First American Funds Annual Report 2007      71

Schedule of  Investments (continued)

Missouri Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Utilities – 5.1%
Kansas City Water, Series B
	5.000%, 12/01/2016	$	2,200	$	2,224
Metropolitan St. Louis Sewer District, Series A (MBIA)
	5.000%, 05/01/2023		1,075		1,115
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Plum Point Project (MBIA)
	5.000%, 01/01/2016		1,500		1,589
Missouri State Development Financial Board, Independence Water System (AMBAC)
	5.000%, 11/01/2024		1,000		1,036
North Central Regional Water Commission, Waterworks Systems Revenue
	5.000%, 01/01/2037		2,070		1,996
					7,960
Total Revenue Bonds					128,916
General Obligations – 12.9%
Cass County School District #R-9, Harrisonville (MBIA) (MDDP)
	4.500%, 03/01/2019		1,000		1,012
Jefferson City School District, Series A, Escrowed to Maturity (MDDP)
	6.700%, 03/01/2011 (c)		1,000		1,057
North Kansas City School District #74 (MDDP)
	5.000%, 03/01/2022		1,000		1,048
Platte County School District #R-3 (MBIA)
	5.000%, 03/01/2024		685		709
Puerto Rico Municipal Finance Agency, Pre-refunded 08/01/2009 @ 101 (FSA)
	5.500%, 08/01/2023 (b)		3,000		3,130
Richmond Heights, Manhasset Village Neighborhood
	4.500%, 04/01/2026		690		667
St. Charles Community College (MBIA)
	5.250%, 02/15/2018		1,390		1,512
St. Charles County, Francis Howell School District (FGIC) (MDDP)
	5.250%, 03/01/2018		2,095		2,275
St. Joseph School District (FSA) (MDDP)
	5.250%, 03/01/2017		1,000		1,083
St. Louis County
	5.000%, 02/01/2012		3,250		3,397
St. Louis County Public Safety, Pre-refunded 08/15/2009 @ 100 (FGIC)
	5.125%, 02/15/2017 (b)		4,185		4,292
					20,182
Certificates of Participation – 5.2%
Carthage Sewer Project (AGTY) (MLO)
	5.000%, 08/01/2027		655		693
Cottleville (MLO)
	5.125%, 08/01/2026		200		201
	5.250%, 08/01/2031		1,100		1,112
Hazelwood School District, Energy Improvements Project (MLO)
	4.500%, 03/01/2017		515		520
	4.500%, 03/01/2018		445		448
Ozark R-6 School District Lease (FSA) (MLO)
	5.000%, 09/01/2025		665		692
Texas County Justice Center Project (AGTY) (MLO)
	4.500%, 12/01/2025		3,660		3,553
Union, Series A (MLO)
	5.200%, 07/01/2023		520		530
Washington School District Lease (FSA) (MLO)
	4.250%, 03/01/2018 (a)		300		299
					8,048
Total Municipal Bonds
	(Cost $154,471)				157,146
Short-Term Investment – 0.0%
First American Tax Free Obligations Fund, Class Z (e)
	(Cost $1)		1,141		1
Total Investments – 100.7%
	(Cost $154,472)				157,147
Other Assets and Liabilities, Net – (0.7)%					(1,040	)
Total Net Assets – 100.0%				$	156,107

(a)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $3,342 or 2.1% of total net assets. See note 2 in Notes to Financial Statements.
(b)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(c)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(d)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of June 30, 2007.
(e)	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.

ACA – American Capital Access

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $10,182, which represents 6.5% of total net assets.

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

MDDP – Missouri Direct Deposit Program

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

XLCA – XL Capital Assurance Inc.

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

72      First American Funds Annual Report 2007

Nebraska Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 98.8%
Revenue Bonds – 77.1%
Continuing Care Retirement Communities – 3.9%
Colorado Health Facilities, Christian Living Communities, Series A
	5.750%, 01/01/2026	$	100	$	104
Illinois Finance Authority, Franciscan Communities, Series A
	5.500%, 05/15/2037		275		277
Illinois Finance Authority, Three Crowns Park Plaza, Series A
	5.875%, 02/15/2026		200		208
North Carolina Community Health Care Facilities, Presbyterian Homes
	5.400%, 10/01/2027		410		421
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	5.000%, 09/01/2025		600		603
					1,613
Education – 16.1%
Anderson, Indiana, Economic Development Revenue, Anderson University Project
	5.000%, 10/01/2032		575		562
Nebraska Educational Finance Authority, Concordia University Project
	5.350%, 12/15/2018		650		658
Nebraska Educational Finance Authority, Creighton University Project, Series A (AMBAC)
	5.000%, 09/01/2009		500		507
Nebraska Educational Finance Authority, Midland Lutheran College Project
	5.200%, 10/01/2020		350		353
Nebraska Educational Finance Authority, Wesleyan University Project (RAAI)
	5.000%, 04/01/2017		605		619
Nebraska Utility Corporation, University of Nebraska, Lincoln Project
	5.250%, 01/01/2015		1,045		1,097
University of Nebraska Facility Corporation, Medical Center Research Project
	5.000%, 02/15/2015		500		519
University of Nebraska, Kearney Student Fees
	5.000%, 07/01/2030		500		516
University of Nebraska, Lincoln Memorial Stadium Project, Series A
	5.000%, 11/01/2015		500		521
University of Nebraska, Lincoln Student Fees
	5.000%, 07/01/2022		750		770
University of Nebraska, Omaha Student Housing Project
	5.000%, 05/15/2023		500		516
					6,638
Healthcare – 23.8%
Douglas County Hospital Authority #2, Girls & Boys Town Project
	4.500%, 09/01/2030		1,000		957
Douglas County Hospital Authority #2, Nebraska Medical Center
	5.000%, 11/15/2016		700		726
Halifax Medical Center, Hospital Revenue, Series A
	5.000%, 06/01/2038		600		588
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A
	5.250%, 02/15/2030		600		614
Inver Grove Heights, Minnesota, Nursing Home Revenue, Presbyterian Homes Care
	5.500%, 10/01/2033		275		275
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
	5.000%, 07/01/2020		200		198
Iowa Hospital Revenue, Washington County Hospital Project
	5.375%, 07/01/2026		400		403
Lancaster County Hospital Authority, Health Facilities Revenue, Immanuel Health Systems, Series A
	3.920%, 07/01/2030 (a)		100		100
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project
	5.000%, 06/01/2021		1,500		1,529
	4.250%, 06/01/2022		600		554
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project, Series A, Pre-refunded 06/01/2011 @ 100 (AMBAC)
	5.000%, 06/01/2019 (b)		500		519
Madison County Hospital Authority #1, Faith Regional Health Services Project (RAAI)
	5.500%, 07/01/2021		1,000		1,044
Nebraska Investment Finance Authority, Great Plains Regional Medical Center (RAAI)
	5.200%, 11/15/2016		250		259
	5.300%, 11/15/2017		805		835
New Hampshire Health & Educational Facilities Authority, The Memorial Hospital
	5.250%, 06/01/2036		150		152
Platte County Hospital Authority #1, Columbus Community Hospital Project (RAAI)
	5.850%, 05/01/2014		650		682
University of Alabama at Birmingham, Hospital Revenue, Series A
	4.500%, 09/01/2031		400		367
					9,802
Housing – 3.7%
Douglas County Housing Authority, Orchard Gardens Project
	5.150%, 10/01/2032		400		391
Nebraska Investment Finance Authority, Single Family Housing, Series D (AMT)
	4.950%, 09/01/2026		500		498
Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments (GNMA)
	5.150%, 11/20/2022		640		651
					1,540
Miscellaneous – 1.9%
Washington County Wastewater & Solid Waste Disposal Facilities, Cargill Project (AMT)
	4.850%, 04/01/2035		500		478
Washington County Wastewater Facilities, Cargill Project (AMT)
	5.900%, 11/01/2027		300		322
					800

First American Funds Annual Report 2007      73

Schedule of  Investments (continued)

Nebraska Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Recreational Facility Authority – 8.2%
Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project
	4.750%, 09/01/2024	$	1,365	$	1,365
Omaha Convention Hotel Corporation, Convention Center 1st Tier (AMBAC)
	4.250%, 02/01/2026		1,000		940
Omaha Convention Hotel Corporation, Series A, Pre-refunded 04/01/2012 @ 100 (AMBAC)
	5.125%, 04/01/2026 (b)		1,000		1,048
					3,353
Revolving Funds – 1.4%
Nebraska Investment Finance Authority, Drinking Water System Revolving Fund
	5.150%, 01/01/2016		580		587
Tax Revenue – 2.8%
Ohio County, West Virginia, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B
	5.625%, 03/01/2036		200		207
Omaha Special Tax Revenue, Series A
	5.125%, 02/01/2032		500		516
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment
	5.000%, 02/01/2026		400		409
					1,132
Utilities – 15.3%
Alliance Electrical Systems (AMBAC)
	5.000%, 12/15/2014		260		263
	5.100%, 12/15/2015		460		466
Burt County Public Power District Electric Systems
	4.850%, 07/01/2026		335		337
Central Plains Energy Project, Nebraska Gas Project #1, Series A
	5.250%, 12/01/2021		500		532
Cuming County Public Power District Electric Systems
	3.900%, 12/01/2014		130		127
Grand Island Electrical Systems (MBIA)
	5.125%, 08/15/2016		750		781
Hastings Electrical Systems (FSA)
	5.000%, 01/01/2015		250		259
Lincoln Electrical Systems
	5.000%, 09/01/2026		250		257
Lincoln Electrical Systems, Pre-refunded 09/01/2011 @ 100
	5.000%, 09/01/2015 (b)		500		519
Lincoln Sanitation & Sewer (MBIA)
	4.375%, 06/15/2032		1,345		1,268
Omaha Public Power District, Electric Systems, Series AA (FGIC)
	4.500%, 02/01/2034		500		477
Omaha Public Power District, Nebraska City, Series A (AMBAC)
	4.550%, 02/01/2026		750		741
South Sioux City Combined Electric, Water & Sewer
	4.750%, 08/01/2027 (c)		250		251
					6,278
Total Revenue Bonds					31,743
General Obligations – 18.5%
Brown County
	4.350%, 06/15/2026		200		197
	4.700%, 12/15/2026		400		400
Douglas County School District #17, Millard Public Schools, Series A (FSA)
	4.500%, 06/15/2025		250		246
Douglas County School District #54, Ralston Public Schools (FSA)
	5.000%, 12/15/2016		845		877
Hayes County School District #79
	4.550%, 11/15/2022		170		170
	4.600%, 11/15/2023		180		180
La Vista
	4.800%, 12/15/2026		345		346
La Vista, Off-Street Parking
	4.700%, 04/15/2025		500		493
Lancaster County School District #1, Lincoln Public Schools
	5.000%, 01/15/2017		750		779
	5.250%, 07/15/2019		220		228
Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental
	4.500%, 10/15/2026		750		733
Omaha-Douglas Public Building
	4.900%, 05/01/2016		500		515
	5.100%, 05/01/2020		300		310
Saunders County (FSA)
	5.000%, 11/01/2030		650		664
Scotts Bluff County
	4.550%, 01/15/2026		500		503
	4.500%, 01/15/2031		500		489
Washington County School District #1, Blair Community Schools
	4.300%, 12/15/2027		500		486
Total General Obligations					7,616
Certificates of Participation – 3.2%
Western Nebraska Community College (MLO)
	4.700%, 10/15/2010		295		295
	4.800%, 10/15/2011		195		195
	4.900%, 10/15/2012		250		250
	5.000%, 10/15/2013		300		301
	5.100%, 10/15/2014		250		251
Total Certificates of Participation					1,292
Total Municipal Bonds (Cost $40,333)					40,651

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

74      First American Funds Annual Report 2007

Nebraska Tax Free Fund (concluded)
DESCRIPTION		SHARES		VALUE
Short-Term Investment – 1.0%
First American Tax Free Obligations Fund, Class Z (d)
	(Cost $398)		397,697	$	398
Total Investments – 99.8% (Cost $40,731)					41,049
Other Assets and Liabilities, Net – 0.2%					103
Total Net Assets – 100.0%				$	41,152

(a)	Variable Rate Security – The rate shown is the rate in effect as of June 30, 2007.
(b)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(c)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $245 or 0.6% of total net assets. See note 2 in Notes to Financial Statements.
(d)	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.

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $1,298, which represents 3.2% of total net assets.

FGIC – Financial Guaranty Insurance Corporation

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

Ohio Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 95.5%
Revenue Bonds – 61.6%
Continuing Care Retirement Communities – 6.7%
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A
	5.000%, 07/01/2026	$	800	$	800
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A (RAAI)
	5.125%, 07/01/2022		500		512
Hamilton County Health Care, Life Enriching Communities Project, Series A
	5.000%, 01/01/2027		400		397
Illinois Finance Authority, Franciscan Communities, Series A
	5.500%, 05/15/2037		400		402
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	5.000%, 09/01/2025		400		402
Toledo-Lucas County Port Authority Facilities, St. Mary Woods Project, Series A
	6.000%, 05/15/2024		400		403
					2,916
Education – 19.0%
Cincinnati Port Development Authority, Economic Development Authority, Sisters of Mercy
	5.000%, 10/01/2025		250		251
Ohio State Higher Educational Facilities, Baldwin-Wallace College Project
	5.000%, 12/01/2013		750		772
Ohio State Higher Educational Facilities, College of Wooster Project
	5.000%, 09/01/2020		400		412
Ohio State Higher Educational Facilities, John Carroll University Project
	5.000%, 04/01/2019		1,000		1,039
Ohio State Higher Educational Facilities, Mount Union College Project
	5.000%, 10/01/2031		1,000		1,021
Ohio State Higher Educational Facilities, Ohio Northern University Project
	5.000%, 05/01/2026		1,000		1,029
Ohio State Higher Educational Facilities, Wittenburg University Project
	5.000%, 12/01/2024		505		513
Ohio State Higher Educational Facilities, Xavier University Project (FGIC)
	5.250%, 05/01/2016		1,000		1,052
Ohio State University, Series B
	5.250%, 06/01/2016		1,000		1,060
University of Cincinnati, Series A (FGIC)
	5.500%, 06/01/2014		1,000		1,063
					8,212
Healthcare – 9.1%
Akron, Bath & Copley Joint Township Hospital Facilities, Summa Health Systems, Series A (RAAI)
	5.250%, 11/15/2016		800		843
Erie County Hospital Facilities, Firelands Regional Medical Center, Series A
	5.500%, 08/15/2022		500		519

First American Funds Annual Report 2007      75

Schedule of  Investments (continued)

Ohio Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Fairfield County Hospital Facilities, Fairfield Medical Center (RAAI)
	5.000%, 06/15/2022	$	500	$	509
Hamilton County Hospital Facilities, Children’s Medical Center, Series F (FGIC)
	5.200%, 05/15/2009		685		696
Lorain County Hospital, Catholic Healthcare
	5.500%, 10/01/2017		350		368
Miami County Hospital Facilities, Upper Valley Medical Center
	5.250%, 05/15/2018		125		130
	5.250%, 05/15/2026		250		256
Richland County Hospital Facilities, Medcentral Health Systems
	5.250%, 11/15/2036		600		614
					3,935
Housing – 2.3%
Ohio Housing Finance Agency, Residential Mortgage Backed Securities, Series E (AMT) (FNMA) (GNMA)
	4.850%, 09/01/2026		1,000		983
Lease Revenue – 6.7%
Cleveland-Cuyahoga County Port Authority, Rita Project (MLO) (RAAI)
	5.000%, 11/15/2019		750		772
Ohio State Building Authority, State Facility, Administration Building Fund, Series A (FSA) (MLO)
	5.500%, 04/01/2016		1,000		1,063
Riversouth Authority Revenue, Riversouth Area Redevelopment, Series A (MLO)
	5.250%, 12/01/2017		1,000		1,059
					2,894
Miscellaneous – 2.7%
Aleutians East Borough Project, Aleutian Pribilof Islands, Alaska (ACA)
	5.500%, 06/01/2036		150		157
Toledo-Lucas County Port Authority Facilities, Cargill Income Project, Series B
	4.500%, 12/01/2015		1,000		1,010
					1,167
Revolving Funds – 4.7%
Ohio State Water Development Authority, Escrowed to Maturity (AMBAC)
	5.800%, 12/01/2011 (a)		1,000		1,010
Ohio State Water Development Authority, Water Pollution Control, Pre-refunded 06/01/2012 @ 100
	5.050%, 12/01/2021 (b)		1,000		1,045
					2,055
Tax Revenue – 1.0%
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project
	5.250%, 12/01/2023		400		412
Transportation – 2.4%
Columbus Regional Airport Authority (MBIA)
	5.000%, 01/01/2028		1,000		1,033
Utilities – 7.0%
Hamilton Electric Systems, Series A (FSA)
	4.300%, 10/15/2016		1,000		1,006
Montgomery County Water, Greater Moraine Beaver (AMBAC)
	5.375%, 11/15/2016		1,000		1,063
Northeast Ohio Regional Sewer District, Wastewater Revenue (MBIA)
	4.500%, 11/15/2037		1,000		955
					3,024
Total Revenue Bonds					26,631
General Obligations – 33.9%
Cincinnati
	5.000%, 12/01/2016		1,000		1,040
	5.000%, 12/01/2017		1,000		1,038
Cincinnati School District, Classroom Construction & Improvement (FGIC)
	5.250%, 12/01/2019		535		584
Dayton City School District, School Facilities Construction & Improvement, Series D (FGIC)
	5.000%, 12/01/2011		500		521
Hubbard Village School District, Classroom Facilities Improvement (CIFG)
	4.250%, 12/01/2027		1,000		936
Ohio State Common Schools, Series A (FGIC)
	5.125%, 09/15/2022		1,750		1,814
Ohio State Higher Education, Series A
	5.000%, 02/01/2019		1,000		1,027
	5.000%, 08/01/2022		1,000		1,029
Ohio State Higher Education, Series B
	5.000%, 11/01/2015		1,000		1,039
Ohio State Infrastructure Improvement, Series A
	5.500%, 02/01/2020		1,000		1,118
Ohio State Parks & Recreational Facilities, Series II-A (FSA)
	5.250%, 02/01/2020		1,000		1,066
Puerto Rico Commonwealth, Government Development, Series B
	5.000%, 12/01/2014		260		271
Solon
	5.000%, 12/01/2021		1,000		1,037
Springfield City School District, Pre-refunded 12/01/2011 @ 102 (FGIC)
	5.200%, 12/01/2023 (b)		1,000		1,067
Toledo City School District, School Facilities Improvement (FSA)
	5.000%, 12/01/2014		1,000		1,052
Total General Obligations					14,639
Total Municipal Bonds (Cost $40,858)					41,270

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

76      First American Funds Annual Report 2007

Ohio Tax Free Fund (concluded)
DESCRIPTION	SHARES		VALUE
Short-Term Investment – 3.9%
Federated Ohio Municipal Cash Trust (Cost $1,678)		1,678,037	$	1,678
Total Investments – 99.4% (Cost $42,536)				42,948
Other Assets and Liabilities, Net – 0.6%				270
Total Net Assets – 100.0%			$	43,218

(a)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(b)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT- Alternative Minimum Tax. As of June 30, 2007 the aggregate market value of securities subject to the AMT was $983, which represents 2.3% of total net assets.

CIFG –	CDC IXIS Financial Guaranty
FGIC –	Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Corporation

MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

Oregon Intermediate Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 98.7%
Revenue Bonds – 42.4%
Continuing Care Retirement Communities – 4.4%
Clackamas County Hospital Facilities Authority, Mary’s Woods, Series A, Pre-refunded 05/15/2009 @ 102
	6.125%, 05/15/2013 (a)	$	1,000	$	1,058
Clackamas County Hospital Facilities Authority, Robison Jewish Home
	5.125%, 10/01/2024		1,000		992
Illinois Finance Authority, Franciscan Communities, Series A
	5.500%, 05/15/2027		1,200		1,216
Multnomah County Hospital Facilities Authority, Terwilliger Plaza Project, Series A
	5.250%, 12/01/2026		1,000		990
Oregon State Health, Housing, Educational & Cultural Facilities Authority, Oregon Baptist Retirement Homes
	8.000%, 11/15/2026		890		897
					5,153
Economic Development – 1.3%
Port Morrow
	6.250%, 06/01/2015		1,500		1,501
Education – 6.5%
Forest Grove Campus Improvement, Pacific University Project, Series A (RAAI)
	5.000%, 05/01/2022		3,130		3,211
Multnomah County Educational Facilities, University of Portland (AMBAC)
	5.700%, 04/01/2015		1,000		1,034
Oregon State Facilities Authority, Linfield College Project, Series A
	5.000%, 10/01/2025		1,000		1,022
Oregon State Facilities Authority, Williamette University Projects, Series A
	4.300%, 10/01/2021		1,085		1,046
	4.375%, 10/01/2022		515		497
	4.500%, 10/01/2036		875		819
					7,629
Healthcare – 8.2%
Clackamas County Hospital Facilities Authority, Legacy Health Systems
	5.250%, 02/15/2011		2,000		2,068
	5.375%, 02/15/2012		1,000		1,034
Klamath Falls Community Hospital Authority, Merle West Medical Center Project (AGTY)
	4.750%, 09/01/2020		2,025		2,064
Medford Hospital Facilities Authority, Asante Health Systems, Series A (MBIA)
	5.250%, 08/15/2011		325		332
	5.375%, 08/15/2012		320		328
Multnomah County Hospital Facilities Authority, Providence Health Systems
	5.250%, 10/01/2022		1,000		1,046
Salem Hospital Facilities Authority, Pre-refunded 08/15/2008 @ 101
	5.250%, 08/15/2014 (a)		1,000		1,026

First American Funds Annual Report 2007      77

Schedule of  Investments (continued)

Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Salem Hospital Facilities Authority, Salem Hospital Project, Series A
	5.000%, 08/15/2027	$	1,000	$	1,006
Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A
	5.000%, 03/01/2012		690		715
					9,619
Housing – 1.7%
Oregon State Housing & Community Services, Series A
	6.000%, 07/01/2016		5		5
	6.400%, 07/01/2018		210		212
Oregon State Housing & Community Services, Series E (FHA)
	5.750%, 07/01/2013		295		299
Oregon State Housing & Community Services, Single Family, Series A
	4.050%, 01/01/2018		325		318
Portland Housing Authority, Pearl Court Project (AMT)
	4.000%, 01/01/2011		230		228
	4.100%, 01/01/2013		245		242
	4.150%, 01/01/2014		200		196
	4.200%, 01/01/2015		270		264
	4.250%, 01/01/2016		280		273
					2,037
Recreational Facility Authority – 0.9%
Portland Urban Renewal & Redevelopment, Convention Center, Series A (AMBAC)
	5.750%, 06/15/2015		1,000		1,058
Tax Revenue – 2.5%
Medford Urban Renewal Agency
	4.500%, 06/01/2013		1,010		1,026
Oregon State Department of Administrative Services Lottery, Series A (FSA)
	5.000%, 04/01/2012		1,050		1,078
Seaside Urban Renewal Agency, Greater Seaside Urban Renewal
	4.750%, 06/01/2015		280		287
Tri-County Metropolitan Transportation District, Series 1, Escrowed to Maturity (MGT)
	4.900%, 06/01/2009 (b)		500		509
					2,900
Transportation – 8.7%
Oregon State Department of Transportation, Highway User Tax, Pre-refunded 11/15/2010 @ 100
	5.125%, 11/15/2014 (a)		2,260		2,344
Oregon State Department of Transportation, Highway User Tax, Series A
	5.000%, 11/15/2024		1,325		1,371
Oregon State Department of Transportation, Highway User Tax, Series A, Pre-refunded 11/15/2012 @ 100
	5.500%, 11/15/2016 (a)		1,000		1,072
Oregon State Department of Transportation, Highway User Tax, Series A, Pre-refunded 11/15/2014 @ 100
	5.000%, 11/15/2020 (a)		1,085		1,151
Port Morrow
	4.875%, 06/01/2020		1,000		990
Portland International Airport, Series 12-A (FGIC)
	5.250%, 07/01/2011		1,165		1,197
	5.250%, 07/01/2012		2,000		2,051
					10,176
Utilities – 8.2%
Eugene Electric Utilities (FSA)
	5.000%, 08/01/2011		1,305		1,306
	4.800%, 08/01/2013		690		697
Lane County Metropolitan Wastewater Management (FGIC)
	5.000%, 11/01/2021		820		863
Port of St. Helens Pollution Control, Portland General Electric
	4.800%, 04/01/2010		2,450		2,463
	4.800%, 06/01/2010		400		402
Portland Water Systems, Second Lien, Series A (MBIA)
	4.375%, 10/01/2024		1,000		971
Washington County Clean Water Services (MBIA)
	5.000%, 10/01/2014		1,000		1,060
Washington County Clean Water Services (FGIC)
	5.125%, 10/01/2014		1,790		1,867
					9,629
Total Revenue Bonds					49,702
General Obligations – 51.5%
Chemeketa Community College District, Escrowed to Maturity (FGIC)
	5.500%, 06/01/2013 (b)		2,170		2,338
Clackamas Community College District (MBIA)
	5.000%, 05/01/2019		1,145		1,204
Clackamas County School District #7J, Lake Oswego (FSA)
	5.250%, 06/01/2025		200		220
Clackamas County School District #12, North Clackamas Convertible CABs, Deferred Interest, Series B (FSA) (SBG)
	0.000% through 06/14/2011, thereafter
	5.000%, 06/15/2022 (c)		3,135		2,704
Clackamas County School District #86, Canby (FSA) (SBG)
	5.000%, 06/15/2018		1,000		1,052
	5.000%, 06/15/2021		1,305		1,363
Clackamas County School District #86, Canby, Pre-refunded 06/15/2010 @ 100 (SBG)
	5.500%, 06/15/2015 (a)		1,835		1,915
Clackamas County School District #115, Series A, Zero Coupon Bond (MBIA) (SBG)
	4.959%, 06/15/2024 (d)		2,430		1,059
Clackamas County School District #115, Series B (MBIA) (SBG)
	4.500%, 06/15/2021		1,975		1,973
Deschutes & Jefferson Counties School District #2, Pre-refunded 06/15/2011 @ 100 (FGIC) (SBG)
	5.500%, 06/15/2014 (a)		1,725		1,822
Deschutes & Jefferson Counties School District #2-J, Redmond, Series A (FGIC) (SBG)
	5.000%, 06/15/2013		1,250		1,316
Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (FGIC) (SBG)
	4.551%, 06/15/2021 (d)		1,000		534
Deschutes County (FSA)
	5.000%, 12/01/2014		1,755		1,837

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

78      First American Funds Annual Report 2007

Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Hood River County School District (SBG)
	5.250%, 06/15/2016	$	1,030	$	1,076
Jackson County School District #549, Medford (SBG)
	5.000%, 06/15/2012		2,000		2,090
Lane County School District #19, Springfield, Zero Coupon Bond (FSA) (SBG)
	4.953%, 06/15/2024 (d)		2,055		896
Lane County School District #40, Creswell (SBG)
	5.000%, 06/15/2011		1,120		1,153
Lane County School District #52, Bethel, Pre-refunded 06/15/2010 @ 100 (SBG)
	5.350%, 06/15/2011 (a)		1,285		1,336
Linn County Community School District, Pre-refunded 06/15/2013 @ 100 (FGIC) (SBG)
	5.550%, 06/15/2021 (a)		1,000		1,081
Marion & Clackamas Counties School District #4J, Silver Falls (MBIA) (SBG)
	4.500%, 06/15/2022		1,305		1,302
McMinnville School District #40 (FSA)
	5.500%, 06/15/2013		1,000		1,077
Metro
	5.250%, 09/01/2014		1,000		1,056
Multnomah County School District #7, Reynolds, Pre-refunded 06/15/2011 @ 100 (SBG)
	5.625%, 06/15/2015 (a)		1,000		1,061
Multnomah-Clackamas County School District #10, Gresham-Barlow, Pre-refunded 06/15/2011 @ 100 (FSA) (SBG)
	5.500%, 06/15/2013 (a)		1,780		1,880
Multnomah-Clackamas County School District #10JT, Gresham-Barlow (FSA) (SBG)
	5.250%, 06/15/2017		1,000		1,087
Multnomah-Clackamas County School District #28JT, Zero Coupon Bond (AMBAC) (SBG)
	4.379%, 06/01/2016 (d)		1,000		679
North Lincoln Fire & Rescue District #1 (FSA)
	4.250%, 02/01/2018		125		127
Portland Community College Services, Pre-refunded 06/01/2011 @ 100
	5.375%, 06/01/2015 (a)		1,375		1,445
Portland Emergency Facilities, Series A
	5.000%, 06/01/2012		1,060		1,081
Puerto Rico Commonwealth, Government Development, Series B
	5.000%, 12/01/2014		1,000		1,043
Puerto Rico Public Buildings Authority, Series J, Mandatory Put 07/01/2012 @ 100 (AMBAC) (COMGTY)
	5.000%, 07/01/2036		1,000		1,043
Salem-Keizer School District #24-J (FSA)
	5.100%, 06/01/2012		2,000		2,022
Salem-Keizer School District #24-J, Pre-refunded 06/01/2009 @ 100 (SBG)
	5.250%, 06/01/2012 (a)		1,000		1,026
Tri-County Metropolitan Transportation District, Light Rail Extension, Series A
	5.250%, 07/01/2012		1,000		1,035
Tualatin Hills Park & Recreation District (FGIC)
	5.750%, 03/01/2013		870		947
Umatilla County School District #016-R, Pendleton (FGIC)
	5.250%, 07/01/2014		1,540		1,653
Wasco County School District #12 (FSA) (SBG)
	5.500%, 06/15/2014		1,080		1,174
Washington, Multnomah & Yamill Counties School District #1-J
	5.000%, 11/01/2014		1,000		1,060
Washington, Multnomah & Yamill Counties School District #1-J, Pre-refunded 06/01/2009 @ 100
	5.250%, 06/01/2012 (a)		1,185		1,215
Washington & Clackamas Counties School District #23-J, Tigard (FGIC)
	5.500%, 06/01/2013		1,000		1,079
Washington & Clackamas Counties School District #23-J, Tigard, Zero Coupon Bond
	4.212%, 06/15/2014 (d)		1,030		771
Washington Clackamas & Yamhill Counties School District #88J, Deferred Interest, Series A, Zero Coupon Bond (MBIA) (SBG)
	4.946%, 06/15/2024 (d)		3,050		1,332
Washington County
	5.000%, 06/01/2022		2,000		2,107
Washington County School District #48-J, Beaverton, Series A (FSA)
	5.000%, 06/01/2016		1,500		1,586
Wilsonville
	5.000%, 12/01/2010		110		111
Yamhill County School District #29-J, Newberg (FGIC) (SBG)
	5.250%, 06/15/2015		1,260		1,360
	5.250%, 06/15/2016		1,835		1,991
Total General Obligations					60,319
Certificates of Participation – 4.8%
Multnomah County (MLO)
	4.750%, 08/01/2011		1,685		1,710
Oregon State Department of Administrative Services, Series A (AMBAC) (MLO)
	5.000%, 05/01/2014		1,240		1,274
Oregon State Department of Administrative Services, Series A (FSA) (MLO)
	5.000%, 05/01/2014		1,200		1,254
Oregon State Department of Administrative Services, Series A (FGIC) (MLO)
	5.000%, 11/01/2018		1,060		1,121
Oregon State Department of Administrative Services, Series B (AMBAC) (MLO)
	5.000%, 11/01/2011		315		319
Total Certificates of Participation					5,678
Total Municipal Bonds (Cost $114,684)					115,699

First American Funds Annual Report 2007      79

Schedule of  Investments (continued)

Oregon Intermediate Tax Free Fund (concluded)
DESCRIPTION	SHARES		VALUE
Short-Term Investment – 0.8%
First American Tax Free Obligations Fund, Class Z (e) (Cost $976)		975,882	$	976
Total Investments – 99.5% (Cost $115,660)				116,675
Other Assets and Liabilities, Net – 0.5%				577
Total Net Assets – 100.0%			$	117,252

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(c)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(d)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of June 30, 2007.
(e)	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.

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $1,203, which represents 1.0% of total net assets.

COMGTY – Commonwealth Guaranty

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FSA – Financial Security Assurance

MBIA – Municipal Bond Insurance Association

MGT –	Morgan Guaranty Trust
MLO –	Municipal Lease Obligation
RAAI –	Radian Asset Assurance Inc.

SBG – School Bond Guaranty Program

Short Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 98.1%
Arizona – 3.7%
Revenue Bonds – 3.7%
Glendale Industrial Development Authority
	4.250%, 05/15/2008	$	1,240	$	1,244
Maricopa County Hospital, Sun Health Corporation
	5.000%, 04/01/2011		3,815		3,892
University Medical Center (PUFG)
	5.000%, 07/01/2008		350		353
	5.000%, 07/01/2009		500		507
					5,996
California – 12.4%
Revenue Bonds – 3.1%
California Statewide Community Development Authority, Daughters of Charity Health
	5.000%, 07/01/2009		500		509
Roseville Natural Gas Financing Authority
	4.000%, 02/15/2010		1,000		1,001
	5.000%, 02/15/2012		3,500		3,637
					5,147
General Obligations – 9.3%
California State
	6.000%, 08/01/2008		10,000		10,080
	5.000%, 09/01/2011		5,000		5,204
					15,284
					20,431
Colorado – 1.2%
Revenue Bonds – 1.2%
Colorado Health Facilities Authority, Covenant Retirement Communities
	4.500%, 12/01/2009		500		502
Colorado Health Facilities Authority, Evangelical Lutheran
	5.000%, 06/01/2010		435		444
Colorado State Health Facilities Authority, Yampa Valley Medical Center Project
	5.000%, 09/15/2013 (a)		1,000		1,012
					1,958
Florida – 12.6%
Revenue Bonds – 12.6%
Florida Hurricane Catastrophe Fund Financial Corporation, Series A
	5.000%, 07/01/2010		8,000		8,229
Florida State Department of Environmental Protection Preservation, Florida Forever, Series B (MBIA)
	5.000%, 07/01/2011		10,000		10,378
South Miami Health Facilities, Baptist Health South Florida Group
	5.000%, 08/15/2012		2,000		2,074
					20,681
Georgia – 1.3%
Revenue Bond – 1.3%
Cartersville Development Authority, Sewer Facilities, Anheuser Busch (AMT)
	5.625%, 05/01/2009		2,075		2,130

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

80      First American Funds Annual Report 2007

Short Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Illinois – 7.6%
Revenue Bonds – 6.1%
Illinois Development Finance Authority, People’s Gas, Light & Coke, Series B, Mandatory Put 02/01/2008 @ 100 (AMBAC)
	3.050%, 02/01/2033	$	3,000	$	2,982
Illinois Educational Facilities Authority, Art Institute of Chicago, Pre-refunded 03/01/2008 @ 100
	3.100%, 03/01/2034 (b)		565		561
Illinois Educational Facilities Authority, Art Institute of Chicago, Unrefunded, Mandatory Put 03/01/2008 @ 100
	3.100%, 03/01/2034		1,435		1,423
Illinois Finance Authority, Clare at Watertower Project, Series A
	5.100%, 05/15/2011		1,000		995
Illinois Finance Authority, DePaul University, Series A
	5.000%, 10/01/2007		1,000		1,002
	5.000%, 10/01/2009		2,405		2,453
Illinois Finance Authority, Landing at Plymouth Project, Series A
	5.000%, 05/15/2011		500		498
					9,914
General Obligations – 1.5%
Cook County High School District #209, Convertible CABs (FSA),
	0.000% through 11/30/2007,
	thereafter 4.000% 12/01/2008 (c)		1,485		1,476
Lake County School District #112, Highland Park
	9.000%, 12/01/2007		1,000		1,021
					2,497
					12,411
Indiana – 5.0%
Revenue Bonds – 5.0%
Anderson Economic Development, Anderson University Project
	5.000%, 10/01/2012		990		1,008
Indiana Health Facility Financing Authority, Ascension Health Credit
	5.000%, 05/01/2009		7,000		7,136
					8,144
Iowa – 1.7%
Revenue Bonds – 1.7%
Iowa Finance Authority Health Facilities, Care Initiatives Project, Series A
	5.000%, 07/01/2009		1,000		1,011
Iowa Higher Education, Series A
	4.910%, 05/20/2008		1,750		1,765
					2,776
Kansas – 0.9%
Revenue Bond – 0.9%
Augusta Electric Generating & Distribution System, Escrowed to Maturity
	6.700%, 11/15/2007 (d)		1,440		1,447
Kentucky – 0.2%
Revenue Bonds – 0.2%
Kentucky State Turnpike Authority, Escrowed to Maturity
	6.125%, 07/01/2007 (d)		115		115
Owensboro Electric, Light & Power, Escrowed to Maturity
	6.850%, 01/01/2008 (d)		160		163
					278
Louisiana – 1.3%
Revenue Bond – 1.3%
Tangipahoa Parish Hospital District #1, North Oaks Medical Center Project
	5.000%, 02/01/2011		2,035		2,078
Michigan – 0.1%
Revenue Bond – 0.1%
Michigan State Hospital Finance Authority, Harper-Grace Hospital, Escrowed to Maturity
	7.125%, 05/01/2009 (d)		170		176
Minnesota – 2.6%
Revenue Bonds – 2.6%
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Mandatory Put 02/15/2009 @ 100 (AMT) (FNMA)
	3.050%, 06/15/2034		2,000		1,952
Minnesota Municipal Power Agency
	4.500%, 10/01/2010		1,000		1,017
Minnesota State Higher Education Facilities Authority, Series 4S, Mandatory Put 04/01/2008 @ 100 (LOC: Allied Irish Bank)
	4.600%, 04/01/2028 (e)		420		422
Monticello, Big Lake Community Hospital District, Series C
	4.250%, 12/01/2007		440		440
Northwestern Mutual Life Insurance Company Tax-Exempt Mortgage Trust #1 (LOC: Credit Suisse First Boston)
	7.605%, 02/01/2009 (e)		13		13
St. Paul Port Authority Lease Revenue, HealthEast Midway Campus (MLO)
	5.000%, 05/01/2010		480		482
					4,326
Mississippi – 1.8%
General Obligation – 1.8%
Mississippi State, Escrowed to Maturity
	6.200%, 02/01/2008 (d)		2,960		2,992
Missouri – 3.2%
Revenue Bonds – 2.3%
Illinois Missouri Bi-state Development Agency, Metropolitan District, Mandatory Put 10/01/2009 @ 100 (LOC: JP Morgan Chase Bank)
	3.950%, 10/01/2035		2,500		2,501
Osage Beach Tax Increment, Prewitt’s Point Project
	4.625%, 05/01/2011		1,290		1,275
					3,776

First American Funds Annual Report 2007      81

Schedule of  Investments (continued)

Short Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
General Obligation – 0.9%
Blue Springs Neighborhood Improvements, Series A
	4.125%, 03/01/2009	$	1,500	$	1,497
					5,273
Nebraska – 0.6%
Revenue Bond – 0.6%
Douglas County Hospital Authority #002, Nebraska Medical Center (GTY)
	5.000%, 11/15/2008		1,000		1,013
Nevada – 3.6%
Revenue Bonds – 3.6%
Clark County Pollution Control, Series A, Mandatory Put 03/02/2009 @ 100 (AMT)
	3.250%, 06/01/2031		3,000		2,940
Clark County Pollution Control, Series C, Mandatory Put 03/02/2009 @ 100 (AMT)
	3.250%, 06/01/2031		3,000		2,940
					5,880
New Jersey – 1.7%
Revenue Bonds – 1.7%
New Jersey Healthcare Facilities Financing Authority, Capital Health Systems, Series A
	5.000%, 07/01/2008		1,585		1,599
New Jersey State Turnpike Authority, Escrowed to Maturity
	6.750%, 01/01/2009 (d)		1,175		1,196
					2,795
New Mexico – 1.2%
Revenue Bond – 1.2%
Gallup Pollution Control, Tri-state Generation (AMBAC)
	5.000%, 08/15/2010		1,910		1,965
New York – 2.2%
General Obligation – 2.2%
New York, Series A
	5.000%, 08/01/2011		3,435		3,562
North Carolina – 1.8%
Revenue Bonds – 1.8%
North Carolina Medical Care Commission, Health Care Facilities, 1st Mortgage Presbyterian, Series B
	5.000%, 10/01/2007		410		411
	5.000%, 10/01/2008		1,530		1,538
North Carolina Medical Care Commission, Health Care Facilities, Series A
	2.500%, 11/01/2007		1,000		995
					2,944
Ohio – 3.0%
Revenue Bond – 3.0%
Allen County Economic Development, Young Men’s Christian Association, Mandatory Put 04/14/2008 @ 100
	3.000%, 04/15/2018 (e)		5,000		4,959
Oklahoma – 0.7%
Revenue Bond – 0.7%
Ponca City Utility Authority, Escrowed to Maturity
	6.000%, 07/01/2008 (d)		1,110		1,135
Oregon – 9.5%
Revenue Bond – 9.5%
Oregon State Department of Administrative Services (FSA)
	5.000%, 09/01/2011		15,000		15,617
Pennsylvania – 0.6%
Revenue Bonds – 0.6%
Chartiers Valley Industrial & Commercial Development Authority, Friendship Village South, Series A
	3.450%, 08/15/2007		300		299
Ringgold School District Authority, Escrowed to Maturity
	6.700%, 01/15/2008 (d)		625		633
					932
Puerto Rico – 2.6%
General Obligation – 2.6%
Puerto Rico Commonwealth, Series C, Mandatory Put 07/01/2008 @ 100
	5.000%, 07/01/2018		4,250		4,288
South Carolina – 1.4%
Revenue Bonds – 1.4%
Charleston County Hospital Facilities, Carealliance Health Services, Series A
	5.000%, 08/15/2007		700		701
Georgetown County Pollution Control, International Paper Company Project, Series A
	5.125%, 02/01/2012		1,500		1,535
					2,236
South Dakota – 8.6%
Revenue Bonds – 8.6%
Sioux Falls Health Facilities, Dow Rummel Village Project, Series B, Mandatory Put & Pre-refunded 11/15/2007 @ 100
	4.750%, 11/15/2033 (b)		1,675		1,681
South Dakota State Health & Educational Facilities Authority, Avera Health (AMBAC)
	4.000%, 07/01/2031		12,500		12,500
					14,181
Tennessee – 0.9%
Revenue Bond – 0.9%
Clarksville Natural Gas Acquisition Corporation
	5.000%, 12/15/2008		1,500		1,522
Texas – 2.9%
Revenue Bonds – 2.9%
Dallas Fort Worth International Airport, Series A (AMT)
	5.000%, 11/01/2007		1,500		1,505
Houston Health Facilities Development, Buckingham Senior Living Community, Series A
	4.900%, 02/15/2010		1,020		1,015
Richardson Hospital Authority
	5.000%, 12/01/2007		1,230		1,234
Southeast Hospital Financing Agency, Memorial Hospital System Project, Escrowed to Maturity
	8.500%, 12/01/2008 (d)		365		378
Tyler Health Facilities Development, Mother Frances Hospital
	5.000%, 07/01/2007		575		575
					4,707

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

82      First American Funds Annual Report 2007

Wisconsin – 1.2%
Revenue Bond – 1.2%
Wisconsin State Health & Educational Facilities Authority, Froedtert & Community Health, Series A
	5.000%, 04/01/2010	$	1,940	$	1,989
Total Municipal Bonds (Cost $161,828)					160,822
Short-Term Investment – 1.3%
First American Tax Free Obligations Fund, Class Z (f)
	(Cost $2,156)		2,155,616		2,156
Total Investments – 99.4% (Cost $163,984)					162,978
Other Assets and Liabilities, Net – 0.6%					900
Total Net Assets – 100.0%				$	163,878

(a)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $1,011 or 0.6% of total net assets. See note 2 in Notes to Financial Statements.
(b)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(c)	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
(d)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(e)	Variable Rate Security – The rate shown is the rate in effect as of June 30, 2007.

(f)  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.

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $11,467, which represents 7.0% of total net assets.

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GTY –	Assured Guaranty
LOC –	Letter of Credit

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

PUFG – Permanent University Fund Guarantee

Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 95.2%
Alabama – 0.7%
Revenue Bonds – 0.7%
Bessemer Water Revenue (AMBAC)
	5.750%, 07/01/2016	$	2,500	$	2,529
Camden Industrial Development Board, Weyerhauser Company, Series A
	6.125%, 12/01/2024		1,000		1,083
Camden Industrial Development Board, Weyerhauser Company, Series B (AMT)
	6.375%, 12/01/2024		350		380
					3,992
Alaska – 1.3%
Revenue Bonds – 0.9%
Alaska Energy Authority, Bradley Lake, Third Series (FSA)
	6.000%, 07/01/2010		1,000		1,057
	6.000%, 07/01/2011		4,040		4,332
					5,389
General Obligation – 0.4%
Anchorage, Series B, Pre-refunded 07/01/2012 @ 100 (MBIA)
	5.000%, 07/01/2022 (a)		2,000		2,090
					7,479
Arizona – 2.2%
Revenue Bonds – 1.1%
Arizona Health Facilities Authority, The Terraces Project, Series A
	7.500%, 11/15/2023		3,000		3,307
Maricopa County Industrial Development Authority, Senior Living Healthcare Revenue, Immanuel Care, Series A (GNMA)
	4.850%, 08/20/2026		1,760		1,763
Tempe Industrial Development Authority, Friendship Village Project, Series A
	5.375%, 12/01/2013		1,300		1,299
					6,369
General Obligation – 1.1%
Gila County Unified School District #10, Payson School Improvement Project of 2006, Series A (AMBAC)
	1.000%, 07/01/2022 (b)		6,630		6,405
					12,774
Arkansas – 0.2%
Revenue Bond – 0.2%
Washington County Arkansas Hospital, Regional Medical Center, Series B
	5.000%, 02/01/2030		1,000		1,002
California – 11.6%
Revenue Bonds – 6.4%
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AMT) (AGTY)
	5.000%, 07/01/2027		2,500		2,469
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series C (AMT)
	5.125%, 11/01/2023		5,000		5,050

First American Funds Annual Report 2007      83

Schedule of  Investments (continued)

Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
California State Department of Water, Series A, Pre-refunded 05/01/2012 @ 101
	5.375%, 05/01/2022 (a)	$	4,500	$	4,829
California State Public Works Board Mental Health-Coalinga, Series A (MLO)
	5.500%, 06/01/2019		3,000		3,239
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
	5.250%, 11/15/2023		4,000		4,144
Chula Vista Industrial Development, San Diego Gas & Electric, Series A (AMT)
	4.900%, 03/01/2023		2,500		2,511
Golden State Tobacco Securitization, Series B, Pre-refunded 06/01/2013 @ 100
	5.500%, 06/01/2033 (a)		6,940		7,491
University of California, Series J
	4.000%, 05/15/2010		6,105		6,138
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
	5.000%, 12/01/2022		1,000		996
					36,867
General Obligations – 5.2%
California State
	5.000%, 02/01/2021		5,500		5,681
	4.750%, 04/01/2022		500		501
	5.000%, 08/01/2022		5,000		5,185
	4.500%, 08/01/2026		10,000		9,608
	4.500%, 03/01/2030		10,000		9,495
					30,470
					67,337
Colorado – 3.3%
Revenue Bonds – 3.1%
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT)
	5.700%, 07/01/2018		1,590		1,707
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/2011 @ 100
	7.250%, 12/01/2021 (a)		1,500		1,692
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B
	6.125%, 12/01/2033		1,150		1,234
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities
	5.900%, 10/01/2027		2,500		2,637
	5.000%, 06/01/2029		2,000		2,006
Colorado State Health Facilities Authority, Parkview Medical Center
	6.500%, 09/01/2020		1,000		1,080
Colorado State Health Facilities Authority, Vail Valley Medical Center
	5.800%, 01/15/2027		1,500		1,562
La Junta Hospital, Arkansas Valley Medical Center Project
	6.000%, 04/01/2019		1,000		1,027
Montrose Memorial Hospital
	6.000%, 12/01/2028		1,000		1,064
	6.000%, 12/01/2033		1,000		1,064
Northwest Parkway Public Highway Authority, Zero Coupon Bond (AMBAC)
	4.663%, 06/15/2029 (c)		10,000		2,787
					17,860
General Obligation – 0.2%
Antelope Water Systems General Improvement District
	5.125%, 12/01/2035		1,000		1,007
					18,867
Delaware – 0.9%
General Obligation – 0.9%
Delaware State, Series A
	5.000%, 05/01/2010		5,000		5,154
Florida – 3.0%
Revenue Bonds – 2.5%
Capital Trust Agency, Fort Lauderdale Project (AMT)
	5.750%, 01/01/2032		1,000		1,035
Florida Hurricane Catastrophe Fund Financial Corporation, Series A
	5.000%, 07/01/2010		5,000		5,143
Florida State Department of Transportation, Alligator Alley, Pre-refunded 07/01/2007 @ 101 (FGIC)
	5.125%, 07/01/2013 (a)		1,280		1,293
Palm Beach County Health Facilities Authority Retirement Community, Acts Retirement Life, Series A
	4.500%, 11/15/2036		8,000		7,205
					14,676
Certificate of Participation – 0.5%
Palm Beach County School Board (FGIC)
	5.000%, 08/01/2018		2,415		2,549
					17,225
Georgia – 2.2%
Revenue Bonds – 2.2%
Fulton County Development Authority, Maxon Atlantic Station, Series A, Mandatory Put 03/01/2015 @ 100 (AMT)
	5.125%, 03/01/2026		2,300		2,302
Fulton County Residential Care Facilities, Canterbury Court Project, Series A
	6.125%, 02/15/2026		1,500		1,572
	6.125%, 02/15/2034		2,500		2,616
Gainesville & Hall County Hospital Authority, Northeast Georgia Health Systems Project, Pre-refunded 05/15/2011 @100
	5.500%, 05/15/2031 (a)		5,000		5,263
Georgia Municipal Electric Authority Power, Series BB (MBIA)
	5.250%, 01/01/2025		1,000		1,097
					12,850
Idaho – 0.3%
Certificates of Participation – 0.3%
Madison County Hospital
	5.250%, 09/01/2026		1,000		1,010
	5.250%, 09/01/2030		1,000		1,007
					2,017

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

84      First American Funds Annual Report 2007

Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Illinois – 7.7%
Revenue Bonds – 4.9%
Bolingbrook, Residential Mortgages, Escrowed to Maturity (FGIC)
	7.500%, 08/01/2010 (d)	$	880	$	928
Illinois Development Finance Authority, Adventist Health System, Pre-refunded 11/15/2009 @ 101
	5.500%, 11/15/2029 (a)		5,000		5,218
Illinois Financial Authority, Clare At Water Tower Project, Series A
	6.000%, 05/15/2025		2,350		2,420
Illinois Financial Authority, Friendship Village Schaumburg, Series A
	5.375%, 02/15/2025		1,700		1,719
Illinois Financial Authority, Landing at Plymouth Place Project, Series A
	6.000%, 05/15/2037		2,300		2,422
Illinois Financial Authority, Luther Oaks Project, Series A
	6.000%, 08/15/2039		2,000		2,087
Illinois Health Facilities Authority, Covenant Retirement Communities
	5.875%, 12/01/2031		4,500		4,678
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI)
	5.500%, 12/01/2022		4,000		4,202
Illinois Health Facilities Authority, Lutheran Senior Ministries, Series A, Pre-refunded 08/15/2011 @ 101
	7.375%, 08/15/2031 (a)		3,000		3,398
Illinois State Toll Highway Authority, Series A
	6.300%, 01/01/2012		1,000		1,090
Northern Illinois University, Auxiliary Facilities Systems (FGIC)
	5.700%, 04/01/2016		120		120
					28,282
General Obligations – 2.8%
Cook County, Series A (MBIA)
	6.250%, 11/15/2012		9,090		10,049
Cook County Community School District #97, Oak Park, Series B (FGIC)
	9.000%, 12/01/2011		2,235		2,678
Illinois State (FGIC)
	5.250%, 02/01/2013		1,400		1,415
St. Clair County (FGIC)
	6.000%, 10/01/2011		2,020		2,147
					16,289
					44,571
Indiana – 1.9%
Revenue Bonds – 1.9%
Indiana Health & Educational Facilities Hospital Financing Authority, Clarian Health Obligation Group, Series A
	5.000%, 02/15/2039		700		691
Indiana State Municipal Power Agency, Power Supply, Series B (MBIA)
	6.000%, 01/01/2011		1,000		1,066
	6.000%, 01/01/2012		1,000		1,080
Indiana Transportation Finance Authority, Series A (AMBAC)
	5.750%, 06/01/2012		3,185		3,430
Indianapolis Airport Authority, Special Facilities, Federal Express Corporation Project (AMT) (AGTY)
	5.100%, 01/15/2017		3,000		3,085
Portage Economic Development, Ameriplex Project
	5.000%, 07/15/2023		1,000		1,003
	5.000%, 01/15/2027		775		774
					11,129
Iowa – 2.5%
Revenue Bonds – 2.5%
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
	5.000%, 07/01/2020		1,570		1,551
Iowa Higher Education Loan Authority, Central College Project (RAAI)
	5.500%, 10/01/2031		1,500		1,557
Iowa Higher Education Loan Authority, Private College Facility – Simpson College
	5.100%, 12/01/2035		2,000		2,015
Iowa Higher Education Loan Authority, Wartburg College, Series A
	5.100%, 10/01/2025		1,635		1,657
Iowa Hospital Revenue, Washington County Hospital Project
	5.375%, 07/01/2026		650		655
Muscatine Electric, Escrowed to Maturity
	6.700%, 01/01/2013 (d)		740		789
Washington County, Hospital Revenue
	5.500%, 07/01/2032		1,250		1,275
Xenia Rural Water District (CIFG)
	4.625%, 12/01/2036		5,000		4,817
					14,316
Kansas – 0.4%
Revenue Bond – 0.4%
Olathe Senior Living Facility, Catholic Care Campus, Series A
	6.000%, 11/15/2038		2,000		2,112
Louisiana – 1.3%
Revenue Bonds – 1.3%
Jefferson Parish, Drain Sales Tax (AMBAC)
	5.000%, 11/01/2011		1,000		1,036
Jefferson Parish, Home Mortgage Authority, Escrowed to Maturity (FGIC) (FHA) (VA)
	7.100%, 08/01/2011 (d)		1,000		1,097
Lafayette, Public Improvement Sales Tax, Series B (FGIC)
	7.000%, 03/01/2008		1,000		1,021
Louisiana Public Facilities Authority, Tulane University of Louisiana, Series A-1, Pre-refunded 11/15/2007 @ 102 (MBIA)
	5.100%, 11/15/2014 (a)		1,500		1,537
Rapides Financial Authority, Cleco Power LLC Project (AMBAC) (AMT)
	4.700%, 11/01/2036		3,000		2,883
					7,574

First American Funds Annual Report 2007      85

Schedule of  Investments (continued)

Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Massachusetts – 0.6%
Revenue Bonds – 0.6%
Boston Industrial Development Financing Authority, Crosstown Center Project (AMT)
	6.500%, 09/01/2035	$	2,470	$	2,540
Massachusetts State Health & Educational Facilities Authority, U Mass Memorial Issue, Series D
	5.000%, 07/01/2033		1,000		986
					3,526
Michigan – 0.3%
Revenue Bond – 0.3%
Kent Hospital Financial Authority, Metropolitan Hospital Project, Series A
	5.250%, 07/01/2030		2,000		2,033
Minnesota – 7.4%
Revenue Bonds – 6.6%
Cuyuna Range Hospital District
	5.200%, 06/01/2025		1,000		1,011
	5.000%, 06/01/2029		1,500		1,457
Duluth Economic Development Authority, Benedictine Health System
	5.250%, 02/15/2033		3,500		3,570
Fergus Falls Health Care Facilities Authority, Series A
	7.000%, 11/01/2019		150		150
Maple Grove Health Care System, Maple Grove Hospital
	4.625%, 05/01/2033		2,000		1,878
Minneapolis Healthcare System, Fairview Health Services, Series A, Pre-refunded 05/15/2012 @ 101
	5.625%, 05/15/2032 (a)		7,000		7,544
Minnesota Agriculture & Economic Development Board, Health Care System, Fairview, Series A
	6.375%, 11/15/2029		95		101
Minnesota Agriculture & Economic Development Board, Health Care System, Fairview, Series A, Pre-refunded 11/15/2010 @ 101
	6.375%, 11/15/2029 (a)		2,905		3,148
Monticello, Big Lake Community Hospital, Series C
	6.200%, 12/01/2022		2,995		3,087
Rochester Electric Utility, Series C
	5.000%, 12/01/2030		4,000		4,155
Shakopee Health Care Facilities, St. Francis Regional Medical Center
	5.250%, 09/01/2034		1,000		1,013
Southern Minnesota Municipal Power Agency, Capital Appreciation, Series A, Zero Coupon Bond (MBIA)
	4.571%, 01/01/2021 (c)		5,000		2,716
	4.651%, 01/01/2023 (c)		3,000		1,471
	4.691%, 01/01/2024 (c)		2,245		1,045
St. Paul Housing & Redevelopment Authority, Health Care Facilities, Healthpartners Obligated Group Project
	5.250%, 05/15/2026		1,500		1,523
St. Paul Housing & Redevelopment Hospital Authority, HealthEast Project
	5.250%, 11/15/2014		990		1,026
Stillwater Health Care, Health System Obligation Group
	5.000%, 06/01/2035		3,000		3,004
					37,899
General Obligations – 0.8%
Rochester, Waste Water, Series A
	4.125%, 12/01/2024		2,385		2,270
	4.250%, 12/01/2026		2,610		2,503
					4,773
					42,672
Missouri – 2.4%
Revenue Bonds – 2.4%
Bi-State Development Agency, Missouri Illinois Metropolitan District, St. Clair County Metrolink Project (FSA)
	5.250%, 07/01/2027		3,185		3,428
St. Louis Industrial Development Authority, Sewer and Solid Waste Disposal Facilities (AMT)
	4.875%, 03/01/2032		10,000		9,665
Sugar Creek, Lafarge North America, Series A (AMT)
	5.650%, 06/01/2037		1,000		1,036
					14,129
Montana – 1.1%
Revenue Bonds – 1.1%
Forsyth Pollution Control, Northwestern Corporation (AMBAC)
	4.650%, 08/01/2023		3,500		3,531
Montana Facilities Financial Authority, Senior Living St. John’s Lutheran, Series A
	6.125%, 05/15/2036		2,500		2,589
					6,120
Nebraska – 3.5%
Revenue Bonds – 3.5%
Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project
	4.750%, 09/01/2024		2,750		2,750
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project
	5.000%, 06/01/2021		2,740		2,793
Nebraska Educational Finance Authority, Concordia University Project
	5.250%, 12/15/2015		500		506
	5.350%, 12/15/2018		540		546
Washington County Wastewater Facilities, Cargill Project (AMT)
	5.900%, 11/01/2027		1,700		1,824
	4.850%, 04/01/2035		12,500		11,949
					20,368
Nevada – 2.8%
Revenue Bonds – 2.8%
Carson City, Carson-Tahoe Hospital Project
	5.750%, 09/01/2031		5,000		5,194
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (AMBAC) (AMT)
	5.250%, 07/01/2034		4,000		4,135

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

86      First American Funds Annual Report 2007

Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (FGIC) (AMT)
	4.750%, 09/01/2036	$	4,000	$	3,847
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B
	6.000%, 11/15/2023		750		779
	6.750%, 11/15/2023		2,300		2,387
					16,342
New Hampshire – 0.4%
Revenue Bonds – 0.4%
New Hampshire Health & Educational Facilities Authority, Covenant Health
	5.375%, 07/01/2024		1,250		1,289
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital
	5.875%, 07/01/2034		800		830
					2,119
New Jersey – 0.6%
Revenue Bond – 0.6%
Camden County, Municipal Utilities Authority Sewer Revenue Refunding, Series C (FGIC)
	5.100%, 07/15/2012		3,500		3,578
New York – 0.7%
General Obligation – 0.7%
New York, Series C, Pre-refunded 03/15/2012 @ 100
	5.250%, 03/15/2032 (a)		3,590		3,792
North Carolina – 3.4%
Revenue Bonds – 1.6%
North Carolina Medical Care Community Health Care Facilities, 1st Mortgage Presbyterian, Series B
	5.000%, 10/01/2015		500		506
	5.200%, 10/01/2021		2,000		2,020
North Carolina Medical Care Community Health Care Facilities, Pennybyrn at Maryfield, Series A
	6.000%, 10/01/2023		4,700		4,907
North Carolina Medical Care Community Health Care Facilities, Presbyterian Homes
	5.400%, 10/01/2027		2,100		2,157
					9,590
General Obligation – 1.8%
North Carolina State, Series E
	5.000%, 02/01/2010		10,000		10,283
					19,873
North Dakota – 0.4%
Revenue Bond – 0.4%
North Dakota State Board of Higher Education, Bismarck State College
	5.350%, 05/01/2030		2,500		2,509
Ohio – 2.0%
Revenue Bonds – 1.1%
Cincinnati Water System, Pre-refunded 06/01/2011 @ 100
	5.000%, 12/01/2020 (a)		125		130
Miami County Hospital Facilities, Upper Valley Medical Center
	5.250%, 05/15/2026		1,000		1,026
Ohio State Higher Educational Facility, Baldwin-Wallace College Project
	5.125%, 12/01/2017		1,490		1,531
	5.250%, 12/01/2019		1,540		1,589
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project
	5.250%, 12/01/2023		2,000		2,063
					6,339
General Obligation – 0.9%
Cincinnati School District, Classroom Construction & Improvement (FGIC)
	5.250%, 12/01/2019		5,000		5,463
					11,802
Oklahoma – 0.6%
Revenue Bonds – 0.6%
Norman Regional Hospital Authority
	5.375%, 09/01/2029		1,000		1,030
	5.375%, 09/01/2036		2,325		2,388
					3,418
Oregon – 3.6%
Revenue Bonds – 3.6%
Gilliam County Solid Waste Disposal, Waste Management Project (AMT)
	5.250%, 07/01/2029		1,500		1,522
Oregon State Department of Administrative Services (FSA)
	5.000%, 09/01/2011		12,500		13,014
Washington County Unified Sewer Agency, Series 1 (FGIC)
	5.750%, 10/01/2010		6,110		6,454
					20,990
Pennsylvania – 2.2%
Revenue Bonds – 0.4%
Erie County Industrial Development Authority, International Paper Company Project, Series A (AMT)
	5.000%, 11/01/2018		1,350		1,369
Westmoreland County Industrial Development Authority, Redstone Retirement Community, Series A
	5.750%, 01/01/2026		1,200		1,253
					2,622
General Obligations – 1.8%
Chester Upland School Authority, Series A (FSA) (STAID)
	5.250%, 09/01/2017		2,000		2,005
Montgomery County, Series C
	4.250%, 12/15/2031		3,500		3,222
Pennsylvania State (AMBAC)
	5.125%, 09/15/2011		5,000		5,079
					10,306
					12,928
Puerto Rico – 2.3%
Revenue Bond – 2.2%
Puerto Rico Electric Power Authority, Series VV (MBIA)
	5.250%, 07/01/2029		11,785		13,011

First American Funds Annual Report 2007      87

Schedule of  Investments (continued)

Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
General Obligation – 0.1%
Puerto Rico Public Improvements (MBIA)
	5.750%, 07/01/2026	$	500	$	526
					13,537
South Carolina – 2.2%
Revenue Bonds – 2.2%
Georgetown County Environmental Improvement, International Paper, Series A (AMT)
	5.550%, 12/01/2029		700		728
Lexington County Health Services District, Lexington Medical Center
	5.500%, 11/01/2023		2,000		2,075
Lexington School District #2, Brookland-Cayce School District Project B (CIFG) (MLO)
	4.750%, 12/01/2031		5,000		5,003
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A
	6.125%, 08/01/2023		1,250		1,353
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C, Pre-refunded 08/01/2013 @ 100
	6.375%, 08/01/2034 (a)		1,250		1,401
South Carolina State Public Service Authority, Santee Cooper, Series A (MBIA)
	5.000%, 01/01/2030		2,000		2,070
					12,630
South Dakota – 1.4%
Revenue Bonds – 1.2%
Sioux Falls, Dow Rummel Village Project, Series A, Pre-refunded 11/15/2012 @ 100
	6.625%, 11/15/2023 (a)		2,200		2,467
South Dakota Economic Development Finance Authority, DTS Project, Series A (AMT)
	5.500%, 04/01/2019		1,055		1,077
South Dakota Economic Development Finance Authority, Pooled Loan Project – Davis Family, Series 4-A (AMT)
	6.000%, 04/01/2029		1,400		1,436
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	5.000%, 09/01/2025		645		648
	5.000%, 09/01/2031		1,250		1,253
					6,881
Certificate of Participation – 0.2%
Deadwood (ACA) (MLO)
	5.000%, 11/01/2020		1,500		1,525
					8,406
Tennessee – 2.7%
Revenue Bonds – 2.7%
Johnson City Health & Educational Facilities Authority, Mountain States Health, Series A
	7.500%, 07/01/2033		2,500		2,850
Memphis-Shelby County Sports Authority, Memphis Arena Project, Series D (MBIA)
	5.000%, 11/01/2019		3,255		3,469
Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/2012 @ 100
	6.500%, 09/01/2021 (a)		3,000		3,347
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Pre-refunded 09/01/2012 @ 101
	6.250%, 09/01/2032 (a)		5,500		6,053
					15,719
Texas – 10.3%
Revenue Bonds – 8.3%
Abilene Health Facilities Development, Sears Methodist Retirement Project
	5.875%, 11/15/2018		500		511
	6.000%, 11/15/2029		2,000		2,043
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A
	5.875%, 11/15/2018		2,500		2,546
	7.000%, 11/15/2033		4,000		4,382
Bexar County Housing Finance Authority, American Opportunity Housing, Colinas LLC Project, Series A (MBIA)
	5.800%, 01/01/2031		2,000		2,087
Brazos River Authority PCR-Texas Utility Company (AMT)
	7.700%, 04/01/2033		2,500		2,842
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT)
	5.700%, 05/15/2033		2,500		2,603
Crawford Education Facilities, University of St. Thomas Project
	5.250%, 10/01/2022		1,300		1,318
	5.375%, 10/01/2027		1,750		1,784
Dallas Waterworks & Sewer Systems (AMBAC)
	4.375%, 10/01/2032		10,000		9,330
Red River Authority Sewer & Solidwaste Disposal, Excel Corporation Project (AMT)
	6.100%, 02/01/2022		3,775		3,996
Sabine River Authority Pollution Control, TXU Electric Company Project, Series B (AMT)
	5.750%, 05/01/2030		5,000		5,085
San Antonio Electric & Gas
	5.250%, 02/01/2010		5,000		5,161
Tarrant County Cultural Education Retirement Facilities, Northwest Senior Housing Edgemere Project, Series A
	6.000%, 11/15/2026		1,600		1,700
Travis County Health Facilities, Querencia Barton Creek Project
	5.500%, 11/15/2025		1,300		1,317
	5.650%, 11/15/2035		1,100		1,122
					47,827
General Obligations – 2.0%
Cypress-Fairbanks Independent School District, Pre-refunded 02/15/2010 @ 100 (PSFG)
	5.500%, 02/15/2018 (a)		5,000		5,195
Fort Bend Independent School District, Escrowed to Maturity (PSFG)
	5.000%, 02/15/2014 (d)		500		528
Laredo Independent School District (PSFG)
	6.750%, 08/01/2009		2,290		2,419

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

88      First American Funds Annual Report 2007

Tax Free Fund (continued)
DESCRIPTION		PAR		VALUE
Remington Municipal Utility District #1, Series A, Pre-refunded 09/01/2008 @ 100 (RAAI)
	5.800%, 09/01/2025 (a)	$	1,000	$	1,023
Spring Branch Independent School District, Pre-refunded 02/01/2010 @ 100 (PSFG)
	5.750%, 02/01/2025 (a)		2,400		2,504
					11,669
					59,496
Utah – 0.2%
Revenue Bonds – 0.2%
Intermountain Power Agency, Utah Power Supply, Series A, (AMBAC)
	6.500%, 07/01/2011		365		399
Intermountain Power Agency, Utah Power Supply, Series A, Escrowed to Maturity (AMBAC)
	6.500%, 07/01/2011 (d)		635		694
					1,093
Vermont – 0.2%
Revenue Bond – 0.2%
Vermont Economic Development Authority, Wake Robin Corporation Project, Series A
	5.250%, 05/01/2026		1,000		1,008
Virginia – 0.2%
Revenue Bond – 0.2%
Arlington County Industrial Development Authority, Berkeley Apartments (AMT) (FNMA)
	5.850%, 12/01/2020		1,000		1,055
Washington – 1.3%
Revenue Bonds – 0.5%
Snohomish County Public Utilities District #1, Escrowed to Maturity
	6.750%, 01/01/2012 (d)		1,000		1,060
Washington State Public Power Supply System, Nuclear Project #3, Series A, Pre-refunded 07/01/2007 @ 102 (FSA)
	5.250%, 07/01/2016 (a)		1,000		1,020
Washington State Public Power Supply System, Nuclear Project #3, Series B
	7.125%, 07/01/2016		600		729
					2,809
General Obligation – 0.8%
King County, Series F
	5.125%, 12/01/2014		5,000		5,026
					7,835
Wisconsin – 2.2%
Revenue Bonds – 2.2%
Amery, Apple River Hospital Project, Pre-refunded 06/01/2008 @ 100
	5.700%, 06/01/2013 (a)		1,440		1,465
Wisconsin State Health & Educational Facilities Authority, Attic Angel Obligation Group, Pre-refunded 11/17/2008 @ 102
	5.750%, 11/15/2027 (a)		1,000		1,042
Wisconsin State Health & Educational Facilities Authority, Beaver Dam Community Hospitals, Series A
	6.750%, 08/15/2034		1,000		1,081
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project
	6.000%, 12/01/2024		1,000		1,026
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B
	6.000%, 02/15/2025		3,500		3,697
Wisconsin State Health & Educational Facilities Authority, New Castle Place Project, Series A
	7.000%, 12/01/2031		2,000		2,072
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A
	6.250%, 04/01/2034		2,000		2,096
					12,479
Wyoming – 0.7%
Revenue Bonds – 0.7%
Teton County Hospital District, St. John’s Medical Center
	6.750%, 12/01/2022		2,100		2,226
	6.750%, 12/01/2027		1,500		1,585
					3,811
Total Municipal Bonds
	(Cost $538,365)				551,667

First American Funds Annual Report 2007      89

Schedule of  Investments (concluded)

Tax Free Fund (concluded)
DESCRIPTION		SHARES		VALUE
Short-Term Investment – 4.9%
First American Tax Free Obligations Fund, Class Z (e)
	(Cost $28,723)		28,722,527	$	28,723
Total Investments – 100.1% (Cost $567,088)					580,390
Other Assets and Liabilities, Net – (0.1)%					(775	)
Total Net Assets – 100.0%				$	579,615

(a)	Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.
(b)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investment purchased on a when-issued basis was $6,357 or 1.1% of total net assets. See note 2 in Notes to Financial Statements.
(c)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of June 30, 2007.
(d)	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.
(e)	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.

ACA – American Capital Access

AGTY – Assured Guaranty

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of June 30, 2007, the aggregate market value of securities subject to the AMT was $79,127, which represents 13.7% of total net assets.

CIFG – CDC IXIS Financial Guaranty

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

PSFG – Permanent School Fund Guarantee

RAAI – Radian Asset Assurance Inc.

STAID – State Aid Withholding

VA – Veterans Administration

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

90      First American Funds Annual Report 2007

Tax Free Fund (concluded)

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Statements of  Assets and Liabilities June 30, 2007, all dollars and shares are rounded to thousands (000), except per share data

			California				Colorado
	Arizona		Intermediate		California		Intermediate		Colorado
	Tax Free Fund		Tax Free Fund		Tax Free Fund		Tax Free Fund		Tax Free Fund
Investments in unaffiliated securities, at cost	$	28,380	$	58,446	$	37,542	$	40,194	$	23,691
Investments in affiliated money market fund, at cost		—		—		—		313		1,551
ASSETS:
Investments in unaffiliated securities, at value (note 2)	$	28,840	$	59,207	$	38,335	$	41,265	$	24,352
Investments in affiliated money market fund, at value (note 2)		—		—		—		313		1,551
Receivable for dividends and interest		467		765		448		255		200
Receivable for investment securities sold		—		—		—		137		—
Receivable for capital shares sold		40		6		41		151		37
Receivable from advisor		8		—		6		—		9
Prepaid expenses and other assets		7		5		6		6		6
Total assets		29,362		59,983		38,836		42,127		26,155
LIABILITIES:
Dividends payable		86		183		101		126		54
Payable for investment securities purchased on a when-issued basis		—		542		896		665		731
Payable for capital shares redeemed		—		3		72		55		169
Payable to affiliates (note 3)		17		33		19		22		17
Payable for distribution and shareholder servicing fees		3		1		3		1		3
Accrued expenses and other liabilities		27		29		28		28		28
Total liabilities		133		791		1,119		897		1,002
Net assets	$	29,229	$	59,192	$	37,717	$	41,230	$	25,153
COMPOSITION OF NET ASSETS:
Portfolio capital	$	28,687	$	58,383	$	36,777	$	39,933	$	24,419
Undistributed (distributions in excess of) net investment income		9		2		12		12		1
Accumulated net realized gain (loss) on investments (note 2)		73		46		135		214		72
Net unrealized appreciation (depreciation) of investments		460		761		793		1,071		661
Net assets	$	29,229	$	59,192	$	37,717	$	41,230	$	25,153
Class A:
Net assets	$	8,359	$	6,226	$	11,375	$	6,783	$	8,788
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		775		618		1,036		657		828
Net asset value and redemption price per share	$	10.79	$	10.07	$	10.98	$	10.33	$	10.61
Maximum offering price per share (1)	$	11.27	$	10.30	$	11.47	$	10.57	$	11.08
Class C:
Net assets	$	1,541		—	$	1,507		—	$	2,888
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		143		—		137		—		273
Net asset value, offering price, and redemption price per share (2)	$	10.78		—	$	10.99		—	$	10.59
Class Y:
Net assets	$	19,329	$	52,966	$	24,835	$	34,447	$	13,477
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1,790		5,250		2,262		3,345		1,268
Net asset value, offering price, and redemption price per share	$	10.80	$	10.09	$	10.98	$	10.30	$	10.63

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

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

92      First American Funds Annual Report 2007

		Minnesota										Oregon
		Intermediate		Minnesota		Missouri		Nebraska		Ohio		Intermediate		Short
Intermediate		Tax Free		Tax Free		Tax Free		Tax Free		Tax Free		Tax Free		Tax Free			Tax Free
Tax Free		Fund		Fund		Fund		Fund		Fund		Fund		Fund			Fund
Fund
$	569,200	$	184,977	$	170,722	$	154,471	$	40,333	$	42,536	$	114,684	$	161,828		$	538,365
	2,642		—		—		1		398		—		976		2,156			28,723
$	585,657	$	188,610	$	175,379	$	157,146	$	40,651	$	42,948	$	115,699	$	160,822		$	551,667
	2,642		—		—		1		398		—		976		2,156			28,723
	7,239		2,742		2,208		2,177		513		399		1,038		2,504			7,148
	365		—		—		637		—		—		—		—			—
	86		—		142		98		—		29		32		251			799
	—		—		—		—		6		5		—		—			—
	8		6		6		6		7		6		5		6			9
	595,997		191,358		177,735		160,065		41,575		43,387		117,750		165,739			588,346
	2,027		608		350		490		122		119		400		433			1,808
	6,498		517		—		3,342		245		—		—		1,011			6,357
	2,783		14		95		—		5		—		—		304			180
	341		110		101		90		20		21		67		81			338
	4		3		24		5		2		—		1		—			9
	39		33		31		31		29		29		30		32			39
	11,692		1,285		601		3,958		423		169		498		1,861			8,731
$	584,305	$	190,073	$	177,134	$	156,107	$	41,152	$	43,218	$	117,252	$	163,878		$	579,615
$	566,001	$	185,828	$	171,727	$	152,946	$	40,650	$	42,771	$	116,063	$	167,036		$	564,811
	199		125		94		81		9		14		93		129			(65	)
	1,648		487		656		405		175		21		81		(2,281	)		1,567
	16,457		3,633		4,657		2,675		318		412		1,015		(1,006	)		13,302
$	584,305	$	190,073	$	177,134	$	156,107	$	41,152	$	43,218	$	117,252	$	163,878		$	579,615
$	29,687	$	21,153	$	106,732	$	24,945	$	7,091	$	808	$	7,895	$	2,410		$	37,760
	2,794		2,151		9,762		2,128		688		79		812		248			3,507
$	10.63	$	9.83	$	10.93	$	11.72	$	10.30	$	10.20	$	9.72	$	9.70		$	10.77
$	10.87	$	10.06	$	11.42	$	12.24	$	10.76	$	10.65	$	9.94	$	9.92		$	11.25
	—		—	$	14,221	$	518	$	1,559	$	187		—		—		$	2,495
	—		—		1,306		44		152		19		—		—			233
	—		—	$	10.89	$	11.69	$	10.23	$	10.07		—		—		$	10.72
$	554,618	$	168,920	$	56,181	$	130,644	$	32,502	$	42,223	$	109,357	$	161,468		$	539,360
	52,298		17,267		5,145		11,141		3,156		4,143		11,247		16,641			50,032
$	10.61	$	9.78	$	10.92	$	11.73	$	10.30	$	10.19	$	9.72	$	9.70		$	10.78

First American Funds Annual Report 2007      93

Statements of  Operations For the year ended June 30, 2007, all dollars are rounded to thousands (000)

				California						Colorado
	Arizona			Intermediate			California			Intermediate			Colorado
	Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	1,324		$	2,641		$	1,768		$	2,022		$	1,154
Dividends from unaffiliated money market fund		18			43			22			—			—
Dividends from affiliated money market fund		1			—			—			20			23
Total investment income		1,343			2,684			1,790			2,042			1,177
EXPENSES (note 3):
Investment advisory fees		138			297			188			211			117
Administration fees		71			142			93			102			60
Transfer agent fees		79			61			79			61			79
Custodian fees		2			3			2			3			1
Professional fees		43			44			44			43			43
Registration fees		10			8			9			8			9
Postage and printing fees		2			3			2			2			2
Directors’ fees		21			21			21			21			21
Other expenses		19			18			19			18			19
Distribution and shareholder servicing fees – Class A		21			13			28			20			23
Distribution and shareholder servicing fees – Class C		10			—			16			—			22
Total expenses		416			610			501			489			396
Less: Fee waivers (note 3)		(247	)		(186	)		(271	)		(182	)		(237	)
Less: Indirect payments from custodian (note 3)		—			—			—			—			—
Total net expenses		169			424			230			307			159
Investment income – net		1,174			2,260			1,560			1,735			1,018
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 5):
Net realized gain (loss) on investments		160			140			195			249			91
Net realized gain (loss) on futures contracts		(38	)		—			7			—			(5	)
Net change in unrealized appreciation or depreciation of investments		(164	)		(149	)		(30	)		(208	)		(199	)
Net change in unrealized appreciation or depreciation of futures contracts		(10	)		—			—			—			(15	)
Net gain (loss) on investments and futures contracts		(52	)		(9	)		172			41			(128	)
Net increase in net assets resulting from operations	$	1,122		$	2,251		$	1,732		$	1,776		$	890

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

94      First American Funds Annual Report 2007

			Minnesota															Oregon
Intermediate			Intermediate			Minnesota			Missouri			Nebraska			Ohio			Intermediate			Short
Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund
$	30,707		$	9,296		$	8,474		$	7,504		$	1,870		$	1,860		$	5,527		$	7,377		$	26,563
	—			54			138			—			—			20			—			—			—
	154			—			—			53			16			—			34			103			441
	30,861			9,350			8,612			7,557			1,886			1,880			5,561			7,480			27,004
	3,129			993			853			800			200			212			610			1,013			2,688
	1,448			462			398			375			98			104			286			471			1,238
	66			62			85			80			79			79			61			61			85
	32			10			9			8			2			3			7			12			27
	47			44			44			44			43			43			44			45			42
	29			8			10			9			10			8			8			30			38
	40			10			9			8			2			2			6			12			26
	25			22			22			22			21			21			21			22			24
	20			19			19			19			19			19			19			19			20
	78			61			263			66			18			2			22			8			94
	—			—			89			3			11			1			—			—			16
	4,914			1,691			1,801			1,434			503			494			1,084			1,693			4,298
	(486	)		(265	)		(263	)		(245	)		(276	)		(279	)		(216	)		(471	)		(425	)
	(1	)		—			(1	)		—			—			—			(1	)		(1	)		(3	)
	4,427			1,426			1,537			1,189			227			215			867			1,221			3,870
	26,434			7,924			7,075			6,368			1,659			1,665			4,694			6,259			23,134
	2,495			642			772			991			223			63			337			(1,045	)		3,839
	—			—			(94	)		5			(27	)		(1	)		3			—			(124	)
	(1,529	)		(415	)		(1,158	)		(235	)		(109	)		132			(569	)		1,824			(5,298	)
	—			—			—			—			(20	)		—			—			—			—
	966			227			(480	)		761			67			194			(229	)		779			(1,583	)
$	27,400		$	8,151		$	6,595		$	7,129		$	1,726		$	1,859		$	4,465		$	7,038		$	21,551

First American Funds Annual Report 2007      95

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

											California
		Arizona									Intermediate
		Tax Free Fund									Tax Free Fund
					Nine-Month									Nine-Month
					Fiscal									Fiscal
		Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended
		6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
OPERATIONS:
Investment income – net		$	1,174		$	817		$	943		$	2,260		$	1,623		$	2,007
Net realized gain on investments			160			94			215			140			207			174
Net realized gain (loss) on futures contracts			(38	)		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments			(164	)		(713	)		(401	)		(149	)		(1,353	)		(809	)
Net change in unrealized appreciation or depreciation of futures contracts			(10	)		10			—			—			—			—
Net increase in net assets resulting from operations			1,122			208			757			2,251			477			1,372
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(350	)		(284	)		(412	)		(195	)		(115	)		(142	)
	Class C		(53	)		(39	)		(64	)		—			—			—
	Class Y		(769	)		(487	)		(516	)		(2,079	)		(1,509	)		(1,860	)
Net realized gain on investments:
	Class A		(44	)		(80	)		(99	)		(30	)		(14	)		(25	)
	Class C		(8	)		(11	)		(18	)		—			—			—
	Class Y		(91	)		(119	)		(113	)		(271	)		(160	)		(331	)
Total distributions			(1,315	)		(1,020	)		(1,222	)		(2,575	)		(1,798	)		(2,358	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		478			1,018			2,145			3,262			972			1,367
	Reinvestment of distributions		118			302			422			110			77			120
	Payments for redemptions		(1,244	)		(1,534	)		(1,831	)		(508	)		(1,460	)		(852	)
Increase (decrease) in net assets from Class A transactions			(648	)		(214	)		736			2,864			(411	)		635
Class C:
	Proceeds from sales		261			125			201			—			—			—
	Reinvestment of distributions		43			45			65			—			—			—
	Payments for redemptions (note 3)		(111	)		(394	)		(192	)		—			—			—
Increase (decrease) in net assets from Class C transactions			193			(224	)		74			—			—			—
Class Y:
	Proceeds from sales		5,560			5,805			5,175			6,214			9,187			6,384
	Reinvestment of distributions		153			117			73			67			47			80
	Payments for redemptions		(1,849	)		(3,869	)		(499	)		(4,796	)		(5,573	)		(3,209	)
Increase (decrease) in net assets from Class Y transactions			3,864			2,053			4,749			1,485			3,661			3,255
Increase (decrease) in net assets from capital share transactions			3,409			1,615			5,559			4,349			3,250			3,890
Total increase (decrease) in net assets			3,216			803			5,094			4,025			1,929			2,904
Net assets at beginning of period			26,013			25,210			20,116			55,167			53,238			50,334
Net assets at end of period		$	29,229		$	26,013		$	25,210		$	59,192		$	55,167		$	53,238
Undistributed net investment income at end of period		$	9		$	7		$	—		$	2		$	16		$	17

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

96      First American Funds Annual Report 2007

									Colorado
California									Intermediate									Colorado
Tax Free Fund									Tax Free Fund									Tax Free Fund
			Nine-Month									Nine-Month									Nine-Month
			Fiscal									Fiscal									Fiscal
Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended
6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
$	1,560		$	1,075		$	1,189		$	1,735		$	1,412		$	2,004		$	1,018		$	708		$	937
	195			45			66			249			293			284			91			158			586
	7			8			—			—			—			—			(5	)		3			—
	(30	)		(895	)		(182	)		(208	)		(1,489	)		(1,134	)		(199	)		(714	)		(804	)
	—			—			—			—			—			—			(15	)		15			—
	1,732			233			1,073			1,776			216			1,154			890			170			719
	(440	)		(344	)		(400	)		(317	)		(346	)		(577	)		(400	)		(275	)		(420	)
	(72	)		(91	)		(60	)		—			—			—			(122	)		(91	)		(153	)
	(1,053	)		(632	)		(744	)		(1,440	)		(1,055	)		(1,500	)		(534	)		(310	)		(419	)
	(33	)		(23	)		(89	)		(58	)		(74	)		(44	)		(69	)		(271	)		(77	)
	(7	)		(6	)		(13	)		—			—			—			(23	)		(98	)		(30	)
	(80	)		(36	)		(149	)		(270	)		(209	)		(125	)		(83	)		(217	)		(70	)
	(1,685	)		(1,132	)		(1,455	)		(2,085	)		(1,684	)		(2,246	)		(1,231	)		(1,262	)		(1,169	)
	2,034			1,708			4,192			412			88			4,258			966			1,620			303
	276			249			383			259			276			428			406			460			421
	(1,733	)		(2,773	)		(2,086	)		(3,463	)		(3,840	)		(4,917	)		(986	)		(1,468	)		(2,770	)
	577			(816	)		2,489			(2,792	)		(3,476	)		(231	)		386			612			(2,046	)
	465			1,135			1,840			—			—			—			161			132			485
	55			58			65			—			—			—			127			178			172
	(2,639	)		(585	)		(109	)		—			—			—			(375	)		(556	)		(950	)
	(2,119	)		608			1,796			—			—			—			(87	)		(246	)		(293	)
	5,985			7,852			6,071			7,759			4,709			6,325			6,774			4,754			1,391
	67			30			33			61			57			53			56			33			15
	(2,982	)		(5,145	)		(2,349	)		(5,727	)		(5,572	)		(8,784	)		(3,330	)		(2,514	)		(2,293	)
	3,070			2,737			3,755			2,093			(806	)		(2,406	)		3,500			2,273			(887	)
	1,528			2,529			8,040			(699	)		(4,282	)		(2,637	)		3,799			2,639			(3,226	)
	1,575			1,630			7,658			(1,008	)		(5,750	)		(3,729	)		3,458			1,547			(3,676	)
	36,142			34,512			26,854			42,238			47,988			51,717			21,695			20,148			23,824
$	37,717		$	36,142		$	34,512		$	41,230		$	42,238		$	47,988		$	25,153		$	21,695		$	20,148
$	12		$	17		$	9		$	12		$	34		$	23		$	1		$	39		$	7

First American Funds Annual Report 2007      97

Statements of  Changes in Net Assets continued

											Minnesota
		Intermediate									Intermediate
		Tax Free Fund									Tax Free Fund
					Nine-Month									Nine-Month
					Fiscal									Fiscal
		Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended
		6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
OPERATIONS:
Investment income – net		$	26,434		$	20,171		$	27,443		$	7,924		$	6,441		$	9,362
Net realized gain on investments			2,495			881			1,758			642			874			1,370
Net realized gain (loss) on futures contracts			—			—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments			(1,529	)		(16,513	)		(13,264	)		(415	)		(5,474	)		(4,978	)
Net change in unrealized appreciation or depreciation of futures contracts			—			—			—			—			—			—
Net increase in net assets resulting from operations			27,400			4,539			15,937			8,151			1,841			5,754
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(1,263	)		(1,012	)		(1,423	)		(921	)		(843	)		(1,267	)
	Class C		—			—			—			—			—			—
	Class Y		(24,980	)		(19,466	)		(26,720	)		(6,943	)		(5,686	)		(8,038	)
Net realized gain on investments:
	Class A		(42	)		(85	)		(194	)		(124	)		(183	)		(114	)
	Class C		—			—			—			—			—			—
	Class Y		(798	)		(1,527	)		(3,485	)		(892	)		(1,195	)		(683	)
Total distributions			(27,083	)		(22,090	)		(31,822	)		(8,880	)		(7,907	)		(10,102	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		3,003			3,630			7,869			834			2,992			5,677
	Reinvestment of distributions		936			824			1,256			605			738			1,026
	Payments for redemptions		(6,804	)		(5,699	)		(8,912	)		(6,789	)		(8,720	)		(8,801	)
Increase (decrease) in net assets from Class A transactions			(2,865	)		(1,245	)		213			(5,350	)		(4,990	)		(2,098	)
Class C:
	Proceeds from sales		—			—			—			—			—			—
	Reinvestment of distributions		—			—			—			—			—			—
	Payments for redemptions (note 3)		—			—			—			—			—			—
Increase (decrease) in net assets from Class C transactions			—			—			—			—			—			—
Class Y:
	Proceeds from sales		100,480			84,989			111,544			24,359			17,422			16,162
	Reinvestment of distributions		2,305			2,325			3,541			316			352			335
	Payments for redemptions		(144,759	)		(115,490	)		(96,251	)		(30,534	)		(34,284	)		(32,427	)
Increase (decrease) in net assets from Class Y transactions			(41,974	)		(28,176	)		18,834			(5,859	)		(16,510	)		(15,930	)
Increase (decrease) in net assets from capital share transactions			(44,839	)		(29,421	)		19,047			(11,209	)		(21,500	)		(18,028	)
Total increase (decrease) in net assets			(44,522	)		(46,972	)		3,162			(11,938	)		(27,566	)		(22,376	)
Net assets at beginning of period			628,827			675,799			672,637			202,011			229,577			251,953
Net assets at end of period		$	584,305		$	628,827		$	675,799		$	190,073		$	202,011		$	229,577
Undistributed net investment income at end of period		$	199		$	—		$	46		$	125		$	65		$	153

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

98      First American Funds Annual Report 2007

Minnesota									Missouri									Nebraska
Tax Free Fund									Tax Free Fund									Tax Free Fund
			Nine-Month									Nine-Month									Nine-Month
			Fiscal									Fiscal									Fiscal
Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended
6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
$	7,075		$	5,120		$	6,796		$	6,368		$	5,183		$	6,983		$	1,659		$	1,243		$	1,528
	772			382			399			991			622			1,283			223			153			67
	(94	)		51			—			5			—			—			(27	)		8			—
	(1,158	)		(3,439	)		20			(235	)		(4,893	)		(2,964	)		(109	)		(1,126	)		(332	)
	—			—			—			—			—			—			(20	)		20			—
	6,595			2,114			7,215			7,129			912			5,302			1,726			298			1,263
	(4,281	)		(3,313	)		(4,455	)		(994	)		(811	)		(1,038	)		(282	)		(204	)		(239	)
	(455	)		(285	)		(361	)		(12	)		(5	)		(7	)		(52	)		(41	)		(65	)
	(2,302	)		(1,648	)		(1,939	)		(5,312	)		(4,402	)		(5,959	)		(1,335	)		(991	)		(1,277	)
	(282	)		(259	)		(552	)		(199	)		(217	)		(140	)		(33	)		(11	)		—
	(32	)		(25	)		(49	)		(2	)		(2	)		(1	)		(7	)		(3	)		—
	(140	)		(115	)		(210	)		(972	)		(1,080	)		(783	)		(142	)		(49	)		—
	(7,492	)		(5,645	)		(7,566	)		(7,491	)		(6,517	)		(7,928	)		(1,851	)		(1,299	)		(1,581	)
	21,975			12,726			8,058			2,467			798			4,587			661			780			3,144
	2,773			2,905			4,005			570			524			621			168			117			113
	(18,687	)		(19,024	)		(20,033	)		(4,997	)		(3,624	)		(1,714	)		(623	)		(952	)		(989	)
	6,061			(3,393	)		(7,970	)		(1,960	)		(2,302	)		3,494			206			(55	)		2,268
	5,343			1,999			933			299			25			2			415			158			411
	326			289			384			14			6			8			37			31			47
	(1,694	)		(1,559	)		(1,841	)		(3	)		(1	)		(34	)		(374	)		(229	)		(736	)
	3,975			729			(524	)		310			30			(24	)		78			(40	)		(278	)
	16,517			11,180			8,746			21,454			14,690			22,140			6,347			4,187			7,132
	213			158			211			275			279			279			112			75			93
	(8,996	)		(7,977	)		(5,285	)		(29,190	)		(23,600	)		(21,183	)		(5,210	)		(4,541	)		(4,286	)
	7,734			3,361			3,672			(7,461	)		(8,631	)		1,236			1,249			(279	)		2,939
	17,770			697			(4,822	)		(9,111	)		(10,903	)		4,706			1,533			(374	)		4,929
	16,873			(2,834	)		(5,173	)		(9,473	)		(16,508	)		2,080			1,408			(1,375	)		4,611
	160,261			163,095			168,268			165,580			182,088			180,008			39,744			41,119			36,508
$	177,134		$	160,261		$	163,095		$	156,107		$	165,580		$	182,088		$	41,152		$	39,744		$	41,119
$	94		$	56		$	182		$	81		$	31		$	66		$	9		$	19		$	12

First American Funds Annual Report 2007      99

Statements of  Changes in Net Assets continued

											Oregon
		Ohio									Intermediate
		Tax Free Fund									Tax Free Fund
					Nine-Month									Nine-Month
					Fiscal									Fiscal
		Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended
		6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
OPERATIONS:
Investment income – net		$	1,665		$	1,194		$	1,552		$	4,694		$	3,714		$	5,287
Net realized gain (loss) on investments			63			36			58			337			255			590
Net realized gain (loss) on futures contracts			(1	)		9			—			3			—			—
Net change in unrealized appreciation or depreciation of investments			132			(1,077	)		(282	)		(569	)		(3,575	)		(3,269	)
Net change in unrealized appreciation or depreciation of futures contracts			—			—			—			—			—			—
Net increase in net assets resulting from operations			1,859			162			1,328			4,465			394			2,608
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(31	)		(24	)		(36	)		(323	)		(268	)		(317	)
	Class C		(6	)		(5	)		(4	)		—			—			—
	Class Y		(1,630	)		(1,178	)		(1,524	)		(4,345	)		(3,398	)		(4,973	)
Net realized gain on investments:
	Class A		(2	)		(1	)		(3	)		(36	)		(42	)		(30	)
	Class C		—			—			—			—			—			—
	Class Y		(84	)		(40	)		(130	)		(478	)		(514	)		(481	)
Total distributions			(1,753	)		(1,248	)		(1,697	)		(5,182	)		(4,222	)		(5,801	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		352			152			253			1,039			2,798			2,055
	Reinvestment of distributions		17			15			25			197			197			226
	Payments for redemptions		(404	)		(291	)		(480	)		(2,765	)		(2,604	)		(1,426	)
Increase (decrease) in net assets from Class A transactions			(35	)		(124	)		(202	)		(1,529	)		391			855
Class C:
	Proceeds from sales		1			80			110			—			—			—
	Reinvestment of distributions		2			2			1			—			—			—
	Payments for redemptions (note 3)		(26	)		(42	)		(55	)		—			—			—
Increase (decrease) in net assets from Class C transactions			(23	)		40			56			—			—			—
Class Y:
	Proceeds from sales		7,141			4,878			8,183			12,708			9,313			19,409
	Reinvestment of distributions		285			182			238			350			352			405
	Payments for redemptions		(5,912	)		(4,500	)		(6,200	)		(14,360	)		(28,397	)		(21,076	)
Increase (decrease) in net assets from Class Y transactions			1,514			560			2,221			(1,302	)		(18,732	)		(1,262	)
Increase (decrease) in net assets from capital share transactions			1,456			476			2,075			(2,831	)		(18,341	)		(407	)
Total increase (decrease) in net assets			1,562			(610	)		1,706			(3,548	)		(22,169	)		(3,600	)
Net assets at beginning of period			41,656			42,266			40,560			120,800			142,969			146,569
Net assets at end of period		$	43,218		$	41,656		$	42,266		$	117,252		$	120,800		$	142,969
Undistributed (distributions in excess of) net investment income at end of period		$	14		$	16		$	29		$	93		$	67		$	19

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

100      First American Funds Annual Report 2007

Short
Tax Free Fund															Tax Free Fund
			Nine-Month									Nine-Month
			Fiscal									Fiscal
Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended
6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
$	6,259		$	5,998		$	10,162		$	23,134		$	16,568		$	20,609
	(1,045	)		(611	)		(387	)		3,839			2,831			1,085
	—			—			—			(124	)		—			—
	1,824			(2,031	)		(6,969	)		(5,298	)		(11,649	)		(206	)
	—			—			—			—			—			—
	7,038			3,356			2,806			21,551			7,750			21,488
	(93	)		(79	)		(134	)		(1,544	)		(1,170	)		(1,623	)
	—			—			—			(83	)		(72	)		(105	)
	(6,156	)		(6,055	)		(10,086	)		(21,653	)		(15,430	)		(18,782	)
	—			—			—			(307	)		(122	)		(379	)
	—			—			—			(18	)		(9	)		(28	)
	—			—			—			(3,975	)		(1,492	)		(4,002	)
	(6,249	)		(6,134	)		(10,220	)		(27,580	)		(18,295	)		(24,919	)
	1,064			1,175			2,110			7,411			4,203			4,259
	85			64			104			1,294			1,055			1,669
	(2,069	)		(1,984	)		(4,320	)		(7,146	)		(6,155	)		(7,589	)
	(920	)		745			(2,106	)		1,559			(897	)		(1,661	)
	—			—			—			519			30			277
	—			—			—			68			74			126
	—			—			—			(276	)		(554	)		(352	)
	—			—			—			311			(450	)		51
	21,235			32,598			67,779			155,677			80,167			69,526
	402			439			676			1,830			902			1,078
	(96,849	)		(124,043	)		(150,873	)		(68,372	)		(51,758	)		(47,832	)
	(75,212	)		(91,006	)		(82,418	)		89,135			29,311			22,772
	(76,132	)		(91,751	)		(84,524	)		91,005			27,964			21,162
	(75,343	)		(94,529	)		(91,938	)		84,976			17,419			17,731
	239,221			333,750			425,688			494,639			477,220			459,489
$	163,878		$	239,221		$	333,750		$	579,615		$	494,639		$	477,220
$	129		$	119		$	255		$	(65	)	$	81		$	185

First American Funds Annual Report 2007      101

Financial Highlights  For a share outstanding throughout the indicated periods.

																��
						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
Arizona Tax Free Fund
Class A
	2007 (1)	$	10.85	$	0.46	$	(0.01	)	$	(0.45	)	$	(0.06	)	$	10.79
	2006 (2)		11.19		0.33		(0.25	)		(0.33	)		(0.09	)		10.85
	2005 (3)		11.42		0.46		(0.07	)		(0.49	)		(0.13	)		11.19
	2004 (3)		11.33		0.49		0.12			(0.47	)		(0.05	)		11.42
	2003 (3)		11.41		0.46		(0.06	)		(0.45	)		(0.03	)		11.33
	2002 (3)		10.99		0.48		0.44			(0.48	)		(0.02	)		11.41
Class C
	2007 (1)	$	10.84	$	0.41	$	(0.01	)	$	(0.40	)	$	(0.06	)	$	10.78
	2006 (2)		11.18		0.30		(0.25	)		(0.30	)		(0.09	)		10.84
	2005 (3)		11.41		0.42		(0.08	)		(0.44	)		(0.13	)		11.18
	2004 (3)		11.31		0.43		0.14			(0.42	)		(0.05	)		11.41
	2003 (3)		11.40		0.42		(0.08	)		(0.40	)		(0.03	)		11.31
	2002 (3)		10.98		0.44		0.44			(0.44	)		(0.02	)		11.40
Class Y
	2007 (1)	$	10.85	$	0.48	$	—		$	(0.47	)	$	(0.06	)	$	10.80
	2006 (2)		11.19		0.35		(0.25	)		(0.35	)		(0.09	)		10.85
	2005 (3)		11.43		0.50		(0.09	)		(0.52	)		(0.13	)	��	11.19
	2004 (3)		11.33		0.50		0.15			(0.50	)		(0.05	)		11.43
	2003 (3)		11.41		0.48		(0.06	)		(0.47	)		(0.03	)		11.33
	2002 (3)		10.99		0.51		0.44			(0.51	)		(0.02	)		11.41
California Intermediate Tax Free Fund
Class A
	2007 (1)	$	10.11	$	0.38	$	0.01		$	(0.38	)	$	(0.05	)	$	10.07
	2006 (2)		10.35		0.28		(0.20	)		(0.29	)		(0.03	)		10.11
	2005 (3)		10.55		0.39		(0.13	)		(0.39	)		(0.07	)		10.35
	2004 (3)		10.64		0.40		(0.05	)		(0.41	)		(0.03	)		10.55
	2003 (3)		10.80		0.41		(0.14	)		(0.41	)		(0.02	)		10.64
	2002 (3)		10.41		0.42		0.39			(0.42	)		—			10.80
Class Y
	2007 (1)	$	10.13	$	0.39	$	0.01		$	(0.39	)	$	(0.05	)	$	10.09
	2006 (2)		10.37		0.30		(0.21	)		(0.30	)		(0.03	)		10.13
	2005 (3)		10.57		0.40		(0.13	)		(0.40	)		(0.07	)		10.37
	2004 (3)		10.66		0.41		(0.05	)		(0.42	)		(0.03	)		10.57
	2003 (3)		10.81		0.43		(0.14	)		(0.42	)		(0.02	)		10.66
	2002 (3)		10.43		0.43		0.38			(0.43	)		—			10.81
California Tax Free Fund
Class A
	2007 (1)	$	10.96	$	0.45	$	0.06		$	(0.45	)	$	(0.04	)	$	10.98
	2006 (2)		11.24		0.33		(0.26	)		(0.33	)		(0.02	)		10.96
	2005 (3)		11.40		0.44		(0.05	)		(0.44	)		(0.11	)		11.24
	2004 (3)		11.40		0.46		0.08			(0.46	)		(0.08	)		11.40
	2003 (3)		11.63		0.47		(0.16	)		(0.47	)		(0.07	)		11.40
	2002 (3)		11.17		0.48		0.50			(0.47	)		(0.05	)		11.63
Class C
	2007 (1)	$	10.97	$	0.41	$	0.05		$	(0.40	)	$	(0.04	)	$	10.99
	2006 (2)		11.25		0.30		(0.26	)		(0.30	)		(0.02	)		10.97
	2005 (3)		11.41		0.40		(0.05	)		(0.40	)		(0.11	)		11.25
	2004 (3)		11.41		0.41		0.09			(0.42	)		(0.08	)		11.41
	2003 (3)		11.64		0.43		(0.16	)		(0.43	)		(0.07	)		11.41
	2002 (3)		11.18		0.42		0.52			(0.43	)		(0.05	)		11.64
Class Y
	2007 (1)	$	10.97	$	0.47	$	0.05		$	(0.47	)	$	(0.04	)	$	10.98
	2006 (2)		11.25		0.35		(0.26	)		(0.35	)		(0.02	)		10.97
	2005 (3)		11.40		0.47		(0.04	)		(0.47	)		(0.11	)		11.25
	2004 (3)		11.40		0.48		0.09			(0.49	)		(0.08	)		11.40
	2003 (3)		11.63		0.49		(0.15	)		(0.50	)		(0.07	)		11.40
	2002 (3)		11.17		0.49		0.52			(0.50	)		(0.05	)		11.63

(1)	For the period July 1 to June 30 in the year indicated.
(2)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period October 1 to September 30 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.

102      First American Funds Annual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Income			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (4)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	4.12	%	$	8,359		0.75	%		4.11	%		1.64	%		3.22	%		25	%
	0.73			9,041		0.75			4.02			1.47			3.30			47
	3.49			9,547		0.75			4.14			1.18			3.71			20
	5.50			9,008		0.75			4.16			1.12			3.79			21
	3.61			11,928		0.75			4.03			1.09			3.69			37
	8.69			12,413		0.75			4.40			1.37			3.78			30
	3.71	%	$	1,541		1.15	%		3.70	%		2.12	%		2.73	%		25	%
	0.42			1,358		1.15			3.62			2.22			2.55			47
	3.08			1,628		1.15			3.74			1.93			2.96			20
	5.17			1,588		1.15			3.76			1.87			3.04			21
	3.10			1,857		1.15			3.63			1.84			2.94			37
	8.28			2,910		1.15			4.00			2.12			3.03			30
	4.48	%	$	19,329		0.50	%		4.36	%		1.39	%		3.47	%		25	%
	0.92			15,614		0.50			4.27			1.22			3.55			47
	3.65			14,035		0.50			4.39			0.93			3.96			20
	5.85			9,520		0.50			4.42			0.87			4.05			21
	3.86			9,244		0.50			4.28			0.84			3.94			37
	8.95			10,656		0.50			4.64			1.12			4.02			30
	3.86	%	$	6,226		0.85	%		3.66	%		1.25	%		3.26	%		20	%
	0.78			3,441		0.85			3.73			1.22			3.36			21
	2.51			3,946		0.85			3.71			1.10			3.46			29
	3.36			3,381		0.85			3.78			1.06			3.57			20
	2.58			4,262		0.85			3.86			1.06			3.65			17
	8.01			4,870		0.85			4.01			1.14			3.72			23
	4.01	%	$	52,966		0.70	%		3.82	%		1.00	%		3.52	%		20	%
	0.88			51,726		0.70			3.89			0.97			3.62			21
	2.66			49,292		0.70			3.86			0.85			3.71			29
	3.51			46,953		0.70			3.93			0.81			3.82			20
	2.83			44,600		0.70			4.02			0.81			3.91			17
	8.05			45,212		0.70			4.16			0.89			3.97			23
	4.62	%	$	11,375		0.75	%		4.00	%		1.46	%		3.29	%		36	%
	0.63			10,783		0.75			3.99			1.34			3.40			24
	3.50			11,888		0.75			3.88			1.15			3.48			14
	4.93			9,513		0.75			4.03			1.09			3.69			16
	2.85			11,143		0.75			4.16			1.08			3.83			20
	9.10			12,954		0.75			4.26			1.31			3.70			33
	4.17	%	$	1,507		1.15	%		3.60	%		1.98	%		2.77	%		36	%
	0.33			3,592		1.15			3.60			2.09			2.66			24
	3.11			3,068		1.15			3.47			1.90			2.72			14
	4.52			1,294		1.15			3.65			1.84			2.96			16
	2.45			1,101		1.15			3.75			1.83			3.07			20
	8.69			1,115		1.15			3.86			2.06			2.95			33
	4.78	%	$	24,835		0.50	%		4.25	%		1.21	%		3.54	%		36	%
	0.82			21,767		0.50			4.24			1.09			3.65			24
	3.85			19,556		0.50			4.12			0.90			3.72			14
	5.19			16,047		0.50			4.29			0.84			3.95			16
	3.11			15,243		0.50			4.40			0.83			4.07			20
	9.36			11,853		0.50			4.51			1.06			3.95			33

First American Funds Annual Report 2007      103

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			from			Value
		Beginning		Investment		(Losses) on			Investment			Realized			Return of			End of
		of Period		Income		Investments			Income			Gains			Capital			Period
Colorado Intermediate Tax Free Fund
Class A
	2007 (1)	$	10.40	$	0.43	$	0.01		$	(0.43	)	$	(0.08	)	$	—		$	10.33
	2006 (2)		10.74		0.32		(0.28	)		(0.32	)		(0.06	)		—			10.40
	2005 (3)		10.98		0.42		(0.19	)		(0.43	)		(0.04	)		—			10.74
	2004 (3)		11.08		0.45		(0.11	)		(0.44	)		—			—			10.98
	2003 (3)		11.12		0.41		(0.02	)		(0.43	)		—			—			11.08
	2002 (3)		10.79		0.47		0.32			(0.46	)		—			—			11.12
Class Y
	2007 (1)	$	10.38	$	0.43	$	0.01		$	(0.44	)	$	(0.08	)	$	—		$	10.30
	2006 (2)		10.72		0.33		(0.28	)		(0.33	)		(0.06	)		—			10.38
	2005 (3)		10.95		0.43		(0.18	)		(0.44	)		(0.04	)		—			10.72
	2004 (3)		11.05		0.46		(0.11	)		(0.45	)		—			—			10.95
	2003 (3)		11.10		0.43		(0.03	)		(0.45	)		—			—			11.05
	2002 (3)		10.76		0.49		0.33			(0.48	)		—			—			11.10
Colorado Tax Free Fund
Class A
	2007 (1)	$	10.73	$	0.46	$	(0.02	)	$	(0.48	)	$	(0.08	)	$	—		$	10.61
	2006 (2)		11.30		0.35		(0.26	)		(0.34	)		(0.32	)		—			10.73
	2005 (3)		11.52		0.49		(0.11	)		(0.51	)		(0.09	)		—			11.30
	2004 (3)		11.57		0.51		0.02			(0.50	)		(0.08	)		—			11.52
	2003 (3)		11.65		0.50		(0.10	)		(0.48	)		—			—			11.57
	2002 (3)		11.09		0.48		0.56			(0.47	)		(0.01	)		—			11.65
Class C
	2007 (1)	$	10.71	$	0.42	$	(0.02	)	$	(0.44	)	$	(0.08	)	$	—		$	10.59
	2006 (2)		11.28		0.32		(0.27	)		(0.30	)		(0.32	)		—			10.71
	2005 (3)		11.50		0.43		(0.10	)		(0.46	)		(0.09	)		—			11.28
	2004 (3)		11.56		0.44		0.03			(0.45	)		(0.08	)		—			11.50
	2003 (3)		11.63		0.44		(0.08	)		(0.43	)		—			—			11.56
	2002 (3)		11.08		0.44		0.56			(0.44	)		(0.01	)		—			11.63
Class Y
	2007 (1)	$	10.75	$	0.50	$	(0.03	)	$	(0.51	)	$	(0.08	)	$	—		$	10.63
	2006 (2)		11.32		0.37		(0.26	)		(0.36	)		(0.32	)		—			10.75
	2005 (3)		11.53		0.51		(0.09	)		(0.54	)		(0.09	)		—			11.32
	2004 (3)		11.59		0.52		0.03			(0.53	)		(0.08	)		—			11.53
	2003 (3)		11.67		0.51		(0.09	)		(0.50	)		—			—			11.59
	2002 (3)		11.10		0.48		0.60			(0.50	)		(0.01	)		—			11.67
Intermediate Tax Free Fund
Class A
	2007 (1)	$	10.63	$	0.44	$	0.01		$	(0.44	)	$	(0.01	)	$	—		$	10.63
	2006 (2)		10.92		0.32		(0.26	)		(0.32	)		(0.03	)		—			10.63
	2005 (3)		11.18		0.44		(0.19	)		(0.45	)		(0.06	)		—			10.92
	2004 (3)		11.30		0.44		(0.10	)		(0.45	)		(0.01	)		—			11.18
	2003 (3)		11.32		0.44		(0.03	)		(0.43	)		—			—			11.30
	2002 (3)		10.95		0.43		0.40			(0.43	)		—			(0.03	)		11.32
Class Y
	2007 (1)	$	10.61	$	0.45	$	0.01		$	(0.45	)	$	(0.01	)	$	—		$	10.61
	2006 (2)		10.90		0.33		(0.26	)		(0.33	)		(0.03	)		—			10.61
	2005 (3)		11.16		0.46		(0.19	)		(0.47	)		(0.06	)		—			10.90
	2004 (3)		11.28		0.46		(0.11	)		(0.46	)		(0.01	)		—			11.16
	2003 (3)		11.30		0.46		(0.03	)		(0.45	)		—			—			11.28
	2002 (3)		10.93		0.44		0.40			(0.44	)		—			(0.03	)		11.30

(1)	For the period July 1 to June 30 in the year indicated.
(2)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period October 1 to September 30 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.

104      First American Funds Annual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Income			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (4)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	4.21	%	$	6,783		0.85	%		3.99	%		1.36	%		3.48	%		35	%
	0.37			9,577		0.85			4.02			1.27			3.60			17
	2.11			13,426		0.85			3.85			1.10			3.60			20
	3.12			13,969		0.85			4.00			1.06			3.79			4
	3.64			22,555		0.85			3.79			1.06			3.58			14
	7.56			15,244		0.85			4.48			1.11			4.22			15
	4.28	%	$	34,447		0.70	%		4.14	%		1.11	%		3.73	%		35	%
	0.49			32,661		0.70			4.18			1.02			3.86			17
	2.36			34,562		0.70			4.01			0.85			3.86			20
	3.29			37,748		0.70			4.15			0.81			4.04			4
	3.71			47,854		0.70			3.94			0.81			3.83			14
	7.83			48,398		0.70			4.60			0.86			4.44			15
	4.13	%	$	8,788		0.75	%		4.27	%		1.75	%		3.27	%		47	%
	0.77			8,507		0.75			4.30			1.52			3.53			35
	3.36			8,362		0.75			4.23			1.18			3.80			30
	4.71			10,598		0.75			4.25			1.09			3.91			12
	3.53			13,843		0.75			4.23			1.07			3.91			14
	9.72			19,633		0.75			4.32			1.30			3.77			22
	3.72	%	$	2,888		1.15	%		3.87	%		2.24	%		2.78	%		47	%
	0.47			3,007		1.15			3.90			2.27			2.78			35
	2.95			3,423		1.15			3.83			1.93			3.05			30
	4.21			3,787		1.15			3.85			1.84			3.16			12
	3.23			4,284		1.15			3.83			1.82			3.16			14
	9.23			3,705		1.15			3.95			2.05			3.05			22
	4.39	%	$	13,477		0.50	%		4.51	%		1.50	%		3.51	%		47	%
	0.96			10,181		0.50			4.58			1.27			3.81			35
	3.70			8,363		0.50			4.48			0.93			4.05			30
	4.87			9,439		0.50			4.51			0.84			4.17			12
	3.78			9,516		0.50			4.49			0.82			4.17			14
	10.07			9,244		0.50			4.59			1.05			4.04			22
	4.27	%	$	29,687		0.85	%		4.08	%		1.02	%		3.91	%		27	%
	0.56			32,521		0.85			3.95			1.05			3.75			15
	2.31			34,658		0.85			3.98			1.05			3.78			15
	3.06			35,276		0.85			3.98			1.05			3.78			10
	3.74			34,231		0.85			3.91			1.05			3.71			15
	7.78			29,838		0.85			3.87			1.03			3.69			28
	4.43	%	$	554,618		0.70	%		4.23	%		0.77	%		4.16	%		27	%
	0.67			596,306		0.70			4.10			0.80			4.00			15
	2.47			641,141		0.70			4.13			0.80			4.03			15
	3.22			637,361		0.70			4.13			0.80			4.03			10
	3.90			696,994		0.70			4.05			0.80			3.95			15
	7.95			485,592		0.70			4.04			0.78			3.96			28

First American Funds Annual Report 2007      105

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
Minnesota Intermediate Tax Free Fund
Class A
	2007 (1)	$	9.88	$	0.39	$	(0.01	)	$	(0.38	)	$	(0.05	)	$	9.83
	2006 (2)		10.16		0.29		(0.22	)		(0.29	)		(0.06	)		9.88
	2005 (3)		10.34		0.39		(0.15	)		(0.39	)		(0.03	)		10.16
	2004 (3)		10.44		0.39		(0.08	)		(0.39	)		(0.02	)		10.34
	2003 (3)		10.51		0.40		(0.04	)		(0.41	)		(0.02	)		10.44
	2002 (3)		10.21		0.43		0.29			(0.42	)		—			10.51
Class Y
	2007 (1)	$	9.83	$	0.40	$	—		$	(0.40	)	$	(0.05	)	$	9.78
	2006 (2)		10.11		0.30		(0.22	)		(0.30	)		(0.06	)		9.83
	2005 (3)		10.29		0.40		(0.15	)		(0.40	)		(0.03	)		10.11
	2004 (3)		10.40		0.41		(0.10	)		(0.40	)		(0.02	)		10.29
	2003 (3)		10.46		0.42		(0.03	)		(0.43	)		(0.02	)		10.40
	2002 (3)		10.17		0.45		0.27			(0.43	)		—			10.46
Minnesota Tax Free Fund
Class A
	2007 (1)	$	10.97	$	0.46	$	(0.02	)	$	(0.45	)	$	(0.03	)	$	10.93
	2006 (2)		11.21		0.35		(0.21	)		(0.35	)		(0.03	)		10.97
	2005 (3)		11.23		0.45		0.03			(0.45	)		(0.05	)		11.21
	2004 (3)		11.34		0.44		(0.01	)		(0.45	)		(0.09	)		11.23
	2003 (3)		11.39		0.48		(0.05	)		(0.45	)		(0.03	)		11.34
	2002 (3)		11.06		0.47		0.34			(0.47	)		(0.01	)		11.39
Class C
	2007 (1)	$	10.93	$	0.42	$	(0.02	)	$	(0.41	)	$	(0.03	)	$	10.89
	2006 (2)		11.17		0.31		(0.20	)		(0.32	)		(0.03	)		10.93
	2005 (3)		11.19		0.41		0.03			(0.41	)		(0.05	)		11.17
	2004 (3)		11.31		0.39		(0.01	)		(0.41	)		(0.09	)		11.19
	2003 (3)		11.36		0.43		(0.04	)		(0.41	)		(0.03	)		11.31
	2002 (3)		11.04		0.43		0.33			(0.43	)		(0.01	)		11.36
Class Y
	2007 (1)	$	10.96	$	0.48	$	(0.01	)	$	(0.48	)	$	(0.03	)	$	10.92
	2006 (2)		11.20		0.36		(0.20	)		(0.37	)		(0.03	)		10.96
	2005 (3)		11.22		0.48		0.03			(0.48	)		(0.05	)		11.20
	2004 (3)		11.33		0.47		(0.01	)		(0.48	)		(0.09	)		11.22
	2003 (3)		11.38		0.51		(0.05	)		(0.48	)		(0.03	)		11.33
	2002 (3)		11.05		0.49		0.35			(0.50	)		(0.01	)		11.38
Missouri Tax Free Fund
Class A
	2007 (1)	$	11.76	$	0.45	$	0.05		$	(0.45	)	$	(0.09	)	$	11.72
	2006 (2)		12.14		0.34		(0.29	)		(0.34	)		(0.09	)		11.76
	2005 (3)		12.32		0.45		(0.12	)		(0.45	)		(0.06	)		12.14
	2004 (3)		12.37		0.45		(0.02	)		(0.45	)		(0.03	)		12.32
	2003 (3)		12.47		0.45		(0.04	)		(0.45	)		(0.06	)		12.37
	2002 (3)		12.05		0.46		0.47			(0.47	)		(0.04	)		12.47
Class C
	2007 (1)	$	11.73	$	0.41	$	0.04		$	(0.40	)	$	(0.09	)	$	11.69
	2006 (2)		12.12		0.30		(0.30	)		(0.30	)		(0.09	)		11.73
	2005 (3)		12.29		0.40		(0.11	)		(0.40	)		(0.06	)		12.12
	2004 (3)		12.35		0.40		(0.03	)		(0.40	)		(0.03	)		12.29
	2003 (3)		12.46		0.40		(0.04	)		(0.41	)		(0.06	)		12.35
	2002 (3)		12.05		0.41		0.48			(0.44	)		(0.04	)		12.46
Class Y
	2007 (1)	$	11.76	$	0.48	$	0.06		$	(0.48	)	$	(0.09	)	$	11.73
	2006 (2)		12.15		0.36		(0.30	)		(0.36	)		(0.09	)		11.76
	2005 (3)		12.32		0.48		(0.11	)		(0.48	)		(0.06	)		12.15
	2004 (3)		12.38		0.48		(0.03	)		(0.48	)		(0.03	)		12.32
	2003 (3)		12.48		0.49		(0.05	)		(0.48	)		(0.06	)		12.38
	2002 (3)		12.06		0.48		0.48			(0.50	)		(0.04	)		12.48

(1)	For the period July 1 to June 30 in the year indicated.
(2)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period October 1 to September 30 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.

106      First American Funds Annual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Income			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (4)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	3.87	%	$	21,153		0.85	%		3.86	%		1.07	%		3.64	%		18	%
	0.74			26,526		0.85			3.85			1.08			3.62			11
	2.33			32,326		0.85			3.78			1.06			3.57			15
	3.03			35,047		0.85			3.77			1.05			3.57			8
	3.55			31,044		0.85			3.85			1.05			3.65			15
	7.23			19,914		0.85			4.27			1.03			4.09			15
	4.05	%	$	168,920		0.70	%		4.01	%		0.82	%		3.89	%		18	%
	0.85			175,485		0.70			4.00			0.83			3.87			11
	2.50			197,251		0.70			3.93			0.81			3.82			15
	3.10			216,906		0.70			3.92			0.80			3.82			8
	3.82			238,958		0.70			4.01			0.80			3.91			15
	7.31			251,597		0.70			4.41			0.78			4.33			15
	4.05	%	$	106,732		0.95	%		4.10	%		1.10	%		3.95	%		20	%
	1.28			101,142		0.95			4.15			1.10			4.00			11
	4.42			106,783		0.95			4.04			1.06			3.93			16
	3.94			114,981		0.95			3.87			1.05			3.77			25
	3.90			125,916		0.95			4.25			1.06			4.14			23
	7.23			135,607		0.95			4.22			1.09			4.08			26
	3.65	%	$	14,221		1.35	%		3.69	%		1.58	%		3.46	%		20	%
	0.98			10,359		1.35			3.75			1.85			3.25			11
	4.02			9,841		1.35			3.64			1.81			3.18			16
	3.45			10,387		1.35			3.47			1.80			3.02			25
	3.51			11,951		1.35			3.85			1.81			3.39			23
	7.10			11,703		1.35			3.80			1.84			3.31			26
	4.31	%	$	56,181		0.70	%		4.35	%		0.85	%		4.20	%		20	%
	1.47			48,760		0.70			4.40			0.85			4.25			11
	4.69			46,471		0.70			4.29			0.81			4.18			16
	4.20			42,900		0.70			4.12			0.80			4.02			25
	4.16			47,858		0.70			4.50			0.81			4.39			23
	7.84			54,638		0.70			4.47			0.84			4.33			26
	4.23	%	$	24,945		0.95	%		3.78	%		1.10	%		3.63	%		33	%
	0.38			26,972		0.95			3.74			1.09			3.60			20
	2.74			30,188		0.95			3.65			1.06			3.54			19
	3.60			27,114		0.95			3.68			1.05			3.58			15
	3.45			28,141		0.95			3.69			1.06			3.58			20
	7.99			26,496		0.95			3.81			1.06			3.70			25
	3.84	%	$	518		1.35	%		3.35	%		1.57	%		3.13	%		33	%
	0.00			214		1.35			3.34			1.84			2.85			20
	2.42			190		1.35			3.25			1.81			2.79			19
	3.11			218		1.35			3.28			1.80			2.83			15
	3.05			279		1.35			3.30			1.81			2.84			20
	7.58			21		1.35			3.28			1.81			2.82			25
	4.58	%	$	130,644		0.70	%		4.03	%		0.85	%		3.88	%		33	%
	0.49			138,394		0.70			3.99			0.84			3.85			20
	3.08			151,710		0.70			3.90			0.81			3.79			19
	3.77			152,676		0.70			3.93			0.80			3.83			15
	3.71			168,094		0.70			3.94			0.81			3.83			20
	8.25			142,344		0.70			4.06			0.81			3.95			25

First American Funds Annual Report 2007      107

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
Nebraska Tax Free Fund
Class A
	2007 (1)	$	10.33	$	0.42	$	0.02		$	(0.42	)	$	(0.05	)	$	10.30
	2006 (2)		10.58		0.31		(0.24	)		(0.30	)		(0.02	)		10.33
	2005 (3)		10.66		0.39		(0.05	)		(0.42	)		—			10.58
	2004 (3)		10.66		0.41		0.03			(0.40	)		(0.04	)		10.66
	2003 (3)		10.70		0.41		(0.04	)		(0.40	)		(0.01	)		10.66
	2002 (3)		10.20		0.41		0.49			(0.40	)		—			10.70
Class C
	2007 (1)	$	10.26	$	0.37	$	0.02		$	(0.37	)	$	(0.05	)	$	10.23
	2006 (2)		10.50		0.27		(0.22	)		(0.27	)		(0.02	)		10.26
	2005 (3)		10.58		0.35		(0.06	)		(0.37	)		—			10.50
	2004 (3)		10.58		0.35		0.04			(0.35	)		(0.04	)		10.58
	2003 (3)		10.63		0.36		(0.04	)		(0.36	)		(0.01	)		10.58
	2002 (3)		10.14		0.36		0.50			(0.37	)		—			10.63
Class Y
	2007 (1)	$	10.33	$	0.44	$	0.02		$	(0.44	)	$	(0.05	)	$	10.30
	2006 (2)		10.58		0.32		(0.23	)		(0.32	)		(0.02	)		10.33
	2005 (3)		10.66		0.43		(0.07	)		(0.44	)		—			10.58
	2004 (3)		10.65		0.43		0.04			(0.42	)		(0.04	)		10.66
	2003 (3)		10.69		0.43		(0.03	)		(0.43	)		(0.01	)		10.65
	2002 (3)		10.19		0.43		0.50			(0.43	)		—			10.69
Ohio Tax Free Fund
Class A
	2007 (1)	$	10.17	$	0.38	$	0.05		$	(0.38	)	$	(0.02	)	$	10.20
	2006 (2)		10.42		0.29		(0.25	)		(0.28	)		(0.01	)		10.17
	2005 (3)		10.52		0.36		(0.06	)		(0.36	)		(0.04	)		10.42
	2004 (3)		10.54		0.36		0.07			(0.35	)		(0.10	)		10.52
	2003 (3)		10.58		0.36		(0.03	)		(0.37	)		—			10.54
	2002 (4)		10.00		0.15		0.59			(0.16	)		—			10.58
Class C
	2007 (1)	$	10.05	$	0.33	$	0.05		$	(0.34	)	$	(0.02	)	$	10.07
	2006 (2)		10.32		0.25		(0.26	)		(0.25	)		(0.01	)		10.05
	2005 (3)		10.41		0.32		(0.05	)		(0.32	)		(0.04	)		10.32
	2004 (3)		10.44		0.29		0.09			(0.31	)		(0.10	)		10.41
	2003 (3)		10.57		0.32		(0.12	)		(0.33	)		—			10.44
	2002 (4)		10.00		0.13		0.58			(0.14	)		—			10.57
Class Y
	2007 (1)	$	10.17	$	0.41	$	0.04		$	(0.41	)	$	(0.02	)	$	10.19
	2006 (2)		10.43		0.30		(0.25	)		(0.30	)		(0.01	)		10.17
	2005 (3)		10.53		0.38		(0.05	)		(0.39	)		(0.04	)		10.43
	2004 (3)		10.55		0.38		0.07			(0.37	)		(0.10	)		10.53
	2003 (3)		10.57		0.39		(0.02	)		(0.39	)		—			10.55
	2002 (4)		10.00		0.16		0.58			(0.17	)		—			10.57
Oregon Intermediate Tax Free Fund
Class A
	2007 (1)	$	9.78	$	0.37	$	(0.02	)	$	(0.37	)	$	(0.04	)	$	9.72
	2006 (2)		10.07		0.27		(0.25	)		(0.27	)		(0.04	)		9.78
	2005 (3)		10.30		0.36		(0.19	)		(0.36	)		(0.04	)		10.07
	2004 (3)		10.43		0.37		(0.05	)		(0.37	)		(0.08	)		10.30
	2003 (3)		10.49		0.37		(0.03	)		(0.38	)		(0.02	)		10.43
	2002 (3)		10.18		0.40		0.31			(0.40	)		—			10.49
Class Y
	2007 (1)	$	9.78	$	0.38	$	(0.02	)	$	(0.38	)	$	(0.04	)	$	9.72
	2006 (2)		10.07		0.28		(0.25	)		(0.28	)		(0.04	)		9.78
	2005 (3)		10.30		0.38		(0.19	)		(0.38	)		(0.04	)		10.07
	2004 (3)		10.43		0.39		(0.05	)		(0.39	)		(0.08	)		10.30
	2003 (3)		10.49		0.40		(0.05	)		(0.39	)		(0.02	)		10.43
	2002 (3)		10.18		0.42		0.31			(0.42	)		—			10.49

(1)	For the period July 1 to June 30 in the year indicated.
(2)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period October 1 to September 30 in the year indicated.
(4)	For the period from April 30, 2002, when the class of shares was first offered, to September 30, 2002. All ratios for the period have been annualized, except total return and portfolio turnover.
(5)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

108      First American Funds Annual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Income			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (5)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	4.24	%	$	7,091		0.75	%		3.97	%		1.44	%		3.28	%		39	%
	0.65			6,910		0.75			3.89			1.30			3.34			35
	3.20			7,136		0.75			3.78			1.12			3.41			21
	4.18			4,925		0.75			3.82			1.08			3.49			17
	3.57			4,869		0.75			3.87			1.07			3.55			15
	9.09			4,904		0.75			3.98			1.29			3.44			35
	3.86	%	$	1,559		1.15	%		3.56	%		1.92	%		2.79	%		39	%
	0.46			1,487		1.15			3.49			2.05			2.59			35
	2.81			1,565		1.15			3.38			1.87			2.66			21
	3.80			1,861		1.15			3.42			1.83			2.74			17
	3.10			1,657		1.15			3.46			1.82			2.79			15
	8.66			982		1.15			3.57			2.04			2.68			35
	4.51	%	$	32,502		0.50	%		4.22	%		1.19	%		3.53	%		39	%
	0.85			31,347		0.50			4.14			1.05			3.59			35
	3.45			32,418		0.50			4.03			0.87			3.66			21
	4.54			29,722		0.50			4.07			0.83			3.74			17
	3.82			28,120		0.50			4.11			0.82			3.79			15
	9.37			27,348		0.50			4.22			1.04			3.68			35
	4.28	%	$	808		0.75	%		3.70	%		1.41	%		3.04	%		33	%
	0.40			841		0.75			3.60			1.28			3.07			11
	2.86			988		0.75			3.41			1.11			3.05			13
	4.16			1,200		0.75			3.43			1.08			3.10			19
	3.22			849		0.75			3.52			1.09			3.18			22
	7.42			453		0.75			3.25			1.23			2.77			3
	3.81	%	$	187		1.15	%		3.29	%		1.90	%		2.54	%		33	%
	(0.08	)		209		1.15			3.22			2.03			2.34			11
	2.58			174		1.15			3.01			1.86			2.30			13
	3.69			120		1.15			3.03			1.83			2.35			19
	1.95			215		1.15			3.08			1.84			2.39			22
	7.13			1		1.15			3.01			1.98			2.18			3
	4.44	%	$	42,223		0.50	%		3.94	%		1.16	%		3.28	%		33	%
	0.49			40,606		0.50			3.85			1.03			3.32			11
	3.12			41,104		0.50			3.66			0.86			3.30			13
	4.42			39,240		0.50			3.68			0.82			3.36			19
	3.65			39,465		0.50			3.78			0.84			3.44			22
	7.41			38,083		0.50			3.74			0.98			3.26			3
	3.54	%	$	7,895		0.85	%		3.71	%		1.12	%		3.44	%		43	%
	0.16			9,456		0.85			3.62			1.11			3.36			13
	1.67			9,356		0.85			3.56			1.06			3.35			20
	3.20			8,700		0.85			3.62			1.05			3.42			12
	3.31			8,189		0.85			3.67			1.05			3.47			17
	7.23			7,030		0.85			3.95			1.05			3.75			18
	3.70	%	$	109,357		0.70	%		3.86	%		0.87	%		3.69	%		43	%
	0.28			111,344		0.70			3.77			0.86			3.61			13
	1.82			133,613		0.70			3.71			0.81			3.60			20
	3.35			137,869		0.70			3.77			0.80			3.67			12
	3.46			146,244		0.70			3.82			0.80			3.72			17
	7.39			151,928		0.70			4.10			0.80			4.00			18

First American Funds Annual Report 2007      109

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
Short Tax Free Fund
Class A
	2007 (1)	$	9.68	$	0.28	$	0.03		$	(0.29	)	$	—		$	9.70
	2006 (2)		9.78		0.19		(0.09	)		(0.20	)		—			9.68
	2005 (3)		9.96		0.24		(0.17	)		(0.25	)		—			9.78
	2004 (3)		10.18		0.26		(0.17	)		(0.25	)		(0.06	)		9.96
	2003 (4)		10.00		0.26		0.19			(0.27	)		—			10.18
Class Y
	2007 (1)	$	9.68	$	0.31	$	0.01		$	(0.30	)	$	—		$	9.70
	2006 (2)		9.78		0.21		(0.10	)		(0.21	)		—			9.68
	2005 (3)		9.96		0.26		(0.18	)		(0.26	)		—			9.78
	2004 (3)		10.18		0.27		(0.17	)		(0.26	)		(0.06	)		9.96
	2003 (4)		10.00		0.28		0.18			(0.28	)		—			10.18
Tax Free Fund
Class A
	2007 (1)	$	10.86	$	0.45	$	—		$	(0.45	)	$	(0.09	)	$	10.77
	2006 (2)		11.10		0.35		(0.20	)		(0.35	)		(0.04	)		10.86
	2005 (3)		11.18		0.47		0.03			(0.47	)		(0.11	)		11.10
	2004 (3)		11.28		0.47		0.02			(0.48	)		(0.11	)		11.18
	2003 (3)		11.44		0.47		(0.03	)		(0.47	)		(0.13	)		11.28
	2002 (3)		10.99		0.47		0.44			(0.46	)		—			11.44
Class C
	2007 (1)	$	10.81	$	0.40	$	0.01		$	(0.41	)	$	(0.09	)	$	10.72
	2006 (2)		11.05		0.32		(0.20	)		(0.32	)		(0.04	)		10.81
	2005 (3)		11.13		0.42		0.03			(0.42	)		(0.11	)		11.05
	2004 (3)		11.24		0.43		—			(0.43	)		(0.11	)		11.13
	2003 (3)		11.40		0.42		(0.02	)		(0.43	)		(0.13	)		11.24
	2002 (3)		10.96		0.42		0.45			(0.43	)		—			11.40
Class Y
	2007 (1)	$	10.87	$	0.48	$	—		$	(0.48	)	$	(0.09	)	$	10.78
	2006 (2)		11.11		0.37		(0.20	)		(0.37	)		(0.04	)		10.87
	2005 (3)		11.19		0.50		0.02			(0.49	)		(0.11	)		11.11
	2004 (3)		11.29		0.50		0.01			(0.50	)		(0.11	)		11.19
	2003 (3)		11.45		0.50		(0.03	)		(0.50	)		(0.13	)		11.29
	2002 (3)		11.00		0.49		0.45			(0.49	)		—			11.45

(1)	For the period July 1 to June 30 in the year indicated.
(2)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(3)	For the period October 1 to September 30 in the year indicated.
(4)	For the period from October 25, 2002, when the class of shares was first offered, to September 30, 2003. All ratios for the period have been annualized, except total return and portfolio turnover.
(5)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

110      First American Funds Annual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Income			Net Assets			Assets				Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding				Turnover
Return (5)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)				Rate
	3.22	%	$	2,410		0.75	%		2.94	%		1.08	%		2.61	%			57	%
	1.02			3,321		0.75			2.65			1.08			2.32				22
	0.67			4,103		0.75			2.46			1.06			2.15				37
	0.90			6,329		0.75			2.55			1.05			2.25				30
	4.54			6,448		0.75			2.67			1.05			2.37				54
	3.37	%	$	161,468		0.60	%		3.09	%		0.83	%		2.86	%			57	%
	1.13			235,900		0.60			2.80			0.83			2.57				22
	0.83			329,647		0.60			2.62			0.81			2.41		��		37
	1.05			419,359		0.60			2.70			0.80			2.50				30
	4.66			396,918		0.60			3.00			0.80			2.80				54
	4.16	%	$	37,760		0.95	%		4.08	%		1.03	%		4.00	%			31	%
	1.37			36,519		0.95			4.28			1.06			4.17				13
	4.51			38,205		0.95			4.20			1.06			4.09				8
	4.45			40,156		0.95			4.18			1.05			4.08				23
	4.06			42,942		0.95			4.21			1.05			4.11				23
	8.56			43,708		0.95			4.20			1.02			4.13				39
	3.76	%	$	2,495		1.35	%		3.67	%		1.51	%		3.51	%			31	%
	1.06			2,210		1.35			3.87			1.81			3.41				13
	4.13			2,712		1.35			3.80			1.81			3.34				8
	3.92			2,682		1.35			3.77			1.80			3.32				23
	3.67			4,880		1.35			3.81			1.80			3.36				23
	8.14			6,199		1.35			3.82			1.77			3.40				39
	4.42	%	$	539,360		0.70	%		4.32	%		0.78	%		4.24	%			31	%
	1.57			455,910		0.70			4.53			0.81			4.42				13
	4.77			436,303		0.70			4.45			0.81			4.34				8
	4.71			416,651		0.70			4.43			0.80			4.33				23
	4.31			460,634		0.70			4.46			0.80			4.36				23
	8.84			497,140		0.70			4.47			0.77			4.40				39

First American Funds Annual Report 2007      111

Notes to  Financial Statements June 30, 2007, all dollars and shares are rounded to thousands (000)

1 > Organization

The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, Oregon Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free 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 June 30, 2007, FAIF offered 39 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company. FAIF’s articles of incorporation permit the board of directors to create additional funds in the future. The Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund are each diversified open-end management investment companies. The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund are each non-diversified open-end management investment companies. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

The funds offer Class A and Class Y shares. The Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund also offer Class C shares. Class A shares of Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund are sold with a maximum front-end sales charge of 4.25%. Class A shares of California Intermediate Tax Free Fund, Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund are sold with a maximum front-end sales charge of 2.25%. Class C shares may be subject to a contingent deferred sales charge of 1.00% for 12 months. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts.

The funds’ prospectuses provide a description 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’ servicing or distribution arrangements.

On February 23, 2006, the funds’ board of directors approved a change in the funds’ fiscal year-end from September 30 to June 30, effective with the nine-month fiscal period ended June 30, 2006.

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. 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. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities 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. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. At June 30, 2007, the funds held no fair-valued securities. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value. Investments in open-end mutual funds are valued at their respective net asset values on the valuation date.

SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or

112      First American Funds Annual Report 2007

sale. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. The resulting gain/loss is calculated as the difference between the sales price and the underlying cost of the security on the transaction date.

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

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

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to book and tax differences for straddle loss deferrals and classification of dividends paid by the funds. 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
	Net			Undistributed
	Realized			Net Investment
Fund	Gain			Income
Intermediate Tax Free Fund	$	(8	)	$	8
Minnesota Tax Free Fund		(1	)		1

The character of distributions made 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 in which the amounts are distributed may differ from the year or period that the income or realized gains (losses) were recorded by the fund. The distributions paid during the fiscal year ended June 30, 2007, the nine-month fiscal period ended June 30, 2006, and the fiscal year ended September 30, 2005 (adjusted by dividends payable as of June 30, 2007, June 30, 2006, and September 30, 2005) were as follows:

	2007
	Tax Exempt		Ordinary		Long Term
Fund	Income		Income		Gain		Total
Arizona Tax Free Fund	$	1,082	$	4	$	143	$	1,229
California Intermediate Tax Free Fund		2,090		48		254		2,392
California Tax Free Fund		1,465		4		115		1,584
Colorado Intermediate Tax Free Fund		1,628		35		296		1,959
Colorado Tax Free Fund		994		7		176		1,177
Intermediate Tax Free Fund		24,213		218		625		25,056
Minnesota Intermediate Tax Free Fund		7,247		9		1,016		8,272
Minnesota Tax Free Fund		6,683		30		429		7,142
Missouri Tax Free Fund		5,828		—		1,173		7,001
Nebraska Tax Free Fund		1,547		—		182		1,729
Ohio Tax Free Fund		1,548		17		69		1,634
Oregon Intermediate Tax Free Fund		4,260		8		514		4,782
Short Tax Free Fund		5,816		—		—		5,816
Tax Free Fund		21,441		90		4,241		25,772

First American Funds Annual Report 2007      113

Notes to  Financial Statements continued

	2006
	Tax Exempt		Ordinary		Long Term
Fund	Income		Income		Gain		Total
Arizona Tax Free Fund	$	807	$	3	$	210	$	1,020
California Intermediate Tax Free Fund		1,622		85		91		1,798
California Tax Free Fund		1,067		12		53		1,132
Colorado Intermediate Tax Free Fund		1,396		22		266		1,684
Colorado Tax Free Fund		667		54		541		1,262
Intermediate Tax Free Fund		20,212		93		1,785		22,090
Minnesota Intermediate Tax Free Fund		6,508		27		1,372		7,907
Minnesota Tax Free Fund		5,235		29		381		5,645
Missouri Tax Free Fund		5,218		2		1,297		6,517
Nebraska Tax Free Fund		1,236		—		63		1,299
Ohio Tax Free Fund		1,207		—		41		1,248
Oregon Intermediate Tax Free Fund		3,646		20		556		4,222
Short Tax Free Fund		6,134		—		—		6,134
Tax Free Fund		16,637		262		1,396		18,295

	2005
	Tax Exempt		Ordinary		Long Term
Fund	Income		Income		Gain		Total
Arizona Tax Free Fund	$	984	$	3	$	235	$	1,222
California Intermediate Tax Free Fund		2,002		27		329		2,358
California Tax Free Fund		1,203		53		199		1,455
Colorado Intermediate Tax Free Fund		2,077		—		169		2,246
Colorado Tax Free Fund		992		—		177		1,169
Intermediate Tax Free Fund		28,143		—		3,679		31,822
Minnesota Intermediate Tax Free Fund		9,305		—		797		10,102
Minnesota Tax Free Fund		6,755		—		811		7,566
Missouri Tax Free Fund		7,004		—		924		7,928
Nebraska Tax Free Fund		1,581		—		—		1,581
Ohio Tax Free Fund		1,564		—		133		1,697
Oregon Intermediate Tax Free Fund		5,290		—		511		5,801
Short Tax Free Fund		10,220		—		—		10,220
Tax Free Fund		20,510		—		4,409		24,919

As of June 30, 2007, the components of accumulated earnings (deficit) on a tax basis were as follows:

							Accumulated									Total
	Undistributed		Undistributed		Undistributed		Capital and			Unrealized			Other			Accumulated
	Ordinary		Tax Exempt		Long Term		Post-October			Appreciation			Accumulated			Earnings
Fund	Income		Income		Capital Gains		Losses			(Depreciation)			Losses			(Deficit)
Arizona Tax Free Fund	$	—	$	99	$	86	$	—		$	460		$	(13	)	$	632
California Intermediate Tax Free Fund		33		189		12		—			761			—			995
California Tax Free Fund		51		116		84		—			793			—			1,044
Colorado Intermediate Tax Free Fund		25		139		191		—			1,071			—			1,426
Colorado Tax Free Fund		3		55		75		—			661			(4	)		790
Intermediate Tax Free Fund		282		2,221		1,376		—			16,457			—			20,336
Minnesota Intermediate Tax Free Fund		26		731		467		—			3,633			—			4,857
Minnesota Tax Free Fund		58		448		733		—			4,657			(135	)		5,761
Missouri Tax Free Fund		80		573		327		—			2,675			(1	)		3,654
Nebraska Tax Free Fund		11		134		178		—			318			(14	)		627
Ohio Tax Free Fund		6		135		42		—			412			(26	)		569
Oregon Intermediate Tax Free Fund		31		493		54		—			1,015			—			1,593
Short Tax Free Fund		—		566		—		(2,281	)		(1,006	)		—			(2,721	)
Tax Free Fund		14		1,734		1,698		—			13,302			(131	)		16,617

114      First American Funds Annual Report 2007

The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses deferred due to straddles.

As of June 30, 2007, Short Tax Free Fund had a capital loss carryforward of $1,932, of which $238 will expire in 2013, $550 will expire in 2014, and $1,144 will expire in 2015 if not offset by subsequent capital gains.

The Short Tax Free Fund incurred a loss of $349 for tax purposes for the period from November 1, 2006 to June 30, 2007. As permitted by tax regulations, the fund intends to elect to defer and treat those losses as arising in the fiscal year ending June 30, 2008.

FUTURES TRANSACTIONS – In order to 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. At June 30, 2007, no fund had outstanding futures 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 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 a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. At June 30, 2007, the following funds had outstanding commitments to purchase securities on a when-issued or forward-commitment basis:

Fund	Cost
California Intermediate Tax Free Fund	$	542
California Tax Free Fund		896
Colorado Intermediate Tax Free Fund		665
Colorado Tax Free Fund		731
Intermediate Tax Free Fund		6,498
Minnesota Intermediate Tax Free Fund		517
Missouri Tax Free Fund		3,342
Nebraska Tax Free Fund		245
Short Tax Free Fund		1,011
Tax Free Fund		6,357

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 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, and may have contractual restrictions on resale. 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 June 30, 2007, no fund had investments in illiquid securities.

INVERSE FLOATERS – As part of their investment strategy, the funds may invest in certain securities for which the potential income return is inversely related to changes in a floating interest rate (“inverse floaters”). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Inverse floaters may be characterized as derivative securities and may subject a fund to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market values of such securities will generally be more volatile than those of fixed-rate, tax-exempt securities. To the extent the funds invest in inverse floaters, the net asset value of the funds’ shares may be more volatile than if the funds did not invest in such securities. As of and for the year ended June 30, 2007, no fund had investments in inverse floaters.

First American Funds Annual Report 2007      115

Notes to  Financial Statements continued

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the Securities and Exchange Commission, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal year ended June 30, 2007.

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 the board of directors. 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 THE 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 net 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, Inc. (“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 equal, on an annual basis, to 0.50% of the fund’s average daily net assets. FAF Advisors has agreed to waive fees and reimburse other fund expenses at least through June 30, 2008, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			C			Y
Arizona Tax Free Fund		0.75	%		1.15	%		0.50	%
California Intermediate Tax Free Fund		0.85			NA			0.70
California Tax Free Fund		0.75			1.15			0.50
Colorado Intermediate Tax Free Fund		0.85			NA			0.70
Colorado Tax Free Fund		0.75			1.15			0.50
Intermediate Tax Free Fund		0.85			NA			0.70
Minnesota Intermediate Tax Free Fund		0.85			NA			0.70
Minnesota Tax Free Fund		0.95			1.35			0.70
Missouri Tax Free Fund		0.95			1.35			0.70
Nebraska Tax Free Fund		0.75			1.15			0.50
Ohio Tax Free Fund		0.75			1.15			0.50
Oregon Intermediate Tax Free Fund		0.85			NA			0.70
Short Tax Free Fund		0.75			NA			0.60
Tax Free Fund		0.95			1.35			0.70

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.

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

116      First American Funds Annual Report 2007

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 custodian for each fund pursuant to a custodian agreement with FAIF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.

Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.

For the fiscal year ended June 30, 2007, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned as follows:

Fund	Increased		Decreased
Arizona Tax Free Fund	$	—	$	—
California Intermediate Tax Free Fund		—		—
California Tax Free Fund		—		—
Colorado Intermediate Tax Free Fund		—		—
Colorado Tax Free Fund		—		—
Intermediate Tax Free Fund		1		1
Minnesota Intermediate Tax Free Fund		—		—
Minnesota Tax Free Fund		—		1
Missouri Tax Free Fund		—		—
Nebraska Tax Free Fund		—		—
Ohio Tax Free Fund		1		—
Oregon Intermediate Tax Free Fund		1		1
Short Tax Free Fund		2		1
Tax Free Fund		—		3

DISTRIBUTION AND SHAREHOLDER SERVICING 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 of the funds pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25% and 0.65% of each fund’s average daily net assets of Class A and Class C 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.

Quasar is currently waiving a portion of its 12b-1 fees for Class A shares, limiting its fees to 0.15% of average daily net assets for California Intermediate Tax Free Fund, Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund.

Prior to October 1, 2006, each of the funds paid Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 1.00% of each fund’s average daily net assets of Class C shares. Quasar waived a portion of its 12b-1 fees for Class C shares, limiting its fees to 0.65% of average daily net assets for Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund.

For the fiscal year ended June 30, 2007, total distribution and shareholder servicing fees waived by Quasar for the funds included in this annual report were as follows:

Fund	Amount
Arizona Tax Free Fund	$	1
California Intermediate Tax Free Fund		5
California Tax Free Fund		2
Colorado Intermediate Tax Free Fund		8
Colorado Tax Free Fund		3
Intermediate Tax Free Fund		31
Minnesota Intermediate Tax Free Fund		24
Minnesota Tax Free Fund		10
Missouri Tax Free Fund		—
Nebraska Tax Free Fund		1
Ohio Tax Free Fund		—
Oregon Intermediate Tax Free Fund		9
Short Tax Free Fund		3
Tax Free Fund		2

Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the fiscal year ended June 30, 2007:

Fund	Amount
Arizona Tax Free Fund	$	2
California Intermediate Tax Free Fund		5
California Tax Free Fund		29
Colorado Intermediate Tax Free Fund		8
Colorado Tax Free Fund		11
Intermediate Tax Free Fund		28
Minnesota Intermediate Tax Free Fund		18
Minnesota Tax Free Fund		73
Missouri Tax Free Fund		58
Nebraska Tax Free Fund		8
Ohio Tax Free Fund		2
Oregon Intermediate Tax Free Fund		10
Short Tax Free Fund		4
Tax Free Fund		35

OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian

First American Funds Annual Report 2007      117

Notes to  Financial Statements continued

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 June 30, 2007, legal fees and expenses of $53 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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

For the fiscal year ended June 30, 2007, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:

Fund	Amount
Arizona Tax Free Fund	$	5
California Intermediate Tax Free Fund		14
California Tax Free Fund		69
Colorado Intermediate Tax Free Fund		4
Colorado Tax Free Fund		3
Intermediate Tax Free Fund		5
Minnesota Intermediate Tax Free Fund		4
Minnesota Tax Free Fund		182
Missouri Tax Free Fund		63
Nebraska Tax Free Fund		4
Ohio Tax Free Fund		—
Oregon Intermediate Tax Free Fund		11
Short Tax Free Fund		13
Tax Free Fund		32

118      First American Funds Annual Report 2007

4 > Capital Share Transactions

FAIF has 324 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

											California
		Arizona									Intermediate									California
		Tax Free Fund									Tax Free Fund									Tax Free Fund
					Nine-Month									Nine-Month									Nine-Month
					Fiscal									Fiscal									Fiscal
		Year			Period			Year			Year			Period			Year			Year			Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
		6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
Class A:
	Shares issued		43			92			189			317			94			131			183			154			373
	Shares issued in lieu of cash distributions		11			27			37			11			8			11			24			23			33
	Shares redeemed		(112	)		(139	)		(162	)		(50	)		(143	)		(81	)		(155	)		(250	)		(184	)
Total Class A transactions			(58	)		(20	)		64			278			(41	)		61			52			(73	)		222
Class C:
	Shares issued		24			11			18			—			—			—			41			102			163
	Shares issued in lieu of cash distributions		4			4			6			—			—			—			5			5			6
	Shares redeemed		(10	)		(36	)		(17	)		—			—			—			(236	)		(53	)		(9	)
Total Class C transactions			18			(21	)		7			—			—			—			(190	)		54			160
Class Y:
	Shares issued		506			525			459			605			894			609			538			705			536
	Shares issued in lieu of cash distributions		14			10			6			6			5			8			6			3			3
	Shares redeemed		(168	)		(351	)		(44	)		(468	)		(544	)		(307	)		(267	)		(462	)		(207	)
Total Class Y transactions			352			184			421			143			355			310			277			246			332
Net increase in capital shares			312			143			492			421			314			371			139			227			714

		Colorado
		Intermediate									Colorado									Intermediate
		Tax Free Fund									Tax Free Fund									Tax Free Fund
					Nine-Month									Nine-Month									Nine-Month
					Fiscal									Fiscal									Fiscal
		Year			Period			Year			Year			Period			Year			Year			Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
		6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
Class A:
	Shares issued		39			8			392			88			146			26			278			337			714
	Shares issued in lieu of cash distributions		25			26			39			38			42			37			87			76			114
	Shares redeemed		(327	)		(363	)		(454	)		(91	)		(135	)		(243	)		(630	)		(528	)		(809	)
Total Class A transactions			(263	)		(329	)		(23	)		35			53			(180	)		(265	)		(115	)		19
Class C:
	Shares issued		—			—			—			15			12			42			—			—			—
	Shares issued in lieu of cash distributions		—			—			—			12			16			15			—			—			—
	Shares redeemed		—			—			—			(35	)		(51	)		(83	)		—			—			—
Total Class C transactions			—			—			—			(8	)		(23	)		(26	)		—			—			—
Class Y:
	Shares issued		738			444			583			624			432			122			9,332			7,885			10,127
	Shares issued in lieu of cash distributions		6			5			5			5			3			1			214			216			321
	Shares redeemed		(546	)		(526	)		(810	)		(308	)		(227	)		(202	)		(13,449	)		(10,731	)		(8,735	)
Total Class Y transactions			198			(77	)		(222	)		321			208			(79	)		(3,903	)		(2,630	)		1,713
Net increase (decrease) in capital shares			(65	)		(406	)		(245	)		348			238			(285	)		(4,168	)		(2,745	)		1,732

First American Funds Annual Report 2007      119

Notes to  Financial Statements continued

		Minnesota
		Intermediate									Minnesota									Missouri
		Tax Free Fund									Tax Free Fund									Tax Free Fund
					Nine-Month									Nine-Month									Nine-Month
		Year			Fiscal Period			Year			Year			Fiscal Period			Year			Year			Fiscal Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
		6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
Class A:
	Shares issued		84			298			553			1,969			1,143			716			207			67			374
	Shares issued in lieu of cash distributions		60			74			100			249			262			356			48			44			51
	Shares redeemed		(679	)		(869	)		(859	)		(1,676	)		(1,711	)		(1,782	)		(421	)		(303	)		(140	)
Total Class A transactions			(535	)		(497	)		(206	)		542			(306	)		(710	)		(166	)		(192	)		285
Class C:
	Shares issued		—			—			—			481			181			83			25			2			—
	Shares issued in lieu of cash distributions		—			—			—			29			26			34			1			—			1
	Shares redeemed		—			—			—			(152	)		(140	)		(164	)		—			—			(3	)
Total Class C transactions			—			—			—			358			67			(47	)		26			2			(2	)
Class Y:
	Shares issued		2,454			1,745			1,581			1,485			1,004			779			1,796			1,228			1,808
	Shares issued in lieu of cash distributions		32			35			33			19			14			19			23			23			23
	Shares redeemed		(3,077	)		(3,437	)		(3,175	)		(809	)		(718	)		(471	)		(2,443	)		(1,975	)		(1,732	)
Total Class Y transactions			(591	)		(1,657	)		(1,561	)		695			300			327			(624	)		(724	)		99
Net increase (decrease) in capital shares			(1,126	)		(2,154	)		(1,767	)		1,595			61			(430	)		(764	)		(914	)		382

																				Oregon
		Nebraska									Ohio									Intermediate
		Tax Free Fund									Tax Free Fund									Tax Free Fund
					Nine-Month									Nine-Month									Nine-Month
		Year			Fiscal Period			Year			Year			Fiscal Period			Year			Year			Fiscal Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
		6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
Class A:
	Shares issued		63			74			295			34			15			24			105			281			202
	Shares issued in lieu of cash distributions		16			11			11			1			1			2			20			19			22
	Shares redeemed		(60	)		(91	)		(93	)		(39	)		(28	)		(45	)		(280	)		(263	)		(139	)
Total Class A transactions			19			(6	)		213			(4	)		(12	)		(19	)		(155	)		37			85
Class C:
	Shares issued		40			15			39			—			8			10			—			—			—
	Shares issued in lieu of cash distributions		3			3			4			—			—			—			—			—			—
	Shares redeemed		(36	)		(22	)		(70	)		(2	)		(4	)		(5	)		—			—			—
Total Class C transactions			7			(4	)		(27	)		(2	)		4			5			—			—			—
Class Y:
	Shares issued		606			398			669			690			473			779			1,281			938			1,909
	Shares issued in lieu of cash distributions		11			7			9			28			18			22			35			35			39
	Shares redeemed		(497	)		(433	)		(403	)		(569	)		(436	)		(590	)		(1,455	)		(2,855	)		(2,067	)
	Total Class Y transactions		120			(28	)		275			149			55			211			(139	)		(1,882	)		(119	)
	Net increase (decrease) in capital shares		146			(38	)		461			143			47			197			(294	)		(1,845	)		(34	)

		Short
		Tax Free Fund									Tax Free Fund
					Nine-Month									Nine-Month
		Year			Fiscal Period			Year			Year			Fiscal Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended
		6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
Class A:
	Shares issued		109			121			213			677			383			382
	Shares issued in lieu of cash distributions		8			7			11			118			96			150
	Shares redeemed		(212	)		(204	)		(440	)		(651	)		(559	)		(682	)
Total Class A transactions			(95	)		(76	)		(216	)		144			(80	)		(150	)
Class C:
	Shares issued		—			—			—			48			3			25
	Shares issued in lieu of cash distributions		—			—			—			6			7			11
	Shares redeemed		—			—			—			(25	)		(51	)		(32	)
Total Class C transactions			—			—			—			29			(41	)		4
Class Y:
	Shares issued		2,180			3,350			6,860			14,149			7,282			6,235
	Shares issued in lieu of cash distributions		41			45			69			166			82			97
	Shares redeemed		(9,940	)		(12,753	)		(15,310	)		(6,220	)		(4,706	)		(4,293	)
Total Class Y transactions			(7,719	)		(9,358	)		(8,381	)		8,095			2,658			2,039
Net increase (decrease) in capital shares			(7,814	)		(9,434	)		(8,597	)		8,268			2,537			1,893

Each fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the fund instead of cash.

120      First American Funds Annual Report 2007

5 > Investment Security Transactions

During the fiscal year ended June 30, 2007, purchases of securities and proceeds from sales of securities, other than government securities and temporary investments in short-term securities, were as follows:

Fund	Purchases		Sales
Arizona Tax Free Fund	$	8,311	$	6,706
California Intermediate Tax Free Fund		18,666		11,666
California Tax Free Fund		15,455		13,410
Colorado Intermediate Tax Free Fund		14,412		15,030
Colorado Tax Free Fund		13,477		10,842
Intermediate Tax Free Fund		168,566		207,657
Minnesota Intermediate Tax Free Fund		35,922		48,522
Minnesota Tax Free Fund		47,372		32,762
Missouri Tax Free Fund		52,803		59,165
Nebraska Tax Free Fund		16,747		15,246
Ohio Tax Free Fund		13,883		13,677
Oregon Intermediate Tax Free Fund		52,082		55,487
Short Tax Free Fund		112,166		166,779
Tax Free Fund		231,041		164,173

The aggregate gross unrealized appreciation and depreciation for securities held by the funds and the total cost of securities for federal income tax purposes at June 30, 2007, were as follows:

	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost
Arizona Tax Free Fund	$	707	$	(247	)	$	460		$	28,380
California Intermediate Tax Free Fund		1,072		(311	)		761			58,446
California Tax Free Fund		994		(201	)		793			37,542
Colorado Intermediate Tax Free Fund		1,228		(157	)		1,071			40,507
Colorado Tax Free Fund		857		(196	)		661			25,242
Intermediate Tax Free Fund		18,860		(2,403	)		16,457			571,842
Minnesota Intermediate Tax Free Fund		4,515		(882	)		3,633			184,977
Minnesota Tax Free Fund		5,953		(1,296	)		4,657			170,722
Missouri Tax Free Fund		3,615		(940	)		2,675			154,472
Nebraska Tax Free Fund		673		(355	)		318			40,731
Ohio Tax Free Fund		669		(257	)		412			42,536
Oregon Intermediate Tax Free Fund		1,859		(844	)		1,015			115,660
Short Tax Free Fund		114		(1,120	)		(1,006	)		163,984
Tax Free Fund		18,489		(5,187	)		13,302			567,088

6 > Concentration of Credit Risk

The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund invest in debt instruments of municipal issuers in specific states. Although these funds monitor investment concentration, the issuers’ ability to meet their obligations may be affected by economic developments in the specific state or region. Additionally, each state has various guidelines relating to the tax treatment of the income distributed from each fund.

7 > Indemnifications

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

8 > New Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. Recent Securities and Exchange Commission guidance allows implementing FIN 48 in fund net asset value calculations as late as the funds’ last net asset value calculation in the first required financial statement reporting period. As a result, the funds will incorporate FIN 48 in their semiannual report on December 31, 2007. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of June 30, 2007, the funds do not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported in the Statement of Operations for a fiscal period.

First American Funds Annual Report 2007      121

 NOTICE TO SHAREHOLDERS June 30, 2007 (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 2008 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended June 30, 2007, each fund hereby designates long term capital gains, ordinary income, and tax exempt income with regard to distributions paid during the year as follows:

	Long Term						Ordinary
	Capital Gains						Income			Total
	Distributions			Tax Exempt			Distributions			Distributions
Fund	(Tax Basis)			Interest			(Tax Basis)			(Tax Basis) (a)
Arizona Tax Free Fund		12	%		88	%		—	%		100	%
California Intermediate Tax Free Fund		11			87			2			100
California Tax Free Fund		7			93			—			100
Colorado Intermediate Tax Free Fund		15			83			2			100
Colorado Tax Free Fund		15			84			1			100
Intermediate Tax Free Fund		2			97			1			100
Minnesota Intermediate Tax Free Fund		12			88			—			100
Minnesota Tax Free Fund		6			94			—			100
Missouri Tax Free Fund		17			83			—			100
Nebraska Tax Free Fund		11			89			—			100
Ohio Tax Free Fund		4			95			1			100
Oregon Intermediate Tax Free Fund		11			89			—			100
Short Tax Free Fund		—			100			—			100
Tax Free Fund		17			83			—			100

(a)  None of the distributions made by these funds are eligible for the dividends received deduction or are characterized as qualified dividend income.

Additional Information Applicable to Foreign Shareholders Only:

The percentage of taxable 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
Arizona Tax Free Fund	91.33	%
California Intermediate Tax Free Fund	3.08
California Tax Free Fund	0.01
Colorado Intermediate Tax Free Fund	13.30
Colorado Tax Free Fund	96.89
Intermediate Tax Free Fund	0.76
Minnesota Intermediate Tax Free Fund	70.44
Minnesota Tax Free Fund	11.02
Missouri Tax Free Fund	0.00
Nebraska Tax Free Fund	0.00
Ohio Tax Free Fund	0.06
Oregon Intermediate Tax Free Fund	73.56
Short Tax Free Fund	0.00
Tax Free Fund	23.63

122      First American Funds Annual Report 2007

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

Fund
Arizona Tax Free Fund	0	%
California Intermediate Tax Free Fund	97
California Tax Free Fund	100
Colorado Intermediate Tax Free Fund	91
Colorado Tax Free Fund	0
Intermediate Tax Free Fund	99
Minnesota Intermediate Tax Free Fund	0
Minnesota Tax Free Fund	85
Missouri Tax Free Fund	0
Nebraska Tax Free Fund	0
Ohio Tax Free Fund	100
Oregon Intermediate Tax Free Fund	0
Short Tax Free Fund	0
Tax Free Fund	65

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available (1) without charge upon request by calling 800.677.FUND; (2) at www.firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

FORM N-Q HOLDINGS INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

The Board of Directors of the Funds (the “Board”), which is comprised entirely of independent directors, oversees the management of the Funds and, as required by law, determines annually whether to renew the Funds’ advisory agreement with FAF Advisors, Inc. (“FAF Advisors”).

At a meeting on May 1-3, 2007, the Board considered information relating to the Funds’ investment advisory agreement with FAF Advisors (the “Agreement”). In advance of the meeting, the Board received materials relating to the Agreement, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 19-21, 2007, the Board concluded its consideration of and approved the Agreement through June 30, 2008.

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 the Fund, (2) the investment performance of the Fund, (3) the profitability of FAF Advisors related to the Fund, including an analysis of FAF Advisors’ cost of providing services and comparative expense information, (4) whether economies of scale may be realized as the Fund grows 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 Fund. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board’s decision to approve the Agreement.

First American Funds Annual Report 2007      123

NOTICE TO SHAREHOLDERS (continued)

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 all material factors, the Board concluded that the Agreement is fair and in the 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 advisory services to each Fund as well as the fact that, under the Agreement, FAF Advisors has the authority and responsibility to make and execute investment decisions for each Fund within the framework of 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, and (iii) monitoring the performance of the various organizations providing services to the 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.

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

The Board considered the performance of each Fund, as summarized below, including how the Fund performed versus the median performance of a group of comparable funds selected by an independent data service (the “performance universe”) and how the Fund performed versus its benchmark index. The performance periods reviewed by the Board ended on January 31, 2007. In the case of each state-specific Fund, the Board considered that the Fund’s benchmark index is a national municipal index, rather than a state-specific index, and noted FAF Advisors’ assertion that the Board should, therefore, treat the Fund’s performance universe as a more meaningful source of comparative performance data. The Board also considered that, in reviewing the comparative performance of income funds, the different expense levels of a Fund’s share classes can result in different net performance results for each of those classes. Thus, while the Board considered the performance of all classes, it focused on Class Y shares, which, because they have the lowest total expense ratios, offered the most meaningful data on performance.

Arizona Tax Free Fund, California Tax Free Fund, Minnesota Tax Free Fund, Tax Free Fund, and Intermediate Tax Free. For each of these Funds, the Board considered that the Fund outperformed or performed competitively against the performance universe median and benchmark for the one-, three-, five- and, if applicable, ten-year periods, except that the Intermediate Tax Free Fund underperformed its benchmark for the ten-year period. The Board concluded that, in light of each Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

California Intermediate Tax Free Fund. The Board considered that the Fund significantly outperformed the performance universe median for the one-, three-and five-year periods. The Board also considered that the Fund outperformed the benchmark for those periods, other than the five-year period. The Board concluded that, in light of the Fund’s competitive performance record, it would be in the interest of the Fund and its shareholder to renew the Agreement.

Colorado Tax Free Fund. The Board considered that the Fund significantly outperformed the performance universe median for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the benchmark for the five-year period except that it underperformed the benchmark for the one- and three-year periods. The Board concluded that, in light of the Fund’s competitive performance record, it would be in the interest of the Fund and its shareholder to renew the Agreement.

Colorado Intermediate Tax Free Fund. The Board considered that the Fund outperformed the performance universe median for the one-, three-, five- and ten-year periods. The Board also noted that the Fund outperformed or performed competitively versus the benchmark for the one- and three-year periods except that it underperformed the benchmark for the other periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Minnesota Intermediate Tax Free Fund. The Board considered that the Fund outperformed the performance universe median for the one-, three-, five-, and ten-year periods. The Board also considered that the Fund outperformed its

124      First American Funds Annual Report 2007

benchmark for the one-, and three-year periods, though it underperformed the benchmark for the five- and ten-year periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Missouri Tax Free Fund. The Board considered that the Fund outperformed or performed competitively against its performance universe for the one-, three-, five- and ten-year periods. The Board also noted that the Fund underperformed its benchmark for those periods. The Board considered FAF Advisors’ assertion that the Fund’s performance has been affected by its limited ability to enter into transactions with Piper Jaffray, an active dealer in Missouri secondary market trading. This results from banking regulation related restrictions, which were eliminated last fall. In light of the elimination of that restriction, the Board considered recent performance, noting that for the first quarter of 2007 the Fund had significantly outperformed both the performance universe median and the benchmark. The Board concluded that, in light of the Fund’s competitive performance compared to that of the performance universe and the recent positive impact of the increased access to Piper Jaffray’s offering and secondary market trading capabilities, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Nebraska Tax Free Fund. The Board considered that the Fund outperformed the performance universe median for the one-, three- and five-year periods, though it underperformed its benchmark for the same periods. The Board concluded that, in light of the Fund’s competitive performance compared to its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Ohio Tax Free Fund. The Board considered that the Fund outperformed the performance universe median for the one- and three-year periods, though it underperformed its benchmark for both periods. The Board concluded that, in light of the Fund’s strong performance versus its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Oregon Intermediate Tax Free Fund. The Board considered that the Fund outperformed the performance universe median for the one-, three- and five-year periods, though it underperformed its benchmark for all periods. The Board concluded that, in light of the Fund’s strong performance versus its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Short Tax Free Fund. The Board noted that the Fund performed competitively versus its performance universe for the one-year period, though it underperformed for the three-year period. The Board also considered that the Fund outperformed the benchmark for the one-year period, though it underperformed the benchmark for the three-year period. The Board considered FAF Advisors’ assertion that there is significant volatility in the peer universe rankings and that, as a result, a more meaningful comparative time-frame within which to measure the Fund performance would be that beginning with the Fund’s inception date (October 25, 2002). The Board noted that the Fund outperformed the performance universe median for that “since inception” period. The Board concluded that, in light of these factors, 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’ estimated costs in serving as the Funds’ investment manager, including the costs associated with the personnel and systems necessary to manage each Fund. The Board also considered the reported profitability of FAF Advisors and its affiliates resulting from their relationship with each Fund. For each Fund, the Board reviewed fee and expense information as compared to that of other funds and accounts managed by FAF Advisors and of comparable funds managed by other advisers. The Board found that while the advisory fees for FAF Advisors’ institutional separate accounts are lower than the Funds’ advisory fees, the Funds receive additional services from FAF Advisors that separate accounts do not receive.

Using information provided by an independent data service, the Board also evaluated each Fund’s advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and each Fund’s total expense ratio after waivers compared to the median total expense ratio, after waivers, of comparable funds. In connection with its review of Fund fees and expenses, the Board asked FAF Advisors to articulate its pricing philosophy. FAF Advisors responded that it attempts generally to maintain each Fund’s total operating expenses at a level that approximates its peer group median total expense ratio. In addition, FAF Advisors 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. Consistent with this pricing philosophy, FAF Advisors agreed to maintain the Funds’ expense caps at their current levels through June 30, 2008.

First American Funds Annual Report 2007      125

NOTICE TO SHAREHOLDERS (continued)

Further detail considered by the Board regarding the advisory fees and total expense ratios of each Fund is set forth below:

Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Short Tax Free Fund. For each of these Funds, the advisory fee and total expense ratio, after waivers, were less than or equal to the peer group median. The Board concluded that each Fund’s advisory fee and total expense ratio is reasonable in light of the services provided.

California Intermediate Tax Free Fund, Minnesota Tax Free Fund, and Oregon Intermediate Tax Free Fund. The Board considered that each Fund’s advisory fee, after waivers, was lower than the peer group median. Though each Fund’s total expense ratio was higher than the median, the Board noted that it was within a range consistent with FAF Advisors’ pricing philosophy. The Board concluded that each Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Missouri Tax Free Fund. The Board considered that the Fund’s advisory fee and total expense ratio, after waivers, were higher than the peer group median. The Board also noted, however, that the Fund’s total expenses were close to the range established by FAF Advisors’ general pricing philosophy. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Tax Free Fund. The Board considered that the Fund’s advisory fee, after waivers, was slightly higher than the peer group median. The Board also noted that the Fund’s total expense ratio, after waivers, was higher than that of the peer group median, though within a range consistent with FAF Advisors’ pricing philosophy. In light of this, 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 whether each Fund’s investment advisory fee reflects the potential for 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 the 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 FAF Advisors’ assertion that the median total expense ratio of a Fund’s peer group will 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 should receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules and any such economies of scale. In light of FAF Advisors’ commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each Fund and its shareholders to renew the Agreement.

Other Benefits to FAF Advisors

In evaluating the benefits that accrue to FAF Advisors through its relationship with the Funds, the Board noted that FAF Advisors and certain of its affiliates serve the Funds in various capacities, including as advisor, administrator, transfer agent, distributor and custodian, 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.

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

126      First American Funds Annual Report 2007

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; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through June 2004	First American Funds Complex: twelve registered investment companies, including fifty-nine 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; Vice President and Chief Operating Officer, Cargo-United Airlines, from July 2001 through July 2004	First American Funds Complex: twelve registered investment companies, including fifty-nine 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	First American Funds Complex: twelve registered investment companies, including fifty-nine portfolios		None
John P. Kayser P.O. Box 1329 Minneapolis, MN 55440-1329 (1949)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 2006	Retired; Principal from 1983 to 2004 and Chief Financial Officer and Chief Administrative Officer from 1988 to 2002, William Blair & Company, LLC	First American Funds Complex: twelve registered investment companies, including fifty-nine 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; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003; Advisory Board member, Designer Doors, manufacturer of designer doors, through 2002.	First American Funds Complex: twelve registered investment companies, including fifty-nine 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 CEO, RKR Consultants, Inc. and non-profit board member since 2005	First American Funds Complex: twelve registered investment companies, including fifty-nine portfolios	Cleveland Cliffs Inc (a producer of iron ore pellets)
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 September 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 strategic planning, operations management, government relations, transportation planning and public relations organization; Owner, Chairman and Chief Executive Officer, Excensus (TM), LLC, a strategic demographic planning and application development firm since 2001	First American Funds Complex: twelve registered investment companies, including fifty-nine portfolios		None

First American Funds Annual Report 2007      127

NOTICE TO SHAREHOLDERS (continued)

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 †
Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FAIF since September 1987	Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company through 2003	First American Funds Complex: twelve registered investment companies, including fifty-nine 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-nine portfolios		None

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

The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800-677-FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.

128      First American Funds Annual Report 2007

Officers
	Position(s)	Term of Office
Name, Address, and	Held with	and Length of
Year of Birth	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 of FAF Advisors, Inc.
Mark S. Jordahl FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960)*	Vice President – Investments	Re-elected by the Board annually; Vice President – Investments of FAIF since September 2001	Chief Investment Officer of FAF Advisors, Inc.
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 of 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 October 2004	Treasurer, FAF Advisors, Inc., since October 2004; prior thereto, Vice President of Investment Accounting and Fund Treasurer for Thrivent Financial for Lutherans
Jill M. Stevenson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965)*	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005	Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director, Senior Project Manager, FAF Advisors, Inc. from May 2003 to September 2005; prior to that, Vice President, Director of Operations, Paladin Investment Associates, LLC
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 for First American Funds and FAF Advisors, Inc., since March 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004 to March 2005; prior to that, Vice President, Charles Schwab & Co., Inc.
Jason K. Mitchell FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1976)*	Anti-Money Laundering Officer	Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since September 2006	Compliance Manager, FAF Advisors, Inc., since June 2006; prior to that, Compliance Analyst, FAF Advisors, Inc. from October 2004 to June 2006; prior to that, Senior Systems Helpdesk Analyst, Wachovia Retirement Services from November 2002 to October 2004; prior to that, Senior Retirement Plan Specialist, PFPC, 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; prior thereto, Assistant Secretary of FAIF since September 1998 through December 2004	Deputy General Counsel, FAF Advisors, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
James D. Alt 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
Brett L. Agnew FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1971)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004	Counsel, FAF Advisors, Inc., since August 2004; prior thereto, Senior Counsel, Thrivent Financial for Lutherans
James R. Arnold 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Vice President, U.S. Bancorp Fund Services, LLC

First American Funds Annual Report 2007      129

NOTICE TO SHAREHOLDERS (continued)

Officers – continued
	Position(s)	Term of Office
Name, Address, and	Held with	and Length of
Year of Birth	Funds	Time Served	Principal Occupation(s) During Past 5 Years
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; prior to that, Counsel, FAF Advisors, Inc. from May 2003 to August 2004; prior to May 2003, Associate Counsel, Hartford Life and Accident Insurance Company
Douglas G. Hess 615 E. Michigan Street Milwaukee, WI 53202 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since September 2001	Vice President, U.S. Bancorp Fund Services, LLC since November 2002; prior thereto, Assistant Vice President, Fund Compliance Administrator, U.S. Bancorp Fund Services, LLC

*  Messrs. Schreier, Jordahl, Wilson, Gariboldi, Lui, Mitchell, Agnew and Ertel, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of FAF Advisors, Inc., which serves as investment adviser and administrator for FAIF. Messrs. Arnold and Hess are officers of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as Transfer Agent for FAIF.

130      First American Funds Annual Report 2007

Board of Directors First American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; 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; 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.

Direct fund correspondence to:

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 year ended June 30, 2007. 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

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

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

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

0153-07 8/2007 AR-TAXFREEINCOME

Table of Contents

Message to Shareholders	1
Management Discussions and Performance Summaries	2
Expense Examples	20
Report of Independent Registered Public Accounting Firm	24
Schedule of Investments	25
Statements of Assets and Liabilities	56
Statements of Operations	60
Statements of Changes in Net Assets	62
Financial Highlights	66
Notes to Financial Statements	76
Notice to Shareholders	88

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to SHAREHOLDERS August 13, 2007

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended June 30, 2007.

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

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

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

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

Sincerely,

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

First American Funds Annual Report 2007      1

Core Bond FUND

Investment Objective: high current income consistent with limited risk to capital

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Core Bond Fund (the “fund”), Class Y shares, returned 5.53% for the fiscal year ended June 30, 2007 (Class A shares returned 5.26% without taking the sales charge into account). By comparison, the fund’s benchmark, the Lehman Aggregate Bond Index*, returned 6.12% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth was generally below the economy’s long-term potential during the second half of 2006 and the first quarter of 2007. Most indicators point to an improvement in growth during the second quarter to slightly above the economy’s long-term potential, but the improvement in growth primarily reflects an increase in production to rebuild inventories. Final domestic demand growth has moderated, and this moderation is expected to persist during the second half of 2007 as the housing market remains weak, home prices decline, and higher energy prices have a negative effect on real purchasing power. But at the same time, strong global growth should continue to provide a positive offset, with U.S. export growth helping to support U.S. economic activity.

Core inflation has slowed faster than anticipated and is now back within the Federal Reserve’s comfort zone. But overall inflation risks remain elevated, with energy and food prices continuing to rise and the low unemployment rate suggesting that resource utilization remains at a relatively high level. The combination of moderate growth, decelerating inflation, and high levels of resource utilization has resulted in the Fed’s leaving policy rates unchanged over the past year. The Fed should have sufficient flexibility to lower policy rates to support economic activity, should that be necessary, given the current inflation environment. While bond yields rose substantially from early May to mid-June, they have since stabilized and currently remain below the Fed funds rate. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

Interest rates were somewhat volatile within a range during the fiscal year as Fed easing expectations were priced in and out of the market. As a result, the fund’s interest-rate strategy was not a major contributor to returns. Short-term rates ended marginally lower over the time frame, which helped performance.

With the global capital markets awash in cash and risk tolerances at high levels, all non-Treasury sectors once again had strong returns through the first quarter of 2007. Much of this outperformance was reversed in the second quarter as subprime loan issues escalated at several hedge funds and investors retreated to the safety of Treasury securities. The fund had purchased credit protection on certain corporate issuers and index products, which boosted performance as risk premiums on these securities increased (credit protection is a credit default swap that will increase in value if the price of the bond falls).

The housing market failed to recover from its year-long malaise, and mortgage securities backed by newly originated subprime and alternative documentation loans (i.e., loans requiring little or no verification of income) performed poorly amid growing concerns about higher levels of mortgage defaults and foreclosures. The portfolio’s focus on seasoned loans to prime borrowers was beneficial to the fund’s performance against its peers during the fiscal year, confirming our belief that these loans offer an attractive risk/return profile.

What strategic moves were made by the fund and why?

We became more defensive on corporate credit risk due to heightened risk of leveraged buyouts and expensive valuations. We did this by selling a large percentage of our corporate bond holdings gradually during the fiscal year. We also bought credit protection on both diversified baskets of bonds and on single issuers (credit protection is a credit default swap that will increase in value if the price of the bond falls). While this strategy failed to make meaningful impact on performance during the fiscal year, we believe that a defensive positioning in credit will prove beneficial in the coming quarters if corporate bonds should underperform.

In the course of the fiscal year, we increasingly emphasized holdings in mortgage bonds originated in 2004 or earlier. These securities performed well in the slower housing/higher mortgage delinquency environment and should continue to do so until the housing market recovers.

We increased our overweight to commercial mortgage-backed securities, which is a high-quality asset with minimal event risk. This strategy failed to gain traction during the fiscal year as a large supply of new issues caused the sector to lag.

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

Portfolio Allocation as of June 30, 2007¹ (% of net assets)

U.S. Government Agency Mortgage-Backed Securities	37.9	%
Asset-Backed Securities	20.5
U.S. Government & Agency Securities	14.4
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	13.5
Corporate Bonds	10.7
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	2.5
Short-Term Investments	4.5
Other Assets and Liabilities, Net2	(4.0	)
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007³ (% of market value)

AAA	85.0	%
AA	3.2
A	3.2
BBB	7.0
Non-Rated	1.6
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.

2      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

	Expense Ratios3															Since Inception
	Gross			Net			1 year			5 years			10 years			2/01/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		1.01	%		0.95	%		0.75	%		2.94	%		4.72	%		—			—
Class B		1.76	%		1.70	%		(0.59	)%		2.69	%		4.41	%		—			—
Class C		1.76	%		1.70	%		3.48	%		3.03	%		—			3.61	%		—
Average annual return without sales charge (NAV)
Class A		1.01	%		0.95	%		5.26	%		3.83	%		5.18	%		—			—
Class B		1.76	%		1.70	%		4.41	%		3.04	%		4.41	%		—			—
Class C		1.76	%		1.70	%		4.48	%		3.03	%		—			3.61	%		—
Class R		1.26	%		1.20	%		4.99	%		3.68	%		—			—			3.66	%
Class Y		0.76	%		0.70	%		5.53	%		4.08	%		5.44	%		—			—
Lehman Aggregate Bond Index 2		—			—			6.12	%		4.48	%		6.02	%		5.32	%		4.68	%

Value of $10,000 Investment^{1, 4}  as of June 30, 2007

Core Bond Fund, Class A (NAV)		$	16,069
Core Bond Fund, Class A (POP)		$	15,382
Core Bond Fund, Class Y		$	16,463
Lehman Aggregate Bond Index2		$	17,360

Class A

Class Y

The chart above illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 9/30/1997 to 6/30/2007) as compared to the Lehman Aggregate Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

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 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, 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.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of the Lehman Government/ Credit Bond Index, the Lehman Mortgage Backed Securities Index, and the Lehman Asset Backed Securities Index. The Lehman Government/ Credit Bond Index is comprised of Treasury securities, other securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, including U.S. agency mortgage securities, and investment-grade corporate debt securities. The Lehman Mortgage Backed Securities Index is comprised of the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac. The Lehman Asset Backed Securities Index is comprised of debt securities rated investment grade or higher that are backed by credit card, auto, and home equity loans.
3	The fund’s advisor has agreed to voluntarily waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval. The expense ratios are per the most current prospectus.
4	Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

First American Funds Annual Report 2007      3

High Income Bond FUND

Investment Objective: high current income

How did the fund perform for the fiscal year ended June 30, 2007?

The First American High Income Bond Fund (the “fund”), Class Y shares, returned 11.73% for the fiscal year ended June 30, 2007 (Class A shares returned 11.46% without taking the sales charge into account). By comparison, the fund’s benchmark, the Lehman High Yield 2% Issuer Capped Index*, returned 11.21% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth was generally below the economy’s long-term potential during the second half of 2006 and the first quarter of 2007. Most indicators point to an improvement in growth during the second quarter to slightly above the economy’s long-term potential, but the improvement in growth primarily reflects an increase in production to rebuild inventories. Final domestic demand growth has moderated, and this moderation is expected to persist during the second half of 2007 as the housing market remains weak, home prices decline, and higher energy prices have a negative effect on real purchasing power. But at the same time, strong global growth should continue to provide a positive offset, with U.S. export growth helping to support U.S. economic activity.

Core inflation has slowed faster than anticipated and is now back within the Federal Reserve’s comfort zone. But overall inflation risks remain elevated, with energy and food prices continuing to rise and the low unemployment rate suggesting that resource utilization remains at a relatively high level. The combination of moderate growth, decelerating inflation, and high levels of resource utilization has resulted in the Fed’s leaving policy rates unchanged over the past year. The Fed should have sufficient flexibility to lower policy rates to support economic activity, should that be necessary, given the current inflation environment. While bond yields rose substantially from early May to mid-June, they have since stabilized and currently remain below the Fed funds rate. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

Throughout the first three quarters of the fiscal year, an environment of low volatility, little to no default risk, accommodative Fed action, and stable to strong equity markets led to solid performance from high-yield bonds. Yield spreads over Treasuries were relatively narrow at the beginning of the period, particularly for higher-quality high yield bonds, and narrowed further throughout the period. The investors who took on an increasing amount of risk in the lower-rated bond tiers were rewarded with outsized returns, as CCC-rated bond spreads ratcheted to all-time tight levels early in the year. A bout of volatility in February due to concern over an overheated Chinese stock market and a reduction in global liquidity caused high-yield bonds to finally underperform Treasuries. As the fiscal year came to a close, concerns over a large and increasing supply of acquisition-related high-yield debt, coupled with contagion from the subprime mortgage market, caused spreads to widen more meaningfully.

Prior to the beginning of the fiscal year, we had improved the average quality of the portfolio and underweighted CCC-rated holdings in anticipation of a down phase in the credit cycle, which never occurred. Instead, as CCC-rated bonds outperformed higher-quality high-yield bonds by a fairly wide margin, the fund fought an uphill battle in matching index performance. The fund was able to overcome this by overweighting certain sectors that exhibited strong relative performance, most notably metals and mining, paper/forest products, and airlines. The fund also moved to take advantage of the global growth phenomenon by adding roughly 10% to foreign and emerging market corporate bonds, where we saw better valuations and strong fundamentals.

Individual security selection accounted for the lion’s share of performance. We recognized an opportunity to participate in the distressed debt of Adelphia Communications and of Delta Airlines, both of which were in bankruptcy but also stood to benefit from the Chapter 11 process. Other investments in the paper sector, notably bonds issued by Newark Group, Mercer International, and Millar Western, provided a lift. On the negative side, our underweight to a few top-performing sectors such as cable/media and building products detracted from the fund’s performance.

What strategic moves were made by the fund and why?

We initiated several small positions in closed-end funds, primarily to efficiently gain access to sectors of the market we favor, such as leveraged loans and global securities. We similarly made selective investments in the areas of preferred stock and convertible securities, again looking to capitalize on strong sectors of the economy and favorable risk/reward characteristics. We maintained our investments in royalty trusts, which are attractive for their large dividend yields and possible upside in this environment of high energy prices. Together, these areas accounted for less than 10% of the overall portfolio, but they provide for important diversification in an environment of increased credit market volatility and richly valued high-yield.

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

Portfolio Allocation as of June 30, 2007¹ (% of net assets)

High Yield Corporate Bonds	85.5	%
Preferred Stocks	3.5
Closed-End Funds	2.4
Common Stocks	2.1
Investment Grade Corporate Bonds	1.6
Convertible Securities	0.8
Asset-Backed Security	0.0
Short-Term Investments	2.4
Other Assets and Liabilities, Net2	1.7
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007³ (% of market value)

BBB	5.3	%
BB	33.7
B	42.0
CCC	17.2
CC	0.1
Non-Rated	1.7
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.

4      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

	Expense Ratios3												Since Inception
	Gross			Net			1 year			5 years			8/30/2001			9/24/20014
Average annual return with sales charge (POP)
Class A		1.30	%		1.10	%		6.71	%		9.26	%		6.30	%		—
Class B		2.05	%		1.85	%		5.67	%		9.16	%		6.24	%		—
Class C		2.05	%		1.85	%		9.66	%		9.42	%		6.32	%		—
Average annual return without sales charge (NAV)
Class A		1.30	%		1.10	%		11.46	%		10.22	%		7.10	%		—
Class B		2.05	%		1.85	%		10.67	%		9.44	%		6.36	%		—
Class C		2.05	%		1.85	%		10.66	%		9.42	%		6.32	%		—
Class R		1.55	%		1.35	%		11.12	%		10.04	%		—			7.92	%
Class Y		1.05	%		0.85	%		11.73	%		10.51	%		7.39	%		—
Lehman High Yield 2% Issuer Capped Index2		—			—			11.21	%		11.60	%		8.97	%		10.43	%

Value of $10,000 Investment^{1, 5}  as of June 30, 2007

High Income Bond Fund, Class A (NAV)		$	14,901
High Income Bond Fund, Class A (POP)		$	14,269
High Income Bond Fund, Class Y		$	15,139
Lehman High Yield 2% Issuer Capped Index2		$	16,507

Class A

Class Y

The chart above illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 8/30/2001 to 6/30/2007) as compared to the Lehman High Yield 2% Issuer Capped Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

The fund invests in lower-rated and non-rated securities which present a greater risk of loss to principal and interest than higher-rated securities.

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 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, 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.

2	An unmanaged index that covers the universe of fixed-rate, dollar-denominated, below-investment-grade debt with at least one year to final maturity with total index allocation to an individual issuer being limited to 2%.
3	The fund’s advisor has agreed to voluntarily waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval. The expense ratios are per the most current prospectus.
4	The performance since inception of the index is calculated from the month end following the inception of the class.
5	Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

First American Funds Annual Report 2007      5

Inflation Protected Securities FUND

Investment Objective: provide investors with total return while providing protection against inflation

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Inflation Protected Securities Fund (the “fund”), Class Y shares, returned 2.56% for the fiscal year ended June 30, 2007 (Class A shares returned 2.41% without taking the sales charge into account). By comparison, the fund’s benchmark, the Lehman Treasury Inflation Protected Securities Index*, returned 3.99% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth was generally below the economy’s long-term potential during the second half of 2006 and the first quarter of 2007. Most indicators point to an improvement in growth during the second quarter to slightly above the economy’s long-term potential, but the improvement in growth primarily reflects an increase in production to rebuild inventories. Final domestic demand growth has moderated, and this moderation is expected to persist during the second half of 2007 as the housing market remains weak, home prices decline, and higher energy prices have a negative effect on real purchasing power. But at the same time, strong global growth should continue to provide a positive offset, with U.S. export growth helping to support U.S. economic activity.

Core inflation has slowed faster than anticipated and is now back within the Federal Reserve’s comfort zone. But overall inflation risks remain elevated, with energy and food prices continuing to rise and the low unemployment rate suggesting that resource utilization remains at a relatively high level. The combination of moderate growth, decelerating inflation, and high levels of resource utilization has resulted in the Fed’s leaving policy rates unchanged over the past year. The Fed should have sufficient flexibility to lower policy rates to support economic activity, should that be necessary, given the current inflation environment. While bond yields rose substantially from early May to mid-June, they have since stabilized and currently remain below the Fed funds rate. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

Interest rates were somewhat volatile within a range during the fiscal year as Fed easing expectations were priced in and out of the market. As a result, the fund’s interest-rate strategy was not a major contributor to returns. Short-term rates ended marginally lower over the time frame, which helped performance. As inflation moderated, Treasury Inflation-Protected Security (TIPS) returns lagged those of regular treasuries with comparable duration. The portfolio was biased toward the potential Fed easing, which, however, did not occur during the fiscal year, adversely affecting fund performance.

Volatile energy markets had a significant influence on the TIPS yield curve. The portfolio’s positioning, with a bias to the long end of the yield curve, produced a negative impact on performance as the yield curve steepened, with yields on shorter-maturity bonds rising.

The dollar and U.S. bonds benefited as Asian nations recycled their current account surpluses by investing the savings. U.S. bonds outperformed most foreign markets following the Fed’s end to monetary tightening. The dollar remained volatile during the fiscal year, generally depreciating against the currencies of countries with higher yields than the United States, but significantly appreciating against the yen. The fund’s foreign-exchange and nondollar strategies helped performance throughout the decline in the U.S. dollar during the spring of 2006, but the subsequent period did not produce profitable trends, hurting fund performance.

What strategic moves were made by the fund and why?

We approached duration management tactically, taking advantage of the market’s shifting sentiments on growth, inflation, and Fed policy prospects. We overweighted shorter-maturity TIPS during first half of the fiscal year, as the short end of the TIPS yield curve benefited from strong first-half inflation accruals (i.e., increases in the notional value of TIPS related to periodic changes in the Consumer Price Index).

The fund was positioned for a weaker dollar, as both cyclical and long-term negative economic trends increasingly pressured the currency. The fund held positions in high-quality foreign government bonds since their yields were attractive in comparison to the United States.

As we modified our expectations concerning the shape of the yield curve, we moved to underweight longer-maturity TIPS, given our view of continued moderation in inflation and of unchanging Fed rate policy.

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

Portfolio Allocation as of June 30, 2007¹ (% of net assets)

U.S. Government & Agency Securities	86.9	%
Corporate Bonds	5.6
Asset-Backed Securities	1.4
Collateralized Mortgage Obligation – Private Mortgage-Backed Security	1.1
Common Stocks	0.6
Municipal Bond	0.4
U.S. Government Agency Mortgage-Backed Security	0.2
Convertible Security	0.1
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security	0.1
Short-Term Investments	3.1
Other Assets and Liabilities, Net2	0.5
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007³ (% of market value)

AAA	94.4	%
AA	3.6
A	0.5
BBB	0.8
BB	0.6
B	0.1
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.

6      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

	Expense Ratios3									Since Inception
	Gross			Net
							1 year			10/01/2004
Average annual return with sales charge (POP)
Class A		1.05	%		0.85	%		(1.91	)%		0.43	%
Class C		1.80	%		1.60	%		0.54	%		1.22	%
Average annual return without sales charge (NAV)
Class A		1.05	%		0.85	%		2.41	%		2.02	%
Class C		1.80	%		1.60	%		1.53	%		1.22	%
Class R		1.30	%		1.10	%		2.09	%		1.82	%
Class Y		0.80	%		0.60	%		2.56	%		2.26	%
Lehman Treasury Inflation Protected Securities Index2		—			—			3.99	%		2.94	%

Value of $10,000 Investment^{1, 4}  as of June 30, 2007

Inflation Protected Securities Fund, Class A (NAV)		$	10,564
Inflation Protected Securities Fund, Class A (POP)		$	10,119
Inflation Protected Securities Fund, Class Y		$	10,633
Lehman Treasury Inflation Protected Securities Index2		$	10,829

Class A

Class Y

The chart above illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 10/01/2004 to 6/30/2007) as compared to the Lehman Treasury Inflation Protected Securities Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

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 maximum 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.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of inflation-protected securities issued by the U.S. Treasury that have at least one year to final maturity, at least $250 million par amount outstanding, and are investment-grade rated (Baa or better).
3	The fund’s advisor has agreed to voluntarily waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval. The expense ratios are per the most current prospectus.
4	Performance for Class C and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

First American Funds Annual Report 2007      7

Intermediate Government Bond FUND

Investment Objective: provide investors with current income that is exempt from state income tax, to the extent consistent with the preservation of capital

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Intermediate Government Bond Fund (the “fund”), Class Y shares, returned 4.84% for the fiscal year ended June 30, 2007 (Class A shares returned 4.68% without taking the sales charge into account). By comparison, the fund’s benchmark, the Lehman Intermediate Treasury Bond Index*, returned 5.28% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth was generally below the economy’s long-term potential during the second half of 2006 and the first quarter of 2007. Most indicators point to an improvement in growth during the second quarter to slightly above the economy’s long-term potential, but the improvement in growth primarily reflects an increase in production to rebuild inventories. Final domestic demand growth has moderated, and this moderation is expected to persist during the second half of 2007 as the housing market remains weak, home prices decline, and higher energy prices have a negative effect on real purchasing power. But at the same time, strong global growth should continue to provide a positive offset, with U.S. export growth helping to support U.S. economic activity.

Core inflation has slowed faster than anticipated and is now back within the Federal Reserve’s comfort zone. But overall inflation risks remain elevated, with energy and food prices continuing to rise and the low unemployment rate suggesting that resource utilization remains at a relatively high level. The combination of moderate growth, decelerating inflation, and high levels of resource utilization has resulted in the Fed’s leaving policy rates unchanged over the past year. The Fed should have sufficient flexibility to lower policy rates to support economic activity, should that be necessary, given the current inflation environment. While bond yields rose substantially from early May to mid-June, they have since stabilized and currently remain below the Fed funds rate. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

Interest rates were somewhat volatile within a range during the fiscal year as Fed easing expectations were priced in and out of the market. As a result, the fund’s interest-rate strategy was not a major contributor to returns. Short-term rates ended marginally lower over the time frame, which helped performance.

What strategic moves were made by the fund and why?

We approached duration management tactically, taking advantage of the market’s shifting sentiments on growth, inflation, and Fed policy prospects. We maintained allocation to agency debt securities, given stable credit fundamentals, improving risk profile, and supportive technicals. This strategy helped fund performance as agencies enjoyed another year of positive excess returns.

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

Portfolio Allocation as of June 30, 2007¹  (% of net assets)

U.S. Government & Agency Securities	95.8	%
Short-Term Investments	4.2
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007²  (% of market value)

AAA	97.6	%
AA	2.4
	100.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.

8      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

	Expense Ratios3						Since Inception
	Gross		Net		1 year		10/25/2002
Average annual return with sales charge (POP)
Class A		1.36%		0.75%		2.37%		1.77%
Average annual return without sales charge (NAV)
Class A		1.36%		0.75%		4.68%		2.26%
Class Y		1.11%		0.60%		4.84%		2.41%
Lehman Intermediate Treasury Bond Index2		—		—		5.28%		2.68%

Value of $10,000 Investment¹  as of June 30, 2007

Intermediate Government Bond Fund, Class A (NAV)		$	11,104
Intermediate Government Bond Fund, Class A (POP)		$	10,854
Intermediate Government Bond Fund, Class Y		$	11,181
Lehman Intermediate Treasury Bond Index2		$	11,315

Class A

Class Y

The chart above illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 10/25/2002 to 6/30/2007) as compared to the Lehman Intermediate Treasury Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

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 2.25% for Class A Shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of public obligations of the U.S. Treasury with a remaining maturity between one and 10 years.
3	The fund’s advisor has agreed to voluntarily waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval. The expense ratios are per the most current prospectus.

First American Funds Annual Report 2007      9

Intermediate Term Bond FUND

Investment Objective: current income to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Intermediate Term Bond Fund (the “fund”), Class Y shares, returned 4.98% for the fiscal year ended June 30, 2007 (Class A shares returned 4.80% without taking the sales charge into account). By comparison, the fund’s benchmark, the Lehman Intermediate Government/ Credit Bond Index*, returned 5.76% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth was generally below the economy’s long-term potential during the second half of 2006 and the first quarter of 2007. Most indicators point to an improvement in growth during the second quarter to slightly above the economy’s long-term potential, but the improvement in growth primarily reflects an increase in production to rebuild inventories. Final domestic demand growth has moderated, and this moderation is expected to persist during the second half of 2007 as the housing market remains weak, home prices decline, and higher energy prices have a negative effect on real purchasing power. But at the same time, strong global growth should continue to provide a positive offset, with U.S. export growth helping to support U.S. economic activity.

Core inflation has slowed faster than anticipated and is now back within the Federal Reserve’s comfort zone. But overall inflation risks remain elevated, with energy and food prices continuing to rise and the low unemployment rate suggesting that resource utilization remains at a relatively high level. The combination of moderate growth, decelerating inflation, and high levels of resource utilization has resulted in the Fed’s leaving policy rates unchanged over the past year. The Fed should have sufficient flexibility to lower policy rates to support economic activity, should that be necessary, given the current inflation environment. While bond yields rose substantially from early May to mid-June, they have since stabilized and currently remain below the Fed funds rate. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

Interest rates were somewhat volatile within a range during the fiscal year as Fed easing expectations were priced in and out of the market. As a result, the fund’s interest-rate strategy was not a major contributor to returns. Short-term rates ended marginally lower over the time frame, which helped performance.

With the global capital markets awash in cash and risk tolerances at high levels, all non-Treasury sectors once again had strong returns through the first quarter of 2007. Much of this outperformance was reversed in the second quarter as subprime loan issues escalated at several hedge funds and investors retreated to the safety of Treasury securities. The fund had purchased credit protection on certain corporate issuers and index products, which boosted performance as risk premiums on these securities increased (credit protection is a credit default swap that will increase in value if the price of the bond falls).

The housing market failed to recover from its year-long malaise, and mortgage securities backed by newly originated subprime and alternative documentation loans (i.e., loans requiring little or no verification of income) performed poorly amid growing concerns about higher levels of mortgage defaults and foreclosures. The portfolio’s focus on seasoned loans to prime borrowers had a modestly positive impact on performance as concerns about subprime loans mounted.

What strategic moves were made by the fund and why?

We became more defensive on corporate credit risk due to heightened risk of leveraged buyouts and expensive valuations. We did this by selling a large percentage of our corporate bond holdings and buying credit protection on both diversified baskets of bonds and on single issuers (credit protection is a credit default swap that will increase in value if the price of the bond falls). The fund had no exposure to newly issued subprime or prime loans.

In the course of the fiscal year, we increasingly emphasized holdings in mortgage bonds originated in 2004 or earlier. These securities performed well in the slower housing/higher mortgage delinquency environment and should continue to do so until the housing market recovers.

We increased our overweight to commercial mortgage-backed securities, which is a high-quality asset with minimal event risk. This strategy failed to gain traction during the fiscal year as large supply of new issues caused the sector to lag.

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

Portfolio Allocation as of June 30, 2007¹ (% of net assets)

U.S. Government & Agency Securities	31.6	%
Asset-Backed Securities	26.5
Corporate Bonds	19.7
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	12.9
U.S. Government Agency Mortgage-Backed Securities	5.8
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	2.7
Municipal Bond	0.3
Short-Term Investments	0.6
Other Assets and Liabilities, Net2	(0.1	)
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007³ (% of market value)

AAA	76.8	%
AA	2.8
A	5.3
BBB	13.3
Non-Rated	1.8
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.

10      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

	Expense Ratios3
	Gross			Net			1 year			5 years			10 years
Average annual return with sales charge (POP)
Class A		1.01	%		0.85	%		2.47	%		3.04	%		4.80	%
Average annual return without sales charge (NAV)
Class A		1.01	%		0.85	%		4.80	%		3.50	%		5.03	%
Class Y		0.76	%		0.70	%		4.98	%		3.67	%		5.23	%
Lehman Intermediate Government/ Credit Bond Index2		—			—			5.76	%		4.15	%		5.66	%

Value of $10,000 Investment¹  as of June 30, 2007

Intermediate Term Bond Fund, Class A (NAV)		$	15,768
Intermediate Term Bond Fund, Class A (POP)		$	15,410
Intermediate Term Bond Fund, Class Y		$	16,054
Lehman Intermediate Government/ Credit Bond Index2		$	16,706

Class A

Class Y

The chart above illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 10/31/1997 to 6/30/2007) as compared to the Lehman Intermediate Government/Credit Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

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 2.25% for Class A shares for the relevant period. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

2	An unmanaged index of Treasury securities, other securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, and investment-grade corporate debt securities. In each case with maturities of one to 10 years.
3	The fund’s advisor has agreed to voluntarily waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval. The expense ratios are per the most current prospectus.

First American Funds Annual Report 2007      11

Short Term Bond FUND

Investment Objective: current income while maintaining a high degree of principal stability

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Short Term Bond Fund (the “fund”), Class Y shares, returned 4.86% for the fiscal year ended June 30, 2007 (Class A shares returned 4.60% without taking the sales charge into account). By comparison, the fund’s benchmark, the Lehman 1-3 Year Government/ Credit Bond Index*, returned 5.34% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth was generally below the economy’s long-term potential during the second half of 2006 and the first quarter of 2007. Most indicators point to an improvement in growth during the second quarter to slightly above the economy’s long-term potential, but the improvement in growth primarily reflects an increase in production to rebuild inventories. Final domestic demand growth has moderated, and this moderation is expected to persist during the second half of 2007 as the housing market remains weak, home prices decline, and higher energy prices have a negative effect on real purchasing power. But at the same time, strong global growth should continue to provide a positive offset, with U.S. export growth helping to support U.S. economic activity.

Core inflation has slowed faster than anticipated and is now back within the Federal Reserve’s comfort zone. But overall inflation risks remain elevated, with energy and food prices continuing to rise and the low unemployment rate suggesting that resource utilization remains at a relatively high level. The combination of moderate growth, decelerating inflation, and high levels of resource utilization has resulted in the Fed’s leaving policy rates unchanged over the past year. The Fed should have sufficient flexibility to lower policy rates to support economic activity, should that be necessary, given the current inflation environment. While bond yields rose substantially from early May to mid-June, they have since stabilized and currently remain below the Fed funds rate. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

Interest rates were somewhat volatile within a range during the fiscal year as Fed easing expectations were priced in and out of the market. As a result, the fund’s interest-rate strategy was not a major contributor to returns. Short-term rates ended marginally lower over the time frame, which helped performance.

With the global capital markets awash in cash and risk tolerances at high levels, all non-Treasury sectors once again had strong returns through the first quarter of 2007. Much of this outperformance was reversed in the second quarter as subprime loan issues escalated at several hedge funds and investors retreated to the safety of Treasury securities. The fund had purchased credit protection on certain corporate issuers and index products, which boosted performance as risk premiums on these securities increased (credit protection is a credit default swap that will increase in value if the price of the bond falls).

The housing market failed to recover from its year-long malaise, and mortgage securities backed by newly originated subprime and alternative documentation loans (i.e., loans requiring little or no verification of income) performed poorly amid growing concerns about higher levels of mortgage defaults and foreclosures. The portfolio upgraded the collateral quality of its asset-backed and mortgage-backed holdings throughout the fiscal year and had minimal exposure to securities backed by loans to nonprime borrowers. This benefited the portfolio as the problems in the subprime sector gathered steam in the second quarter of 2007.

What strategic moves were made by the fund and why?

We became more defensive on corporate credit risk due to heightened risk of leveraged buyouts and expensive valuations. We did this by selling a large percentage of our corporate bond holdings and buying credit protection on both diversified baskets of bonds and on single issuers (credit protection is a credit default swap that will increase in value if the price of the bond falls). The fund is now positioned to benefit if corporate bonds underperform.

We increased our overweight to commercial mortgage-backed securities, which is a high-quality asset with minimal event risk. This strategy failed to gain traction during the fiscal year as large supply of new issues caused the sector to lag.

When the premium for holding higher-risk assets began to increase in the second quarter of 2007, as several hedge funds had to deal with the demands of their creditors, and investors began a general flight to higher-quality securities, the portfolio increased its exposure to high-quality securities by receiving swaps (i.e., interest payments from another party on a specific principal) with a fixed interest rate. This strategic move was made by the fund in expectation of higher-quality securities outperforming lower quality.

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

Portfolio Allocation as of June 30, 2007¹ (% of net assets)

Asset-Backed Securities	37.2	%
U.S. Government & Agency Securities	18.8
Corporate Bonds	14.7
U.S. Government Agency Mortgage-Backed Securities	11.8
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	11.4
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	4.5
Short-Term Investments	1.0
Other Assets and Liabilities, Net2	0.6
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007³ (% of market value)

AAA	81.0	%
AA	5.2
A	4.4
BBB	8.2
BB	0.5
B	0.7
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.

12      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

	Expense Ratios3
	Gross		Net		1 year		5 years		10 years
Average annual return with sales charge (POP)
Class A		1.03%		0.75%		2.21%		2.20%		4.13%
Average annual return without sales charge (NAV)
Class A		1.03%		0.75%		4.60%		2.66%		4.37%
Class Y		0.78%		0.60%		4.86%		2.83%		4.49%
Lehman 1-3 Year Government/ Credit Bond Index2		—		—		5.34%		3.19%		4.90%

Value of $10,000 Investment¹  as of June 30, 2007

Short Term Bond Fund, Class A (NAV)		$	15,070
Short Term Bond Fund, Class A (POP)		$	14,729
Short Term Bond Fund, Class Y		$	15,250
Lehman 1-3 Year Government/ Credit Bond Index2		$	15,821

Class A

Class Y

The chart above illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 9/30/1997 to 6/30/2007) as compared to the Lehman 1-3 Year Government/ Credit Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

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 2.25% for Class A shares for the relevant period. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

2	An unmanaged index of one-to-three-year Treasury securities, other securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, and investment-grade corporate debt securities.
3	The fund’s advisor has agreed to voluntarily waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval. The expense ratios are per the most current prospectus.

First American Funds Annual Report 2007      13

Total Return Bond FUND

Investment Objective: high current income consistent with prudent risk to capital

How did the fund perform for the fiscal year ended June 30, 2007?

The First American Total Return Bond Fund (the “fund”), Class Y shares, returned 4.73% for the fiscal year ended June 30, 2007 (Class A shares returned 4.36% without taking the sales charge into account). By comparison, the fund’s benchmark, the Lehman Aggregate Bond Index*, returned 6.12% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth was generally below the economy’s long-term potential during the second half of 2006 and the first quarter of 2007. Most indicators point to an improvement in growth during the second quarter to slightly above the economy’s long-term potential, but the improvement in growth primarily reflects an increase in production to rebuild inventories. Final domestic demand growth has moderated, and this moderation is expected to persist during the second half of 2007 as the housing market remains weak, home prices decline, and higher energy prices have a negative effect on real purchasing power. But at the same time, strong global growth should continue to provide a positive offset, with U.S. export growth helping to support U.S. economic activity.

Core inflation has slowed faster than anticipated and is now back within the Federal Reserve’s comfort zone. But overall inflation risks remain elevated, with energy and food prices continuing to rise and the low unemployment rate suggesting that resource utilization remains at a relatively high level. The combination of moderate growth, decelerating inflation, and high levels of resource utilization has resulted in the Fed’s leaving policy rates unchanged over the past year. The Fed should have sufficient flexibility to lower policy rates to support economic activity, should that be necessary, given the current inflation environment. While bond yields rose substantially from early May to mid-June, they have since stabilized and currently remain below the Fed funds rate. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

Interest rates were somewhat volatile within a range during the fiscal year as Fed easing expectations were priced in and out of the market. As a result, the fund’s interest-rate strategy was not a major contributor to returns. Short-term rates ended marginally lower over the time frame, which helped performance.

With the global capital markets awash in cash and risk tolerances at high levels, all non-Treasury sectors once again had strong returns through the first quarter of 2007. Much of this outperformance was reversed in the second quarter as subprime loan issues escalated at several hedge funds and investors retreated to the safety of Treasury securities. The fund had purchased credit protection on certain corporate issuers and index products, which boosted performance as risk premiums on these securities increased (credit protection is a credit default swap that will increase in value if the price of the bond falls).

The housing market failed to recover from its year-long malaise, and mortgage securities backed by newly originated subprime and alternative documentation loans (i.e., loans requiring little or no verification of income) performed poorly amid growing concerns about higher levels of mortgage defaults and foreclosures. The portfolio’s focus on seasoned loans to prime borrowers was beneficial to the fund during the fiscal year, confirming our belief that these loans offer an attractive risk/return profile.

Portfolio Allocation as of June 30, 2007¹ (% of net assets)

U.S. Government Agency Mortgage-Backed Securities	32.7	%
Asset-Backed Securities	19.6
Corporate Bonds	16.7
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	14.2
U.S. Government & Agency Securities	11.1
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	3.0
Common Stocks	0.7
Preferred Stock	0.2
Municipal Bond	0.2
Convertible Security	0.1
Short-Term Investments	5.9
Other Assets and Liabilities, Net2	(4.4	)
	100.0	%

Bond Credit Quality Distribution as of June 30, 2007³ (% of market value)

AAA	82.8	%
AA	2.6
A	1.9
BBB	7.6
BB	3.0
B	1.6
Not-Rated	0.5
	100.0	%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.

14      First American Funds Annual Report 2007

High-yield and emerging-market bonds performed very well during the fiscal year. Positions in these sectors added to the fund’s return. In the latter half of the fiscal year, these positions were gradually reduced as they reached our valuation targets.

The dollar remained volatile during the fiscal year, generally depreciating against the currencies of countries with higher yields than the United States, but significantly appreciating against the yen. The dollar and U.S. bonds benefited as Asian nations recycled their current account surpluses by investing the savings. U.S. bonds outperformed most foreign markets following the Fed’s end to monetary tightening. Foreign positions detracted from fund’s performance during the fiscal year.

What strategic moves were made by the fund and why?

We became more defensive on corporate credit risk due to heightened risk of leveraged buyouts and expensive valuations. We did this by selling a large percentage of our corporate bond holdings gradually during the year. We also bought credit protection on both diversified baskets of bonds and on single issuers (credit protection is a credit default swap that will increase in value if the price of the bond falls). While this strategy failed to make meaningful impact on performance during the fiscal year, we believe that a defensive positioning in credit will prove beneficial in the coming quarters if corporate bonds should underperform.

We also assumed a more defensive position on high-yield and emerging-market debt, given expensive valuations and deteriorating fundamentals. We reduced these holdings as their period of outperformance was nearing the end. We also bought credit protection to hedge our remaining holdings and to benefit from further underperformance of these sectors.

In the course of the fiscal year, we increasingly emphasized holdings in mortgage bonds originated in 2004 or earlier. These securities performed well in the slower housing/higher mortgage delinquency environment and should continue to do so until the housing market recovers.

We increased our overweight to commercial mortgage-backed securities, which is a high-quality asset with minimal event risk. This strategy failed to gain traction during the fiscal year as large supply of new issues caused the sector to lag.

The fund was positioned for a weaker dollar, as both cyclical and long-term economic trends increasingly pressured the currency. We maintained positions in high-quality foreign government bonds which are attractive in comparison to the United States.

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

First American Funds Annual Report 2007      15

Total Return Bond fund continued

Annual Performance¹  as of June 30, 2007

	Expense Ratios3												Since Inception
	Gross			Net			1 year			5 years			2/01/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		1.16	%		1.00	%		(0.10	)%		4.30	%		5.10	%		—
Class B		1.91	%		1.75	%		(1.30	)%		4.12	%		4.93	%		—
Class C		1.91	%		1.75	%		2.71	%		4.45	%		4.91	%		—
Average annual return without sales charge (NAV)
Class A		1.16	%		1.00	%		4.36	%		5.22	%		5.71	%		—
Class B		1.91	%		1.75	%		3.69	%		4.46	%		4.93	%		—
Class C		1.91	%		1.75	%		3.70	%		4.45	%		4.91	%		—
Class R		1.41	%		1.25	%		4.20	%		5.10	%		—			4.60	%
Class Y		0.91	%		0.75	%		4.73	%		5.50	%		5.97	%		—
Lehman Aggregate Bond Index2		—			—			6.12	%		4.48	%		6.24	%		4.68	%

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

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 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, 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.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

A significant portion of the fund’s portfolio may consist of lower-rated debt obligations, which are commonly called “high-yield” securities or “junk bonds.” High-yield securities generally have more volatile prices and carry more risk to principal than investment-grade securities. The fund may also invest in foreign securities. International investing involves risks not typically associated with domestic investing including risks of adverse currency fluctuations, potential political and economic instability, different accounting standards, limited liquidity, and volatile prices.

2

An unmanaged index comprised of the Lehman Government/ Credit Bond Index, the Lehman Mortgage Backed Securities Index, and the Lehman Asset Backed Securities Index. The Lehman Government/ Credit Bond Index is comprised of Treasury securities, other securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, including U.S. agency mortgage securities, and investment-grade corporate debt securities. The Lehman Mortgage Backed Securities Index is comprised of the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac. The Lehman Asset Backed Securities Index is comprised of debt securities rated investment grade or higher that are backed by credit card, auto, and home equity loans.

3

The fund’s advisor has agreed to voluntarily waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval. The expense ratios are per the most current prospectus.

16      First American Funds Annual Report 2007

Value of $10,000 Investment^{1, 2}  as of June 30, 2007

Total Return Bond Fund, Class A (NAV)		$	15,095
Total Return Bond Fund, Class A (POP)		$	14,459
Total Return Bond Fund, Class Y		$	15,372
Lehman Aggregate Bond Index3		$	15,661

Class A

Class Y

The chart above illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 2/01/2000 to 6/30/2007) as compared to the Lehman Aggregate Bond Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

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 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, 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.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

A significant portion of the fund’s portfolio may consist of lower-rated debt obligations, which are commonly called “high-yield” securities or “junk bonds.” High-yield securities generally have more volatile prices and carry more risk to principal than investment-grade securities. The fund may also invest in foreign securities. International investing involves risks not typically associated with domestic investing including risks of adverse currency fluctuations, potential political and economic instability, different accounting standards, limited liquidity, and volatile prices.

2

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

3

An unmanaged index comprised of the Lehman Government/ Credit Bond Index, the Lehman Mortgage Backed Securities Index, and the Lehman Asset Backed Securities Index. The Lehman Government/ Credit Bond Index is comprised of Treasury securities, other securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, including U.S. agency mortgage securities, and investment-grade corporate debt securities. The Lehman Mortgage Backed Securities Index is comprised of the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac. The Lehman Asset Backed Securities Index is comprised of debt securities rated investment grade or higher that are backed by credit card, auto, and home equity loans.

First American Funds Annual Report 2007      17

U.S. Government Mortgage FUND

Investment Objective: high current income to the extent consistent with the preservation of capital

How did the fund perform for the fiscal year ended June 30, 2007?

The First American U.S. Government Mortgage Fund (the “fund”), Class Y shares, returned 5.23% for the fiscal year ended June 30, 2007 (Class A shares returned 5.07% without taking the sales charge into account). By comparison, the fund’s benchmark, the Lehman Mortgage-Backed Securities Index*, returned 6.39% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth was generally below the economy’s long-term potential during the second half of 2006 and the first quarter of 2007. Most indicators point to an improvement in growth during the second quarter to slightly above the economy’s long-term potential, but the improvement in growth primarily reflects an increase in production to rebuild inventories. Final domestic demand growth has moderated, and this moderation is expected to persist during the second half of 2007 as the housing market remains weak, home prices decline, and higher energy prices have a negative effect on real purchasing power. But at the same time, strong global growth should continue to provide a positive offset, with U.S. export growth helping to support U.S. economic activity.

Core inflation has slowed faster than anticipated and is now back within the Federal Reserve’s comfort zone. But overall inflation risks remain elevated, with energy and food prices continuing to rise and the low unemployment rate suggesting that resource utilization remains at a relatively high level. The combination of moderate growth, decelerating inflation, and high levels of resource utilization has resulted in the Fed’s leaving policy rates unchanged over the past year. The Fed should have sufficient flexibility to lower policy rates to support economic activity, should that be necessary, given the current inflation environment. While bond yields rose substantially from early May to mid-June, they have since stabilized and currently remain below the Fed funds rate. Subsequent to fiscal year end, liquidity conditions in the fixed income markets became challenged and the situation is ongoing. The Fed has taken initial steps to improve liquidity, however it remains to be seen what impact liquidity conditions will have on the markets going forward.

How did market conditions and investment strategies affect the fund’s performance?

Interest rates were somewhat volatile within a range during the fiscal year as Fed easing expectations were priced in and out of the market. As a result, the fund’s interest-rate strategy was not a major contributor to returns. Short-term rates ended marginally lower over the time frame, which helped performance.

U.S. agency mortgage-backed securities performed well in the second half of 2006 as the stable-rate environment and general low-volatility landscape were conducive to stable prepayments and strong income generation. As we entered 2007, high levels of refinancing activity out of resetting adjustable-rate mortgage bonds into fixed-rate mortgage-backed securities created a supply/demand imbalance that the market is currently trying to digest. Fixed-rate mortgage-backed securities have accordingly underperformed recently, and the portfolio benefited modestly from this as we were overweight in hybrid adjustable-rate mortgage securities and other short-duration mortgage bonds.

What strategic moves were made by the fund and why?

We became more defensive on mortgage-backed securities in the first quarter of 2007 due to the weaker housing market and higher levels of mortgage supply. In the portfolio, we underweighted 30-year fixed-rate discount mortgage-backed securities and focused on seasoned mortgage bonds (originating prior to 2005) that have more embedded home price appreciation, which will result in more borrower mobility and more stable prepayments. We also overweighted hybrid adjustable-rate mortgage bonds and short structured mortgage-backed securities, which have lower price volatility than mortgage-backed pass-through securities (i.e., those guaranteed and issued by the Government National Mortgage Association).

We augmented our position in AAA-rated commercial mortgage-backed securities. The subprime loan contagion caused commercial mortgage-backed security yields to rise (an unwarranted development, in our view), and we believe this sector will outperform mortgage-backed pass-throughs over the balance of the year.

When the premium for holding higher-risk assets began to increase in the second quarter of 2007, as several hedge funds had to deal with the demands of their creditors and investors began a general flight to higher-quality securities, the portfolio increased its exposure to high-quality securities by receiving swaps (i.e., interest payments from another party on a specific principal) with a fixed interest rate. This strategic move was made by the fund in expectation of higher-quality securities outperforming lower quality.

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

Portfolio Allocation as of June 30, 2007¹ (% of net assets)

U.S. Government Agency Mortgage-Backed Securities	88.7%
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	22.0
Asset-Backed Securities	2.7
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	1.9
Short-Term Investments	4.2
Other Assets and Liabilities, Net2	(19.5)
	100.0%

Bond Credit Quality Distribution as of June 30, 2007³ (% of market value)

AAA	95.3%
AA	4.7
	100.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.

18      First American Funds Annual Report 2007

Annual Performance¹  as of June 30, 2007

	Expense Ratios3															Since Inception
	Gross			Net			1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		1.14	%		0.95	%		0.62	%		2.29	%		4.37	%		—
Class B		1.89	%		1.70	%		(0.74)	%		1.90	%		4.04	%		—
Class C		1.89	%		1.70	%		3.19	%		2.42	%		—			2.67	%
Average annual return without sales charge (NAV)
Class A		1.14	%		0.95	%		5.07	%		3.19	%		4.82	%		—
Class B		1.89	%		1.70	%		4.26	%		2.42	%		4.04	%		—
Class C		1.89	%		1.70	%		4.19	%		2.42	%		—			2.67	%
Class R		1.39	%		1.20	%		4.82	%		3.05	%		4.70	%		—
Class Y		0.89	%		0.70	%		5.23	%		3.45	%		5.05	%		—
Lehman Mortgage-Backed Securities Index2		—			—			6.39	%		4.15	%		5.87	%		4.48	%

Value of $10,000 Investment ^{1, 4}  as of June 30, 2007

U.S. Government Mortgage Fund, Class A (NAV)		$	15,507
U.S. Government Mortgage Fund, Class A (POP)		$	14,850
U.S. Government Mortgage Fund, Class Y		$	15,829
Lehman Mortgage-Backed Securities Index2		$	16,935

Class A

Class Y

The chart above illustrates the total value of an assumed $10,000 investment in the fund’s Class A and Class Y shares (from 11/30/1997 to 6/30/2007) as compared to the Lehman Mortgage-Backed Securities Index².

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

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were 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.

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 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, 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.

On September 24, 2001, the U.S. Government Mortgage Fund became the successor by merger to the Firstar U.S. Government Securities 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 U.S. Government Securities Fund. The Firstar U.S. Government Securities Fund was organized on November 27, 2000, and, prior to that, was a separate series of Mercantile Mutual Funds, Inc.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

2	An unmanaged index comprised of the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac. It is formed by grouping the universe of more than 600,000 individual fixed-rate MBS pools into approximately 3,500 generic aggregates. The aggregates included are priced daily using a matrix pricing routine based on trade price quotations by agency, program, coupon, and degree of seasoning.
3	The fund’s advisor has agreed to voluntarily waive fees and reimburse fund expenses through June 30, 2008, so that the expense ratio will not exceed the percentage listed. This agreement may not be terminated before then without the board of directors’ approval. The expense ratios are per the most current prospectus.
4	Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

First American Funds Annual Report 2007      19

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 to June 30, 2007.

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 by $1,000 (for example, an $8,600 account value in the fund and class 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.

Core Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual2	$	1,000.00	$	1,006.10	$	4.73
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76
Class B Actual2	$	1,000.00	$	1,002.50	$	8.44
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.36	$	8.50
Class C Actual2	$	1,000.00	$	1,002.50	$	8.44
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.36	$	8.50
Class R Actual2	$	1,000.00	$	1,004.90	$	5.97
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.84	$	6.01
Class Y Actual2	$	1,000.00	$	1,007.30	$	3.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% 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 June 30, 2007 of 0.61%, 0.25%, 0.25%, 0.49%, and 0.73% for Class A, Class B, Class C, Class R, and Class Y, respectively.

20      First American Funds Annual Report 2007

High Income Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual2	$	1,000.00	$	1,027.90	$	5.53
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51
Class B Actual2	$	1,000.00	$	1,024.30	$	9.29
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.62	$	9.25
Class C Actual2	$	1,000.00	$	1,024.20	$	9.28
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.62	$	9.25
Class R Actual2	$	1,000.00	$	1,026.20	$	6.78
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76
Class Y Actual2	$	1,000.00	$	1,029.10	$	4.28
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.10%, 1.85%, 1.85%, 1.35%, and 0.85% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended June 30, 2007 of 2.79%, 2.43%, 2.42%, 2.62%, and 2.91% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Inflation Protected Securities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual4	$	1,000.00	$	1,007.60	$	4.23
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26
Class C Actual4	$	1,000.00	$	1,003.90	$	7.95
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00
Class R Actual4	$	1,000.00	$	1,006.40	$	5.47
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51
Class Y Actual4	$	1,000.00	$	1,008.80	$	2.99
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85%, 1.60%, 1.10%, and 0.60% 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 June 30, 2007 of 0.76%, 0.39%, 0.64%, and 0.88% for Class A, Class C, Class R, and Class Y, respectively.

Intermediate Government Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual6	$	1,000.00	$	1,010.10	$	3.74
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class Y Actual6	$	1,000.00	$	1,010.90	$	2.99
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A 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).
6	Based on the actual returns for the six-month period ended June 30, 2007 of 1.01% and 1.09% for Class A and Class Y, respectively.

First American Funds Annual Report 2007      21

Expense Examples (continued)

Intermediate Term Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual2	$	1,000.00	$	1,008.20	$	4.23
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26
Class Y Actual2	$	1,000.00	$	1,010.00	$	3.49
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A 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 June 30, 2007 of 0.82% and 1.00% for Class A and Class Y, respectively.

Short Term Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual4	$	1,000.00	$	1,018.40	$	3.75
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class Y Actual4	$	1,000.00	$	1,019.10	$	3.00
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A 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 June 30, 2007 of 1.84% and 1.91% for Class A and Class Y, respectively.

Total Return Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual6	$	1,000.00	$	1,003.50	$	4.97
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01
Class B Actual6	$	1,000.00	$	1,000.80	$	8.68
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.12	$	8.75
Class C Actual6	$	1,000.00	$	1,000.90	$	8.68
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.12	$	8.75
Class R Actual6	$	1,000.00	$	1,002.20	$	6.21
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26
Class Y Actual6	$	1,000.00	$	1,005.70	$	3.73
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.00%, 1.75%, 1.75%, 1.25%, and 0.75% 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).
6	Based on the actual returns for the six-month period ended June 30, 2007 of 0.35%, 0.08%, 0.09%, 0.22% ,and 0.57% for Class A, Class B, Class C, Class R, and Class Y, respectively.

22      First American Funds Annual Report 2007

U.S. Government Mortgage Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (1/01/07 to
	Value (1/01/07)		Value (6/30/07)		6/30/07)
Class A Actual2	$	1,000.00	$	1,002.70	$	4.72
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76
Class B Actual2	$	1,000.00	$	999.00	$	8.43
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.36	$	8.50
Class C Actual2	$	1,000.00	$	999.00	$	8.43
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.36	$	8.50
Class R Actual2	$	1,000.00	$	1,001.40	$	5.95
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.84	$	6.01
Class Y Actual2	$	1,000.00	$	1,003.90	$	3.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% 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 June 30, 2007 of 0.27%, -0.10%, -0.10%, 0.14%, and 0.39% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds Annual Report 2007      23

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Core Bond, High Income Bond, Inflation Protected Securities, Intermediate Government Bond, Intermediate Term Bond, Short Term Bond, Total Return Bond, and U.S. Government Mortgage Funds (each a series of First American Investment Funds, Inc.) (the “funds”) as of June 30, 2007, and the related statements of operations, changes in net assets and financial highlights for each of the periods indicated therein. These financial statements and the 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 verification by examination of securities held by the custodian as of June 30, 2007 and confirmation of the securities held by correspondence with 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 as 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 June 30, 2007, 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

August 22, 2007

24      First American Funds Annual Report 2007

Schedule of  Investments June 30, 2007, all dollars are rounded to thousands (000)

Core Bond Fund
DESCRIPTION			PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 37.9%
Adjustable Rate (a) – 3.6%
Federal Home Loan Mortgage Corporation Pool
		6.602%, 05/01/2025, #846757	$	276	$	281
		7.046%, 04/01/2029, #847190 (b)		1,898		1,952
		7.246%, 03/01/2030, #847180		2,530		2,568
		6.507%, 07/01/2030, #847240 (b)		2,794		2,817
		6.657%, 06/01/2031, #846984		1,071		1,075
		5.778%, 07/01/2036, #1K1238 (b)		12,087		12,043
		5.603%, 05/01/2037, #1H1396 (b)		16,785		16,741
Federal National Mortgage Association Pool
		7.134%, 08/01/2030, #555843 (b)		6,871		7,065
		7.213%, 03/01/2031, #545359		702		709
		7.026%, 09/01/2033, #725553		2,443		2,478
		5.268%, 11/01/2034, #735054 (b)		11,374		11,230
						58,959
Fixed Rate – 34.3%
Federal Home Loan Mortgage Corporation Pool
		4.000%, 04/01/2008, #M90808 (b)		6,072		6,001
		4.000%, 10/01/2010, #M80855 (b)		10,264		9,965
		4.500%, 03/01/2018, #P10023		2,723		2,634
		4.500%, 05/01/2018, #P10032 (b)		5,438		5,259
		5.000%, 05/01/2018, #E96700 (b)		9,815		9,521
		6.500%, 01/01/2028, #G00876		1,148		1,168
		6.500%, 11/01/2028, #C00676		2,344		2,395
		6.500%, 12/01/2028, #C00689		1,642		1,677
		6.500%, 04/01/2029, #C00742		975		996
		6.500%, 07/01/2031, #A17212 (b)		4,745		4,841
		6.000%, 11/01/2033, #A15521		3,671		3,656
Federal National Mortgage Association Pool
		7.750%, 06/01/2008, #001464		1		1
		3.790%, 07/01/2013, #386314 (b)		24,545		22,540
		5.500%, 02/01/2014, #440780		2,162		2,148
		7.000%, 02/01/2015, #535206		554		571
		7.000%, 08/01/2016, #591038		850		875
		5.500%, 12/01/2017, #673010 (b)		4,220		4,173
		5.000%, 06/01/2018, #555545 (b)		6,765		6,563
		5.000%, 11/01/2018, #750989		16,183		15,699
		4.500%, 01/01/2019, #755666 (b)		4,053		3,861
		5.000%, 11/01/2019, #725934		3,285		3,183
		5.500%, 01/01/2020, #735386		7,513		7,428
		5.500%, 06/01/2020, #735792		6,424		6,351
		5.000%, 02/01/2021, #745279 (b)		22,270		21,537
		5.000%, 02/01/2022, #912554		10,054		9,716
		6.000%, 10/01/2022, #254513		4,247		4,262
		5.500%, 10/01/2024, #255456		11,496		11,232
		5.500%, 01/01/2025, #255575 (b)		9,702		9,479
		5.500%, 02/01/2025, #255628 (b)		13,889		13,571
		5.500%, 10/01/2025, #255956 (b)		17,504		17,082
		7.000%, 04/01/2026, #340798		428		443
		7.000%, 05/01/2026, #250551		477		494
		6.500%, 02/01/2029, #252255		1,954		1,995
		6.500%, 12/01/2031, #254169		4,846		4,885
		6.000%, 04/01/2032, #745101 (b)		11,344		11,394
		7.000%, 07/01/2032, #254379		2,740		2,839
		7.000%, 07/01/2032, #545813		1,216		1,260
		7.000%, 07/01/2032, #545815		741		768
		6.000%, 09/01/2032, #254447 (b)		4,854		4,831
		6.000%, 03/01/2033, #688330 (b)		7,508		7,474
		5.500%, 04/01/2033, #694605 (b)		9,617		9,318
		6.500%, 05/01/2033, #555798 (b)		6,213		6,334
		5.500%, 06/01/2033, #843435 (b)		6,890		6,677
		5.500%, 07/01/2033, #709446 (b)		11,383		11,029
		5.500%, 07/01/2033, #728667		4,070		3,944
		5.500%, 08/01/2033, #733380		10,769		10,434
		5.000%, 09/01/2033, #713735		13,109		12,348
		5.000%, 10/01/2033, #741897 (b)		12,037		11,338
		5.500%, 10/01/2033, #555800 (b)		16,231		15,726
		6.000%, 11/01/2033, #772130		770		766
		6.000%, 11/01/2033, #772256		1,145		1,139
		5.500%, 12/01/2033, #756202 (b)		8,230		7,974
		6.000%, 12/01/2033, #756200 (b)		3,676		3,654
		5.000%, 03/01/2034, #725205 (b)		7,692		7,246
		5.000%, 03/01/2034, #725248 (b)		3,813		3,592
		5.000%, 03/01/2034, #725250 (b)		6,916		6,514
		5.500%, 04/01/2034, #725424 (b)		9,904		9,596
		5.500%, 05/01/2034, #357571 (b)		12,701		12,297
		5.000%, 06/01/2034, #782909		5,585		5,255
		6.500%, 06/01/2034, #735273 (b)		9,425		9,591
		5.000%, 07/01/2034 (c)		17,565		16,456
		5.500%, 07/01/2034 (c)		34,175		32,958
		5.500%, 08/01/2034, #745563 (b)		12,601		12,209
		5.500%, 10/01/2034, #255411		2,261		2,189
		6.000%, 10/01/2034, #781776		1,945		1,931
		5.500%, 03/01/2036, #745354		24,558		23,746
		6.500%, 04/01/2036, #831377		6,034		6,092
		6.500%, 04/01/2036, #852909 (b)		6,149		6,209
		6.500%, 07/01/2036, #831683		8,932		9,019
		6.000%, 08/01/2036, #885536 (b)		7,331		7,256
		6.500%, 08/01/2036, #893318 (b)		7,672		7,746
		6.000%, 09/01/2036, #900555 (b)		15,018		14,895
		5.500%, 02/01/2037, #905161 (b)		8,401		8,106
		6.000%, 07/01/2037 (c)		16,565		16,384
Government National Mortgage Association Pool
		5.750%, 08/20/2023, #008259		2		2
		7.500%, 11/15/2030, #537699 (b)		478		501
						565,239
Total U.S. Government Agency Mortgage-Backed Securities (Cost $638,130)						624,198
Asset-Backed Securities – 20.5%
Automotive – 2.7%
FTN Financial Auto Securitization Trust
	Series 2004-A, Class A
		2.550%, 06/15/2010 (d)		4,085		4,078
Harley-Davidson Motorcycle Trust
	Series 2005-4, Class A2
		4.850%, 06/15/2012		7,325		7,282
Hertz Vehicle Financing
	Series 2005-2A, Class A6
		5.080%, 11/25/2011 (d)		14,690		14,486
Volkswagen Auto Loan Enhanced Trust
	Series 2005-1, Class A4
		4.860%, 04/20/2012		18,400		18,255
						44,101
Commercial Mortgages – 11.9%
Banc of America Commercial Mortgage
	Series 2004-5, Class A3
		4.561%, 11/10/2041		14,830		14,251
	Series 2006-2, Class A4
		5.930%, 05/10/2045		4,085		4,073
Bear Stearns Commercial Mortgage Securities
	Series 2005-PW10, Class A4
		5.405%, 12/11/2040		10,185		9,915

First American Funds Annual Report 2007      25

Schedule of  Investments continued

Core Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Commercial Mortgage Pass-Through Certificates
	Series 2006-CN2A, Class A2FX
		5.449%, 02/05/2019 (d)	$	9,225	$	9,191
	Series 2004-RS1, Class A
		4.018%, 03/03/2041 (d)		8,848		8,533
	Series 2005-LP5, Class A2
		4.630%, 05/10/2043		14,130		13,846
Deutsche Mortgage and Asset Receiving
	Series 1998-C1, Class A2
		6.538%, 06/15/2031		2,719		2,721
GE Capital Commercial Mortgage Corporation
	Series 2005-C3, Class A2
		4.853%, 07/10/2045		11,590		11,395
GMAC Commercial Mortgage Securities
	Series 2004-C2, Class A1
		3.896%, 08/10/2038		6,336		6,226
	Series 2005-C1, Class A2
		4.471%, 05/10/2043		19,200		18,739
Greenwich Capital Commercial Funding
	Series 2003-C1, Class A2
		3.285%, 07/05/2035		14,170		13,645
GS Mortgage Securities II
	Series  2006-RR2, Class A1
		5.812%, 06/23/2046 (d)		14,735		14,450
	Series 2006-RR3, Class A1S
		5.760%, 03/18/2049 (d)		17,390		16,970
J.P. Morgan Chase Commercial Mortgage Securities
	Series 2005-LDP5, Class A4
		5.345%, 12/15/2044 (a)		8,635		8,342
LB-UBS Commercial Mortgage Trust
	Series 2003-C3, Class A2
		3.086%, 05/15/2027		19,520		19,145
	Series 2005-C7, Class A2
		5.103%, 11/15/2030		12,790		12,641
Wachovia Bank Commercial Mortgage Trust
	Series 2005-C19, Class A5
		4.661%, 05/15/2044		13,390		12,782
						196,865
Credit Cards – 2.3%
Bank of America Credit Card Trust
	Series 2007-A8, Class A8
		5.590%, 11/17/2014		25,470		25,633
Citibank Credit Card Issuance Trust
	Series 2006-A4, Class A4
		5.450%, 05/10/2013		11,485		11,488
						37,121
Home Equity – 0.1%
Amresco Residential Security Mortgage Series 1997-3, Class A9
		6.960%, 03/25/2027		105		105
Countrywide Asset-Backed Certificates
	Series 2003-SC1, Class M2
		6.820%, 09/25/2023 (a)		900		900
Saxon Asset Securities Trust
	Series 2004-1, Class A
		5.860%, 03/25/2035 (a)		178		179
						1,184
Other – 2.8%
Global Signal Trust
	Series 2004-2A, Class A
		4.232%, 12/15/2014 (d)		11,480		11,101
	Series 2006-1, Class C
		5.707%, 02/15/2036 (d)		8,093		8,043
GRP/ AG Real Estate Asset Trust
	Series 2005-1, Class A
		4.850%, 01/25/2035 (d)		530		526
Small Business Administration
	Series 2005-P10B, Class 1
		4.940%, 08/10/2015		10,133		9,850
	Series 2006-P10B, Class 1
		5.681%, 08/10/2016		16,955		16,799
						46,319
Utilities – 0.7%
PG & E Energy Recovery Funding
	Series 2005-2, Class A2
		5.030%, 03/25/2014		11,705		11,594
Total Asset-Backed Securities (Cost $342,368)						337,184
U.S. Government & Agency Securities – 14.4%
U.S. Agency Debentures – 4.3%
Federal National Mortgage Association
		3.875%, 02/15/2010 (b)		19,000		18,404
		5.125%, 04/15/2011 (b)		17,350		17,287
		6.125%, 03/15/2012 (b)		9,200		9,514
		5.250%, 08/01/2012 (b)		25,350		25,132
						70,337
U.S. Treasuries – 10.1%
U.S. Treasury Bond (STRIPS)
		0.000%, 02/15/2023 (b) (e)		23,900		10,541
U.S. Treasury Bonds
		8.750%, 08/15/2020 (b)		6,300		8,413
		6.250%, 08/15/2023 (b)		18,500		20,542
		7.625%, 02/15/2025 (b)		6,055		7,711
		5.500%, 08/15/2028 (b)		8,950		9,285
		5.250%, 11/15/2028 (b)		20,000		20,138
		4.500%, 02/15/2036 (b)		7,185		6,506
U.S. Treasury Notes
		4.875%, 08/15/2009 (b)		9,830		9,823
		4.625%, 12/31/2011 (b)		3,015		2,978
		4.625%, 02/29/2012 (b)		25,005		24,685
		4.500%, 03/31/2012 (b)		30,685		30,124
		3.000%, 07/15/2012 (b) (f)		16,435		16,753
						167,499
Total U.S. Government & Agency Securities (Cost $243,466)						237,836
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 13.5%
Adjustable Rate (a) – 6.1%
Citigroup Mortgage Loan Trust
	Series 2005-7, Class 2A1A
		4.861%, 09/25/2035		11,194		11,015
Countrywide Home Loans
	Series 2006-HYB5, Class 3A1A
		5.984%, 09/20/2036		15,301		15,285

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

26      First American Funds Annual Report 2007

Core Bond Fund (continued)
DESCRIPTION			PAR		VALUE
GMAC Mortgage Corporation Loan Trust
	Series 2003-AR2, Class 4A1
		4.734%, 12/19/2033	$	11,472	$	11,112
J.P. Morgan Mortgage Trust
	Series 2005-A1, Class 3A2
		5.031%, 02/25/2035		6,543		6,395
Residential Funding Mortgage Securities I Series 2006-SA2, Class 4A1
		5.871%, 08/25/2036		12,287		12,158
Sequoia Mortgage Trust
	Series 2004-4, Class X1
		0.765%, 05/20/2034 (g)		54,517		53
Structured Adjustable Rate Mortgage Loan Trust
	Series 2004-11, Class A
		7.317%, 08/25/2034		675		679
Wachovia Mortgage Loan Trust
	Series 2005-B, Class 1A1
		4.945%, 10/20/2035		8,069		8,062
Washington Mutual
	Series 2004-AR7, Class A6
		3.942%, 07/25/2034		12,035		11,723
Wells Fargo Mortgage Backed Securities Trust
	Series 2003-D, Class A1
		4.792%, 02/25/2033		4,401		4,440
	Series 2004-N, Class A3
		4.099%, 08/25/2034		7,388		7,331
	Series 2006-AR1, Class 2A2
		5.554%, 03/25/2036		12,112		12,008
						100,261
Fixed Rate – 7.4%
ABN AMRO Mortgage
	Series 2003-7, Class A1
		4.750%, 07/25/2018		17,238		16,565
Banc of America Mortgage Securities Series 2003-6, Class 1A30
		4.750%, 08/25/2033		7,350		7,225
Countrywide Alternative Loan Trust
	Series 2004-12CB, Class 1A1
		5.000%, 07/25/2019		6,614		6,453
	Series 2004-2CB, Class 1A1
		4.250%, 03/25/2034		4,272		4,178
	Series 2004-24CB, Class 1A1
		6.000%, 11/25/2034		5,154		5,066
Credit Suisse First Boston Mortgage Securities
	Series 2005-3, Class 5A1
		5.500%, 07/25/2020		7,308		7,259
	Series 2003-8, Class DB1
		6.245%, 04/25/2033		5,136		5,176
First Horizon Mortgage Pass-Through Trust
	Series 2004-4, Class 2A1
		4.500%, 07/25/2019		2,737		2,709
GMAC Mortgage Corporation Loan Trust
	Series 2004-J5, Class A7
		6.500%, 01/25/2035		8,228		8,250
GS Mortgage Securities II
	Series 2007-GG10, Class A4
		5.993%, 08/10/2045 (c)		6,515		6,496
GSR Mortgage Loan Trust
	Series 2004-10F, Class 3A1
		5.500%, 08/25/2019		6,420		6,303
Master Alternative Loans Trust
	Series 2005-2, Class 1A3
		6.500%, 03/25/2035		3,363		3,379
Master Asset Securitization Trust
	Series 2003-6, Class 3A1
		5.000%, 07/25/2018		8,080		7,853
Morgan Stanley Mortgage Loan Trust
	Series 2004-9, Class 1A
		6.154%, 11/25/2034		6,037		6,023
Residential Asset Mortgage Products
	Series 2003-SL1, Class M1
		7.319%, 04/25/2031		8,219		8,501
	Series 2004-SL4, Class A3
		6.500%, 07/25/2032		3,519		3,563
Washington Mutual
	Series 2004-CB1, Class 1A
		5.250%, 06/25/2019		10,412		10,281
Wells Fargo Mortgage Backed Securities Trust
	Series 2003-14, Class A1
		4.750%, 12/25/2018		8,228		7,837
Westam Mortgage Financial
	Series 11, Class A
		6.360%, 08/26/2020 (h)		56		56
						123,173
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $226,301)						223,434
Corporate Bonds – 10.7%
Banking – 0.8%
First National Bank of Chicago
		8.080%, 01/05/2018		1,324		1,472
J.P. Morgan Chase
		5.150%, 10/01/2015 (b)		5,660		5,382
Lloyds
		6.267%, 12/31/2049 (a) (d)		5,000		4,744
Wells Fargo Capital X
		5.950%, 12/15/2036		2,760		2,574
						14,172
Basic Industry – 1.0%
Celulosa Arauco y Constitucion
		5.625%, 04/20/2015		3,000		2,899
Falconbridge
		7.350%, 06/05/2012		5,135		5,491
Southern Copper
		7.500%, 07/27/2035		2,640		2,834
Teck Cominco Limited
		6.125%, 10/01/2035		2,785		2,575
Vale Overseas
		6.250%, 01/11/2016		2,380		2,361
						16,160
Brokerage – 1.3%
Lehman Brothers Holdings
		5.750%, 01/03/2017		4,495		4,367
Merrill Lynch
		6.050%, 05/16/2016		9,170		9,070
Morgan Stanley
		5.375%, 10/15/2015		8,270		7,919
						21,356
Capital Goods – 0.2%
Siemens Financiering
		6.125%, 08/17/2026 (d)		3,070		3,030

First American Funds Annual Report 2007      27

Schedule of  Investments continued

Core Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Communications – 0.9%
News America Holdings
		7.700%, 10/30/2025	$	4,015	$	4,442
Telecom Italia Capital
		4.000%, 11/15/2008		5,765		5,642
Telefonica Emisones
		6.221%, 07/03/2017 (c)		2,360		2,354
Vodafone Group
		6.150%, 02/27/2037 (b)		2,000		1,861
						14,299
Consumer Cyclical – 0.9%
DaimlerChrysler
		4.875%, 06/15/2010		3,735		3,664
Duty Free International
		7.000%, 01/15/2004 (h) (i) (j)		2,191		438
Home Depot
		5.875%, 12/16/2036		7,745		6,901
Viacom
		6.875%, 04/30/2036		4,105		3,966
						14,969
Electric – 1.4%
Florida Power & Light
		5.650%, 02/01/2037		4,160		3,898
MidAmerican Energy Holdings
		6.125%, 04/01/2036		5,185		5,009
Ohio Power, Series K
		6.000%, 06/01/2016		4,100		4,104
Oncor Electric Delivery
		7.000%, 05/01/2032		5,115		5,386
Pacific Gas & Electric
		6.050%, 03/01/2034		4,650		4,505
						22,902
Energy – 1.2%
Gazprom International
		7.201%, 02/01/2020 (d)		4,931		5,106
Nexen
		6.400%, 05/15/2037		1,950		1,864
Petro-Canada
		5.350%, 07/15/2033 (b)		3,155		2,698
Tengizcheveroil Finance
		6.124%, 11/15/2014 (d)		4,655		4,568
Valero Energy
		6.625%, 06/15/2037		5,255		5,231
						19,467
Finance – 1.1%
American General Finance
		3.875%, 10/01/2009		5,545		5,365
SLM
		5.400%, 10/25/2011		4,705		4,309
Transcapitalinvest
		5.670%, 03/05/2014 (d)		8,475		8,194
						17,868
Insurance – 0.4%
Allied World Assurance
		7.500%, 08/01/2016		6,415		6,743
Real Estate – 0.7%
Health Care Properties – REIT Series MTN
		6.300%, 09/15/2016		4,540		4,537
Prologis 2006 – REIT
		5.750%, 04/01/2016		6,835		6,741
						11,278
Sovereign – 0.2%
United Mexican States
		5.625%, 01/15/2017 (b)		3,835		3,754
Technology – 0.6%
Chartered Semiconductor
		6.375%, 08/03/2015		1,715		1,708
Jabil Circuit
		5.875%, 07/15/2010		8,660		8,580
						10,288
Total Corporate Bonds (Cost $181,475)						176,286
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 2.5%
Fixed Rate – 2.4%
Federal Home Loan Mortgage Corporation Series 2763, Class TA
		4.000%, 03/15/2011 (b)		8,708		8,526
	Series 6, Class C
		9.050%, 06/15/2019		27		27
	Series 1022, Class J
		6.000%, 12/15/2020		38		38
	Series 162, Class F
		7.000%, 05/15/2021		111		111
	Series 188, Class H
		7.000%, 09/15/2021		271		270
	Series 1790, Class A
		7.000%, 04/15/2022		89		91
	Series 2901, Class UB
		5.000%, 03/15/2033 (b)		5,000		4,728
Federal National Mortgage Association Series 1998-M1, Class A2
		6.250%, 01/25/2008		561		560
	Series 1988-24, Class G
		7.000%, 10/25/2018		62		64
	Series 1989-24, Class H
		9.000%, 07/25/2019		51		54
	Series 1989-90, Class E
		8.700%, 12/25/2019		8		8
	Series 1990-30, Class E
		6.500%, 03/25/2020		31		31
	Series 1990-61, Class H
		7.000%, 06/25/2020		39		40
	Series 1990-72, Class B
		9.000%, 07/25/2020		30		32
	Series 1990-102, Class J
		6.500%, 08/25/2020		41		41
	Series 1990-105, Class J
		6.500%, 09/25/2020		404		407
	Series 1991-56, Class M
		6.750%, 06/25/2021		133		135
	Series 1992-120, Class C
		6.500%, 07/25/2022		58		59
	Series 2005-44, Class PC
		5.000%, 11/25/2027 (b)		13,520		13,219
	Series 2005-62, Class JE
		5.000%, 06/25/2035 (b)		11,834		11,495
						39,936
Z-Bonds (k) – 0.1%
Federal Home Loan Mortgage Corporation Series 1118, Class Z
		8.250%, 07/15/2021		60		64

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

28      First American Funds Annual Report 2007

Core Bond Fund (continued)
DESCRIPTION			PAR/SHARES		VALUE
Federal National Mortgage Association Series 1991-134, Class Z
		7.000%, 10/25/2021	$	283	$	289
	Series 1996-35, Class Z
		7.000%, 07/25/2026		844		865
						1,218
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $41,910)						41,154
Short-Term Investments – 4.5%
Money Market Fund – 4.2%
First American Prime Obligations Fund, Class Z (l)				69,123,360		69,123
U.S. Treasury Obligations (m) – 0.3%
U.S. Treasury Bills
		4.547%, 08/23/2007	$	1,360		1,351
		4.631%, 10/04/2007		3,515		3,472
						4,823
Total Short-Term Investments (Cost $73,946)						73,946
Investment Purchased with Proceeds from Securities Lending – 41.9%
Mount Vernon Securities Lending Prime Portfolio (n) (Cost $690,051)				690,051,324		690,051
Total Investments – 145.9% (Cost $2,437,647)						2,404,089
Other Assets and Liabilities, Net – (45.9)%						(756,350	)
Total Net Assets – 100.0%					$	1,647,739

(a)	Variable Rate Security – The rate shown is the rate in effect at June 30, 2007.
(b)	This security or a portion of this security is out on loan at June 30, 2007. Total loaned securities had a value of $675,808 at June 30, 2007. See note 2 in Notes to Financial Statements.
(c)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $74,167 or 4.5% of total net assets. See note 2 in Notes to Financial Statements.
(d)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of June 30, 2007, the value of these investments was $113,020 or 6.9% of total net assets. See note 2 in Notes to Financial Statements.
(e)	Principal Only.

(f)  U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

(g)

Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of June 30, 2007.

(h)

Security considered illiquid. As of June 30, 2007, the value of these investments was $494 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(i)	Security is fair valued. As of June 30, 2007, the fair value of this investment was $438 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(j)	Security is in default at June 30, 2007.

(k)  Z-Bonds – Represents securities that pay no interest or principal during their accrual periods, but accrue additional principal at specified rates. Interest rate shown represents current yield based upon the cost basis and estimated future cash flows.

(l)  Investment in affiliated security. This money market fund is advised by FAF Advisors Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.

(m)  Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is effective yield as of June 30, 2007. See note 2 in Notes to Financial Statements.

(n)  The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

STRIPS – Separate Trading of Registered Interest and Principal Securities

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
British Pounds Currency Futures		65		$	8,147		September 2007	$	142
Canadian Dollar Currency Futures		45			4,242		September 2007		14
Euro Currency Futures		68			11,533		September 2007		151
Swiss Franc Currency Futures		118			12,142		September 2007		185
U.S. Treasury 2 Year Note Futures		(1,948	)		(396,966	)	September 2007		(865	)
U.S. Treasury 5 Year Note Futures		1,482			154,244		September 2007		(417	)
U.S. Treasury 10 Year Note Futures		(3,917	)		(414,037	)	September 2007		(669	)
U.S. Treasury Long Bond Futures		559			60,232		September 2007		(274	)
								$	(1,733	)

Credit Default Swap Agreements

Pay/

Unrealized

Reference

Buy/Sell

Receive

Expiration

Notional

Appreciation

Counterparty

Entity

Protection

Fixed Rate

Date

Amount

(Depreciation)

Citigroup

Constellation Energy Group, Inc.

Buy

0.240%

06/20/2012

$

4,100

$

—

Citigroup

Lennar Corporation

Buy

1.050%

09/20/2012

4,000

16

Citigroup

Ryland Group

Buy

1.250%

09/20/2012

4,000

(16

)

Deutsche Bank

Dow Jones CDX HVOL8 Index

Buy

0.750%

06/20/2012

17,200

51

Deutsche Bank

Dow Jones CDX XO8 Index

Buy

1.400%

06/20/2012

17,000

274

J.P. Morgan

Centurytel, Inc.

Buy

0.540%

09/20/2012

6,535

(6

)

J.P. Morgan

Dow Jones CDX HVOL8 Index

Buy

0.750%

06/20/2012

43,500

179

J.P. Morgan

Dow Jones CDX HY8 Index

Buy

2.750%

06/20/2012

8,100

73

First American Funds Annual Report 2007      29

Schedule of  Investments continued

Core Bond Fund (concluded)

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
J.P. Morgan	Dow Jones CDX XO8 Index		Buy		1.400%		06/20/2012	$	8,200	$	23
J.P. Morgan	Honeywell International		Buy		0.410%		09/20/2017		7,000		—
J.P. Morgan	Sara Lee Corporation		Buy		0.500%		06/12/2012		5,700		(24	)
UBS	Amerisourcebergen Corporation		Buy		0.585%		09/20/2012		6,000		(10	)
UBS	Cardinal Health, Inc.		Buy		0.320%		09/20/2012		6,000		(6	)
UBS	Constellation Energy Group, Inc.		Buy		0.230%		06/20/2012		4,100		2
UBS	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		8,900		53
UBS	Dow Jones CDX XO8 Index		Buy		1.400%		06/20/2012		9,000		185
UBS	Dow Jones CDX HY8 Index		Buy		2.750%		06/20/2012		8,200		89
UBS	McKesson Corporation		Buy		0.385%		09/20/2012		6,000		(12	)
UBS	Whirlpool Corporation		Buy		0.785%		09/20/2017		4,000		4
										$	875

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Pay

5.470%

06/12/2009

$

213,000

$

392

Citigroup

3-Month LIBOR

Pay

5.360%

10/26/2016

58,000

(1,213

)

J.P. Morgan

3-Month LIBOR

Pay

5.447%

06/20/2009

219,000

322

UBS

3-Month LIBOR

Pay

5.665%

06/15/2012

57,000

311

UBS

3-Month LIBOR

Pay

5.590%

06/25/2012

65,000

276

UBS

3-Month LIBOR

Pay

5.798%

06/19/2017

110,000

1,084

$

1,172

Schedule of Open Written Call Options

	Exercise		Premium		Expiration		Number of
Option	Price		Received		Date		Contracts		Value
U.S. Treasury 10 Year Note Futures – September 2007	$	110.00	$	119		08/24/2007		423	$	13

High Income Bond Fund
DESCRIPTION		PAR		VALUE
High Yield Corporate Bonds – 85.5%
Banking – 0.9%
Alfa
	7.875%, 10/10/2009 (a)	$	1,000	$	1,005
Russian Standard Finance
	8.625%, 05/05/2011 (a) (b)		1,500		1,481
					2,486
Basic Industry – 10.8%
Evraz Group
	8.250%, 11/10/2015 (a) (b)	��	1,000		1,023
FMG Finance
	10.000%, 09/01/2013 (a) (b)		1,000		1,115
Freeport-McMoran Copper & Gold
	8.250%, 04/01/2015		1,000		1,055
	8.375%, 04/01/2017		1,500		1,601
Gerdau
	8.875%, 09/22/2049 (a) (b)		1,000		1,055
Griffin Coal Mining
	9.500%, 12/01/2016 (a) (b)		1,500		1,543
Hexion US Finance
	9.750%, 11/15/2014		1,250		1,294
Ineos Group Holdings
	8.500%, 02/15/2016 (a) (b) (c)		850		831
Lyondell Chemical
	8.000%, 09/15/2014		1,250		1,284
Macdermid
	9.500%, 04/15/2017 (b)		750		754
Massey Energy
	6.875%, 12/15/2013		1,750		1,603
Mercer International
	9.250%, 02/15/2013 (a)		1,000		976
Metals USA Holding
	11.356%, 01/15/2012 (b) (d)		1,000		1,000
Neenah
	9.500%, 01/01/2017		1,000		960
Neenah Paper
	7.375%, 11/15/2014		1,500		1,485
Newark Group
	9.750%, 03/15/2014		800		814
Noble Group Limited
	6.625%, 03/17/2015 (a) (b)		1,250		1,147
Noranda Aluminum Acquisition
	9.360%, 05/15/2015 (b) (d)		1,250		1,206
Nova Chemicals
	6.500%, 01/15/2012 (a)		1,750		1,636
PNA Group
	12.360%, 02/15/2013 (b) (d)		500		505
	10.750%, 09/01/2016 (b)		500		545
Sino Forest
	9.125%, 08/17/2011 (a) (b) (c)		1,150		1,219
Solo Cup
	8.500%, 02/15/2014 (c)		2,000		1,750
Steel Dynamics
	6.750%, 04/01/2015 (b)		1,000		980
Stone Container
	8.375%, 07/01/2012		2,000		2,003
Tembec Industries
	8.625%, 06/30/2009 (a) (c)		500		314
					29,698

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

30      First American Funds Annual Report 2007

High Income Bond Fund (continued)
DESCRIPTION		PAR		VALUE
Capital Goods – 4.3%
Actuant
	6.875%, 06/15/2017 (b)	$	1,500	$	1,485
Allied Waste North America
	6.125%, 02/15/2014		1,000		940
	6.875%, 06/01/2017		1,000		968
Case New Holland
	7.250%, 01/15/2016		1,000		1,015
Chart Industries
	9.125%, 10/15/2015		1,850		1,943
Crown Cork & Seal
	7.375%, 12/15/2026		1,000		920
J.B. Poindexter
	8.750%, 03/15/2014		1,000		925
Mid America Waste Systems (e) (f) (g) (h)
	12.250%, 02/15/2020		250		—
Neff
	10.000%, 06/01/2015 (b)		1,250		1,247
Nortek
	8.500%, 09/01/2014		500		476
Owens-Brockway Glass Container
	8.875%, 02/15/2009		1,000		1,017
RBS Global & Rexnord
	9.500%, 08/01/2014		1,000		1,025
					11,961
Communications – 9.7%
Adelphia Communications, Escrow Shares
	7.875%, 05/01/2009 (e)		1,000		302
C & M Finance
	8.100%, 02/01/2016 (a) (b)		1,000		1,015
CCH I Holdings
	11.750%, 05/15/2014 (c)		1,200		1,179
CCH II
	10.250%, 09/15/2010		1,000		1,045
CCO Holdings
	8.750%, 11/15/2013 (c)		2,000		2,035
Citizens Communications
	9.000%, 08/15/2031		1,000		1,030
CSC Holdings Series B
	7.625%, 04/01/2011		1,000		993
Echostar
	7.000%, 10/01/2013		800		788
	6.625%, 10/01/2014		1,000		955
Idearc
	8.000%, 11/15/2016		1,000		1,010
Intelsat Bermuda
	11.250%, 06/15/2016 (a)		1,000		1,120
Level 3 Financing
	12.250%, 03/15/2013		1,250		1,434
	9.250%, 11/01/2014 (c)		1,500		1,515
Metropcs Wireless
	9.250%, 11/01/2014 (b)		1,750		1,807
Nextel Partners
	8.125%, 07/01/2011		1,000		1,043
Panamsat
	9.000%, 06/15/2016		1,000		1,047
Quebecor Media
	7.750%, 03/15/2016 (a)		1,000		1,015
Qwest
	8.875%, 03/15/2012		2,000		2,155
	7.500%, 06/15/2023		1,000		1,000
R.H. Donnelley Series A-3
	8.875%, 01/15/2016		500		520
Sirius Satellite Radio
	9.625%, 08/01/2013 (c)		500		490
Time Warner Telecommunications Holdings
	9.250%, 02/15/2014		1,000		1,060
Vimpelcom
	8.250%, 05/23/2016 (a) (b)		2,000		2,087
					26,645
Consumer Cyclical – 16.4%
Affiliated Computer Services
	4.700%, 06/01/2010		1,500		1,425
American Axle & Manufacturing
	7.875%, 03/01/2017 (c)		1,500		1,474
Buffalo Thunder Development Authority
	9.375%, 12/15/2014 (b)		1,000		1,000
Claire’s Stores
	9.250%, 06/01/2015 (b) (c)		1,000		950
	10.500%, 06/01/2017 (b) (c)		500		456
Fontainebleau Las Vegas
	10.250%, 06/15/2015 (b)		500		492
Ford Motor
	7.450%, 07/16/2031 (c)		500		399
Ford Motor Credit
	5.800%, 01/12/2009 (c)		2,000		1,958
	9.875%, 08/10/2011 (c)		2,000		2,099
	7.000%, 10/01/2013		1,000		926
	8.000%, 12/15/2016		500		479
General Motors
	6.375%, 05/01/2008 (c)		1,000		994
	8.250%, 07/15/2023 (c)		3,000		2,734
Glenoit
	11.000%, 04/15/2011 (e) (f) (g) (h)		100		—
Goodyear Tire & Rubber
	7.857%, 08/15/2011		500		510
Hanesbrands
	8.784%, 12/15/2014 (d)		2,000		2,030
Harrah’s Operating Company
	5.625%, 06/01/2015		1,250	��	1,019
K Hovnanian Enterprises
	6.250%, 01/15/2016		1,250		1,062
Kar Holdings
	8.750%, 05/01/2014 (b)		1,000		980
Levi Strauss & Co.
	9.750%, 01/15/2015		750		803
Libbey Glass
	12.348%, 06/01/2011 (d)		1,800		1,989
Lippo Karwaci Finance
	8.875%, 03/09/2011 (a)		1,000		996
Majestic Star
	9.750%, 01/15/2011		500		484
MGM Mirage
	8.375%, 02/01/2011		2,000		2,045
Oxford Industries
	8.875%, 06/01/2011		1,055		1,089
Rite Aid
	9.375%, 12/15/2015 (b)		500		480
	7.500%, 03/01/2017 (c)		1,500		1,447
Sally Holdings
	10.500%, 11/15/2016 (b) (c)		1,750		1,759
Seminole Hard Rock Entertainment
	7.860%, 03/15/2014 (b) (d)		750		756
Service Corporation International
	7.375%, 10/01/2014		750		754
	6.750%, 04/01/2015 (b)		1,000		964
Shimao Property Holdings
	8.000%, 12/01/2016 (a) (b)		1,500		1,504

First American Funds Annual Report 2007      31

Schedule of  Investments continued

High Income Bond Fund (continued)
DESCRIPTION		PAR		VALUE
Shingle Springs Tribal Gaming
	9.375%, 06/15/2015 (b)	$	1,000	$	1,009
Six Flags
	9.750%, 04/15/2013 (c)		500		471
Snoqualmie Entertainment
	9.125%, 02/01/2015 (b)		500		512
Tenneco Automotive
	8.625%, 11/15/2014 (c)		1,000		1,030
The Restaurant Company
	10.000%, 10/01/2013		500		479
TRW Automotive
	7.250%, 03/15/2017 (b) (c)		1,500		1,429
Visteon
	7.000%, 03/10/2014 (c)		500		431
Warnaco
	8.875%, 06/15/2013		1,150		1,216
Wynn Las Vegas
	6.625%, 12/01/2014 (c)		2,500		2,409
					45,043
Consumer Non Cyclical – 9.7%
Albertson’s
	7.250%, 05/01/2013		1,000		1,019
	8.700%, 05/01/2030		1,000		1,098
Bertin LTDA
	10.250%, 10/05/2016 (a) (b)		1,000		1,095
Community Health Systems
	8.875%, 07/15/2015 (b) (i)		750		760
Constellation Brands
	7.250%, 05/15/2017 (b)		1,500		1,463
Delhaize America
	9.000%, 04/15/2031		1,386		1,674
HCA
	6.500%, 02/15/2016 (c)		3,650		3,089
Healthsouth
	10.750%, 06/15/2016		1,000		1,085
Invacare
	9.750%, 02/15/2015 (b)		750		756
JBS
	10.500%, 08/04/2016 (a) (b)		500		548
Medical Services
	12.856%, 10/15/2011 (d)		1,000		970
Omnicare
	6.125%, 06/01/2013		750		698
Pilgrim’s Pride
	8.375%, 05/01/2017 (c)		1,250		1,237
PTS Acquisition
	9.500%, 04/15/2015 (b)		750		737
Sadia Overseas
	6.875%, 05/24/2017 (a) (b)		1,000		970
Select Medical
	11.080%, 09/15/2015 (c) (d)		500		466
Smithfield Foods Series B
	7.750%, 05/15/2013		1,750		1,776
Spectrum Brands
	7.375%, 02/01/2015 (c)		500		402
Stater Brothers Holdings
	7.750%, 04/15/2015 (b) (c)		1,250		1,253
Supervalu
	7.500%, 05/15/2012		1,750		1,823
Surgical Care Affiliates
	8.875%, 07/15/2015 (b)		500		498
Tenet Healthcare
	9.250%, 02/01/2015 (c)		2,000		1,900
Vitro
	9.125%, 02/01/2017 (a) (b)		1,500		1,538
					26,855
Electric – 8.6%
AES Red Oak Series B
	9.200%, 11/30/2029		1,000		1,180
Allegheny Energy Supply
	7.800%, 03/15/2011		1,155		1,198
Aquila
	14.875%, 07/01/2012		1,000		1,275
Ava Capital Trust III
	6.500%, 04/01/2034		2,685		2,666
CMS Energy
	8.500%, 04/15/2011		2,000		2,127
	6.310%, 01/15/2013 (d) (i)		3,000		2,970
Dynegy Holdings
	7.500%, 06/01/2015 (b)		3,000		2,824
Edison Mission Energy
	7.500%, 06/15/2013		2,250		2,227
ISA Capital Brasil
	8.800%, 01/30/2017 (a) (b) (c)		2,500		2,675
Majapahit Holding BV
	7.250%, 06/28/2017 (a) (b)		800		781
Mirant Americas Generation
	8.300%, 05/01/2011		1,500		1,549
NSG Holdings
	7.750%, 12/15/2025 (b)		1,000		1,010
Reliant Energy
	7.625%, 06/15/2014		1,250		1,219
					23,701
Energy – 6.0%
Allis Chalmers Energy
	9.000%, 01/15/2014		500		509
Bluewater Finance
	10.250%, 02/15/2012 (a)		1,000		1,042
Chaparral Energy
	8.875%, 02/01/2017 (b)		750		741
Chesapeake Energy
	7.500%, 06/15/2014		2,000		2,025
	7.000%, 08/15/2014		1,000		993
Cimarex Energy
	7.125%, 05/01/2017		1,250		1,219
Forest Oil
	7.250%, 06/15/2019 (b)		1,250		1,213
Mariner Energy
	7.500%, 04/15/2013		500		490
	8.000%, 05/15/2017		1,500		1,489
Ocean Rig ASA
	9.350%, 04/04/2011 (b)		1,000		1,002
Pioneer Natural Resource
	6.650%, 03/15/2017		965		913
Tesoro
	6.625%, 11/01/2015 (c)		2,000		1,980
United Refining
	10.500%, 08/15/2012 (b)		1,000		1,035
W&T Offshore
	8.250%, 06/15/2014 (b)		1,000		987
Whiting Petroleum
	7.250%, 05/01/2013		950		902
					16,540

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

32      First American Funds Annual Report 2007

High Income Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Finance – 2.0%
Exum
	Series 2007-1A, Class C
		8.460%, 03/22/2014 (a) (b) (d)	$	1,000	$	1,000
	Series 2007-2A, Class C
		8.855%, 06/22/2014 (a) (b) (d)		1,000		1,000
Gazprombank
		6.500%, 09/23/2015		1,500		1,465
General Motors Acceptance
		6.625%, 05/15/2012		2,000		1,932
						5,397
Insurance – 0.6%
Unumprovident Finance
		6.850%, 11/15/2015 (a) (b)		1,500		1,533
Natural Gas – 4.6%
Copano Energy
		8.125%, 03/01/2016		1,500		1,523
Enterprise Products
		8.375%, 08/01/2066 (c) (d)		2,800		2,988
Semgroup
		8.750%, 11/15/2015 (b) (c)		1,500		1,507
Southern Union
		7.200%, 11/01/2066		1,800		1,802
Targa Resources
		8.500%, 11/01/2013 (b)		1,000		1,015
Transport De Gas Del Sur
		7.875%, 05/14/2017 (a) (b)		1,000		964
Transportadora Gas Norte
		6.500%, 12/31/2012 (a) (b)		1,192		1,138
Williams Partners
		7.250%, 02/01/2017		1,750		1,759
						12,696
Real Estate – 1.6%
American Real Estate
		4.100%, 08/15/2013 (b) (d)		750		781
China Properties Group
		9.125%, 05/04/2014 (a) (b) (c)		1,250		1,181
Greentown China Holdings
		9.000%, 11/08/2013 (a) (b) (c)		1,050		1,070
Senior Housing Trust – REIT
		8.625%, 01/15/2012		1,350		1,444
						4,476
Technology – 5.5%
Advanced Micro Devices
		7.750%, 11/01/2012		500		471
Celestica
		7.875%, 07/01/2011 (a) (c)		1,500		1,455
Coleman Cable
		9.875%, 10/01/2012		1,500		1,568
Freescale Semiconductor
		10.125%, 12/15/2016 (b) (c)		3,000		2,820
Magnachip Semiconductor
		6.875%, 12/15/2011 (a)		2,000		1,690
NXP BV/ NXP Funding
		9.500%, 10/15/2015 (a)		1,750		1,724
Open Solutions
		9.750%, 02/01/2015 (b)		1,250		1,262
Sanmina-Sci
		8.110%, 06/15/2014 (b) (c) (d)		1,000		1,000
High Income Bond Fund (continued)
DESCRIPTION			PAR/SHARES		VALUE
Seagate Technology
		6.800%, 10/01/2016 (a)		1,750		1,680
Spansion
		11.250%, 01/15/2016 (b) (c)		1,500		1,545
						15,215
Transportation – 4.8%
American Airlines Series 2001-1
		7.379%, 11/23/2017		1,639		1,532
BLT Finance BV
		7.500%, 05/15/2014 (a) (b)		1,000		965
Britannia Bulk PLC
		11.000%, 12/01/2011 (a)		500		510
Continental Airlines Series 99-2
		7.566%, 09/15/2021		1,684		1,688
Hertz
		8.875%, 01/01/2014		1,250		1,303
Navios Maritime Holdings
		9.500%, 12/15/2014 (b)		1,450		1,537
Quality Distribution
		9.000%, 11/15/2010		500		485
Saint Acquisition
		12.500%, 05/15/2017 (b) (c)		1,000		945
Ultrapetrol
		9.000%, 11/24/2014 (a)		1,000		1,015
United Airlines Series 2000-2
		7.811%, 04/01/2011 (e)		1,964		2,239
Varietal Distribution
		10.250%, 07/15/2015 (b)		1,000		997
						13,216
Total High Yield Corporate Bonds
		(Cost $236,097)				235,462
Preferred Stocks – 3.5%
Brokerage – 0.2%
E*Trade Financial				20,000		559
Communication – 0.2%
US Cellular (c)				20,000		497
Consumer Cyclical – 0.2%
General Motors Series B (c)				20,000		442
Consumer Discretionary – 0.2%
M/I Homes Series A (c)				20,000		500
Consumer Non Cyclical – 0.2%
Bunge Limited (a)				5,000		576
Finance – 0.3%
Indymac Bank FSB (b)				35,000		879
Insurance – 0.8%
Aspen Insurance Holdings				50,000		1,245
Endurance Specialty Holdings Series A (a) (c)				15,000		392
Renaissancere Holdings Series D (a)				20,000		476
						2,113
Real Estate – 1.4%
Hospitality Properties Trust – REIT Series C				34,000		826
iStar Financial, Series G – REIT Series G (c)				20,000		499

First American Funds Annual Report 2007      33

Schedule of  Investments continued

High Income Bond Fund (continued)
DESCRIPTION		SHARES/PAR		VALUE
National Retail Properties – REIT			16,000	$	395
NorthStar Realty Finance – REIT Series A			24,000		585
NorthStar Realty Finance – REIT Series B (c)			31,000		736
Thornburg Mortgage – REIT Series D			35,000		843
					3,884
Transportation – 0.0%
Delta Air Contingent Value (e)			3,000,000		195
Total Preferred Stocks
	(Cost $10,074)				9,645
Closed-End Funds – 2.4%
Aberdeen Asia-Pacific Income Fund (c)			215,000		1,374
BlackRock Global Energy and Resources Trust			13,000		398
Calamos Global Total Return (c)			39,000		702
Eaton Vance Floating-Rate Income Trust (c)			70,000		1,336
Evergreen Managed Income Fund			80,000		1,363
Macquarie/ First Trust Global Infrastructure/ Utilities Dividend & Income Fund			12,000		335
Pioneer Floating Rate Trust (c)			60,000		1,189
Total Closed-End Funds
	(Cost $6,425)				6,697
Common Stocks – 2.1%
Communications – 0.0%
Adelphia Recovery Trust (e)			958,406		82
Sullivan Broadcast Holdings, Escrow Shares (e) (g) (h)			400		—
					82
Consumer Discretionary – 0.1%
Time Warner Cable, Class A (e)			9,852		386
Energy – 1.1%
Canadian Oil Sands Trust (c)			23,000		711
Canetic Resources Trust (c)			24,500		399
Harvest Energy Trust (c)			13,000		403
Penn West Energy Trust (c)			12,000		400
Peyto Energy Trust (c) (j)			25,000		427
Provident Energy Trust (c)			39,900		474
					2,814
Mortgage – 0.1%
Luminent Mortgage Capital – REIT (c)			35,000		353
Real Estate – 0.2%
Annaly Capital Management – REIT (c)			30,000		433
Transportation – 0.6%
Delta Air Lines (c) (e)			30,619		603
Diana Shipping			20,000		448
Eagle Bulk Shipping (c)			10,000		224
Quintana Maritime (c)			25,000		396
					1,671
Total Common Stocks
	(Cost $5,202)				5,739
Investment Grade Corporate Bonds – 1.6%
Basic Industry – 0.4%
Southern Copper
	7.500%, 07/27/2035 (a)	$	1,000		1,074
High Income Bond Fund (continued)
DESCRIPTION		PAR/SHARES		VALUE
Communications – 0.6%
Alamosa Delaware
	11.000%, 07/31/2010	$	650	$	688
Embarq
	7.995%, 06/01/2036		1,000		1,015
					1,703
Energy – 0.6%
TNK-BP Finance
	6.625%, 03/20/2017 (a) (b)		1,500		1,453
Total Investment Grade Corporate Bonds
	(Cost $4,329)				4,230
Convertible Securities – 0.8%
Basic Industry – 0.3%
Coeur d’Alene Mines
	1.250%, 01/15/2024 (c)		1,000		889
Electric – 0.2%
Entergy (c)			8,000		526
Technology – 0.3%
Gateway
	1.500%, 12/31/2009		1,000		870
Total Convertible Securities
	(Cost $2,324)				2,285
Asset-Backed Security – 0.0%
Manufactured Housing – 0.0%
Green Tree Financial Series 1998-1, Class A4
	6.040%, 11/01/2029 (g)
	(Cost $9)		9		9
Short-Term Investments – 2.4%
Money Market Fund – 2.4%
First American Prime Obligations Fund, Class Z (k)			6,618,513		6,619
U.S Treasury Obligation – 0.0%
U.S. Treasury Bill
	4.631%, 10/04/2007 (l)	$	100		99
Total Short-Term Investments
	(Cost $6,718)				6,718
Investment Purchased with Proceeds from Securities Lending – 20.6%
Mount Vernon Securities Lending Prime Portfolio (m)
	(Cost $56,867)		56,867,246		56,867
Total Investments – 118.9%
	(Cost $328,045)				327,652
Other Assets and Liabilities, Net – (18.9)%					(52,200	)
Total Net Assets – 100.0%				$	275,452

(a)	Represents a foreign high yield (non-investment grade) U.S. dollar denominated bond. On June 30, 2007, the value of these investments was $50,627 which represented 18.4% of total net assets.
(b)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of June 30, 2007, the value of these investments was $80,814 or 29.3% of total net assets. See note 2 in Notes to Financial Statements.
(c)	This security or a portion of this security is out on loan at June 30, 2007. Total loaned securities had a value of $55,388 at June 30, 2007. See note 2 in Notes to Financial Statements.

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

34      First American Funds Annual Report 2007

High Income Bond Fund (continued)

(d)	Variable Rate Security – The rate shown is the rate in effect as of June 30, 2007.
(e)	Non-income producing security.

(f)  Security in default at June 30, 2007.

(g)	Security considered illiquid. As of June 30, 2007, the value of these investments was $9 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(h)	Security is fair valued. As of June 30, 2007, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(i)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of Investments purchased on a when-issued basis was $3,745 or 1.4% of total net assets. See note 2 in Notes to Financial Statements.
(j)	Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted.

(k)  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.

(l)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of June 30, 2007. See note 2 in Notes to Financial Statements.

(m)  The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
U.S. Treasury 2 Year Note Futures		(14	)	$	(2,853	)	September 2007	$	4
U.S. Treasury 5 Year Note Futures		551			57,347		September 2007		(350	)
U.S. Treasury 10 Year Note Futures		(348	)		(36,785	)	September 2007		327
U.S. Treasury Long Bond Futures		18			1,940		September 2007		(26	)
								$	(45	)

Credit Default Swap Agreements

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
Citigroup	Constellation Energy Group, Inc.		Buy		0.240%		6/12/2012	$	625	$	—
Citigroup	Lennar Corporation		Buy		1.050%		9/20/2012		1,000		4
Citigroup	Ryland Group		Buy		1.250%		9/20/2012		1,000		(4	)
J.P. Morgan	Amerisourcebergen Corporation		Buy		0.550%		9/20/2012		500		(6	)
J.P. Morgan	Cardinal Health, Inc.		Buy		0.330%		9/20/2012		500		—
J.P. Morgan	Dow Jones CDX EM7 Index		Buy		1.250%		6/20/2012		5,000		12
J.P. Morgan	Dow Jones CDX HY8 Index		Buy		2.750%		6/20/2012		5,000		39
J.P. Morgan	CenturyTel, Inc.		Buy		0.540%		9/20/2012		1,000		(1	)
J.P. Morgan	McKesson Corporation		Buy		0.350%		9/20/2012		500		(1	)
J.P. Morgan	Sara Lee Corporation		Buy		0.500%		6/12/2012		1,000		(4	)
UBS	Amerisourcebergen Corporation		Buy		0.585%		9/20/2012		500		(1	)
UBS	Cardinal Health, Inc.		Buy		0.320%		9/20/2012		500		—
UBS	Dow Jones CDX EM7 Index		Buy		1.250%		6/20/2012		15,000		37
UBS	Dow Jones CDX HY8 Index		Buy		2.750%		6/20/2012		5,000		54
UBS	Dow Jones CDX XO8 Index		Buy		1.400%		6/20/2012		12,500		256
UBS	Constellation Energy Group, Inc.		Buy		0.230%		6/20/2012		625		—
UBS	McKesson Corporation		Buy		0.385%		9/20/2012		500		(1	)
UBS	Turkey Government International Bond		Buy		1.480%		7/20/2012		1,200		1
UBS	Venezuela Government International Bond		Buy		2.220%		7/20/2012		1,400		32
										$	417

First American Funds Annual Report 2007      35

Schedule of  Investments continued

Inflation Protected Securities Fund
DESCRIPTION			PAR		VALUE
U.S. Government & Agency Securities – 86.9%
Inflation Protected U.S. Treasuries (a) – 86.9%
U.S. Treasury Bonds
		2.375%, 01/15/2017	$	4,611	$	4,502
		2.375%, 01/15/2025		15,019		14,441
		2.000%, 01/15/2026 (b)		10,229		9,265
		2.375%, 01/15/2027		1,793		1,722
		3.625%, 04/15/2028		20,186		23,386
		3.875%, 04/15/2029		15,869		19,160
U.S. Treasury Notes
		4.250%, 01/15/2010 (b)		11,422		11,855
		0.875%, 04/15/2010 (b)		36,977		35,117
		3.500%, 01/15/2011 (b)		5,669		5,833
		2.375%, 04/15/2011 (b)		16,137		15,961
		2.000%, 04/15/2012 (b)		7,637		7,413
		3.000%, 07/15/2012 (b)		24,710		25,188
		1.875%, 07/15/2013		9,001		8,634
		2.000%, 01/15/2014 (b)		12,889		12,386
		1.625%, 01/15/2015 (b)		14,745		13,706
		1.875%, 07/15/2015		14,183		13,403
		2.000%, 01/15/2016		13,066		12,406
		2.500%, 07/15/2016		6,497		6,425
Total U.S. Government & Agency Securities
		(Cost $249,902)				240,803
Corporate Bonds – 5.6%
Banking – 0.6%
HSBC Finance
		4.760%, 06/10/2011 (c)		1,900		1,765
Basic Industry – 0.9%
Evraz Group
		8.250%, 11/10/2015 (d)		500		511
FMG Finance
		10.000%, 09/01/2013 (d)		500		558
Griffin Coal Mining
		9.500%, 12/01/2016 (d)		500		514
Southern Copper
		7.500%, 07/27/2035		950		1,020
						2,603
Brokerage – 0.7%
Merrill Lynch
		3.940%, 03/02/2009 (c)		1,850		1,772
Finance – 0.5%
MBIA Global Funding
	Series MTN
		6.080%, 02/02/2008 (c) (d)		1,400		1,388
Foreign Agency – 0.7%
KFW
	Series MTN
		4.270%, 03/03/2008 (c)		1,900		1,870
Insurance – 2.2%
Allstate Life Global Funding Trust
	Series MTN
		3.470%, 03/01/2010 (c)		900		837
Jackson National Life Fund
	Series MTN
		4.400%, 05/01/2014 (c) (d)		1,925		1,753
Pacific Life Global Funding
		4.595%, 02/06/2016 (c) (d)		1,900		1,771
Inflation Protected Securities Fund
DESCRIPTION			PAR/SHARES		VALUE
Principal Life
	Series MTN
		4.180%, 03/01/2012 (c)		900		816
Protective Life Secured Trust
		4.710%, 07/10/2012 (c)		1,000		908
						6,085
Total Corporate Bonds
		(Cost $15,691)				15,483
Asset-Backed Securities – 1.4%
Commercial Mortgages – 0.9%
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2
		6.538%, 06/15/2031		134		133
GMAC Commercial Mortgage Securities Series 2003-C3, Class A2
		4.223%, 04/10/2040		2,000		1,955
GS Mortgage Securities II
	Series 2003-C1, Class A2A
		3.590%, 01/10/2040		500		495
						2,583
Other – 0.5%
Global Signal Trust
	Series 2006-1, Class C
		5.707%, 02/15/2036 (d)		1,330		1,322
GRP/ AG Real Estate Asset Trust
	Series 2005-1, Class A
		4.850%, 01/25/2035 (d)		66		65
						1,387
Total Asset-Backed Securities
		(Cost $4,055)				3,970
Collateralized Mortgage Obligation – Private Mortgage-Backed Security – 1.1%
Fixed Rate – 1.1%
Greenwich Capital Commercial Funding Series 2007-GG9, Class A4
		5.444%, 03/10/2039 (Cost $2,895)		3,000		2,904
Common Stocks – 0.6%
Energy – 0.6%
ARC Energy Trust (b) (e)				11,000		224
Baytex Energy Trust				4,289		86
Canadian Oil Sands Trust				9,285		287
Canetic Resources Trust (b)				25,411		414
Harvest Energy Trust (b)				11,725		363
Penn West Energy Trust				2,439		81
Peyto Energy Trust (e)				19,000		325
Total Common Stocks
		(Cost $1,595)				1,780
Municipal Bond – 0.4%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
		6.950%, 09/01/2016 (Cost $1,000)	$	1,000		1,009

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

36      First American Funds Annual Report 2007

Inflation Protected Securities Fund (continued)
DESCRIPTION		PAR/SHARES		VALUE
U.S. Government Agency Mortgage-Backed Security – 0.2%
Fixed Rate – 0.2%
Federal Home Loan Mortgage Corporation Pool
	4.000%, 10/01/2010, #M80855 (Cost $658)	$	659	$	640
Convertible Security – 0.1%
Basic Industry – 0.1%
Coeur d’Alene Mines
	1.250%, 01/15/2024 (Cost $346)		350		311
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security – 0.1%
Fixed Rate – 0.1%
Federal Home Loan Mortgage Corporation Series 2763, Class TA
	4.000%, 03/15/2011 (Cost $305)		304		297
Short-Term Investments – 3.1%
Money Market Fund – 2.7%
First American Prime Obligations Fund, Class Z (f)			7,460,145		7,460
U.S Treasury Obligations (g) – 0.4%
U.S. Treasury Bills
	4.520%, 08/23/2007	$	310		308
	4.631%, 10/04/2007		700		692
					1,000
Total Short-Term Investments
	(Cost $8,460)				8,460
Investment Purchased with Proceeds from Securities Lending – 50.6%
Mount Vernon Securities Lending Prime Portfolio (h)
	(Cost $140,302)		140,301,776		140,302
Total Investments – 150.1%
	(Cost $425,209)				415,959
Other Assets and Liabilities, Net – (50.1)%					(138,765	)
Total Net Assets – 100.0%				$	277,194

(a)	U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
(b)	This security or a portion of this security is out on loan at June 30, 2007. Total loaned securities had a value of $137,827 at June 30, 2007. See note 2 in Notes to Financial Statements.
(c)	Variable Rate Security – The rate shown is the rate in effect as of June 30, 2007.
(d)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under guidelines established by the fund’s board of directors. As of June 30, 2007, the value of these investments was $7,882 or 2.8% of total net assets.
(e)	Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted.

(f)  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.

(g)

Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of June 30, 2007. See note 2 in Notes to Financial Statements.

(h)

The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased/			Contract			Settlement	Appreciation/
Description	(Sold)			Value			Month	(Depreciation)
British Pound Currency Futures		33		$	4,136		September 2007	$	64
Euro Currency Futures		30			5,088		September 2007		66
Japanese Yen Currency Futures		25			2,563		September 2007		(19	)
Long Gilt Futures		21			4,374		September 2007		(82	)
Swiss Franc Currency Futures		38			3,910		September 2007		53
U.S. Treasury 2 Year Note Futures		(681	)		(138,775	)	September 2007		(178	)
U.S. Treasury 5 Year Note Futures		535			55,682		September 2007		(223	)
U.S. Treasury 10 Year Note Futures		(426	)		(45,030	)	September 2007		(391	)
U.S. Treasury Long Bond Futures		102			10,991		September 2007		82
								$	(628	)

Credit Default Swap Agreement

Pay/

Reference

Buy/Sell

Receive

Expiration

Notional

Unrealized

Counterparty

Entity

Protection

Fixed Rate

Date

Amount

Depreciation

J.P. Morgan

Dow Jones CDX EM7 Index

Buy

1.250%

6/20/2012

$

4,800

$

(5

)

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation/

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Pay

5.470%

06/12/2009

$

36,000

$

66

Citigroup

3-Month LIBOR

Pay

5.360%

10/26/2016

8,000

(167

)

J.P. Morgan

3-Month LIBOR

Pay

5.447%

06/20/2009

37,000

54

UBS

3-Month LIBOR

Pay

5.665%

06/15/2012

10,000

55

UBS

3-Month LIBOR

Pay

5.798%

06/19/2017

19,000

187

$

195

Schedule of Open Written Call Options

	Exercise		Premium		Expiration	Number of
Option	Price		Received		Date	Contracts		Value
U.S. Treasury 10 Year Note Futures – September 2007	$	110.00	$	21	08/24/2007		75	$	2

First American Funds Annual Report 2007      37

Schedule of  Investments continued

Intermediate Government Bond Fund
DESCRIPTION		PAR/SHARES		VALUE
U.S. Government & Agency Securities – 95.8%
U.S. Agency Debentures – 59.9%
Federal Farm Credit Bank
	3.000%, 12/17/2007	$	1,805	$	1,786
	4.125%, 07/17/2009		1,100		1,078
	4.750%, 05/07/2010		1,000		988
	5.250%, 09/13/2010		1,000		1,001
	5.750%, 01/18/2011		1,800		1,832
	4.875%, 02/18/2011		1,600		1,581
Federal Home Loan Bank
	4.250%, 05/16/2008		580		575
	4.100%, 06/13/2008		650		643
	5.250%, 11/13/2009		1,075		1,073
	4.375%, 09/17/2010		1,430		1,396
	5.375%, 08/19/2011		1,355		1,360
	5.250%, 10/14/2011		745		739
	5.660%, 10/30/2013		755		752
	5.625%, 06/13/2016		900		897
Tennessee Valley Authority
	5.375%, 11/13/2008		2,455		2,461
	5.625%, 01/18/2011		2,000		2,027
	6.790%, 05/23/2012		3,175		3,375
					23,564
U.S. Treasuries – 35.9%
U.S. Treasury Bonds
	11.750%, 11/15/2014		1,575		1,813
	9.125%, 05/15/2018		785		1,045
	9.000%, 11/15/2018		775		1,030
	8.125%, 08/15/2019		460		582
U.S. Treasury Notes
	5.125%, 06/30/2011		515		519
	4.625%, 08/31/2011		1,590		1,572
	4.750%, 01/31/2012		2,360		2,342
	4.625%, 02/29/2012		1,990		1,965
	3.000%, 07/15/2012 (a)		362		369
	4.875%, 08/15/2016		55		54
	4.625%, 11/15/2016		370		359
	4.625%, 02/15/2017		2,560		2,479
					14,129
Total U.S. Government & Agency Securities
	(Cost $38,544)				37,693
Short-Term Investments – 4.2%
First American U.S. Treasury Money Market Fund, Class Z (b)			666,197		666
First American Tax Free Obligations Fund, Class Z (b)			978,608		979
Total Short-Term Investments (Cost $1,645)					1,645
Total Investments – 100.0% (Cost $40,189)					39,338
Other Assets and Liabilities, Net – 0.0%					(14	)
Total Net Assets – 100.0%				$	39,324

(a)	U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
(b)	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.

Intermediate Term Bond Fund
DESCRIPTION			PAR		VALUE
U.S. Government & Agency Securities – 31.6%
U.S. Agency Debentures – 17.9%
Federal Agricultural Mortgage Corporation
		5.500%, 07/15/2011 (a)	$	13,900	$	13,979
Federal Home Loan Mortgage Corporation
		4.500%, 08/04/2008 (b)		11,420		11,326
		5.125%, 07/15/2012 (b)		15,820		15,731
		5.375%, 01/09/2014 (b)		16,795		16,576
Federal National Mortgage Association
		7.250%, 01/15/2010 (b)		11,170		11,707
		4.500%, 02/15/2011 (b)		12,345		12,069
		5.125%, 04/15/2011 (b)		37,210		37,075
		6.125%, 03/15/2012 (b)		7,020		7,260
		5.250%, 08/01/2012 (b)		15,225		15,094
						140,817
U.S. Treasuries (b) – 13.7%
U.S. Treasury Bonds
		9.125%, 05/15/2018		6,975		9,282
		9.000%, 11/15/2018		7,240		9,626
		8.750%, 05/15/2020		3,365		4,481
U.S. Treasury Notes
		4.625%, 12/31/2011		6,245		6,167
		4.625%, 02/29/2012		27,150		26,802
		4.750%, 05/31/2012		43,055		42,719
		3.000%, 07/15/2012 (c)		7,970		8,125
						107,202
Total U.S. Government & Agency Securities
		(Cost $250,899)				248,019
Asset-Backed Securities – 26.5%
Automotive – 6.6%
Harley-Davidson Motorcycle Trust Series 2005-4, Class A2
		4.850%, 06/15/2012		4,240		4,215
Hertz Vehicle Financing Series 2005-2A, Class A6
		5.080%, 11/25/2011 (a)		8,425		8,308
Honda Auto Receivables Owner Trust Series 2005-5, Class A4
		4.690%, 02/15/2011		9,895		9,804
	Series 2005-6, Class A4
		4.930%, 03/18/2011		7,400		7,346
Volkswagen Auto Loan Enhanced Trust
	Series 2005-1, Class A4
		4.860%, 04/20/2012		10,940		10,854
Wachovia Auto Owner Trust
	Series 2005-B, Class A4
		4.840%, 04/20/2011		10,960		10,884
						51,411
Commercial Mortgages – 10.5%
Bank of America Commercial Mortgage Series 2006-2, Class A4
		5.930%, 05/10/2045		5,085		5,070
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX
		5.449%, 02/05/2019 (a)		5,040		5,021
	Series 2004-RS1, Class A
		4.018%, 03/03/2041 (a)		4,319		4,165
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2
		6.538%, 06/15/2031		1,885		1,887

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

38      First American Funds Annual Report 2007

Intermediate Term Bond Fund (continued)
DESCRIPTION			PAR		VALUE
GMAC Commercial Mortgage Securities Series 2004-C2, Class A1
		3.896%, 08/10/2038	$	4,381	$	4,305
Greenwich Capital Commercial Funding Series 2003-C1, Class A2
		3.285%, 07/05/2035		5,000		4,815
GS Mortgage Securities II Series 2006-GG6, Class A2
		5.506%, 04/10/2038		11,945		11,925
	Series 2006-GG8, Class A2
		5.479%, 11/10/2039		20,495		20,374
	Series 2006-GG8, Class A4
		5.560%, 11/10/2039		3,450		3,375
	Series 2003-C1, Class A2A
		3.590%, 01/10/2040		13,840		13,705
	Series 2006-RR2, Class A1
		5.689%, 06/23/2046 (a)		7,525		7,379
						82,021
Credit Cards – 3.1%
Bank of America Credit Card Trust Series 2007-A8, Class A8
		5.590%, 11/17/2014		12,035		12,112
MBNA Credit Card Master Note Trust Series 2003-A1, Class A1
		3.300%, 07/15/2010		12,560		12,405
						24,517
Home Equity – 0.5%
Amresco Residential Security Mortgage Series 1997-3, Class A9
		6.960%, 03/25/2027		72		72
Contimortgage Home Equity Loan Trust Series 1997-2, Class A9
		7.090%, 04/15/2028		123		122
Countrywide Asset-Backed Certificates Series 2003-5, Class AF5
		5.739%, 02/25/2034		3,760		3,679
Saxon Asset Securities Trust Series 2004-1, Class A
		5.620%, 03/25/2035 (d)		142		142
						4,015
Manufactured Housing – 1.3%
Green Tree Financial Series 1996-9, Class A5
		7.200%, 01/15/2028		173		174
Origen Manufactured Housing Series 2005-A, Class A2
		4.490%, 05/15/2018		9,939		9,831
						10,005
Other – 3.3%
Global Signal Trust Series 2004-2A, Class A
		4.232%, 12/15/2014 (a)		7,390		7,146
	Series 2006-1, Class C
		5.707%, 02/15/2036 (a)		4,420		4,393
GRP/ AG Real Estate Asset Trust Series 2005-1, Class A
		4.850%, 01/25/2035 (a)		330		327
Small Business Administration Series 2005-P10B, Class 1
		4.940%, 08/10/2015		6,044		5,875
	Series 2006-P10B, Class 1
		5.681%, 08/10/2016		8,438		8,360
						26,101
Utilities – 1.2%
PG&E Energy Recovery Funding Series 2005-1, Class A3
		4.140%, 09/25/2012		9,615		9,360
Total Asset-Backed Securities
		(Cost $209,650)				207,430
Corporate Bonds – 19.7%
Banking – 0.4%
J.P. Morgan Chase
		5.150%, 10/01/2015 (b)		3,290		3,128
Basic Industry – 1.2%
Celulosa Arauco Constitucion
		5.625%, 04/20/2015 (b)		2,000		1,932
Falconbridge
		7.350%, 06/05/2012		3,385		3,620
Teck Cominco
		5.375%, 10/01/2015		2,810		2,664
Vale Overseas
		6.250%, 01/11/2016		1,525		1,513
						9,729
Brokerage – 1.7%
Lehman Brothers Holdings
		5.750%, 01/03/2017		2,215		2,152
Merrill Lynch
		6.050%, 05/16/2016 (b)		4,695		4,644
Morgan Stanley
		5.375%, 10/15/2015		6,550		6,271
						13,067
Communications – 0.9%
Deutsche Telecom
		8.500%, 06/15/2010		3,690		3,933
Telefonica Emisones
		6.221%, 07/03/2017		1,115		1,112
Vodafone Group
		5.625%, 02/27/2017		2,000		1,913
						6,958
Consumer Cyclical – 1.2%
DaimlerChrysler
		6.500%, 11/15/2013		2,230		2,303
Home Depot
		5.875%, 12/16/2036		3,845		3,426
Quest Diagnostic
		5.125%, 11/01/2010		3,490		3,421
						9,150
Consumer Non Cyclical – 1.1%
General Mills
		5.700%, 02/15/2017		4,410		4,298
Schering-Plough
		5.550%, 12/01/2013		4,595		4,612
						8,910

First American Funds Annual Report 2007      39

Schedule of  Investments continued

Intermediate Term Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Electric – 2.5%
MidAmerican Energy Holdings
		3.500%, 05/15/2008	$	4,600	$	4,522
National Rural Utilities
		5.750%, 08/28/2009		3,850		3,881
Ohio Power, Series K
		6.000%, 06/01/2016		2,100		2,102
Oncor Electric Delivery
		6.375%, 01/15/2015		3,140		3,185
Pacific Gas & Electric
		4.200%, 03/01/2011		5,935		5,671
						19,361
Energy – 2.5%
Gazprom International
		7.201%, 02/01/2020 (a)		3,338		3,457
Nexen
		5.650%, 05/15/2017		3,830		3,683
Petro-Canada
		4.000%, 07/15/2013		5,890		5,339
Tengizcheveroil Finance
		6.124%, 11/15/2014 (a) (b)		3,095		3,037
Valero Energy
		6.875%, 04/15/2012		4,135		4,330
						19,846
Finance – 1.7%
American General Finance
		3.875%, 10/01/2009		4,345		4,204
Capital One Financial
		6.150%, 09/01/2016		1,775		1,753
Janus Capital Group
		6.700%, 06/15/2017		1,620		1,634
SLM
		5.400%, 10/25/2011		2,270		2,079
Transcapitalinvest
		5.670%, 03/05/2014 (a)		4,125		3,988
						13,658
Industrial Other – 0.6%
Johnson Controls
		5.250%, 01/15/2011		4,720		4,672
Insurance – 0.8%
Ace INA Holdings
		5.700%, 02/15/2017		2,765		2,690
Allied World Assurance
		7.500%, 08/01/2016		3,040		3,195
						5,885
Real Estate – 2.0%
Health Care – REIT
		5.875%, 05/15/2015		3,775		3,676
Istar Financial – REIT
		5.650%, 09/15/2011		4,225		4,163
Mack-Cali Realty – REIT
		7.250%, 03/15/2009		4,500		4,621
Prologis 2006 – REIT
		5.750%, 04/01/2016		3,525		3,477
						15,937
Sovereign – 0.2%
United Mexican States
		5.625%, 01/15/2017 (b)		1,400		1,371
Technology – 1.3%
Chartered Semiconductor
		5.750%, 08/03/2010		1,500		1,502
Jabil Circuit
		5.875%, 07/15/2010		4,200		4,161
Motorola
		8.000%, 11/01/2011		3,900		4,210
						9,873
Transportation – 1.6%
AEP Texas Central Series A-2
		4.980%, 07/01/2013		9,695		9,520
Burlington Northern Santa Fe
		5.650%, 05/01/2017		3,485		3,395
						12,915
Total Corporate Bonds
		(Cost $156,618)				154,460
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 12.9%
Adjustable Rate (d) – 7.8%
CS First Boston Mortgage Securities Series 2003-AR24, Class 2A4
		4.029%, 10/25/2033		12,382		12,152
Countrywide Home Loans Series 2006-HYB5, Class 3A1A
		5.984%, 09/20/2036		7,300		7,292
Sequoia Mortgage Trust Series 2004-4, Class X1
		0.765%, 05/20/2034 (e)		30,696		30
Structured Mortgage Loan Trust Series 2004-11, Class A
		7.268%, 08/25/2034		467		469
Washington Mutual Series 2003-AR10, Class A6
		4.062%, 10/25/2033		16,305		16,062
Wells Fargo Mortgage Backed Securities Trust Series 2003-J, Class 2A5
		4.450%, 10/25/2033		11,500		10,971
	Series 2004-E, Class A5
		3.662%, 05/25/2034		9,010		8,859
	Series 2004-N, Class A3
		4.099%, 08/25/2034		5,115		5,075
						60,910
Fixed Rate – 5.1%
Banc of America Mortgage Securities
	Series 2003-6, Class 1A29
		4.250%, 08/25/2033		8,917		8,840
	Series 2005-5, Class 1A21
		5.000%, 06/25/2035		7,898		7,804
Countrywide Alternative Loan Trust Series 2004-2CB, Class 1A1
		4.250%, 03/25/2034		2,900		2,836
GE Capital Commercial Mortgage Series 2003-C2, Class A4
		5.145%, 07/10/2037		10,975		10,664
Salomon Brothers Mortgage Securities Series 1986-1, Class A
		6.000%, 12/25/2011		68		68
Wachovia Bank Mortgage Trust Series 2007-C30
		5.246%, 12/15/2043		10,280		10,084

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

40      First American Funds Annual Report 2007

Intermediate Term Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Westam Mortgage Financial Series 11, Class A
		6.360%, 08/26/2020 (f)	$	31	$	31
						40,327
Total Collateralized Mortgage Obligation –
		Private Mortgage-Backed Securities
		(Cost $102,717)				101,237
U.S. Government Agency Mortgage-Backed Securities – 5.8%
Adjustable Rate (d) – 1.7%
Federal Home Loan Mortgage Corporation Pool
		7.168%, 01/01/2028, #786281		1,314		1,338
		6.596%, 04/01/2029, #847190 (b)		1,802		1,854
		6.773%, 10/01/2030, #847209 (b)		3,516		3,608
		6.601%, 05/01/2031, #847161 (b)		1,198		1,236
		6.595%, 09/01/2033, #847210		3,193		3,283
Federal National Mortgage Association Pool
		6.966%, 09/01/2033, #725111		2,161		2,179
						13,498
Fixed Rate – 4.1%
Federal Home Loan Mortgage Corporation Series K001, Class A3,
		6.003%, 01/25/2012		7,337		7,299
Federal Home Loan Mortgage Corporation Pool
		4.000%, 10/01/2010, #M80855 (b)		5,607		5,444
Federal National Mortgage Association Pool
		3.900%, 06/01/2010, #461013		10,958		10,557
		3.790%, 07/01/2013, #386314 (b)		9,432		8,661
						31,961
Total U.S. Government Agency Mortgage-
		Backed Securities
		(Cost $46,463)				45,459
Collateralized Mortgage Obligation –  U.S. Government Agency Mortgage-  Backed Securities – 2.7%
Fixed Rate – 2.7%
Federal Home Loan Mortgage Corporation Series 2763, Class TA
		4.000%, 03/15/2011 (b)		5,895		5,772
	Series 2780, Class QC
		4.500%, 03/15/2017 (b)		10,203		9,933
	Series 2750, Class HE
		5.000%, 02/15/2019 (b)		5,930		5,720
	Series 1167, Class E
		7.500%, 11/15/2021		25		25
	Series 1286, Class A
		6.000%, 05/15/2022		81		81
Federal National Mortgage Association Series 1990-89, Class K
		6.500%, 07/25/2020		18		19
Total Collateralized Mortgage Obligation –
		U.S. Government Agency Mortgage-Backed
		Securities
		(Cost $21,737)				21,550
Municipal Bond – 0.3%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
		6.950%, 09/01/2016
		(Cost $2,130)		2,130		2,150
Intermediate Term Bond Fund (continued)
DESCRIPTION			SHARES/PAR		VALUE
Short-Term Investments – 0.6%
Money Market Fund – 0.3%
First American Prime Obligations Fund, Class Z (g)				2,466,374		2,466
U.S. Treasury Obligations (h) – 0.3%
U.S. Treasury Bills
		4.547%, 08/23/2007	$	690		686
		4.631%, 10/04/2007		1,225		1,210
						1,896
Total Short-Term Investments
		(Cost $4,362)				4,362
Investment Purchased with Proceeds from Securities Lending – 36.4%
Mount Vernon Securities Lending Prime Portfolio (i)
		(Cost $285,299)		285,299,469		285,299
Total Investments – 136.5%
		(Cost $1,079,875)				1,069,966
Other Assets and Liabilities, Net – (36.5)%						(286,327	)
Total Net Assets – 100.0%					$	783,639

(a)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of June 30, 2007, the value of these investments was $61,200 or 7.8% of total net assets.
(b)	This security or a portion of this security is out on loan at June 30, 2007. Total loaned securities had a value of $279,794 at June 30, 2007. See note 2 in Notes to Financial Statements.
(c)	U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
(d)	Variable Rate Security – The rate shown is the rate in effect as of June 30, 2007.
(e)	Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of June 30, 2007.

(f)  Security considered illiquid. As of June 30, 2007, the value of this investment was $31 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(g)	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.
(h)	Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of June 30, 2007. See note 2 in Notes to Financial Statements.

(i)  The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

First American Funds Annual Report 2007      41

Schedule of  Investments continued

Intermediate Term Bond Fund (concluded)

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
U.S. Treasury 2 Year Note Futures		(1,090	)	$	(222,122	)	September 2007	$	(501	)
U.S. Treasury 5 Year Note Futures		931			96,897		September 2007		(594	)
U.S. Treasury 10 Year Note Futures		(687	)		(72,618	)	September 2007		(401	)
U.S. Treasury Long Bond Futures		(225	)		(24,244	)	September 2007		329
								$	(1,167	)

Credit Default Swap Agreements

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
Citigroup	Constellation Energy Group, Inc.		Buy		0.240%		06/20/2012	$	2,000	$	—
Citigroup	Lennar Corporation		Buy	��	1.050%		09/20/2012		1,750		7
Citigroup	Ryland Group		Buy		1.250%		09/20/2012		1,750		(7	)
Deutsche Bank	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		8,500		25
J.P. Morgan	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		21,100		88
J.P. Morgan	Centurytel, Inc.		Buy		0.540%		09/20/2012		3,100		(3	)
J.P. Morgan	Honeywell International		Buy		0.410%		09/20/2017		3,300		—
J.P. Morgan	Sara Lee Corporation		Buy		0.500%		06/12/2012		2,800		(12	)
UBS	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		4,300		26
UBS	Amerisourcebergen Corporation		Buy		0.585%		09/20/2012		2,000		(3	)
UBS	Cardinal Health, Inc.		Buy		0.320%		09/20/2012		2,000		(2	)
UBS	Constellation Energy Group, Inc.		Buy		0.230%		06/20/2012		2,000		1
UBS	McKesson Corporation		Buy		0.385%		09/20/2012		2,000		(4	)
UBS	Whirlpool Corporation		Buy		0.785%		09/20/2017		2,000		2
										$	118

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Pay

5.470%

06/12/2009

$

101,000

$

186

Citigroup

3-Month LIBOR

Pay

5.360%

10/26/2016

29,000

(607

)

J.P. Morgan

3-Month LIBOR

Pay

5.447%

06/20/2009

104,000

153

UBS

3-Month LIBOR

Pay

5.665%

06/15/2012

27,000

147

UBS

3-Month LIBOR

Pay

5.798%

06/19/2017

26,000

256

$

135

Schedule of Open Written Call Options

	Exercise	Premium		Expiration		Number of
Option	Price	Received		Date		Contracts		Value
U.S. Treasury 10 Year Note Futures – September 2007	$110.00	$	57		08/24/2007		204	$	6

Short Term Bond Fund
DESCRIPTION			PAR		VALUE
Asset-Backed Securities – 37.2%
Automotive – 6.8%
Auto Bond Receivables Trust
	Series 1993-I, Class A
		6.125%, 11/15/2021 (a) (b) (c)	$	106	$	—
Ford Credit Auto Owner Trust
	Series 2005-B, Class A3
		4.170%, 01/15/2009		2,995		2,987
FTN Financial Auto Securitization Trust
	Series 2004-A, Class B
		3.000%, 06/15/2010 (d)		325		324
Harley-Davidson Motorcycle Trust
	Series 2003-2, Class A2
		2.070%, 02/15/2011		2,753		2,719
Hertz Vehicle Financing
	Series 2005-2A, Class A2
		4.930%, 02/25/2010 (d)		5,460		5,422
Nissan Auto Receivables Owner Trust
	Series 2006-B, Class A3
		5.160%, 02/15/2010		6,000		5,988
Toyota Auto Receivables Owner Trust
	Series 2003-B, Class A4
		2.790%, 01/15/2010		712		711
	Series 2003-A, Class A4
		2.200%, 03/15/2010		657		656
Volkswagen Auto Loan Enhanced Trust
	Series 2005-1, Class A4
		4.860%, 04/20/2012		7,000		6,945
						25,752
Commercial Mortgages – 19.2%
Banc of America Commercial Mortgage
	Series 2004-4, Class A2
		4.041%, 07/10/2042		6,351		6,237
Bear Stearns Commercial Mortgage Securities
	Series 2002-TOP6, Class A1
		5.920%, 10/15/2036		2,382		2,399
Commercial Mortgage Pass-Through Certificates
	Series 2004-LB3A, Class A1
		3.765%, 07/10/2037		2,731		2,704
	Series 2004-RS1, Class A
		4.018%, 03/03/2041 (d)		2,252		2,172
GE Capital Commercial Mortgage Corporation
	Series 2001-2, Class A2
		5.850%, 08/11/2033		5,540		5,568
GMAC Commercial Mortgage Securities
	Series 1999-C1, Class A2
		6.175%, 05/15/2033		5,512		5,549
	Series 2004-C1, Class A2
		4.100%, 03/10/2038		4,000		3,890
Greenwich Capital Commercial Funding
	Series 2004-GG1, Class A2
		3.835%, 06/10/2036		504		502
	Series 2005-GG5, Class A2
		5.117%, 04/10/2037		12,390		12,252
GS Mortgage Securities II
	Series 2004-C1, Class A1
		3.659%, 10/10/2028		5,443		5,335
	Series 2003-C1, Class A2A
		3.590%, 01/10/2040		11,015		10,907
JP Morgan Chase Commercial Mortgage Securities
	Series 2001-CIB3, Class A2
		6.044%, 11/15/2035		3,636		3,670

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

42      First American Funds Annual Report 2007

Short Term Bond Fund (continued)
DESCRIPTION			PAR		VALUE
LB-UBS Commercial Mortgage Trust
	Series 2003-C3, Class A2
		3.086%, 05/15/2027	$	6,200	$	6,081
	Series 2004-C2, Class A1
		2.946%, 03/15/2029		5,269		5,101
						72,367
Credit Cards – 5.6%
Citibank Credit Card Issuance Trust
	Series 2006-A2, Class A2
		4.850%, 02/10/2011		3,557		3,531
Household Credit Card Master Note Trust I Series 2006-1, Class A
		5.100%, 06/15/2012		4,950		4,925
MBNA Credit Card Master Note Trust
	Series 2005-A1, Class A1
		4.200%, 09/15/2010		10,000		9,915
Providian Gateway Master Trust
	Series 2004-DA, Class A
		3.350%, 09/15/2011 (d)		2,625		2,615
						20,986
Equipment Lease – 0.1%
CNH Equipment Trust
	Series 2004-A, Class A3B
		2.940%, 10/15/2008		260		260
Home Equity – 1.2%
Countrywide Asset-Backed Certificates
	Series 2003-5, Class AF5
		5.739%, 02/25/2034		2,133		2,087
Equivantage Home Equity Loan Trust
	Series 1996-1, Class A
		6.550%, 10/25/2025		79		79
	Series 1996-4, Class A
		7.250%, 01/25/2028		371		370
IMC Home Equity Loan Trust
	Series 1998-3, Class A7
		6.720%, 08/20/2029		1,905		1,901
New Century Home Equity Loan Trust
	Series 1997-NC6, Class A7
		7.690%, 01/25/2029 (e)		204		203
						4,640
Manufactured Housing – 0.8%
Origen Manufactured Housing
	Series 2005-B, Class A2
		5.247%, 12/15/2018		3,230		3,188
Other – 2.4%
Global Signal Trust
	Series 2004-2A, Class A
		4.232%, 12/15/2014 (d)		6,380		6,170
	Series 2006-1, Class C
		5.707%, 02/15/2036 (d)		2,750		2,733
GRP/ AG Real Estate Asset Trust
	Series 2005-1, Class A
		4.850%, 01/25/2035 (d)		237		235
						9,138
Utilities – 1.1%
Detroit Edison Securitization Funding
	Series 2001-1, Class A3
		5.875%, 03/01/2010		1,772		1,775
Massachusetts RRB Special Purpose Trust
	Series 1999-1, Class A4
		6.910%, 09/15/2009		1,031		1,034
Public Service New Hampshire Funding Series 2001-1, Class A2
		5.730%, 11/01/2010		1,527		1,531
						4,340
Total Asset-Backed Securities
		(Cost $142,061)				140,671
U.S. Government & Agency Securities – 18.8%
U.S. Agency Debentures – 11.6%
Federal Home Loan Mortgage Corporation
		3.875%, 06/15/2008 (f)		14,175		13,990
Federal National Mortgage Association
		5.400%, 02/01/2008 (f)		6,000		6,000
		4.000%, 09/02/2008 (f)		10,000		9,857
		4.250%, 05/15/2009 (f)		7,500		7,377
		6.625%, 09/15/2009 (f)		6,355		6,542
						43,766
U.S. Treasuries – 7.2%
U.S. Treasury Notes
		4.750%, 02/28/2009 (f)		6,665		6,645
		4.875%, 08/15/2009 (f)		3,860		3,857
		2.375%, 04/15/2011 (f) (g)		3,930		3,887
		4.625%, 08/31/2011 (f)		2,505		2,477
		4.625%, 12/31/2011 (f)		6,405		6,325
		3.000%, 07/15/2012 (f) (g)		3,982		4,060
						27,251
Total U.S. Government & Agency Securities
		(Cost $71,716)				71,017
Corporate Bonds – 14.7%
Banking – 2.2%
HSBC Finance
		6.750%, 05/15/2011		3,500		3,633
Popular North America
		3.875%, 10/01/2008		4,925		4,827
						8,460
Brokerage – 1.0%
Morgan Stanley
		4.000%, 01/15/2010		4,000		3,862
Communications – 1.3%
Comcast Cable Communications
		6.875%, 06/15/2009		2,305		2,360
Vodafone Airtouch
		7.750%, 02/15/2010		2,500		2,626
						4,986
Consumer Cyclical – 3.0%
Federated Department Stores
		6.300%, 04/01/2009		3,000		3,029
Ford Motor Credit
		6.625%, 06/16/2008 (f)		2,500		2,498
Harrah’s Operating Company
		5.500%, 07/01/2010		2,000		1,937
Quest Diagnostic
		5.125%, 11/01/2010		1,990		1,951
Time Warner
		5.500%, 11/15/2011		2,000		1,978
						11,393

First American Funds Annual Report 2007      43

Schedule of  Investments continued

Short Term Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Electric – 2.0%
MidAmerican Energy Holdings
		3.500%, 05/15/2008	$	4,500	$	4,424
Oncor Electric Delivery
		5.000%, 09/01/2007		3,000		2,995
						7,419
Energy – 1.1%
PEMEX Project Funding Master Trust
		6.125%, 08/15/2008		4,000		4,024
Finance – 1.6%
American Express Travel
		5.250%, 11/21/2011 (d)		2,450		2,423
Ameriprise Financial
		5.350%, 11/15/2010		1,000		995
International Lease Finance
		5.000%, 04/15/2010		2,525		2,495
						5,913
Real Estate – 0.7%
Istar Financial – REIT
		6.000%, 12/15/2010		2,500		2,510
Technology – 1.3%
Chartered Semiconductor
		5.750%, 08/03/2010		1,500		1,502
Jabil Circuit
		5.875%, 07/15/2010		2,295		2,274
Motorola
		8.000%, 11/01/2011		1,200		1,295
						5,071
Transportation – 0.5%
FedEx
		5.500%, 08/15/2009 (f)		2,000		2,002
Total Corporate Bonds
		(Cost $56,036)				55,640
U.S. Government Agency Mortgage-Backed Securities – 11.8%
Adjustable Rate (e) – 7.6%
Federal Home Loan Mortgage Corporation Pool
		7.250%, 12/01/2026, #756591		928		940
		6.983%, 01/01/2029, #846946 (f)		647		664
		7.045%, 10/01/2029, #786853		525		526
		7.222%, 04/01/2030, #972055 (f)		409		421
		6.803%, 05/01/2030, #847014 (f)		443		445
		6.216%, 06/01/2031, #847367		299		302
		7.020%, 08/01/2032, #847331 (f)		4,053		4,174
		7.078%, 09/01/2032, #847652		2,029		2,051
		7.106%, 10/01/2032, #847063 (f)		337		343
		4.223%, 05/01/2033, #780456		1,925		1,921
Federal National Mortgage Association Pool
		7.008%, 11/01/2025, #433988 (f)		842		845
		7.125%, 02/01/2028, #415285		58		59
		6.991%, 10/01/2030, #847241 (f)		2,673		2,755
		6.118%, 06/01/2031, #625338 (f)		561		566
		6.912%, 12/01/2031, #535363 (f)		1,820		1,865
		7.103%, 03/01/2032, #545791		109		110
		7.176%, 05/01/2032, #545717		911		920
		7.180%, 05/01/2032, #634948 (f)		308		310
		4.476%, 10/01/2032, #661645 (f)		740		740
		4.703%, 12/01/2032, #671884		1,390		1,395
		7.172%, 04/01/2034, #775389		281		282
		4.266%, 07/01/2034, #795242 (f)		4,144		4,089
		7.172%, 08/01/2036, #555369		546		554
Government National Mortgage Association Pool
		5.750%, 08/20/2021, #8824		224		226
		5.750%, 07/20/2022, #8006 (f)		276		278
		5.750%, 09/20/2025, #8699		147		149
		5.375%, 04/20/2026, #8847		130		131
		5.750%, 08/20/2027, #80106		44		44
		6.375%, 01/20/2028, #80154		72		72
		5.375%, 05/20/2029, #80283 (f)		302		306
		5.875%, 11/20/2030, #80469 (f)		352		356
		5.375%, 04/20/2031, #80507 (f)		177		179
		5.500%, 08/20/2031, #80535 (f)		628		634
		6.500%, 02/20/2032, #80580 (f)		147		148
						28,800
Fixed Rate – 4.2%
Federal Home Loan Mortgage Corporation
	Series K001, Class A3
		5.837%, 01/25/2012		4,076		4,055
Federal Home Loan Mortgage Corporation Pool
		7.750%, 07/01/2009, #184513		4		4
Federal National Mortgage Association Pool
		3.900%, 06/01/2010, #461013		6,710		6,464
		5.500%, 05/01/2012, #254340 (f)		1,021		1,018
		4.000%, 12/01/2013, #255039		4,224		4,059
						15,600
Total U.S. Government Agency Mortgage-Backed Securities
		(Cost $44,835)				44,400
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 11.4%
Adjustable Rate (e) – 9.8%
Citigroup Mortgage Loan Trust
	Series 2005-7, Class 2A1A
		4.861%, 09/25/2035		3,777		3,716
GSR Mortgage Loan Trust
	Series 2005-AR1, Class B1
		4.877%, 01/25/2035		2,178		2,148
JP Morgan Mortgage Trust
	Series 2004-A1, Class 3A1
		4.973%, 02/25/2034		1,958		1,916
Structured Mortgage Loan Trust
	Series 2004-11, Class A
		7.317%, 08/25/2034		368		370
Washington Mutual
		Series 2003-AR3, Class A5
		3.927%, 04/25/2033		5,281		5,235
	Series 2003-AR10, Class A6
		4.060%, 10/25/2033		7,000		6,896
	Series 2004-AR7, Class A6
		3.942%, 07/25/2034		5,000		4,870
Wells Fargo Mortgage Backed Securities Trust
	Series 2004-E, Class A5
		3.662%, 05/25/2034		5,868		5,770
	Series 2004-N, Class A3
		4.099%, 08/25/2034		3,223		3,198
	Series 2005-AR10, Class 2A5
		4.109%, 06/25/2035		2,930		2,870
						36,989
Fixed Rate – 1.6%
Citigroup Mortgage Loan Trust
	Series 2005-WF1, Class A2
		4.490%, 02/25/2035		5,329		5,283

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

44      First American Funds Annual Report 2007

Short Term Bond Fund (continued)
DESCRIPTION			PAR/SHARES		VALUE
First Horizon Mortgage Pass-Through Trust
	Series 2004-4, Class 2A1
		4.500%, 07/25/2019	$	771	$	763
Residential Accredited Loans Series 2003-QS17, Class CB7
		5.500%, 09/25/2033		55		55
						6,101
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
		(Cost $43,380)				43,090
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 4.5%
Fixed Rate – 4.5%
Federal Home Loan Mortgage Corporation Series 2763, Class TA
		4.000%, 03/15/2011 (f)		4,239		4,151
	Series 2780, Class QC
		4.500%, 03/15/2017 (f)		5,000		4,868
	Series 1022, Class J
		6.000%, 12/15/2020		38		38
	Series 2738, Class UA
		3.570%, 12/15/2023 (f)		2,815		2,761
	Series 2589, Class GK
		4.000%, 03/15/2026 (f)		1,638		1,617
Federal National Mortgage Association
	Series 1992-150, Class MA
		5.500%, 09/25/2022		108		107
	Series 2004-90, Class GA
		4.350%, 03/25/2034		3,720		3,569
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
		(Cost $17,315)				17,111
Short-Term Investments – 1.0%
Money Market Fund – 0.9%
First American Prime Obligations Fund, Class Z (h)				3,579,193		3,579
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
		4.631%, 10/04/2007 (i)	$	320		316
Total Short-Term Investments
		(Cost $3,895)				3,895
Investment Purchased with Proceeds from Securities Lending – 29.1%
Mount Vernon Securities Lending Prime Portfolio (j)
		(Cost $109,803)		109,803,296		109,803
Total Investments – 128.5%
		(Cost $489,041)				485,627
Other Assets and Liabilities, Net – (28.5)%						(107,774	)
Total Net Assets – 100.0%					$	377,853

(a)	Security is fair valued and illiquid. As of June 30, 2007, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(b)	Security in default at June 30, 2007.
(c)	Non-income producing security.
(d)	Security purchased within terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under guidelines established by the fund’s board of directors. As of June 30, 2007, the value of these investments was $22,094 or 5.8% of total net assets. See note 2 in Notes to Financial Statements.
(e)	Variable Rate Security – The rate shown is the rate in effect as of June 30, 2007.

(f)  This security or a portion of this security is out on loan at June 30, 2007. Total loaned securities had a value of $106,745 at June 30, 2007. See note 2 in Notes to Financial Statements.

(g)	U.S. Treasury inflation-protected securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
(h)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.

(i)

Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of June 30, 2007. See note 2 in Notes to Financial Statements.

(j)

The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
British Pounds Currency Futures		15		$	1,880		September 2007	$	33
Canadian Dollar Currency Futures		10			943		September 2007		3
Euro Currency Futures		17			2,883		September 2007		36
Swiss Franc Currency Futures		29			2,984		September 2007		45
U.S. Treasury 2 Year Note Futures		9			1,834		September 2007		(3	)
U.S. Treasury 5 Year Note Futures		(322	)		(33,513	)	September 2007		3
U.S. Treasury 10 Year Note Futures		(38	)		(4,017	)	September 2007		36
								$	153

First American Funds Annual Report 2007      45

Schedule of  Investments continued

Credit Default Swap Agreements

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
Citigroup	Constellation Energy Group, Inc.		Buy		0.240%		06/20/2012	$	1,000	$	—
Citigroup	Lennar Corporation		Buy		1.050%		09/20/2012		900		4
Citigroup	Ryland Group		Buy		1.250%		09/20/2012		900		(4	)
Deutsche Bank	Dow Jones CDX XO8 Index		Buy		1.400%		06/20/2012		4,000		64
Deutsche Bank	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		4,300		13
J.P. Morgan	Centurytel, Inc.		Buy		0.540%		09/20/2012		1,515		(1	)
J.P. Morgan	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		10,750		45
J.P. Morgan	Dow Jones CDX HY8 Index		Buy		2.750%		06/20/2012		1,700		15
J.P. Morgan	Dow Jones CDX IG7 Index		Sell		0.250%		12/20/2009		25,000		(14	)
J.P. Morgan	Dow Jones CDX XO8 Index		Buy		1.400%		06/20/2012		1,900		5
J.P. Morgan	Honeywell International		Buy		0.410%		09/20/2017		1,600		—
J.P. Morgan	Sara Lee Corporation		Buy		0.500%		06/12/2012		1,330		(6	)
UBS	Amerisourcebergen Corporation		Buy		0.585%		09/20/2012		1,000		(2	)
UBS	Cardinal Health, Inc.		Buy		0.320%		09/20/2012		1,000		(1	)
UBS	Constellation Energy Group, Inc.		Buy		0.230%		06/20/2012		1,000		1
UBS	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		2,350		14
UBS	Dow Jones CDX HY8 Index		Buy		2.750%		06/20/2012		1,800		20
UBS	Dow Jones CDX XO8 Index		Buy		1.400%		06/20/2012		2,000		41
UBS	McKesson Corporation		Buy		0.385%		09/20/2012		1,000		(2	)
UBS	Whirlpool Corporation		Buy		0.785%		09/20/2017		1,000		1
										$	193

Interest Rate Swap Agreements

		Pay/
	Floating	Receive
	Rate	Floating		Fixed		Expiration		Notional		Unrealized
Counterparty	Index	Rate		Rate		Date		Amount		Appreciation
Citigroup	3-Month LIBOR		Pay		5.470%		06/12/2009	$	49,000	$	90
J.P. Morgan	3-Month LIBOR		Pay		5.447%		06/20/2009		51,000		75
UBS	3-Month LIBOR		Receive		4.773%		01/17/2011		12,000		252
UBS	3-Month LIBOR		Pay		5.665%		06/15/2012		13,000		71
										$	488

Total Return Bond Fund
DESCRIPTION		PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 32.7%
Adjustable Rate (a) – 2.7%
Federal Home Loan Mortgage Corporation Pool
	6.696%, 10/01/2029, #1L0117	$	1,153	$	1,178
	6.507%, 07/01/2030, #847240 (b)		1,184		1,194
	5.682%, 05/01/2033, #847411		864		872
	5.778%, 07/01/2036, #1K1238 (b)		3,203		3,192
	5.603%, 05/01/2037, #1H1396 (b)		8,020		7,999
Federal National Mortgage Association Pool
	7.026%, 09/01/2033, #725553		510		518
	5.268%, 11/01/2034, #735054 (b)		1,693		1,672
	6.939%, 01/01/2035, #745548		1,123		1,138
	5.310%, 12/01/2035, #850865 (b)		6,061		5,981
					23,744
Fixed Rate – 30.0%
Federal Home Loan Mortgage Corporation Pool
	4.000%, 04/01/2008, #M90808 (b)		1,504		1,487
	5.000%, 09/01/2018, #E99575		1,081		1,049
	5.500%, 12/01/2020, #G11810		3,024		2,980
	6.500%, 07/01/2031, #A17212 (b)		3,210		3,275
Federal National Mortgage Association Pool
	3.900%, 06/01/2010, #461013		5,000		4,817
	5.500%, 12/01/2018, #735575 (b)		1,691		1,673
	5.500%, 01/01/2020, #735386		1,271		1,257
	5.500%, 06/01/2020, #735792		1,087		1,075
	5.000%, 12/01/2020, #745079 (b)		18,464		17,857
	5.000%, 02/01/2021, #745279 (b)		1,854		1,793
	5.000%, 01/01/2022, #899008 (b)		5,747		5,555
	5.000%, 02/01/2022, #912554		2,142		2,070
	5.000%, 03/01/2022, #899298 (b)		5,780		5,586
	5.500%, 02/01/2025, #255628 (b)		2,792		2,729
	5.500%, 10/01/2025, #255956 (b)		13,714		13,383
	5.500%, 03/01/2027, #256640 (b)		9,832		9,572
	6.000%, 04/01/2032, #745101 (b)		1,078		1,083
	5.500%, 06/01/2033, #843435 (b)		1,166		1,130
	5.000%, 09/01/2033, #713735		6,537		6,157
	5.000%, 10/01/2033, #741897 (b)		1,345		1,267
	5.500%, 10/01/2033, #555800 (b)		3,476		3,368
	5.500%, 11/01/2033, #555967 (b)		6,429		6,229
	5.000%, 03/01/2034, #725205 (b)		1,244		1,172
	5.000%, 03/01/2034, #725250 (b)		1,118		1,053
	6.000%, 03/01/2034, #745324		2,154		2,146
	5.500%, 04/01/2034, #725424 (b)		3,045		2,950
	5.000%, 05/01/2034, #255189		16,202		15,245
	5.000%, 05/01/2034, #725456		1,100		1,035
	5.000%, 06/01/2034, #782909		855		804
	5.000%, 07/01/2034 (c)		8,880		8,320
	5.500%, 07/01/2034 (c)		17,150		16,539
	6.000%, 07/01/2034 (c)		8,330		8,239
	5.500%, 08/01/2034, #745563 (b)		2,114		2,048
	5.500%, 09/01/2034, #725773 (b)		1,962		1,899
	6.000%, 04/01/2035, #735503 (b)		3,331		3,312
	5.500%, 05/01/2035, #735500 (b)		28,036		27,109
	5.500%, 08/01/2035, #829679		4,694		4,538
	5.500%, 09/01/2035, #842230 (b)		2,414		2,334
	5.500%, 10/01/2035, #735899 (b)		2,860		2,769
	6.000%, 01/01/2036, #831215 (b)		3,114		3,086
	6.000%, 01/01/2036, #852347		3,091		3,059
	5.500%, 03/01/2036, #745354		15,408		14,898
	6.500%, 04/01/2036, #831377		1,369		1,382
	6.500%, 04/01/2036, #852909 (b)		927		936
	6.500%, 07/01/2036, #831683		2,191		2,212
	6.500%, 08/01/2036, #893318 (b)		1,966		1,985

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

46      First American Funds Annual Report 2007

Total Return Bond Fund (continued)
DESCRIPTION			PAR		VALUE
		6.500%, 09/01/2036, #897129 (b)	$	16,264	$	16,422
		6.000%, 11/01/2036, #870962 (b)		8,060		7,978
		6.000%, 11/01/2036, #902786 (b)		5,861		5,801
		5.500%, 01/01/2037, #906059 (b)		5,902		5,696
						260,359
Total U.S. Government Agency Mortgage-Backed Securities
		(Cost $288,641)				284,103
Asset-Backed Securities – 19.6%
Automotive – 1.0%
FTN Financial Auto Securitization Trust Series 2004-A, Class A
		2.550%, 06/15/2010 (d)		978		976
Harley-Davidson Motorcycle Trust Series 2005-4, Class A2
		4.850%, 06/15/2012		1,190		1,183
Hertz Vehicle Financing Series 2005-2A, Class A6
		5.080%, 11/25/2011 (d)		2,690		2,653
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4
		4.860%, 04/20/2012		4,255		4,221
						9,033
Commercial Mortgages – 15.2%
Bank of America Commercial Mortgage Series 2006-2, Class A4
		5.930%, 05/10/2045		785		783
Bear Stearns Commercial Mortgage Securities Series 2005-PW10, Class A4
		5.405%, 12/11/2040 (b)		8,765		8,533
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX
		5.449%, 02/05/2019 (d)		1,805		1,798
	Series 2004-RS1, Class A
		4.018%, 03/03/2041 (d)		3,640		3,510
	Series 2005-LP5, Class A2
		4.630%, 05/10/2043		5,750		5,634
	Series 2006-C8, Class A2B
		5.248%, 12/10/2046		14,200		13,979
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2
		6.538%, 06/15/2031		1,217		1,218
GE Capital Commercial Mortgage Corporation Series 2005-C3, Class A2
		4.853%, 07/10/2045		7,405		7,281
GMAC Commercial Mortgage Securities Series 2005-C1, Class A2
		4.471%, 05/10/2043		14,395		14,049
Greenwich Capital Commercial Funding Series 2003-C1, Class A2
		3.285%, 07/05/2035		1,500		1,444
	Series 2005-GG5, Class A2
		5.117%, 04/10/2037		13,625		13,474
	Series 2005-GG5, Class A5
		5.224%, 04/10/2037		7,159		6,893
GS Mortgage Securities II Series 2006-GG6, Class A2
		5.506%, 04/10/2038		9,450		9,434
	Series 2006-GG8, Class A2
		5.479%, 11/10/2039		13,440		13,361
	Series 2006-GG8, Class A4
		5.560%, 11/10/2039		10,150		9,928
	Series 2006-RR2, Class A1
		5.812%, 06/23/2046 (d)		3,230		3,168
	Series 2006-RR3, Class A1S
		5.760%, 07/18/2056 (d)		4,310		4,206
J.P. Morgan Chase Commercial Mortgage Securities Series 2005-LDP5, Class A4
		5.345%, 12/15/2044		1,510		1,459
LB-UBS Commercial Mortgage Trust Series 2004-C2, Class A2
		3.246%, 03/15/2029		10,000		9,671
	Series 2005-C7, Class A2
		5.103%, 11/15/2030		2,500		2,471
						132,294
Credit Cards – 1.8%
Bank of America Credit Card Trust Series 2007-A8, Class A8
		5.590%, 11/17/2014		12,865		12,947
Citibank Credit Card Issuance Trust Series 2006-A4, Class A4
		5.450%, 05/10/2013		1,860		1,861
Providian Gateway Master Trust Series 2004-DA, Class A
		3.350%, 09/15/2011 (d)		620		618
						15,426
Home Equity – 0.1%
GRMT Mortgage Loan Trust Series 2001-1A, Class M1
		7.772%, 07/20/2031 (d)		218		218
Manufactured Housing – 0.3%
Green Tree Financial Series 1996-8, Class A7
		8.050%, 10/15/2027		356		368
Origen Manufactured Housing Series 2005-A, Class A2
		4.490%, 05/15/2018		2,319		2,293
						2,661
Other – 0.5%
GRP/ AG Real Estate Asset Trust Series 2005-1, Class A
		4.850%, 01/25/2035 (d)		78		77
Small Business Administration Series 2006-P10B, Class 1
		5.681%, 08/10/2016		4,112		4,074
						4,151
Recreational Vehicles – 0.1%
J.P. Morgan RV Marine Trust Series 2004-1A, Class A1
		3.120%, 04/15/2011 (d)		697		693
Utilities – 0.6%
PG & E Energy Recovery Funding Series 2005-2, Class A2
		5.030%, 03/25/2014		5,655		5,601
Total Asset-Backed Securities
		(Cost $172,181)				170,077

First American Funds Annual Report 2007      47

Schedule of  Investments continued

Total Return Bond Fund (continued)
DESCRIPTION		PAR		VALUE
Corporate Bonds – 16.7%
Banking – 0.7%
Alfa
	7.875%, 10/10/2009	$	950	$	955
J.P. Morgan Chase
	5.150%, 10/01/2015 (b)		2,995		2,848
SOC General Real Estate
	7.640%, 12/29/2049 (a) (d)		1,465		1,472
Wells Fargo Capital X
	5.950%, 12/15/2036		945		881
					6,156
Basic Industry – 2.1%
Celulosa Arauco Y Constitucion
	8.625%, 08/15/2010		1,500		1,621
Evraz Group
	8.250%, 11/10/2015 (d) (e)		700		716
Falconbridge
	7.350%, 06/05/2012		2,455		2,625
FMG Finance
	10.000%, 09/01/2013 (d) (e)		1,185		1,321
Freeport-McMoran Copper & Gold
	8.375%, 04/01/2017		1,745		1,863
Griffin Coal Mining
	9.500%, 12/01/2016 (d)		1,410		1,451
Noble Group Limited
	6.625%, 03/17/2015 (d) (e)		1,415		1,298
Sino Forest
	9.125%, 08/17/2011 (b) (d) (e)		1,170		1,240
Southern Copper
	7.500%, 07/27/2035		1,265		1,358
Teck Cominco Limited
	6.125%, 10/01/2035		1,575		1,456
Vale Overseas
	6.250%, 01/11/2016		1,020		1,012
	6.875%, 11/21/2036		2,150		2,161
					18,122
Brokerage – 1.2%
Lehman Brothers Holdings
	5.750%, 01/03/2017		2,355		2,288
Merrill Lynch
	6.050%, 05/16/2016 (b)		4,365		4,318
Morgan Stanley
	5.375%, 10/15/2015		3,895		3,729
					10,335
Capital Goods – 0.2%
Chart Industries
	9.125%, 10/15/2015		585		614
Siemens Financiering
	6.125%, 08/17/2026 (d)		1,350		1,332
					1,946
Communications – 0.7%
C & M Finance
	8.100%, 02/01/2016 (d) (e)		565		573
News America Holdings
	7.750%, 01/20/2024		1,540		1,690
Telecom Italia Capital
	4.000%, 11/15/2008		1,170		1,145
Telefonica Emisones
	6.221%, 07/03/2017 (c)		1,205		1,202
Vimpelcom
	8.250%, 05/23/2016 (d) (e)		1,110		1,159
					5,769
Consumer Cyclical – 1.1%
DaimlerChrysler
	6.500%, 11/15/2013		2,185		2,257
Galaxy Entertainment
	9.875%, 12/15/2012 (b) (d) (e)		575		618
Home Depot
	5.875%, 12/16/2036		3,345		2,980
Lippo Karwaci Finance
	8.875%, 03/09/2011 (e)		1,075		1,071
Shimao Property Holdings
	8.000%, 12/01/2016 (d)		1,110		1,113
Viacom
	6.875%, 04/30/2036		1,975		1,908
					9,947
Consumer Non Cyclical – 0.5%
Fisher Scientific International
	6.750%, 08/15/2014		785		788
JBS
	10.500%, 08/04/2016 (d)		880		963
Sadia Overseas
	6.875%, 05/24/2017 (d) (e)		1,000		970
Vitro
	9.125%, 02/01/2017 (d)		1,265		1,297
					4,018
Electric – 1.6%
Dynegy Holdings
	7.750%, 06/01/2019 (d)		1,385		1,288
Edison Mission Energy
	7.500%, 06/15/2013		1,060		1,049
Florida Power & Light
	5.650%, 02/01/2037		2,335		2,188
ISA Capital Brasil
	8.800%, 01/30/2017 (b) (d) (e)		1,400		1,498
MidAmerican Energy Holdings
	6.125%, 04/01/2036		2,630		2,541
Ohio Power, Series K
	6.000%, 06/01/2016		1,685		1,687
Oncor Electric Delivery
	7.000%, 05/01/2032		2,210		2,327
Pacific Gas & Electric
	6.050%, 03/01/2034		1,590		1,540
					14,118
Energy – 2.0%
Gazprom International
	7.201%, 02/01/2020 (d)		2,008		2,079
Lukoil International Finance
	6.356%, 06/07/2017 (d)		670		648
	6.656%, 06/07/2022 (b) (d)		2,585		2,507
Mariner Energy
	7.500%, 04/15/2013		1,530		1,499
Nexen
	6.400%, 05/15/2037		910		870
Petro-Canada
	5.350%, 07/15/2033 (b)		955		817
Pioneer Natural Resource
	6.650%, 03/15/2017		1,655		1,566
Tengizcheveroil Finance
	6.124%, 11/15/2014 (d)		1,250		1,227
Tesoro
	6.625%, 11/01/2015		1,315		1,302
TNK-BP Finance
	6.625%, 03/20/2017 (d)		1,100		1,066

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

48      First American Funds Annual Report 2007

Total Return Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Valero Energy
		6.625%, 06/15/2037	$	1,845	$	1,836
Whiting Petroleum
		7.000%, 02/01/2014		1,650		1,551
						16,968
Finance – 1.1%
Capital One Financial
		6.150%, 09/01/2016		2,265		2,236
Gazprombank
		6.500%, 09/23/2015		720		703
Janus Capital Group
		6.700%, 06/15/2017		1,700		1,715
SLM
		5.400%, 10/25/2011		1,935		1,772
Transcapitalinvest
		5.670%, 03/05/2014 (d)		3,490		3,375
						9,801
Insurance – 0.5%
Allied World Assurance
		7.500%, 08/01/2016		3,070		3,227
Unumprovident
		5.997%, 05/15/2008		1,040		1,042
						4,269
Natural Gas – 0.3%
Enterprise Products
		8.375%, 08/01/2066 (b)		860		918
Southern Union
		7.200%, 11/01/2066		715		716
Transport De Gas Del Sur
		7.875%, 05/14/2017 (d) (e)		1,250		1,204
						2,838
Real Estate – 1.0%
China Properties Group
		9.125%, 05/04/2014 (b) (d) (e)		640		605
Greentown China Holdings
		9.000%, 11/08/2013 (b) (d) (e)		1,685		1,717
Health Care Properties – REIT Series MTN,
		6.300%, 09/15/2016		2,620		2,618
Prologis 2006 – REIT
		5.750%, 04/01/2016		3,395		3,349
						8,289
Sovereigns – 2.7%
Bundersrepublic Deutschland
		3.250%, 07/04/2015 (f) EUR		5,100		6,307
United Kingdom Gilt Treasury
		4.750%, 09/07/2015 (f) GBP		3,900		7,426
		4.750%, 03/07/2020 (f) GBP		4,400		8,356
United Mexican States
		5.625%, 01/15/2017 (b)	$	1,735		1,699
						23,788
Technology – 1.0%
Celestica
		7.875%, 07/01/2011 (e)		1,840		1,785
Chartered Semiconductor
		6.375%, 08/03/2015		590		588
Jabil Circuit
		5.875%, 07/15/2010		3,035		3,007
LG Electronics
		5.000%, 06/17/2010 (d)		785		767
Seagate Technology
		6.375%, 10/01/2011 (b) (e)		2,390		2,330
						8,477
Total Corporate Bonds
		(Cost $147,580)				144,841
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 14.2%
Adjustable Rate – 6.5%
Chase Mortgage Finance Series 2003-S13, Class A16
		5.000%, 11/25/2033		7,707		7,190
Citigroup Mortgage Loan Trust Series 2004-HYB4, Class HAII
		5.342%, 10/25/2034		10,384		10,288
	Series 2005-7, Class 2A1A
		4.861%, 09/25/2035		1,937		1,906
Countrywide Home Loans Series 2006-HYB5, Class 3A1A
		5.984%, 09/20/2036		7,683		7,675
GMAC Mortgage Corporation Loan Trust Series 2003-AR2, Class 4A1
		4.734%, 12/19/2033		2,438		2,362
GSR Mortgage Loan Trust Series 2005-AR1, Class B1
		4.877%, 01/25/2035		2,227		2,197
JP Morgan Mortgage Trust Series 2004-A1, Class 3A1
		4.973%, 02/25/2034		4,688		4,586
Residential Funding Mortgage Securities I Series 2006-SA2, Class 4A1
		5.871%, 08/25/2036		2,936		2,905
Wachovia Mortgage Loan Trust Series 2005-B, Class 1A1
		4.945%, 10/20/2035		1,313		1,312
Washington Mutual Series 2003-AR1, Class A5
		3.970%, 03/25/2033		1,168		1,160
	Series 2003-AR10, Class A6
		4.060%, 10/25/2033		5,082		5,006
	Series 2004-AR7, Class A6
		3.942%, 07/25/2034		2,630		2,562
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR10, Class 2A5
		4.109%, 06/25/2035		3,567		3,494
	Series 2006-AR1, Class 2A2
		5.554%, 03/25/2036		4,229		4,193
						56,836
Fixed Rate – 7.7%
ABN AMRO Mortgage Series 2003-7, Class A1
		4.750%, 07/25/2018		2,769		2,660
Chase Mortgage Finance Series 2003-S12, Class 1A1
		4.750%, 12/25/2018		2,685		2,613
	Series 2003-S11, Class 1A1
		5.000%, 10/25/2033		2,839		2,638
Chaseflex Trust Series 2005-2, Class 4A1
		5.000%, 05/25/2020		5,459		5,237

First American Funds Annual Report 2007      49

Schedule of  Investments continued

Total Return Bond Fund (continued)
DESCRIPTION			PAR		VALUE
Citigroup Mortgage Loan Trust Series 2005-WF1, Class A2
		4.490%, 02/25/2035	$	1,603	$	1,589
Countrywide Alternative Loan Trust Series 2004-12CB, Class 1A1
		5.000%, 07/25/2019		1,386		1,352
	Series 2004-24CB, Class 2A1
		5.000%, 11/25/2019		1,793		1,744
Credit Suisse First Boston Mortgage Securities Series 2005-3, Class 5A1
		5.500%, 07/25/2020		2,004		1,991
First Horizon Mortgage Pass-Through Trust Series 2003-7, Class 2A1
		4.500%, 09/25/2018		7,733		7,455
	Series 2004-4, Class 2A1
		4.500%, 07/25/2019		731		724
GMAC Mortgage Corporation Loan Trust Series 2003-J4, Class 3A1
		4.750%, 09/25/2018		7,510		7,165
GSMPS Mortgage Loan Trust Series 2003-1, Class B1
		6.971%, 03/25/2043		3,066		3,115
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1
		5.500%, 08/25/2019		962		945
	Series 2005-4F, Class B1
		5.729%, 05/25/2035		2,370		2,276
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A
		6.154%, 11/25/2034		2,924		2,917
Residential Accredit Loans Series 2005-QS12, Class A7
		5.500%, 08/25/2035		3,678		3,658
Residential Funding Mortgage Securities I Series 2004-S9, Class 2A1
		4.750%, 12/25/2019		1,428		1,368
Washington Mutual Series 2002-S8, Class 2A7
		5.250%, 01/25/2018		6,470		6,284
	Series 2004-CB1, Class 1A
		5.250%, 06/25/2019		2,067		2,041
Wells Fargo Mortgage Backed Securities Trust Series 2004-7, Class 2A2
		5.000%, 07/25/2019		5,215		5,019
	Series 2004-8, Class A1
		5.000%, 08/25/2019		3,080		2,997
	Series 2005-13, Class A1
		5.000%, 11/25/2020		1,007		985
						66,773
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $124,397)						123,609
U.S. Government & Agency Securities – 11.1%
U.S. Agency Debentures – 0.6%
Federal National Mortgage Association
		5.250%, 08/01/2012 (b)		5,590		5,542
Total Return Bond Fund (continued)
DESCRIPTION			PAR/SHARES		VALUE
U.S. Treasuries – 10.5%
U.S. Treasury Bond (STRIPS)
		0.000%, 02/15/2023 (b) (g)		16,065		7,086
U.S. Treasury Bonds
		6.250%, 08/15/2023 (b)		2,570		2,854
		6.875%, 08/15/2025 (b)		9,940		11,842
		5.250%, 11/15/2028 (b)		8,000		8,055
		4.500%, 02/15/2036 (b)		20,805		18,838
		4.750%, 02/15/2037 (b)		1,030		971
U.S. Treasury Notes
		3.750%, 05/15/2008		12,000		11,869
		4.750%, 02/15/2010 (b)		8,990		8,957
		4.625%, 08/31/2011 (b)		10,380		10,263
		4.500%, 03/31/2012 (b)		2,650		2,602
		3.000%, 07/15/2012 (b)		7,459		7,603
						90,940
Total U.S. Government & Agency Securities (Cost $98,466)						96,482
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 3.0%
Fixed Rate – 3.0%
Federal Home Loan Mortgage Corporation Series 2937, Class JD
		5.000%, 03/15/2028 (b)		4,000		3,920
	Series 2690, Class OE
		5.000%, 11/15/2028 (b)		4,000		3,897
	Series 2901, Class UB
		5.000%, 03/15/2033 (b)		5,000		4,728
Federal National Mortgage Association Series 2005-44, Class PC
		5.000%, 11/25/2027 (b)		7,750		7,577
	Series 2003-81, Class MB
		5.000%, 05/25/2029 (b)		3,375		3,299
	Series 2005-62, Class JE
		5.000%, 06/25/2035 (b)		2,497		2,425
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
		(Cost $26,092)				25,846
Common Stocks – 0.7%
Energy – 0.7%
Baytex Energy Trust				37,859		757
Canadian Oil Sands Trust, ADR (b)				30,050		929
Canetic Resources Trust (b)				80,450		1,310
Harvest Energy Trust (b)				24,575		761
Penn West Energy Trust (b)				22,095		737
Peyto Energy Trust (b) (f)				23,000		393
Provident Energy Trust (b)				65,800		782
Total Common Stocks
		(Cost $5,135)				5,669
Preferred Stock – 0.2%
Insurance – 0.2%
Aspen Insurance Holdings
		(Cost $2,219)		84,500		2,104
Municipal Bond – 0.2%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
		6.950%, 09/01/2016
		(Cost $2,000)	$	2,000		2,019

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

50      First American Funds Annual Report 2007

Total Return Bond Fund (continued)
DESCRIPTION		PAR/SHARES		VALUE
Convertible Security – 0.1%
Basic Industry – 0.1%
Coeur d’Alene Mines
	1.250%, 01/15/2024 (b)
	(Cost $1,150)	$	1,200	$	1,066
Short-Term Investments – 5.9%
Money Market Fund – 5.6%
First American Prime Obligations Fund, Class Z (h)			48,660,937		48,661
U.S. Treasury Obligations (i) – 0.3%
U.S. Treasury Bills
	4.529%, 08/23/2007	$	320		318
	4.631%, 10/04/2007		2,575		2,543
					2,861
Total Short-Term Investments
	(Cost $51,522)				51,522
Investment Purchased with Proceeds from Securities Lending – 37.0%
Mount Vernon Securities Lending Prime Portfolio (j)
	(Cost $321,246)		321,246,111		321,246
Total Investments – 141.4%
	(Cost $1,240,629)				1,228,584
Other Assets and Liabilities, Net – (41.4)%					(359,590	)
Total Net Assets – 100.0%				$	868,994

(a)	Variable Rate Security – The rate shown is the rate in effect as of June 30, 2007.
(b)	This security or a portion of this security is out on loan at June 30, 2007. Total loaned securities had a market value of $314,717 at June 30, 2007. See note 2 in Notes to Financial Statements.
(c)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $34,068 or 3.9% of total net assets. See note 2 in Notes to Financial Statements.
(d)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of June 30, 2007, the value of these investments was $51,421 or 5.9% of total net assets. See note 2 in Notes to Financial Statements.
(e)	Represents a foreign high yield (non-investment grade) U.S. dollar denominated bond. On June 30, 2007, the value of these investments was $18,105, which represents 2.1% of total net assets.

(f)  Foreign denominated security values are stated in U.S. dollars. Principal amounts are U.S. dollars unless otherwise noted.

(g)	Principal only.
(h)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.

(i)

Security has been deposited as initial margin on open futures contracts and swap agreements. Rate shown is the rate in effect at June 30, 2007. See note 2 in Notes to Financial Statements.

(j)

The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

REIT – Real Estate Investment Trust

STRIPS –  Separate Trading of Registered Interest and Principal Securities

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
Australian Dollar Currency Futures		53		$	4,484		September 2007	$	(13	)
British Pounds Currency Futures		13			1,629		September 2007		7
Canadian Dollar Currency Futures		215			20,266		September 2007		104
Euro Currency Futures		61			10,346		September 2007		152
Japanese Yen Currency Futures		82			8,406		September 2007		(60	)
Swiss Franc Currency Futures		219			22,535		September 2007		321
U.S. Treasury 2 Year Note Futures		(1,296	)		(264,100	)	September 2007		(578	)
U.S. Treasury 5 Year Note Futures		(534	)		(55,578	)	September 2007		(404	)
U.S. Treasury 10 Year Note Futures		(891	)		(94,181	)	September 2007		(995	)
								$	(1,466	)

Credit Default Swap Agreements

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
Citigroup	Constellation Energy Group, Inc.		Buy		0.240%		06/20/2012	$	1,900	$	—
Citigroup	Lennar Corporation		Buy		1.050%		09/20/2012		2,000		8
Citigroup	Ryland Group		Buy		1.250%		09/20/2012		2,000		(8	)
Deutsche Bank	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		7,500		22
Deutsche Bank	Dow Jones CDX XO8 Index		Buy		1.400%		06/20/2012		14,000		284
J.P. Morgan	Centurytel, Inc.		Buy		0.540%		09/20/2012		3,275		(3	)
J.P. Morgan	Dow Jones CDX EM7 Index		Buy		1.250%		06/20/2012		15,000		33
J.P. Morgan	Dow Jones CDX XO8 Index		Buy		1.400%		06/20/2012		44,600		806
J.P. Morgan	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		27,900		113
J.P. Morgan	Dow Jones CDX HY8 Index		Buy		2.750%		06/20/2012		22,500		602
J.P. Morgan	Honeywell International		Buy		0.410%		09/20/2017		3,500		—
J.P. Morgan	Sara Lee Corporation		Buy		0.500%		06/12/2012		2,800		(12	)
J.P. Morgan	Turkey Government International Bond		Buy		1.870%		12/20/2011		4,300		(92	)
UBS	Amerisourcebergen Corporation		Buy		0.585%		09/20/2012		2,000		(3	)
UBS	Cardinal Health, Inc.		Buy		0.320%		09/20/2012		2,000		(2	)
UBS	Constellation Energy Group, Inc.		Buy		0.230%		06/20/2012		1,900		1
UBS	Dow Jones CDX EM7 Index		Buy		1.250%		06/20/2012		11,500		28
UBS	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		3,700		22
UBS	Dow Jones CDX XO8 Index		Buy		1.400%		06/20/2012		2,500		51
UBS	Dow Jones CDX HY8 Index		Buy		2.750%		06/20/2012		19,700		439

First American Funds Annual Report 2007      51

Schedule of  Investments continued

Total Return Bond Fund (concluded)

Pay/

Unrealized

Reference

Buy/Sell

Receive

Expiration

Notional

Appreciation

Counterparty

Entity

Protection

Fixed Rate

Date

Amount

(Depreciation)

UBS

McKesson Corporation

Buy

0.385%

09/20/2012

$

2,000

$

(4

)

UBS

Turkey Government International Bond

Buy

1.480%

07/20/2012

4,100

3

UBS

Venezuela Government International Bond

Buy

2.220%

07/20/2012

4,300

99

UBS

Whirlpool Corporation

Buy

0.785%

09/20/2017

2,325

2

$

2,389

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Pay

5.470%

06/12/2009

$

107,000

$

197

Citigroup

3-Month LIBOR

Pay

5.360%

10/26/2016

16,000

(335

)

J.P. Morgan

3-Month LIBOR

Pay

5.447%

06/20/2009

112,000

165

UBS

3-Month LIBOR

Pay

5.665%

06/15/2012

29,000

158

UBS

3-Month LIBOR

Pay

5.590%

06/25/2012

33,000

140

UBS

3-Month LIBOR

Pay

5.798%

06/19/2017

60,000

592

$

917

Schedule of Open Written Call Options

	Exercise		Premium		Expiration	Number of
Option	Price		Received		Date	Contracts		Value
U.S. Treasury 10 Year Note Futures – September 2007	$	110.00	$	55	08/24/2007		197	$	6

U.S. Government Mortgage Fund
DESCRIPTION		PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 88.7%
Adjustable Rate (a) – 3.7%
Federal National Mortgage Association Pool
	5.451%, 03/01/2037, #914224	$	2,875	$	2,851
	5.505%, 04/01/2037, #913187		2,928		2,956
					5,807
Fixed Rate – 85.0%
Federal Home Loan Mortgage Corporation Pool
	7.500%, 04/01/2008, #E45929		5		5
	7.000%, 07/01/2011, #E20252		23		23
	7.000%, 11/01/2011, #E65619		2		2
	7.500%, 09/01/2012, #G10735		115		118
	6.000%, 10/01/2013, #E72802		213		215
	5.500%, 01/01/2014, #E00617		791		785
	7.000%, 09/01/2014, #E00746		133		137
	6.000%, 09/01/2022, #C90580		916		921
	6.500%, 01/01/2028, #G00876		365		372
	6.500%, 11/01/2028, #C00676		829		847
	7.500%, 01/01/2030, #C35768		40		42
	6.500%, 03/01/2031, #G01244		592		605
	5.000%, 09/01/2033, #C01622		2,002		1,886
	6.000%, 08/01/2036, #A51416		1,174		1,164
	5.603%, 05/01/2037, #1H1396 (b)		3,250		3,242
Federal National Mortgage Association Pool
	7.000%, 11/01/2011, #250738		11		12
	7.000%, 11/01/2011, #349630		5		5
	7.000%, 11/01/2011, #351122		17		17
	6.000%, 04/01/2013, #425550		138		139
	6.500%, 08/01/2013, #251901		114		117
	6.000%, 11/01/2013, #556195		184		186
	7.000%, 10/01/2014, #252799		88		91
	5.500%, 04/01/2016, #580516		701		693
	6.500%, 07/01/2017, #254373		814		832
	7.000%, 07/01/2017, #254414		746		769
	5.500%, 12/01/2017, #673010 (b)		591		584
	5.500%, 04/01/2018, #695765		757		749
	4.500%, 05/01/2018, #254720 (b)		3,735		3,559
	5.000%, 07/01/2018, #555621 (b)		1,267		1,229
	5.000%, 11/01/2018, #750989		2,680		2,600
	5.000%, 07/01/2019 (c)		3,000		2,899
	5.500%, 09/01/2019, #725793		3,340		3,302
	6.000%, 12/01/2021, #254138		559		561
	6.000%, 01/01/2022, #254179		674		677
	6.500%, 06/01/2022, #254344		630		644
	6.000%, 10/01/2022, #254513		735		738
	5.500%, 10/01/2024, #255456		1,956		1,911
	5.500%, 02/01/2025, #255628 (b)		1,396		1,364
	5.500%, 10/01/2025, #255956 (b)		3,653		3,565
	7.000%, 12/01/2027, #313941		436		451
	7.000%, 09/01/2031, #596680		1,028		1,053
	6.500%, 12/01/2031, #254169		969		977
	6.000%, 04/01/2032, #745101 (b)		3,541		3,557
	6.500%, 06/01/2032, #596712		2,876		2,903
	6.500%, 07/01/2032, #545759		1,297		1,320
	7.000%, 07/01/2032, #545815		259		269
	6.000%, 08/01/2032, #656269 (b)		936		940
	5.500%, 03/01/2033, #689109		2,494		2,417
	5.500%, 04/01/2033, #703392		2,846		2,758
	5.500%, 05/01/2033, #704523		2,031		1,968
	5.500%, 06/01/2033, #843435 (b)		3,479		3,372
	5.500%, 07/01/2033, #726520		2,717		2,632
	5.500%, 07/01/2033, #728667		1,556		1,508
	4.500%, 08/01/2033, #555680 (b)		2,007		1,831
	5.000%, 08/01/2033, #736158 (b)		2,611		2,460
	5.500%, 08/01/2033, #728855		1,535		1,487
	5.500%, 08/01/2033, #733380		2,154		2,087

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

52      First American Funds Annual Report 2007

U.S. Government Mortgage Fund (continued)
DESCRIPTION			PAR		VALUE
		5.000%, 09/01/2033, #734566	$	2,910	$	2,741
		5.000%, 10/01/2033, #747533		2,811		2,648
		5.500%, 11/01/2033, #555967 (b)		3,086		2,989
		5.500%, 12/01/2033, #756202 (b)		1,856		1,798
		6.000%, 01/01/2034, #763687		2,327		2,310
		6.000%, 03/01/2034, #745324		3,198		3,185
		5.500%, 04/01/2034, #774999		1,028		995
		5.000%, 05/01/2034, #780889		5,037		4,739
		6.500%, 06/01/2034, #735273 (b)		1,786		1,818
		5.000%, 07/01/2034 (c)		8,500		7,963
		5.500%, 07/01/2034 (c)		8,625		8,317
		6.000%, 07/01/2034 (c)		6,240		6,172
		4.500%, 09/01/2034, #725866		1,222		1,113
		5.000%, 09/01/2034, #725772 (b)		4,652		4,377
		5.500%, 03/01/2035, #815979		1,321		1,278
		6.500%, 07/01/2035 (c)		5,000		5,047
Government National Mortgage Association Pool
		9.000%, 11/15/2009, #359559		15		15
		8.000%, 10/15/2010, #414750		44		46
		7.500%, 12/15/2022, #347332		103		108
		7.000%, 09/15/2027, #455304		19		20
		6.500%, 07/15/2028, #780825		661		675
		6.500%, 08/20/2031, #003120		264		269
		7.500%, 12/15/2031, #570134		155		163
		6.000%, 09/15/2034, #633605 (b)		2,082		2,074
						132,457
Total U.S. Government Agency Mortgage-Backed Securities
		(Cost $141,524)				138,264
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 22.0%
Adjustable Rate (a) – 1.9%
Sequoia Mortgage Trust Series 2004-5, Class X1
		0.800%, 06/20/2034 (d)		24,432		62
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Class A1
		4.792%, 02/25/2033		722		728
	Series 2006-AR1, Class 2A2
		5.554%, 03/25/2036		2,229		2,210
						3,000
Fixed Rate – 20.1%
Chase Mortgage Finance Corporation Series 2003-S10, Class A1
		4.750%, 11/25/2018		2,661		2,531
Countrywide Alternative Loan Trust Series 2004-24CB, Class 1A1
		6.000%, 11/25/2034		1,385		1,361
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7
		6.500%, 01/25/2035		1,769		1,774
Greenwich Capital Commercial Funding Series 2007-GG9, Class A4
		5.444%, 03/10/2039		5,250		5,083
GSMPS Mortgage Loan Trust Series 2003-1, Class B1
		6.971%, 03/25/2043		1,014		1,030
GSR Mortgage Loan Trust Series 2005-4F, Class B1
		5.729%, 05/25/2035		1,422		1,365
Master Alternative Loans Trust Series 2005-2, Class 1A3
		6.500%, 03/25/2035		805		809
Master Asset Securitization Trust Series 2003-6, Class 3A1
		5.000%, 07/25/2018		893		868
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A
		6.154%, 11/25/2034		2,078		2,073
Residential Accredit Loans Series 2003-QS12, Class M1
		5.000%, 06/25/2018		918		887
Residential Asset Mortgage Products Series 2003-SL1, Class M1
		7.319%, 04/25/2031		2,688		2,780
	Series 2004-SL4, Class A3
		6.500%, 07/25/2032		1,836		1,860
Residential Funding Mortgage Securitization Trust Series 2003-S8, Class A1
		5.000%, 05/25/2018		2,338		2,289
Washington Mutual Series 2003-S13, Class 21A1
		4.500%, 12/25/2018		1,989		1,909
Washington Mutual MSC Mortgage Series 2003-MS9, Class CB1
		7.457%, 04/25/2033		1,556		1,610
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Class A1
		4.750%, 12/25/2018		3,265		3,110
						31,339
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
		(Cost $35,195)				34,339
Asset-Backed Securities – 2.7%
Commercial Mortgage – 2.2%
GS Mortgage Securities II Series 2006-GG8, Class A2
		5.479%, 11/10/2039		3,500		3,479
Home Equity – 0.0%
GRMT Mortgage Loan Trust Series 2001-1A, Class M1
		7.772%, 07/20/2031 (e)		73		73
Manufactured Housing – 0.5%
Origen Manufactured Housing Series 2005-B, Class M1
		5.990%, 01/15/2037		750		717
Total Asset-Backed Securities (Cost $4,387)						4,269
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 1.9%
Fixed Rate – 1.9%
Federal Home Loan Mortgage Corporation Series 2382, Class DA
		5.500%, 10/15/2030		274		274
Federal National Mortgage Association Series 2004-29, Class WG
		4.500%, 05/25/2019		2,000		1,821
	Series 2002-W1, Class 2A
		7.500%, 02/25/2042		871		899
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
		(Cost $3,079)				2,994

First American Funds Annual Report 2007      53

Schedule of  Investments continued

U.S. Government Mortgage Fund (continued)
DESCRIPTION		PAR/SHARES		VALUE
Short-Term Investments – 4.2%
Money Market Fund – 3.9%
First American Government Obligations Fund, Class Z (f)		$	6,081,796	$	6,082
U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
	4.631%, 10/04/2007 (g)	$	380		375
Total Short-Term Investments (Cost $6,457)					6,457
Investment Purchased with Proceeds from Securities Lending – 25.4%
Mount Vernon Securities Lending Prime Portfolio (h)
	(Cost $39,610)		39,609,532		39,610
Total Investments – 144.9% (Cost $230,252)					225,933
Other Assets and Liabilities, Net – (44.9)%					(69,987	)
Total Net Assets – 100.0%				$	155,946

(a)	Variable Rate Security – The rate shown is the rate in effect as of June 30, 2007.
(b)	This security or a portion of this security is out on loan at June 30, 2007. Total loaned securities had a value of $38,759 at June 30, 2007. See note 2 in Notes to Financial Statements.
(c)	Security purchased on a when-issued basis. On June 30, 2007, the total cost of investments purchased on a when-issued basis was $30,432 or 19.5% of total net assets. See note 2 in Notes to Financial Statements.
(d)	Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of June 30, 2007.
(e)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” This security has been determined to be liquid under guidelines established by the fund’s board of directors. As of June 30, 2007, the value of this investment was $73 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(f)  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.

(g)

Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of June 30, 2007. See note 2 in Notes to Financial Statements.

(h)

The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
U.S. Treasury 2 Year Note Futures		(305	)	$	(62,153	)	September 2007	$	(136	)
U.S. Treasury 5 Year Note Futures		(133	)		(13,842	)	September 2007		(117	)
U.S. Treasury 10 Year Note Futures		(269	)		(28,434	)	September 2007		(86	)
U.S. Treasury Long Bond Futures		25			2,694		September 2007		13
								$	(326	)

Credit Default Swap Agreement

				Pay/
	Reference	Buy/Sell		Receive		Expiration		Notional		Unrealized
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		Appreciation
J.P. Morgan	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012	$	1,500	$	7

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Pay

5.470%

06/12/2009

$

20,000

$

37

Citigroup

3-Month LIBOR

Pay

5.360%

10/26/2016

5,000

(105

)

J.P. Morgan

3-Month LIBOR

Pay

5.447%

06/20/2009

21,000

31

UBS

3-Month LIBOR

Pay

5.665%

06/15/2012

5,000

27

UBS

3-Month LIBOR

Pay

5.590%

06/25/2012

6,000

25

UBS

3-Month LIBOR

Pay

5.798%

06/19/2017

10,400

103

$

118

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

54      First American Funds Annual Report 2007

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Statements of  Assets and Liabilities June 30, 2007, all dollars and shares are rounded to thousands (000), except for per share data

								Inflation
		Core			High Income			Protected
		Bond Fund			Bond Fund			Securities Fund
Investments in unaffiliated securities, at cost		$	1,678,473		$	264,559		$	277,447
Investments in affiliated money market fund, at cost			69,123			6,619			7,460
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)			690,051			56,867			140,302
Premiums received on options written, at cost (note 6)			119			—			21
Cash denominated in foreign currencies, at cost			323			—			728
ASSETS:
Investments in unaffiliated securities, at value* (note 2)		$	1,644,915		$	264,166		$	268,197
Investments in affiliated money market fund, at value (note 2)			69,123			6,619			7,460
Affiliated investment purchased with proceeds from securities lending, at value (note 2)			690,051			56,867			140,302
Cash			1,799			79			793
Receivable for dividends and interest			11,888			4,601			2,281
Receivable for investment securities sold			802			5,443			1,082
Receivable for capital shares sold			1,731			99			148
Receivable for swap agreements			1,264			315			—
Receivable for variation margin			546			117			169
Receivable from advisor			—			—			—
Prepaid expenses and other assets			18			21			14
Total assets			2,422,137			338,327			420,446
LIABILITIES:
Cash denominated in foreign currencies, at value			324			—			729
Liabilities for options written, at value			13			—			2
Dividends payable			4,470			1,251			360
Payable upon return of securities loaned (note 2)			690,051			56,867			140,302
Payable for investment securities purchased			1,127			561			930
Payable for investment securities purchased on a when-issued basis			74,167			3,745			—
Payable for capital shares redeemed			3,232			204			710
Payable for swap agreements			—			—			47
Payable for variation margin			—			—			—
Payable to affiliates (note 3)			948			195			134
Payable for distribution and shareholder servicing fees			26			18			1
Accrued expenses and other liabilities			40			34			37
Total liabilities			774,398			62,875			143,252
Net assets		$	1,647,739		$	275,452		$	277,194
COMPOSITION OF NET ASSETS:
Portfolio capital		$	1,715,648		$	276,618		$	299,321
Undistributed (distributions in excess of) net investment income			8			204			2,196
Accumulated net realized loss on investments (note 2)			(34,778	)		(1,349	)		(14,653	)
Net unrealized depreciation of investments			(33,558	)		(393	)		(9,250	)
Net unrealized appreciation (depreciation) on futures contracts			(1,733	)		(45	)		(628	)
Net unrealized appreciation (depreciation) of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency			(1	)		—			(1	)
Net unrealized appreciation on options written			106			—			19
Net unrealized appreciation on swap agreements			2,047			417			190
Net assets		$	1,647,739		$	275,452		$	277,194
	*Including securities loaned, at value	$	675,808		$	55,388		$	137,827

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

56      First American Funds Annual Report 2007

Intermediate
Government			Intermediate Term			Short Term			Total Return			U.S. Government
Bond Fund			Bond Fund			Bond Fund			Bond Fund			Mortgage Fund
$	38,544		$	792,110		$	375,659		$	870,722		$	184,560
	1,645			2,466			3,579			48,661			6,082
	—			285,299			109,803			321,246			39,610
	—			57			—			55			—
	—			—			53			1,004			—
$	37,693		$	782,201		$	372,245		$	858,677		$	180,241
	1,645			2,466			3,579			48,661			6,082
	—			285,299			109,803			321,246			39,610
	—			234			312			1,883			85
	500			7,969			2,601			6,719			767
	—			18,565			431			15,339			—
	116			632			14			2,331			86
	—			—			815			2,263			—
	—			—			93			731			—
	3			—			—			—			—
	6			6			8			18			16
	39,963			1,097,372			489,901			1,257,868			226,887
	—			—			53			998			—
	—			6			—			6			—
	54			1,875			827			2,015			485
	—			285,299			109,803			321,246			39,610
	533			21,189			—			29,406			—
	—			—			—			34,068			30,432
	1			4,772			1,136			536			173
	—			26			—			—			6
	—			52			—			—			100
	19			463			187			534			86
	—			4			8			6			9
	32			47			34			59			40
	639			313,733			112,048			388,874			70,941
$	39,324		$	783,639		$	377,853		$	868,994		$	155,946
$	41,909		$	820,543		$	400,960		$	895,944		$	167,940
	(58	)		126			338			(252	)		76
	(1,676	)		(26,258	)		(20,865	)		(16,557	)		(7,550	)
	(851	)		(9,909	)		(3,414	)		(12,045	)		(4,319	)
	—			(1,167	)		153			(1,466	)		(326	)
	—			—			—			15			—
	—			51			—			49			—
	—			253			681			3,306			125
$	39,324		$	783,639		$	377,853		$	868,994		$	155,946
	—		$	279,794		$	106,745		$	314,717		$	38,759

First American Funds Annual Report 2007      57

Statements of  Assets and Liabilities continued

					Inflation
	Core		High Income		Protected
	Bond Fund		Bond Fund		Securities Fund
Class A:
Net assets	$	102,723	$	28,932	$	2,712
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		9,524		3,009		288
Net asset value and redemption price per share	$	10.79	$	9.61	$	9.43
Maximum offering price per share (1)	$	11.27	$	10.04	$	9.85
Class B:
Net assets	$	9,634	$	4,814		—
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		900		503		—
Net asset value, offering price, and redemption price per share (2)	$	10.70	$	9.57		—
Class C:
Net assets	$	4,567	$	8,522	$	348
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		425		890		37
Net asset value per share (2)	$	10.75	$	9.58	$	9.41
Class R:
Net assets	$	65	$	186	$	822
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		6		19		87
Net asset value, offering price, and redemption price per share	$	10.81	$	9.75	$	9.43
Class Y:
Net assets	$	1,530,750	$	232,998	$	273,312
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		141,969		24,220		28,979
Net asset value, offering price, and redemption price per share	$	10.78	$	9.62	$	9.43

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

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

58      First American Funds Annual Report 2007

Intermediate
Government		Intermediate Term		Short Term		Total Return		U.S. Government
Bond Fund		Bond Fund		Bond Fund		Bond Fund		Mortgage Fund
$	1,619	$	30,655	$	66,722	$	13,198	$	13,785
	202		3,150		6,738		1,343		1,349
$	8.00	$	9.73	$	9.90	$	9.83	$	10.22
$	8.18	$	9.95	$	10.13	$	10.27	$	10.67
	—		—		—	$	2,272	$	4,920
	—		—		—		232		480
	—		—		—	$	9.80	$	10.24
	—		—		—	$	1,792	$	3,077	��
	—		—		—		183		302
	—		—		—	$	9.78	$	10.18
	—		—		—	$	219	$	204
	—		—		—		22		20
	—		—		—	$	9.88	$	10.21
$	37,705	$	752,984	$	311,131	$	851,513	$	133,960
	4,712		77,642		31,407		86,659		13,103
$	8.00	$	9.70	$	9.91	$	9.83	$	10.22

First American Funds Annual Report 2007      59

Statements of  Operations For the year ended June 30, 2007, all dollars are rounded to thousands (000)

							Inflation
	Core			High Income			Protected
	Bond Fund			Bond Fund			Securities Fund
INVESTMENT INCOME:
Interest income from unaffiliated securities	$	88,696		$	19,485		$	15,408
Dividends from affiliated money market fund		1,958			333			169
Dividends from unaffiliated securities		—			1,147			122
Less: Foreign taxes withheld		—			(35	)		(18	)
Securities lending income		765			117			158
Other income		—			—			—
Total investment income		91,419			21,047			15,839
EXPENSES (note 3):
Investment advisory fees		8,798			1,881			1,648
Administration fees		3,942			636			748
Transfer agent fees		269			126			100
Custodian fees		96			14			19
Professional fees		65			48			49
Registration fees		57			57			48
Postage and printing fees		79			15			16
Directors’ fees		32			22			23
Other expenses		24			20			20
Distribution and shareholder servicing fees – Class A		293			82			11
Distribution and shareholder servicing fees – Class B		122			57			—
Distribution and shareholder servicing fees – Class C		46			89			4
Distribution and shareholder servicing fees – Class R		—			1			3
Total expenses		13,823			3,048			2,689
Less: Fee waivers (note 3)		(1,018	)		(529	)		(690	)
Less: Indirect payments from custodian (note 3)		(32	)		(8	)		(3	)
Total net expenses		12,773			2,511			1,996
Investment income – net		78,646			18,536			13,843
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN, FOREIGN CURRENCY TRANSACTIONS, AND SWAP AGREEMENTS – NET (note 5):
Net realized gain (loss) on investments		2,444			5,698			(7,110	)
Net realized loss on futures contracts		(8,478	)		(313	)		(3,083	)
Net realized gain (loss) on options written		(971	)		—			(170	)
Net realized gain (loss) on swap agreements		(843	)		(23	)		226
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		—			—			(6	)
Net change in unrealized appreciation or depreciation of investments		26,693			4,974			5,075
Net change in unrealized appreciation or depreciation of futures contracts		(2,554	)		(83	)		(1,064	)
Net change in unrealized appreciation or depreciation of options written		106			—			19
Net change in unrealized appreciation or depreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		(1	)		—			6
Net change in unrealized appreciation or depreciation of swap agreements		2,528			425			709
Net gain (loss) on investments, futures contracts, options written, foreign currency transactions, and swap agreements		18,924			10,678			(5,398	)
Net increase in net assets resulting from operations	$	97,570		$	29,214		$	8,445

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

60      First American Funds Annual Report 2007

Intermediate
Government			Intermediate Term			Short Term			Total Return			U.S. Government
Bond Fund			Bond Fund			Bond Fund			Bond Fund			Mortgage Fund
$	1,770		$	41,264		$	19,611		$	30,631		$	8,549
	27			559			346			1,536			155
	—			—			—			362			—
	—			—			—			(42	)		—
	—			385			141			217			43
	—			—			—			13			—
	1,797			42,208			20,098			32,717			8,747
	198			4,289			2,314			3,597			816
	100			1,940			1,058			1,342			387
	61			69			127			120			118
	2			47			23			36			10
	47			52			50			49			48
	29			29			30			56			57
	2			39			22			22			8
	21			26			24			24			22
	18			21			20			20			20
	4			87			183			35			38
	—			—			—			31			57
	—			—			—			23			41
	—			—			—			1			—
	482			6,599			3,851			5,356			1,622
	(240	)		(518	)		(948	)		(760	)		(340	)
	(2	)		(26	)		(16	)		(14	)		(2	)
	240			6,055			2,887			4,582			1,280
	1,557			36,153			17,211			28,135			7,467
	(71	)		(6,208	)		(802	)		291			(298	)
	—			(2,552	)		(1,869	)		(7,840	)		(297	)
	—			(469	)		—			(927	)		9
	—			(109	)		(2,207	)		(630	)		(211	)
	—			—			—			(4	)		—
	445			17,176			6,959			(1,610	)		2,010
	—			(1,501	)		(114	)		(1,956	)		(396	)
	—			51			—			49			—
	—			—			—			20			—
	—			885			2,978			3,872			206
	374			7,273			4,945			(8,735	)		1,023
$	1,931		$	43,426		$	22,156		$	19,400		$	8,490

First American Funds Annual Report 2007      61

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

		Core
		Bond Fund
					Nine-Month
		Year Ended			Period Ended			Year Ended
		6/30/07			6/30/06			9/30/05
OPERATIONS:
Investment income – net		$	78,646		$	59,008		$	71,560
Net realized gain (loss) on investments			2,444			(20,529	)		13,556
Net realized gain (loss) on futures contracts			(8,478	)		1,242			(4,532	)
Net realized gain (loss) on options written			(971	)		—			1,881
Net realized gain (loss) on swap agreements			(843	)		(564	)		727
Net realized gain (loss) on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency			—			—			—
Net change in unrealized appreciation or depreciation of investments			26,693			(43,955	)		(28,161	)
Net change in unrealized appreciation or depreciation of futures contracts			(2,554	)		719			1,442
Net change in unrealized appreciation or depreciation of options written			106			—			—
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency			(1	)		—			—
Net change in unrealized appreciation or depreciation of swap agreements			2,528			(432	)		(49	)
Net increase (decrease) in net assets resulting from operations			97,570			(4,511	)		56,424
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(5,096	)		(4,573	)		(6,383	)
	Class B		(445	)		(390	)		(572	)
	Class C		(168	)		(154	)		(240	)
	Class R		(2	)		(1	)		—
	Class Y		(75,482	)		(55,592	)		(68,228	)
Net realized gain on investments:
	Class A		—			(961	)		(120	)
	Class B		—			(99	)		(14	)
	Class C		—			(39	)		(6	)
	Class R		—			—			—
	Class Y		—			(10,418	)		(1,148	)
Return of capital:
	Class A		—			—			—
	Class B		—			—			—
	Class C		—			—			—
	Class R		—			—			—
	Class Y		—			—			—
Total distributions			(81,193	)		(72,227	)		(76,711	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		12,244			13,680			23,283
	Reinvestment of distributions		3,707			4,002			5,127
	Payments for redemptions		(49,528	)		(38,200	)		(50,134	)
Increase (decrease) in net assets from Class A transactions			(33,577	)		(20,518	)		(21,724	)
Class B:
	Proceeds from sales		365			392			1,003
	Reinvestment of distributions		400			443			514
	Payments for redemptions		(5,117	)		(3,458	)		(5,294	)
Decrease in net assets from Class B transactions			(4,352	)		(2,623	)		(3,777	)
Class C:
	Proceeds from sales		1,057			499			884
	Reinvestment of distributions		151			187			239
	Payments for redemptions		(1,862	)		(2,513	)		(2,913	)
Increase (decrease) in net assets from Class C transactions			(654	)		(1,827	)		(1,790	)
Class R:
	Proceeds from sales		41			21			15
	Reinvestment of distributions		2			1			—
	Payments for redemptions		(12	)		(2	)		—
Increase in net assets from Class R transactions			31			20			15
Class Y:
	Proceeds from sales		456,400			371,109			403,595
	Reinvestment of distributions		22,047			21,911			22,339
	Payments for redemptions		(642,519	)		(368,968	)		(422,205	)
Increase (decrease) in net assets from Class Y transactions			(164,072	)		24,052			3,729
Increase (decrease) in net assets from capital share transactions			(202,624	)		(896	)		(23,547	)
Total increase (decrease) in net assets			(186,247	)		(77,634	)		(43,834	)
Net assets at beginning of period			1,833,986			1,911,620			1,955,454
Net assets at end of period		$	1,647,739		$	1,833,986		$	1,911,620
Undistributed (distributions in excess of) net investment income		$	8		$	1,523		$	868

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

62      First American Funds Annual Report 2007

									Inflation									Intermediate
High Income									Protected									Government
Bond Fund									Securities Fund									Bond Fund
			Nine-Month									Nine-Month									Nine-Month
Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended
6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
$	18,536		$	13,743		$	19,572		$	13,843		$	12,924		$	8,605		$	1,557		$	1,573		$	3,080
	5,698			2,412			7,856			(7,110	)		(4,813	)		(139	)		(71	)		(1,404	)		54
	(313	)		382			573			(3,083	)		427			11			—			—			64
	—			—			—			(170	)		—			94			—			—			63
	(23	)		257			272			226			7			133			—			—			—
	—			—			—			(6	)		3			—			—			—			—
	4,974			(8,241	)		(9,575	)		5,075			(12,920	)		(1,405	)		445			(4	)		(2,006	)
	(83	)		(34	)		27			(1,064	)		500			(64	)		—			—			53
	—			—			—			19			—			—			—			—			—
	—			—			—			6			(7	)		—			—			—			—
	425			(98	)		90			709			(609	)		90			—			—			—
	29,214			8,421			18,815			8,445			(4,488	)		7,325			1,931			165			1,308
	(2,206	)		(1,758	)		(2,729	)		(169	)		(272	)		(138	)		(68	)		(46	)		(64	)
	(343	)		(306	)		(494	)		—			—			—			—			—			—
	(530	)		(515	)		(929	)		(14	)		(29	)		(17	)		—			—			—
	(7	)		(2	)		(1	)		(17	)		—			—			—			—			—
	(15,405	)		(10,947	)		(15,519	)		(12,854	)		(12,527	)		(7,166	)		(1,581	)		(1,570	)		(3,114	)
	—			—			—			—			(5	)		—			—			(11	)		(84	)
	—			—			—			—			—			—			—			—			—
	—			—			—			—			(1	)		—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			(194	)		(6	)		—			(393	)		(4,844	)
	—			—			(3	)		—			—			—			(6	)		—			—
	—			—			(1	)		—			—			—			—			—			—
	—			—			(1	)		—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			(15	)		—			—			—			(145	)		—			—
	(18,491	)		(13,528	)		(19,692	)		(13,054	)		(13,028	)		(7,327	)		(1,800	)		(2,020	)		(8,106	)
	12,086			7,253			6,693			861			869			7,676			238			305			1,284
	1,272			1,219			2,001			137			202			100			59			45			134
	(15,468	)		(12,438	)		(18,399	)		(3,265	)		(2,558	)		(869	)		(368	)		(576	)		(1,194	)
	(2,110	)		(3,966	)		(9,705	)		(2,267	)		(1,487	)		6,907			(71	)		(226	)		224
	309			481			760			—			—			—			—			—			—
	182			182			310			—			—			—			—			—			—
	(1,926	)		(1,738	)		(2,383	)		—			—			—			—			—			—
	(1,435	)		(1,075	)		(1,313	)		—			—			—			—			—			—
	1,662			623			521			106			159			886			—			—			—
	294			451			828			12			29			17			—			—			—
	(3,685	)		(4,393	)		(5,303	)		(318	)		(440	)		(44	)		—			—			—
	(1,729	)		(3,319	)		(3,954	)		(200	)		(252	)		859			—			—			—
	113			74			45			1,090			1			1			—			—			—
	2			1			1			17			—			—			—			—			—
	(4	)		(4	)		(43	)		(263	)		(1	)		—			—			—			—
	111			71			3			844			—			1			—			—			—
	65,080			47,522			75,166			126,455			103,440			294,003			11,335			7,101			14,803
	1,958			1,446			1,986			3,302			3,541			2,104			621			664			4,328
	(48,035	)		(47,035	)		(103,437	)		(169,903	)		(41,339	)		(26,687	)		(17,162	)		(32,533	)		(72,879	)
	19,003			1,933			(26,285	)		(40,146	)		65,642			269,420			(5,206	)		(24,768	)		(53,748	)
	13,840			(6,356	)		(41,254	)		(41,769	)		63,903			277,187			(5,277	)		(24,994	)		(53,524	)
	24,563			(11,463	)		(42,131	)		(46,378	)		46,387			277,185			(5,146	)		(26,849	)		(60,322	)
	250,889			262,352			304,483			323,572			277,185			—			44,470			71,319			131,641
$	275,452		$	250,889		$	262,352		$	277,194		$	323,572		$	277,185		$	39,324		$	44,470		$	71,319
$	204		$	180		$	19		$	2,196		$	1,400		$	1,292		$	(58	)	$	34		$	77

First American Funds Annual Report 2007      63

Statements of  Changes in Net Assets continued

		Intermediate Term
		Bond Fund
					Nine-Month
		Year Ended			Period Ended			Year Ended
		6/30/07			6/30/06			9/30/05
OPERATIONS:
Investment income – net		$	36,153		$	30,772		$	42,144
Net realized gain (loss) on investments			(6,208	)		(12,420	)		(2,596	)
Net realized gain (loss) on futures contracts			(2,552	)		1,169			(730	)
Net realized gain (loss) on options written			(469	)		—			1,217
Net realized gain (loss) on swap agreements			(109	)		(320	)		639
Net realized gain (loss) on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency			—			—			—
Net change in unrealized appreciation or depreciation of investments			17,176			(15,431	)		(18,673	)
Net change in unrealized appreciation or depreciation of futures contracts			(1,501	)		227			624
Net change in unrealized appreciation or depreciation of options written			51			—			—
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency			—			—			—
Net change in unrealized appreciation or depreciation of swap agreements			885			(605	)		(27	)
Net increase (decrease) in net assets resulting from operations			43,426			3,392			22,598
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(1,454	)		(1,298	)		(1,797	)
	Class B		—			—			—
	Class C		—			—			—
	Class R		—			—			—
	Class Y		(35,682	)		(30,598	)		(40,236	)
Net realized gain on investments:
	Class A		—			(166	)		(561	)
	Class B		—			—			—
	Class C		—			—			—
	Class R		—			—			—
	Class Y		—			(3,712	)		(11,243	)
Return of capital:
	Class A		—			—			—
	Class B		—			—			—
	Class C		—			—			—
	Class R		—			—			—
	Class Y		—			—			—
Total distributions			(37,136	)		(35,774	)		(53,837	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		3,095			5,185			8,671
	Reinvestment of distributions		1,220			1,300			2,041
	Payments for redemptions		(12,242	)		(15,250	)		(24,078	)
Decrease in net assets from Class A transactions			(7,927	)		(8,765	)		(13,366	)
Class B:
	Proceeds from sales		—			—			—
	Reinvestment of distributions		—			—			—
	Payments for redemptions		—			—			—
Decrease in net assets from Class B transactions			—			—			—
Class C:
	Proceeds from sales		—			—			—
	Reinvestment of distributions		—			—			—
	Payments for redemptions		—			—			—
Decrease in net assets from Class C transactions			—			—			—
Class R:
	Proceeds from sales		—			—			—
	Reinvestment of distributions		—			—			—
	Payments for redemptions		—			—			—
Increase in net assets from Class R transactions			—			—			—
Class Y:
	Proceeds from sales		145,939			143,333			245,371
	Reinvestment of distributions		12,835			13,089			20,576
	Payments for redemptions		(310,969	)		(300,854	)		(381,218	)
Increase (decrease) in net assets from Class Y transactions			(152,195	)		(144,432	)		(115,271	)
Increase (decrease) in net assets from capital share transactions			(160,122	)		(153,197	)		(128,637	)
Total increase (decrease) in net assets			(153,832	)		(185,579	)		(159,876	)
Net assets at beginning of period			937,471			1,123,050			1,282,926
Net assets at end of period		$	783,639		$	937,471		$	1,123,050
Undistributed (distributions in excess of) net investment income		$	126		$	787		$	1,447

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

64      First American Funds Annual Report 2007

Short Term									Total Return									U.S. Government
Bond Fund									Bond Fund									Mortgage Fund
			Nine-Month									Nine-Month									Nine-Month
Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended			Year Ended			Period Ended			Year Ended
6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
$	17,211		$	15,272		$	25,989		$	28,135		$	11,839		$	12,422		$	7,467		$	6,048		$	8,223
	(802	)		(4,403	)		(6,244	)		291			(4,994	)		5,824			(298	)		(1,518	)		696
	(1,869	)		2,746			(2,529	)		(7,840	)		1,189			(465	)		(297	)		502			43
	—			—			142			(927	)		8			157			9			—			(102	)
	(2,207	)		(825	)		783			(630	)		(51	)		857			(211	)		(24	)		—
	—			—			—			(4	)		(12	)		(6	)		—			—			—
	6,959			(445	)		(7,121	)		(1,610	)		(8,227	)		(8,750	)		2,010			(4,359	)		(3,451	)
	(114	)		(703	)		1,494			(1,956	)		588			165			(396	)		(36	)		112
	—			—			—			49			—			—			—			—			—
	—			—			—			20			(3	)		(2	)		—			—			—
	2,978			(148	)		(2,149	)		3,872			(559	)		(7	)		206			(81	)		—
	22,156			11,494			10,365			19,400			(222	)		10,195			8,490			532			5,521
	(2,768	)		(2,415	)		(3,144	)		(649	)		(520	)		(841	)		(698	)		(702	)		(1,230	)
	—			—			—			(118	)		(98	)		(167	)		(215	)		(211	)		(312	)
	—			—			—			(89	)		(67	)		(118	)		(155	)		(168	)		(300	)
	—			—			—			(8	)		—			—			(1	)		—			—
	(15,209	)		(15,530	)		(23,671	)		(27,836	)		(10,831	)		(11,336	)		(6,635	)		(5,464	)		(7,495	)
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			(43	)		—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			(328	)		—			—			—			—			—			—
	(17,977	)		(17,945	)		(27,186	)		(28,700	)		(11,516	)		(12,462	)		(7,704	)		(6,545	)		(9,337	)
	1,152			2,067			6,342			2,065			2,182			2,495			1,733			1,271			5,292
	2,062			1,915			2,512			528			429			686			578			599			1,097
	(15,868	)		(22,185	)		(39,475	)		(4,915	)		(5,664	)		(4,969	)		(4,681	)		(9,687	)		(14,192	)
	(12,654	)		(18,203	)		(30,621	)		(2,322	)		(3,053	)		(1,788	)		(2,370	)		(7,817	)		(7,803	)
	—			—			—			210			106			240			139			326			742
	—			—			—			93			76			125			183			186			275
	—			—			—			(1,703	)		(792	)		(1,417	)		(2,049	)		(1,607	)		(2,090	)
	—			—			—			(1,400	)		(610	)		(1,052	)		(1,727	)		(1,095	)		(1,073	)
	—			—			—			451			127			90			203			65			309
	—			—			—			42			58			105			124			157			284
	—			—			—			(1,201	)		(456	)		(1,107	)		(2,428	)		(1,491	)		(4,390	)
	—			—			—			(708	)		(271	)		(912	)		(2,101	)		(1,269	)		(3,797	)
	—			—			—			226			13			2			199			6			1
	—			—			—			8			—			—			1			—			—
	—			—			—			(28	)		(1	)		—			(2	)		(2	)		—
	—			—			—			206			12			2			198			4			1
	74,058			72,120			149,034			654,313			214,597			94,268			31,689			19,923			35,129
	5,134			5,642			7,911			7,572			1,706			1,633			1,243			876			960
	(226,300	)		(242,927	)		(459,960	)		(179,399	)		(105,757	)		(58,054	)		(39,967	)		(33,662	)		(45,987	)
	(147,108	)		(165,165	)		(303,015	)		482,486			110,546			37,847			(7,035	)		(12,863	)		(9,898	)
	(159,762	)		(183,368	)		(333,636	)		478,262			106,624			34,097			(13,035	)		(23,040	)		(22,570	)
	(155,583	)		(189,819	)		(350,457	)		468,962			94,886			31,830			(12,249	)		(29,053	)		(26,386	)
	533,436			723,255			1,073,712			400,032			305,146			273,316			168,195			197,248			223,634
$	377,853		$	533,436		$	723,255		$	868,994		$	400,032		$	305,146		$	155,946		$	168,195		$	197,248
$	338		$	256		$	2,148		$	(252	)	$	546		$	117		$	76		$	22		$	132

First American Funds Annual Report 2007      65

Financial Highlights  For a share outstanding throughout the indicated period.

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
Core Bond Fund
Class A
	2007 (1) (2)	$	10.71	$	0.47	$	0.09		$	(0.48	)	$	—		$	10.79
	2006 (2) (3)		11.15		0.33		(0.37	)		(0.33	)		(0.07	)		10.71
	2005 (2) (4)		11.27		0.40		(0.09	)		(0.42	)		(0.01	)		11.15
	2004 (2) (4)		11.56		0.38		(0.09	)		(0.41	)		(0.17	)		11.27
	2003 (4)		11.45		0.42		0.15			(0.46	)		—			11.56
	2002 (4)		11.37		0.55		0.08			(0.55	)		—			11.45
Class B
	2007 (1) (2)	$	10.63	$	0.38	$	0.09		$	(0.40	)	$	—		$	10.70
	2006 (2) (3)		11.07		0.26		(0.36	)		(0.27	)		(0.07	)		10.63
	2005 (2) (4)		11.19		0.31		(0.09	)		(0.33	)		(0.01	)		11.07
	2004 (2) (4)		11.48		0.29		(0.09	)		(0.32	)		(0.17	)		11.19
	2003 (4)		11.38		0.35		0.12			(0.37	)		—			11.48
	2002 (4)		11.29		0.47		0.09			(0.47	)		—			11.38
Class C
	2007 (1) (2)	$	10.67	$	0.38	$	0.10		$	(0.40	)	$	—		$	10.75
	2006 (2) (3)		11.12		0.26		(0.37	)		(0.27	)		(0.07	)		10.67
	2005 (2) (4)		11.24		0.31		(0.09	)		(0.33	)		(0.01	)		11.12
	2004 (2) (4)		11.53		0.29		(0.09	)		(0.32	)		(0.17	)		11.24
	2003 (4)		11.42		0.34		0.14			(0.37	)		—			11.53
	2002 (4)		11.34		0.47		0.08			(0.47	)		—			11.42
Class R (5)
	2007 (1) (2)	$	10.73	$	0.44	$	0.09		$	(0.45	)	$	—		$	10.81
	2006 (2) (3)		11.17		0.31		(0.36	)		(0.32	)		(0.07	)		10.73
	2005 (2) (4)		11.30		0.38		(0.10	)		(0.40	)		(0.01	)		11.17
	2004 (2) (4)		11.56		0.38		(0.10	)		(0.37	)		(0.17	)		11.30
	2003 (4)		11.45		0.42		0.15			(0.46	)		—			11.56
	2002 (4)		11.37		0.55		0.08			(0.55	)		—			11.45
Class Y
	2007 (1) (2)	$	10.70	$	0.49	$	0.10		$	(0.51	)	$	—		$	10.78
	2006 (2) (3)		11.15		0.35		(0.38	)		(0.35	)		(0.07	)		10.70
	2005 (2) (4)		11.27		0.42		(0.08	)		(0.45	)		(0.01	)		11.15
	2004 (2) (4)		11.56		0.40		(0.08	)		(0.44	)		(0.17	)		11.27
	2003 (4)		11.45		0.45		0.15			(0.49	)		—			11.56
	2002 (4)		11.37		0.58		0.08			(0.58	)		—			11.45

(1)	For the period July 1 to June 30 in the year indicated.
(2)	Per share data calculated using average shares outstanding method.
(3)	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(4)	For the period October 1 to September 30 in the year indicated.
(5)	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(6)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

66      First American Funds Annual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return (6)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	5.26	%	$	102,723		0.95	%		4.25	%		1.01	%		4.19	%		137	%
	(0.34	)		134,845		0.95			3.98			1.03			3.90			139
	2.75			161,410		0.95			3.51			1.05			3.41			208
	2.60			184,805		0.95			3.30			1.05			3.20			182
	5.08			191,754		0.95			3.58			1.05			3.48			196
	5.77			122,354		0.95			4.93			1.03			4.85			115
	4.41	%	$	9,634		1.70	%		3.50	%		1.76	%		3.44	%		137	%
	(0.91	)		13,819		1.70			3.23			1.78			3.15			139
	2.00			17,078		1.70			2.76			1.80			2.66			208
	1.83			21,046		1.70			2.58			1.80			2.48			182
	4.23			28,096		1.70			2.83			1.80			2.73			196
	5.12			16,741		1.70			4.17			1.78			4.09			115
	4.48	%	$	4,567		1.70	%		3.50	%		1.76	%		3.44	%		137	%
	(1.01	)		5,183		1.70			3.22			1.78			3.14			139
	1.99			7,266		1.70			2.76			1.80			2.66			208
	1.81			9,132		1.70			2.58			1.80			2.48			182
	4.30			13,424		1.70			2.85			1.80			2.75			196
	5.02			9,672		1.70			4.18			1.78			4.10			115
	4.99	%	$	65		1.20	%		4.01	%		1.29	%		3.92	%		137	%
	(0.51	)		34		1.20			3.77			1.43			3.54			139
	2.51			16		1.20			3.37			1.45			3.12			208
	2.53			1		0.95			3.37			1.05			3.27			182
	5.08			39,236		0.95			3.58			1.05			3.48			196
	5.77			33,270		0.95			4.93			1.03			4.85			115
	5.53	%	$	1,530,750		0.70	%		4.50	%		0.76	%		4.44	%		137	%
	(0.24	)		1,680,105		0.70			4.24			0.78			4.16			139
	3.01			1,725,850		0.70			3.77			0.80			3.67			208
	2.87			1,740,470		0.70			3.58			0.80			3.48			182
	5.34			1,955,909		0.70			3.83			0.80			3.73			196
	6.04			1,204,555		0.70			5.18			0.78			5.10			115

First American Funds Annual Report 2007      67

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			from			Value
		Beginning		Investment		(Losses) on			Investment			Realized			Return of			End of
		of Period		Income		Investments			Income			Gains			Capital			Period
High Income Bond F (1)			und
Class A
	2007 (2) (3)	$	9.22	$	0.65	$	0.38		$	(0.64	)	$	—		$	—		$	9.61
	2006 (3) (4)		9.41		0.49		(0.20	)		(0.48	)		—			—			9.22
	2005 (3) (5)		9.45		0.66		(0.04	)		(0.66	)		—			—	(8)		9.41
	2004 (3) (5)		9.13		0.68		0.32			(0.68	)		—			—			9.45
	2003 (3) (5)		7.90		0.68		1.24			(0.69	)		—			—			9.13
	2002 (5)		9.23		0.65		(1.21	)		(0.70	)		—			(0.07	)		7.90
Class B
	2007 (2) (3)	$	9.18	$	0.57	$	0.39		$	(0.57	)	$	—		$	—		$	9.57
	2006 (3) (4)		9.37		0.43		(0.19	)		(0.43	)		—			—			9.18
	2005 (3) (5)		9.41		0.58		(0.03	)		(0.59	)		—			—	(8)		9.37
	2004 (3) (5)		9.09		0.61		0.32			(0.61	)		—			—			9.41
	2003 (3) (5)		7.87		0.61		1.24			(0.63	)		—			—			9.09
	2002 (5)		9.19		0.69		(1.31	)		(0.63	)		—			(0.07	)		7.87
Class C
	2007 (2) (3)	$	9.19	$	0.57	$	0.39		$	(0.57	)	$	—		$	—		$	9.58
	2006 (3) (4)		9.38		0.43		(0.19	)		(0.43	)		—			—			9.19
	2005 (3) (5)		9.42		0.58		(0.03	)		(0.59	)		—			—	(8)		9.38
	2004 (3) (5)		9.10		0.61		0.32			(0.61	)		—			—			9.42
	2003 (3) (5)		7.89		0.61		1.23			(0.63	)		—			—			9.10
	2002 (5)		9.21		0.64		(1.27	)		(0.62	)		—			(0.07	)		7.89
Class R (6)
	2007 (2) (3)	$	9.35	$	0.62	$	0.40		$	(0.62	)	$	—		$	—		$	9.75
	2006 (3) (4)		9.53		0.49		(0.20	)		(0.47	)		—			—			9.35
	2005 (3) (5)		9.60		0.62		(0.04	)		(0.65	)		—			—	(8)		9.53
	2004 (3) (5)		9.21		0.69		0.32			(0.62	)		—			—			9.60
	2003 (3) (5)		7.98		0.71		1.22			(0.70	)		—			—			9.21
	2002 (5)		9.32		0.73		(1.30	)		(0.70	)		—			(0.07	)		7.98
Class Y
	2007 (2) (3)	$	9.23	$	0.67	$	0.39		$	(0.67	)	$	—		$	—		$	9.62
	2006 (3) (4)		9.42		0.51		(0.20	)		(0.50	)		—			—			9.23
	2005 (3) (5)		9.46		0.68		(0.03	)		(0.69	)		—			—	(8)		9.42
	2004 (3) (5)		9.13		0.70		0.34			(0.71	)		—			—			9.46
	2003 (3) (5)		7.92		0.69		1.24			(0.72	)		—			—			9.13
	2002 (5)		9.24		0.74		(1.28	)		(0.71	)		—			(0.07	)		7.92
Inflation Protected (3)			Securities Fu		nd
Class A
	2007 (2)	$	9.54	$	0.39	$	(0.16	)	$	(0.34	)	$	—		$	—		$	9.43
	2006 (4)		10.12		0.38		(0.55	)		(0.40	)		(0.01	)		—			9.54
	2005 (7)		10.00		0.51		(0.02	)		(0.37	)		—			—			10.12
Class C
	2007 (2)	$	9.53	$	0.33	$	(0.18	)	$	(0.27	)	$	—		$	—		$	9.41
	2006 (4)		10.11		0.31		(0.53	)		(0.35	)		(0.01	)		—			9.53
	2005 (7)		10.00		0.40		0.02			(0.31	)		—			—			10.11
Class R
	2007 (2)	$	9.55	$	0.33	$	(0.13	)	$	(0.32	)	$	—		$	—		$	9.43
	2006 (4)		10.13		0.38		(0.56	)		(0.39	)		(0.01	)		—			9.55
	2005 (7)		10.00		0.43		0.05			(0.35	)		—			—			10.13
Class Y
	2007 (2)	$	9.55	$	0.40	$	(0.16	)	$	(0.36	)	$	—		$	—		$	9.43
	2006 (4)		10.13		0.42		(0.57	)		(0.42	)		(0.01	)		—			9.55
	2005 (7)		10.00		0.51		0.01			(0.39	)		—			—			10.13

(1)	The financial highlights for the High Income Bond Fund as set forth herein include the historical financial highlights of the First American High Yield Bond Fund Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares. The assets of the First American High Yield Bond Fund were acquired by High Income Bond Fund on March 14, 2003. In connection with such acquisition, Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares of the First American High Yield Bond Fund were exchanged for Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares of High Income Bond Fund respectively. Historical per-share amounts have been adjusted to reflect the conversion ratios utilized for the merger of the High Income Bond Fund and the First American High Yield Bond Fund.
(2)	For the period July 1 through June 30 in the year indicated.
(3)	Per share data calculated using average shares outstanding method.
(4)	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(5)	For the period October 1 through September 30 in the year indicated.
(6)	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(7)	Commenced operations on October 1, 2004.
(8)	Includes a tax return of capital of less than $0.01.
(9)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

68      First American Funds Annual Report 2007

														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
Return (9)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	11.46	%	$	28,932		1.10	%		6.74	%		1.30	%		6.54	%		101	%
	3.14			29,573		1.10			6.94			1.29			6.75			68
	6.74			34,144		1.02			6.88			1.27			6.63			77
	11.30			43,842		1.00			7.25			1.26			6.99			80
	25.30			42,013		1.06			7.72			1.24			7.54			122
	(6.66	)		23,900		1.10			7.64			1.47			7.27			86
	10.67	%	$	4,814		1.85	%		6.00	%		2.05	%		5.80	%		101	%
	2.57			5,988		1.85			6.19			2.04			6.00			68
	5.97			7,191		1.77			6.13			2.02			5.88			77
	10.52			8,521		1.75			6.50			2.01			6.24			80
	24.33			8,939		1.81			7.00			1.99			6.82			122
	(7.26	)		774		1.80			7.49			2.28			7.01			86
	10.66	%	$	8,522		1.85	%		5.98	%		2.05	%		5.78	%		101	%
	2.56			9,873		1.85			6.19			2.04			6.00			68
	5.96			13,403		1.77			6.13			2.02			5.88			77
	10.51			17,349		1.75			6.50			2.01			6.24			80
	24.14			19,685		1.80			7.01			1.98			6.83			122
	(7.34	)		7,213		1.83			7.08			2.26			6.65			86
	11.12	%	$	186		1.35	%		6.38	%		1.56	%		6.17	%		101	%
	3.09			73		1.35			6.82			1.69			6.48			68
	6.23			4		1.33			6.31			1.73			5.91			77
	11.29			1		1.00			7.33			1.26			7.07			80
	25.11			777		1.00			7.86			1.18			7.68			122
	(6.66	)		87		1.01			8.46			1.57			7.90			86
	11.73	%	$	232,998		0.85	%		6.98	%		1.05	%		6.78	%		101	%
	3.34			205,382		0.85			7.19			1.04			7.00			68
	7.01			207,610		0.77			7.13			1.02			6.88			77
	11.69			234,770		0.75			7.49			1.01			7.23			80
	25.29			179,416		0.83			7.97			1.01			7.79			122
	(6.33	)		21,157		0.82			8.19			1.27			7.74			86
	2.41	%	$	2,712		0.85	%		4.09	%		1.06	%		3.88	%		90	%
	(1.69	)		5,042		0.85			5.20			1.08			4.97			85
	4.93			6,917		0.85			5.04			1.09			4.80			23
	1.53	%	$	348		1.60	%		3.44	%		1.81	%		3.23	%		90	%
	(2.26	)		552		1.60			4.29			1.83			4.06			85
	4.18			855		1.60			3.98			1.84			3.74			23
	2.09	%	$	822		1.10	%		3.45	%		1.31	%		3.24	%		90	%
	(1.80	)		1		1.10			5.17			1.48			4.79			85
	4.81			1		1.10			4.22			1.49			3.83			23
	2.56	%	$	273,312		0.60	%		4.21	%		0.81	%		4.00	%		90	%
	(1.50	)		317,977		0.60			5.73			0.83			5.50			85
	5.24			269,412		0.60			5.05			0.84			4.81			23

First American Funds Annual Report 2007      69

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Dividends			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			from			Value
		Beginning		Investment		(Losses) on			Investment			Realized			Return of			End of
		of Period		Income		Investments			Income			Gains			Capital			Period
Intermediate Government Bond Fund
Class A
	2007 (1)(2)	$	7.99	$	0.31	$	0.06		$	(0.33	)	$	—		$	(0.03	)	$	8.00
	2006 (2)(3)		8.26		0.22		(0.22	)		(0.22	)		(0.05	)		—			7.99
	2005 (2)(4)		8.82		0.27		(0.15	)		(0.28	)		(0.40	)		—			8.26
	2004 (2)(4)		10.01		0.24		(0.16	)		(0.24	)		(1.03	)		—			8.82
	2003 (5)		10.00		0.32		0.02			(0.33	)		—			—			10.01
Class Y
	2007 (1)(2)	$	7.99	$	0.32	$	0.06		$	(0.34	)	$	—		$	(0.03	)	$	8.00
	2006 (2)(3)		8.25		0.22		(0.20	)		(0.23	)		(0.05	)		—			7.99
	2005 (2)(4)		8.82		0.28		(0.16	)		(0.29	)		(0.40	)		—			8.25
	2004 (2)(4)		10.01		0.26		(0.17	)		(0.25	)		(1.03	)		—			8.82
	2003 (5)		10.00		0.34		0.01			(0.34	)		—			—			10.01
Intermediate Term Bond Fund
Class A
	2007 (1)(2)	$	9.68	$	0.41	$	0.05		$	(0.41	)	$	—		$	—		$	9.73
	2006 (2)(3)		9.99		0.29		(0.27	)		(0.30	)		(0.03	)		—			9.68
	2005 (2)(4)		10.25		0.34		(0.17	)		(0.33	)		(0.10	)		—			9.99
	2004 (2)(4)		10.46		0.31		(0.10	)		(0.31	)		(0.11	)		—			10.25
	2003 (4)		10.35		0.39		0.12			(0.40	)		—			—			10.46
	2002 (4)		10.26		0.50		0.10			(0.50	)		—			(0.01	)		10.35
Class Y
	2007 (1)(2)	$	9.65	$	0.42	$	0.06		$	(0.43	)	$	—		$	—		$	9.70
	2006 (2)(3)		9.96		0.30		(0.27	)		(0.31	)		(0.03	)		—			9.65
	2005 (2)(4)		10.22		0.36		(0.17	)		(0.35	)		(0.10	)		—			9.96
	2004 (2)(4)		10.43		0.33		(0.11	)		(0.32	)		(0.11	)		—			10.22
	2003 (4)		10.32		0.41		0.12			(0.42	)		—			—			10.43
	2002 (4)		10.23		0.52		0.10			(0.52	)		—			(0.01	)		10.32

(1)	For the period July 1 to June 30 in the year indicated.
(2)	Per share data calculated using average shares outstanding method.
(3)	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(4)	For the period October 1 to September 30 in the year indicated.
(5)	Commenced operations on October 25, 2002. All ratios for the period ended September 30, 2003 have been annualized, except total return and portfolio turnover.
(6)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

70      First American Funds Annual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return (6)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	4.68	%	$	1,619		0.75	%		3.80	%		1.46	%		3.09	%		84	%
	0.06			1,689		0.75			3.56			1.26			3.05			70
	1.40			1,970		0.75			3.21			1.09			2.87			161
	0.98			1,872		0.75			2.69			1.03			2.41			53
	3.53			2,502		0.75			3.22			1.05			2.92			74
	4.84	%	$	37,705		0.60	%		3.94	%		1.21	%		3.33	%		84	%
	0.30			42,781		0.60			3.70			1.01			3.29			70
	1.43			69,349		0.60			3.34			0.84			3.10			161
	1.14			129,769		0.60			2.84			0.78			2.66			53
	3.64			334,869		0.60			3.68			0.80			3.48			74
	4.80	%	$	30,655		0.85	%		4.07	%		1.01	%		3.91	%		110	%
	0.23			38,296		0.75			3.88			1.03			3.60			113
	1.69			48,426		0.75			3.39			1.05			3.09			118
	2.06			63,219		0.75			2.97			1.04			2.68			169
	5.09			78,682		0.75			3.89			1.05			3.59			133
	6.11			65,291		0.75			4.96			1.02			4.69			40
	4.98	%	$	752,984		0.70	%		4.22	%		0.76	%		4.16	%		110	%
	0.34			899,175		0.60			4.03			0.78			3.85			113
	1.85			1,074,624		0.60			3.55			0.80			3.35			118
	2.22			1,219,707		0.60			3.12			0.79			2.93			169
	5.25			1,296,529		0.60			4.05			0.80			3.85			133
	6.29			978,406		0.60			5.11			0.77			4.94			40

First American Funds Annual Report 2007      71

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Dividends			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			from			Value
		Beginning		Investment		(Losses) on			Investment			Realized			Return of			End of
		of Period		Income		Investments			Income			Gains			Capital			Period
Short Term Bond Fund
Class A
	2007 (1) (2)	$	9.83	$	0.36	$	0.09		$	(0.38	)	$	—		$	—		$	9.90
	2006 (2) (3)		9.93		0.23		(0.06	)		(0.27	)		—			—			9.83
	2005 (2) (4)		10.11		0.27		(0.16	)		(0.29	)		—			—	(6)		9.93
	2004 (2) (4)		10.26		0.23		(0.15	)		(0.23	)		—			—			10.11
	2003 (4)		10.29		0.28		(0.01	)		(0.30	)		—			—			10.26
	2002 (4)		10.27		0.42		0.04			(0.43	)		—			(0.01	)		10.29
Class Y
	2007 (1) (2)	$	9.83	$	0.37	$	0.10		$	(0.39	)	$	—		$	—		$	9.91
	2006 (2) (3)		9.93		0.24		(0.06	)		(0.28	)		—			—			9.83
	2005 (2) (4)		10.11		0.28		(0.16	)		(0.29	)		—			(0.01	)		9.93
	2004 (2) (4)		10.26		0.25		(0.16	)		(0.24	)		—			—			10.11
	2003 (4)		10.30		0.30		(0.02	)		(0.32	)		—			—			10.26
	2002 (4)		10.27		0.43		0.05			(0.44	)		—			(0.01	)		10.30
Total Return Bond Fund
Class A
	2007 (1) (2)	$	9.86	$	0.45	$	(0.02	)	$	(0.46	)	$	—		$	—		$	9.83
	2006 (2) (3)		10.18		0.31		(0.33	)		(0.30	)		—			—			9.86
	2005 (2) (4)		10.25		0.43		(0.07	)		(0.43	)		—			—			10.18
	2004 (2) (4)		10.23		0.46		0.03			(0.47	)		—			—	(6)		10.25
	2003 (4)		9.60		0.51		0.63			(0.51	)		—			—			10.23
	2002 (4)		10.01		0.57		(0.39	)		(0.58	)		(0.01	)		—			9.60
Class B
	2007 (1) (2)	$	9.82	$	0.38	$	(0.02	)	$	(0.38	)	$	—		$	—		$	9.80
	2006 (2) (3)		10.14		0.25		(0.32	)		(0.25	)		—			—			9.82
	2005 (2) (4)		10.21		0.35		(0.07	)		(0.35	)		—			—			10.14
	2004 (2) (4)		10.20		0.39		0.01			(0.39	)		—			—	(6)		10.21
	2003 (4)		9.57		0.44		0.63			(0.44	)		—			—			10.20
	2002 (4)		9.98		0.49		(0.38	)		(0.51	)		(0.01	)		—			9.57
Class C
	2007 (1) (2)	$	9.80	$	0.37	$	(0.01	)	$	(0.38	)	$	—		$	—		$	9.78
	2006 (2) (3)		10.12		0.25		(0.32	)		(0.25	)		—			—			9.80
	2005 (2) (4)		10.20		0.35		(0.07	)		(0.36	)		—			—			10.12
	2004 (2) (4)		10.18		0.39		0.02			(0.39	)		—			—	(6)		10.20
	2003 (4)		9.55		0.44		0.63			(0.44	)		—			—			10.18
	2002 (4)		9.97		0.49		(0.40	)		(0.50	)		(0.01	)		—			9.55
Class R (5)
	2007 (1) (2)	$	9.90	$	0.43	$	(0.02	)	$	(0.43	)	$	—		$	—		$	9.88
	2006 (2) (3)		10.23		0.30		(0.34	)		(0.29	)		—			—			9.90
	2005 (2) (4)		10.29		0.41		(0.07	)		(0.40	)		—			—			10.23
	2004 (2) (4)		10.23		0.48		—			(0.42	)		—			—	(6)		10.29
	2003 (4)		9.60		0.51		0.63			(0.51	)		—			—			10.23
	2002 (4)		10.01		0.56		(0.38	)		(0.58	)		(0.01	)		—			9.60
Class Y
	2007 (1) (2)	$	9.85	$	0.47	$	(0.01	)	$	(0.48	)	$	—		$	—		$	9.83
	2006 (2) (3)		10.17		0.33		(0.33	)		(0.32	)		—			—			9.85
	2005 (2) (4)		10.24		0.46		(0.07	)		(0.46	)		—			—			10.17
	2004 (2) (4)		10.23		0.49		0.01			(0.49	)		—			—	(6)		10.24
	2003 (4)		9.59		0.54		0.64			(0.54	)		—			—			10.23
	2002 (4)		10.00		0.59		(0.39	)		(0.60	)		(0.01	)		—			9.59

(1)	For the period July 1 to June 30 in the year indicated.
(2)	Per share data calculated using average shares outstanding method.
(3)	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(4)	For the period October 1 to September 30 in the year indicated.
(5)	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(6)	Includes a tax return of capital of less than $0.01.
(7)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

72      First American Funds Annual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income to
					Ratio of			Investment			to Average			Average Net
			Net Assets		Expenses			Income			Net Assets			Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return (7)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	4.60	%	$	66,722		0.75	%		3.61	%		1.04	%		3.32	%		47	%
	1.75			78,771		0.75			3.11			1.04			2.82			60
	1.08			97,863		0.75			2.68			1.05			2.38			64
	0.76			130,531		0.75			2.28			1.05			1.98			89
	2.71			159,451		0.75			2.75			1.05			2.45			60
	4.59			163,358		0.75			4.06			1.04			3.77			59
	4.86	%	$	311,131		0.60	%		3.74	%		0.79	%		3.55	%		47	%
	1.87			454,665		0.60			3.26			0.79			3.07			60
	1.23			625,392		0.60			2.83			0.80			2.63			64
	0.91			943,181		0.60			2.43			0.80			2.23			89
	2.76			832,266		0.60			2.84			0.80			2.64			60
	4.85			484,583		0.60			4.18			0.79			3.99			59
	4.36	%	$	13,198		1.00	%		4.48	%		1.13	%		4.35	%		180	%
	(0.17	)		15,522		1.00			4.14			1.17			3.97			166
	3.57			19,113		1.00			4.20			1.25			3.95			285
	4.89			21,034		1.00			4.54			1.25			4.29			132
	12.26			13,522		1.00			5.15			1.26			4.89			91
	1.83			8,663		1.00			5.77			1.27			5.50			117
	3.69	%	$	2,272		1.75	%		3.74	%		1.88	%		3.61	%		180	%
	(0.74	)		3,657		1.75			3.40			1.92			3.23			166
	2.81			4,395		1.75			3.45			2.00			3.20			285
	3.97			5,474		1.75			3.83			2.00			3.58			132
	11.46			13,576		1.75			4.46			2.01			4.20			91
	1.07			18,728		1.75			5.02			2.02			4.75			117
	3.70	%	$	1,792		1.75	%		3.73	%		1.88	%		3.60	%		180	%
	(0.74	)		2,501		1.75			3.40			1.92			3.23			166
	2.71			2,858		1.75			3.46			2.00			3.21			285
	4.11			3,789		1.75			3.81			2.00			3.56			132
	11.50			5,752		1.75			4.43			2.01			4.17			91
	0.98			5,283		1.75			5.02			2.02			4.75			117
	4.20	%	$	219		1.25	%		4.22	%		1.44	%		4.03	%		180	%
	(0.44	)		14		1.25			4.05			1.57			3.73			166
	3.40			3		1.25			3.98			1.65			3.58			285
	4.83			1		1.00			4.64			1.25			4.39			132
	12.25			2,668		1.00			5.21			1.26			4.95			91
	1.84			3,557		1.00			5.77			1.27			5.50			117
	4.73	%	$	851,513		0.75	%		4.71	%		0.88	%		4.58	%		180	%
	0.02			378,338		0.75			4.43			0.92			4.26			166
	3.83			278,777		0.75			4.43			1.00			4.18			285
	5.05			243,018		0.75			4.80			1.00			4.55			132
	12.65			245,877		0.75			5.42			1.01			5.16			91
	2.08			204,801		0.75			6.03			1.02			5.76			117

First American Funds Annual Report 2007      73

Financial Highlights  continued

						Realized and
		Net Asset				Unrealized			Dividends			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period
U.S. Government Mortgage Fund
Class A
	2007 (1) (2)	$	10.18	$	0.46	$	0.05		$	(0.47	)	$	—		$	10.22
	2006 (2) (3)		10.53		0.33		(0.32	)		(0.36	)		—			10.18
	2005 (2) (4)		10.72		0.41		(0.14	)		(0.46	)		—			10.53
	2004 (2) (4)		10.89		0.38		(0.09	)		(0.46	)		—			10.72
	2003 (4)		11.16		0.35		(0.05	)		(0.45	)		(0.12	)		10.89
	2002 (4)		11.01		0.50		0.20			(0.55	)		—			11.16
Class B
	2007 (1) (2)	$	10.20	$	0.38	$	0.05		$	(0.39	)	$	—		$	10.24
	2006 (2) (3)		10.54		0.27		(0.31	)		(0.30	)		—			10.20
	2005 (2) (4)		10.74		0.33		(0.15	)		(0.38	)		—			10.54
	2004 (2) (4)		10.90		0.30		(0.08	)		(0.38	)		—			10.74
	2003 (4)		11.18		0.28		(0.06	)		(0.38	)		(0.12	)		10.90
	2002 (4)		11.03		0.42		0.20			(0.47	)		—			11.18
Class C
	2007 (1) (2)	$	10.15	$	0.38	$	0.04		$	(0.39	)	$	—		$	10.18
	2006 (2) (3)		10.49		0.27		(0.31	)		(0.30	)		—			10.15
	2005 (2) (4)		10.68		0.33		(0.14	)		(0.38	)		—			10.49
	2004 (2) (4)		10.84		0.30		(0.09	)		(0.37	)		—			10.68
	2003 (4)		11.13		0.29		(0.08	)		(0.38	)		(0.12	)		10.84
	2002 (4)		11.00		0.46		0.15			(0.48	)		—			11.13
Class R (5)
	2007 (1) (2)	$	10.17	$	0.43	$	0.06		$	(0.45	)	$	—		$	10.21
	2006 (2) (3)		10.51		0.31		(0.31	)		(0.34	)		—			10.17
	2005 (2) (4)		10.72		0.37		(0.14	)		(0.44	)		—			10.51
	2004 (2) (4)		10.85		0.39		(0.10	)		(0.42	)		—			10.72
	2003 (4)		11.12		0.30		—			(0.45	)		(0.12	)		10.85
	2002 (4)		10.97		0.49		0.20			(0.54	)		—			11.12
Class Y
	2007 (1) (2)	$	10.19	$	0.48	$	0.05		$	(0.50	)	$	—		$	10.22
	2006 (2) (3)		10.53		0.35		(0.31	)		(0.38	)		—			10.19
	2005 (2) (4)		10.73		0.43		(0.14	)		(0.49	)		—			10.53
	2004 (2) (4)		10.89		0.41		(0.08	)		(0.49	)		—			10.73
	2003 (4)		11.16		0.37		(0.04	)		(0.48	)		(0.12	)		10.89
	2002 (4)		11.01		0.53		0.19			(0.57	)		—			11.16

(1)	For the period July 1 to June 30 in the year indicated.
(2)	Per share data calculated using average shares outstanding method.
(3)	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
(4)	For the period October 1 to September 30 in the year indicated.
(5)	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(6)	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

74      First American Funds Annual Report 2007

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return (6)			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	5.07	%	$	13,785		0.95	%		4.41	%		1.16	%		4.20	%		303	%
	0.09			16,059		0.95			4.27			1.11			4.11			220
	2.59			24,504		0.95			3.80			1.08			3.67			251
	2.74			32,815		0.95			3.53			1.05			3.43			127
	2.79			24,667		0.95			2.98			1.06			2.87			175
	6.53			16,985		0.95			4.61			1.08			4.48			197
	4.26	%	$	4,920		1.70	%		3.66	%		1.91	%		3.45	%		303	%
	(0.38	)		6,595		1.70			3.52			1.86			3.36			220
	1.72			7,926		1.70			3.05			1.83			2.92			251
	2.02			9,155		1.70			2.79			1.80			2.69			127
	1.96			11,397		1.70			2.22			1.81			2.11			175
	5.79			6,235		1.70			3.85			1.83			3.72			197
	4.19	%	$	3,077		1.70	%		3.67	%		1.91	%		3.46	%		303	%
	(0.38	)		5,127		1.70			3.52			1.86			3.36			220
	1.82			6,585		1.70			3.05			1.83			2.92			251
	2.02			10,520		1.70			2.79			1.80			2.69			127
	1.91			18,801		1.70			2.19			1.81			2.08			175
	5.78			5,834		1.70			3.92			1.83			3.79			197
	4.82	%	$	204		1.20	%		4.17	%		1.41	%		3.96	%		303	%
	0.04			7		1.20			4.04			1.51			3.73			220
	2.18			3		1.20			3.42			1.48			3.14			251
	2.74			1		0.95			3.58			1.05			3.48			127
	2.79			17,296		0.95			3.04			1.06			2.93			175
	6.55			21,355		0.95			4.59			1.08			4.46			197
	5.23	%	$	133,960		0.70	%		4.66	%		0.91	%		4.45	%		303	%
	0.38			140,407		0.70			4.52			0.86			4.36			220
	2.75			158,230		0.70			4.05			0.83			3.92			251
	3.09			171,143		0.70			3.79			0.80			3.69			127
	3.03			214,531		0.70			3.27			0.81			3.16			175
	6.79			181,046		0.70			4.84			0.83			4.71			197

First American Funds Annual Report 2007      75

Notes to  Financial Statements  June 30, 2007, all dollars and shares are rounded to thousands (000)

1 > Organization

The Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage 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 June 30, 2007, FAIF offered 39 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 is a diversified open-end management investment company.

FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Class A shares of Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund are sold with a front-end sales charge of 2.25%. Class A shares of Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund are sold with a front-end sales charge of 4.25%. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. 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 B, Class C, and Class R shares are not offered by Intermediate Government Bond Fund, Intermediate Term Bond Fund, or Short Term Bond Fund. Class B shares are not offered by Inflation Protected Securities Fund.

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

On February 23, 2006, the funds’ board of directors approved a change in the funds’ fiscal year-end from September 30 to June 30, effective with the nine-month fiscal period ended June 30, 2006.

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, the ask price will be the closing price. If the last trade is below the bid, 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. 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. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition (trading in similar securities of the same issuer or comparable companies); information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs (American Depositary Receipts), and various other indices, may be reviewed in the course of making a good faith determination of a security’s fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of June 30, 2007, Core Bond

76      First American Funds Annual Report 2007

Fund, High Income Bond Fund, and Short Term Bond Fund held fair value securities with a value of $438, $0, and $0, respectively, or 0.0%, 0.0%, and 0.0%, respectively, of total net assets. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchanges on which they trade. 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. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date.

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

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

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

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to deferred wash sale and straddle losses, paydowns on pass through obligations, expiration of capital loss carryforwards, and tax mark-to-market adjustments under Section 311(e) of the Taxpayer Relief Act of 1997. 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
Core Bond Fund	$	(1,032	)	$	1,032		$	—
High Income Bond Fund		21			(21	)		—
Inflation Protected Securities Fund		(7	)		7			—
Intermediate Government Bond Fund		—			151			(151	)
Intermediate Term Bond Fund		(322	)		322			—
Short Term Bond Fund		(216	)		848			(632	)
Total Return Bond Fund		7,672			(233	)		(7,439	)
U.S. Government Mortgage Fund		(291	)		291			—

The tax character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the fiscal year ended June 30, 2007, the nine-month fiscal period ended June 30, 2006, and the fiscal year ended September 30, 2005, were as follows (adjusted by dividends payable as of June 30, 2007, June 30, 2006, and September 30, 2005):

	2007
	Ordinary		Return of
Fund	Income		Capital		Total
Core Bond Fund	$	76,723	$	—	$	76,723
High Income Bond Fund		17,240		—		17,240
Inflation Protected Securities Fund		12,694		—		12,694
Intermediate Government Bond Fund		1,595		151		1,746
Intermediate Term Bond Fund		35,261		—		35,261
Short Term Bond Fund		17,150		—		17,150
Total Return Bond Fund		26,685		—		26,685
U.S. Government Mortgage Fund		7,219		—		7,219

First American Funds Annual Report 2007      77

Notes to  Financial Statements  continued

	2006
	Ordinary		Long Term		Return of
Fund	Income		Gain		Capital		Total
Core Bond Fund	$	72,227	$	—	$	—	$	72,227
High Income Bond Fund		13,528		—		—		13,528
Inflation Protected Securities Fund		13,028		—		—		13,028
Intermediate Government Bond Fund		1,834		186		—		2,020
Intermediate Term Bond Fund		35,774		—		—		35,774
Short Term Bond Fund		17,945		—		—		17,945
Total Return Bond Fund		11,516		—		—		11,516
U.S. Government Mortgage Fund		6,545		—		—		6,545

	2005
	Ordinary		Long Term		Return of
Fund	Income		Gain		Capital		Total
Core Bond Fund	$	75,437	$	1,274	$	—	$	76,711
High Income Bond Fund		19,672		—		20		19,692
Inflation Protected Securities Fund		7,327		—		—		7,327
Intermediate Government Bond Fund		3,179		4,927		—		8,106
Intermediate Term Bond Fund		42,052		11,785		—		53,837
Short Term Bond Fund		26,815		—		371		27,186
Total Return Bond Fund		12,462		—		—		12,462
U.S. Government Mortgage Fund		9,337		—		—		9,337

As of June 30, 2007, the components of accumulated earnings (deficit) on a tax basis were as follows:

			Accumulated									Total
	Undistributed		Capital and						Other			Accumulated
	Ordinary		Post-October			Unrealized			Accumulated			Earnings
Fund	Income		Losses			Depreciation			Gains (Losses)			Deficit
Core Bond Fund	$	5,362	$	(35,235	)	$	(32,859	)	$	(698	)	$	(63,430	)
High Income Bond Fund		1,876		(1,250	)		(391	)		(146	)		89
Inflation Protected Securities Fund		2,557		(13,565	)		(10,703	)		(52	)		(21,763	)
Intermediate Government Bond Fund		—		(1,658	)		(869	)		—			(2,527	)
Intermediate Term Bond Fund		2,124		(26,834	)		(9,777	)		(536	)		(35,023	)
Short Term Bond Fund		1,363		(20,548	)		(2,947	)		(143	)		(22,275	)
Total Return Bond Fund		4,157		(17,208	)		(11,435	)		(445	)		(24,931	)
U.S. Government Mortgage Fund		571		(7,675	)		(4,303	)		(98	)		(11,505	)

The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and straddles, tax mark-to-market adjustments for certain derivatives in accordance with IRC Section 1256, and tax mark-to-market adjustments made under Section 311(e) of the Taxpayer Relief Act of 1997.

As of June 30, 2007, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows:

	Expiration Year
Fund	2008		2009		2010		2011		2012		2013		2014		2015		Total
Core Bond Fund	$	—	$	—	$	—	$	—	$	—	$	—	$	3,584	$	23,477	$	27,061
High Income Bond Fund		—		—		—		1,250		—		—		—		—		1,250
Inflation Protected Securities Fund		—		—		—		—		—		—		256		5,928		6,184
Intermediate Government Bond Fund		—		—		—		—		—		—		134		1,493		1,627
Intermediate Term Bond Fund		—		—		—		—		—		—		6,285		15,157		21,442
Short Term Bond Fund		145		—		4		—		2,223		—		8,101		7,433		17,906
Total Return Bond Fund		—		—		—		3,708		—		—		472		6,125		10,305
U.S. Government Mortgage Fund		—		—		—		—		3,145		1,293		555		1,629		6,622

For the fiscal year ended June 30, 2007, Short Term Bond Fund and Total Return Bond Fund, had capital loss carryforwards of $632 and $7,439, respectively, that expired unused.

Certain funds incurred a loss for tax purposes for the period from November 1, 2006 to June 30, 2007. As permitted by tax regulations, the funds intend to elect to defer and treat these losses as arising in the fiscal year

78      First American Funds Annual Report 2007

ending June 30, 2008. The following funds had deferred losses:

Fund	Amount
Core Bond Fund	$	8,174
Inflation Protected Securities Fund		7,381
Intermediate Government Bond Fund		31
Intermediate Term Bond Fund		5,392
Short Term Bond Fund		2,642
Total Return Bond Fund		6,903
U.S. Government Mortgage Fund		1,053

FUTURES TRANSACTIONS – 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.

As of June 30, 2007, the following funds had outstanding futures contracts as disclosed in their Schedule of Investments: Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

SWAP AGREEMENTS – The funds may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The funds may enter into interest rate and credit default swap agreements to manage exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal). As of June 30, 2007, the following funds had outstanding interest rate swap agreements: Core Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a specified issuer on its obligation (typically corporate issues or sovereign issues of an emerging country). The fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As of June 30, 2007, the following funds had outstanding credit default swap agreements: Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

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

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 an option written 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

First American Funds Annual Report 2007      79

Notes to  Financial Statements  continued

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 June 30, 2007, Core Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, and Total Return Bond Fund held options written as disclosed in their Schedule of Investments.

Options purchased are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchased put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. As of June 30, 2007, no fund held options purchased.

INFLATION-INDEXED BONDS – The funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

FOREIGN CURRENCY TRANSLATION – The books and records of the High Income Bond Fund, Inflation Protected Securities Fund, and the Total Return Bond 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 debt securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of debt securities. The funds isolate the effect of fluctuations in foreign currency rates when determining the gain or loss upon sale or maturity of foreign currency denominated debt obligations pursuant to the federal income tax regulations. Such amounts are categorized as foreign currency gain(loss) for both financial reporting and income tax reporting purposes.

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.

For the fiscal year ended June 30, 2007, High Income Bond Fund, Inflation Protected Securities Fund, and Total Return Bond Fund had non-U.S. dollar denominated investments with a total value of $427, $549, and $22,482, respectively, or 0.2%, 0.2%, and 2.6%, respectively, of total net assets.

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 a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. At June 30, 2007, Core Bond Fund, High Income Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund had when-issued or forward-commitment securities outstanding with a total cost of $74,167, $3,745, $34,068, and $30,432, respectively.

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 “rollover” its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage. As of and for the fiscal year ended June 30, 2007, the funds had no outstanding dollar roll transactions.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of

80      First American Funds Annual Report 2007

directors as reflecting fair value. Each fund intends to invest no more than 15% of its 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 June 30, 2007, Core Bond Fund, High Income Bond Fund, and Short Term Bond Fund had investments in illiquid securities with a total value of $494, $9, and $0, respectively, or 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:

Core Bond Fund	Par		Dates Acquired		Cost Basis
Duty Free International	$	2,191		1/99-7/99	$	2,187
Westam Mortgage Financial		56		9/97		55

High Income Bond Fund	Par/Shares		Dates Acquired		Cost Basis
Glenoit	$	100		3/97-8/97	$	100
Green Tree Financial		10		5/99		10
Mid America Waste Systems		250		3/03		—
Sullivan Broadcast Holdings, Escrow Shares		400		3/03		—

Intermediate Term Bond Fund	Par		Date Acquired		Cost Basis
Westam Mortgage Financial	$	31		11/97	$	30

Short Term Bond Fund	Par		Dates Acquired		Cost Basis
Auto Bond Receivables Trust	$	106		11/98-11/00	$	106

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 or 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.

FAF Advisors, Inc. (“FAF Advisors”) serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. FAF Advisors 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”). FAF Advisors receives fees as a percentage of each fund’s net income from securities lending transactions. Effective January 23, 2007, 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 in this money market fund. Securities lending fees paid to FAF Advisors by the funds for the fiscal year ended June 30, 2007, were as follows:

Fund	Amount
Core Bond Fund	$	365
High Income Bond Fund		53
Inflation Protected Securities Fund		84
Intermediate Term Bond Fund		163
Short Term Bond Fund		59
Total Return Bond Fund		113
U.S. Government Mortgage Fund		20

Income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to FAF Advisors.

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal year ended June 30, 2007.

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 the board of directors. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the

First American Funds Annual Report 2007      81

Notes to  Financial Statements  continued

funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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

3 > Fees and Expenses

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

Fund
Core Bond Fund	0.50	%
High Income Bond Fund	0.70
Inflation Protected Securities Fund	0.50
Intermediate Government Bond Fund	0.50
Intermediate Term Bond Fund	0.50
Short Term Bond Fund	0.50
Total Return Bond Fund	0.60
U.S. Government Mortgage Fund	0.50

FAF Advisors has agreed to waive fees and reimburse other fund expenses at least through June 30, 2007, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			B			C			R			Y
Core Bond Fund		0.95	%		1.70	%		1.70	%		1.20	%		0.70	%
High Income Bond Fund		1.10			1.85			1.85			1.35			0.85
Inflation Protected Securities Fund		0.85			NA			1.60			1.10			0.60
Intermediate Government Bond Fund		0.75			NA			NA			NA			0.60
Intermediate Term Bond Fund		0.85			NA			NA			NA			0.70
Short Term Bond Fund		0.75			NA			NA			NA			0.60
Total Return Bond Fund		1.00			1.75			1.75			1.25			0.75
U.S. Government Mortgage Fund		0.95			1.70			1.70			1.20			0.70

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.

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

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

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

Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.

82      First American Funds Annual Report 2007

For the fiscal year ended June 30, 2007, custodian fees were increased as a result of overdrafts, and decreased as a result of interest earned as follows:

Fund	Increased		Decreased
Core Bond Fund		$ 8		$32
High Income Bond Fund		—		8
Inflation Protected Securities Fund		3		3
Intermediate Government Bond Fund		—		2
Intermediate Term Bond Fund		4		26
Short Term Bond Fund		—		16
Total Return Bond Fund		6		14
U.S. Government Mortgage Fund		2		2

DISTRIBUTION AND SHAREHOLDER SERVICING 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 of the Class A shares, Class B shares, Class C shares, 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.

Quasar is currently waiving fees equal to an annual rate of 0.10% of average daily net assets for Class A shares of the Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund.

For the fiscal year ended June 30, 2007, total distribution and shareholder servicing fees waived by Quasar for the funds included in this annual report were as follows:

Fund	Amount
Intermediate Government Bond Fund		$ 2
Intermediate Term Bond Fund		35
Short Term Bond Fund		73

During the period, FAF Advisors also provided shareholder services pursuant to a shareholder servicing plan and agreement with FAIF with respect to the Class R shares of the Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund. Under the shareholder servicing plan and agreement, each fund was required to pay FAF Advisors a monthly shareholder servicing fee equal to an annual rate of 0.15% of each fund’s average daily net assets attributable to Class R shares. FAF Advisors waived all fees under this plan and agreement. This agreement was terminated in September 2006.

Under the distribution agreement, the following amounts were retained by affiliates of FAF Advisors for the fiscal year ended June 30, 2007:

Fund	Amount
Core Bond Fund	$	228
High Income Bond Fund		58
Inflation Protected Securities Fund		12
Intermediate Government Bond Fund		2
Intermediate Term Bond Fund		34
Short Term Bond Fund		59
Total Return Bond Fund		41
U.S. Government Mortgage Fund		55

OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying 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 June 30, 2007, legal fees and expenses of $41 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 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 June 30, 2007, total front-end sales charges and CDSCs retained by affiliates of FAF

First American Funds Annual Report 2007      83

Notes to  Financial Statements  continued

Advisors for distributing the funds’ shares were as follows:

Fund	Amount
Core Bond Fund		$77
High Income Bond Fund		43
Inflation Protected Securities Fund		2
Intermediate Government Bond Fund		—
Intermediate Term Bond Fund		5
Short Term Bond Fund		5
Total Return Bond Fund		21
U.S. Government Mortgage Fund		39

84      First American Funds Annual Report 2007

4 > Capital Share Transactions

FAIF has 324 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

		Core									High Income									Inflation Protected
		Bond Fund									Bond Fund									Securities Fund
					Nine-Month									Nine-Month									Nine-Month
					Fiscal									Fiscal									Fiscal
		Year			Period			Year			Year			Period			Year			Year			Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
		6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
Class A:
	Shares issued		1,120			1,251			2,069			1,279			777			702			90			89			759
	Shares issued in lieu of cash distributions		339			366			456			133			131			210			15			21			10
	Shares redeemed		(4,531	)		(3,497	)		(4,450	)		(1,610	)		(1,329	)		(1,924	)		(345	)		(265	)		(86	)
Total Class A transactions			(3,072	)		(1,880	)		(1,925	)		(198	)		(421	)		(1,012	)		(240	)		(155	)		683
Class B:
	Shares issued		34			36			90			33			52			80			—			—			—
	Shares issued in lieu of cash distributions		37			41			46			19			19			32			—			—			—
	Shares redeemed		(471	)		(320	)		(474	)		(201	)		(186	)		(250	)		—			—			—
Total Class B transactions			(400	)		(243	)		(338	)		(149	)		(115	)		(138	)		—			—			—
Class C:
	Shares issued		97			46			79			173			67			55			11			16			87
	Shares issued in lieu of cash distributions		14			17			21			31			49			87			1			3			2
	Shares redeemed		(172	)		(231	)		(259	)		(389	)		(470	)		(555	)		(33	)		(46	)		(4	)
Total Class C transactions			(61	)		(168	)		(159	)		(185	)		(354	)		(413	)		(21	)		(27	)		85
Class R:
	Shares issued		4			2			1			11			8			4			113			—			—
	Shares issued in lieu of cash distributions		—			—			—			—			—			—			2			—			—
	Shares redeemed		(1	)		—			—			—			—			(5	)		(28	)		—			—
Total Class R transactions			3			2			1			11			8			(1	)		87			—			—
Class Y:
	Shares issued		41,764			33,967			35,837			6,767			5,066			7,861			13,147			10,606			29,019
	Shares issued in lieu of cash distributions		2,017			2,008			1,987			205			155			209			344			362			207
	Shares redeemed		(58,789	)		(33,812	)		(37,508	)		(5,012	)		(5,008	)		(10,853	)		(17,813	)		(4,262	)		(2,631	)
Total Class Y transactions			(15,008	)		2,163			316			1,960			213			(2,783	)		(4,322	)		6,706			26,595
Net increase (decrease) in capital shares			(18,538	)		(126	)		(2,105	)		1,439			(669	)		(4,347	)		(4,496	)		6,524			27,363

		Intermediate Government									Intermediate Term									Short Term
		Bond Fund									Bond Fund									Bond Fund
					Nine-Month									Nine-Month									Nine-Month
					Fiscal									Fiscal									Fiscal
		Year			Period			Year			Year			Period			Year			Year			Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
		6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
Class A:
	Shares issued		30			38			154			314			526			856			116			209			632
	Shares issued in lieu of cash distributions		7			5			16			124			132			202			208			194			251
	Shares redeemed		(46	)		(71	)		(143	)		(1,244	)		(1,549	)		(2,379	)		(1,600	)		(2,246	)		(3,940	)
Total Class A transactions			(9	)		(28	)		27			(806	)		(891	)		(1,321	)		(1,276	)		(1,843	)		(3,057	)
Class B:
	Shares issued		—			—			—			—			—			—			—			—			—
	Shares issued in lieu of cash distributions		—			—			—			—			—			—			—			—			—
	Shares redeemed		—			—			—			—			—			—			—			—			—
Total Class B transactions			—			—			—			—			—			—			—			—			—
Class C:
	Shares issued		—			—			—			—			—			—			—			—			—
	Shares issued in lieu of cash distributions		—			—			—			—			—			—			—			—			—
	Shares redeemed		—			—			—			—			—			—			—			—			—
Total Class C transactions			—			—			—			—			—			—			—			—			—
Class R:
	Shares issued		—			—			—			—			—			—			—			—			—
	Shares issued in lieu of cash distributions		—			—			—			—			—			—			—			—			—
	Shares redeemed		—			—			—			—			—			—			—			—			—
Total Class R transactions			—			—			—			—			—			—			—			—			—
Class Y:
	Shares issued		1,404			873			1,733			14,893			14,632			24,296			7,464			7,298			14,851
	Shares issued in lieu of cash distributions		77			82			514			1,310			1,336			2,038			518			572			791
	Shares redeemed		(2,121	)		(4,004	)		(8,559	)		(31,763	)		(30,661	)		(37,799	)		(22,815	)		(24,595	)		(45,948	)
Total Class Y transactions			(640	)		(3,049	)		(6,312	)		(15,560	)		(14,693	)		(11,465	)		(14,833	)		(16,725	)		(30,306	)
Net decrease in capital shares			(649	)		(3,077	)		(6,285	)		(16,366	)		(15,584	)		(12,786	)		(16,109	)		(18,568	)		(33,363	)

First American Funds Annual Report 2007      85

Notes to  Financial Statements  continued

		Total Return									U.S. Government
		Bond Fund									Mortgage Fund
					Nine-Month									Nine-Month
					Fiscal									Fiscal
		Year			Period			Year			Year			Period			Year
		Ended			Ended			Ended			Ended			Ended			Ended
		6/30/07			6/30/06			9/30/05			6/30/07			6/30/06			9/30/05
Class A:
	Shares issued		207			217			243			166			123			496
	Shares issued in lieu of cash distributions		53			43			67			56			58			103
	Shares redeemed		(492	)		(563	)		(484	)		(450	)		(932	)		(1,331	)
Total Class A transactions			(232	)		(303	)		(174	)		(228	)		(751	)		(732	)
Class B:
	Shares issued		21			10			24			13			31			69
	Shares issued in lieu of cash distributions		9			8			12			18			18			26
	Shares redeemed		(171	)		(79	)		(138	)		(197	)		(155	)		(196	)
Total Class B transactions			(141	)		(61	)		(102	)		(166	)		(106	)		(101	)
Class C:
	Shares issued		45			12			9			20			6			29
	Shares issued in lieu of cash distributions		4			6			10			12			15			27
	Shares redeemed		(121	)		(46	)		(108	)		(235	)		(144	)		(413	)
Total Class C transactions			(72	)		(28	)		(89	)		(203	)		(123	)		(357	)
Class R:
	Shares issued		23			1			—			19			1			—
	Shares issued in lieu of cash distributions		1			—			—			—			—			—
	Shares redeemed		(3	)		—			—			—			—			—
Total Class R transactions			21			1			—			19			1			—
Class Y:
	Shares issued		65,447			21,351			9,193			3,047			1,917			3,291
	Shares issued in lieu of cash distributions		759			171			159			120			85			91
	Shares redeemed		(17,953	)		(10,524	)		(5,666	)		(3,847	)		(3,248	)		(4,309	)
Total Class Y transactions			48,253			10,998			3,686			(680	)		(1,246	)		(927	)
Net increase (decrease) in capital shares			47,829			10,607			3,321			(1,258	)		(2,225	)		(2,117	)

Each fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the fund instead of cash. Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the fiscal year ended June 30, 2007, the nine-month fiscal period ended June 30, 2006, and the fiscal year ended September 30, 2005, were as follows:

	Year		Nine-Month		Year
	Ended		Fiscal Period		Ended
Fund	6/30/07		6/30/06		9/30/05
Core Bond Fund		244		88		134
High Income Bond Fund		23		14		16
Total Return Bond Fund		78		35		52
U.S. Government Mortgage Fund		41		23		42

5 > Investment Security Transactions

During the fiscal year ended June 30, 2007, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows:

	U.S. Government				Other Investment
	Securities				Securities
Fund	Purchases		Sales		Purchases		Sales
Core Bond Fund	$	2,097,590	$	2,262,544	$	303,737	$	381,475
High Income Bond Fund		654		654		271,968		260,608
Inflation Protected Securities Fund		245,424		312,764		43,380		38,690
Intermediate Government Bond Fund		32,092		38,820		—		—
Intermediate Term Bond Fund		649,574		692,767		274,388		389,211
Short Term Bond Fund		133,004		203,957		79,749		165,506
Total Return Bond Fund		1,116,821		886,097		419,634		194,390
U.S. Government Mortgage Fund		540,583		570,400		21,852		23,535

The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased with proceeds from securities lending) for federal income tax purposes at June 30, 2007, were as follows:

	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost
Core Bond Fund	$	4,290	$	(38,316	)	$	(34,026	)	$	2,438,115
High Income Bond Fund		4,224		(4,615	)		(391	)		328,043
Inflation Protected Securities Fund		515		(11,340	)		(10,825	)		426,784
Intermediate Government Bond Fund		17		(886	)		(869	)		40,207
Intermediate Term Bond Fund		1,557		(11,470	)		(9,913	)		1,079,879
Short Term Bond Fund		507		(3,942	)		(3,435	)		489,062
Total Return Bond Fund		2,275		(14,435	)		(12,160	)		1,240,744
U.S. Government Mortgage Fund		208		(4,630	)		(4,422	)		230,355

86      First American Funds Annual Report 2007

6 > Options Written

Transactions in options written for the fiscal year ended June 30, 2007, were as follows:

	Put Options Written						Call Options Written
	Number of			Premium			Number of		Premium
Core Bond Fund	Contracts			Amount			Contracts		Amount
Balance at June 30, 2006		—		$	—			—	$	—
Opened		1,471			291			423		119
Expired		—			—			—		—
Closed		(1,471	)		(291	)		—		—
Balance at June 30, 2007		—		$	—			423	$	119

	Put Options Written						Call Options Written
	Number of			Premium			Number of		Premium
Inflation Protected Securities Fund	Contracts			Amount			Contracts		Amount
Balance at June 30, 2006		—		$	—			—	$	—
Opened		264			52			75		21
Expired		—			—			—		—
Closed		(264	)		(52	)		—		—
Balance at June 30, 2007		—		$	—			75	$	21

	Put Options Written						Call Options Written
	Number of			Premium			Number of		Premium
Intermediate Term Bond Fund	Contracts			Amount			Contracts		Amount
Balance at June 30, 2006		—		$	—			—	$	—
Opened		718			142			204		57
Expired		—			—			—		—
Closed		(718	)		(142	)		—		—
Balance at June 30, 2007		—		$	—			204	$	57

	Put Options Written						Call Options Written
	Number of			Premium			Number of			Premium
Total Return Bond Fund	Contracts			Amount			Contracts			Amount
Balance at June 30, 2006		—		$	—			—		$	—
Opened		2,370			740			466			117
Expired		—			—			(85	)		(17	)
Closed		(2,370	)		(740	)		(184	)		(45	)
Balance at June 30, 2007		—		$	—			197		$	55

	Put Options Written						Call Options Written
	Number of			Premium			Number of		Premium
U.S. Government Mortgage Fund	Contracts			Amount			Contracts		Amount
Balance at June 30, 2006		—		$	—			—	$	—
Opened		45			12			—		—
Expired		—			—			—		—
Closed		(45	)		(12	)		—		—
Balance at June 30, 2007		—		$	—			—	$	—

7 > Concentration of Risks

High Income Bond Fund, Inflation Protected Securities Fund, and Total Return Bond Fund invest in lower-rated (e.g., rated Ba or lower by Moody’s or BB or lower by Standard & Poor’s or Fitch) corporate and foreign debt obligations, which are commonly referred to as “junk bonds.” Lower-rated securities will usually offer higher yields than higher-rated securities. However, there is more risk associated with these investments. These lower-rated bonds may be more susceptible to real or perceived adverse economic conditions than investment grade bonds. Lower-rated securities tend to have more price volatility and carry more risk to principal than higher-rated securities.

8 > Indemnifications

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

9 > New Accounting Pronouncement

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. Recent Securities and Exchange Commission guidance allows implementing FIN 48 in fund net asset value calculations as late as the funds’ last net asset value calculation in the first required financial statement reporting period. As a result, the funds will incorporate FIN 48 in their semiannual report on December 31, 2007. At this time, management is evaluating the implications of FIN 48 and its impact in the Financial Statements has not yet been determined.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosure about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of June 30, 2007, the funds do not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported in the Statement of Operations for a fiscal period.

First American Funds Annual Report 2007      87

 NOTICE TO SHAREHOLDERS June 30, 2007 (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 2008 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended June 30, 2007, each fund hereby designates long term capital gains, ordinary income, and return of capital with regard to distributions paid during the period as follows:

	Long Term			Ordinary
	Capital Gains			Income			Return of			Total
	Distributions			Distributions			Capital			Distributions
Fund	(Tax Basis) (a)			(Tax Basis) (a)			(Tax Basis) (a)			(Tax Basis) (b)
Core Bond Fund		—	%		100.0	%		—	%		100.0	%
High Income Bond Fund		—			100.0			—			100.0
Inflation Protected Securities Fund		—			100.0			—			100.0
Intermediate Government Bond Fund		—			88.6			11.4			100.0
Intermediate Term Bond Fund		—			100.0			—			100.0
Short Term Bond Fund		—			100.0			—			100.0
Total Return Bond Fund		—			100.0			—			100.0
U.S. Government Mortgage Fund		—			100.0			—			100.0

(a)	Based on a percentage of the fund’s total distributions.
(b)	Except as noted below, 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:

The percentage of dividends declared during the fiscal year ended June 30, 2007, that are designated as dividends qualifying for the dividends received deduction available to corporate shareholders were as follows:

Fund
High Income Bond Fund	3.6	%
Total Return Bond Fund	0.3

The percentage of dividends declared from net investment income during the fiscal year ended June 30, 2007, that are designated as qualified income available to individual shareholders under the Jobs and Growth Tax Relief Reconciliation Act of 2003 were as follows:

Fund
High Income Bond Fund	5.1	%
Inflation Protected Securities Fund	0.8
Total Return Bond Fund	1.2

Additional Information Applicable to Foreign Shareholders Only:

The percentage of taxable 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
Core Bond Fund	97.0	%
High Income Bond Fund	85.6
Inflation Protected Securities Fund	100.0
Intermediate Government Bond Fund	100.0
Intermediate Term Bond Fund	98.8
Short Term Bond Fund	100.0
Total Return Bond Fund	85.7
U.S. Government Mortgage Fund	100.0

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

88      First American Funds Annual Report 2007

Fund
Core Bond Fund	—	%
High Income Bond Fund	—
Inflation Protected Securities Fund	—
Intermediate Government Bond Fund	—
Intermediate Term Bond Fund	—
Short Term Bond Fund	—
Total Return Bond Fund	—
U.S. Government Mortgage 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 during the most recent 12 month period ended June 30, is available (1) without charge upon request by calling 800.677.FUND; (2) at www.firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

FORM N-Q HOLDINGS INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AGREEMENT

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

At a meeting on May 1-3, 2007, the Board considered information relating to the Funds’ investment advisory agreement with FAF Advisors (the “Agreement”). In advance of the meeting, the Board received materials relating to the Agreement, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 19-21, 2007, the Board concluded its consideration of and approved the Agreement through June 30, 2008.

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 the Fund, (2) the investment performance of the Fund, (3) the profitability of FAF Advisors related to the Fund, including an analysis of FAF Advisors’ cost of providing services and comparative expense information, (4) whether economies of scale may be realized as the Fund grows 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.

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

First American Funds Annual Report 2007      89

NOTICE TO SHAREHOLDERS continued

materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund. In reaching its conclusions, the Board considered the following:

Nature, Quality and Extent of Investment Advisory Services

The Board examined the nature, quality and extent of the services provided by FAF Advisors to each Fund. The Board reviewed FAF Advisors’ key personnel who provide investment management services to each Fund as well as the fact that, under the Agreement, FAF Advisors has the authority and responsibility to make and execute investment decisions for each Fund within the framework of that Fund’s investment policies and restrictions, subject to review by the Board. The Board further considered that FAF Advisors’ duties with respect to each Fund include (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Fund’s investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the 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.

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

The Board considered the performance of each Fund, including how the Fund performed versus the median performance of a group of comparable funds selected by an independent data service (the “performance universe”) and how the Fund performed versus its benchmark index. The Board also considered that, in reviewing the comparative performance of income funds, the different expense levels of a Fund’s share classes can result in different net performance results for each of those classes. Thus, while the Board considered the performance of all classes, it focused on Class Y shares, which, because they have the lowest total expense ratios, offered the most meaningful data on performance. For this reason, the discussion below relates to the performance of Class Y shares. The performance periods considered by the Board ended on January 31, 2007.

Core Bond Fund. The Board considered that the Fund outperformed its performance universe median for the one-, three- and ten-year periods. The Board also considered that the Fund slightly underperformed that median for the five-year period. Though the Fund underperformed its benchmark for those periods, the Board considered FAF Advisors’ assertion that most of the funds in the performance universe also had underperformed the benchmark and that it was, therefore, more meaningful to compare the Fund to other, similar actively managed funds (those in the peer universe). The Board also noted recent investment strategy changes implemented by FAF Advisors. The Board concluded that, in light of the Fund’s outperformance of its performance universe for most periods and the Fund’s investment strategy changes, it would be in the interest of the Fund and its shareholders to renew the Agreement.

High Income Bond Fund. The Board considered that the Fund outperformed its performance universe median for the one-, three-and five-year periods. Though the Fund underperformed its benchmark for those periods, the Board considered FAF Advisors’ assertion that most of the funds in the performance universe also had underperformed the benchmark and that it was, therefore, more meaningful to compare the Fund to other, similar actively managed funds (those in the peer universe). The Board concluded that, in light of the Fund’s strong performance compared to that of its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Inflation Protected Securities Fund. The Board considered that the Fund outperformed its performance universe median for the one-year period, though it underperformed its benchmark for that period. The Board also considered that the Fund has a relatively short history. The Board concluded that, in light of the Fund’s outperformance of the performance universe and its short operating history, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Intermediate Government Bond Fund. The Board considered that the Fund underperformed its performance universe median and benchmark for the one- and three-year periods. The Board also considered, however, that the Fund is a unique offering in the First American family of funds. The Board noted that, while the Fund’s goal of providing investors with current income that is exempt from state income tax presumably meets the needs of investors who have purchased shares of the Fund, it results in an investment strategy that does not lend itself well to comparisons. For example, the Fund can invest only in U.S. Treasury securities and certain state tax-exempt agency securities, whereas most of the funds in the peer universe also can invest in other agency obligations, including mortgage-backed securities. The Board concluded that the

90      First American Funds Annual Report 2007

Fund’s performance has been acceptable in light of the Fund’s unique investment mandate, and that it would be in the interest of the Fund and its shareholders to renew the Agreement.

Intermediate Term Bond Fund. The Board considered that the Fund outperformed its performance universe median for the three-, five- and ten-year periods and slightly underperformed that median for the one-year period. Though the Fund underperformed its benchmark for every period, the Board considered FAF Advisors’ assertion that most of the funds in the performance universe also had underperformed the benchmark and that it was, therefore, more meaningful to compare the Fund to other, similar actively managed funds (those in the peer universe). The Board concluded that, in light of the Fund’s strong performance compared to that of its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Short Term Bond Fund. The Board considered that the Fund outperformed its performance universe median for the five- and ten-year periods though it underperformed that median for the one- and three-year periods. The Board also noted that the Fund underperformed its benchmark for all periods. The Board considered that FAF Advisors has recently implemented investment policy changes that FAF Advisors believes will help improve the Fund’s performance. The Board also noted FAF Advisors’ assertion that the Fund’s recent underperformance of its performance universe results, in part, from the fact that most of the funds in that universe manage to shorter or longer duration benchmarks than the Fund’s one- to three-year benchmark. The Board concluded that, in light of these and other considerations, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Total Return Bond Fund. The Board considered that the Fund significantly outperformed its performance universe median and outperformed its benchmark for the three- and five-year periods, though it underperformed for the one-year period due mostly to its non-dollar exposure. In light of the Fund’s strong longer-term investment performance, the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement.

U.S. Government Mortgage Fund. The Board considered that the Fund outperformed or performed competitively versus its performance universe median for the one-, three-, five- and ten-year periods. Though the Fund underperformed its benchmark for those periods, the Board considered FAF Advisors’ assertion that, given the risk-reward profile of the types of assets in which the Fund invests, the Fund is not likely to outperform the benchmark on a net-of-expenses basis. In light of this and of the Fund’s competitive 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.

Costs of Services and Profits Realized by FAF Advisors

The Board reviewed FAF Advisors’ estimated costs in serving as the Funds’ investment manager, including the costs associated with the personnel and systems necessary to manage each Fund. The Board also considered the reported profitability of FAF Advisors and its affiliates resulting from their relationship with each Fund. For each Fund, the Board reviewed fee and expense information as compared to that of other funds and accounts managed by FAF Advisors and of comparable funds managed by other advisers. The Board found that while the management fees for FAF Advisors’ institutional separate accounts are lower than the Funds’ management fees, the Funds receive additional services from FAF Advisors that separate accounts do not receive.

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

Further detail considered by the Board regarding the advisory fees and total expense ratios of each Fund is set forth below:

Core Bond Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund. The Board considered that each Fund’s advisory fee and total expense ratio, after waivers, were lower than those of 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.

High Income Bond Fund. The Board considered that the Fund’s advisory fee, after waivers, was equal to that of the peer group median and that the total expense ratio, after waivers, was lower than 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.

First American Funds Annual Report 2007      91

NOTICE TO SHAREHOLDERS continued

Inflation Protected Securities Fund. The Board considered that the Fund’s advisory fee, after waivers, was slightly higher than that of the peer group median and that the total expense ratio, after waivers, was 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.

Total Return Bond Fund and U.S. Government Mortgage Fund. The Board considered that each Fund’s advisory fee, after waivers, was lower than that of the peer group median and that the total expense ratio, after waivers, was slightly higher than the peer group median, though consistent with FAF Advisors’ pricing philosophy. The Board concluded that each Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Economies of Scale in Providing Investment Advisory Services

The Board considered whether each Fund’s investment advisory fee reflects the potential for 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 the 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 FAF Advisors’ assertion that the median total expense ratio of a Fund’s peer group reflects 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 should 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 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 advisor, administrator, sub-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.

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.

92      First American Funds Annual Report 2007

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; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through June 2004	First American Funds Complex: twelve registered investment companies, including fifty-nine 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; Vice President and Chief Operating Officer, Cargo – United Airlines, from July 2001 through July 2004	First American Funds Complex: twelve registered investment companies, including fifty-nine 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	First American Funds Complex: twelve registered investment companies, including fifty-nine portfolios	None
John P. Kayser P.O. Box 1329 Minneapolis, MN 55440-1329 (1949)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 2006	Retired; Principal from 1983 to 2004 and Chief Financial Officer and Chief Administrative Officer from 1988 to 2002, William Blair & Company, LLC	First American Funds Complex: twelve registered investment companies, including fifty-nine 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; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003; Advisory Board member, Designer Doors, manufacturer of designer doors, through 2002	First American Funds Complex: twelve registered investment companies, including fifty-nine 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 CEO, RKR Consultants, Inc. and non-profit board member since 2005	First American Funds Complex: twelve registered investment companies, including fifty-nine portfolios	Cleveland Cliffs Inc (a producer of iron ore pellets)
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 September 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 strategic planning, operations management, government relations, transportation planning and public relations organization; Owner, Chairman and Chief Executive Officer, Excensus(TM), LLC, a strategic demographic planning and application development firm since 2001	First American Funds Complex: twelve registered investment companies, including fifty-nine portfolios	None

First American Funds Annual Report 2007      93

NOTICE TO SHAREHOLDERS continued

Independent Directors — continued
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †
Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FAIF since September 1987	Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company through 2003	First American Funds Complex: twelve registered investment companies, including fifty-nine 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-nine portfolios	None

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

The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800-677-FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.

94      First American Funds Annual Report 2007

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 of FAF Advisors, Inc.
Mark S. Jordahl FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960)*	Vice President – Investments	Re-elected by the Board annually; Vice President – Investments of FAIF since September 2001	Chief Investment Officer of FAF Advisors, Inc.
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 of 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 October 2004	Treasurer, FAF Advisors, Inc., since October 2004; prior thereto, Vice President of Investment Accounting and Fund Treasurer for Thrivent Financial for Lutherans
Jill M. Stevenson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965)*	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005	Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director, Senior Project Manager, FAF Advisors, Inc. from May 2003 to September 2005; prior to that, Vice President, Director of Operations, Paladin Investment Associates, LLC
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 for First American Funds and FAF Advisors, Inc., since March 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004 to March 2005; prior to that, Vice President, Charles Schwab & Co., Inc.
Jason K. Mitchell FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1976)*	Anti-Money Laundering Officer	Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since September 2006	Compliance Manager, FAF Advisors, Inc., since June 2006; prior to that, Compliance Analyst, FAF Advisors, Inc. from October 2004 to June 2006; prior to that, Senior Systems Helpdesk Analyst, Wachovia Retirement Services from November 2002 to October 2004; prior to that, Senior Retirement Plan Specialist, PFPC, 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; prior thereto, Assistant Secretary of FAIF since September 1998 through December 2004	Deputy General Counsel, FAF Advisors, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
James D. Alt 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
Brett L. Agnew FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1971)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004	Counsel, FAF Advisors, Inc., since August 2004; prior thereto, Senior Counsel, Thrivent Financial for Lutherans

First American Funds Annual Report 2007      95

NOTICE TO SHAREHOLDERS continued

Officers — continued
	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
James R. Arnold 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	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; prior to that, Counsel, FAF Advisors, Inc. from May 2003 to August 2004; prior to May 2003, Associate Counsel, Hartford Life and Accident Insurance Company
Douglas G. Hess 615 E. Michigan Street Milwaukee, WI 53202 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since September 2001	Vice President, U.S. Bancorp Fund Services, LLC since November 2002; prior thereto, Assistant Vice President, Fund Compliance Administrator, U.S. Bancorp Fund Services, LLC

*  Messrs. Schreier, Jordahl, Wilson, Gariboldi, Lui, Mitchell, Agnew and Ertel, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of FAF Advisors, Inc., which serves as investment adviser and administrator for FAIF. Messrs. Arnold and Hess are officers of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as Transfer Agent for FAIF.

96      First American Funds Annual Report 2007

Board of Directors First American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; 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; 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.

Direct fund correspondence to:

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 year ended June 30, 2007. 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

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

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

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

0153-07 8/2007 AR-INCOME

Item 2—Code of Ethics

(a) The registrant has adopted a code of ethics that applies to its Principal Executive Officer and Principal Financial Officer.

(b) 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.

(c) During the period covered by this report, the registrant did not grant any waivers, including implicit waivers, from any provisions of its code of ethics.

(d) 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, $1,037,785 in the fiscal year ended June 30, 2007, $785,786 in the fiscal period ended June 30, 2006, and $608,819 in the fiscal year ended September 30, 2005, 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 $3,957 in the fiscal year ended June 30, 2007, $2,150 in the fiscal period ended June 30, 2006, and $13,759 in the fiscal year ended September 30, 2005, including fees associated with the semi-annual review of fund disclosures.

(c) Tax Fees — E&Y billed the registrant fees of $157,661 in the fiscal year ended June 30, 2007, $114,015 in the fiscal period ended June 30, 2006, and $105,382 in the fiscal year ended September 30, 2005 for tax services, including tax compliance, tax advice and tax planning. Tax compliance, tax advice and tax planning services primarily related to preparation of original and amended tax returns, timely RIC qualification reviews, and tax distribution analysis and planning.

(d) All Other Fees — There were no fees billed by E&Y for other services to the registrant during the fiscal year ended June 30, 2007, the fiscal period ended June 30, 2006, and the fiscal year ended September 30, 2005.

(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 period.

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, 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 $270,900 in the fiscal year ended June 30, 2007, $116,165 in the fiscal period ended June 30, 2006, and $144,841 in the fiscal year ended September 30, 2005.

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

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this item.

Item 11—Controls and Procedures

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have evaluated 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 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 are filed as exhibits hereto.

(a)(3) Not applicable.

(b) Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act are filed as exhibits hereto.

Signatures

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

First American Investment Funds, Inc.
By:	/s/ Thomas S. Schreier, Jr.
		Thomas S. Schreier, Jr.
		President

Date: September 6, 2007

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: September 6, 2007

By:	/s/ Charles D. Gariboldi, Jr.
		Charles D. Gariboldi, Jr.
		Treasurer

Date: September 6, 2007