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

OMB APPROVAL

OMB Number: 3235-0570

Expires: September 30, 2007

Estimated average burden

hours per response: 19.4

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: October 31

Date of reporting period: October 31, 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			8
Report of Independent Registered Public Accounting Firm			10
Schedule of Investments			11
Statements of Assets and Liabilities			36
Statements of Operations			38
Statements of Changes in Net Assets			39
Financial Highlights			40
Notes to Financial Statements			46
Notice to Shareholders			53
Certifications
Certifications

Mutual fund investing involves risk; principal loss is possible.


	NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to Shareholders December 10, 2007


Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended October 31, 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 2007 Annual Report 1

Equity Index Fund

Investment Objective: to provide investment results that correspond to the performance of the Standard & Poor’s
500 Index* (“S&P 500 Index”).

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Equity Index Fund (the “fund”), Class Y shares, returned 14.22% for the fiscal year October 31, 2007 (Class A shares returned 13.93% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P 500 Index, returned 14.56% for the same period.

General economic and market conditions

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

Fund Overview

The fund is invested to replicate the S&P 500 Index as closely as possible with consideration given to turnover costs and fees. As a result, the fund performed very similarly to the index. The index includes 500 leading companies in the major industries of the U.S. economy and covers about 75% of the dollar value of all traded stocks in the U.S. market.

The best-performing sectors during the fiscal year were energy, materials, and technology, having risen by 39%, 34%, and 27%, respectively. The only sector to post negative returns over the same period was financials, falling by 3%. Since the credit crisis that began in August, the overall consumer discretionary sector has fallen 0.5% with its constituent apparel and retailing industries falling 6% and 4%, respectively. Over the same three months technology firms have risen by 14.4%.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Exxon Mobil	3.8	%
General Electric	3.1
Microsoft	2.2
AT&T	1.9
Procter & Gamble	1.6
Bank of America	1.6
Citigroup	1.5
Cisco Systems	1.5
Chevron	1.4
Johnson & Johnson	1.4

Sector Allocation as of October 31, 2007¹ (% of net assets)


Financials			19.2%
Information Technology			17.0
Energy			11.7
Healthcare			11.5
Industrials			11.4
Consumer Staples			9.5
Consumer Discretionary			9.0
Telecommunication Services			3.6
Utilities			3.3
Materials			3.3
Short-Term Investments			0.5

			100.0%


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

2 First American Funds 2007 Annual Report

Annual Performance^1,2


	October 31, 2007										September 30, 2007*

							Since Inception										Since Inception

	1 year		5 years		10 years		2/01/99		9/24/01		1 year		5 years		10 years		2/01/99		9/24/01
Average annual return with sales charge (POP)
Class A		7.67%		11.97%		5.90%		—		—		9.38%		13.52%		5.38%		—		—

Class B		8.05%		12.15%		5.70%		—		—		9.92%		13.71%		5.19%		—		—

Class C		12.09%		12.40%		—		2.55%		—		13.92%		13.93%		—		2.39%		—

Average annual return without sales charge (NAV)
Class A		13.93%		13.25%		6.50%		—		—		15.77%		14.81%		5.98%		—		—

Class B		13.05%		12.40%		5.70%		—		—		14.92%		13.95%		5.19%		—		—

Class C		13.09%		12.40%		—		2.55%		—		14.92%		13.93%		—		2.39%		—

Class R		13.65%		13.04%		—		—		8.55%		15.48%		14.61%		—		—		8.40%

Class Y		14.22%		13.53%		6.77%		—		—		16.07%		15.08%		6.24%		—		—

S&P 500 Index³		14.56%		13.88%		7.10%		3.93%		9.29%		16.44%		15.45%		6.57%		3.78%		9.14%

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	Mutual fund investing involves risk; principal loss is possible. Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.


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

	Performance reflects contractual fee waivers in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 0.76%, 1.51%, 1.51%, 1.01%, and 0.51%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 0.62%, 1.37%, 1.37%, 0.87%, and 0.37%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

Value of $10,000 Investment^1,2,4 as of October 31, 2007


First American Equity Index Fund, Class A (NAV)		$	18,772

First American Equity Index Fund, Class A (POP)	- - - -	$	17,737

S&P 500 Index³		$	19,860


	The chart at right, illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the S&P 500 Index³.


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


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.


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

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

First American Funds 2007 Annual Report 3

Mid Cap Index Fund

Investment Objective: to provide investment results that correspond to the performance of the Standard & Poor’s MidCap 400 Index* (“S&P MidCap 400 Index”).

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Mid Cap Index Fund (the “fund”), Class Y shares, returned 16.52% for the fiscal year ended October 31, 2007 (Class A shares returned 16.32% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P MidCap 400 Index, returned 17.02% for the same period.

General economic and market conditions

Fund Overview

The fund is invested to replicate the S&P MidCap 400 Index as closely as possible with consideration given to turnover costs and fees. As a result, the fund performed very similarly to the index. The index includes stocks that reflect the risk and return characteristics of the broader mid-cap universe. Mid-cap stocks are now being recognized as an independent asset class and the capitalization range of this index covers about 10% of the U.S. equities market.

The best-performing sectors during the fiscal year were energy, materials, and telecommunications, having risen by 43%, 37%, and 33%, respectively. The only sector to post negative returns over the same period was financials, falling by 1.5%. A large portion of the financial sector’s performance can be explained by the 16% decline in the mid-cap banking industry.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


First American Prime Obligations Fund, Class Z	7.2	%
Intuitive Surgical	0.9
Lyondell Chemical	0.9
Cameron International	0.8
Gamestop, Class A	0.7
Southwestern Energy	0.7
Harris	0.6
Amphenol, Class A	0.6
FMC Technologies	0.6
Hologic	0.6

Sector Allocation as of October 31, 2007¹ (% of net assets)


Industrials	14.2	%
Information Technology	14.2
Financials	13.5
Consumer Discretionary	12.5
Healthcare	11.4
Energy	8.6
Materials	7.3
Utilities	7.0
Consumer Staples	2.9
Telecommunication Services	0.9
Short-Term Investments	7.4
Other Assets and Liabilities, Net²	0.1

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

4 First American Funds 2007 Annual Report

Annual Performance^1,2


	October 31, 2007										September 30, 2007*

					Since Inception										Since Inception

	1 year		5 years		11/04/99		11/27/00		9/24/01		1 year		5 years		11/04/99		11/27/00		9/24/01
Average annual return with sales charge (POP)
Class A		9.92%		15.64%		9.89%		—		—		11.48%		16.00%		9.65%		—		—

Class B		10.41%		15.88%		9.87%		—		—		12.08%		16.24%		9.64%		—		—

Class C		14.39%		16.10%		—		—		13.20%		16.14%		16.46%		—		—		12.92%

Average annual return without sales charge (NAV)
Class A		16.32%		16.97%		10.67%		—		—		18.00%		17.33%		10.43%		—		—

Class B		15.41%		16.10%		9.87%		—		—		17.08%		16.46%		9.64%		—		—

Class C		15.39%		16.10%		—		—		13.20%		17.14%		16.46%		—		—		12.92%

Class R		16.01%		16.76%		—		9.04%		—		17.60%		17.13%		—		8.74%		—

Class Y		16.52%		17.26%		10.94%		—		—		18.28%		17.63%		10.70%		—		—

S&P MidCap 400 Index³		17.02%		17.78%		11.74%		10.11%		14.89%		18.76%		18.17%		11.51%		9.82%		14.62%


¹	Stocks of mid-capitalization companies may be slightly less volatile than those of small-capitalization companies, but they still involve substantial risk and may be subject to increased volatility and more price fluctuation than large-capitalization companies.


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

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

	Performance reflects contractual fee waivers in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 0.81%, 1.56%, 1.56%, 1.06%, and 0.56%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least June 30, 2008 so that total annual fund operating expenses for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 0.75%, 1.50%, 1.50%, 1.00%, and 0.50%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

Value of 10,000 Investment^1,2,4 as of October 31, 2007


First American Mid Cap Index Fund, Class A (NAV)		$	22,487

First American Mid Cap Index Fund, Class A (POP)	- - - -	$	21,254

S&P MidCap 400 Index³		$	24,281


	The chart at right, illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 11/04/1999 to 10/31/2007) as compared to the S&P MidCap 400 Index³.


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


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

³	An unmanaged, market value-weighted index of 400 mid-cap companies.

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

First American Funds 2007 Annual Report 5

Small Cap Index Fund

Investment Objective: to provide investment results that correspond to the performance of the Russell 2000 Index*.

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Small Cap Index Fund (the “fund”), Class Y shares, returned 8.84% for the fiscal year ended October 31, 2007 (Class A shares returned 8.56% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Index, returned 9.27% for the same period.

General economic and market conditions

Fund Overview

The fund is invested to replicate the Russell 2000 Index as closely as possible with consideration given to turnover costs and fees. The index includes the traded shares of U.S. companies ranked 1,001 through 3,000 in size, thereby skipping large- and mid-capitalization names in the list of investable companies.

The best-performing sectors during the fiscal year were materials and energy, having risen by 42% and 21%, respectively. The two sectors to post negative returns over the same period were financials and consumer discretionary, falling by 10% and 1%, respectively. Since the credit crisis that began in August, the consumer discretionary sector has fallen 0.7%, with the retailing and media industries falling 6% and 4%, respectively. Over the same three months healthcare companies rose by 14%.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Hologic			0.6%
First American Prime Obligations Fund, Class Z			0.6
Exterran Holdings			0.4
CF Industries Holdings			0.4
FLIR Systems			0.3
U.S. Treasury Bill, 3.813%, 01/24/2008			0.3
Chipotle Mexican Grill, Class B			0.3
Equinix			0.3
Sotheby’s Holdings, Class A			0.3
Priceline.com			0.3

Sector Allocation as of October 31, 2007¹ (% of net assets)


Financials			19.0%
Information Technology			18.5
Industrials			15.2
Consumer Discretionary			14.4
Healthcare			13.4
Energy			5.8
Materials			5.5
Consumer Staples			2.9
Utilities			2.8
Telecommunication Services			1.6
Short-Term Investments			0.9

			100.0%


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

6 First American Funds 2007 Annual Report

Annual Performance^1,2


	October 31, 2007										September 30, 2007*

					Since Inception										Since Inception

	1 year		5 years		12/30/98		12/11/00		9/24/01		1 year		5 years		12/30/98		12/11/00		9/24/01
Average annual return with sales charge (POP)
Class A		2.61%		16.36%		8.81%		—		—		5.52%		16.40%		8.56%		—		—

Class B		3.07%		16.49%		—		8.23%		—		5.94%		16.58%		—		7.91%		—

Class C		6.83%		16.73%		—		—		12.13%		9.85%		16.80%		—		—		11.81%

Average annual return without sales charge (NAV)
Class A		8.56%		17.68%		9.51%		—		—		11.64%		17.73%		9.26%		—		—

Class B		7.78%		16.71%		—		8.23%		—		10.78%		16.80%		—		7.91%		—

Class C		7.78%		16.73%		—		—		12.13%		10.82%		16.80%		—		—		11.81%

Class R		8.34%		17.37%		9.30%		—		—		11.38%		17.44%		9.05%		—		—

Class Y		8.84%		17.91%		9.72%		—		—		11.93%		17.96%		9.47%		—		—

Russell 2000 Index³		9.27%		18.67%		9.59%		9.37%		14.35%		12.34%		18.75%		9.34%		9.04%		14.03%


¹	Stocks of small-capitalization companies involve substanital risk. These stocks historically have experienced greater price volatility than stocks of larger companies, and they may be expected to do so in the future.


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

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

	Performance reflects contractual fee waivers in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses, which the fund indirectly bears before waivers) for Class A, Class B, Class C, Class R, and Class Y shares was 1.11%, 1.86%, 1.86%, 1.36%, and 0.86%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least June 30, 2008 so that total annual fund operating expenses (net of acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 0.83%, 1.58%, 1.58%, 1.08%, and 0.58%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

Value of 10,000 Investment^1,2,4 as of October 31, 2007


First American Small Cap Index Fund, Class A (NAV)		$	22,310

First American Small Cap Index Fund, Class A (POP)	- - - -	$	21,087

Russell 2000 Index³		$	22,465


	The chart at right, illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 12/30/1998 to 10/31/2007) as compared to the Russell 2000 Index³.


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


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

On September 24, 2001, the Small Cap Index Fund became the successor by merger to the Firstar Small Cap Index Fund, a serier of Firstar Funds, Inc. Prior to the merger, the First American Fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar Small Cap Index Fund. The Firstar Small Cap Index Fund was organized on December 11, 2000, and, prior to that, was a separate series of Mercantile Mutual Funds, Inc.


³	An unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index.

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

First American Funds 2007 Annual Report 7

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from May 1, 2007 to October 31, 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 in the fund and class by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

Equity Index Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual²	$	1,000.00	$	1,052.50	$	3.21

Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.08	$	3.16

Class B Actual²	$	1,000.00	$	1,048.40	$	7.07

Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.97

Class C Actual²	$	1,000.00	$	1,048.40	$	7.07

Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.97

Class R Actual²	$	1,000.00	$	1,051.00	$	4.50

Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.82	$	4.43

Class Y Actual²	$	1,000.00	$	1,053.90	$	1.92

Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.62%, 1.37%, 1.37%, 0.87%, and 0.37% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2007 of 5.25%, 4.84%, 4.84%, 5.10%, and 5.39% for Class A, Class B, Class C, Class R, and Class Y, respectively.

8 First American Funds 2007 Annual Report

Expense Examples concluded

Mid Cap Index Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual²	$	1,000.00	$	1,041.90	$	3.81

Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77

Class B Actual²	$	1,000.00	$	1,037.80	$	7.65

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

Class C Actual²	$	1,000.00	$	1,037.70	$	7.65

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

Class R Actual²	$	1,000.00	$	1,040.90	$	5.09

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

Class Y Actual²	$	1,000.00	$	1,043.20	$	2.52

Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74	$	2.50


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.74%, 1.49%, 1.49%, 0.99%, and 0.49% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2007 of 4.19%, 3.78%, 3.77%, 4.09%, and 4.32% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Index Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual⁴	$	1,000.00	$	1,019.70	$	4.17

Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.07	$	4.18

Class B Actual⁴	$	1,000.00	$	1,015.90	$	7.98

Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.29	$	7.98

Class C Actual⁴	$	1,000.00	$	1,016.40	$	7.98

Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.29	$	7.98

Class R Actual⁴	$	1,000.00	$	1,018.40	$	5.49

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

Class Y Actual⁴	$	1,000.00	$	1,021.00	$	2.90

Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.33	$	2.91


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.82%, 1.57%, 1.57%, 1.08%, and 0.57% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended October 31, 2007 of 1.97%, 1.59%, 1.64%, 1.84%, and 2.10% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2007 Annual Report 9

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Equity Index, Mid Cap Index, and Small Cap Index funds (series of First American Investment Funds, Inc.) (the “funds”) as of October 31, 2007, and 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 designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2007, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the funds listed above of First American Investment Funds, Inc. at October 31, 2007, the results of their operations, changes in their net assets, and their financial highlights for the periods indicated therein in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

December 19, 2007

10 First American Funds 2007 Annual Report

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Equity Index Fund
DESCRIPTION	SHARES		VALUE

Common Stocks – 99.5%
Consumer Discretionary – 9.0%
Abercrombie & Fitch, Class A (a)		12,558	$	995
Amazon.com (a) (b)		44,612		3,977
Apollo Group, Class A (a) (b)		20,735		1,643
Autonation (a) (b)		23,956		424
Autozone (a) (b)		7,711		959
Bed Bath & Beyond (b)		42,507		1,443
Best Buy (a)		59,004		2,863
Big Lots (a) (b)		16,310		391
Black & Decker (a)		9,408		846
Brunswick (a)		13,279		296
Carnival (a)		61,090		2,931
CBS, Class B (a)		110,291		3,165
Centex		18,278		458
Circuit City Stores		24,406		194
Clear Channel Communications		66,765		2,522
Coach (b)		53,839		1,968
Comcast, Class A (a) (b)		451,177		9,497
D.R. Horton		39,576		502
Darden Restaurants		19,126		822
Dillard’s, Class A (a)		8,726		201
DIRECTV Group (b)		111,262		2,946
Dow Jones & Company		9,431		564
E.W. Scripps, Class A (a)		10,871		489
Eastman Kodak		40,327		1,156
Expedia (b)		29,583		966
Family Dollar Stores (a)		22,025		558
Ford Motor (a) (b)		297,824		2,642
Fortune Brands		20,313		1,702
Gannett (a)		34,042		1,444
Gap (a)		77,973		1,474
General Motors (a)		82,160		3,220
Genuine Parts (a)		24,606		1,207
Goodyear Tire & Rubber (a) (b)		29,788		898
H&R Block (a)		47,484		1,035
Harley-Davidson (a)		36,381		1,874
Harman International Industries		8,850		745
Harrah’s Entertainment (a)		26,922		2,376
Hasbro		22,421		669
Home Depot (a)		218,031		6,870
IAC/ InterActiveCorp (a) (b)		31,532		929
International Game Technology (a)		47,671		2,079
Interpublic Group of Companies (a) (b)		59,333		614
J.C. Penney (a)		32,215		1,812
Johnson Controls		85,419		3,735
Jones Apparel Group (a)		16,698		350
KB HOME		11,106		307
Kohl’s (a) (b)		43,758		2,405
Leggett & Platt (a)		26,139		508
Lennar		20,194		461
Limited Brands (a)		49,408		1,087
Liz Claiborne (a)		15,171		432
Lowe’s (a)		219,642		5,906
Macy’s		66,329		2,124
Marriott International, Class A (a)		46,545		1,913
Mattel (a)		57,491		1,201
McDonald’s		172,291		10,286
McGraw-Hill (a)		54,772		2,741
New York Times, Class A (a)		20,546		402
Newell Rubbermaid (a)		38,557		1,124
News		336,133		7,284
Nike, Class B (a)		53,815		3,566
Nordstrom (a)		28,650		1,130
Office Depot (a) (b)		39,901		749
Officemax (a)		9,922		314
Omnicom Group (a)		51,589		2,630
Polo Ralph Lauren (a)		8,844	$	608
Pulte Homes (a)		30,763		457
RadioShack (a)		19,954		411
Sears (a) (b)		11,598		1,563
Sherwin-Williams (a)		17,473		1,117
Snap-On		8,307		415
Stanley Works (a)		11,497		662
Staples		103,748		2,421
Starbucks (a) (b)		107,224		2,861
Starwood Hotels & Resorts Worldwide (a)		30,168		1,715
Target		122,613		7,524
Tiffany & Company		21,105		1,143
Time Warner (a)		546,289		9,975
TJX		61,801		1,788
Tribune		12,196		369
VF		12,436		1,084
Viacom, Class B (a) (b)		102,914		4,249
Walt Disney (a)		283,761		9,827
Wendy’s International		12,592		438
Whirlpool (a)		11,121		881
Wyndham Worldwide		29,358		964
Yum! Brands		77,818		3,134

				178,627

Consumer Staples – 9.5%
Altria Group (a)		303,523		22,136
Anheuser-Busch		110,085		5,645
Archer-Daniels-Midland		93,304		3,338
Avon Products (a)		67,813		2,779
Brown-Forman, Class B		10,972		812
Campbell Soup		25,692		950
Clorox		21,308		1,333
Coca-Cola Enterprises (a)		31,901		823
Coca-Cola		293,262		18,112
Colgate-Palmolive (a)		73,401		5,598
ConAgra Foods		75,441		1,790
Constellation Brands, Class A (a) (b)		27,356		687
Costco Wholesale (a)		65,558		4,409
CVS		219,365		9,163
Dean Foods (a)		18,760		521
Estee Lauder, Class A (a)		10,727		471
General Mills		46,309		2,673
H.J. Heinz		47,511		2,223
Hershey Foods (a)		25,795		1,112
Kellogg		36,532		1,929
Kimberly-Clark		61,554		4,364
Kraft Foods, Class A		223,548		7,469
Kroger (a)		102,681		3,018
McCormick		19,027		666
Molson Coors Brewing		13,666		782
Pepsi Bottling (a)		19,623		845
PepsiCo		238,400		17,575
Procter & Gamble		453,089		31,499
Reynolds American (a)		24,705		1,592
Safeway		63,588		2,162
Sara Lee		107,835		1,784
SUPERVALU		29,990		1,162
Sysco		94,213		3,231
Tyson Foods, Class A		35,820		566
UST (a)		23,204		1,237
Walgreen		143,349		5,684
Wal-Mart Stores		347,627		15,716
Whole Foods Market (a)		20,401		1,011
Wrigley, William Jr. (a)		29,158		1,798

				188,665

First American Funds 2007 Annual Report 11

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Energy – 11.7%
Anadarko Petroleum		68,472	$	4,041
Apache		47,420		4,923
Baker Hughes		48,747		4,227
BJ Services (a)		42,699		1,075
Chesapeake Energy (a)		59,090		2,333
Chevron (a)		310,160		28,383
ConocoPhillips		236,262		20,073
Consol Energy		26,405		1,492
Devon Energy		65,622		6,129
El Paso (a)		101,053		1,785
ENSCO International (a)		21,036		1,167
EOG Resources (a)		34,611		3,066
Exxon Mobil		810,010		74,513
Halliburton		135,754		5,351
Hess (a)		39,376		2,820
Marathon Oil (a)		100,771		5,959
Murphy Oil		25,339		1,866
Nabors Industries (a) (b)		42,034		1,180
National-Oilwell Varco (a) (b)		51,068		3,740
Noble Energy		13,300		1,018
Noble		39,866		2,111
Occidental Petroleum		119,131		8,226
Peabody Energy		38,454		2,144
Rowan (a)		15,719		613
Schlumberger (a)		166,622		16,091
Smith International (a)		28,309		1,870
Spectra Energy (a)		85,476		2,221
Sunoco		17,527		1,290
Tesoro (a)		19,841		1,201
Transocean (a) (b)		41,584		4,964
Valero Energy		79,226		5,580
Weatherford International (b)		48,714		3,162
Williams		86,423		3,153
XTO Energy		55,325		3,672

				231,439

Financials – 19.2%
ACE		44,105		2,673
AFLAC (a)		70,970		4,455
Allstate (a)		87,656		4,593
Ambac Financial Group		15,509		571
American Capital Strategies (a)		25,478		1,106
American Express		175,895		10,721
American International Group		370,750		23,402
Ameriprise Financial		33,191		2,090
AON		46,322		2,099
Apartment Investment & Management – REIT (a)		14,017		655
Assurant		14,320		837
Avalonbay Communities – REIT (a)		11,493		1,410
Bank of America		640,423		30,920
Bank Of New York Mellon (a)		164,279		8,025
BB&T (a)		76,759		2,838
Bear Stearns (a)		17,179		1,952
Boston Properties – REIT (a)		17,173		1,861
Capital One Financial		59,985		3,934
CB Richard Ellis Group (a) (b)		27,059		660
Charles Schwab		133,480		3,102
Chubb		51,649		2,755
Cincinnati Financial		22,343		889
CIT Group (a)		28,696		1,011
Citigroup		723,157		30,300
CME Group		7,069		4,710
Comerica (a)		23,547		1,099
Commerce Bancorp (a)		26,165		1,066
Countrywide Financial		85,066		1,320
Developers Diversified Realty – REIT (a)		18,031		909
Discover Financial Services		70,961		1,370
E*TRADE Financial (a) (b)		61,138	$	681
Equity Residential Properties Trust – REIT (a)		41,980		1,754
Fannie Mae		136,892		7,808
Federated Investors, Class B		11,897		512
Fifth Third Bancorp (a)		78,500		2,455
First Horizon National (a)		17,763		463
Franklin Resources (a)		23,776		3,083
Freddie Mac		96,613		5,046
General Growth Properties – REIT (a)		35,368		1,923
Genworth Financial, Class A (a)		63,884		1,744
Goldman Sachs Group		58,947		14,614
Hartford Financial Services Group (a)		40,685		3,948
Host Hotels & Resorts – REIT (a)		75,639		1,676
Hudson City Bancorp		68,025		1,065
Huntington Bancshares (a)		52,722		944
IntercontinentalExchange (a) (b)		10,047		1,790
JPMorgan Chase		502,564		23,621
Janus Capital Group (a)		25,308		873
KeyCorp (a)		57,939		1,648
Kimco Realty – REIT (a)		36,530		1,517
Legg Mason		17,721		1,470
Lehman Brothers Holdings (a)		76,620		4,853
Leucadia National		23,755		1,203
Lincoln National		43,079		2,687
Loew’s		64,325		3,158
M&T Bank (a)		11,354		1,129
Marsh & McLennan (a)		74,356		1,925
Marshall & Ilsley (a)		37,393		1,597
MBIA (a)		19,093		822
Merrill Lynch		125,668		8,297
MetLife		107,590		7,408
MGIC Investment		14,465		280
Moody’s (a)		32,085		1,403
Morgan Stanley (a)		153,632		10,333
National City (a)		83,090		2,015
Northern Trust		26,187		1,970
NYSE Euronext (a)		38,133		3,580
Plum Creek Timber – REIT (a)		26,383		1,179
PNC Financial Services (a)		49,776		3,592
Principal Financial Group		43,585		2,949
Progressive (a)		114,543		2,119
Prologis – REIT (a)		37,030		2,657
Prudential Financial (a)		67,480		6,527
Public Storage – REIT (a)		17,705		1,434
Regions Financial (a)		104,435		2,832
SAFECO		18,030		1,044
Simon Property Group – REIT (a)		32,238		3,356
SLM		59,025		2,784
Sovereign Bancorp		53,740		775
State Street (a)		57,558		4,591
SunTrust Banks		48,271		3,504
Synovus Financial		41,706		1,099
T. Rowe Price Group (a)		35,295		2,267
Torchmark		14,816		965
Travelers		97,221		5,076
U.S. Bancorp (a) (c)		258,248		8,563
UnumProvident (a)		48,751		1,138
Vornado Realty Trust – REIT (a)		18,848		2,106
Wachovia (a)		276,120		12,627
Washington Mutual		132,966		3,707
Wells Fargo		472,729		16,078
XL Capital Limited, Class A (a)		26,834		1,931
Zions Bancorporation		12,033		711

				380,239

Healthcare – 11.5%
Abbott Laboratories		221,884		12,119
Aetna		74,065		4,160

12 First American Funds 2007 Annual Report


Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Allergan (a)		44,377	$	2,999
AmerisourceBergen		26,001		1,225
Amgen (a) (b)		156,831		9,113
Applied Biosystems Group – Applera (a)		28,247		1,049
Barr Pharmaceuticals (b)		15,838		908
Baxter International (a)		94,022		5,642
Becton, Dickinson & Company (a)		35,940		3,000
Biogen IDEC (a) (b)		40,262		2,997
Boston Scientific (a) (b)		173,711		2,409
Bristol-Myers Squibb		284,016		8,518
C.R. Bard (a)		14,786		1,236
Cardinal Health		54,288		3,693
Celgene (a) (b)		54,823		3,618
CIGNA (a)		41,533		2,180
Coventry Health Care (b)		22,636		1,365
Covidien (b)		71,290		2,966
Eli Lilly (a)		143,006		7,744
Express Scripts (b)		37,211		2,348
Forest Laboratories, Class A (b)		45,870		1,792
Genzyme (a) (b)		37,509		2,850
Gilead Sciences (b)		134,763		6,225
Hospira (b)		23,478		970
Humana (a) (b)		23,426		1,756
IMS Health		28,319		714
Johnson & Johnson		418,009		27,242
King Pharmaceuticals (a) (b)		35,117		372
Laboratory Corporation of America (a) (b)		16,972		1,167
Manor Care (a)		10,601		706
McKesson HBOC		43,189		2,855
Medco Health Solutions (a) (b)		39,217		3,701
Medtronic (a)		169,055		8,020
Merck		311,063		18,123
Millipore (a) (b)		6,959		540
Mylan Laboratories (a)		30,496		459
Patterson Companies (a) (b)		19,678		770
PerkinElmer		19,194		528
Pfizer		1,012,821		24,925
Quest Diagnostics (a)		22,640		1,204
Schering-Plough		219,316		6,693
St. Jude Medical (a) (b)		48,824		1,989
Stryker (a)		41,376		2,938
Tenet Healthcare (a) (b)		66,906		235
Thermo Fisher Scientific (a) (b)		57,896		3,405
UnitedHealth Group		188,262		9,253
Varian Medical Systems (a) (b)		18,396		897
Watson Pharmaceuticals (a) (b)		15,674		479
WellPoint (b)		87,452		6,929
Wyeth		194,123		9,440
Zimmer Holdings (b)		35,360		2,457

				228,923

Industrials – 11.4%
3M		103,935		8,976
Allied Waste Industries (a) (b)		29,788		377
American Standard (a) (b)		25,398		947
Avery Dennison (a)		15,433		894
Boeing		116,318		11,468
Burlington Northern Santa Fe (a)		48,380		4,216
C.H. Robinson Worldwide (a)		24,701		1,233
Caterpillar (a)		93,372		6,966
Cintas (a)		19,591		717
Cooper Industries, Class A (a)		26,447		1,386
CSX		62,853		2,814
Cummins		15,047		1,805
Danaher (a)		33,552		2,874
Deere & Company (a)		32,467		5,029
Dover		23,432		1,078
Eaton		20,946		1,939
Emerson Electric (a)		116,841	$	6,107
Equifax		18,348		706
Expeditors International of Washington (a)		26,026		1,318
FedEx (a)		43,497		4,495
Fluor		11,280		1,782
General Dynamics		55,192		5,020
General Electric		1,474,978		60,710
Goodrich		17,142		1,194
Honeywell International		112,522		6,797
Illinois Tool Works (a)		57,833		3,312
Ingersoll-Rand, Class A		44,749		2,253
ITT		26,068		1,744
Jacobs Engineering Group (a) (b)		17,366		1,513
L-3 Communications Holdings		18,030		1,977
Lockheed Martin (a)		50,459		5,553
Masco (a)		54,507		1,313
Monster Worldwide (a) (b)		18,279		742
Norfolk Southern		58,768		3,035
Northrop Grumman (a)		50,480		4,221
Paccar		54,075		3,004
Pall		17,885		717
Parker Hannifin (a)		24,931		2,004
Pitney Bowes (a)		24,883		996
Precision Castparts (a)		19,741		2,957
R.R. Donnelley & Sons		30,737		1,238
Raytheon (a)		62,821		3,996
Robert Half International (a)		24,419		735
Rockwell Automation		24,035		1,656
Rockwell Collins		25,293		1,892
Ryder System (a)		8,968		429
Southwest Airlines (a)		114,208		1,623
Terex (b)		14,594		1,083
Textron		37,955		2,627
Tyco International		71,290		2,935
Union Pacific		37,868		4,849
United Parcel Service, Class B		153,032		11,493
United Technologies		142,847		10,941
W.W. Grainger (a)		10,929		983
Waste Management (a)		75,182		2,736

				225,405

Information Technology – 17.0%
Adobe Systems (b)		85,541		4,097
Advanced Micro Devices (a) (b)		79,656		1,042
Affiliated Computer Services, Class A (b)		14,310		725
Agilent Technologies (a) (b)		61,150		2,253
Akamai Technologies (a) (b)		23,984		940
Altera		51,419		1,009
Analog Devices		47,204		1,579
Apple (b)		124,822		23,710
Applied Materials		199,434		3,873
Autodesk (a) (b)		32,634		1,596
Automatic Data Processing		83,218		4,124
BMC Software (b)		29,434		996
Broadcom, Class A (a) (b)		67,940		2,211
CA (a)		59,390		1,571
Ciena (a) (b)		12,329		590
Cisco Systems (b)		873,800		28,888
Citrix Systems (b)		26,073		1,121
Cognizant Technology Solutions, Class A (b)		41,490		1,720
Computer Sciences (b)		24,248		1,416
Compuware (a) (b)		43,887		439
Convergys (b)		20,008		367
Corning (a)		226,972		5,509
Dell (b)		334,760		10,244
eBay (a) (b)		163,749		5,911
Electronic Arts (b)		43,961		2,687
Electronic Data Systems (a)		68,677		1,483

First American Funds 2007 Annual Report 13

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE

EMC (a) (b)		302,832	$	7,689
Fidelity National Information Services (a)		23,608		1,089
Fiserv (a) (b)		26,554		1,471
Google, Class A (a) (b)		32,899		23,260
Hewlett-Packard		377,937		19,532
IBM		197,134		22,891
Intel		830,363		22,337
Intuit (a) (b)		50,315		1,619
Jabil Circuit		25,862		562
JDS Uniphase (b)		30,494		465
Juniper Networks (a) (b)		74,457		2,680
KLA-Tencor (a)		27,327		1,439
Lexmark International Group, Class A (a) (b)		13,648		573
Linear Technology (a)		32,037		1,058
LSI Logic (a) (b)		110,820		731
MEMC Electronic Materials (a) (b)		32,201		2,358
Microchip Technology		31,492		1,045
Micron Technology (a) (b)		109,618		1,152
Microsoft		1,191,964		43,876
Molex		20,465		584
Motorola		334,028		6,276
National Semiconductor (a)		34,693		872
Network Appliance (b)		52,847		1,664
Novell (b)		54,847		415
Novellus Systems (a) (b)		19,037		541
NVIDIA (a) (b)		79,485		2,812
Oracle (b)		570,033		12,638
Paychex		47,360		1,979
QLogic (a) (b)		22,977		357
QUALCOMM		240,328		10,269
SanDisk (a) (b)		32,918		1,462
Seagate Technology, Escrow Shares (b) (d)		44,886		—
Sun Microsystems (a) (b)		515,230		2,942
Symantec (a) (b)		130,028		2,442
Tektronix		11,975		453
Tellabs (a) (b)		65,265		575
Teradata (a) (b)		26,058		743
Teradyne (a) (b)		27,565		340
Texas Instruments		211,031		6,880
Tyco Electronics		71,290		2,543
Unisys (a) (b)		46,602		283
VeriSign (a) (b)		35,315		1,204
Waters (b)		15,891		1,223
Western Union		111,607		2,460
Xerox (b)		135,993		2,372
Xilinx		49,570		1,209
Yahoo! (a) (b)		195,110		6,068

				337,534

Materials – 3.3%
Air Products and Chemicals		32,283		3,159
Alcoa		125,633		4,974
Allegheny Technologies (a)		14,804		1,513
Ashland		10,388		610
Ball (a)		14,733		731
Bemis (a)		15,002		422
Dow Chemical (a)		139,187		6,269
E.I. Du Pont de Nemours		130,762		6,474
Eastman Chemical (a)		10,483		698
Ecolab (a)		26,237		1,238
Freeport-McMoRan Copper & Gold (a)		55,285		6,506
Hercules (a)		15,474		291
International Flavors & Fragrances (a)		9,938		519
International Paper (a)		62,857		2,323
MeadWestvaco		25,801		868
Monsanto (a)		78,435		7,658
Newmont Mining (a)		64,850		3,298
Nucor (a)		43,540		2,700
Pactiv (b)		21,521	$	591
PPG Industries		24,020		1,795
Praxair		46,810		4,001
Rohm & Haas		20,515		1,064
Sealed Air (a)		23,281		580
Sigma-Aldrich		19,077		986
Temple-Inland (a)		15,529		833
Titanium Metals (a) (b)		12,080		425
United States Steel		17,121		1,847
Vulcan Materials (a)		14,543		1,244
Weyerhaeuser		31,874		2,420

				66,037

Telecommunication Services – 3.6%
ALLTEL		51,170		3,641
AT&T		889,764		37,183
CenturyTel (a)		15,805		696
Citizens Communications		49,441		651
Embarq (a)		21,645		1,146
Qwest Communications International (a) (b)		231,391		1,661
Sprint (a)		417,586		7,141
Verizon Communications		416,062		19,168
Windstream		68,496		921

				72,208
Utilities – 3.3%
AES (b)		96,834		2,073
Allegheny Energy (b)		23,926		1,451
Ameren (a)		27,088		1,465
American Electric Power		55,676		2,684
Centerpoint Energy (a)		45,908		770
CMS Energy		32,525		552
Consolidated Edison		32,659		1,538
Constellation Energy		26,074		2,469
Dominion Resources		41,671		3,818
DTE Energy (a)		23,335		1,158
Duke Energy		181,850		3,486
Dynegy, Class A (b)		71,774		661
Edison International		45,906		2,670
Entergy		33,095		3,967
Exelon		96,853		8,018
FirstEnergy		46,745		3,258
FPL Group (a)		58,464		4,000
Integrys Energy Group		5,111		275
Nicor (a)		6,502		281
NiSource		39,573		809
PG&E (a)		55,197		2,701
Pinnacle West Capital		14,473		585
PPL		55,574		2,873
Progress Energy (a)		34,784		1,670
Public Service Enterprise Group (a)		36,478		3,487
Questar (a)		24,882		1,420
Sempra Energy		38,071		2,342
Southern		104,753		3,840
TECO Energy (a)		30,261		509
Xcel Energy (a)		59,040		1,331

				66,161

Total Common Stocks (Cost $1,079,456)				1,975,238

Short-Term Investments – 0.5%
Money Market Fund – 0.4%
First American Prime Obligations Fund, Class Z (c)		7,443,702		7,444

14 First American Funds 2007 Annual Report


Equity Index Fund (concluded)
DESCRIPTION		SHARES/PAR		VALUE

U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
	3.813%, 01/24/2008 (e)	$	2,900	$	2,874

Total Short-Term Investments (Cost $10,312)					10,318

Investment Purchased with Proceeds from Securities Lending – 21.7%
Mount Vernon Securities Lending Prime Portfolio (f)
	(Cost $432,259)		432,258,520		432,259

Total Investments – 121.7%
	(Cost $1,522,027)				2,417,815

Other Assets and Liabilities, Net – (21.7)%					(431,692	)

Total Net Assets – 100.0%				$	1,986,123


(a)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a value of $424,260 at October 31, 2007. See note 2 in Notes to Financial Statements.

(b)	Non-income producing security.

(c)	Investment in affiliated security. As of October 31, 2007, the market value of these investments was $16,007 or 0.8% of total net assets. See notes 3 and 4 in Notes to Financial Statements.

(d)	Security is fair valued and illiquid. As of October 31, 2007, the value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(e)	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 2007. See note 2 in Notes to Financial Statements.

(f)

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


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts

Number of

Notional

Contracts

Contract

Settlement

Unrealized

Description

Purchased

Value

Month

Appreciation

S&P 500 Futures

9,718

December 2007

145


Mid Cap Index Fund
DESCRIPTION	SHARES		VALUE

Common Stocks – 92.5%
Consumer Discretionary – 12.5%
99 Cents Only Stores (a) (b)		14,937	$	161
Advanced Auto Parts		29,417		1,004
Aeropostale (a) (b)		21,590		494
American Eagle Outfitters		60,190		1,431
American Greetings, Class A (a)		16,365		431
AnnTaylor Stores (b)		18,549		575
Applebee’s International		20,980		532
ArvinMeritor (a)		20,242		300
Barnes & Noble		15,118		584
Belo, Class A (a)		24,597		455
BLYTH		7,766		148
Bob Evans Farms		10,422		294
Borders Group (a)		17,473		269
BorgWarner (a)		16,116		1,704
Boyd Gaming		15,721		658
Brinker International		29,579		751
Callaway Golf (a)		18,739		325
CarMax (a) (b)		60,512		1,263
CBRL Group (a)		6,779		271
Charming Shoppes (a) (b)		33,621		250
Cheesecake Factory (a) (b)		21,710		487
Chico’s FAS (a) (b)		49,168		646
Chipotle Mexican Grill, Class A (a) (b)		9,236		1,284
Coldwater Creek (a) (b)		17,105		153
Collective Brands (a) (b)		18,409		340
Corinthian Colleges (a) (b)		23,694		388
DeVry (a)		16,714		914
Dick’s Sporting Goods (b)		23,226		775
Dollar Tree Stores (b)		26,379		1,010
Entercom Communications (a)		7,823		145
Foot Locker		43,603		649
Furniture Brands International (a)		13,964		168
Gamestop, Class A (b)		44,544		2,638
Gentex (a)		41,234		857
Getty Images (b)		13,131		371
Guess?		15,244		783
Hanesbrands (b)		26,856		834
Harte-Hanks		13,972		246
Hovnanian Enterprises, Class A (a) (b)		10,218		116
International Speedway, Class A		8,746		389
John Wiley & Sons, Class A		11,658		513
Lamar Advertising, Class A (a)		22,097		1,181
Lear (a) (b)		21,590		767
Lee Enterprises (a)		13,128		211
Life Time Fitness (a) (b)		8,868		538
M.D.C. Holdings		9,758		395
Matthews International, Class A		8,767		400
Media General, Class A		6,910		193
Modine Manufacturing		9,595		223
Mohawk Industries (a) (b)		15,196		1,297
Netflix (a) (b)		13,684		362
NVR (a) (b)		1,524		725
O’Reilly Automotive (b)		31,252		1,032
Pacific Sunwear of California (a) (b)		19,404		324
PetSmart (a)		38,740		1,160
Phillips Van-Heusen (a)		15,554		744
Regis		12,978		436
Rent-A-Center (a) (b)		19,825		317
Ross Stores		38,369		1,037
Ruby Tuesday (a)		14,473		231
Ryland Group (a)		12,281		349
Saks (a)		38,692		819
Scholastic (b)		7,155		283
Scientific Games, Class A (a) (b)		18,236		659
Strayer Education		3,540		660

First American Funds 2007 Annual Report 15

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Thor Industries (a)		9,951	$	478
Timberland, Class A (a) (b)		14,075		275
Toll Brothers (a) (b)		35,560		815
Travelcenters Fractional Shares (b) (c)		0.70		—
Tupperware (a)		16,184		584
Urban Outfitters (a) (b)		31,471		795
Valassis Communications (a) (b)		13,606		134
Warnaco Group, Class A (b)		12,960		527
Washington Post, Class B (a)		1,554		1,319
Williams-Sonoma (a)		24,969		785

				45,661

Consumer Staples – 2.9%
Alberto-Culver		23,583		613
BJ’s Wholesale Club (a) (b)		18,181		652
Church & Dwight (a)		17,852		845
Corn Products International		20,979		892
Energizer Holdings (a) (b)		16,254		1,695
Hansen Natural (b)		16,946		1,152
Hormel Foods		20,385		744
JM Smucker (a)		16,455		879
Lancaster Colony		6,633		266
NBTY (b)		15,895		566
PepsiAmericas		16,984		607
Ruddick (a)		9,529		324
Smithfield Foods (b)		31,134		893
Tootsie Roll Industries		7,623		196
Universal (a)		6,537		319

				10,643

Energy – 8.6%
Arch Coal (a)		40,466		1,659
Bill Barrett (a) (b)		9,298		435
Cameron International (a) (b)		31,308		3,048
Cimarex Energy		22,548		914
Denbury Resources (b)		33,814		1,914
Encore Acquisition (a) (b)		11,792		433
Exterran Holdings (a) (b)		17,911		1,508
FMC Technologies (b)		36,023		2,184
Forest Oil (a) (b)		24,640		1,197
Frontier Oil		29,694		1,360
Grant Prideco (a) (b)		36,638		1,801
Helmerich & Payne		29,128		921
Newfield Exploration (b)		36,311		1,955
Overseas Shipholding Group		7,960		592
Patterson-UTI Energy (a)		43,407		866
Pioneer Natural Resources (a)		35,019		1,787
Plains Exploration & Production (a) (b)		21,268		1,084
Pogo Producing		16,237		967
Pride International (a) (b)		45,772		1,689
Quicksilver Resources (a) (b)		15,551		886
Southwestern Energy (b)		47,830		2,474
Superior Energy Services (a) (b)		20,721		768
Tidewater (a)		16,407		897

				31,339

Financials – 13.5%
AMB Property – REIT (a)		27,983		1,829
American Financial Group		19,366		579
AmeriCredit (a) (b)		33,172		468
Arthur J. Gallagher		27,367		728
Associated Banc-Corp		37,158		1,072
Astoria Financial (a)		23,032		599
Bank of Hawaii		14,737		783
Brown & Brown		31,715		799
Cathay General Bancorp (a)		11,534		357
City National (a)		11,920		806
Colonial BancGroup (a)		42,838		822
Commerce Group		9,108	$	332
Cousins Properties (a)		12,354		356
Cullen/ Frost Bankers		14,476		770
Duke Realty – REIT		39,962		1,285
Eaton Vance (a)		35,664		1,784
Equity One (a)		10,429		273
Everest Re Group (a)		18,236		1,943
Fidelity National Title Group (a)		61,713		950
First American		26,333		793
First Community Bancorp		6,205		302
First Niagara Financial Group (a)		23,590		311
FirstMerit (a)		23,865		506
GATX (a)		14,408		590
Hanover Insurance Group		14,519		669
HCC Insurance Holdings		31,989		956
Highwoods Properties – REIT (a)		15,851		570
Horace Mann Educators		12,084		250
Hospitality Properties Trust – REIT (a)		25,603		1,014
IndyMac Bancorp (a)		19,601		263
Jefferies Group (a)		31,368		838
Jones Lang LaSalle (a)		10,507		1,002
Liberty Property Trust – REIT		25,151		946
Macerich – REIT (a)		19,799		1,697
Mack-Cali Realty – REIT		18,934		750
Mercury General		10,017		514
MoneyGram International (a)		23,210		370
Nationwide Health Properties – REIT (a)		25,094		783
New York Community Bancorp (a)		86,950		1,618
Nuveen Investments, Class A		22,083		1,431
Old Republic International		64,385		987
PMI Group (a)		24,224		388
Potlatch – REIT (a)		10,835		516
Protective Life		19,578		839
Radian Group (a)		22,517		284
Raymond James Financial (a)		26,392		983
Rayonier – REIT		22,067		1,066
Regency Centers – REIT (a)		18,704		1,337
SEI Investments		35,280		1,116
StanCorp Financial Group		15,269		842
SVB Financial (a) (b)		11,013		570
TCF Financial (a)		31,153		709
UDR – REIT (a)		37,698		895
Unitrin		14,565		675
W.R. Berkley		48,176		1,450
Waddell & Reed Financial, Class A (a)		23,765		789
Washington Federal		25,750		622
Webster Financial		15,937		578
Weingarten Realty Investors – REIT (a)		23,119		885
Westamerica Bancorporation (a)		8,328		400
Wilmington Trust		19,162		697

				49,336

Healthcare – 11.4%
Advanced Medical Optics (a) (b)		16,933		465
Affymetrix (a) (b)		18,926		482
Apria Healthcare Group (b)		12,284		297
Beckman Coulter		17,380		1,231
Cephalon (a) (b)		18,727		1,381
Cerner (a) (b)		18,378		1,095
Charles River Laboratories International (a) (b)		19,157		1,111
Community Health Systems (a) (b)		26,805		883
Covance (b)		18,421		1,520
DENTSPLY International		43,143		1,789
Edwards Lifesciences (a) (b)		16,388		823
Endo Pharmaceuticals (b)		37,791		1,107
Gen-Probe (b)		14,481		1,014
Health Management Associates, Class A		67,908		449
Health Net (b)		30,835		1,653

16 First American Funds 2007 Annual Report


Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Henry Schein (b)		24,681	$	1,478
Hillenbrand Industries		17,174		948
Hologic (b)		32,002		2,174
Intuitive Surgical (a) (b)		10,572		3,456
Invitrogen (a) (b)		13,492		1,226
Kindred Healthcare (a) (b)		8,841		188
Kyphon (b)		12,722		902
Lifepoint Hospitals (a) (b)		16,310		498
Lincare Holdings (a) (b)		23,532		818
Medicis Pharmaceutical, Class A (a)		14,528		431
Millennium Pharmaceuticals (a) (b)		88,528		1,046
Mine Safety Appliances		7,420		340
Omnicare (a)		34,472		1,017
Par Pharmaceutical Companies (b)		10,085		186
PDL BioPharma (a) (b)		32,169		682
Perrigo (a)		21,788		516
Pharmaceutical Product Development (a)		29,263		1,236
Psychiatric Solutions (a) (b)		14,850		588
Resmed (a) (b)		21,315		883
Sepracor (a) (b)		29,741		819
Service Corporation International		40,062		580
STERIS (a)		18,156		527
Techne (a) (b)		10,631		693
Universal Health Services		14,950		729
Valeant Pharmaceuticals International (a) (b)		25,761		375
Varian (b)		8,928		660
VCA Antech (a) (b)		23,048		1,061
Ventana Medical Systems (b)		8,770		772
Vertex Pharmaceuticals (b)		36,723		1,188
WellCare Group (b)		11,652		282

				41,599

Industrials – 14.2%
AGCO (a) (b)		25,861		1,543
AirTran Holdings (a) (b)		25,469		265
Alaska Air Group (b)		11,154		283
Alexander & Baldwin		12,067		632
Alliant Techsystems (a) (b)		9,409		1,039
AMETEK		30,076		1,414
Avis Budget Group (b)		29,064		607
Brinks		12,630		791
Career Education (a) (b)		26,596		951
Carlisle Companies (a)		16,810		663
ChoicePoint (a) (b)		21,657		852
Con-way		12,692		541
Copart (b)		20,199		775
Corporate Executive Board (a)		10,892		776
Crane		14,242		676
Deluxe (a)		14,464		583
Donaldson		19,453		834
DRS Technologies (a)		11,516		661
Dun & Bradstreet		16,310		1,580
Dycom Industries (b)		11,813		334
Fastenal (a)		35,368		1,573
Federal Signal		13,432		180
Flowserve		15,759		1,244
Graco (a)		18,383		724
Granite Construction (a)		9,619		412
Harsco		23,359		1,416
Herman Miller (a)		17,226		469
HNI (a)		13,420		582
Hubbell, Class B		16,809		925
IDEX		22,324		791
ITT Educational Services (b)		8,665		1,102
J.B. Hunt Transport Services (a)		26,133		724
JetBlue Airways (a) (b)		49,861		455
Joy Global (a)		30,261		1,757
KBR (b)		46,785		2,006
Kelly Services, Class A		5,671	$	119
Kennametal		11,019		1,005
Korn/ Ferry International (b)		12,602		241
Lincoln Electric Holdings		12,099		874
Manpower		24,537		1,834
MSC Industrial Direct, Class A		13,169		641
Navigant Consulting (a) (b)		11,767		155
Nordson		9,512		509
Oshkosh Truck (a)		20,613		1,117
Pentair (a)		28,015		991
Quanta Services (a) (b)		47,391		1,564
Republic Services		45,505		1,556
Rollins		7,993		243
Roper Industries (a)		24,513		1,736
Sequa, Class A (b)		2,049		356
Sotheby’s Holdings, Class A (a)		18,350		994
SPX		16,255		1,647
Stericycle (b)		24,286		1,417
Teleflex (a)		11,493		841
Thomas & Betts (b)		14,309		801
Timken (a)		26,419		879
Trinity Industries (a)		22,715		821
United Rentals (a) (b)		20,455		699
Werner Enterprises (a)		13,571		258
YRC Worldwide (a) (b)		16,631		409

				51,867

Information Technology – 14.2%
3Com (b)		111,892		546
ACI Worldwide (b)		10,379		237
Activision (a) (b)		79,076		1,870
Acxiom		19,012		250
ADC Telecommunications (b)		32,773		613
ADTRAN		17,072		411
Advent Software (a) (b)		5,737		317
Alliance Data Systems (b)		22,049		1,773
Amphenol, Class A (a)		50,086		2,217
Andrew (a) (b)		42,988		630
Arrow Electronics (b)		34,078		1,362
Atmel (b)		136,914		670
Avnet (a) (b)		41,976		1,751
Avocent (a) (b)		14,250		385
Broadridge Financial Solutions		38,370		767
Cadence Design Systems (a) (b)		78,681		1,542
Ceridian (b)		38,799		1,394
CheckFree (a) (b)		24,723		1,175
CommScope (a) (b)		17,248		814
Cree (a) (b)		23,737		665
CSG Systems International (b)		12,132		249
Cypress Semiconductor (a) (b)		42,270		1,545
Diebold (a)		18,586		778
Digital River (a) (b)		11,120		590
DST Systems (a) (b)		14,772		1,251
F5 Networks (a) (b)		23,591		850
Fair Isaac		17,795		675
Fairchild Semiconductor International, Class A (a) (b)		34,239		625
Gartner, Class A (b)		19,505		427
Global Payments		22,435		1,067
Harris		37,417		2,266
Imation		9,576		213
Ingram Micro, Class A (b)		40,930		869
Integrated Device Technology (b)		56,016		752
International Rectifier (a) (b)		20,197		674
Intersil, Class A		39,533		1,199
Jack Henry & Associates (a)		21,303		623
KEMET (b)		24,893		176
Lam Research (a) (b)		37,437		1,879

First American Funds 2007 Annual Report 17

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Mid Cap Index Fund (continued)
DESCRIPTION		SHARES		VALUE

Lattice Semiconductor (b)			32,010	$	134
Macrovision (b)			14,857		357
McAfee (b)			44,977		1,860
Mentor Graphics (a) (b)			25,087		402
Micrel			15,639		142
MPS Group (a) (b)			29,429		359
National Instruments			15,789		512
NCR (b)			50,111		1,383
Palm (a) (b)			29,144		263
Parametric Technology (b)			32,167		614
Plantronics (a)			13,538		370
Polycom (b)			25,074		702
Powerwave Technologies (a) (b)			35,820		199
RF Micro Devices (a) (b)			55,090		343
Semtech (a) (b)			18,398		315
Silicon Laboratories (a) (b)			15,713		687
SRA International, Class A (b)			10,407		286
Sybase (a) (b)			25,533		730
Synopsys (b)			39,394		1,113
Tech Data (b)			15,468		608
TriQuint Semiconductor (b)			38,946		244
ValueClick (a) (b)			28,005		762
Vishay Intertechnology (b)			52,627		663
Western Digital (b)			61,337		1,590
Wind River Systems (b)			21,338		267
Zebra Technology, Class A (a) (b)			19,339		756

					51,758
Materials – 7.3%
Airgas			22,190		1,120
Albemarle			22,207		1,061
Cabot Microelectronics			18,961		664
Carpenter Technology			7,149		1,036
CF Industries Holdings (a)			13,478		1,185
Chemtura (a)			69,524		648
Cleveland-Cliffs			11,538		1,104
Commercial Metals			34,237		1,074
Cytec Industries			11,760		784
Ferro			11,947		247
Florida Rock Industries			14,259		897
FMC			21,311		1,225
Louisiana Pacific (a)			29,514		486
Lubrizol			19,418		1,318
Lyondell Chemical (a)			70,986		3,368
Martin Marietta Materials (a)			12,050		1,559
Minerals Technologies			5,615		394
Olin (a)			19,960		455
Packaging Corporation of America			25,963		827
Reliance Steel & Aluminum			18,122		1,057
RPM (a)			33,480		717
Scotts (a)			12,162		558
Sensient Technologies			12,968		388
Sonoco Products			28,399		878
Steel Dynamics (a)			26,470		1,409
Terra Industries (a) (b)			25,727		949
Valspar			27,869		698
Worthington Industries (a)			20,506		513

					26,619

Telecommunication Services – 0.9%
Cincinnati Bell (a) (b)			68,764		373
NeuStar, Class A (a) (b)			21,179		724
Telephone & Data Systems			29,832		2,082

					3,179

Utilities – 7.0%
AGL Resources			21,761		860
Alliant Energy			34,901		1,396
Aqua America (a)			37,131	$	864
Aquila (a) (b)			104,758		438
Black Hills (a)			10,128		450
DPL (a)			33,045		960
Energy East			43,862		1,223
Equitable Resources (a)			33,912		1,910
Great Plains Energy (a)			21,010		627
Hawaiian Electric Industries			23,116		536
IDACORP (a)			12,049		420
MDU Resources Group			51,368		1,447
National Fuel Gas (a)			22,405		1,086
Northeast Utilities (a)			43,134		1,330
NSTAR (a)			30,552		1,074
OGE Energy (a)			24,241		928
ONEOK			30,096		1,503
Pepco Holdings			55,942		1,594
PNM Resources (a)			21,486		537
Puget Energy			29,469		833
SCANA (a)			32,688		1,327
Sierra Pacific Resources			62,072		1,047
Vectren (a)			21,758		610
Westar Energy (a)			24,712		658
WGL Holdings			13,811		468
Wisconsin Energy			33,474		1,603

					25,729

Total Common Stocks
	(Cost $239,525)				337,730

Short-Term Investments – 7.4%
Money Market Fund – 7.2%
First American Prime Obligations Fund, Class Z (d)			26,182,661		26,183

U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill 3.813%, 01/24/2008 (e)		$	1,000		991

Total Short-Term Investments
	(Cost $27,172)				27,174

Investment Purchased with Proceeds from Securities Lending – 39.7%
Mount Vernon Securities Lending Prime Portfolio (f) (Cost $144,912)			144,912,282		144,912

Total Investments – 139.6% (Cost $411,609)					509,816

Other Assets and Liabilities, Net – (39.6)%					(144,716	)

Total Net Assets – 100.0%				$	365,100


(a)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $141,917 at October 31, 2007. See note 2 in Notes to Financial Statements.

(b)	Non-income producing security.

(c)	Security is fair valued and illiquid. As of October 31, 2007, the market value of this investment was $0 or 0.0% 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 to this fund. See note 3 in Notes to Financial Statements.

(e)	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 2007. See note 2 in Notes to Financial Statements.


(f)	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the

18 First American Funds 2007 Annual Report

Mid Cap Index Fund (concluded)


	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

Notional

Contracts

Contract

Settlement

Unrealized

Description

Purchased

Value

Month

Appreciation

S&P Mid Cap 400 Futures

26,907

December 2007

257


Small Cap Index Fund
DESCRIPTION	SHARES		VALUE

Common Stocks – 99.1%
Consumer Discretionary – 14.4%
1-800-Flowers.com, Class A (a)		2,466	$	30
99 Cents Only Stores (a) (b)		4,300		46
A.C. Moore Arts & Crafts (a)		1,672		28
Aaron Rents (b)		4,243		90
Aeropostale (a) (b)		7,229		166
AFC Enterprises (a)		2,602		35
Aftermarket Technology (a)		2,003		69
Ambassadors Group		1,762		32
Ambassadors International		739		15
American Axle & Manufacturing Holdings		4,102		113
American Greetings, Class A (b)		5,079		134
Amerigon (a) (b)		1,982		39
Ameristar Casinos		2,318		75
Andersons		1,472		73
Applebee’s International		6,873		174
Arbitron (b)		2,961		150
Arctic Cat (b)		1,101		16
ArvinMeritor (b)		6,519		97
Asbury Automotive Group (b)		1,780		33
Avatar Holdings (a) (b)		571		27
Bally Technologies (a) (b)		4,883		197
Beazer Homes USA (b)		3,585		40
Bebe Stores		2,442		34
Belo, Class A (b)		7,763		144
Benihana (a)		1,129		20
Big 5 Sporting Goods (b)		2,245		40
BJs Restaurants (a)		1,504		30
Blockbuster, Class A (a) (b)		17,610		93
Blount International (a)		3,696		45
Blue Nile (a) (b)		1,353		107
Bluegreen (a) (b)		2,437		18
BLYTH		2,331		44
Bob Evans Farms		3,281		92
Bon-Ton Stores (b)		939		17
Books-A-Million		1,464		20
Borders Group (b)		5,370		83
Brookfield Homes (b)		1,212		18
Brown Shoe		4,135		84
Buckle		1,238		53
Buffalo Wild Wings (a)		1,620		50
Build-A-Bear Workshop (a) (b)		1,521		29
Building Materials Holding (b)		2,847		22
Cabelas (a) (b)		2,984		58
Cache (a)		1,342		21
California Pizza Kitchen (a)		2,666		43
Callaway Golf		6,616		115
Capella Education Company (a)		985		61
Carmike Cinemas (b)		1,203		19
Carrols Restaurant Group (a)		912		10
Carters (a) (b)		4,567		101
Casual Male Retail Group (a)		2,913		24
Cato, Class A (b)		2,967		60
CBRL Group (b)		2,417		96
CEC Entertainment (a)		2,624		78
Champion Enterprise (a) (b)		7,038		83
Charlotte Russe Holding (a)		2,320		34
Charming Shoppes (a) (b)		11,352		84
Charter Communications, Class A (a) (b)		37,736		78
Cherokee		764		29
Children’s Place Retail Stores (a)		2,062		53
Chipotle Mexican Grill, Class B (a)		3,006		371
Christopher & Banks (b)		3,319		46
Churchill Downs		783		40
Cinemark Holdings (a)		2,567		44
Citadel Broadcasting		16,706		73

First American Funds 2007 Annual Report 19

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Citi Trends (a) (b)		1,271	$	25
CKE Restaurants (b)		5,781		94
CKX (a) (b)		4,371		53
Coinmach Service (b)		2,558		34
Coinstar (a)		2,654		91
Collective Brands (a) (b)		5,987		111
Columbia Sportswear (b)		1,074		52
Conn’s (a) (b)		806		21
Cooper Tire & Rubber		5,461		122
Core Mark Holding (a)		801		28
Corinthian Colleges (a) (b)		7,945		130
Courier		1,043		39
Cox Radio (a)		3,049		37
Crown Media Holdings, Class A (a)		2,148		17
CSK Auto (a) (b)		4,308		49
CSS Industries		712		28
Cumulus Media, Class A (a)		3,361		35
Deckers Outdoor (a)		1,126		157
Denny’s (a)		10,082		49
DeVry (b)		5,497		301
DG Fastchannel (a)		1,213		30
Dolan Media (a)		974		26
Domino’s Pizza (b)		3,729		58
Dover Downs Gaming & Entertainment		1,280		14
Dress Barn (a)		4,294		70
Drew Industries (a)		1,723		68
DSW (a) (b)		1,437		32
Eddie Bauer (a)		2,792		21
Emmis Communications, Class A		2,918		15
Entercom Communications (b)		3,001		56
Entravision Communications (a) (b)		6,791		62
Ethan Allen Interiors (b)		2,427		75
Exide Technologies (a) (b)		6,974		58
Finish Line, Class A		4,456		17
Fisher Communications (a)		548		26
Fleetwood Enterprises (a) (b)		6,326		57
Fossil (a)		4,001		150
Fred’s (b)		3,674		39
Furniture Brands International (b)		4,433		53
Gaiam (a)		1,680		39
Gander Mountain (a) (b)		462		2
Gatehouse Media		30		—
Gaylord Entertainment (a) (b)		3,740		204
Gemstar-TV Guide International (a)		22,961		158
Genesco (a)		2,087		96
GenTek (a)		1,055		36
G-iii Apparel Group (a)		1,193		19
Global Sources (a) (b)		1,441		47
Gray Television		4,036		38
Great Wolf Resorts (a)		2,676		35
Group 1 Automotive (b)		2,226		69
GSI Commerce (a) (b)		1,832		52
Gymboree (a)		2,811		96
Harris Interactive (a)		4,835		22
Haverty Furniture (b)		2,038		17
Hayes Lemmerz International (a) (b)		8,714		41
Heelys (a) (b)		625		5
Helen of Troy (a)		2,779		50
Hibbett Sports (a) (b)		2,898		68
Home Solutions of America (a) (b)		3,616		9
Hooker Furniture		926		20
Hot Topic (a)		4,343		33
Hovnanian Enterprises, Class A (a) (b)		3,432		39
Iconix Brand Group (a)		4,649		106
IHOP (b)		1,612		102
Insight Enterprises (a) (b)		4,433		123
Interactive Data		3,166		102
Interface, Class A		4,775		91
INVESTools (a)		4,796		70
iRobot (a) (b)		1,301		24
Isle of Capri Casinos (a) (b)		1,485		30
J. Crew Group (a) (b)		3,572		134
Jack in the Box (a)		5,742		180
JAKKS Pacific (a)		2,730		72
Jamba (a) (b)		4,770		26
Jo-Ann Stores (a)		2,365		46
Jos. A. Bank Clothiers (a) (b)		1,776		52
Journal Communications, Class A		3,905		35
Kellwood		2,385		40
Kenneth Cole Productions		902		17
Kimball International		1,916		26
Knology (a)		2,387		40
Krispy Kreme Doughnuts (a) (b)		5,859		19
K-Swiss, Class A		2,505		59
Lakes Entertainment (a)		1,634		14
Landry’s Restaurants (b)		1,551		45
La-Z-Boy (b)		4,711		37
LeapFrog Enterprises (a) (b)		3,420		26
Lear (a) (b)		7,001		249
Lee Enterprises (b)		4,223		68
Libbey (b)		1,321		24
Life Time Fitness (a) (b)		2,955		179
Lifetime Brands (b)		1,164		19
Lin TV, Class A (a)		2,501		36
Lithia Motors (b)		1,630		28
Live Nation (a)		6,163		126
LKQ (a) (b)		4,619		178
LodgeNet Entertainment (a) (b)		2,084		45
Lodgian (a)		1,720		21
Lululemon Athletica (a) (b)		1,282		68
M/ I Homes		1,107		18
Maidenform Brands (a)		2,108		31
Marcus		1,941		37
Marine Products		1,449		12
MarineMax (a) (b)		1,435		20
Martha Stewart Living (a) (b)		2,462		34
Marvel Entertainment (a) (b)		4,866		120
Matthews International, Class A		3,101		141
McCormick & Schmick’s Seafood Restaurants (a)		1,002		17
Media General, Class A		2,028		57
Mediacom Communications (a)		5,449		31
Men’s Wearhouse (b)		4,736		200
Meritage Homes (a) (b)		2,276		37
Midas (a)		1,370		22
Modine Manufacturing		2,973		69
Monaco Coach		2,895		34
Monarch Casino & Resort (a)		1,007		31
Monro Muffler Brake		1,650		38
Morgans Hotel Group (a)		1,859		42
Morningstar (a)		1,359		101
Mortons Restaurant Group (a)		387		5
Movado Group		1,578		47
MTR Gaming Group (a)		1,880		16
Multimedia Games (a) (b)		2,708		24
National Cinemedia (a)		2,917		79
National Presto Industries		428		23
Nautilus (b)		2,893		19
Netflix (a) (b)		4,281		113
New York & Company (a)		2,209		16
Nexstar Broadcasting Group (a)		975		9
Noble International		1,129		21
Oakley		2,345		69
O’Charleys		2,439		39
Orbitz Worldwide (a)		3,106		33

20 First American Funds 2007 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Overstock.com (a) (b)		1,510	$	59
Oxford Industries (b)		1,516		39
P.F. Chang’s China Bistro (a) (b)		2,365		69
Pacific Sunwear of California (a) (b)		6,440		108
Palm Harbor Homes (a) (b)		1,060		15
Papa John’s International (a)		1,973		46
Pep Boys – Manny, Moe & Jack		3,863		57
Perry Ellis International (a)		1,055		24
PetMed Express (a)		1,938		28
Pier 1 Imports		8,098		41
Pinnacle Entertainment (a)		5,436		159
Playboy Enterprises, Class B (a)		2,269		25
Polaris Industries (b)		3,280		161
Premier Exibitions (a) (b)		2,682		30
Prestige Brand Holdings (a) (b)		3,069		32
Priceline.com (a) (b)		3,475		324
Primedia (a)		4,043		37
Quiksilver (a)		11,841		160
Radio One (a)		7,016		24
Raser Technologies (a) (b)		2,851		32
RC2 (a) (b)		1,943		58
RCN		2,496		36
Red Robin Gourmet Burgers (a)		1,683		67
Regis		4,063		137
Rent-A-Center (a) (b)		6,453		103
Retail Ventures (a) (b)		2,358		20
Riviera Holdings (a)		927		26
Ruby Tuesday (b)		4,980		80
Russ Berrie and Company (a)		1,524		27
Ruth’s Chris Steak House (a)		1,802		23
Salem Communications		843		7
Sally Beauty Holdings (a)		8,583		79
Sauer-Danfoss (b)		1,100		28
Scholastic (a)		2,799		111
Sealy (b)		4,101		54
Select Comfort (a) (b)		4,521		52
Shoe Carnival (a)		870		14
Shuffle Master (a) (b)		3,420		47
Shutterfly (a)		1,339		45
Sinclair Broadcast Group, Class A		4,585		55
Six Flags (a) (b)		6,995		23
Skechers U.S.A., Class A (a) (b)		1,870		46
Skyline		671		24
Smith & Wesson (a) (b)		3,013		36
Sonic Automotive, Class A		2,843		72
Sonic (a) (b)		5,804		144
Source Interlink Companies (a) (b)		3,515		11
Spanish Broadcasting System (a)		3,696		10
Spartan Motors (b)		2,953		41
Speedway Motorsports		1,277		46
Stage Stores		4,230		79
Stamps.com (a)		1,597		22
Standard Motor Products		1,444		12
Standard-Pacific (b)		5,938		28
Steak ’N Shake (a)		2,672		40
Stein Mart		2,713		18
Steiner Leisure (a)		1,566		70
Steinway Musical Instruments		851		25
Steven Madden		2,047		46
Stoneridge (a)		1,302		13
Strayer Education (b)		1,411		263
Sturm, Ruger & Company (a)		2,077		19
Sun-Times Media Group		6,396		14
Superior Industries International (b)		1,550		31
Syntax Brillian (a) (b)		5,260		24
Systemax (b)		949		22
Talbots (b)		2,125		31
Tarragon Realty Investors (a) (b)		1,203		2
Tempur-Pedic International (b)		7,611		274
Tenneco Automotive (a)		4,438		136
Texas Roadhouse, Class A (a)		5,257		67
Timberland, Class A (a) (b)		4,330		84
TiVo (a) (b)		7,852		56
Town Sports International Holdings (a)		1,490		23
Triarc, Class B		5,425		61
True Religion Apparel (a) (b)		1,361		21
Trump Entertainment Resorts (a) (b)		3,004		23
Tuesday Morning (b)		2,842		22
Tupperware		5,563		201
Tween Brands (a) (b)		2,814		86
Under Armour (a) (b)		2,148		134
UniFirst		1,031		39
Universal Electronics (a)		1,370		49
Vail Resorts (a)		2,863		174
Valassis Communications (a) (b)		4,391		43
ValueVision Media (a)		2,437		13
VistaPrint (a) (b)		3,957		188
Visteon (a)		12,589		80
Volcom (a)		1,355		40
Warnaco Group, Class A (a)		4,246		173
WCI Communities (a) (b)		2,832		15
West Marine (a) (b)		1,439		16
Westwood One (b)		6,384		14
Wet Seal, Class A (a) (b)		7,734		20
Weyco Group		236		8
Winnebago Industries (b)		2,898		75
WMS Industries (a) (b)		3,678		128
Wolverine World Wide (b)		4,995		128
World Wrestling Entertainment		2,097		32
Xerium Technologies		1,754		7
Zale (a) (b)		4,491		95
Zumiez (a) (b)		1,489		62

				18,438

Consumer Staples – 2.9%
Alico		408		19
Alliance One International (a)		9,526		62
American Dairy (a) (b)		595		13
American Oriental Bioengineering (a) (b)		4,614		64
Arden Group, Class A		107		15
Boston Beer, Class A (a)		565		29
Cadiz (a) (b)		1,089		21
Cal-Maine Foods (b)		1,155		28
Casey’s General Stores		4,633		132
Central European Distribution (a) (b)		2,968		158
Central Garden & Pet, Class A (a)		5,782		48
Chattem (a) (b)		1,555		116
Chiquita Brands International (b)		3,893		73
Coca-Cola Bottling		491		29
Darling International (a)		6,972		70
Elizabeth Arden (a) (b)		2,236		56
Farmer Brothers		747		19
Flowers Foods		7,038		154
Fresh Del Monte Produce		2,604		94
Great Atlantic & Pacific Tea (a) (b)		1,800		58
Green Mountain Coffee Roasters (a) (b)		1,713		64
Hain Celestial Group (a) (b)		3,015		106
Imperial Sugar (b)		1,167		30
Ingles Markets, Class A		1,157		32
Inter Parfums		546		13
J&J Snack Foods		1,380		49
Jones Soda (a) (b)		2,259		21
Lancaster Colony		2,003		80
Lance		2,843		60
Longs Drug Stores		3,022		159

First American Funds 2007 Annual Report 21

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

M & F Worldwide (a) (b)		1,078	$	57
Mannatech (b)		1,753		14
Maui Land & Pineapple (a)		476		14
MGP Ingredients		986		9
Nash-Finch (b)		1,230		46
National Beverage		996		8
Nu Skin Enterprises, Class A (b)		4,613		80
Pantry (a) (b)		2,099		59
Pathmark Stores (a)		2,943		39
Peets Coffee & Tea (a) (b)		1,360		37
Performance Food Group (a)		3,240		87
Pilgrim’s Pride		3,890		115
PriceSmart		925		26
Ralcorp Holdings (a)		2,499		141
Reddy Ice Holdings		1,277		35
Revlon (a)		21,633		25
Ruddick (b)		3,526		120
Sanderson Farms		1,551		54
Seaboard		35		57
Spartan Stores		2,257		50
Spectrum Brands (a)		3,562		15
Synutra International (a) (b)		367		11
Tiens Biotech Group USA (a) (b)		625		2
Tootsie Roll Industries		3,248		84
Treehouse Foods (a)		2,854		80
United Natural Foods (a) (b)		3,926		114
Universal		2,395		117
USANA Health Sciences (a) (b)		774		32
Vector Group (b)		2,857		62
Village Super Market		340		19
WD-40 Company (b)		1,613		64
Weis Markets		834		37
Winn Dixie Stores (a) (b)		3,139		74

				3,656

Energy – 5.8%
Allis Chalmers Energy (a) (b)		2,316		41
Alon USA Energy		958		35
Arena Resources (a)		2,588		94
Arlington Tankers		58		1
Atlas America		2,166		125
ATP Oil & Gas (a) (b)		1,974		113
Atwood Oceanics (a) (b)		2,748		231
Aventine Renewable Energy (a) (b)		2,748		29
Basic Energy Services (a) (b)		3,747		74
Berry Petroleum, Class A (b)		3,472		169
Bill Barrett (a) (b)		2,941		138
Bois D’ Arc Energy (a)		1,447		32
BPZ Energy (a) (b)		4,732		54
Brigham Exploration (a)		4,699		35
Bristow Group (a)		1,855		93
Bronco Drilling (a) (b)		2,385		32
Cal Dive (a) (b)		2,049		27
Callon Petroleum (a)		2,099		31
Carbo Ceramics (b)		1,924		86
Carrizo Oil & Gas (a)		2,168		111
Clayton Williams Energy (a)		521		16
Complete Production Services (a)		3,919		78
Comstock Resources (a) (b)		4,227		155
Concho Resources (a)		1,896		37
Contango Oil & Gas Company (a)		1,202		53
Crosstex Energy (b)		2,491		92
Dawson Geophysical (a)		777		62
Delek US Holdings		1,078		26
Delta Petroleum (a) (b)		6,021		113
Dril-Quip (a)		2,287		122
Edge Petroleum (a) (b)		2,609		24
Encore Acquisition (a) (b)		4,943		181
Energy Partners (a)		2,590		40
Evergreen Energy (a) (b)		7,671		36
EXCO Resources (a)		5,372		91
Exterran Holdings (a) (b)		5,585		470
FX Energy (a)		3,274		23
General Maritime (b)		2,624		74
GeoGlobal Resources (a) (b)		3,096		12
Geokinetics (a)		626		13
Geomet (a)		1,658		9
GMX Resources (a) (b)		909		35
Golar LNG (b)		3,199		83
Goodrich Petroleum (a) (b)		1,299		43
Grey Wolf (a) (b)		18,858		106
Gulf Island Fabrication		665		23
GulfMark Offshore (a)		1,686		79
Gulfport Energy (a)		1,811		40
Harvest Natural Resources (a)		3,443		47
Hercules Offshore (a) (b)		7,570		205
Horizon Offshore (a)		2,996		48
Hornbeck Offshore Services (a) (b)		2,222		87
International Coal Group (a) (b)		11,239		60
Ion Geophysical (a) (b)		6,519		99
Kayne Anderson Energy		917		23
Knightsbridge Tankers (b)		1,569		40
Lufkin Industries		1,456		87
Mariner Energy (a) (b)		7,134		178
MarkWest Hydrocarbon		615		37
Matrix Service (a)		2,126		63
McMoRan Exploration (a) (b)		2,624		32
Meridian Resource (a)		8,478		21
Natco Group (a) (b)		1,510		81
Newpark Resources (a)		8,245		52
NGP Capital Resources		1,712		27
Nova Biosource Fuels (a) (b)		2,875		8
NTR Acquisition (a)		2,385		23
Oil States International (a) (b)		4,799		207
Oilsands Quest (a) (b)		11,455		63
Pacific Ethanol (a) (b)		3,263		26
Parallel Petroleum (a) (b)		3,708		76
Parker Drilling (a)		10,452		88
Penn Virginia (b)		3,668		178
Petrocorp, Escrow Shares (a) (b) (c)		2,040		—
Petrohawk Energy (a)		15,552		288
Petroleum Development (a)		1,420		65
PetroQuest Energy (a)		4,409		57
PHI (a)		1,249		43
Pioneer Drilling (a)		4,273		52
Rentech (a) (b)		14,902		32
Resource America, Class A (b)		1,211		19
Rosetta Resources (a)		4,863		92
RPC (b)		3,146		35
Ship Finance International (b)		2,889		79
Stone Energy (a)		2,584		115
SulphCo (a) (b)		4,050		26
Superior Offshore International (a)		933		10
Superior Well Services (a)		1,436		29
Swift Energy (a) (b)		2,742		130
T-3 Energy Services (a)		497		24
Toreador Resources (a) (b)		1,383		15
Trico Marine Service (a) (b)		874		28
TXCO Resources (a)		3,013		35
Union Drilling (a)		904		12
US BioEnergy (a)		1,060		8
Vaalco Energy (a)		5,952		30
Venoco (a)		1,144		26
VeraSun Energy (a) (b)		3,026		41
Warren Resources (a)		5,510		84

22 First American Funds 2007 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES			VALUE

W-H Energy Services (a)		2,790		$	161
Whiting Petroleum (a) (b)		3,558			192
Willbros Group (a) (b)		2,388			91
World Fuel Services		2,667			118

					7,480
			��
Financials – 19.0%
1st Source		1,166			22
Abington Bancorp		962			9
ACA Capital Holdings (a) (b)		751			3
Acadia Realty Trust – REIT (b)		2,973			79
Advance America Cash Advance Centers		6,119			59
Advanta, Class B		3,044			48
Agree Realty – REIT		368			12
Alabama National BanCorporation		1,469			116
Alesco Financial (b)		5,555			22
Alexander’s – REIT (a)		214			86
Alexandria Real Estate Equities – REIT (b)		2,329			240
Alfa (b)		3,445			63
AMCORE Financial		2,238			53
American Campus Communities – REIT		1,617			46
American Equity Investment Life Holding (b)		5,711			56
American Financial Realty Trust – REIT		12,287			83
American Physicians Capital (b)		1,118			49
American West Bancorp		1,111			21
Ameris Bancorp		1,239			21
Amerisafe (a)		1,723			28
Amtrust Financial Services (b)		2,347			33
Anchor Bancorp (b)		1,921			47
Anthracite Capital – REIT		6,106			51
Anworth Mortgage Asset – REIT (b)		5,669			39
Apollo Investment (b)		7,623			159
Arbor Realty Trust – REIT		918			17
Ares Capital (b)		4,138			69
Argo Group International Holdings (a) (b)		2,636			112
Ashford Hospitality Trust – REIT (b)		10,140			100
Aspen Insurance		8,083			221
Assured Guaranty		6,216			143
Asta Funding (b)		1,139			40
Baldwin & Lyons, Class B		905			24
BancFirst		731			33
Banco Latinoamericano de Exportaciones		2,496			49
Bancorp Bank (a)		1,104			20
Bank Mutual		5,073			56
Bank of the Ozarks (b)		1,551			45
BankAtlantic Bancorp, Class A (b)		4,612			19
BankFinancial		1,730			28
BankUnited Financial, Class A (b)		2,794			24
Banner		1,220			40
Berkshire Hills Bancorp (b)		726			20
BioMed Realty Trust – REIT (b)		6,215			148
Boston Private Financial (b)		3,392			98
Brookline Bancorp (b)		5,782			62
Calamos Asset Management		2,561			87
Capital City Bank Group (b)		1,449			41
Capital Corporation of the West		1,032			20
Capital Lease Funding – REIT (b)		3,230			30
Capital Southwest (b)		304			37
Capital Trust – REIT (b)		1,497			50
Capitol Bancorp (b)		1,428			30
Cascade Bancorp (b)		2,280			44
Cash America International (b)		2,723			106
Cathay General Bancorp (b)		4,770			148
CBRE Realty Finance – REIT		1,153			6
Cedar Shopping Centers – REIT		4,180			54
Centennial Bank Holdings (a)		4,998			28
Center Financial		1,375			18
Centerline Holdings (b)		5,382			74
Central Pacific Financial		2,818			63
Chemical Financial (b)		2,275			57
Chittenden (b)		4,228			151
Citizens Banking (b)		6,942			106
Citizens (a) (b)		1,692			15
City Bank (b)		1,284			31
City Holdings		1,907			72
Clayton Holdings (a)		890			4
Clifton Savings Bancorp		2,036			22
CNA Surety (a)		1,651			33
CoBiz		1,846			33
Cohen & Steers (b)		1,571			59
Columbia Banking System		1,656			51
Commerce Group (b)		5,058			185
Community Bancorp – Nevada (a) (b)		218			4
Community Bank System		3,220			67
Community Banks		2,387			72
Community Trust Bancorp		1,395			41
Compass Diversified Trust		1,940			31
CompuCredit (a) (b)		1,865			37
Consolidated-Tomoka Land		558			38
Corporate Office Properties Trust – REIT (b)		3,730			154
Corus Bankshares (b)		3,569			39
Cousins Properties – REIT (b)		3,768			108
Cowen Group (a)		1,449			18
Crawford & Company (a)		1,640			11
Credit Acceptance (a)		469			11
Crystal River Capital – REIT		2,292			33
CVB Financial (b)		6,081			71
DCT Industrial Trust – REIT (b)		14,955			160
Deerfield Triarc Capital – REIT (b)		4,236			40
Delphi Financial Group, Class A (b)		3,982			154
Delta Financial (b)		1,515			8
DiamondRock Hospitality – REIT (b)		7,386			142
Digital Realty Trust – REIT (b)		4,886			215
Dime Community Bancshares		3,192			46
Dollar Financial (a)		1,471			48
Donegal Group, Class A		1,616			28
Downey Financial (b)		1,684			69
EastGroup Properties – REIT (b)		2,177			104
Education Realty Trust – REIT		2,645			34
eHealth (a) (b)		558			16
EMC Insurance Group		583			15
Employers Holdings		3,225			62
Encore Capital Group (a) (b)		1,474			17
Energy Infrastructure Acquisition (a)		2,046			20
Enstar Group		643			82
Enterprise Financial Services (b)		999			22
Entertainment Properties Trust – REIT (b)		2,444			134
Epoch Holdings		797			11
Equity Lifestyle Properties – REIT (b)		2,169			109
Equity One – REIT		4,053			106
eSpeed, Class A (a)		2,505			25
Evercore Partners		804			21
Extra Space Storage – REIT (b)		5,489			86
Ezcorp (a)		3,664			48
F.N.B. (b)		5,535			92
FBL Financial Group, Class A		922			37
FBR Capital Markets (a) (b)		2,837			36
Fcstone Group (a)		807			28
Federal Agricultural Mortgage, Class C (b)		1,135			33
FelCor Lodging Trust – REIT (b)		5,480			115
Financial Federal (b)		2,491			67
First Acceptance (a)		1,941			8
First Bancorp – North Carolina		1,267			23
First Bancorp of Puerto Rico (b)		7,238			64
First Busey		1,472			31

First American Funds 2007 Annual Report 23

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

First Cash Financial Services (a)		2,408	$	47
First Charter (b)		3,188		97
First Commonwealth Financial – Pennsylvania (b)		6,786		78
First Community Bancorp		1,945		95
First Community Bancshares – Nevada		982		34
First Financial – Indiana		1,210		37
First Financial Bancorp – Ohio		3,385		40
First Financial Bankshares		2,027		79
First Financial Holdings		1,377		40
First Indiana		1,313		42
First Industrial Realty Trust – REIT (b)		4,162		170
First Merchants		1,679		37
First Mercury Financial (a)		1,133		25
First Midwest Bancorp (b)		4,559		154
First Niagara Financial Group (b)		10,931		144
First Place Financial		1,642		27
First Potomac Realty Trust – REIT (b)		2,080		43
First Regional Bancorp (a)		929		22
First South Bancorp (b)		406		10
First State Bancorp – New Mexico		1,648		28
FirstBank, Fractional Shares (a) (c)		0.29		—
FirstFed Financial (a) (b)		1,619		69
FirstMerit (b)		7,382		157
Flagstar Bancorp		3,955		32
Flushing Financial		2,439		41
FPIC Insurance Group (a)		1,136		47
Franklin Bank (a) (b)		1,304		10
Franklin Street Properties – REIT (b)		5,302		86
Freedom Acquisition Holdings (a) (b)		5,127		68
Fremont General (b)		6,213		17
Friedman Billings Ramsey Group – REIT (b)		14,406		62
Frontier Financial (b)		3,591		80
GAMCO Investors		484		30
Getty Realty – REIT		2,175		62
GFI Group (a)		1,232		106
Glacier Bancorp		4,919		100
Gladstone Capital (b)		1,349		25
Glimcher Realty Trust – REIT		3,604		80
GMH Communities Trust – REIT		3,072		23
Gramercy Capital – REIT		1,222		32
Great Southern Bancorp		1,161		27
Greene County Bancshares		401		13
Greenhill & Company (b)		1,821		135
Grubb & Ellis (a)		1,449		12
Hallmark Financial Services (a)		379		6
Hancock Holding (b)		2,453		93
Hanmi Financial		4,137		46
Harleysville Group		1,584		49
Harleysville National (b)		2,656		40
Healthcare Realty Trust – REIT (b)		4,443		117
Heartland Financial USA		1,422		28
Hercules Technology Growth Capital		2,118		27
Heritage Commerce		1,355		25
Hersha Hospitality Trust – REIT		3,950		43
HFF (a)		1,466		15
Highwoods Properties – REIT (b)		5,317		191
Hilb, Rogal & Hobbs (b)		3,363		148
Hilltop Holdings (a)		4,528		54
Home Properties – REIT (b)		3,314		170
Horace Mann Educators		4,768		99
Horizon Financial		1,409		24
IBERIABANK		1,097		54
IMPAC Mortgage Holdings – REIT (b)		7,487		8
Imperial Capital Bancorp		645		14
Independence Holdings		669		11
Independent Bank – Michigan		2,070		22
Independent Bank (b)		1,482		44
Infinity Property & Casualty		1,778		72
Inland Real Estate – REIT (b)		5,327		79
Integra Bank		1,815		31
Interactive Brokers Group (a)		3,667		106
International Bancshares		4,438		97
International Securities Exchange		3,565		239
Investors Bancorp (a) (b)		3,982		60
Investors Real Estate Trust – REIT (b)		4,580		50
IPC Holdings		5,838		175
Irwin Financial		1,843		18
James River Group		943		32
JER Investment Trust – REIT (b)		1,874		21
Kansas City Life Insurance		60		3
KBW (a) (b)		2,683		81
Kearny Financial		1,963		26
Kite Realty Group Trust – REIT		2,652		48
KNBT Bancorp		2,849		49
Knight Capital Group, Class A (a) (b)		9,665		130
Kohlberg Capital		1,312		17
LaBranche (a)		5,215		29
Ladenburg Thalman Financial Services (a) (b)		8,982		17
Lakeland Bancorp		2,242		30
Lakeland Financial		1,186		25
LandAmerica Financial Group (b)		1,569		44
LaSalle Hotel Properties – REIT (b)		3,818		158
Lexington Corporate Properties Trust – REIT (b)		6,547		130
LTC Properties – REIT (b)		1,977		50
Luminent Mortgage Capital – REIT (b)		4,710		9
Macatawa Bank		2,010		22
Maguire Properties – REIT (b)		3,777		103
MainSource Financial Group (b)		1,403		24
Marathon Acquisition (a) (b)		3,471		28
MarketAxess Holdings (a) (b)		2,918		46
Max Capital Hamilton		5,531		156
MB Financial (b)		2,797		93
MCG Capital		4,745		66
Meadowbrook Insurance Group (a)		2,599		25
Medical Properties Trust – REIT (b)		3,089		41
Meruelo Maddux Properties (a)		3,510		17
MFA Mortgage Investments – REIT (b)		9,190		79
Mid-America Apartment Communities – REIT (b)		2,068		108
Midland		1,131		72
Midwest Banc Holdings (b)		1,484		20
Mission West Properties		1,707		20
Montpelier Holdings		10,251		184
Move (a)		9,856		25
MVC Capital (b)		2,225		38
Nara Bancorp		2,094		32
NASB Financial (b)		441		13
National Financial Partners (b)		3,826		209
National Health Investors – REIT		2,136		63
National Interstate		487		16
National Penn Bancshares (b)		5,055		85
National Penn Bancshares, Fractional Shares (a) (c)		0.50		—
National Retail Properties – REIT (b)		5,971		151
National Western Life Insurance, Class A		207		45
Nationwide Health Properties – REIT (b)		7,550		236
Navigators Group (a)		1,185		71
NBT Bancorp		3,119		77
Nelnet, Class A (b)		1,606		30
NewAlliance Bancshares (b)		10,799		151
Newcastle Investment – REIT (b)		4,029		60
Newstar Financial (a)		1,267		13
Nexcen Brands (a)		3,855		24
NorthStar Realty Finance – REIT (b)		5,745		54
Northwest Bancorp (b)		1,845		54

24 First American Funds 2007 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Novastar Financial – REIT (b)		897	$	5
NYMAGIC (b)		432		12
Ocwen Financial (a) (b)		3,645		27
Odyssey RE Holdings		2,598		97
Old National Bancorp (b)		6,092		102
Old Second Bancorp		1,511		43
Omega Financial		1,160		32
OMEGA Healthcare Investors – REIT (b)		5,774		97
optionsXpress Holdings		4,006		119
Oriental Financial Group		2,365		30
Pacific Capital Bancorp		4,313		89
Park National (b)		1,111		88
Parkway Properties – REIT		1,595		69
Partners Trust Financial Group		4,182		52
Patriot Capital Funding		1,674		21
PennantPark Investment (a)		1,834		24
Pennsylvania – REIT		2,947		112
Penson Worldwide (a)		1,334		23
Peoples Bancorp – Ohio		1,222		31
PFF Bancorp (b)		2,018		22
Phoenix Companies		10,464		144
Pinnacle Financial Partners (a)		1,134		33
Piper Jaffray Companies (a) (b)		1,828		94
Platinum Underwriters Holdings		5,489		198
PMA Capital (a)		3,171		31
Post Properties – REIT		4,002		164
Potlatch – REIT (b)		3,800		181
Presidential Life		1,981		35
Primus Guaranty (a) (b)		4,129		38
PrivateBancorp (b)		1,744		49
ProAssurance (a) (b)		2,895		160
Prospect Capital Corporation (b)		1,823		27
Prosperity Bancshares		2,869		93
Provident Bankshares (b)		2,957		73
Provident Financial Services (b)		6,041		96
Provident New York Bancorp		4,049		51
PS Business Parks – REIT		1,570		92
QC Holdings		687		10
Quadra Realty Trust (a)		1,618		13
RAIT Financial Trust – REIT (b)		5,623		51
Ramco-Gershenson Properties Trust – REIT		2,078		59
Realty Income – REIT (b)		7,848		232
Redwood Trust – REIT (b)		2,159		57
Renasant		1,526		35
Republic Bancorp – Kentucky, Class A		979		15
Resource Capital Corporation (b)		2,020		21
RLI		2,209		129
Rockville Financial		1,178		18
S&T Bancorp		2,275		75
Safety Insurance Group		1,413		51
Sanders Morris Harris Group		1,728		16
Sandy Spring Bancorp		1,544		46
Santander Bancorp		403		6
Saul Centers – REIT		1,077		59
SCBT Financial (b)		936		30
Scottish Group (a)		6,236		16
SeaBright Insurance Holdings (a)		1,643		27
Seacoast Banking (b)		1,666		24
Security Bank (b)		1,289		13
Security Capital Assurance (b)		2,186		29
Selective Insurance Group (b)		5,664		138
Senior Housing Properties Trust – REIT		6,521		146
Sierra Bancorp		444		12
Signature Bank (a)		2,581		88
Simmons First National, Class A		1,296		35
South Financial Group (b)		6,800		141
Southside Bancshares (b)		1,182		26
Southwest Bancorp – Oklahoma		1,500		28
Sovran Self Storage – REIT (b)		1,888		89
State Auto Financial		1,613		44
Sterling Bancorp		2,045		30
Sterling Bancshares (b)		6,824		83
Sterling Financial – Pennsylvania		2,421		44
Sterling Financial – Washington (b)		4,540		102
Stewart Information Services		1,899		55
Stifel Financial (a) (b)		1,447		82
Strategic Hotels & Resorts – REIT		6,914		151
Suffolk Bancorp		1,014		34
Sun Bancorp – New Jersey (a)		1,591		28
Sun Communities – REIT (b)		2,100		64
Sunstone Hotel Investors – REIT (b)		5,487		153
Superior Bancorp (a) (b)		1,590		12
Susquehanna Bancshares (b)		4,782		96
SVB Financial (a) (b)		3,144		163
SWS Group		2,330		44
SY Bancorp (b)		1,341		34
Tanger Factory Outlet Centers – REIT (b)		3,573		151
Taylor Capital Group		549		14
Technology Investment Capital (b)		1,541		20
Tejon Ranch (a)		1,076		43
Texas Capital Bancshares (a)		2,482		55
Thomas Properties Group		2,178		27
Thomas Weisel Partners Group (a) (b)		1,978		31
TierOne		1,656		38
Tompkins Trustco		895		37
Tower Group		2,054		62
Tradestation Group (a)		2,652		32
Triad Guaranty (a) (b)		920		7
TriCo Bancshares		1,619		36
TrustCo Bank Corporation of New York (b)		6,889		73
Trustmark (b)		4,488		121
UCBH Holdings (b)		9,162		156
UMB Financial (b)		2,331		98
Umpqua Holdings (b)		5,516		93
Union Bankshares		1,570		34
United American Indemnity (a)		2,262		50
United Bankshares		3,299		100
United Community Banks (b)		3,309		73
United Community Financial		3,229		21
United Fire & Casualty		1,773		57
United Security Bancshares (b)		762		13
Universal American Financial (a)		3,909		95
Universal Health Realty Income Trust – REIT		1,463		54
Univest Corporation of Pennsylvania		1,367		30
Urstadt Biddle Properties, Class A – REIT		2,727		45
US Global Investors (b)		1,084		25
USB Holding		1,331		29
USB Holding, Fractional Shares (a) (c)		0.10		—
U-Store-It Trust (b)		4,202		54
Virginia Commerce Bancorp (a) (b)		2,039		29
W Holding Company (b)		10,711		23
Waddell & Reed Financial, Class A (b)		8,315		276
Washington Real Estate Investment Trust – REIT (b)		4,131		146
Washington Trust Bancorp		1,508		38
WesBanco		1,917		44
West Coast Bancorp – Oregon		1,756		48
Westamerica Bancorporation (b)		2,756		133
Western Alliance Bancorp (a) (b)		1,156		26
Westfield Financial		1,508		15
Wilshire Bancorp		2,018		21
Winthrop Realty Trust – REIT		3,976		22
Wintrust Financial		2,215		81
World Acceptance (a) (b)		1,804		58

First American Funds 2007 Annual Report 25

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

WP Stewart & Company (b)		1,147	$	7
WSFS Financial		629		36
Zenith National Insurance (b)		3,595		144

				24,356

Healthcare – 13.4%
Abaxis (a)		2,198		64
ABIOMED (a) (b)		2,081		28
ACADIA Pharmaceuticals (a) (b)		2,852		44
Accuray (a) (b)		1,197		24
Acorda Therapeutics (a) (b)		2,282		46
Adams Respiratory Therapeutics (a) (b)		3,266		144
Affymax (a)		390		11
Affymetrix (a) (b)		6,291		160
Air Methods (a) (b)		1,072		58
Akorn (a) (b)		4,542		34
Albany Molecular Research (a) (b)		2,376		43
Alexion Pharmaceuticals (a)		3,214		246
Alexza Pharmaceuticals (a)		1,860		15
Align Technology (a) (b)		5,486		114
Alkermes (a)		9,221		149
Alliance Imaging (a)		1,826		18
Allos Therapeutics (a)		3,830		22
Allscripts Healthcare Solutions (a) (b)		5,076		141
Alnylam Pharmaceuticals (a) (b)		3,223		102
Alpharma, Class A (a)		3,975		82
Altus Pharmaceuticals (a)		1,946		27
AMAG Pharmaceuticals (a)		1,306		85
Amedisys (a) (b)		2,432		103
American Dental Partners (a)		1,149		28
American Medical Systems (a) (b)		6,867		88
AMERIGROUP (a) (b)		4,838		169
Amicus Therapeutics (a)		456		8
AMN Healthcare Services (a)		3,338		63
Amsurg, Class A (a)		2,929		77
Analogic		1,279		73
AngioDynamics (a)		2,033		41
Animal Health International (a)		1,082		12
Applera (a)		7,255		118
Apria Healthcare Group (a) (b)		4,057		98
Arena Pharmaceuticals (a) (b)		5,397		52
Ariad Pharmaceuticals (a)		6,456		33
ArQule (a) (b)		3,555		28
Array BioPharma (a) (b)		3,685		41
ArthroCare (a) (b)		2,643		171
Aspect Medical Systems (a)		1,734		24
Assisted Living Concept (a)		5,520		49
Auxilium Pharmaceuticals (a)		2,508		66
Beijing Medical Pharmaceuticals (a) (b)		2,443		30
Bentley Pharmaceuticals (a)		1,752		24
Biodel (a)		459		8
BioMarin Pharmaceutical (a) (b)		8,769		243
Biomimetic Therapeutics (a)		983		14
Bionovo (a) (b)		4,129		10
Bio-Rad Laboratories, Class A (a) (b)		1,713		165
Bio-Reference Labs (a)		1,193		38
Bradley Pharmaceuticals (a)		1,492		29
Bruker BioSciences (a)		5,958		62
Cadence Pharmaceuticals (a)		1,482		21
Cantel Medical (a)		1,056		19
Capital Senior Living (a) (b)		2,246		20
Caraco Pharmaceutical Laboratories (a)		1,326		21
Cell Genesys (a) (b)		6,033		21
Centene (a)		4,229		99
Cepheid (a)		5,051		131
Chemed		2,320		133
Computer Programs & Systems		820		20
Conceptus (a) (b)		2,354		52
CONMED (a)		2,594		74
Corvel (a)		778		21
Cross Country Healthcare (a)		2,940		46
CryoLife (a)		2,063		14
Cubist Pharmaceuticals (a) (b)		5,074		119
Cutera (a)		1,242		30
CV Therapeutics (a) (b)		5,648		58
Cyberonics (a) (b)		2,119		31
Cynosure (a)		696		26
Cypress Bioscience (a) (b)		3,358		45
Cytokinetics (a)		3,196		16
Cytrx (a) (b)		7,960		30
Datascope		1,208		44
Dendreon (a) (b)		8,003		60
Discovery Laboratories (a)		7,757		19
DJO (a)		2,240		112
Durect (a) (b)		6,337		37
Eclipsys (a)		4,188		94
Emergency Medical Services (a) (b)		851		26
Emergent Biosolutions (a)		540		5
Emeritus (a) (b)		511		17
Encysive Pharmaceuticals (a) (b)		5,796		8
Enzo Biochem (a)		2,661		32
Enzon (a) (b)		4,305		41
eResearch Technology (a)		3,591		40
ev3 (a) (b)		4,248		62
Exelixis (a) (b)		8,703		96
Genomic Health (a) (b)		1,285		33
Gentiva Health Services (a)		2,639		50
Genvec (a) (b)		6,075		15
Geron (a) (b)		6,732		51
Greatbatch (a) (b)		2,145		53
GTx (a)		1,525		24
Haemonetics (a)		2,434		125
Halozyme Therapeutics (a)		5,904		54
Hansen Medical (a) (b)		877		34
HealthExtras (a)		2,638		77
Healthsouth (a) (b)		7,220		145
HealthSpring (a)		4,385		92
Healthways (a) (b)		3,321		202
HMS Holdings (a)		1,925		55
Hologic (a)		10,356		703
Human Genome Sciences (a) (b)		12,312		116
Hythiam (a) (b)		2,682		20
ICU Medical (a) (b)		1,184		47
Idenix Pharmaceuticals (a)		2,550		7
I-Flow (a) (b)		2,189		40
Illumina (a) (b)		4,915		276
Immucor (a) (b)		6,316		204
Immunomedics (a)		5,324		12
Incyte (a) (b)		8,227		71
Indevus Pharmaceuticals (a)		5,346		41
Integra LifeSciences (a) (b)		1,650		80
InterMune (a) (b)		2,641		53
Invacare (b)		2,639		71
inVentiv Health (a) (b)		2,789		118
Inverness Medical Innovations (a) (b)		4,508		271
Isis Pharmaceuticals (a) (b)		8,009		141
Javelin Pharmaceuticals (a)		3,898		21
Kendle International (a) (b)		1,268		51
Kensey Nash (a)		1,063		29
Keryx Biopharmaceuticals (a) (b)		4,454		46
Kindred Healthcare (a) (b)		2,772		59
Kosan Biosciences (a)		3,899		20
K-V Pharmaceutical, Class A (a) (b)		3,550		111
Kyphon (a) (b)		4,350		308
LCA-Vision		1,840		31

26 First American Funds 2007 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

LHC Group (a) (b)		927	$	21
LifeCell (a) (b)		3,109		137
Ligand Pharmaceuticals		8,270		44
Luminex (a) (b)		3,303		53
Magellan Health Services (a)		3,588		151
MannKind (a) (b)		3,825		35
Martek Biosciences (a) (b)		2,958		90
Masimo (a)		359		12
Matria Healthcare (a) (b)		2,157		55
Maxygen (a)		2,706		20
Medarex (a) (b)		11,550		138
MedCath (a)		851		24
Medical Action Industries (a)		1,423		29
Medicines (a) (b)		4,744		91
Medicis Pharmaceutical, Class A (b)		5,121		152
Medivation (a)		1,957		41
Mentor (b)		3,496		149
Meridian Bioscience (b)		2,902		96
Merit Medical Systems (a)		2,618		34
Metabolix (a)		1,325		38
MGI Pharma (a) (b)		7,683		250
Micrus Endovascular (a)		1,376		27
Mine Safety Appliances		2,580		118
Minrad International (a)		4,319		19
Molecular Insight Pharmaceuticals (a)		459		3
Molina Healthcare (a) (b)		1,273		49
Momenta Pharmaceuticals (a)		2,429		32
MWI Veterinary Supply (a)		396		17
Myriad Genetics (a) (b)		3,730		206
NABI Biopharmaceuticals (a)		5,902		23
Nastech Pharmaceutical (a) (b)		2,252		31
National Healthcare		635		32
Natus Medical (a)		1,901		34
Nektar Therapeutics (a)		8,408		50
Neurocrine Biosciences (a) (b)		3,484		32
Neurogen (a) (b)		2,902		11
Nighthawk Radiology Holdings (a) (b)		1,933		45
Northstar Neuroscience (a)		1,109		15
Novacea (a)		606		5
Noven Pharmaceuticals (a) (b)		2,329		36
NuVasive (a)		3,421		146
NxStage Medical (a) (b)		1,853		27
Obagi Medical Products (a) (b)		212		5
Odyssey Healthcare (a)		3,400		35
Omnicell (a)		2,792		74
Omrix Biopharmaceuticals (a)		1,257		44
Onyx Pharmaceuticals (a) (b)		4,980		233
OraSure Technologies (a)		4,235		38
Orexigen Therapeutics (a)		669		10
Orthofix International (a)		1,517		82
OSI Pharmaceuticals (a) (b)		5,288		220
Osiris Therapeutics (a) (b)		1,172		17
Owens & Minor		3,715		151
Pain Therapeutics (a)		3,266		34
Palomar Medical Technologies (a) (b)		1,713		43
Par Pharmaceutical Companies (a)		3,426		63
PAREXEL International (a)		2,757		127
Penwest Pharmaceuticals (a)		2,136		18
Perrigo (b)		7,048		167
PharmaNet Development Group (a) (b)		1,712		55
Pharmerica (a) (b)		1,014		16
Pharmion (a) (b)		2,376		114
PolyMedica (b)		2,221		118
Poniard Pharmaceuticals (a)		2,133		10
POZEN (a) (b)		2,521		24
PRA International (a)		1,414		43
Progenics Pharmaceutical (a)		2,302		53
Protalix Biotherapeutics (a)		179		1
PSS World Medical (a) (b)		6,163		124
Psychiatric Solutions (a) (b)		5,206		206
Quidel (a)		2,667		55
Radiation Therapy Services (a) (b)		1,269		39
Regeneration Technologies (a)		2,731		29
Regeneron Pharmaceutical (a) (b)		5,837		128
RehabCare Group (a)		1,533		32
Res-Care (a)		2,235		55
Rigel Pharmaceuticals (a)		2,757		29
Salix Pharmaceuticals (a) (b)		4,324		51
Santarus (a) (b)		4,712		10
Savient Pharmaceuticals (a)		5,125		72
Sciele Pharma (a) (b)		2,915		74
Seattle Genetics (a) (b)		3,827		46
Senomyx (a) (b)		3,080		36
Sirona Dental Systems (a) (b)		1,720		58
Sirtris Pharmaceuticals (a) (b)		555		9
Skilled Healthcare Group (a)		2,054		34
Somaxon Pharmaceuticals (a)		932		8
Sonic Innovations (a)		2,419		25
SonoSite (a)		1,681		59
Spectranetics (a)		3,160		51
Stereotaxis (a)		2,403		37
STERIS (b)		5,950		173
Stewart Enterprises, Class A		9,121		83
Sun Healthcare Group (a)		3,938		64
Sunrise Senior Living (a)		4,100		152
SuperGen (a)		4,864		22
SurModics (a) (b)		1,392		79
Symmetry Medical (a) (b)		3,238		56
Telik (a) (b)		5,139		21
Tercica (a) (b)		3,023		19
Thoratec (a) (b)		5,046		101
Tomotherapy (a) (b)		564		12
TriZetto Group (a) (b)		4,401		72
Trubion Pharmaceuticals (a) (b)		792		11
United Therapeutics (a) (b)		1,906		130
Valeant Pharmaceuticals International (a) (b)		8,714		127
Vanda Pharmaceuticals (a) (b)		2,438		37
Varian (a)		2,812		208
Ventana Medical Systems (a)		2,555		225
Verenium Corporation (a) (b)		3,726		20
ViroPharma (a)		6,401		55
Visicu (a)		1,408		11
Vital Images (a) (b)		1,300		23
Vital Signs (b)		572		30
Vivus (a)		5,352		27
Volcano (a)		2,174		37
West Pharmaceutical Services		3,140		130
Wright Medical Group (a)		3,189		85
XenoPort (a)		1,966		96
XOMA (a) (b)		12,077		44
Zoll Medical (a)		1,894		46
ZymoGenetics (a) (b)		3,875		52

				17,247

Industrials – 15.2%
3D Systems (a) (b)		1,395		31
A.O. Smith		1,839		69
AAON		1,459		27
AAR (a) (b)		3,495		112
ABM Industries		4,068		96
ABX Air (a)		6,158		39
ACCO Brands (a) (b)		4,266		91
Accuride (a)		2,339		24
Actuant, Class A		2,643		182
Acuity Brands (b)		3,983		190

First American Funds 2007 Annual Report 27

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Administaff		2,212	$	88
Advisory Board (a) (b)		1,875		120
Aecom Technology (a)		3,691		125
Aerovironment (a)		496		13
AirTran Holdings (a) (b)		8,370		87
Alaska Air Group (a)		3,878		99
Albany International, Class A (b)		2,628		99
Allegiant Travel (a)		289		10
Altra Holdings (a)		916		15
Amerco (a) (b)		1,009		65
American Commercial Lines (a) (b)		6,039		90
American Ecology		1,487		36
American Railcar Industries (b)		933		21
American Reprographics (a) (b)		2,697		55
American Science & Engineering (b)		954		58
American Superconductor (a) (b)		3,693		100
American Woodmark (b)		1,194		30
Ameron International		859		93
Ampco-Pittsburgh		742		30
Amrep (b)		173		6
Apogee Enterprises		2,640		62
Applied Industrial Technology (b)		3,949		140
ARGON ST (a)		1,320		27
Arkansas Best (b)		2,067		57
Arrowhead Research (a) (b)		3,104		13
Asset Acceptance Capital		1,552		17
Astec Industries (a)		1,734		79
ASV (a) (b)		1,867		22
Atlas Air Worldwide Holdings (a)		1,223		72
AZZ (a)		1,068		36
Badger Meter (b)		1,228		47
Baldor Electric (b)		4,074		164
Barnes Group (b)		3,655		134
Barrett Business Services		720		12
Beacon Roofing Supply (a) (b)		4,059		36
BlueLinx Holdings		751		4
Bowne & Company (b)		2,952		51
Brady, Class A (b)		4,337		160
Briggs & Stratton (b)		4,535		102
Bright Horizons Family Solutions (a)		2,398		93
Bucyrus International (b)		3,379		279
Builders FirstSource (a)		1,121		8
Cascade		1,083		68
Casella Waste Systems (a)		2,084		31
CBIZ (a) (b)		5,386		48
CDI (b)		885		24
Celadon Group (a)		1,999		16
Cenveo (a) (b)		4,922		111
Ceradyne (a) (b)		2,493		171
Chart Industries (a)		1,159		38
Circor International		1,735		87
CLARCOR		4,753		173
Clean Harbors (a) (b)		1,520		75
Coleman Cable (a) (b)		769		10
Columbus McKinnon (a)		1,726		57
Comfort Systems USA (b)		4,171		61
Commercial Vehicle Group (a)		2,177		30
COMSYS IT Partners (a)		1,572		28
Consolidated Graphics (a)		965		62
Cornell (a)		645		16
CoStar Group (a) (b)		1,651		95
CPI (b)		477		16
CRA International (a) (b)		1,098		57
Cubic		1,393		63
Curtiss-Wright		4,051		228
Deluxe (b)		4,759		192
Diamond Management & Technology Consultation		2,589		28
Dollar Thrifty Automotive (a)		2,173		75
Dycom Industries (a)		3,966		112
Dynamex (a)		1,396		41
Dynamic Materials		1,218		67
DynCorp International (a)		2,585		59
Eagle Bulk Shipping (b)		3,826		130
EDO (b)		1,649		96
Electro Rent (a)		1,588		23
EMCOR Group (a)		5,848		201
Encore Wire (b)		2,152		45
Energy Conversion Devices (a) (b)		3,631		99
EnerSys (a)		1,961		36
ENGlobal (a) (b)		1,665		23
Ennis Business Forms		2,693		55
EnPro Industries (a)		2,074		85
ESCO Technologies (a) (b)		2,379		98
Esterline Technologies (a) (b)		2,345		128
Evergreen Solar (a) (b)		8,661		100
Exponent (a)		1,685		51
ExpressJet Holdings (a) (b)		4,746		16
Federal Signal		4,174		56
First Advantage (a)		357		7
Flow International (a)		3,417		29
Force Protection (a) (b)		6,241		112
Forward Air (b)		2,766		90
Franklin Electric (b)		1,769		77
FreightCar America		1,183		51
FTD Group		1,647		23
FTI Consulting (a)		3,913		212
FuelCell Energy (a) (b)		5,536		56
Fuel-Tech (a) (b)		1,587		47
G&K Services, Class A		1,973		80
Gehl Company (a)		690		13
Genco Shipping & Trading (b)		1,629		117
GenCorp (a) (b)		5,144		61
Genesee & Wyoming, Class A (a)		3,257		96
Genlyte Group (a) (b)		2,529		165
Geo Group (a) (b)		4,765		151
Geoeye (a) (b)		1,605		50
GEVITY HR		2,241		22
Global Cash Access Holdings (a)		3,239		32
Goodman Global (a) (b)		3,002		74
Gorman-Rupp		1,052		41
Granite Construction (b)		3,407		146
Great Lakes Dredge & Dock (a)		231		2
Greenbrier Companies (b)		1,332		36
Griffon (a)		2,734		42
H & E Equipment Services (a)		1,205		21
Hardinge		1,018		33
Healthcare Services Group (b)		3,903		86
Heartland Express (b)		5,315		74
HEICO (b)		2,025		110
Heidrick & Struggles International (a) (b)		1,804		78
Herman Miller		5,823		159
Hexcel (a) (b)		8,648		216
Horizon Lines, Class A (b)		3,084		97
Houston Wire & Cable (a) (b)		1,543		27
Hub Group (a) (b)		3,555		90
Hudson Highland Group (a)		2,313		27
Hurco (a)		512		29
Huron Consulting Group (a) (b)		1,790		125
ICT Group (a)		700		8
IHS, Class A (a)		2,798		176
II-VI (a)		2,311		80
IKON Office Solutions		9,860		130
InnerWorkings (a) (b)		2,137		34
Innovative Solutions & Support (a)		1,156		25

28 First American Funds 2007 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Insituform Technologies, Class A (a) (b)		2,674	$	38
Insteel Industries		1,440		17
Integrated Electrical Services (a) (b)		1,226		29
Interline Brands (a)		2,665		64
Ionatron (a) (b)		2,726		10
Jackson Hewitt Tax Service		2,963		93
JetBlue Airways (a) (b)		16,373		149
Kadant (a)		1,278		42
Kaman		2,444		92
Kaydon (b)		2,680		144
Kelly Services, Class A		1,918		40
Kenexa (a) (b)		2,317		68
Kforce (a)		2,861		34
Knight Transportation (b)		5,631		90
Knoll		3,139		60
Korn/ Ferry International (a)		4,083		78
Labor Ready (a)		4,257		75
Ladish (a)		1,448		66
Lawson Products		438		16
Layne Christensen (a)		1,088		62
LB Foster (a)		1,054		45
LECG (a)		2,007		35
Lindsay Manufacturing (b)		1,134		56
LSI Industries (b)		2,083		39
Marten Transport (a)		1,647		23
MasTec (a)		3,725		59
McGrath Rentcorp		2,280		78
Medis Technologies (a) (b)		2,114		30
Mercury Computer Systems (a)		2,038		32
Michael Baker (a)		662		35
Middleby (a)		1,378		90
Midwest Air Group (a)		2,255		37
Miller Industries (a)		987		14
Mobile Mini (a)		3,423		61
Moog, Class A (a)		3,475		160
MTC Technologies (a)		998		18
Mueller Industries		3,463		125
Mueller Water Products, Class A (b)		10,524		124
Multi Color		441		10
NACCO Industries, Class A		516		53
Navigant Consulting (a) (b)		5,328		70
NCI Building Systems (a) (b)		1,850		72
Nordic American Tanker Shipping (b)		2,469		96
Nordson (b)		2,847		152
NuCo2 (a)		1,122		29
Odyssey Marine Exploration (a)		3,769		26
Old Dominion Freight Lines (a)		2,986		67
On Assignment (a)		2,631		22
Orbital Sciences (a) (b)		5,442		139
Pacer International		3,378		50
Park-Ohio Holdings (a)		736		18
Patriot Transportation Holdings (a)		60		6
PeopleSupport (a)		2,270		26
Perini (a)		2,448		140
PGT (a)		599		5
PHH (a)		4,907		110
Pico Holdings (a)		919		38
Pike Electric (a)		1,214		24
Pinnacle Airlines (a)		1,805		29
Polypore International (a)		703		12
Portfolio Recovery Associates (b)		1,592		72
Powell Industries (a)		741		31
Power-One (a) (b)		6,881		39
Preformed Line Products		24		1
Pre-Paid Legal Services (a)		826		49
Protection One (a)		244		3
Raven Industries		1,711		74
RBC Bearings (a)		2,113		85
Regal-Beloit (b)		2,931		144
Republic Airways Holdings (a)		3,070		65
Resources Connection (b)		4,735		108
Robbins & Myers		1,370		99
Rollins		2,598		79
RSC Holdings (a)		1,911		28
Rush Enterprises (a)		3,043		52
Saia (a)		1,442		20
SAIC (a)		8,003		158
Schawk		1,597		36
School Specialty (a)		1,961		66
Sequa, Class A (a)		651		113
SI International (a)		1,057		30
Simpson Manufacturing (b)		3,383		101
SkyWest (b)		5,918		162
Sotheby’s Holdings, Class A (b)		6,219		337
Spherion (a)		5,172		45
Standard Parking (a)		527		23
Standard Register		1,611		21
Standex International		1,216		26
Stanley (a)		734		19
Star Maritime Acquisition (a) (b)		1,950		29
Sun Hydraulics		1,023		37
TAL International Group		1,310		31
Taleo (a)		1,400		39
TBS International (a)		446		28
Team (a) (b)		1,312		42
Tecumseh Products, Class A (a)		1,419		26
Teledyne Technologies (a)		3,324		174
Teletech Holdings (a)		3,833		96
Tennant		1,453		69
Tetra Tech (a) (b)		5,328		124
The Lamson & Sessions Company (a)		1,434		39
The Provident Service (a)		996		32
Titan International		2,172		66
TransDigm Group (a)		839		38
Tredegar		2,993		52
Trex (a) (b)		1,219		13
Triumph Group		1,511		120
TurboChef Technologies (a)		1,803		28
Twin Disc (b)		419		28
UAP Holding		4,721		150
Ultrapetrol Bahamas (a)		1,396		26
United Industrial		782		63
United Stationers (a)		2,554		148
Universal Forest Products		1,531		55
Universal Technical Institute (a)		2,199		41
Universal Truckload Services (a)		355		6
Valmont Industries (b)		1,816		174
Viad		1,986		70
Vicor		1,784		25
Volt Information Sciences (a)		1,408		22
Wabash National		2,800		28
Walter Industries		4,775		146
Washington Group International (a)		2,677		261
Waste Connections (a)		6,048		204
Waste Services (a)		789		7
Watsco		2,100		87
Watson Wyatt & Company Holdings (b)		4,001		191
Watts Water Technologies, Class A (b)		2,749		78
Werner Enterprises (b)		4,266		81
Westinghouse Air Brake Technologies		4,468		168
Woodward Governor		2,749		184

				19,488

First American Funds 2007 Annual Report 29

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Information Technology – 18.5%
3Com (a)		35,687	$	174
Acacia Research – Acacia Technology (a)		2,877		47
ACI Worldwide (a)		3,408		78
Acme Packet (a)		2,025		29
Actel (a)		2,542		29
Actuate (a) (b)		5,823		51
Adaptec (a)		10,852		38
ADTRAN		5,401		130
Advanced Analogic Technologies (a) (b)		3,062		37
Advanced Energy Industries (a)		3,083		49
Advent Software (a) (b)		1,682		93
Agilysys		2,262		39
Airvana (a)		777		5
AMIS Holdings (a)		4,359		33
Amkor Technology (a) (b)		9,658		109
ANADIGICS (a) (b)		5,187		76
Anaren (a)		1,572		25
Andrew (a) (b)		14,280		209
Anixter International (a) (b)		2,832		203
Ansoft (a) (b)		1,494		45
ANSYS (a)		6,482		252
Applied Micro Circuits (a) (b)		25,970		84
Ariba (a)		7,244		94
Arris Group (a) (b)		9,997		115
Art Technology Group (a) (b)		11,382		52
AsiaInfo Holdings (a)		2,904		35
Aspen Technology (a)		8,077		141
Asyst Technologies (a)		4,766		23
Atheros Communications (a) (b)		5,305		186
ATMI (a)		3,142		101
Audiovox (a)		1,539		18
Authorize Net Holdings (a) (b)		2,811		66
Avanex (a) (b)		16,984		31
Avid Technology (a) (b)		4,101		121
Avocent (a) (b)		4,742		128
Axcelis Technologies (a) (b)		9,321		44
Bankrate (a) (b)		1,044		48
BearingPoint (a) (b)		18,317		88
Bel Fuse		1,053		33
Belden CDT (b)		4,184		244
Benchmark Electronics (a) (b)		6,271		129
Black Box		1,591		64
Blackbaud		4,030		109
Blackboard (a) (b)		2,619		131
Blue Coat Systems (a)		2,535		103
Borland Software (a) (b)		6,666		29
Bottomline Technologies (a)		1,567		25
Brightpoint (a) (b)		4,663		76
Brooks Automation (a)		7,341		95
Cabot Microelectronics (a)		2,181		87
CACI International, Class A (a) (b)		2,833		153
Cass Information Systems		600		22
Cavium Networks (a) (b)		281		8
C-COR.net (a)		4,721		58
Checkpoint Systems (a) (b)		3,803		115
Chordiant Software (a)		3,002		43
CIBER (a)		4,978		39
Cirrus Logic (a)		8,602		53
CMGI (a)		45,449		64
CNET Networks (a)		13,866		112
Cogent (a)		3,992		59
Cognex		4,056		73
Coherent (a)		2,884		95
Cohu		2,285		37
Commvault Systems (a)		3,253		66
Comscore (a)		545		20
Comtech Group (a) (b)		1,510		32
Comtech Telecommunications (a) (b)		2,212		120
Comverge (a) (b)		501		18
Concur Technologies (a)		3,176		114
Conexant Systems (a)		47,275		60
CPI International (a)		730		15
Cray (a)		2,976		18
Credence Systems (a)		9,840		30
CSG Systems International (a)		3,978		82
CTS		3,290		41
CyberSource (a) (b)		2,806		46
Cymer (a) (b)		2,910		124
Daktronics (b)		2,914		87
Data Domain (a)		536		18
DealerTrack Holdings (a) (b)		3,061		150
Digi International (a)		2,412		39
Digital River (a) (b)		3,791		201
Diodes (a)		2,742		91
Dionex (a)		1,744		153
Ditech Networks (a)		2,560		13
Divx (a)		2,129		27
Double-take Software (a)		769		18
DSP Group (a)		2,612		41
DTS (a) (b)		1,918		55
Eagle Test Systems (a)		270		3
EarthLink (a) (b)		11,272		89
Echelon (a) (b)		2,744		60
Electro Scientific Industries (a)		2,787		61
Electronics for Imaging (a) (b)		5,210		119
Emulex (a)		7,826		169
Enernoc (a)		343		16
Entegris (a)		11,119		101
Epicor Software (a)		5,861		68
EPIQ Systems (a)		2,149		42
Equinix (a) (b)		2,977		347
Euronet Worldwide (a) (b)		4,204		135
Exar (a)		2,240		27
Excel Technologies (a)		1,115		31
Exlservice Holdings (a) (b)		2,072		56
Extreme Networks (a)		11,724		51
FalconStor Software (a)		2,934		41
FARO Technologies (a)		1,345		39
FEI (a) (b)		3,251		94
Finisar (a) (b)		23,084		54
FLIR Systems (a) (b)		6,079		422
FormFactor (a)		4,350		170
Forrester Research (a)		1,591		38
Foundry Networks (a) (b)		13,359		282
Gartner, Class A (a)		6,325		138
Genesis Microchip (a)		3,490		26
Gerber Scientific (a)		2,332		26
Glu Mobile (a)		646		6
Greenfield Online (a)		1,990		30
Harmonic (a)		7,256		89
Harris Stratex Networks, Class A (a) (b)		2,482		47
Heartland Payment Systems (b)		1,095		33
Hittite Microwave (a)		1,101		55
Hughes Communications (a)		113		7
Hutchinson Technology (a)		2,491		59
Hypercom (a)		4,884		26
i2 Technologies (a) (b)		1,463		25
Ibasis		3,041		24
iGATE (a)		2,232		20
Imation		3,111		69
Imergent (b)		1,129		27
Immersion (a) (b)		2,384		39
Infinera Corporation (a) (b)		841		19

30 First American Funds 2007 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Informatica (a)		8,024	$	137
Information Services Group (a)		3,140		24
InfoSpace (b)		3,025		58
infoUSA		3,212		34
Integral Systems		1,062		24
Interactive Intelligence (a)		1,194		31
Interdigital (a)		4,301		92
Intermec (a) (b)		4,994		127
Internap Network Services (a)		4,486		75
Internet Capital Group (a)		3,544		45
InterVoice (a)		3,562		35
Interwoven (a)		4,154		59
Intevac (a)		2,153		38
iPass (a)		4,628		22
IPG Photonics (a)		977		19
Isilon Systems (a)		781		4
Itron (a) (b)		2,536		273
Ixia (a)		4,018		42
IXYS (a)		2,622		28
J2 Global Communications (a) (b)		4,526		152
Jack Henry & Associates (b)		7,421		217
JDA Software (a)		2,354		59
KEMET (a)		7,699		54
Keynote Systems (a)		207		3
Kulicke & Soffa (a) (b)		5,514		42
L-1 Identity Solutions (a) (b)		5,430		101
Landauer		915		45
Lattice Semiconductor (a)		10,525		44
Lawson Software (a)		12,236		138
Limelight Networks (a) (b)		1,687		22
Lionbridge Technologies (a)		5,550		26
Liquidity Services (a)		801		10
Littelfuse (a) (b)		2,039		65
Liveperson (a)		3,366		19
Lo-Jack (a) (b)		1,856		33
LoopNet (a)		2,486		47
Loral Space & Communications (a)		869		35
LTX (a)		6,070		20
Macrovision (a) (b)		4,864		117
Magma Design Automation (a) (b)		3,414		51
Magna Entertainment (a)		4,576		10
Manhattan Associates (a)		2,473		75
ManTech International (a)		1,698		67
Marchex (b)		2,566		29
Mattson Technology (a)		4,796		42
Maximus		2,012		96
Measurement Specialties (a) (b)		1,441		40
Mentor Graphics (a) (b)		7,859		126
Mercadolibre (a) (b)		1,470		66
Methode Electronics, Class A		3,423		43
Micrel		5,094		46
Micros Systems (a) (b)		3,774		271
Microsemi (a) (b)		6,865		183
MicroStrategy (a)		877		86
Microtune (a)		5,204		31
Midway Games (a) (b)		2,121		7
MIPS Technologies, Class A (a)		4,225		33
MKS Instruments (a) (b)		4,516		91
Monolithic Power Systems (a)		2,018		44
Monotype Imaging Holdings (a)		405		6
MPS Group (a) (b)		9,403		115
MRV Communications (a) (b)		12,910		37
MSC.Software (a)		4,025		56
MTS Systems (b)		1,627		72
Multi-Fineline Electronix (a) (b)		833		12
Ness Technologies (a)		2,071		24
Net 1 UEPS Technologies (a) (b)		3,835		123
Netezza (a)		212		3
NETGEAR (a) (b)		3,361		119
Netlogic Microsystems (a)		1,646		55
Network Equipment Technologies (a)		2,418		36
Newport (a) (b)		3,206		44
Nextwave Wireless (a)		2,487		15
NIC		3,511		26
Novatel Wireless (a)		2,790		73
Nuance Communications (a)		12,350		273
Omniture (a) (b)		2,592		89
OmniVision Technologies (a) (b)		5,235		116
ON Semiconductor (a) (b)		22,259		227
On2 Technologies (a) (b)		10,350		12
Online Resources (a)		2,314		21
Opentv (a)		8,591		12
Openwave Systems		8,003		32
Oplink Communications (a)		1,804		27
Opnext (a) (b)		1,712		20
Optium (a)		1,123		12
Orbcomm (a)		2,406		20
OSI Systems (a)		1,596		40
OYO Geospace (a)		407		44
Packeteer (a) (b)		3,415		30
Palm (a) (b)		9,015		81
Parametric Technology (a)		10,533		201
Park Electrochemical (b)		1,853		58
PC Connection (a)		853		13
PDF Solutions (a)		2,049		16
Pegasystems		1,230		14
Perficient (a)		2,687		51
Pericom Semiconductor (a)		2,709		40
Perot Systems, Class A (a)		8,006		117
Phase Forward (a)		3,505		83
Photronics (a) (b)		4,101		45
Plantronics (b)		4,408		121
Plexus (a)		4,249		110
PLX Technology (a)		2,582		27
PMC-Sierra (a)		19,594		177
Polycom (a) (b)		8,470		237
Powerwave Technologies (a) (b)		11,402		63
Progress Software (a) (b)		3,762		123
Pros Holdings (a)		715		13
QAD		1,425		13
Quality Systems (b)		1,561		57
Quantum (a) (b)		19,343		77
Quest Software (a) (b)		6,257		109
Rackable Systems (a) (b)		2,859		39
Radiant Systems (a)		2,518		41
RadiSys (a)		2,060		28
RealNetworks (a)		9,369		68
Renaissance Learning (b)		781		11
RF Micro Devices (a) (b)		17,810		111
RightNow Technologies (a) (b)		1,551		31
Rimage (a)		927		24
Rofin-Sinar Technologies (a)		1,426		112
Rogers (a)		1,621		79
Rudolph Technologies (a)		2,405		31
S1 (a)		5,032		42
Safeguard Scientifics (a) (b)		12,414		29
Sapient (a)		7,476		52
SAVVIS (a) (b)		2,520		95
ScanSource (a)		2,491		92
SeaChange International (a)		2,701		17
Secure Computing (a) (b)		4,272		42
Semitool (a)		1,777		16
Semtech (a) (b)		6,099		104
Sigma Designs (a) (b)		2,553		150

First American Funds 2007 Annual Report 31

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE

Silicon Graphics (a) (b)		598	$	11
Silicon Image (a)		7,972		51
Silicon Storage Technology (a)		8,899		30
Sirenza Microdevices (a)		3,607		60
SiRF Technology Holdings (a) (b)		5,050		151
Skyworks Solutions (a) (b)		15,614		144
Smart Modular Technologies (a)		4,598		41
Smith Micro Software (a) (b)		2,718		42
Sohu.com (a) (b)		2,520		151
Solera Holdings (a)		2,408		52
Sonic Solutions (a) (b)		2,617		31
SonicWALL (a) (b)		5,855		61
Sonus Networks (a) (b)		23,156		160
Sourcefire (a)		608		6
Sourceforge (a)		6,416		17
Spansion (a)		8,250		58
SPSS (a)		1,687		64
SRA International, Class A (a)		3,588		99
Standard Microsystems (a)		2,277		89
Starent Networks (a)		477		12
STEC (a) (b)		2,968		19
Stratasys (a)		1,992		52
Super Micro Computer (a)		847		8
Superior Essex (a)		1,861		62
Supertex (a)		1,143		42
Switch & Data Facilities (a)		1,170		23
Sybase (a) (b)		8,375		240
Sycamore Networks (a)		16,901		72
Sykes Enterprises (a)		2,700		48
Symmetricom (a)		4,888		23
Synaptics (a) (b)		2,422		132
Synchronoss Technologies (a) (b)		1,690		68
SYNNEX (a)		890		20
Syntel (b)		825		35
Take-Two Interactive Software (a) (b)		6,688		126
TASER International (a) (b)		5,693		95
Technitrol		3,989		117
Techtarget (a) (b)		706		12
Techwell (a) (b)		1,372		17
Tekelec (a) (b)		5,587		74
Terremark Worldwide (a)		4,757		37
Tessera Technologies (a) (b)		4,540		173
The Knot (a) (b)		2,532		49
TheStreet.com (b)		1,897		26
THQ (a)		6,137		166
TIBCO Software (a) (b)		19,120		175
TNS		2,489		40
Travelzoo (a)		678		12
Trident Microsystems (a) (b)		5,237		39
TriQuint Semiconductor (a)		13,739		86
TTM Technologies (a)		3,869		50
Tyler Technologies (a)		3,572		58
Ultimate Software Group (a)		2,240		77
Ultra Clean Holdings (a)		1,741		22
Ultratech (a) (b)		2,131		25
Unica (a)		900		12
United Online (b)		5,483		96
Universal Display (a)		2,606		49
UTStarcom (a) (b)		9,741		31
ValueClick (a)		9,155		249
Vasco Data Security International (a)		2,400		63
Veeco Instruments (a) (b)		2,900		52
Veraz Networks (a) (b)		572		5
ViaSat (a)		2,273		69
Vignette (a)		2,620		45
Visual Sciences (a)		1,807		33
Vocus (a) (b)		1,189		43
Volterra Semiconductor (a) (b)		1,934		24
Websense (a)		4,125		76
Wind River Systems (a)		6,845		86
Wright Express (a) (b)		3,964		153
X-Rite (b)		2,384		33
Zoran (a)		4,821		123
Zygo (a)		1,499		18

				23,755

Materials – 5.5%
A. Schulman		2,361		56
A.M. Castle & Company		980		29
AEP Industries (a)		745		30
Alpha Natural Resources (a)		5,723		157
AMCOL International (b)		2,286		92
American Vanguard		1,915		34
Apex Silver Mines (a) (b)		5,378		110
AptarGroup		6,347		284
Arch Chemicals		2,229		102
Balchem		1,712		37
Brush Engineered Metals (a)		1,909		92
Buckeye Technologies (a)		3,161		57
Calgon Carbon (a) (b)		3,862		58
Cambrex		2,782		32
Century Aluminum (a)		2,320		135
CF Industries Holdings (b)		5,150		453
Chesapeake (b)		1,950		14
Claymont Steel Holdings (a)		528		11
Coeur D’Alene Mines (a) (b)		27,340		108
Compass Minerals International		2,775		102
Deltic Timber		1,002		56
Ferro		3,979		82
Flotek Industries (a) (b)		1,664		85
General Moly (a) (b)		4,451		43
Georgia Gulf (b)		3,154		38
Gibraltar Industries		2,166		39
Glatfelter		3,870		62
GrafTech International (a)		9,106		172
Graphic Packaging (a)		8,155		40
Greif, Class A		3,043		194
H.B. Fuller (b)		5,562		164
Haynes International (a)		1,068		93
Headwaters (a) (b)		3,614		52
Hecla Mining (a) (b)		11,723		113
Hercules		11,032		208
Innophos Holdings		1,906		30
Innospec		2,202		47
Kaiser Aluminum		1,384		105
Koppers Holdings		1,608		72
Landec (a)		1,993		30
LSB Industries (a) (b)		1,355		37
Mercer International (a) (b)		2,654		25
Metal Management		2,349		123
Minerals Technologies		1,751		123
Myers Industries		2,569		54
Neenah Paper		1,153		39
NewMarket Group		1,403		75
NL Industries		909		10
Northwest Pipe (a)		820		30
Olin (b)		6,762		154
Olympic Steel		865		23
OM Group (a)		2,734		145
PolyOne (a)		8,528		68
Quanex		3,402		140
Rock-Tenn, Class A (b)		3,087		90
Rockwood Holdings (a) (b)		3,128		122
Royal Gold (b)		1,904		67
RTI International Metals (a)		2,105		165

32 First American Funds 2007 Annual Report


Small Cap Index Fund (continued)
DESCRIPTION		SHARES		VALUE

Schnitzer Steel Industries, Class A (b)			2,007	$	133
Schweitzer-Mauduit International			1,541		43
Sensient Technologies			4,500		135
Shengda Technologies (a) (b)			1,586		13
Silgan Holdings (b)			2,353		128
Spartech			2,932		45
Stepan			370		13
Stillwater Mining (a) (b)			3,834		43
Symyx Technologies (a)			3,048		28
Terra Industries (a) (b)			8,515		314
Texas Industries (b)			2,399		175
Tronox			3,802		31
Universal Stainless & Alloy (a)			609		23
Uranium Resources (a) (b)			4,785		60
US Concrete (a)			3,452		17
Us Gold Corporation (a)			4,718		22
USEC (a) (b)			9,339		82
Valhi			232		6
W.R. Grace & Company (a) (b)			6,674		198
Wausau-Mosinee Paper (b)			4,342		43
Wheeling-Pittsburgh (a) (b)			912		18
Worthington Industries (b)			6,336		158
Zoltek Companies (a)			1,996		88

					7,024

Telecommunication Services – 1.6%
Alaska Communications Systems Group			4,335		70
Aruba Networks (a) (b)			730		14
Atlantic Tele-Network (b)			544		20
Bigband Networks (a)			1,130		7
Cbeyond (a) (b)			1,892		74
Centennial Communications, Class A (a)			2,215		23
Cincinnati Bell (a) (b)			24,288		132
Cogent Communications Group (a) (b)			4,581		127
Consolidated Communications Holdings			1,433		28
Dobson Communications, Class A (a)			13,402		173
EMS Technologies (a) (b)			1,566		44
FairPoint Communications (b)			2,705		50
Fibertower (a) (b)			9,440		30
General Communication, Class A (a)			5,258		62
Global Crossing (a) (b)			2,215		47
GlobalStar (a) (b)			1,207		10
Golden Telecom (b)			1,442		149
Hungarian Telephone & Cable (a)			329		6
ICO Global Communication Holdings (a)			9,431		41
IDT (b)			4,603		37
InPhonic (a) (b)			2,265		1
Iowa Telecommunication Services (b)			3,081		61
iPCS (a)			1,539		55
North Pittsburgh			1,530		37
NTELOS Holdings (a) (b)			2,523		76
Paetec Holding (a) (b)			6,445		87
Premiere Global Services (a)			6,491		107
Rural Cellular (a)			1,119		50
Shenandoah Telecommunications (b)			2,142		51
SureWest Communications			1,326		35
Syniverse Holdings (a)			2,334		39
Time Warner Telecom, Class A (a) (b)			13,378		311
USA Mobility			2,117		33
Vonage Holdings (a) (b)			5,930		12

					2,099
Utilities – 2.8%
Allete (b)			2,470		108
American States Water			1,868		85
Aquila (a) (b)			34,359		144
Avista			4,837		107
Black Hills (b)			3,270		145
California Water Service (b)			1,881		83
Central Vermont Public Service			933		30
CH Energy Group			1,528		71
CLECO			5,422		143
Consolidated Water (b)			1,318		44
El Paso Electric (a)			4,198		102
Empire District Electric			2,984		72
EnergySouth			721		41
IDACORP (b)			4,033		141
ITC Holdings (b)			3,897		223
Laclede Group			2,348		82
MGE Energy (b)			2,273		76
New Jersey Resources			2,626		129
Nicor (b)			4,129		179
Northwest Natural Gas			2,315		111
NorthWestern			3,492		96
Ormat Technologies			751		40
Otter Tail			2,898		100
Piedmont Natural Gas (b)			6,722		172
PNM Resources (b)			6,569		164
Portland General Electric			2,776		78
SEMCO Energy (a)			345		3
SJW (b)			1,623		57
South Jersey Industries			3,095		116
Southwest Gas			3,863		115
Southwest Water			2,261		29
UIL Holdings			2,504		88
UniSource Energy Holding (b)			3,233		103
Westar Energy (b)			8,284		221
WGL Holdings			4,200		142

					3,640

Total Common Stocks (Cost $89,833)					127,183

Warrants – 0.0%
Pegasus Wireless Warrants (b) (c)
	(Cost $0)		604		—

Short-Term Investments – 0.9%
Money Market Fund – 0.6%
First American Prime Obligations Fund, Class Z (d)			694,842		695

U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
	3.813%, 01/24/2008 (e)	$	400		396

Total Short-Term Investments (Cost $1,090)					1,091

Investment Purchased with Proceeds from Securities Lending – 47.4%
Mount Vernon Securities Lending Prime Portfolio (f)
	(Cost $60,855)		60,854,734		60,855

Total Investments – 147.4% (Cost $151,778)					189,129

Other Assets and Liabilities, Net – (47.4)%					(60,813	)

Total Net Assets – 100.0%				$	128,316


(a)	Non-income producing security.

(b)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $59,078 at October 31, 2007. See note 2 in Notes to Financial Statements.

(c)	Security is fair valued and illiquid. As of October 31, 2007, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

First American Funds 2007 Annual Report 33

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)

Small Cap Index Fund (concluded)


(d)	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.

(e)	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 2007. See note 2 in Notes to Financial Statements.

(f)


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts

Number of

Notional

Contracts

Contract

Settlement

Unrealized

Description

Purchased

Value

Month

Appreciation

Russell 2000 Index Futures

416

December 2007

34 First American Funds 2007 Annual Report

Small Cap Index Fund (concluded)

(This page intentionally left blank.)


Statements of Assets and Liabilities	October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data


	Equity			Mid Cap		Small Cap
	Index Fund			Index Fund		Index Fund

Investments in unaffiliated securities, at cost	$	1,076,458		$	240,514	$	90,228
Investments in affiliated securities, at cost		13,310			26,183		695
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		432,259			144,912		60,855

ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	1,969,549		$	338,721	$	127,579
Investments in affiliated securities, at value (note 2)		16,007			26,183		695
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		432,259			144,912		60,855
Cash		32			52		82
Receivable for dividends and interest		1,921			302		103
Receivable for investment securities sold		—			311		300
Receivable for capital shares sold		610			54		32
Receivable for variation margin		123			448		7
Prepaid expenses and other assets		36			45		36

Total assets		2,420,537			511,028		189,689

LIABILITIES:
Payable upon return of securities loaned (note 2)		432,259			144,912		60,855
Payable for investment securities purchased		—			575		107
Payable for capital shares redeemed		1,428			284		331
Payable to affiliates (note 3)		624			138		70
Payable for distribution and shareholder servicing fees		92			13		6
Accrued expenses and other liabilities		11			6		4

Total liabilities		434,414			145,928		61,373

Net assets	$	1,986,123		$	365,100	$	128,316

COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,070,170		$	232,474	$	79,794
Undistributed (distributions in excess of) net investment income		(11	)		371		84
Accumulated net realized gain on investments (note 2)		20,031			33,791		11,078
Net unrealized appreciation of investments		895,788			98,207		37,351
Net unrealized appreciation of futures contracts		145			257		9

Net assets	$	1,986,123		$	365,100	$	128,316

* Including securities loaned, at value	$	424,260		$	141,917	$	59,078

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

36 First American Funds 2007 Annual Report


	Equity		Mid Cap		Small Cap
	Index Fund		Index Fund		Index Fund

Class A:
Net assets	$	213,957	$	17,868	$	9,109
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		7,462		1,139		593
Net asset value and redemption price per share	$	28.67	$	15.69	$	15.37
Maximum offering price per share¹	$	30.34	$	16.60	$	16.26
Class B:
Net assets	$	31,343	$	2,248	$	1,245
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1,109		146		84
Net asset value, offering price, and redemption price per share²	$	28.27	$	15.36	$	14.86
Class C:
Net assets	$	19,585	$	5,287	$	2,916
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		688		343		194
Net asset value, offering price, and redemption price per share²	$	28.45	$	15.41	$	15.02
Class R:
Net assets	$	7,230	$	5,913	$	703
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		253		379		46
Net asset value, offering price, and redemption price per share	$	28.63	$	15.60	$	15.16
Class Y:
Net assets	$	1,714,008	$	333,784	$	114,343
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		59,799		21,257		7,439
Net asset value, offering price, and redemption price per share	$	28.66	$	15.70	$	15.37


	¹	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.

	²	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

First American Funds 2007 Annual Report 37

Statements of Operations For the year ended October 31, 2007, all dollars are rounded to thousands (000)


	Equity			Mid Cap			Small Cap
	Index Fund			Index Fund			Index Fund

INVESTMENT INCOME:
Dividends from unaffiliated securities	$	38,052		$	5,603		$	1,941
Dividends from affiliated securities		1,688			659			230
Interest from unaffiliated securities		134			49			20
Securities lending income		632			249			280

Total investment income		40,506			6,560			2,471

EXPENSES (note 3):
Investment advisory fees		5,103			925			568
Administration fees		4,547			834			372
Transfer agent fees		403			121			118
Custodian fees		102			19			7
Professional fees		42			42			42
Registration fees		67			53			52
Postage and printing fees		82			18			13
Directors’ fees		16			22			23
Other expenses		54			33			37
Distribution and shareholder servicing fees – Class A		543			42			26
Distribution and shareholder servicing fees – Class B		366			24			13
Distribution and shareholder servicing fees – Class C		199			49			28
Distribution and shareholder servicing fees – Class R		25			25			2

Total expenses		11,549			2,207			1,301

Less: Fee waivers (note 3)		(2,885	)		(227	)		(411	)
Less: Indirect payments from custodian (note 3)		(4	)		(2	)		(2	)

Total net expenses		8,660			1,978			888

Investment income – net		31,846			4,582			1,583

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 6):
Net realized gain on unaffiliated investments		37,487			38,080			13,831
Net realized gain on affiliated investments		767			—			—
Net realized gain on in-kind distribution (note 8)		121,979			—			—
Net realized gain on futures contracts		1,031			1,065			231
Net change in unrealized appreciation or depreciation of unaffiliated investments		75,164			12,962			(3,070	)
Net change in unrealized appreciation or depreciation of affiliated investments		(966	)		—			—
Net change in unrealized appreciation or depreciation of futures contracts		(447	)		(65	)		(89	)

Net gain on investments and futures contracts		235,015			52,042			10,903

Net increase in net assets resulting from operations	$	266,861		$	56,624		$	12,486

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

38 First American Funds 2007 Annual Report

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


		Equity						Mid Cap						Small Cap
		Index Fund						Index Fund						Index Fund

		Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		10/31/07			10/31/06			10/31/07			10/31/06			10/31/07			10/31/06

OPERATIONS:
Investment income – net		$	31,846		$	33,848		$	4,582		$	3,641		$	1,583		$	1,084
Net realized gain on unaffiliated investments			37,487			47,833			38,080			16,650			13,831			19,061
Net realized gain on affiliated investments			767			394			—			—			—			—
Net realized gain on in-kind distribution			121,979			—			—			—			—			—
Net realized gain (loss) on futures contracts			1,031			1,901			1,065			(149	)		231			115
Net change in unrealized appreciation or depreciation of unaffiliated investments			75,164			241,470			12,962			24,440			(3,070	)		8,715
Net change in unrealized appreciation or depreciation of affiliated investments			(966	)		1,034			—			—			—			—
Net change in unrealized appreciation or depreciation of futures contracts			(447	)		29			(65	)		333			(89	)		91

Net increase in net assets resulting from operations			266,861			326,509			56,624			44,915			12,486			29,066

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(2,903	)		(3,188	)		(145	)		(118	)		(82	)		(65	)
	Class B		(253	)		(338	)		(5	)		(3	)		(2	)		—
	Class C		(134	)		(153	)		(10	)		(5	)		(5	)		(1	)
	Class R		(56	)		(26	)		(35	)		(3	)		(3	)		(1	)
	Class Y		(28,278	)		(30,181	)		(3,806	)		(3,558	)		(1,322	)		(1,226	)
Net realized gain on investments:
	Class A		(2,670	)		—			(684	)		(865	)		(1,272	)		(306	)
	Class B		(488	)		—			(119	)		(215	)		(166	)		(45	)
	Class C		(235	)		—			(207	)		(203	)		(336	)		(71	)
	Class R		(42	)		—			(197	)		(7	)		(37	)		(5	)
	Class Y		(20,073	)		—			(15,634	)		(20,352	)		(17,014	)		(4,372	)

Total distributions			(55,132	)		(33,886	)		(20,842	)		(25,329	)		(20,239	)		(6,092	)

CAPITAL SHARE TRANSACTIONS (note 5):
Class A:
	Proceeds from sales		40,302			41,039			6,269			4,721			1,987			2,728
	Reinvestment of distributions		5,055			2,685			781			948			1,274			366
	Payments for redemptions		(83,782	)		(80,483	)		(5,602	)		(6,088	)		(4,270	)		(4,016	)

Increase (decrease) in net assets from Class A transactions			(38,425	)		(36,759	)		1,448			(419	)		(1,009	)		(922	)

Class B:
	Proceeds from sales		1,244			1,830			218			226			413			267
	Reinvestment of distributions		711			327			120			210			163			42
	Payments for redemptions (note 3)		(17,733	)		(21,365	)		(992	)		(1,406	)		(598	)		(668	)

Decrease in net assets from Class B transactions			(15,778	)		(19,208	)		(654	)		(970	)		(22	)		(359	)

Class C:
	Proceeds from sales		1,794			1,467			938			1,893			428			1,234
	Reinvestment of distributions		338			145			197			190			301			68
	Payments for redemptions (note 3)		(5,352	)		(8,052	)		(636	)		(1,365	)		(339	)		(1,040	)

Increase (decrease) in net assets from Class C transactions			(3,220	)		(6,440	)		499			718			390			262

Class R:
	Proceeds from sales		4,337			2,111			2,240			3,997			598			264
	Reinvestment of distributions		98			26			232			9			40			6
	Payments for redemptions		(1,177	)		(753	)		(1,070	)		(130	)		(216	)		(38	)

Increase in net assets from Class R transactions			3,258			1,384			1,402			3,876			422			232

Class Y:
	Proceeds from sales		299,763			279,571			52,493			46,865			22,880			25,574
	Reinvestment of distributions		29,030			18,320			10,219			13,587			9,132			3,038
	Payments for redemptions		(732,535	)		(496,343	)		(95,477	)		(87,249	)		(46,440	)		(67,311	)

Decrease in net assets from Class Y transactions			(403,742	)		(198,452	)		(32,765	)		(26,797	)		(14,428	)		(38,699	)

Decrease in net assets from capital share transactions			(457,907	)		(259,475	)		(30,070	)		(23,592	)		(14,647	)		(39,486	)

Total increase (decrease) in net assets			(246,178	)		33,148			5,712			(4,006	)		(22,400	)		(16,512	)
Net assets at beginning of year			2,232,301			2,199,153			359,388			363,394			150,716			167,228

Net assets at end of year		$	1,986,123		$	2,232,301		$	365,100		$	359,388		$	128,316		$	150,716

Undistributed (distributions in excess of) net investment income at end of year		$	(11	)	$	—		$	371		$	—		$	84		$	—

First American Funds 2007 Annual Report 39

Financial Highlights For a share outstanding throughout the indicated periods.


						Realized and
		Net Asset				Unrealized			Distributions			Distributions						Net Asset
		Value		Net		Gains or			from Net			from Net			Distributions			Value
		Beginning		Investment		(Losses) on			Investment			Realized			from Return			End of
		of Period		Income		Investments			Income			Gains			of Capital			Period

Equity Index Fund ¹
Class A
	2007 ²	$	25.80	$	0.37	$	3.16		$	(0.36	)	$	(0.30	)	$	—		$	28.67
	2006 ²		22.59		0.33		3.21			(0.33	)		—			—			25.80
	2005 ³		23.00		0.01		(0.40	)		(0.02	)		—			—	⁶		22.59
	2005 ⁴		20.91		0.34		2.09			(0.34	)		—			—	⁶		23.00
	2004 ⁴		18.70		0.23		2.22			(0.24	)		—			—	⁶		20.91
	2003 ⁴		15.31		0.21		3.38			(0.20	)		—			—			18.70
Class B
	2007 ²	$	25.47	$	0.17	$	3.11		$	(0.18	)	$	(0.30	)	$	—		$	28.27
	2006 ²		22.31		0.15		3.17			(0.16	)		—			—			25.47
	2005 ³		22.72		—		(0.40	)		(0.01	)		—			—	⁶		22.31
	2005 ⁴		20.66		0.18		2.06			(0.18	)		—			—	⁶		22.72
	2004 ⁴		18.48		0.08		2.19			(0.09	)		—			—	⁶		20.66
	2003 ⁴		15.13		0.08		3.35			(0.08	)		—			—			18.48
Class C
	2007 ²	$	25.62	$	0.17	$	3.14		$	(0.18	)	$	(0.30	)	$	—		$	28.45
	2006 ²		22.44		0.15		3.19			(0.16	)		—			—			25.62
	2005 ³		22.85		—		(0.40	)		(0.01	)		—			—	⁶		22.44
	2005 ⁴		20.78		0.18		2.07			(0.18	)		—			—	⁶		22.85
	2004 ⁴		18.59		0.08		2.20			(0.09	)		—			—	⁶		20.78
	2003 ⁴		15.23		0.08		3.36			(0.08	)		—			—			18.59
Class R ⁵
	2007 ²	$	25.77	$	0.29	$	3.17		$	(0.30	)	$	(0.30	)	$	—		$	28.63
	2006 ²		22.57		0.26		3.21			(0.27	)		—			—			25.77
	2005 ³		22.98		0.01		(0.40	)		(0.02	)		—			—	⁶		22.57
	2005 ⁴		20.91		0.26		2.11			(0.30	)		—			—	⁶		22.98
	2004 ⁴		18.70		0.23		2.20			(0.22	)		—			—	⁶		20.91
	2003 ⁴		15.30		0.21		3.39			(0.20	)		—			—			18.70
Class Y
	2007 ²	$	25.79	$	0.44	$	3.16		$	(0.43	)	$	(0.30	)	$	—		$	28.66
	2006 ²		22.58		0.39		3.21			(0.39	)		—			—			25.79
	2005 ³		22.99		0.02		(0.41	)		(0.02	)		—			—	⁶		22.58
	2005 ⁴		20.91		0.40		2.08			(0.40	)		—			—	⁶		22.99
	2004 ⁴		18.69		0.29		2.22			(0.29	)		—			—	⁶		20.91
	2003 ⁴		15.30		0.25		3.38			(0.24	)		—			—			18.69


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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.

40 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss) to
					Ratio of			Investment			Average			Average Net
			Net Assets		Expenses to			Income (Loss)			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return ⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	13.93	%	$	213,957		0.62	%		1.37	%		0.76	%		1.23	%		4	%
	15.76			229,185		0.62			1.36			0.77			1.21			3
	(1.70	)		234,629		0.62			0.69			0.79			0.52			—
	11.69			238,379		0.62			1.53			0.79			1.36			4
	13.12			234,349		0.62			1.13			0.79			0.96			1
	23.58			158,324		0.62			1.22			0.80			1.04			1
	13.05	%	$	31,343		1.37	%		0.63	%		1.51	%		0.49	%		4	%
	14.94			43,369		1.37			0.63			1.52			0.48			3
	(1.78	)		56,097		1.37			(0.06	)		1.54			(0.23	)		—
	10.86			58,857		1.37			0.79			1.54			0.62			4
	12.31			69,828		1.37			0.38			1.54			0.21			1
	22.72			71,624		1.37			0.47			1.55			0.29			1
	13.09	%	$	19,585		1.37	%		0.62	%		1.51	%		0.48	%		4	%
	14.93			20,714		1.37			0.62			1.52			0.47			3
	(1.78	)		24,195		1.37			(0.05	)		1.54			(0.22	)		—
	10.84			26,258		1.37			0.79			1.54			0.62			4
	12.28			30,111		1.37			0.38			1.54			0.21			1
	22.65			31,330		1.37			0.47			1.55			0.29			1
	13.65	%	$	7,230		0.87	%		1.07	%		1.01	%		0.93	%		4	%
	15.47			3,419		0.87			1.08			1.15			0.80			3
	(1.72	)		1,715		0.87			0.44			1.19			0.12			—
	11.38			1,663		0.87			1.14			1.19			0.82			4
	13.00			333		0.62			1.13			0.79			0.96			1
	23.66			52,925		0.62			1.22			0.80			1.04			1
	14.22	%	$	1,714,008		0.37	%		1.62	%		0.51	%		1.48	%		4	%
	16.07			1,935,614		0.37			1.61			0.52			1.46			3
	(1.69	)		1,882,517		0.37			0.94			0.54			0.77			—
	11.92			1,940,567		0.37			1.78			0.54			1.61			4
	13.45			1,979,198		0.37			1.38			0.54			1.21			1
	23.89			1,771,795		0.37			1.46			0.55			1.28			1

First American Funds 2007 Annual Report 41

Financial Highlights For a share outstanding throughout the indicated periods.


							Realized and
		Net Asset		Net			Unrealized			Distributions			Distributions			Net Asset
		Value		Investment			Gains			from Net			from Net			Value
		Beginning		Income			(Losses) on			Investment			Realized			End of
		of Period		(Loss)			Investments			Income			Gains			Period

Mid Cap Index Fund ¹
Class A
	2007 ²	$	14.25	$	0.15		$	2.08		$	(0.13	)	$	(0.66	)	$	15.69
	2006 ²		13.52		0.11			1.55			(0.11	)		(0.82	)		14.25
	2005 ³		13.82		—			(0.30	)		—			—			13.52
	2005 ⁴		11.84		0.09			2.40			(0.09	)		(0.42	)		13.82
	2004 ⁴		10.36		0.05			1.67			(0.05	)		(0.19	)		11.84
	2003 ⁴		8.51		0.04			2.08			(0.04	)		(0.23	)		10.36
Class B
	2007 ²	$	13.98	$	0.04		$	2.03		$	(0.03	)	$	(0.66	)	$	15.36
	2006 ²		13.28		—			1.53			(0.01	)		(0.82	)		13.98
	2005 ³		13.59		(0.01	)		(0.30	)		—			—			13.28
	2005 ⁴		11.67		(0.01	)		2.37			(0.02	)		(0.42	)		13.59
	2004 ⁴		10.25		(0.03	)		1.64			—			(0.19	)		11.67
	2003 ⁴		8.44		(0.03	)		2.07			—			(0.23	)		10.25
Class C
	2007 ²	$	14.03	$	0.04		$	2.03		$	(0.03	)	$	(0.66	)	$	15.41
	2006 ²		13.32		—			1.55			(0.02	)		(0.82	)		14.03
	2005 ³		13.63		(0.01	)		(0.30	)		—			—			13.32
	2005 ⁴		11.70		(0.01	)		2.38			(0.02	)		(0.42	)		13.63
	2004 ⁴		10.28		(0.03	)		1.64			—			(0.19	)		11.70
	2003 ⁴		8.47		(0.03	)		2.07			—			(0.23	)		10.28
Class R ⁵
	2007 ²	$	14.19	$	0.11		$	2.07		$	(0.11	)	$	(0.66	)	$	15.60
	2006 ²		13.48		0.07			1.55			(0.09	)		(0.82	)		14.19
	2005 ³		13.78		—			(0.30	)		—			—			13.48
	2005 ⁴		11.83		0.04			2.41			(0.08	)		(0.42	)		13.78
	2004 ⁴		10.36		0.06			1.65			(0.05	)		(0.19	)		11.83
	2003 ⁴		8.50		0.04			2.09			(0.04	)		(0.23	)		10.36
Class Y
	2007 ²	$	14.27	$	0.19		$	2.07		$	(0.17	)	$	(0.66	)	$	15.70
	2006 ²		13.53		0.15			1.56			(0.15	)		(0.82	)		14.27
	2005 ³		13.83		0.01			(0.31	)		—			—			13.53
	2005 ⁴		11.84		0.12			2.41			(0.12	)		(0.42	)		13.83
	2004 ⁴		10.37		0.08			1.66			(0.08	)		(0.19	)		11.84
	2003 ⁴		8.51		0.06			2.09			(0.06	)		(0.23	)		10.37


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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.

42 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average Net
			Net Assets		Expenses to			Income (Loss)			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return ⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	16.32	%	$	17,868		0.75	%		1.02	%		0.81	%		0.96	%		15	%
	12.70			14,722		0.75			0.77			0.81			0.71			7
	(2.17	)		14,318		0.75			0.26			0.80			0.21			1
	21.43			14,827		0.75			0.68			0.82			0.61			15
	16.80			11,987		0.75			0.47			0.80			0.42			14
	25.45			5,332		0.75			0.45			0.84			0.36			23
	15.41	%	$	2,248		1.50	%		0.32	%		1.56	%		0.26	%		15	%
	11.87			2,678		1.50			0.03			1.56			(0.03	)		7
	(2.28	)		3,485		1.50			(0.49	)		1.55			(0.54	)		1
	20.57			3,546		1.50			(0.08	)		1.57			(0.15	)		15
	15.88			3,133		1.50			(0.27	)		1.55			(0.32	)		14
	24.63			2,419		1.50			(0.30	)		1.59			(0.39	)		23
	15.39	%	$	5,287		1.50	%		0.28	%		1.56	%		0.22	%		15	%
	11.96			4,320		1.50			0.02			1.56			(0.04	)		7
	(2.27	)		3,388		1.50			(0.49	)		1.55			(0.54	)		1
	20.60			3,533		1.50			(0.08	)		1.57			(0.15	)		15
	15.83			2,653		1.50			(0.27	)		1.55			(0.32	)		14
	24.55			1,756		1.50			(0.30	)		1.59			(0.39	)		23
	16.01	%	$	5,913		1.00	%		0.78	%		1.06	%		0.72	%		15	%
	12.40			4,032		1.00			0.47			1.17			0.30			7
	(2.18	)		131		1.00			0.01			1.20			(0.19	)		1
	21.09			122		1.00			0.28			1.22			0.06			15
	16.62			1		0.75			0.49			0.80			0.44			14
	25.60			4,134		0.75			0.46			0.84			0.37			23
	16.52	%	$	333,784		0.50	%		1.29	%		0.56	%		1.23	%		15	%
	13.05			333,636		0.50			1.03			0.56			0.97			7
	(2.17	)		342,072		0.50			0.51			0.55			0.46			1
	21.82			353,354		0.50			0.92			0.57			0.85			15
	16.97			313,403		0.50			0.73			0.55			0.68			14
	25.86			239,174		0.50			0.71			0.59			0.62			23

First American Funds 2007 Annual Report 43

Financial Highlights For a share outstanding throughout the indicated periods.


							Realized and
		Net Asset		Net			Unrealized			Distributions			Distributions			Net Asset
		Value		Investment			Gains or			from Net			from Net			Value
		Beginning		Income			(Losses) on			Investment			Realized			End of
		of Period		(Loss)			Investments			Income			Gains			Period

Small Cap Index Fund ¹
Class A
	2007 ²	$	16.23	$	0.14		$	1.13		$	(0.12	)	$	(2.01	)	$	15.37
	2006 ²		14.12		0.07			2.56			(0.10	)		(0.42	)		16.23
	2005 ³		14.57		—			(0.45	)		—			—			14.12
	2005 ⁴		13.38		0.07			2.17			(0.06	)		(0.99	)		14.57
	2004 ⁴		11.47		0.04			1.98			(0.03	)		(0.08	)		13.38
	2003 ⁴		8.55		0.04			2.92			(0.04	)		—			11.47
Class B
	2007 ²	$	15.77	$	0.03		$	1.09		$	(0.02	)	$	(2.01	)	$	14.86
	2006 ²		13.76		(0.04	)		2.48			(0.01	)		(0.42	)		15.77
	2005 ³		14.21		(0.01	)		(0.44	)		—			—			13.76
	2005 ⁴		13.15		(0.03	)		2.08			—			(0.99	)		14.21
	2004 ⁴		11.33		(0.06	)		1.96			—			(0.08	)		13.15
	2003 ⁴		8.47		(0.03	)		2.90			(0.01	)		—			11.33
Class C
	2007 ²	$	15.92	$	0.03		$	1.10		$	(0.02	)	$	(2.01	)	$	15.02
	2006 ²		13.88		(0.04	)		2.51			(0.01	)		(0.42	)		15.92
	2005 ³		14.34		(0.01	)		(0.45	)		—			—			13.88
	2005 ⁴		13.26		(0.03	)		2.10			—			(0.99	)		14.34
	2004 ⁴		11.43		(0.06	)		1.97			—			(0.08	)		13.26
	2003 ⁴		8.54		(0.03	)		2.93			(0.01	)		—			11.43
Class R ⁵
	2007 ²	$	16.04	$	0.11		$	1.11		$	(0.09	)	$	(2.01	)	$	15.16
	2006 ²		13.97		0.03			2.53			(0.07	)		(0.42	)		16.04
	2005 ³		14.43		—			(0.46	)		—			—			13.97
	2005 ⁴		13.31		0.04			2.11			(0.04	)		(0.99	)		14.43
	2004 ⁴		11.41		0.03			1.97			(0.02	)		(0.08	)		13.31
	2003 ⁴		8.52		0.05			2.88			(0.04	)		—			11.41
Class Y
	2007 ²	$	16.23	$	0.18		$	1.13		$	(0.16	)	$	(2.01	)	$	15.37
	2006 ²		14.12		0.11			2.55			(0.13	)		(0.42	)		16.23
	2005 ³		14.57		0.01			(0.46	)		—			—			14.12
	2005 ⁴		13.43		0.11			2.12			(0.10	)		(0.99	)		14.57
	2004 ⁴		11.51		0.07			1.99			(0.06	)		(0.08	)		13.43
	2003 ⁴		8.57		0.07			2.94			(0.07	)		—			11.51


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the Fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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.

44 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average Net
			Net Assets		Expenses to			Income (Loss)			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return ⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	8.56	%	$	9,109		0.83	%		0.92	%		1.12	%		0.63	%		12	%
	19.02			10,639		0.83			0.47			1.08			0.22			17
	(3.09	)		10,067		0.83			0.27			1.01			0.09			—
	17.08			10,323		0.90			0.53			1.03			0.40			23
	17.71			8,749		0.93			0.30			1.02			0.21			25
	34.77			3,480		0.93			0.42			1.05			0.30			41

	7.78	%	$	1,245		1.58	%		0.17	%		1.87	%		(0.12	)%		12	%
	18.07			1,333		1.58			(0.28	)		1.83			(0.53	)		17
	(3.17	)		1,498		1.58			(0.48	)		1.76			(0.66	)		—
	15.82			1,555		1.65			(0.23	)		1.78			(0.36	)		23
	16.83			1,494		1.68			(0.46	)		1.77			(0.55	)		25
	33.87			993		1.68			(0.33	)		1.80			(0.45	)		41

	7.78	%	$	2,916		1.58	%		0.17	%		1.87	%		(0.12	)%		12	%
	18.15			2,662		1.58			(0.28	)		1.83			(0.53	)		17
	(3.21	)		2,068		1.58			(0.48	)		1.76			(0.66	)		—
	15.84			2,256		1.65			(0.23	)		1.78			(0.36	)		23
	16.77			1,939		1.68			(0.46	)		1.77			(0.55	)		25
	33.94			1,268		1.68			(0.33	)		1.80			(0.45	)		41

	8.34	%	$	703		1.08	%		0.71	%		1.37	%		0.42	%		12	%
	18.75			280		1.08			0.23			1.47			(0.16	)		17
	(3.19	)		23		1.08			0.02			1.41			(0.31	)		—
	16.45			11		1.15			0.30			1.43			0.02			23
	17.65			1		0.93			0.24			0.99			0.18			25
	34.54			3,210		0.93			0.52			1.05			0.40			41

	8.84	%	$	114,343		0.58	%		1.16	%		0.87	%		0.87	%		12	%
	19.32			135,802		0.58			0.72			0.83			0.47			17
	(3.09	)		153,572		0.58			0.52			0.76			0.34			—
	16.93			164,156		0.65			0.78			0.78			0.65			23
	18.02			156,411		0.68			0.54			0.77			0.45			25
	35.23			119,102		0.68			0.68			0.80			0.56			41

First American Funds 2007 Annual Report 45

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


1 >	Organization


	The Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of October 31, 2007, FAIF offered 42 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. The Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund are each diversified open-end management investment companies.

	FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. 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.

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


2 >	Summary of Significant Accounting Policies


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

	SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask 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. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value.

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

	When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. As of October 31, 2007, the Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund had fair

46 First American Funds 2007 Annual Report


	valued securities with a total market value of $0, $0, and $0 or 0.0%, 0.0%, and 0.0%, respectively, of total net assets for the fund.

	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 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.

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

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

	Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. These differences are primarily due to losses deferred from wash sales, the tax recognition of mark to market gains (losses) on open futures contracts, proceeds from securities litigation, and the sale of real estate investment trust securities (“REITs”). To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which the differences arise.

	On the Statements of Assets and Liabilities the following reclassifications were made:


	Accumulated			Undistributed
	Net Realized			Net Investment			Portfolio
Fund	Gain (Loss)			Income			Capital

Equity Index Fund	$	(123,794	)	$	(233	)	$	124,027
Mid Cap Index Fund		(3,895	)		(210	)		4,105
Small Cap Index Fund		(2,172	)		(85	)		2,257

The tax character of distributions paid 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 or year in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) are recorded by the fund. The tax character of distributions paid during the fiscal year ended October 31, 2007 and the fiscal year ended October 31, 2006, were as follows:


	October 31, 2007

	Ordinary		Long Term
Fund	Income		Gain		Total

Equity Index Fund	$	31,624	$	23,508	$	55,132
Mid Cap Index Fund		4,340		16,502		20,842
Small Cap Index Fund		2,149		18,090		20,239


	October 31, 2006

	Ordinary		Long Term
Fund	Income		Gain		Total

Equity Index Fund	$	33,446	$	440	$	33,886
Mid Cap Index Fund		4,985		20,344		25,329
Small Cap Index Fund		1,293		4,799		6,092


	As of October 31, 2007, the components of accumulated earnings (deficit) on a tax basis were as follows:


	Undistributed		Undistributed		Other					Total
	Ordinary		Long Term		Accumulated			Unrealized		Accumulated
Fund	Income		Capital Gains		Losses			Appreciation		Earnings

Equity Index Fund	$	1,052	$	35,765		—		$	879,147	$	915,964
Mid Cap Index Fund		1,139		34,688		—			96,805		132,632
Small Cap Index Fund		972		10,894		(82	)		36,743		48,527

First American Funds 2007 Annual Report 47

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


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

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

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

	The funds’ outstanding futures contracts as of October 31, 2007, are disclosed in the Schedule of Investments.

	ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its 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 October 31, 2007, Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund had investments in illiquid securities with a total value of $0, $0, and $0 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:

Equity Index Fund

Shares

Dates Acquired

Cost Basis

Seagate Technology, Escrow Shares

11/00 to 11/02

—

Mid Cap Index Fund

Shares

Date Acquired

Cost Basis

Travelcenters, Fractional Shares

—

10/01

—

Small Cap Index Fund

Shares

Dates Acquired

Cost Basis

FirstBank, Fractional Share

—

8/05

—

National Penn, Fractional Share

—

10/05

—

Pegasus Wireless, Warrants

604

8/06

—

Petrocorp, Escrow Shares

6/03 to 8/05

—

USB Holding Company, Fractional Share

—

8/05

—


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


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

	U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities

48 First American Funds 2007 Annual Report


	lending transactions. Collateral for securities on loan is invested in a money market fund administered by FAF Advisors, Inc. (“FAF Advisors”) and FAF Advisors receives an administration fee equal to 0.02% of such fund’s average daily net assets. Securities lending fees paid to U.S. Bank by the funds for the fiscal year ended October 31, 2007, were as follows:


Fund	Amount

Equity Index Fund	$	264
Mid Cap Index Fund		108
Small Cap Index Fund		112


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

	SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities is recorded as an adjustment to realized or unrealized gains or losses when cash is received. For the fiscal year ended October 31, 2007, Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund recorded $449, $555, and $112, respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolios.

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

	INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal year ended October 31, 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 open-end First American Funds, preselected by each director. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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


3 >	Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund is 0.25%, 0.25%, and 0.40%, respectively. FAF Advisors has agreed to waive fees and reimburse other fund expenses 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			B			C			R			Y

Equity Index Fund		0.62	%		1.37	%		1.37	%		0.87	%		0.37	%
Mid Cap Index Fund		0.75			1.50			1.50			1.00			0.50
Small Cap Index Fund		0.83			1.58			1.58			1.08			0.58


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

	ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay FAF Advisors administration fees, which are calculated

First American Funds 2007 Annual Report 49

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


	daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on a annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

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

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

	Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from the custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses. For the fiscal year ended October 31, 2007, custodian fees for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund were unchanged as a result of overdrafts and decreased by $4, $2, and $2, respectively, as a result of interest earned.

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

	Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the fiscal year ended October 31, 2007:


Fund	Amount

Equity Index Fund	$	438
Mid Cap Index Fund		52
Small Cap Index Fund		29


	OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal year ended October 31, 2007, legal fees and expenses of $16 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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


	CDSC as a Percentage
	of Dollar Amount
Year Since Purchase	Subject to Charge

First		5.00	%
Second		5.00
Third		4.00
Fourth		3.00
Fifth		2.00
Sixth		1.00
Seventh		—
Eighth		—


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

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

	For the fiscal year ended October 31, 2007, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:


Fund	Amount

Equity Index Fund	$	155
Mid Cap Index Fund		23
Small Cap Index Fund		13


4 >	Investment in Common Stock of Affiliate


	As disclosed in the Schedule of Investments, Equity Index Fund owns common stock issued by U.S. Bancorp. For

50 First American Funds 2007 Annual Report


	the fiscal year ended October 31, 2007, Equity Index Fund recorded a net realized gain from the sale of U.S. Bancorp common stock of $767 and $440 of dividend income from U.S. Bancorp common stock. At October 31, 2007, Equity Index Fund had an unrealized gain of $2,697 with respect to its investment in U.S. Bancorp common stock.


5 >	Capital Share Transactions


	FAIF has 358 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:


		Equity						Mid Cap						Small Cap
		Index Fund						Index Fund						Index Fund

		Year			Year			Year			Year			Year			Year
		Ended			Ended			Ended			Ended			Ended			Ended
		10/31/07			10/31/06			10/31/07			10/31/06			10/31/07			10/31/06

Class A:
	Shares issued		1,499			1,707			428			338			131			177
	Shares issued in lieu of cash distributions		189			111			55			70			87			25
	Shares redeemed		(3,108	)		(3,323	)		(377	)		(434	)		(281	)		(259	)

Total Class A transactions			(1,420	)		(1,505	)		106			(26	)		(63	)		(57	)

Class B:
	Shares issued		47			78			15			16			28			18
	Shares issued in lieu of cash distributions		27			14			9			16			11			3
	Shares redeemed		(668	)		(903	)		(69	)		(103	)		(40	)		(45	)

Total Class B transactions			(594	)		(811	)		(45	)		(71	)		(1	)		(24	)

Class C:
	Shares issued		66			62			64			139			29			84
	Shares issued in lieu of cash distributions		13			6			14			14			21			5
	Shares redeemed		(200	)		(337	)		(43	)		(99	)		(23	)		(71	)

Total Class C transactions			(121	)		(269	)		35			54			27			18

Class R:
	Shares issued		160			87			151			283			40			18
	Shares issued in lieu of cash distributions		4			1			16			—			3			—
	Shares redeemed		(44	)		(31	)		(72	)		(9	)		(14	)		(3	)

Total Class R transactions			120			57			95			274			29			15

Class Y:
	Shares issued		11,085			11,626			3,523			3,363			1,488			1,699
	Shares issued in lieu of cash distributions		1,087			762			722			998			623			208
	Shares redeemed		(27,413	)		(20,707	)		(6,374	)		(6,256	)		(3,040	)		(4,415	)

Total Class Y transactions			(15,241	)		(8,319	)		(2,129	)		(1,895	)		(929	)		(2,508	)

Net decrease in capital shares			(17,256	)		(10,847	)		(1,938	)		(1,664	)		(937	)		(2,556	)


	Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the fiscal year ended October 31, 2007 and the fiscal year ended October 31, 2006, as follows:


	Year Ended		Year Ended
Fund	10/31/07		10/31/06

Equity Index Fund		397		373
Mid Cap Index Fund		41		42
Small Cap Index Fund		4		2


6 >	Investment Security Transactions


	During the fiscal year ended October 31, 2007, purchases of securities and proceeds from sales of securities other than temporary investments in short-term securities, were as follows:


Fund	Purchases		Sales

Equity Index Fund	$	79,808	$	556,691
Mid Cap Index Fund		52,012		111,257
Small Cap Index Fund		16,068		47,067


	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 October 31, 2007, were as follows:


	Aggregate		Aggregate					Federal
	Gross		Gross					Income
Fund	Appreciation		Depreciation			Net		Tax Cost

Equity Index Fund	$	960,899	$	(81,752	)	$	879,147	$	1,538,668
Mid Cap Index Fund		120,563		(23,758	)		96,805		413,011
Small Cap Index Fund		46,539		(9,796	)		36,743		152,386


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 >	Redemption-in-Kind Transaction


	On November 1, 2006, the U.S. Bancorp Pension Plan redeemed $205,549 from the First American Equity Index Fund as a redemption-in-kind transaction. In this transaction, the fund distributed a proportionate amount of securities in the fund’s portfolio to the U.S. Bancorp Pension Plan. Remaining shareholders in the fund did not

First American Funds 2007 Annual Report 51

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


	recognize any additional capital gains from the transactions.


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 April 30, 2008. 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 October 31, 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.

52 First American Funds 2007 Annual Report

Notice to Shareholders October 31, 2007 (unaudited)

TAX INFORMATION


	The information set forth below is for each fund’s fiscal year as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal 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 October 31, 2007, each fund has designated long term capital gains, ordinary income, and tax exempt income with regard to distributions paid during the period as follows:


	Long Term			Ordinary
	Capital Gains			Income			Total
	Distributions			Distributions			Distributions
Fund	(Tax Basis)^a			(Tax Basis)^a			(Tax Basis)

Equity Index Fund		43	%		57	%		100	%
Mid Cap Index Fund		79			21			100
Small Cap Index Fund		89			11			100


	^a	Based on a percentage of the fund’s total distributions.

Shareholder Notification of Federal Tax Status:


	Each fund has designated the following percentages of the ordinary income distributions during the fiscal year ended October 31, 2007 as dividends qualifying for the dividends received deduction available to corporate shareholders:



Equity Index Fund	100.00	%
Mid Cap Index Fund	97.63
Small Cap Index Fund	76.15


	In addition, each fund has designated the following percentages of the ordinary income distributions from net investment income during the fiscal year ended October 31, 2007 as qualified dividend income available to individual shareholders under the Jobs and Growth Tax Relief Reconciliation Act of 2003:



Equity Index Fund	100.00	%
Mid Cap Index Fund	97.68
Small Cap Index Fund	76.67

Additional Information Applicable to Foreign Shareholders Only:


	The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for each fund were as follows:


Fund

Equity Index Fund	3.36	%
Mid Cap Index Fund	9.80
Small Cap Index Fund	7.67


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


Fund

Equity Index Fund	0.00	%
Mid Cap Index Fund	7.93
Small Cap Index Fund	35.34

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 firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

First American Funds 2007 Annual Report 53

Notice to Shareholders October 31, 2007 (unaudited)

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.

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 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 funds, (2) the investment performance of the funds, (3) the profitability of FAF Advisors related to the funds, including an analysis of FAF Advisors’ cost of providing services and comparative expense information, (4) whether economies of scale may be realized as the funds grow and whether fee levels are adjusted to enable fund investors to share in these 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 materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each fund. In reaching its conclusions, the Board considered the following:

Nature, Quality and Extent of Investment Advisory Services


	The Board examined the nature, quality and extent of the services provided by FAF Advisors to each fund. The Board reviewed FAF Advisors’ key personnel who provide investment management services to each fund as well as the fact that, under the Agreement, FAF Advisors has the authority and responsibility to make and execute investment decisions for each fund within the framework of that fund’s investment policies and restrictions, subject to review by the Board. The Board further considered that FAF Advisors’ duties with respect to each fund include (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the fund’s investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the funds, including the funds’ distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered FAF Advisors’ representation that the services provided by FAF Advisors under the Agreement are the 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 performance periods reviewed by the Board all ended on January 31, 2007.

	Equity Index Fund. The Board noted that the objective of the fund is to provide investment results that correspond to the performance of the Standard & Poor’s 500 Composite Index and that the fund’s prospectus states the goal of attaining “at

54 First American Funds 2007 Annual Report


	least 95%” correlation with the Index. The Board considered that results over the past three years on a gross-of-fees basis have a correlation to the Index of over 99%, even though, net of fees, the fund performed below its benchmark index for the one-, three-, five- and ten-year periods. The fund’s performance also was comparable to that of its performance universe for all periods, except that for the ten-year period Class A shares underperformed the performance universe. The Board concluded that, in light of the fund’s close tracking of its benchmark index and competitive performance vis-à-vis its performance universe, it would be in the interest of the fund and its shareholders to renew the Agreement.

	Mid Cap Index Fund. The Board noted that the objective of the fund is to provide investment results that correspond to the performance of the Standard & Poor’s MidCap 400 Composite Index and that the fund’s prospectus states the goal of attaining “at least 95%” correlation with the Index. The Board considered that results over the past three years on a gross-of-fees basis have a correlation to the Index of over 99%, even though, net of fees, the fund performed below its benchmark index for the one-, three-and five-year periods. The fund’s performance was equal to or better than that of its performance universe for the three- and five-year periods while the fund underperformed its performance universe for the one-year period. The Board concluded that, in light of the fund’s close tracking of its benchmark index and competitive performance vis-à-vis its performance universe for longer periods, it would be in the interest of the fund and its shareholders to renew the Agreement.

	Small Cap Index Fund. The Board noted that the objective of the fund is to provide investment results that correspond to the performance of the Russell 2000 Index and that the fund’s prospectus states the goal of attaining “at least 95%” correlation with the Index. The Board considered that results over the past three years on a gross-of-fees basis have a correlation to the Index of over 99%, even though, net of fees, the fund performed below its benchmark index for the one-, three- and five-year periods. The Board noted that the fund outperformed its performance universe for the one-year period while it underperformed its performance universe for the three-and five-year periods. The Board concluded that, in light of the fund’s close tracking of its benchmark index and its competitive one-year versus that of its performance universe, 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 advisors. 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. The Board considered FAF Advisors’ pricing philosophy. FAF Advisors 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. The Board concluded that FAF Advisors’ pricing philosophy is a reasonable one and that the funds’ advisory fees and total expense ratios are reasonable in light of the services provided.

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

	Equity Index Fund. The Board considered that the fund’s contractual advisory fee, as well as its advisory fee and total expense ratio after waivers, are competitive with the peer group median. The Board concluded that the fund’s advisory fee and total expense ratio are reasonable.

	Mid Cap Index Fund. The Board considered that the fund’s contractual advisory fee is equal to that of the peer group median, and that the fund’s advisory fee and the fund’s total expense ratio, after waivers, are competitive with the peer group median. The Board concluded that the fund’s advisory fee and total expense ratio are reasonable.

	Small Cap Index Fund. The Board considered that, while the fund’s contractual advisory fee is higher than that of the peer group median, the fund’s advisory fee, after waivers, and the fund’s total expense ratio, after waivers, are lower than the peer group median. The Board concluded that the fund’s advisory fee and total expense ratio are reasonable.

First American Funds 2007 Annual Report 55

Notice to Shareholders October 31, 2007 (unaudited)

Economies of Scale in Providing Investment Advisory Services

The Board considered the extent to which each fund’s investment advisory fee reflects economies of scale for the benefit of fund shareholders. Based on information provided by FAF Advisors, the Board noted that profitability will likely increase somewhat as assets grow over time. The Board considered that, although 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 necessarily reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group and any economies of scale which those funds realize. Therefore, by capping a fund’s total expense ratio at a level close to the median, fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules and any such economies of scale. In light of FAF Advisors’ commitment to keep total fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each fund and its shareholders to renew the Agreement.

Other Benefits to FAF Advisors


	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.

	The Board also considered FAF Advisors’ use of the funds’ portfolio brokerage transactions to obtain research. The Board concluded, based on its own review and on representations of FAF Advisors, that FAF Advisors’ use of “soft” commission dollars was consistent with regulatory requirements.

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

56 First American Funds 2007 Annual Report

Directors and Officers of the Funds

Independent Directors

Other

Position(s)

Term of Office

Number of Portfolios

Directorships

Name, Address, and

Held

and Length of

Principal Occupation(s)

in Fund Complex

Held by

Year of Birth

with Funds

Time Served

During Past 5 Years

Overseen by Director

Director †

Benjamin R. Field III
P.O. Box 1329
Minneapolis, MN
55440-1329
(1938)

Director

Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003

Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through February 2004

First American Funds Complex: twelve registered investment companies, including sixty-two 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 sixty-two 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 sixty-two 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 sixty-two 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

First American Funds Complex: twelve registered investment companies, including sixty-two portfolios

None

Richard K. Riederer
P.O. Box 1329
Minneapolis, MN
55440-1329
(1944)

Director

Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001

Owner and Chief Executive Officer, RKR Consultants, Inc. and non-profit board member since 2005; Director, President, and Chief Executive Officer, Weirton Steel through 2001

First American Funds Complex: twelve registered investment companies, including sixty-two 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^™, LLC, a strategic demographic planning and application development firm since 2001

First American Funds Complex: twelve registered investment companies, including sixty-two portfolios

None

First American Funds 2007 Annual Report 57

Notice to Shareholders October 31, 2007 (unaudited)

Independent Directors — concluded

Other

Position(s)

Term of Office

Number of Portfolios

Directorships

Name, Address, and

Held

and Length of

Principal Occupation(s)

in Fund Complex

Held by

Year of Birth

with Funds

Time Served

During Past 5 Years

Overseen by Director

Director †

Virginia L. Stringer
P.O. Box 1329
Minneapolis, MN
55440-1329
(1944)

Chair; Director

Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FAIF since September 1987

Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company through 2003

First American Funds Complex: twelve registered investment companies, including sixty-two 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 sixty-two 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.

58 First American Funds 2007 Annual Report


Officers

	Position(s)	Term of Office
Name, Address, and	Held	and Length of
Year of Birth	with Funds	Time Served	Principal Occupation(s) During Past 5 Years

Thomas S. Schreier, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1962)*	President	Re-elected by the Board annually; President of FAIF since February 2001	Chief Executive Officer of FAF Advisors, Inc.; Chief Investment Officer of FAF Advisors, Inc., since September 2007

Jeffery M. Wilson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956)*	Vice President – Administration	Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000	Senior Vice President 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	Mutual Funds 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	Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director, Senior Project Manager, FAF Advisors, Inc. from May 2003 to September 2005; prior thereto, 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 thereto, 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 thereto, Compliance Analyst, FAF Advisors, Inc. from October 2004 to June 2006; prior thereto, Senior Systems Helpdesk Analyst, Wachovia Retirement Services from November 2002 to October 2004; prior thereto, 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 Dorsey & Whitney LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm

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 2007 Annual Report 59

Notice to Shareholders October 31, 2007 (unaudited)


Officers — concluded

	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 U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Senior Vice President, U.S. Bancorp Fund Services, LLC

Richard J. Ertel FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004	Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc. from September 2004 to May 2006; 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


*	Messrs. Schreier, 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. Mr. Arnold is an officer of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as Transfer Agent for FAIF.

60 First American Funds 2007 Annual Report

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 period ended October 31, 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 12/2007 AR-INDEX

Table of Contents


Message to Shareholders		1
Management Discussions and Performance Summaries		2
Expense Examples		35
Report of Independent Registered Public Accounting Firm		43
Real Estate Securities Fund
	Schedule of Investments	44
	Statement of Assets and Liabilities	46
	Statement of Operations	47
	Statements of Changes in Net Assets	48
	Financial Highlights	50
International Funds
	Schedule of Investments	52
	Statements of Assets and Liabilities	57
	Statements of Operations	58
	Statements of Changes in Net Assets	59
	Financial Highlights	60
Small Cap Funds
	Schedule of Investments	64
	Statements of Assets and Liabilities	71
	Statements of Operations	72
	Statements of Changes in Net Assets	74
	Financial Highlights	76
Mid Cap Funds
	Schedule of Investments	84
	Statements of Assets and Liabilities	87
	Statements of Operations	88
	Statements of Changes in Net Assets	89
	Financial Highlights	90
Large Cap Funds
	Schedule of Investments	94
	Statements of Assets and Liabilities	98
	Statements of Operations	99
	Statements of Changes in Net Assets	100
	Financial Highlights	102
Balanced and Equity Income Funds
	Schedule of Investments	108
	Statements of Assets and Liabilities	117
	Statements of Operations	118
	Statements of Changes in Net Assets	119
	Financial Highlights	120
Notes to Financial Statements		124
Notice to Shareholders		138

Mutual fund investing involves risk; principal loss is possible.


	NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to Shareholders December 10, 2007


Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended October 31, 2007.

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 2007 Annual Report 1

Real Estate Securities Fund

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

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Real Estate Securities Fund (the “fund”), Class Y shares, returned 1.01% for the fiscal year ended October 31, 2007 (Class A shares returned 0.78% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI U.S. REIT Index*, returned -0.29% for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

The fund benefited from individual stock selection. The portfolio had a bias toward growth and higher-quality companies, and continues to invest on a relative-value basis (with focus on individual stocks rather than economic or market cycles). Early in the fiscal year, an emphasis on coastal markets, which experienced better job growth and better supply/demand dynamics, proved beneficial. As the year progressed, the fund reduced its holdings in job markets with exposure to the financial services industry. The fund’s best-performing sectors were apartments, community centers, and offices.

What did not work for the fund and why?

The commercial mortgage REIT sector and real estate services sector underperformed due to negative market sentiment about the mortgage environment and slowing commercial real estate transaction volume.

What strategic moves were made by the fund and why?

The fund’s early emphasis on coastal markets was a successful strategy. The fund invests on a relative-value basis. One result of this is a fairly balanced position across the various property types. The fund was overweight in the industrial sector, given employment and gross domestic product growth and favorable supply/demand characteristics in that sector. In early 2007, the fund gained the ability to invest up to 15% of assets in non-dollar denominated real estate stocks. At the end of the fiscal year, the fund had less than 3% of assets in non-dollar denominated stocks.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Simon Property Group	7.5	%
Prologis	5.1
Vornado Realty Trust	4.7
Host Marriott	4.3
Public Storage	4.2
Boston Properties	4.0
Marriott International, Class A	3.9
SL Green Realty	3.4
Duke Realty	2.9
Macerich	2.8

Sector Allocation as of October 31, 2007¹ (% of net assets)


Office	17.2	%
Apartments	14.3
Malls	14.0
Hotels	11.9
Industrials	10.3
Community Centers	9.8
Diversified	6.2
Healthcare	6.1
Self Storage	4.5
Investment Companies	2.3
International	0.6
Net Lease	0.4
Real Estate Service Provider	0.3
Manufactured Homes	0.3
Mortgage	0.3
Student Housing	0.1
Short-Term Investment	0.7
Other Assets and Liabilities, Net²	0.7

	100.0	%


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

²	Investments 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 2007 Annual Report

Annual Performance^1,2


	October 31, 2007														September 30, 2007*

										Since Inception														Since Inception

	1 year			5 years			10 years			2/1/2000			9/24/2001		1 year			5 years			10 years			2/1/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		(4.76	)%		22.92	%		13.31	%		—			—		(0.42	)%		21.70	%		12.81	%		—			—

Class B		(4.51	)%		23.21	%		13.11	%		—			—		(0.12	)%		22.00	%		12.61	%		—			—

Class C		(0.87	)%		23.40	%		—			19.98	%		—		3.67	%		22.19	%		—			19.96	%		—
Average annual return without sales charge (NAV)
Class A		0.78	%		24.32	%		13.95	%		—			—		5.38	%		23.09	%		13.45	%		—			—

Class B		0.00	%		23.38	%		13.11	%		—			—		4.60	%		22.18	%		12.61	%		—			—

Class C		0.03	%		23.40	%		—			19.98	%		—		4.61	%		22.19	%		—			19.96	%		—

Class R		0.52	%		24.10	%		—			—			21.56%		5.07	%		22.88	%		—			—			21.54	%

Class Y		1.01	%		24.64	%		14.24	%		—			—		5.63	%		23.41	%		13.74	%		—			—

MSCI U.S. REIT Index³		(0.29	)%		22.89	%		12.49	%		19.18	%		20.07%		4.67	%		21.34	%		12.04	%		19.23	%		20.14	%

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


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.21%, 1.96%, 1.96%, 1.46%, and 0.96%, respectively.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


Real Estate Securities Fund, Class A (NAV)	$	36,914

Real Estate Securities Fund, Class A (POP)	$	34,880

MSCI U.S. REIT Index³	$	32,438


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the MSCI U.S. REIT Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.


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

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

First American Funds 2007 Annual Report 3

International Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2007?

The First American International Fund (the “fund”), Class Y shares, returned 19.23% for the fiscal year ended October 31, 2007 (Class A shares returned 18.92% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI EAFE Index*, returned 25.43% for the same period.

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

Global equity markets posted significant gains in the 12 months ended October 31, 2007, but the ride was far from smooth. As the fiscal year progressed, market volatility increased. Rising commodity prices triggered inflationary concerns, which prompted a number of central banks to raise rates. A slowdown in the U.S. housing market raised questions about U.S. loan quality, which in turn triggered a credit crisis during the summer and a lowering of the U.S. discount and target rates. Despite the gyrations, however, the MSCI EAFE Index rose significantly in the fiscal year. Most sectors posted strong returns, with materials and telecommunications services leading the way. Industrials also had a strong year. The biggest laggard was healthcare, where markets continued to worry about pricing and pipelines. Regionally, aside from emerging markets, the standout performer for the year was the Pacific ex-Japan region. The region was driven by growth expectations as well as a huge surge in liquidity that saw record days of trading volumes across exchanges. Japan was the laggard, effectively posting a flat year in what was a strong global market backdrop.

What worked for the fund and why?

Stock selection, primarily in the energy sector, contributed to fund performance during the fiscal year. Shares of Companhia Vale do Rio Doce, the Brazilian diversified mineral company, contributed positively to relative returns as the market became increasingly focused on news about an early positive settlement of iron ore price negotiations. We believed that the stock was an inexpensive way to access the structurally sound iron ore market. Additionally, the continued fervor of corporate activity across the sector has supported the stock’s current discount valuation. Shares of Petroleo Brasileiro, a Brazilian oil company, rose as oil prices soared to record levels. The company also benefited from its very successful exploration program, which demonstrated its ability to extend growth beyond its current investment phase.

Mitsubishi, a Japanese trading company, had a positive impact on the fund. Japanese trading companies, in general, have done well this year on the back of continued strength in commodity prices, in which they deal extensively.

What did not work for the fund and why?

The North American business division of Wolseley, the world’s largest distributor of plumbing and heating equipment, was negatively impacted by U.S. housing woes. There were also concerns that ongoing rate hikes in the United Kingdom would be detrimental to the company, as its debt levels jumped following last year’s purchase of the DT Group. More recently, the company reported its first profit decline in six years.

Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, two Japanese banks, detracted from performance. Japanese banks in general fared poorly, as investors sold off the sector indiscriminately due to dashed hopes of interest rate rises and mounting concerns about U.S. subprime exposure. Japanese rates were slow to rise and loan growth was lackluster, curtailing the expansion of net interest earnings.

What strategic moves were made by the fund and why?

The fund is purposely constructed to be diversified by both sector and region, compared to its benchmark. Deviations from the benchmark reflect stock selection decisions rather than tactical asset allocation decisions. The fund was positioned to focus on larger-capitalization, quality companies that were growing at a faster pace than their peers yet were still attractively priced.


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

4 First American Funds 2007 Annual Report

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Total	3.6	%
HSBC	3.2
Eni	2.6
Vodafone	2.5
BHP Billiton	2.3
Tesco	2.2
Standard Chartered	2.2
Nokia Oyj	2.1
UBS	2.0
Axa	2.0

Country Allocation as of October 31, 2007¹ (% of net assets)


Great Britain	20.4	%
Japan	18.6
France	13.8
Switzerland	12.0
Germany	6.6
Italy	4.9
Hong Kong	4.3
Netherlands	4.0
Brazil	3.1
Australia	2.6
Finland	2.1
Spain	1.9
Belgium	1.8
Taiwan	0.7
Ireland	0.7
South Korea	0.6
Greece	0.5
Mexico	0.4
Egypt	0.2
Short-Term Investment	0.9
Other Assets & Liabilities, Net²	(0.1	)

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2007 Annual Report 5

International Fund continued

Annual Performance^1,2


	October 31, 2007												September 30, 2007*

										Since												Since
										Inception												Inception

	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		12.39	%		17.22	%		7.30	%		—			12.90	%		17.51	%		6.28	%		—

Class B		13.05	%		17.46	%		7.11	%		—			13.57	%		17.78	%		6.10	%		—

Class C		17.09	%		17.67	%		—			12.16	%		17.62	%		17.98	%		—			11.74	%
Average annual return without sales charge (NAV)
Class A		18.92	%		18.57	%		7.91	%		—			19.48	%		18.85	%		6.89	%		—

Class B		18.05	%		17.67	%		7.11	%		—			18.57	%		17.99	%		6.10	%		—

Class C		18.09	%		17.67	%		—			12.16	%		18.62	%		17.98	%		—			11.74	%

Class R		18.66	%		18.19	%		7.72	%		—			19.21	%		18.52	%		6.70	%		—

Class Y		19.23	%		18.84	%		8.18	%		—			19.79	%		19.15	%		7.17	%		—

MSCI EAFE Index³		25.43	%		23.71	%		9.64	%		17.82	%		25.38	%		24.05	%		8.35	%		17.33	%


¹	International investing involves risks not typically associated with domestic investing, including risks of adverse currency fluctuations, potential political and economic instability, different accounting standards, foreign government regulations, currency exchange rates, limited liquidity, and volatile prices.


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers for Class A, Class B, Class C, Class R, and Class Y shares was 1.49%, 2.24%, 2.24%, 1.74%, and 1.24%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.49%, 2.24%, 2.24%, 1.74%, and 1.24%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


International Fund, Class A (NAV)	$	21,415

International Fund, Class A (POP)	$	20,234

MSCI EAFE Index³	$	25,093


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the MSCI EAFE Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.


	Effective December 8, 2004, JPMorgan was named the fund’s subadvisor and began managing the fund’s assets. On September 24, 2001, the First American International Fund merged with Firstar International Growth Fund and Firstar International Value Fund, both subadvised by Clay Finlay Inc. Performance history prior to September 24, 2001 represents that of the Firstar International Growth Fund.


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

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

6 First American Funds 2007 Annual Report

International Select Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal period from December 21, 2006 (fund inception) through October 31, 2007?

The First American International Select Fund (the “fund”), Class Y shares, returned 21.78% for the fiscal period ended October 31, 2007 (Class A shares returned 21.58% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI AC World Index Ex. U.S.*, returned 25.26% for the same period.

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

Global equity markets posted significant gains in the reporting period ended October 31, 2007, but the ride was far from smooth. As the fiscal year progressed, market volatility increased. Rising commodity prices triggered inflationary concerns, which prompted a number of central banks to raise rates. A slowdown in the U.S. housing market raised questions about U.S. loan quality, which in turn triggered a credit crisis during the summer and a lowering of the U.S. discount and target rates. Despite the gyrations, however, most sectors posted strong returns, with materials and telecommunications services leading the way. Industrials also had a strong year. The biggest laggard was healthcare, where markets continued to worry about pricing and pipelines. Regionally, aside from emerging markets, the standout performer for the year was the Pacific ex-Japan region. The region was driven by growth expectations as well as a huge surge in liquidity that saw record days of trading volumes across exchanges. Japan was the laggard, effectively posting a flat year in what was a strong global market backdrop. Emerging markets remained the strongest segment of the international markets.

What worked for the fund and why?

International equities performed very strongly during the period, and this fund places a significant emphasis on emerging economies, which were the strongest group internationally.

International Select allocates fund assets to three submanagers who specialize in value, growth, and emerging international stocks. A smaller fraction of the assets not allocated to the submanagers is invested directly to adjust the country mix. Our country allocation was, overall, quite helpful, adding more than 2% to performance. Our aggressive cash management — which ensures that new investments are immediately put to work and minimizes “standby” cash – was also helpful.

What did not work for the fund and why?

The fund steered clear of Chinese stocks out of a concern for a “bubble” – i.e., share prices too high for the intrinsic value in comparison to other countries. But these stocks continued performing very strongly during the period, for an opportunity cost of 1.6% relative to the benchmark. The fund also underweighted energy and basic materials companies; this drove almost 1% of opportunity cost due to our sector mix.

What strategic moves were made by the fund and why?

During the fiscal period the “value” submanager moved to a “core” mix of stocks, and the fund now skews toward “growth” as a result.** This accords with our intermediate-term outlook, which anticipates a reversal of the dramatic outperformance that value stocks have enjoyed over the past few years.

We added almost a 6% allocation to Canadian stocks, heavily concentrated in the energy and materials sectors. These stocks, which are not part of the widely followed MSCI EAFE index, substantially corrected the portfolio underweights in energy and basic materials vs. our benchmark. Rapid world economic growth has placed many commodities in short supply, and, barring a global economic collapse, we expect the strong demand to continue.


*	An unmanaged index of common stocks representing developed and emerging markets around the world that collectively comprise most foreign stock markets. Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
**	Growth stocks typically have more volatility than value stocks, whereas value stocks tend to have slower earnings growth rates.

First American Funds 2007 Annual Report 7

International Select Fund continued

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


State Street GA Prime Fund	8.1	%
Vodafone Group, ADR	1.2
Nestle	1.2
Kookmin Bank, ADR	1.1
Petroleo Brasileiro, ADR	1.0
Samsung Electronics, GDR	1.0
Diageo	0.9
Vivendi Universal	0.9
Unicredito Italiano	0.9
Esprit Holdings	0.9

Country Allocation as of October 31, 2007¹ (% of net assets)


Great Britain	12.8	%
Japan	12.2
France	6.7
Switzerland	5.7
Brazil	5.6
Italy	4.8
Germany	4.4
South Korea	4.3
India	3.3
Netherlands	2.8
South Africa	2.6
Australia	2.4
Canada	2.2
Spain	2.0
Taiwan	1.9
Hong Kong	1.6
Mexico	1.6
Sweden	1.6
Luxembourg	1.3
Israel	1.1
Norway	1.0
Indonesia	1.0
Egypt	0.9
Turkey	0.9
Denmark	0.8
Russia	0.8
Singapore	0.7
Greece	0.6
China	0.5
Austria	0.5
Finland	0.4
Philippines	0.4
Bermuda	0.3
Portugal	0.3
Thailand	0.3
Malaysia	0.2
Hungary	0.1
Bahrain	0.1
Short-Term Investments	8.6
Other Assets & Liabilities, Net²	0.7

	100.0	%


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

²	Investments 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 2007 Annual Report

Annual Performance^1,2 as of June 30, 2007


	October 31, 2007		September 30, 2007

	Since		Since
	Inception		Inception

	12/21/2006		12/21/2006
Average annual return with sales charge (POP)
Class A		14.91%		9.05%

Class B		15.75%		9.65%

Class C		19.75%		13.65%

Average annual return without sales charge (NAV)
Class A		21.58%		15.37%

Class B		20.75%		14.65%

Class C		20.75%		14.65%

Class R		21.27%		15.06%

Class Y		21.78%		15.57%

MSCI AC World Index Ex. U.S.³		25.26%		18.64%


¹	International investing involves risks not typically associated with domestic investing, including risks of adverse currency fluctuations, potential political and economic instability, different accounting standards, foreign government regulations, currency exchange rates, limited liquidity, and volatile prices.


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers (including acquired fund fees and expenses which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.83%, 2.58%, 2.58%, 2.08%, and 1.58%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses (net of acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.49%, 2.24%, 2.24%, 1.74%, and 1.24%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


International Select Fund, Class A (NAV)	$	12,158

International Select Fund, Class A (POP)	$	11,491

MSCI AC World Index Ex. U.S.³	$	12,526


	The chart above, illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 12/21/2006 to 10/31/2007) as compared to the MSCI AC World Index Ex. U.S.³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

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

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

First American Funds 2007 Annual Report 9

Small Cap Growth Opportunities Fund

Investment Objective: growth of capital

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Small Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 13.10% for the fiscal year ended October 31, 2007 (Class A shares returned 12.81% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Growth Index*, returned 16.73% for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

Technology was the most significant contributor to the fund’s performance this fiscal year on a combination of strong stock selection coupled with the continued overweight in the sector. A pair of internet-related acquisitions added to results as Microsoft purchased aQuantive, an online marketing and advertising concern, and WebEx Communications, a provider of internet teleconferencing services, was acquired by Cisco Systems. Silicon Motion Technology, a semiconductor company focused on mobile storage solutions, also experienced surging demand for its flash memory card controllers, driving earnings estimates higher during the fiscal year.

The fund’s healthcare holdings also helped performance, primarily as a result of stock selection. Illumina, a manufacturer of genetic analysis technology, was the most significant contributor because of the rollout of its next-generation gene sequencing technology. In the energy sector, Oceaneering International, a provider of underwater exploration and production equipment, was a leading positive contributor.

What did not work for the fund and why?

The main detractors from performance during the fiscal year came from consumer discretionary stocks, where the fund’s overweight position and stock selection among specialty retailers negatively impacted returns. Poorly performing specialty retailers held during the fiscal year included New York & Company, Christopher & Banks, Citi Trends, and Children’s Place Retail Stores. Stock selection in the industrial sector, particularly in the commercial services area, had a negative effect. Wesco International, an electrical products distributor, and Mobile Mini, a lessor of portable storage units, were notable detractors from performance. The case was similar in the consumer staples sector, where the fund’s relative performance was hampered largely by one holding, The Pantry, Inc., an operator of convenience stores in the southeastern United States. Additionally, the fund’s lack of exposure to the materials and utilities sectors, the two best performing sectors of the index, hurt relative results.

What strategic moves were made by the fund and why?

Given the economic outlook that suggests the need for caution, we pared down our holdings among specialty retailers and restaurants to become more evenly weighted with the Russell 2000 Growth Index. We are monitoring the consumer space closely to assess the impact of recent Federal Reserve rate cuts in the event that monetary policy results in stronger economic growth as the year unfolds. Industrial holdings have been reduced to an underweight position and are more concentrated on stocks that stand to benefit from continued international growth. We remain overweight in the technology sector and are seeking to increase the fund’s weight in the healthcare sector given its more defensive nature. Our investment strategy continues to be driven by our focus on long-term economic trends as a means to identify investment opportunities in companies with growth characteristics and reasonable valuations.


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

10 First American Funds 2007 Annual Report

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


First American Prime Obligations Fund, Class Z			4.1%
Polycom			2.8
Ixia			2.1
Emulex			2.0
Quest Software			2.0
Harmonic			1.8
Einstein Noah Restaurant Group			1.7
DRS Technologies			1.7
Silicon Motion Technology, ADR			1.7
BE Aerospace			1.7

Sector Allocation as of October 31, 2007¹ (% of net assets)


Information Technology	30.8	%
Healthcare	20.6
Industrials	16.5
Consumer Discretionary	14.8
Financials	7.4
Energy	6.5
Consumer Staples	0.9
Short-Term Investment	4.1
Other Assets & Liabilities, Net²	(1.6	)

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2007 Annual Report 11

Small Cap Growth Opportunities Fund continued

Annual Performance^1,2


	October 31, 2007																		September 30, 2007*

										Since Inception																		Since Inception

	1 year			5 years			10 years			3/1/1999			12/11/2000			9/24/2001			1 year			5 years			10 years			3/1/1999			12/11/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		6.62	%		15.56	%		13.91	%		—			—			—			9.66	%		16.24	%		13.33	%		—			—			—

Class B		7.03	%		15.78	%		—			17.98	%		—			—			10.20	%		16.48	%		—			17.67	%		—			—

Class C		10.96	%		16.00	%		—			—			—			11.03	%		14.21	%		16.69	%		—			—			—			10.52	%
Average annual return without sales charge (NAV)
Class A		12.81	%		16.87	%		14.56	%		—			—			—			16.06	%		17.57	%		13.98	%		—			—			—

Class B		12.03	%		16.00	%		—			17.98	%		—			—			15.20	%		16.70	%		—			17.67	%		—			—

Class C		11.96	%		16.00	%		—			—			—			11.03	%		15.21	%		16.69	%		—			—			—			10.52	%

Class R		12.56	%		16.72	%		—			—			7.12	%		—			15.80	%		17.42	%		—			—			6.63	%		—

Class Y		13.10	%		17.14	%		14.85	%		—			—			—			16.39	%		17.86	%		14.27	%		—			—			—

Russell 2000 Growth Index³		16.73	%		18.57	%		4.75	%		6.19	%		4.58	%		12.53	%		18.94	%		18.70	%		3.65	%		5.71	%		3.97	%		11.90	%


¹	Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies, and they may be expected to do so in the future.


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers (including acquired fund fees and expenses, which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.58%, 2.33%, 2.33%, 1.83%, and 1.33%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses (net of acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.47%, 2.22%, 2.22%, 1.72%, and 1.22%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


Small Cap Growth Opportunities Fund, Class A (NAV)	$	38,942

Small Cap Growth Opportunities Fund, Class A (POP)	$	36,794

Russell 2000 Growth Index³	$	15,912


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 2000 Growth Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.


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

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

	The First American Small Cap Growth Opportunities Fund’s 1999 returns were higher due in substantial part to its strategy of investing in IPOs in a period favorable for IPO investing. Of course, such favorable returns involve accepting the risk of volatility, and there is no assurance that the fund’s future investment in IPOs will have the same effect on performance as it did in 1999.


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

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

12 First American Funds 2007 Annual Report

Small Cap Select Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Small Cap Select Fund (the “fund”), Class Y shares, returned 7.58% for the fiscal year ended October 31, 2007 (Class A shares returned 7.35% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Index*, returned 9.27% for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

Good stock selection in the financials, materials, and technology sectors provided positive performance relative to our benchmark in fiscal 2007. A significant underweight in the financials sector also helped performance at a time when the sector was negatively affected by the subprime mortgage crisis. Much of 2007 was characterized by a robust environment for mergers and acquisitions. We benefited from this environment, with some of our holdings being acquired and/or taken private, including Investors Financial and First Republic Bank in the financials sector as well as aQuantive (digital marketing) in technology. Also in technology, analog semiconductor company Advanced Analogic Technologies, a leader in power management, has seen a substantial increase in its business due to higher demand for low-end cell phones in emerging markets. Pediatrix Medical Group, the nation’s largest neonatal intensive care provider, benefited from strong pricing and good volume growth throughout the year. Helix Energy Solutions Group, an oil and gas service company leveraged to deep-water offshore oil markets, continued to see its business improve as more exploration and production took place in that area. AMETEK, an industrial manufacturer, experienced solid end-market growth and strong operating performance improvement. Terra Industries, a fertilizer company, benefited from improved fertilizer pricing due to a strong agricultural market, and Schnitzer Steel Industries was buoyed up by strong export scrap steel pricing due to continued strength in global industrial markets.

What did not work for the fund and why?

Poor stock selection in the consumer and industrial sectors, as well as an underweight in the materials sector, hurt fund performance this year. In the consumer sector, Children’s Place Retail Stores and Christopher & Banks ran into a tough consumer environment, coupled with fashion miscues and poor inventory management, which ultimately led to much worse operating performance. P.F. Chang’s China Bistro, a restaurant company, also suffered from the poor environment and ultimately reined in its growth outlook, which led to a contraction in its valuation. Lastly, Nautilus, a fitness company, saw its sales decrease significantly and its operating profitability diminish substantially. In industrials, People Support, a call center outsourcer, saw its rate of growth outstrip its infrastructure, requiring a substantial increase in spending, which led to much lower profitability. Elsewhere, WESCO International and NCI Building Systems, both operating in the commercial construction market, experienced sluggish revenue growth due to a slowing market. Edge Petroleum, an oil and gas exploration company, suffered an unexpected drilling failure in one of its most prolific fields, which has temporarily depressed both the company’s production and reserve estimates. Lastly, Phototronics, a semiconductor equipment company, is in the midst of a capital expansion plan. The stock has been under pressure as the transition has taken longer to complete than originally expected.

What strategic moves were made by the fund and why?

Toward the end of the fiscal year, we eliminated a number of consumer stocks (primarily retail and restaurants) that had been underperforming, and we are now seeing some improvement in that sector. We did the same with some of our holdings in the industrials sector (primarily commercial construction). Sector allocations and other portfolio characteristics remained within prescribed ranges to allow stock selection to drive performance; however, the portfolio has had an overweight in technology, where we found positive trends in both operating expenses and stock price, and an

First American Funds 2007 Annual Report 13

Small Cap Select Fund continued

underweight in financials, where we saw exactly the opposite. We have been, to a lesser degree, overweight in the consumer discretionary sector (chiefly because of attractive valuations) as well as in healthcare and energy. We also maintained a modest underweight in industrials and materials (again because of the valuations) as well as consumer staples, telecommunication services, and utilities.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


First American Prime Obligations Fund, Class Z	3.2	%
Helix Energy Solutions Group	2.3
Emulex	2.3
SonoSite	2.1
K-V Pharmaceutical, Class A	1.9
WMS Industries	1.8
Cullen/ Frost Bankers	1.7
Hain Celestial Group	1.6
Comstock Resources	1.6
Pediatrix Medical Group	1.6

Sector Allocation as of October 31, 2007¹ (% of net assets)


Information Technology	22.7	%
Consumer Discretionary	16.3
Financials	16.0
Healthcare	14.0
Industrials	12.9
Energy	7.6
Materials	3.7
Consumer Staples	2.2
Telecommunication Services	0.7
Utilities	0.4
Short-Term Investment	3.2
Other Assets & Liabilities, Net²	0.3

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

14 First American Funds 2007 Annual Report

Annual Performance^1,2


	October 31, 2007												September 30, 2007*

										Since												Since
										Inception												Inception

	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		1.45	%		16.72	%		9.54	%		—			1.96	%		17.56	%		8.66	%		—

Class B		2.02	%		16.96	%		9.38	%		—			2.59	%		17.80	%		8.50	%		—

Class C		5.55	%		17.17	%		—			14.53	%		6.17	%		17.99	%		—			14.14	%
Average annual return without sales charge (NAV)
Class A		7.35	%		18.06	%		10.17	%		—			7.91	%		18.89	%		9.28	%		—

Class B		6.51	%		17.17	%		9.38	%		—			7.10	%		18.01	%		8.50	%		—

Class C		6.46	%		17.17	%		—			14.53	%		7.09	%		17.99	%		—			14.14	%

Class R		6.99	%		17.87	%		10.11	%		—			7.61	%		18.70	%		9.22	%		—

Class Y		7.58	%		18.37	%		10.46	%		—			8.13	%		19.17	%		9.57	%		—

Russell 2000 Index³		9.27	%		18.67	%		8.01	%		14.35	%		12.34	%		18.75	%		7.22	%		14.03	%


¹	Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies, and they may be expected to do so in the future.


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses, which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.23%, 1.98%, 1.98%, 1.48%, and 0.98%, respectively.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


Small Cap Select Fund, Class A (NAV)	$	26,338

Small Cap Select Fund, Class A (POP)	$	24,884

Russell 2000 Index³	$	21,604


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 2000 Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

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


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

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

First American Funds 2007 Annual Report 15

Small Cap Value Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Small Cap Value Fund (the “fund”), Class Y shares, returned 4.45% for the fiscal year ended October 31, 2007 (Class A shares returned 4.18% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Value Index*, returned 2.05% for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

The fund’s positive relative performance was primarily driven by stock selection. Our overweight positions in healthcare and industrials were key given good earnings trends from the companies in this sector and our focus on quality stocks. In addition, our continued underweight in financials (especially real estate investment trusts, banks, and thrifts) at a time when the sector suffered from the repercussions of the subprime mortgage crisis, aided our results. We benefited from several acquisitions that were made at attractive valuation premiums: Ohio Casualty (insurance), Armor Holdings (security products), Alteris (therapeutics and vaccines), Alabama National and First Republic (banking), Andrew Corporation (communications systems), and Metal Management (recycling). Other strong performers included Aeropostale (teens’ apparel), Res-Care (training and in-home services to special needs community), Pericom Semiconductor, and Terra Industries (fertilizer industry).

What did not work for the fund and why?

Our underweight in the materials sector was one of the few weak points in the fund during a time when the sector benefited substantially from rising commodity prices. In addition, we lacked exposure to the telecommunication services sector, which was relatively strong during the fiscal year. Within the financials sector, concerns regarding Midwest housing had a negative impact on Capitol Bancorp, while subprime credit crisis weakened Newcastle Investment, a real estate investment and finance company.

What strategic moves were made by the fund and why?

We continued to focus on investing in quality companies that are trading at attractive valuation metrics with identifiable catalysts to narrow the gap between intrinsic and market value. We also continued to build our portfolio from the bottom up, focusing more on individual stock selection than sector allocations. As a result, we retained overweights in healthcare, energy, technology, and industrials (tilted towards aerospace/engineering and construction companies). We remained underweight in the weaker consumer discretionary and financial sectors.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Emulex	1.8	%
Progress Software	1.7
Regal-Beloit	1.6
Swift Energy	1.6
Sterling Bancshares	1.5
Waddell & Reed Financial, Class A	1.5
United Online	1.5
FPIC Insurance Group	1.4
Sciele Pharma	1.4
Elizabeth Arden	1.4

Sector Allocation as of October 31, 2007¹ (% of net assets)


Financials	28.1	%
Information Technology	15.3
Industrials	13.9
Consumer Discretionary	12.8
Healthcare	7.8
Energy	6.7
Materials	6.5
Utilities	4.8
Consumer Staples	3.4
Short-Term Investment	0.4
Other Assets & Liabilities, Net²	0.3

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

16 First American Funds 2007 Annual Report

Annual Performance^1,2


	October 31, 2007																	September 30, 2007*

										Since Inception																	Since Inception

	1 year			5 years			10 years			11/24/1997			2/1/1999			9/24/2001		1 year			5 years			10 years			11/24/1997			2/1/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		(1.58	)%		16.14	%		7.56	%		—			—			—		0.97	%		15.56	%		6.80	%		—			—			—

Class B		(0.87	)%		16.35	%		—			7.68	%		—			—		1.57	%		15.76	%		—			7.51	%		—			—

Class C		2.56	%		16.58	%		—			—			10.71	%		—		5.13	%		15.99	%		—			—			10.55	%		—

Average annual return without sales charge (NAV)
Class A		4.18	%		17.45	%		8.17	%		—			—			—		6.82	%		16.88	%		7.40	%		—			—			—

Class B		3.41	%		16.56	%		—			7.68	%		—			—		5.96	%		15.99	%		—			7.51	%		—			—

Class C		3.42	%		16.58	%		—			—			10.71	%		—		6.01	%		15.99	%		—			—			10.55	%		—

Class R		3.96	%		17.27	%		—			—			—			14.26%		6.55	%		16.71	%		—			—			—			14.09	%

Class Y		4.45	%		17.73	%		8.43	%		—			—			—		7.04	%		17.15	%		7.67	%		—			—			—

Russell 2000 Value Index³		2.05	%		18.60	%		10.49	%		10.53	%		12.74	%		15.69%		6.09	%		18.70	%		10.07	%		10.50	%		12.73	%		15.72	%


¹	Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies, and they may be expected to do so in the future.


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.26%, 2.01%, 2.01%, 1.51%, and 1.01%, respectively.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


Small Cap Value Fund, Class A (NAV)	$	21,929

Small Cap Value Fund, Class A (POP)	$	20,718

Russell 2000 Value Index³	$	27,127


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 2000 Value Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

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

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

First American Funds 2007 Annual Report 17

Small-Mid Cap Core Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Small-Mid Cap Core Fund (the “fund”), Class Y shares, returned 11.62% for the fiscal year ended October 31, 2007 (Class A shares returned 11.18% without taking the sales charge into account). By comparison, the fund’s benchmark during the fiscal year, the Russell 2500 Index*, returned 12.71% for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

Effective sector, market, and style positioning, as well as individual stock selection, drove fund performance during the fiscal year. Our selections in the healthcare sector proved particularly successful, with Intuitive Surgical and ArthroCare benefiting from high demand and pricing power of their advanced medical devices. In basic materials, Terra Industries (a fertilizer company) and Owens-Illinois (glass containers and plastics packaging) enjoyed continued strong performance. An overweight in capital goods also added value; a standout in this space was tactical wheeled vehicles manufacturer Armor Holdings, which was purchased by BAE Systems. In energy, Cameron International, an oil service company, owed its positive performance to strong global growth and demand for oil. The fund also benefited from a significant underweight in positions with lower market capitalization.

What did not work for the fund and why?

The largest detractor from performance was NutriSystem Inc., a provider of weight management and fitness products, whose performance suffered as a new “hot” weight loss drug came to market, and, as a result, the cost of attracting new customers was higher than the company had anticipated. Although an appropriate underweight in financials helped performance, our holding of PMI Group was down significantly as subprime concerns roiled the market.

What strategic moves were made by the fund and why?

We reduced our exposure to housing and consumer-sensitive stocks while increasing our positions in three stocks we feel confident about: Owens-Illinois, Republic Services (a waste management company), and Intuitive Surgical. During the fiscal year, we tilted slightly toward growth and moved slightly up the market capitalization weightings to take advantage of current market conditions and our firm’s view of appropriate allocations. The fund’s sector exposures remained largely unchanged.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Republic Services	3.1	%
Owens-Illinois	3.0
Intuitive Surgical	2.9
WMS Industries	2.8
Terra Industries	2.6
Emulex	2.6
F5 Networks	2.4
Everest Re Group	2.3
Amphenol, Class A	2.2
W.R. Berkley	2.1

Sector Allocation as of October 31, 2007¹ (% of net assets)


Information Technology	19.2	%
Healthcare	15.0
Consumer Discretionary	14.9
Financials	14.9
Industrials	13.6
Materials	9.5
Energy	7.5
Utilities	2.0
Consumer Staples	1.8
Telecommunication Services	1.5
Short-Term Investment	0.2
Other Assets & Liabilities, Net²	(0.1	)

	100.0	%


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

²	Investments 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 2007 Annual Report

Annual Performance^1,2


	October 31, 2007												September 30, 2007*

										Since Inception												Since Inception

	1 year			5 years			10 years			2/1/2000			1 year			5 years			10 years			2/1/2000
Average annual return with sales charge (POP)
Class A		5.03	%		14.66	%		(0.16	)%		—			8.25	%		18.26	%		(1.12	)%		—

Class B		5.43	%		14.87	%		(0.34	)%		—			8.63	%		18.48	%		(1.29	)%		—

Class C		9.45	%		15.15	%		—			(16.38	)%		12.65	%		18.73	%		—			(16.68	)%
Average annual return without sales charge (NAV)
Class A		11.18	%		15.98	%		0.40	%		—			14.50	%		19.60	%		(0.55	)%		—

Class B		10.43	%		15.10	%		(0.34	)%		—			13.63	%		18.68	%		(1.29	)%		—

Class C		10.45	%		15.15	%		—			(16.38	)%		13.65	%		18.73	%		—			(16.68	)%

Class Y		11.62	%		16.30	%		0.69	%		—			14.74	%		19.89	%		(0.28	)%		—

Russell 2500 Index³		12.71	%		19.39	%		10.02	%		9.71	%		15.17	%		19.55	%		9.24	%		9.46	%


¹	Effective October 3, 2005, the investment strategy of the fund, formerly called the Technology Fund, changed from investing primarily in technology stocks to investing primarily in common stocks of small- and mid-capitalization companies. As a result, performance for the periods prior to October 3, 2005 reflect the performance of a materially different investment portfolio.


	Stocks of small- and mid-capitalization companies involve substantial risk and may be subject to increased volatility and more price fluctuation than large-capitalization companies.

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

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

	Investment performance reflects fee waivers that are in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers for Class A, Class B, Class C, and Class Y shares was 1.52%, 2.27%, 2.27%, and 1.27%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses for Class A, Class B, Class C, and Class Y shares do not exceed 1.41%, 2.16%, 2.16%, and 1.16%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


Small-Mid Cap Core Fund, Class A (NAV)	$	10,411

Small-Mid Cap Core Fund, Class A (POP)	$	9,840

Russell 2500 Index³	$	25,995


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 2500 Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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 Small-Mid Cap Core Fund’s 1999 returns were higher due in part to its strategy of investing in IPOs and technology-related stocks in a period favorable for IPO and technology stock investing. Of course, such favorable returns involve accepting the risk of volatility, and there is no assurance that the fund’s future investment in IPOs and technology stocks will have the same effect on performance as it did in 1999.


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

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

First American Funds 2007 Annual Report 19

Mid Cap Growth Opportunities Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Mid Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 23.68% for the fiscal year ended October 31, 2007 (Class A shares returned 23.36% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Growth Index*, returned 19.72% for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

Stock selection was responsible for the fund’s strong performance this year. Stock selection within the healthcare sector was a large contributor. Intuitive Surgical, a manufacturer of robotic surgical systems, witnessed a significant improvement in equipment sales, disposable instrument sales, and earnings growth. Medco Health Solutions, a pharmacy benefit manager, benefited from increased mail and generic prescription penetration. Thermo Fisher Scientific, a provider of analytical instruments, gained ground because of the synergies created with the merger of Thermo and Fisher Scientific at the end of 2006. Stock selection within the industrial sector was also a positive contributor to performance. A large weight in the portfolio and a standout in terms of performance was Cummins, a diesel and natural gas engine manufacturer. Another large contributor, Precision Castparts, a manufacturer of complex metal components, investment castings, and forgings for the aerospace and industrial gas turbine markets, benefited as earnings came in stronger than expected, driven by continued strong demand in the company’s markets. In the information technology sector, MEMC Electronics Materials, a semiconductor and solar wafer manufacturer, enjoyed exceptional earnings growth as polysilicone prices remained high and the company’s foray in the solar business gained investor appreciation. NVIDIA, a graphics semiconductor company, enjoyed rising earnings estimates as its competitor AMD weakened.

What did not work for the fund and why?

Adverse stock selection within the consumer discretionary and financial sectors detracted from performance this year. In the consumer discretionary sector, disappointing earnings and member growth from Nutrisystem, a provider of weight management services, held back performance. In addition, Office Depot, an office products retailer, caused investor consternation after a series of weak earnings reports and lowered investor guidance. In the financial sector, Ambac Financial Group, a provider of financial guarantee products, PMI Group, a mortgage insurance provider, and Bear Stearns all declined due to their exposure to the housing and subprime mortgage area.

What strategic moves were made by the fund and why?

Growth stocks have begun to outperform for the first time in many years, and we believe that performance is set to continue. The expected earnings growth rate rose during the fiscal year as several high-growth companies were added to the fund. The fund has had higher expected growth in earnings and cash flow than our benchmark, with average valuations that are approximately in-line with the index. As a result, we believe the fund is well positioned for continued strong performance from growth companies.

The financial sector weight was lowered as we sold our positions in Northern Trust, Bear Stearns, Chicago Mercantile Exchange, CIT Group, and PMI Group while only adding a position in Blackrock, during the year. The materials sector weighting increased with a large purchase of Owens-Illinois, a manufacturer of glass containers, and Ecolab.

The fund retained modest overweights in the healthcare, information technology, and telecommunication services sectors and was underweight in the financial, consumer staples, and utility sectors.


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

20 First American Funds 2007 Annual Report

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


First American Prime Obligations Fund, Class Z	3.6	%
American Tower, Class A	3.0
Precision Castparts	2.9
Owens-Illinois	2.9
Maxim Integrated Products	2.2
Rockwell Collins	2.1
NVIDIA	2.1
Thermo Fisher Scientific	2.0
Cameron International	2.0
MEMC Electronic Materials	1.9

Sector Allocation as of October 31, 2007¹ (% of net assets)


Information Technology	22.2	%
Consumer Discretionary	17.7
Healthcare	16.2
Industrials	15.5
Energy	10.9
Financials	6.2
Materials	4.7
Telecommunication Services	4.1
Short-Term Investment	3.6
Other Assets and Liabilities, Net²	(1.1	)

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2007 Annual Report 21

Mid Cap Growth Opportunities Fund continued

Annual Performance^1,2


	October 31, 2007																	September 30, 2007*

										Since Inception																	Since Inception

	1 year			5 years			10 years			3/1/1999			12/11/2000			9/24/2001		1 year			5 years			10 years			3/1/1999			12/11/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		16.58	%		18.04	%		9.77	%		—			—			—		19.51	%		19.21	%		9.17	%		—			—			—

Class B		17.47	%		18.29	%		—			11.93	%		—			—		20.52	%		19.47	%		—			11.98	%		—			—

Class C		21.42	%		18.50	%		—			—			—			15.18%		24.52	%		19.68	%		—			—			—			15.30	%
Average annual return without sales charge (NAV)
Class A		23.36	%		19.39	%		10.39	%		—			—			—		26.47	%		20.56	%		9.79	%		—			—			—

Class B		22.47	%		18.49	%		—			11.93	%		—			—		25.52	%		19.67	%		—			11.98	%		—			—

Class C		22.42	%		18.50	%		—			—			—			15.18%		25.52	%		19.68	%		—			—			—			15.30	%

Class R		23.06	%		19.19	%		—			—			9.60	%		—		26.14	%		20.38	%		—			—			9.63	%		—

Class Y		23.68	%		19.69	%		10.66	%		—			—			—		26.80	%		20.88	%		10.07	%		—			—			—

Russell Midcap Growth Index³		19.72	%		19.21	%		8.30	%		7.50	%		2.72	%		13.97%		21.22	%		20.39	%		7.47	%		7.26	%		2.37	%		13.70	%


¹	Stocks of mid-capitalization companies may be slightly less volatile than those of small-capitalization companies, but they still involve substantial risk and may be subject to increased volatility and more price fluctuation than large-capitalization companies.


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.22%, 1.97%, 1.97%, 1.47%, and 0.97%, respectively.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


Mid Cap Growth Opportunities Fund, Class A (NAV)	$	26,865

Mid Cap Growth Opportunities Fund, Class A (POP)	$	25,388

Russell Midcap Growth Index³	$	22,192


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell Midcap Growth Index³.

(MID CAP GROWTH OPPORTUNITIES FUND LINE GRAPH)


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.


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


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

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

22 First American Funds 2007 Annual Report

Mid Cap Value Fund

Investment Objective: capital appreciation

How did the Fund perform for the fiscal year ended October 31, 2007?

The First American Mid Cap Value Fund (the “fund”), Class Y shares, returned 11.79% for the fiscal year ended October 31, 2007 (Class A shares returned 11.47% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Value Index*, returned 9.73% for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

Fund performance benefited from good security selection in the basic materials, energy, and utilities sectors, as well as an underweight in financials. Packaging manufacturer Owens-Illinois significantly outperformed the benchmark due to new management, portfolio restructuring and capacity rationalization. Mining company Freeport-McMoRan Copper & Gold rose sharply due to tight supply/demand dynamics in the global copper market as well as significant balance sheet improvement following the acquisition of a large competitor. Oil service operator GlobalSantaFe outperformed due to increasing worldwide exploration activity and commensurate improvement in day rates for offshore rig operators. Other standouts included utility Constellation Energy, oil service provider National-Oilwell Varco, utility PPL, and communications equipment manufacturer Harris.

What did not work for the fund and why?

Fund performance was negatively impacted by adverse stock selection in the financial, consumer staples, and industrial sectors as well as an underweight allocation in utilities. Deteriorating credit conditions related to subprime mortgage and slowing domestic economic growth negatively impacted several of the fund’s financial holdings, particularly financial guarantor Ambac Financial Group, mortgage insurer PMI Group, mortgage originator IndyMac Bancorp, and commercial/consumer lender CIT Group. Convenience store operator Pantry Inc. suffered from poor margins on the sale of gasoline.

What strategic moves were made by the fund and why?

In terms of strategic positioning, the fund ended the fiscal year with its largest overweight in the basic materials, technology, telecommunications services, and healthcare sectors, as we continued to identify stocks in these sectors that exhibit compelling fundamentals with company-specific catalysts for change. We remained modestly overweight in the energy sector because we felt the continuing high commodity prices, coupled with favorable supply-and-demand characteristics, would positively impact both exploration and service companies. We maintained our underweight position in the financial sectors due to an uncertain fundamental outlook but are looking for opportunities to add selectively. In addition, we were underweight in utilities because we believed the sector was experiencing both peak fundamentals and full valuation.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


First American Prime Obligations Fund, Class Z	4.9	%
Owens-Illinois	3.7
Edison International	2.1
Republic Services	2.1
GlobalSantaFe	2.0
Rohm & Haas	1.9
W.R. Berkley	1.8
Werner Enterprises	1.8
Smurfit-Stone Container	1.8
PG&E	1.7

Sector Allocation as of October 31, 2007¹ (% of net assets)


Financials	22.2	%
Consumer Discretionary	13.4
Materials	11.0
Industrials	10.3
Utilities	10.3
Information Technology	9.2
Energy	7.6
Consumer Staples	6.3
Healthcare	3.3
Telecommunication Services	3.2
Short-Term Investment	4.9
Other Assets and Liabilities, Net²	(1.7	)

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2007 Annual Report 23

Mid Cap Value Fund continued

Annual Performance^1,2


	October 31, 2007															September 30, 2007*

										Since Inception															Since Inception

	1 year			5 years			10 years			2/1/1999			9/24/2001			1 year			5 years			10 years			2/1/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		5.34	%		17.07	%		6.67	%		—			—			6.79	%		17.54	%		6.10	%		—			—

Class B		5.67	%		17.33	%		6.50	%		—			—			7.15	%		17.79	%		5.93	%		—			—

Class C		9.66	%		17.53	%		—			9.72	%		—			11.16	%		17.99	%		—			9.66	%		—

Average annual return without sales charge (NAV)
Class A		11.47	%		18.41	%		7.28	%		—			—			13.00	%		18.87	%		6.71	%		—			—

Class B		10.67	%		17.54	%		6.50	%		—			—			12.15	%		17.99	%		5.93	%		—			—

Class C		10.66	%		17.53	%		—			9.72	%		—			12.16	%		17.99	%		—			9.66	%		—

Class R		11.18	%		18.22	%		—			—			15.46	%		12.71	%		18.69	%		—			—			15.45	%

Class Y		11.79	%		18.71	%		7.56	%		—			—			13.28	%		19.18	%		6.98	%		—			—

Russell Midcap Value Index ³		9.73	%		20.36	%		11.69	%		12.25	%		16.58	%		13.75	%		21.02	%		11.31	%		12.33	%		16.76	%


¹	Stocks of mid-capitalization companies may be slightly less volatile than those of small-capitalization companies, but they still involve substantial risk and may be subject to increased volatility and more price fluctuation than large-capitalization companies.


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses, which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.23%, 1.98%, 1.98%, 1.48%, and 0.98%, respectively.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


Mid Cap Value Fund, Class A (NAV)	$	20,189

Mid Cap Value Fund, Class A (POP)	$	19,080

Russell Midcap Value Index³	$	30,213


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell Midcap Value Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

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

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

24 First American Funds 2007 Annual Report

Large Cap Growth Opportunities Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Large Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned 24.32% for the fiscal year ended October 31, 2007 (Class A shares returned 24.01% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Growth Index*, returned 19.23% for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

Good stock selection in the technology, healthcare, and industrial sectors led to strong performance over the past fiscal year. An overweight in the technology sector, along with an underweight in the healthcare sector, also contributed to performance.

Robust demand for mobile information devices led to excellent operating performance in the technology sector holdings. Research In Motion, the maker of Blackberry devices, capitalized on its strength with corporate email services to expand into several international markets as well as into the consumer market over the fiscal year, producing excellent results. Apple introduced a new phone along with new and improved laptop and iPod products to meet the growing needs of the consumer market. Hewlett-Packard’s continued success in the PC space was marked by 30% or higher gains in laptops.

Continued strong demand and a positive outlook for the commercial aerospace market, along with market share gains and margin expansion, boosted the results from standout performer Precision Castparts and Rockwell Collins. In the energy sector, Schlumberger and Weatherford International both were well-positioned to capitalize on the strong demand for non-U.S. oil drilling activity.

Intuitive Surgical, maker of robotic surgical systems, was driven higher by continued growth and acceptance of its unique system along with possible new applications. Finally, pharmacy benefit manager Medco Health Solutions leveraged increasing generic drug penetration to produce more than 20% earnings growth.

What did not work for the fund and why?

The repercussions of the subprime mortgage loan disaster negatively affected a few holdings. McGraw-Hill’s S&P ratings division was hurt by the slowdown in structured financial products. Walgreens had difficulty navigating through some of the generic drug pricing changes over the past year and posted subpar financial and stock performance. Nordstrom was caught up in the consumer slowdown and posted earnings below plan, which drove its stock down. Despite these setbacks, we believe McGraw-Hill and Nordstrom still contain the market-leader characteristics required and therefore remain investments in the fund.

What strategic moves were made by the fund and why?

The individual stock selection process, focused on market-leading companies leveraging their sustainable competitive advantage into superior long-term earnings growth, continues to drive the activity of the fund. During the fiscal year about 4% of the portfolio was removed from the consumer staples sector and reinvested in the technology, financial, and consumer discretionary sectors. Profit-taking drove a modest reduction in some of the energy stocks in the portfolio.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Microsoft	4.9	%
Cisco Systems	3.7
Intel	2.8
Apple	2.7
Goldman Sachs Group	2.7
Target	2.4
Hewlett-Packard	2.4
Oracle	2.3
IBM	2.1
Google, Class A	2.0

Sector Allocation as of October 31, 2007¹ (% of net assets)


Information Technology	34.6	%
Consumer Discretionary	12.0
Healthcare	12.0
Industrials	11.5
Financials	10.0
Energy	7.8
Consumer Staples	5.2
Telecommunication Services	3.0
Materials	2.8
Short-Term Investment	1.3
Other Assets and Liabilities, Net²	(0.2	)

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2007 Annual Report 25

Large Cap Growth Opportunities Fund continued

Annual Performance^1,2


	October 31, 2007																		September 30, 2007*

										Since Inception																		Since Inception

	1 year			5 years			10 years			3/01/1999			11/27/2000			9/24/2001			1 year			5 years			10 years			3/01/1999			11/27/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		17.19	%		10.88	%		4.39	%		—			—			—			17.44	%		12.07	%		3.56	%		—			—			—

Class B		18.13	%		11.04	%		—			1.32	%		—			—			18.36	%		12.26	%		—			1.01	%		—			—

Class C		22.09	%		11.29	%		—			—			—			6.71	%		22.33	%		12.50	%		—			—			—			6.32	%
Average annual return without sales charge (NAV)
Class A		24.01	%		12.14	%		4.98	%		—			—			—			24.27	%		13.35	%		4.15	%		—			—			—

Class B		23.13	%		11.30	%		—			1.32	%		—			—			23.36	%		12.51	%		—			1.01	%		—			—

Class C		23.09	%		11.29	%		—			—			—			6.71	%		23.33	%		12.50	%		—			—			—			6.32	%

Class R		23.70	%		11.94	%		—			—			0.42	%		—			23.95	%		13.16	%		—			—			0.02	%		—

Class Y		24.32	%		12.41	%		5.24	%		—			—			—			24.62	%		13.64	%		4.41	%		—			—			—

Russell 1000 Growth Index³		19.23	%		12.61	%		4.81	%		0.92	%		(0.58)	%		7.76	%		19.35	%		13.84	%		4.06	%		0.54	%		(1.07)	%		7.27	%


¹	Growth stocks typically have more volatility than value stocks; whereas value stocks tend to have slower earnings growth rates.


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.19%, 1.94%, 1.94%, 1.44%, and 0.94%, respectively.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


Large Cap Growth Opportunities Fund, Class A (NAV)	$	16,254

Large Cap Growth Opportunities Fund, Class A (POP)	$	15,361

Russell 1000 Growth Index³	$	15,992


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 1000 Growth Index³.

(LARGE CAP GROWTH OPPORTUNITIES LINE GRAPH)


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.


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


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

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

26 First American Funds 2007 Annual Report

Large Cap Select Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Large Cap Select Fund (the “fund”), Class Y shares, returned 14.65% for the fiscal year ended October 31, 2007 (Class A shares returned 14.36% without taking the sales charge into account). By comparison, the fund’s benchmark, the Standard & Poor’s 500 Index* (“S&P 500 Index”), returned 14.56% for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

Good sector allocation was the largest positive contributor to the fund’s performance. Our overweight position in technology and energy and underweights in the consumer-related areas and utilities were drivers of fund performance. Within energy, stock selection added value, with National-Oilwell Varco and Cameron International being large positive contributors to performance. Within technology, our positions in Intel, IBM, Apple, and Hewlett-Packard boosted performance. Stock selection within the basic materials sector was very helpful to performance as well. Both Owens-Illinois and Freeport-McMoRan Copper & Gold were important contributors to the fund’s performance.

What did not work for the fund and why?

Stock selection within the financial sector hurt the fund on an individual stock basis. The fund did own both PMI Group and Ambac Financial Group, which were more negatively affected by the subprime mortgage crisis than we anticipated. Some of the fund’s bank stocks – Bank of America and Citigroup – were also impacted by these issues. In addition to the sector and stock combinations mentioned above, poor stock selection on a company-specific basis cost the fund performance. Weak performers – notably Circuit City, Motorola and Novartis – had an adverse effect on fund performance while they were in the portfolio.

What strategic moves were made by the fund and why?

We were positively rewarded for our overweights in energy and technology and for our stock selection within these sectors. Guided by global economic growth expectations and energy supply and demand forecasts, we selected stocks within the oil services area that helped performance. Technology was overweighted because we anticipated a strong PC cycle, strong demand for semiconductors and attractive valuations and earnings growth rates. The fund’s overall exposure to stocks that benefited from momentum (a pattern of increasing rate of growth in earnings per share), a bias toward growth strategies, and stock selection outside of the benchmark also contributed to performance. Nonbenchmark holdings in Owens-Illinois and Cameron International added to the fund’s performance. As we enter the new fiscal year, we have reduced our energy and technology weights and have added selectively to our consumer and financial holdings. We expect more interest-rate reductions by the Federal Reserve early in the new fiscal year. Interest-rate reductions should improve the outlook for the financial and consumer cyclical sectors.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Cisco Systems	3.9	%
Microsoft	3.9
Wachovia	3.4
American International Group	3.3
Hewlett-Packard	3.2
Morgan Stanley	3.1
Owens-Illinois	3.1
Exxon Mobil	3.0
Citigroup	2.8
Altria Group	2.6

Sector Allocation as of October 31, 2007¹ (% of net assets)


Information Technology	24.0	%
Financials	23.4
Energy	13.6
Healthcare	11.7
Consumer Discretionary	7.6
Materials	5.3
Telecommunication Services	4.5
Consumer Staples	4.5
Industrials	3.7
Investment Company	1.2
Short-Term Investment	0.6
Other Assets and Liabilities, Net²	(0.1	)

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2007 Annual Report 27

Large Cap Select Fund continued

Annual Performance^1,2


	October 31, 2007						September 30, 2007*

				Since Inception						Since Inception

	1 year			1/31/2003			1 year			1/31/2003
Average annual return with sales charge (POP)
Class A		8.10	%		12.92	%		9.31	%		12.78	%

Class B		8.52	%		13.12	%		9.83	%		12.99	%

Class C		12.45	%		13.39	%		13.75	%		13.27	%

Average annual return without sales charge (NAV)
Class A		14.36	%		14.27	%		15.68	%		14.15	%

Class B		13.52	%		13.39	%		14.83	%		13.26	%

Class C		13.45	%		13.39	%		14.75	%		13.27	%

Class R		14.09	%		14.01	%		15.40	%		13.89	%

Class Y		14.65	%		14.56	%		15.98	%		14.43	%

S&P 500 Index³		14.56	%		15.39	%		16.44	%		15.30	%


¹	Mutual fund investing involves risk; principal loss is possible.


	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV. Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.19%, 1.94%, 1.94%, 1.44%, and 0.94%, respectively.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


Large Cap Select Fund, Class A (NAV)	$	18,837

Large Cap Select Fund, Class A (POP)	$	17,804

S&P 500 Index³	$	19,734


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 1/31/2003 to 10/31/2007) as compared to the S&P 500 Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.


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

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

28 First American Funds 2007 Annual Report

Large Cap Value Fund

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

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Large Cap Value Fund (the “fund”), Class Y shares, returned 11.83% for the fiscal year ended October 31, 2007 (Class A shares returned 11.60% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Value Index*, returned 10.83% for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

Good stock selection in the materials, technology, utility, and energy sectors made a positive contribution to the fund’s performance. An overweight in the materials sector proved beneficial given particularly strong performance by glass container company Owens-Illinois, which was led higher by successful implementation of new management’s turnaround plan as well as renewed industry pricing power. Copper miner Freeport-McMoRan was also a standout performer, as global metals demand remained robust. Notable performers in the technology sector included semiconductor producers Texas Instruments and Intel, experiencing margin expansion and earnings strength thanks to new product introductions and improving market conditions. Stock selection contributed to performance in utilities, where Exelon (a Chicago-based electric utility) and Edison International were the leaders. Within the energy sector, the portfolio gained from positions in Occidental Petroleum and oil services firm National-Oilwell Varco, both benefiting from continued strength in global energy markets.

What did not work for the fund and why?

Weaker stock selection in the financials, industrials, consumer staples, and consumer discretionary sectors detracted from the overall performance of the fund. Although the fund realized a net benefit from an underweight position in the struggling financial sector, investments in Ambac Financial Group, Countrywide Financial, and CIT Group were negatively impacted as a result of the credit market turmoil. Within industrials, the fund’s underweight position in conglomerate General Electric was a negative contributor to performance. In the consumer staples sector, the performance of food retailer SUPERVALU was disappointing as the company continued losing market share to stronger competitors. The fund’s small investment in home-building company Pulte Homes was a negative factor on performance as fundamentals in housing continued to deteriorate.

What strategic moves were made by the fund and why?

In terms of strategic positioning, the fund ended the fiscal year with its largest overweight in the materials and technology sectors as we continued to identify stocks in these sectors that exhibit compelling fundamentals with company-specific catalysts for change. We maintained our underweight position in the financial and utility sectors. It is our belief that the financial sector is still early in its correction and that utilities are experiencing very close to full valuations.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Exxon Mobil	4.9	%
AT&T	3.9
JPMorgan Chase	3.5
Owens-Illinois	3.2
Occidental Petroleum	2.8
Bank of America	2.6
Pfizer	2.5
General Electric	2.5
United Technologies	2.3
Marathon Oil	2.3

Sector Allocation as of October 31, 2007¹ (% of net assets)


Financials	25.3	%
Energy	15.9
Industrials	9.3
Information Technology	8.8
Healthcare	8.1
Materials	8.1
Consumer Discretionary	6.4
Telecommunication Services	6.1
Consumer Staples	6.0
Utilities	5.3
Short-Term Investment	1.6
Other Assets and Liabilities, Net²	(0.9	)

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2007 Annual Report 29

Large Cap Value Fund continued

Annual Performance^1,2


	October 31, 2007															September 30, 2007*

										Since Inception															Since Inception

	1 year			5 years			10 years			2/01/1999			9/24/2001			1 year			5 years			10 years			2/01/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		5.45	%		12.89	%		4.89	%		—			—			7.10	%		14.15	%		4.23	%		—			—

Class B		5.76	%		13.07	%		4.70	%		—			—			7.48	%		14.35	%		4.05	%		—			—

Class C		9.71	%		13.32	%		—			3.88	%		—			11.51	%		14.57	%		—			3.77	%		—
Average annual return without sales charge (NAV)
Class A		11.60	%		14.18	%		5.49	%		—			—			13.33	%		15.45	%		4.82	%		—			—

Class B		10.76	%		13.32	%		4.70	%		—			—			12.48	%		14.59	%		4.05	%		—			—

Class C		10.71	%		13.32	%		—			3.88	%		—			12.51	%		14.57	%		—			3.77	%		—

Class R		11.25	%		13.96	%		—			—			9.42	%		13.07	%		15.24	%		—			—			9.33	%

Class Y		11.83	%		14.45	%		5.76	%		—			—			13.62	%		15.75	%		5.10	%		—			—

Russell 1000 Value Index³		10.83	%		16.39	%		9.11	%		7.74	%		11.92	%		14.45	%		18.07	%		8.80	%		7.82	%		12.10	%


¹	Mutual fund investing involves risk; principal loss is possible.


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.17%, 1.92%, 1.92%, 1.42%, and 0.92%, respectively.


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

Value of $10,000 Investment^1,2,4 as of October 31, 2007


Large Cap Value Fund, Class A (NAV)	$	17,060

Large Cap Value Fund, Class A (POP)	$	16,122

Russell 1000 Value Index³	$	23,920


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 1000 Value Index³.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.


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

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

30 First American Funds 2007 Annual Report

Balanced Fund

Investment Objective: maximize total return (capital appreciation plus income)

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Balanced Fund (the “fund”), Class Y shares, returned 11.21% for the fiscal year ended October 31, 2007 (Class A shares returned 10.97% without taking the sales charge into account). By comparison, the fund’s benchmarks, the Russell 3000 Index* and the Lehman Aggregate Bond Index*, returned 14.53% and 5.38%, respectively, for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

In the stock portion of the fund, good sector allocation was the largest positive contributor to the fund’s performance. Our overweight position in technology and energy and underweights in the consumer-related areas and utilities were drivers of fund performance. Within energy, stock selection added value, with National-Oilwell Varco and Cameron International being large positive contributors to performance. Within technology, our positions in Intel, IBM, Apple, and Hewlett-Packard boosted performance. Stock selection within the basic materials sector was very helpful to performance as well. Both Owens-Illinois and Freeport-McMoRan Copper & Gold were important contributors to the fund’s performance.

In the fixed-income portion of the fund, we adopted an increasingly defensive position on corporate bonds as the fiscal year progressed. Our reduced holdings in high-yield corporate bonds and an underweight to investment-grade corporate bonds helped fund performance, particularly later in the fiscal year. The fund also benefited from the steepening of the yield curve as financial market turmoil intensified in the latter half of the fiscal year. The portfolio benefited marginally from lower interest rates.

What did not work for the fund and why?

The bond portion of the portfolio was hurt by an overweight to asset-backed and commercial mortgage-backed securities. Although the quality of these holdings is high, these sectors suffered in sympathy with turmoil in the mortgage market.

What strategic moves were made by the fund and why?

We were positively rewarded for our overweights in energy and technology and for our stock selection within these sectors. Guided by global economic growth expectations and energy supply and demand forecasts, we selected stocks within the oil services area that helped performance. Technology was overweighted because we anticipated a strong PC cycle, strong demand for semiconductors, and attractive valuations and earnings growth rates. The fund’s overall exposure to stocks that benefited from momentum (a pattern of increasing rate of growth in earnings per share), a bias toward growth strategies, and stock selection outside of the benchmark also contributed to performance. Non-benchmark holdings in Owens-Illinois and Cameron International added to the fund’s performance. As we enter the new fiscal year, we have reduced our energy and technology weights and have added selectively to our consumer and financial holdings. We expect more interest-rate reductions by the Federal Reserve early in the new fiscal year. Interest-rate reductions should improve the outlook for the financial and consumer cyclical sectors.

The bond portfolio remained defensively positioned with respect to corporate credit risk, given market valuations and deteriorating credit fundamentals. The portfolio maintained an overweight in high-quality asset-backed securities and commercial mortgage-backed securities, since we view these sectors as cheap. Our interest-rate strategy was focused on a steepening yield curve, and interest-rate sensitivity was adjusted depending on valuations, given market volatility.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


iShares MSCI EAFE Index Fund	3.4	%
U. S. Treasury Note, 4.875%, 8/31/2008	2.3
First American Prime Obligations Fund, Class Z	2.0
Cisco Systems	1.9
Microsoft	1.9
Wachovia	1.7
American International Group	1.6
Hewlett-Packard	1.6
Morgan Stanley	1.5
Owens-Illinois	1.5

Portfolio Allocation as of October 31, 2007¹ (% of net assets)


Stocks	52.9	%
Bonds	41.0
Investment Companies	4.5
Short-Term Investments	2.2
Other Assets and Liabilities, Net²	(0.6	)

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2007 Annual Report 31

Balanced Fund continued

Annual Performance^1,2


	October 31, 2007																		September 30, 2007*

										Since Inception																		Since Inception

	1 year			5 years			10 years			3/1/1999			11/27/2000			9/24/2001			1 year			5 years			10 years			3/1/1999			11/27/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		4.90	%		9.30	%		5.28	%		—			—			—			5.41	%		9.99	%		4.92	%		—			—			—

Class B		5.08	%		9.43	%		—			4.45	%		—			—			5.74	%		10.15	%		—			4.33	%		—			—

Class C		9.15	%		9.70	%		—			—			—			7.08	%		9.63	%		10.39	%		—			—			—			6.92	%
Average annual return without sales charge (NAV)
Class A		10.97	%		10.54	%		5.87	%		—			—			—			11.55	%		11.25	%		5.52	%		—			—			—

Class B		10.08	%		9.71	%		—			4.45	%		—			—			10.74	%		10.42	%		—			4.33	%		—			—

Class C		10.15	%		9.70	%		—			—			—			7.08	%		10.63	%		10.39	%		—			—			—			6.92	%

Class R		10.82	%		10.38	%		—			—			4.20	%		—			11.31	%		11.07	%		—			—			4.02	%		—

Class Y		11.21	%		10.78	%		6.15	%		—			—			—			11.79	%		11.52	%		5.79	%		—			—			—

Russell 3000 Index ³		14.53	%		14.83	%		7.39	%		5.23	%		4.61	%		10.24	%		16.52	%		16.18	%		6.83	%		5.06	%		4.39	%		10.06	%

Lehman Aggregate Bond Index⁴		5.38	%		4.41	%		5.91	%		5.83	%		5.95	%		5.05	%		5.14	%		4.13	%		5.97	%		5.78	%		5.89	%		4.96	%


¹	Mutual fund investing involves risk; principal loss is possible.


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers (including acquired fund fees and expenses, which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.27%, 2.02%, 2.02%, 1.52%, and 1.02%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2008 so that total annual fund operating expenses (net of acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.10%, 1.85%, 1.85%, 1.35%, and 0.85%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2008 at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.


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

Value of $10,000 Investment^1,2,5 as of October 31, 2007


Balanced Fund, Class A (NAV)	$	17,696

Balanced Fund, Class A (POP)	$	16,725

Russell 3000 Index³	$	20,392

Lehman Aggregate Bond Index⁴	$	17,757


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the Russell 3000 Index³ and the Lehman Aggregate Bond Index⁴.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.


	On September 24, 2001, the First American Balanced Fund combined with Firstar Balanced Growth Fund and Firstar Balanced Income Fund. Performance history prior to September 24, 2001, represents that of Firstar Balanced Growth Fund.


³	An unmanaged index that measures the performance of the 3,000 largest U.S. companies (98% of the investable U.S. equity market) based on total market capitalization.

⁴	An unmanaged fixed income index covering the U.S. investment-grade fixed-rate bond market.

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

32 First American Funds 2007 Annual Report

Equity Income Fund

Investment Objective: long-term growth of capital and income

How did the fund perform for the fiscal year ended October 31, 2007?

The First American Equity Income Fund (the “fund”), Class Y shares, returned 15.54% for the fiscal year ended October 31, 2007 (Class A shares returned 15.24% without taking the sales charge into account). By comparison, the fund’s benchmark, the Standard and Poor’s 500 Dividend Only Stocks Index*, returned 13.57% for the same period.

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

Economic growth was generally below its long-term potential growth rate during the fiscal year as evidenced by the increase in the unemployment rate to 4.7% in October from 4.4% a year earlier. The subpar pace of domestic economic growth, along with significant credit market imbalances that developed in August and caused a broader tightening in financial market conditions, led the Federal Reserve to cut the Fed funds rate by 50 basis points on September 18 and another 25 basis points on October 31. Despite these rate cuts by the Fed, equity markets generally remained below the high levels reached earlier in the year, and then weakened significantly subsequent to year end. This weakness in the market corresponded with the reporting of third-quarter S&P 500 earnings results, which showed the first year-over-year decline in operating earnings since the final quarter of 2001. Expectations for fourth-quarter earnings growth were lowered significantly as well, resulting in a challenging market environment as the new fiscal year began.

What worked for the fund and why?

In general, the fund’s sector allocation added value. The fund was overweight in several of the best-performing sectors, including telecommunications services, information technology, and energy. The fund was underweight in the two poorest-performing sectors of the market – financials and consumer discretionary. This sector positioning reflected our conviction that U.S. consumer spending was likely to experience a challenging environment in 2007 due to rising interest rates and energy prices. We also expected economic growth abroad to be stronger than in the United States. Therefore, the fund was positioned in industries and companies with significant shares of their revenues sourced overseas, particularly in the information technology, industrials, and materials sectors.

Strong performing individual holdings were spread across several sectors of the market and included McDonald’s and YUM! Brands in the consumer discretionary sector, both benefiting from strong revenue growth in their international markets. This was also true for Proctor & Gamble, the fund’s largest holding in the consumer staples sector. In financials, standout performers included ICICI Bank, a bank domiciled in India, with strong operating performance reflecting the generally strong economic growth in that country; and BlackRock, an asset manager with a growing worldwide presence. In industrials, Honeywell International’s performance was very strong, reflecting robust global spending on aerospace products. Hewlett-Packard and Intel led the pack in the information technology sector on the strength of their strong international sales results. This also boosted the performance of Praxair, an industrial gas company with a growing international presence. Vodaphone Group, in telecommunications services, was also a strong performer as investors recognized the company’s improving operating fundamentals and stabilizing revenue environment.

What did not work for the fund and why?

The fund’s worst performers were concentrated in the financials sector, where the fallout from aggressive mortgage lending in the United States was widely experienced. Several of the fund’s holdings were impacted by this including Ambac Financial Group, Wachovia, Bank of America, and American International Group (AIG).

What strategic moves were made by the fund and why?

The fund was incrementally positioned throughout the fiscal year into industries and companies with strong international business prospects. Concurrently, U.S.-focused companies were trimmed or sold during the year. The fund continues to emphasize primarily large U.S.-based companies with growing global franchises and with dividend policies that support above-average current yields and dividend growth.


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

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Exxon Mobil	3.9	%
AT&T	3.8
BP, ADR	3.5
General Electric	3.5
Bank of America	3.3
Microsoft	3.2
ConocoPhillips	2.9
Intel	2.9
Procter & Gamble	2.6
Chevron	2.6

Sector Allocation as of October 31, 2007¹ (% of net assets)


Financials	19.7	%
Energy	14.3
Information Technology	13.9
Industrials	12.2
Consumer Staples	11.3
Telecommunication Services	9.2
Healthcare	8.9
Consumer Discretionary	4.2
Materials	3.6
Utilities	1.7
Short-Term Investment	0.8
Convertible Corporate Bond	0.4
Other Assets and Liabilities, Net²	(0.2	)

	100.0	%


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

²	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2007 Annual Report 33

Equity Income Fund continued

Annual Performance^1,2


	October 31, 2007															September 30, 2007*

										Since Inception															Since Inception

	1 year			5 years			10 years			2/01/1999			9/24/2001			1 year			5 years			10 years			2/01/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		8.87	%		12.81	%		7.31	%		—			—			10.56	%		13.86	%		6.94	%		—			—

Class B		9.40	%		13.00	%		7.15	%		—			—			11.18	%		14.06	%		6.79	%		—			—

Class C		13.37	%		13.23	%		—			5.61	%		—			15.14	%		14.28	%		—			5.50	%		—
Average annual return without sales charge (NAV)
Class A		15.24	%		14.09	%		7.91	%		—			—			17.01	%		15.17	%		7.55	%		—			—

Class B		14.40	%		13.24	%		7.15	%		—			—			16.18	%		14.29	%		6.79	%		—			—

Class C		14.37	%		13.23	%		—			5.61	%		—			16.14	%		14.28	%		—			5.50	%		—

Class R		14.98	%		13.88	%		—			—			9.29	%		16.76	%		14.96	%		—			—			9.16	%

Class Y		15.54	%		14.37	%		8.21	%		—			—			17.32	%		15.44	%		7.84	%		—			—

S&P 500 Index³		14.56	%		13.88	%		7.10	%		3.93	%		9.29	%		16.44	%		15.45	%		6.57	%		3.78	%		9.14	%

S&P 500 Dividend Only Stocks Index⁴		13.57	%		13.37	%		7.61	%		5.11	%		—			15.93	%		14.79	%		7.16	%		5.04	%		—


¹	Mutual fund investing involves risk; principal loss is possible.


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

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

	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.

	As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.16%, 1.91%, 1.91%, 1.41%, and 0.91%, respectively.


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

Value of $10,000 Investment^1,2,5 as of October 31, 2007


Equity Income Fund, Class A (NAV)	$	21,416

Equity Income Fund, Class A (POP)	$	20,244

S&P 500 Index³	$	19,860

S&P 500 Dividend Only Stocks Index⁴	$	20,831


	The chart at right illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1997 to 10/31/2007) as compared to the S&P 500 Index³ and the S&P 500 Dividend Only Stocks Index⁴.


²	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.


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

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

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

34 First American Funds 2007 Annual Report

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes

Real Estate Securities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual²	$	1,000.00	$	948.70	$	5.99

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

Class B Actual²	$	1,000.00	$	944.70	$	9.66

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

Class C Actual²	$	1,000.00	$	944.90	$	9.66

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

Class R Actual²	$	1,000.00	$	947.60	$	7.22

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

Class Y Actual²	$	1,000.00	$	949.60	$	4.77

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


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.22%, 1.97%, 1.97%, 1.47%, and 0.97% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2007 of -5.13%, -5.53%, -5.51%, -5.24%, and -5.04% for Class A, Class B, Class C, Class R and Class Y, respectively.

First American Funds 2007 Annual Report 35

Expense Examples continued

International Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual²	$	1,000.00	$	1,078.60	$	7.81

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

Class B Actual²	$	1,000.00	$	1,074.20	$	11.71

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

Class C Actual²	$	1,000.00	$	1,074.90	$	11.71

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

Class R Actual²	$	1,000.00	$	1,077.20	$	9.11

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

Class Y Actual²	$	1,000.00	$	1,080.20	$	6.50

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


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.49%, 2.24%, 2.24%, 1.74%, and 1.24% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2007 of 7.86%, 7.42%, 7.49%, 7.72%, and 8.02% for Class A, Class B, Class C, Class R, and Class Y, respectively.

International Select Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual⁴	$	1,000.00	$	1,120.80	$	7.96

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

Class B Actual⁴	$	1,000.00	$	1,116.60	$	11.95

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

Class C Actual⁴	$	1,000.00	$	1,116.60	$	11.95

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

Class R Actual⁴	$	1,000.00	$	1,119.10	$	9.29

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

Class Y Actual⁴	$	1,000.00	$	1,122.70	$	6.63

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


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

⁴	Based on the actual returns for the six-month period ended October 31, 2007 of 12.08%, 11.66%, 11.66%, 11.91%, and 12.27% for Class A, Class B, Class C, Class R and Class Y, respectively.

36 First American Funds 2007 Annual Report

Small Cap Growth Opportunities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual²	$	1,000.00	$	1,048.90	$	7.54

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

Class B Actual²	$	1,000.00	$	1,045.40	$	11.39

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

Class C Actual²	$	1,000.00	$	1,045.10	$	11.39

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

Class R Actual²	$	1,000.00	$	1,047.80	$	8.83

Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.59	$	8.69

Class Y Actual²	$	1,000.00	$	1,050.20	$	6.25

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


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.46%, 2.21%, 2.21%, 1.71%, and 1.21% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2007 of 4.89%, 4.54%, 4.51%, 4.78%, and 5.02% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Select Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual⁴	$	1,000.00	$	1,014.40	$	6.25

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

Class B Actual⁴	$	1,000.00	$	1,010.50	$	10.03

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

Class C Actual⁴	$	1,000.00	$	1,010.80	$	10.04

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

Class R Actual⁴	$	1,000.00	$	1,013.20	$	7.51

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

Class Y Actual⁴	$	1,000.00	$	1,016.20	$	4.98

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


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.23%, 1.98%, 1.98%, 1.48%, and 0.98% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended October 31, 2007 of 1.44%, 1.05%, 1.08%, 1.32%, and 1.62% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2007 Annual Report 37

Expense Examples continued

Small Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual²	$	1,000.00	$	995.60	$	6.34

Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.41

Class B Actual²	$	1,000.00	$	991.70	$	10.09

Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.07	$	10.21

Class C Actual²	$	1,000.00	$	991.90	$	10.09

Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.07	$	10.21

Class R Actual²	$	1,000.00	$	994.00	$	7.59

Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.59	$	7.68

Class Y Actual²	$	1,000.00	$	996.40	$	5.08

Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.14


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.26%, 2.01%, 2.01%, 1.51%, and 1.01% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2007 of -0.44%, -0.83%, -0.81%, -0.60%, and -0.36% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small-Mid Cap Core Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual⁴	$	1,000.00	$	1,022.10	$	7.19

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

Class B Actual⁴	$	1,000.00	$	1,018.80	$	10.99

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

Class C Actual⁴	$	1,000.00	$	1,018.30	$	10.99

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

Class Y Actual⁴	$	1,000.00	$	1,024.00	$	5.92

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


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.41%, 2.16%, 2.16%, and 1.16% for Class A, Class B, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended October 31, 2007 of 2.21%, 1.88%, 1.83%, and 2.40% for Class A, Class B, Class C, and Class Y, respectively.

38 First American Funds 2007 Annual Report

Mid Cap Growth Opportunities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual²	$	1,000.00	$	1,103.60	$	6.42

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

Class B Actual²	$	1,000.00	$	1,099.20	$	10.37

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

Class C Actual²	$	1,000.00	$	1,099.10	$	10.37

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

Class R Actual²	$	1,000.00	$	1,102.10	$	7.74

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

Class Y Actual²	$	1,000.00	$	1,104.90	$	5.09

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


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.21%, 1.96%, 1.96%, 1.46%, and 0.96% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2007 of 10.36%, 9.92%, 9.91%, 10.21%, and 10.49% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Mid Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual⁴	$	1,000.00	$	1,010.10	$	6.18

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

Class B Actual⁴	$	1,000.00	$	1,006.50	$	9.96

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

Class C Actual⁴	$	1,000.00	$	1,006.30	$	9.96

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

Class R Actual⁴	$	1,000.00	$	1,008.60	$	7.44

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

Class Y Actual⁴	$	1,000.00	$	1,011.30	$	4.92

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


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.22%, 1.97%, 1.97%, 1.47%, and 0.97% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended October 31, 2007 of 1.01%, 0.65%, 0.63%, 0.86%, and 1.13% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2007 Annual Report 39

Expense Examples continued

Large Cap Growth Opportunities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual²	$	1,000.00	$	1,146.70	$	6.38

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

Class B Actual²	$	1,000.00	$	1,142.50	$	10.42

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

Class C Actual²	$	1,000.00	$	1,142.60	$	10.42

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

Class R Actual²	$	1,000.00	$	1,145.20	$	7.73

Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.00	$	7.27

Class Y Actual²	$	1,000.00	$	1,148.20	$	5.04

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


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.18%, 1.93%, 1.93%, 1.43%, and 0.93% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2007 of 14.67%, 14.25%, 14.26%, 14.52%, and 14.82% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Large Cap Select Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual⁴	$	1,000.00	$	1,068.30	$	6.20

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

Class B Actual⁴	$	1,000.00	$	1,064.40	$	10.09

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

Class C Actual⁴	$	1,000.00	$	1,064.40	$	10.09

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

Class R Actual⁴	$	1,000.00	$	1,067.30	$	7.50

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

Class Y Actual⁴	$	1,000.00	$	1,069.80	$	4.90

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


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.19%, 1.94%, 1.94%, 1.44%, and 0.94% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended October 31, 2007 of 6.83%, 6.44%, 6.44%, 6.73%, and 6.98% for Class A, Class B, Class C, Class R, and Class Y, respectively.

40 First American Funds 2007 Annual Report

Large Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual²	$	1,000.00	$	1,038.00	$	6.01

Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.31	$	5.96

Class B Actual²	$	1,000.00	$	1,034.40	$	9.85

Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.53	$	9.75

Class C Actual²	$	1,000.00	$	1,033.90	$	9.84

Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.53	$	9.75

Class R Actual²	$	1,000.00	$	1,036.30	$	7.29

Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	7.22

Class Y Actual²	$	1,000.00	$	1,039.20	$	4.73

Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.57	$	4.69


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.17%, 1.92%, 1.92%, 1.42%, and 0.92% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2007 of 3.80%, 3.44%, 3.39%, 3.63%, and 3.92% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Balanced Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual⁴	$	1,000.00	$	1,049.60	$	5.63

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

Class B Actual⁴	$	1,000.00	$	1,045.80	$	9.49

Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.93	$	9.35

Class C Actual⁴	$	1,000.00	$	1,045.90	$	9.54

Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.88	$	9.40

Class R Actual⁴	$	1,000.00	$	1,048.10	$	6.97

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

Class Y Actual⁴	$	1,000.00	$	1,050.80	$	4.34

Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.97	$	4.28


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.09%, 1.84%, 1.85%, 1.35%, and 0.84% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended October 31, 2007 of 4.96%, 4.58%, 4.59%, 4.81%, and 5.08% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2007 Annual Report 41

Expense Examples continued

Equity Income Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹(5/01/07 to
	Value (5/01/07)		Value (10/31/07)		10/31/07)
Class A Actual²	$	1,000.00	$	1,067.80	$	6.05

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

Class B Actual²	$	1,000.00	$	1,063.40	$	9.93

Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.58	$	9.70

Class C Actual²	$	1,000.00	$	1,063.30	$	9.93

Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.58	$	9.70

Class R Actual²	$	1,000.00	$	1,066.60	$	7.34

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

Class Y Actual²	$	1,000.00	$	1,068.70	$	4.74

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


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.16%, 1.91%, 1.91%, 1.41%, and 0.91% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended October 31, 2007 of 6.78%, 6.34%, 6.33%, 6.66%, and 6.87% for Class A, Class B, Class C, Class R, and Class Y, respectively.

42 First American Funds 2007 Annual Report

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Real Estate Securities, International, International Select, Small Cap Growth Opportunities, Small Cap Select, Small Cap Value, Small-Mid Cap Core, Mid Cap Growth Opportunities, Mid Cap Value, Large Cap Growth Opportunities, Large Cap Select, Large Cap Value, Balanced, and Equity Income Funds (series of First American Investment Funds, Inc.) (collectively, the “funds”) as of October 31, 2007, and the related statements of operations, statements of changes in net assets and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2007 by correspondence with the custodians and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the funds listed above of the First American Investment Funds, Inc. at October 31, 2007, the results of their operations, changes in their net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

December 19, 2007

First American Funds 2007 Annual Report 43

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Real Estate Securities Fund
DESCRIPTION		SHARES		VALUE

Real Estate Common Stocks (a) – 96.3%
Apartments – 14.3%
American Campus Communities (b)			373,625	$	10,626
Associated Estates Realty (b)			317,740		3,857
Avalonbay Communities (b) (c)			160,127		19,640
Boardwalk Real Estate (b) (d)			207,443		9,585
BRE Properties (b)			45,971		2,519
Camden Property Trust (b)			227,357		14,176
Equity Residential Properties Trust (b) (c)			514,724		21,505
Essex Property Trust (b) (c)			122,658		15,140
Home Properties (b) (c)			187,421		9,637
Mid-America Apartment Communities (b) (c)			134,477		6,993
UDR, Inc. (b) (c)			623,385		14,799

					128,477

Community Centers – 9.8%
Agree Realty (b)			42,845		1,387
Developers Diversified Realty (b) (c)			444,491		22,402
Federal Realty Investment Trust (b) (c)			182,369		16,089
Kimco Realty (b) (c)			568,848		23,619
Kite Realty Group Trust (b)			78,530		1,423
Regency Centers (b) (c)			297,926		21,296
Saul Centers (b)			37,983		2,082

					88,298

Diversified – 6.2%
Cousins Properties (b) (c)			30,475		877
Forest City Enterprises, Class A (c)			218,407		12,432
Vornado Realty Trust (b) (c)			376,598		42,074

					55,383

Healthcare – 6.1%
Brookdale Senior Living (c)			253,874		9,366
Capital Senior Living (c) (e)			758,196		6,778
HCP, Inc. (b) (c)			128,564		4,376
Health Care REIT (b) (c)			123,439		5,467
Healthcare Realty Trust (b)			66,422		1,756
Nationwide Health Properties (b) (c)			167,363		5,225
OMEGA Healthcare Investors (b) (c)			36,485		611
Skilled Healthcare Group, Class A (e)			264,851		4,338
Ventas (b) (c)			388,390		16,658

					54,575

Hotels – 11.9%
Ashford Hospitality Trust (b) (c)			90,526		891
Gaylord Entertainment (c)			134,637		7,335
Hersha Hospitality Trust (b) (c)			530,992		5,740
Host Marriott (b) (c)			1,758,657		38,972
LaSalle Hotel Properties (b) (c)			348,740		14,410
Marcus (c)			26,601		512
Marriott International, Class A			857,672		35,259
Red Lion Hotels (e)			225,817		2,217
Strategic Hotels & Resorts (b)			82,413		1,800
Sunstone Hotel Investors (b)			13,001		361

					107,497

Industrials – 10.3%
AMB Property (b) (c)			77,702		5,078
DCT Industrial Trust (b) (c)			122,992		1,319
EastGroup Properties (b) (c)			405,909		19,354
Prologis (b) (c)			639,756		45,896
PS Business Parks (b)			364,627		21,258

					92,905

International – 0.6%
Eurocommercial Properties (b) (d)			79,423		4,680
Kamigumi (d)			24,734		201
Mapletree Logistics Trust (b) (d)			281,083		233
Mitsubishi Logistics (d)			30,444		437

					5,551

Malls – 14.0%
CBL & Associates Properties (b)			75,128		2,487
General Growth Properties (b) (c)			404,333		21,980
Macerich (b) (c)			297,141		25,468
Pennsylvania (b)			165,456		6,312
Simon Property Group (b) (c)			650,921		67,767
Taubman Centers (b) (c)			30,688		1,807

					125,821

Manufactured Homes – 0.3%
Equity Lifestyle Properties (b) (c)			52,287		2,627

Mortgage – 0.3%
iStar Financial (b) (c)			78,337		2,390

Net Lease – 0.4%
Entertainment Properties Trust (b) (c)			28,198		1,547
National Retail Properties (b) (c)			25,600		649
Realty Income (b) (c)			48,552		1,434

					3,630

Office – 17.2%
Alexandria Real Estate Equities (b) (c)			39,864		4,112
BioMed Realty Trust (b) (c)			324,186		7,745
Boston Properties (b) (c)			333,529		36,134
Brandywine Realty Trust (b) (c)			140,293		3,629
Brookfield Asset Management, Class A (c)			22,151		904
Brookfield Properties			365,929		9,137
Cogdell Spencer (b)			451,398		7,737
Corporate Office Properties Trust (b) (c)			179,840		7,433
Digital Realty Trust (b) (c)			74,200		3,264
Duke Realty (b) (c)			806,256		25,921
Dupont Fabros Technology (b) (c) (e)			325,301		6,987
Highwoods Properties (b) (c)			192,268		6,914
Kilroy Realty (b) (c)			54,393		3,538
Mack-Cali Realty (b)			21,400		847
SL Green Realty (b) (c)			255,193		30,792

					155,094

Real Estate Service Provider – 0.3%
HFF, Inc. (e)			286,110		2,875

Self Storage – 4.5%
Extra Space Storage (b) (c)			180,270		2,834
Public Storage (b) (c)			470,017		38,057

					40,891

Student Housing – 0.1%
Education Realty Trust (b)			52,294		677

Total Real Estate Common Stocks
	(Cost $697,853)				866,691
Investment Companies – 2.3%
Macquarie Global Infrastructure Total Return Fund (c)			308,039		9,697
Macquarie/ First Trust Global Infrastructure/ Utilities Dividend & Income Fund (c)			97,413		2,703
Seligman Lasalle International Real Estate (c)			59,694		1,189
SPDR Macquarie Global Infrastructure 100 Index (c) (e)			112,436		6,924

Total Investment Companies
	(Cost $18,336)				20,513

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

44 First American Funds 2007 Annual Report


Real Estate Securities Fund (concluded)
DESCRIPTION		SHARES		VALUE

Private Real Estate Companies (a) – 0.0%
Beacon Capital (e) (f) (g)			33,750	$	3
Newcastle Investment Holdings (e) (f) (g)			35,000		66

Total Private Real Estate Companies
	(Cost $588)				69

Short-Term Investment – 0.7%
First American Prime Obligations Fund, Class Z (h)
	(Cost $6,284)		6,283,982		6,284

Investment Purchased with Proceeds from Securities Lending – 46.5%
Mount Vernon Securities Lending Prime Portfolio (i)
	(Cost $418,293)		418,292,504		418,293

Total Investments – 145.8%
	(Cost $1,141,354)				1,311,850

Other Assets and Liabilities, Net – (45.8)%					(411,883	)

Total Net Assets – 100.0%				$	899,967


(a)	The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 7 in Notes to Financial Statements.

(b)	Real Estate Investment Trust. As of October 31, 2007, the market value of these investments was $774,900, or 86.1% of total net assets.

(c)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $412,574 at October 31, 2007. See note 2 in Notes to Financial Statements.

(d)	Foreign denominated security values stated in U.S. dollars.

(e)	Non-income producing security.


(f)	Security is considered illiquid or restricted. As of October 31, 2007, the value of these investments was $69 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.


(g)	Security is fair valued. As of October 31, 2007, the value of these investments was $69 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(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)


REIT –	Real Estate Investment Trust

First American Funds 2007 Annual Report 45

Statement of Assets and Liabilities October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data


	Real Estate
	Securities Fund

Investments in unaffiliated securities, at cost	$	716,777
Investment in affiliated money market fund, at cost		6,284
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		418,293

ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	887,273
Investment in affiliated money market fund, at value (note 2)		6,284
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		418,293
Receivable for dividends and interest		507
Receivable for investment securities sold		42,999
Receivable for capital shares sold		1,147
Prepaid expenses and other assets		43

Total assets		1,356,546

LIABILITIES:
Payable for investment securities purchased		32,685
Payable upon return of securities loaned (note 2)		418,293
Payable for capital shares redeemed		4,784
Payable to affiliates (note 3)		729
Payable for distribution and shareholder servicing fees		73
Accrued expenses and other liabilities		15

Total liabilities		456,579

Net assets	$	899,967

COMPOSITION OF NET ASSETS:
Portfolio capital	$	647,669
Distributions in excess of net investment income		(7	)
Accumulated net realized gain on investments		81,809
Net unrealized appreciation of investments		170,496

Net assets	$	899,967

* Including securities loaned, at value	$	412,574

Class A:
Net assets	$	203,101
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		8,467
Net asset value and redemption price per share	$	23.99
Maximum offering price per share¹	$	25.39
Class B:
Net assets	$	7,391
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		314
Net asset value, offering price, and redemption price per share²	$	23.53
Class C:
Net assets	$	18,403
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		779
Net asset value, offering price, and redemption price per share²	$	23.62
Class R:
Net assets	$	18,493
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		764
Net asset value, offering price, and redemption price per share	$	24.20
Class Y:
Net assets	$	652,579
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		26,983
Net asset value, offering price, and redemption price per share	$	24.18


	¹	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.

	²	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

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

46 First American Funds 2007 Annual Report

Statement of Operations For the year ended October 31, 2007, all dollars are rounded to thousands (000)


	Real Estate
	Securities Fund

INVESTMENT INCOME:
Dividends from unaffiliated securities	$	29,634
Dividends from affiliated money market fund		629
Less: Foreign taxes withheld		(64	)
Securities lending income		608

Total investment income		30,807

EXPENSES (note 3):
Investment advisory fees		6,986
Administration fees		2,228
Transfer agent fees		188
Custodian fees		54
Professional fees		43
Registration fees		81
Postage and printing fees		51
Directors’ fees		21
Other expenses		21
Distribution and shareholder servicing fees – Class A		591
Distribution and shareholder servicing fees – Class B		82
Distribution and shareholder servicing fees – Class C		189
Distribution and shareholder servicing fees – Class R		78

Total expenses		10,613

Less: Fee waivers (note 3)		(12	)
Less: Indirect payments from custodian (note 3)		(3	)

Total net expenses		10,598

Investment income – net		20,209

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain on investments		78,326
Net change in unrealized appreciation or depreciation of investments		(95,107	)

Net loss on investments		(16,781	)

Net increase in net assets resulting from operations	$	3,428

First American Funds 2007 Annual Report 47

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


					Real Estate
					Securities
					Fund

		Year Ended			Year Ended
		10/31/07			10/31/06

OPERATIONS:
Investment income – net		$	20,209		$	17,379
Net realized gain on unaffiliated investments			78,326			98,123
Net realized gain on affiliated investments			—			755
Net change in unrealized appreciation or depreciation of investments			(95,107	)		169,252

Net increase in net assets resulting from operations			3,428			285,509

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(3,489	)		(4,468	)
	Class B		(76	)		(98	)
	Class C		(197	)		(122	)
	Class R		(229	)		(80	)
	Class Y		(11,675	)		(16,193	)
Net realized gain on investments:
	Class A		(21,330	)		(16,449	)
	Class B		(722	)		(526	)
	Class C		(1,281	)		(558	)
	Class R		(931	)		(24	)
	Class Y		(65,821	)		(59,801	)

Total distributions			(105,751	)		(98,319	)

CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		105,664			96,251
	Reinvestment of distributions		22,640			20,510
	Payments for redemptions		(127,551	)		(64,650	)

Increase in net assets from Class A transactions			753			52,111

Class B:
	Proceeds from sales		3,037			2,324
	Reinvestment of distributions		730			550
	Payments for redemptions (note 3)		(2,757	)		(1,261	)

Increase in net assets from Class B transactions			1,010			1,613

Class C:
	Proceeds from sales		16,692			6,990
	Reinvestment of distributions		1,193			634
	Payments for redemptions (note 3)		(9,390	)		(1,722	)

Increase in net assets from Class C transactions			8,495			5,902

Class R:
	Proceeds from sales		23,035			9,837
	Reinvestment of distributions		1,152			104
	Payments for redemptions		(13,301	)		(1,736	)

Increase in net assets from Class R transactions			10,886			8,205

Class Y:
	Proceeds from sales		200,077			184,391
	Reinvestment of distributions		42,649			40,096
	Payments for redemptions		(275,626	)		(112,601	)

Increase (decrease) in net assets from Class Y transactions			(32,900	)		111,886

Increase (decrease) in net assets from capital share transactions			(11,756	)		179,717

Total increase (decrease) in net assets			(114,079	)		366,907
Net assets at beginning of year			1,014,046			647,139

Net assets at end of year		$	899,967		$	1,014,046

Distributions in excess of net investment income at end of year		$	(7	)	$	—

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

48 First American Funds 2007 Annual Report

(This page intentionally left blank.)

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

Real Estate Securities Fund ¹
Class A
	2007 ²	$	26.49	$	0.47	$	(0.24	)	$	(0.36	)	$	(2.37	)	$	23.99
	2006 ²		21.42		0.47		7.77			(0.58	)		(2.59	)		26.49
	2005 ³		21.81		0.03		(0.42	)		—			—			21.42
	2005 ⁴		18.62		0.69		4.47			(0.55	)		(1.42	)		21.81
	2004 ⁴		16.00		0.63		3.21			(0.62	)		(0.60	)		18.62
	2003 ⁴		13.68		0.69		2.65			(0.69	)		(0.33	)		16.00
Class B
	2007 ²	$	26.08	$	0.27	$	(0.22	)	$	(0.23	)	$	(2.37	)	$	23.53
	2006 ²		21.14		0.29		7.66			(0.42	)		(2.59	)		26.08
	2005 ³		21.53		0.01		(0.40	)		—			—			21.14
	2005 ⁴		18.41		0.54		4.40			(0.40	)		(1.42	)		21.53
	2004 ⁴		15.85		0.50		3.17			(0.51	)		(0.60	)		18.41
	2003 ⁴		13.55		0.57		2.64			(0.58	)		(0.33	)		15.85
Class C
	2007 ²	$	26.17	$	0.26	$	(0.21	)	$	(0.23	)	$	(2.37	)	$	23.62
	2006 ²		21.21		0.28		7.70			(0.43	)		(2.59	)		26.17
	2005 ³		21.61		0.01		(0.41	)		—			—			21.21
	2005 ⁴		18.47		0.54		4.42			(0.40	)		(1.42	)		21.61
	2004 ⁴		15.89		0.50		3.19			(0.51	)		(0.60	)		18.47
	2003 ⁴		13.62		0.59		2.62			(0.61	)		(0.33	)		15.89
Class R ⁵
	2007 ²	$	26.72	$	0.38	$	(0.21	)	$	(0.32	)	$	(2.37	)	$	24.20
	2006 ²		21.61		0.35		7.90			(0.55	)		(2.59	)		26.72
	2005 ³		22.00		0.02		(0.41	)		—			—			21.61
	2005 ⁴		18.80		0.72		4.43			(0.53	)		(1.42	)		22.00
	2004 ⁴		16.00		0.61		3.24			(0.45	)		(0.60	)		18.80
	2003 ⁴		13.69		0.69		2.64			(0.69	)		(0.33	)		16.00
Class Y
	2007 ²	$	26.67	$	0.53	$	(0.24	)	$	(0.41	)	$	(2.37	)	$	24.18
	2006 ²		21.54		0.53		7.82			(0.63	)		(2.59	)		26.67
	2005 ³		21.92		0.03		(0.41	)		—			—			21.54
	2005 ⁴		18.71		0.74		4.49			(0.60	)		(1.42	)		21.92
	2004 ⁴		16.06		0.69		3.22			(0.66	)		(0.60	)		18.71
	2003 ⁴		13.73		0.73		2.66			(0.73	)		(0.33	)		16.06


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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.

50 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	0.78	%	$	203,101		1.22	%		1.87	%		1.22	%		1.87	%		210	%
	43.25			228,186		1.23			2.06			1.23			2.06			161
	(1.79	)		133,339		1.23			1.48			1.23			1.48			11
	28.99			135,745		1.23			3.43			1.25			3.41			118
	24.98			86,996		1.23			3.63			1.26			3.60			127
	25.92			35,754		1.23			4.82			1.28			4.77			69

	0.00	%	$	7,391		1.97	%		1.12	%		1.97	%		1.12	%		210	%
	42.17			7,288		1.98			1.30			1.98			1.30			161
	(1.81	)		4,419		1.98			0.74			1.98			0.74			11
	27.98			4,700		1.98			2.69			2.00			2.67			118
	24.06			4,412		1.98			2.91			2.01			2.88			127
	25.03			3,559		1.98			4.10			2.03			4.05			69

	0.03	%	$	18,403		1.97	%		1.06	%		1.97	%		1.06	%		210	%
	42.16			12,281		1.98			1.25			1.98			1.25			161
	(1.85	)		4,669		1.98			0.75			1.98			0.75			11
	28.00			4,954		1.98			2.68			2.00			2.66			118
	24.12			4,247		1.98			2.92			2.01			2.89			127
	24.88			3,229		1.98			4.12			2.03			4.07			69

	0.52	%	$	18,493		1.47	%		1.52	%		1.47	%		1.52	%		210	%
	42.87			9,423		1.48			1.50			1.60			1.38			161
	(1.77	)		57		1.48			1.23			1.63			1.08			11
	28.60			36		1.48			3.37			1.65			3.20			118
	24.94			1		1.23			3.57			1.26			3.54			127
	25.80			2,524		1.23			4.87			1.28			4.82			69

	1.01	%	$	652,579		0.97	%		2.12	%		0.97	%		2.12	%		210	%
	43.58			756,868		0.98			2.31			0.98			2.31			161
	(1.73	)		504,655		0.98			1.74			0.98			1.74			11
	29.25			525,196		0.98			3.66			1.00			3.64			118
	25.33			414,544		0.98			3.95			1.01			3.92			127
	26.19			194,933		0.98			5.13			1.03			5.08			69

First American Funds 2007 Annual Report 51

Schedule of Investments October 31, 2007, all dollars rounded to thousands (000)


International Fund
DESCRIPTION	SHARES		VALUE

Common Stocks – 99.2%
Australia – 2.6%
BHP Billiton (a)		902,000	$	39,277
Rio Tinto		51,482		5,344

				44,621

Belgium – 1.8%
Dexia		520,000		16,742
Fortis		477,600		15,345

				32,087

Brazil – 3.1%
Companhia Vale do Rio Doce – ADR (a)		799,524		30,126
Petroleo Brasileiro – ADR		243,350		23,272

				53,398

Egypt – 0.2%
Orascom Construction Industries – GDR		20,223		3,669

Finland – 2.1%
Nokia Oyj		906,665		36,008

France – 13.8%
Accor (a)		188,100		18,021
Axa (a)		767,432		34,470
BNP Paribas (a)		252,089		27,939
Compagnie de Saint-Gobain (a)		165,000		17,782
Imerys (a)		169,400		16,504
Lafarge (a)		136,670		22,341
Pernod-Ricard (a)		87,700		20,309
Sanofi-Aventis		234,700		20,645
Total (a) (b)		780,260		62,964

				240,975

Germany – 6.6%
BASF (a)		72,100		10,009
Deutsche Post		411,000		12,448
E.ON		135,900		26,600
Linde		76,442		9,691
SAP (a)		311,430		16,921
Siemens (a)		217,260		29,667
Symrise (a) (b)		291,154		8,703

				114,039

Great Britain – 20.4%
Barclays		2,409,500		30,496
BG Group		1,034,965		19,189
British Land		330,000		7,466
Burberry Group		984,600		12,633
Centrica		1,430,542		10,995
GlaxoSmithKline		1,325,000		34,034
ICAP		1,502,514		18,346
Kingfisher		3,010,521		12,390
Man Group		1,260,400		15,489
Morrison Supermarket		2,548,700		15,733
Rio Tinto PLC		59,800		5,608
Smith & Nephew		1,505,163		20,384
Standard Chartered		967,000		37,611
Tesco		3,831,979		38,981
Vodafone		11,250,325		44,333
Wolseley		950,000		16,523
WPP Group		1,135,503		15,535

				355,746

Greece – 0.5%
Piraeus Bank		207,900		8,371

Hong Kong – 4.3%
Esprit Holdings (a)		1,158,300		19,345
HSBC (a)		2,845,600		56,090

				75,435

Ireland – 0.7%
Bank of Ireland		650,000		11,979

Italy – 4.9%
Banca Intesa (a)		2,208,600		17,521
Eni (a)		1,246,261		45,505
Unicredito Italiano		2,603,900		22,400

				85,426

Japan – 18.6%
Astellas Pharma		406,700		18,054
The Bank of Yokohama		1,783,000		12,652
Canon		363,300		18,383
Daikin Industries		232,300		11,700
East Japan Railway		1,438		11,845
Hirose Electric (a)		71,000		8,514
Honda Motor		213,900		8,010
Japan Tobacco		1,565		9,122
KOMATSU		165,200		5,539
Mitsubishi		983,500		30,622
Mitsubishi UFJ Financial Group		2,251,000		22,524
Mitsui Fudosan		542,000		14,994
Mizuho Financial Group		1,627		9,144
Nidec (a)		248,000		18,634
Nippon Oil		925		8
Nissan Motor		1,133,500		13,004
Nitto Denko (a)		205,800		10,047
Nomura Holdings		512,800		9,138
Seven & I Holdings		266,300		6,876
Shin-Etsu Chemical		180,900		11,604
SMC		100,400		13,449
Sony (a)		412,500		20,372
Sumitomo		1,297,200		22,602
Sumitomo Mitsui Financial Group (a)		2,152		17,628

				324,465

Mexico – 0.4%
Fomento Economico Mexicano – ADR		190,200		6,773

Netherlands – 4.0%
ING Group		539,500		24,385
Philips Electronics		397,000		16,425
Reed Elsevier		762,124		14,812
Wolters Kluwer		449,700		14,124

				69,746

South Korea – 0.6%
Samsung Electronics		15,830		9,761

Spain – 1.9%
Banco Bilbano Vizcaya Argentaria (a)		931,100		23,563
Industria de Diseno Textil		125,500		9,384

				32,947
Switzerland – 12.0%
ABB		883,500		26,708
Adecco (a)		238,900		14,404
Holcim		190,000		21,721
Nestle		71,617		33,079
Novartis		520,100		27,666
Roche		163,600		27,943

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

52 First American Funds 2007 Annual Report


International Fund (concluded)
DESCRIPTION		SHARES		VALUE

UBS (b)			661,700	$	35,475
Zurich Financial Services			71,800		21,679

					208,675

Taiwan – 0.7%
Taiwan Semiconductor Manufacturing – ADR			1,187,999		12,652

Total Common Stocks
	(Cost $1,148,650)				1,726,773

Short-Term Investment – 0.9%
State Street GA Prime Fund
	(Cost $16,657)		16,656,950		16,657

Investment Purchased with Proceeds from Securities Lending (c) – 14.7%
State Street Navigator Prime Fund
	(Cost $256,617)		256,617,349		256,617

Total Investments – 114.8%
	(Cost $1,421,924)				2,000,047

Other Assets and Liabilities, Net – (14.8)%					(258,687	)

Total Net Assets – 100.0%				$	1,741,360


(a)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a value of $289,327 at October 31, 2007. See note 2 in Notes to Financial Statements.

(b)	Non-income producing security.

(c)	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested as noted in the schedule above. In addition to the cash collateral received, the fund also received non-cash collateral consisting of U.S. government securities or other high-grade debt obligations with a total value at year-end of $46,793. See note 2 in Notes to Financial Statements.


ADR –	American Depository Receipt

GDR –	Global Depository Receipt

At October 31, 2007, sector diversification of the fund was as follows:


	% of
	Net Assets			Value

Financials*		29.4	%	$	511,447
Industrials		12.5			216,958
Consumer Discretionary		10.5			182,758
Materials		10.5			182,272
Energy		9.3			161,933
Healthcare		8.5			148,726
Consumer Staples		7.5			130,873
Information Technology		7.0			120,873
Telecommunication Services		2.5			44,333
Utilities		1.5			26,600

Total Foreign Common Stocks		99.2			1,726,773

Total Short-Term Investment		0.9			16,657

Total Investment Purchased with Proceeds from Securities Lending		14.7			256,617

Total Investments		114.8			2,000,047

Other Assets and Liabilities, Net		(14.8	)		(258,687	)

Net Assets		100.0	%	$	1,741,360


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

First American Funds 2007 Annual Report 53

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


International Select Fund
DESCRIPTION	SHARES		VALUE

Common Stocks – 90.7%
Australia – 2.4%
BHP Billiton		55,115	$	2,400
National Australia Bank		27,360		1,107
Rio Tinto		23,990		2,490
Woodside Petroleum		47,886		2,343

				8,340

Austria – 0.5%
Erste Bank der Oesterreichischen Sparkassen		20,064		1,633

Bahrain – 0.1%
Investcorp Bank – ADR (a)		12,700		343

Bermuda – 0.3%
Benfield Group		167,790		1,063

Brazil – 5.6%
AES Tiete		15,578,600		546
Banco Itau Holding Financeira – ADR		56,647		1,617
Brasil Telecom – ADR		5,500		409
Cia Vale do Rio Doce		94,900		2,997
Companhia de Bebidas das Americas – ADR		19,008		1,553
Companhia Energetica De Minas (a)		30,900		662
Companhia Vale do Rio Doce – ADR		73,691		2,777
Empresa Brasileira de Aeronautica – ADR		23,200		1,132
Iochpe Maxion (a)		28,700		604
JHSF Participacoes (a)		73,500		348
Klabin		175,000		719
Petroleo Brasileiro – ADR		37,972		3,631
Redecard (a)		45,230		941
Souza Cruz		33,799		957
Tam – ADR		22,100		652

				19,545

Canada – 2.2%
Cameco		50,074		2,456
Gammon Gold (a)		56,119		582
Manulife Financial		56,162		2,606
Patheon (a)		84,800		314
Suncor Energy		15,034		1,642

				7,600

China – 0.5%
Focus Media Holdings – ADR (a)		27,445		1,702

Denmark – 0.8%
Vestas Wind System (a)		31,156		2,795

Egypt – 0.9%
Eastern Tobacco		8,553		652
Mobinil		1,300		46
Orascom Construction Industries (a)		17,234		1,570
Orascom Telecom Holdings (a)		57,100		817

				3,085

Finland – 0.4%
Nokia Oyj		38,940		1,546

France – 6.7%
Alcatel-Lucent – ADR		149,630		1,450
Axa		33,331		1,497
BNP Paribas		7,210		799
Carrefour		24,890		1,799
Electricite de France		17,704		2,130
Iliad		23,571		2,477
L’oreal		12,528		1,649
LVMH Moet Hennessy Louis Vuitton		11,359		1,467
Sanofi-Aventis		21,970		1,933
Thales		8,770		548
Total (a)		37,780		3,049
Total – ADR		15,953		1,286
Vivendi Universal		70,550		3,188

				23,272

Germany – 4.4%
Adidas		28,797		1,914
Allianz		8,860		1,999
BASF		4,380		608
Deutsche Telekom		57,860		1,189
Henkel KGAA		42,981		2,195
Metro		26,760		2,425
SAP – ADR		33,142		1,799
Siemens		11,040		1,508
Wacker Chemie		6,682		1,635

				15,272

Great Britain – 12.8%
Arm Holdings		633,297		1,954
Autonomy (a)		103,696		2,127
BAE Systems		86,670		900
Barclays		132,118		1,672
BP – ADR		27,760		2,165
British Sky Broadcasting Group		116,082		1,644
Cadbury Schweppes		186,200		2,477
Dawnay Day Treveria (a)		586,180		742
Diageo		140,640		3,227
GlaxoSmithKline		111,850		2,873
ICAP		140,648		1,717
Kingfisher		679,200		2,795
Michael Page International		240,115		2,195
Prudential		159,057		2,599
Reckitt Benckiser		23,856		1,386
Royal Bank of Scotland		146,665		1,584
Scottish & Southern Energy		31,310		1,015
Smith & Nephew		121,177		1,641
Standard Chartered		30,530		1,188
Tesco		154,856		1,575
Vodafone Group – ADR		106,240		4,172
WPP Group		209,660		2,868

				44,516

Greece – 0.6%
National Bank of Greece – ADR		151,184		2,118

Hong Kong – 1.6%
Cheung Kong Holdings		46,510		912
Esprit Holdings		185,700		3,102
Foxconn International Holdings (a)		604,000		1,684

				5,698

Hungary – 0.1%
Gedeon Richter		2,100		458

India – 3.3%
Grasim Industries – ADR (a)		9,700		941
HDFC Bank – ADR		16,544		2,300
Hero Honda		36,222		672
Hindustan Unilever		117,135		619
Infosys Technologies – ADR		36,908		1,880
Oil & Natural Gas		54,618		1,740
Punjab National Bank		29,800		401
Satyam Computer Services – ADR		41,900		1,272
State Bank Of India – ADR		12,310		1,555

				11,380

Indonesia – 1.0%
Astra International		440,500		1,254
Bank Mandiri Persero		1,358,000		573

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

54 First American Funds 2007 Annual Report


International Select Fund (continued)
DESCRIPTION	SHARES		VALUE

Telekomunikasi Indonesia – ADR		15,800	$	762
United Tractors		578,500		706

				3,295

Israel – 1.1%
Bank Hapoalim B.M.		234,992		1,301
Icl-israel Chem		76,538		847
Teva Pharmaceutical Industries – ADR		37,704		1,659

				3,807

Italy – 4.8%
Alleanza Assicurazioni		109,710		1,487
Ansaldo STS (a)		81,660		1,191
Arnoldo Mondadori Editore		123,870		1,227
Eni		48,750		1,780
Mediaset		223,377		2,317
Saipem		58,979		2,617
Telecom Italia		1,043,470		2,702
Unicredito Italiano		369,422		3,178

				16,499

Japan – 12.2%
Daiwa House Industry		83,077		1,186
Daiwa Securities Group		81,450		785
Fuji Television Network		645		1,303
The Joyo Bank		318,204		1,973
Kose		68,313		1,753
Mid REIT (a)		160		704
Mitsubishi UFJ Financial Group		70,240		703
Mitsui-Soko		133,881		645
New City Residence Investment (a)		104		484
NGK Insulators		62,000		2,198
Nippon Commercial Investment (a)		167		725
Nippon Residential		110		556
Nipponkoa Insurance		280,490		2,567
Nitto Denko		38,700		1,889
Nomura Holdings		45,978		819
ORIX		9,140		1,875
Seven & I Holdings		80,681		2,083
Sharp		95,000		1,499
SMC		19,289		2,584
Sugi Pharmacy		51,650		1,496
Sumitomo Bakelite		187,711		1,151
Sumitomo Mitsui Financial Group		206		1,688
Sumitomo Trust & Banking		368,720		2,749
Suzuki Motor		41,932		1,378
Takeda Pharmaceutical		24,000		1,499
Toshiba		186,000		1,575
Toyota Motor		36,100		2,067
United Urban Investment		88		644
Yamada Denki		16,200		1,670

				42,248

Luxembourg – 1.3%
Millicom International Cellular – ADR (a)		25,211		2,962
Tenaris – ADR		31,700		1,705

				4,667

Malaysia – 0.2%
British American Tobacco Malaysia Berhad		38,200		462
Plus Expressways		190,500		192

				654

Mexico – 1.6%
Cemex, ADR (a)		35,591		1,092
Desarrolladora Homex – ADR (a)		20,600		1,164
Fomento Economico Mexicano – ADR		10,200		363
Grupo Televisa – ADR		33,900		842
Kimberly-Clark de Mexico		114,200		490
Wal Mart de Mexico – ADR		36,622		1,482

				5,433

Netherlands – 2.8%
Corporate Express		99,573		1,115
Heineken		32,870		2,307
ING Group		47,290		2,137
Koninklijke Philips Electronics – ADR		41,670		1,723
Philips Electronics		22,690		939
Unilever NV CVA (a)		45,850		1,492

				9,713

Norway – 1.0%
Renewable Energy (a)		43,911		2,256
Statoil		35,997		1,226

				3,482

Philippines – 0.4%
Philippine Long Distance Telephone – ADR		22,100		1,516

Portugal – 0.3%
Energias de Portugal – ADR		17,550		1,127

Russia – 0.8%
Evraz Group – ADR (a)		7,350		555
Mobile Telesystems – ADR (a)		14,100		1,170
TNK-BP Holdings (a)		245,752		561
Vsmpo-Avisma		1,566		499

				2,785

Singapore – 0.7%
DBS Group Holdings		48,210		755
Keppel		179,000		1,840

				2,595

South Africa – 2.6%
Aquarius Platinum		42,656		1,641
Imperial Holdings (a)		72,875		1,478
Kumba Iron Ore (a)		37,263		1,461
Murray & Roberts Holdings (a)		23,809		366
Naspers		31,438		1,000
Nedbank Group		17,600		388
Pretoria Portland Cement		88,440		646
Sanlam (a)		133,000		488
Steinhoff International Holdings		165,200		514
Truworths International		206,486		1,043

				9,025

South Korea – 4.3%
AmorePacific (a)		573		548
GS Engineering & Construction		2,697		571
Hite Brewery		4,653		697
Hyundai Motor		18,592		1,478
Kangwon Land		5,980		160
Kookmin Bank – ADR (a)		45,860		3,746
Samsung Electronics (a)		3,690		1,129
Samsung Electronics – GDR (a)		10,911		3,331
Shinhan Financial Group – ADR (a)		13,600		1,781
SK Telecom		1,197		281
SK Telecom – ADR		5,000		154
Woongjin Coway		27,180		1,042

				14,918
Spain – 2.0%
Banco Bilbano Vizcaya Argentaria		93,187		2,358
Banco Santander Central Hispano		93,237		2,039
Telefonica		75,304		2,494

				6,891

First American Funds 2007 Annual Report 55

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


International Select Fund (continued)
DESCRIPTION		SHARES/PAR		VALUE

Sweden – 1.6%
Ericsson			855,800	$	2,560
Nordea Bank			71,060		1,273
Oriflame Cosmetics (a)			25,900		1,569

					5,402

Switzerland – 5.7%
ABB			88,258		2,668
Holcim			14,681		1,678
Nestle			8,648		3,994
Nobel Biocare			5,043		1,472
Novartis			42,283		2,249
Roche			13,289		2,270
Syngenta			7,607		1,840
Synthes			11,665		1,457
UBS			39,740		2,131

					19,759

Taiwan – 1.9%
Advanced Semiconductor (a)			127,000		154
Advantech			146,058		398
Chinatrust Financial Holdings (a)			1,220,000		895
Fubon Financial			821,000		800
Hon Hai Precision Industry			176,000		1,349
Novatek Microelectronics			127,040		590
Taiwan Semiconductor Manufacturing			511,285		1,022
Taiwan Semiconductor Manufacturing – ADR			131,193		1,397

					6,605

Thailand – 0.3%
Bangkok Bank			203,446		767
Kasikornbank			94,700		252

					1,019

Turkey – 0.9%
Ford Otomotiv Sanayi (a)			42,100		497
Turkcell Iletisim Hizmet – ADR			69,200		1,664
Turkiye Is Bankasi (a)			115,900		798

					2,959

Total Common Stocks (Cost $276,780)					314,765

Short-Term Investments – 8.6%
Money Market Fund – 8.1%
State Street GA Prime Fund			27,932,428		27,932

U.S. Treasury Obligation – 0.5%
U.S. Treasury Bill
	3.813%, 01/24/2008 (b)	$	1,800		1,784

Total Short-Term Investments (Cost $29,716)					29,716

Total Investments – 99.3% (Cost $306,496)					344,481

Other Assets and Liabilities, Net – 0.7%					2,536

Total Net Assets – 100.0%				$	347,017


(a)	Non-income producing security

(b)	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 2007. See note 2 in Notes to Financial Statements.


ADR –	American Depository Receipt

GDR –	Global Depository Receipt

Schedule of Open Futures Contracts

Number of

Notional

Contracts

Contract

Settlement

Unrealized

Description

Purchased

Value

Month

Appreciation

E-Mini MSCI EAFE Futures

10,320

December 2007

469

S&P TSE 60 Futures

120

21,659

December 2007

739

��

1,208

At October 31, 2007, sector diversification of the fund was as follows:


	% of Net
	Assets			Value

Foreign Common Stock
Financials		21.1	%	$	73,220
Consumer Discretionary		13.0			45,130
Consumer Staples		11.3			39,252
Information Technology		8.8			30,414
Materials		8.7			30,153
Industrials		7.5			25,978
Energy		7.0			24,497
Telecommunication Services		6.6			22,815
Healthcare		5.1			17,825
Utilities		1.6			5,481

Total Foreign Common Stock		90.7			314,765
Total Short-Term Investments		8.6			29,716

Total Investments		99.3			344,481

Other Assets and Liabilities, Net		0.7			2,536

Net Assets		100.0	%	$	347,017

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

56 First American Funds 2007 Annual Report

Statements of Assets and Liabilities October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data


				International
	International			Select
	Fund			Fund

Investments in securities, at cost	$	1,165,307		$	306,496
Investment purchased with proceeds from securities lending, at cost (note 2)		256,617			—
Cash denominated in foreign currencies, at cost		30			221

ASSETS:
Investments in securities, at value* (note 2)	$	1,743,430		$	344,481
Investment purchased with proceeds from securities lending, at value (note 2)		256,617			—
Cash denominated in foreign currencies, at value (note 2)		31			221
Cash		371			219
Receivable for dividends and interest		4,512			615
Receivable for investment securities sold		—			1,548
Receivable for capital shares sold		519			598
Receivable for foreign withholding tax reclaim		568			102
Receivable for variation margin		—			597
Receivable from custodian (note 3)		5			—
Prepaid expenses and other assets		37			11

Total assets		2,006,090			348,392

LIABILITIES:
Payable for investment securities purchased		371			845
Payable for capital shares redeemed		5,892			134
Payable upon return of securities loaned (note 2)		256,617			—
Payable to affiliates (note 3)		1,804			305
Payable to custodian		—			85
Payable for distribution and shareholder servicing fees		23			1
Accrued expenses and other liabilities		23			5

Total liabilities		264,730			1,375

Net assets	$	1,741,360		$	347,017

COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,008,160		$	303,137
Undistributed net investment income		18,037			2,063
Accumulated net realized gain on investments, futures contracts, and foreign currency transactions		136,948			2,612
Net unrealized appreciation of investments		578,123			37,985
Net unrealized appreciation of futures contracts		—			1,208
Net unrealized appreciation of foreign currency, and translation of other assets and liabilities in foreign currency (note 2)		92			12

Net assets	$	1,741,360		$	347,017

* Including securities loaned, at value	$	289,327		$	—

Class A:
Net assets	$	56,705		$	3,228
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		3,306			266
Net asset value and redemption price per share	$	17.15		$	12.15
Maximum offering price per share ¹	$	18.15		$	12.86
Class B:
Net assets	$	6,668		$	324
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		423			27
Net asset value, offering price, and redemption price per share ²	$	15.78		$	12.07
Class C:
Net assets	$	7,173		$	287
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		438			24
Net asset value, offering price, and redemption price per share ²	$	16.36		$	12.07
Class R:
Net assets	$	4		$	17
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		—	**		1
Net asset value, offering price, and redemption price per share	$	17.17		$	12.12
Class Y:
Net assets	$	1,670,810		$	343,161
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		96,133			28,197
Net asset value, offering price, and redemption price per share	$	17.38		$	12.17


	¹	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.

	²	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.


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

First American Funds 2007 Annual Report 57

Statements of Operations For the period ended October 31, 2007, all dollars are rounded to thousands (000)


	International			International
	Fund			Select Fund

	Year Ended			12/21/06 ¹
	10/31/07			to 10/31/07

INVESTMENT INCOME:
Interest	$	670		$	1,112
Dividends		44,576			3,929
Less: Foreign taxes withheld		(4,021	)		(385	)
Securities lending income		1,469			—
Other income		5			—

Total investment income		42,699			4,656

EXPENSES (note 3):
Investment advisory fees		17,458			1,793
Administration fees		3,913			416
Transfer agent fees		196			103
Custodian fees		557			417
Professional fees		43			47
Registration fees		51			69
Postage and printing fees		47			40
Directors’ fees		18			22
Other expenses		20			27
Distribution and shareholder servicing fees – Class A		138			3
Distribution and shareholder servicing fees – Class B		69			1
Distribution and shareholder servicing fees – Class C		77			1
Distribution and shareholder servicing fees – Class R		—			—

Total expenses		22,587			2,939

Less: Fee waivers (note 3)		(158	)		(663	)
Less: Indirect payments from custodian (note 3)		(496	)		(47	)

Total net expenses		21,933			2,229

Investment income – net		20,766			2,427

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS – NET (note 5):
Net realized gain on investments		165,689			2,639
Net realized loss on futures contracts		—			(26	)
Net realized loss on foreign currency transactions		(871	)		(316	)
Net change in unrealized appreciation or depreciation of investments		122,521			37,985
Net change in unrealized appreciation or depreciation of futures contracts		—			1,208
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		52			12

Net gain on investments, futures contracts, and foreign currency transactions		287,391			41,502

Net increase in net assets resulting from operations	$	308,157		$	43,929


	¹	Commencement of operations.

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

58 First American Funds 2007 Annual Report

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


								International
		International						Select
		Fund						Fund

		Year			Year			12/21/06 ¹
		Ended			Ended			to
		10/31/07			10/31/06			10/31/07

OPERATIONS:
Investment income – net		$	20,766		$	19,673		$	2,427
Net realized gain on investments			165,689			90,776			2,639
Net realized loss on futures contracts			—			—			(26	)
Net realized loss on foreign currency transactions			(871	)		(677	)		(316	)
Net change in unrealized appreciation or depreciation of investments			122,521			265,816			37,985
Net change in unrealized appreciation or depreciation of futures contracts			—			—			1,208
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)			52			103			12

Net increase in net assets resulting from operations			308,157			375,691			43,929

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(467	)		(525	)		—
	Class B		(15	)		(23	)		—
	Class C		(13	)		(22	)		—
	Class R		—			—			—
	Class Y		(18,658	)		(19,388	)		(49	)
Net realized gain on investments:
	Class A		(948	)		—			—
	Class B		(136	)		—			—
	Class C		(149	)		—			—
	Class R		—			—			—
	Class Y		(29,782	)		—			—

Total distributions			(50,168	)		(19,958	)		(49	)

CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		11,786			12,874			3,236
	Reinvestment of distributions		1,277			475			—
	Payments for redemptions		(16,840	)		(19,829	)		(339	)

Increase (decrease) in net assets from Class A transactions			(3,777	)		(6,480	)		2,897

Class B:
	Proceeds from sales		580			1,144			296
	Reinvestment of distributions		143			23			—
	Payments for redemptions (note 3)		(2,230	)		(2,076	)		(3	)

Increase (decrease) in net assets from Class B transactions			(1,507	)		(909	)		293

Class C:
	Proceeds from sales		872			902			267
	Reinvestment of distributions		142			21			—
	Payments for redemptions (note 3)		(2,984	)		(2,057	)		(8	)

Increase (decrease) in net assets from Class C transactions			(1,970	)		(1,134	)		259

Class R:
	Proceeds from sales		3			1			16
	Reinvestment of distributions		—			—			—
	Payments for redemptions		—			(2	)		(1	)

Increase (decrease) in net assets from Class R transactions			3			(1	)		15

Class Y:
	Proceeds from sales		167,696			230,406			322,481
	Reinvestment of distributions		29,171			11,130			48
	Payments for redemptions		(512,210	)		(361,882	)		(22,856	)

Increase (decrease) in net assets from Class Y transactions			(315,343	)		(120,346	)		299,673

Increase (decrease) in net assets from capital share transactions			(322,594	)		(128,870	)		303,137

Total increase (decrease) in net assets			(64,605	)		226,863			347,017
Net assets at beginning of period			1,805,965			1,579,102			—

Net assets at end of period		$	1,741,360		$	1,805,965		$	347,017

Undistributed net investment income at end of period		$	18,037		$	17,166		$	2,063


	¹	Commencement of operations.

First American Funds 2007 Annual Report 59

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 (Loss)			Investments			Income			Gains			Period

International Fund¹
Class A
	2007²	$	14.80	$	0.15		$	2.59		$	(0.13	)	$	(0.26	)	$	17.15
	2006²		12.01		0.12			2.80			(0.13	)		—			14.80
	2005³		12.24		0.01			(0.24	)		—			—			12.01
	2005⁴		10.19		0.09			2.02			(0.06	)		—			12.24
	2004⁴		8.99		0.03			1.22			(0.05	)		—			10.19
	2003⁴		7.33		0.06			1.60			—			—			8.99
Class B
	2007²	$	13.65	$	0.03		$	2.39		$	(0.03	)	$	(0.26	)	$	15.78
	2006²		11.09		0.02			2.58			(0.04	)		—			13.65
	2005³		11.31		—			(0.22	)		—			—			11.09
	2005⁴		9.43		—			1.88			—			—			11.31
	2004⁴		8.34		(0.05	)		1.14			—			—			9.43
	2003⁴		6.85		—			1.49			—			—			8.34
Class C
	2007²	$	14.13	$	0.03		$	2.48		$	(0.02	)	$	(0.26	)	$	16.36
	2006²		11.47		0.02			2.67			(0.03	)		—			14.13
	2005³		11.70		—			(0.23	)		—			—			11.47
	2005⁴		9.76		—			1.94			—			—			11.70
	2004⁴		8.63		(0.05	)		1.18			—			—			9.76
	2003⁴		7.09		—			1.54			—			—			8.63
Class R⁵
	2007²	$	14.81	$	0.10		$	2.61		$	(0.09	)	$	(0.26	)	$	17.17
	2006²		11.94		0.05			2.82			—			—			14.81
	2005³		12.17		(0.02	)		(0.21	)		—			—			11.94
	2005⁴		10.11		0.09			1.97			—			—			12.17
	2004⁴		8.98		(0.01	)		1.19			(0.05	)		—			10.11
	2003⁴		7.31		0.04			1.63			—			—			8.98
Class Y
	2007²	$	14.99	$	0.19		$	2.62		$	(0.16	)	$	(0.26	)	$	17.38
	2006²		12.16		0.16			2.83			(0.16	)		—			14.99
	2005³		12.39		0.01			(0.24	)		—			—			12.16
	2005⁴		10.31		0.12			2.05			(0.09	)		—			12.39
	2004⁴		9.10		0.06			1.23			(0.08	)		—			10.31
	2003⁴		7.40		0.09			1.61			—			—			9.10


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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.

	⁷	In 2003, 0.14% of Class R share’s and 0.13% of Class Y share’s total return was a result of the reimbursement by the advisor related to foreign currency principal trades between the International Fund and U.S. Bank. Excluding the reimbursement, total return for Class R and Class Y shares would have been 22.71% and 22.84%, respectively.

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

60 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	18.92	%	$	56,705		1.49	%		0.97	%		1.53	%		0.93	%		14	%
	24.50			52,489		1.51			0.89			1.54			0.86			17
	(1.88	)		48,439		1.51			0.58			1.55			0.54			—
	20.80			48,851		1.56			0.77			1.61			0.72			74
	13.91			44,851		1.60			0.31			1.64			0.27			77
	22.65			39,251		1.60			0.77			1.65			0.72			82

	18.05	%	$	6,668		2.24	%		0.22	%		2.28	%		0.18	%		14	%
	23.50			7,172		2.26			0.15			2.29			0.12			17
	(1.95	)		6,632		2.26			(0.17	)		2.30			(0.21	)		—
	19.94			6,819		2.31			—			2.36			(0.05	)		74
	13.12			7,371		2.35			(0.48	)		2.39			(0.52	)		77
	21.75			7,936		2.35			0.02			2.40			(0.03	)		82

	18.09	%	$	7,173		2.24	%		0.20	%		2.28	%		0.16	%		14	%
	23.53			8,049		2.26			0.16			2.29			0.13			17
	(1.97	)		7,520		2.26			(0.17	)		2.30			(0.21	)		—
	19.88			7,915		2.31			(0.01	)		2.36			(0.06	)		74
	13.14			8,542		2.35			(0.52	)		2.39			(0.56	)		77
	21.72			10,439		2.35			(0.01	)		2.40			(0.06	)		82

	18.66	%	$	4		1.74	%		0.60	%		1.78	%		0.56	%		14	%
	24.04			1		1.76			0.39			1.91			0.24			17
	(1.89	)		1		1.76			0.33			1.95			0.14			—
	20.38			163		1.81			0.77			2.01			0.57			74
	13.16			1		1.60			(0.11	)		1.64			(0.15	)		77
	22.85	%⁷		8,533		1.60			0.57			1.65			0.52			82

	19.23	%	$	1,670,810		1.24	%		1.21	%		1.28	%		1.17	%		14	%
	24.81			1,738,254		1.26			1.16			1.29			1.13			17
	(1.86	)		1,516,510		1.26			0.83			1.30			0.79			—
	21.12			1,523,057		1.31			1.07			1.36			1.02			74
	14.13			1,145,409		1.35			0.59			1.39			0.55			77
	22.97	%⁷		991,027		1.35			1.08			1.40			1.03			82

First American Funds 2007 Annual Report 61

Financial Highlights For a share outstanding throughout the indicated periods.


		Net Asset				Realized and		Distributions			Net Asset
		Value		Net		Unrealized		from Net			Value
		Beginning		Investment		Gains on		Investment			End of
		of Period		Income		Investments		Income			Period

International Select Fund^1, 2
Class A
	2007	$	10.00	$	0.09	$	2.07	$	(0.01	)	$	12.15
Class B
	2007	$	10.00	$	0.02	$	2.05	$	—		$	12.07
Class C
	2007	$	10.00	$	0.03	$	2.04	$	—		$	12.07
Class R
	2007	$	10.00	$	0.07	$	2.06	$	(0.01	)	$	12.12
Class Y
	2007	$	10.00	$	0.13	$	2.05	$	(0.01	)	$	12.17


	¹	Per share data calculated using average shares outstanding method.

	²	Commenced operations on December 21, 2006. All ratios for the period ended October 31, 2007 have been annualized, except total return and portfolio turnover.

	³	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

62 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					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
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	21.58	%	$	3,228		1.49	%		0.95	%		1.89	%		0.55	%		45	%

	20.75	%	$	324		2.24	%		0.24	%		2.64	%		(0.16	)%		45	%

	20.75	%	$	287		2.24	%		0.30	%		2.64	%		(0.10	)%		45	%

	21.27	%	$	17		1.74	%		0.77	%		2.14	%		0.37	%		45	%

	21.78	%	$	343,161		1.24	%		1.36	%		1.64	%		0.96	%		45	%

First American Funds 2007 Annual Report 63

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Small Cap Growth Opportunities Fund
DESCRIPTION		SHARES		VALUE

Common Stocks – 97.5%
Consumer Discretionary – 14.8%
Einstein Noah Restaurant Group (a)			222,016	$	5,439
Gymboree (a) (b)			114,234		3,887
Iconix Brand Group (a) (b)			191,217		4,369
Men’s Wearhouse (b)			91,619		3,872
Pinnacle Entertainment (a) (b)			139,224		4,065
Priceline.com (a) (b)			37,727		3,512
Scientific Games, Class A (a)			85,047		3,075
Skechers U.S.A., Class A (a)			189,198		4,652
Texas Roadhouse, Class A (a) (b)			374,164		4,741
WMS Industries (a) (b)			140,575		4,874
Wolverine World Wide (b)			144,407		3,703

					46,189

Consumer Staples – 0.9%
Nu Skin Enterprises, Class A			161,067		2,782

Energy – 6.5%
Arena Resources (a)			86,002		3,140
Dril-Quip (a)			92,865		4,953
Ember Resources (a) (b) (c)			1,341,523		2,485
Oceaneering International (a)			35,618		2,752
Parallel Petroleum (a) (b)			167,236		3,423
Superior Energy Services (a) (b)			92,602		3,434

					20,187

Financials – 7.4%
BioMed Realty Trust – REIT (b)			144,365		3,449
Corporate Office Properties Trust – REIT (b)			96,076		3,971
East West Bancorp (b)			109,496		3,694
First Mercury Financial (a)			139,152		3,082
Piper Jaffray Companies (a) (b)			75,933		3,903
Prosperity Bancshares (b)			25,982		840
Waddell & Reed Financial, Class A (b)			121,163		4,025

					22,964

Healthcare – 20.6%
American Medical Systems (a) (b)			185,531		2,373
AMN Healthcare Services (a) (b)			128,668		2,446
AngioDynamics (a)			137,566		2,751
Array BioPharma (a) (b)			284,905		3,191
BioMarin Pharmaceutical (a) (b)			181,905		5,044
Durect (a) (b)			570,035		3,318
Eurand (a) (b)			291,646		4,010
Hologic (a)			46,217		3,140
Human Genome Sciences (a) (b)			374,777		3,545
Illumina (a) (b)			35,214		1,977
Integra LifeSciences (a) (b)			83,363		4,041
Medicis Pharmaceutical, Class A (b)			117,341		3,484
Myriad Genetics (a) (b)			52,295		2,895
NuVasive (a) (b)			80,845		3,459
OSI Pharmaceuticals (a) (b)			81,003		3,367
Pediatrix Medical Group (a)			45,447		2,977
Skilled Healthcare Group (a) (b)			259,950		4,258
Trans1 (a) (b)			42,569		1,064
TriZetto Group (a) (b)			152,302		2,489
Wright Medical Group (a) (b)			159,012		4,214

					64,043
Industrials – 16.5%
Administaff (b)			80,080		3,194
Advisory Board (a) (b)			56,780		3,646
AMETEK			91,833		4,316
BE Aerospace (a) (b)			104,769		5,208
DRS Technologies (b)			91,993		5,284
Forward Air (b)			104,637		3,414
Genlyte Group (a) (b)			53,335		3,472
Kenexa (a) (b)			124,128		3,639
Knoll			157,927		2,999
McGrath Rentcorp (b)			120,025		4,115
NCI Building Systems (a) (b)			59,619		2,336
RBC Bearings (a) (b)			77,606		3,119
Resources Connection (b)			146,863		3,344
WESCO International (a) (b)			69,980		3,265

					51,351

Information Technology (d) – 30.8%
ATMI (a) (b)			97,884		3,146
Cirrus Logic (a)			558,662		3,436
Commvault Systems (a) (b)			173,047		3,520
DealerTrack Holdings (a) (b)			82,255		4,038
Emulex (a) (b)			291,559		6,315
FLIR Systems (a)			34,897		2,421
FormFactor (a) (b)			78,690		3,078
Forrester Research (a)			120,717		2,863
Harmonic (a)			444,776		5,480
Internap Network Services (a) (b)			208,109		3,467
Ixia (a)			631,280		6,603
Lawson Software (a) (b)			428,280		4,835
Microsemi (a) (b)			135,970		3,618
Orbotech (a)			203,630		4,215
Perficient (a) (b)			189,210		3,567
PMC-Sierra (a) (b)			489,699		4,412
Polycom (a) (b)			309,650		8,664
Quest Software (a) (b)			356,853		6,209
RF Micro Devices (a) (b)			485,970		3,023
Semtech (a) (b)			140,760		2,408
Silicon Motion Technology – ADR (a)			210,288		5,257
Tridium, Class B, Escrow Shares (a) (c) (e)			278,500		23
TriQuint Semiconductor (a)			806,182		5,055
VideoPropulsion (a) (c) (e)			784,710		—

					95,653

Total Common Stocks
	(Cost $272,573)				303,169

Warrants – 0.0%
Hollis-Eden Pharmaceuticals, Warrants (a) (c) (e)			70,545		2
Kuhlman Company, Warrants (a) (c) (e)			281,680		—

Total Warrants
	(Cost $434)				2

Short-Term Investment – 4.1%
First American Prime Obligations Fund, Class Z (f)
	(Cost $12,962)		12,962,034		12,962

Investment Purchased with Proceeds from Securities Lending – 45.3%
Mount Vernon Securities Lending Prime Portfolio (g)
	(Cost $140,812)		140,811,760		140,812

Total Investments – 146.9%
	(Cost $426,781)				456,945

Other Assets and Liabilities, Net – (46.9)%					(145,974	)

Total Net Assets – 100.0%				$	310,971


(a)	Non-income producing security.

(b)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $137,705 at October 31, 2007. See note 2 in Notes to Financial Statements.

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

64 First American Funds 2007 Annual Report

Small Cap Growth Opportunities Fund (concluded)


(c)	Security considered illiquid or restricted. As of October 31, 2007, the market value of these investments was $2,510 or 0.8% of total net assets. See Note 2 in Notes to Financial Statements.

(d)	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.

(e)	Security is fair valued. As of October 31, 2007, the fair value of these investments was $25 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 to this fund. See note 3 in Notes to Financial Statements.

(g)


ADR –	American Depository Receipt


REIT –	Real Estate Investment Trust

First American Funds 2007 Annual Report 65

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Small Cap Select Fund
DESCRIPTION	SHARES		VALUE

Common Stocks – 96.5%
Consumer Discretionary – 16.3%
1-800-Flowers.com, Class A (a)		689,414	$	8,266
Aftermarket Technology (a)		356,053		12,291
Cato, Class A (b)		312,197		6,269
Children’s Place Retail Stores (a) (b)		154,813		3,963
Christopher & Banks (b)		537,677		7,377
Coinstar (a) (b)		314,511		10,835
Conn’s (a) (b)		451,625		11,548
Cosi (a) (b) (c)		1,092,612		3,759
FGX International Holdings Limited (a)		71,107		1,216
GSI Commerce (a) (b)		227,228		6,474
Hibbett Sports (a) (b)		206,737		4,877
Interface, Class A (b)		659,153		12,610
Journal Communications, Class A		735,842		6,556
McCormick & Schmick’s Seafood Restaurants (a)		299,942		5,093
NutriSystem (a) (b)		155,063		4,667
P.F. Chang’s China Bistro (a) (b)		465,592		13,553
Scientific Games, Class A (a) (b)		365,527		13,214
Skechers U.S.A., Class A (a)		299,914		7,375
Texas Roadhouse, Class A (a) (b)		568,535		7,203
WMS Industries (a) (b)		541,605		18,777

				165,923

Consumer Staples – 2.2%
Hain Celestial Group (a) (b)		466,484		16,355
USANA Health Sciences (a) (b)		149,853		6,115

				22,470

Energy – 7.6%
Arena Resources (a) (b)		289,666		10,576
Atwood Oceanics (a) (b)		60,408		5,089
Brigham Exploration (a)		347,626		2,562
Comstock Resources (a) (b)		441,810		16,148
Edge Petroleum (a) (b)		962,066		8,735
Helix Energy Solutions Group (a) (b)		502,783		23,254
Patterson-UTI Energy (b)		305,723		6,096
St. Mary Land & Exploration (b)		114,367		4,845

				77,305

Financials – 16.0%
Affiliated Managers Group (a) (b)		63,420		8,343
BioMed Realty Trust – REIT (b)		415,675		9,931
Columbia Banking System (b)		203,748		6,330
Cullen/ Frost Bankers (b)		332,692		17,693
Digital Realty Trust – REIT (b)		193,093		8,494
Dime Community Bancshares (b)		512,168		7,370
East West Bancorp (b)		458,955		15,485
First Potomac Realty Trust – REIT (b)		406,057		8,487
Independent Bank (b)		204,274		6,042
Kite Realty Group Trust – REIT (b)		340,760		6,175
Knight Capital Group, Class A (a) (b)		608,010		8,153
LaSalle Hotel Properties – REIT (b)		195,215		8,066
Nara Bancorp (b)		382,136		5,915
National Financial Partners (b)		114,223		6,245
Newcastle Investment – REIT (b)		492,204		7,309
NorthStar Realty Finance – REIT (b)		166,008		1,552
Platinum Underwriters Holdings (b)		423,914		15,261
South Financial Group (b)		424,687		8,774
Umpqua Holdings (b)		390,717		6,615

				162,240

Healthcare – 14.0%
AngioDynamics (a)		566,320		11,326
Arena Pharmaceuticals (a) (b)		182,947		1,758
BioMarin Pharmaceutical (a) (b)		123,226		3,417
Dexcom (a) (b)		660,052		6,138
Exelixis (a) (b)		548,858		6,037
ICU Medical (a) (b)		279,347		11,202
K-V Pharmaceutical, Class A (a) (b)		605,580		18,979
Magellan Health Services (a) (b)		255,386		10,752
Myriad Genetics (a) (b)		65,467		3,624
Pediatrix Medical Group (a)		246,116		16,121
Pharmion (a) (b)		73,714		3,547
Salix Pharmaceuticals (a) (b)		399,107		4,670
Senomyx (a) (b)		572,213		6,615
SonoSite (a) (b)		617,695		21,737
SurModics (a) (b)		141,643		8,037
Theravance (a) (b)		132,962		3,327
Trans1 (a) (b)		89,619		2,240
TriZetto Group (a) (b)		156,658		2,560

				142,087

Industrials – 12.9%
AMETEK		336,117		15,798
BE Aerospace (a) (b)		177,668		8,832
Ceradyne (a) (b)		71,396		4,884
Columbus McKinnon (a) (b)		359,095		11,915
ESCO Technologies (a) (b)		373,114		15,443
Forward Air (b)		287,710		9,388
Genlyte Group (a) (b)		77,322		5,034
Knoll		29,031		551
MasTec (a)		351,199		5,545
NCI Building Systems (a) (b)		155,387		6,088
Power-One (a) (b)		921,669		5,226
Regal-Beloit (b)		297,630		14,596
Timken (b)		379,076		12,608
WESCO International (a) (b)		319,976		14,927

				130,835

Information Technology – 22.7%
ADC Telecommunications (a)		517,705		9,681
Advanced Analogic Technologies (a) (b)		1,212,741		14,650
AudioCodes (a)		553,403		3,603
Cognex		237,307		4,267
Digital River (a) (b)		286,750		15,215
Emulex (a) (b)		1,055,933		22,872
F5 Networks (a) (b)		373,962		13,474
Greenfield Online (a) (b)		383,947		5,859
Harris Stratex Networks, Class A (a) (b)		621,029		11,874
Hittite Microwave (a) (b)		78,300		3,935
Ixia (a) (b)		592,423		6,197
Micrel		656,074		5,937
Orbotech (a)		230,314		4,767
Photronics (a) (b)		1,070,137		11,707
Plexus (a)		570,401		14,716
PMC-Sierra (a) (b)		1,613,544		14,538
Progress Software (a) (b)		445,496		14,572
Silicon Laboratories (a) (b)		307,553		13,440
Synaptics (a) (b)		207,842		11,296
Tessera Technologies (a) (b)		294,700		11,255
TIBCO Software (a) (b)		616,257		5,657
TTM Technologies (a)		851,059		10,919

				230,431

Materials – 3.7%
Albemarle		52,238		2,495
Schnitzer Steel Industries, Class A (b)		121,819		8,049
Terra Industries (a) (b)		361,857		13,349
Texas Industries (b)		183,115		13,378

				37,271

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

66 First American Funds 2007 Annual Report


Small Cap Select (concluded)
DESCRIPTION		SHARES		VALUE

Telecommunication Services – 0.7%
General Communication, Class A (a)			640,881	$	7,518

Utilities – 0.4%
NSTAR (b)			127,266		4,474

Total Common Stocks
	(Cost $890,928)				980,554

Short-Term Investment – 3.2%
First American Prime Obligations Fund, Class Z (d)
	(Cost $32,674)		32,673,483		32,674

Investment Purchased with Proceeds from Securities Lending – 48.8%
Mount Vernon Securities Lending Prime Portfolio (e)
	(Cost $495,224)		495,224,142		495,224

Total Investments – 148.5%
	(Cost $1,418,826)				1,508,452

Other Assets and Liabilities, Net – (48.5)%					(492,429	)

Total Net Assets – 100.0%				$	1,016,023


(a)	Non-income producing security.

(b)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $482,454 at October 31, 2007. See note 2 in Notes to Financial Statements.

(c)	A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings of that company represents 5% or more of the outstanding voting securities of the company. Transactions with companies that are or were affiliates during the fiscal year ended October 31, 2007 are as follows:


	Beginning		Purchase		Sales		Ending		Dividend
Issuer	Cost		Cost		Cost		Cost		Income		Value

Cosi	$	6,496	$	7,040	$	8,607	$	4,929	$	—	$	3,759


(d)	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.

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


REIT –	Real Estate Investment Trust

First American Funds 2007 Annual Report 67

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Small Cap Value Fund
DESCRIPTION	SHARES		VALUE

Common Stocks – 99.3%
Consumer Discretionary – 12.8%
Aaron Rents (a)		208,429	$	4,415
Ameristar Casinos (a)		73,031		2,377
Belo, Class A (a)		181,091		3,350
CBRL Group (a)		104,726		4,179
Charming Shoppes (a) (b)		282,949		2,100
Domino’s Pizza (a)		223,200		3,446
Ethan Allen Interiors (a)		129,482		3,996
Fred’s (a)		79,474		842
Group 1 Automotive (a)		129,651		4,026
Interface, Class A (a)		168,799		3,229
Jos. A. Bank Clothiers (a) (b)		116,272		3,396
Men’s Wearhouse (a)		81,150		3,429
Skechers U.S.A., Class A (a) (b)		141,561		3,481
Wolverine World Wide (a)		190,064		4,873

				47,139

Consumer Staples – 3.4%
Elizabeth Arden (a) (b)		210,630		5,245
Nu Skin Enterprises, Class A (a)		203,110		3,508
Ralcorp Holdings (b)		69,154		3,893

				12,646

Energy – 6.7%
Brigham Exploration (b)		503,537		3,711
Cimarex Energy		74,473		3,017
Dril-Quip (b)		42,639		2,274
Oil States International (a) (b)		53,120		2,294
Penn Virginia (a)		92,750		4,489
PetroQuest Energy (b)		237,560		3,065
Swift Energy (a) (b)		123,937		5,878

				24,728

Financials (c) – 28.1%
Alabama National BanCorporation (a)		14,493		1,142
Alexandria Real Estate Equities – REIT (a)		40,142		4,140
American Equity Investment Life Holding (a)		510,572		4,988
Apollo Investment (a)		144,544		3,007
Capitol Bancorp (a)		73,988		1,569
Cathay General Bancorp (a)		152,230		4,715
City Bank (a)		77,497		1,856
Colonial BancGroup (a)		181,603		3,483
Delphi Financial Group, Class A (a)		111,317		4,314
First Midwest Bancorp (a)		118,852		4,003
FirstFed Financial (a) (b)		80,360		3,438
FPIC Insurance Group (b)		127,939		5,345
Frontier Financial (a)		210,760		4,677
IBERIABANK		81,103		4,020
Independent Bank (a)		129,132		3,820
Knight Capital Group, Class A (a) (b)		195,558		2,622
LaSalle Hotel Properties – REIT (a)		88,771		3,668
Mid-America Apartment Communities – REIT (a)		73,498		3,822
National Retail Properties – REIT (a)		180,375		4,572
Newcastle Investment – REIT (a)		191,562		2,845
Piper Jaffray Companies (a) (b)		95,224		4,894
Provident Bankshares (a)		177,316		4,374
PS Business Parks – REIT		66,082		3,853
Redwood Trust – REIT (a)		94,540		2,491
Selective Insurance Group (a)		207,865		5,053
Sterling Bancshares (a)		466,273		5,689
Waddell & Reed Financial, Class A (a)		168,828		5,608

				104,008

Healthcare – 7.8%
AMERIGROUP (a) (b)		105,774		3,702
Pediatrix Medical Group (b)		45,308		2,968
Perrigo (a)		99,474		2,358
Res-Care (b)		210,386		5,167
Sciele Pharma (a) (b)		206,750		5,260
STERIS (a)		144,192		4,187
Varian (a) (b)		30,479		2,252
Vital Signs (a)		55,420		2,932

				28,826

Industrials – 13.9%
AMETEK		89,839		4,222
Brady, Class A (a)		72,530		2,676
CRA International (a) (b)		55,369		2,867
Crane		105,351		4,998
EMCOR Group (b)		56,111		1,932
Esterline Technologies (a) (b)		44,065		2,414
Forward Air (a)		47,400		1,547
Kforce (b)		160,037		1,927
Moog, Class A (a) (b)		60,351		2,785
NCI Building Systems (a) (b)		97,374		3,815
Nordson (a)		88,591		4,740
Regal-Beloit (a)		122,518		6,008
SkyWest (a)		81,236		2,217
Trinity Industries (a)		50,868		1,838
Triumph Group		12,300		979
URS (b)		57,362		3,546
WESCO International (a) (b)		60,015		2,800

				51,311

Information Technology – 15.3%
CACI International, Class A (a) (b)		38,841		2,092
Emulex (b)		302,959		6,562
Hutchinson Technology (a) (b)		148,682		3,528
Ixia (b)		421,772		4,412
Micrel		342,754		3,102
Pericom Semiconductor (b)		319,418		4,772
Photronics (a) (b)		169,826		1,858
Plantronics (a)		67,976		1,859
Polycom (b)		126,000		3,525
Progress Software (b)		188,555		6,168
Silicon Motion Technology – ADR (b)		121,956		3,049
TIBCO Software (a) (b)		356,992		3,277
TriQuint Semiconductor (b)		396,668		2,487
TTM Technologies (b)		363,062		4,658
United Online (a)		305,679		5,380

				56,729

Materials – 6.5%
Albemarle		75,831		3,622
AptarGroup		88,384		3,951
Arch Chemicals		42,113		1,921
Commercial Metals		127,840		4,012
Metal Management		44,872		2,359
Terra Industries (a) (b)		109,356		4,034
Texas Industries (a)		56,408		4,121

				24,020
Utilities – 4.8%
Black Hills (a)		69,332		3,080
El Paso Electric (b)		160,604		3,911
Northwest Natural Gas		56,625		2,728

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

68 First American Funds 2007 Annual Report


Small Cap Value Fund (concluded)
DESCRIPTION		SHARES		VALUE

PNM Resources (a)			137,152	$	3,430
Westar Energy (a)			169,288		4,506

					17,655

Total Common Stocks
	(Cost $336,548)				367,062

Short-Term Investment – 0.4%
First American Prime Obligations Fund, Class Z (d)
	(Cost $1,704)		1,704,269		1,704

Investment Purchased with Proceeds from Securities Lending – 49.7%
Mount Vernon Securities Lending Prime Portfolio (e)
	(Cost $183,639)		183,638,605		183,639

Total Investments – 149.4%
	(Cost $521,891)				552,405

Other Assets and Liabilities, Net – (49.4)%					(182,742	)

Total Net Assets – 100.0%				$	369,663


(a)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $178,837 at October 31, 2007. See note 2 in Notes to Financial Statements.

(b)	Non-income producing security.

(c)	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 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 to this fund. See note 3 in Notes to Financial Statements.

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


ADR –	American Depository Receipt


REIT –	Real Estate Investment Trust

First American Funds 2007 Annual Report 69

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Small-Mid Cap Core Fund
DESCRIPTION		SHARES		VALUE

Common Stocks – 99.9%
Consumer Discretionary – 14.9%
Aftermarket Technology (a)			29,697	$	1,025
Dick’s Sporting Goods (a)			28,677		957
J. Crew Group (a) (b)			19,798		741
Jos. A. Bank Clothiers (a) (b)			55,422		1,619
Men’s Wearhouse (b)			40,981		1,732
Newell Rubbermaid			56,897		1,659
Polo Ralph Lauren			30,163		2,075
R.H. Donnelley (a) (b)			28,646		1,571
Stanley Works (b)			22,193		1,277
Tiffany & Company			20,931		1,134
WMS Industries (a) (b)			91,653		3,178

					16,968

Consumer Staples – 1.8%
Corn Products International			48,266		2,053

Energy – 7.5%
Cameron International (a) (b)			20,509		1,997
Cimarex Energy			53,248		2,157
Dril-Quip (a)			28,817		1,537
Helix Energy Solutions Group (a) (b)			35,199		1,628
St. Mary Land & Exploration (b)			28,021		1,187

					8,506

Financials – 14.9%
Affiliated Managers Group (a) (b)			17,071		2,246
AllianceBernstein Holding			13,560		1,158
City National (b)			30,996		2,095
Everest Re Group			24,860		2,649
FirstFed Financial (a) (b)			31,464		1,346
LaSalle Hotel Properties – REIT (b)			29,848		1,233
National Retail Properties – REIT			45,283		1,148
Piper Jaffray Companies (a) (b)			37,397		1,922
W.R. Berkley			79,666		2,397
Zions Bancorporation (b)			12,208		722

					16,916

Healthcare – 15.0%
AMERIGROUP (a) (b)			43,026		1,506
ArthroCare (a) (b)			31,644		2,052
BioMarin Pharmaceutical (a) (b)			82,465		2,287
DENTSPLY International			50,879		2,110
Henry Schein (a)			9,531		571
Intuitive Surgical (a) (b)			10,022		3,276
Pediatrix Medical Group (a)			33,637		2,203
Sciele Pharma (a) (b)			86,821		2,209
TriZetto Group (a) (b)			49,383		807

					17,021
Industrials – 13.6%
AMETEK			48,814		2,294
Con-way			35,002		1,491
Crane			34,544		1,639
Dun & Bradstreet			17,306		1,676
Forward Air (b)			41,992		1,370
L-3 Communications Holdings			11,267		1,235
Regal-Beloit (b)			33,533		1,645
Republic Services			102,539		3,506
US Airways Group (a)			19,085		528

					15,384

Information Technology – 19.2%
Amphenol, Class A			57,052		2,526
Digital River (a) (b)			23,662		1,256
Emulex (a)			134,117		2,905
F5 Networks (a)			76,076		2,741
Fairchild Semiconductor International, Class A (a) (b)			90,017		1,643
Harris			23,354		1,414
Maxim Integrated Products			54,456		1,476
Micrel (b)			124,970		1,131
Plexus (a)			74,379		1,919
Progress Software (a) (b)			30,769		1,006
Teradata (a)			54,924		1,567
TIBCO Software (a) (b)			126,062		1,157
Xilinx (b)			43,498		1,061

					21,802

Materials – 9.5%
Cleveland-Cliffs			11,724		1,121
Owens-Illinois (a)			77,162		3,428
Pactiv (a)			50,670		1,392
Smurfit-Stone Container (a)			156,779		1,899
Terra Industries (a) (b)			80,264		2,961

					10,801

Telecommunication Services – 1.5%
Windstream (b)			122,764		1,651

Utilities – 2.0%
TECO Energy (b)			58,720		988
Westar Energy (b)			47,900		1,275

					2,263

Total Common Stocks
	(Cost $102,170)				113,365

Short-Term Investment – 0.2%
First American Prime Obligations Fund, Class Z (c)
	(Cost $228)		228,439		228

Investment Purchased with Proceeds from Securities Lending – 42.3%
Mount Vernon Securities Lending Prime Portfolio (d)
	(Cost $48,040)		48,040,221		48,040

Total Investments – 142.4%
	(Cost $150,438)				161,633

Other Assets and Liabilities, Net – (42.4)%					(48,169	)

Total Net Assets – 100.0%				$	113,464


(a)	Non-income producing security.

(b)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $46,826 at October 31, 2007. See note 2 in Notes to Financial Statements.

(c)	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.

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


REIT –	Real Estate Investment Trust

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

70 First American Funds 2007 Annual Report

Statements of Assets and Liabilities October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data


	Small Cap
	Growth
	Opportunities			Small Cap			Small Cap		Small-Mid Cap
	Fund			Select Fund			Value Fund		Core Fund

Investments in unaffiliated securities, at cost	$	273,007		$	890,928		$	336,548	$	102,170
Investment in affiliated money market fund, at cost		12,962			32,674			1,704		228
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		140,812			495,224			183,639		48,040

ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	303,171		$	980,554		$	367,062	$	113,365
Investment in affiliated money market fund, at value (note 2)		12,962			32,674			1,704		228
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		140,812			495,224			183,639		48,040
Cash		—			690			—		—
Receivable for dividends and interest		124			751			401		23
Receivable for investment securities sold		6,029			7,486			1,365		2,495
Receivable for capital shares sold		396			1,000			325		12
Prepaid expenses and other assets		36			42			36		27

Total assets		463,530			1,518,421			554,532		164,190

LIABILITIES:
Payable for capital shares redeemed		267			2,782			892		200
Payable upon return of securities loaned (note 2)		140,812			495,224			183,639		48,040
Payable for investment securities purchased		11,156			3,445			—		2,364
Payable to affiliates (note 3)		280			832			309		101
Payable for distribution and shareholder servicing fees		37			107			22		15
Accrued expenses and other liabilities		7			8			7		6

Total liabilities		152,559			502,398			184,869		50,726

Net assets	$	310,971		$	1,016,023		$	369,663	$	113,464

COMPOSITION OF NET ASSETS:
Portfolio capital	$	263,886		$	895,705		$	302,295	$	544,228
Undistributed (distributions in excess of) net investment income		(6	)		(7	)		3,082		(5	)
Accumulated net realized gain (loss) on investments		16,927			30,699			33,772		(441,954	)
Net unrealized appreciation of investments		30,164			89,626			30,514		11,195

Net assets	$	310,971		$	1,016,023		$	369,663	$	113,464

* Including securities loaned, at value	$	137,705		$	482,454		$	178,837	$	46,826

Class A:
Net assets	$	149,231		$	238,129		$	53,498	$	21,817
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		6,892			16,937			3,957		2,050
Net asset value and redemption price per share	$	21.65		$	14.06		$	13.52	$	10.64
Maximum offering price per share¹	$	22.91		$	14.88		$	14.31	$	11.26
Class B:
Net assets	$	4,467		$	13,720		$	6,213	$	6,883
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		228			1,187			521		748
Net asset value, offering price, and redemption price per share²	$	19.56		$	11.56		$	11.94	$	9.21
Class C:
Net assets	$	2,295		$	34,505		$	4,006	$	5,190
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		113			2,627			329		517
Net asset value, offering price, and redemption price per share²	$	20.41		$	13.13		$	12.19	$	10.04
Class R³:
Net assets	$	522		$	38,181		$	3,263	$	—
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		24			2,754			244		—
Net asset value, offering price, and redemption price per share	$	21.49		$	13.86		$	13.35	$	—
Class Y:
Net assets	$	154,456		$	691,488		$	302,683	$	79,574
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		6,706			45,795			21,820		7,178
Net asset value, offering price, and redemption price per share	$	23.03		$	15.10		$	13.87	$	11.09


	¹	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.

	²	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

	³	Class R is not offered by the Small-Mid Cap Core Fund.

First American Funds 2007 Annual Report 71

Statements of Operations For the year ended October 31, 2007, all dollars are rounded to thousands (000)


	Small Cap Growth			Small Cap			Small Cap			Small-Mid Cap
	Opportunities Fund			Select Fund			Value Fund			Core Fund

INVESTMENT INCOME:
Dividends from unaffiliated securities	$	867		$	7,140		$	8,204		$	1,203
Dividends from affiliated securities		427			1,632			274			53
Less: Foreign taxes withheld		—			1			—			1
Securities lending income		453			2,249			369			156

Total investment income		1,747			11,022			8,847			1,413

EXPENSES (note 3):
Investment advisory fees		3,181			7,625			2,865			829
Administration fees		708			2,427			914			261
Transfer agent fees		163			349			170			220
Custodian fees		16			57			21			7
Professional fees		42			42			42			42
Registration fees		60			74			55			44
Postage and printing fees		39			70			23			18
Directors’ fees		23			21			22			23
Other expenses		22			21			23			21
Distribution and shareholder servicing fees – Class A		372			674			145			61
Distribution and shareholder servicing fees – Class B		55			146			71			78
Distribution and shareholder servicing fees – Class C		25			270			43			52
Distribution and shareholder servicing fees – Class R¹		5			102			13			—

Total expenses		4,711			11,878			4,407			1,656

Less: Fee waivers (note 3)		(376	)		(30	)		(5	)		(91	)
Less: Indirect payments from custodian (note 3)		(9	)		(13	)		(5	)		(1	)

Total net expenses		4,326			11,835			4,397			1,564

Investment income (loss) – net		(2,579	)		(813	)		4,450			(151	)

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain on unaffiliated investments		29,255			81,194			42,939			9,015
Net realized loss on affiliated investments		—			(2,200	)		—			—
Net realized gain on in-kind redemption		—			6,598			—			—
Net change in unrealized appreciation or depreciation of investments		11,753			(12,056	)		(29,588	)		3,441

Net gain on investments		41,008			73,536			13,351			12,456

Net increase in net assets resulting from operations	$	38,429		$	72,723		$	17,801		$	12,305


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

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

72 First American Funds 2007 Annual Report

(This page intentionally left blank.)

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


		Small Cap Growth						Small Cap
		Opportunities Fund						Select Fund

		Year Ended			Year Ended			Year Ended			Year Ended
		10/31/07			10/31/06			10/31/07			10/31/06

OPERATIONS:
Investment income (loss) – net		$	(2,579	)	$	(2,332	)	$	(813	)	$	(1,912	)
Net realized gain on unaffiliated investments			29,255			20,657			81,194			152,452
Net realized gain (loss) on affiliated investments			—			(2,847	)		(2,200	)		684
Net realized gain (loss) on in-kind redemption (note 9)			—			(247	)		6,598			—
Net change in unrealized appreciation or depreciation of investments			11,753			16,707			(12,056	)		23,065

Net increase in net assets resulting from operations			38,429			31,938			72,723			174,289

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		—			—			—			—
	Class B		—			—			—			—
	Class C		—			—			—			—
	Class R		—			—			—			—
	Class Y		—			—			—			—
Net realized gain on investments:
	Class A		(8,975	)		(15,190	)		(33,807	)		(21,746	)
	Class B		(443	)		(1,681	)		(2,398	)		(3,108	)
	Class C		(178	)		(580	)		(2,921	)		(2,833	)
	Class R		(81	)		(1	)		(578	)		(130,679	)
	Class Y		(10,242	)		(38,069	)		(94,474	)		(82	)

Total distributions			(19,919	)		(55,521	)		(134,178	)		(158,448	)

CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		42,677			80,056			169,005			133,764
	Reinvestment of distributions		8,788			14,824			24,845			21,190
	Payments for redemptions		(49,599	)		(32,674	)		(161,596	)		(40,923	)

Increase (decrease) in net assets from Class A transactions			1,866			62,206			32,254			114,031

Class B:
	Proceeds from sales		235			523			1,987			2,081
	Reinvestment of distributions		412			1,555			2,264			2,956
	Payments for redemptions (note 3)		(2,909	)		(2,849	)		(4,115	)		(3,022	)

Increase (decrease) in net assets from Class B transactions			(2,262	)		(771	)		136			2,015

Class C:
	Proceeds from sales		807			999			21,138			7,783
	Reinvestment of distributions		151			576			2,706			2,746
	Payments for redemptions (note 3)		(1,431	)		(1,520	)		(6,772	)		(5,254	)

Increase (decrease) in net assets from Class C transactions			(473	)		55			17,072			5,275

Class R¹:
	Proceeds from sales		449			1,386			39,652			2,537
	Reinvestment of distributions		81			1			578			82
	Payments for redemptions		(1,395	)		(76	)		(5,019	)		(352	)

Increase (decrease) in net assets from Class R transactions			(865	)		1,311			35,211			2,267

Class Y:
	Proceeds from sales		15,021			40,576			200,087			129,554
	Reinvestment of distributions		7,633			29,517			71,615			103,456
	Payments for redemptions		(60,378	)		(77,933	)		(270,010	)		(195,174	)

Increase (decrease) in net assets from Class Y transactions			(37,724	)		(7,840	)		1,692			37,836

Increase (decrease) in net assets from capital share transactions			(39,458	)		54,961			86,365			161,424

Increase in net assets from regulatory settlement proceeds (Note 10)			177			—			—			—

Total increase (decrease) in net assets			(20,771	)		31,378			24,910			177,265
Net assets at beginning of year			331,742			300,364			991,113			813,848

Net assets at end of year		$	310,971		$	331,742		$	1,016,023		$	991,113

Undistributed (distributions in excess of) net investment income at end of year		$	(6	)	$	—		$	(7	)	$	—


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

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

74 First American Funds 2007 Annual Report


Small Cap						Small-Mid Cap
Value Fund						Core Fund

Year Ended			Year Ended			Year Ended			Year Ended
10/31/07			10/31/06			10/31/07			10/31/06

$	4,450		$	1,680		$	(151	)	$	149
	42,939			77,955			9,015			4,374
	—			—			—			—
	—			—			—			—
	(29,588	)		(534	)		3,441			10,366

	17,801			79,101			12,305			14,889

	(94	)		(145	)		—			—
	—			—			—			—
	—			—			—			—
	(3	)		(2	)		—			—
	(1,306	)		(1,819	)		(108	)		—
	(9,082	)		(10,660	)		—			—
	(1,323	)		(2,162	)		—			—
	(764	)		(1,094	)		—			—
	(321	)		(75,707	)		—			—
	(52,686	)		(19	)		—			—

	(65,579	)		(91,608	)		(108	)		—

	9,352			12,626			5,584			11,715
	8,932			10,483			—			—
	(15,854	)		(10,454	)		(12,536	)		(11,925	)

	2,430			12,655			(6,952	)		(210	)

	183			422			294			416
	1,220			2,072			—			—
	(1,975	)		(2,975	)		(2,885	)		(3,430	)

	(572	)		(481	)		(2,591	)		(3,014	)

	1,120			825			1,179			2,029
	736			1,069			—			—
	(1,648	)		(1,809	)		(1,497	)		(2,015	)

	208			85			(318	)		14

	2,573			1,900			—			—
	323			22			—			—
	(1,268	)		(196	)		—			—

	1,628			1,726			—			—

	39,919			50,760			27,632			49,629
	46,881			66,461			38			—
	(100,232	)		(99,660	)		(23,844	)		(22,033	)

	(13,432	)		17,561			3,826			27,596

	(9,738	)		31,546			(6,035	)		24,386

	—			—			—			—

	(57,516	)		19,039			6,162			39,275
	427,179			408,140			107,302			68,027

$	369,663		$	427,179		$	113,464		$	107,302

$	3,082		$	—		$	(5	)	$	93

First American Funds 2007 Annual Report 75

Financial Highlights For a share outstanding throughout the indicated periods.


							Realized and
							Unrealized						Net Asset
		Net Asset		Net			Gains			Distributions			Value
		Value		Investment			(Losses) on			from Net			End of
		Beginning		Loss			Investments			Realized Gains			Period
		of Period

Small Cap Growth Opportunities Fund¹
Class A
	2007²	$	20.49	$	(0.19	)	$	2.67		$	(1.32	)	$	21.65
	2006²		22.79		(0.18	)		2.37			(4.49	)		20.49
	2005³		23.75		(0.02	)		(0.94	)		—			22.79
	2005⁴		21.74		(0.32	)		5.28			(2.95	)		23.75
	2004⁴		21.95		(0.35	)		0.27			(0.13	)		21.74
	2003⁴		13.86		(0.28	)		8.37			—			21.95
Class B
	2007²	$	18.76	$	(0.31	)	$	2.43		$	(1.32	)	$	19.56
	2006²		21.36		(0.31	)		2.20			(4.49	)		18.76
	2005³		22.27		(0.03	)		(0.88	)		—			21.36
	2005⁴		20.69		(0.45	)		4.98			(2.95	)		22.27
	2004⁴		21.05		(0.50	)		0.27			(0.13	)		20.69
	2003⁴		13.39		(0.40	)		8.06			—			21.05
Class C
	2007²	$	19.53	$	(0.33	)	$	2.53		$	(1.32	)	$	20.41
	2006²		22.05		(0.32	)		2.29			(4.49	)		19.53
	2005³		23.00		(0.04	)		(0.91	)		—			22.05
	2005⁴		21.28		(0.48	)		5.15			(2.95	)		23.00
	2004⁴		21.65		(0.49	)		0.25			(0.13	)		21.28
	2003⁴		13.77		(0.43	)		8.31			—			21.65
Class R⁵
	2007²	$	20.39	$	(0.24	)	$	2.66		$	(1.32	)	$	21.49
	2006²		22.75		(0.23	)		2.36			(4.49	)		20.39
	2005³		23.72		(0.03	)		(0.94	)		—			22.75
	2005⁴		21.74		(0.48	)		5.41			(2.95	)		23.72
	2004⁴		21.95		(0.42	)		0.34			(0.13	)		21.74
	2003⁴		13.86		(0.28	)		8.37			—			21.95
Class Y
	2007²	$	21.66	$	(0.15	)	$	2.84		$	(1.32	)	$	23.03
	2006²		23.81		(0.13	)		2.47			(4.49	)		21.66
	2005³		24.81		(0.02	)		(0.98	)		—			23.81
	2005⁴		22.55		(0.27	)		5.48			(2.95	)		24.81
	2004⁴		22.70		(0.32	)		0.30			(0.13	)		22.55
	2003⁴		14.30		(0.25	)		8.65			—			22.70


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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.

	⁷	During the period, the fund received a regulatory settlement, which had an impact on the total return of 0.05% for Class A, Class R, and Class Y shares and 0.06% for Class B and Class C shares.

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

76 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Loss
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income Loss			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate


	12.81	%⁷	$	149,231		1.47	%		(0.89	)%		1.59	%		(1.01	)%		118	%
	9.91			138,786		1.47			(0.88	)		1.58			(0.99	)		209
	(4.04	)		78,357		1.47			(1.17	)		1.56			(1.26	)		14
	24.21			84,567		1.82			(1.42	)		1.87			(1.47	)		190
	(0.39	)		101,031		1.93			(1.42	)		1.96			(1.45	)		178
	58.37			81,999		1.93			(1.63	)		1.97			(1.67	)		137

	12.03	%⁷	$	4,467		2.22	%		(1.65	)%		2.34	%		(1.77	)%		118	%
	9.03			6,540		2.22			(1.62	)		2.33			(1.73	)		209
	(4.09	)		8,271		2.22			(1.93	)		2.31			(2.02	)		14
	23.27			8,760		2.57			(2.16	)		2.62			(2.21	)		190
	(1.13	)		9,063		2.68			(2.16	)		2.71			(2.19	)		178
	57.21			6,441		2.68			(2.38	)		2.72			(2.42	)		137

	11.96	%⁷	$	2,295		2.22	%		(1.64	)%		2.34	%		(1.76	)%		118	%
	9.11			2,664		2.22			(1.63	)		2.33			(1.74	)		209
	(4.13	)		2,962		2.22			(1.93	)		2.31			(2.02	)		14
	23.28			3,152		2.57			(2.20	)		2.62			(2.25	)		190
	(1.14	)		4,669		2.68			(2.07	)		2.71			(2.10	)		178
	57.23			1,529		2.68			(2.38	)		2.72			(2.42	)		137

	12.56	%⁷	$	522		1.72	%		(1.17	)%		1.84	%		(1.29	)%		118	%
	9.62			1,323		1.72			(1.16	)		1.95			(1.39	)		209
	(4.09	)		5		1.72			(1.43	)		1.96			(1.67	)		14
	24.06			5		2.07			(2.14	)		2.27			(2.34	)		190
	(0.39	)		1		1.93			(1.67	)		1.96			(1.70	)		178
	58.37			3,694		1.93			(1.62	)		1.97			(1.66	)		137

	13.10	%⁷	$	154,456		1.22	%		(0.64	)%		1.34	%		(0.76	)%		118	%
	10.16			182,429		1.22			(0.63	)		1.33			(0.74	)		209
	(4.03	)		210,769		1.22			(0.92	)		1.31			(1.01	)		14
	24.47			220,772		1.57			(1.15	)		1.62			(1.20	)		190
	(0.11	)		224,432		1.68			(1.25	)		1.71			(1.28	)		178
	58.74			382,389		1.68			(1.38	)		1.72			(1.42	)		137

First American Funds 2007 Annual Report 77

Financial Highlights For a share outstanding throughout the indicated periods.


							Realized and
		Net Asset					Unrealized			Distributions			Net Asset
		Value		Net			Gains			from Net			Value
		Beginning		Investment			(Losses) on			Realized			End of
		of Period		Income (Loss)			Investments			Gains			Period

Small Cap Select Fund¹
Class A
	2007²	$	15.12	$	(0.03	)	$	1.05		$	(2.08	)	$	14.06
	2006²		15.33		(0.05	)		3.05			(3.21	)		15.12
	2005³		15.82		(0.01	)		(0.48	)		—			15.33
	2005⁴		15.95		(0.08	)		3.10			(3.15	)		15.82
	2004⁴		14.52		(0.12	)		2.60			(1.05	)		15.95
	2003⁴		10.68		(0.09	)		3.93			—			14.52
Class B
	2007²	$	12.88	$	(0.11	)	$	0.87		$	(2.08	)	$	11.56
	2006²		13.58		(0.13	)		2.64			(3.21	)		12.88
	2005³		14.02		(0.02	)		(0.42	)		—			13.58
	2005⁴		14.56		(0.17	)		2.78			(3.15	)		14.02
	2004⁴		13.42		(0.22	)		2.41			(1.05	)		14.56
	2003⁴		9.95		(0.17	)		3.64			—			13.42
Class C
	2007²	$	14.36	$	(0.12	)	$	0.97		$	(2.08	)	$	13.13
	2006²		14.79		(0.16	)		2.94			(3.21	)		14.36
	2005³		15.28		(0.02	)		(0.47	)		—			14.79
	2005⁴		15.60		(0.19	)		3.02			(3.15	)		15.28
	2004⁴		14.32		(0.24	)		2.57			(1.05	)		15.60
	2003⁴		10.62		(0.18	)		3.88			—			14.32
Class R⁵
	2007²	$	14.98	$	(0.06	)	$	1.02		$	(2.08	)	$	13.86
	2006²		15.24		(0.09	)		3.04			(3.21	)		14.98
	2005³		15.73		(0.01	)		(0.48	)		—			15.24
	2005⁴		15.91		(0.08	)		3.05			(3.15	)		15.73
	2004⁴		14.49		(0.13	)		2.60			(1.05	)		15.91
	2003⁴		10.66		(0.09	)		3.92			—			14.49
Class Y
	2007²	$	16.06	$	0.01		$	1.11		$	(2.08	)	$	15.10
	2006²		16.06		(0.01	)		3.22			(3.21	)		16.06
	2005³		16.57		(0.01	)		(0.50	)		—			16.06
	2005⁴		16.54		(0.04	)		3.22			(3.15	)		16.57
	2004⁴		14.98		(0.09	)		2.70			(1.05	)		16.54
	2003⁴		11.00		(0.06	)		4.04			—			14.98


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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.

78 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	7.35	%	$	238,129		1.23	%		(0.22	)%		1.23	%		(0.22	)%		97	%
	22.46			222,293		1.24			(0.38	)		1.24			(0.38	)		111
	(3.10	)		104,568		1.25			(0.92	)		1.25			(0.92	)		14
	20.46			107,270		1.22			(0.53	)		1.25			(0.56	)		122
	17.64			97,775		1.21			(0.76	)		1.24			(0.79	)		116
	35.96			73,445		1.21			(0.73	)		1.25			(0.77	)		145

	6.51	%	$	13,720		1.98	%		(0.97	)%		1.98	%		(0.97	)%		97	%
	21.59			15,077		1.99			(1.14	)		1.99			(1.14	)		111
	(3.14	)		13,406		2.00			(1.67	)		2.00			(1.67	)		14
	19.45			14,023		1.97			(1.28	)		2.00			(1.31	)		122
	16.88			13,050		1.96			(1.51	)		1.99			(1.54	)		116
	34.88			11,541		1.96			(1.48	)		2.00			(1.52	)		145

	6.46	%	$	34,505		1.98	%		(0.95	)%		1.98	%		(0.95	)%		97	%
	21.64			18,794		1.99			(1.14	)		1.99			(1.14	)		111
	(3.21	)		13,453		2.00			(1.67	)		2.00			(1.67	)		14
	19.58			14,418		1.97			(1.28	)		2.00			(1.31	)		122
	16.79			13,841		1.96			(1.50	)		1.99			(1.53	)		116
	34.84			11,128		1.96			(1.47	)		2.00			(1.51	)		145

	6.99	%	$	38,181		1.48	%		(0.43	)%		1.48	%		(0.43	)%		97	%
	22.23			2,697		1.49			(0.59	)		1.62			(0.72	)		111
	(3.11	)		333		1.50			(1.14	)		1.65			(1.29	)		14
	20.16			312		1.47			(0.53	)		1.65			(0.71	)		122
	17.60			19		1.21			(0.81	)		1.24			(0.84	)		116
	35.93			11,627		1.21			(0.75	)		1.25			(0.79	)		145

	7.58	%	$	691,488		0.98	%		0.03	%		0.98	%		0.03	%		97	%
	22.81			732,252		0.99			(0.15	)		0.99			(0.15	)		111
	(3.08	)		682,088		1.00			(0.67	)		1.00			(0.67	)		14
	20.73			715,496		0.97			(0.28	)		1.00			(0.31	)		122
	17.98			770,981		0.96			(0.52	)		0.99			(0.55	)		116
	36.18			1,024,146		0.96			(0.48	)		1.00			(0.52	)		145

First American Funds 2007 Annual Report 79

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 (Loss)			Investments			Income			Gains			Period

Small Cap Value Fund¹
Class A
	2007²	$	15.38	$	0.12		$	0.48		$	(0.02	)	$	(2.44	)	$	13.52
	2006²		16.34		0.03			2.86			(0.04	)		(3.81	)		15.38
	2005³		16.78		0.01			(0.45	)		—			—			16.34
	2005⁴		16.84		0.03			2.63			(0.06	)		(2.66	)		16.78
	2004⁴		14.28		0.03			3.13			(0.04	)		(0.56	)		16.84
	2003⁴		11.26		—			3.02			—			—			14.28
Class B
	2007²	$	13.93	$	0.02		$	0.43		$	—		$	(2.44	)	$	11.94
	2006²		15.19		(0.07	)		2.62			—			(3.81	)		13.93
	2005³		15.61		—			(0.42	)		—			—			15.19
	2005⁴		15.92		(0.09	)		2.47			(0.03	)		(2.66	)		15.61
	2004⁴		13.60		(0.08	)		2.96			—			(0.56	)		15.92
	2003⁴		10.80		(0.08	)		2.88			—			—			13.60
Class C
	2007²	$	14.17	$	0.02		$	0.44		$	—		$	(2.44	)	$	12.19
	2006²		15.39		(0.07	)		2.66			—			(3.81	)		14.17
	2005³		15.82		—			(0.43	)		—			—			15.39
	2005⁴		16.10		(0.09	)		2.50			(0.03	)		(2.66	)		15.82
	2004⁴		13.74		(0.08	)		3.00			—			(0.56	)		16.10
	2003⁴		10.91		(0.09	)		2.92			—			—			13.74
Class R⁵
	2007²	$	15.24	$	0.10		$	0.47		$	(0.02	)	$	(2.44	)	$	13.35
	2006²		16.29		(0.01	)		2.84			(0.07	)		(3.81	)		15.24
	2005³		16.74		0.01			(0.46	)		—			—			16.29
	2005⁴		16.83		(0.01	)		2.64			(0.06	)		(2.66	)		16.74
	2004⁴		14.27		0.03			3.12			(0.03	)		(0.56	)		16.83
	2003⁴		11.26		0.01			3.01			(0.01	)		—			14.27
Class Y
	2007²	$	15.71	$	0.16		$	0.49		$	(0.05	)	$	(2.44	)	$	13.87
	2006²		16.62		0.07			2.90			(0.07	)		(3.81	)		15.71
	2005³		17.06		0.01			(0.45	)		—			—			16.62
	2005⁴		17.05		0.07			2.67			(0.07	)		(2.66	)		17.06
	2004⁴		14.44		0.08			3.16			(0.07	)		(0.56	)		17.05
	2003⁴		11.38		0.03			3.05			(0.02	)		—			14.44


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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.

80 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	4.18	%	$	53,498		1.26	%		0.90	%		1.26	%		0.90	%		63	%
	20.78			57,922		1.26			0.21			1.26			0.21			96
	(2.62	)		46,467		1.25			0.78			1.25			0.78			15
	16.78			48,128		1.24			0.19			1.26			0.17			72
	22.70			43,192		1.23			0.21			1.25			0.19			34
	26.86			32,416		1.23			0.02			1.25			—			49

	3.41	%	$	6,213		2.01	%		0.14	%		2.01	%		0.14	%		63	%
	19.88			7,855		2.01			(0.53	)		2.01			(0.53	)		96
	(2.69	)		8,913		2.00			0.03			2.00			0.03			15
	15.90			9,325		1.99			(0.56	)		2.01			(0.58	)		72
	21.76			9,901		1.98			(0.51	)		2.00			(0.53	)		34
	25.93			12,560		1.98			(0.73	)		2.00			(0.75	)		49

	3.42	%	$	4,006		2.01	%		0.14	%		2.01	%		0.14	%		63	%
	19.89			4,405		2.01			(0.53	)		2.01			(0.53	)		96
	(2.72	)		4,590		2.00			0.03			2.00			0.03			15
	15.92			4,808		1.99			(0.56	)		2.01			(0.58	)		72
	21.83			4,609		1.98			(0.52	)		2.00			(0.54	)		34
	25.94			4,354		1.98			(0.74	)		2.00			(0.76	)		49

	3.96	%	$	3,263		1.51	%		0.72	%		1.51	%		0.72	%		63	%
	20.44			1,849		1.51			(0.09	)		1.63			(0.21	)		96
	(2.69	)		4		1.50			0.59			1.65			0.44			15
	16.60			4		1.49			(0.04	)		1.66			(0.21	)		72
	22.69			1		1.23			0.22			1.25			0.20			34
	26.79			1,351		1.23			0.04			1.25			0.02			49

	4.45	%	$	302,683		1.01	%		1.15	%		1.01	%		1.15	%		63	%
	21.01			355,148		1.01			0.47			1.01			0.47			96
	(2.58	)		348,166		1.00			1.03			1.00			1.03			15
	17.08			363,261		0.99			0.44			1.01			0.42			72
	23.02			367,774		0.98			0.50			1.00			0.48			34
	27.10			428,846		0.98			0.27			1.00			0.25			49

First American Funds 2007 Annual Report 81

Financial Highlights For a share outstanding throughout the indicated periods.


							Realized and
		Net Asset					Unrealized			Distributions			Net Asset
		Value		Net			Gains			from Net			Value
		Beginning		Investment			(Losses) on			Investment			End of
		of Period		Income (Loss)			Investments			Income			Period

Small-Mid Cap Core Fund^1, 2
Class A
	2007³	$	9.57	$	(0.02	)	$	1.09		$	—		$	10.64
	2006³		8.03		0.01			1.53			—			9.57
	2005⁴		8.31		(0.01	)		(0.27	)		—			8.03
	2005⁵		7.40		(0.07	)		0.98			—			8.31
	2004⁵		7.05		(0.07	)		0.42			—			7.40
	2003⁵		4.29		(0.03	)		2.79			—			7.05
Class B
	2007³	$	8.34	$	(0.08	)	$	0.95		$	—		$	9.21
	2006³		7.06		(0.04	)		1.32			—			8.34
	2005⁴		7.31		(0.01	)		(0.24	)		—			7.06
	2005⁵		6.55		(0.11	)		0.87			—			7.31
	2004⁵		6.29		(0.11	)		0.37			—			6.55
	2003⁵		3.86		(0.07	)		2.50			—			6.29
Class C
	2007³	$	9.09	$	(0.09	)	$	1.04		$	—		$	10.04
	2006³		7.69		(0.05	)		1.45			—			9.09
	2005⁴		7.97		(0.01	)		(0.27	)		—			7.69
	2005⁵		7.14		(0.12	)		0.95			—			7.97
	2004⁵		6.86		(0.12	)		0.40			—			7.14
	2003⁵		4.20		(0.07	)		2.73			—			6.86
Class Y
	2007³	$	9.95	$	—		$	1.15		$	(0.01	)	$	11.09
	2006³		8.34		0.04			1.57			—			9.95
	2005⁴		8.63		—			(0.29	)		—			8.34
	2005⁵		7.66		(0.05	)		1.02			—			8.63
	2004⁵		7.28		(0.05	)		0.43			—			7.66
	2003⁵		4.42		(0.01	)		2.87			—			7.28


	¹	Per share data calculated using average shares outstanding method.

	²	The financial highlights for Small-Mid Cap Core Fund as set forth herein include the historical financial highlights of the First American Technology Fund. Effective October 3, 2005, the fund’s name and strategy changed.

	³	For the period November 1 to October 31 in the year indicated.

	⁴	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁵	For the period October 1 to September 30 in the year indicated.

	⁶	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

82 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	11.18	%	$	21,817		1.41	%		(0.20	)%		1.49	%		(0.28	)%		151	%
	19.18			26,190		1.39			0.12			1.46			0.05			110
	(3.37	)		22,339		1.34			(0.86	)		1.34			(0.86	)		80
	12.30			23,016		1.42			(0.83	)		1.50			(0.91	)		197
	4.96			27,356		1.23			(0.86	)		1.28			(0.91	)		51
	64.34			27,936		1.23			(0.52	)		1.29			(0.58	)		110

	10.43	%	$	6,883		2.16	%		(0.94	)%		2.24	%		(1.02	)%		151	%
	18.13			8,689		2.14			(0.58	)		2.21			(0.65	)		110
	(3.42	)		10,054		2.09			(1.61	)		2.09			(1.61	)		80
	11.60			10,685		2.17			(1.59	)		2.25			(1.67	)		197
	4.13			13,445		1.98			(1.60	)		2.03			(1.65	)		51
	62.95			16,016		1.98			(1.26	)		2.04			(1.32	)		110

	10.45	%	$	5,190		2.16	%		(0.96	)%		2.24	%		(1.04	)%		151	%
	18.21			4,986		2.14			(0.64	)		2.21			(0.71	)		110
	(3.51	)		4,253		2.09			(1.61	)		2.09			(1.61	)		80
	11.62			4,485		2.17			(1.59	)		2.25			(1.67	)		197
	4.08			6,000		1.98			(1.60	)		2.03			(1.65	)		51
	63.33			7,056		1.98			(1.25	)		2.04			(1.31	)		110

	11.62	%	$	79,574		1.16	%		0.02	%		1.24	%		(0.06	)%		151	%
	19.30			67,437		1.14			0.35			1.21			0.28			110
	(3.36	)		31,381		1.09			(0.61	)		1.09			(0.61	)		80
	12.66			33,537		1.17			(0.58	)		1.25			(0.66	)		197
	5.22			43,758		0.98			(0.60	)		1.03			(0.65	)		51
	64.71			59,817		0.98			(0.24	)		1.04			(0.30	)		110

First American Funds 2007 Annual Report 83

Schedule of Investments October 31, 2007, all dollars rounded to thousands (000)


Mid Cap Growth Opportunities Fund
DESCRIPTION		SHARES		VALUE

Common Stocks – 97.5%
Consumer Discretionary – 17.7%
Abercrombie & Fitch, Class A (a)			456,511	$	36,156
Chipotle Mexican Grill, Class A (a) (b)			188,626		26,219
Chipotle Mexican Grill, Class B (a) (b)			73,245		9,033
Coach (b)			536,598		19,618
Dick’s Sporting Goods (a) (b)			820,142		27,368
Garmin (a)			156,683		16,828
J. Crew Group (a) (b)			455,434		17,033
LKQ (a) (b)			527,496		20,340
Marriott International, Class A			526,661		21,651
Newell Rubbermaid (a)			914,710		26,673
Nordstrom (a)			402,926		15,891
Omnicom Group (a)			508,833		25,940
Polo Ralph Lauren (a)			478,752		32,938
Scientific Games, Class A (a) (b)			530,733		19,186
Tiffany & Company			358,582		19,428
WMS Industries (a) (b)			445,883		15,459

					349,761

Energy – 10.9%
Cameron International (a) (b)			399,175		38,864
Chesapeake Energy (a)			557,520		22,011
Helix Energy Solutions Group (a) (b)			451,724		20,892
Smith International (a)			450,995		29,788
Southwestern Energy (b)			559,193		28,927
Weatherford International (b)			435,744		28,284
Williams			542,078		19,781
XTO Energy			417,537		27,716

					216,263

Financials – 6.2%
Affiliated Managers Group (a) (b)			132,272		17,400
AllianceBernstein Holding			285,065		24,353
Ambac Financial Group (a)			396,939		14,619
BlackRock (a)			133,194		27,565
ICICI Bank – ADR			167,440		11,627
W.R. Berkley			870,541		26,195

					121,759

Healthcare – 16.2%
Applied Biosystems Group – Applera (a)			598,270		22,220
Celgene (a) (b)			279,390		18,440
Coventry Health Care (b)			503,657		30,375
DENTSPLY International (a)			630,770		26,164
Healthways (a) (b)			483,377		29,341
Henry Schein (a) (b)			423,911		25,392
Hologic (a) (b)			351,180		23,856
Humana (a) (b)			318,808		23,895
Intuitive Surgical (a) (b)			114,462		37,414
Medco Health Solutions (a) (b)			219,748		20,740
Pediatrix Medical Group (b)			338,810		22,192
Thermo Fisher Scientific (a) (b)			679,453		39,958

					319,987
Industrials – 15.5%
AerCap Holdings (b)			601,858		15,173
American Reprographics (a) (b)			667,097		13,529
C.H. Robinson Worldwide (a)			311,983		15,574
Cooper Industries, Class A (a)			445,415		23,335
Cummins			37,945		4,552
Dun & Bradstreet (a)			236,352		22,891
McDermott International (b)			324,489		19,813
MSC Industrial Direct, Class A			546,385		26,614
Precision Castparts			386,515		57,904
Republic Services			1,034,666		35,375
Rockwell Collins			547,706		40,974
Roper Industries (a)			447,289		31,673

					307,407

Information Technology – 22.2%
Amphenol, Class A (a)			798,621		35,355
Autodesk (b)			596,103		29,149
Cognizant Technology Solutions, Class A (b)			472,342		19,583
DST Systems (b)			243,262		20,607
F5 Networks (a) (b)			731,524		26,357
Fairchild Semiconductor International, Class A (a) (b)			690,826		12,608
Intersil, Class A (a)			763,393		23,161
Intuit (a) (b)			1,053,585		33,894
Juniper Networks (a) (b)			617,303		22,223
Lam Research (a) (b)			592,253		29,731
MasterCard, Class A (a)			185,677		35,195
Maxim Integrated Products (a)			1,605,593		43,512
MEMC Electronic Materials (a) (b)			511,831		37,476
NVIDIA (a) (b)			1,147,376		40,594
Teradata (b)			1,040,334		29,681

					439,126

Materials – 4.7%
Ecolab			793,342		37,422
Owens-Illinois (b)			1,271,554		56,482

					93,904

Telecommunication Services – 4.1%
American Tower, Class A (b)			1,338,572		59,138
NII Holdings, Class B (a) (b)			371,338		21,538

					80,676

Total Common Stocks
	(Cost $1,476,802)				1,928,883

Short-Term Investment – 3.6%
First American Prime Obligations Fund, Class Z (c)
	(Cost $70,155)		70,155,124		70,155

Investment Purchased with Proceeds from Securities Lending – 34.8%
Mount Vernon Securities Lending Prime Portfolio (d)
	(Cost $688,982)		688,982,150		688,982

Total Investments – 135.9%
	(Cost $2,235,939)				2,688,020

Other Assets and Liabilities, Net – (35.9)%					(709,450	)

Total Net Assets – 100.0%				$	1,978,570


(a)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $680,106 at October 31, 2007. See note 2 in Notes to Financial Statements.

(b)	Non-income producing security.

(c)	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.

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


ADR –	American Depoitory Receipt

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

84 First American Funds 2007 Annual Report

Schedule of Investments October 31, 2007, all dollars rounded to thousands (000)


Mid Cap Value Fund
DESCRIPTION		SHARES		VALUE

Common Stocks – 96.8%
Consumer Discretionary – 13.4%
Autoliv			187,720	$	11,860
Ford Motor (a) (b)			1,409,275		12,500
Fortune Brands (a)			138,687		11,618
Gannett			127,920		5,425
Gap (a)			825,537		15,603
Newell Rubbermaid			573,809		16,732
Omnicom Group			226,448		11,544
Sherwin-Williams (a)			203,294		12,995
Stanley Works (a)			195,858		11,272
WABCO Holdings			170,277		8,653
WMS Industries (a) (b)			420,214		14,569
Yum! Brands			326,056		13,130

					145,901

Consumer Staples – 6.3%
ConAgra Foods			704,133		16,709
Corn Products International			333,029		14,167
Pepsi Bottling (a)			395,144		17,023
SUPERVALU (a)			315,142		12,212
Tyson Foods, Class A			518,870		8,198

					68,309

Energy – 7.6%
Chesapeake Energy (a)			225,005		8,883
GlobalSantaFe			270,705		21,935
Hess (a)			174,063		12,465
Noble Energy (a)			225,715		17,276
Peabody Energy (a)			192,018		10,705
Sunoco (a)			161,287		11,871

					83,135

Financials – 22.2%
AllianceBernstein Holding			130,462		11,145
Ambac Financial Group (a)			81,522		3,002
AON (a)			215,842		9,782
Arch Capital Group (b)			78,761		5,889
Boston Properties – REIT (a)			104,430		11,314
Brookfield Properties			179,650		4,486
Camden Property Trust – REIT (a)			114,990		7,170
CIT Group			307,586		10,839
City National (a)			172,011		11,628
Developers Diversified Realty – REIT (a)			202,551		10,208
Everest Re Group (a)			167,261		17,820
Invesco – ADR (a)			579,016		17,753
KeyCorp (a)			186,614		5,309
Lazard, Class A (a)			288,682		14,492
M&T Bank (a)			110,341		10,977
Marshall & Ilsley (a)			330,373		14,107
MBIA (a)			88,790		3,821
Northern Trust			174,291		13,108
PMI Group (a)			150,379		2,411
Prologis – REIT (a)			146,873		10,537
StanCorp Financial Group (a)			235,301		12,972
TD Ameritrade (a) (b)			538,792		10,312
W.R. Berkley			649,092		19,531
Weingarten Realty Investors – REIT (a)			106,426		4,072

					242,685
Healthcare – 3.3%
AmerisourceBergen			169,534		7,987
CIGNA			113,424		5,954
Coventry Health Care (b)			133,750		8,066
Endo Pharmaceuticals (b)			163,377		4,787
Humana (b)			120,999		9,069

					35,863

Industrials – 10.3%
AerCap Holdings (b)			337,802		8,516
American Standard (a)			305,094		11,371
Con-way			279,047		11,890
Crane			232,594		11,034
Eaton			173,180		16,033
Joy Global (a)			203,024		11,788
Republic Services			656,905		22,460
Werner Enterprises (a)			1,021,524		19,429

					112,521

Information Technology – 9.2%
Amphenol, Class A			335,837		14,867
Avnet (b)			335,492		13,997
Fairchild Semiconductor International, Class A (a) (b)			946,196		17,268
Harris			279,757		16,942
Intuit (b)			479,202		15,416
Maxim Integrated Products			594,360		16,107
Xerox (b)			309,918		5,405

					100,002

Materials – 11.0%
Airgas			269,333		13,593
Freeport-McMoRan Copper & Gold (a)			113,590		13,367
Owens-Illinois (b)			899,684		39,964
Pactiv (b)			473,691		13,013
Rohm & Haas (a)			399,783		20,741
Smurfit-Stone Container (a) (b)			1,586,468		19,212

					119,890

Telecommunication Services – 3.2%
Qwest Communications International (a) (b)			642,459		4,613
Time Warner Telecom, Class A (a) (b)			624,707		14,518
Windstream (a)			1,212,104		16,303

					35,434

Utilities – 10.3%
Constellation Energy			132,839		12,580
Edison International			393,897		22,905
NSTAR (a)			317,375		11,159
PG&E			376,732		18,433
PPL			354,021		18,303
Sempra Energy			283,758		17,454
Wisconsin Energy			239,321		11,459

					112,293

Total Common Stocks
	(Cost $891,394)				1,056,033

Short-Term Investment – 4.9%
First American Prime Obligations Fund, Class Z (c)
	(Cost $53,621)		53,620,585		53,621

Investment Purchased with Proceeds from Securities Lending – 31.9%
Mount Vernon Securities Lending Prime Portfolio (d)
	(Cost $347,314)		347,314,236		347,314

Total Investments – 133.6%
	(Cost $1,292,329)				1,456,968

Other Assets and Liabilities, Net – (33.6)%					(366,195	)

Total Net Assets – 100.0%				$	1,090,773


(a)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $340,172 at October 31, 2007. See note 2 in Notes to Financial Statements.

First American Funds 2007 Annual Report 85

Schedule of Investments October 31, 2007, all dollars rounded to thousands (000)

Mid Cap Value Fund (concluded)


(b)	Non-income producing security.

(c)	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.

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


ADR –	American Depository Receipt


REIT –	Real Estate Investment Trust

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

86 First American Funds 2007 Annual Report

Statements of Assets and Liabilities October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data


	Mid Cap
	Growth
	Opportunities			Mid Cap
	Fund			Value Fund

Investments in unaffiliated securities, at cost	$	1,476,802		$	891,394
Investment in affiliated money market fund, at cost		70,155			53,621
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		688,982			347,314

ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	1,928,883		$	1,056,033
Investment in affiliated money market fund, at value (note 2)		70,155			53,621
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		688,982			347,314
Receivable for dividends and interest		565			648
Receivable for investment securities sold		3,786			5,897
Receivable for capital shares sold		1,428			990
Prepaid expenses and other assets		42			54

Total assets		2,693,841			1,464,557

LIABILITIES:
Payable for investment securities purchased		22,933			24,191
Payable upon return of securities loaned (note 2)		688,982			347,314
Payable for capital shares redeemed		1,596			1,272
Payable to affiliates (note 3)		1,598			895
Payable for distribution and shareholder servicing fees		140			96
Accrued expenses and other liabilities		22			16

Total liabilities		715,271			373,784

Net assets	$	1,978,570		$	1,090,773

COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,360,827		$	857,047
Distributions in excess of net investment income		(10	)		(7	)
Accumulated net realized gain on investments		165,672			69,094
Net unrealized appreciation of investments		452,081			164,639

Net assets	$	1,978,570		$	1,090,773

* Including securities loaned, at value	$	680,106		$	340,172

Class A:
Net assets	$	425,995		$	254,342
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		9,148			9,138
Net asset value and redemption price per share	$	46.57		$	27.83
Maximum offering price per share¹	$	49.28		$	29.45
Class B:
Net assets	$	15,820		$	8,360
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		375			316
Net asset value, offering price, and redemption price per share²	$	42.21		$	26.48
Class C:
Net assets	$	28,891		$	26,141
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		656			966
Net asset value, offering price, and redemption price per share²	$	44.03		$	27.05
Class R:
Net assets	$	29,490		$	29,752
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		640			1,073
Net asset value, offering price, and redemption price per share	$	46.11		$	27.72
Class Y:
Net assets	$	1,478,374		$	772,178
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		29,926			27,599
Net asset value, offering price, and redemption price per share	$	49.40		$	27.98


	¹	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.

	²	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

First American Funds 2007 Annual Report 87

Statements of Operations For the year ended October 31, 2007, all dollars are rounded to thousands (000)


	Mid Cap Growth			Mid Cap
	Opportunities Fund			Value Fund

INVESTMENT INCOME:
Dividends from unaffiliated securities	$	8,307		$	17,111
Dividends from affiliated money market fund		1,494			1,414
Less: Foreign taxes withheld		—			(18	)
Securities lending income		1,732			577

Total investment income		11,533			19,084

EXPENSES (note 3):
Investment advisory fees		12,399			7,552
Administration fees		3,940			2,401
Transfer agent fees		419			296
Custodian fees		88			54
Professional fees		42			43
Registration fees		63			64
Postage and printing fees		75			44
Directors’ fees		18			21
Other expenses		21			21
Distribution and shareholder servicing fees – Class A		943			611
Distribution and shareholder servicing fees – Class B		154			87
Distribution and shareholder servicing fees – Class C		233			235
Distribution and shareholder servicing fees – Class R		112			144

Total expenses		18,507			11,573

Less: Fee waivers (note 3)		(27	)		(26	)
Less: Indirect payments from custodian (note 3)		(9	)		(9	)

Total net expenses		18,471			11,538

Investment income (loss) – net		(6,938	)		7,546

REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET (note 5):
Net realized gain on investments		219,650			82,464
Net change in unrealized appreciation or depreciation of investments		162,820			24,636

Net gain on investments		382,470			107,100

Net increase in net assets resulting from operations	$	375,532		$	114,646

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

88 First American Funds 2007 Annual Report

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


		Mid Cap Growth						Mid Cap
		Opportunities Fund						Value Fund

		Year			Year			Year			Year
		Ended			Ended			Ended			Ended
		10/31/07			10/31/06			10/31/07			10/31/06

OPERATIONS:
Investment income (loss) – net		$	(6,938	)	$	(1,535	)	$	7,546		$	5,929
Net realized gain on investments			219,650			161,244			82,464			62,972
Net change in unrealized appreciation or depreciation of investments			162,820			34,383			24,636			56,622

Net increase in net assets resulting from operations			375,532			194,092			114,646			125,523

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		—			—			(1,522	)		(693	)
	Class B		—			—			(14	)		(14	)
	Class C		—			—			(40	)		(21	)
	Class R		—			—			(111	)		(33	)
	Class Y		—			—			(6,390	)		(5,752	)
Net realized gain on investments:
	Class A		(30,495	)		(31,106	)		(12,946	)		(3,267	)
	Class B		(1,525	)		(1,639	)		(528	)		(485	)
	Class C		(1,884	)		(1,741	)		(1,175	)		(427	)
	Class R		(1,645	)		(1,068	)		(1,102	)		(81	)
	Class Y		(106,455	)		(121,918	)		(42,784	)		(31,352	)

Total distributions			(142,004	)		(157,472	)		(66,612	)		(42,125	)

CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		113,868			138,564			154,646			109,279
	Reinvestment of distributions		29,160			30,411			14,057			3,794
	Payments for redemptions		(87,910	)		(166,778	)		(81,184	)		(23,533	)

Increase in net assets from Class A transactions			55,118			2,197			87,519			89,540

Class B:
	Proceeds from sales		1,912			2,403			1,235			1,757
	Reinvestment of distributions		1,419			1,544			513			483
	Payments for redemptions (note 3)		(4,702	)		(2,973	)		(2,298	)		(3,785	)

Increase (decrease) in net assets from Class B transactions			(1,371	)		974			(550	)		(1,545	)

Class C:
	Proceeds from sales		9,743			9,430			9,914			11,403
	Reinvestment of distributions		1,764			1,697			1,083			424
	Payments for redemptions (note 3)		(4,958	)		(7,181	)		(4,006	)		(2,366	)

Increase in net assets from Class C transactions			6,549			3,946			6,991			9,461

Class R:
	Proceeds from sales		13,492			13,794			22,611			17,551
	Reinvestment of distributions		1,645			1,068			1,204			108
	Payments for redemptions		(6,431	)		(2,657	)		(13,287	)		(1,395	)

Increase in net assets from Class R transactions			8,706			12,205			10,528			16,264

Class Y:
	Proceeds from sales		200,629			175,964			102,337			123,981
	Reinvestment of distributions		78,118			98,347			34,548			27,701
	Payments for redemptions		(221,866	)		(300,042	)		(127,700	)		(91,763	)

Increase (decrease) in net assets from Class Y transactions			56,881			(25,731	)		9,185			59,919

Increase (decrease) in net assets from capital share transactions			125,883			(6,409	)		113,673			173,639

Total increase in net assets			359,411			30,211			161,707			257,037
Net assets at beginning of year			1,619,159			1,588,948			929,066			672,029

Net assets at end of year		$	1,978,570		$	1,619,159		$	1,090,773		$	929,066

Distributions in excess of net investment income at end of year		$	(10	)	$	—		$	(7	)	$	—

First American Funds 2007 Annual Report 89

Financial Highlights For a share outstanding throughout the indicated period.


							Realized and
		Net Asset					Unrealized			Distributions			Net Asset
		Value		Net			Gains			from Net			Value
		Beginning		Investment			(Losses) on			Realized			End of
		of Period		Loss			Investments			Gains			Period

Mid Cap Growth Opportunities Fund ¹
Class A
	2007²	$	41.43	$	(0.24	)	$	9.19		$	(3.81	)	$	46.57
	2006²		40.77		(0.11	)		5.04			(4.27	)		41.43
	2005³		41.55		(0.02	)		(0.76	)		—			40.77
	2005⁴		38.19		(0.24	)		9.65			(6.05	)		41.55
	2004⁴		33.68		(0.30	)		5.88			(1.07	)		38.19
	2003⁴		26.45		(0.18	)		7.41			—			33.68
Class B
	2007²	$	38.15	$	(0.51	)	$	8.38		$	(3.81	)	$	42.21
	2006²		38.12		(0.38	)		4.68			(4.27	)		38.15
	2005³		38.87		(0.05	)		(0.70	)		—			38.12
	2005⁴		36.31		(0.51	)		9.12			(6.05	)		38.87
	2004⁴		32.30		(0.55	)		5.63			(1.07	)		36.31
	2003⁴		25.56		(0.39	)		7.13			—			32.30
Class C
	2007²	$	39.65	$	(0.53	)	$	8.72		$	(3.81	)	$	44.03
	2006²		39.46		(0.40	)		4.86			(4.27	)		39.65
	2005³		40.23		(0.05	)		(0.72	)		—			39.46
	2005⁴		37.40		(0.53	)		9.41			(6.05	)		40.23
	2004⁴		33.24		(0.57	)		5.80			(1.07	)		37.40
	2003⁴		26.29		(0.40	)		7.35			—			33.24
Class R ⁵
	2007²	$	41.15	$	(0.34	)	$	9.11		$	(3.81	)	$	46.11
	2006²		40.61		(0.23	)		5.04			(4.27	)		41.15
	2005³		41.40		(0.03	)		(0.76	)		—			40.61
	2005⁴		38.15		(0.31	)		9.61			(6.05	)		41.40
	2004⁴		33.66		(0.30	)		5.86			(1.07	)		38.15
	2003⁴		26.43		(0.17	)		7.40			—			33.66
Class Y
	2007²	$	43.62	$	(0.14	)	$	9.73		$	(3.81	)	$	49.40
	2006²		42.61		(0.01	)		5.29			(4.27	)		43.62
	2005³		43.42		(0.02	)		(0.79	)		—			42.61
	2005⁴		39.58		(0.16	)		10.05			(6.05	)		43.42
	2004⁴		34.78		(0.21	)		6.08			(1.07	)		39.58
	2003⁴		27.25		(0.09	)		7.62			—			34.78


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁶	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

90 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Loss
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Loss			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	23.36	%	$	425,995		1.21	%		(0.56	)%		1.21	%		(0.56	)%		96	%
	12.69			322,385		1.23			(0.26	)		1.23			(0.26	)		75
	(1.88	)		314,830		1.23			(0.72	)		1.23			(0.72	)		9
	26.25			317,906		1.21			(0.62	)		1.24			(0.65	)		107
	16.88			173,436		1.20			(0.79	)		1.24			(0.83	)		135
	27.33			154,499		1.20			(0.58	)		1.25			(0.63	)		145

	22.47	%	$	15,820		1.96	%		(1.31	)%		1.96	%		(1.31	)%		96	%
	11.83			15,605		1.98			(1.02	)		1.98			(1.02	)		75
	(1.93	)		14,586		1.98			(1.47	)		1.98			(1.47	)		9
	25.29			14,922		1.96			(1.40	)		1.99			(1.43	)		107
	16.03			10,974		1.95			(1.54	)		1.99			(1.58	)		135
	26.37			9,055		1.95			(1.33	)		2.00			(1.38	)		145

	22.42	%	$	28,891		1.96	%		(1.31	)%		1.96	%		(1.31	)%		96	%
	11.84			19,540		1.98			(1.02	)		1.98			(1.02	)		75
	(1.91	)		15,435		1.98			(1.47	)		1.98			(1.47	)		9
	25.27			17,079		1.96			(1.40	)		1.99			(1.43	)		107
	16.03			12,356		1.95			(1.54	)		1.99			(1.58	)		135
	26.43			12,649		1.95			(1.33	)		2.00			(1.38	)		145

	23.06	%	$	29,490		1.46	%		(0.81	)%		1.46	%		(0.81	)%		96	%
	12.41			17,853		1.48			(0.57	)		1.61			(0.70	)		75
	(1.91	)		5,502		1.48			(0.97	)		1.63			(1.12	)		9
	25.95			5,501		1.46			(0.77	)		1.64			(0.95	)		107
	16.83			1		1.20			(0.81	)		1.24			(0.85	)		135
	27.36			10,284		1.20			(0.56	)		1.25			(0.61	)		145

	23.68	%	$	1,478,374		0.96	%		(0.31	)%		0.96	%		(0.31	)%		96	%
	12.98			1,243,776		0.98			(0.02	)		0.98			(0.02	)		75
	(1.86	)		1,238,595		0.98			(0.47	)		0.98			(0.47	)		9
	26.57			1,273,320		0.96			(0.40	)		0.99			(0.43	)		107
	17.18			1,168,220		0.95			(0.54	)		0.99			(0.58	)		135
	27.68			1,153,657		0.95			(0.30	)		1.00			(0.35	)		145

First American Funds 2007 Annual Report 91

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			Distributions			Value
		Beginning		Investment			(Losses) on			Investment			Realized			from Return			End of
		of Period		Income (Loss)			Investments			Income			Gains			of Capital			Period

Mid Cap Value Fund¹
Class A
	2007²	$	26.65	$	0.14		$	2.78		$	(0.16	)	$	(1.58	)	$	—		$	27.83
	2006²		24.04		0.14			3.89			(0.16	)		(1.26	)		—			26.65
	2005³		24.88		(0.01	)		(0.83	)		—			—			—			24.04
	2005⁴		20.09		0.13			4.76			(0.10	)		—			—			24.88
	2004⁴		16.30		0.08			3.77			(0.06	)		—			—	⁶		20.09
	2003⁴		13.29		0.18			2.96			(0.12	)		—			(0.01	)		16.30
Class B
	2007²	$	25.50	$	(0.05	)	$	2.65		$	(0.04	)	$	(1.58	)	$	—		$	26.48
	2006²		23.12		(0.03	)		3.71			(0.04	)		(1.26	)		—			25.50
	2005³		23.94		(0.02	)		(0.80	)		—			—			—			23.12
	2005⁴		19.39		(0.05	)		4.60			—			—			—			23.94
	2004⁴		15.81		(0.06	)		3.65			(0.01	)		—			—	⁶		19.39
	2003⁴		12.92		0.07			2.87			(0.04	)		—			(0.01	)		15.81
Class C
	2007²	$	26.02	$	(0.06	)	$	2.72		$	(0.05	)	$	(1.58	)	$	—		$	27.05
	2006²		23.57		(0.04	)		3.80			(0.05	)		(1.26	)		—			26.02
	2005³		24.40		(0.02	)		(0.81	)		—			—			—			23.57
	2005⁴		19.77		(0.03	)		4.66			—			—			—			24.40
	2004⁴		16.12		(0.06	)		3.72			(0.01	)		—			—	⁶		19.77
	2003⁴		13.17		0.07			2.93			(0.04	)		—			(0.01	)		16.12
Class R⁵
	2007²	$	26.56	$	0.06		$	2.78		$	(0.10	)	$	(1.58	)	$	—		$	27.72
	2006²		24.00		0.05			3.91			(0.14	)		(1.26	)		—			26.56
	2005³		24.83		(0.01	)		(0.82	)		—			—			—			24.00
	2005⁴		20.09		0.12			4.70			(0.08	)		—			—			24.83
	2004⁴		16.31		0.07			3.76			(0.05	)		—			—	⁶		20.09
	2003⁴		13.29		0.16			2.99			(0.12	)		—			(0.01	)		16.31
Class Y
	2007²	$	26.77	$	0.22		$	2.80		$	(0.23	)	$	(1.58	)	$	—		$	27.98
	2006²		24.14		0.22			3.89			(0.22	)		(1.26	)		—			26.77
	2005³		24.98		—			(0.84	)		—			—			—			24.14
	2005⁴		20.17		0.18			4.78			(0.15	)		—			—			24.98
	2004⁴		16.36		0.12			3.79			(0.10	)		—			—	⁶		20.17
	2003⁴		13.33		0.21			2.98			(0.15	)		—			(0.01	)		16.36


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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 less than $0.01.

	⁷	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

92 First American Funds 2007 Annual Report


														Ratio of Net
														Investment
											Ratio of			Income (Loss)
								Ratio of Net			Expenses to			to Average
					Ratio of			Investment			Average			Net
			Net Assets		Expenses to			Income (Loss)			Net Assets			Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	11.47	%	$	254,342		1.22	%		0.58	%		1.22	%		0.58	%		95	%
	17.36			156,576		1.24			0.50			1.24			0.50			70
	(3.38	)		56,125		1.23			(0.48	)		1.23			(0.48	)		10
	24.38			54,360		1.21			0.59			1.25			0.55			101
	23.65			28,561		1.20			0.41			1.25			0.36			83
	23.71			16,598		1.20			1.21			1.25			1.16			102

	10.67	%	$	8,360		1.97	%		(0.13	)%		1.97	%		(0.13	)%		95	%
	16.45			8,590		1.99			(0.17	)		1.99			(0.17	)		70
	(3.43	)		9,252		1.98			(1.25	)		1.98			(1.25	)		10
	23.47			10,157		1.96			(0.21	)		2.00			(0.25	)		101
	22.69			9,928		1.95			(0.35	)		2.00			(0.40	)		83
	22.84			10,154		1.95			0.50			2.00			0.45			102

	10.66	%	$	26,141		1.97	%		(0.18	)%		1.97	%		(0.18	)%		95	%
	16.47			18,162		1.99			(0.24	)		1.99			(0.24	)		70
	(3.40	)		7,439		1.98			(1.24	)		1.98			(1.24	)		10
	23.43			7,426		1.96			(0.15	)		2.00			(0.19	)		101
	22.69			3,342		1.95			(0.33	)		2.00			(0.38	)		83
	22.84			2,916		1.95			0.51			2.00			0.46			102

	11.18	%	$	29,752		1.47	%		0.29	%		1.47	%		0.29	%		95	%
	17.06			17,724		1.49			0.15			1.61			0.03			70
	(3.34	)		785		1.47			(0.69	)		1.62			(0.84	)		10
	24.04			380		1.46			0.52			1.65			0.33			101
	23.51			1		1.20			0.37			1.25			0.32			83
	23.80			966		1.20			1.07			1.25			1.02			102

	11.79	%	$	772,178		0.97	%		0.86	%		0.97	%		0.86	%		95	%
	17.63			728,014		0.99			0.81			0.99			0.81			70
	(3.36	)		598,428		0.98			(0.24	)		0.98			(0.24	)		10
	24.68			621,172		0.96			0.80			1.00			0.76			101
	23.95			433,879		0.95			0.66			1.00			0.61			83
	24.06			332,243		0.95			1.45			1.00			1.40			102

First American Funds 2007 Annual Report 93

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Large Cap Growth Opportunities Fund
DESCRIPTION		SHARES		VALUE

Common Stocks – 98.9%
Consumer Discretionary – 12.0%
Coach (a)			127,128	$	4,648
Garmin (b)			47,137		5,062
Marriott International, Class A (b)			237,954		9,782
McDonald’s			189,332		11,303
McGraw-Hill (b)			197,077		9,862
Nike, Class B (b)			105,902		7,017
Nordstrom (b)			191,764		7,563
Omnicom Group (b)			288,404		14,703
Polo Ralph Lauren (b)			104,194		7,169
Target			339,620		20,839
Tiffany & Company			112,908		6,117

					104,065

Consumer Staples – 5.2%
CVS			404,274		16,887
PepsiCo			215,303		15,872
Procter & Gamble			174,207		12,111

					44,870

Energy – 7.8%
Cameron International (a) (b)			65,855		6,412
Exxon Mobil			164,329		15,117
Schlumberger (b)			142,287		13,741
Transocean (a) (b)			79,056		9,437
Weatherford International (a)			172,121		11,172
XTO Energy			180,785		12,000

					67,879

Financials – 10.0%
American Express			206,945		12,613
BlackRock (b)			37,961		7,856
Charles Schwab			606,548		14,096
Goldman Sachs Group (b)			93,280		23,126
Morgan Stanley (b)			195,661		13,160
State Street			125,716		10,029
Wells Fargo			170,175		5,788

					86,668

Healthcare – 12.0%
Abbott Laboratories			284,102		15,518
Alcon (b)			45,679		6,953
Baxter International			174,691		10,483
Celgene (a) (b)			54,146		3,574
Coventry Health Care (a)			116,089		7,001
Gilead Sciences (a)			167,753		7,749
Intuitive Surgical (a) (b)			24,087		7,873
McKesson			152,132		10,056
Schering-Plough (b)			403,752		12,322
Thermo Fisher Scientific (a) (b)			214,951		12,641
WellPoint (a)			124,848		9,892

					104,062
Industrials – 11.5%
Boeing			88,366		8,712
C.H. Robinson Worldwide			168,523		8,413
Cooper Industries, Class A (b)			192,594		10,090
Cummins			31,563		3,786
Danaher (b)			111,211		9,527
Dun & Bradstreet			76,926		7,450
McDermott International (a)			96,570		5,897
Precision Castparts			59,333		8,889
Republic Services (b)			236,660		8,091
Rockwell Collins			167,512		12,532
United Technologies			214,412		16,422

					99,809

Information Technology (c) – 34.6%
Accenture, Class A (b)			208,303		8,134
Amphenol, Class A (b)			244,412		10,820
Apple (a)			124,120		23,577
Autodesk (a)			150,892		7,379
Cisco Systems (a) (b)			962,669		31,826
Cognizant Technology Solutions, Class A (a)			187,338		7,767
Corning (a) (b)			472,978		11,479
DST Systems (a) (b)			50,186		4,251
Google, Class A (a)			23,959		16,939
Hewlett-Packard			396,695		20,501
IBM			159,125		18,478
Intel			887,794		23,882
Lam Research (a) (b)			106,146		5,328
MasterCard, Class A (b)			48,453		9,184
Microsoft			1,154,030		42,480
NVIDIA (a) (b)			262,033		9,271
Oracle (a)			913,311		20,248
QUALCOMM			283,606		12,118
Research In Motion (a) (b)			82,589		10,283
Teradata (a) (b)			225,305		6,428

					300,373

Materials – 2.8%
Ecolab (b)			256,768		12,112
Monsanto (b)			125,203		12,223

					24,335

Telecommunication Services – 3.0%
America Movil, Series L, ADR (b)			122,676		8,022
American Tower, Class A (a)			238,631		10,542
NII Holdings, Class B (a) (b)			128,340		7,444

					26,008

Total Common Stocks
	(Cost $664,842)				858,069

Short-Term Investment – 1.3%
First American Prime Obligations Fund, Class Z (d)
	(Cost $11,125)		11,124,711		11,125

Investment Purchased with Proceeds from Securities Lending – 20.7%
Mount Vernon Securities Lending Prime Portfolio (e)
	(Cost $179,511)		179,510,666		179,511

Total Investments – 120.9%
	(Cost $855,478)				1,048,705

Other Assets and Liabilities, Net – (20.9)%					(181,299	)

Total Net Assets – 100.0%				$	867,406


(a)	Non-income producing security.

(b)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $177,018 at October 31, 2007. See note 2 in Notes to Financial Statements.

(c)	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 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 to this fund. See note 3 in Notes to Financial Statements.

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

94 First American Funds 2007 Annual Report

Large Cap Growth Opportunities Fund (concluded)

(e)


ADR –	American Depository Receipt

First American Funds 2007 Annual Report 95

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Large Cap Select Fund
DESCRIPTION		SHARES		VALUE

Common Stocks – 98.3%
Consumer Discretionary – 7.6%
Comcast, Class A (a)			274,906	$	5,787
DIRECTV Group (a)			249,722		6,613
Kohl’s (a) (b)			109,888		6,040
Nike, Class B (b)			92,548		6,132
Omnicom Group (b)			200,183		10,205

					34,777

Consumer Staples – 4.5%
Altria Group			161,705		11,793
PepsiCo			116,973		8,623

					20,416

Energy – 13.6%
Apache			92,611		9,614
Cameron International (a) (b)			35,636		3,470
Exxon Mobil			149,460		13,749
Marathon Oil (b)			98,211		5,807
National-Oilwell Varco (a) (b)			46,006		3,369
Occidental Petroleum			147,431		10,180
Southwestern Energy (a) (b)			122,715		6,348
Weatherford International (a)			61,104		3,966
Williams			160,620		5,861

					62,364

Financials – 23.4%
Affiliated Managers Group (a) (b)			74,165		9,756
AllianceBernstein Holding			95,995		8,201
Ambac Financial Group (b)			69,652		2,565
American International Group			238,835		15,075
Bank of America			197,355		9,528
Citigroup (b)			301,095		12,616
Goldman Sachs Group (b)			44,341		10,993
Lehman Brothers Holdings			74,086		4,693
Morgan Stanley (b)			210,348		14,148
PMI Group (b)			259,168		4,155
Wachovia			343,752		15,720

					107,450

Healthcare – 11.7%
Abbott Laboratories			129,791		7,089
Baxter International			101,870		6,113
Bristol-Myers Squibb			206,695		6,199
Coventry Health Care (a)			83,056		5,009
Medtronic			138,734		6,582
Merck			155,857		9,080
UnitedHealth Group			141,308		6,945
Wyeth Pharmaceuticals (b)			138,522		6,737

					53,754

Industrials – 3.7%
American Standard (b)			123,859		4,616
L-3 Communications Holdings			46,553		5,104
SPX			49,525		5,017
US Airways Group (a) (b)			77,237		2,137

					16,874
Information Technology – 24.0%
Apple (a)			27,652		5,252
Cisco Systems (a) (b)			546,995		18,084
Corning (a) (b)			179,671		4,360
F5 Networks (a) (b)			60,282		2,172
Hewlett-Packard			286,683		14,816
Intel (b)			393,864		10,595
Lam Research (a) (b)			85,936		4,314
MEMC Electronic Materials (a)			83,430		6,109
Microsoft			483,284		17,790
Oracle (a)			421,151		9,337
QUALCOMM			174,608		7,461
Research In Motion (a) (b)			34,686		4,319
Teradata (a)			183,685		5,240

					109,849

Materials – 5.3%
Cleveland-Cliffs (b)			52,681		5,039
Freeport-McMoRan Copper & Gold (b)			45,599		5,366
Owens-Illinois (a) (b)			317,261		14,093

					24,498

Telecommunication Services – 4.5%
American Tower, Class A (a)			244,217		10,790
Verizon Communications			212,337		9,782

					20,572

Total Common Stocks
	(Cost $400,002)				450,554

Investment Company – 1.2%
iShares Nasdaq Biotechnology Index Fund (a) (b)
	(Cost $4,838)		61,670		5,341

Short-Term Investment – 0.6%
First American Prime Obligations Fund, Class Z (c)
	(Cost $2,503)		2,502,669		2,503

Investment Purchased with Proceeds from Securities Lending – 22.0%
Mount Vernon Securities Lending Prime Portfolio (d)
	(Cost $100,928)		100,928,334		100,928

Total Investments – 122.1%
	(Cost $508,271)				559,326

Other Assets and Liabilities, Net – (22.1)%					(101,101	)

Total Net Assets – 100.0%				$	458,225


(a)	Non-income producing security.

(b)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $98,870 at October 31, 2007. See note 2 in Notes to Financial Statements.

(c)	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.

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

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

96 First American Funds 2007 Annual Report

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Large Cap Value Fund
DESCRIPTION		SHARES		VALUE

Common Stocks – 99.3%
Consumer Discretionary – 6.4%
Ford Motor (a)			1,036,298	$	9,192
Gap (a)			673,522		12,730
J.C. Penney (a)			124,626		7,009
Omnicom Group			176,798		9,013
Time Warner			315,998		5,770
Yum! Brands			275,764		11,105

					54,819

Consumer Staples – 6.0%
Altria Group			148,931		10,861
Archer-Daniels-Midland			260,469		9,320
Kraft Foods, Class A			142,025		4,745
Procter & Gamble			203,159		14,124
SUPERVALU			221,537		8,584
Tyson Foods, Class A			192,774		3,046

					50,680

Energy – 15.9%
Chesapeake Energy (a)			178,138		7,033
Chevron			146,139		13,373
Devon Energy			178,328		16,656
Exxon Mobil			449,599		41,359
GlobalSantaFe			168,991		13,693
Marathon Oil (a)			332,251		19,646
Occidental Petroleum			347,161		23,971

					135,731

Financials (b) – 25.3%
ACE			271,120		16,433
AllianceBernstein Holding			102,054		8,718
Ambac Financial Group (a)			63,525		2,340
American International Group			292,503		18,463
Bank of America			467,504		22,571
Citigroup (a)			373,375		15,644
Fannie Mae (a)			107,507		6,132
Freddie Mac			47,141		2,462
Goldman Sachs Group			59,293		14,700
JPMorgan Chase			643,417		30,241
Lehman Brothers Holdings (a)			136,945		8,674
Marshall & Ilsley (a)			176,572		7,540
Morgan Stanley (a)			219,858		14,788
Northern Trust			131,111		9,861
Wachovia			389,405		17,807
Wells Fargo (a)			574,307		19,532

					215,906

Healthcare – 8.1%
Coventry Health Care (c)			70,005		4,222
Humana (a) (c)			63,330		4,747
Johnson & Johnson			197,038		12,841
Merck			265,439		15,464
Pfizer			881,963		21,705
Wyeth Pharmaceuticals			213,424		10,379

					69,358
Industrials – 9.3%
Caterpillar (a)			55,948		4,174
Eaton			136,717		12,657
General Electric			523,832		21,561
Norfolk Southern (a)			161,862		8,360
United Technologies			259,464		19,873
Waste Management (a)			341,993		12,445

					79,070

Information Technology – 8.8%
Avnet (c)			218,350		9,110
Dell (c)			387,200		11,848
Hewlett-Packard			275,250		14,225
Intel			529,326		14,239
Intuit (a) (c)			374,410		12,045
Microsoft			358,848		13,209

					74,676

Materials – 8.1%
Freeport-McMoRan Copper & Gold (a)			97,094		11,426
Owens-Illinois (a) (c)			607,174		26,971
Rohm & Haas (a)			303,761		15,759
Smurfit-Stone Container (a) (c)			1,203,976		14,580

					68,736

Telecommunication Services – 6.1%
AT&T			794,104		33,186
Verizon Communications			401,848		18,513

					51,699

Utilities – 5.3%
Edison International			207,207		12,049
Exelon			121,115		10,026
FirstEnergy (a)			163,293		11,381
PG&E (a)			241,935		11,838

					45,294

Total Common Stocks
	(Cost $698,154)				845,969

Short-Term Investment – 1.6%
First American Prime Obligations Fund, Class Z (d)
	(Cost $13,772)		13,772,086		13,772

Investment Purchased with Proceeds from Securities Lending – 16.9%
Mount Vernon Securities Lending Prime Portfolio (e)
	(Cost $144,199)		144,199,238		144,199

Total Investments – 117.8%
	(Cost $856,125)				1,003,940

Other Assets and Liabilities, Net – (17.8)%					(151,457	)

Total Net Assets – 100.0%				$	852,483


(a)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a market value of $141,242 at October 31, 2007. See note 2 in Notes to Financial Statements.

(b)	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.

(c)	Non-income producing security.

(d)	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.

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

First American Funds 2007 Annual Report 97

Statements of Assets and Liabilities October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data


	Large Cap Growth		Large Cap		Large Cap
	Opportunities Fund		Select Fund		Value Fund

Investments in unaffiliated securities, at cost	$	664,842	$	404,840	$	698,154
Investment in affiliated money market fund, at cost		11,125		2,503		13,772
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		179,511		100,928		144,199

ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	858,069	$	455,895	$	845,969
Investment in affiliated money market fund, at value (note 2)		11,125		2,503		13,772
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		179,511		100,928		144,199
Receivable for dividends and interest		482		309		975
Receivable for investment securities sold		—		—		2,304
Receivable for capital shares sold		824		195		63
Prepaid expenses and other assets		29		29		39

Total assets		1,050,040		559,859		1,007,321

LIABILITIES:
Payable for investment securities purchased		2,056		—		8,915
Payable upon return of securities loaned (note 2)		179,511		100,928		144,199
Payable for capital shares redeemed		338		336		1,008
Payable to affiliates (note 3)		675		357		666
Payable for distribution and shareholder servicing fees		38		2		35
Accrued expenses and other liabilities		16		11		15

Total liabilities		182,634		101,634		154,838

Net assets	$	867,406	$	458,225	$	852,483

COMPOSITION OF NET ASSETS:
Portfolio capital	$	651,097	$	351,845	$	603,580
Undistributed (distributions in excess of) net investment income		455		66		(8	)
Accumulated net realized gain on investments		22,627		55,259		101,096
Net unrealized appreciation of investments		193,227		51,055		147,815

Net assets	$	867,406	$	458,225	$	852,483

* Including securities loaned, at value	$	177,018	$	98,870	$	141,242

Class A:
Net assets	$	96,514	$	7,998	$	113,223
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		2,661		469		5,009
Net asset value and redemption price per share	$	36.27	$	17.05	$	22.61
Maximum offering price per share¹	$	38.38	$	18.04	$	23.93
Class B:
Net assets	$	11,955	$	664	$	7,973
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		351		40		364
Net asset value, offering price, and redemption price per share²	$	34.08	$	16.69	$	21.92
Class C:
Net assets	$	8,506	$	325	$	4,587
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		245		19		206
Net asset value, offering price, and redemption price per share²	$	34.77	$	16.69	$	22.21
Class R:
Net assets	$	566	$	37	$	188
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		16		2		8
Net asset value, offering price, and redemption price per share	$	35.97	$	16.97	$	22.57
Class Y:
Net assets	$	749,865	$	449,201	$	726,512
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		20,038		26,270		32,017
Net asset value, offering price, and redemption price per share	$	37.42	$	17.10	$	22.69


	¹	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.

	²	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

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

98 First American Funds 2007 Annual Report

Statements of Operations For the year ended October 31, 2007, all dollars are rounded to thousands (000)


	Large Cap Growth			Large Cap			Large Cap
	Opportunities Fund			Select Fund			Value Fund

INVESTMENT INCOME:
Dividends from unaffiliated securities	$	7,972		$	6,314		$	19,421
Dividends from affiliated money market fund		498			166			583
Less: Foreign taxes withheld		(52	)		(28	)		(27	)
Securities lending income		320			162			211

Total investment income		8,738			6,614			20,188

EXPENSES (note 3):
Investment advisory fees		5,447			3,100			5,893
Administration fees		1,866			1,063			2,019
Transfer agent fees		316			121			252
Custodian fees		64			32			48
Professional fees		42			42			42
Registration fees		54			54			50
Postage and printing fees		36			22			41
Directors’ fees		20			22			21
Other expenses		20			21			21
Distribution and shareholder servicing fees – Class A		227			19			291
Distribution and shareholder servicing fees – Class B		124			7			89
Distribution and shareholder servicing fees – Class C		78			3			48
Distribution and shareholder servicing fees – Class R		3			—			1

Total expenses		8,297			4,506			8,816

Less: Fee waivers (note 3)		(9	)		(3	)		(11	)
Less: Indirect payments from custodian (note 3)		(4	)		(1	)		(4	)

Total net expenses		8,284			4,502			8,801

Investment income – net		454			2,112			11,387

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain on investments		96,005			64,920			119,358
Net change in unrealized appreciation or depreciation of investments		85,008			(1,889	)		(27,940	)

Net gain on investments		181,013			63,031			91,418

Net increase in net assets resulting from operations	$	181,467		$	65,143		$	102,805

First American Funds 2007 Annual Report 99

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


		Large Cap Growth						Large Cap						Large Cap
		Opportunities Fund						Select Fund						Value Fund

		Year			Year			Year			Year			Year			Year
		Ended			Ended			Ended			Ended			Ended			Ended
		10/31/07			10/31/06			10/31/07			10/31/06			10/31/07			10/31/06

OPERATIONS:
Investment income – net		$	454		$	1,286		$	2,112		$	2,823		$	11,387		$	11,200
Net realized gain on investments			96,005			49,878			64,920			8,397			119,358			79,006
Net change in unrealized appreciation or depreciation of investments			85,008			5,492			(1,889	)		34,939			(27,940	)		61,680

Net increase in net assets resulting from operations			181,467			56,656			65,143			46,159			102,805			151,886

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		—			—			(17	)		(29	)		(1,259	)		(1,231	)
	Class B		—			—			—			—			(52	)		(77	)
	Class C		—			—			—			—			(28	)		(32	)
	Class R		—			—			—			—			(1	)		—
	Class Y		(1,284	)		—			(2,107	)		(2,872	)		(10,065	)		(9,972	)
Net realized gain on investments:
	Class A		(1,037	)		—			(116	)		(250	)		(8,885	)		(3,787	)
	Class B		(159	)		—			(11	)		(26	)		(738	)		(419	)
	Class C		(93	)		—			(4	)		(8	)		(404	)		(170	)
	Class R		(7	)		—			(2	)		(1	)		(13	)		—
	Class Y		(8,372	)		—			(7,569	)		(14,936	)		(62,201	)		(23,452	)

Total distributions			(10,952	)		—			(9,826	)		(18,122	)		(83,646	)		(39,140	)

CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		13,170			13,213			1,953			4,957			8,622			10,688
	Reinvestment of distributions		986			—			113			143			9,390			4,696
	Payments for redemptions		(26,532	)		(33,886	)		(2,094	)		(4,049	)		(22,821	)		(32,648	)

Increase (decrease) in net assets from Class A transactions			(12,376	)		(20,673	)		(28	)		1,051			(4,809	)		(17,264	)

Class B:
	Proceeds from sales		827			736			70			193			432			627
	Reinvestment of distributions		156			—			10			23			768			486
	Payments for redemptions (note 3)		(5,385	)		(7,250	)		(133	)		(180	)		(3,166	)		(6,446	)

Increase (decrease) in net assets from Class B transactions			(4,402	)		(6,514	)		(53	)		36			(1,966	)		(5,333	)

Class C:
	Proceeds from sales		1,235			538			80			73			817			540
	Reinvestment of distributions		90			—			4			8			387			198
	Payments for redemptions (note 3)		(2,802	)		(3,347	)		(40	)		(28	)		(1,866	)		(1,582	)

Increase (decrease) in net assets from Class C transactions			(1,477	)		(2,809	)		44			53			(662	)		(844	)

Class R:
	Proceeds from sales		104			261			21			133			45			146
	Reinvestment of distributions		7			—			2			1			14			1
	Payments for redemptions		(221	)		(14	)		(111	)		(30	)		(39	)		(2	)

Increase (decrease) in net assets from Class R transactions			(110	)		247			(88	)		104			20			145

Class Y:
	Proceeds from sales		88,407			132,441			51,891			173,185			52,221			95,353
	Reinvestment of distributions		4,913			—			3,629			7,404			45,777			21,057
	Payments for redemptions		(285,174	)		(237,022	)		(136,802	)		(73,053	)		(213,481	)		(127,822	)

Increase (decrease) in net assets from Class Y transactions			(191,854	)		(104,581	)		(81,282	)		107,536			(115,483	)		(11,412	)

Increase (decrease) in net assets from capital share transactions			(210,219	)		(134,330	)		(81,407	)		108,780			(122,900	)		(34,708	)

Total increase (decrease) in net assets			(39,704	)		(77,674	)		(26,090	)		136,817			(103,741	)		78,038
Net assets at beginning of year			907,110			984,784			484,315			347,498			956,224			878,186

Net assets at end of year		$	867,406		$	907,110		$	458,225		$	484,315		$	852,483		$	956,224

Undistributed (distributions in excess of) net investment income at end of year		$	455		$	1,285		$	66		$	78		$	(8	)	$	—

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

100 First American Funds 2007 Annual Report

(This page intentionally left blank.)

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			Distributions			Value
		Beginning		Investment			(Losses) on			Investment			Realized			from Return			End of
		of Period		Income (Loss)			Investments			Income			Gains			of Capital			Period

Large Cap Growth Opportunities Fund¹
Class A
	2007²	$	29.58	$	(0.05	)	$	7.08		$	—		$	(0.34	)	$	—		$	36.27
	2006²		27.86		(0.02	)		1.74			—			—			—			29.58
	2005³		28.02		(0.01	)		(0.15	)		—			—			—			27.86
	2005⁴		25.00		(0.01	)		3.08			(0.04	)		—			(0.01	)		28.02
	2004⁴		22.84		(0.03	)		2.20			(0.01	)		—			—	⁶		25.00
	2003⁴		19.16		—			3.73			(0.05	)		—			—			22.84
Class B
	2007²	$	28.01	$	(0.27	)	$	6.68		$	—		$	(0.34	)	$	—		$	34.08
	2006²		26.58		(0.22	)		1.65			—			—			—			28.01
	2005³		26.75		(0.03	)		(0.14	)		—			—			—			26.58
	2005⁴		24.02		(0.20	)		2.96			(0.02	)		—			(0.01	)		26.75
	2004⁴		22.10		(0.21	)		2.13			—			—			—	⁶		24.02
	2003⁴		18.64		(0.18	)		3.64			—			—			—			22.10
Class C
	2007²	$	28.58	$	(0.28	)	$	6.81		$	—		$	(0.34	)	$	—		$	34.77
	2006²		27.12		(0.23	)		1.69			—			—			—			28.58
	2005³		27.29		(0.03	)		(0.14	)		—			—			—			27.12
	2005⁴		24.51		(0.20	)		3.00			(0.01	)		—			(0.01	)		27.29
	2004⁴		22.55		(0.21	)		2.17			—			—			—	⁶		24.51
	2003⁴		19.03		(0.18	)		3.72			(0.02	)		—			—			22.55
Class R⁵
	2007²	$	29.41	$	(0.12	)	$	7.02		$	—		$	(0.34	)	$	—		$	35.97
	2006²		27.78		(0.09	)		1.72			—			—			—			29.41
	2005³		27.94		(0.02	)		(0.14	)		—			—			—			27.78
	2005⁴		24.98		(0.16	)		3.17			(0.05	)		—			—	⁶		27.94
	2004⁴		22.85		(0.02	)		2.16			(0.01	)		—			—	⁶		24.98
	2003⁴		19.17		—			3.73			(0.05	)		—			—			22.85
Class Y
	2007²	$	30.48	$	0.03		$	7.30		$	(0.05	)	$	(0.34	)	$	—		$	37.42
	2006²		28.64		0.05			1.79			—			—			—			30.48
	2005³		28.79		(0.01	)		(0.14	)		—			—			—			28.64
	2005⁴		25.63		0.07			3.15			(0.04	)		—			(0.02	)		28.79
	2004⁴		23.38		0.03			2.25			(0.02	)		—			(0.01	)		25.63
	2003⁴		19.59		0.07			3.80			(0.08	)		—			—			23.38


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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.

102 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate




	24.01	%	$	96,514		1.19	%		(0.15	)%		1.19	%		(0.15	)%		102	%
	6.17			90,285		1.19			(0.07	)		1.19			(0.07	)		94
	(0.57	)		104,960		1.21			(0.47	)		1.21			(0.47	)		6
	12.30			107,079		1.17			(0.03	)		1.20			(0.06	)		103
	9.52			112,379		1.15			(0.13	)		1.19			(0.17	)		113
	19.50			93,331		1.15			(0.02	)		1.19			(0.06	)		83

	23.13	%	$	11,955		1.94	%		(0.90	)%		1.94	%		(0.90	)%		102	%
	5.38			13,990		1.94			(0.82	)		1.94			(0.82	)		94
	(0.64	)		19,601		1.96			(1.22	)		1.96			(1.22	)		6
	11.47			20,239		1.92			(0.77	)		1.95			(0.80	)		103
	8.69			25,633		1.90			(0.87	)		1.94			(0.91	)		113
	18.58			37,853		1.90			(0.84	)		1.94			(0.88	)		83

	23.09	%	$	8,506		1.94	%		(0.90	)%		1.94	%		(0.90	)%		102	%
	5.38			8,424		1.94			(0.82	)		1.94			(0.82	)		94
	(0.62	)		10,739		1.96			(1.22	)		1.96			(1.22	)		6
	11.44			11,147		1.92			(0.78	)		1.95			(0.81	)		103
	8.69			12,811		1.90			(0.87	)		1.94			(0.91	)		113
	18.60			15,365		1.90			(0.81	)		1.94			(0.85	)		83

	23.70	%	$	566		1.44	%		(0.39	)%		1.44	%		(0.39	)%		102	%
	5.87			558		1.44			(0.32	)		1.57			(0.45	)		94
	(0.57	)		290		1.46			(0.72	)		1.61			(0.87	)		6
	12.04			290		1.42			(0.57	)		1.60			(0.75	)		103
	9.38			1		1.15			(0.08	)		1.19			(0.12	)		113
	19.51			15,890		1.15			(0.01	)		1.19			(0.05	)		83

	24.32	%	$	749,865		0.94	%		0.11	%		0.94	%		0.11	%		102	%
	6.42			793,853		0.94			0.18			0.94			0.18			94
	(0.52	)		849,194		0.96			(0.22	)		0.96			(0.22	)		6
	12.58			849,382		0.92			0.26			0.95			0.23			103
	9.76			1,188,261		0.90			0.13			0.94			0.09			113
	19.78			1,072,174		0.90			0.31			0.94			0.27			83

First American Funds 2007 Annual Report 103

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 (Loss)			Investments			Income			Gains			Period

Large Cap Select Fund¹
Class A
	2007²	$	15.18	$	0.03		$	2.12		$	(0.03	)	$	(0.25	)	$	17.05
	2006²		14.30		0.06			1.48			(0.06	)		(0.60	)		15.18
	2005³		14.47		—			(0.17	)		—			—			14.30
	2005⁴		12.52		0.06			2.15			(0.06	)		(0.20	)		14.47
	2004⁴		11.45		0.04			1.19			(0.05	)		(0.11	)		12.52
	2003⁵		10.00		0.03			1.46			(0.04	)		—			11.45
Class B
	2007²	$	14.94	$	(0.09	)	$	2.09		$	—		$	(0.25	)		16.69
	2006²		14.12		(0.05	)		1.48			(0.01	)		(0.60	)		14.94
	2005³		14.30		(0.01	)		(0.17	)		—			—			14.12
	2005⁴		12.41		(0.05	)		2.15			(0.01	)		(0.20	)		14.30
	2004⁴		11.41		(0.06	)		1.18			(0.01	)		(0.11	)		12.41
	2003⁵		10.00		(0.03	)		1.45			(0.01	)		—			11.41
Class C
	2007²	$	14.95	$	(0.09	)	$	2.08		$	—		$	(0.25	)	$	16.69
	2006²		14.13		(0.05	)		1.48			(0.01	)		(0.60	)		14.95
	2005³		14.31		(0.01	)		(0.17	)		—			—			14.13
	2005⁴		12.43		(0.05	)		2.14			(0.01	)		(0.20	)		14.31
	2004⁴		11.42		(0.06	)		1.19			(0.01	)		(0.11	)		12.43
	2003⁵		10.00		(0.02	)		1.45			(0.01	)		—			11.42
Class R⁶
	2007²	$	15.12	$	—		$	2.11		$	(0.01	)	$	(0.25	)	$	16.97
	2006²		14.26		0.01			1.49			(0.04	)		(0.60	)		15.12
	2005³		14.43		(0.01	)		(0.16	)		—			—			14.26
	2005⁴		12.49		0.02			2.15			(0.03	)		(0.20	)		14.43
	2004⁴		11.44		0.02			1.18			(0.04	)		(0.11	)		12.49
	2003⁵		10.00		0.03			1.44			(0.03	)		—			11.44
Class Y
	2007²	$	15.22	$	0.07		$	2.13		$	(0.07	)	$	(0.25	)	$	17.10
	2006²		14.33		0.10			1.49			(0.10	)		(0.60	)		15.22
	2005³		14.49		—			(0.16	)		—			—			14.33
	2005⁴		12.53		0.09			2.16			(0.09	)		(0.20	)		14.49
	2004⁴		11.45		0.07			1.19			(0.07	)		(0.11	)		12.53
	2003⁵		10.00		0.05			1.45			(0.05	)		—			11.45


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated

	³	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	Commenced operations on January 31, 2003. All ratios for the period ended September 30, 2003 have been annualized, except total return and portfolio turnover.

	⁶	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

	⁷	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

104 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return ⁷			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	14.36	%	$	7,998		1.19	%		0.20	%		1.19	%		0.20	%		138	%
	11.07			7,152		1.20			0.41			1.20			0.41			112
	(1.17	)		5,682		1.19			(0.20	)		1.19			(0.20	)		8
	17.83			5,299		1.17			0.41			1.22			0.36			176
	10.82			714		1.15			0.30			1.21			0.24			67
	14.91			215		1.15			0.42			1.24			0.33			65

	13.52	%	$	664		1.94	%		(0.55	)%		1.94	%		(0.55	)%		138	%
	10.32			643		1.95			(0.34	)		1.95			(0.34	)		112
	(1.26	)		573		1.94			(0.95	)		1.94			(0.95	)		8
	17.02			567		1.92			(0.36	)		1.97			(0.41	)		176
	9.89			270		1.90			(0.44	)		1.96			(0.50	)		67
	14.18			113		1.90			(0.35	)		1.99			(0.44	)		65

	13.45	%	$	325		1.94	%		(0.57	)%		1.94	%		(0.57	)%		138	%
	10.36			248		1.95			(0.35	)		1.95			(0.35	)		112
	(1.26	)		180		1.94			(0.95	)		1.94			(0.95	)		8
	16.91			182		1.92			(0.35	)		1.97			(0.40	)		176
	9.98			59		1.90			(0.45	)		1.96			(0.51	)		67
	14.27			26		1.90			(0.32	)		1.99			(0.41	)		65

	14.09	%	$	37		1.44	%		0.02	%		1.44	%		0.02	%		138	%
	10.79			118		1.45			0.08			1.57			(0.04	)		112
	(1.18	)		2		1.44			(0.45	)		1.59			(0.60	)		8
	17.54			2		1.42			0.14			1.62			(0.06	)		176
	10.60			1		1.32			0.18			1.38			0.12			67
	14.76			1		1.15			0.39			1.24			0.30			65

	14.65	%	$	449,201		0.94	%		0.45	%		0.94	%		0.45	%		138	%
	11.37			476,154		0.95			0.66			0.95			0.66			112
	(1.10	)		341,061		0.94			0.05			0.94			0.05			8
	18.14			329,656		0.92			0.67			0.97			0.62			176
	11.10			291,807		0.90			0.57			0.96			0.51			67
	15.02			126,391		0.90			0.71			0.99			0.62			65

First American Funds 2007 Annual Report 105

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 (Loss)			Investments			Income			Gains			Period

Large Cap Value Fund¹
Class A
	2007²	$	22.12	$	0.23		$	2.19		$	(0.24	)	$	(1.69	)	$	22.61
	2006²		19.56		0.21			3.19			(0.21	)		(0.63	)		22.12
	2005³		20.06		—			(0.50	)		—			—			19.56
	2005⁴		17.21		0.17			2.85			(0.17	)		—			20.06
	2004⁴		14.97		0.15			2.24			(0.15	)		—			17.21
	2003⁴		12.77		0.18			2.20			(0.18	)		—			14.97
Class B
	2007²	$	21.54	$	0.07		$	2.12		$	(0.12	)	$	(1.69	)	$	21.92
	2006²		19.12		0.06			3.11			(0.12	)		(0.63	)		21.54
	2005³		19.62		(0.01	)		(0.49	)		—			—			19.12
	2005⁴		16.87		0.03			2.78			(0.06	)		—			19.62
	2004⁴		14.70		0.03			2.20			(0.06	)		—			16.87
	2003⁴		12.55		0.08			2.15			(0.08	)		—			14.70
Class C
	2007²	$	21.81	$	0.07		$	2.14		$	(0.12	)	$	(1.69	)	$	22.21
	2006²		19.35		0.06			3.15			(0.12	)		(0.63	)		21.81
	2005³		19.85		(0.01	)		(0.49	)		—			—			19.35
	2005⁴		17.07		0.03			2.81			(0.06	)		—			19.85
	2004⁴		14.87		0.03			2.23			(0.06	)		—			17.07
	2003⁴		12.70		0.08			2.17			(0.08	)		—			14.87
Class R⁵
	2007²	$	22.10	$	0.17		$	2.17		$	(0.18	)	$	(1.69	)	$	22.57
	2006²		19.55		0.12			3.23			(0.17	)		(0.63	)		22.10
	2005³		20.06		(0.01	)		(0.50	)		—			—			19.55
	2005⁴		17.22		0.12			2.85			(0.13	)		—			20.06
	2004⁴		14.96		0.17			2.23			(0.14	)		—			17.22
	2003⁴		12.77		0.18			2.19			(0.18	)		—			14.96
Class Y
	2007²	$	22.19	$	0.29		$	2.18		$	(0.28	)	$	(1.69	)	$	22.69
	2006²		19.62		0.26			3.21			(0.27	)		(0.63	)		22.19
	2005³		20.12		—			(0.50	)		—			—			19.62
	2005⁴		17.26		0.22			2.86			(0.22	)		—			20.12
	2004⁴		15.01		0.20			2.24			(0.19	)		—			17.26
	2003⁴		12.80		0.22			2.20			(0.21	)		—			15.01


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	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.

106 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			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



	11.60	%	$	113,223		1.17	%		1.05	%		1.17	%		1.05	%		81	%
	17.93			115,438		1.19			1.05			1.19			1.05			55
	(2.48	)		118,443		1.21			(0.17	)		1.21			(0.17	)		2
	17.62			121,809		1.17			0.90			1.20			0.87			61
	16.01			113,683		1.15			0.91			1.19			0.87			104
	18.71			88,024		1.15			1.30			1.20			1.25			94

	10.76	%	$	7,973		1.92	%		0.31	%		1.92	%		0.31	%		81	%
	17.04			9,815		1.94			0.32			1.94			0.32			55
	(2.55	)		13,826		1.96			(0.92	)		1.96			(0.92	)		2
	16.70			14,876		1.92			0.15			1.95			0.12			61
	15.19			21,829		1.90			0.19			1.94			0.15			104
	17.83			30,987		1.90			0.56			1.95			0.51			94

	10.71	%	$	4,587		1.92	%		0.31	%		1.92	%		0.31	%		81	%
	17.05			5,174		1.94			0.30			1.94			0.30			55
	(2.52	)		5,399		1.96			(0.92	)		1.96			(0.92	)		2
	16.75			5,710		1.92			0.15			1.95			0.12			61
	15.21			6,344		1.90			0.18			1.94			0.14			104
	17.76			6,844		1.90			0.56			1.95			0.51			94

	11.25	%	$	188		1.42	%		0.78	%		1.42	%		0.78	%		81	%
	17.63			164		1.44			0.58			1.55			0.47			55
	(2.54	)		7		1.46			(0.42	)		1.61			(0.57	)		2
	17.34			7		1.42			0.61			1.60			0.43			61
	16.05			1		1.15			1.00			1.19			0.96			104
	18.63			23,845		1.15			1.30			1.20			1.25			94

	11.83	%	$	726,512		0.92	%		1.30	%		0.92	%		1.30	%		81	%
	18.23			825,633		0.94			1.29			0.94			1.29			55
	(2.47	)		740,511		0.96			0.08			0.96			0.08			2
	17.92			764,679		0.92			1.17			0.95			1.14			61
	16.31			1,021,197		0.90			1.17			0.94			1.13			104
	19.04			874,267		0.90			1.55			0.95			1.50			94

First American Funds 2007 Annual Report 107

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Balanced Fund
DESCRIPTION	SHARES		VALUE

Common Stocks – 52.9%
Consumer Discretionary – 4.5%
1-800-Flowers.com, Class A (a)		11,051	$	132
Aftermarket Technology (a) (b)		5,695		197
Cato, Class A (b)		5,010		101
Children’s Place Retail Stores (a) (b)		2,468		63
Christopher & Banks (b)		8,521		117
Coinstar (a) (b)		4,983		172
Comcast, Class A (a)		97,947		2,062
Conn’s (a) (b)		7,247		185
Cosi (a) (b)		17,615		61
DIRECTV Group (a)		88,974		2,356
FGX International Holdings Limited (a)		1,157		20
GSI Commerce (a) (b)		3,960		113
Hibbett Sports (a) (b)		3,304		78
Interface, Class A		4,308		82
Journal Communications, Class A		11,476		102
Kohl’s (a) (b)		39,152		2,152
McCormick & Schmick’s Seafood Restaurants (a)		4,802		81
Nike, Class B		32,974		2,185
NutriSystem (a) (b)		2,477		75
Omnicom Group		71,383		3,639
P.F. Chang’s China Bistro (a) (b)		7,207		210
Scientific Games, Class A (a) (b)		5,728		207
Skechers U.S.A., Class A (a) (b)		4,804		118
Texas Roadhouse, Class A (a)		9,113		115
WMS Industries (a) (b)		8,672		301

				14,924

Consumer Staples – 2.3%
Altria Group		57,614		4,202
Hain Celestial Group (a) (b)		7,458		261
PepsiCo		41,676		3,072
USANA Health Sciences (a) (b)		2,393		98

				7,633

Energy – 7.2%
Apache		32,997		3,425
Arena Resources (a)		4,524		165
Atwood Oceanics (a) (b)		924		78
Baytex Energy Trust		3,220		69
Brigham Exploration (a)		5,685		42
Cameron International (a) (b)		12,707		1,237
Canadian Oil Sands Trust (a)		3,932		144
Canetic Resources Trust		12,799		208
Comstock Resources (a) (b)		7,286		266
Edge Petroleum (a) (b)		15,328		139
Exxon Mobil		53,251		4,898
Harvest Energy Trust (b)		4,000		114
Helix Energy Solutions Group (a) (b)		8,056		373
Marathon Oil (b)		34,992		2,069
National-Oilwell Varco (a) (b)		16,392		1,200
Occidental Petroleum		52,528		3,627
Patterson-UTI Energy (b)		4,898		98
Penn West Energy Trust		2,065		66
Southwestern Energy (a)		43,722		2,262
St. Mary Land & Exploration		1,832		78
Weatherford International (a)		21,789		1,414
Williams		57,227		2,088

				24,060

Financials – 12.3%
Affiliated Managers Group (a) (b)		27,473		3,614
AllianceBernstein Holding		34,202		2,922
Ambac Financial Group		24,839		915
American International Group		85,095		5,371
Bank of America		70,332		3,396
BioMed Realty Trust – REIT (b)		6,510		156
Citigroup		107,374		4,499
Columbia Banking System		3,306		103
Cullen/ Frost Bankers (b)		5,118		272
Digital Realty Trust – REIT (b)		3,072		135
Dime Community Bancshares		8,531		123
East West Bancorp		7,061		238
First Potomac Realty Trust – REIT		6,763		141
Goldman Sachs Group		15,798		3,917
Independent Bank (b)		3,376		100
Kite Realty Group Trust – REIT		5,629		102
Knight Capital Group, Class A (a) (b)		9,355		125
LaSalle Hotel Properties – REIT		3,115		129
Lehman Brothers Holdings		26,402		1,672
Morgan Stanley		74,945		5,041
Nara Bancorp		6,092		94
National Financial Partners		1,826		100
Newcastle Investment – REIT (b)		8,190		122
NorthStar Realty Finance – REIT		2,631		25
Platinum Underwriters Holdings (b)		7,069		254
PMI Group (b)		92,339		1,480
South Financial Group (b)		6,881		142
Umpqua Holdings (b)		6,343		107
Wachovia		122,476		5,601

				40,896

Healthcare – 6.4%
Abbott Laboratories		46,244		2,526
AngioDynamics (a)		9,047		181
Arena Pharmaceuticals (a) (b)		2,929		28
Baxter International		36,296		2,178
BioMarin Pharmaceutical (a) (b)		1,986		55
Bristol-Myers Squibb		73,644		2,209
Coventry Health Care (a)		29,592		1,785
Dexcom (a) (b)		10,606		99
Exelixis (a) (b)		8,804		97
ICU Medical (a) (b)		4,356		175
K-V Pharmaceutical, Class A (a) (b)		6,949		218
Magellan Health Services (a)		3,667		154
Medtronic		49,468		2,347
Merck		55,531		3,235
Myriad Genetics (a) (b)		1,054		58
Pediatrix Medical Group (a)		3,925		257
Pharmion (a) (b)		1,258		61
Salix Pharmaceuticals (a) (b)		6,539		76
Senomyx (a) (b)		9,488		110
SonoSite (a) (b)		9,928		349
SurModics (a) (b)		2,307		131
Theravance (a) (b)		2,133		53
Trans1 (a) (b)		1,444		36
TriZetto Group (a) (b)		2,506		41
UnitedHealth Group		50,386		2,476
Wyeth		49,354		2,400

				21,335

Industrials – 2.4%
American Standard (b)		44,130		1,645
AMETEK		5,441		256
BE Aerospace (a) (b)		2,827		141
Ceradyne (a) (b)		1,144		78
Columbus McKinnon (a) (b)		5,733		190
ESCO Technologies (a) (b)		5,827		241
Forward Air (b)		4,856		158
Genlyte Group (a) (b)		1,237		80
Knoll		465		9
L-3 Communications Holdings		16,587		1,819
MasTec (a)		5,637		89

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

108 First American Funds 2007 Annual Report


Balanced Fund (continued)
DESCRIPTION		SHARES		VALUE

NCI Building Systems (a) (b)			2,493	$	98
Power-One (a) (b)			15,882		90
Regal-Beloit (b)			4,699		230
SPX			17,645		1,787
Timken (b)			6,067		202
US Airways Group (a)			27,542		762
WESCO International (a) (b)			5,117		239

					8,114

Information Technology – 12.8%
ADC Telecommunications (a) (b)			8,143		152
Advanced Analogic Technologies (a) (b)			19,644		237
Apple (a)			9,863		1,874
AudioCodes (a)			8,941		58
Cisco Systems (a) (b)			194,890		6,443
Cognex			3,779		68
Corning (b)			64,015		1,554
Digital River (a) (b)			4,593		244
Emulex (a) (b)			16,921		367
F5 Networks (a) (b)			27,616		995
Greenfield Online (a) (b)			6,151		94
Harris Stratex Networks, Class A (a) (b)			10,248		196
Hewlett-Packard			102,143		5,279
Hittite Microwave (a) (b)			1,253		63
Intel			140,458		3,778
Ixia (a) (b)			9,356		98
Lam Research (a)			30,646		1,538
MEMC Electronic Materials (a)			29,725		2,177
Micrel			10,528		95
Microsoft			172,227		6,340
Oracle (a)			150,178		3,329
Orbotech (a)			3,678		76
Photronics (a) (b)			17,044		186
Plexus (a)			8,910		230
PMC-Sierra (a) (b)			25,227		227
Progress Software (a) (b)			7,257		237
QUALCOMM			62,212		2,658
Research In Motion (a) (b)			12,368		1,540
Silicon Laboratories (a) (b)			4,877		213
Synaptics (a) (b)			3,292		179
Teradata (a)			65,496		1,869
Tessera Technologies (a) (b)			4,910		188
TIBCO Software (a) (b)			10,281		94
TTM Technologies (a)			13,676		176

					42,852

Materials – 2.8%
Albemarle			842		40
Cleveland-Cliffs			18,786		1,797
Freeport-McMoRan Copper & Gold (b)			16,247		1,912
Owens-Illinois (a)			113,132		5,025
Schnitzer Steel Industries, Class A (b)			2,012		133
Terra Industries (a) (b)			5,734		212
Texas Industries			2,989		218

					9,337

Telecommunication Services – 2.2%
American Tower, Class A (a)			87,013		3,844
General Communication, Class A (a)			10,611		125
Verizon Communications			75,654		3,485

					7,454

Utilities – 0.0%
NSTAR (b)			2,026		71

Total Common Stocks
	(Cost $154,295)				176,676

Investment Companies – 4.5%
iShares MSCI EAFE Index Fund (b)			133,900		11,529
iShares MSCI Emerging Markets Index Fund (b)			9,600		1,605
iShares Nasdaq Biotechnology Index Fund (b)			21,973		1,903

Total Investment Companies
	(Cost $9,824)				15,037

U.S. Government Agency Mortgage-Backed Securities – 11.8%
Adjustable Rate (c) – 1.2%
Federal Home Loan Mortgage Corporation Pool
	7.400%, 01/01/2028, #786281	$	148		151
	5.771%, 07/01/2036, #1K1238 (b)		939		942
	5.597%, 05/01/2037, #1H1396 (b)		1,443		1,451
Federal National Mortgage Association Pool
	6.164%, 04/01/2018, #070009		36		36
	7.140%, 09/01/2033, #725553		564		576
	5.270%, 11/01/2034, #735054 (b)		743		744

					3,900

Fixed Rate – 10.6%
Federal Home Loan Mortgage Corporation Pool
	4.000%, 04/01/2008, #M90808 (b)		425		422
	6.500%, 04/01/2008, #E00225		2		2
	7.000%, 04/01/2008, #E46044		1		1
	4.000%, 10/01/2010, #M80855		734		717
	5.500%, 03/01/2013, #E00546		83		84
	4.500%, 05/01/2018, #P10032 (b)		360		355
	6.500%, 11/01/2028, #C00676		422		436
	7.000%, 12/01/2029, #G01091		79		82
	6.500%, 07/01/2031, #A17212 (b)		301		311
	6.000%, 05/01/2032, #C01361		101		102
	7.000%, 08/01/2037, #H09059 (b)		922		949
Federal National Mortgage Association Pool
	3.790%, 07/01/2013, #386314 (b)		1,296		1,220
	6.000%, 09/01/2017, #653368		190		194
	5.000%, 07/01/2018, #555621 (b)		991		979
	5.000%, 12/01/2018, #725012		820		810
	4.500%, 06/01/2019, #045181		301		291
	5.000%, 11/01/2019, #725934		244		241
	5.500%, 01/01/2020, #735386 (b)		437		440
	5.500%, 06/01/2020, #735792 (b)		376		378
	6.000%, 10/01/2022, #254513 (b)		385		391
	5.500%, 12/01/2024, #357662		707		704
	5.500%, 02/01/2025, #255628 (b)		807		803
	5.500%, 10/01/2025, #255956 (b)		1,302		1,295
	6.000%, 08/01/2027, #256852 (b)		848		858
	7.000%, 04/01/2029, #323681		82		86
	6.500%, 12/01/2031, #254169 (b)		287		293
	6.000%, 04/01/2032, #745101 (b)		829		848
	6.500%, 05/01/2032, #640032		658		677
	7.000%, 07/01/2032, #545815		155		162
	6.000%, 09/01/2032, #254447 (b)		321		325
	6.000%, 01/01/2033, #676647		553		560
	5.500%, 04/01/2033, #694605 (b)		915		904
	5.500%, 06/01/2033, #843435 (b)		417		412
	5.500%, 07/01/2033, #728667 (b)		459		454
	5.500%, 08/01/2033, #733380 (b)		1,039		1,027
	5.000%, 09/01/2033, #713735		1,133		1,090
	5.000%, 10/01/2033, #741897 (b)		738		710
	5.500%, 10/01/2033, #555800 (b)		1,067		1,055
	6.000%, 11/01/2033, #772130		156		158
	6.000%, 11/01/2033, #772256		202		204
	5.500%, 12/01/2033, #756202 (b)		656		648
	5.000%, 03/01/2034, #725205 (b)		824		793
	5.000%, 03/01/2034, #725250 (b)		743		715

First American Funds 2007 Annual Report 109

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Balanced Fund (continued)
DESCRIPTION			PAR		VALUE

		5.500%, 04/01/2034, #725424 (b)		385	$	381
		5.500%, 05/01/2034, #357571 (b)		719		710
		5.000%, 06/01/2034, #782909 (b)		359		346
		6.500%, 06/01/2034, #735273 (b)		674		693
		6.500%, 11/01/2034 (d)		1,250		1,279
		5.500%, 03/01/2036, #745354		1,194		1,178
		6.500%, 04/01/2036, #852909 (b)		615		630
		6.500%, 07/01/2036, #831683 (b)		596		610
		6.000%, 08/01/2036, #885536 (b)		1,460		1,471
		6.500%, 08/01/2036, #893318 (b)		512		524
		6.000%, 11/01/2036, #902786 (b)		1,113		1,121
		5.500%, 01/01/2037, #906059 (b)		968		954
		5.500%, 08/01/2037, #943438 (b)		1,775		1,749
		6.000%, 09/01/2037, #256890		587		587
Government National Mortgage Association Pool
		6.500%, 10/20/2010, #002108		5		5
		7.500%, 06/15/2027, #447728		6		6
		7.500%, 09/15/2027, #455516		9		9
		7.000%, 04/15/2029, #506639		147		155

						35,594

Total U.S. Government Agency Mortgage-Backed Securities
		(Cost $39,766)				39,494

Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 8.2%
Adjustable Rate (c) – 3.4%
Citigroup Mortgage Loan Trust Series 2004-HYB4, Class HAII
		5.353%, 10/25/2034		2,103		2,111
	Series 2005-7, Class 2A1A
		4.863%, 09/25/2035		637		633
Countrywide Home Loans Series 2006-HYB5, Class 3A1A
		5.970%, 09/20/2036		1,294		1,307
GMAC Mortgage Corporation Loan Trust Series 2003-AR2, Class 4A1
		4.735%, 12/19/2033		730		716
Harborview Mortgage Loan Trust Series 2007-4, Class 2A1
		5.723%, 07/19/2047		1,091		1,060
J.P. Morgan Mortgage Trust Series 2004-A1, Class 3A1
		4.993%, 02/25/2034		1,099		1,088
	Series 2006-A7, Class 3A4
		5.946%, 01/25/2037		489		490
Residential Funding Mortgage Securities I Series 2006-SA2, Class 4A1
		5.877%, 08/25/2036		966		967
Structured Mortgage Loan Trust Series 2004-11, Class A
		7.195%, 08/25/2034		40		40
Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AJ
		6.100%, 07/15/2017		420		416
Wachovia Mortgage Loan Trust Series 2005-B, Class 1A1
		4.952%, 10/20/2035		478		477
Washington Mutual Series 2004-AR7, Class A6
		3.941%, 07/25/2034		775		763
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Class A1
		4.892%, 02/25/2033		297		296
	Series 2004-N, Class A3
		4.116%, 08/25/2034		227		225
	Series 2006-AR1, Class 2A2
		5.554%, 03/25/2036		943		939

						11,528

Fixed Rate – 4.8%
ABN AMRO Mortgage Series 2003-7, Class A1
		4.750%, 07/25/2018		735		725
Banc of America Mortgage Securities Series 2003-6, Class 1A30
		4.750%, 08/25/2033		585		578
Countrywide Alternative Loan Trust Series 2004-12CB, Class 1A1
		5.000%, 07/25/2019		402		391
	Series 2004-2CB, Class 1A1
		4.250%, 03/25/2034		300		293
	Series 2004-24CB, Class 1A1
		6.000%, 11/25/2034		310		307
	Series 2006-19CB, Class A15
		6.000%, 08/25/2036		396		399
Countrywide Home Loans Series 2007-17, Class 1A1
		6.000%, 10/25/2037		1,263		1,259
Credit Suisse First Boston Mortgage Securities Series 2005-3, Class 5A1
		5.500%, 07/25/2020		542		541
Crown Castle Towers Series 2005-1A, Class B
		4.878%, 06/15/2035 (e)		630		621
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7
		6.500%, 01/25/2035		512		520
GS Mortgage Securities II Series 2007-GG10, Class A4
		5.799%, 08/10/2045 (b)		1,205		1,221
GSMPS Mortgage Loan Trust Series 2003-1, Class B1
		6.982%, 03/25/2043		853		852
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1
		5.500%, 08/25/2019		382		382
J.P. Morgan Chase Commercial Mortgage Securities Series 2007-CB20, Class AJ
		6.099%, 02/12/2051		635		637
Master Alternative Loans Trust Series 2005-2, Class 1A3
		6.500%, 03/25/2035		262		265
Master Asset Securitization Trust Series 2003-6, Class 3A1
		5.000%, 07/25/2018		609		603
Morgan Stanley Dean Witter Capital I Series 2002-TOP7, Class A2
		5.980%, 01/15/2039		1,025		1,051
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A
		6.268%, 11/25/2034		334		338
Residential Asset Mortgage Products Series 2004-SL4, Class A3
		6.500%, 07/25/2032		264		271

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

110 First American Funds 2007 Annual Report


Balanced Fund (continued)
DESCRIPTION			PAR		VALUE

Residential Funding Mortgage Securities I Series 2004-S9, Class 2A1
		4.750%, 12/25/2019		824	$	804
Washington Mutual Series 2004-CB1, Class 1A
		5.250%, 06/25/2019		632		626
Washington Mutual MSC Mortgage Pass-Through Trust Series 2004-RA3, Class 2A
		6.384%, 08/25/2038		389		395
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Class A1
		4.750%, 12/25/2018		509		495
	Series 2004-7, Class 2A2
		5.000%, 07/25/2019		1,388		1,361
	Series 2007-13, Class A8
		6.000%, 09/25/2037		1,027		1,017
Westam Mortgage Financial Series 11, Class A
		6.360%, 08/26/2020 (f)		1		1

						15,953

Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
		(Cost $27,415)				27,481

Asset-Backed Securities – 7.7%
Automotive – 0.8%
Harley-Davidson Motorcycle Trust Series 2005-4, Class A2
		4.850%, 06/15/2012		470		470
Hertz Vehicle Financing Series 2005-2A, Class A6
		5.080%, 11/25/2011 (e)		935		936
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4
		4.860%, 04/20/2012		1,170		1,170

						2,576

Commercial Mortgages – 5.2%
Banc of America Commercial Mortgage Series 2004-5, Class A3
		4.561%, 11/10/2041		710		694
	Series 2006-2, Class A4
		5.741%, 05/10/2045		340		344
Bear Stearns Commercial Mortgage Securities Series 2005-PW10, Class A4
		5.405%, 12/11/2040		635		626
	Series 2007-T28, Class D
		6.177%, 09/11/2042 (e)		270		253
Citigroup/ Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class A2B
		5.205%, 12/11/2049		230		228
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX
		5.449%, 02/05/2019 (e)		585		589
	Series 2004-RS1, Class A
		4.018%, 03/03/2041 (e)		414		399
	Series 2005-LP5, Class A2
		4.630%, 05/10/2043		921		911
GE Capital Commercial Mortgage Corporation Series 2005-C3, Class A2
		4.853%, 07/10/2045		725		719
GMAC Commercial Mortgage Securities Series 2004-C2, Class A1
		3.896%, 08/10/2038		374		369
	Series 2005-C1, Class A2
		4.471%, 05/10/2043		1,195		1,178
Greenwich Capital Commercial Funding Series 2003-C1, Class A2
		3.285%, 07/05/2035		1,761		1,717
	Series 2005-GG5, Class A2
		5.117%, 04/10/2037		1,600		1,598
	Series 2005-GG5, Class A5
		5.224%, 04/10/2037		750		734
	Series 2007-GG11, Class A4
		5.736%, 12/10/2049		925		929
	Series 2007-GG11, Class AJ
		6.207%, 12/10/2049		725		721
GS Mortgage Securities II Series 2006-GG8, Class A2
		5.479%, 11/10/2039		1,500		1,507
	Series 2006-RR2, Class A1
		5.686%, 06/23/2046 (c) (e)		740		703
	Series 2006-RR3, Class A1S
		5.659%, 07/18/2056 (e)		600		565
J.P. Morgan Chase Commercial Mortgage Securities Series 2005-LDP5, Class B
		5.334%, 12/15/2044		245		233
LB-UBS Commercial Mortgage Trust Series 2003-C3, Class A2
		3.086%, 05/15/2027		1,280		1,266
	Series 2005-C7, Class A2
		5.103%, 11/15/2030		800		799
Merrill Lynch Mortgage Trust Series 2005-CIP1, Class C
		5.129%, 07/12/2038		265		248
Morgan Stanley Capital I Series 2005-HQ6, Class B
		5.152%, 08/13/2042		115		108
	Series 2005-HQ6, Class C
		5.172%, 08/13/2042		110		103

						17,541

Credit Cards – 0.8%
Bank of America Credit Card Trust Series 2007-A8, Class A8
		5.590%, 11/17/2014 (c)		765		780
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
		5.750%, 07/15/2020		530		535
Citibank Credit Card Issuance Trust Series 2006-A4, Class A4
		5.450%, 05/10/2013		805		818
Discover Card Master Trust Series 2007-A1, Class A1
		5.650%, 03/16/2020		565		566

						2,699

Home Equity – 0.0%
Saxon Asset Securities Trust Series 2004-1, Class A
		6.450%, 03/25/2035 (c)		4		4

Other – 0.6%
Global Signal Trust Series 2004-2A, Class A
		4.232%, 12/15/2014 (e)		750		737

First American Funds 2007 Annual Report 111

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Balanced Fund (continued)
DESCRIPTION		PAR		VALUE

Small Business Administration Series 2006-P10B, Class 1
	5.681%, 08/10/2016		1,131	$	1,134

					1,871

Utilities – 0.3%
PG & E Energy Recovery Funding Series 2005-2, Class A2
	5.030%, 03/25/2014		1,050		1,056

Total Asset-Backed Securities
	(Cost $25,762)				25,747

Corporate Bonds – 6.5%
Banking – 0.2%
J.P. Morgan Chase
	5.150%, 10/01/2015		550		534
Wells Fargo Capital X
	5.950%, 12/15/2036		230		216

					750

Basic Industry – 0.8%
Celulosa Arauco y Constitucion
	5.625%, 04/20/2015		345		339
Evraz Group
	8.250%, 11/10/2015 (e)		190		193
FMG Finance
	10.000%, 09/01/2013 (e)		195		216
Freeport-McMoRan Copper & Gold
	8.375%, 04/01/2017		350		383
Georgia-Pacific
	7.125%, 01/15/2017 (b) (e)		190		185
Griffin Coal Mining
	9.500%, 12/01/2016 (e)		200		198
Noble Group Limited
	6.625%, 03/17/2015 (e)		255		239
Sino Forest
	9.125%, 08/17/2011 (e)		195		207
Southern Copper
	7.500%, 07/27/2035		190		207
Teck Cominco Limited
	6.125%, 10/01/2035		280		265
Vale Overseas
	6.250%, 01/11/2016		175		178

					2,610

Brokerage – 0.4%
Lehman Brothers Holdings
	5.750%, 01/03/2017 (b)		365		350
Merrill Lynch
	6.050%, 05/16/2016		540		535
Morgan Stanley
	5.375%, 10/15/2015		440		423

					1,308

Capital Goods – 0.1%
Siemens Financiering
	6.125%, 08/17/2026 (e)		225		227

Communications – 0.1%
Telefonica Emisones
	6.221%, 07/03/2017 (b)		210		217
Vimpelcom
	8.250%, 05/23/2016 (e)		230		238

					455

Consumer Cyclical – 0.4%
Duty Free International
	7.000%, 01/15/2004 (f) (g) (h)		588		—
Galaxy Entertainment
	9.875%, 12/15/2012 (b) (e)		175		188
Home Depot
	5.875%, 12/16/2036		270		236
Lippo Karwaci Finance
	8.875%, 03/09/2011		175		172
Shimao Property Holdings
	8.000%, 12/01/2016 (b) (e)		205		200
Viacom
	6.875%, 04/30/2036		365		370

					1,166

Consumer Non Cyclical – 0.6%
Amerisourcebergen
	5.625%, 09/15/2012		500		501
Cardinal Health
	6.750%, 02/15/2011		625		654
Constellation Brands
	7.250%, 05/15/2017 (e)		300		299
Fisher Scientific International
	6.750%, 08/15/2014		220		225
Omnicare
	6.750%, 12/15/2013		280		270
Sadia Overseas
	6.875%, 05/24/2017 (b) (e)		185		182

					2,131

Electric – 0.9%
Dynegy Holdings
	7.750%, 06/01/2019 (e)		305		286
Edison Mission Energy
	7.500%, 06/15/2013		175		178
Energy Future Holdings
	10.875%, 11/01/2017 (e)		205		207
Florida Power & Light
	5.650%, 02/01/2037		415		397
ISA Capital Brasil
	8.800%, 01/30/2017 (b) (e)		180		187
MidAmerican Energy Holdings
	6.125%, 04/01/2036		465		460
Ohio Power, Series K
	6.000%, 06/01/2016		275		280
Oncor Electric Delivery
	7.000%, 05/01/2032		225		239
Pacific Gas & Electric
	6.500%, 03/01/2034		230		229
Taqa Abu Dhabi
	6.165%, 10/25/2017 (b) (e)		370		369
Virginia Electric Power
	5.950%, 09/15/2017		240		245

					3,077

Energy – 0.7%
Lukoil International Finance
	6.356%, 06/07/2017 (e)		120		116
	6.656%, 06/07/2022 (b) (e)		460		440
Mariner Energy
	7.500%, 04/15/2013		270		263
Pioneer Natural Resource
	6.650%, 03/15/2017		290		273
Tengizcheveroil Finance
	6.124%, 11/15/2014 (b) (e)		370		355
Tesoro
	6.625%, 11/01/2015		375		372

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

112 First American Funds 2007 Annual Report


Balanced Fund (continued)
DESCRIPTION			PAR		VALUE

TNK-BP Finance
		6.625%, 03/20/2017 (e)		150	$	137
		7.875%, 03/13/2018 (e)		230		228
Whiting Petroleum
		7.000%, 02/01/2014		295		290

						2,474

Finance – 0.5%
Capital One Financial
		6.150%, 09/01/2016		400		391
Janus Capital Group
		6.700%, 06/15/2017		305		315
SLM, Series MTN
		5.400%, 10/25/2011		350		324
Transcapitalinvest
		5.670%, 03/05/2014 (e)		640		618

						1,648

Insurance – 0.3%
Allied World Assurance
		7.500%, 08/01/2016		565		602
Unumprovident
		5.997%, 05/15/2008		335		335

						937

Natural Gas – 0.2%
Enterprise Products
		8.375%, 08/01/2066		180		187
Southern Union
		7.200%, 11/01/2066 (c)		155		155
Transport De Gas Del Sur
		7.875%, 05/14/2017 (e)		235		215

						557

Real Estate – 0.3%
Health Care Properties – REIT Series MTN
		6.300%, 09/15/2016		460		455
Prologis 2006 – REIT
		5.750%, 04/01/2016		600		587

						1,042

Sovereign – 0.1%
United Mexican States
		5.625%, 01/15/2017 (b)		305		309

Technology – 0.7%
Celestica
		7.875%, 07/01/2011		295		288
Chartered Semiconductor
		6.375%, 08/03/2015		250		250
Ciena
		3.750%, 02/01/2008		120		119
IBM
		5.700%, 09/14/2017		335		340
Jabil Circuit
		5.875%, 07/15/2010		680		687
LG Electronics
		5.000%, 06/17/2010 (e)		340		338
Seagate Technology
		6.375%, 10/01/2011 (b)		290		288

						2,310

Transportation – 0.1%
BLT Finance
		7.500%, 05/15/2014 (e)		235		213
Ultrapetrol
		9.000%, 11/24/2014		145		142

						355

Utility Other – 0.1%
American Water Capital
		6.085%, 10/15/2017 (e)		260		262

Total Corporate Bonds
		(Cost $22,293)				21,618

U.S. Government & Agency Securities – 5.7%
U.S. Agency Debentures – 0.5%
Federal National Mortgage Association
		5.250%, 08/01/2012 (b)		1,745		1,778

U.S. Treasuries – 5.2%
U.S. Treasury Bond (STRIPS)
		0.000%, 02/15/2023 (b) (i)		1,795		854
U.S. Treasury Bonds
		6.875%, 08/15/2025 (b)		1,600		1,994
		4.500%, 02/15/2036 (b)		875		840
		4.750%, 02/15/2037 (b)		1,565		1,564
U.S. Treasury Notes
		4.875%, 08/31/2008 (b)		7,500		7,542
		4.750%, 05/31/2012 (b)		1,045		1,072
		4.625%, 07/31/2012 (b)		1,370		1,398
		4.250%, 09/30/2012 (b)		180		181
		4.500%, 05/15/2017 (b)		1,815		1,820

						17,265

Total U.S. Government & Agency Securities
		(Cost $18,958)				19,043

Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 1.1%
Fixed Rate – 1.1%
Federal Home Loan Mortgage Corporation Series 2763, Class TA
		4.000%, 03/15/2011 (b)		521		521
	Series 85, Class C
		8.600%, 01/15/2021		71		75
	Series 1136, Class H
		6.000%, 09/15/2021		51		51
Federal National Mortgage Association Series 1989-2, Class D
		8.800%, 01/25/2019		5		5
	Series 1989-37, Class G
		8.000%, 07/25/2019		73		79
	Series 1990-30, Class E
		6.500%, 03/25/2020		30		31
	Series 1990-63, Class H
		9.500%, 06/25/2020		15		16
	Series 1990-89, Class K
		6.500%, 07/25/2020		4		4
	Series 1990-105, Class J
		6.500%, 09/25/2020		48		49
	Series 2005-44, Class PC
		5.000%, 11/25/2027 (b)		1,139		1,135
	Series 2003-81, Class MB
		5.000%, 05/25/2029 (b)		960		957
	Series 2005-62, Class JE
		5.000%, 06/25/2035 (b)		729		722

First American Funds 2007 Annual Report 113

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Balanced Fund (continued)
DESCRIPTION		PAR/CONTRACTS/SHARES		VALUE

Government National Mortgage Association Series 3, Class F
	6.500%, 06/17/2020		6	$	6

Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
	(Cost $3,630)				3,651

Options Purchased – 0.0%
Call Options Purchased – 0.0%
U.S. Treasury 5 Year Note Futures, December 2007 Futures Call
	Expires 11/21/2007
	Exercise Price: $109.00		71		3
U.S. Treasury 10 Year Note Futures, December 2007 Futures Call
	Expires 11/21/2007
	Exercise Price: $110.50		41		15

Total Purchased Options
	(Cost $38)				18

Short-Term Investments – 2.2%
Money Market Fund – 2.0%
First American Prime Obligations Fund, Class Z (j)			6,843,786		6,844

U.S. Treasury Obligations – 0.2%
U.S. Treasury Bills (k)
	3.780%, 12/20/2007	$	300		298
	3.813%, 01/24/2008		250		248

					546

Total Short-Term Investments
	(Cost $7,390)				7,390

Investment Purchased with Proceeds from Securities Lending – 29.6%
Mount Vernon Securities Lending Prime Portfolio (l)
	(Cost $99,020)		99,019,548		99,020

Total Investments – 130.2%
	(Cost $408,391)				435,175

Other Assets and Liabilities, Net – (30.2)%					(100,877	)

Total Net Assets – 100.0%				$	334,298


(a)	Non-Income Producing security.

(b)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a value of $96,757 at October 31, 2007. See note 2 in Notes to Financial Statements.

(c)	Variable Rate Security – The rate shown is the rate in effect at October 31, 2007.

(d)	Security purchased on a when-issued basis. On October 31, 2007, the total cost of investments purchased on a when-issued basis was $1,273 or 0.4% of total net assets. See note 2 in Notes to Financial Statements.

(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.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of October 31, 2007, the value of these investments was $11,346 or 3.4% of total net assets. See note 2 in Notes to Financial Statements.


(f)	Security is illiquid. As of October 31, 2007, the value of these investments was $1 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.


(g)	Security is fair valued. As of October 31, 2007, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(h)	Security is in default at October 31, 2007.


(i)	Principal Only.

(j)	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.


(k)	Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is effective yield as of October 31, 2007. See note 2 in Notes to Financial Statements.

(l)


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	8	$	745			December 2007	$	31
Canadian Dollar Currency Futures	13		1,374			December 2007		38
Euro Currency Futures	19		3,446			December 2007		57
Eurodollar 90 Day Futures	29		27,730			June 2008		25
Japanese Yen Currency Futures	13		1,416			December 2007		18
Long Gilt Futures	14		3,124			December 2007		(20	)
Swiss Franc Currency Futures	35		3,794			December 2007		57
U.S. Treasury 2 Year Note Futures	(213)		(44,114	)		December 2007		(58	)
U.S. Treasury 5 Year Note Futures	222		23,830			December 2007		187
U.S. Treasury 10 Year Note Futures	29		3,190			December 2007		38
U.S. Treasury Long Bond Futures	4		450			December 2007		9

							$	382

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

114 First American Funds 2007 Annual Report

Balanced Fund (concluded)

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	$	375	$	3
Citigroup	Lehman Brothers Holdings		Buy		1.250%		12/20/2012		720		(8	)
Citigroup	Ryland Group		Buy		1.250%		09/20/2012		350		16
Deutsche Bank	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		1,300		45
Deutsche Bank	Dow Jones CDX IG8 Index		Buy		0.350%		06/20/2012		1,500		(3	)
Deutsche Bank	Dow Jones CDX XO8 Index		Buy		1.400%		06/20/2012		2,300		49
J.P. Morgan	CenturyTel, Inc.		Buy		0.540%		09/20/2012		575		(2	)
J.P. Morgan	Dow Jones CDX EM8 Index		Buy		1.750%		12/20/2012		1,100		(1	)
J.P. Morgan	Dow Jones CDX HVOL8 Index		Buy		0.750%		06/20/2012		1,100		41
J.P. Morgan	Dow Jones CDX HY8 Index		Buy		2.750%		06/20/2012		1,600		55
J.P. Morgan	Dow Jones CDX XO9 Index		Buy		2.450%		12/20/2012		1,600		6
J.P. Morgan	Deutsche Bank AG		Buy		0.525%		09/20/2012		600		(2	)
J.P. Morgan	Philippine Government International Bond		Buy		2.000%		09/20/2012		1,300		(36	)
J.P. Morgan	Sara Lee Corporation		Buy		0.500%		06/12/2012		500		(5	)
J.P. Morgan	UBS AG		Buy		0.355%		09/20/2012		700		1
UBS	Amerisourcebergen Corporation		Buy		0.585%		09/20/2012		500		(2	)
UBS	Brazilian Government International Bond		Buy		1.170%		08/20/2012		1,300		(22	)
UBS	Cardinal Health, Inc.		Buy		0.320%		09/20/2012		500		(1	)
UBS	Constellation Energy Group, Inc.		Buy		0.230%		06/20/2012		375		3
UBS	Dow Jones CDX EM8 Index		Buy		1.750%		12/20/2012		1,000		(1	)
UBS	Dow Jones CDX HY8 Index		Buy		2.750%		06/20/2012		3,800		54
UBS	McKesson Corporation		Buy		0.385%		09/20/2012		500		(3	)
UBS	Turkey Government International Bond		Buy		1.480%		07/20/2012		700		2
UBS	Whirlpool Corporation		Buy		0.785%		09/20/2017		350		(2	)

										$	187

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Pay

5.470%

06/12/2009

9,000

117

Citigroup

3-Month LIBOR

Pay

4.718%

09/14/2009

11,000

Citigroup

3-Month LIBOR

Pay

4.625%

09/20/2009

7,000

Citigroup

3-Month LIBOR

Receive

5.060%

09/14/2017

3,000

Citigroup

3-Month LIBOR

Receive

5.110%

09/20/2017

2,000

—

J.P. Morgan

3-Month LIBOR

Pay

5.447%

06/20/2009

11,000

142

UBS

3-Month LIBOR

Pay

4.568%

10/02/2009

7,100

)

UBS

3-Month LIBOR

Pay

4.838%

10/12/2009

11,000

UBS

3-Month LIBOR

Receive

5.153%

10/02/2017

1,900

)

UBS

3-Month LIBOR

Receive

5.270%

10/12/2017

3,000

(38

)

295

Schedule of Open Written Call Options

Exercise

Premium

Expiration

Number of

Option

Price

Received

Date

Contracts

Value

U.S. Treasury 10 Year Note Futures – December 2007

112.00

11/21/2007

First American Funds 2007 Annual Report 115

Schedule of Investments October 31, 2007, all dollars are rounded to thousands (000)


Equity Income Fund
DESCRIPTION		SHARES			VALUE

Common Stocks – 99.0%
Consumer Discretionary – 4.2%
McDonald’s			360,427		$	21,518
Time Warner			786,059			14,353
Yum! Brands			430,892			17,352

						53,223

Consumer Staples – 11.3%
Altria Group (a)			336,922			24,572
Avon Products (a)			222,726			9,127
Coca-Cola			287,969			17,785
General Mills			300,087			17,324
Kraft Foods, Class A			233,158			7,790
PepsiCo			208,125			15,343
Procter & Gamble			479,604			33,342
Wal-Mart Stores (a)			406,542			18,380

						143,663

Energy – 14.3%
BP, ADR			567,791	��		44,282
Chevron (a)			357,297			32,696
ConocoPhillips			433,858			36,861
Exterran Partners (a)			188,672			5,717
Exxon Mobil (a)			531,049			48,851
Halliburton			322,919			12,729

						181,136

Financials – 19.7%
AllianceBernstein Holding			379,959			32,460
Ambac Financial Group			250,110			9,212
American International Group (a)			371,926			23,476
Bank of America			867,969			41,905
BlackRock (a)			91,028			18,838
Citigroup			732,432			30,689
Goldman Sachs Group (a)			82,795			20,525
ICICI Bank, ADR			333,383			23,150
Merrill Lynch			75,982			5,016
Northern Trust			156,946			11,804
Wachovia (a)			575,411			26,314
Wells Fargo			181,442			6,171

						249,560

Healthcare – 8.9%
Abbott Laboratories			524,406			28,643
Eli Lilly (a)			243,354			13,178
Johnson & Johnson			443,382			28,895
Pfizer			540,137			13,293
Wyeth Pharmaceuticals			596,109			28,989

						112,998

Industrials – 12.2%
3M			165,929			14,330
Avery Dennison (a)			150,912			8,738
Emerson Electric (a)			456,801			23,877
General Dynamics			182,224			16,575
General Electric			1,071,201			44,091
Honeywell International (a)			514,110			31,057
United Parcel Service, Class B (a)			222,613			16,718

						155,386

Information Technology – 13.9%
Hewlett-Packard			583,554			30,158
IBM			250,601			29,100
Intel			1,369,113			36,829
Maxim Integrated Products			437,263			11,850
Microsoft			1,089,879			40,118
QUALCOMM			392,933			16,790
Texas Instruments			348,009			11,345

						176,190

Materials – 3.6%
E.I. Du Pont de Nemours			466,652			23,104
Praxair			260,064			22,230

						45,334

Telecommunication Services – 9.2%
AT&T			1,139,761			47,631
FairPoint Communications (a)			756,265			13,983
Verizon Communications (a)			652,847			30,077
Vodafone Group, ADR (a)			499,120			19,600
Windstream (a)			361,216			4,858

						116,149

Utilities – 1.7%
Duke Energy (a)			531,490			10,189
Xcel Energy (a)			518,402			11,690

						21,879

Total Common Stocks
	(Cost $829,329)					1,255,518

Convertible Corporate Bond – 0.4%
Invitrogen 2.000%, 08/01/2023
	(Cost $3,443)	$	3,095			4,349

Short-Term Investment – 0.8%
First American Prime Obligations Fund, Class Z (b)
	(Cost $9,948)		9,947,948			9,948

Investment Purchased with Proceeds from Securities Lending – 10.4%
Mount Vernon Securities Lending Prime Portfolio (c)
	(Cost $131,981)		131,980,563			131,981

Total Investments – 110.6%
	(Cost $974,701)					1,401,796

Other Assets and Liabilities, Net – (10.6)%						(133,910	)

Total Net Assets – 100.0%					$	1,267,886


(a)	This security or a portion of this security is out on loan at October 31, 2007. Total loaned securities had a value of $130,336 at October 31, 2007. See note 2 in Notes to Financial Statements.

(b)	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.

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


ADR –	American Depository Receipt

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

116 First American Funds 2007 Annual Report

Statements of Assets and Liabilities October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data


	Balanced		Equity
	Fund		Income Fund

Investments in unaffiliated securities, at cost	$	302,527	$	832,772
Investment in affiliated money market fund, at cost		6,844		9,948
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		99,020		131,981
Premiums received on options written, at cost (note 6)		10		—
Cash denominated in foreign currencies, at cost		13		—

ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	329,311	$	1,259,867
Investment in affiliated money market fund, at value (note 2)		6,844		9,948
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		99,020		131,981
Cash denominated in foreign currencies, at value		14		—
Receivable for dividends and interest		1,374		1,640
Receivable for investment securities sold		1,127		—
Receivable for capital shares sold		71		124
Receivable for swap contracts		609		—
Prepaid expenses and other assets		38		38

Total assets		438,408		1,403,598

LIABILITIES:
Liabilities for options written, at value		3		—
Bank overdraft		941		—
Payable for investment securities purchased		1,234		—
Payable for investment securities purchased on a when-issued basis		1,273		—
Payable upon return of securities loaned (note 2)		99,020		131,981
Payable for capital shares redeemed		1,269		2,672
Payable for variation margin		87		—
Payable to affiliates (note 3)		246		978
Payable for distribution and shareholder servicing fees		31		61
Accrued expenses and other liabilities		6		20

Total liabilities		104,110		135,712

Net assets	$	334,298	$	1,267,886

COMPOSITION OF NET ASSETS:
Portfolio capital	$	274,895	$	760,617
Undistributed (distributions in excess of) net investment income		768		(490	)
Accumulated net realized gain on investments		30,979		80,664
Net unrealized appreciation of investments		26,784		427,095
Net unrealized appreciation of futures contracts		382		—
Net unrealized appreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		1		—
Net unrealized appreciation on options written		7		—
Net unrealized appreciation of swap agreements		482		—

Net assets	$	334,298	$	1,267,886

* Including securities loaned, at value	$	96,757	$	130,336

Class A:
Net assets	$	103,818	$	179,379
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		8,347		10,921
Net asset value and redemption price per share	$	12.44	$	16.43
Maximum offering price per share¹	$	13.16	$	17.39
Class B:
Net assets	$	8,212	$	16,893
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		665		1,041
Net asset value, offering price, and redemption price per share²	$	12.34	$	16.23
Class C:
Net assets	$	2,785	$	9,241
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		224		568
Net asset value, offering price, and redemption price per share²	$	12.42	$	16.26
Class R:
Net assets	$	33	$	940
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		3		57
Net asset value, offering price, and redemption price per share	$	12.54	$	16.41
Class Y:
Net assets	$	219,450	$	1,061,433
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		17,593		64,131
Net asset value, offering price, and redemption price per share	$	12.47	$	16.55


	¹	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.

	²	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

First American Funds 2007 Annual Report 117

Statements of Operations For the year ended October 31, 2007, all dollars are rounded to thousands (000)


	Balanced			Equity
	Fund			Income Fund

INVESTMENT INCOME:
Interest from unaffiliated securities	$	6,778		$	125
Dividends from unaffiliated securities		2,890			37,895
Dividends from affiliated money market fund		382			729
Less: Foreign taxes withheld		(20	)		(32	)
Securities lending income		203			272

Total investment income		10,233			38,989

EXPENSES (note 3):
Investment advisory fees		2,301			8,440
Administration fees		811			2,890
Transfer agent fees		211			292
Custodian fees		18			66
Professional fees		45			42
Registration fees		50			51
Postage and printing fees		20			50
Directors’ fees		22			19
Other expenses		21			20
Distribution and shareholder servicing fees – Class A		263			436
Distribution and shareholder servicing fees – Class B		105			183
Distribution and shareholder servicing fees – Class C		27			99
Distribution and shareholder servicing fees – Class R		—			3

Total expenses		3,894			12,591

Less: Fee waivers (note 3)		(495	)		(13	)
Less: Indirect payments from custodian (note 3)		(4	)		(1	)

Total net expenses		3,395			12,577

Investment income – net		6,838			26,412

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN, FOREIGN CURRENCY TRANSACTIONS, AND SWAP AGREEMENTS – NET (note 5):
Net realized gain on investments		36,857			91,683
Net realized loss on futures contracts		(712	)		—
Net realized loss on options written		(163	)		—
Net realized gain on swap agreements		916			—
Net realized gain on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		2			—
Net change in unrealized appreciation or depreciation of investments		(7,616	)		69,097
Net change in unrealized appreciation or depreciation of futures contracts		317			—
Net change in unrealized appreciation or depreciation of options written		7			—
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 (note 2)		1			—
Net change in unrealized appreciation or depreciation of swap agreements		478			—

Net gain on investments, futures contracts, options written, foreign currency transactions, and swap agreements		30,087			160,780

Net increase in net assets resulting from operations	$	36,925		$	187,192

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

118 First American Funds 2007 Annual Report

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


		Balanced						Equity
		Fund						Income Fund

		Year Ended			Year Ended			Year Ended			Year Ended
		10/31/07			10/31/06			10/31/07			10/31/06

OPERATIONS:
Investment income – net		$	6,838		$	6,826		$	26,412		$	21,407
Net realized gain on investments			36,857			26,905			91,683			141,083
Net realized gain (loss) on futures contracts			(712	)		115			—			—
Net realized loss on options written			(163	)		—			—			—
Net realized gain on swap agreements			916			128			—			—
Net realized gain on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)			2			—			—			—
Net change in unrealized appreciation or depreciation of investments			(7,616	)		5,427			69,097			68,753
Net change in unrealized appreciation or depreciation of futures contracts			317			(32	)		—			—
Net change in unrealized appreciation or depreciation of options written			7			—			—			—
Net change in unrealized appreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)			1			—			—			—
Net change in unrealized appreciation or depreciation of swap agreements			478			43			—			—

Net increase in net assets resulting from operations			36,925			39,412			187,192			231,243

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		(1,878	)		(1,852	)		(3,199	)		(2,470	)
	Class B		(104	)		(146	)		(238	)		(183	)
	Class C		(29	)		(23	)		(128	)		(119	)
	Class R		—			—			(10	)		(6	)
	Class Y		(4,784	)		(4,891	)		(22,721	)		(19,051	)
Net realized gain on investments:
	Class A		(7,413	)		—			(15,114	)		(975	)
	Class B		(926	)		—			(1,748	)		(119	)
	Class C		(207	)		—			(982	)		(83	)
	Class R		(2	)		—			(47	)		(2	)
	Class Y		(17,359	)		—			(99,232	)		(6,504	)

Total distributions			(32,702	)		(6,912	)		(143,419	)		(29,512	)

CAPITAL SHARE TRANSACTIONS (note 4) :
Class A:
	Proceeds from sales		7,514			10,315			14,413			12,754
	Reinvestment of distributions		9,001			1,798			17,020			3,190
	Payments for redemptions		(20,902	)		(27,468	)		(30,354	)		(41,866	)

Increase (decrease) in net assets from Class A transactions			(4,387	)		(15,355	)		1,079			(25,922	)

Class B:
	Proceeds from sales		299			406			1,217			971
	Reinvestment of distributions		992			138			1,875			285
	Payments for redemptions (note 3)		(6,855	)		(7,579	)		(6,493	)		(5,425	)

Decrease in net assets from Class B transactions			(5,564	)		(7,035	)		(3,401	)		(4,169	)

Class C:
	Proceeds from sales		411			518			788			918
	Reinvestment of distributions		225			23			1,026			199
	Payments for redemptions (note 3)		(912	)		(2,678	)		(4,021	)		(7,112	)

Decrease in net assets from Class C transactions			(276	)		(2,137	)		(2,207	)		(5,995	)

Class R:
	Proceeds from sales		27			31			613			113
	Reinvestment of distributions		2			—			56			8
	Payments for redemptions		(19	)		(11	)		(287	)		(100	)

Increase in net assets from Class R transactions			10			20			382			21

Class Y:
	Proceeds from sales		23,664			39,369			80,545			79,417
	Reinvestment of distributions		21,029			4,616			56,726			9,238
	Payments for redemptions		(75,193	)		(72,474	)		(242,377	)		(298,954	)

Decrease in net assets from Class Y transactions			(30,500	)		(28,489	)		(105,106	)		(210,299	)

Decrease in net assets from capital share transactions			(40,717	)		(52,996	)		(109,253	)		(246,364	)

Total decrease in net assets			(36,494	)		(20,496	)		(65,480	)		(44,633	)
Net assets at beginning of year			370,792			391,288			1,333,366			1,377,999

Net assets at end of year		$	334,298		$	370,792		$	1,267,886		$	1,333,366

Undistributed (distributions in excess of) net investment income at end of year		$	768		$	680		$	(490	)	$	—

First American Funds 2007 Annual Report 119

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

Balanced Fund
Class A
	2007^1,2	$	12.27	$	0.22	$	1.04		$	(0.21	)	$	(0.88	)	$	12.44
	2006^1,2		11.27		0.20		1.00			(0.20	)		—			12.27
	2005^2,3		11.43		0.01		(0.17	)		—			—			11.27
	2005^2,4		10.12		0.15		1.31			(0.15	)		—			11.43
	2004^2,4		9.47		0.13		0.66			(0.14	)		—			10.12
	2003⁴		8.38		0.17		1.08			(0.16	)		—			9.47
Class B
	2007^1,2	$	12.18	$	0.13	$	1.03		$	(0.12	)	$	(0.88	)	$	12.34
	2006^1,2		11.18		0.11		1.00			(0.11	)		—			12.18
	2005^2,3		11.34		—		(0.16	)		—			—			11.18
	2005^2,4		10.04		0.07		1.30			(0.07	)		—			11.34
	2004^2,4		9.41		0.05		0.65			(0.07	)		—			10.04
	2003⁴		8.32		0.10		1.08			(0.09	)		—			9.41
Class C
	2007^1,2	$	12.25	$	0.13	$	1.04		$	(0.12	)	$	(0.88	)	$	12.42
	2006^1,2		11.22		0.11		0.99			(0.07	)		—			12.25
	2005^2,3		11.38		—		(0.16	)		—			—			11.22
	2005^2,4		10.08		0.07		1.30			(0.07	)		—			11.38
	2004^2,4		9.44		0.05		0.66			(0.07	)		—			10.08
	2003⁴		8.35		0.09		1.10			(0.10	)		—			9.44
Class R ⁵
	2007^1,2	$	12.35	$	0.19	$	1.07		$	(0.19	)	$	(0.88	)	$	12.54
	2006^1,2		11.29		0.17		1.01			(0.12	)		—			12.35
	2005^2,3		11.45		0.01		(0.17	)		—			—			11.29
	2005^2,4		10.14		0.11		1.32			(0.12	)		—			11.45
	2004^2,4		9.49		0.14		0.64			(0.13	)		—			10.14
	2003⁴		8.39		0.15		1.10			(0.15	)		—			9.49
Class Y
	2007^1,2	$	12.30	$	0.25	$	1.04		$	(0.24	)	$	(0.88	)	$	12.47
	2006^1,2		11.31		0.23		0.99			(0.23	)		—			12.30
	2005^2,3		11.46		0.01		(0.16	)		—			—			11.31
	2005^2,4		10.15		0.17		1.32			(0.18	)		—			11.46
	2004^2,4		9.50		0.16		0.66			(0.17	)		—			10.15
	2003⁴		8.40		0.19		1.09			(0.18	)		—			9.50


	¹	For the period November 1 to October 31 in the year indicated.

	²	Per share data calculated using average shares outstanding method.

	³	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in year indicated.

	⁵	Prior to July 1, 2004, Class R shares were named Class S shares.

	⁶	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

120 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income to
					Ratio of			Investment			Average			Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	10.97	%	$	103,818		1.10	%		1.79	%		1.24	%		1.65	%		144	%
	10.73			106,565		1.10			1.67			1.23			1.54			143
	(1.40	)		112,557		1.10			0.90			1.21			0.79			12
	14.51			114,388		1.06			1.35			1.21			1.20			147
	8.39			119,292		1.05			1.27			1.19			1.13			110
	14.98			98,016		1.05			1.75			1.23			1.57			156

	10.08	%	$	8,212		1.85	%		1.06	%		1.99	%		0.92	%		144	%
	9.93			13,809		1.85			0.92			1.98			0.79			143
	(1.41	)		19,409		1.85			0.15			1.96			0.04			12
	13.64			20,657		1.81			0.60			1.96			0.45			147
	7.46			28,101		1.80			0.54			1.94			0.40			110
	14.25			33,015		1.80			1.00			1.98			0.82			156

	10.15	%	$	2,785		1.85	%		1.06	%		1.99	%		0.92	%		144	%
	9.86			3,030		1.85			0.92			1.98			0.79			143
	(1.41	)		4,787		1.85			0.15			1.96			0.04			12
	13.61			5,528		1.81			0.60			1.96			0.45			147
	7.53			5,890		1.80			0.55			1.94			0.41			110
	14.24			7,089		1.80			0.99			1.98			0.81			156

	10.82	%	$	33		1.35	%		1.54	%		1.49	%		1.40	%		144	%
	10.49			23		1.35			1.38			1.61			1.12			143
	(1.40	)		1		1.35			0.65			1.61			0.39			12
	14.16			1		1.31			1.06			1.61			0.76			147
	8.22			1		1.05			1.39			1.19			1.25			110
	15.08			23,844		1.05			1.76			1.23			1.58			156

	11.21	%	$	219,450		0.85	%		2.05	%		0.99	%		1.91	%		144	%
	10.92			247,365		0.85			1.92			0.98			1.79			143
	(1.31	)		254,534		0.85			1.15			0.96			1.04			12
	14.76			262,557		0.81			1.60			0.96			1.45			147
	8.62			283,005		0.80			1.55			0.94			1.41			110
	15.35			363,157		0.80			2.00			0.98			1.82			156

First American Funds 2007 Annual Report 121

Financial Highlights For a share outstanding throughout the indicated periods


						Realized and
		Net Asset				Unrealized			Distributions			Distributions			Net Asset
		Value		Net		Gains			from Net			from Net			Value
		Beginning		Investment		(Losses) on			Investment			Realized			End of
		of Period		Income		Investments			Income			Gains			Period

Equity Income Fund¹
Class A
	2007²	$	15.90	$	0.29	$	1.96		$	(0.29	)	$	(1.43	)	$	16.43
	2006²		13.67		0.20		2.32			(0.21	)		(0.08	)		15.90
	2005³		13.89		0.01		(0.22	)		(0.01	)		—			13.67
	2005⁴		12.77		0.20		1.15			(0.22	)		(0.01	)		13.89
	2004⁴		11.56		0.18		1.23			(0.20	)		—			12.77
	2003⁴		9.58		0.18		1.99			(0.19	)		—			11.56
Class B
	2007²	$	15.75	$	0.17	$	1.94		$	(0.20	)	$	(1.43	)	$	16.23
	2006²		13.57		0.09		2.30			(0.13	)		(0.08	)		15.75
	2005³		13.79		—		(0.22	)		—			—			13.57
	2005⁴		12.68		0.10		1.14			(0.12	)		(0.01	)		13.79
	2004⁴		11.49		0.08		1.22			(0.11	)		—			12.68
	2003⁴		9.52		0.10		1.98			(0.11	)		—			11.49
Class C
	2007²	$	15.78	$	0.17	$	1.94		$	(0.20	)	$	(1.43	)	$	16.26
	2006²		13.59		0.10		2.30			(0.13	)		(0.08	)		15.78
	2005³		13.81		—		(0.22	)		—			—			13.59
	2005⁴		12.70		0.11		1.13			(0.12	)		(0.01	)		13.81
	2004⁴		11.51		0.08		1.22			(0.11	)		—			12.70
	2003⁴		9.54		0.10		1.98			(0.11	)		—			11.51
Class R⁵
	2007²	$	15.88	$	0.23	$	1.98		$	(0.25	)	$	(1.43	)	$	16.41
	2006²		13.66		0.17		2.31			(0.18	)		(0.08	)		15.88
	2005³		13.88		0.01		(0.23	)		—			—			13.66
	2005⁴		12.78		0.11		1.20			(0.20	)		(0.01	)		13.88
	2004⁴		11.56		0.19		1.22			(0.19	)		—			12.78
	2003⁴		9.57		0.19		1.99			(0.19	)		—			11.56
Class Y
	2007²	$	16.00	$	0.33	$	1.98		$	(0.33	)	$	(1.43	)	$	16.55
	2006²		13.76		0.24		2.33			(0.25	)		(0.08	)		16.00
	2005³		13.98		0.01		(0.21	)		(0.01	)		(0.01	)		13.76
	2005⁴		12.85		0.24		1.15			(0.25	)		(0.01	)		13.98
	2004⁴		11.63		0.21		1.24			(0.23	)		—			12.85
	2003⁴		9.63		0.21		2.00			(0.21	)		—			11.63


	¹	Per share data calculated using average shares outstanding method.

	²	For the period November 1 to October 31 in the year indicated.

	³	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	Prior to July 1, 2004, Class R shares were named Class S shares.

	⁶	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

122 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses to			Income (Loss)
					Ratio of			Investment			Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	15.24	%	$	179,379		1.16	%		1.83	%		1.16	%		1.83	%		20	%
	18.66			171,814		1.18			1.40			1.18			1.40			23
	(1.53	)		171,998		1.20			0.70			1.20			0.70			—
	10.65			176,878		1.16			1.51			1.19			1.48			27
	12.26			184,381		1.15			1.39			1.19			1.35			12
	22.81			144,282		1.15			1.70			1.20			1.65			43

	14.40	%	$	16,893		1.91	%		1.09	%		1.91	%		1.09	%		20	%
	17.76			19,845		1.93			0.65			1.93			0.65			23
	(1.60	)		21,003		1.95			(0.05	)		1.95			(0.05	)		—
	9.86			21,639		1.91			0.78			1.94			0.75			27
	11.37			23,869		1.90			0.65			1.94			0.61			12
	21.97			22,156		1.90			0.95			1.95			0.90			43

	14.37	%	$	9,241		1.91	%		1.09	%		1.91	%		1.09	%		20	%
	17.80			11,225		1.93			0.68			1.93			0.68			23
	(1.59	)		15,313		1.95			(0.05	)		1.95			(0.05	)		—
	9.84			16,128		1.91			0.79			1.94			0.76			27
	11.34			19,300		1.90			0.66			1.94			0.62			12
	21.95			19,386		1.90			0.95			1.95			0.90			43

	14.98	%	$	940		1.41	%		1.48	%		1.41	%		1.48	%		20	%
	18.33			511		1.43			1.14			1.57			1.00			23
	(1.55	)		418		1.45			0.45			1.60			0.30			—
	10.33			415		1.41			0.83			1.59			0.65			27
	12.18			1		1.15			1.52			1.19			1.48			12
	22.91			17,170		1.15			1.80			1.20			1.75			43

	15.54	%	$	1,061,433		0.91	%		2.09	%		0.91	%		2.09	%		20	%
	18.89			1,129,971		0.93			1.65			0.93			1.65			23
	(1.50	)		1,169,267		0.95			0.95			0.95			0.95			—
	10.94			1,206,483		0.91			1.80			0.94			1.77			27
	12.54			1,404,431		0.90			1.65			0.94			1.61			12
	23.20			1,278,470		0.90			1.95			0.95			1.90			43

First American Funds 2007 Annual Report 123

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


1 >	Organization


		Real Estate Securities Fund, International Fund, International Select Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund, and Equity Income Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of October 31, 2007, FAIF offered 42 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Each fund other than Real Estate Securities Fund is a diversified open-end management investment company. Real Estate Securities Fund is a non-diversified, open-end management investment company. Prior to October 3, 2005, Small-Mid Cap Core Fund had different investment strategies, was named Technology Fund, and also was non-diversified. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

		FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. 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 R shares are not offered by Small-Mid Cap Core Fund.

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


2 >	Summary of Significant Accounting Policies


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


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


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

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

		When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the

124 First American Funds 2007 Annual Report


		funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. As of October 31, 2007, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund held fair valued securities with a total value of $69, $25, and $0, respectively, or 0.0%, 0.0%, and 0.0% of total net assets, respectively. The fair values of securities held by International Fund and International Select Fund are determined on each business day by an independent third party based on factors such as price changes for futures contracts, sector indices, American Depository Receipts, and currency exchange rates that occur between the close of the local market and the close of the New York Stock Exchange. The use of daily fair value pricing by International Fund and International Select Fund may cause the net asset value of their shares to differ significantly from the net asset value that would be determined without fair value pricing. Foreign securities are valued at the closing prices on the principal exchange on which they trade unless they are fair valued as described above. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.

		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 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.

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


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


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


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

Real Estate Securities Fund	$	4,550		$	(4,550	)	$	—
International Fund		(19,066	)		(742	)		19,808
International Select Fund		315			(315	)		—
Small Cap Growth Opportunities Fund		(6,590	)		2,573			4,017
Small Cap Select Fund		(19,356	)		806			18,550
Small Cap Value Fund		(7,559	)		35			7,524
Small-Mid Cap Core Fund		58			161			(219	)
Mid Cap Growth Opportunities Fund		(20,886	)		6,928			13,958
Mid Cap Value Fund		(12,147	)		524			11,623
Large Cap Growth Opportunities Fund		(558	)		—			558
Large Cap Select Fund		(8,970	)		—			8,970
Large Cap Value Fund		(17,649	)		10			17,639
Balanced Fund		(5,457	)		45			5,412
Equity Income Fund		(10,144	)		(606	)		10,750

First American Funds 2007 Annual Report 125

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


		The tax character of distributions paid during the fiscal period 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 or year 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 tax character of distributions paid during the fiscal period ended October 31, 2007 and the fiscal year ended October 31, 2006, were as follows:


	October 31, 2007

	Ordinary		Long Term
Fund	Income		Gain		Total

Real Estate Securities Fund	$	74,531	$	31,221	$	105,752
International Fund		19,153		31,015		50,168
International Select Fund		49		—		49
Small Cap Growth Opportunities Fund		17,479		2,440		19,919
Small Cap Select Fund		58,806		75,372		134,178
Small Cap Value Fund		21,986		43,593		65,579
Small-Mid Cap Core Fund		109		—		109
Mid Cap Growth Opportunities Fund		—		142,004		142,004
Mid Cap Value Fund		28,183		38,429		66,612
Large Cap Growth Opportunities Fund		1,284		9,668		10,952
Large Cap Select Fund		2,124		7,702		9,826
Large Cap Value Fund		30,236		53,410		83,646
Balanced Fund		8,951		23,751		32,702
Equity Income Fund		30,078		113,341		143,419


	October 31, 2006

	Ordinary		Long Term
Fund	Income		Gain		Total

Real Estate Securities Fund	$	46,095	$	52,224	$	98,319
International Fund		19,958		—		19,958
Small Cap Growth Opportunities Fund		47,284		8,237		55,521
Small Cap Select Fund		50,757		107,691		158,448
Small Cap Value Fund		11,597		80,011		91,608
Mid Cap Growth Opportunities Fund		52,862		104,610		157,472
Mid Cap Value Fund		6,572		35,553		42,125
Large Cap Select Fund		10,875		7,247		18,122
Large Cap Value Fund		12,164		26,976		39,140
Balanced Fund		6,912		—		6,912
Equity Income Fund		21,829		7,683		29,512


		As of October 31, 2007, components of accumulated earnings (deficit) on a tax-basis were as follows:


					Accumulated								Total
	Undistributed		Undistributed		Capital and					Other			Accumulated
	Ordinary		Long Term		Post-October			Unrealized		Accumulated			Earnings
Fund	Income		Capital Gains		Losses			Appreciation		Losses			(Deficit)

Real Estate Securities Fund	$	27,580	$	68,445	$	—		$	156,280	$	—		$	252,305
International Fund		21,016		137,164		(2,284	)		577,314		—			733,210
International Select Fund		6,219		1,497		—			36,176		(8	)		43,884
Small Cap Growth Opportunities Fund		17,231		3,956		—			25,973		(69	)		47,091
Small Cap Select Fund		7,335		45,547		(19,442	)		87,034		(148	)		120,326
Small Cap Value Fund		16,773		20,160		—			30,440		—			67,373
Small-Mid Cap Core Fund		—		—		(441,953	)		11,195		—			(430,758	)
Mid Cap Growth Opportunities Fund		27,656		161,089		(20,168	)		449,176		—			617,753
Mid Cap Value Fund		24,186		45,574		—			163,973		—			233,733
Large Cap Growth Opportunities Fund		13,655		58,187		(47,305	)		191,780		—			216,317
Large Cap Select Fund		33,926		22,823		—			49,637		—			106,386
Large Cap Value Fund		27,719		73,894		—			147,298		—			248,911
Balanced Fund		16,697		16,582		—			26,381		(251	)		59,409
Equity Income Fund		6,581		75,010		—			425,686		—			507,277


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

126 First American Funds 2007 Annual Report


		As of October 31, 2007, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the funds’ fiscal year-ends as follows:


	Expiration Year

Fund	2008		2009		2010		2011		2012		2013		2014		Total

International Fund	$	—	$	2,284	$	—	$	—	$	—	$	—	$	—	$	2,284
Small Cap Select Fund		—		19,442		—		—		—		—		—		19,442
Small-Mid Cap Core Fund		1,524		334,004		102,105		4,320		—		—		—		441,953
Mid Cap Growth Opportunities Fund		—		20,168		—		—		—		—		—		20,168
Large Cap Growth Opportunities Fund		—		47,305		—		—		—		—		—		47,305


		In accordance with Section 382 of the Internal Revenue Code, utilization of all or a portion of the above capital loss carryovers is limited on an annual basis for International Fund, Small Cap Select Fund, Small-Mid Cap Core Fund, Mid Cap Growth Opportunities Fund, and Large Cap Growth Opportunities Fund to $2,284, $9,721, $1,524, $10,084, and $23,652, respectively.


		FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market, to maintain sufficient liquidity to meet redemption requests and to increase the level of fund assets devoted to replicating the composition of the S&P and Russell indices while reducing transaction costs, certain funds may enter into S&P stock index futures contracts and other stock index futures contracts. The Balanced Fund may also enter into interest rate index 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 October 31, 2007, the outstanding futures contracts of International Select Fund and Balanced Fund are disclosed in their Schedules of Investments.


		OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance returns. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon exercise of the option. As of October 31, 2007, the Balanced Fund held options written as disclosed in its 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 October 31, 2007, Balanced Fund held options purchased as disclosed in its Schedule of Investments.


		SWAP AGREEMENTS – Balanced Fund may invest in swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The fund may enter into interest rate and credit default swap agreements to manage its exposure to interest rates and credit risk.

First American Funds 2007 Annual Report 127

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


		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 a notional amount of principal). As of October 31, 2007, Balanced Fund had outstanding interest rate swaps as disclosed in its Schedule of Investments.

		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 reference entity on its obligation (typically a corporate issue or sovereign issue of an emerging country). The fund may use credit default swaps to provide a measure of protection against defaults of particular issuers (i.e., to reduce risk where the fund owns an issuance of or otherwise has exposure to the issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As of October 31, 2007, Balanced Fund had outstanding credit default swaps as disclosed in its Schedule of Investments.

		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 on 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 on the Statement of Operations. Net periodic payments received by the fund are included as part of miscellaneous 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 an agreement may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreement, and that there may be unfavorable changes in interest rates.


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


	•	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.


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

		International Fund and International Select Fund 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. At October 31, 2007, International Fund and International Select Fund had foreign currency holdings consisting of multiple denominations.


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


		The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit a potential gain that might result should the value of the currency increase. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. The face or contract amount in U.S. dollars reflects the total exposure the fund has in that particular currency contract. In addition, there could be exposure to risks (limited to the amount of unrealized gains) if the counterparties to the contracts are unable to meet the terms of their contracts. At October 31, 2007, International Fund and International Select Fund had no outstanding forward foreign currency contracts.


		SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to their delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-

128 First American Funds 2007 Annual Report


		commitment basis may increase the volatility of the fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. At October 31, 2007, Balanced Fund had when-issued or forward-commitment securities outstanding with a total cost of $1,273.


		In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical, securities on a specified future date. As an inducement for the fund to “roll over” its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage. As of and for the fiscal period ended October 31, 2007, the funds had no dollar rolls.


		ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its 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 October 31, 2007, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund had investments in illiquid securities with a total value of $69, $2,510, and $1, respectively, or 0.0%, 0.8%, and 0.0%, respectively, of total net assets.


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

Dates

Real Estate Securities Fund

Shares

Acquired

Cost Basis

Beacon Capital

3/98

435

Newcastle Investment Holdings

6/98

153


			Dates
Small Cap Growth Opportunities Fund	Shares		Acquired		Cost Basis

Ember Resources		1,342		1/06-3/07	$	7,175
Hollis-Eden Pharmaceuticals Warrants		71		2/06		161
Kuhlman Company Warrants		282		1/06		273
Tridium, Class B, Escrow Shares		279		1/06		—
VideoPropulsion		785		12/99		—


			Dates
Balanced Fund	Par		Acquired		Cost Basis

Duty Free International	$	588		1/99-11/02	$	588
Westam Mortgage Financial		1		10/02		1


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


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

First American Funds 2007 Annual Report 129

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


		Securities lending fees paid to U.S. Bank by the funds during the fiscal period ended October 31, 2007, were as follows:


Fund

Real Estate Securities Fund	$	289
Small Cap Growth Opportunities Fund		193
Small Cap Select Fund		1,004
Small Cap Value Fund		178
Small-Mid Cap Core Fund		62
Mid Cap Growth Opportunities Fund		688
Mid Cap Value Fund		258
Large Cap Growth Opportunities Fund		123
Large Cap Select Fund		69
Large Cap Value Fund		88
Balanced Fund		82
Equity Income Fund		107


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


		SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities is recorded as an adjustment to realized or unrealized gains or losses. For the fiscal year ended October 31, 2007, International Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund, and Equity Income Fund received settlement proceeds of $7, $211, $365, $258, $414, $331, $10, $2,846, $11, $668, $1,003, and $1,064, respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolio.

		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 period ended October 31, 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, preselected by each director. All amounts in the Plan are 100% vested, and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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


3 >	Fees and Expenses


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


	Advisory Fee
	as a % of Average
Fund	Daily Net Assets

Real Estate Securities Fund		0.70	%
International Fund		1.00
International Select Fund		1.00
Small Cap Growth Opportunities Fund		1.00
Small Cap Select Fund		0.70
Small Cap Value Fund		0.70
Small-Mid Cap Core Fund		0.70
Mid Cap Growth Opportunities Fund		0.70
Mid Cap Value Fund		0.70
Large Cap Growth Opportunities Fund*		0.65
Large Cap Select Fund*		0.65
Large Cap Value Fund*		0.65
Balanced Fund*		0.65
Equity Income Fund*		0.65


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


		FAF Advisors has agreed to waive fees and reimburse other fund expenses for the following funds through June 30, 2008, so that total fund operating

130 First American Funds 2007 Annual Report


	expenses, as a percentage of average daily net assets, do not exceed the following amounts:


	Share Class

Fund	A			B			C			R			Y

International Fund		1.49	%		2.24	%		2.24	%		1.74	%		1.24	%
International Select Fund		1.49			2.24			2.24			1.74			1.24
Small Cap Growth Opportunities Fund		1.47			2.22			2.22			1.72			1.22
Small-Mid Cap Core Fund		1.41			2.16			2.16			N/A			1.16
Balanced Fund		1.10			1.85			1.85			1.35			0.85


	N/A = Not Applicable


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


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

		SUB-ADVISORY FEES – J.P. Morgan Investment Management Inc. (“JP Morgan”) serves as investment sub-advisor to the International Fund pursuant to a sub-advisory agreement with FAF Advisors. For the services under its sub-advisory agreement with FAF Advisors, JP Morgan is paid a monthly fee by FAF Advisors equal, on an annual basis, to 0.34% of the first $100 million of the fund’s average daily net assets, 0.30% of the next $250 million of the fund’s average daily net assets, 0.24% of the next $1.25 billion of the fund’s average daily net assets, and 0.22% of the fund’s average daily net assets in excess of $1.60 billion.


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


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

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


		Under the custodian agreements, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. The International Fund and International Select Fund have also entered into agreements with SSB to receive certain credits to reduce the amount of custody fees incurred. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statement of Operations. Conversely, the custodians charge a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.

		For the fiscal period ended October 31, 2007, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned (and other

First American Funds 2007 Annual Report 131

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


		custodian credits for International Fund and International Select Fund) as follows:


Fund	Increased		Decreased

Real Estate Securities Fund	$	4	$	3
International Fund		—		496
International Select Fund		—		47
Small Cap Growth Opportunities Fund		—		9
Small Cap Select Fund		3		13
Small Cap Value Fund		1		5
Small-Mid Cap Core Fund		2		1
Mid Cap Growth Opportunities Fund		—		9
Mid Cap Value Fund		—		9
Large Cap Growth Opportunities Fund		22		4
Large Cap Select Fund		8		1
Large Cap Value Fund		3		4
Balanced Fund		—		4
Equity Income Fund		1		1


		DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00%, and 0.50% of each fund’s average daily net assets attributable to Class A 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.


		Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the fiscal period ended October 31, 2007:


Fund

Real Estate Securities Fund	$	330
International Fund		87
International Select Fund		3
Small Cap Growth Opportunities Fund		116
Small Cap Select Fund		380
Small Cap Value Fund		103
Small-Mid Cap Core Fund		52
Mid Cap Growth Opportunities Fund		518
Mid Cap Value Fund		240
Large Cap Growth Opportunities Fund		190
Large Cap Select Fund		15
Large Cap Value Fund		202
Balanced Fund		248
Equity Income Fund		419


		OTHER EXPENSES – In addition to investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal year ended October 31, 2007, legal fees and expenses of $75 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 period ended October 31, 2007, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:


Fund

Real Estate Securities Fund	$	333
International Fund		81
International Select Fund		21
Small Cap Growth Opportunities Fund		40
Small Cap Select Fund		412
Small Cap Value Fund		55
Small-Mid Cap Core Fund		25
Mid Cap Growth Opportunities Fund		188
Mid Cap Value Fund		162
Large Cap Growth Opportunities Fund		67
Large Cap Select Fund		16
Large Cap Value Fund		59
Balanced Fund		58
Equity Income Fund		155

132 First American Funds 2007 Annual Report


4 >	Capital Share Transactions


	FAIF has 358 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:


		Real Estate						International						International
		Securities Fund						Fund						Select Fund

		Year Ended			Year Ended			Year Ended			Year Ended			12/21/06* to
		10/31/07			10/31/06			10/31/07			10/31/06			10/31/07

Class A:
	Shares issued		4,146			4,130			753			944			295
	Shares issued in lieu of cash distributions		921			997			85			37			—
	Shares redeemed		(5,215	)		(2,737	)		(1,079	)		(1,467	)		(29	)

Total Class A transactions			(148	)		2,390			(241	)		(486	)		266

Class B:
	Shares issued		119			100			40			90			27
	Shares issued in lieu of cash distributions		30			27			10			2			—
	Shares redeemed		(114	)		(57	)		(152	)		(165	)		—

Total Class B transactions			35			70			(102	)		(73	)		27

Class C:
	Shares issued		659			295			59			69			25
	Shares issued in lieu of cash distributions		49			31			10			2			—
	Shares redeemed		(398	)		(77	)		(200	)		(157	)		(1	)

Total Class C transactions			310			249			(131	)		(86	)		24

Class R:
	Shares issued		911			421			—			—			1
	Shares issued in lieu of cash distributions		46			5			—			—			—
	Shares redeemed		(546	)		(76	)		—			—			—

Total Class R transactions			411			350			—			—			1

Class Y:
	Shares issued		7,923			7,940			10,532			16,815			30,297
	Shares issued in lieu of cash distributions		1,720			1,946			1,920			865			5
	Shares redeemed		(11,037	)		(4,939	)		(32,299	)		(26,402	)		(2,105	)

Total Class Y transactions			(1,394	)		4,947			(19,847	)		(8,722	)		28,197

Net increase (decrease) in capital shares			(786	)		8,006			(20,321	)		(9,367	)		28,515


*	Commencement of operations.


		Small Cap Growth						Small Cap						Small Cap
		Opportunities Fund						Select Fund						Value Fund

		Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		10/31/07			10/31/06			10/31/07			10/31/06			10/31/07			10/31/06

Class A:
	Shares issued		2,066			4,199			12,088			9,110			680			865
	Shares issued in lieu of cash distributions		449			735			1,842			1,595			670			769
	Shares redeemed		(2,397	)		(1,598	)		(11,692	)		(2,829	)		(1,160	)		(711	)

Total Class A transactions			118			3,336			2,238			7,876			190			923

Class B:
	Shares issued		12			27			171			169			15			32
	Shares issued in lieu of cash distributions		23			84			203			260			103			167
	Shares redeemed		(156	)		(149	)		(358	)		(245	)		(161	)		(222	)

Total Class B transactions			(121	)		(38	)		16			184			(43	)		(23	)

Class C:
	Shares issued		42			50			1,625			568			90			61
	Shares issued in lieu of cash distributions		8			30			213			217			61			85
	Shares redeemed		(73	)		(78	)		(520	)		(385	)		(133	)		(133	)

Total Class C transactions			(23	)		2			1,318			400			18			13

Class R:
	Shares issued		22			68			2,900			176			193			133
	Shares issued in lieu of cash distributions		4			—			43			6			24			1
	Shares redeemed		(67	)		(3	)		(369	)		(24	)		(94	)		(13	)

Total Class R transactions			(41	)		65			2,574			158			123			121

Class Y:
	Shares issued		688			1,850			13,513			8,486			2,860			3,416
	Shares issued in lieu of cash distributions		368			1,388			4,956			7,353			3,430			4,769
	Shares redeemed		(2,772	)		(3,669	)		(18,273	)		(12,717	)		(7,072	)		(6,538	)

Total Class Y transactions			(1,716	)		(431	)		196			3,122			(782	)		1,647

Net increase (decrease) in capital shares			(1,783	)		2,934			6,342			11,740			(494	)		2,681

First American Funds 2007 Annual Report 133

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


		Small-Mid Cap						Mid Cap Growth						Mid Cap
		Core Fund						Opportunities Fund						Value Fund

		Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		10/31/07			10/31/06			10/31/07			10/31/06			10/31/07			10/31/06

Class A:
	Shares issued		550			1,273			2,690			3,381			5,728			4,315
	Shares issued in lieu of cash distributions		—			—			747			775			541			155
	Shares redeemed		(1,238	)		(1,315	)		(2,071	)		(4,096	)		(3,006	)		(929	)

Total Class A transactions			(688	)		(42	)		1,366			60			3,263			3,541

Class B:
	Shares issued		33			52			49			63			48			73
	Shares issued in lieu of cash distributions		—			—			40			42			21			21
	Shares redeemed		(327	)		(435	)		(123	)		(79	)		(90	)		(157	)

Total Class B transactions			(294	)		(383	)		(34	)		26			(21	)		(63	)

Class C:
	Shares issued		123			231			241			240			377			460
	Shares issued in lieu of cash distributions		—			—			47			45			43			17
	Shares redeemed		(155	)		(235	)		(125	)		(183	)		(152	)		(95	)

Total Class C transactions			(32	)		(4	)		163			102			268			382

Class R¹:
	Shares issued		—			—			318			338			847			685
	Shares issued in lieu of cash distributions		—			—			43			27			47			4
	Shares redeemed		—			—			(155	)		(66	)		(488	)		(55	)

Total Class R transactions			—			—			206			299			406			634

Class Y:
	Shares issued		2,627			5,352			4,461			4,107			3,775			4,891
	Shares issued in lieu of cash distributions		4			—			1,889			2,385			1,321			1,130
	Shares redeemed		(2,229	)		(2,340	)		(4,936	)		(7,045	)		(4,689	)		(3,614	)

Total Class Y transactions			402			3,012			1,414			(553	)		407			2,407

Net increase (decrease) in capital shares			(612	)		2,583			3,115			(66	)		4,323			6,901


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


		Large Cap Growth						Large Cap						Large Cap
		Opportunities Fund						Select Fund						Value Fund

		Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		10/31/07			10/31/06			10/31/07			10/31/06			10/31/07			10/31/06

Class A:
	Shares issued		413			459			121			345			393			522
	Shares issued in lieu of cash distributions		33			—			7			10			443			237
	Shares redeemed		(837	)		(1,174	)		(130	)		(281	)		(1,045	)		(1,595	)

Total Class A transactions			(391	)		(715	)		(2	)		74			(209	)		(836	)

Class B:
	Shares issued		29			27			4			14			21			31
	Shares issued in lieu of cash distributions		6			—			1			1			37			25
	Shares redeemed		(183	)		(265	)		(8	)		(13	)		(150	)		(323	)

Total Class B transactions			(148	)		(238	)		(3	)		2			(92	)		(267	)

Class C:
	Shares issued		40			19			5			5			38			26
	Shares issued in lieu of cash distributions		3			—			—			1			18			10
	Shares redeemed		(93	)		(120	)		(3	)		(2	)		(87	)		(78	)

Total Class C transactions			(50	)		(101	)		2			4			(31	)		(42	)

Class R:
	Shares issued		4			9			1			10			2			7
	Shares issued in lieu of cash distributions		—			—			—			—			1			—
	Shares redeemed		(7	)		(1	)		(7	)		(2	)		(2	)		—

Total Class R transactions			(3	)		8			(6	)		8			1			7

Class Y:
	Shares issued		2,632			4,473			3,283			12,008			2,404			4,621
	Shares issued in lieu of cash distributions		158			—			234			515			2,150			1,056
	Shares redeemed		(8,796	)		(8,081	)		(8,527	)		(5,046	)		(9,744	)		(6,211	)

Total Class Y transactions			(6,006	)		(3,608	)		(5,010	)		7,477			(5,190	)		(534	)

Net increase (decrease) in capital shares			(6,598	)		(4,654	)		(5,019	)		7,565			(5,521	)		(1,672	)

134 First American Funds 2007 Annual Report


		Balanced						Equity
		Fund						Income Fund

		Year Ended			Year Ended			Year Ended			Year Ended
		10/31/07			10/31/06			10/31/07			10/31/06

Class A:
	Shares issued		631			877			931			876
	Shares issued in lieu of cash distributions		769			154			1,124			220
	Shares redeemed		(1,737	)		(2,330	)		(1,942	)		(2,869	)

Total Class A transactions			(337	)		(1,299	)		113			(1,773	)

Class B:
	Shares issued		25			34			79			67
	Shares issued in lieu of cash distributions		86			12			125			20
	Shares redeemed		(580	)		(648	)		(423	)		(375	)

Total Class B transactions			(469	)		(602	)		(219	)		(288	)

Class C:
	Shares issued		34			44			51			63
	Shares issued in lieu of cash distributions		19			2			68			14
	Shares redeemed		(76	)		(226	)		(262	)		(492	)

Total Class C transactions			(23	)		(180	)		(143	)		(415	)

Class R:
	Shares issued		2			3			39			8
	Shares issued in lieu of cash distributions		—			—			4			—
	Shares redeemed		(1	)		(1	)		(18	)		(7	)

Total Class R transactions			1			2			25			1

Class Y:
	Shares issued		1,971			3,312			5,150			5,379
	Shares issued in lieu of cash distributions		1,790			393			3,727			637
	Shares redeemed		(6,272	)		(6,111	)		(15,349	)		(20,386	)

Total Class Y transactions			(2,511	)		(2,406	)		(6,472	)		(14,370	)

Net decrease in capital shares			(3,339	)		(4,485	)		(6,696	)		(16,845	)


		Class B shares converted to Class A shares (reflected above as Class A shares issued and Class B shares redeemed) during the fiscal period ended October 31, 2007 and the fiscal year ended October 31, 2006, were as follows:


	Fiscal
	Period		Year
	Ended		Ended
Fund	10/31/07		10/31/06

Real Estate Securities Fund		13		13
International Fund		47		41
International Select Fund		—		N/A
Small Cap Growth Opportunities Fund		66		43
Small Cap Select Fund		125		66
Small Cap Value Fund		39		88
Small-Mid Cap Core Fund		106		143
Mid Cap Growth Opportunities Fund		71		19
Mid Cap Value Fund		34		78
Large Cap Growth Opportunities Fund		99		125
Large Cap Select Fund		1		1
Large Cap Value Fund		76		185
Balanced Fund		407		331
Equity Income Fund		223		110


	N/A = Not Applicable


5 >	Investment Security Transactions


		During the fiscal year ended October 31, 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

Real Estate Securities Fund	$	—	$	—	$	2,067,600	$	2,154,367
International Fund		—		—		246,356		595,061
International Select Fund		—		—		433,040		77,421
Small Cap Growth Opportunities Fund		—		—		364,136		425,677
Small Cap Select Fund		—		—		1,017,795		1,064,561
Small Cap Value Fund		—		—		251,580		311,252
Small-Mid Cap Core Fund		—		—		176,100		181,572
Mid Cap Growth Opportunities Fund		—		—		1,675,534		1,735,083
Mid Cap Value Fund		—		—		1,032,391		991,288
Large Cap Growth Opportunities Fund		—		—		847,445		1,073,403
Large Cap Select Fund		—		—		649,529		738,634
Large Cap Value Fund		—		—		719,589		896,072
Balanced Fund		174,789		177,350		327,640		393,629
Equity Income Fund		—		—		255,087		474,219


		The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased

First American Funds 2007 Annual Report 135

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


		with proceeds from securities lending) for federal tax purposes at October 31, 2007, were as follows:


	Aggregate		Aggregate					Federal
	Gross		Gross					Income
Fund	Appreciation		Depreciation			Net		Tax Cost

Real Estate Securities Fund	$	173,685	$	(17,405	)	$	156,280	$	1,155,570
International Fund		598,374		(21,181	)		577,193		1,422,854
International Select Fund		46,900		(9,661	)		37,239		307,242
Small Cap Growth Opportunities Fund		41,521		(15,548	)		25,973		430,972
Small Cap Select Fund		151,321		(64,287	)		87,034		1,421,418
Small Cap Value Fund		53,962		(23,522	)		30,440		521,965
Small-Mid Cap Core Fund		15,188		(3,993	)		11,195		150,438
Mid Cap Growth Opportunities Fund		511,288		(62,112	)		449,176		2,238,844
Mid Cap Value Fund		197,188		(33,215	)		163,973		1,292,995
Large Cap Growth Opportunities Fund		200,864		(9,084	)		191,780		856,925
Large Cap Select Fund		65,060		(15,423	)		49,637		509,689
Large Cap Value Fund		162,319		(15,021	)		147,298		856,642
Balanced Fund		34,263		(8,139	)		26,124		409,051
Equity Income Fund		439,360		(13,674	)		425,686		976,110


		The difference between cost for financial statement purposes and federal tax purposes is primarily due to losses deferred from wash sales, investments in limited partnerships and REITs, the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts, and the mark-to-market of certain PFICs for tax purposes.


6 >	Options Written


		Transactions in options written for the fiscal year ended October 31, 2007, were as follows:


	Put Options				Call Options
	Written				Written

	Number				Number
	of		Premium		of		Premium
Balanced Fund	Contracts		Amount		Contracts		Amount

Balance at October 31, 2006		—	$	—		—	$	—
Opened		304		78		77		20
Expired		—		—		—		—
Closed		(304)		(78)		(36)		(10	)

Balance at October 31, 2007		—		—		41		10


7 >	Sector Risk


		Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. Real Estate Securities Fund primarily invests in income-producing common stocks of publicly traded companies engaged in the real estate industry. The real estate industry has been subject to substantial fluctuations and declines on a local, regional, and national basis in the past and that may continue in the future. As of October 31, 2007, Small Cap Growth Opportunities Fund and Large Cap Growth Opportunities Fund each had a significant portion of their assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole. As of the same date, International Fund, Small Cap Value Fund, and Large Cap Value Fund had significant portions of their assets invested in the financial sector. The financial sector may be more greatly impacted by the performance of the overall economy, interest rates, competition, and consumer confidence and spending.


8 >	Indemnifications


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


9 >	Redemption-in-Kind Transaction


		On September 13, 2007, $51,656 was redeemed from Small Cap Select Fund as a redemption-in-kind transaction. In this transaction, the fund paid redemption proceeds by distributing a proportionate amount of securities in the fund’s portfolio. Remaining shareholders in the fund did not recognize any additional capital gains from the transaction.


10 >	Regulatory Settlement Proceeds


		Small Cap Growth Opportunities Fund received $177 from Veras Capital Partners in settlement of administrative proceeds involving findings by the Securities and Exchange Commission of market timing and late trading of mutual funds. The settlement is presented in the fund’s statement of changes in net assets. Neither the fund nor its affiliates were involved in the proceedings.


11 >	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 period. Adoption of FIN 48 is required for fiscal periods beginning after December 15, 2006, and is to be applied to all open tax periods as of that 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

136 First American Funds 2007 Annual Report


		first required financial statement reporting period. As a result, all of the funds will incorporate FIN 48 in their semiannual report on April 30, 2008. 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 on 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 October 31, 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.


12 >	Subsequent Event


		On November 29, 2007, $1,595 was redeemed from Small Cap Growth Opportunities Fund as a redemption-in-kind transaction. In this transaction, the fund paid redemption proceeds by distributing a proportionate amount of securities in the fund’s portfolio. Remaining shareholders in the fund did not recognize any additional capital gains from the transaction.

First American Funds 2007 Annual Report 137

Notice to Shareholders October 31, 2007 (unaudited)

RESULTS OF A SPECIAL MEETING


	A special meeting of the shareholders of the International Fund was held on September 27, 2007, for shareholders of record as of August 10, 2007. The shareholders of the fund voted on whether to approve a “manager-of-managers” structure for the fund. The results of the vote at the shareholder meeting held September 27, 2007 were as follows:

	To authorize a “manager-of-managers” structure for the fund, whereby FAF Advisors, subject to certain conditions, will be able to add or replace sub-advisors to the fund, or materially amend existing sub-advisory agreements, without obtaining shareholder approval (not rounded):


For	Against	Abstain

2,499,963	87,886,069	82,686

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 2007 on Form 1099. Please consult your tax advisor for proper treatment of this information.

	For the fiscal period ended October 31, 2007, each fund has designated long-term capital gains, ordinary income, dividends qualifying for the corporate received deduction, and qualified dividend income with regard to distributions paid during the period as follows:


	Long Term			Ordinary
	Capital Gains			Income			Total Taxable
	Distributions			Distributions			Distributions
Fund	(Tax Basis) (a)			(Tax Basis) (a)			(Tax Basis)

Real Estate Securities Fund		30	%		70	%		100	%
International Fund (b)		62			38			100
International Select Fund (b)		0			100			100
Small Cap Growth Opportunities Fund		12			88			100
Small Cap Select Fund		56			44			100
Small Cap Value Fund		66			34			100
Small-Mid Cap Core Fund		0			100			100
Mid Cap Growth Opportunities Fund		100			0			100
Mid Cap Value Fund		58			42			100
Large Cap Growth Opportunities Fund		88			12			100
Large Cap Select Fund		78			22			100
Large Cap Value Fund		64			36			100
Balanced Fund		73			27			100
Equity Income Fund		79			21			100


	(a)	Based on a percentage of the fund’s total distributions.


	(b)	The International and International Select Fund have elected to pass through to shareholders foreign taxes under Section 853 of the Internal Revenue Code. Foreign taxes paid for the funds were $4,021,401 and $367,162, respectively, and foreign source income for the funds was $44,485,297 and $3,925,313, respectively.

138 First American Funds 2007 Annual Report

Shareholder Notification of Federal Tax Status:


	Each fund has designated the following percentages of the ordinary income distributions during the fiscal period ended October 31, 2007 as dividends qualifying for the dividends received deduction available to corporate shareholders:



Real Estate Securities Fund	0.88	%
International Fund	0.00
International Select Fund	0.00
Small Cap Growth Opportunities Fund	2.79
Small Cap Select Fund	6.14
Small Cap Value Fund	18.02
Small-Mid Cap Core Fund	86.69
Mid Cap Growth Opportunities Fund	0.00
Mid Cap Value Fund	43.07
Large Cap Growth Opportunities Fund	100.00
Large Cap Select Fund	19.83
Large Cap Value Fund	55.93
Balanced Fund	18.85
Equity Income Fund	100.00


	In addition, each fund has designated the following percentages of the ordinary income distributions from net investment income during the fiscal period ended October 31, 2007 as qualified dividend income available to individual shareholders under the Jobs and Growth Tax Relief Reconciliation Act of 2003:



Real Estate Securities Fund	1.32	%
International Fund	100.00
International Select Fund	51.34
Small Cap Growth Opportunities Fund	5.96
Small Cap Select Fund	6.41
Small Cap Value Fund	18.58
Small-Mid Cap Core Fund	86.69
Mid Cap Growth Opportunities Fund	0.00
Mid Cap Value Fund	44.23
Large Cap Growth Opportunities Fund	100.00
Large Cap Select Fund	20.21
Large Cap Value Fund	80.45
Balanced Fund	19.83
Equity Income Fund	100.00

Additional Information Applicable to Foreign Shareholders Only:


	The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for each fund were as follows:


Fund

Real Estate Securities Fund	0.35	%
International Fund	39.90
International Select Fund	14.25
Small Cap Growth Opportunities Fund	0.59
Small Cap Select Fund	0.60
Small Cap Value Fund	0.73
Small-Mid Cap Core Fund	0.00
Mid Cap Growth Opportunities Fund	0.00
Mid Cap Value Fund	1.71
Large Cap Growth Opportunities Fund	6.97
Large Cap Select Fund	0.88
Large Cap Value Fund	0.77
Balanced Fund	19.35
Equity Income Fund	0.59

First American Funds 2007 Annual Report 139

Notice to Shareholders October 31, 2007 (unaudited)


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


Fund

Real Estate Securities Fund	80.95	%
International Fund	0.00
International Select Fund	0.00
Small Cap Growth Opportunities Fund	100.00
Small Cap Select Fund	100.00
Small Cap Value Fund	93.74
Small-Mid Cap Core Fund	0.00
Mid Cap Growth Opportunities Fund	0.00
Mid Cap Value Fund	78.01
Large Cap Growth Opportunities Fund	0.00
Large Cap Select Fund	0.00
Large Cap Value Fund	62.31
Balanced Fund	24.11
Equity Income Fund	12.57

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 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 business days of the calendar quarter-end.

APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS


	The Board of Directors of the Funds (the “Board”), which is comprised entirely of independent directors, oversees the management of each Fund and, as required by law, determines annually whether to renew the Funds’ advisory agreement with FAF Advisors, Inc. (“FAF Advisors”). In addition to determining whether to renew the Agreement with FAF Advisors, the Board also is responsible for determining whether to approve sub-advisory agreements for the Funds.

	At a meeting on May 1-3, 2007, the Board considered information relating to the Funds’ investment advisory agreement with FAF Advisors (the “Agreement”) and, with respect to the International Fund, information relating to the sub-advisory agreement between FAF Advisors and J.P. Morgan Investment Management Inc. (“JP Morgan”) (the “Sub-Advisory Agreement”). In advance of the meeting, the Board received materials relating to the Agreement and the Sub-Advisory 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 and the Sub-Advisory 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, with the exception of International Select Fund. (The Board had previously considered and approved the Agreement with respect to International Select Fund at a meeting of the Board held on December 5, 2006, just prior to the Fund’s commencement of operation on December 21, 2006). 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

140 First American Funds 2007 Annual Report


	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 and the Sub-Advisory 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 and the Sub-Advisory Agreement. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund and that the Sub-Advisory Agreement is fair and in the interests of the shareholders of the International Fund. In reaching its conclusions, the Board considered the following:

Nature, Quality and Extent of Investment Advisory Services


	The Board examined the nature, quality and extent of the services provided by FAF Advisors to each Fund, and the nature, quality and extent of the services provided by JP Morgan to the International Fund.

	For each Fund other than the International Fund, which is sub-advised by JP Morgan, the Board reviewed FAF Advisors’ key personnel who provide investment management services to the Fund as well as the fact that, under the Agreement, FAF Advisors has the authority and responsibility to make and execute investment decisions for the 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.

	With respect to the International Fund, the Board examined the nature, quality and extent of the services provided by JP Morgan and reviewed JP Morgan’s key personnel who provide investment management services to the Fund. The Board noted that, under the Sub-Advisory Agreement, JP Morgan has the authority and responsibility to make and execute investment decisions for the Fund within the framework of the Fund’s investment policies and restrictions, subject to the supervision of FAF Advisors and review by the Board. The Board further considered that JP Morgan’s duties with respect to the International Fund include investment research and stock selection and adherence to the Fund’s investment policies and restrictions. The Board noted that, under the Agreement, FAF Advisors is responsible for monitoring the performance of JP Morgan as well as various organizations providing services to the International Fund, including the Fund’s distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered FAF Advisors’ representation that the services provided by JP Morgan under the Sub-Advisory Agreement are the type of services customarily provided by investment advisors in the fund industry.

	The Board considered compliance reports about FAF Advisors and JP Morgan from the Fund’s Chief Compliance Officer (CCO).

	Based on the foregoing, the Board concluded that (i) each Fund is likely to benefit from the nature, extent and quality of the services provided by FAF Advisors under the Agreement and (ii) the International Fund is likely to benefit from the nature, extent and quality of the services provided by JP Morgan under the Sub-Advisory 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 performance periods considered by the Board ended on January 31, 2007.

	Balanced Fund. The Board considered that for the three- and five-year periods the Fund outperformed or performed comparably to its benchmark and performance universe though it underperformed both for the one-and ten-year periods. The Board noted it had recently approved an investment policy change to allow investment of a portion of the fixed income component of the Fund in high-yield securities, non-dollar denominated securities and emerging market securities and that such investment policy change will bring the Fund more in line with other funds in its category. The Board concluded that, in light of the Fund’s good relative performance over the three- and five-year periods, and in light of the recent investment policy change, it would be in the interest of the Fund and its shareholders to renew the Agreement.

First American Funds 2007 Annual Report 141

Notice to Shareholders October 31, 2007 (unaudited)


	Equity Income Fund. The Board considered that the Fund’s performance exceeded that of its benchmark index for the one-, three-, five- and ten-year periods and that it outperformed the median of its performance universe for the one- and ten-year periods though it underperformed that median for the three-and five-year periods. The Board concluded that, in light of the Fund’s strong performance vis-à-vis its benchmark index, and the good, recent performance vis-à-vis its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

	International Fund. The Board noted that the Fund has underperformed both its benchmark and its performance universe for the one-, three-, five- and ten-year periods. The Board considered, however, that the Fund’s sub-adviser, JP Morgan, did not begin managing the Fund until December 2004 and that JP Morgan, therefore, is only responsible for the one-year performance record reviewed by the Board. Nevertheless, the Board asked FAF Advisors to present it with recommendations of alternatives to address performance by the end of the year. In light of the foregoing, the Board concluded it would be in the interest of the Fund and its shareholders to renew the Agreement and the Sub-Advisory Agreement and to continue to closely monitor JP Morgan’s performance.

	Large Cap Growth Opportunities Fund. The Board considered that the Fund outperformed its performance universe for the one-, three- and five-year periods, although the Fund underperformed its performance universe for the ten-year period. While the Board also considered that the Fund underperformed its benchmark for all periods, the Board noted that, so too, had the majority of the funds in the performance universe. The Board concluded that, in light of the Fund’s strong performance vis-à-vis its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

	Large Cap Select Fund. The Board considered that the Fund outperformed its performance universe for the three-year period and since inception, though it underperformed its performance universe for the one-year period. The Board also noted that the Fund underperformed the benchmark for the one- and three-year periods. The Board considered FAF Advisors’ assertion that the Fund’s underperformance during the one-year period occurred primarily during the first part of the year while during the last six months of the year the Fund’s performance improved, placing it in the 54th percentile vis-à-vis its performance universe. The Board concluded that, in light of the Fund’s outperformance of the performance universe for the three-year and since inception periods, it would be in the interest of the Fund and its shareholders to renew the Agreement.

	Large Cap Value Fund. The Board noted that the Fund outperformed its performance universe for the three-year period, although it underperformed the performance universe and its benchmark for the one-, five-and ten-year periods. The Board also noted the Fund’s underperformance of the benchmark for the three-year period. The Board considered, however, the portfolio management transitions that FAF Advisors has instituted during the past two years (ending in October 2006). The Board concluded that, in light of these transitions and the Fund’s strong performance compared to that of its performance universe in the three-year period, it would be in the interest of the Fund and its shareholders to renew the Agreement.

	Mid Cap Growth Opportunities Fund. The Board considered that the Fund considerably outperformed its performance universe for the one-, three-, five-and ten-year periods and outperformed its benchmark for all periods but the one-year period. The Board concluded that, in light of the Fund’s strong performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

	Mid Cap Value Fund. The Board considered that the Fund outperformed its performance universe for the three-and five-year periods, though it underperformed its benchmark for those periods. The Board also noted that the Fund underperformed both its benchmark index and its performance universe for the one- and ten-year periods, although the long-term underperformance could be attributed primarily to a former management team. With respect to the Fund’s underperformance for the one-year period, the Board considered the portfolio management transitions that FAF Advisors has instituted during the past 18 months. The Board concluded that, in light of these transitions and the Fund’s strong performance relative to its performance universe for the three- and five-year periods, it would be in the interest of the Fund and its shareholders to renew the Agreement.

	Real Estate Securities Fund. The Board considered that the Fund outperformed its benchmark index and its performance universe for the one-, three-, five- and ten-year periods. The Board concluded that, in light of this performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

	Small Cap Growth Opportunities Fund. The Board noted that the Fund outperformed its performance universe for the five- and ten-year periods, though it underperformed the universe for the one- and three-year periods. The Board also considered that the Fund outperformed its benchmark for the ten-year period, though it underperformed its benchmark for the other periods. The Board noted that FAF Advisors has made certain recent changes to its small-cap growth investment process and that it has added a portfolio manager to the team. The Board also considered that, following the implementation of these recent changes, the Fund’s performance had improved during the one-month and one-year periods ended May 31,

142 First American Funds 2007 Annual Report


	2007. The Board concluded that, in light of the Fund’s competitive performance over longer periods and the changes implemented by FAF Advisors, it would be in the interest of the Fund and its shareholders to renew the Agreement.

	Small Cap Select Fund. The Board noted that the Fund outperformed in relation to its benchmark and performance universe for the one-, three-, five-and ten-year periods. The Board concluded that, in light of the Fund’s strong performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

	Small Cap Value Fund. The Board noted that the Fund outperformed its performance universe for the one-, three-and five-year periods, though it underperformed its performance universe for the ten-year period and its benchmark for all periods. The Board further considered the Fund’s performance in relation to a universe of small-cap value funds, rather than the universe of small-cap core funds provided by the independent data service. When compared to this small-cap value universe, the Fund also outperformed or performed competitively for the one-, three- and five-year periods. The Board concluded that, in light of the Fund’s competitive performance versus both performance universes, it would be in the interest of the Fund and its shareholders to renew the Agreement.

	Small-Mid Cap Core Fund. The Board noted that the Fund underperformed its benchmark and its performance universe for the one-, three-, five- and ten-year periods. The Board considered, however, that the Fund has operated as a small-mid cap core fund only since October 3, 2005, and that, therefore, performance comparisons for the three-, five- and ten-year periods are not meaningful. In light of the Fund’s relatively short history of operating as a small-mid cap core fund, the Board concluded it would be in the interest of the Fund and its shareholders to renew the Agreement.

Costs of Services and Profits Realized by FAF Advisors


	The Board reviewed FAF Advisors’ 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 expense ratio after waivers compared to the median expense ratio, after waivers, of comparable funds. In connection with its review of Fund fees and expenses, the Board considered FAF Advisors’ pricing philosophy. FAF Advisors attempts generally to maintain each Fund’s total operating expenses at a level that approximates its peer group median expense ratio. In addition, FAF Advisors has committed to waive its investment advisory fees to the extent necessary to maintain the Funds’ total expense ratios at levels generally in line with their respective peer groups.

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

	Balanced Fund. The Board considered that, after waivers, the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.

	Equity Income Fund. The Board considered that the Fund’s advisory fee is close to, though slightly higher than, the peer group median. The Board also noted that the Fund’s total expense ratio is consistent with FAF Advisors’ pricing philosophy. The Board concluded that the advisory fee and expense ratio are reasonable in light of the services provided.

	International Fund. The Board noted that the Fund’s advisory fee and expense ratio, after waivers, are higher than those of its peer group median. The Board requested that FAF Advisors add a breakpoint to its advisory fee. FAF Advisors agreed to a voluntary 20 basis point advisory fee reduction for asset levels in excess of $2 billion, increasing incrementally to a 50 basis point reduction for assets in excess of $3 billion.

	Large Cap Growth Opportunities Fund. The Board considered that the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.

	Large Cap Select Fund. The Board considered that the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.

First American Funds 2007 Annual Report 143

Notice to Shareholders October 31, 2007 (unaudited)


	Large Cap Value Fund. The Board considered that the Fund’s expense ratio is close to, though slightly higher than, the peer group median. The Board also noted that the Fund’s advisory fee is lower than the peer group median advisory fee after waivers. The Board concluded that the advisory fee and expense ratio are reasonable in light of the services provided.

	Mid Cap Growth Opportunities Fund. The Board considered that the Fund’s advisory fee and total expense ratio are lower than the peer group median fees after waivers. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.

	Mid Cap Value Fund. The Board considered that the Fund’s advisory fee is lower than the peer group median and that the Fund’s expense ratio is equal to the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.

	Real Estate Securities Fund. The Board considered that the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.

	Small Cap Growth Opportunities Fund. The Board considered that, although the Fund’s advisory fee, after waivers, is higher than the peer group median, the Fund’s expense ratio is lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.

	Small Cap Select Fund. The Board considered that the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.

	Small Cap Value Fund. The Board considered that the Fund’s advisory fee and expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and expense ratio are reasonable in light of the services provided.

	Small-Mid Cap Core Fund. The Board considered that the Fund’s advisory fee, after waivers, is lower than the peer group median. The Board also considered that, although the Fund’s expense ratio, after waivers, is slightly higher that the peer group medians, it is consistent with FAF Advisors’ pricing philosophy. The Board concluded that the Fund’s advisory fee and 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 most Funds do not have advisory fee breakpoints in place, FAF Advisors has committed to waive advisory fees to the extent necessary to keep each Fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The 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. 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. 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, transfer agent, distributor, custodian and securities lending agent, and receive compensation from the Funds in connection with providing services to the Funds. The Board considered that each service provided to the Funds by FAF Advisors or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.

	The Board also considered FAF Advisors’ use of the Funds’ portfolio brokerage transactions to obtain research. The Board concluded, based on its own review and on representations of FAF Advisors and the CCO, that FAF Advisors’ use of “soft” commission dollars was consistent with regulatory requirements.

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

144 First American Funds 2007 Annual Report

Directors and Officers of the Funds

Independent Directors

Other

Position(s)

Term of Office

Number of Portfolios

Directorships

Name, Address, and

Held

and Length of

Principal Occupation(s)

in Fund Complex

Held by

Year of Birth

with Funds

Time Served

During Past 5 Years

Overseen by Director

Director †

Benjamin R. Field III
P.O. Box 1329
Minneapolis, MN
55440-1329
(1938)

Director

Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003

Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through February 2004;

First American Funds Complex: twelve registered investment companies, including sixty-two 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 sixty-two 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 sixty-two 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 sixty-two 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

First American Funds Complex: twelve registered investment companies, including sixty-two portfolios

None

Richard K. Riederer
P.O. Box 1329
Minneapolis, MN
55440-1329
(1944)

Director

Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001

Owner and Chief Executive Officer, RKR Consultants, Inc. and non-profit board member since 2005

First American Funds Complex: twelve registered investment companies, including sixty-two 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^™, LLC, a strategic demographic planning and application development firm since 2001

First American Funds Complex: twelve registered investment companies, including sixty-two portfolios

None

First American Funds 2007 Annual Report 145

Notice to Shareholders October 31, 2007 (unaudited)

Independent Directors – concluded

Other

Position(s)

Term of Office

Number of Portfolios

Directorships

Name, Address, and

Held

with 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

First American Funds Complex: twelve registered investment companies, including sixty-two 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 sixty-two 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.

146 First American Funds 2007 Annual Report


Officers

	Position(s)	Term of Office
Name, Address, and	Held	and Length of
Year of Birth	with Funds	Time Served	Principal Occupation(s) During Past 5 Years

Thomas S. Schreier, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1962)*	President	Re-elected by the Board annually; President of FAIF since February 2001	Chief Executive Officer of FAF Advisors, Inc.; Chief Investment Officer of FAF Advisors, Inc., since September 2007

Jeffery M. Wilson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956)*	Vice President – Administration	Re-elected by the Board annually; Vice President — Administration of FAIF since March 2000	Senior Vice President 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	Mutual Funds 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	Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director, Senior Project Manager, FAF Advisors, Inc. from May 2003 to September 2005; prior thereto, 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 thereto, 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 thereto, Compliance Analyst, FAF Advisors, Inc. from October 2004 to June 2006; prior thereto, Senior Systems Helpdesk Analyst, Wachovia Retirement Services from November 2002 to October 2004; prior thereto, 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 Dorsey & Whitney LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm

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 U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Senior Vice President, U.S. Bancorp Fund Services, LLC

Richard J. Ertel FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004	Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc. from September 2004 to May 2006; prior thereto, Counsel, FAF Advisors, Inc. from May 2003 to August 2004; prior to May 2003, Associate Counsel, Hartford Life and Accident Insurance Company


*	Messrs. Schreier, 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. Mr. Arnold is an officer of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as Transfer Agent for FAIF.

First American Funds 2007 Annual Report 147

(This page intentionally left blank.)

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 period ended October 31, 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

CUSTODIANS


	U.S. Bank National Association
	60 Livingston Avenue
	St. Paul, Minnesota 55101

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

DISTRIBUTOR


	Quasar Distributors, LLC
	615 East Michigan Street
	Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM


	Ernst & Young LLP
	220 South Sixth Street
	Suite 1400
	Minneapolis, Minnesota 55402

COUNSEL


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

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

0153-07 12/2007 AR-EQUITY

Table of Contents


Message to Shareholders			1
Holding Summaries			2
Expense Examples			3
Report of Independent Registered Public Accounting Firm			5
Schedule of Investments			6
Statements of Assets and Liabilities			12
Statements of Operations			13
Statements of Changes in Net Assets			14
Financial Highlights			16
Notes to Financial Statements			18
Notice to Shareholders			24


Mutual fund investing involves risk; principal loss is possible.

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


	NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to Shareholders December 10, 2007


Dear Shareholders:

We invite you to take a few minutes to review the results of the three-month fiscal period ended October 31, 2007.

This report includes a complete listing of portfolio holdings and additional fund information. We hope you will find this helpful in monitoring your investment portfolio.

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 2007 Annual Report 1

Holding Summaries

The Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund commenced operations on July 31, 2007. Due to the short fiscal period, performance information is not included.

Quantitative Large Cap Core Fund

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Exxon Mobil			5.2%
Chevron			3.0
General Electric			2.8
ConocoPhillips			2.5
Johnson & Johnson			2.2
Procter & Gamble			2.2
Walt Disney			2.1
Cisco Systems			1.9
AT&T			1.9
American International Group			1.8

Sector Allocation as of October 31, 2007¹ (% of net assets)


Information Technology			17.7%
Financials			14.8
Energy			13.9
Industrials			12.5
Healthcare			12.1
Consumer Discretionary			10.3
Consumer Staples			8.7
Materials			3.4
Telecommunication Services			2.4
Utilities			2.2
Short-Term Investments			1.8
Other Assets and Liabilities, Net²			0.2

			100.0%

Quantitative Large Cap Growth Fund

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


Microsoft			3.2%
Google, Class A			2.9
Cisco Systems			2.9
Exxon Mobil			2.4
Oracle			2.3
United Technologies			2.0
Wal-Mart Stores			2.0
Johnson & Johnson			2.0
CNX Gas			1.9
Walt Disney			1.9

Sector Allocation as of October 31, 2007¹ (% of net assets)


Information Technology			28.5%
Healthcare			14.6
Industrials			12.9
Consumer Discretionary			12.6
Energy			9.9
Consumer Staples			8.6
Financials			5.7
Materials			4.2
Utilities			0.4
Telecommunication Services			0.1
Short-Term Investments			1.8
Other Assets and Liabilities, Net²			0.7

			100.0%

Quantitative Large Cap Value Fund

Top 10 Holdings as of October 31, 2007¹ (% of net assets)


First American Prime Obligations Fund, Class Z			6.3%
Exxon Mobil			6.1
General Electric			4.4
Chevron			3.9
AT&T			3.4
ConocoPhillips			3.1
Pfizer			2.6
Bank of America			2.6
American International Group			2.4
Johnson & Johnson			2.3

Sector Allocation as of October 31, 2007¹ (% of net assets)


Financials			23.9%
Energy			16.7
Industrials			10.3
Healthcare			9.5
Consumer Discretionary			8.2
Consumer Staples			6.7
Telecommunication Services			4.6
Information Technology			4.5
Materials			4.4
Utilities			3.4
Real Estate			0.3
Short-Term Investments			6.6
Other Assets and Liabilities, Net²			0.9

			100.0%


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

²	Investments 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 2007 Annual Report

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes

Quantitative Large Cap Core Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period²(7/31/07¹to
	Value (7/31/07¹)		Value (10/31/07)		10/31/07)
Class A Actual³	$	1,000.00	$	1,078.90	$	1.85

Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,010.96	$	1.79

Class C Actual³	$	1,000.00	$	1,076.90	$	3.84

Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,009.05	$	3.71

Class R Actual³	$	1,000.00	$	1,078.10	$	2.52

Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,010.32	$	2.43

Class Y Actual³	$	1,000.00	$	1,079.30	$	1.19

Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,011.59	$	1.15


¹	Inception date of the fund was July 31, 2007.

²	Expenses are equal to the fund’s annualized expense ratio for the period July 31, 2007 through October 31, 2007 of 0.70%, 1.45%, 0.95%, and 0.45% 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 three-month period/365.

³	Because the inception date of the fund was July 31, 2007, the information is based on the actual returns for the three-month period ended October 31, 2007 of 7.89%, 7.69%, 7.81%, and 7.93% for Class A, Class C, Class R, and Class Y, respectively.

First American Funds 2007 Annual Report 3

Expense Examples concluded

Quantitative Large Cap Growth Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period²(7/31/07¹to
	Value (7/31/07¹)		Value (10/31/07)		10/31/07)
Class A Actual³	$	1,000.00	$	1,102.20	$	1.87

Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,010.96	$	1.79

Class C Actual³	$	1,000.00	$	1,100.10	$	3.88

Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,009.05	$	3.71

Class R Actual³	$	1,000.00	$	1,101.70	$	2.54

Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,010.32	$	2.43

Class Y Actual³	$	1,000.00	$	1,102.90	$	1.21

Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,011.59	$	1.15


¹	Inception date of the fund was July 31, 2007.

²	Expenses are equal to the fund’s annualized expense ratio for the period July 31, 2007 through October 31, 2007 of 0.70%, 1.45%, 0.95%, and 0.45% 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 three-month period/365.

³	Because the inception date of the fund was July 31, 2007, the information is based on the actual returns for the three-month period ended October 31, 2007 of 10.22%, 10.01%, 10.17%, and 10.29% for Class A, Class C, Class R, and Class Y, respectively.

Quantitative Large Cap Value Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period⁵(7/31/07⁴to
	Value (7/31/07⁴)		Value (10/31/07)		10/31/07)
Class A Actual⁶	$	1,000.00	$	1,064.60	$	1.84

Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,010.96	$	1.79

Class C Actual⁶	$	1,000.00	$	1,062.50	$	3.81

Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,009.05	$	3.71

Class R Actual⁶	$	1,000.00	$	1,064.10	$	2.50

Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,010.32	$	2.43

Class Y Actual⁶	$	1,000.00	$	1,065.20	$	1.18

Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,011.59	$	1.15


⁴	Inception date of the fund was July 31, 2007.

⁵	Expenses are equal to the fund’s annualized expense ratio for the period July 31, 2007 through October 31, 2007 of 0.70%, 1.45%, 0.95%, and 0.45% 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 three-month period/365.

⁶	Because the inception date of the fund was July 31, 2007, the information is based on the actual returns for the three-month period ended October 31, 2007 of 6.46%, 6.25%, 6.41%, and 6.52% for Class A, Class C, Class R, and Class Y, respectively.

4 First American Funds 2007 Annual Report

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Quantitative Large Cap Core, Quantitative Large Cap Growth, and Quantitative Large Cap Value funds (series of First American Investment Funds, Inc.) (the “funds”) as of October 31, 2007, and the related statements of operations, changes in net assets and the financial highlights for the period from July 31, 2007 (commencement of operations) to October 31, 2007. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included verification by examination of securities held by the custodian as of October 31, 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 referred to above present fairly, in all material respects, the financial position of the funds listed above of First American Investment Funds, Inc. at October 31, 2007, the results of their operations, the changes in their net assets and the financial highlights for the period from July 31, 2007 (commencement of operations) to October 31, 2007, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

December 19, 2007

First American Funds 2007 Annual Report 5

Schedule of Investments October 31, 2007, all dollars rounded to thousands (000)


Quantitative Large Cap Core Fund
DESCRIPTION	SHARES		VALUE

Common Stocks – 98.0%
Consumer Discretionary – 10.3%
Abercrombie & Fitch, Class A		227	$	18
Amazon.com (a)		166		15
Apollo Group, Class A (a)		2,910		231
Bed Bath & Beyond (a)		2,659		90
Carnival		7,357		353
Coach (a)		2,922		107
Comcast, Class A (a)		20,915		440
Expedia (a)		7,209		235
Gap		1,215		23
Home Depot		5,578		176
International Game Technology		839		37
Johnson Controls		8,015		350
Limited Brands		1,072		24
Lowe’s		4,625		124
Nike, Class B		4,295		285
Office Depot (a)		652		12
Omnicom Group		5,550		283
Stanley Works		1,500		86
Starbucks (a)		8,324		222
Target		1,617		99
TJX		1,691		49
VF		2,035		177
Walt Disney		29,359		1,017
Wyndham Worldwide		9,207		302
Yum! Brands		7,196		290

				5,045

Consumer Staples – 8.7%
Altria Group		8,735		637
Anheuser-Busch		2,757		142
Archer-Daniels-Midland		2,748		98
Coca-Cola		9,151		565
Costco Wholesale		3,539		238
Estee Lauder, Class A		1,967		86
PepsiCo		4,737		349
Procter & Gamble		15,461		1,075
SUPERVALU		1,706		66
Walgreen		4,637		184
Wal-Mart Stores		18,113		819

				4,259

Energy – 13.9%
Apache		2,084		216
Chevron		15,984		1,463
ConocoPhillips		14,432		1,226
Exxon Mobil		27,777		2,555
Marathon Oil		2,879		170
Nabors Industries (a)		1,652		46
National-Oilwell Varco (a)		1,648		121
Occidental Petroleum		6,238		431
Schlumberger		2,071		200
Spectra Energy		5,815		151
Tesoro		989		60
Valero Energy		2,515		177

				6,816

Financials – 14.8%
ACE		8,102		491
Allstate		3,713		195
American Capital Strategies		2,696		117
American International Group		13,916		878
Bank of America		15,551		751
Capital One Financial		2,055		135
CB Richard Ellis Group (a)		596		15
Citigroup		10,294		431
Countrywide Financial		1,275		20
Discover Financial Services		242		5
E*TRADE Financial (a)		5,167		58
Franklin Resources		1,020		132
Goldman Sachs Group		1,701		422
Hartford Financial Services Group		2,361		229
JPMorgan Chase		12,329		579
Lehman Brothers Holdings		1,077		68
Lincoln National		1,904		119
Loew’s		9,720		477
Merrill Lynch		2,107		139
MetLife		773		53
Moody’s		3,795		166
Morgan Stanley		7,486		504
Principal Financial Group		3,228		218
Progressive		1,296		24
Prudential Financial		2,542		246
T. Rowe Price Group		2,570		165
Travelers		5,465		285
Wachovia		1,842		84
Wells Fargo		6,619		225

				7,231

Healthcare – 12.1%
Abbott Laboratories		2,700		147
Aetna		2,484		140
Allergan		432		29
Amgen (a)		7,130		414
Barr Pharmaceuticals (a)		317		18
Becton, Dickinson & Company		758		63
Biogen IDEC (a)		1,194		89
C.R. Bard		327		27
Cardinal Health		10		1
Coventry Health Care (a)		618		37
Covidien		2,829		118
Eli Lilly		2,968		161
Forest Laboratories, Class A (a)		3,138		123
Humana (a)		1,302		98
IMS Health		1,668		42
Johnson & Johnson		16,800		1,095
Laboratory Corporation of America (a)		1,400		96
Medco Health Solutions (a)		435		41
Medtronic		1,530		73
Merck		3,165		184
Patterson Companies (a)		9,602		376
Pfizer		34,373		846
Schering-Plough		148		5
St. Jude Medical (a)		1,384		56
Thermo Fisher Scientific (a)		3,498		206
UnitedHealth Group		9,842		484
WellPoint (a)		8,220		651
Wyeth		3,849		187
Zimmer Holdings (a)		1,574		109

				5,916

Industrials – 12.5%
3M		5,866		507
American Standard		1,098		41
Boeing		721		71
Caterpillar		1,802		134
Cooper Industries, Class A		2,972		156
Cummins		310		37

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

6 First American Funds 2007 Annual Report


Quantitative Large Cap Core Fund (continued)
DESCRIPTION		SHARES		VALUE

Danaher			4,653	$	399
Dover			392		18
Emerson Electric			3,929		205
FedEx			1,707		176
General Dynamics			1,735		158
General Electric			33,812		1,392
Honeywell International			2,279		138
Illinois Tool Works			3,362		193
Ingersoll-Rand, Class A			2,510		126
ITT			796		53
L-3 Communications Holdings			2,496		274
Paccar			2,402		133
Pall			153		6
Parker Hannifin			970		78
R.R. Donnelley & Sons			4,827		194
Rockwell Automation			1,010		70
Rockwell Collins			438		33
Terex (a)			2,014		149
United Parcel Service, Class B			6,776		509
United Technologies			10,978		841

					6,091

Information Technology – 17.7%
Apple (a)			2,281		433
Autodesk (a)			2,172		106
Automatic Data Processing			1,155		57
Cisco Systems (a)			28,593		945
Cognizant Technology Solutions, Class A (a)			3,757		156
Computer Sciences (a)			2,650		155
Corning			2,105		51
Dell (a)			17,381		532
eBay (a)			3,341		121
Electronic Arts (a)			1,366		83
Electronic Data Systems			1,097		24
EMC (a)			7,387		188
Fidelity National Information Services			3,513		162
Fiserv (a)			2,157		120
Google, Class A (a)			1,202		850
Hewlett-Packard			10,881		562
IBM			3,967		461
Intel			19,472		524
Juniper Networks (a)			5,050		182
Microsoft			22,852		841
Network Appliance (a)			3,634		114
NVIDIA (a)			6,266		222
Oracle (a)			34,520		765
QUALCOMM			5,354		229
Symantec (a)			9,766		183
Teradata (a)			2,990		85
Texas Instruments			1,294		42
Tyco Electronics			1,451		52
Waters (a)			1,957		151
Xerox (a)			12,249		214
Yahoo! (a)			2,138		67

					8,677
Materials – 3.4%
Alcoa			1,607		64
Allegheny Technologies			219		22
Dow Chemical			5,140		232
E.I. Du Pont de Nemours			4,504		223
Ecolab			4,610		217
Freeport-McMoRan Copper & Gold			649		76
International Paper			2,394		88
Monsanto			1,751		171
Nucor			2,001		124
PPG Industries			1,055		79
Sealed Air			3,595		90
Sigma-Aldrich			2,491		129
United States Steel			1,485		160

					1,675

Telecommunication Services – 2.4%
AT&T			21,933		916
Verizon Communications			5,093		235

					1,151

Utilities – 2.2%
Edison International			376		22
Exelon			1,113		92
FPL Group			2,574		176
PG&E			4,025		197
PPL			510		26
Public Service Enterprise Group			5,844		559

					1,072

Total Common Stocks
	(Cost $44,983)				47,933

Short-Term Investments – 1.8%
Money Market Fund – 1.4%
First American Prime Obligations Fund, Class Z (b)			683,325		683

U.S. Treasury Obligation – 0.4%
U.S. Treasury Bill
	3.813%, 01/24/2008 (c)	$	200		198

Total Short-Term Investments (Cost $881)					881

Total Investments – 99.8% (Cost $45,864)					48,814

Other Assets and Liabilities, Net – 0.2%					83

Total Net Assets – 100.0%				$	48,897


(a)	Non-income producing security.

(b)	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.

(c)	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 2007. See Note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

Number of

Notional

Contracts

Contract

Settlement

Unrealized

Description

Purchased

Value

Month

Appreciation

S&P 500 Futures

777

December 2007

First American Funds 2007 Annual Report 7

Schedule of Investments October 31, 2007, all dollars rounded to thousands (000)


Quantitative Large Cap Growth Fund
DESCRIPTION	SHARES		VALUE

Common Stocks – 97.5%
Consumer Discretionary – 12.6%
Abercrombie & Fitch, Class A		98	$	8
Amazon.com (a)		144		13
American Eagle Outfitters		832		20
Apollo Group, Class A (a)		511		40
Bed Bath & Beyond (a)		315		11
CarMax (a)		309		6
Carnival		1,077		52
Coach (a)		689		25
Comcast, Class A (a)		2,855		60
Expedia (a)		1,305		43
Garmin		257		28
Home Depot		597		19
International Game Technology		125		5
Jarden (a)		75		3
Johnson Controls		1,420		62
Las Vegas Sands (a)		336		45
Lowe’s		1,090		29
Nike, Class B		1,043		69
Omnicom Group		1,047		53
Ross Stores		860		23
Stanley Works		34		2
Starbucks (a)		1,352		36
Target		514		32
TJX		293		8
VF		301		26
Walt Disney		4,319		150
Wyndham Worldwide		1,621		53
Wynn Resorts (a)		10		2
Yum! Brands		1,623		65

				988

Consumer Staples – 8.6%
Altria Group		1,188		86
Anheuser-Busch		170		9
Coca-Cola		1,486		92
Costco Wholesale		710		48
Estee Lauder, Class A		153		7
NBTY (a)		443		16
PepsiCo		1,040		76
Procter & Gamble		1,867		130
Walgreen		1,269		50
Wal-Mart Stores		3,475		157

				671

Energy – 9.9%
Baker Hughes		55		5
Chevron		1,318		121
CNX Gas (a)		4,731		151
ConocoPhillips		1,338		114
Exxon Mobil		2,056		189
Global Industries (a)		824		20
Marathon Oil		15		1
Nabors Industries (a)		38		1
National-Oilwell Varco (a)		619		45
Oceaneering International (a)		187		14
Schlumberger		666		64
Tesoro		192		12
Valero Energy		498		35
Western Refining		142		5

				777

Financials – 5.7%
ACE		715		43
American International Group		234		15
Arch Capital Group (a)		682		51
BlackRock		286		59
Covanta Holding (a)		1,605		43
First Marblehead		45		2
Franklin Resources		151		19
Goldman Sachs Group		168		42
Loew’s		1,139		56
Moody’s		682		30
Morgan Stanley		294		20
Prudential Financial		48		5
Reinsurance Group of America		65		4
SEI Investments		1,200		38
T. Rowe Price Group		222		14
Travelers		19		1

				442

Healthcare – 14.6%
Abbott Laboratories		985		54
Abraxis Bioscience (a)		1,589		39
Aetna		571		32
Allergan		35		2
Amgen (a)		1,110		64
Becton, Dickinson & Company		316		26
Biogen IDEC (a)		116		9
C.R. Bard		197		17
Coventry Health Care (a)		185		11
Covidien		255		11
Eli Lilly		182		10
Endo Pharmaceuticals (a)		313		9
Forest Laboratories, Class A (a)		427		17
Genentech (a)		1,152		85
Gen-Probe (a)		27		2
Henry Schein (a)		75		5
Humana (a)		218		16
IMS Health		52		1
Intuitive Surgical (a)		28		9
Johnson & Johnson		2,409		157
Kinetic Concepts (a)		301		18
Laboratory Corporation of America (a)		274		19
Medco Health Solutions (a)		239		23
Medtronic		796		38
Merck		746		43
Patterson Companies (a)		1,548		61
Pfizer		1,190		29
Schering-Plough		230		7
St. Jude Medical (a)		445		18
Thermo Fisher Scientific (a)		616		36
UnitedHealth Group		2,064		101
WellPoint (a)		1,539		122
Wyeth		319		16
Zimmer Holdings (a)		436		30

				1,137

Industrials – 12.9%
3M		1,324		114
American Standard		129		5
Boeing		397		39
Career Education (a)		399		14
Caterpillar		492		37
Cooper Industries, Class A		415		22
Copart (a)		709		27
Cummins		115		14
Danaher		820		70

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

8 First American Funds 2007 Annual Report


Quantitative Large Cap Growth Fund (continued)
DESCRIPTION		SHARES		VALUE

Emerson Electric			711	$	37
FedEx			307		32
Gardner Denver (a)			1,223		44
Hertz Global Holdings (a)			249		5
Honeywell International			611		37
Illinois Tool Works			678		39
Ingersoll-Rand, Class A			141		7
Jacobs Engineering Group (a)			118		10
L-3 Communications Holdings			406		45
Manpower			43		3
McDermott International (a)			469		29
Paccar			442		25
Parker Hannifin			105		8
Precision Castparts			70		11
R.R. Donnelley & Sons			343		14
Rockwell Automation			168		12
Rockwell Collins			246		18
Terex (a)			423		31
United Parcel Service, Class B			1,279		96
United Technologies			2,067		158
WESCO International (a)			129		6

					1,009

Information Technology (b) – 28.5%
Activision (a)			943		22
Amdocs (a)			1,233		42
Apple (a)			695		132
Autodesk (a)			449		22
Automatic Data Processing			200		10
Cisco Systems (a)			6,814		225
Cognizant Technology Solutions, Class A (a)			697		29
Computer Sciences (a)			234		14
Corning			502		12
Dell (a)			3,593		110
Dolby Laboratories, Class A (a)			1,365		57
eBay (a)			876		32
Electronic Arts (a)			183		11
EMC (a)			1,884		48
F5 Networks (a)			260		9
Fidelity National Information Services			606		28
Fiserv (a)			291		16
Google, Class A (a)			322		228
Harris			283		17
Hewitt Associates, Class A (a)			379		13
Hewlett-Packard			2,721		141
IBM			1,069		124
Ingram Micro, Class A (a)			596		13
Intel			5,284		142
Juniper Networks (a)			855		31
Microsoft			6,845		252
NAVTEQ (a)			105		8
Network Appliance (a)			457		14
NVIDIA (a)			1,422		50
Oracle (a)			7,962		177
QUALCOMM			1,308		56
Rambus (a)			854		17
Symantec (a)			881		17
Teradata (a)			389		11
Texas Instruments			763		25
Trimble Navigation (a)			572		24
Waters (a)			289		22
Xerox (a)			554		10
Yahoo! (a)			591		18

					2,229

Materials – 4.2%
Allegheny Technologies			20		2
Cleveland-Cliffs			155		15
Commercial Metals			737		23
Dow Chemical			111		5
E.I. Du Pont de Nemours			407		20
Ecolab			787		37
Freeport-McMoRan Copper & Gold			96		11
Monsanto			558		55
Mosaic (a)			548		38
Nucor			218		14
PPG Industries			75		6
Praxair			86		7
Sealed Air			278		7
Sigma-Aldrich			354		18
Southern Copper			97		14
Steel Dynamics			382		20
Titanium Metals (a)			368		13
United States Steel			141		15
Westlake Chemical			438		11

					331

Telecommunication Services – 0.1%
NeuStar, Class A (a)			229		8

Utilities – 0.4%
Mirant (a)			326		14
Public Service Enterprise Group			187		18

					32

Total Common Stocks
	(Cost $6,994)				7,624

Short-Term Investments – 1.8%
Money Market Fund – 1.5%
First American Prime Obligations Fund, Class Z (c)			117,465		117

U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
	3.813%, 01/24/2008 (d)	$	20		20

Total Short-Term Investments
	(Cost $137)				137

Total Investments – 99.3%
	(Cost $7,131)				7,761

Other Assets and Liabilities, Net – 0.7%					59

Total Net Assets – 100.0%				$	7,820


(a)	Non-income producing security.

(b)	The fund is significantly invested in this sector and therefore subject to additional risks. See note 6 in Notes to Financial Statements.

(c)	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.

(d)	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 2007. See note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

Number of

Notional

Contracts

Contract

Unrealized

Description

Purchased

Value

Settlement Month

Appreciation

S&P 500 E-Mini Futures

December 2007

First American Funds 2007 Annual Report 9

Schedule of Investments October 31, 2007, all dollars rounded to thousands (000)


Quantitative Large Cap Value Fund
DESCRIPTION	SHARES		VALUE

Common Stocks – 92.5%
Consumer Discretionary – 8.2%
American Eagle Outfitters		338	$	8
Apollo Group, Class A (a)		259		21
Bed Bath & Beyond (a)		132		5
Carnival		1,357		65
Comcast, Class A (a)		2,113		44
Expedia (a)		1,121		37
Foot Locker		79		1
Gannett		354		15
Home Depot		487		15
Jarden (a)		105		4
Johnson Controls		589		26
Las Vegas Sands (a)		125		17
Nike, Class B		256		17
Omnicom Group		650		33
Ross Stores		920		25
Starbucks (a)		601		16
VF		325		28
Walt Disney		4,423		153
Wyndham Worldwide		1,857		61
Yum! Brands		558		22

				613

Consumer Staples – 6.7%
Altria Group		1,294		94
Anheuser-Busch		215		11
Archer-Daniels-Midland		670		24
Coca-Cola		887		55
Costco Wholesale		241		16
NBTY (a)		191		7
Procter & Gamble		2,374		165
SUPERVALU		293		11
Wal-Mart Stores		2,644		120

				503

Energy – 16.7%
Chevron		3,185		292
Cimarex Energy		475		19
CNX Gas (a)		4,337		139
ConocoPhillips		2,758		234
Exxon Mobil		5,001		460
Marathon Oil		643		38
Occidental Petroleum		453		31
Spectra Energy		863		22
Valero Energy		180		13

				1,248

Financials – 23.9%
ACE		1,351		82
Allstate		1,181		62
American Capital Strategies		468		20
American International Group		2,862		181
AmeriCredit (a)		278		4
Arch Capital Group (a)		984		74
Axis Capital Holdings		704		28
Bank of America		4,024		194
BlackRock		122		25
Capital One Financial		478		31
Chubb		186		10
Citigroup		3,505		147
Countrywide Financial		242		4
Covanta Holding (a)		1,519		41
E*TRADE Financial (a)		405		5
First Marblehead		155		6
Goldman Sachs Group		223		55
Hartford Financial Services Group		540		52
J.P. Morgan Chase		3,460		163
Lehman Brothers Holdings		322		20
Lincoln National		458		29
Loew’s		1,008		50
Merrill Lynch		505		33
Moody’s		428		19
Morgan Stanley		1,534		103
PNC Financial Services		210		15
Principal Financial Group		251		17
Prudential Financial		296		29
Reinsurance Group of America		425		24
SEI Investments		981		31
Torchmark		57		4
Transatlantic Holdings		203		15
Travelers		1,268		66
W.R. Berkley		551		17
Wachovia		1,444		66
Wells Fargo		2,130		72

				1,794

Healthcare – 9.5%
Abraxis Bioscience (a)		1,384		34
Aetna		67		4
Amgen (a)		540		31
Covidien		284		12
Forest Laboratories, Class A (a)		83		3
Genentech (a)		99		7
Johnson & Johnson		2,596		169
Kinetic Concepts (a)		50		3
Laboratory Corporation of America (a)		80		6
Patterson Companies (a)		968		38
Pfizer		7,927		195
Thermo Fisher Scientific (a)		227		13
UnitedHealth Group		990		49
WellPoint (a)		1,741		138
Wyeth		179		9

				711

Industrials – 10.3%
3M		553		48
Career Education (a)		166		6
Cooper Industries, Class A		363		19
Copart (a)		589		23
Danaher		216		19
Emerson Electric		32		2
FedEx		113		12
Gardner Denver (a)		1,134		41
General Dynamics		164		15
General Electric		7,980		328
Hertz Global Holdings (a)		199		4
Illinois Tool Works		180		10
Ingersoll-Rand, Class A		237		12
L-3 Communications Holdings		294		32
Parker Hannifin		26		2
R.R. Donnelley & Sons		984		40
Terex (a)		72		5
United Parcel Service, Class B		490		37
United Technologies		1,474		113
WESCO International (a)		138		6

				774

Information Technology – 4.5%
Amdocs (a)		640		22
Cisco Systems (a)		565		19
Cognizant Technology Solutions, Class A (a)		118		5

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

10 First American Funds 2007 Annual Report


Quantitative Large Cap Value Fund (continued)
DESCRIPTION		SHARES		VALUE

Computer Sciences (a)			448	$	26
Dell (a)			1,010		31
Dolby Laboratories, Class A (a)			907		38
Fidelity National Information Services			286		13
Fiserv (a)			166		9
Google, Class A (a)			27		19
Hewitt Associates, Class A (a)			56		2
Ingram Micro, Class A (a)			1,229		26
Juniper Networks (a)			273		10
Network Appliance (a)			100		3
NVIDIA (a)			190		7
Oracle (a)			2,201		49
Rambus (a)			361		7
Symantec (a)			988		18
Teradata (a)			140		4
Xerox (a)			1,852		32

					340

Materials – 4.4%
Alcoa			94		4
Cleveland-Cliffs			18		2
Commercial Metals			845		26
Dow Chemical			1,517		68
E.I. Du Pont de Nemours			1,075		53
Ecolab			227		11
International Paper			1,263		46
Mosaic (a)			283		20
Nucor			256		16
PPG Industries			133		10
Sealed Air			430		11
Sigma-Aldrich			170		9
Steel Dynamics			303		16
United States Steel			192		21
Westlake Chemical			660		16

					329

Real Estate – 0.3%
Annaly Capital Management – REIT			1,484		25

Telecommunication Services – 4.6%
AT&T			6,101		255
Verizon Communications			2,018		93

					348
Utilities – 3.4%
Edison International			195		11
FPL Group			284		19
Mirant (a)			635		27
PG&E			888		43
Public Service Enterprise Group			1,180		113
Southern			318		12
UGI			1,007		27

					252

Total Common Stocks
	(Cost $6,581)				6,937

Short-Term Investments – 6.6%
Money Market Fund – 6.3%
First American Prime Obligations Fund, Class Z (b)			474,062	$	474

U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
	3.813%, 01/24/2008 (c)	$	20		20

Total Short-Term Investments (Cost $494)					494

Total Investments – 99.1% (Cost $7,075)					7,431

Other Assets and Liabilities, Net – 0.9%					67

Total Net Assets – 100.0%				$	7,498


(a)	Non-income producing security.

(b)	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.

(c)	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 2007. See note 2 in Notes to Financial Statements.


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts


	Number of		Notional
	Contracts		Contract		Settlement	Unrealized
Description	Purchased		Value		Month	Appreciation

S&P 500 E-Mini Futures		1	$	78	December 2007	$	1
S&P 500 Futures		1		389	December 2007		12

						$	13

First American Funds 2007 Annual Report 11


Statements of Assets and Liabilities	October 31, 2007, all dollars and shares are rounded to thousands (000), except per share data


	Quantitative		Quantitative		Quantitative
	Large Cap		Large Cap		Large Cap
	Core Fund		Growth Fund		Value Fund

Investments in unaffiliated securities, at cost	$	45,181	$	7,014	$	6,601
Investments in affiliated money market fund, at cost		683		117		474

ASSETS:
Investments in unaffiliated securities, at value (note 2)	$	48,131	$	7,644	$	6,957
Investments in affiliated money market fund, at value (note 2)		683		117		474
Receivable for dividends and interest		34		3		6
Receivable for variation margin		10		1		6
Receivable from advisor		18		26		26
Prepaid expenses and other assets		48		48		48

Total assets		48,924		7,839		7,517

LIABILITIES:
Payable to affiliates (note 3)		22		13		13
Payable for distribution and shareholder servicing fees		—		—		—
Accrued expenses and other liabilities		5		6		6

Total liabilities		27		19		19

Net assets	$	48,897	$	7,820	$	7,498

COMPOSITION OF NET ASSETS:
Portfolio capital	$	45,461	$	7,109	$	7,065
Undistributed net investment income		60		6		17
Accumulated net realized gain on investments (note 2)		418		74		47
Net unrealized appreciation of investments		2,950		630		356
Net unrealized appreciation of futures contracts		8		1		13

Net assets	$	48,897	$	7,820	$	7,498

Class A:
Net assets	$	131	$	71	$	31
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		5		2		1
Net asset value and redemption price per share	$	26.90	$	27.51	$	26.53
Maximum offering price per share¹	$	28.47	$	29.11	$	28.07
Class C:
Net assets	$	15	$	18	$	5
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1		1		—
Net asset value, offering price, and redemption price per share²	$	26.88	$	27.47	$	26.51
Class R:
Net assets	$	6	$	6	$	5
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		—*		—*		—*
Net asset value, offering price, and redemption price per share	$	26.89	$	27.51	$	26.53
Class Y:
Net assets	$	48,745	$	7,725	$	7,457
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1,812		281		281
Net asset value, offering price, and redemption price per share	$	26.90	$	27.52	$	26.54


	¹	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.

	²	Class C has a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.


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

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

12 First American Funds 2007 Annual Report

Statements of Operations For the period from July 31, 2007¹ to October 31, 2007, all dollars are rounded to thousands (000)


	Quantitative			Quantitative			Quantitative
	Large Cap			Large Cap			Large Cap
	Core Fund			Growth Fund			Value Fund

	7/31/07¹			7/31/07¹			7/31/07¹
	to			to			to
	10/31/07			10/31/07			10/31/07

INVESTMENT INCOME:
Dividends from unaffiliated securities	$	222		$	24		$	46
Dividends from affiliated money market fund		32			4			4
Interest from unaffiliated securities		2			—			—

Total investment income		256			28			50

EXPENSES (note 3):
Investment advisory fees		35			6			6
Administration fees		28			6			6
Transfer agent fees		25			25			25
Custodian fees		1			—			—
Legal fees		4			4			4
Audit fees		15			15			15
Registration fees		13			13			13
Postage and printing fees		1			1			1
Directors’ fees		6			6			6
Other expenses		6			6			6
Distribution and shareholder servicing fees – Class A		—			—			—
Distribution and shareholder servicing fees – Class C		—			—			—
Distribution and shareholder servicing fees – Class R		—			—			—

Total expenses		134			82			82

Less: Fee waivers (note 3)		(82	)		(74	)		(74	)

Total net expenses		52			8			8

Investment income – net		204			20			42

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND
FUTURES CONTRACTS – NET (note 5):
Net realized gain on investments		335			74			48
Net realized gain (loss) on futures contracts		83			—			(1	)
Net change in unrealized appreciation or depreciation of investments		2,950			630			356
Net change in unrealized appreciation or depreciation of futures contracts		8			1			13

Net gain on investments and futures contracts		3,376			705			416

Net increase in net assets resulting from operations	$	3,580		$	725		$	458


	¹	Commencement of operations.

First American Funds 2007 Annual Report 13

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


		Quantitative			Quantitative			Quantitative
		Large Cap			Large Cap			Large Cap
		Core Fund			Growth Fund			Value Fund

		7/31/07¹			7/31/07¹			7/31/07¹
		to			to			to
		10/31/07			10/31/07			10/31/07

OPERATIONS:
Investment income – net		$	204		$	20		$	42
Net realized gain on investments			335			74			48
Net realized gain (loss) on futures contracts			83			—			(1	)
Net change in unrealized appreciation or depreciation of investments			2,950			630			356
Net change in unrealized appreciation or depreciation of futures contracts			8			1			13

Net increase in net assets resulting from operations			3,580			725			458

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
	Class A		—			—			—
	Class C		—			—			—
	Class R		—			—			—
	Class Y		(144	)		(14	)		(25	)

Total distributions			(144	)		(14	)		(25	)

CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
	Proceeds from sales		129			69			30
	Reinvestment of distributions		—			—			—
	Payments for redemptions		—			—			—

Increase in net assets from Class A transactions			129			69			30

Class C:
	Proceeds from sales		15			17			5
	Reinvestment of distributions		—			—			—
	Payments for redemptions (note 3)		—			—			—

Increase in net assets from Class C transactions			15			17			5

Class R:
	Proceeds from sales		5			5			5
	Reinvestment of distributions		—			—			—
	Payments for redemptions		—			—			—

Increase in net assets from Class R transactions			5			5			5

Class Y:
	Proceeds from sales		47,241			7,004			7,000
	Reinvestment of distributions		133			14			25
	Payments for redemptions		(2,062	)		—			—

Increase in net assets from Class Y transactions			45,312			7,018			7,025

Increase in net assets from capital share transactions			45,461			7,109			7,065

Total increase in net assets			48,897			7,820			7,498
Net assets at beginning of period			—			—			—

Net assets at end of period		$	48,897		$	7,820		$	7,498

Undistributed net investment income at end of period		$	60		$	6		$	17


	¹	Commencement of operations.

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

14 First American Funds 2007 Annual Report

(This page intentionally left blank.)

Financial Highlights For a share outstanding throughout the indicated period.


		Net Asset					Realized and		Distributions			Net Asset
		Value		Net			Unrealized		from Net			Value
		Beginning		Investment			Gains on		Investment			End of
		of Period		Income (Loss)			Investments		Income			Period

Quantitative Large Cap Core Fund¹
Class A
	2007²	$	25.00	$	0.06		$	1.91	$	(0.07	)	$	26.90
Class C
	2007²	$	25.00	$	0.02		$	1.90	$	(0.04	)	$	26.88
Class R
	2007²	$	25.00	$	0.08		$	1.87	$	(0.06	)	$	26.89
Class Y
	2007²	$	25.00	$	0.11		$	1.87	$	(0.08	)	$	26.90

Quantitative Large Cap Growth Fund ¹
Class A
	2007²	$	25.00	$	0.02		$	2.53	$	(0.04	)	$	27.51
Class C
	2007²	$	25.00	$	(0.03	)	$	2.53	$	(0.03	)	$	27.47
Class R
	2007²	$	25.00	$	0.04		$	2.50	$	(0.03	)	$	27.51
Class Y
	2007²	$	25.00	$	0.07		$	2.50	$	(0.05	)	$	27.52

Quantitative Large Cap Value Fund¹
Class A
	2007²	$	25.00	$	0.10		$	1.51	$	(0.08	)	$	26.53
Class C
	2007²	$	25.00	$	0.08		$	1.48	$	(0.05	)	$	26.51
Class R
	2007²	$	25.00	$	0.11		$	1.49	$	(0.07	)	$	26.53
Class Y
	2007²	$	25.00	$	0.15		$	1.48	$	(0.09	)	$	26.54


	¹	Per share data calculated using average shares outstanding method.

	²	Commenced operations on July 31, 2007. All ratios for the period July 31, 2007 to October 31, 2007 have been annualized, except total return and portfolio turnover.

	³	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

16 First American Funds 2007 Annual Report


														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income (Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return³			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate

	7.89	%	$	131		0.70	%		0.91	%		1.40	%		0.21	%		55	%
	7.69	%	$	15		1.45	%		0.23	%		2.15	%		(0.47	)%		55	%
	7.81	%	$	6		0.95	%		1.20	%		1.65	%		0.50	%		55	%
	7.93	%	$	48,745		0.45	%		1.73	%		1.15	%		1.03	%		55	%

	10.22	%	$	71		0.70	%		0.23	%		4.70	%		(3.77	)%		58	%

	10.01	%	$	18		1.45	%		(0.36	)%		5.45	%		(4.36	)%		58	%

	10.17	%	$	6		0.95	%		0.54	%		4.95	%		(3.46	)%		58	%

	10.29	%	$	7,725		0.45	%		1.07	%		4.45	%		(2.93	)%		58	%

	6.46	%	$	31		0.70	%		1.57	%		4.73	%		(2.46	)%		65	%
	6.25	%	$	5		1.45	%		1.18	%		5.48	%		(2.85	)%		65	%
	6.41	%	$	5		0.95	%		1.68	%		4.98	%		(2.35	)%		65	%
	6.52	%	$	7,457		0.45	%		2.28	%		4.48	%		(1.75	)%		65	%

First American Funds 2007 Annual Report 17

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


1 >	Organization


	The Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. The funds commenced operations July 31, 2007. As of October 31, 2007, FAIF offered 42 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. The Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund are each diversified open-end management investment companies.

	The funds offer Class A, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge for 12 months. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts.

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


2 >	Summary of Significant Accounting Policies


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

	SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask 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. Debt obligations with 60 days or less remaining until maturity may 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.

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

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

18 First American Funds 2007 Annual Report


	valued at fair value. As of October 31, 2007, the funds held no fair valued securities.

	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.

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

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

	The tax character of distributions paid during the period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period that the income or realized gains (losses) were recorded by the fund. The tax character of distributions paid during the fiscal period ended October 31, 2007, were as follows:

October 31, 2007

Ordinary

Fund

Income

Quantitative Large Cap Core Fund

144

Quantitative Large Cap Growth Fund

Quantitative Large Cap Value Fund


	As of October 31, 2007, the components of accumulated earnings on a tax-basis were as follows:


	Undistributed		Undistributed				Total
	Ordinary		Long Term		Unrealized		Accumulated
Fund	Income		Capital Gains		Appreciation		Earnings

Quantitative Large Cap Core Fund	$	459	$	54	$	2,924	$	3,437
Quantitative Large Cap Growth Fund		84		1		627		712
Quantitative Large Cap Value Fund		88		7		339		434


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

	FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market, and to maintain sufficient liquidity to meet redemption requests, and to increase the level of fund assets devoted to replicating the composition of the S&P and Russell indices while reducing transaction costs, 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 period will be recognized as capital gains (losses) for federal income tax purposes.

	As of October 31, 2007, the funds’ outstanding futures contracts are disclosed in the Schedule of Investments.

	ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market.

First American Funds 2007 Annual Report 19

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


	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, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At October 31, 2007, the funds held no investments in illiquid securities.

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

	U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. Collateral for securities on loan is invested in a money market fund administered by FAF Advisors, Inc. (“FAF Advisors”) and FAF Advisors receives an administration fee equal to 0.02% of such fund’s average daily net assets. For the fiscal period ended October 31, 2007, the funds had no securities lending activity.

	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 period ended October 31, 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 open-end First American Funds, preselected by each director. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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


3 >	Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund is 0.30%, 0.30%, and 0.30%, respectively. FAF Advisors has agreed to waive fees and reimburse other fund expenses through July 31, 2008, so that total fund operating expenses, as a percentage of

20 First American Funds 2007 Annual Report


	average daily net assets, do not exceed the following amounts:


	Share Class

Fund	A			C			R			Y

Quantitative Large Cap Core Fund		0.70	%		1.45	%		0.95	%		0.45	%
Quantitative Large Cap Growth Fund		0.70			1.45			0.95			0.45
Quantitative Large Cap Value Fund		0.70			1.45			0.95			0.45


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

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

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

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

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

	For the fiscal period ended October 31, 2007, custodian fees for the funds were not increased as a result of overdrafts and were not decreased by as a result of interest earned, respectively.

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

	Under the distribution and shareholder servicing agreement, the amounts retained by affiliates of FAF Advisors for the fiscal period ended October 31, 2007 rounds to zero for each fund.

	OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal period ended October 31, 2007, legal fees and expenses of $1 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.

First American Funds 2007 Annual Report 21

Notes to Financial Statements October 31, 2007, all dollars and shares are rounded to thousands (000)


	For the fiscal period ended October 31, 2007, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:


Fund	Amount

Quantitative Large Cap Core Fund	$	2
Quantitative Large Cap Growth Fund		—
Quantitative Large Cap Value Fund		—


4 >	Capital Share Transactions


	FAIF has 358 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:


		Quantitative			Quantitative		Quantitative
		Large Cap			Large Cap		Large Cap
		Core Fund			Growth Fund		Value Fund

		7/31/07¹			7/31/07¹		7/31/07¹
		to			to		to
		10/31/07			10/31/07		10/31/07

Class A:
	Shares issued		5			2		1
	Shares issued in lieu of cash distributions		—			—		—
	Shares redeemed		—			—		—

Total Class A transactions			5			2		1

Class C:
	Shares issued		1			1		—
	Shares issued in lieu of cash distributions		—			—		—
	Shares redeemed		—			—		—

Total Class C transactions			1			1		—

Class R:
	Shares issued		—			—		—
	Shares issued in lieu of cash distributions		—			—		—
	Shares redeemed		—			—		—

Total Class R transactions			—			—		—

Class Y:
	Shares issued		1,887			280		280
	Shares issued in lieu of cash distributions		5			1		1
	Shares redeemed		(80	)		—		—

Total Class Y transactions			1,812			281		281

Net increase in capital shares			1,818			284		282

¹ Commencement of operations


5 >	Investment Security Transactions


	During the fiscal period ended October 31, 2007, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows:


Fund	Purchases		Sales

Quantitative Large Cap Core Fund	$	63,558	$	18,910
Quantitative Large Cap Growth Fund		10,097		3,177
Quantitative Large Cap Value Fund		9,988		3,455


	The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities for federal income tax purposes at October 31, 2007, were as follows:


								Federal
	Aggregate		Aggregate					Income
	Gross		Gross					Tax
Fund	Appreciation		Depreciation			Net		Cost

Quantitative Large Cap Core Fund	$	3,413	$	(489	)	$	2,924	$	45,890
Quantitative Large Cap Growth Fund		711		(84	)		627		7,134
Quantitative Large Cap Value Fund		388		(49	)		339		7,092


6 >	Sector Risks


	Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. As of October 31, 2007, Quantitative Large Cap Growth Fund had a significant portion of its assets invested in the information

22 First American Funds 2007 Annual Report


	technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole.


7 >	Indemnifications


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


8 >	New Accounting Pronouncements


	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 period. Adoption of FIN 48 is required for fiscal periods beginning after December 15, 2006, and is to be applied to all open tax periods 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 April 30, 2008. 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 October 31, 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 2007 Annual Report 23

Notice to Shareholders October 31, 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 period ended October 31, 2007, each fund has designated long term capital gains and ordinary income with regard to distributions paid during the period as follows:


	Long Term			Ordinary
	Capital Gains			Income			Total
	Distributions			Distributions			Distributions
Fund	(Tax Basis) (a)			(Tax Basis) (a)			(Tax Basis) (a)

Quantitative Large Cap Core Fund		—	%		100	%		100	%
Quantitative Large Cap Growth Fund		—			100			100
Quantitative Large Cap Value Fund		—			100			100


	(a)	Based on a percentage of the fund’s total distributions.

Shareholder Notification of Federal Tax Status:


	Each fund has designated the following percentages of the ordinary income distributions during the fiscal period ended October 31, 2007 as dividends qualifying for the dividends received deduction available to corporate shareholders:


Fund

Quantitative Large Cap Core Fund	100.00	%
Quantitative Large Cap Growth Fund	100.00
Quantitative Large Cap Value Fund	97.10


	In addition, each fund has designated the following percentages of the ordinary income distributions from net investment income during the fiscal period ended October 31, 2007 as qualified dividend income available to individual shareholders under the Jobs and Growth Tax Relief Reconciliation Act of 2003:


Fund

Quantitative Large Cap Core Fund	100.00	%
Quantitative Large Cap Growth Fund	100.00
Quantitative Large Cap Value Fund	99.48

Additional Information Applicable to Foreign Shareholders Only:


	The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for each fund was as follows:


Fund

Quantitative Large Cap Core Fund	5.28	%
Quantitative Large Cap Growth Fund	3.43
Quantitative Large Cap Value Fund	3.23


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


Fund

Quantitative Large Cap Core Fund	0.00	%
Quantitative Large Cap Growth Fund	0.00
Quantitative Large Cap Value Fund	0.00

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


	A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities is available

24 First American Funds 2007 Annual Report


	(1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

FORM N-Q HOLDINGS INFORMATION

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 business days of the calendar quarter-end.

First American Funds 2007 Annual Report 25

Notice to Shareholders October 31, 2007 (unaudited)

Directors and Officers of the Funds

Independent Directors

Other

Position(s)

Term of Office

Number of Portfolios

Directorships

Name, Address, and

Held

and Length of

Principal Occupation(s)

in Fund Complex

Held by

Year of Birth

with Funds

Time Served

During Past 5 Years

Overseen by Director

Director †

Benjamin R. Field III
P.O. Box 1329
Minneapolis, MN
55440-1329
(1938)

Director

Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003

Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through February 2004

First American Funds Complex: twelve registered investment companies, including sixty-two 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 sixty-two 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 sixty-two 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 sixty-two 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

First American Funds Complex: twelve registered investment companies, including sixty-two portfolios

None

Richard K. Riederer
P.O. Box 1329
Minneapolis, MN
55440-1329
(1944)

Director

Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001

Owner and Chief Executive Officer, RKR Consultants, Inc. and non-profit board member since 2005

First American Funds Complex: twelve registered investment companies, including sixty-two 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

First American Funds Complex: twelve registered investment companies, including sixty-two portfolios

None

26 First American Funds 2007 Annual Report

Independent Directors — concluded

Other

Position(s)

Term of Office

Number of Portfolios

Directorships

Name, Address, and

Held

and Length of

Principal Occupation(s)

in Fund Complex

Held by

Year of Birth

with Funds

Time Served

During Past 5 Years

Overseen by Director

Director †

Virginia L. Stringer
P.O. Box 1329
Minneapolis, MN
55440-1329
(1944)

Chair; Director

First American Funds Complex: twelve registered investment companies, including sixty-two 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 sixty-two portfolios

None


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

First American Funds 2007 Annual Report 27

Notice to Shareholders October 31, 2007 (unaudited)


Officers

	Position(s)	Term of Office
Name, Address, and	Held	and Length of
Year of Birth	with Funds	Time Served	Principal Occupation(s) During Past 5 Years

Thomas S. Schreier, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1962)*	President	Re-elected by the Board annually; President of FAIF since February 2001	Chief Executive Officer of FAF Advisors, Inc.; Chief Investment Officer of FAF Advisors, Inc., since September 2007

Jeffery M. Wilson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956)*	Vice President – Administration	Re-elected by the Board annually; Vice President — Administration of FAIF since March 2000	Senior Vice President 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	Mutual Funds 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	Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director, Senior Project Manager, FAF Advisors, Inc. from May 2003 to September 2005; prior thereto, 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 thereto, 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 thereto, Compliance Analyst, FAF Advisors, Inc. from October 2004 to June 2006; prior thereto, Senior Systems Helpdesk Analyst, Wachovia Retirement Services from November 2002 to October 2004; prior thereto, 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 Dorsey & Whitney LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm

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 U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Senior Vice President, U.S. Bancorp Fund Services, LLC

Richard J. Ertel FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004	Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc. from September 2004 to May 2006; prior thereto, Counsel, FAF Advisors, Inc. from May 2003 to August 2004; prior to May 2003, Associate Counsel, Hartford Life and Accident Insurance Company


*	Messrs. Schreier, 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. Mr. Arnold is an officer of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as Transfer Agent for FAIF.

28 First American Funds 2007 Annual Report

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.

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

0153-07 12/2007 AR-QUANT

Item 2—Code of Ethics

The registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. During the period covered by this report, there were no amendments to the provisions of the registrant’s code of ethics that apply to the registrant’s principal executive officer and principal financial officer and that relate to any element of the code of ethics definition enumerated in this Item. During the period covered by this report, the registrant did not grant any waivers, including implicit waivers, from any provision of its code of ethics. The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics 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 $938,498 in the fiscal period ended October 31, 2007 and $1,066,262 in the fiscal year ended October 31, 2006, 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 $4,117 in the fiscal period ended October 31, 2007 and $3,288 in the fiscal year ended October 31, 2006, including fees associated with the semi-annual review of fund disclosures.

(c)		Tax Fees — E&Y billed the registrant fees of $159,670 in the fiscal period ended October 31, 2007 and $160,419 in the fiscal year ended October 31, 2006, 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 period ended October 31, 2007 and the fiscal year ended October 31, 2006.

(e)(1)		The audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X are set forth below:

		Audit Committee policy regarding pre-approval of services provided by the Independent Auditor

		The Audit Committee of the First American Funds (“Committee”) has responsibility for ensuring that all services performed by the independent audit firm for the funds do not impair the firm’s independence. This review is intended to provide reasonable oversight without removing management from its responsibility for day-to-day operations. In this regard, the Committee should:

	•		Understand the nature of the professional services expected to be provided and their impact on auditor independence and audit quality

	•		Examine and evaluate the safeguards put into place by the Company and the auditor to safeguard independence

	•		Meet quarterly with the partner of the independent audit firm

	•		Consider approving categories of service that are not deemed to impair independence for a one-year period

It is important that a qualitative rather than a mere quantitative evaluation be performed by the Committee in discharging its responsibilities.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the Committee will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the funds’ independent audit firm directly for the funds. At least annually the Committee will receive a report from the independent audit firm of all audit and non-audit services, which were approved during the year.

The engagement of the independent audit firm for any non-audit service requires the written pre-approval of the Treasurer of the funds and all non-audit services performed by the independent audit firm will be disclosed in the required SEC periodic filings.

In connection with the Committee review and pre-approval responsibilities, the review by the Committee will consist of the following:

Audit Services

The categories of audit services and related fees to be reviewed and considered for pre-approval annually by the Committee or its delegate include the following:

	•		Annual Fund financial statement audits

	•		Seed audits (related to new product filings, as required)

	•		SEC and regulatory filings and consents

Audit-related Services

In addition, the following categories of audit-related services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

	•		Accounting consultations

	•		Fund merger support services

	•		Other accounting related matters

	•		Agreed Upon Procedure Reports

	•		Attestation Reports

	•		Other Internal Control Reports

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.

Tax Services

The following categories of tax services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

•

Tax compliance services related to the filing or amendment of the following:

	•		Federal, state and local income tax compliance, and

	•		Sales and use tax compliance

	•		Timely RIC qualification reviews

	•		Tax distribution analysis and planning

	•		Tax authority examination services

	•		Tax appeals support services

	•		Accounting methods studies

	•		Fund merger support services

	•		Tax consulting services and related projects

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 $163,787 in the fiscal period October 31, 2007 and $163,707 in the fiscal year ended October 31, 2006.

(h)		The registrant’s audit committee has determined that the provision of non-audit services to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved is compatible with maintaining E&Y’s independence.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8—Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10—Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this item.

Item 11—Controls and Procedures

(a)		The registrant’s principal executive officer and principal financial officer have evaluated the effectiveness of the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely.

(b)		There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12—Exhibits

(a)(1)		Not applicable. Registrant’s code of ethics is provided to any person upon request without charge.

(a)(2)		Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed as exhibits hereto.

(a)(3)		Not applicable.

(b)		Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 are filed as exhibits hereto.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


First American Investment Funds, Inc.
By:	/s/ Thomas S. Schreier, Jr.
	Thomas S. Schreier, Jr.
	President

Date: January 7, 2008

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: January 7, 2008



By:	/s/ Charles D. Gariboldi, Jr.
	Charles D. Gariboldi, Jr.
	Treasurer

Date: January 7, 2008

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