Nuveen Small Cap Value Fund (FSCAX) N-CSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05309

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal period end:       June 30

Date of reporting period:       December 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

First American Funds Online	1
Holdings Summaries	2
Expense Examples	6
Schedule of Investments	11
Statements of Assets and Liabilities	62
Statements of Operations	64
Statements of Changes in Net Assets	66
Financial Highlights	70
Notes to Financial Statements	80
Notice to Shareholders	89

Mutual fund investing involves risk; principal loss is possible.

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

 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

First American Funds Online

@ firstamericanfunds.com

Visit the First American Funds website for useful information on each of our funds, including fund prices, performance, fund management bios, dividends, and downloadable fact sheets.

Online features and functionality include:

-   The ability to deepen your understanding of the fund family by learning about the full range of investment choices available to you through First American Funds

-   The ability to educate yourself through market and investment strategy commentaries

We stand behind our commitment to serve you with excellence. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.

First American Funds 2007 Semiannual Report   1

Holdings Summaries

Arizona Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	71	.0%
General Obligations3	21	.1
Certificates of Participation3	7	.6
Short-Term Investment	0	.2
Other Assets and Liabilities, Net4	0	.1
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	38	.6%
AA	14	.5
A	14	.7
BBB	22	.7
Non-Rated	9	.5
	100	.0%

California Intermediate Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	74	.5%
General Obligations3	19	.8
Certificates of Participation3	3	.9
Short-Term Investment	0	.8
Other Assets and Liabilities, Net4	1	.0
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	52	.7%
AA	5	.7
A	22	.6
BBB	16	.3
Non-Rated	2	.7
	100	.0%

California Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	65	.4%
General Obligations3	21	.3
Certificates of Participation3	5	.2
Short-Term Investments	11	.0
Other Assets and Liabilities, Net4	(2	.9)
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	52	.9%
AA	11	.9
A	20	.2
BBB	12	.1
Non-Rated	2	.9
	100	.0%

Colorado Intermediate Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	74	.3%
General Obligations3	22	.4
Certificates of Participation3	1	.7
Short-Term Investments	1	.4
Other Assets and Liabilities, Net4	0	.2
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	42	.1%
AA	12	.4
A	18	.3
BBB	16	.0
CCC	3	.4
Non-Rated	7	.8
	100	.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2007, 21.5%, 9.1%, 12.7%, and 19.7% of net assets in Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, and Colorado Intermediate Tax Free Fund, respectively, were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

2   First American Funds 2007 Semiannual Report

Colorado Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	79	.2%
General Obligations3	9	.8
Certificates of Participation3	8	.8
Short-Term Investment	1	.7
Other Assets and Liabilities, Net4	0	.5
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	31	.9%
AA	11	.0
A	27	.1
BBB	20	.7
CCC	2	.3
Non-Rated	7	.0
	100	.0%

Intermediate Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	65	.0%
General Obligations3	30	.1
Certificates of Participation3	2	.2
Short-Term Investment	2	.1
Other Assets and Liabilities, Net4	0	.6
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	56	.1%
AA	9	.7
A	11	.9
BBB	11	.2
BB	0	.7
CCC	1	.3
Non-Rated	9	.1
	100	.0%

Minnesota Intermediate Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	64	.2%
General Obligations3	32	.7
Certificate of Participation3	0	.5
Short-Term Investments	1	.8
Other Assets and Liabilities, Net4	0	.8
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	34	.5%
AA	17	.6
A	18	.6
BBB	16	.0
BB	1	.9
Non-Rated	11	.4
	100	.0%

Minnesota Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	90	.9%
General Obligations3	6	.9
Short-Term Investments	1	.8
Other Assets and Liabilities, Net4	0	.4
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	33	.7%
AA	9	.6
A	20	.0
BBB	10	.6
BB	0	.6
Non-Rated	25	.5
	100	.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2007, 22.3%, 21.1%, 8.5%, and 12.1% of net assets in Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, and Minnesota Tax Free Fund, respectively, were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2007 Semiannual Report   3

Holdings Summaries  continued

Missouri Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	79	.8%
General Obligations3	12	.3
Certificates of Participation3	7	.6
Short-Term Investment	0	.2
Other Assets and Liabilities, Net4	0	.1
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	55	.2%
AA	13	.3
A	8	.9
BBB	11	.4
BB	0	.0
Non-Rated	11	.2
	100	.0%

Nebraska Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	74	.8%
General Obligations3	20	.3
Certificates of Participation3	3	.4
Short-Term Investment	0	.4
Other Assets and Liabilities, Net4	1	.1
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	21	.5%
AA	32	.1
A	22	.0
BBB	4	.8
Non-Rated	19	.6
	100	.0%

Ohio Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	55	.1%
General Obligations3	40	.2
Short-Term Investment	4	.1
Other Assets and Liabilities, Net4	0	.6
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	41	.1%
AA	29	.4
A	16	.4
BBB	11	.3
Non-Rated	1	.8
	100	.0%

Oregon Intermediate Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

General Obligations3	55	.2%
Revenue Bonds3	41	.2
Certificates of Participation3	2	.7
Short-Term Investment	0	.5
Other Assets and Liabilities, Net4	0	.4
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	54	.4%
AA	26	.2
A	6	.8
BBB	7	.5
Non-Rated	5	.1
	100	.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2007, 16.7%, 5.6%, 11.8%, and 19.8% of net assets in Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

4   First American Funds 2007 Semiannual Report

Holdings Summaries  concluded

Short Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	71	.2%
General Obligations3	22	.6
Short-Term Investment	4	.6
Other Assets and Liabilities, Net4	1	.6
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	42	.8%
AA	15	.5
A	22	.4
BBB	13	.8
BB	0	.3
Non-Rated	5	.2
	100	.0%

Tax Free Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Revenue Bonds3	78	.7%
General Obligations3	18	.0
Certificates of Participation3	1	.1
Short-Term Investments	1	.1
Other Assets and Liabilities, Net4	1	.1
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	33	.2%
AA	3	.8
A	23	.5
BBB	22	.4
BB	0	.5
CCC	0	.3
Non-Rated	16	.3
	100	.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2007, 4.9% and 12.6% of net assets in Short Tax Free Fund and Tax Free Fund, respectively, were pre-refunded and escrowed to maturity issues.
4	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2007 Semiannual Report   5

Expense Examples

Expense Example

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2007, to December 31, 2007.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value 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” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

Arizona Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual2	$	1,000.00	$	1,015.10	$	3.80
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81
Class C Actual2	$	1,000.00	$	1,012.20	$	5.82
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.84
Class Y Actual2	$	1,000.00	$	1,015.50	$	2.53
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2007 of 1.51%, 1.22%, and 1.55% for Class A, Class C, and Class Y, respectively.

California Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual4	$	1,000.00	$	1,029.20	$	3.83
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81
Class Y Actual4	$	1,000.00	$	1,029.40	$	3.57
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2007 of 2.92% and 2.94% for Class A and Class Y, respectively.

6   First American Funds 2007 Semiannual Report

California Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual2	$	1,000.00	$	1,024.60	$	3.46
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.46
Class C Actual2	$	1,000.00	$	1,022.20	$	5.85
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.84
Class Y Actual2	$	1,000.00	$	1,025.50	$	2.55
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.68%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2007 of 2.46%, 2.22%, and 2.55% for Class A, Class C, and Class Y, respectively.

Colorado Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual4	$	1,000.00	$	1,026.20	$	4.33
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32
Class Y Actual4	$	1,000.00	$	1,028.00	$	3.57
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2007 of 2.62% and 2.80% for Class A and Class Y, respectively.

Colorado Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual6	$	1,000.00	$	1,005.20	$	3.78
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81
Class C Actual6	$	1,000.00	$	1,003.20	$	5.79
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.84
Class Y Actual6	$	1,000.00	$	1,006.50	$	2.52
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
6	Based on the actual returns for the six-month period ended December 31, 2007 of 0.52%, 0.32%, and 0.65% for Class A, Class C, and Class Y, respectively.

Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period7 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual8	$	1,000.00	$	1,027.70	$	3.98
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	3.96
Class Y Actual8	$	1,000.00	$	1,028.20	$	3.57
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56

7	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.78% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
8	Based on the actual returns for the six-month period ended December 31, 2007 of 2.77% and 2.82% for Class A and Class Y, respectively.

First American Funds 2007 Semiannual Report   7

Expense Examples  continued

Minnesota Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual2	$	1,000.00	$	1,025.30	$	3.97
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	3.96
Class Y Actual2	$	1,000.00	$	1,025.90	$	3.56
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.78% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2007 of 2.53% and 2.59% for Class A and Class Y, respectively.

Minnesota Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual4	$	1,000.00	$	1,003.50	$	4.43
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.71	$	4.47
Class C Actual4	$	1,000.00	$	1,000.20	$	6.79
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.85
Class Y Actual4	$	1,000.00	$	1,003.50	$	3.53
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.88%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2007 of 0.35%, 0.02%, and 0.35% for Class A, Class C, and Class Y, respectively.

Missouri Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual6	$	1,000.00	$	1,012.90	$	4.81
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82
Class C Actual6	$	1,000.00	$	1,010.90	$	6.82
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.85
Class Y Actual6	$	1,000.00	$	1,014.20	$	3.54
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
6	Based on the actual returns for the six-month period ended December 31, 2007 of 1.29%, 1.09%, and 1.42% for Class A, Class C, and Class Y, respectively.

8   First American Funds 2007 Semiannual Report

Nebraska Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual2	$	1,000.00	$	1,016.50	$	3.80
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81
Class C Actual2	$	1,000.00	$	1,014.60	$	5.82
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.84
Class Y Actual2	$	1,000.00	$	1,017.80	$	2.54
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2007 of 1.65%, 1.46%, and 1.78% for Class A, Class C, and Class Y, respectively.

Ohio Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual4	$	1,000.00	$	1,024.10	$	3.82
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81
Class C Actual4	$	1,000.00	$	1,022.30	$	5.85
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.84
Class Y Actual4	$	1,000.00	$	1,026.40	$	2.55
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2007 of 2.41%, 2.23%, and 2.64% for Class A, Class C, and Class Y, respectively.

Oregon Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual6	$	1,000.00	$	1,028.80	$	4.33
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32
Class Y Actual6	$	1,000.00	$	1,030.60	$	3.57
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
6	Based on the actual returns for the six-month period ended December 31, 2007 of 2.88% and 3.06% for Class A and Class Y, respectively.

Short Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period7 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual8	$	1,000.00	$	1,027.80	$	3.82
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81
Class Y Actual8	$	1,000.00	$	1,028.60	$	3.06
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.12	$	3.05

7	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
8	Based on the actual returns for the six-month period ended December 31, 2007 of 2.78% and 2.86% for Class A and Class Y, respectively.

First American Funds 2007 Semiannual Report   9

Expense Examples  concluded

Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual2	$	1,000.00	$	1,002.20	$	4.13
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.01	$	4.17
Class C Actual2	$	1,000.00	$	999.60	$	6.79
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.85
Class Y Actual2	$	1,000.00	$	1,002.90	$	3.52
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.82%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2007 of 0.22%, -0.04%, and 0.29% for Class A, Class C, and Class Y, respectively.

10   First American Funds 2007 Semiannual Report

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Arizona Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 99.7%
Revenue Bonds – 71.0%
Continuing Care Retirement Communities – 7.0%
Arizona Health Facilities Authority, The Terraces Project, Series A, Pre-refunded 11/15/2013 @ 101
7.500%, 11/15/2023 (a)		200		237
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		400		356
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.875%, 02/15/2026		100		95
Maricopa County Industrial Development Authority, Senior Living Health Care Revenue, Immanuel Care,
Series A (GNMA)
4.850%, 08/20/2026		750		745
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
5.000%, 09/01/2025		400		385
Tempe Industrial Development Authority, Friendship Village Project, Series A
5.375%, 12/01/2013		200		196
				2,014
Education – 9.0%
Anderson, Indiana, Economic Development Revenue, Anderson University Project
5.000%, 10/01/2032		425		387
Gilbert Industrial Development Authority, Southwest Student Services, Pre-refunded 02/01/2009 @ 102
5.850%, 02/01/2019 (a)		1,000		1,048
Glendale Industrial Development Authority, Midwestern University
5.250%, 05/15/2014		140		149
5.000%, 05/15/2031		500		493
Glendale Industrial Development Authority, Midwestern University, Series A, Pre-refunded 05/15/2011 @ 101
5.750%, 05/15/2021 (a)		250		272
Pima County Industrial Development Authority, Education Revenue, American Charter Schools Foundation, Series A
5.500%, 07/01/2026		275		262
				2,611
Healthcare – 21.2%
Arizona Health Facilities Authority, Banner Health, Series A
5.000%, 01/01/2021		280		290
Arizona Health Facilities Authority, Blood Systems Incorporated
4.750%, 04/01/2025		300		285
Arizona Health Facilities Authority, John C. Lincoln Health Network, Pre-refunded 12/01/2012 @ 101
5.750%, 12/01/2032 (a)		150		167
Glendale Industrial Development Authority
4.625%, 12/01/2027		200		176
Glendale Industrial Development Authority, John C. Lincoln Health Network
5.000%, 12/01/2032		100		91
Halifax Medical Center, Florida Hospital Revenue, Series A
5.000%, 06/01/2038		375		343
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A
5.250%, 02/15/2030		400		397
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
5.000%, 07/01/2020		130		126
Iowa Hospital Revenue, Washington County Hospital Project
5.375%, 07/01/2026		250		242
Johnson City, Tennessee Health & Elderly Facilities Authority, Pre-refunded 07/01/2012 @ 103
7.500%, 07/01/2025 (a)		100		119
Maricopa County Hospital, Sun Health Corporation
5.000%, 04/01/2025		200		193
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A
5.375%, 07/01/2023		500		513
5.250%, 07/01/2032		100		100
Maricopa County Industrial Development Authority, Mayo Clinic
5.000%, 11/15/2031		500		503
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Pre-refunded 12/01/2011 @ 101
5.700%, 12/01/2021 (a)		1,000		1,099
University Medical Center Corporation, Hospital Revenue
5.000%, 07/01/2016		250		251
5.000%, 07/01/2024		500		475
Yavapai Industrial Development Authority, Yavapai Regional Medical Center, Series A (RAAI)
5.250%, 08/01/2021		375		379
6.000%, 08/01/2033		100		103
Yuma Industrial Development Authority, Yuma Regional Medical Center, Escrowed to Maturity (MBIA)
5.500%, 08/01/2017 (b)		250		273
				6,125
Housing – 3.5%
Douglas Community Housing Corporation, Rancho La Perilla, Series A (GNMA)
5.900%, 07/20/2020		500		522
6.000%, 07/20/2025		475		490
Phoenix Industrial Development Authority, The Phoenix Authority, Series 1A (FHLMC) (FNMA) (GNMA)
5.875%, 06/01/2016		5		5
				1,017
Lease Revenue – 4.6%
Arizona Game & Fish Department, Administration Building Project
4.500%, 07/01/2032		200		182
Peoria Municipal Development Authority
5.000%, 07/01/2015		310		340

First American Funds 2007 Semiannual Report   11

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Arizona Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Pinal County Industrial Development Authority Correctional Facilities Contract, Florence West Prison Project,
Series A (ACA)
5.000%, 10/01/2016	$	250	$	245
Puerto Rico Public Buildings Authority, Government Facilities, Series M (COMGTY)
6.250%, 07/01/2031		500		567
				1,334
Miscellaneous – 3.7%
Arizona Student Loan Acquisition Authority, Series A (AMT)
5.900%, 05/01/2024		100		104
Greater Arizona Infrastructure Development Authority, Series A (MBIA)
5.625%, 08/01/2020		200		207
Greater Arizona Infrastructure Development Authority, Series B
5.250%, 08/01/2026		750		769
				1,080
Tax Revenue – 11.5%
Greater Arizona Development Authority, Infrastructure Revenue, Pinal County Road Project, Series 1 (MBIA)
4.500%, 08/01/2025		750		734
Marana, Tangerine Farms Road Improvement District
4.600%, 01/01/2026		250		229
Peoria Improvement District #0601
4.250%, 01/01/2022		465		451
Phoenix Civic Improvements, Excise Tax Revenue, Municipal Courthouse Project, Series A, Pre-refunded 07/01/2009 @ 101
5.750%, 07/01/2016 (a)		300		315
Queen Creek Improvement District #001
5.000%, 01/01/2020		300		298
Scottsdale Municipal Property Corporation, Excise Tax Revenue, Convertible CABs, Series C (AMBAC)
0.000% through 06/30/2013, thereafter 4.550%, 07/01/2021 (c)		500		392
Tempe, Excise Tax Revenue, Series A, Pre-refunded 07/01/2009 @ 100
5.625%, 07/01/2020 (a)		300		312
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment
5.000%, 02/01/2026		270		253
Yuma Improvement District #68
4.700%, 01/01/2021		365		354
				3,338
Transportation – 1.4%
Arizona State Transportation Highway Board, Series A
5.000%, 07/01/2009		400		412
Utilities – 9.1%
Cottonwood Water Revenue (XLCA)
5.000%, 07/01/2017		250		265
Gilbert Water Resource Municipal Property Corporation, Wastewater System & Utility Revenue
5.000%, 04/01/2017		250		250
Gilbert Water Resource Municipal Property Corporation, Wastewater System & Utility Revenue, Pre-refunded 04/01/2008 @ 100
5.000%, 04/01/2017 (a)		25		25
5.000%, 04/01/2017 (a)		100		101
Mesa Utility System Revenue (FGIC)
4.500%, 07/01/2028		635		620
Salt Verde Financial Corporation, Gas Revenue
5.000%, 12/01/2037		550		514
Tucson Water, Series 1994-A (MBIA)
6.250%, 07/01/2016		170		203
Yavapai Industrial Development Authority, Waste Management Incorporated Project, Series A-1 (AMT)
4.900%, 03/01/2028		400		354
Yavapai Industrial Development Authority, Waste Management Incorporated Project, Series A-2, Mandatory Put 03/01/2008 @ 100 (AMT)
4.450%, 03/01/2028		300		300
				2,632
Total Revenue Bonds				20,563
General Obligations – 21.1%
California State
4.750%, 02/01/2024		100		101
Centerra Community Facilities Distributors
5.500%, 07/15/2029		192		177
Chandler, Pre-refunded 07/01/2010 @ 101
5.800%, 07/01/2018 (a)		250		268
Goodyear Community Facilities Utilities District #1 (AMBAC)
5.000%, 07/15/2032		1,000		1,046
Greenlee County School District #18, Morenci
5.000%, 07/01/2012		165		171
Peoria, Pre-refunded 04/01/2009 @ 100 (FGIC)
5.400%, 04/01/2015 (a)		100		103
5.000%, 04/01/2018 (a)		575		589
5.000%, 04/01/2019 (a)		125		128
Phoenix, Pre-refunded 07/01/2010 @ 100
5.250%, 07/01/2019 (a)		350		368
5.375%, 07/01/2025 (a)		750		790
Pima County Unified School District #1, Tucson Project of 2004, Series C (FGIC)
5.000%, 07/01/2027		1,000		1,046
Pinal County Unified School District #1, Florence School Improvement Project 2006, Series A (FGIC)
5.000%, 07/01/2027		1,000		1,046
Tucson
5.500%, 07/01/2018		250		281
Total General Obligations				6,114
Certificates of Participation – 7.6%
Arizona Board of Regents, Northern Arizona University Projects (AMBAC)
4.500%, 09/01/2030		500		487
Arizona Board of Regents, Series D (AMBAC)
4.000%, 06/01/2027		1,000		928
Northern Arizona University, Research Projects (AMBAC)
5.000%, 09/01/2023		140		146
Pinal County
5.000%, 12/01/2014		400		420

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

12   First American Funds 2007 Semiannual Report

Arizona Tax Free Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE
Tucson (MBIA)
5.500%, 07/01/2015	$	200	$	202
Total Certificates of Participation				2,183
Total Municipal Bonds
(Cost $28,569)				28,860
Short-Term Investment – 0.2%
Federated Arizona Municipal Money Market Fund
(Cost $64)		64,332		64
Total Investments – 99.9%
(Cost $28,633)				28,924
Other Assets and Liabilities, Net – 0.1%				33
Total Net Assets – 100.0%			$	28,957

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(b)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.

(c)  Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.

ACA –  American Capital Access

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to AMT was $758 which represents 2.6% of total net assets.

COMGTY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

FHLMC –  Federal Home Loan Mortgage Corporation

FNMA –  Federal National Mortgage Association

GNMA –  Government National Mortgage Association

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

XLCA –  XL Capital Assurance Inc.

California Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 98.2%
Revenue Bonds – 74.5%
Continuing Care Retirement Communities – 2.9%
California Health Facilities Financing Authority, Paradise Valley Estates (CMI)
4.375%, 01/01/2012		540		555
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
5.000%, 11/15/2012		500		529
La Verne, Brethren Hillcrest Homes, Series B (ACA)
5.600%, 02/15/2033		500		457
				1,541
Economic Development – 2.0%
Port of Oakland, Series B (MBIA)
5.000%, 11/01/2018		1,000		1,094
Education – 9.8%
Association of Bay Area Governments Financial Authority, Schools of the Sacred Heart, Series A, Escrowed to Maturity
5.800%, 06/01/2008 (a)		200		202
California Educational Facilities Authority, Claremont Graduate University, Series A
5.000%, 03/01/2020		240		249
California Educational Facilities Authority, Golden Gate University
5.000%, 10/01/2020		505		496
California Educational Facilities Authority, Lutheran University, Series C
4.750%, 10/01/2015		675		684
California Educational Facilities Authority, University of Redlands, Series A
5.000%, 10/01/2020		500		514
California Educational Facilities Authority, University of the Pacific
5.000%, 11/01/2015		300		325
California Educational Facilities Authority, Woodbury University
4.400%, 01/01/2015		450		436
California Municipal Finance Authority, Loma Linda University
4.250%, 04/01/2018		300		294
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A
5.750%, 03/01/2008		400		401
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Escrowed to Maturity
6.000%, 06/01/2010 (a)		410		437
6.000%, 06/01/2010 (a)		85		90
California State Higher Educational Facilities Authority, University of Redlands, Series A, Escrowed to Maturity
5.550%, 06/01/2009 (a)		225		233
California State Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/2010 @ 101
5.700%, 06/01/2011 (b)		250		267
5.750%, 06/01/2012 (b)		260		278
California Statewide Communities Development Authority, Viewpoint Schools (ACA)
4.125%, 10/01/2014		405		378
				5,284

First American Funds 2007 Semiannual Report   13

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

California Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Healthcare – 16.1%
Association of Bay Area Governments Finance Authority, Children’s Hospital, Series A
4.500%, 12/01/2019	$	425	$	419
California Health Facilities Financing Authority, Casa Colina
5.500%, 04/01/2013		300		312
California Health Facilities Financing Authority, Catholic Healthcare West, Series I, Mandatory Put 07/01/2014 @ 100
4.950%, 07/01/2026		450		470
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI)
4.750%, 11/01/2019		1,200		1,230
California Health Facilities Financing Authority, Valleycare Medical Center, Series A, Pre-refunded 05/01/2012 @ 100 (CMI)
4.625%, 05/01/2013 (b)		300		317
California State Health Facilities Authority, Casa de las Campanas, Series A, Pre-refunded 08/01/2008 @ 100 (CMI)
5.375%, 08/01/2009 (b)		250		253
California Statewide Communities Development Authority, Daughters of Charity Health, Series G
5.250%, 07/01/2013		500		519
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
7.250%, 11/15/2011 (a)		430		463
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial Hospital (CMI)
5.000%, 10/01/2020		500		516
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
3.850%, 11/01/2029		1,000		1,009
Iowa Hospital Revenue, Washington County Hospital Project
5.000%, 07/01/2014		250		252
Loma Linda University Medical Center, Hospital Revenue, Series A
5.000%, 12/01/2015		600		610
Marysville Hospital, Fremont Rideout Health Project, Series A (AMBAC)
5.000%, 01/01/2010		500		516
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de la Concepcion, Series A
5.500%, 11/15/2009		650		670
Sierra View Health Care District
5.250%, 07/01/2024		500		503
Turlock California Health Facilities Revenue, Emanuel Medical Center
5.000%, 10/15/2024		700		650
				8,709
Housing – 2.9%
Aztec Shops, California State Auxiliary Organization, San Diego State University
5.400%, 09/01/2011		1,035		1,072
California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series D (AMT) (FNMA) (GNMA)
5.250%, 06/01/2010		5		5
California Statewide Communities Development Authority, Equity Residential, Series B, Mandatory Put 06/15/2009 @ 100
5.200%, 12/01/2029		500		509
				1,586
Lease Revenue – 9.2%
Apple Valley Public Financing Authority, Lease Revenue, Town Hall Annex Project, Series A (AMBAC)
4.500%, 09/01/2017		535		567
California State Public Works Board, California Community Colleges, Series A
4.875%, 12/01/2018		200		204
California State Public Works Board, Department of Corrections & Rehabilitation, Series F (FGIC)
5.000%, 11/01/2016		1,500		1,646
California State Public Works Board, Department of Health Services (MBIA)
5.200%, 11/01/2012		500		521
California State Public Works Board, Department of Mental Health
5.500%, 06/01/2016		540		596
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Convertible CABs, Series A (FSA)
0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 (c)		150		131
Los Angeles Community Redevelopment Agency, Lease Revenue, Manchester Social Services Project (AMBAC)
5.000%, 09/01/2016		1,200		1,286
				4,951
Miscellaneous – 5.8%
California Infrastructure & Economic Development, Salvation Army Western (AMBAC)
4.000%, 09/01/2018		1,000		1,006
Children’s Trust Fund, Puerto Rico Tobacco Settlement Issue, Escrowed to Maturity
5.000%, 07/01/2008 (a)		250		252
Golden West Schools Financing Authority, Series A (MBIA)
5.700%, 02/01/2013		720		800
5.750%, 02/01/2014		520		587
Golden West Schools Financing Authority, Series A, Zero Coupon Bond (MBIA)
3.630%, 02/01/2012 (d)		535		462
				3,107
Recreational Facility Authority – 1.4%
California Infrastructure & Economic Development, Performing Arts Center
4.000%, 12/01/2015		220		221
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/2012 @ 101
6.000%, 07/01/2022 (b)		500		562
				783
Tax Revenue – 10.0%
Antioch Area Public Facilities Financing Agency, Special Tax, Community Facilities District #1989-1 (AMBAC)
4.000%, 08/01/2018		1,000		987

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

14   First American Funds 2007 Semiannual Report

California Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Corona Redevelopment Agency, Tax Allocation, Temescal Canyon Project Area, Series A (AGTY)
4.125%, 11/01/2017	$	205	$	209
Long Beach Community Facilities District #5, Towne Center Special Tax
6.100%, 10/01/2012		165		167
Murrieta Community Facilities District #2, The Oaks Area
5.750%, 09/01/2020		250		251
Norco, Special Tax, Community Facilities District #97-1 (AGTY)
4.500%, 10/01/2016		260		274
Palm Desert Financing Authority, Tax Allocation Revenue, Project Area #4, Series A (MBIA)
4.750%, 10/01/2013		655		696
Poway Unified School District, Special Tax, Community Facilities District #6-4
5.000%, 09/01/2023		400		390
Rancho Cucamonga Redevelopment Agency, Tax Allocation Revenue, Series A (MBIA)
4.125%, 09/01/2018		310		310
San Bernardino Redevelopment Agency, Tax Allocation Revenue, San Sevaine Redevelopment Project, Series A (RAAI)
5.000%, 09/01/2016		500		516
San Francisco City & County Redevelopment Financing Authority, Tax Allocation Revenue, Mission Bay North Redevelopment Project, Series B (RAAI)
4.000%, 08/01/2012		295		292
4.100%, 08/01/2014		325		319
4.250%, 08/01/2016		250		244
Soledad Redevelopment Agency, Tax Allocation Revenue, Series A (XLCA)
4.500%, 12/01/2016		205		213
South Tahoe Redevelopment Agency, Special Tax, Community Facilities District #2001-1
4.600%, 10/01/2018		280		258
Southern California Logistics Airport Authority (XLCA)
4.250%, 12/01/2018		285		286
				5,412
Transportation – 2.4%
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC)
3.910%, 10/01/2014 (d)		1,000		770
San Francisco City & County International Airports Commission, Second Series, Issue 25 (AMT) (FSA)
5.500%, 05/01/2008		500		503
				1,273
Utilities – 12.0%
Banning Water Utility Authority, Enterprise Revenue, Referendum and Improvement Projects (FGIC)
5.000%, 11/01/2020		1,025		1,103
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT)
4.100%, 09/01/2014		750		747
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AGTY) (AMT)
5.000%, 07/01/2027		250		231
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company, Series A, Mandatory Put 04/01/2013 @ 100 (XLCA)
4.100%, 04/01/2028		500		509
California Statewide Communities Development Authority, Water Revenue, Series B (FSA)
4.250%, 10/01/2017		635		659
Chino Basin Regional Financing Authority, Inland Empire Utility Agency Sewer Project, Pre-refunded 11/01/2009 @ 101 (MBIA)
5.200%, 11/01/2011 (b)		405		425
Imperial, Wastewater Treatment Facility (FGIC)
5.000%, 10/15/2020		1,000		1,039
Richmond Wastewater Systems, Pre-refunded 08/01/2009 @ 102 (FGIC)
5.200%, 08/01/2011 (b)		500		526
Signal Hill, Water Revenue (MBIA)
4.375%, 11/01/2018		345		358
Southern California Public Power Authority, Natural Gas Project Revenue, Project #1, Series A
5.250%, 11/01/2020		500		521
Whittier Utility Authority (MBIA)
4.400%, 06/01/2017		305		315
4.500%, 06/01/2018		65		67
				6,500
Total Revenue Bonds				40,240
General Obligations – 19.8%
Alisal Union School District, Series C, Zero Coupon Bond (FGIC)
3.243%, 08/01/2008 (d)		860		844
Baldwin Park Unified School District Election of 2002, Zero Coupon Bond (AMBAC)
4.802%, 08/01/2020 (d)		1,000		550
California State
4.000%, 08/01/2015		250		255
5.000%, 02/01/2017		1,000		1,056
5.125%, 04/01/2024		500		514
California State, Water Reservoir Development, Series Q
4.750%, 03/01/2020		200		200
Chabot-Las Positas Community College District, Election of 2004-B, Zero Coupon Bond (AMBAC)
4.615%, 08/01/2019 (d)		400		235
Foothill-De Anza Community College District
6.000%, 08/01/2011		300		324
Fresno Unified School District, Series A (MBIA)
6.050%, 08/01/2011		500		549
Jefferson Union High School District, San Mateo County, Series A (MBIA)
6.250%, 02/01/2014		300		333
Los Angeles Unified School District Election of 2005, Series C (AMBAC)
5.000%, 07/01/2015		1,000		1,102
Pomona Unified School District, Series A (MBIA)
6.150%, 08/01/2015		500		562
Puerto Rico Commonwealth, Series B (FSA)
6.500%, 07/01/2015		1,000		1,185

First American Funds 2007 Semiannual Report   15

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

California Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
Roseville Joint Union High School District, Election of 2004, Series B (FGIC)
5.000%, 08/01/2018	$	550	$	593
Roseville Joint Union High School District, Series E
5.200%, 08/01/2020		600		626
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC)
4.350%, 09/01/2017 (d)		1,000		660
Walnut Valley Unified School District, Series A, Pre-refunded 08/01/2010 @ 102 (FSA)
5.000%, 08/01/2012 (b)		255		272
West Covina Unified School District, Series A (MBIA)
5.350%, 02/01/2020		770		822
Total General Obligations				10,682
Certificates of Participation – 3.9%
Grossmont Unified High School District, Pre-refunded 09/01/2008 @ 102 (FSA)
5.400%, 09/01/2013 (b)		300		311
Kern County Board of Education, Series A (MBIA)
5.200%, 05/01/2012		325		334
Los Angeles County Schools, Regionalized Business Services Financing Project, Series A
5.000%, 09/01/2008		200		202
Los Angeles, Sonnenblick Del Rio, West Los Angeles (AMBAC)
5.375%, 11/01/2010		305		316
Poway California (AMBAC)
4.500%, 08/01/2016		585		609
Travis Unified School District (FGIC)
4.500%, 09/01/2016		300		314
Total Certificates of Participation				2,086
Total Municipal Bonds
(Cost $51,838)				53,008
Short-Term Investment – 0.8%
Blackrock Liquidity Funds
(Cost $455)		455,357		455
Total Investments – 99.0%
(Cost $52,293)				53,463
Other Assets and Liabilities, Net – 1.0%				524
Total Net Assets – 100.0%			$	53,987

(a)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.

(b)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(c)  Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.

(d)  Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2007.

ACA –  American Capital Access

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $1,486, which represents 2.8% of total net assets.

CMI –  California Mortgage Insurance Program

FGIC –  Financial Guaranty Insurance Corporation

California Intermediate Tax Free Fund (concluded)

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

XLCA –  XL Capital Assurance Inc.

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

16   First American Funds 2007 Semiannual Report

California Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 91.9%
Revenue Bonds – 65.4%
Continuing Care Retirement Communities – 1.3%
Association of Bay Area Governments Finance Authority, Lincoln Glen Manor Senior Citizens (CMI)
6.100%, 02/15/2025		250		253
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		300		277
				530
Education – 10.6%
Association of Bay Area Governments Financial Authority, Schools of the Sacred Heart, Series A, Escrowed to Maturity
5.900%, 06/01/2010 (a)		200		212
California Educational Facilities Authority, University of Redlands, Series A
5.000%, 10/01/2020		500		515
California Educational Facilities Authority, University of the Pacific
5.000%, 11/01/2030		1,000		1,006
California Educational Facilities Authority, Woodbury University
4.500%, 01/01/2016		470		455
California Municipal Financing Authority, Education Revenue, American Heritage Education Foundation Project, Series A
5.250%, 06/01/2026		400		379
California Municipal Financing Authority, Loma Linda University
4.375%, 04/01/2019		300		294
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A
6.750%, 03/01/2019		380		397
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Pre-refunded 06/01/2010 @ 101
6.625%, 06/01/2020 (b)		180		196
6.625%, 06/01/2020 (b)		35		38
California State Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/2010 @ 101
5.950%, 06/01/2015 (b)		310		333
California State University Foundation, Monterey Bay, Pre-refunded 06/01/2011 @ 100 (MBIA)
5.300%, 06/01/2022 (b)		500		536
				4,361
Healthcare – 10.0%
Association of Bay Area Governments Financial Authority, Children’s Hospital, Series A
4.750%, 12/01/2022		350		347
California Health Facilities Financing Authority, Casa Colina
5.500%, 04/01/2013		50		52
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI)
4.750%, 11/01/2019		560		574
California Statewide Communities Development Authority, Adventist Health, Series A
5.000%, 03/01/2030		300		298
California Statewide Communities Development Authority, Daughters of Charity Healthcare, Series A
5.250%, 07/01/2030		100		96
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
7.250%, 11/15/2011 (a)		215		231
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial Hospital (CMI)
5.000%, 10/01/2027		400		401
California Statewide Communities Development Authority, Redlands Community Hospital, Series A (RAAI)
5.000%, 04/01/2015		500		516
Loma Linda University Medical Center, Hospital Revenue, Series A
5.000%, 12/01/2015		400		407
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de La Concepcion, Series A
5.500%, 11/15/2008		400		406
Sierra View Health Care District
5.250%, 07/01/2024		500		503
Turlock California Health Facilities Revenue, Emanuel Medical Center
5.000%, 10/15/2024		300		279
				4,110
Housing – 2.9%
California State Department of Veterans Affairs, Series C (AMT)
5.500%, 12/01/2019		180		182
California State Housing Finance Agency, Single Family Mortgage, Series B (AMT) (FNMA) (GNMA)
5.650%, 06/01/2010		5		5
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
5.150%, 12/01/2031		1,000		989
				1,176
Lease Revenue – 7.8%
Apple Valley Public Financing Authority, Lease Revenue, Town Hall Annex Project, Series A (AMBAC)
5.000%, 09/01/2027		500		522
California State Public Works Board, California Community Colleges, Series B
5.500%, 06/01/2019		1,035		1,125
Daly City Housing Development Finance Agency, Senior Franciscan Mobile Home Park, Series A
5.000%, 12/15/2037		500		477
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Convertible CABs, Series A (FSA)
0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 (c)		1,250		1,092
				3,216
Miscellaneous – 5.4%
Golden West Schools Financing Authority, Series A (MBIA)
5.750%, 02/01/2014		250		282
5.800%, 08/01/2022		320		380
5.800%, 08/01/2023		345		410

First American Funds 2007 Semiannual Report   17

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

California Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Sacramento City Financing Authority, Pre-refunded 06/01/2010 @ 101
5.400%, 06/01/2018 (b)	$	455	$	484
5.500%, 06/01/2023 (b)		645		687
				2,243
Recreational Facility Authority – 1.4%
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/2012 @ 101
6.000%, 07/01/2022 (b)		500		562
Tax Revenue – 15.2%
Fortuna Public Financing Authority (AGTY)
5.000%, 11/01/2038		500		513
Grass Valley Community Redevelopment Agency, Tax Allocation Revenue
6.400%, 12/01/2034		400		418
Long Beach Community Facilities District #5, Towne Center Special Tax
6.100%, 10/01/2012		250		253
Los Angeles
5.625%, 03/01/2019		200		211
Los Angeles County Community Facilities District #3, Special Tax, Series A (AMBAC)
5.250%, 09/01/2018		715		747
Montclair Redevelopment Agency, Project Area #3, Series A (AMBAC)
4.500%, 09/01/2027		400		384
Murrieta Community Facilities District #2, The Oaks Area
5.750%, 09/01/2020		125		125
Norco, Special Tax, Community Facilities District #97-1 (AGTY)
4.875%, 10/01/2030		500		505
Palm Desert Financing Authority, Tax Allocation Revenue, Project Area #4, Series A (MBIA)
5.000%, 10/01/2029		1,000		1,025
Poway Unified School District, Special Tax, Community Facilities District #6-4
5.000%, 09/01/2023		250		244
Rancho Cucamonga Redevelopment Agency, Tax Allocation Revenue, Series A (MBIA)
5.000%, 09/01/2034		500		511
San Bernardino Redevelopment Agency, Tax Allocation Revenue, San Sevaine Redevelopment Project, Series A (RAAI)
5.000%, 09/01/2016		350		361
San Francisco City & County Redevelopment Financing Authority, Tax Allocation Revenue, Mission Bay North Redevelopment Project, Series B (RAAI)
4.375%, 08/01/2018		380		368
South Tahoe Redevelopment Agency, Special Tax, Community Facilities District #2001-1
4.400%, 10/01/2015		120		118
4.500%, 10/01/2016		125		118
Stockton Public Financing Revenue, Assessment Districts, Senior Lien, Series A (RAAI)
4.375%, 09/02/2020		365		343
				6,244
Transportation – 0.9%
Puerto Rico Commonwealth Highway & Transportation Authority, Series X (MBIA)
5.500%, 07/01/2015		100		111
San Francisco Airport Commission, SFO Fuel Company (AMT) (FSA)
5.625%, 01/01/2012		250		256
				367
Utilities – 9.9%
Bakersfield Wastewater Revenue, Series A (FSA)
5.000%, 09/15/2032		160		167
Banning Water Utility Authority, Enterprise Revenue, Referendum and Improvement Projects (FGIC)
5.000%, 11/01/2023		1,040		1,104
Burlingame Finance Authority, Wastewater Revenue (FSA)
4.250%, 04/01/2026		730		713
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series A-2 (AMT)
5.400%, 04/01/2025		500		492
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AGTY) (AMT)
5.000%, 07/01/2027		250		231
Compton Sewer Authority (MBIA)
5.375%, 09/01/2023		1,150		1,186
South Bayside Waste Management Authority (AMBAC)
5.750%, 03/01/2020		150		157
				4,050
Total Revenue Bonds				26,859
General Obligations – 21.3%
Acalanes Unified High School District, Zero Coupon Bond, Pre-refunded 08/01/2010 @ 70.92 (FGIC)
3.240%, 08/01/2016 (b) (d)		700		457
Bassett Unified School District Election of 2006 (FSA)
5.000%, 08/01/2027		500		522
California State
5.000%, 02/01/2024		700		720
4.500%, 08/01/2026		500		481
California State, Pre-refunded 10/01/2010 @ 100
5.250%, 10/01/2019 (b)		35		37
5.250%, 10/01/2019 (b)		105		111
5.250%, 10/01/2019 (b)		460		486
Jefferson Union High School District, San Mateo County, Series A (MBIA)
6.250%, 08/01/2020		460		531
Los Angeles Unified School District, Election 2002, Series B (AMBAC)
4.500%, 07/01/2025 (e)		1,500		1,493
Palm Springs Unified School District, Election 2004, Series B (FSA)
4.750%, 08/01/2035		2,265		2,288
Pomona Unified School District, Series A (MBIA)
5.950%, 02/01/2017		855		1,007
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		200		208
Sacramento Unified School District, Series A, Pre-refunded 07/01/2009 @ 102
5.750%, 07/01/2017 (b)		400		424
Total General Obligations				8,765

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

18   First American Funds 2007 Semiannual Report

California Tax Free Fund (continued )
DESCRIPTION	PAR/SHARES		VALUE
Certificates of Participation – 5.2%
Escondido, Series A (FGIC)
5.625%, 09/01/2020	$	140	$	149
Escondido, Series A, Pre-refunded 09/01/2010 @ 101 (FGIC)
5.625%, 09/01/2020 (b)		160		172
Los Angeles, Sonnenblick del Rio Senior Lien (AMBAC)
6.000%, 11/01/2019		330		355
Ramona Unified School District, Convertible CABs (FGIC)
0.000% through 05/01/2012, thereafter 5.000%, 05/01/2032 (c)		500		412
Ridgecrest Civic Center Project, Pre-refunded 03/01/2009 @ 101
6.250%, 03/01/2021 (b)		250		261
Roseville Water Utility (MBIA)
4.750%, 12/01/2023		750		765
Total Certificates of Participation				2,114
Total Municipal Bonds
(Cost $36,890)				37,738
Short-Term Investments – 11.0%
Money Market Fund – 8.6%
Blackrock Liquidity Funds		3,530,009		3,530
Variable Rate Demand Note (f) – 2.4%
California Statewide Communities Development Authority, Sweep Loan Program, Series A (LOC: Citibank)
3.360%, 08/01/2035		1,000		1,000
Total Short-Term Investments
(Cost $4,530)				4,530
Total Investments – 102.9%
(Cost $41,420)				42,268
Other Assets and Liabilities, Net – (2.9)%				(1,179	)
Total Net Assets – 100.0%			$	41,089

(a)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.

(b)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(c)  Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.

(d)  Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2007.

(e)  Security purchased on a when-issued basis. On December 31, 2007, the total cost of investment purchased on a when-issued basis was $1,485 or 3.6% of total net assets. See note 2 in Notes to Financial Statements.

(f)  Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal balance plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2007.

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $2,155, which represents 5.2% of total net assets.

CMI –  California Mortgage Insurance Program

FGIC –  Financial Guaranty Insurance Corporation

California Tax Free Fund (concluded)

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

First American Funds 2007 Semiannual Report   19

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Colorado Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 98.4%
Revenue Bonds – 74.3%
Continuing Care Retirement Communities – 1.5%
Colorado State Health Facilities Authority, Christian Living Communities Project, Series A
5.250%, 01/01/2014		250		242
Colorado State Health Facilities Authority, Covenant Retirement Communities
5.000%, 12/01/2016		500		503
				745
Education – 11.3%
Colorado Educational & Cultural Facilities Authority, Ave Maria School Project (RAAI)
4.750%, 12/01/2014		220		223
4.750%, 12/01/2015		230		233
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School, Series A (SMO)
5.000%, 06/15/2018		240		247
5.000%, 06/15/2019		255		261
5.000%, 06/15/2020		265		270
Colorado State Board of Governors University Enterprise System Revenue, Series B (FGIC)
4.250%, 03/01/2017		500		512
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Escrowed to Maturity
6.250%, 09/15/2011 (a)		230		241
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
6.375%, 12/01/2011 (a)		495		526
Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School, Pre-refunded 11/01/2009 @ 100
6.850%, 11/01/2016 (b)		440		469
Colorado State Educational & Cultural Facilities Authority, Front Range Christian School Project (LOC: Evangelical Christian, Wescorp Credit Union)
4.500%, 04/01/2018		225		228
4.500%, 04/01/2019		240		241
Colorado State Educational & Cultural Facilities Authority, Northwest Nazarene Project
4.500%, 11/01/2015		550		542
Fort Lewis College Board, Trustees Enterprise Revenue, Series B-1 (FGIC)
4.250%, 10/01/2019		725		727
4.375%, 10/01/2020		725		728
				5,448
Healthcare – 20.9%
Aspen Valley Hospital
4.375%, 10/15/2014		560		553
Colorado State Health Facilities Authority, Adventist Health, Sunbelt, Series E
5.000%, 11/15/2012		500		520
Colorado State Health Facilities Authority, Boulder Hospital (MBIA)
5.000%, 10/01/2010		500		522
Colorado State Health Facilities Authority, Evangelical Lutheran
6.900%, 12/01/2025		135		144
Colorado State Health Facilities Authority, Evangelical Lutheran, Pre-refunded 12/01/2010 @ 102
6.900%, 12/01/2025 (b)		215		241
Colorado State Health Facilities Authority, Evangelical Lutheran Project
5.000%, 06/01/2016		250		259
Colorado State Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America, Series A
5.000%, 07/01/2015		500		475
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
5.250%, 12/01/2013		860		895
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project
5.375%, 01/01/2016		700		705
Colorado State Health Facilities Authority, Parkview Medical Center
5.750%, 09/01/2008		250		253
Colorado State Health Facilities Authority, Parkview Medical Center, Escrowed to Maturity
5.500%, 09/01/2009 (a)		500		519
Colorado State Health Facilities Authority, Parkview Medical Center Project, Series B
5.000%, 09/01/2018		500		512
Colorado State Health Facilities Authority, The Devereux Foundation (RAAI)
4.200%, 11/01/2013		80		79
Colorado State Health Facilities Authority, Vail Valley Medical Center Project
5.000%, 01/15/2013		300		307
5.750%, 01/15/2022		800		814
Colorado State Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI)
5.000%, 05/15/2012		165		169
5.000%, 05/15/2013		500		513
Colorado State Health Facilities Authority, Yampa Valley Medical Center Project
5.000%, 09/15/2013		410		414
Delta County Memorial Hospital District
5.350%, 09/01/2017		500		506
La Junta County Hospital, Arkansas Valley Regional Medical Center Project
5.400%, 04/01/2008		335		336
5.500%, 04/01/2009		355		360
Montrose Memorial Hospital
5.300%, 12/01/2013		260		266
5.450%, 12/01/2014		390		402
University of Colorado Hospital Authority, Pre-refunded 11/15/2011 @ 100
5.000%, 11/15/2014 (b)		300		318
				10,082
Housing – 3.7%
Denver City & County Housing Authority, Capital Funding Program, Three Towers Rehabilitation Project (AMT) (FSA)
4.000%, 05/01/2012		270		270
4.000%, 11/01/2012		270		269
4.550%, 11/01/2017		1,000		998
5.200%, 11/01/2027		250		249
				1,786

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

20   First American Funds 2007 Semiannual Report

Colorado Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Lease Revenue – 1.1%
Puerto Rico Public Buildings Authority, Government Facilities, Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
5.500%, 07/01/2035	$	500	$	543
Miscellaneous – 6.1%
Colorado Educational & Cultural Facilities Authority, Colorado Public Radio
4.800%, 07/01/2009		250		253
4.900%, 07/01/2010		265		270
Colorado Educational & Cultural Facilities Authority, National Conference of State Legislatures
5.250%, 06/01/2013		700		729
Denver City & County, Helen G. Bonfils Foundation Project, Series B
5.125%, 12/01/2017		900		901
High Plains Metropolitan District, Series B (LOC: Compass Bank)
4.375%, 12/01/2015		800		814
				2,967
Recreational Facility Authority – 1.1%
Hyland Hills Metropolitan Park & Recreation District, Series A
6.100%, 12/15/2009		210		212
Hyland Hills Metropolitan Park & Recreation District, Special Revenue (ACA)
5.000%, 12/15/2015		300		295
				507
Revolving Fund – 0.1%
Colorado Water Resource & Power Development Authority, Small Water Resources, Series A (FGIC)
5.700%, 11/01/2015		55		59
Tax Revenue – 3.5%
Larimer County Sales & Use Tax (AMBAC)
5.000%, 12/15/2010		300		316
Longmont Sales & Use Tax, Pre-refunded 11/15/2010 @ 100
5.500%, 11/15/2015 (b)		500		532
Park Meadows Business Improvement District, Shared Sales Tax
5.000%, 12/01/2017		250		249
Superior Open Space Sales & Use Tax
4.500%, 06/01/2013		100		101
4.600%, 06/01/2014		225		227
Westminster Special Purpose Sales & Use Tax, Post Project, Series D (FSA)
4.250%, 12/01/2018		250		258
				1,683
Transportation – 15.6%
Colorado Department of Transportation (AMBAC)
6.000%, 06/15/2010		1,000		1,067
E-470 Public Highway Authority, Series B, Zero Coupon Bond (MBIA)
4.340%, 09/01/2017 (c)		1,575		1,040
4.590%, 09/01/2019 (c)		960		565
4.830%, 09/01/2022 (c)		1,000		496
E-470 Public Highway Authority, Series C, Convertible CABs (MBIA)
0.000% through 09/01/2011, thereafter 5.000%, 09/01/2017 (d)		500		453
Eagle County Air Terminal Revenue, Airport Terminal Improvement Project, Series B (AMT)
5.250%, 05/01/2020		130		123
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (FSA)
0.000% through 06/15/2011, thereafter 5.200%, 06/15/2014 (a) (d)		750		701
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (AMBAC)
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 (a) (d)		2,000		1,892
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (FSA)
0.000% through 06/15/2011, thereafter 5.350%, 06/15/2016 (a) (d)		1,000		956
Walker Field Public Airport Authority Revenue
4.500%, 12/01/2016		275		266
				7,559
Utilities – 9.4%
Arapahoe County Water & Wastewater Authority, Escrowed to Maturity
5.750%, 12/01/2008 (a)		160		164
Arapahoe County Water & Wastewater Authority, Pre-refunded 12/01/2009 @ 100
6.000%, 12/01/2011 (b)		185		195
Boulder Water & Sewer, Escrowed to Maturity
5.750%, 12/01/2010 (a)		1,545		1,657
Broomfield Water Activity Enterprise (MBIA)
5.500%, 12/01/2017		500		536
Colorado Water Resource & Power Development Authority, Small Water Resources, Series A, Pre-refunded 11/01/2010 @ 100 (FGIC)
5.700%, 11/01/2015 (b)		45		48
Denver City & County Wastewater (FGIC)
5.250%, 11/01/2017		1,260		1,354
Inverness Water & Sanitation District, Arapahoe & Douglas Counties, Series A (RAAI)
4.250%, 12/01/2016		600		580
				4,534
Total Revenue Bonds				35,913
General Obligations – 22.4%
Arapahoe County School District #5, Cherry Creek, Pre-refunded 12/15/2009 @ 100 (STAID)
5.500%, 12/15/2011 (b)		1,000		1,047
Cordillera Metropolitan School District, Eagle County (RAAI)
5.000%, 12/01/2013		620		638
Denver City & County, Medical Facilities
4.000%, 08/01/2016		1,000		1,022
Denver West Metropolitan School District
4.125%, 12/01/2014		150		148
4.200%, 12/01/2015		480		474
Douglas County School District #RE-1, Douglas & Elbert Counties, Series B, Zero Coupon Bond (FSA) (STAID)
3.760%, 12/15/2015 (c)		335		249
Fiddlers Business Improvement District, Greenwood Village, Series 1 (ACA)
4.250%, 12/01/2015		460		421

First American Funds 2007 Semiannual Report   21

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Colorado Intermediate Tax Free Fund
DESCRIPTION	PAR/SHARES		VALUE
Garfield County School District #RE-2 (FSA) (STAID)
5.250%, 12/01/2019	$	1,530	$	1,640
Grand County School District #002, East Grand (FSA) (STAID)
4.250%, 12/01/2016		500		519
Jefferson County School District #R-001 (MBIA) (STAID)
6.250%, 12/15/2009		1,000		1,060
North Range Metropolitan District #1 (ACA)
4.250%, 12/15/2018		560		481
Pueblo County School District #070, Pueblo Rural (FGIC) (STAID)
5.000%, 12/01/2019		910		996
SBC Metropolitan School District (ACA)
4.250%, 12/01/2015		445		408
Sterling Hills West Metropolitan District (FSA)
4.250%, 12/01/2016		200		210
4.750%, 12/01/2018		250		269
Westglenn Metropolitan District
6.000%, 12/01/2014		1,220		1,257
Total General Obligations				10,839
Certificates of Participation – 1.7%
Garfield County Building Corporation (AMBAC)
5.300%, 12/01/2011		400		419
Pueblo County, Capital Construction
4.400%, 12/01/2016		410		410
Total Certificates of Participation				829
Total Municipal Bonds
(Cost $46,217)				47,581
Short-Term Investments – 1.4%
Money Market Fund – 1.0%
First American Tax Free Obligations Fund, Class Z (e)		462,303		462
Variable Rate Demand Note (f) – 0.4%
Colorado State Educational & Cultural Facilities Authority, National Jewish Federation Board Program (LOC: Bank of America)
3.750%, 07/01/2029		200		200
Total Short-Term Investments
(Cost $662)				662
Total Investments – 99.8%
(Cost $46,879)				48,243
Other Assets and Liabilities, Net – 0.2%				115
Total Net Assets – 100.0%			$	48,358

(a)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.

(b)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(c)  Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield at December 31, 2007.

(d)  Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.

(e)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Colorado Intermediate Tax Free Fund (concluded)

(f)  Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2007.

ACA –  American Capital Access

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $1,909, which represents 3.9% of net assets.

COMTGY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

FSA –  Financial Security Assurance

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

SMO –  State Moral Obligation

STAID –  State Aid Withholding

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

22   First American Funds 2007 Semiannual Report

Colorado Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 97.8%
Revenue Bonds – 79.2%
Continuing Care Retirement Communities – 5.5%
Colorado Health Facilities, Christian Living Communities, Series A
5.750%, 01/01/2026		100		93
Colorado State Health Facilities Authority, Covenant Retirement Communities
5.250%, 12/01/2025		200		195
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B
6.125%, 12/01/2033		350		358
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		225		200
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.875%, 02/15/2026		100		95
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
5.000%, 09/01/2025		325		313
				1,254
Education – 16.8%
Anderson, Indiana, Economic Development Revenue, Anderson University Project
5.000%, 10/01/2032		350		319
Colorado Educational & Cultural Facilities Authority, Academy Charter School Project, Series A (SMO)
4.625%, 12/15/2028		330		311
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School, Series A (SMO)
5.250%, 06/15/2029		500		503
Colorado State Educational & Cultural Facilities Authority, Ave Maria School Project (RAAI)
4.850%, 12/01/2025		250		238
Colorado State Educational & Cultural Facilities Authority, Ave Marie School Project, Pre-refunded 12/01/2010 @ 100 (RAAI)
6.000%, 12/01/2016 (a)		200		216
Colorado State Educational & Cultural Facilities Authority, Charter School, James Irwin Foundation (CIFG) (STAID)
5.000%, 08/01/2027		250		255
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
6.375%, 12/01/2011 (b)		350		372
Colorado State Educational & Cultural Facilities Authority, Front Range Christian School Project (LOC: Evangelical Christian, Wescorp Credit Union)
5.000%, 04/01/2037		750		735
Colorado State Educational & Cultural Facilities Authority, Northwest Nazarene Project
4.500%, 11/01/2015		300		296
Fort Lewis College Board, Trustees Enterprise Revenue, Series A (FGIC)
4.375%, 10/01/2020		560		562
				3,807
Healthcare – 25.0%
Boulder County Longmont United Hospital Project (RAAI)
5.300%, 12/01/2010		330		340
Colorado Health Facilities, Parkview Medical Center Project, Series B
5.000%, 09/01/2029		500		483
Colorado State Health Facilities Authority, Evangelical Lutheran
6.900%, 12/01/2025		60		64
Colorado State Health Facilities Authority, Evangelical Lutheran, Pre-refunded 12/01/2010 @ 102
6.900%, 12/01/2025 (a)		90		101
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A
5.250%, 06/01/2034		230		226
Colorado State Health Facilities Authority, Evangelical Lutheran Project
5.000%, 06/01/2016		100		103
Colorado State Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America, Series A
5.250%, 07/01/2027		300		261
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
4.625%, 12/01/2024		325		302
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project
5.375%, 01/01/2016		300		302
Colorado State Health Facilities Authority, Parkview Medical Center, Escrowed to Maturity
5.600%, 09/01/2011 (b)		300		325
Colorado State Health Facilities Authority, Portercare Adventist Project, Pre-refunded 11/15/2011 @ 101
6.500%, 11/15/2023 (a)		600		677
Colorado State Health Facilities Authority, Poudre Valley Health Care, Series F
5.000%, 03/01/2025		350		336
Colorado State Health Facilities Authority, Vail Valley Medical Center
5.000%, 01/15/2020		250		249
5.800%, 01/15/2027		500		505
Delta County Memorial Hospital District
5.350%, 09/01/2017		220		223
Denver Health & Hospital Authority, Healthcare Revenue, Series A
4.750%, 12/01/2027		250		224
Halifax Medical Center, Hospital Revenue, Series A
5.000%, 06/01/2038		325		297
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
5.000%, 07/01/2020		100		97
Iowa Hospital Revenue, Washington County Hospital Project
5.375%, 07/01/2026		225		218
La Junta, Arkansas Valley Regional Medical Center Project
6.100%, 04/01/2024		100		102
Montrose Memorial Hospital
6.375%, 12/01/2023		130		138

First American Funds 2007 Semiannual Report   23

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Colorado Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
New Hampshire Health & Educational Facilities Authority, The Memorial Hospital
5.250%, 06/01/2036	$	100	$	90
				5,663
Housing – 1.9%
Colorado State Housing & Finance Authority, Multifamily Project, Class I, Series B-4
5.900%, 04/01/2031		100		102
Colorado State Housing & Finance Authority, Series E-2 (AMT)
7.000%, 02/01/2030		45		48
Colorado State Housing & Finance Authority, Single Family Housing Program, Series A-2 (AMT)
7.450%, 10/01/2016		5		5
Colorado State Housing & Finance Authority, Single Family Housing Program, Series B-2 (AMT)
7.100%, 04/01/2017		25		26
Denver City & County Housing Authority, Capital Funding Program, Three Towers Rehabilitation Project (AMT) (FSA)
5.200%, 11/01/2027		250		249
				430
Miscellaneous – 3.8%
Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures
5.250%, 06/01/2021		750		764
Denver City & County, Helen G. Bonfils Foundation Project, Series B
5.125%, 12/01/2017		100		100
				864
Recreational Facility Authority – 2.1%
Denver Convention Center, Hotel Authority Revenue (XLCA)
4.500%, 12/01/2025		500		472
Tax Revenue – 5.8%
Douglas County Sales & Use Tax Revenue (FSA)
5.625%, 10/15/2020		200		211
Highlands Ranch Metropolitan School District #2 (FSA)
5.000%, 06/15/2016		20		20
Larimer County Sales & Use Tax, Pre-refunded 12/15/2010 @ 100 (AMBAC)
5.625%, 12/15/2018 (a)		100		106
Park Meadows Business Improvement District, Shared Sales Tax
5.300%, 12/01/2027		475		461
Superior Open Space Sales & Use Tax
5.000%, 06/01/2026		330		320
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment
5.000%, 02/01/2026		210		197
				1,315
Transportation – 10.7%
Eagle County Air Terminal Revenue, Airport Terminal Improvement Project, Series B (AMT)
5.250%, 05/01/2020		75		71
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (FSA)
0.000% through 06/15/2011, thereafter 5.200%, 06/15/2014 (b) (c)		750		701
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (AMBAC)
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 (b) (c)		500		473
Northwest Parkway Public Highway Authority, Convertible CABs, Pre-refunded 06/15/2016 @ 100 (AMBAC)
0.000% through 06/15/2011, thereafter 5.700%, 06/15/2021 (a) (c)		1,000		970
Walker Field Public Airport Authority Revenue
4.750%, 12/01/2027		250		220
				2,435
Utilities – 7.6%
Arapahoe County Water & Wastewater, Series B (MBIA)
5.000%, 12/01/2026		250		258
Boulder Water & Sewer, Pre-refunded 12/01/2010 @ 100
5.700%, 12/01/2019 (a)		300		322
Broomfield Water Activity Enterprise (MBIA)
5.500%, 12/01/2019		400		426
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT)
5.700%, 07/01/2018		250		262
Fort Collins Wastewater Utility Enterprise (FSA)
5.500%, 12/01/2020		300		316
Inver Grove Heights, Minnesota, Nursing Home Revenue, Presbyterian Homes Care
5.375%, 10/01/2026		150		139
				1,723
Total Revenue Bonds				17,963
General Obligations – 9.8%
Antelope Water System
4.875%, 12/01/2025		175		172
Boulder Open Space Acquisition, Pre-refunded 08/15/2010 @ 100
5.450%, 08/15/2016 (a)		350		369
Bromley Park Metropolitan District #2, Series A (RAAI)
5.000%, 12/01/2027		500		487
El Paso County School District #49, Falcon, Series A, Pre-refunded 12/01/2009 @ 105 (FSA) (STAID)
6.000%, 12/01/2018 (a)		200		221
Fiddlers Business Improvement District, Greenwood Village, Series 1 (ACA)
4.500%, 12/01/2027		375		297
Midcities Metropolitan School District #2 (RAAI)
5.125%, 12/01/2030		200		193
North Range Metropolitan District #1 (ACA)
4.500%, 12/15/2031		300		225
Sterling Hills West Metropolitan District (FSA)
4.750%, 12/01/2018		250		269
Total General Obligations				2,233
Certificates of Participation – 8.8%
Arapahoe County Building Finance Authority, Pre-refunded 02/15/2010 @ 100 (AMBAC)
5.250%, 02/15/2021 (a)		200		208
Broomfield County Open Space Park & Recreation Facilities (AMBAC)
5.500%, 12/01/2020		800		843

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

24   First American Funds 2007 Semiannual Report

Colorado Tax Free Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE
Broomfield County, Westminster Open Space Foundation
4.625%, 12/01/2025	$	330	$	322
Colorado Springs Old City Hall Project (FSA)
5.500%, 12/01/2017		200		212
5.500%, 12/01/2020		200		211
Pueblo County, Capital Construction
5.000%, 12/01/2024		200		199
Total Certificates of Participation				1,995
Total Municipal Bonds
(Cost $21,930)				22,191
Short-Term Investment – 1.7%
First American Tax Free Obligations Fund, Class Z (d)
(Cost $390)		390,232		390
Total Investments – 99.5%
(Cost $22,320)				22,581
Other Assets and Liabilities, Net – 0.5%				108
Total Net Assets – 100.0%			$	22,689

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(b)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.

(c)  Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.

(d)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

ACA –  American Capital Access

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $661, which represents 2.9% of net assets.

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

FSA –  Financial Security Assurance

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

SMO –  State Moral Obligation

STAID –  State Aid Withholding

XLCA –  XL Capital Assurance Inc.

Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 97.3%
Alabama – 1.4%
Revenue Bonds – 1.4%
Alabama State Docks Department, Pre-refunded 10/01/2008 @ 102 (MBIA)
5.250%, 10/01/2010 (a)		3,000		3,109
Anniston Regional Medical Center Board, Northeast Alabama Regional Medical Center Project, Escrowed to Maturity
8.000%, 07/01/2011 (b)		1,150		1,251
Health Care Authority for Baptist Health, Series D
5.000%, 11/15/2015		800		821
Huntsville Electric System Revenue (FSA)
4.000%, 12/01/2018		1,330		1,340
Montgomery BMC Special Care Facilities Revenue, Baptist Health, Series A-2, Pre-refunded 11/15/2014 @ 100 (MBIA)
5.000%, 11/15/2016 (a)		2,000		2,174
				8,695
Alaska – 0.1%
Revenue Bond – 0.1%
Aleutians East Borough Project, Aleutian Pribilof Islands (ACA)
4.375%, 06/01/2015		400		375
Arizona – 3.5%
Revenue Bonds – 1.7%
Arizona Game & Fish Department, AGF Administration Building Project
4.500%, 07/01/2015		150		155
Arizona Health Facilities Authority, The Terraces Project, Series A, Pre-refunded 11/15/2013 @ 101
7.500%, 11/15/2023 (a)		3,300		3,916
Phoenix Street & Highway User, Escrowed to Maturity
6.500%, 07/01/2009 (b)		180		182
6.250%, 07/01/2011 (b)		900		910
Tempe Industrial Development Authority, Friendship Village Project, Series A
5.375%, 12/01/2013		1,300		1,276
Tucson Airport Authority (FSA)
5.000%, 06/01/2013		3,760		4,019
				10,458
General Obligations – 1.1%
Gila County Unified School District #10, Payson School Improvement Project of 2006, Series A (AMBAC)
1.000% through 07/01/2009, thereafter 5.000%, 07/01/2016		1,000		1,021
1.000% through 07/01/2009, thereafter 5.000%, 07/01/2017		1,050		1,072
Maricopa County School District #69, Paradise Valley (MBIA)
5.300%, 07/01/2011		1,000		1,070
Maricopa County Unified School District #48, Scottsdale School Improvement Project 2004, Series B (FSA)
4.750%, 07/01/2018		1,150		1,228
Pima County Unified School District #1, Tucson Project of 2004, Series C (FGIC)
4.375%, 07/01/2018		1,000		1,035
4.500%, 07/01/2019		1,000		1,034
				6,460

First American Funds 2007 Semiannual Report   25

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Certificate of Participation – 0.7%
Arizona Board of Regents, Series B (AMBAC)
4.500%, 06/01/2018	$	4,120	$	4,308
				21,226
Arkansas – 0.9%
Revenue Bonds – 0.9%
Pulaski County, Residential Housing Facilities Board, Escrowed to Maturity (FGIC) (FHA) (VA)
7.250%, 06/01/2010 (b)		1,290		1,352
University of Arkansas, Fayetteville, Series B (FGIC)
4.500%, 11/01/2016		2,000		2,086
University of Arkansas, UAMS Campus (FGIC)
5.000%, 03/01/2015		1,000		1,078
Washington County Hospital Revenue, Regional Medical Center, Series B
5.000%, 02/01/2016		1,145		1,164
				5,680
California – 5.9%
Revenue Bonds – 3.5%
ABAG Financial Authority for Nonprofit California Revenue, Children’s Hospital, Series A
4.500%, 12/01/2018		1,525		1,521
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC)
3.910%, 10/01/2014 (d)		2,000		1,540
Apple Valley Redevelopment Agency, Tax Allocation, Project Area #2 (AMBAC)
4.500%, 06/01/2018		920		952
Association of Bay Area Governments Financial Authority for Nonprofit Corporations, Elder Care Alliance (CMI)
4.500%, 08/15/2012		335		342
5.000%, 08/15/2017		1,215		1,255
California Educational Facilities Authority, Lutheran University, Series C
5.000%, 10/01/2024		1,000		987
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT)
4.100%, 09/01/2014		250		249
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
7.250%, 11/15/2011 (b)		1,245		1,341
California Statewide Communities Development Authority, Health Facilities, Adventist Health, Series A
5.000%, 03/01/2030		700		696
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
3.850%, 11/01/2029		1,180		1,191
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
5.000%, 11/15/2012		1,210		1,281
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company, Series C, Mandatory Put 11/01/2016 @ 100 (FGIC)
4.250%, 11/01/2033		500		509
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Series A Convertible CABs (FSA)
0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 (c)		1,600		1,398
Golden State Tobacco Securitization Corporation, Pre-refunded 06/01/2010 @ 100
5.600%, 06/01/2028 (a)		2,450		2,584
Port Oakland, Series B (MBIA)
5.000%, 11/01/2018		1,470		1,609
San Bernardino County Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI)
5.000%, 09/01/2016		575		593
Upland Community Redevelopment Agency Tax Allocation, Merged Project (AMBAC)
4.250%, 09/01/2026		1,400		1,310
Whittier Public Finance Authority, Redevelopment Agency, Tax Allocation, Series A (AMBAC)
5.000%, 11/01/2021		995		1,050
Woodland Financial Authority (XLCA)
4.700%, 03/01/2019		815		837
				21,245
General Obligations – 2.4%
ABC Unified School District, Series A (MBIA)
4.900%, 02/01/2020		1,565		1,708
California State
5.000%, 02/01/2016		1,000		1,058
5.000%, 02/01/2017		2,000		2,113
4.000%, 08/01/2017		2,000		2,003
5.000%, 11/01/2018		245		254
5.000%, 08/01/2019		500		529
5.000%, 02/01/2021		1,500		1,548
5.000%, 12/01/2023		1,000		1,037
5.125%, 04/01/2024		500		515
California State, Pre-refunded 11/01/2011 @ 100
5.000%, 11/01/2018 (a)		15		16
Chabot-Las Positas Community College District, Election of 2004-B, Zero Coupon Bond (AMBAC)
4.615%, 08/01/2019 (d)		1,390		818
Roseville Joint Unified High School District
5.100%, 08/01/2019		390		407
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC)
4.350%, 09/01/2017 (d)		1,000		660
Santa Monica Community College District, Capital Appreciation, 2002 Election, Series C, Zero Coupon Bond (MBIA)
4.150%, 08/01/2016 (d)		2,000		1,402
Victor Elementary School District, Series A, Zero Coupon Bond (FGIC)
4.930%, 08/01/2023 (d)		2,030		951
				15,019
				36,264
Colorado – 8.3%
Revenue Bonds – 7.7%
Adams County Pollution Control Revenue, Public Service Company Colorado Project, Series A (MBIA)
4.375%, 09/01/2017		5,000		5,165
Arapahoe County, Single Family, Escrowed to Maturity, Zero Coupon Bond
3.370%, 09/01/2010 (b) (d)		9,320		8,525

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

26   First American Funds 2007 Semiannual Report

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Colorado Health Facilities Authority, Parkview Medical Center
5.000%, 09/01/2016	$	640	$	655
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Pre-refunded 09/15/2011 @ 100
6.750%, 09/15/2015 (a)		1,200		1,343
Colorado State Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School, Series A (SMO)
4.750%, 06/15/2022		175		172
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
6.375%, 12/01/2011 (b)		500		531
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/2011 @ 100
6.750%, 12/01/2016 (a)		1,500		1,698
7.250%, 12/01/2021 (a)		1,500		1,723
Colorado State Educational & Cultural Facilities Authority, Pinnacle Charter School Project, Escrowed to Maturity
5.250%, 12/01/2011 (b)		825		862
Colorado State Health Facilities Authority, Christian Living Communities Project, Series A
5.250%, 01/01/2014		600		580
5.250%, 01/01/2015		620		595
Colorado State Health Facilities Authority, Covenant Retirement Communities
5.000%, 12/01/2016		500		503
Colorado State Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America Care, Series A
5.200%, 07/01/2022		1,000		909
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
4.250%, 12/01/2015		1,250		1,220
Colorado State Health Facilities Authority, Retirement Facilities, Escrowed to Maturity, Zero Coupon Bond
4.320%, 07/15/2020 (b) (d)		10,000		5,851
Colorado State Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI)
5.000%, 05/15/2012		500		512
5.000%, 05/15/2013		405		415
Colorado State Housing Finance Authority, Series A-2
7.150%, 11/01/2014		15		15
E-470 Public Highway Authority, Series C, Convertible CABs (MBIA)
0.000% through 09/01/2011, thereafter 5.000%, 09/01/2017 (c)		1,500		1,359
Fort Lewis College Board, Trustees Enterprise Revenue, Series A (FGIC)
4.250%, 10/01/2019		335		336
Fort Lewis College Board, Trustees Enterprise Revenue, Series B-1 (FGIC)
4.375%, 10/01/2021		1,030		1,025
High Plains Metropolitan District, Series B (LOC: Compass Bank)
4.375%, 12/01/2015		320		326
Hyland Hills Metropolitan Park & Recreation District, Special Revenue (ACA)
5.000%, 12/15/2015		500		492
Mesa County, Escrowed to Maturity, Zero Coupon Bond
3.450%, 12/01/2011 (b) (d)		5,500		4,810
Montrose Memorial Hospital
5.700%, 12/01/2017		2,170		2,247
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (AMBAC)
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 (b) (c)		2,750		2,601
Platte River Power Authority, Series GG (FSA)
4.500%, 06/01/2017		1,925		2,042
Walker Field Public Airport Authority Revenue
5.000%, 12/01/2022		1,000		959
				47,471
General Obligations – 0.6%
El Paso County School District #2, Harrison, Pre-refunded 12/01/2011 @ 100 (FGIC) (STAID)
5.500%, 12/01/2016 (a)		1,280		1,390
Fiddlers Business Improvement District, Greenwood Village, Series 1 (ACA)
5.000%, 12/01/2022		1,000		902
Midcities Metropolitan District #2 (RAAI)
4.875%, 12/01/2016		385		391
North Range Metropolitan District #1 (ACA)
4.300%, 12/15/2019		1,000		849
				3,532
				51,003
Connecticut – 0.2%
Revenue Bond – 0.2%
Connecticut State Health & Educational Facilities Authority, Griffin Hospital, Series B (RAAI)
5.000%, 07/01/2014		1,185		1,229
Florida – 0.6%
Revenue Bond – 0.2%
Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community
5.250%, 10/01/2013		1,400		1,426
Certificate of Participation – 0.4%
Clay County School Board, Series B (MBIA)
5.000%, 07/01/2018		2,205		2,339
				3,765
Georgia – 0.5%
Revenue Bond – 0.3%
Atlanta Tax Allocation, Atlantic Station Project (AGTY)
4.375%, 12/01/2018		2,000		2,038
General Obligations – 0.2%
Fayette County School District, Convertible CABs (FSA)
0.000% through 09/01/2010, thereafter 4.150%, 03/01/2014 (c)		500		458
Fayette County School District, Convertible CABs (FSA)
0.000% through 09/01/2010, thereafter 4.250%, 03/01/2015 (c)		265		243

First American Funds 2007 Semiannual Report   27

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Fayette County School District, Convertible CABs (FSA)
0.000% through 09/01/2010, thereafter 4.350%, 03/01/2016 (c)	$	300	$	276
				977
				3,015
Idaho – 0.4%
Revenue Bond – 0.2%
University of Idaho, University Revenue, Series B, Mandatory Put 04/01/2018 @ 100 (FSA)
4.500%, 04/01/2041		1,000		1,035
Certificates of Participation – 0.2%
Madison County Hospital Revenue
5.000%, 09/01/2012		500		501
5.250%, 09/01/2015		295		296
5.250%, 09/01/2016		500		498
				1,295
				2,330
Illinois – 16.8%
Revenue Bonds – 8.1%
Chicago, Midway Airport Project, Series C (MBIA)
5.500%, 01/01/2014		1,300		1,428
Chicago, Single Family Mortgages, Series A (AMT) (FHLMC) (FNMA) (GNMA)
5.250%, 03/01/2013		5		5
Chicago Water, Zero Coupon Bond (FGIC)
3.343%, 11/01/2009 (d)		6,450		6,070
Granite Single Family Mortgage, Escrowed to Maturity
7.750%, 10/01/2011 (b)		480		528
Illinois Development Finance Authority, Midwestern University, Series B, Pre-refunded 05/15/2011 @ 101
5.750%, 05/15/2016 (a)		350		382
Illinois Educational Facilities Authority, Art Institute of Chicago, Mandatory Put 03/01/2016 @ 100
4.125%, 03/01/2030		500		498
Illinois Finance Authority, Clare at Water Tower Project, Series A
5.400%, 05/15/2014		1,000		964
5.500%, 05/15/2015		1,000		965
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		1,000		924
Illinois Finance Authority, Friendship Village Schaumburg, Series A
5.000%, 02/15/2015		2,500		2,394
Illinois Finance Authority, Landing at Plymouth Project, Series A
5.250%, 05/15/2014		1,320		1,271
Illinois Finance Authority, Peoples Gas, Light and Coke Co., Series A, Mandatory Put 06/01/2016 @ 100 (AMBAC)
4.300%, 06/01/2035		2,000		2,035
Illinois Finance Authority, Roosevelt University
5.250%, 04/01/2022		500		497
5.400%, 04/01/2027		1,750		1,709
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.500%, 02/15/2014		2,430		2,372
Illinois Sports Facilities Authority, State Tax Supported,Convertible CABs (AMBAC)
0.000% through 06/15/2010, thereafter 4.750%, 06/15/2013 (c)		1,405		1,333
0.000% through 06/15/2010, thereafter 5.100%, 06/15/2016 (c)		1,620		1,580
Illinois State Development Finance Authority, Elgin School District, Zero Coupon Bond (FSA)
4.210%, 01/01/2018 (d)		2,750		1,813
Illinois State Development Finance Authority, Elmhurst Community School #205, Pre-refunded 01/01/2011 @ 100 (FSA)
6.375%, 01/01/2013 (a)		1,025		1,119
Illinois State Health Facilities Authority, Evangelical, Escrowed to Maturity
6.750%, 04/15/2012 (b)		1,320		1,423
Illinois State Health Facilities Authority, Mercy Hospital & Medical Center, Escrowed to Maturity
10.000%, 01/01/2015 (b)		645		800
Illinois State Health Facilities Authority, St. Benedict, Series 2003A-2
5.750%, 11/15/2015		2,750		2,756
Illinois State Sales Tax
6.000%, 06/15/2009		2,500		2,604
5.100%, 06/15/2010		2,000		2,092
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A (FGIC)
5.550%, 12/15/2011		675		711
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Escrowed to Maturity, Zero Coupon Bond (FGIC)
3.230%, 06/15/2009 (b) (d)		1,465		1,398
Metropolitan Pier & Exposition Authority, State Sales Tax, Series B, Convertible CABs (MBIA)
0.000% through 06/15/2012, thereafter 5.200%, 06/15/2017 (c)		1,000		879
Morton Grove, Residential Housing, Escrowed to Maturity (MBIA)
7.350%, 09/01/2009 (b)		5,570		5,951
Southwestern Illinois Development Authority Revenue, Anderson Hospital
5.125%, 08/15/2026		2,000		1,913
Southwestern Illinois Development Authority Revenue, Local Government, Triad School District 2 (MBIA)
5.000%, 10/01/2018		1,000		1,084
				49,498
General Obligations – 8.7%
Bolingbrook Park District, Series A (CIFG)
4.500%, 01/01/2017		1,840		1,916
Champaign County Community School District #004
8.250%, 01/01/2009		100		105
Champaign County Community School District #004, Escrowed to Maturity
8.250%, 01/01/2009 (b)		1,215		1,277
Chicago, City Colleges, Zero Coupon Bond (FGIC)
4.080%, 01/01/2015 (d)		10,000		7,537
Chicago, Project & Refunding (FSA)
5.500%, 01/01/2013		1,000		1,098
Chicago, Project & Refunding, Series A, Escrowed to Maturity (FGIC)
5.250%, 01/01/2011 (b)		2,655		2,814

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

28   First American Funds 2007 Semiannual Report

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Chicago, Project & Refunding, Series A (FGIC)
5.250%, 01/01/2011	$	2,345	$	2,480
Chicago, Series A,Convertible CABs (MBIA)
0.000% through 01/01/2011, thereafter 5.300%, 01/01/2016 (c)		2,000		1,902
Cook County Community Unit School District #65, Evanston, Series A (FSA)
6.375%, 05/01/2009		3,000		3,129
Cook County Community Unit School District #102, La Grange, Zero Coupon Bond (FGIC)
3.860%, 12/01/2013 (d)		2,440		1,946
Cook County Community Unit School District #401, Elmwood Park, Zero Coupon Bond (FSA)
3.500%, 12/01/2011 (d)		3,625		3,164
Cook County High School District #209, Proviso Township (FSA)
5.000%, 12/01/2016		1,000		1,101
Cook County School District #088, Bellwood, Series B (FSA)
5.000%, 12/01/2017		1,675		1,803
Cook County School District #123, Oak Lawn, Capital Appreciation, Zero Coupon Bond (MBIA)
3.970%, 12/01/2015 (d)		2,250		1,648
Cook County, Series A (MBIA)
6.250%, 11/15/2011		1,000		1,109
Du Page County Community High School District #94, West Chicago (FSA)
7.250%, 11/01/2009		1,780		1,912
Elk Grove Village (MBIA)
4.125%, 01/01/2019		1,000		1,004
Illinois State, First Series
5.500%, 08/01/2015		4,500		4,748
Lake County Community Unit School District #60, Waukegan, Series B (FSA)
7.500%, 12/01/2008		3,640		3,787
Lake County School District #56, Gurnee (FGIC)
8.375%, 01/01/2010		1,290		1,418
Madison & Jersey Counties Unit School District #11, Alton, Capital Appreciation, Zero Coupon Bond (FSA)
4.420%, 12/01/2019 (d)		2,100		1,247
Rockford School District #205 (FGIC)
5.000%, 02/01/2014		500		541
Southwestern Illinois Development Authority Revenue, Edwardsville Community (FSA)
5.000%, 12/01/2017		1,000		1,102
Will County School District #86, Joliet, Zero Coupon Bond (FSA)
4.210%, 11/01/2017 (d)		3,870		2,569
Winnebago County School District #122, Harlem-Love Park, Zero Coupon Bond (FSA)
4.210%, 01/01/2017 (d)		3,000		2,062
				53,419
				102,917
Indiana – 1.9%
Revenue Bonds – 1.7%
Anderson Economic Development Revenue, Anderson University Project
5.000%, 10/01/2017		710		714
Avon Community School Building, First Mortgage (AMBAC) (STAID)
4.500%, 07/15/2020		1,000		1,027
Evansville Vanderburgh, Public Leasing, Pre-refunded 01/15/2012 @ 100 (MBIA)
5.750%, 07/15/2018 (a)		1,000		1,094
Franklin Township School Building Corporation, Escrowed to Maturity
5.750%, 07/15/2009 (b)		1,235		1,286
Indiana Transportation Finance Authority, Escrowed to Maturity (AMBAC)
5.750%, 06/01/2012 (b)		180		194
Indiana Transportation Finance Authority, Series A (AMBAC)
5.750%, 06/01/2012		1,820		2,000
Indiana University, Series K, Zero Coupon Bond (MBIA)
3.500%, 08/01/2011 (d)		250		221
Portage Multi-School Building, First Mortgage (MBIA) (STAID)
4.000%, 07/15/2018		1,250		1,256
St. Joseph County Economic Development Revenue, Holy Cross Village, Notre Dame Project, Series A
5.750%, 05/15/2016		450		444
5.550%, 05/15/2019		230		221
St. Joseph County Hospital Authority (MBIA)
4.750%, 08/15/2012		1,000		1,011
Zionsville Community Schools Building, First Mortgage Bonds, Pre-refunded 01/15/2012 @ 100 (FGIC) (STAID)
5.750%, 07/15/2015 (a)		775		847
				10,315
General Obligation – 0.2%
Gary Sanitation District, Special Tax District (RAAI)
3.750%, 02/01/2011		1,260		1,241
				11,556
Iowa – 2.0%
Revenue Bonds – 2.0%
Coralville Urban Renewal Revenue, Tax Increment, Series C
5.000%, 06/01/2016		1,000		1,018
Iowa Finance Authority Health Facilities Revenue, Care Initiatives Project, Series A
5.250%, 07/01/2013		1,250		1,276
Iowa Finance Authority Retirement Community, Friendship Haven Project, Series A
5.750%, 11/15/2019		500		482
Iowa Higher Education Authority, Central College (RAAI)
5.450%, 10/01/2026		1,000		1,009
Iowa Higher Education Authority, Wartburg College Project, Pre-refunded 10/01/2012 @ 100 (ACA) (MBIA)
5.500%, 10/01/2028 (a)		2,000		2,189
Iowa Higher Education Authority, Wartburg College Project, Series A
4.700%, 10/01/2016		925		918
4.750%, 10/01/2017		1,100		1,089
4.800%, 10/01/2018		1,155		1,137
5.000%, 10/01/2023		1,475		1,427
Muscatine Electric, Escrowed to Maturity
9.700%, 01/01/2013 (b)		1,590		1,796
				12,341

First American Funds 2007 Semiannual Report   29

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Kansas – 2.8%
Revenue Bonds – 2.2%
Johnson County Residual Housing, Escrowed to Maturity, Zero Coupon Bond
3.540%, 05/01/2012 (b) (d)	$	7,500	$	6,442
Kansas State Development Finance Authority, Health Facilities Revenue, Hays Medical Center, Series L
4.500%, 11/15/2017		1,405		1,400
Kansas State Development Finance Authority, Kansas State Projects, Series K (MBIA)
4.500%, 11/01/2019		1,850		1,915
La Cygne Environmental Improvement Revenue, Kansas City Power & Light (XLCA)
4.050%, 03/01/2015		1,000		1,009
Olathe Senior Living Facility Revenue, Catholic Care Campus, Series A
5.750%, 11/15/2013		700		697
5.750%, 11/15/2014		765		754
5.750%, 11/15/2015		820		810
Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA)
6.700%, 06/01/2029		315		319
				13,346
General Obligations – 0.6%
Johnson County Unified School District #231, Series B (AMBAC)
4.000%, 10/01/2017		800		813
Johnson County Unified School District #232, Series A (FSA)
4.250%, 09/01/2016		2,000		2,084
Sedgwick County School District #267 (AMBAC)
5.250%, 11/01/2012		1,045		1,138
				4,035
				17,381
Kentucky – 0.2%
Revenue Bonds – 0.2%
Kentucky State Turnpike Authority, Escrowed to Maturity
7.200%, 07/01/2009 (b)		475		492
6.000%, 07/01/2011 (b)		440		466
				958
Louisiana – 0.7%
Revenue Bonds – 0.5%
Louisiana Local Government Environmental Facilities, Community Development Authority (AMT)
6.650%, 01/01/2025		650		667
Louisiana Public Facilities Authority, Pennington Medical Foundation Project
5.000%, 07/01/2021		1,000		1,010
St. Tammany Parish Sales Tax Revenue, District #03, Sales & Use Tax (CIFG)
5.000%, 06/01/2017		1,405		1,497
				3,174
General Obligation – 0.2%
Louisiana, Series B (CIFG)
5.000%, 07/15/2015		1,300		1,395
				4,569
Maine – 0.5%
Revenue Bond – 0.1%
Maine Health & Higher Education Facilities Authority, Series B (FGIC)
4.125%, 07/01/2018		740		743
General Obligation – 0.4%
Maine Municipal Bond Bank, Series B (FSA)
5.750%, 11/01/2010		2,000		2,144
				2,887
Maryland – 0.3%
Revenue Bonds – 0.3%
Maryland State Department of Transportation
4.250%, 02/15/2017		1,000		1,045
Westminster Educational Facilities Revenue, McDaniel College
5.000%, 11/01/2013		350		364
4.000%, 11/01/2015		700		670
				2,079
Massachusetts – 3.9%
Revenue Bonds – 3.2%
Boston Industrial Development Financing Authority, Crosstown Center Project (AMT)
6.500%, 09/01/2035		1,950		1,895
Massachusetts Bay Transportation Authority, General Transportation System Project, Series C (FGIC)
5.750%, 03/01/2010		2,100		2,213
Massachusetts Bay Transportation Authority, Series A
6.250%, 03/01/2012		1,875		2,087
Massachusetts State Commonwealth, Special Obligation, Series A
5.500%, 06/01/2013		1,000		1,107
Massachusetts State Development Finance Agency, Health Care Facilities Revenue, Adventcare Project, Series A
6.650%, 10/15/2028		2,500		2,363
Massachusetts State Health & Educational Authority Revenue, Berkshire Health System, Series F (AGTY)
5.000%, 10/01/2015		2,000		2,162
Massachusetts State Health & Educational Facilities Authority, Partners Healthcare System, Series A (MBIA)
5.100%, 07/01/2010		3,000		3,035
Massachusetts State Port Authority, Escrowed to Maturity
13.000%, 07/01/2013 (b)		3,330		4,282
Massachusetts State, Multifamily Housing, Escrowed to Maturity (FHA)
6.350%, 04/01/2008 (b)		220		221
				19,365
General Obligations – 0.7%
Massachusetts State, Series A, Pre-refunded 01/01/2011 @ 100
5.125%, 01/01/2016 (a)		3,000		3,164
Springfield, State Qualified Municipal Purpose (FSA) (STAID)
4.500%, 08/01/2020		1,400		1,446
				4,610
				23,975

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

30   First American Funds 2007 Semiannual Report

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Michigan – 3.6%
Revenue Bonds – 2.4%
Detroit Water Supply, Escrowed to Maturity (FGIC)
6.250%, 07/01/2012 (b)	$	285	$	302
Michigan Municipal Board Authority, Local Government Loan Program, Series B, Group A (AMBAC)
5.000%, 12/01/2018		700		758
Michigan State Grant Anticipation Bonds (FSA)
4.500%, 09/15/2015		2,490		2,647
Michigan State Hospital Finance Authority, Henry Ford Health Systems, Series A, Pre-refunded 03/01/2013 @ 100
5.500%, 03/01/2015 (a)		3,500		3,833
Michigan State Housing Development Authority, Green Hill Project (FNMA)
5.125%, 07/15/2008		435		436
Romulus Economic Development Corporation, Partnership Project, Escrowed to Maturity
7.000%, 11/01/2015 (b)		1,300		1,578
Wayne Charter County Airport, Series A (AMT) (MBIA)
5.250%, 12/01/2009		5,000		5,130
				14,684
General Obligations – 1.2%
Constantine Public Schools (MQSBLF)
5.000%, 05/01/2016		1,075		1,147
Detroit (AMT) (FSA)
5.750%, 04/01/2009		1,255		1,292
Lakeview Public Schools, Pre-refunded 05/01/2011 @ 100 (MQSBLF)
5.000%, 05/01/2014 (a)		1,985		2,100
Marysville Public School District, School Building & Site (FSA) (MQSBLF)
4.250%, 05/01/2018		630		649
Rochester Community School District, Series 1, Pre-refunded 05/01/2010 @ 100 (FGIC) (MQSBLF)
5.375%, 05/01/2011 (a)		2,000		2,101
				7,289
				21,973
Minnesota – 3.4%
Revenue Bonds – 3.2%
Aitkin Health Care Facilities, Riverwood Healthcare Center
5.375%, 02/01/2017		1,590		1,563
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (MBIA)
5.000%, 01/01/2019		1,165		1,228
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMBAC) (AMT)
5.375%, 01/01/2010		3,000		3,034
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC)
5.750%, 01/01/2010		1,000		1,039
Minneapolis Hospital & Rehabilitation, Escrowed to Maturity
10.000%, 06/01/2013 (b)		760		899
Minnesota Agricultural & Economic Development Board, Health Care Systems, Series A
5.875%, 11/15/2011		2,135		2,267
Minnesota State Higher Education Facilities Revenue, College of Art & Design, Series 6-K
5.000%, 05/01/2012		295		303
Minnesota State Municipal Power Agency, Electric Revenue
4.375%, 10/01/2025		1,800		1,691
Monticello Big Lake Community Hospital District, Health Care Facilities, Series C
5.250%, 12/01/2011		1,940		1,948
Northfield Hospital Revenue
5.000%, 11/01/2012		785		795
St. Paul Housing & Redevelopment Authority (AMBAC)
6.500%, 02/01/2009		1,315		1,338
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (MBIA)
5.000%, 11/15/2019		1,235		1,311
St. Paul Port Authority Hotel, Pre-refunded 08/01/2008 @ 100
8.050%, 08/01/2021 (a)		2,335		2,402
				19,818
General Obligation – 0.2%
Fridley Independent School District #014, Series A (FSA) (STAID)
5.000%, 02/01/2017		1,030		1,136
				20,954
Mississippi – 0.2%
Revenue Bond – 0.2%
Mississippi Hospital Equipment & Facilities Authority, Mississippi Baptist Health Systems, Series A
5.000%, 08/15/2016		1,440		1,492
Missouri – 1.6%
Revenue Bonds – 1.6%
Hannibal Industrial Development Authority, Health Facilities Revenue, Hannibal Regional Hospital
4.350%, 03/01/2014		1,405		1,388
Joplin Individual Development Authority Health Facilities, Freeman Health System Project
4.125%, 02/15/2009		750		750
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Plum Point Project (MBIA)
4.200%, 01/01/2018		1,000		1,011
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Series A (AMBAC)
5.000%, 01/01/2018		2,000		2,140
Missouri State Financial Board Revenue, Midwest Research Institute Project
5.000%, 11/01/2016		1,130		1,157
Missouri State Health & Educational Facilities Revenue, Senior Living Facilities, Lutheran, Series B
4.350%, 02/01/2015		850		838
4.375%, 02/01/2016		930		909
Osage Beach Tax Increment, Prewitts Project
4.800%, 05/01/2016		1,650		1,565
				9,758

First American Funds 2007 Semiannual Report   31

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Montana – 1.0%
Revenue Bonds – 1.0%
Montana Facilities Finance Authority Revenue, Benefits Health System (AGTY)
5.000%, 01/01/2017	$	1,000	$	1,077
Montana Facilities Finance Authority Revenue, Health Care Facilities, Master Loan Project, Northeast Montana, Series B
4.500%, 05/01/2018		455		458
Montana Facilities Finance Authority Revenue, Senior Living, St. Johns Lutheran, Series A
5.750%, 05/15/2016		1,800		1,797
6.000%, 05/15/2025		1,675		1,643
Montana State Board of Regents Higher Education Revenue, Montana State University, Series K (AMBAC)
4.250%, 11/15/2018		1,100		1,127
				6,102
Nebraska – 1.7%
Revenue Bonds – 1.5%
Douglas County Hospital Authority #002, Nebraska Medical Center, Clarkson Regional Health Guaranty (AGTY)
5.000%, 11/15/2011		2,860		2,985
Douglas County Zoo Facilities Revenue, Omaha’s Henry Doorly Zoo Project
4.750%, 09/01/2017		745		765
4.750%, 09/01/2018		740		758
Lancaster County Hospital Authority, #1 Hospital Revenue, BryanLGH Medical Center Project
4.000%, 06/01/2018		2,000		1,903
Nebraska Investment Financial Authority, Great Plains Regional Medical Center (RAAI)
4.700%, 11/15/2011		500		508
4.800%, 11/15/2012		500		508
4.900%, 11/15/2013		600		610
Omaha Public Power District, Nebraska Electric Revenue, Series A
4.100%, 02/01/2019		1,370		1,360
				9,397
General Obligation – 0.2%
Lincoln-Lancaster County Public Building, Tax Supported Lease Rental
4.500%, 10/15/2015		1,020		1,083
				10,480
Nevada – 0.9%
Revenue Bonds – 0.6%
Carson City, Carson-Tahoe Hospital Project
5.750%, 09/01/2011		1,000		1,045
5.750%, 09/01/2012		1,055		1,108
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B
6.750%, 11/15/2023		2,150		1,737
				3,890
General Obligation – 0.3%
Washoe County, Escrowed to Maturity
9.875%, 08/01/2009 (b)		1,575		1,682
				5,572
New Hampshire – 0.6%
Revenue Bonds – 0.6%
New Hampshire Health & Education Facilities Authority
5.375%, 07/01/2024		1,250		1,280
New Hampshire Municipal Bond Bank, Series A (MBIA)
4.500%, 02/15/2020		1,300		1,350
New Hampshire State Health & Educational Facilities Authority, Speare Memorial Hospital
5.500%, 07/01/2025		1,000		985
				3,615
New Jersey – 0.4%
Revenue Bonds – 0.4%
New Jersey Economic Development Authority, Cigarette Tax
5.500%, 06/15/2016		2,000		2,046
New Jersey State Turnpike Authority, Escrowed to Maturity
6.750%, 01/01/2009 (b)		375		379
				2,425
New York – 2.9%
Revenue Bonds – 1.1%
Hempstead Town Industrial Development Agency (MBIA)
5.000%, 12/01/2008		2,000		2,023
Long Island Power Authority, Series B
5.250%, 12/01/2013		4,000		4,364
				6,387
General Obligations – 1.8%
New York, Series A
5.750%, 08/01/2015		3,220		3,519
New York, Series C
5.500%, 03/15/2014		3,000		3,209
New York, Series D
5.500%, 06/01/2012		2,000		2,159
New York, Series G (XLCA)
5.500%, 08/01/2012		2,000		2,184
				11,071
				17,458
North Carolina – 1.7%
Revenue Bonds – 1.5%
North Carolina Eastern Power Agency, Series D
5.375%, 01/01/2013		2,955		3,116
North Carolina Medical Care Commission Health Care Facilities Revenue, First Mortgage Presbyterian, Series B
4.875%, 10/01/2013		2,035		2,032
5.000%, 10/01/2014		2,120		2,120
North Carolina Power Agency #1, Series A (FSA)
5.250%, 01/01/2016		2,000		2,154
				9,422
Certificate of Participation – 0.2%
Randolph County (AMBAC)
5.000%, 02/01/2018		815		878
				10,300
North Dakota – 0.3%
Revenue Bond – 0.2%
Ward County Health Care Facilities Revenue, Trinity Obligated Group
5.000%, 07/01/2014		1,180		1,207

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

32   First American Funds 2007 Semiannual Report

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
General Obligation – 0.1%
Mandan, Series D (MBIA)
4.000%, 05/01/2017	$	460	$	469
				1,676
Ohio – 1.3%
Revenue Bonds – 0.9%
Lorain County Hospital Facilities, Catholic Healthcare Partners, Series B (MBIA)
5.375%, 09/01/2009		1,000		1,022
Miami County Hospital Facilities, Upper Valley Medical Center
5.250%, 05/15/2016		750		775
Ohio State Higher Education Facilities Revenue, John Carroll University Project
4.000%, 04/01/2014		1,135		1,127
4.500%, 04/01/2015		1,000		1,018
Ohio State Water Development Authority, Escrowed to Maturity
9.375%, 12/01/2010 (b)		740		803
Richland County Hospital Facilities, Series A
5.650%, 11/15/2008		595		604
				5,349
General Obligation – 0.2%
Mason City School District (FSA)
4.375%, 12/01/2019		1,195		1,234
Certificate of Participation – 0.2%
Akron (AGTY)
5.000%, 12/01/2015		1,000		1,084
				7,667
Oklahoma – 1.7%
Revenue Bonds – 1.7%
Cherokee County Economic, Escrowed to Maturity, Zero Coupon Bond (AMBAC)
3.380%, 11/01/2011 (b) (d)		3,340		2,937
McClain County Economic Development Authority, Educational Facilities Lease Revenue, Newcastle Public Schools Project
5.000%, 09/01/2009		510		519
5.000%, 09/01/2011		345		355
5.000%, 09/01/2012		355		366
4.125%, 09/01/2013		250		247
Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project (AMT)
5.750%, 01/01/2023		1,430		1,408
South Oklahoma City, Pre-refunded 02/01/2010 @ 100
9.750%, 02/01/2013 (a)		2,940		3,217
Tulsa Educational Facilities Authority, Holland Hall School Project, Series B
4.600%, 12/01/2009		1,195		1,218
				10,267
Oregon – 0.4%
General Obligations – 0.4%
Lane County School District #52, Bethel (SBG)
5.500%, 06/15/2009		1,000		1,035
Yamhill County School District #40, McMinnville (FSA) (SBG)
5.000%, 06/15/2019		1,415		1,543
				2,578
Pennsylvania – 1.0%
Revenue Bonds – 0.9%
Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center (RAAI)
5.000%, 12/15/2015		1,275		1,309
5.000%, 12/15/2017		1,405		1,425
Montgomery County Industrial Development Authority, Whitemarsh Continued Care Project
6.125%, 02/01/2028		1,000		983
Westmoreland County Industrial Development Authority Revenue, Retirement Community, Redstone, Series A
5.375%, 01/01/2014		1,100		1,072
5.500%, 01/01/2016		1,200		1,161
				5,950
General Obligation – 0.1%
Ephrata Area School District (FGIC) (STAID)
4.500%, 04/15/2018		450		468
				6,418
Puerto Rico – 0.2%
Revenue Bond – 0.2%
Puerto Rico Public Buildings Authority, Government Facilities, Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
5.500%, 07/01/2035		1,000		1,086
South Carolina – 1.5%
Revenue Bonds – 1.5%
Charleston EDL Excellence Finance, Charleston County School District Project
5.000%, 12/01/2013		2,000		2,139
Lexington County Health Services District, Lexington Medical Center, Pre-refunded 11/01/2013 @ 100
5.500%, 11/01/2023 (a)		2,000		2,211
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A
6.000%, 08/01/2013		1,000		1,061
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C
6.000%, 08/01/2013		2,000		2,121
South Carolina State Public Service Authority, Series A (MBIA)
5.500%, 01/01/2010		1,665		1,742
				9,274
South Dakota – 0.9%
Revenue Bonds – 0.4%
South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement
4.750%, 09/01/2011		530		538
5.000%, 09/01/2012		1,000		1,022
5.000%, 09/01/2013		1,000		1,023
				2,583
Certificates of Participation – 0.5%
Deadwood (ACA)
5.600%, 11/01/2008		845		847
5.000%, 11/01/2018		2,385		2,257
				3,104
				5,687

First American Funds 2007 Semiannual Report   33

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Tennessee – 3.2%
Revenue Bonds – 2.8%
Memphis-Shelby Counties Sports Authority Revenue, Memphis Arena Project, Series C (MBIA)
5.000%, 11/01/2017	$	3,175	$	3,467
Metropolitan Government Nashville & Davidson County, Escrowed to Maturity
6.400%, 04/01/2011 (b)		1,030		1,133
Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/2012 @ 100
6.000%, 09/01/2016 (a)		1,500		1,677
Shelby County Health, Educational & Housing Facilities Board, St. Jude’s Children’s Research
5.000%, 07/01/2009		200		203
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project (RAAI)
5.000%, 09/01/2016		2,000		2,031
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Escrowed to Maturity
6.250%, 09/01/2011 (b)		1,465		1,610
6.250%, 09/01/2012 (b)		1,085		1,215
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Pre-refunded 09/01/2012 @ 101
6.500%, 09/01/2013 (a)		2,215		2,523
Tennessee Energy Acquisition Corporation, Gas Revenue, Series A
5.000%, 09/01/2014		3,500		3,624
				17,483
General Obligation – 0.4%
Memphis (MBIA)
5.000%, 10/01/2016		2,000		2,211
				19,694
Texas – 10.7%
Revenue Bonds – 3.9%
Abilene Health Facilities Development, Sears Methodist Retirement, Series A
5.350%, 11/15/2008		1,300		1,302
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT)
5.700%, 05/15/2033		1,000		1,018
El Paso Water & Sewer Revenue, Series A (FSA)
4.000%, 03/01/2018		650		653
Grapevine Industrial Development, Air Cargo (AMT)
6.500%, 01/01/2024		490		502
Gregg County Health Facilities Development, Good Shepherd Medical Center, Series A
5.750%, 10/01/2009		2,895		2,969
5.000%, 10/01/2013		1,230		1,253
Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Pre-refunded 02/15/2014 @ 101
7.000%, 02/15/2023 (a)		2,000		2,402
League City Waterworks & Sewer System Revenue (FSA)
4.000%, 02/15/2018 (e)		1,230		1,234
Lubbock Educational Facilities Revenue, Lubbock Christian University
5.000%, 11/01/2016		1,000		1,008
Odessa Housing Finance, Escrowed to Maturity, Zero Coupon Bond (MBIA)
3.550%, 06/01/2012 (b) (d)		1,465		1,254
San Antonio Electric & Gas, Series A
5.250%, 02/01/2013		2,135		2,202
San Leanna Educational Facilities Higher Education Revenue Tax, Saint Edwards University Project
5.000%, 06/01/2019		575		580
Tarrant County Cultural Education Financial Corporation Retirement Facilities, Northwest Senior Housing, Edgemere Project, Series A
5.750%, 11/15/2014		1,235		1,243
Texas State Transportation Commission, First Tier
5.000%, 04/01/2017		2,000		2,200
Travis County Health Facilities, Development Retirement Facilities Revenue, Querencia Barton Creek Project
5.250%, 11/15/2017		1,000		950
5.500%, 11/15/2025		900		823
Tyler Health Facilities, Mother Frances Hospital
5.250%, 07/01/2012		1,000		1,032
Victoria Utilities Systems Revenue (AMBAC)
4.400%, 12/01/2019		1,000		1,027
				23,652
General Obligations – 6.8%
Alvin Independent School District, Schoolhouse (PSFG)
4.125%, 02/15/2019		1,110		1,113
Brownsville (MBIA)
5.000%, 02/15/2017		2,125		2,285
Corinth (MBIA)
4.500%, 02/15/2019		1,180		1,219
Cypress-Fairbanks Independent School District, Pre-refunded 02/15/2010 @ 100 (PSFG)
5.500%, 02/15/2018 (a)		4,000		4,195
Dallas (MBIA)
4.500%, 02/15/2027		5,000		5,004
El Paso County (MBIA)
5.000%, 02/15/2018		2,440		2,662
Elgin Independent School District, School Building (PSFG)
4.375%, 08/01/2019		1,120		1,150
Frisco (AMBAC)
4.500%, 02/15/2016		2,045		2,161
Frisco (FGIC)
5.000%, 02/15/2018		1,125		1,169
5.000%, 02/15/2019		1,675		1,740
Galena Park Independent School District, School Building (PSFG)
4.000%, 08/15/2019		1,070		1,066
Giddings Independent School District, School Building, Series A (PSFG)
4.250%, 02/15/2019		875		890
Grand Prairie Independent School District, School Building, Series A (PSFG)
4.500%, 02/15/2018		635		664
Howard County Junior College (AMBAC)
4.250%, 02/15/2018		715		732

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

34   First American Funds 2007 Semiannual Report

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Irving Independent School District, Series A, Zero Coupon Bond (PSFG)
3.240%, 02/15/2009 (d)	$	5,000	$	4,823
Kaufman County (FSA)
5.000%, 02/15/2017		1,000		1,053
Keller Independent School District (PSFG)
5.375%, 08/15/2014		235		251
Lubbock, Water Works System, Series A (FSA)
4.500%, 02/15/2019		300		310
Montgomery County (FSA)
4.000%, 03/01/2017		320		324
North Harris Montgomery Community College District (FGIC)
5.375%, 02/15/2015		95		102
North Harris Montgomery Community College District, Pre-refunded 02/15/2012 @ 100 (FGIC)
5.375%, 02/15/2015 (a)		2,440		2,639
San Angelo, Series A (MBIA)
4.400%, 02/15/2019		875		898
San Antonio
4.125%, 02/01/2019		1,000		1,009
4.250%, 02/01/2020		1,140		1,152
Sunnyvale School District, School Building (PSFG)
4.400%, 02/15/2020		870		887
Texas, Water Financial Assistance, Series A
5.000%, 08/01/2017		1,500		1,655
Victoria School District (PSFG)
5.000%, 02/15/2018		500		543
				41,696
				65,348
Utah – 0.9%
Revenue Bonds – 0.7%
Salt Lake & Sandy Metropolitan Water District, Series A (AMBAC)
5.000%, 07/01/2015		2,500		2,732
South Jordan, Sales Tax, Pre-refunded 08/15/2011 @ 100 (AMBAC)
5.500%, 08/15/2018 (a)		1,000		1,080
Utah State Housing Finance Agency, Single Family Mortgages, Series III, Class R (FHA) (VA)
5.950%, 07/01/2008		190		192
Weber Basin Water Conservancy District, Series A (AMBAC)
4.375%, 10/01/2018		400		414
				4,418
General Obligation – 0.2%
Ashley Valley Water & Sewer, Escrowed to Maturity (AMBAC)
10.900%, 01/01/2010 (b)		860		925
				5,343
Virginia – 0.1%
Revenue Bond – 0.1%
Riverside Regional Jail Authority (MBIA)
5.700%, 07/01/2008		905		907
Washington – 3.4%
Revenue Bonds – 0.6%
Snohomish County Housing Authority
6.300%, 04/01/2016		960		965
Washington State Housing Community Nonprofit Revenue, Skyline at First Hill Project, Series B
5.100%, 01/01/2013		3,000		2,970
				3,935
General Obligations – 2.8%
Clark County School District #37, Vancouver (FSA)
5.250%, 12/01/2014		1,515		1,678
Snohomish County (MBIA)
5.375%, 12/01/2019		5,000		5,329
Spokane County School District #081, Spokane, Convertible CABs (MBIA)
0.000% through 12/01/2008, thereafter 5.000%, 06/01/2016 (c)		1,000		1,025
Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond (FGIC)
4.020%, 12/01/2014 (d)		5,690		4,321
Washington State, Series C
5.500%, 07/01/2014		2,275		2,543
Washington State, Series S-5, Zero Coupon Bond (FGIC)
4.040%, 01/01/2016 (d)		3,000		2,178
				17,074
				21,009
Wisconsin – 2.4%
Revenue Bonds – 2.1%
Franklin Solid Waste Disposal Revenue, Waste Management Wisconsin, Series A, Mandatory Put 05/01/2016 @ 100 (AMT)
4.950%, 11/01/2016		2,000		1,990
Wisconsin State Health & Educational Facilities Authority, Aurora Health Care, Series A
5.500%, 02/15/2020		1,500		1,506
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project
5.750%, 12/01/2019		2,000		1,905
Wisconsin State Health & Educational Facilities Authority, Fort Healthcare Income Project
5.375%, 05/01/2018		1,250		1,284
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B
6.250%, 02/15/2009		500		512
5.500%, 02/15/2013		850		881
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A
6.125%, 04/01/2024		1,500		1,506
Wisconsin State Health & Educational Facilities Authority, Vernon Memorial Healthcare Project
4.650%, 03/01/2015		1,150		1,127
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services
5.750%, 08/15/2011		645		670
Wisconsin State Health & Educational Facilities Authority, Wisconsin Medical College (MBIA)
5.000%, 12/01/2015		1,450		1,549
				12,930
General Obligation – 0.3%
Door County, Series A, Crossover Refunded 09/01/2011 @ 100 (FGIC)
5.125%, 09/01/2016 (f)		1,720		1,818
				14,748

First American Funds 2007 Semiannual Report   35

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE
Wyoming – 0.4%
Revenue Bond – 0.4%
Lincoln County, Pacificorp Project, Mandatory Put 06/03/2013 @ 100 (AMT)
4.125%, 11/01/2025	$	2,250	$	2,264
Total Municipal Bonds
(Cost $575,911)				596,340
Short-Term Investment – 2.1%
First American Tax Free Obligations Fund, Class Z (g)
(Cost $12,743)		12,742,885		12,743
Total Investments – 99.4%
(Cost $588,654)				609,083
Other Assets and Liabilities, Net – 0.6%				3,855
Total Net Assets – 100.0%			$	612,938

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(b)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.

(c)  Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.

(d)  Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2007.

(e)  Security purchased on a when-issued basis. On December 31, 2007, the total cost of investments purchased on a when-issued basis was $1,232 or 0.2% of total net assets. See note 2 in Notes to Financial Statements.

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

(g)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

ACA –  American Capital Access

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $20,493, which represents 3.3% of total net assets.

CIFG –  CDC IXIS Financial Guaranty

CMI –  California Mortgage Insurance Program

COMTGY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

FHA –  Federal Housing Authority

FHLMC –  Federal Home Loan Mortgage Corporation

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

MQSBLF –  Michigan Qualified School Board Loan Fund Program

PSFG –  Permanent School Fund Guarantee

RAAI –  Radian Asset Assurance Inc.

SBG –  School Board Guaranty

SMO –  State Moral Obligation

STAID –  State Aid Withholding

VA –  Veterans Administration

XLCA –  XL Capital Assurance Inc.

Minnesota Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 97.4%
Revenue Bonds – 64.2%
Continuing Care Retirement Communities – 1.1%
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation Projects, Series A
5.550%, 07/01/2027		1,000		947
Glencoe Health Care Facilities, Pre-refunded 04/01/2011 @ 101
7.400%, 04/01/2021 (a)		1,000		1,126
				2,073
Economic Development – 2.0%
Minneapolis Community Development Agency, Series G-3, Pre-refunded 12/01/2011 @ 100
5.350%, 12/01/2021 (a)		1,000		1,080
Minneapolis Development Revenue, Common Bond, Series 1A (AMT)
4.550%, 12/01/2013		480		491
4.625%, 12/01/2014		505		519
Minneapolis Supported Development Revenue, Common Bond, Series 2A (AMT)
5.125%, 06/01/2022		1,000		998
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series B (AMT)
6.500%, 08/01/2008		365		368
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series C (AMT)
6.625%, 08/01/2008		330		333
				3,789
Education – 9.9%
Minneapolis, The Blake School Project
5.000%, 09/01/2012		445		465
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4
5.000%, 10/01/2011		500		506
5.000%, 10/01/2012		500		505
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 6-C
4.750%, 05/01/2018		1,075		1,059
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 6-J1
5.000%, 05/01/2013		320		330
5.000%, 05/01/2016		375		387
5.000%, 05/01/2020		1,295		1,308
Minnesota State Higher Education Facilities Authority, College of Art and Design, Series 5-K
5.000%, 05/01/2011		250		256
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 6-K
5.000%, 05/01/2013		310		320
5.000%, 05/01/2014		320		331
5.000%, 05/01/2015		340		352
5.000%, 05/01/2016		355		366
5.000%, 05/01/2017		370		380
Minnesota State Higher Education Facilities Authority, St. Benedict College
5.100%, 03/01/2011		2,885		2,909
Minnesota State Higher Education Facilities Authority, St. Catherine College, Series 5-N1
5.250%, 10/01/2022		1,500		1,517

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

36   First American Funds 2007 Semiannual Report

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Minnesota State Higher Education Facilities Authority, St. John’s University, Series 5-I, Pre-refunded 10/01/2011 @ 100 (MBIA)
5.000%, 10/01/2012 (a)	$	480	$	511
Minnesota State Higher Education Facilities Authority, St. Olaf College, Series 6-0
5.000%, 10/01/2016		500		528
4.500%, 10/01/2019		250		251
Minnesota State Higher Education Facilities Authority, St. Scholastica College, Series 6-S
4.375%, 12/01/2016		360		351
4.500%, 12/01/2017		380		371
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 4, Pre-refunded 04/01/2008 @ 100
5.250%, 04/01/2012 (a)		385		387
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 6-I
4.000%, 04/01/2014		1,045		1,041
Moorhead Educational Facilities, Concordia College, Series A
4.100%, 12/15/2014		500		498
4.200%, 12/15/2015		880		876
4.300%, 12/15/2016		925		920
5.000%, 12/15/2018		1,005		1,042
5.000%, 12/15/2019		1,060		1,095
				18,862
Healthcare – 25.5%
Aitkin Health Care Facilities, Riverwood Healthcare Center
5.250%, 02/01/2015		735		721
Bemidji Health Care Facilities, North County Health Services
4.125%, 09/01/2013		300		300
4.250%, 09/01/2015		500		499
5.000%, 09/01/2017		500		520
5.000%, 09/01/2018		1,050		1,087
5.000%, 09/01/2019		1,110		1,141
Crookston Health Care Facilities, Riverview Health Project
5.100%, 05/01/2018		1,065		1,019
Cuyuna Range Hospital District
5.000%, 06/01/2016		425		401
5.000%, 06/01/2017		1,340		1,294
5.000%, 06/01/2019		1,320		1,208
Duluth Economic Development Authority, Benedictine Health System
5.375%, 02/15/2022		2,045		2,097
Glencoe Health Care Facilities, Regional Health Services Project
5.000%, 04/01/2013		760		767
5.000%, 04/01/2014		800		805
5.000%, 04/01/2015		845		846
5.000%, 04/01/2017		1,815		1,796
Hastings Health Care Facility, Regina Medical Center (ACA)
5.000%, 09/15/2013		500		495
Inver Grove Heights Nursing Home Revenue, Presbyterian Homes Care
5.000%, 10/01/2016		430		411
Maple Grove Health Care Facilities, Maple Grove Hospital
5.000%, 05/01/2017		1,000		1,033
Maple Grove Health Care Facilities, North Memorial
4.500%, 09/01/2017		1,730		1,722
Marshall Medical Center Gross Revenue, Avera Marshall Regional Medical Center Project
4.500%, 11/01/2013		345		346
4.750%, 11/01/2020		1,155		1,127
Meeker County Hospital Facilities, Memorial Hospital Project
5.625%, 11/01/2022		1,000		978
Minneapolis Healthcare System, Allina Health System, Series A, Pre-refunded 11/15/2012 @ 100
6.000%, 11/15/2023 (a)		2,500		2,801
5.750%, 11/15/2032 (a)		1,300		1,442
Minneapolis Healthcare System, Fairview Health Services, Series A, Escrowed to Maturity
5.000%, 05/15/2012 (b)		605		647
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project
5.500%, 02/01/2011		280		292
5.500%, 02/01/2012		200		210
5.500%, 02/01/2015		730		767
Minnesota Agricultural & Economic Development Board, Healthcare Systems, Series A (MBIA)
5.500%, 11/15/2017		305		312
5.750%, 11/15/2026		10		10
Monticello, Big Lake Community Hospital, Series C
5.750%, 12/01/2015		2,320		2,360
Northfield Hospital Revenue
5.000%, 11/01/2013		880		890
5.000%, 11/01/2014		920		927
5.500%, 11/01/2017		1,080		1,110
Plymouth Health Facilities, Westhealth Project, Series A (FSA)
6.200%, 06/01/2011		1,360		1,363
Redwood Falls Hospital Facilities Revenue
5.000%, 12/01/2021		1,015		928
Shakopee Health Care Facilities, St. Francis Regional Medical Center
4.000%, 09/01/2012		305		299
5.000%, 09/01/2017		1,785		1,804
St. Cloud Health Care, St. Cloud Hospital Obligated Group (FSA)
5.500%, 05/01/2008		1,000		1,008
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (MBIA)
5.000%, 11/15/2019		1,000		1,062
St. Paul Housing & Redevelopment Authority, Health Partners Obligation Group
5.250%, 05/15/2019		1,000		1,019
St. Paul Housing & Redevelopment Authority, HealthEast Project
5.150%, 11/15/2020		1,840		1,768
St. Paul Port Authority, HealthEast Midway Campus, Series A
5.250%, 05/01/2015		1,500		1,506
5.750%, 05/01/2025		2,000		1,978
Stillwater Health Care, Health Systems Obligation Group
4.250%, 06/01/2015		300		298
4.250%, 06/01/2016		260		256

First American Funds 2007 Semiannual Report   37

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Winona Health Care Facilities, Series A
5.300%, 07/01/2017	$	525	$	539
5.350%, 07/01/2018		590		606
Winona Health Care Facilities, Winona Health Obligated Group
5.000%, 07/01/2020		1,000		988
Worthington Housing Authority, Meadows Worthington Project, Series A
5.000%, 11/01/2017		1,000		943
				48,746
Housing – 1.1%
Dakota County Housing & Redevelopment Authority, Single Family Mortgages (AMT) (FNMA) (GNMA)
5.125%, 10/01/2020		43		43
Minnesota State Housing Finance Agency, Single Family Mortgages, Series B (AMT)
5.550%, 07/01/2024		195		197
Moorhead Senior Housing Revenue, Sheyenne Crossing Project
5.600%, 04/01/2025		2,000		1,913
				2,153
Lease Revenue – 2.6%
Andover Economic Development Authority Public Facilities Lease Revenue, Community Center, Crossover Refunded 02/01/2014 @ 100
5.000%, 02/01/2019 (c)		730		782
5.000%, 02/01/2019 (c)		495		530
Pine County Housing & Redevelopment Authority, Series A
4.500%, 02/01/2016		465		472
4.500%, 02/01/2017		385		388
St. Paul Housing & Redevelopment Authority, Smith Avenue Transit Center
4.000%, 06/01/2012		200		203
St. Paul Port Authority, Office Building
5.000%, 12/01/2019		2,415		2,557
				4,932
Miscellaneous – 1.7%
Commissioner of Iron Range Rescue & Rehabilitation, Minnesota Educational Facilities (MSDCEP) (XLCA)
4.500%, 10/01/2018		1,180		1,214
Minnesota State Retirement Systems Building
5.450%, 06/01/2012		550		578
Seaway Port Authority of Duluth, Cargill Income Project
4.200%, 05/01/2013		1,500		1,506
				3,298
Recreational Facility Authority – 0.9%
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Pre-refunded 08/01/2008 @ 103
6.875%, 08/01/2010 (a)		1,685		1,764
Revolving Funds – 1.1%
Minnesota Public Facilities Authority, Drinking Water, Series B, Pre-refunded 03/01/2009 @ 100
5.125%, 03/01/2019 (a)		2,000		2,048
Tax Revenue – 1.7%
Minneapolis Tax Increment Revenue, Grant Park Project
5.200%, 02/01/2022		1,000		925
Minneapolis, St. Anthony Falls Project
5.000%, 02/01/2017		1,040		994
5.300%, 02/01/2021		570		538
St. Anthony Housing & Redevelopment Authority, Silver Lake Village Project
5.000%, 08/01/2015		820		798
				3,255
Transportation – 6.8%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (MBIA)
5.000%, 01/01/2019		1,000		1,054
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (MBIA)
5.000%, 01/01/2020		2,200		2,319
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC)
5.750%, 01/01/2010		2,880		2,992
5.625%, 01/01/2014		1,000		1,030
Minneapolis & St. Paul Metropolitan Airports Commission, Series C, Pre-refunded 01/01/2011 @ 100 (FGIC)
5.125%, 01/01/2020 (a)		3,095		3,269
Minnesota Public Facilities Authority Transportation
5.000%, 03/01/2012		970		1,005
Puerto Rico Commonwealth, Highway Transportation Authority, Series X (MBIA)
5.500%, 07/01/2013		1,250		1,332
				13,001
Utilities – 9.8%
Chaska Electric, Series A
5.600%, 10/01/2008		680		690
5.650%, 10/01/2009		720		745
5.650%, 10/01/2010		760		799
4.200%, 10/01/2015		1,000		1,017
Cohasset Pollution Control, Allete Project (RAAI)
4.950%, 07/01/2022		2,230		2,236
Minnesota State Municipal Power Agency
4.125%, 10/01/2017		420		411
5.250%, 10/01/2022		1,000		1,050
Northern Municipal Power Agency, Electric System, Series A (AMBAC)
5.000%, 01/01/2013		380		404
5.000%, 01/01/2017		460		503
Rochester Electric Utility, Pre-refunded 12/01/2010 @ 100
5.000%, 12/01/2016 (a)		1,150		1,210
Shakopee Public Utilities, Series A (FSA)
4.250%, 02/01/2018		295		303
Southern Minnesota Municipal Power Agency, Series A (AMBAC)
5.000%, 01/01/2011		1,270		1,305
5.250%, 01/01/2014		2,000		2,191
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA)
4.450%, 01/01/2020 (d)		3,500		2,064
4.520%, 01/01/2021 (d)		5,000		2,797
Western Minnesota Municipal Power Agency, Series A (AMBAC)
5.500%, 01/01/2011		1,000		1,042
				18,767
Total Revenue Bonds				122,688

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

38   First American Funds 2007 Semiannual Report

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
General Obligations – 32.7%
Anoka County Capital Improvements, Series A
4.100%, 02/01/2018	$	610	$	621
Anoka County Capital Improvements, Series B
4.550%, 01/01/2011		1,960		2,003
Anoka County, Series D
5.000%, 02/01/2024		500		530
Anoka-Hennepin Independent School District #11 (MSDCEP)
5.000%, 02/01/2014		2,000		2,096
Anoka-Hennepin Independent School District #11, Series A (MSDCEP)
5.000%, 02/01/2012		1,000		1,052
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/2010 @ 100 (MSDCEP)
5.375%, 02/01/2013 (c)		600		626
Cambridge Independent School District #911, Series A (MBIA) (MSDCEP)
4.000%, 02/01/2016		1,060		1,086
Centennial Independent School District #12, Series A, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP)
5.000%, 02/01/2014 (c)		1,040		1,102
Chaska Independent School District #112, Series A (MBIA) (MSDCEP)
4.250%, 02/01/2019		1,000		1,024
Chatfield Independent School District #227, Series A (FSA) (MSDCEP)
4.000%, 02/01/2018		450		458
4.500%, 02/01/2026		250		252
Dakota County, Capital Improvements, Series C
4.850%, 02/01/2010		1,000		1,036
Dakota County Community Development Agency, Senior Housing Facilities, Series A
4.375%, 01/01/2019		510		525
4.500%, 01/01/2020		215		216
Dassel Cokato Independent School District #466, Series A (MSDCEP)
4.000%, 03/01/2014		300		310
Lake Superior Independent School District #381, Series C (FSA) (MSDCEP)
4.000%, 10/01/2017		1,000		1,021
Lakeville Independent School District #194 (MSDCEP)
5.000%, 02/01/2016		2,000		2,037
Lakeville Independent School District #194, Series A, Crossover Refunded 02/01/2013 @ 100 (FGIC) (MSDCEP)
5.000%, 02/01/2022 (c)		2,435		2,607
Minneapolis Special School District #001 (MSDCEP)
4.000%, 02/01/2018		1,135		1,151
Moorhead Independent School District #152, Crossover Refunded 04/01/2012 @ 100 (FGIC) (MSDCEP)
5.000%, 04/01/2015 (c)		3,450		3,664
5.000%, 04/01/2016 (c)		2,510		2,665
Mounds View Independent School District #621, Series A (MBIA) (MSDCEP)
5.000%, 02/01/2018		2,340		2,458
5.000%, 02/01/2019		2,565		2,694
Mounds View Independent School District #621, Series A (MSDCEP)
5.250%, 02/01/2010		1,000		1,044
Mounds View Independent School District #621, Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP)
5.250%, 02/01/2012 (c)		1,000		1,056
5.350%, 02/01/2016 (c)		1,000		1,059
Northfield Independent School District #659 (MSDCEP)
5.000%, 02/01/2015		1,295		1,366
Pequot Lakes Independent School District #186, Crossover Refunded 02/01/2012 @ 100 (FGIC) (MSDCEP)
5.125%, 02/01/2018 (c)		500		532
Perham (AMT)
5.850%, 05/01/2015		1,205		1,253
Pipestone-Jasper Independent School District #2689, Crossover Refunded 03/01/2009 @ 100 (FGIC) (MSDCEP)
5.400%, 03/01/2013 (c)		1,095		1,125
Puerto Rico Commonwealth (MBIA)
6.000%, 07/01/2014		1,605		1,817
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		1,000		1,041
Puerto Rico Commonwealth, Series A
5.500%, 07/01/2018		1,000		1,066
Puerto Rico Commonwealth, Series A (XLCA)
5.500%, 07/01/2017		1,000		1,101
Ramsey County, Series D
5.000%, 02/01/2014		2,000		2,183
Robbinsdale Independent School District #281, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP)
5.000%, 02/01/2020 (c)		1,215		1,288
Rochester Independent School District #535, Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP)
5.000%, 02/01/2015 (c)		1,595		1,675
Rochester Wastewater, Series A
4.000%, 12/01/2018		1,140		1,162
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 89.37 (FSA) (MSDCEP)
3.570%, 02/01/2013 (c) (d)		1,055		845
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 94.63 (FSA) (MSDCEP)
3.570%, 02/01/2012 (c) (d)		1,790		1,519
South Washington County, Independent School District #833, Series B (FSA) (MSDCEP)
5.000%, 02/01/2015		1,030		1,089
St. Cloud Library Sales Tax, Series B (FSA)
4.000%, 02/01/2018		1,000		1,013
St. Louis Park Independent School District #283, Crossover Refunded 02/01/2009 @ 100 (MSDCEP)
5.250%, 02/01/2010 (c)		1,000		1,021
5.600%, 02/01/2015 (c)		725		743
St. Michael Independent School District #885, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP)
5.000%, 02/01/2014 (c)		1,690		1,791
5.000%, 02/01/2017 (c)		1,000		1,060

First American Funds 2007 Semiannual Report   39

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Minnesota Intermediate Tax Free Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE
Stillwater Independent School District #834 (MSDCEP)
4.750%, 02/01/2011	$	2,140	$	2,176
Todd, Morrison, Cass & Wadena Counties, United Hospital District
4.000%, 12/01/2013		400		383
Wright County Jail, Series A (MCCEP)
4.500%, 12/01/2020		640		663
Zumbrota-Mazeppa Independent School District #2805, Series A (MSDCEP)
4.000%, 02/01/2019 (e)		200		201
				62,506
Certificate of Participation – 0.5%
Northeast Metropolitan Intermediate School District #916
4.250%, 01/01/2015		1,000		1,013
Total Municipal Bonds
(Cost $181,833)				186,207
Short-Term Investments – 1.8%
Blackrock Liquidity Funds		1,214,094		1,214
Federated Minnesota Municipal Cash Trust		2,135,956		2,136
Total Short-Term Investments
(Cost $3,350)				3,350
Total Investments – 99.2%
(Cost $185,183)				189,557
Other Assets and Liabilities, Net – 0.8%				1,508
Total Net Assets – 100.0%			$	191,065

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(b)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.

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

(d)  Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2007.

(e)  Security purchased on a when-issued basis. On December 31, 2007, the total cost of investments purchased on a when-issued basis was $200 or 0.1% of total net assets. See note 2 in Notes to Financial Statements.

ACA –  American Capital Access

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $8,224, which represents 4.3% of total net assets.

FGIC –  Financial Guaranty Insurance Corporation

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

MBIA –  Municipal Bond Insurance Association

MCCEP –  Minnesota County Credit Enhancement Program

MSDCEP –  Minnesota School District Credit Enhancement Program

RAAI –  Radian Asset Assurance Inc.

XLCA –  XL Capital Assurance Inc.

Minnesota Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 97.8%
Revenue Bonds – 90.9%
Continuing Care Retirement Communities – 3.3%
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation Projects, Series A
5.700%, 07/01/2042		1,750		1,645
Golden Valley, Covenant Retirement Communities, Series A
5.500%, 12/01/2029		1,750		1,753
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		1,275		1,134
Prior Lake Senior Housing Revenue, Shepherds Path, Series B
5.700%, 08/01/2036		1,000		932
				5,464
Economic Development – 4.6%
Minneapolis Community Development, Series G-3, Pre-refunded 12/01/2011 @ 100
5.450%, 12/01/2031 (a)		3,250		3,521
Minnesota Agricultural & Economic Development Board, Minnesota Small Business Program, Series A (AMT)
5.550%, 08/01/2016		500		502
Minnesota Agricultural & Economic Development Board, Small Business Development, Series B (AMT)
7.250%, 08/01/2020		1,000		1,030
Minnesota Agricultural & Economic Development Board, Small Business Development, Series C (AMT)
7.250%, 08/01/2020		1,385		1,427
Minnesota Agricultural & Economic Development Board, Small Business Development, Series D (AMT)
7.250%, 08/01/2020		1,120		1,154
				7,634
Education – 3.6%
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 5-D, Pre-refunded 05/01/2010 @ 100
6.625%, 05/01/2020 (a)		1,000		1,076
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 6-K
5.000%, 05/01/2026		1,750		1,709
Minnesota State Higher Education Facilities Authority, Vermilion Community College, Series 3-T
5.750%, 01/01/2013		415		417
St. Paul Housing & Redevelopment Authority, Community Peace Academy, Series A
5.000%, 12/01/2036		800		700
St. Paul Housing & Redevelopment Authority, St. Paul Academy & Summit School Project
5.000%, 10/01/2024		2,000		2,045
				5,947
Healthcare – 29.7%
Aitkin Health Care Facilities, Riverwood Healthcare Center
5.500%, 02/01/2024		1,050		988
Chippewa County, Montevideo Hospital Project
5.500%, 03/01/2037		1,500		1,342

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

40   First American Funds 2007 Semiannual Report

Minnesota Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Crookston Health Care Facilities, Riverview Health Project
5.200%, 05/01/2022	$	1,000	$	930
Cuyuna Range Hospital District
5.000%, 06/01/2029		3,150		2,698
5.500%, 06/01/2035		350		315
Duluth Economic Development Authority, Benedictine Health System
5.250%, 02/15/2028		1,000		1,005
Glencoe Health Care Services Facilities Project, Glencoe Regional Health
5.000%, 04/01/2031		2,000		1,778
Glencoe Health Care Services Facilities Project, Glencoe Regional Health, Pre-refunded 04/01/2011 @ 101
7.500%, 04/01/2031 (a)		1,700		1,919
Madelia Hospital Revenue, Madelia Community Hospital Project
5.250%, 10/01/2031		500		440
5.300%, 10/01/2036		600		523
Maple Grove Health Care Facilities, North Memorial Health Care
5.000%, 09/01/2035		2,000		1,925
Maple Grove Health Care System, Maple Grove Hospital
4.500%, 05/01/2023		1,500		1,402
5.250%, 05/01/2025		1,000		1,012
Marshall Medical Center, Weiner Memorial Medical Center Project, Series A
5.250%, 11/01/2016		305		314
5.850%, 11/01/2023		875		909
Meeker County Hospital Facilities, Memorial Hospital Project
5.750%, 11/01/2027		1,000		970
Minneapolis Healthcare System, Allina Health System, Series A, Pre-refunded 11/15/2012 @ 100
6.000%, 11/15/2023 (a)		1,500		1,681
5.750%, 11/15/2032 (a)		2,400		2,663
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A
6.375%, 11/15/2029		125		131
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Pre-refunded 11/15/2010 @ 101
6.375%, 11/15/2029 (a)		3,875		4,251
Monticello, Big Lake Community Hospital, Series A
5.750%, 12/01/2019		1,000		1,001
Monticello, Big Lake Community Hospital, Series C
6.200%, 12/01/2022		1,000		1,013
New Hope Housing & Healthcare Facilities Authority, Masonic Home North Ridge
5.750%, 03/01/2015		1,600		1,575
Redwood Falls Hospital Revenue, Redwood Area Hospital Project
5.125%, 12/01/2036		3,000		2,533
Shakopee Health Care Facilities, St. Francis Regional Medical Center
5.250%, 09/01/2034		2,000		1,922
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series B, Pre-refunded 07/01/2014 @ 100
5.500%, 07/01/2025 (a)		2,000		2,233
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (MBIA)
5.000%, 11/15/2012		2,500		2,663
St. Paul Housing & Redevelopment Authority, Episcopal Nursing Home
5.630%, 10/01/2033		2,325		2,108
St. Paul Housing & Redevelopment Authority, Health Partners Obligation Group
5.250%, 05/15/2026		2,000		1,968
St. Paul Housing & Redevelopment Authority, HealthEast Project
6.000%, 11/15/2030		800		800
St. Paul Housing & Redevelopment Authority, Regions Hospital
5.250%, 05/15/2018		500		502
St. Paul Port Authority, HealthEast Midway Campus, Series A
5.875%, 05/01/2030		900		885
St. Paul Port Authority, HealthEast Midway Campus, Series B
6.000%, 05/01/2030		1,800		1,801
Winona Health Care Facilities, Series A
6.000%, 07/01/2034		1,000		1,029
				49,229
Housing – 15.5%
Cottage Grove Senior Housing Revenue, PHS/Cottage Grove Inc. Project, Series A
5.000%, 12/01/2031		850		717
Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project (GNMA)
5.900%, 04/20/2042		2,000		2,084
Eden Prairie Multifamily Housing, Preserve Place (GNMA)
5.500%, 01/20/2018		500		511
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Mandatory Put 02/15/2009 @ 100 (AMT) (FNMA)
3.050%, 06/15/2034		2,000		1,983
Hopkins Elderly Housing, St. Theresa Project, Series A (FHA) (GNMA)
5.600%, 11/20/2017		500		511
Hopkins Multifamily Housing, Renaissance Project
6.250%, 04/01/2015		500		511
Maplewood Multifamily Housing, Carefree Cottages ll, Mandatory Put 04/15/2019 @ 100 (AMT) (FNMA)
4.800%, 04/15/2034		2,000		2,006
Minneapolis & St. Paul Housing Financing Board, Single Family, Series A4 (AMT) (FHLMC) (FNMA) (GNMA)
5.000%, 11/01/2038		993		948
Minneapolis Housing Revenue, Keeler Apartments, Series A
5.000%, 10/01/2037		1,350		1,114
Minneapolis Multifamily Housing Revenue, Vantage Flats Project (AMT) (GNMA)
5.200%, 10/20/2048		875		838
Minnesota State Housing Finance Agency, Residential Housing, Series B (AMT)
4.750%, 07/01/2026		1,000		955
5.650%, 07/01/2033		725		734

First American Funds 2007 Semiannual Report   41

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Minnesota Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Minnesota State Housing Finance Agency, Residential Housing, Series B1-RMK (AMT)
5.350%, 07/01/2033	$	1,380	$	1,381
Minnesota State Housing Finance Agency, Residential Housing, Series D (AMT)
4.700%, 07/01/2027		3,465		3,265
Minnesota State Housing Finance Agency, Residential Housing, Series F (AMT)
5.400%, 07/01/2030		2,365		2,378
Minnesota State Housing Finance Agency, Single Family Mortgage, Series C (AMT)
6.100%, 07/01/2030		355		371
Moorhead Senior Housing Revenue, Sheyenne Crossing Project
5.650%, 04/01/2041		1,620		1,476
Pine City Health Care & Housing Revenue, North Branch, Series A (GNMA)
5.000%, 10/20/2047		550		541
St. Louis Park, Multifamily Housing, Park Ridge Apartments (FHA) (GNMA)
5.250%, 11/01/2020		500		511
St. Paul Housing & Redevelopment Authority, Rossy & Richard Shaller, Series A
5.250%, 10/01/2042		1,100		947
White Bear Lake, Multifamily Housing, Lake Square, Series A (FHA)
6.000%, 08/01/2020		1,020		1,034
Worthington Housing Authority, Meadows Worthington Project, Series A
5.375%, 05/01/2037		880		771
				25,587
Lease Revenue – 5.7%
Lakeville Housing & Redevelopment Authority, Ice Arena Project
4.500%, 02/01/2026		1,000		983
4.625%, 02/01/2032		585		569
New Brighton Economic Development Authority, Public Safety Facility, Leasing Project, Series A
4.900%, 02/01/2015		850		868
5.000%, 02/01/2016		895		913
5.100%, 02/01/2017		900		918
Pine County Housing & Redevelopment Authority, Series A
5.000%, 02/01/2028		1,000		1,001
5.000%, 02/01/2031		1,890		1,865
Puerto Rico Public Buildings Authority, Government Facilities, Series M (COMGTY)
6.250%, 07/01/2031		2,000		2,268
				9,385
Miscellaneous – 5.7%
Little Canada Commercial Development, RLF Minnesota Project
7.100%, 04/01/2013		920		922
Minnesota State Retirement Systems Building
5.875%, 06/01/2027		7,000		7,344
Seaway Port Authority of Duluth, Cargill Income Project
4.200%, 05/01/2013		1,130		1,134
				9,400
Recreational Facility Authority – 2.5%
Moorhead, Golf Course, Series B
5.875%, 12/01/2021		2,000		2,009
St. Paul Port Authority, Radisson Kellogg Project, Series 2, Pre-refunded 08/01/2008 @ 103
7.375%, 08/01/2029 (a)		2,000		2,108
				4,117
Tax Revenue – 1.0%
Duluth Economic Development Authority
8.000%, 08/01/2008		75		77
Minneapolis, St. Anthony Falls Project
5.650%, 02/01/2027		400		375
5.750%, 02/01/2027		300		285
St. Anthony Housing & Redevelopment Authority, Silver Lake Village
5.625%, 02/01/2031		1,000		918
				1,655
Utilities – 19.3%
Chaska Electric, Series A
6.100%, 10/01/2030		45		47
Minnesota State Municipal Power Agency
4.750%, 10/01/2032		1,750		1,667
Northern Municipal Power Agency, Minnesota Electric Systems, Series A (AMBAC)
5.000%, 01/01/2026		2,000		2,080
Puerto Rico Electric Power Authority, Series SS (MBIA)
5.000%, 07/01/2024		2,000		2,071
Rochester Electric Utility, Series C
5.000%, 12/01/2030		5,500		5,749
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA)
4.370%, 01/01/2019 (b)		4,000		2,486
4.520%, 01/01/2021 (b)		5,000		2,797
4.660%, 01/01/2023 (b)		3,000		1,503
4.720%, 01/01/2024 (b)		11,300		5,357
4.780%, 01/01/2025 (b)		6,000		2,688
4.820%, 01/01/2026 (b)		7,300		3,097
4.820%, 01/01/2027 (b)		3,000		1,214
Western Minnesota Municipal Power Agency (AMBAC)
5.500%, 01/01/2015		550		584
Western Minnesota Municipal Power Agency, Escrowed to Maturity (MBIA)
9.750%, 01/01/2016 (c)		410		575
				31,915
Total Revenue Bonds				150,333
General Obligations – 6.9%
Delano Independent School District #879, Series A, Crossover Refunded 02/01/2011 @ 100 (FSA) (MSDCEP)
5.875%, 02/01/2025 (d)		1,000		1,074
Minneapolis Sports Arena
5.100%, 04/01/2013		500		503
5.100%, 10/01/2013		250		251
Minnesota State
5.000%, 08/01/2010		2,000		2,048
Perham, Disposal System (AMT)
6.000%, 05/01/2022		1,500		1,549
Rochester Wastewater, Series A
4.125%, 12/01/2023		2,285		2,260
4.250%, 12/01/2025		1,500		1,487

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

42   First American Funds 2007 Semiannual Report

Minnesota Tax Free Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE
Sauk Rapids Independent School District #47, Series A, Crossover Refunded 02/01/2011 @ 100 (MBIA) (MSDCEP)
5.750%, 02/01/2023 (d)	$	2,000	$	2,141
				11,313
Total Municipal Bonds
(Cost $160,876)				161,646
Short-Term Investments – 1.8%
Money Market Fund – 1.7%
Federated Minnesota Municipal Cash Trust		2,835,663		2,836
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
2.632%, 03/13/2008 (e)	$	190		189
Total Short-Term Investments
(Cost $3,024)				3,025
Total Investments – 99.6%
(Cost $163,900)				164,671
Other Assets and Liabilities, Net – 0.4%				705
Total Net Assets – 100.0%			$	165,376

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(b)  Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2007.

(c)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.

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

(e)  Yield shown is effective yield as of December 31, 2007.

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $20,521, which represents 12.4% of total net assets.

COMGTY –  Commonwealth Guaranty

FHA –  Federal Housing Authority

FHLMC –  Federal Home Loan Mortgage Corporation

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

MBIA –  Municipal Bond Insurance Association

MSDCEP –  Minnesota School District Credit Enhancement Program

Missouri Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 99.7%
Revenue Bonds – 79.8%
Continuing Care Retirement Communities – 4.4%
Cole County Industrial Development Authority, Lutheran Services Heisinger Project
5.250%, 02/01/2024		2,000		2,006
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		500		462
Lee’s Summit Industrial Development Authority, Senior Living Facilities, John Knox Village, Series A
5.000%, 08/15/2014		1,035		1,058
Missouri State Health & Educational Facilities Authority, Senior Living Facilities, Lutheran Senior, Series A
5.375%, 02/01/2035		1,500		1,468
St. Louis County Industrial Development Authority, Friendship Village West, Series A
5.500%, 09/01/2028		2,000		1,898
				6,892
Education – 6.0%
Lincoln University Auxiliary System Revenue (AGTY)
5.125%, 06/01/2037		1,000		1,042
Missouri State Development Finance Board, Midwest Research Institute Project
5.000%, 11/01/2017		1,185		1,206
Missouri State Health & Educational Facilities Authority, University of Missouri-Columbia Arena Project
5.000%, 11/01/2019		2,540		2,666
Missouri State Health & Educational Facilities Authority, Washington University, Series A
5.000%, 02/15/2019		1,465		1,567
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Pre-refunded 06/15/2011 @ 100
5.125%, 06/15/2041 (a)		2,150		2,287
Missouri State University Auxiliary Enterprise System Revenue, Series A (XLCA)
4.375%, 04/01/2032		550		520
				9,288
Healthcare – 15.6%
Barton County Hospital Revenue
5.375%, 07/01/2027		1,000		913
Boone County Hospital
5.050%, 08/01/2020		1,200		1,211
Cape Girardeau County Industrial Development Authority, Health Care Facilities Revenue, Southeast Missouri Hospital
5.625%, 06/01/2022		245		250
Cape Girardeau County Industrial Development Authority, Health Care Facilities Revenue, Southeast Missouri Hospital, Pre-refunded 06/01/2012 @ 100
5.625%, 06/01/2022 (a)		1,255		1,372
Carthage Hospital Revenue
6.000%, 04/01/2038		1,000		933
Cass County Hospital Revenue
5.500%, 05/01/2027		2,000		1,944

First American Funds 2007 Semiannual Report   43

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Missouri Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Clinton County Industrial Development Authority, Health Facilities Revenue, Cameron Regional Medical Center
5.000%, 12/01/2037	$	1,000	$	809
Hannibal Industrial Development Authority Health Facilities
4.300%, 03/01/2013		1,345		1,333
5.000%, 03/01/2022		1,000		984
Hermann Area Hospital District Revenue
5.100%, 09/01/2031		1,000		844
Joplin Industrial Development Authority Healthcare Facilities, Freeman Health Systems Project
5.500%, 02/15/2024		2,000		2,039
Missouri State Health & Educational Facilities Authority, BJC Health Systems, Series A, Escrowed to Maturity
6.750%, 05/15/2012 (b)		3,310		3,776
Missouri State Health & Educational Facilities Authority, Jefferson Memorial Hospital (RAAI)
5.000%, 08/15/2019		2,300		2,314
Missouri State Health & Educational Facilities Authority, Lake Regional Health System Project
5.000%, 02/15/2012		515		526
Missouri State Health & Educational Facilities Authority, SSM Health, Series B (MBIA)
5.000%, 06/01/2018		445		452
Missouri State Health & Educational Facilities Authority, St. Lukes Health Systems, Series A (FSA)
5.000%, 11/15/2014		1,405		1,515
Saline County Industrial Development Authority, Health Facilities, John Fitzgibbon Memorial Hospital
5.625%, 12/01/2035		1,000		883
St. Louis County Industrial Development Authority, Ranken-Jordan Project
5.000%, 11/15/2027		670		573
5.000%, 11/15/2035		1,300		1,073
St. Louis County Industrial Development Authority, Ranken-Jordan Project, Series A, Pre-refunded 11/15/2013 @ 100
6.625%, 11/15/2035 (a)		500		581
				24,325
Housing – 4.1%
Missouri State Housing Development Commission, Homeownership Loan Program, Series B (AMT) (FNMA) (GNMA)
4.800%, 09/01/2031		2,500		2,343
Missouri State Housing Development Commission, Homeownership Loan Program, Series C1 (AMT) (FNMA) (GNMA)
5.000%, 09/01/2037		1,000		955
Riverside Industrial Development Authority, Riverside Horizons Project, Series A (ACA)
5.000%, 05/01/2027		1,900		1,751
University City Industrial Development Authority, Multifamily Housing, Series A (GNMA)
5.950%, 12/20/2025		1,400		1,401
				6,450
Lease Revenue – 15.9%
Clay County, Public Building Authority (FSA)
5.125%, 05/15/2014		2,000		2,015
Kansas City Municipal Assistance, Capital Appreciation Leasehold, Series B-1, Zero Coupon Bond (AMBAC)
4.930%, 04/15/2027 (c)		2,000		782
Kansas City Special Facilities Revenue, MCI Overhaul Base Project, Series G (AMT)
4.750%, 09/01/2028		4,000		3,489
Missouri State Board of Public Buildings, Series A
5.000%, 10/15/2027		1,000		1,032
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A (MBIA)
5.000%, 05/01/2023		2,000		2,073
5.000%, 05/01/2024		5,130		5,317
5.125%, 05/01/2026		5,000		5,194
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A
5.000%, 05/01/2017		1,000		1,049
Missouri State Financial Board Infrastructure Facilities, Branson, Series A
5.000%, 12/01/2017		1,000		1,010
5.375%, 12/01/2022		750		758
Springfield Public Building, Capital Improvement Project (AMBAC)
5.000%, 03/01/2024		2,000		2,068
				24,787
Miscellaneous – 2.5%
Kennett Industrial Development Authority, Manac Trailers USA Project (LOC: Region’s Bank) (AMT)
4.250%, 03/01/2022		1,500		1,410
4.250%, 03/01/2024		500		461
Missouri State Development Financial Board, Eastland Center Project, Series A
4.250%, 04/01/2015		1,010		999
Sugar Creek, Lafarge North America, Series A (AMT)
5.650%, 06/01/2037		1,000		960
				3,830
Revolving Funds – 11.7%
Missouri State Environmental Improvement & Energy Resources Authority, Series A, State Revolving Fund Program, Pre-refunded 07/01/2010 @ 100
5.500%, 07/01/2016 (a)		1,875		1,982
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A
4.750%, 07/01/2020		2,000		2,124
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, State Revolving Fund Program
5.500%, 07/01/2016		620		653
4.375%, 01/01/2028		500		496
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water
5.250%, 01/01/2015		2,180		2,244

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

44   First American Funds 2007 Semiannual Report

Missouri Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program
5.375%, 07/01/2016	$	2,000	$	2,269
4.750%, 07/01/2023		410		427
5.000%, 07/01/2023		6,655		6,923
4.750%, 07/01/2025		1,000		1,033
				18,151
Tax Revenue – 7.4%
Belton Increment Tax Revenue, Town Center Project
5.500%, 03/01/2020		250		242
5.625%, 03/01/2025		600		568
Branson Industrial Development Authority Tax Increment Revenue, Branson Landing Retail Project
5.500%, 06/01/2029		1,000		908
Fenton Tax Increment Revenue, Gravois Bluffs Redevelopment Project
5.000%, 04/01/2014		1,000		1,045
Harrisonville Towne Center Project
4.375%, 11/01/2017		340		337
4.500%, 11/01/2022		715		686
Howard Bend Levee District (XLCA)
5.500%, 03/01/2026		1,745		1,974
Kansas City Tax Increment Financing Commission, Maincor Project, Series A
5.250%, 03/01/2018		500		488
Missouri State Development Financial Board, Independence Centerpoint Project, Series E
5.125%, 04/01/2025		1,000		1,005
Osage Beach Tax Increment Revenue, Prewitt’s Point Project
5.000%, 05/01/2023		1,455		1,302
Raytown Live Redevelopment Plan, Project #1
5.125%, 12/01/2031		1,000		1,000
Riverside Tax Increment Revenue, L-385 Levee Project
5.250%, 05/01/2020		1,000		1,004
St. Joseph Industrial Development Authority, Tax Increment Revenue, Shoppes at North Village Project
5.375%, 11/01/2023		1,000		932
				11,491
Transportation – 6.5%
Missouri State Highways & Transportation Commission
4.750%, 05/01/2027		360		370
Missouri State Highways & Transportation Commission, Series A, Pre-refunded 02/01/2011 @ 100
5.250%, 02/01/2020 (a)		5,000		5,317
Missouri State Highways & Transportation Commission, Series A, Pre-refunded 02/01/2012 @ 100
5.000%, 02/01/2022 (a)		3,225		3,448
Puerto Rico Commonwealth Highway & Transportation Authority, Series K
5.000%, 07/01/2017		1,000		1,027
				10,162
Utilities – 5.7%
Kansas City Water, Series B
5.000%, 12/01/2016		2,200		2,214
Metropolitan St. Louis Sewer District, Series A (MBIA)
5.000%, 05/01/2023		1,075		1,122
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Plum Point Project (MBIA)
5.000%, 01/01/2016		1,500		1,625
Missouri State Development Financial Board, Independence Water System (AMBAC)
5.000%, 11/01/2024		1,000		1,043
North Central Regional Water Commission, Waterworks Systems Revenue
5.000%, 01/01/2037		2,070		1,973
St. Joseph Industrial Development Authority, Sewer System Improvements Project
4.750%, 04/01/2020		500		505
4.750%, 04/01/2021		390		392
				8,874
Total Revenue Bonds				124,250
General Obligations – 12.3%
Cass County School District #R-9, Harrisonville (MBIA) (MDDP)
4.500%, 03/01/2019		1,000		1,038
Jefferson City School District, Series A, Escrowed to Maturity
6.700%, 03/01/2011 (b)		1,000		1,055
Ladue School District
4.300%, 03/01/2019		200		204
5.000%, 03/01/2023		1,500		1,594
Missouri State Water Pollution Control, Series A
4.250%, 12/01/2023		175		175
North Kansas City School District #74 (MDDP)
5.000%, 03/01/2019		500		547
5.000%, 03/01/2022		1,000		1,071
Platte County School District #R-3 (MBIA)
5.000%, 03/01/2024		685		715
Puerto Rico Municipal Finance Agency, Pre-refunded 08/01/2009 @ 101 (FSA)
5.500%, 08/01/2023 (a)		3,000		3,146
Richmond Heights, Manhasset Village Neighborhood
4.500%, 04/01/2026		690		669
St. Charles Community College (MBIA)
5.250%, 02/15/2018		1,220		1,368
St. Charles County, Francis Howell School District (FGIC) (MDDP)
5.250%, 03/01/2018		2,095		2,325
St. Louis County
5.000%, 02/01/2012		2,000		2,139
St. Louis County Public Safety, Pre-refunded 08/15/2009 @ 100 (FGIC)
5.125%, 02/15/2017 (a)		3,000		3,100
Total General Obligations				19,146
Certificates of Participation – 7.6%
Belton Refunding & Improvement (MBIA)
4.375%, 03/01/2019		500		509
4.500%, 03/01/2022		500		503
Cottleville
5.125%, 08/01/2026		200		201
5.250%, 08/01/2031		1,100		1,101
East Buchanan County, C-1 School District (AGTY)
4.000%, 03/01/2017		300		302
4.000%, 03/01/2018		325		324

First American Funds 2007 Semiannual Report   45

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Missouri Tax Free Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE
Hazelwood School District, Energy Improvements Project
4.500%, 03/01/2017	$	515	$	534
4.500%, 03/01/2018		445		457
Missouri School Boards Association, Liberty Public School District #53 (FSA)
5.250%, 03/01/2025		1,015		1,095
Ozark R-6 School District Lease (FSA)
5.000%, 09/01/2025		2,165		2,261
Smithville Combined Waterworks & Sewer System Extension Project (AGTY)
3.950%, 07/01/2016		200		201
4.100%, 07/01/2018		215		215
Texas County Justice Center Project (AGTY)
4.500%, 12/01/2025		3,660		3,562
Union, Series A
5.200%, 07/01/2023		520		530
Total Certificates of Participation				11,795
Total Municipal Bonds
(Cost $153,712)				155,191
Short-Term Investment – 0.2%
First American Tax Free Obligations Fund, Class Z (d)
(Cost $274)		273,615		274
Total Investments – 99.9%
(Cost $153,986)				155,465
Other Assets and Liabilities, Net – 0.1%				209
Total Net Assets – 100.0%			$	155,674

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(b)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.

(c)  Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2007.

(d)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

ACA –  American Capital Access

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $9,618, which represents 6.2% of total net assets.

FGIC –  Financial Guaranty Insurance Corporation

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

MDDP –  Missouri Direct Deposit Program

RAAI –  Radian Asset Assurance Inc.

XLCA –  XL Capital Assurance Inc.

Nebraska Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 98.5%
Revenue Bonds – 74.8%
Continuing Care Retirement Communities – 2.9%
Colorado Health Facilities, Christian Living Communities, Series A
5.750%, 01/01/2026		100		93
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		275		245
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.875%, 02/15/2026		200		190
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
5.000%, 09/01/2025		600		577
				1,105
Education – 17.1%
Anderson, Indiana, Economic Development Revenue, Anderson University Project
5.000%, 10/01/2032		575		523
Nebraska Educational Finance Authority, Concordia University Project
5.350%, 12/15/2018		650		654
Nebraska Educational Finance Authority, Midland Lutheran College Project
5.200%, 10/01/2020		350		350
Nebraska Educational Finance Authority, Wesleyan University Project (RAAI)
5.000%, 04/01/2017		605		611
Nebraska Utility Corporation, University of Nebraska, Lincoln Project
5.250%, 01/01/2015		1,045		1,116
University of Nebraska Facility Corporation, Medical Center Research Project
5.000%, 02/15/2015		500		528
University of Nebraska, Kearney Student Fees
5.000%, 07/01/2030		500		519
University of Nebraska, Lincoln Memorial Stadium Project, Series A
5.000%, 11/01/2015		500		531
University of Nebraska, Lincoln Student Fees
5.000%, 07/01/2022		750		773
University of Nebraska, Omaha Student Facilities Project
5.000%, 05/15/2032		350		362
University of Nebraska, Omaha Student Housing Project
5.000%, 05/15/2023		500		522
				6,489
Healthcare – 23.9%
Douglas County Hospital Authority #2, Girls & Boys Town Project
4.500%, 09/01/2030		1,000		937
Douglas County Hospital Authority #2, Nebraska Medical Center
5.000%, 11/15/2016		700		739
Halifax Medical Center, Hospital Revenue, Series A
5.000%, 06/01/2038		600		548
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A
5.250%, 02/15/2030		600		596

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

46   First American Funds 2007 Semiannual Report

Nebraska Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Inver Grove Heights, Minnesota, Nursing Home Revenue, Presbyterian Homes Care
5.500%, 10/01/2033	$	275	$	250
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
5.000%, 07/01/2020		200		194
Iowa Hospital Revenue, Washington County Hospital Project
5.375%, 07/01/2026		400		387
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project
5.000%, 06/01/2021		1,000		1,030
4.250%, 06/01/2022		600		563
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project, Series A, Pre-refunded 06/01/2011 @ 100 (AMBAC)
5.000%, 06/01/2019 (a)		500		530
Madison County Hospital Authority #1, Faith Regional Health Services Project (RAAI)
5.500%, 07/01/2021		1,000		1,018
Nebraska Investment Finance Authority, Great Plains Regional Medical Center (RAAI)
5.200%, 11/15/2016		250		255
5.300%, 11/15/2017		805		821
New Hampshire Health & Educational Facilities Authority, The Memorial Hospital
5.250%, 06/01/2036		150		135
Platte County Hospital Authority #1, Columbus Community Hospital Project (RAAI)
5.850%, 05/01/2014		650		677
University of Alabama at Birmingham, Hospital Revenue, Series A
4.500%, 09/01/2031		400		353
				9,033
Housing – 3.9%
Douglas County Housing Authority, Orchard Gardens Project
5.150%, 10/01/2032		400		367
Nebraska Investment Finance Authority, Single Family Housing, Series D (AMT)
4.950%, 09/01/2026		490		481
Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments (GNMA)
5.150%, 11/20/2022		625		638
				1,486
Miscellaneous – 2.1%
Washington County Wastewater & Solid Waste Disposal Facilities, Cargill Project (AMT)
4.850%, 04/01/2035		500		472
Washington County Wastewater Facilities, Cargill Project (AMT)
5.900%, 11/01/2027		300		317
				789
Recreational Facility Authority – 6.4%
Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project
4.750%, 09/01/2024		1,365		1,366
Omaha Convention Hotel Corporation, Series A, Pre-refunded 04/01/2012 @ 100 (AMBAC)
5.125%, 04/01/2026 (a)		1,000		1,074
				2,440
Revolving Funds – 1.5%
Nebraska Investment Finance Authority, Drinking Water System Revolving Fund
5.150%, 01/01/2016		580		587
Tax Revenue – 2.4%
Omaha Special Tax Revenue, Series A
5.125%, 02/01/2032		500		517
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment
5.000%, 02/01/2026		400		375
				892
Utilities – 14.6%
Alliance Electrical Systems (AMBAC)
5.000%, 12/15/2014		260		262
5.100%, 12/15/2015		460		464
Burt County Public Power District Electric Systems
4.850%, 07/01/2026		335		335
Central Plains Energy Project, Nebraska Gas Project #1, Series A
5.250%, 12/01/2021		500		515
Cuming County Public Power District Electric Systems
3.900%, 12/01/2014		130		130
Grand Island Electrical Systems (MBIA)
5.125%, 08/15/2016		750		794
Hastings Electrical Systems (FSA)
5.000%, 01/01/2015		250		263
Lincoln Electrical Systems
5.000%, 09/01/2026		250		258
Lincoln Electrical Systems, Pre-refunded 09/01/2011 @ 100
5.000%, 09/01/2015 (a)		500		532
Lincoln Sanitation & Sewer (MBIA)
4.375%, 06/15/2032		1,000		963
Omaha Public Power District, Nebraska City, Series A (AMBAC)
4.550%, 02/01/2026		750		753
South Sioux City Combined Electric, Water & Sewer
4.750%, 08/01/2027		250		245
				5,514
Total Revenue Bonds				28,335
General Obligations – 20.3%
Brown County
4.350%, 06/15/2026		200		196
4.700%, 12/15/2026		400		400
Douglas County School District #17, Millard Public Schools, Series A (FSA)
4.500%, 06/15/2025		250		251
Douglas County School District #54, Ralston Public Schools (FSA)
5.000%, 12/15/2016		845		892
Hayes County School District #79
4.550%, 11/15/2022		170		171
4.600%, 11/15/2023		180		181
La Vista
4.800%, 12/15/2026		345		346
La Vista, Off-Street Parking
4.700%, 04/15/2025		500		488
Lancaster County School District #1, Lincoln Public Schools
5.000%, 01/15/2017		750		795
5.250%, 07/15/2019		220		231

First American Funds 2007 Semiannual Report   47

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Nebraska Tax Free Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE
Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental
4.500%, 10/15/2026	$	750	$	750
Omaha-Douglas Public Building
4.900%, 05/01/2016		500		524
5.100%, 05/01/2020		300		314
Saunders County (FSA)
5.000%, 11/01/2030		650		667
Scotts Bluff County
4.550%, 01/15/2026		500		503
4.500%, 01/15/2031		500		484
Washington County School District #1, Blair Community Schools
4.300%, 12/15/2027		500		483
Total General Obligations				7,676
Certificates of Participation – 3.4%
Western Nebraska Community College
4.700%, 10/15/2010		295		295
4.800%, 10/15/2011		195		195
4.900%, 10/15/2012		250		250
5.000%, 10/15/2013		300		301
5.100%, 10/15/2014		250		250
Total Certificates of Participation				1,291
Total Municipal Bonds
(Cost $37,112)				37,302
Short-Term Investment – 0.4%
First American Tax Free Obligations Fund, Class Z (b)
(Cost $143)		142,626		143
Total Investments – 98.9%
(Cost $37,255)				37,445
Other Assets and Liabilities, Net – 1.1%				414
Total Net Assets – 100.0%			$	37,859

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(b)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $1,270, which represents 3.4% of total net assets.

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

Ohio Tax Free Bond Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 95.3%
Revenue Bonds – 55.1%
Continuing Care Retirement Communities – 4.4%
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A
5.000%, 07/01/2026		800		750
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A (RAAI)
5.125%, 07/01/2022		500		501
Hamilton County Health Care, Life Enriching Communities Project, Series A
5.000%, 01/01/2027		400		375
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		400		356
				1,982
Education – 15.8%
Cincinnati Port Development Authority, Economic Development Authority, Sisters of Mercy
5.000%, 10/01/2025		250		246
Ohio State Higher Educational Facilities, Baldwin-Wallace College Project
5.000%, 12/01/2013		750		786
Ohio State Higher Educational Facilities, College of Wooster Project
5.000%, 09/01/2020		400		416
Ohio State Higher Educational Facilities, John Carroll University Project
5.000%, 04/01/2019		1,000		1,036
Ohio State Higher Educational Facilities, Mount Union College Project
5.000%, 10/01/2031		1,000		992
Ohio State Higher Educational Facilities, Ohio Northern University Project
5.000%, 05/01/2026		1,000		1,008
Ohio State Higher Educational Facilities, Wittenburg University Project
5.000%, 12/01/2024		505		486
Ohio State Higher Educational Facilities, Xavier University Project (FGIC)
5.250%, 05/01/2016		1,000		1,067
University of Cincinnati, Series A (FGIC)
5.500%, 06/01/2014		1,000		1,079
				7,116
Healthcare – 9.0%
Akron, Bath & Copley Joint Township Hospital Facilities, Summa Health Systems, Series A (RAAI)
5.250%, 11/15/2016		800		834
Erie County Hospital Facilities, Firelands Regional Medical Center, Series A
5.500%, 08/15/2022		500		516
Fairfield County Hospital Facilities, Fairfield Medical Center (RAAI)
5.000%, 06/15/2022		500		496
Lorain County Hospital, Catholic Healthcare
5.500%, 10/01/2017		350		376
Miami County Hospital Facilities, Upper Valley Medical Center
5.250%, 05/15/2026		1,250		1,228

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

48   First American Funds 2007 Semiannual Report

Ohio Tax Free Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Richland County Hospital Facilities, Medcentral Health Systems
5.250%, 11/15/2036	$	600	$	589
				4,039
Housing – 2.2%
Ohio Housing Finance Agency, Residential Mortgage Backed Securities, Series E (AMT) (FNMA) (GNMA)
4.850%, 09/01/2026		1,000		967
Lease Revenue – 6.2%
Cleveland-Cuyahoga County Port Authority, Rita Project (RAAI)
5.000%, 11/15/2019		750		755
Puerto Rico Public Buildings Authority, Government Facilities, Series M (COMGTY)
6.250%, 07/01/2031		500		567
Riversouth Authority Revenue, Riversouth Area Redevelopment, Series A
5.250%, 12/01/2017		1,000		1,077
Riversouth Authority Revenue, Lazarus Building Redevelopment, Series A
5.750%, 12/01/2027		400		398
				2,797
Miscellaneous – 2.3%
Toledo-Lucas County Port Authority Facilities, Cargill Income Project, Series B
4.500%, 12/01/2015		1,000		1,027
Revolving Fund – 2.4%
Ohio State Water Development Authority, Water Pollution Control, Pre-refunded 06/01/2012 @ 100
5.050%, 12/01/2021 (a)		1,000		1,074
Tax Revenue – 1.3%
Buckeye Tobacco Settlement, Series A-2
5.875%, 06/01/2030		200		195
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project
5.250%, 12/01/2023		400		399
				594
Transportation – 2.3%
Columbus Regional Airport Authority (MBIA)
5.000%, 01/01/2028		1,000		1,035
Utilities – 9.2%
Hamilton Electric Systems, Series A (FSA)
4.300%, 10/15/2016		1,000		1,046
Montgomery County Water, Greater Moraine Beaver (AMBAC)
5.375%, 11/15/2016		1,000		1,084
Northeast Ohio Regional Sewer District, Wastewater Revenue (MBIA)
4.500%, 11/15/2037		1,000		978
Ohio State Water Development Authority, Escrowed to Maturity (AMBAC)
5.800%, 12/01/2011 (b)		1,000		1,007
				4,115
Total Revenue Bonds				24,746
General Obligations – 40.2%
Cincinnati, Pre-refunded 12/01/2011 @ 100
5.000%, 12/01/2016 (a)		1,000		1,068
5.000%, 12/01/2017 (a)		1,000		1,068
Cincinnati School District, Classroom Construction & Improvement (FGIC)
5.250%, 12/01/2019		535		598
Dayton City School District, School Facilities Construction & Improvement, Series D (FGIC)
5.000%, 12/01/2011		500		533
Franklin County
4.500%, 12/01/2027		690		693
Gahanna (MBIA)
5.000%, 12/01/2027		400		421
Greene County, General Infrastructure (AMBAC)
5.250%, 12/01/2026		1,000		1,078
Hubbard Village School District, Classroom Facilities Improvement (CIFG)
4.250%, 12/01/2027		750		711
Ohio State Common Schools, Series A
5.125%, 09/15/2022		1,000		1,048
Ohio State Higher Education, Series A
5.000%, 02/01/2019		1,000		1,041
5.000%, 08/01/2022		1,000		1,042
Ohio State Higher Education, Series B
5.000%, 11/01/2015		1,000		1,058
Ohio State Infrastructure Improvement, Series A
5.500%, 02/01/2020		1,000		1,150
Ohio State Parks & Recreational Facilities, Series II-A (FSA)
5.250%, 02/01/2020		1,000		1,087
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		260		271
Puerto Rico Commonwealth, Series A
5.000%, 07/01/2027		1,000		986
Sidney City School District (FGIC)
4.375%, 12/01/2027		1,005		977
Solon
5.000%, 12/01/2021		1,000		1,060
Springfield City School District, Pre-refunded 12/01/2011 @ 102 (FGIC)
5.200%, 12/01/2023 (a)		1,000		1,093
Toledo City School District, School Facilities Improvement (FSA)
5.000%, 12/01/2014		1,000		1,083
Total General Obligations				18,066
Total Municipal Bonds
(Cost $42,268)				42,812
Short-Term Investment – 4.1%
Federated Ohio Municipal Cash Trust
(Cost $1,858)		1,858,475		1,858
Total Investments – 99.4%
(Cost $44,126)				44,670
Other Assets and Liabilities, Net – 0.6%				263
Total Net Assets – 100.0%			$	44,933

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

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

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007 the aggregate market value of securities subject to the AMT was $967, which represents 2.2% of total net assets.

CIFG –  CDC IXIS Financial Guaranty

First American Funds 2007 Semiannual Report   49

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Ohio Tax Free Bond Fund (concluded)

COMGTY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

MBIA –  Municipal Bond Insurance Corporation

RAAI –  Radian Asset Assurance Inc.

Oregon Intermediate Tax Free Fund
DESCRIPTION		PAR		VALUE
Municipal Bonds – 99.1%
Revenue Bonds – 41.2%
Continuing Care Retirement Communities – 4.0%
Clackamas County Hospital Facilities Authority, Mary’s Woods, Series A, Pre-refunded 05/15/2009 @ 102
6.125%, 05/15/2013 (a)			1,000		1,060
Clackamas County Hospital Facilities Authority, Robison Jewish Home
5.125%, 10/01/2024			1,000		907
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027			1,200		1,108
Multnomah County Hospital Facilities Authority, Terwilliger Plaza Project, Series A
5.250%, 12/01/2026			1,000		902
Oregon State Health, Housing, Educational & Cultural Facilities Authority, Oregon Baptist Retirement Homes
8.000%, 11/15/2026			890		891
					4,868
Education – 6.8%
Forest Grove Campus Improvement, Pacific University Project, Series A (RAAI)
5.000%, 05/01/2022			3,130		3,111
Multnomah County Educational Facilities, University of Portland, Pre-refunded 04/01/2010 @ 100
5.700%, 04/01/2015 (a)			1,000		1,054
Oregon State Facilities Authority, Linfield College Project, Series A
5.000%, 10/01/2025			1,000		981
Oregon State Facilities Authority, Williamette University Projects, Series A
4.300%, 10/01/2021			1,085		1,048
Oregon State Facilities Authority, University of Portland Project, Series A
4.500%, 04/01/2021			2,000		1,934
					8,128
Healthcare – 8.1%
Clackamas County Hospital Facilities Authority, Legacy Health Systems
5.250%, 02/15/2011			2,000		2,076
5.375%, 02/15/2012			1,000		1,040
Klamath Falls Community Hospital Authority, Merle West Medical Center Project (AGTY)
4.750%, 09/01/2020			2,025		2,093
Medford Hospital Facilities Authority, Asante Health Systems, Series A (MBIA)
5.250%, 08/15/2011	��		325		332
5.375%, 08/15/2012			320		327
Multnomah County Hospital Facilities Authority, Providence Health Systems
5.250%, 10/01/2022			1,000		1,044
Salem Hospital Facilities Authority, Pre-refunded 08/15/2008 @ 101
5.250%, 08/15/2014 (a)			1,000		1,024
Salem Hospital Facilities Authority, Salem Hospital Project, Series A
5.000%, 08/15/2027			1,000		996

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

50   First American Funds 2007 Semiannual Report

Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A
5.000%, 03/01/2012	$	690	$	726
				9,658
Housing – 1.4%
Oregon State Housing & Community Services, Series A
6.000%, 07/01/2016		5		5
6.400%, 07/01/2018		205		207
Oregon State Housing & Community Services, Series E (FHA)
5.750%, 07/01/2013		285		291
Oregon State Housing & Community Services, Single Family, Series A
4.050%, 01/01/2018		310		311
Portland Housing Authority, Pearl Court Project (AMT)
4.000%, 01/01/2011		230		231
4.100%, 01/01/2013		145		145
4.150%, 01/01/2014		200		200
4.200%, 01/01/2015		270		269
				1,659
Lease Revenue – 0.9%
Puerto Rico Public Buildings Authority, Government Facilities, Series M-2 (AMBAC) (COMGTY)
5.500%, 07/01/2035		1,000		1,086
Recreational Facility Authority – 0.9%
Portland Urban Renewal & Redevelopment, Convention Center, Series A (AMBAC)
5.750%, 06/15/2015		1,000		1,068
Tax Revenue – 2.4%
Medford Urban Renewal Agency
4.500%, 06/01/2013		1,010		1,043
Oregon State Department of Administrative Services Lottery, Series A (FSA)
5.000%, 04/01/2012		1,050		1,089
Seaside Urban Renewal Agency, Greater Seaside Urban Renewal
4.750%, 06/01/2015		280		285
Tri-County Metropolitan Transportation District, Series 1, Escrowed to Maturity
4.900%, 06/01/2009 (b)		500		513
				2,930
Transportation – 8.6%
Oregon State Department of Transportation, Highway User Tax, Pre-refunded 11/15/2010 @ 100
5.125%, 11/15/2014 (a)		2,260		2,385
Oregon State Department of Transportation, Highway User Tax, Series A
5.000%, 11/15/2024		1,325		1,392
Oregon State Department of Transportation, Highway User Tax, Series A, Pre-refunded 11/15/2012 @ 100
5.500%, 11/15/2016 (a)		1,000		1,101
Oregon State Department of Transportation, Highway User Tax, Series A, Pre-refunded 11/15/2014 @ 100
5.000%, 11/15/2020 (a)		1,085		1,189
Port Morrow
4.875%, 06/01/2020		1,000		956
Portland International Airport, Series 12-A (FGIC)
5.250%, 07/01/2011		1,165		1,195
5.250%, 07/01/2012		2,000		2,056
				10,274
Utilities – 8.1%
Eugene Electric Utilities (FSA)
5.000%, 08/01/2011		1,305		1,307
4.800%, 08/01/2013		690		696
Lane County Metropolitan Wastewater Management (FGIC)
5.000%, 11/01/2021		820		869
Port of St. Helens Pollution Control, Portland General Electric
4.800%, 04/01/2010		2,450		2,450
4.800%, 06/01/2010		400		400
Portland Water Systems, Second Lien, Series A (MBIA)
4.375%, 10/01/2024		1,000		999
Washington County Clean Water Services (MBIA)
5.000%, 10/01/2014		1,000		1,095
Washington County Clean Water Services (FGIC)
5.125%, 10/01/2014		1,790		1,901
				9,717
Total Revenue Bonds				49,388
General Obligations – 55.2%
Chemeketa Community College District, Escrowed to Maturity (FGIC)
5.500%, 06/01/2013 (b)		2,170		2,402
Clackamas Community College District (MBIA)
5.000%, 05/01/2019		1,145		1,235
Clackamas County School District #7J, Lake Oswego (FSA)
5.250%, 06/01/2025		200		225
Clackamas County School District #12, North Clackamas, Convertible CABs, Deferred Interest, Series B, (FSA) (SBG)
0.000% through 06/14/2011, thereafter 5.000%, 06/15/2022 (c)		3,135		2,835
Clackamas County School District #86, Canby (FSA) (SBG)
5.000%, 06/15/2018		1,000		1,074
5.000%, 06/15/2021		1,305		1,385
Clackamas County School District #86, Canby, Pre-refunded 06/15/2010 @ 100 (SBG)
5.500%, 06/15/2015 (a)		1,835		1,938
Clackamas County School District #115, Series A, Zero Coupon Bond (MBIA) (SBG)
4.989%, 06/15/2024 (d)		700		311
Clackamas County School District #115, Series B (MBIA) (SBG)
4.500%, 06/15/2021		1,975		2,017
Deschutes & Jefferson Counties School District #2, Pre-refunded 06/15/2011 @ 100 (FGIC) (SBG)
5.500%, 06/15/2014 (a)		1,725		1,858
Deschutes & Jefferson Counties School District #2-J, Redmond, Series A (FGIC) (SBG)
5.000%, 06/15/2013		1,250		1,349
Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (FGIC) (SBG)
4.670%, 06/15/2021 (d)		1,000		537

First American Funds 2007 Semiannual Report   51

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Deschutes County (FSA)
5.000%, 12/01/2014	$	1,755	$	1,876
Hood River County School District (SBG)
5.250%, 06/15/2016		1,030		1,094
Jackson County School District #549, Medford (SBG)
5.000%, 06/15/2012		2,000		2,140
Josephine County Unit School District, Three Rivers (FGIC) (SBG)
5.000%, 12/15/2019		1,000		1,098
Lane County School District #19, Springfield, Zero Coupon Bond (FSA) (SBG)
5.054%, 06/15/2024 (d)		2,055		904
Lane County School District #40, Creswell (SBG)
5.000%, 06/15/2011		1,120		1,168
Lane County School District #52, Bethel, Pre-refunded 06/15/2010 @ 100 (SBG)
5.350%, 06/15/2011 (a)		1,285		1,353
Linn County Community School District, Pre-refunded 06/15/2013 @ 100 (FGIC) (SBG)
5.550%, 06/15/2021 (a)		1,000		1,111
Marion & Clackamas Counties School District #4J, Silver Falls (MBIA) (SBG)
4.500%, 06/15/2022		1,305		1,335
McMinnville School District #40 (FSA)
5.500%, 06/15/2013		1,000		1,107
Metro
5.250%, 09/01/2014		1,000		1,069
5.000%, 06/01/2020		1,635		1,783
Multnomah County School District #7, Reynolds, Pre-refunded 06/15/2011 @ 100 (SBG)
5.625%, 06/15/2015 (a)		1,000		1,080
Multnomah-Clackamas County School District #10, Gresham-Barlow, Pre-refunded 06/15/2011 @ 100 (FSA) (SBG)
5.500%, 06/15/2013 (a)		1,780		1,917
Multnomah-Clackamas County School District #10JT, Gresham-Barlow (FSA) (SBG)
5.250%, 06/15/2017		1,000		1,124
Multnomah-Clackamas County School District #28JT, Zero Coupon Bond (AMBAC) (SBG)
4.364%, 06/01/2016 (d)		1,000		695
North Lincoln Fire & Rescue District #1 (FSA)
4.250%, 02/01/2018		125		131
Pacific City Joint Water Sanitation Authority
4.650%, 07/01/2022		455		460
Portland Community College Services, Pre-refunded 06/01/2011 @ 100
5.375%, 06/01/2015 (a)		1,375		1,474
Portland Emergency Facilities, Series A
5.000%, 06/01/2012		1,060		1,086
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		1,000		1,041
Puerto Rico Commonwealth, Series A
5.000%, 07/01/2021		1,000		1,009
Puerto Rico Public Buildings Authority, Series J, Mandatory Put 07/01/2012 @ 100 (AMBAC) (COMGTY)
5.000%, 07/01/2036		1,000		1,037
Salem-Keizer School District #24-J (FSA)
5.100%, 06/01/2012		2,000		2,016
Salem-Keizer School District #24-J, Pre-refunded 06/01/2009 @ 100 (SBG)
5.250%, 06/01/2012 (a)		1,000		1,031
Tri-County Metropolitan Transportation District, Light Rail Extension, Series A
5.250%, 07/01/2012		1,000		1,039
Tualatin Hills Park & Recreation District (FGIC)
5.750%, 03/01/2013		870		969
Umatilla County School District #016-R, Pendleton (FGIC)
5.250%, 07/01/2014		1,540		1,705
Wasco County School District #12 (FSA) (SBG)
5.500%, 06/15/2014		1,080		1,209
Washington, Multnomah & Yamill Counties School District #1-J
5.000%, 11/01/2014		1,000		1,096
Washington, Multnomah & Yamill Counties School District #1-J, Pre-refunded 06/01/2009 @ 100
5.250%, 06/01/2012 (a)		1,185		1,222
Washington & Clackamas Counties School District #23-J, Tigard (FGIC)
5.500%, 06/01/2013		1,000		1,107
Washington & Clackamas Counties School District #23-J, Tigard, Zero Coupon Bond
3.830%, 06/15/2014 (d)		1,030		806
Washington Clackamas & Yamhill Counties School District #88J, Deferred Interest, Series A, Zero Coupon Bond (MBIA) (SBG)
5.134%, 06/15/2024 (d)		3,050		1,324
Washington County
5.000%, 06/01/2022		2,000		2,153
Washington County School District #48-J, Beaverton, Series A (FSA)
5.000%, 06/01/2016		1,500		1,632
Yamhill County School District #29-J, Newberg (FGIC) (SBG)
5.250%, 06/15/2015		1,260		1,405
5.250%, 06/15/2016		1,835		2,058
Yamhill County School District #40, McMinnville (FSA) (SBG)
5.000%, 06/15/2023		1,005		1,075
				66,105
Certificates of Participation – 2.7%
Multnomah County
4.750%, 08/01/2011		1,685		1,715
Oregon State Department of Administrative Services, Series A (FGIC)
5.000%, 11/01/2018		1,060		1,135
Oregon State Department of Administrative Services, Series B (AMBAC)
5.000%, 11/01/2011		315		319
				3,169
Total Municipal Bonds
(Cost $116,387)				118,662

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

52   First American Funds 2007 Semiannual Report

Oregon Intermediate Tax Free Fund (concluded)
DESCRIPTION	SHARES		VALUE
Short-Term Investment – 0.5%
First American Tax Free Obligations Fund, Class Z (e)
(Cost $665)		665,208	$	665
Total Investments – 99.6%
(Cost $117,052)				119,327
Other Assets and Liabilities, Net – 0.4%				431
Total Net Assets – 100.0%			$	119,758

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(b)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.

(c)  Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.

(d)  Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2007.

(e)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $845, which represents 0.7% of total net assets.

COMGTY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

FHA –  Federal Housing Authority

FSA –  Financial Security Assurance

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

SBG –  School Bond Guaranty Program

Short Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 93.8%
Alaska – 1.3%
Revenue Bond – 1.3%
Alaska Railroad Corporation Capital Grant Receipts (FGIC)
5.000%, 08/01/2012		1,825		1,943
Arizona – 3.1%
Revenue Bonds – 3.1%
Maricopa County Hospital, Sun Health Corporation
5.000%, 04/01/2011		3,815		3,897
University Medical Center (PUFG)
5.000%, 07/01/2008		350		352
5.000%, 07/01/2009		500		505
				4,754
California – 13.4%
Revenue Bonds – 3.3%
California Statewide Community Development Authority, Daughters of Charity Health
5.000%, 07/01/2009		500		507
Roseville Natural Gas Financing Authority
4.000%, 02/15/2010		1,000		1,001
5.000%, 02/15/2012		3,500		3,606
				5,114
General Obligations – 10.1%
California State
6.000%, 08/01/2008		10,000		10,096
5.000%, 09/01/2011		5,000		5,293
				15,389
				20,503
Colorado – 1.3%
Revenue Bonds – 1.3%
Colorado Health Facilities Authority, Covenant Retirement Communities
4.500%, 12/01/2009		500		502
Colorado Health Facilities Authority, Evangelical Lutheran
5.000%, 06/01/2010		435		445
Colorado State Health Facilities Authority, Yampa Valley Medical Center Project
5.000%, 09/15/2013		1,000		1,009
				1,956
Florida – 14.6%
Revenue Bonds – 14.6%
Florida Hurricane Catastrophe Fund Financial Corporation, Series A
5.000%, 07/01/2010		4,000		4,163
5.250%, 07/01/2012		4,000		4,292
Florida State Department of Environmental Protection Preservation, Florida Forever, Series B (MBIA)
5.000%, 07/01/2011		10,000		10,578
South Miami Health Facilities, Baptist Health South Florida Group
5.000%, 08/15/2012		2,000		2,111
Tallahassee Energy Systems (MBIA)
5.000%, 10/01/2012		1,000		1,070
				22,214

First American Funds 2007 Semiannual Report   53

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Short Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Illinois – 8.8%
Revenue Bonds – 8.8%
Illinois Development Finance Authority, People’s Gas, Light & Coke, Series B, Mandatory Put 02/01/2012 @ 100 (AMBAC)
3.750%, 02/01/2033	$	3,000	$	2,998
Illinois Educational Facilities Authority, Art Institute of Chicago, Pre-refunded 03/01/2008 @ 100
3.100%, 03/01/2034 (a)		565		565
Illinois Educational Facilities Authority, Art Institute of Chicago, Unrefunded
3.100%, 03/01/2034		1,435		1,434
Illinois Finance Authority, Chicago Historical Society (LOC: JP Morgan Chase Bank)
3.430%, 01/01/2036 (b)		7,000		7,000
Illinois Finance Authority, Clare at Watertower Project, Series A
5.100%, 05/15/2011		1,000		973
Illinois Finance Authority, Landing at Plymouth Project, Series A
5.000%, 05/15/2011		500		487
				13,457
Indiana – 0.7%
Revenue Bond – 0.7%
Anderson Economic Development, Anderson University Project
5.000%, 10/01/2012		990		1,012
Iowa – 1.8%
Revenue Bonds – 1.8%
Iowa Finance Authority Health Facilities, Care Initiatives Project, Series A
5.000%, 07/01/2009		1,000		1,009
Iowa Higher Education, Series A
4.910%, 05/20/2008		1,750		1,760
				2,769
Kentucky – 0.1%
Revenue Bond – 0.1%
Owensboro Electric, Light & Power, Escrowed to Maturity
6.850%, 01/01/2008 (c)		160		160
Louisiana – 1.4%
Revenue Bond – 1.4%
Tangipahoa Parish Hospital District #1, North Oaks Medical Center Project
5.000%, 02/01/2011		2,035		2,095
Michigan – 0.1%
Revenue Bond – 0.1%
Michigan State Hospital Finance Authority, Harper-Grace Hospital, Escrowed to Maturity
7.125%, 05/01/2009 (c)		170		175
Minnesota – 1.6%
Revenue Bonds – 1.6%
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Mandatory Put 02/15/2009 @ 100 (AMT) (FNMA)
3.050%, 06/15/2034		2,000		1,983
Northwestern Mutual Life Insurance Company Tax-Exempt Mortgage Trust #1 (LOC: Credit Suisse First Boston)
7.750%, 02/01/2009 (b)		10		10
St. Paul Port Authority Lease Revenue, HealthEast Midway Campus
5.000%, 05/01/2010		405		407
				2,400
Mississippi – 1.6%
General Obligation – 1.6%
Mississippi State, Escrowed to Maturity
6.200%, 02/01/2008 (c)		2,375		2,380
Missouri – 3.5%
Revenue Bonds – 2.5%
Illinois Missouri Bi-state Development Agency, Metropolitan District, Mandatory Put 10/01/2009 @ 100 (LOC: JP Morgan Chase Bank)
3.950%, 10/01/2035		2,500		2,522
Osage Beach Tax Increment, Prewitt’s Point Project
4.625%, 05/01/2011		1,290		1,279
				3,801
General Obligation – 1.0%
Blue Springs Neighborhood Improvements, Series A
4.125%, 03/01/2009		1,500		1,501
				5,302
Nebraska – 1.7%
Revenue Bonds – 1.7%
Douglas County Hospital Authority #002, Nebraska Medical Center (AGTY)
5.000%, 11/15/2008		1,000		1,012
Nebraska Public Power District, Series B (FSA)
5.000%, 01/01/2012		1,500		1,596
				2,608
New Jersey – 1.8%
Revenue Bonds – 1.8%
New Jersey Healthcare Facilities Financing Authority, Capital Health Systems, Series A
5.000%, 07/01/2008		1,585		1,592
New Jersey State Turnpike Authority, Escrowed to Maturity
6.750%, 01/01/2009 (c)		1,175		1,187
				2,779
New York – 2.4%
General Obligation – 2.4%
New York, Series A
5.000%, 08/01/2011		3,435		3,623
North Carolina – 1.0%
Revenue Bond – 1.0%
North Carolina Medical Care Commission, Health Care Facilities, 1st Mortgage Presbyterian, Series B
5.000%, 10/01/2008		1,530		1,534
Ohio – 4.1%
Revenue Bonds – 4.1%
Allen County Economic Development, Young Men’s Christian Association, Mandatory Put 04/14/2008 @ 100
3.000%, 04/15/2018		5,000		4,996
American Municipal Power, Series A (AGTY)
5.000%, 02/01/2009		1,250		1,268
				6,264

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

54   First American Funds 2007 Semiannual Report

Short Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Oklahoma – 0.7%
Revenue Bond – 0.7%
Ponca City Utility Authority, Escrowed to Maturity
6.000%, 07/01/2008 (c)	$	1,110	$	1,127
Oregon – 10.4%
Revenue Bond – 10.4%
Oregon State Department of Administrative Services (FSA)
5.000%, 09/01/2011		15,000		15,944
Pennsylvania – 0.4%
Revenue Bond – 0.4%
Ringgold School District Authority, Escrowed to Maturity
6.700%, 01/15/2008 (c)		625		626
Puerto Rico – 2.8%
General Obligation – 2.8%
Puerto Rico Commonwealth, Series C, Mandatory Put 07/01/2008 @ 100
5.000%, 07/01/2018		4,250		4,275
South Carolina – 1.6%
Revenue Bonds – 1.6%
Georgetown County Pollution Control, International Paper Company Project, Series A
5.125%, 02/01/2012		1,500		1,530
Richland County, Series A
4.600%, 09/01/2012		1,000		999
				2,529
Tennessee – 1.0%
Revenue Bond – 1.0%
Clarksville Natural Gas Acquisition Corporation
5.000%, 12/15/2008		1,500		1,514
Texas – 5.8%
Revenue Bonds – 4.4%
Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Pre-refunded 02/15/2009 @ 100
4.900%, 02/15/2010 (a)		1,020		1,040
Lower Colorado River Authority (AMBAC)
5.000%, 05/15/2012		2,685		2,866
Southeast Hospital Financing Agency, Memorial Hospital System Project, Escrowed to Maturity
8.500%, 12/01/2008 (c)		190		198
Tyler Health Facilities Development, East Texas Medical Center, Series A
5.000%, 11/01/2009		1,000		1,010
5.000%, 11/01/2010		1,500		1,518
				6,632
General Obligation – 1.4%
Texas State Water Financial Assistance, Series A
5.000%, 08/01/2012		2,000		2,145
				8,777
Utah – 2.2%
Revenue Bond – 2.2%
Park City, US Ski & Snowboard Association (LOC: Wells Fargo Bank)
3.420%, 04/01/2027 (b)		3,360		3,360
Wisconsin – 4.6%
Revenue Bond – 1.3%
Wisconsin State Health & Educational Facilities Authority, Froedtert & Community Health, Series A
5.000%, 04/01/2010		1,940		1,997
General Obligation – 3.3%
Milwaukee (FSA)
5.000%, 02/15/2012		4,655		4,963
				6,960
Total Municipal Bonds
(Cost $142,068)				143,040
Short Term Investment – 4.6%
First American Tax Free Obligations Fund, Class Z (d)
(Cost $6,999)		6,998,705		6,999
Total Investments – 98.4%
(Cost $149,067)				150,039
Other Assets and Liabilities, Net – 1.6%				2,470
Total Net Assets – 100.0%			$	152,509

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(b)  Variable Rate Security – The rate shown is the rate in effect as of December 31, 2007.

(c)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.

(d)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $1,983, which represents 1.3% of total net assets.

FGIC –  Financial Guaranty Insurance Corporation

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

LOC –  Letter of Credit

MBIA –	Municipal Bond Insurance Association
PUFG –	Permanent University Fund Guarantee

First American Funds 2007 Semiannual Report   55

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 97.8%
Alabama – 0.3%
Revenue Bonds – 0.3%
Camden Industrial Development Board, Weyerhauser Company, Series A
6.125%, 12/01/2024		1,000		1,032
Camden Industrial Development Board, Weyerhauser Company, Series B (AMT)
6.375%, 12/01/2024		350		368
				1,400
Alaska – 1.5%
Revenue Bonds – 1.1%
Alaska Energy Authority, Bradley Lake, Third Series (FSA)
6.000%, 07/01/2010		1,000		1,065
6.000%, 07/01/2011		4,040		4,394
				5,459
General Obligation – 0.4%
Anchorage, Series B, Pre-refunded 07/01/2012 @ 100 (MBIA)
5.000%, 07/01/2022 (a)		2,000		2,145
				7,604
Arizona – 6.0%
Revenue Bonds – 4.1%
Arizona Health Facilities Authority, The Terraces Project, Series A, Pre-refunded 11/15/2013 @ 101
7.500%, 11/15/2023 (a)		3,000		3,560
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A
5.250%, 07/01/2032		3,500		3,503
Maricopa County Industrial Development Authority, Senior Living Healthcare Revenue, Immanuel Care, Series A (GNMA)
4.850%, 08/20/2026		1,760		1,748
Pima County Industrial Development Authority, Education Revenue, American Charter Schools Foundation, Series A
5.500%, 07/01/2026		3,555		3,389
Salt Verde Financial Corporation, Gas Revenue
5.000%, 12/01/2037		8,000		7,482
Tempe Industrial Development Authority, Friendship Village Project, Series A
5.375%, 12/01/2013		1,300		1,276
				20,958
General Obligations – 1.9%
Gila County Unified School District #10, Payson School Improvement Project of 2006, Series A (AMBAC)
1.000% through 07/01/2009, thereafter 5.250%, 07/01/2022		6,630		6,701
Phoenix, Series B
5.000%, 07/01/2016		3,000		3,319
				10,020
				30,978
Arkansas – 0.2%
Revenue Bond – 0.2%
Washington County Arkansas Hospital, Regional Medical Center, Series B
5.000%, 02/01/2030		1,000		938
California – 8.8%
Revenue Bonds – 3.0%
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AMT) (AGTY)
5.000%, 07/01/2027		2,500		2,311
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series C (AMT)
5.125%, 11/01/2023		5,000		4,850
California State Department of Water, Series A, Pre-refunded 05/01/2012 @ 101
5.375%, 05/01/2022 (a)		4,500		4,934
Chula Vista Industrial Development, San Diego Gas & Electric, Series A (AMT)
4.900%, 03/01/2023		2,500		2,442
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
5.000%, 12/01/2022		1,000		1,004
				15,541
General Obligations – 5.8%
California State
5.000%, 02/01/2021		1,500		1,555
4.750%, 04/01/2022		500		502
5.000%, 08/01/2022		5,000		5,203
4.500%, 08/01/2026		10,000		9,612
5.000%, 11/01/2027		3,750		3,832
4.500%, 03/01/2030		10,000		9,398
				30,102
				45,643
Colorado – 3.6%
Revenue Bonds – 3.4%
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT)
5.700%, 07/01/2018		1,590		1,668
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/2011 @ 100
7.250%, 12/01/2021 (a)		1,500		1,723
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B
6.125%, 12/01/2033		1,150		1,179
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities
5.900%, 10/01/2027		2,500		2,582
5.000%, 06/01/2029		2,000		1,931
Colorado State Health Facilities Authority, Parkview Medical Center, Pre-refunded 09/01/2011 @ 100
6.500%, 09/01/2020 (a)		1,000		1,113
Colorado State Health Facilities Authority, Vail Valley Medical Center
5.800%, 01/15/2027		1,500		1,516
La Junta Hospital, Arkansas Valley Medical Center Project
6.000%, 04/01/2019		1,000		1,018
Montrose Memorial Hospital
6.000%, 12/01/2028		1,000		1,020
6.000%, 12/01/2033		1,000		1,009

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

56   First American Funds 2007 Semiannual Report

Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Northwest Parkway Public Highway Authority, Zero Coupon Bond, Pre-refunded 06/15/2011 @ 33.455 (AMBAC)
3.450%, 06/15/2029 (a) (b)	$	10,000	$	2,972
				17,731
General Obligation – 0.2%
Antelope Water Systems General Improvement District
5.125%, 12/01/2035		1,000		976
				18,707
Florida – 3.0%
Revenue Bonds – 2.5%
Capital Trust Agency, Fort Lauderdale Project (AMT)
5.750%, 01/01/2032		1,000		967
Palm Beach County Health Facilities Authority Retirement Community, Acts Retirement Life, Series A
4.500%, 11/15/2036		8,000		6,298
Palm Beach County Health Facilities Authority, Waterford Project
5.875%, 11/15/2037		5,700		5,555
				12,820
Certificate of Participation – 0.5%
Palm Beach County School Board (FGIC)
5.000%, 08/01/2018		2,415		2,585
				15,405
Georgia – 2.4%
Revenue Bonds – 2.4%
Fulton County Development Authority, Maxon Atlantic Station, Series A, Mandatory Put 03/01/2015 @ 100 (AMT)
5.125%, 03/01/2026		2,300		2,279
Fulton County Residential Care Facilities, Canterbury Court Project, Series A
6.125%, 02/15/2026		1,500		1,470
6.125%, 02/15/2034		2,500		2,404
Gainesville & Hall County Hospital Authority, Northeast Georgia Health Systems Project, Pre-refunded 05/15/2011 @ 100
5.500%, 05/15/2031 (a)		5,000		5,346
Georgia Municipal Electric Authority Power, Series BB (MBIA)
5.250%, 01/01/2025		1,000		1,119
				12,618
Idaho – 0.3%
Certificates of Participation – 0.3%
Madison County Hospital
5.250%, 09/01/2026		1,000		922
5.250%, 09/01/2030		1,000		898
				1,820
Illinois – 7.4%
Revenue Bonds – 4.5%
Bolingbrook, Residential Mortgages, Escrowed to Maturity (FGIC)
7.500%, 08/01/2010 (c)		755		804
Illinois Financial Authority, Clare at Water Tower Project, Series A
6.000%, 05/15/2025		2,350		2,281
Illinois Financial Authority, Landing at Plymouth Place Project, Series A
6.000%, 05/15/2037		2,300		2,177
Illinois Financial Authority, Luther Oaks Project, Series A
6.000%, 08/15/2039		2,000		1,887
Illinois Financial Authority, Roosevelt University
5.500%, 04/01/2037		2,800		2,717
Illinois Health Facilities Authority, Covenant Retirement Communities
5.875%, 12/01/2031		4,500		4,587
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI)
5.500%, 12/01/2022		4,000		4,075
Illinois Health Facilities Authority, Lutheran Senior Ministries, Series A, Pre-refunded 08/15/2011 @ 101
7.375%, 08/15/2031 (a)		3,000		3,435
Illinois State Toll Highway Authority, Series A
6.300%, 01/01/2012		1,000		1,107
Northern Illinois University, Auxiliary Facilities Systems (FGIC)
5.700%, 04/01/2016		120		120
				23,190
General Obligations – 2.9%
Cook County, Series A (MBIA)
6.250%, 11/15/2012		9,090		10,268
Cook County Community School District #97, Oak Park, Series B (FGIC)
9.000%, 12/01/2011		2,235		2,697
St. Clair County (FGIC)
6.000%, 10/01/2011		2,020		2,154
				15,119
				38,309
Indiana – 2.0%
Revenue Bonds – 2.0%
Indiana State Municipal Power Agency, Power Supply, Series B (MBIA)
6.000%, 01/01/2011		1,000		1,074
6.000%, 01/01/2012		1,000		1,092
Indiana Transportation Finance Authority, Series A (AMBAC)
5.750%, 06/01/2012		3,185		3,499
Indianapolis Airport Authority, Special Facilities, Federal Express Corporation Project (AGTY) (AMT)
5.100%, 01/15/2017		3,000		3,029
Portage Economic Development, Ameriplex Project
5.000%, 07/15/2023		1,000		964
5.000%, 01/15/2027		775		725
				10,383
Iowa – 1.9%
Revenue Bonds – 1.9%
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
5.000%, 07/01/2020		1,570		1,519
Iowa Higher Education Loan Authority, Central College Project (RAAI)
5.500%, 10/01/2031		1,500		1,506
Iowa Higher Education Loan Authority, Private College Facility – Simpson College
5.100%, 12/01/2035		2,000		1,870
Iowa Higher Education Loan Authority, Wartburg College, Series A
5.100%, 10/01/2025		1,635		1,582

First American Funds 2007 Semiannual Report   57

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Iowa Hospital Revenue, Washington County Hospital Project
5.375%, 07/01/2026	$	650	$	629
Muscatine Electric, Escrowed to Maturity
6.700%, 01/01/2013 (c)		740		796
Xenia Rural Water District (CIFG)
4.625%, 12/01/2036		2,105		2,007
				9,909
Kansas – 0.4%
Revenue Bond – 0.4%
Olathe Senior Living Facility, Catholic Care Campus, Series A
6.000%, 11/15/2038		2,000		1,877
Louisiana – 1.0%
Revenue Bonds – 1.0%
Jefferson Parish, Drain Sales Tax (AMBAC)
5.000%, 11/01/2011		1,000		1,059
Jefferson Parish, Home Mortgage Authority, Escrowed to Maturity (FGIC) (FHA) (VA)
7.100%, 08/01/2011 (c)		1,000		1,115
Rapides Financial Authority, Cleco Power LLC Project (AMBAC) (AMT)
4.700%, 11/01/2036		3,000		2,803
				4,977
Massachusetts – 1.1%
Revenue Bonds – 1.1%
Boston Industrial Development Financing Authority, Crosstown Center Project (AMT)
6.500%, 09/01/2035		2,440		2,372
Massachusetts State Development Finance Agency Health Care Facilities, Adventcare Project, Series A
6.750%, 10/15/2037		2,850		2,676
Massachusetts State Health & Educational Facilities Authority, U Mass Memorial Issue, Series D
5.000%, 07/01/2033		1,000		908
				5,956
Michigan – 0.4%
Revenue Bond – 0.4%
Kent Hospital Financial Authority, Metropolitan Hospital Project, Series A
5.250%, 07/01/2030		2,000		1,887
Minnesota – 8.8%
Revenue Bonds – 8.8%
Chippewa County, Montevideo Hospital Project
5.500%, 03/01/2037		4,000		3,580
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation Projects, Series A
5.700%, 07/01/2042		2,795		2,627
Cuyuna Range Hospital District
5.200%, 06/01/2025		1,000		896
5.000%, 06/01/2029		1,500		1,285
Duluth Economic Development Authority, Benedictine Health System
5.250%, 02/15/2033		3,500		3,485
Maple Grove Health Care System, Maple Grove Hospital
4.625%, 05/01/2033		2,000		1,791
Minneapolis Healthcare System, Fairview Health Services, Series A, Pre-refunded 05/15/2012 @ 101
5.625%, 05/15/2032 (a)		7,000		7,727
Minnesota Agriculture & Economic Development Board, Health Care System, Fairview, Series A
6.375%, 11/15/2029		95		99
Minnesota Agriculture & Economic Development Board, Health Care System, Fairview, Series A, Pre-refunded 11/15/2010 @ 101
6.375%, 11/15/2029 (a)		2,905		3,187
Monticello, Big Lake Community Hospital, Series C
6.200%, 12/01/2022		2,995		3,035
Shakopee Health Care Facilities, St. Francis Regional Medical Center
5.250%, 09/01/2034		1,000		961
Southern Minnesota Municipal Power Agency, Capital Appreciation, Series A, Zero Coupon Bond (MBIA)
4.720%, 01/01/2024 (b)		2,245		1,064
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (MBIA)
5.000%, 11/15/2019		4,500		4,777
St. Paul Housing & Redevelopment Authority, Health Care Facilities, Healthpartners Obligated Group Project
5.250%, 05/15/2026		1,500		1,476
5.250%, 05/15/2036		3,900		3,691
St. Paul Housing & Redevelopment Hospital Authority, HealthEast Project
5.250%, 11/15/2014		990		995
St. Paul Sales Tax, Series B (XLCA)
5.650%, 11/01/2017		2,290		2,331
Stillwater Health Care, Health System Obligation Group
5.000%, 06/01/2035		3,000		2,870
				45,877
Missouri – 4.0%
Revenue Bonds – 4.0%
Bi-State Development Agency, Missouri Illinois Metropolitan District, St. Clair County Metrolink Project (FSA)
5.250%, 07/01/2027		3,185		3,502
Missouri Joint Municipal Electric Utility Commission Power Project, Series A (AMBAC)
5.000%, 01/01/2042		9,000		9,150
St. Louis Industrial Development Authority, Sewer and Solid Waste Disposal Facilities (AMT)
4.875%, 03/01/2032		8,000		7,158
Sugar Creek, Lafarge North America, Series A (AMT)
5.650%, 06/01/2037		1,000		960
				20,770
Montana – 1.1%
Revenue Bonds – 1.1%
Forsyth Pollution Control, Northwestern Corporation (AMBAC)
4.650%, 08/01/2023		3,500		3,472
Montana Facilities Financial Authority, Senior Living St. John’s Lutheran, Series A
6.125%, 05/15/2036		2,500		2,458
				5,930

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

58   First American Funds 2007 Semiannual Report

Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Nebraska – 3.7%
Revenue Bonds – 3.7%
Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project
4.750%, 09/01/2024	$	1,750	$	1,752
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project
5.000%, 06/01/2021		2,740		2,823
Nebraska Educational Finance Authority, Concordia University Project
5.250%, 12/15/2015		500		504
5.350%, 12/15/2018		540		543
Washington County Wastewater Facilities, Cargill Project (AMT)
5.900%, 11/01/2027		1,700		1,798
4.850%, 04/01/2035		12,500		11,796
				19,216
Nevada – 3.0%
Revenue Bonds – 3.0%
Carson City, Carson-Tahoe Hospital Project
5.750%, 09/01/2031		5,000		5,023
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (AMBAC) (AMT)
5.250%, 07/01/2034		4,000		4,053
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (AMT) (FGIC)
4.750%, 09/01/2036		4,000		3,757
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B
6.000%, 11/15/2023		750		606
6.750%, 11/15/2023		2,300		1,859
				15,298
New Hampshire – 0.4%
Revenue Bonds – 0.4%
New Hampshire Health & Educational Facilities Authority, Covenant Health
5.375%, 07/01/2024		1,250		1,280
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital
5.875%, 07/01/2034		800		796
				2,076
New Jersey – 1.0%
General Obligation – 1.0%
Essex County, Series A (FSA)
5.000%, 06/01/2010		5,000		5,226
New York – 0.7%
General Obligation – 0.7%
New York, Series C, Pre-refunded 03/15/2012 @ 100
5.250%, 03/15/2032 (a)		3,590		3,877
North Carolina – 4.0%
Revenue Bonds – 2.0%
North Carolina Medical Care Community Health Care Facilities, 1st Mortgage Presbyterian, Series B
5.200%, 10/01/2021		1,500		1,460
North Carolina Medical Care Community Health Care Facilities, Pennybyrn at Maryfield, Series A
6.000%, 10/01/2023		4,700		4,578
North Carolina Medical Care Community Retirement Facilities, Southminster Project, Series A
5.750%, 10/01/2037		4,250		4,164
				10,202
General Obligation – 2.0%
Wake County Public Improvements
5.000%, 03/01/2011		10,000		10,566
				20,768
North Dakota – 0.5%
Revenue Bond – 0.5%
North Dakota State Board of Higher Education, Bismarck State College
5.350%, 05/01/2030		2,500		2,372
Ohio – 2.2%
Revenue Bonds – 2.2%
American Municipal Power Ohio, Prepayment, Series A (AGTY)
5.000%, 02/01/2010		5,000		5,155
Cincinnati Water System, Pre-refunded 06/01/2011 @ 100
5.000%, 12/01/2020 (a)		125		132
Miami County Hospital Facilities, Upper Valley Medical Center
5.250%, 05/15/2026		1,000		983
Ohio State Higher Educational Facility, Baldwin-Wallace College Project
5.125%, 12/01/2017		1,490		1,553
5.250%, 12/01/2019		1,540		1,606
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project
5.250%, 12/01/2023		2,000		1,996
				11,425
Oklahoma – 0.6%
Revenue Bonds – 0.6%
Norman Regional Hospital Authority
5.375%, 09/01/2029		1,000		971
5.375%, 09/01/2036		2,325		2,213
				3,184
Oregon – 3.6%
Revenue Bonds – 3.6%
Gilliam County Solid Waste Disposal, Waste Management Project (AMT)
5.250%, 07/01/2029		1,500		1,410
Oregon State Department of Administrative Services (FSA)
5.000%, 09/01/2011		10,000		10,629
Washington County Unified Sewer Agency, Series 1 (FGIC)
5.750%, 10/01/2010		6,110		6,510
				18,549
Pennsylvania – 1.1%
Revenue Bonds – 0.5%
Erie County Industrial Development Authority, International Paper Company Project, Series A (AMT)
5.000%, 11/01/2018		1,350		1,299

First American Funds 2007 Semiannual Report   59

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Westmoreland County Industrial Development Authority, Redstone Retirement Community, Series A					��
5.750%, 01/01/2026	$	1,200	$	1,128
				2,427
General Obligation – 0.6%
Montgomery County, Series C
4.250%, 12/15/2031		3,500		3,350
				5,777
Puerto Rico – 5.3%
Revenue Bonds – 2.9%
Puerto Rico Electric Power Authority, Series VV (MBIA)
5.250%, 07/01/2029		11,785		12,623
Puerto Rico Public Buildings Authority, Government Facilities, Series M (COMGTY)
6.250%, 07/01/2031		2,300		2,608
				15,231
General Obligations – 2.4%
Puerto Rico Commonwealth, Series A
5.000%, 07/01/2027		10,000		9,865
5.000%, 07/01/2028		1,000		985
Puerto Rico Commonwealth, Series A (MBIA)
5.500%, 07/01/2019		1,000		1,112
Puerto Rico Public Improvements (MBIA)
5.750%, 07/01/2026		500		531
				12,493
				27,724
South Carolina – 2.0%
Revenue Bonds – 2.0%
Georgetown County Environmental Improvement, International Paper, Series A (AMT)
5.550%, 12/01/2029		700		667
Lexington County Health Services District, Lexington Medical Center, Pre-refunded 11/01/2013 @ 100
5.500%, 11/01/2023 (a)		2,000		2,211
Lexington School District #2, Brookland-Cayce School District Project B (CIFG)
4.750%, 12/01/2031		3,000		2,941
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A
6.125%, 08/01/2023		1,250		1,295
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C, Pre-refunded 08/01/2013 @ 100
6.375%, 08/01/2034 (a)		135		155
6.375%, 08/01/2034 (a)		1,115		1,280
South Carolina State Public Service Authority, Santee Cooper, Series A (MBIA)
5.000%, 01/01/2030		2,000		2,082
				10,631
South Dakota – 1.7%
Revenue Bonds – 1.4%
Sioux Falls, Dow Rummel Village Project, Series A, Pre-refunded 11/15/2012 @ 100
6.625%, 11/15/2023 (a)		2,200		2,523
South Dakota Economic Development Finance Authority, DTS Project, Series A (AMT)
5.500%, 04/01/2019		1,055		1,080
South Dakota Economic Development Finance Authority, Pooled Loan Project – Davis Family, Series 4-A (AMT)
6.000%, 04/01/2029		1,400		1,403
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
5.000%, 09/01/2025		1,045		1,005
5.000%, 09/01/2031		1,250		1,160
				7,171
Certificate of Participation – 0.3%
Deadwood (ACA)
5.000%, 11/01/2020		1,500		1,409
				8,580
Tennessee – 3.1%
Revenue Bonds – 3.1%
Johnson City Health & Educational Facilities Authority, Mountain States Health, Series A, Pre-refunded 07/01/2012 @ 103
7.500%, 07/01/2033 (a)		2,500		2,984
Memphis-Shelby County Sports Authority, Memphis Arena Project, Series D (MBIA)
5.000%, 11/01/2019		3,255		3,547
Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/2012 @ 100
6.500%, 09/01/2021 (a)		1,875		2,137
6.500%, 09/01/2021 (a)		1,125		1,282
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Pre-refunded 09/01/2012 @ 101
6.250%, 09/01/2032 (a)		5,500		6,205
				16,155
Texas – 7.0%
Revenue Bonds – 6.9%
Abilene Health Facilities Development, Sears Methodist Retirement Project
5.875%, 11/15/2018		500		498
6.000%, 11/15/2029		2,000		1,927
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A
5.875%, 11/15/2018		2,500		2,491
7.000%, 11/15/2033		4,000		4,170
Bexar County Housing Finance Authority, American Opportunity Housing, Colinas LLC Project, Series A (MBIA)
5.800%, 01/01/2031		2,000		2,067
Crawford Education Facilities, University of St. Thomas Project
5.250%, 10/01/2022		1,300		1,307
5.375%, 10/01/2027		1,750		1,734
Dallas Waterworks & Sewer Systems (AMBAC)
4.375%, 10/01/2032		10,000		9,544
Lubbock Educational Facilities Authority, Lubbock Christian
5.125%, 11/01/2027		1,000		953
5.250%, 11/01/2037		1,500		1,395
Red River Authority Sewer & Solidwaste Disposal, Excel Corporation Project (AMT)
6.100%, 02/01/2022		3,775		3,851
Tarrant County Cultural Education Retirement Facilities, Northwest Senior Housing Edgemere Project, Series A
6.000%, 11/15/2026		1,600		1,570

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

60   First American Funds 2007 Semiannual Report

Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Travis County Health Facilities, Querencia Barton Creek Project
5.500%, 11/15/2025	$	1,300	$	1,189
5.650%, 11/15/2035		1,100		1,007
Tyler Health Facilities Development, East Texas Medical Center, Series A
5.375%, 11/01/2037		2,000		1,835
				35,538
General Obligation – 0.1%
Fort Bend Independent School District, Escrowed to Maturity (PSFG)
5.000%, 02/15/2014 (c)		500		544
				36,082
Utah – 0.2%
Revenue Bonds – 0.2%
Intermountain Power Agency, Utah Power Supply, Series A, (AMBAC)
6.500%, 07/01/2011		365		402
Intermountain Power Agency, Utah Power Supply, Series A, Escrowed to Maturity (AMBAC)
6.500%, 07/01/2011 (c)		635		705
				1,107
Vermont – 0.2%
Revenue Bond – 0.2%
Vermont Economic Development Authority, Wake Robin Corporation Project, Series A
5.250%, 05/01/2026		1,000		892
Virginia – 0.2%
Revenue Bond – 0.2%
Arlington County Industrial Development Authority, Berkeley Apartments (AMT) (FNMA)
5.850%, 12/01/2020		1,000		1,056
Washington – 0.1%
Revenue Bond – 0.1%
Washington State Public Power Supply System, Nuclear Project #3, Series B
7.125%, 07/01/2016		600		745
Wisconsin – 2.3%
Revenue Bonds – 2.3%
Amery, Apple River Hospital Project, Pre-refunded 06/01/2008 @ 100
5.700%, 06/01/2013 (a)		1,440		1,456
Wisconsin State Health & Educational Facilities Authority, Attic Angel Obligation Group, Pre-refunded 11/17/2008 @ 102
5.750%, 11/15/2027 (a)		1,000		1,041
Wisconsin State Health & Educational Facilities Authority, Beaver Dam Community Hospitals, Series A
6.750%, 08/15/2034		1,000		1,035
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project
6.000%, 12/01/2024		1,000		954
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B
6.000%, 02/15/2025		3,500		3,600
Wisconsin State Health & Educational Facilities Authority, New Castle Place Project, Series A
7.000%, 12/01/2031		2,000		2,033
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A
6.250%, 04/01/2034		2,000		1,930
				12,049
Wyoming – 0.7%
Revenue Bonds – 0.7%
Teton County Hospital District, St. John’s Medical Center
6.750%, 12/01/2022		2,100		2,151
6.750%, 12/01/2027		1,500		1,531
				3,682
Total Municipal Bonds
(Cost $506,057)				507,459
Short-Term Investments – 1.1%
Money Market Fund – 1.0%
First American Tax Free Obligations Fund, Class Z (d)		5,086,430		5,086
U.S. Treasury Obligations (e) – 0.1%
U.S. Treasury Bills
4.034%, 02/21/2008	$	350		348
2.273%, 03/13/2008		220		219
				567
Total Short-Term Investments
(Cost $5,653)				5,653
Total Investments – 98.9%
(Cost $511,710)				513,112
Other Assets and Liabilities, Net – 1.1%				5,674
Total Net Assets – 100.0%			$	518,786

(a)  Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated.

(b)  Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2007.

(c)  Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity.

(d)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

(e)  Yield shown is the effective yield as of December 31, 2007.

ACA –  American Capital Access

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2007, the aggregate market value of securities subject to the AMT was $64,381, which represents 12.4% of total net assets.

CIFG –  CDC IXIS Financial Guaranty

COMGTY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

FHA –  Federal Housing Authority

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

MBIA –	Municipal Bond Insurance Association
PSFG –	Permanent School Fund Guarantee

RAAI –  Radian Asset Assurance Inc.

VA –  Veterans Administration

XLCA –  XL Capital Assurance

First American Funds 2007 Semiannual Report   61

Statements ofAssets and Liabilities   December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except per share data

				California					Colorado
	Arizona			Intermediate		California			Intermediate		Colorado
	Tax Free Fund			Tax Free Fund		Tax Free Fund			Tax Free Fund		Tax Free Fund
Investments in unaffiliated securities, at cost	$	28,633		$	52,293	$	41,420		$	46,417	$	21,930
Investments in affiliated money market fund, at cost		—			—		—			462		390
ASSETS:
Investments in unaffiliated securities, at value (note 2)	$	28,924		$	53,463	$	42,268		$	47,781	$	22,191
Investments in affiliated money market fund, at value (note 2)		—			—		—			462		390
Cash		—			—		—			—		277
Receivable for dividends and interest		489			694		434			302		187
Receivable for investment securities sold		—			—		—			—		—
Receivable for capital shares sold		—			57		165			2		—
Receivable from advisor		9			—		8			—		11
Prepaid expenses and other assets		7			6		6			7		6
Total assets		29,429			54,220		42,881			48,554		23,062
LIABILITIES:
Dividends payable		83			169		96			148		54
Payable for investment securities purchased		—			—		169			—		277
Payable for investment securities purchased on a when-issued basis		—			—		1,485			—		—
Payable for capital shares redeemed		350			11		—			—		3
Payable to affiliates (note 3)		17			31		18			26		15
Payable for distribution and shareholder servicing fees		2			—		2			1		3
Accrued expenses and other liabilities		20			22		22			21		21
Total liabilities		472			233		1,792			196		373
Net assets	$	28,957		$	53,987	$	41,089		$	48,358	$	22,689
COMPOSITION OF NET ASSETS:
Portfolio capital	$	28,691		$	52,660	$	40,279		$	46,928	$	22,391
Undistributed (distributions in excess of) net investment income		16			28		20			22		22
Accumulated net realized gain (loss) on investments (note 2)		(41	)		129		(58	)		44		15
Net unrealized appreciation of investments		291			1,170		848			1,364		261
Net assets	$	28,957		$	53,987	$	41,089		$	48,358	$	22,689
Class A:
Net assets	$	7,225		$	6,067	$	11,142		$	5,471	$	6,941
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		676			597		1,015			528		666
Net asset value and redemption price per share	$	10.70		$	10.16	$	10.98		$	10.35	$	10.41
Maximum offering price per share1	$	11.17		$	10.39	$	11.47		$	10.59	$	10.87
Class C:
Net assets	$	1,232			—	$	1,231			—	$	2,622
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		115			—		112			—		252
Net asset value, offering price, and redemption price per share2	$	10.68			—	$	10.99			—	$	10.39
Class Y:
Net assets	$	20,500		$	47,920	$	28,716		$	42,887	$	13,126
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1,915			4,707		2,615			4,153		1,258
Net asset value, offering price, and redemption price per share	$	10.70		$	10.18	$	10.98		$	10.33	$	10.43

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

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

62   First American Funds 2007 Semiannual Report

			Minnesota												Oregon
Intermediate			Intermediate		Minnesota		Missouri		Nebraska			Ohio			Intermediate			Short
Tax Free Fund			Tax Free Fund		Tax Free Fund		Tax Free Fund		Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund
$	575,911		$	185,183	$	163,900	$	153,712	$	37,112		$	44,126		$	116,387		$	142,068		$	506,624
	12,743			—		—		274		143			—			665			6,999			5,086
$	596,340		$	189,557	$	164,671	$	155,191	$	37,302		$	44,670		$	118,662		$	143,040		$	508,026
	12,743			—		—		274		143			—			665			6,999			5,086
	—			—		—		274		—			—			—			—			—
	7,302			2,649		1,897		2,253		479			426			992			2,340			6,981
	—			—		—		—		—			—			—			—			—
	3,291			185		398		190		75			3			—			1,240			4,355
	—			—		—		—		7			6			—			—			—
	18			7		6		7		7			6			6			16			22
	619,694			192,398		166,972		158,189		38,013			45,111			120,325			153,635			524,470
	1,841			602		329		494		112			125			349			388			1,712
	—			—		449		274		—			—			—			—			—
	1,232			200		—		—		—			—			—			—			—
	3,294			395		685		1,628		—			12			125			642			3,626
	362			112		96		91		19			20			70			72			317
	1			1		16		5		2			—			1			—			3
	26			23		21		23		21			21			22			24			26
	6,756			1,333		1,596		2,515		154			178			567			1,126			5,684
$	612,938		$	191,065	$	165,376	$	155,674	$	37,859		$	44,933		$	119,758		$	152,509		$	518,786
$	592,557		$	186,581	$	164,197	$	154,005	$	37,700		$	44,386		$	117,552		$	154,056		$	517,136
	(15	)		48		77		58		10			31			(41	)		101			335
	(33	)		62		331		132		(41	)		(28	)		(28	)		(2,620	)		(87	)
	20,429			4,374		771		1,479		190			544			2,275			972			1,402
$	612,938		$	191,065	$	165,376	$	155,674	$	37,859		$	44,933		$	119,758		$	152,509		$	518,786
$	28,057		$	20,506	$	100,610	$	24,374	$	6,501		$	559		$	7,216		$	2,382		$	36,231
	2,631			2,082		9,421		2,099		637			55			736			243			3,444
$	10.66		$	9.85	$	10.68	$	11.61	$	10.21		$	10.22		$	9.80		$	9.81		$	10.52
$	10.91		$	10.08	$	11.15	$	12.13	$	10.66		$	10.67		$	10.03		$	10.04		$	10.99
	—			—	$	15,872	$	524	$	1,808		$	188			—			—		$	2,665
	—			—		1,493		45		178			19			—			—			254
	—			—	$	10.63	$	11.58	$	10.14		$	10.09			—			—		$	10.47
$	584,881		$	170,559	$	48,894	$	130,776	$	29,550		$	44,186		$	112,542		$	150,127		$	479,890
	54,954			17,411		4,585		11,258		2,894			4,325			11,474			15,308			45,571
$	10.64		$	9.80	$	10.66	$	11.62	$	10.21		$	10.22		$	9.81		$	9.81		$	10.53

First American Funds 2007 Semiannual Report   63

Statements ofOperations  For the six-month period ended December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

				California						Colorado
	Arizona			Intermediate			California			Intermediate			Colorado
	Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	722		$	1,311		$	854		$	1,049		$	600
Dividends from unaffiliated money market fund		—			16			14			—			—
Dividends from affiliated money market fund		—			—			—			17			12
Total investment income		722			1,327			868			1,066			612
EXPENSES (note 3):
Investment advisory fees		74			146			89			111			60
Administration fees		36			68			42			52			29
Transfer agent fees		40			31			40			31			40
Custodian fees		1			1			1			1			1
Legal fees		6			6			6			6			6
Audit fees		18			18			18			18			18
Registration fees		3			2			3			2			3
Postage and printing fees		1			1			1			1			1
Directors’ fees		12			13			12			13			12
Other expenses		6			7			7			7			7
Distribution and shareholder servicing fees – Class A		10			8			14			8			9
Distribution and shareholder servicing fees – Class C		5			—			5			—			9
Total expenses		212			301			238			250			195
Less: Fee waivers (note 3)		(124	)		(95	)		(135	)		(89	)		(117	)
Less: Indirect payments from custodian (note 3)		—			—			—			—			—
Total net expenses		88			206			103			161			78
Investment income – net		634			1,121			765			905			534
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 5):
Net realized gain (loss) on investments		(33	)		150			(58	)		44			19
Net realized gain (loss) on futures contracts		6			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(169	)		409			55			293			(400	)
Net gain (loss) on investments		(196	)		559			(3	)		337			(381	)
Net increase in net assets resulting from operations	$	438		$	1,680		$	762		$	1,242		$	153

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

64   First American Funds 2007 Semiannual Report

			Minnesota															Oregon
Intermediate			Intermediate			Minnesota			Missouri			Nebraska			Ohio			Intermediate			Short
Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund
$	14,512		$	4,437		$	4,414		$	3,833		$	951		$	962		$	2,646		$	2,934		$	13,961
	—			31			131			—			—			34			—			—			—
	110			—			—			20			8			—			27			91			221
	14,622			4,468			4,545			3,853			959			996			2,673			3,025			14,182
	1,489			470			448			398			100			110			297			386			1,428
	685			217			206			184			47			52			137			180			649
	33			32			41			41			40			40			31			32			42
	15			5			5			4			1			1			3			4			15
	5			5			5			5			6			6			6			5			5
	18			18			18			18			18			18			18			18			18
	14			2			4			3			3			3			3			14			18
	14			4			4			4			1			1			3			4			13
	12			12			12			12			12			12			12			12			13
	7			7			7			7			7			7			7			6			7
	36			26			132			31			9			1			9			3			45
	—			—			50			2			6			1			—			—			8
	2,328			798			932			709			250			252			526			664			2,261
	(233	)		(132	)		(158	)		(120	)		(136	)		(141	)		(105	)		(201	)		(237	)
	(1	)		—			—			—			—			—			—			—			—
	2,094			666			774			589			114			111			421			463			2,024
	12,528			3,802			3,771			3,264			845			885			2,252			2,562			12,158
	433			95			746			134			(37	)		88			(27	)		(339	)		1,982
	—			—			(138	)		—			10			6			—			—			(668	)
	3,972			741			(3,886	)		(1,196	)		(128	)		132			1,260			1,978			(11,900	)
	4,405			836			(3,278	)		(1,062	)		(155	)		226			1,233			1,639			(10,586	)
$	16,933		$	4,638		$	493		$	2,202		$	690		$	1,111		$	3,485		$	4,201		$	1,572

First American Funds 2007 Semiannual Report   65

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

							California
	Arizona						Intermediate
	Tax Free Fund						Tax Free Fund
	Six-Month						Six-Month
	Period Ended						Period Ended
	12/31/07			Year Ended			12/31/07			Year Ended
	(unaudited)			6/30/07			(unaudited)			6/30/07
OPERATIONS:
Investment income – net	$	634		$	1,174		$	1,121		$	2,260
Net realized gain (loss) on investments		(33	)		160			150			140
Net realized gain (loss) on futures contracts		6			(38	)		—			—
Net change in unrealized appreciation or depreciation of investments		(169	)		(164	)		409			(149	)
Net change in unrealized appreciation or depreciation of futures contracts		—			(10	)		—			—
Net increase in net assets resulting from operations		438			1,122			1,680			2,251
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(155	)		(350	)		(113	)		(195	)
Class C		(26	)		(53	)		—			—
Class Y		(446	)		(769	)		(982	)		(2,079	)
Net realized gain on investments:
Class A		(21	)		(44	)		(8	)		(30	)
Class C		(4	)		(8	)		—			—
Class Y		(62	)		(91	)		(59	)		(271	)
Total distributions		(714	)		(1,315	)		(1,162	)		(2,575	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		275			478			146			3,262
Reinvestment of distributions		52			118			50			110
Payments for redemptions		(1,375	)		(1,244	)		(409	)		(508	)
Increase (decrease) in net assets from Class A transactions		(1,048	)		(648	)		(213	)		2,864
Class C:
Proceeds from sales		49			261			—			—
Reinvestment of distributions		19			43			—			—
Payments for redemptions (note 3)		(368	)		(111	)		—			—
Increase (decrease) in net assets from Class C transactions		(300	)		193			—			—
Class Y:
Proceeds from sales		2,801			5,560			2,794			6,214
Reinvestment of distributions		95			153			17			67
Payments for redemptions		(1,544	)		(1,849	)		(8,321	)		(4,796	)
Increase (decrease) in net assets from Class Y transactions		1,352			3,864			(5,510	)		1,485
Increase (decrease) in net assets from capital share transactions		4			3,409			(5,723	)		4,349
Total increase (decrease) in net assets		(272	)		3,216			(5,205	)		4,025
Net assets at beginning of period		29,229			26,013			59,192			55,167
Net assets at end of period	$	28,957		$	29,229		$	53,987		$	59,192
Undistributed (distributions in excess of) net investment income at end of period	$	16		$	9		$	28		$	2

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

66   First American Funds 2007 Semiannual Report

						Colorado																		Minnesota
California						Intermediate						Colorado						Intermediate						Intermediate
Tax Free Fund						Tax Free Fund						Tax Free Fund						Tax Free Fund						Tax Free Fund
Six-Month						Six-Month						Six-Month						Six-Month						Six-Month
Period Ended						Period Ended						Period Ended						Period Ended						Period Ended
12/31/07			Year Ended			12/31/07			Year Ended			12/31/07			Year Ended			12/31/07			Year Ended			12/31/07			Year Ended
(unaudited)			6/30/07			(unaudited)			6/30/07			(unaudited)			6/30/07			(unaudited)			6/30/07			(unaudited)			6/30/07
$	765		$	1,560		$	905		$	1,735		$	534		$	1,018		$	12,528		$	26,434		$	3,802		$	7,924
	(58	)		195			44			249			19			91			433			2,495			95			642
	—			7			—			—			—			(5	)		—			—			—			—
	55			(30	)		293			(208	)		(400	)		(199	)		3,972			(1,529	)		741			(415	)
	—			—			—			—			—			(15	)		—			—			—			—
	762			1,732			1,242			1,776			153			890			16,933			27,400			4,638			8,151
	(230	)		(440	)		(126	)		(317	)		(159	)		(400	)		(608	)		(1,263	)		(412	)		(921	)
	(26	)		(72	)		—			—			(53	)		(122	)		—			—			—			—
	(501	)		(1,053	)		(769	)		(1,440	)		(301	)		(534	)		(12,134	)		(24,980	)		(3,467	)		(6,943	)
	(38	)		(33	)		(24	)		(58	)		(23	)		(69	)		(98	)		(42	)		(57	)		(124	)
	(4	)		(7	)		—			—			(9	)		(23	)		—			—			—			—
	(93	)		(80	)		(190	)		(270	)		(44	)		(83	)		(2,016	)		(798	)		(463	)		(892	)
	(892	)		(1,685	)		(1,109	)		(2,085	)		(589	)		(1,231	)		(14,856	)		(27,083	)		(4,399	)		(8,880	)
	1,041			2,034			149			412			119			966			735			3,003			4,819			834
	182			276			111			259			145			406			519			936			252			605
	(1,462	)		(1,733	)		(1,596	)		(3,463	)		(1,975	)		(986	)		(2,994	)		(6,804	)		(5,740	)		(6,789	)
	(239	)		577			(1,336	)		(2,792	)		(1,711	)		386			(1,740	)		(2,865	)		(669	)		(5,350	)
	—			465			—			—			8			161			—			—			—			—
	22			55			—			—			54			127			—			—			—			—
	(298	)		(2,639	)		—			—			(278	)		(375	)		—			—			—			—
	(276	)		(2,119	)		—			—			(216	)		(87	)		—			—			—			—
	10,181			5,985			11,316			7,759			2,274			6,774			114,221			100,480			20,885			24,359
	58			67			33			61			25			56			1,684			2,305			125			316
	(6,222	)		(2,982	)		(3,018	)		(5,727	)		(2,400	)		(3,330	)		(87,609	)		(144,759	)		(19,588	)		(30,534	)
	4,017			3,070			8,331			2,093			(101	)		3,500			28,296			(41,974	)		1,422			(5,859	)
	3,502			1,528			6,995			(699	)		(2,028	)		3,799			26,556			(44,839	)		753			(11,209	)
	3,372			1,575			7,128			(1,008	)		(2,464	)		3,458			28,633			(44,522	)		992			(11,938	)
	37,717			36,142			41,230			42,238			25,153			21,695			584,305			628,827			190,073			202,011
$	41,089		$	37,717		$	48,358		$	41,230		$	22,689		$	25,153		$	612,938		$	584,305		$	191,065		$	190,073
$	20		$	12		$	22		$	12		$	22		$	1		$	(15	)	$	199		$	48		$	125

First American Funds 2007 Semiannual Report   67

Statements ofChanges in Net Assets  continued

	Minnesota						Missouri
	Tax Free Fund						Tax Free Fund
	Six-Month						Six-Month
	Period Ended						Period Ended
	12/31/07			Year Ended			12/31/07			Year Ended
	(unaudited)			6/30/07			(unaudited)			6/30/07
OPERATIONS:
Investment income – net	$	3,771		$	7,075		$	3,264		$	6,368
Net realized gain (loss) on investments		746			772			134			991
Net realized gain (loss) on futures contracts		(138	)		(94	)		—			5
Net change in unrealized appreciation or depreciation of investments		(3,886	)		(1,158	)		(1,196	)		(235	)
Net change in unrealized appreciation or depreciation of futures contracts		—			—			—			—
Net increase in net assets resulting from operations		493			6,595			2,202			7,129
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2,215	)		(4,281	)		(486	)		(994	)
Class C		(289	)		(455	)		(9	)		(12	)
Class Y		(1,284	)		(2,302	)		(2,792	)		(5,312	)
Net realized gain on investments:
Class A		(553	)		(282	)		(62	)		(199	)
Class C		(88	)		(32	)		(1	)		(2	)
Class Y		(292	)		(140	)		(344	)		(972	)
Total distributions		(4,721	)		(7,492	)		(3,694	)		(7,491	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		9,862			21,975			356			2,467
Reinvestment of distributions		1,741			2,773			270			570
Payments for redemptions		(15,247	)		(18,687	)		(963	)		(4,997	)
Increase (decrease) in net assets from Class A transactions		(3,644	)		6,061			(337	)		(1,960	)
Class C:
Proceeds from sales		3,193			5,343			—			299
Reinvestment of distributions		267			326			10			14
Payments for redemptions (note 3)		(1,443	)		(1,694	)		—			(3	)
Increase (decrease) in net assets from Class C transactions		2,017			3,975			10			310
Class Y:
Proceeds from sales		12,044			16,517			15,527			21,454
Reinvestment of distributions		150			213			105			275
Payments for redemptions		(18,097	)		(8,996	)		(14,246	)		(29,190	)
Increase (decrease) in net assets from Class Y transactions		(5,903	)		7,734			1,386			(7,461	)
Increase (decrease) in net assets from capital share transactions		(7,530	)		17,770			1,059			(9,111	)
Total increase (decrease) in net assets		(11,758	)		16,873			(433	)		(9,473	)
Net assets at beginning of period		177,134			160,261			156,107			165,580
Net assets at end of period	$	165,376		$	177,134		$	155,674		$	156,107
Undistributed (distributions in excess of) net investment income at end of period	$	77		$	94		$	58		$	81

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

68   First American Funds 2007 Semiannual Report

												Oregon
Nebraska						Ohio						Intermediate						Short
Tax Free Fund						Tax Free Fund						Tax Free Fund						Tax Free Fund						Tax Free Fund
Six-Month						Six-Month						Six-Month						Six-Month						Six-Month
Period Ended						Period Ended						Period Ended						Period Ended						Period Ended
12/31/07			Year Ended			12/31/07			Year Ended			12/31/07			Year Ended			12/31/07			Year Ended			12/31/07			Year Ended
(unaudited)			6/30/07			(unaudited)			6/30/07			(unaudited)			6/30/07			(unaudited)			6/30/07			(unaudited)			6/30/07
$	845		$	1,659		$	885		$	1,665		$	2,252		$	4,694		$	2,562		$	6,259		$	12,158		$	23,134
	(37	)		223			88			63			(27	)		337			(339	)		(1,045	)		1,982			3,839
	10			(27	)		6			(1	)		—			3			—			—			(668	)		(124	)
	(128	)		(109	)		132			132			1,260			(569	)		1,978			1,824			(11,900	)		(5,298	)
	—			(20	)		—			—			—			—			—			—			—			—
	690			1,726			1,111			1,859			3,485			4,465			4,201			7,038			1,572			21,551
	(139	)		(282	)		(14	)		(31	)		(146	)		(323	)		(39	)		(93	)		(729	)		(1,544	)
	(32	)		(52	)		(3	)		(6	)		—			—			—			—			(44	)		(83	)
	(673	)		(1,335	)		(851	)		(1,630	)		(2,240	)		(4,345	)		(2,551	)		(6,156	)		(10,985	)		(21,653	)
	(33	)		(33	)		(2	)		(2	)		(5	)		(36	)		—			—			(200	)		(307	)
	(9	)		(7	)		(1	)		—			—			—			—			—			(15	)		(18	)
	(147	)		(142	)		(140	)		(84	)		(77	)		(478	)		—			—			(2,753	)		(3,975	)
	(1,033	)		(1,851	)		(1,011	)		(1,753	)		(2,468	)		(5,182	)		(2,590	)		(6,249	)		(14,726	)		(27,580	)
	129			661			—			352			139			1,039			17			1,064			3,099			7,411
	99			168			9			17			75			197			36			85			657			1,294
	(760	)		(623	)		(261	)		(404	)		(958	)		(2,765	)		(107	)		(2,069	)		(4,424	)		(7,146	)
	(532	)		206			(252	)		(35	)		(744	)		(1,529	)		(54	)		(920	)		(668	)		1,559
	417			415			—			1			—			—			—			—			375			519
	25			37			1			2			—			—			—			—			33			68
	(177	)		(374	)		—			(26	)		—			—			—			—			(179	)		(276	)
	265			78			1			(23	)		—			—			—			—			229			311
	864			6,347			4,488			7,141			9,802			12,708			28,175			21,235			56,518			155,677
	66			112			157			285			87			350			138			402			1,188			1,830
	(3,613	)		(5,210	)		(2,779	)		(5,912	)		(7,656	)		(14,360	)		(41,239	)		(96,849	)		(104,942	)		(68,372	)
	(2,683	)		1,249			1,866			1,514			2,233			(1,302	)		(12,926	)		(75,212	)		(47,236	)		89,135
	(2,950	)		1,533			1,615			1,456			1,489			(2,831	)		(12,980	)		(76,132	)		(47,675	)		91,005
	(3,293	)		1,408			1,715			1,562			2,506			(3,548	)		(11,369	)		(75,343	)		(60,829	)		84,976
	41,152			39,744			43,218			41,656			117,252			120,800			163,878			239,221			579,615			494,639
$	37,859		$	41,152		$	44,933		$	43,218		$	119,758		$	117,252		$	152,509		$	163,878		$	518,786		$	579,615
$	10		$	9		$	31		$	14		$	(41	)	$	93		$	101		$	129		$	335		$	(65	)

First American Funds 2007 Semiannual Report   69

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized			Distributions						Net Asset
	Value		Net		Gains			from Net			Distributions			Value
	Beginning		Investment		(Losses) on			Investment			from Net			End of
	of Period		Income		Investments			Income			Realized Gains			Period
Arizona Tax Free Fund
Class A
20071	$	10.79	$	0.22	$	(0.06	)	$	(0.22	)	$	(0.03	)	$	10.70
20072		10.85		0.46		(0.01	)		(0.45	)		(0.06	)		10.79
20063		11.19		0.33		(0.25	)		(0.33	)		(0.09	)		10.85
20054		11.42		0.46		(0.07	)		(0.49	)		(0.13	)		11.19
20044		11.33		0.49		0.12			(0.47	)		(0.05	)		11.42
20034		11.41		0.46		(0.06	)		(0.45	)		(0.03	)		11.33
Class C
20071	$	10.78	$	0.20	$	(0.07	)	$	(0.20	)	$	(0.03	)	$	10.68
20072		10.84		0.41		(0.01	)		(0.40	)		(0.06	)		10.78
20063		11.18		0.30		(0.25	)		(0.30	)		(0.09	)		10.84
20054		11.41		0.42		(0.08	)		(0.44	)		(0.13	)		11.18
20044		11.31		0.43		0.14			(0.42	)		(0.05	)		11.41
20034		11.40		0.42		(0.08	)		(0.40	)		(0.03	)		11.31
Class Y
20071	$	10.80	$	0.23	$	(0.07	)	$	(0.23	)	$	(0.03	)	$	10.70
20072		10.85		0.48		—			(0.47	)		(0.06	)		10.80
20063		11.19		0.35		(0.25	)		(0.35	)		(0.09	)		10.85
20054		11.43		0.50		(0.09	)		(0.52	)		(0.13	)		11.19
20044		11.33		0.50		0.15			(0.50	)		(0.05	)		11.43
20034		11.41		0.48		(0.06	)		(0.47	)		(0.03	)		11.33
California Intermediate Tax Free Fund
Class A
20071	$	10.07	$	0.19	$	0.10		$	(0.19	)	$	(0.01	)	$	10.16
20072		10.11		0.38		0.01			(0.38	)		(0.05	)		10.07
20063		10.35		0.28		(0.20	)		(0.29	)		(0.03	)		10.11
20054		10.55		0.39		(0.13	)		(0.39	)		(0.07	)		10.35
20044		10.64		0.40		(0.05	)		(0.41	)		(0.03	)		10.55
20034		10.80		0.41		(0.14	)		(0.41	)		(0.02	)		10.64
Class Y
20071	$	10.09	$	0.20	$	0.09		$	(0.19	)	$	(0.01	)	$	10.18
20072		10.13		0.39		0.01			(0.39	)		(0.05	)		10.09
20063		10.37		0.30		(0.21	)		(0.30	)		(0.03	)		10.13
20054		10.57		0.40		(0.13	)		(0.40	)		(0.07	)		10.37
20044		10.66		0.41		(0.05	)		(0.42	)		(0.03	)		10.57
20034		10.81		0.43		(0.14	)		(0.42	)		(0.02	)		10.66
California Tax Free Fund
Class A
20071	$	10.98	$	0.23	$	0.04		$	(0.23	)	$	(0.04	)	$	10.98
20072		10.96		0.45		0.06			(0.45	)		(0.04	)		10.98
20063		11.24		0.33		(0.26	)		(0.33	)		(0.02	)		10.96
20054		11.40		0.44		(0.05	)		(0.44	)		(0.11	)		11.24
20044		11.40		0.46		0.08			(0.46	)		(0.08	)		11.40
20034		11.63		0.47		(0.16	)		(0.47	)		(0.07	)		11.40
Class C
20071	$	10.99	$	0.21	$	0.03		$	(0.20	)	$	(0.04	)	$	10.99
20072		10.97		0.41		0.05			(0.40	)		(0.04	)		10.99
20063		11.25		0.30		(0.26	)		(0.30	)		(0.02	)		10.97
20054		11.41		0.40		(0.05	)		(0.40	)		(0.11	)		11.25
20044		11.41		0.41		0.09			(0.42	)		(0.08	)		11.41
20034		11.64		0.43		(0.16	)		(0.43	)		(0.07	)		11.41
Class Y
20071	$	10.98	$	0.24	$	0.04		$	(0.24	)	$	(0.04	)	$	10.98
20072		10.97		0.47		0.05			(0.47	)		(0.04	)		10.98
20063		11.25		0.35		(0.26	)		(0.35	)		(0.02	)		10.97
20054		11.40		0.47		(0.04	)		(0.47	)		(0.11	)		11.25
20044		11.40		0.48		0.09			(0.49	)		(0.08	)		11.40
20034		11.63		0.49		(0.15	)		(0.50	)		(0.07	)		11.40

1	For the six-month period ended December 31, 2007 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
2	For the period July 1 to June 30 in the fiscal year indicated.
3	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the fiscal year indicated.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

70   First American Funds 2007 Semiannual Report

												Ratio of			Ratio of Net
								Ratio of Net				Expenses to			Investment
					Ratio of			Investment				Average			Income
			Net Assets		Expenses to			Income				Net Assets			to Average Net			Portfolio
Total			End of		Average			to Average				(Excluding			Assets (Excluding			Turnover
Return5			Period (000)		Net Assets			Net Assets				Waivers)			Waivers)			Rate
	1.51	%	$	7,225		0.75	%		4.12	%			1.58	%		3.29	%		17	%
	4.12			8,359		0.75			4.11				1.64			3.22			25
	0.73			9,041		0.75			4.02				1.47			3.30			47
	3.49			9,547		0.75			4.14				1.18			3.71			20
	5.50			9,008		0.75			4.16				1.12			3.79			21
	3.61			11,928		0.75			4.03				1.09			3.69			37
	1.22	%	$	1,232		1.15	%		3.72	%			1.98	%		2.89	%		17	%
	3.71			1,541		1.15			3.70				2.12			2.73			25
	0.42			1,358		1.15			3.62				2.22			2.55			47
	3.08			1,628		1.15			3.74				1.93			2.96			20
	5.17			1,588		1.15			3.76				1.87			3.04			21
	3.10			1,857		1.15			3.63				1.84			2.94			37
	1.55	%	$	20,500		0.50	%		4.37	%			1.33	%		3.54	%		17	%
	4.48			19,329		0.50			4.36				1.39			3.47			25
	0.92			15,614		0.50			4.27				1.22			3.55			47
	3.65			14,035		0.50			4.39				0.93			3.96			20
	5.85			9,520		0.50			4.42				0.87			4.05			21
	3.86			9,244		0.50			4.28				0.84			3.94			37
	2.92	%	$	6,067		0.75	%		3.80	%			1.26	%		3.29	%		11	%
	3.86			6,226		0.85			3.66				1.25			3.26			20
	0.78			3,441		0.85			3.73				1.22			3.36			21
	2.51			3,946		0.85			3.71				1.10			3.46			29
	3.36			3,381		0.85			3.78				1.06			3.57			20
	2.58			4,262		0.85			3.86				1.06			3.65			17
	2.94	%	$	47,920		0.70	%		3.85	%			1.01	%		3.54	%		11	%
	4.01			52,966		0.70			3.82				1.00			3.52			20
	0.88			51,726		0.70			3.89				0.97			3.62			21
	2.66			49,292		0.70			3.86				0.85			3.71			29
	3.51			46,953		0.70			3.93				0.81			3.82			20
	2.83			44,600		0.70			4.02				0.81			3.91			17
	2.46	%	$	11,142		0.68	%		4.21	%			1.48	%		3.41	%		30	%
	4.62			11,375		0.75			4.00				1.46			3.29			36
	0.63			10,783		0.75			3.99				1.34			3.40			24
	3.50			11,888		0.75			3.88				1.15			3.48			14
	4.93			9,513		0.75			4.03				1.09			3.69			16
	2.85			11,143		0.75			4.16				1.08			3.83			20
	2.22	%	$	1,231		1.15	%		3.76	%			1.89	%		3.02	%		30	%
	4.17			1,507		1.15			3.60				1.98			2.77			36
	0.33			3,592		1.15			3.60				2.09			2.66			24
	3.11			3,068		1.15			3.47				1.90			2.72			14
	4.52			1,294		1.15			3.65				1.84			2.96			16
	2.45			1,101		1.15			3.75				1.83			3.07			20
	2.55	%	$	28,716		0.50	%		4.40	%			1.24	%		3.66	%		30	%
	4.78			24,835		0.50			4.25				1.21			3.54			36
	0.82			21,767		0.50			4.24				1.09			3.65			24
	3.85			19,556		0.50			4.12				0.90			3.72			14
	5.19			16,047		0.50			4.29				0.84			3.95			16
	3.11			15,243		0.50			4.40		��		0.83			4.07			20

First American Funds 2007 Semiannual Report   71

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized			Distributions						Net Asset
	Value		Net		Gains			from Net			Distributions			Value
	Beginning		Investment		(Losses) on			Investment			from Net			End of
	of Period		Income		Investments			Income			Realized Gains			Period
Colorado Intermediate Tax Free Fund
Class A
20071	$	10.33	$	0.21	$	0.06		$	(0.20	)	$	(0.05	)	$	10.35
20072		10.40		0.43		0.01			(0.43	)		(0.08	)		10.33
20063		10.74		0.32		(0.28	)		(0.32	)		(0.06	)		10.40
20054		10.98		0.42		(0.19	)		(0.43	)		(0.04	)		10.74
20044		11.08		0.45		(0.11	)		(0.44	)		—			10.98
20034		11.12		0.41		(0.02	)		(0.43	)		—			11.08
Class Y
20071	$	10.30	$	0.21	$	0.07		$	(0.20	)	$	(0.05	)	$	10.33
20072		10.38		0.43		0.01			(0.44	)		(0.08	)		10.30
20063		10.72		0.33		(0.28	)		(0.33	)		(0.06	)		10.38
20054		10.95		0.43		(0.18	)		(0.44	)		(0.04	)		10.72
20044		11.05		0.46		(0.11	)		(0.45	)		—			10.95
20034		11.10		0.43		(0.03	)		(0.45	)		—			11.05
Colorado Tax Free Fund
Class A
20071	$	10.61	$	0.23	$	(0.18	)	$	(0.22	)	$	(0.03	)	$	10.41
20072		10.73		0.46		(0.02	)		(0.48	)		(0.08	)		10.61
20063		11.30		0.35		(0.26	)		(0.34	)		(0.32	)		10.73
20054		11.52		0.49		(0.11	)		(0.51	)		(0.09	)		11.30
20044		11.57		0.51		0.02			(0.50	)		(0.08	)		11.52
20034		11.65		0.50		(0.10	)		(0.48	)		—			11.57
Class C
20071	$	10.59	$	0.20	$	(0.17	)	$	(0.20	)	$	(0.03	)	$	10.39
20072		10.71		0.42		(0.02	)		(0.44	)		(0.08	)		10.59
20063		11.28		0.32		(0.27	)		(0.30	)		(0.32	)		10.71
20054		11.50		0.43		(0.10	)		(0.46	)		(0.09	)		11.28
20044		11.56		0.44		0.03			(0.45	)		(0.08	)		11.50
20034		11.63		0.44		(0.08	)		(0.43	)		—			11.56
Class Y
20071	$	10.63	$	0.24	$	(0.18	)	$	(0.23	)	$	(0.03	)	$	10.43
20072		10.75		0.50		(0.03	)		(0.51	)		(0.08	)		10.63
20063		11.32		0.37		(0.26	)		(0.36	)		(0.32	)		10.75
20054		11.53		0.51		(0.09	)		(0.54	)		(0.09	)		11.32
20044		11.59		0.52		0.03			(0.53	)		(0.08	)		11.53
20034		11.67		0.51		(0.09	)		(0.50	)		—			11.59
Intermediate Tax Free Fund
Class A
20071	$	10.63	$	0.22	$	0.07		$	(0.22	)	$	(0.04	)	$	10.66
20072		10.63		0.44		0.01			(0.44	)		(0.01	)		10.63
20063		10.92		0.32		(0.26	)		(0.32	)		(0.03	)		10.63
20054		11.18		0.44		(0.19	)		(0.45	)		(0.06	)		10.92
20044		11.30		0.44		(0.10	)		(0.45	)		(0.01	)		11.18
20034		11.32		0.44		(0.03	)		(0.43	)		—			11.30
Class Y
20071	$	10.61	$	0.22	$	0.07		$	(0.22	)	$	(0.04	)	$	10.64
20072		10.61		0.45		0.01			(0.45	)		(0.01	)		10.61
20063		10.90		0.33		(0.26	)		(0.33	)		(0.03	)		10.61
20054		11.16		0.46		(0.19	)		(0.47	)		(0.06	)		10.90
20044		11.28		0.46		(0.11	)		(0.46	)		(0.01	)		11.16
20034		11.30		0.46		(0.03	)		(0.45	)		—			11.28

1	For the six-month period ended December 31, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
2	For the period July 1 to June 30 in the fiscal year indicated.
3	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the fiscal year indicated.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

72   First American Funds 2007 Semiannual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses to			Investment
					Ratio of			Investment			Average			Income
			Net Assets		Expenses to			Income			Net Assets			to Average Net			Portfolio
Total			End of		Average			to Average			(Excluding			Assets (Excluding			Turnover
Return5			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	2.62	%	$	5,471		0.85	%		3.96	%		1.34	%		3.47	%		17	%
	4.21			6,783		0.85			3.99			1.36			3.48			35
	0.37			9,577		0.85			4.02			1.27			3.60			17
	2.11			13,426		0.85			3.85			1.10			3.60			20
	3.12			13,969		0.85			4.00			1.06			3.79			4
	3.64			22,555		0.85			3.79			1.06			3.58			14
	2.80	%	$	42,887		0.70	%		4.09	%		1.09	%		3.70	%		17	%
	4.28			34,447		0.70			4.14			1.11			3.73			35
	0.49			32,661		0.70			4.18			1.02			3.86			17
	2.36			34,562		0.70			4.01			0.85			3.86			20
	3.29			37,748		0.70			4.15			0.81			4.04			4
	3.71			47,854		0.70			3.94			0.81			3.83			14
	0.52	%	$	6,941		0.75	%		4.37	%		1.73	%		3.39	%		21	%
	4.13			8,788		0.75			4.27			1.75			3.27			47
	0.77			8,507		0.75			4.30			1.52			3.53			35
	3.36			8,362		0.75			4.23			1.18			3.80			30
	4.71			10,598		0.75			4.25			1.09			3.91			12
	3.53			13,843		0.75			4.23			1.07			3.91			14
	0.32	%	$	2,622		1.15	%		3.95	%		2.13	%		2.97	%		21	%
	3.72			2,888		1.15			3.87			2.24			2.78			47
	0.47			3,007		1.15			3.90			2.27			2.78			35
	2.95			3,423		1.15			3.83			1.93			3.05			30
	4.21			3,787		1.15			3.85			1.84			3.16			12
	3.23			4,284		1.15			3.83			1.82			3.16			14
	0.65	%	$	13,126		0.50	%		4.60	%		1.48	%		3.62	%		21	%
	4.39			13,477		0.50			4.51			1.50			3.51			47
	0.96			10,181		0.50			4.58			1.27			3.81			35
	3.70			8,363		0.50			4.48			0.93			4.05			30
	4.87			9,439		0.50			4.51			0.84			4.17			12
	3.78			9,516		0.50			4.49			0.82			4.17			14
	2.77	%	$	28,057		0.78	%		4.13	%		1.02	%		3.89	%		10	%
	4.27			29,687		0.85			4.08			1.02			3.91			27
	0.56			32,521		0.85			3.95			1.05			3.75			15
	2.31			34,658		0.85			3.98			1.05			3.78			15
	3.06			35,276		0.85			3.98			1.05			3.78			10
	3.74			34,231		0.85			3.91			1.05			3.71			15
	2.82	%	$	584,881		0.70	%		4.21	%		0.77	%		4.14	%		10	%
	4.43			554,618		0.70			4.23			0.77			4.16			27
	0.67			596,306		0.70			4.10			0.80			4.00			15
	2.47			641,141		0.70			4.13			0.80			4.03			15
	3.22			637,361		0.70			4.13			0.80			4.03			10
	3.90			696,994		0.70			4.05			0.80			3.95			15

First American Funds 2007 Semiannual Report   73

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized			Distributions						Net Asset
	Value		Net		Gains			from Net			Distributions			Value
	Beginning		Investment		(Losses) on			Investment			from Net			End of
	of Period		Income		Investments			Income			Realized Gains			Period
Minnesota Intermediate Tax Free Fund
Class A
20071	$	9.83	$	0.19	$	0.05		$	(0.19	)	$	(0.03	)	$	9.85
20072		9.88		0.39		(0.01	)		(0.38	)		(0.05	)		9.83
20063		10.16		0.29		(0.22	)		(0.29	)		(0.06	)		9.88
20054		10.34		0.39		(0.15	)		(0.39	)		(0.03	)		10.16
20044		10.44		0.39		(0.08	)		(0.39	)		(0.02	)		10.34
20034		10.51		0.40		(0.04	)		(0.41	)		(0.02	)		10.44
Class Y
20071	$	9.78	$	0.20	$	0.05		$	(0.20	)	$	(0.03	)	$	9.80
20072		9.83		0.40		—			(0.40	)		(0.05	)		9.78
20063		10.11		0.30		(0.22	)		(0.30	)		(0.06	)		9.83
20054		10.29		0.40		(0.15	)		(0.40	)		(0.03	)		10.11
20044		10.40		0.41		(0.10	)		(0.40	)		(0.02	)		10.29
20034		10.46		0.42		(0.03	)		(0.43	)		(0.02	)		10.40
Minnesota Tax Free Fund
Class A
20071	$	10.93	$	0.22	$	(0.19	)	$	(0.22	)	$	(0.06	)	$	10.68
20072		10.97		0.46		(0.02	)		(0.45	)		(0.03	)		10.93
20063		11.21		0.35		(0.21	)		(0.35	)		(0.03	)		10.97
20054		11.23		0.45		0.03			(0.45	)		(0.05	)		11.21
20044		11.34		0.44		(0.01	)		(0.45	)		(0.09	)		11.23
20034		11.39		0.48		(0.05	)		(0.45	)		(0.03	)		11.34
Class C
20071	$	10.89	$	0.20	$	(0.20	)	$	(0.20	)	$	(0.06	)	$	10.63
20072		10.93		0.42		(0.02	)		(0.41	)		(0.03	)		10.89
20063		11.17		0.31		(0.20	)		(0.32	)		(0.03	)		10.93
20054		11.19		0.41		0.03			(0.41	)		(0.05	)		11.17
20044		11.31		0.39		(0.01	)		(0.41	)		(0.09	)		11.19
20034		11.36		0.43		(0.04	)		(0.41	)		(0.03	)		11.31
Class Y
20071	$	10.92	$	0.23	$	(0.20	)	$	(0.23	)	$	(0.06	)	$	10.66
20072		10.96		0.48		(0.01	)		(0.48	)		(0.03	)		10.92
20063		11.20		0.36		(0.20	)		(0.37	)		(0.03	)		10.96
20054		11.22		0.48		0.03			(0.48	)		(0.05	)		11.20
20044		11.33		0.47		(0.01	)		(0.48	)		(0.09	)		11.22
20034		11.38		0.51		(0.05	)		(0.48	)		(0.03	)		11.33
Missouri Tax Free Fund
Class A
20071	$	11.72	$	0.23	$	(0.08	)	$	(0.23	)	$	(0.03	)	$	11.61
20072		11.76		0.45		0.05			(0.45	)		(0.09	)		11.72
20063		12.14		0.34		(0.29	)		(0.34	)		(0.09	)		11.76
20054		12.32		0.45		(0.12	)		(0.45	)		(0.06	)		12.14
20044		12.37		0.45		(0.02	)		(0.45	)		(0.03	)		12.32
20034		12.47		0.45		(0.04	)		(0.45	)		(0.06	)		12.37
Class C
20071	$	11.69	$	0.20	$	(0.07	)	$	(0.21	)	$	(0.03	)	$	11.58
20072		11.73		0.41		0.04			(0.40	)		(0.09	)		11.69
20063		12.12		0.30		(0.30	)		(0.30	)		(0.09	)		11.73
20054		12.29		0.40		(0.11	)		(0.40	)		(0.06	)		12.12
20044		12.35		0.40		(0.03	)		(0.40	)		(0.03	)		12.29
20034		12.46		0.40		(0.04	)		(0.41	)		(0.06	)		12.35
Class Y
20071	$	11.73	$	0.24	$	(0.08	)	$	(0.24	)	$	(0.03	)	$	11.62
20072		11.76		0.48		0.06			(0.48	)		(0.09	)		11.73
20063		12.15		0.36		(0.30	)		(0.36	)		(0.09	)		11.76
20054		12.32		0.48		(0.11	)		(0.48	)		(0.06	)		12.15
20044		12.38		0.48		(0.03	)		(0.48	)		(0.03	)		12.32
20034		12.48		0.49		(0.05	)		(0.48	)		(0.06	)		12.38

1	For the six-month period ended December 31, 2007 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
2	For the period July 1 to June 30 in the fiscal year indicated.
3	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the fiscal year indicated.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

74   First American Funds 2007 Semiannual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses to			Investment
					Ratio of			Investment			Average			Income
			Net Assets		Expenses to			Income			Net Assets			to Average Net			Portfolio
Total			End of		Average			to Average			(Excluding			Assets (Excluding			Turnover
Return5			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	2.53	%	$	20,506		0.78	%		3.98	%		1.07	%		3.69	%		9	%
	3.87			21,153		0.85			3.86			1.07			3.64			18
	0.74			26,526		0.85			3.85			1.08			3.62			11
	2.33			32,326		0.85			3.78			1.06			3.57			15
	3.03			35,047		0.85			3.77			1.05			3.57			8
	3.55			31,044		0.85			3.85			1.05			3.65			15
	2.59	%	$	170,559		0.70	%		4.06	%		0.82	%		3.94	%		9	%
	4.05			168,920		0.70			4.01			0.82			3.89			18
	0.85			175,485		0.70			4.00			0.83			3.87			11
	2.50			197,251		0.70			3.93			0.81			3.82			15
	3.10			216,906		0.70			3.92			0.80			3.82			8
	3.82			238,958		0.70			4.01			0.80			3.91			15
	0.35	%	$	100,610		0.88	%		4.19	%		1.08	%		3.99	%		19	%
	4.05			106,732		0.95			4.10			1.10			3.95			20
	1.28			101,142		0.95			4.15			1.10			4.00			11
	4.42			106,783		0.95			4.04			1.06			3.93			16
	3.94			114,981		0.95			3.87			1.05			3.77			25
	3.90			125,916		0.95			4.25			1.06			4.14			23
	0.02	%	$	15,872		1.35	%		3.72	%		1.49	%		3.58	%		19	%
	3.65			14,221		1.35			3.69			1.58			3.46			20
	0.98			10,359		1.35			3.75			1.85			3.25			11
	4.02			9,841		1.35			3.64			1.81			3.18			16
	3.45			10,387		1.35			3.47			1.80			3.02			25
	3.51			11,951		1.35			3.85			1.81			3.39			23
	0.35	%	$	48,894		0.70	%		4.38	%		0.84	%		4.24	%		19	%
	4.31			56,181		0.70			4.35			0.85			4.20			20
	1.47			48,760		0.70			4.40			0.85			4.25			11
	4.69			46,471		0.70			4.29			0.81			4.18			16
	4.20			42,900		0.70			4.12			0.80			4.02			25
	4.16			47,858		0.70			4.50			0.81			4.39			23
	1.29	%	$	24,374		0.95	%		3.89	%		1.10	%		3.74	%		10	%
	4.23			24,945		0.95			3.78			1.10			3.63			33
	0.38			26,972		0.95			3.74			1.09			3.60			20
	2.74			30,188		0.95			3.65			1.06			3.54			19
	3.60			27,114		0.95			3.68			1.05			3.58			15
	3.45			28,141		0.95			3.69			1.06			3.58			20
	1.09	%	$	524		1.35	%		3.49	%		1.50	%		3.34	%		10	%
	3.84			518		1.35			3.35			1.57			3.13			33
	—			214		1.35			3.34			1.84			2.85			20
	2.42			190		1.35			3.25			1.81			2.79			19
	3.11			218		1.35			3.28			1.80			2.83			15
	3.05			279		1.35			3.30			1.81			2.84			20
	1.42	%	$	130,776		0.70	%		4.14	%		0.85	%		3.99	%		10	%
	4.58			130,644		0.70			4.03			0.85			3.88			33
	0.49			138,394		0.70			3.99			0.84			3.85			20
	3.08			151,710		0.70			3.90			0.81			3.79			19
	3.77			152,676		0.70			3.93			0.80			3.83			15
	3.71			168,094		0.70			3.94			0.81			3.83			20

First American Funds 2007 Semiannual Report   75

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized			Distributions						Net Asset
	Value		Net		Gains			from Net			Distributions			Value
	Beginning		Investment		(Losses) on			Investment			from Net			End of
	of Period		Income		Investments			Income			Realized Gains			Period
Nebraska Tax Free Fund
Class A
20071	$	10.30	$	0.20	$	(0.04	)	$	(0.20	)	$	(0.05	)	$	10.21
20072		10.33		0.42		0.02			(0.42	)		(0.05	)		10.30
20063		10.58		0.31		(0.24	)		(0.30	)		(0.02	)		10.33
20054		10.66		0.39		(0.05	)		(0.42	)		—			10.58
20044		10.66		0.41		0.03			(0.40	)		(0.04	)		10.66
20034		10.70		0.41		(0.04	)		(0.40	)		(0.01	)		10.66
Class C
20071	$	10.23	$	0.19	$	(0.05	)	$	(0.18	)	$	(0.05	)	$	10.14
20072		10.26		0.37		0.02			(0.37	)		(0.05	)		10.23
20063		10.50		0.27		(0.22	)		(0.27	)		(0.02	)		10.26
20054		10.58		0.35		(0.06	)		(0.37	)		—			10.50
20044		10.58		0.35		0.04			(0.35	)		(0.04	)		10.58
20034		10.63		0.36		(0.04	)		(0.36	)		(0.01	)		10.58
Class Y
20071	$	10.30	$	0.22	$	(0.04	)	$	(0.22	)	$	(0.05	)	$	10.21
20072		10.33		0.44		0.02			(0.44	)		(0.05	)		10.30
20063		10.58		0.32		(0.23	)		(0.32	)		(0.02	)		10.33
20054		10.66		0.43		(0.07	)		(0.44	)		—			10.58
20044		10.65		0.43		0.04			(0.42	)		(0.04	)		10.66
20034		10.69		0.43		(0.03	)		(0.43	)		(0.01	)		10.65
Ohio Tax Free Fund
Class A
20071	$	10.20	$	0.20	$	0.04		$	(0.19	)	$	(0.03	)	$	10.22
20072		10.17		0.38		0.05			(0.38	)		(0.02	)		10.20
20063		10.42		0.29		(0.25	)		(0.28	)		(0.01	)		10.17
20054		10.52		0.36		(0.06	)		(0.36	)		(0.04	)		10.42
20044		10.54		0.36		0.07			(0.35	)		(0.10	)		10.52
20034		10.58		0.36		(0.03	)		(0.37	)		—			10.54
Class C
20071	$	10.07	$	0.17	$	0.05		$	(0.17	)	$	(0.03	)	$	10.09
20072		10.05		0.33		0.05			(0.34	)		(0.02	)		10.07
20063		10.32		0.25		(0.26	)		(0.25	)		(0.01	)		10.05
20054		10.41		0.32		(0.05	)		(0.32	)		(0.04	)		10.32
20044		10.44		0.29		0.09			(0.31	)		(0.10	)		10.41
20034		10.57		0.32		(0.12	)		(0.33	)		—			10.44
Class Y
20071	$	10.19	$	0.20	$	0.06		$	(0.20	)	$	(0.03	)	$	10.22
20072		10.17		0.41		0.04			(0.41	)		(0.02	)		10.19
20063		10.43		0.30		(0.25	)		(0.30	)		(0.01	)		10.17
20054		10.53		0.38		(0.05	)		(0.39	)		(0.04	)		10.43
20044		10.55		0.38		0.07			(0.37	)		(0.10	)		10.53
20034		10.57		0.39		(0.02	)		(0.39	)		—			10.55
Oregon Intermediate Tax Free Fund
Class A
20071	$	9.72	$	0.18	$	0.10		$	(0.19	)	$	(0.01	)	$	9.80
20072		9.78		0.37		(0.02	)		(0.37	)		(0.04	)		9.72
20063		10.07		0.27		(0.25	)		(0.27	)		(0.04	)		9.78
20054		10.30		0.36		(0.19	)		(0.36	)		(0.04	)		10.07
20044		10.43		0.37		(0.05	)		(0.37	)		(0.08	)		10.30
20034		10.49		0.37		(0.03	)		(0.38	)		(0.02	)		10.43
Class Y
20071	$	9.72	$	0.19	$	0.11		$	(0.20	)	$	(0.01	)	$	9.81
20072		9.78		0.38		(0.02	)		(0.38	)		(0.04	)		9.72
20063		10.07		0.28		(0.25	)		(0.28	)		(0.04	)		9.78
20054		10.30		0.38		(0.19	)		(0.38	)		(0.04	)		10.07
20044		10.43		0.39		(0.05	)		(0.39	)		(0.08	)		10.30
20034		10.49		0.40		(0.05	)		(0.39	)		(0.02	)		10.43

1	For the six-month period ended December 31, 2007 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
2	For the period July 1 to June 30 in the fiscal year indicated.
3	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the fiscal year indicated.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

76   First American Funds 2007 Semiannual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses to			Investment
					Ratio of			Investment			Average			Income
			Net Assets		Expenses to			Income			Net Assets			to Average Net			Portfolio
Total			End of		Average			to Average			(Excluding			Assets (Excluding			Turnover
Return5			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	1.65	%	$	6,501		0.75	%		4.05	%		1.43	%		3.37	%		1	%
	4.24			7,091		0.75			3.97			1.44			3.28			39
	0.65			6,910		0.75			3.89			1.30			3.34			35
	3.20			7,136		0.75			3.78			1.12			3.41			21
	4.18			4,925		0.75			3.82			1.08			3.49			17
	3.57			4,869		0.75			3.87			1.07			3.55			15
	1.46	%	$	1,808		1.15	%		3.62	%		1.83	%		2.94	%		1	%
	3.86			1,559		1.15			3.56			1.92			2.79			39
	0.46			1,487		1.15			3.49			2.05			2.59			35
	2.81			1,565		1.15			3.38			1.87			2.66			21
	3.80			1,861		1.15			3.42			1.83			2.74			17
	3.10			1,657		1.15			3.46			1.82			2.79			15
	1.78	%	$	29,550		0.50	%		4.29	%		1.18	%		3.61	%		1	%
	4.51			32,502		0.50			4.22			1.19			3.53			39
	0.85			31,347		0.50			4.14			1.05			3.59			35
	3.45			32,418		0.50			4.03			0.87			3.66			21
	4.54			29,722		0.50			4.07			0.83			3.74			17
	3.82			28,120		0.50			4.11			0.82			3.79			15
	2.41	%	$	559		0.75	%		3.80	%		1.39	%		3.16	%		12	%
	4.28			808		0.75			3.70			1.41			3.04			33
	0.40			841		0.75			3.60			1.28			3.07			11
	2.86			988		0.75			3.41			1.11			3.05			13
	4.16			1,200		0.75			3.43			1.08			3.10			19
	3.22			849		0.75			3.52			1.09			3.18			22
	2.23	%	$	188		1.15	%		3.40	%		1.79	%		2.76	%		12	%
	3.81			187		1.15			3.29			1.90			2.54			33
	(0.08	)		209		1.15			3.22			2.03			2.34			11
	2.58			174		1.15			3.01			1.86			2.30			13
	3.69			120		1.15			3.03			1.83			2.35			19
	1.95			215		1.15			3.08			1.84			2.39			22
	2.64	%	$	44,186		0.50	%		4.05	%		1.14	%		3.41	%		12	%
	4.44			42,223		0.50			3.94			1.16			3.28			33
	0.49			40,606		0.50			3.85			1.03			3.32			11
	3.12			41,104		0.50			3.66			0.86			3.30			13
	4.42			39,240		0.50			3.68			0.82			3.36			19
	3.65			39,465		0.50			3.78			0.84			3.44			22
	2.88	%	$	7,216		0.85	%		3.66	%		1.12	%		3.39	%		9	%
	3.54			7,895		0.85			3.71			1.12			3.44			43
	0.16			9,456		0.85			3.62			1.11			3.36			13
	1.67			9,356		0.85			3.56			1.06			3.35			20
	3.20			8,700		0.85			3.62			1.05			3.42			12
	3.31			8,189		0.85			3.67			1.05			3.47			17
	3.06	%	$	112,542		0.70	%		3.81	%		0.87	%		3.64	%		9	%
	3.70			109,357		0.70			3.86			0.87			3.69			43
	0.28			111,344		0.70			3.77			0.86			3.61			13
	1.82			133,613		0.70			3.71			0.81			3.60			20
	3.35			137,869		0.70			3.77			0.80			3.67			12
	3.46			146,244		0.70			3.82			0.80			3.72			17

First American Funds 2007 Semiannual 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			Distributions			Value
	Beginning		Investment		(Losses) on			Investment			from Net			End of
	of Period		Income		Investments			Income			Realized Gains			Period
Short Tax Free Fund
Class A
20071	$	9.70	$	0.15	$	0.11		$	(0.15	)	$	—		$	9.81
20072		9.68		0.28		0.03			(0.29	)		—			9.70
20063		9.78		0.19		(0.09	)		(0.20	)		—			9.68
20054		9.96		0.24		(0.17	)		(0.25	)		—			9.78
20044		10.18		0.26		(0.17	)		(0.25	)		(0.06	)		9.96
20035		10.00		0.26		0.19			(0.27	)		—			10.18
Class Y
20071	$	9.70	$	0.16	$	0.11		$	(0.16	)	$	—		$	9.81
20072		9.68		0.31		0.01			(0.30	)		—			9.70
20063		9.78		0.21		(0.10	)		(0.21	)		—			9.68
20054		9.96		0.26		(0.18	)		(0.26	)		—			9.78
20044		10.18		0.27		(0.17	)		(0.26	)		(0.06	)		9.96
20035		10.00		0.28		0.18			(0.28	)		—			10.18
Tax Free Fund
Class A
20071	$	10.77	$	0.22	$	(0.19	)	$	(0.22	)	$	(0.06	)	$	10.52
20072		10.86		0.45		—			(0.45	)		(0.09	)		10.77
20063		11.10		0.35		(0.20	)		(0.35	)		(0.04	)		10.86
20054		11.18		0.47		0.03			(0.47	)		(0.11	)		11.10
20044		11.28		0.47		0.02			(0.48	)		(0.11	)		11.18
20034		11.44		0.47		(0.03	)		(0.47	)		(0.13	)		11.28
Class C
20071	$	10.72	$	0.19	$	(0.19	)	$	(0.19	)	$	(0.06	)	$	10.47
20072		10.81		0.40		0.01			(0.41	)		(0.09	)		10.72
20063		11.05		0.32		(0.20	)		(0.32	)		(0.04	)		10.81
20054		11.13		0.42		0.03			(0.42	)		(0.11	)		11.05
20044		11.24		0.43		—			(0.43	)		(0.11	)		11.13
20034		11.40		0.42		(0.02	)		(0.43	)		(0.13	)		11.24
Class Y
20071	$	10.78	$	0.23	$	(0.20	)	$	(0.22	)	$	(0.06	)	$	10.53
20072		10.87		0.48		—			(0.48	)		(0.09	)		10.78
20063		11.11		0.37		(0.20	)		(0.37	)		(0.04	)		10.87
20054		11.19		0.50		0.02			(0.49	)		(0.11	)		11.11
20044		11.29		0.50		0.01			(0.50	)		(0.11	)		11.19
20034		11.45		0.50		(0.03	)		(0.50	)		(0.13	)		11.29

1	For the six-month period ended December 31, 2007 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
2	For the period July 1 to June 30 in the fiscal year indicated.
3	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the fiscal year indicated.
5	For the period from October 25, 2002, when the class of shares was first offered, to September 30, 2003. All ratios for the period have been annualized, except total return and portfolio turnover.
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 Semiannual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses to			Investment
					Ratio of			Investment			Average			Income
			Net Assets		Expenses to			Income			Net Assets			to Average Net			Portfolio
Total			End of		Average			to Average			(Excluding			Assets (Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	2.78	%	$	2,382		0.75	%		3.18	%		1.11	%		2.82	%		21	%
	3.22			2,410		0.75			2.94			1.08			2.61			57
	1.02			3,321		0.75			2.65			1.08			2.32			22
	0.67			4,103		0.75			2.46			1.06			2.15			37
	0.90			6,329		0.75			2.55			1.05			2.25			30
	4.54			6,448		0.75			2.67			1.05			2.37			54
	2.86	%	$	150,127		0.60	%		3.32	%		0.86	%		3.06	%		21	%
	3.37			161,468		0.60			3.09			0.83			2.86			57
	1.13			235,900		0.60			2.80			0.83			2.57			22
	0.83			329,647		0.60			2.62			0.81			2.41			37
	1.05			419,359		0.60			2.70			0.80			2.50			30
	4.66			396,918		0.60			3.00			0.80			2.80			54
	0.22	%	$	36,231		0.82	%		4.16	%		1.03	%		3.95	%		24	%
	4.16			37,760		0.95			4.08			1.03			4.00			31
	1.37			36,519		0.95			4.28			1.06			4.17			13
	4.51			38,205		0.95			4.20			1.06			4.09			8
	4.45			40,156		0.95			4.18			1.05			4.08			23
	4.06			42,942		0.95			4.21			1.05			4.11			23
	(0.04	)%	$	2,665		1.35	%		3.62	%		1.42	%		3.55	%		24	%
	3.76			2,495		1.35			3.67			1.51			3.51			31
	1.06			2,210		1.35			3.87			1.81			3.41			13
	4.13			2,712		1.35			3.80			1.81			3.34			8
	3.92			2,682		1.35			3.77			1.80			3.32			23
	3.67			4,880		1.35			3.81			1.80			3.36			23
	0.29	%	$	479,890		0.70	%		4.27	%		0.77	%		4.20	%		24	%
	4.42			539,360		0.70			4.32			0.78			4.24			31
	1.57			455,910		0.70			4.53			0.81			4.42			13
	4.77			436,303		0.70			4.45			0.81			4.34			8
	4.71			416,651		0.70			4.43			0.80			4.33			23
	4.31			460,634		0.70			4.46			0.80			4.36			23

First American Funds 2007 Semiannual Report   79

Notes toFinancial Statements  December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000)

1 > Organization

Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, Oregon Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of December 31, 2007, FAIF offered 43 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company. FAIF’s articles of incorporation permit the board of directors to create additional funds in the future. Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund are each diversified open- end management investment companies. Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund are each non-diversified open-end management investment companies. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

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

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

2 > Summary of Significant Accounting Policies

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

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

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

80   First American Funds 2007 Semiannual Report

materially affect the value of securities between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. At December 31, 2007, the funds held no fair-valued securities.

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

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

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

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to book and tax differences for straddle loss deferrals and classification of dividends paid by the funds. To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the fiscal period that the differences arise.

The character of distributions made during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended December 31, 2007 (estimated) and the fiscal year ended June 30, 2007 (adjusted by dividends payable as of December 31, 2007 and June 30, 2007) were as follows:

	December 31, 2007
	Tax Exempt		Ordinary		Long Term
Fund	Income		Income		Gain		Total
Arizona Tax Free Fund	$	630	$	—	$	87	$	717
California Intermediate Tax Free Fund		1,109		—		67		1,176
California Tax Free Fund		762		—		135		897
Colorado Intermediate Tax Free Fund		873		—		214		1,087
Colorado Tax Free Fund		513		—		76		589
Intermediate Tax Free Fund		12,928		—		2,114		15,042
Minnesota Intermediate Tax Free Fund		3,885		—		520		4,405
Minnesota Tax Free Fund		3,809		—		933		4,742
Missouri Tax Free Fund		3,283		—		407		3,690
Nebraska Tax Free Fund		854		—		189		1,043
Ohio Tax Free Fund		862		—		143		1,005
Oregon Intermediate Tax Free Fund		2,437		—		82		2,519
Short Tax Free Fund		2,635		—		—		2,635
Tax Free Fund		11,854		—		2,968		14,822

First American Funds 2007 Semiannual Report   81

Notes toFinancial Statements  December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000)

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

As of June 30, 2007, the funds’ most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows:

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

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

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

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

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

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

82   First American Funds 2007 Semiannual Report

income tax purposes. At December 31, 2007, no fund had outstanding futures contracts.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. At December 31, 2007, the following funds had outstanding commitments to purchase securities on a when-issued or forward-commitment basis:

Fund	Cost
California Tax Free Fund	$	1,485
Intermediate Tax Free Fund		1,232
Minnesota Intermediate Tax Free Fund		200

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 December 31, 2007, no fund had investments in illiquid securities.

INVERSE FLOATERS – As part of their investment strategy, the funds may invest in certain securities for which the potential income return is inversely related to changes in a floating interest rate (“inverse floaters”). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Inverse floaters may be characterized as derivative securities and may subject a fund to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market values of such securities will generally be more volatile than those of fixed-rate, tax-exempt securities. To the extent the funds invest in inverse floaters, the net asset value of the funds’ shares may be more volatile than if the funds did not invest in such securities. As of and for the year ended December 31, 2007, no fund had investments in inverse floaters.

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the Securities and Exchange Commission, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended December 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 as designated by the board of directors. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee equal, on an annual basis, to 0.50% of the fund’s average daily net assets. FAF Advisors has agreed to

First American Funds 2007 Semiannual Report   83

Notes toFinancial Statements  December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000)

waive fees and reimburse other fund expenses at least through October 31, 2008, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			C			Y
Arizona Tax Free Fund		0.75	%		1.15	%		0.50	%
California Intermediate Tax Free Fund		0.70	*		NA			0.70
California Tax Free Fund		0.65	*		1.15			0.50
Colorado Intermediate Tax Free Fund		0.85			NA			0.70
Colorado Tax Free Fund		0.75			1.15			0.50
Intermediate Tax Free Fund		0.75	*		NA			0.70
Minnesota Intermediate Tax Free Fund		0.75	*		NA			0.70
Minnesota Tax Free Fund		0.85	*		1.35			0.70
Missouri Tax Free Fund		0.95			1.35			0.70
Nebraska Tax Free Fund		0.75			1.15			0.50
Ohio Tax Free Fund		0.75			1.15			0.50
Oregon Intermediate Tax Free Fund		0.85			NA			0.70
Short Tax Free Fund		0.75			NA			0.60
Tax Free Fund		0.75	*		1.35			0.70

NA = Not Applicable

*  Prior to September 1, 2007, FAF Advisors had contractually agreed to waive fees and reimburse other fund expenses so that the total annual Class A operating expenses, after waivers by the advisor and the distributor, did not exceed 0.85%, 0.75%, 0.85%, 0.85%, 0.95%, and 0.95% of average daily net assets for California Intermediate Tax Free Fund, California Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, and Tax Free Fund, respectively.

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

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

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

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

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

For the six-month period ended December 31, 2007, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned as follows:

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

DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under Rule 12b-1 of the Investment Company Act, each of the funds pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25% and 0.65% of each fund’s average daily net assets of

84   First American Funds 2007 Semiannual Report

Class A and Class C shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

Quasar is currently waiving a portion of its 12b-1 fees for Class A shares, limiting its fees to 0.15% of average daily net assets for California Intermediate Tax Free Fund, Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund. Effective September 1, 2007, FAF Advisors is waiving an additional amount of Class A 12b-1 fees equal to 0.15%, 0.10%, 0.10%, 0.10%, 0.10%, and 0.20% of average daily net assets of Class A shares for California Intermediate Tax Free Fund, California Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, and Tax Free Fund, respectively.

For the six-month period ended December 31, 2007, total distribution and shareholder servicing fees waived by Quasar for the funds included in this semiannual report were as follows:

Fund	Amount
California Intermediate Tax Free Fund	$	3
Colorado Intermediate Tax Free Fund		3
Intermediate Tax Free Fund		14
Minnesota Intermediate Tax Free Fund		10
Oregon Intermediate Tax Free Fund		4
Short Tax Free Fund		1

Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended December 31, 2007:

Fund	Amount
Arizona Tax Free Fund	$	1
California Intermediate Tax Free Fund		2
California Tax Free Fund		15
Colorado Intermediate Tax Free Fund		3
Colorado Tax Free Fund		4
Intermediate Tax Free Fund		12
Minnesota Intermediate Tax Free Fund		7
Minnesota Tax Free Fund		46
Missouri Tax Free Fund		27
Nebraska Tax Free Fund		5
Ohio Tax Free Fund		1
Oregon Intermediate Tax Free Fund		4
Short Tax Free Fund		2
Tax Free Fund		17

OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended December 31, 2007, legal fees and expenses of $43 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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

For the six-month period ended December 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
Arizona Tax Free Fund	$	—
California Intermediate Tax Free Fund		1
California Tax Free Fund		30
Colorado Intermediate Tax Free Fund		—
Colorado Tax Free Fund		—
Intermediate Tax Free Fund		3
Minnesota Intermediate Tax Free Fund		2
Minnesota Tax Free Fund		102
Missouri Tax Free Fund		8
Nebraska Tax Free Fund		8
Ohio Tax Free Fund		—
Oregon Intermediate Tax Free Fund		1
Short Tax Free Fund		—
Tax Free Fund		1

First American Funds 2007 Semiannual Report   85

Notes toFinancial Statements  December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000)

4 > Capital Share Transactions

FAIF has 362 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

							California
	Arizona						Intermediate						California
	Tax Free Fund						Tax Free Fund						Tax Free Fund
	Six-Month						Six-Month						Six-Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/07			6/30/07			12/31/07			6/30/07			12/31/07			6/30/07
Class A:
Shares issued		26			43			14			317			95			183
Shares issued in lieu of cash distributions		5			11			5			11			17			24
Shares redeemed		(130	)		(112	)		(40	)		(50	)		(133	)		(155	)
Total Class A transactions		(99	)		(58	)		(21	)		278			(21	)		52
Class C:
Shares issued		4			24			—			—			—			41
Shares issued in lieu of cash distributions		2			4			—			—			2			5
Shares redeemed		(34	)		(10	)		—			—			(27	)		(236	)
Total Class C transactions		(28	)		18			—			—			(25	)		(190	)
Class Y:
Shares issued		260			506			275			605			925			538
Shares issued in lieu of cash distributions		9			14			2			6			5			6
Shares redeemed		(144	)		(168	)		(820	)		(468	)		(577	)		(267	)
Total Class Y transactions		125			352			(543	)		143			353			277
Net increase (decrease) in capital shares		(2	)		312			(564	)		421			307			139

	Colorado
	Intermediate						Colorado						Intermediate
	Tax Free Fund						Tax Free Fund						Tax Free Fund
	Six-Month						Six-Month						Six-Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/07			6/30/07			12/31/07			6/30/07			12/31/07			6/30/07
Class A:
Shares issued		14			39			11			88			69			278
Shares issued in lieu of cash distributions		11			25			14			38			49			87
Shares redeemed		(154	)		(327	)		(187	)		(91	)		(281	)		(630	)
Total Class A transactions		(129	)		(263	)		(162	)		35			(163	)		(265	)
Class C:
Shares issued		—			—			1			15			—			—
Shares issued in lieu of cash distributions		—			—			5			12			—			—
Shares redeemed		—			—			(27	)		(35	)		—			—
Total Class C transactions		—			—			(21	)		(8	)		—			—
Class Y:
Shares issued		1,097			738			216			624			10,725			9,332
Shares issued in lieu of cash distributions		3			6			2			5			158			214
Shares redeemed		(292	)		(546	)		(228	)		(308	)		(8,227	)		(13,449	)
Total Class Y transactions		808			198			(10	)		321			2,656			(3,903	)
Net increase (decrease) in capital shares		679			(65	)		(193	)		348			2,493			(4,168	)

86   First American Funds 2007 Semiannual Report

	Minnesota
	Intermediate						Minnesota						Missouri
	Tax Free Fund						Tax Free Fund						Tax Free Fund
	Six-Month						Six-Month						Six-Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/07			6/30/07			12/31/07			6/30/07			12/31/07			6/30/07
Class A:
Shares issued		489			84			910			1,969			31			207
Shares issued in lieu of cash distributions		26			60			161			249			23			48
Shares redeemed		(584	)		(679	)		(1,412	)		(1,676	)		(83	)		(421	)
Total Class A transactions		(69	)		(535	)		(341	)		542			(29	)		(166	)
Class C:
Shares issued		—			—			296			481			—			25
Shares issued in lieu of cash distributions		—			—			25			29			1			1
Shares redeemed		—			—			(134	)		(152	)		—			—
Total Class C transactions		—			—			187			358			1			26
Class Y:
Shares issued		2,131			2,454			1,113			1,485			1,329			1,796
Shares issued in lieu of cash distributions		13			32			14			19			9			23
Shares redeemed		(2,000	)		(3,077	)		(1,687	)		(809	)		(1,221	)		(2,443	)
Total Class Y transactions		144			(591	)		(560	)		695			117			(624	)
Net increase (decrease) in capital shares		75			(1,126	)		(714	)		1,595			89			(764	)

													Oregon
	Nebraska						Ohio						Intermediate
	Tax Free Fund						Tax Free Fund						Tax Free Fund
	Six-Month						Six-Month						Six-Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/07			6/30/07			12/31/07			6/30/07			12/31/07			6/30/07
Class A:
Shares issued		13			63			—			34			14			105
Shares issued in lieu of cash distributions		10			16			1			1			8			20
Shares redeemed		(74	)		(60	)		(25	)		(39	)		(98	)		(280	)
Total Class A transactions		(51	)		19			(24	)		(4	)		(76	)		(155	)
Class C:
Shares issued		41			40			—			—			—			—
Shares issued in lieu of cash distributions		2			3			—			—			—			—
Shares redeemed		(17	)		(36	)		—			(2	)		—			—
Total Class C transactions		26			7			—			(2	)		—			—
Class Y:
Shares issued		84			606			439			690			1,001			1,281
Shares issued in lieu of cash distributions		7			11			15			28			9			35
Shares redeemed		(353	)		(497	)		(272	)		(569	)		(783	)		(1,455	)
Total Class Y transactions		(262	)		120			182			149			227			(139	)
Net increase (decrease) in capital shares		(287	)		146			158			143			151			(294	)

	Short
	Tax Free Fund						Tax Free Fund
	Six-Month						Six-Month
	Period			Year			Period			Year
	Ended			Ended			Ended			Ended
	12/31/07			6/30/07			12/31/07			6/30/07
Class A:
Shares issued		2			109			292			677
Shares issued in lieu of cash distributions		4			8			61			118
Shares redeemed		(11	)		(212	)		(416	)		(651	)
Total Class A transactions		(5	)		(95	)		(63	)		144
Class C:
Shares issued		—			—			35			48
Shares issued in lieu of cash distributions		—			—			3			6
Shares redeemed		—			—			(17	)		(25	)
Total Class C transactions		—			—			21			29
Class Y:
Shares issued		2,879			2,180			5,297			14,149
Shares issued in lieu of cash distributions		14			41			112			166
Shares redeemed		(4,226	)		(9,940	)		(9,870	)		(6,220	)
Total Class Y transactions		(1,333	)		(7,719	)		(4,461	)		8,095
Net increase (decrease) in capital shares		(1,338	)		(7,814	)		(4,503	)		8,268

First American Funds 2007 Semiannual Report   87

Notes toFinancial Statements  December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000)

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

5 > Investment Security Transactions

During the six-month period ended December 31, 2007, purchases of securities and proceeds from sales of securities, other than government securities and temporary investments in short-term securities, were as follows:

Fund	Purchases		Sales
Arizona Tax Free Fund	$	6,823	$	4,774
California Intermediate Tax Free Fund		6,210		12,280
California Tax Free Fund		11,160		10,532
Colorado Intermediate Tax Free Fund		13,392		7,335
Colorado Tax Free Fund		4,907		6,739
Intermediate Tax Free Fund		65,104		60,371
Minnesota Intermediate Tax Free Fund		17,419		18,160
Minnesota Tax Free Fund		31,606		36,378
Missouri Tax Free Fund		15,497		16,324
Nebraska Tax Free Fund		359		3,532
Ohio Tax Free Fund		6,323		4,943
Oregon Intermediate Tax Free Fund		12,126		10,377
Short Tax Free Fund		30,643		59,860
Tax Free Fund		131,219		165,132

The aggregate gross unrealized appreciation and depreciation for securities held by the funds and the total cost of securities for federal income tax purposes at December 31, 2007, were as follows:

	Aggregate		Aggregate					Federal
	Gross		Gross					Income
Fund	Appreciation		Depreciation			Net		Tax Cost
Arizona Tax Free Fund	$	800	$	(509	)	$	291	$	28,633
California Intermediate Tax Free Fund		1,456		(286	)		1,170		52,293
California Tax Free Fund		1,117		(269	)		848		41,420
Colorado Intermediate Tax Free Fund		1,676		(312	)		1,364		46,879
Colorado Tax Free Fund		842		(581	)		261		22,320
Intermediate Tax Free Fund		24,068		(3,639	)		20,429		588,654
Minnesota Intermediate Tax Free Fund		5,883		(1,509	)		4,374		185,183
Minnesota Tax Free Fund		5,058		(4,287	)		771		163,900
Missouri Tax Free Fund		4,426		(2,947	)		1,479		153,986
Nebraska Tax Free Fund		762		(572	)		190		37,255
Ohio Tax Free Fund		1,003		(459	)		544		44,126
Oregon Intermediate Tax Free Fund		3,143		(868	)		2,275		117,052
Short Tax Free Fund		1,212		(240	)		972		149,067
Tax Free Fund		14,362		(12,960	)		1,402		511,710

6 > Concentration of Credit Risk

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

7 > Indemnifications

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

8 > New Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The funds have adopted FIN 48 and as of December 31, 2007, the funds did not have any tax positions that did not meet the “more-likely-than-not threshold” of being sustained by the applicable tax authority.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of December 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.

88   First American Funds 2007 Semiannual Report

Notice toShareholders  December 31, 2007 (unaudited)

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

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

FORM N-Q HOLDINGS INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

First American Funds 2007 Semiannual Report   89

Board of DirectorsFirst 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.

(This page intentionally left blank.)

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

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.

0040-08 2/2008 SAR-TAXFREEINCOME

Table of Contents

First American Funds Online	1
Holdings Summaries	2
Expense Examples	5
Schedule of Investments	9
Statements of Assets and Liabilities	44
Statements of Operations	48
Statements of Changes in Net Assets	50
Financial Highlights	52
Notes to Financial Statements	62
Notice to Shareholders	73

Mutual fund investing involves risk; principal loss is possible.

 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

FIRST AMERICAN INVESTMENT FUNDS, INC.

PROSPECTUS SUPPLEMENT DATED JANUARY 22, 2008

This information supplements the Income Funds Prospectus of First American Investment Funds, Inc., dated October 29, 2007 (the “Prospectus”). This supplement replaces and supersedes the prospectus supplement dated January 17, 2008. This supplement and the Prospectus constitute a current Prospectus. To request a copy of a Prospectus, please call 800 677-FUND.

Effective January 17, 2008, the following replaces the paragraph regarding eligibility to invest in Class Y shares under “Policies and Services — Purchasing, Redeeming, and Exchanging Shares — Choosing a Share Class — Eligibility to Invest in Class R and Class Y Shares”:

Class Y shares are offered to group retirement and employee benefit plans and to certain persons who are charged fees for advisory, investment, consulting or similar services by a financial intermediary or other service provider. Such persons may include, but are not limited to, individuals, corporations, and endowments.

The following replaces “Policies and Services — Purchasing, Redeeming, and Exchanging Shares — Determining Your Share Price — Class A Shares — Purchasing Class A Shares Without a Sales Charge”:

The following persons may purchase a fund’s Class A shares at net asset value without a sales charge:

  •  directors, advisory board members, full-time employees and retirees of the advisor and its affiliates.

  •  current and retired officers and directors of the funds.

  •  full-time employees of any broker-dealer authorized to sell fund shares.

  •  full-time employees of the fund’s counsel.

  •  members of the immediate families of any of the foregoing (i.e., a spouse or domestic partner and any dependent children).

  •  persons who purchase the funds through “one-stop” mutual fund networks through which the funds are made available.

  •  persons participating in a fee-based program sponsored and maintained by a registered broker-dealer.

  •  trust companies and bank trust departments acting in a fiduciary, advisory, agency, custodial or similar capacity.

  •  group retirement and employee benefit plans.

You must notify the funds or your financial intermediary if you are eligible to purchase Class A shares without a sales charge.

Effective immediately, information regarding the portfolio managers primarily responsible for the management of High Income Bond Fund, as set forth in the Prospectus under the heading “Additional Information — Management — Portfolio Management,” is replaced by the following:

High Income Bond Fund. John T. Fruit has served as the primary portfolio manager for the fund since October 2006 and had previously co-managed the fund since November 2005. Gregory A. Hanson has co-managed the fund since March 2006. Jeffrey T. Schmitz has co-managed the fund since January 2008.

Information regarding the portfolio manager biographies, as set forth in the Prospectus under the heading “Additional Information — Management — Portfolio Manager Biographies,” includes the following:

Jeffrey T. Schmitz, CFA, Senior Credit Analyst, entered the financial services industry in 1987. Prior to joining FAF Advisors in 2006, Mr. Schmitz worked as a senior credit research analyst at Deephaven Capital Management, as a trading risk manager at Cargill Financial Services, and in various risk oversight roles with the Office of the Comptroller of the Currency.

(This page intentionally left blank.)

First American Funds Online

@ firstamericanfunds.com

Visit the First American Funds website for useful information on each of our funds, including fund prices, performance, fund management bios, dividends, and downloadable fact sheets.

(WEBSITE GRAPHIC)

Online features and functionality include:

-   The ability to deepen your understanding of the fund family by learning about the full range of investment choices available to you through First American Funds

-   The ability to educate yourself through market and investment strategy commentaries

We stand behind our commitment to serve you with excellence. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.

First American Funds 2007 Semiannual Report   1

Holdings Summaries

Core Bond Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

U.S. Government Agency Mortgage-Backed Securities	29	.8%
Asset-Backed Securities	25	.0
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	17	.4
Corporate Bonds	14	.0
U.S. Government & Agency Securities	9	.7
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	3	.1
Preferred Stock	0	.3
Short-Term Investments	0	.9
Other Assets and Liabilities, Net3	(0	.2)
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	81	.4%
AA	4	.1
A	4	.1
BBB	7	.9
BB	0	.6
B	0	.3
Non-Rated	1	.6
	100	.0%

High Income Bond Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

High Yield Corporate Bonds	83	.2%
Preferred Stocks	4	.1
Closed-End Funds	3	.3
Investment Grade Corporate Bonds	2	.8
Convertible Securities	2	.0
Common Stocks	0	.8
Asset-Backed Security	0	.0
Short-Term Investments	2	.8
Other Assets and Liabilities, Net3	1	.0
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

A	1	.3%
BBB	4	.8
BB	29	.4
B	44	.6
CCC	18	.3
Non-Rated	1	.6
	100	.0%

Inflation Protected Securities Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

U.S. Government & Agency Securities	84	.1%
Corporate Bonds	4	.4
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	4	.2
Asset-Backed Securities	4	.0
U.S. Government Agency Mortgage-Backed Securities	0	.6
Common Stocks	0	.5
Convertible Securities	0	.4
Municipal Bond	0	.3
Preferred Stock	0	.2
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security	0	.1
Short-Term Investments	1	.1
Other Assets and Liabilities, Net3	0	.1
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	95	.3%
AA	1	.4
A	1	.2
BBB	1	.2
BB	0	.4
B	0	.5
	100	.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	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 Semiannual Report

Intermediate Government Bond Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

U.S. Government & Agency Securities	95	.6%
Short-Term Investment	2	.4
Other Assets and Liabilities, Net3	2	.0
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA 100 .0%

Intermediate Term Bond Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Asset-Backed Securities	31	.4%
Corporate Bonds	24	.0
U.S. Government & Agency Securities	16	.2
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	14	.6
U.S. Government Agency Mortgage-Backed Securities	8	.1
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	3	.7
Preferred Stock	0	.3
Municipal Bond	0	.3
Short-Term Investments	1	.0
Other Assets and Liabilities, Net3	0	.4
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	72	.4%
AA	4	.2
A	7	.3
BBB	13	.7
BB	0	.6
Non-Rated	1	.8
	100	.0%

Short Term Bond Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

Asset-Backed Securities	44	.8%
Corporate Bonds	18	.0
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	17	.9
U.S. Government Agency Mortgage-Backed Securities	11	.5
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	4	.7
U.S. Government & Agency Security	0	.4
Short-Term Investments	2	.1
Other Assets and Liabilities, Net3	0	.6
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	77	.8%
AA	5	.0
A	7	.0
BBB	7	.8
BB	1	.4
B	1	.0
	100	.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	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 Semiannual Report   3

Holdings Summaries  concluded

Total Return Bond Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

U.S. Government Agency Mortgage-Backed Securities	22	.6%
Asset-Backed Securities	21	.2
Corporate Bonds	17	.7
U.S. Government & Agency Securities	16	.9
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	16	.0
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	2	.6
Preferred Stocks	0	.6
Common Stocks	0	.4
Convertible Securities	0	.2
Municipal Bond	0	.2
Short-Term Investments	1	.5
Other Assets and Liabilities, Net3	0	.1
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	79	.8%
AA	4	.4
A	3	.5
BBB	7	.5
BB	2	.4
B	2	.0
Not-Rated	0	.4
	100	.0%

U.S. Government Mortgage Fund

Portfolio Allocation as of December 31, 2007¹ (% of net assets)

U.S. Government Agency Mortgage-Backed Securities	89	.7%
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	23	.7
Asset-Backed Securities	11	.4
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	2	.0
Short-Term Investments	1	.0
Other Assets and Liabilities, Net3	(27	.8)
	100	.0%

Bond Credit Quality as of December 31, 2007² (% of market value)

AAA	94	.4%
AA	4	.9
A	0	.1
BBB	0	.6
	100	.0%

1	Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	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 Semiannual Report

Expense Examples

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

Core Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual2	$	1,000.00	$	1,051.10	$	4.90
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82
Class B Actual2	$	1,000.00	$	1,047.60	$	8.75
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.59	$	8.62
Class C Actual2	$	1,000.00	$	1,048.30	$	8.75
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.59	$	8.62
Class R Actual2	$	1,000.00	$	1,050.70	$	6.19
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.09
Class Y Actual2	$	1,000.00	$	1,053.40	$	3.61
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2007 of 5.11%, 4.76%, 4.83%, 5.07%, and 5.34% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2007 Semiannual Report   5

Expense Examples  continued

High Income Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual2	$	1,000.00	$	988.20	$	5.50
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58
Class B Actual2	$	1,000.00	$	983.30	$	9.22
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.84	$	9.37
Class C Actual2	$	1,000.00	$	983.40	$	9.22
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.84	$	9.37
Class R Actual2	$	1,000.00	$	986.10	$	6.74
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.85
Class Y Actual2	$	1,000.00	$	988.40	$	4.25
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.10%, 1.85%, 1.85%, 1.35%, and 0.85% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2007 of -1.18%, -1.67%, -1.66%, -1.39%, and -1.16% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Inflation Protected Securities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual4	$	1,000.00	$	1,085.70	$	4.46
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32
Class C Actual4	$	1,000.00	$	1,081.90	$	8.37
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.09	$	8.11
Class R Actual4	$	1,000.00	$	1,084.40	$	5.76
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58
Class Y Actual4	$	1,000.00	$	1,087.10	$	3.15
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.12	$	3.05

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85%, 1.60%, 1.10%, and 0.60% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2007 of 8.57%, 8.19%, 8.44%, and 8.71% for Class A, Class C, Class R, and Class Y, respectively.

Intermediate Government Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual6	$	1,000.00	$	1,066.40	$	3.90
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81
Class Y Actual6	$	1,000.00	$	1,067.20	$	3.12
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.12	$	3.05

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
6	Based on the actual returns for the six-month period ended December 31, 2007 of 6.64% and 6.72% for Class A and Class Y, respectively.

6   First American Funds 2007 Semiannual Report

Intermediate Term Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/2007 to
	Value (7/01/2007)		Value (12/31/07)		12/31/07)
Class A Actual2	$	1,000.00	$	1,051.10	$	4.38
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32
Class Y Actual2	$	1,000.00	$	1,052.10	$	3.61
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2007 of 5.11% and 5.21% for Class A and Class Y, respectively.

Short Term Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual4	$	1,000.00	$	1,036.90	$	3.84
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81
Class Y Actual4	$	1,000.00	$	1,036.70	$	3.07
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.12	$	3.05

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2007 of 3.69% and 3.67% for Class A and Class Y, respectively.

Total Return Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual6	$	1,000.00	$	1,054.90	$	5.11
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.03
Class B Actual6	$	1,000.00	$	1,051.10	$	8.97
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.39	$	8.82
Class C Actual6	$	1,000.00	$	1,051.30	$	8.97
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.39	$	8.82
Class R Actual6	$	1,000.00	$	1,054.30	$	6.40
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.29
Class Y Actual6	$	1,000.00	$	1,056.20	$	3.82
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.76

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.99%, 1.74%, 1.74%, 1.24%, and 0.74% 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/366 (to reflect the one-half year period).
6	Based on the actual returns for the six-month period ended December 31, 2007 of 5.49%, 5.11%, 5.13%, 5.43%, and 5.62% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2007 Semiannual Report   7

Expense Examples  concluded

U.S. Government Mortgage Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/07 to
	Value (7/01/07)		Value (12/31/07)		12/31/07)
Class A Actual2	$	1,000.00	$	1,040.20	$	4.87
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82
Class B Actual2	$	1,000.00	$	1,036.20	$	8.70
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.59	$	8.62
Class C Actual2	$	1,000.00	$	1,036.50	$	8.70
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.59	$	8.62
Class R Actual2	$	1,000.00	$	1,039.00	$	6.15
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.09
Class Y Actual2	$	1,000.00	$	1,041.50	$	3.59
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2007 of 4.02%, 3.62%, 3.65%, 3.90%, and 4.15% for Class A, Class B, Class C, Class R, and Class Y, respectively.

8   First American Funds 2007 Semiannual Report

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Core Bond Fund
DESCRIPTION	PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 29.8%
Adjustable Rate (a) – 3.8%
Federal Home Loan Mortgage Corporation Pool
6.620%, 05/01/2025, #846757		253		256
6.422%, 04/01/2029, #847190		1,609		1,642
6.681%, 03/01/2030, #847180 (b)		2,179		2,196
6.570%, 07/01/2030, #847240		2,439		2,465
6.380%, 06/01/2031, #846984		865		870
5.771%, 07/01/2036, #1K1238 (b)		11,162		11,310
5.597%, 05/01/2037, #1H1396 (b)		15,794		15,940
Federal National Mortgage Association Pool
6.675%, 08/01/2030, #555843 (b)		6,008		6,199
6.000%, 03/01/2031, #545359		500		506
6.891%, 09/01/2033, #725553		2,133		2,191
5.270%, 11/01/2034, #735054 (b)		10,838		10,961
5.856%, 09/01/2037, #946441 (b)		9,620		9,763
				64,299
Fixed Rate – 26.0%
Federal Home Loan Mortgage Corporation Pool
4.000%, 04/01/2008, #M90808		4,964		4,943
4.000%, 10/01/2010, #M80855 (b)		9,542		9,354
4.500%, 03/01/2018, #P10023		2,598		2,604
4.500%, 05/01/2018, #P10032 (b)		5,013		5,023
5.000%, 05/01/2018, #E96700 (b)		9,119		9,142
5.500%, 07/01/2022, #G12710 (b)		9,557		9,672
6.500%, 01/01/2028, #G00876		1,062		1,103
6.500%, 11/01/2028, #C00676		2,148		2,226
6.500%, 12/01/2028, #C00689		1,545		1,601
6.500%, 04/01/2029, #C00742		886		918
6.500%, 07/01/2031, #A17212 (b)		4,394		4,544
6.000%, 11/01/2033, #A15521		3,318		3,375
7.000%, 08/01/2037, #H09059 (b)		11,097		11,450
5.995%, 09/01/2037, #1G2163 (b)		10,469		10,638
7.000%, 09/01/2037, #H01292		5,074		5,235
Federal National Mortgage Association Pool
3.790%, 07/01/2013, #386314 (b)		24,175		23,303
5.500%, 02/01/2014, #440780		1,874		1,900
7.000%, 02/01/2015, #535206		475		495
7.000%, 08/01/2016, #591038		648		674
5.500%, 12/01/2017, #673010		3,937		3,996
5.000%, 06/01/2018, #555545 (b)		6,215		6,230
5.000%, 11/01/2018, #750989 (b)		14,736		14,773
4.500%, 01/01/2019, #755666		3,689		3,630
5.000%, 11/01/2019, #725934		3,034		3,040
5.500%, 01/01/2020, #735386 (b)		6,861		6,963
5.500%, 06/01/2020, #735792		5,836		5,922
6.000%, 10/01/2022, #254513 (b)		3,905		3,988
5.500%, 01/01/2025, #255575 (b)		8,910		8,959
5.500%, 02/01/2025, #255628 (b)		12,796		12,866
5.500%, 10/01/2025, #255956 (b)		16,162		16,240
7.000%, 04/01/2026, #340798		414		436
7.000%, 05/01/2026, #250551		419		441
6.000%, 08/01/2027, #256852 (b)		9,803		9,983
6.500%, 02/01/2029, #252255		1,819		1,885
6.500%, 12/01/2031, #254169		4,460		4,574
6.000%, 04/01/2032, #745101 (b)		10,096		10,387
7.000%, 07/01/2032, #254379		2,490		2,622
7.000%, 07/01/2032, #545813		1,052		1,109
7.000%, 07/01/2032, #545815		666		701
6.000%, 09/01/2032, #254447 (b)		4,523		4,608
6.000%, 03/01/2033, #688330 (b)		6,961		7,092
5.500%, 04/01/2033, #694605 (b)		8,977		8,984
6.500%, 05/01/2033, #555798 (b)		5,698		5,893
5.500%, 06/01/2033, #843435		6,356		6,367
5.500%, 07/01/2033, #709446 (b)		10,525		10,533
5.500%, 07/01/2033, #728667		3,708		3,710
5.500%, 08/01/2033, #733380 (b)		9,994		10,001
5.500%, 10/01/2033, #555800 (b)		15,370		15,381
6.000%, 11/01/2033, #772130		713		725
6.000%, 11/01/2033, #772256		1,057		1,075
6.000%, 12/01/2033, #756200 (b)		2,760		2,809
5.500%, 01/01/2034 (c)		7,750		7,740
5.000%, 03/01/2034, #725205 (b)		7,332		7,165
5.000%, 03/01/2034, #725248 (b)		3,629		3,546
5.000%, 03/01/2034, #725250 (b)		6,611		6,460
5.500%, 04/01/2034, #725424 (b)		9,375		9,382
5.500%, 05/01/2034, #357571 (b)		12,307		12,307
5.000%, 06/01/2034, #782909		2		2
6.500%, 06/01/2034, #735273 (b)		8,606		8,897
5.500%, 08/01/2034, #745563 (b)		11,795		11,803
6.000%, 10/01/2034, #781776		1,825		1,856
6.500%, 04/01/2036, #831377		5,882		6,047
6.500%, 04/01/2036, #852909		5,694		5,854
6.500%, 07/01/2036, #831683 (b)		8,315		8,548
6.000%, 08/01/2036, #885536 (b)		6,971		7,080
6.500%, 08/01/2036, #893318 (b)		7,220		7,422
6.000%, 09/01/2036, #900555 (b)		13,903		14,149
6.500%, 09/01/2036, #831799 (b)		9,036		9,290
6.000%, 09/01/2037, #256890 (b)		6,315		6,360
Government National Mortgage Association Pool
4.750%, 08/20/2023, #008259		2		2
7.500%, 11/15/2030, #537699 (b)		431		460
				438,493
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $501,831)				502,792
Asset-Backed Securities – 25.0%
Automotive – 2.5%
FTN Financial Auto Securitization Trust
Series 2004-A, Class A
2.550%, 06/15/2010 (d)		1,431		1,431
Harley-Davidson Motorcycle Trust
Series 2005-4, Class A2
4.850%, 06/15/2012		7,325		7,337
Hertz Vehicle Financing
Series 2005-2A, Class A6
5.080%, 11/25/2011 (d)		14,690		14,792
Volkswagen Auto Loan Enhanced Trust
Series 2005-1, Class A4
4.860%, 04/20/2012		18,400		18,442
				42,002
Credit Cards – 3.7%
American Express Issuance Trust
Series 2005-1, Class C
5.358%, 08/15/2011 (a)		4,125		3,964
Bank of America Credit Card Trust
Series 2007-A8, Class A8
5.590%, 11/17/2014		25,470		26,461
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
5.750%, 07/15/2020		6,350		6,389
Citibank Credit Card Issuance Trust
Series 2006-A4, Class A4
5.450%, 05/10/2013		11,485		11,864
Discover Card Master Trust
Series 2007-C1, Class C1
5.348%, 01/15/2013 (a)		4,150		3,991

First American Funds 2007 Semiannual Report   9

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Core Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Series 2007-A1, Class A1
5.650%, 03/16/2020	$	6,600	$	6,592
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
5.491%, 05/15/2014 (a) (d)		4,075		3,915
				63,176
Home Equity – 0.1%
Amresco Residential Security Mortgage
Series 1997-3, Class A9
6.960%, 03/25/2027		55		55
Countrywide Asset-Backed Certificates
Series 2003-SC1, Class M2
7.331%, 09/25/2023 (a)		778		697
Saxon Asset Securities Trust
Series 2004-1, Class A
5.405%, 03/25/2035 (a)		178		160
				912
Other – 17.8%
Banc of America Commercial Mortgage
Series 2004-5, Class A3
4.561%, 11/10/2041		14,830		14,733
Series 2006-2, Class A4
5.740%, 05/10/2045 (a)		4,085		4,222
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class A4
5.405%, 12/11/2040		10,185		10,187
Series 2007-T28, Class D
5.992%, 09/11/2042 (a) (d)		3,165		2,665
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		4,700		4,695
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 (d)		9,225		9,318
Series 2004-RS1, Class A
4.018%, 03/03/2041 (d)		4,358		4,238
Series 2005-LP5, Class A2
4.630%, 05/10/2043		14,021		13,918
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 (d)		7,375		7,338
GE Capital Commercial Mortgage Corporation
Series 2005-C3, Class A2
4.853%, 07/10/2045		11,590		11,543
Global Signal Trust
Series 2004-2A, Class A
4.232%, 12/15/2014 (d)		11,480		11,351
Series 2006-1, Class C
5.707%, 02/15/2036 (d)		8,093		8,090
GMAC Commercial Mortgage Securities
Series 2004-C2, Class A1
3.896%, 08/10/2038		5,096		5,048
Series 2005-C1, Class A2
4.471%, 05/10/2043		19,200		19,000
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
3.285%, 07/05/2035		14,170		13,915
Series 2007-GG11, Class AJ
6.003%, 12/10/2049 (a)		8,685		8,520
GS Mortgage Securities II
Series 2007-GG10, Class A4
5.799%, 08/10/2045 (a) (b)		14,510		15,007
Series 2006-RR2, Class A1
5.686%, 06/23/2046 (a) (d)		10,840		9,704
Series 2006-RR3, Class A1S
5.659%, 07/18/2056 (a) (d)		10,390		8,863
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044		2,750		2,651
Series 2007-CB20, Class AJ
6.099%, 02/12/2051 (a)		2,600		2,566
LB-UBS Commercial Mortgage Trust
Series 2003-C3, Class A2
3.086%, 05/15/2027		19,520		19,374
Series 2005-C7, Class A2
5.103%, 11/15/2030		12,790		12,811
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.129%, 07/12/2038 (a)		3,102		2,908
Series 2005-LC1, Class AM
5.266%, 01/12/2044 (a)		5,938		5,831
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class AM
5.957%, 08/12/2049 (a)		7,670		7,967
Morgan Stanley Capital I
Series 2005-HQ6, Class B
5.152%, 08/13/2042 (a)		1,340		1,275
Series 2005-HQ6, Class C
5.172%, 08/13/2042 (a)		1,270		1,201
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		12,505		13,037
Small Business Administration
Series 2005-P10B, Class 1
4.940%, 08/10/2015		9,238		9,203
Series 2006-P10B, Class 1
5.681%, 08/10/2016		16,810		16,909
Wachovia Bank Commercial Mortgage Trust
Series 2005-C19, Class A5
4.661%, 05/15/2044		13,390		13,048
Series 2007-C34, Class AJ
5.952%, 05/15/2046 (a)		5,184		5,064
Series 2007-C33, Class AJ
5.903%, 02/15/2051		4,945		4,817
				301,017
Utilities – 0.9%
Centerpoint Energy Transition
Series 2005-A, Class A5
5.302%, 08/01/2020		3,200		3,080
PG & E Energy Recovery Funding
Series 2005-2, Class A2
5.030%, 03/25/2014		11,705		11,850
				14,930
Total Asset-Backed Securities
(Cost $422,500)				422,037

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

10   First American Funds 2007 Semiannual Report

Core Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 17.4%
Adjustable Rate (a) – 7.8%
Citigroup Mortgage Loan Trust
Series 2005-7, Class 2A1A
4.863%, 09/25/2035	$	9,952	$	9,927
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
5.144%, 12/20/2046		6,674		6,276
Countrywide Home Loans
Series 2004-2, Class 2A1
5.273%, 02/25/2034		3,304		3,292
Series 2006-HYB5, Class 3A1A
5.970%, 09/20/2036		14,244		14,012
GMAC Mortgage Corporation Loan Trust
Series 2003-AR2, Class 4A1
4.735%, 12/19/2033		10,857		10,646
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
5.205%, 03/19/2037		11,079		10,402
Series 2007-4, Class 2A1
4.963%, 07/19/2047		12,621		11,902
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
5.352%, 03/25/2035		2,151		2,133
JPMorgan Alternative Loan Trust
Series 2007-S1, Class A1
5.145%, 04/25/2047		5,028		4,652
JPMorgan Mortgage Trust
Series 2005-A1, Class 3A2
5.370%, 02/25/2035		6,237		6,149
Series 2006-A7, Class 3A4
5.946%, 01/25/2037		1,760		1,721
Residential Funding Mortgage Securities I
Series 2006-SA2, Class 4A1
5.877%, 08/25/2036		12,007		11,867
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-11, Class A
7.195%, 08/25/2034		553		552
Wachovia Mortgage Loan Trust
Series 2005-B, Class 1A1
4.952%, 10/20/2035		7,297		7,294
Washington Mutual
Series 2004-AR7, Class A6
3.941%, 07/25/2034		12,035		11,896
Series 2007-HY2, Class 3A2
5.942%, 09/25/2036		2,193		2,188
Wells Fargo Mortgage Backed Securities Trust
Series 2003-D, Class A1
5.354%, 02/25/2033		2,853		2,844
Series 2004-N, Class A3
4.137%, 08/25/2034		2,146		2,138
Series 2006-AR1, Class 2A2
5.554%, 03/25/2036		11,582		11,460
				131,351
Fixed Rate – 9.6%
ABN AMRO Mortgage
Series 2003-7, Class A1
4.750%, 07/25/2018		16,176		15,684
Banc of America Funding
Series 2007-4, Class 1A2
5.500%, 06/25/2037		3,280		3,253
Banc of America Mortgage Securities
Series 2003-6, Class 1A30
4.750%, 08/25/2033		7,350		7,307
BCAP LLC Trust
Series 2006-RR1, Class PB
5.000%, 11/25/2036		10,925		10,685
Chase Mortgage Finance
Series 2004-S3, Class 3A1
6.000%, 03/25/2034		7,060		7,121
Countrywide Alternative Loan Trust
Series 2004-12CB, Class 1A1
5.000%, 07/25/2019		6,086		6,019
Series 2004-2CB, Class 1A1
4.250%, 03/25/2034		3,759		3,695
Series 2004-24CB, Class 1A1
6.000%, 11/25/2034		4,760		4,757
Series 2006-19CB, Class A15
6.000%, 08/25/2036		4,738		4,702
Countrywide Home Loans
Series 2007-17, Class 1A1
6.000%, 10/25/2037		14,564		14,519
Credit Suisse First Boston Mortgage Securities
Series 2005-3, Class 5A1
5.500%, 07/25/2020		6,854		6,907
Series 2003-8, Class DB1
6.238%, 04/25/2033		5,049		5,100
First Horizon Mortgage Pass-Through Trust
Series 2004-4, Class 2A1
4.500%, 07/25/2019		1,918		1,914
GMAC Mortgage Corporation Loan Trust
Series 2004-J5, Class A7
6.500%, 01/25/2035		7,907		7,890
GSR Mortgage Loan Trust
Series 2004-10F, Class 3A1
5.500%, 08/25/2019		5,989		6,047
Master Alternative Loans Trust
Series 2005-2, Class 1A3
6.500%, 03/25/2035		3,012		3,003
Master Asset Securitization Trust
Series 2003-6, Class 3A1
5.000%, 07/25/2018		7,460		7,509
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
6.142%, 11/25/2034		5,551		5,640
Residential Asset Mortgage Products
Series 2003-SL1, Class M1
7.316%, 04/25/2031		8,074		8,139
Series 2004-SL4, Class A3
6.500%, 07/25/2032		3,200		3,177
Washington Mutual
Series 2004-CB1, Class 1A
5.250%, 06/25/2019		9,751		9,732
Wells Fargo Mortgage Backed Securities Trust
Series 2003-14, Class A1
4.750%, 12/25/2018		7,616		7,526
Series 2007-13, Class A8
6.000%, 09/25/2037		11,771		11,732
Westam Mortgage Financial
Series 11, Class A
6.360%, 08/26/2020 (e)		52		52
				162,110
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
(Cost $294,304)				293,461

First American Funds 2007 Semiannual Report   11

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Core Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Corporate Bonds – 14.0%
Banking – 2.4%
Bank of America
5.750%, 12/01/2017	$	9,035	$	9,056
Citigroup
6.125%, 11/21/2017		7,105		7,298
Citigroup Capital XXI
8.300%, 12/21/2057 (a)		3,155		3,294
First National Bank of Chicago
8.080%, 01/05/2018		1,324		1,573
JPMorgan Chase
5.150%, 10/01/2015		5,660		5,459
JPMorgan Chase Capital XX
Series T
6.550%, 09/29/2036		2,510		2,265
Lloyds
6.267%, 12/31/2049 (a) (d)		5,000		4,536
Wells Fargo
5.625%, 12/11/2017		4,300		4,302
Wells Fargo Capital X
5.950%, 12/15/2036		2,760		2,576
				40,359
Basic Industry – 0.9%
Celulosa Arauco y Constitucion
5.625%, 04/20/2015		3,000		2,930
Georgia-Pacific
7.125%, 01/15/2017 (b) (d)		1,500		1,459
Southern Copper
7.500%, 07/27/2035		2,640		2,796
Teck Cominco Limited
6.125%, 10/01/2035		2,785		2,573
U.S. Steel
7.000%, 02/01/2018		3,650		3,626
Vale Overseas
6.250%, 01/11/2016		2,380		2,384
				15,768
Brokerage – 1.6%
Goldman Sachs Capital II
5.793%, 12/29/2049 (a)		2,415		2,150
Goldman Sachs Group
6.750%, 10/01/2037		3,685		3,611
Lehman Brothers Holdings
5.750%, 01/03/2017		4,495		4,318
Merrill Lynch
6.050%, 05/16/2016		6,285		6,175
Morgan Stanley
5.375%, 10/15/2015		8,270		8,040
UBS Preferred Funding Trust V
6.243%, 05/29/2049 (a)		2,525		2,431
				26,725
Capital Goods – 0.2%
Siemens Financiering
6.125%, 08/17/2026 (d)		3,070		3,040
Communications – 1.0%
AT&T
6.300%, 01/15/2038		2,145		2,179
News America
6.650%, 11/15/2037 (d)		3,590		3,703
Telecom Italia Capital
4.000%, 11/15/2008		5,765		5,691
Telefonica Emisones
6.221%, 07/03/2017 (b)		2,360		2,452
Vodafone Group
6.150%, 02/27/2037		2,000		1,975
				16,000
Consumer Cyclical – 0.4%
Duty Free International
7.000%, 01/15/2004 (e) (f) (g)		2,191		—
Home Depot
5.875%, 12/16/2036		3,570		3,013
Viacom
6.875%, 04/30/2036		4,105		4,116
				7,129
Consumer Non Cyclical – 1.0%
AmerisourceBergen
5.625%, 09/15/2012		6,000		6,085
Cardinal Health
6.750%, 02/15/2011		7,500		7,877
Constellation Brands
7.250%, 05/15/2017 (d)		1,600		1,480
Covidien International
6.000%, 10/15/2017 (d)		2,000		2,070
				17,512
Electric – 1.9%
Energy Future Holdings
10.875%, 11/01/2017 (d)		1,500		1,507
Florida Power & Light
5.650%, 02/01/2037 (b)		4,160		4,037
MidAmerican Energy Holdings
6.125%, 04/01/2036		5,185		5,173
Ohio Power, Series K
6.000%, 06/01/2016		4,100		4,144
Oncor Electric Delivery
7.000%, 05/01/2032		5,115		5,309
Pacific Gas & Electric
6.500%, 03/01/2034		4,650		4,642
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 (d)		4,315		4,315
Virginia Electric Power
5.950%, 09/15/2017		2,880		2,969
				32,096
Energy – 0.5%
Encana
6.500%, 02/01/2038		1,755		1,814
Tengizcheveroil Finance
6.124%, 11/15/2014 (b) (d)		4,655		4,387
TNK-BP Finance
7.875%, 03/13/2018 (d)		2,395		2,365
				8,566
Finance – 1.1%
American General Finance
3.875%, 10/01/2009		5,545		5,481
SLM, Series MTN
5.400%, 10/25/2011		4,705		4,288
Transcapitalinvest
5.670%, 03/05/2014 (d)		8,475		8,120
				17,889
Insurance – 0.6%
Allied World Assurance
7.500%, 08/01/2016		6,415		6,713
MetLife Capital Trust IV
7.875%, 12/15/2037 (d)		3,735		3,806
				10,519

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

12   First American Funds 2007 Semiannual Report

Core Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Natural Gas – 0.3%
NGPL Pipeco
7.119%, 12/15/2017 (d)	$	2,640	$	2,707
Transocean
6.000%, 03/15/2018		1,710		1,705
				4,412
Real Estate – 0.6%
Health Care Properties – REIT
Series MTN
6.300%, 09/15/2016		4,540		4,430
Prologis 2006 – REIT
5.750%, 04/01/2016		6,835		6,416
				10,846
Sovereign – 0.2%
United Mexican States
5.625%, 01/15/2017		3,835		3,887
Technology – 1.1%
Chartered Semiconductor
6.375%, 08/03/2015		1,715		1,745
First Data
9.875%, 09/24/2015 (d)		2,165		2,014
IBM
5.700%, 09/14/2017		3,945		4,078
Jabil Circuit
5.875%, 07/15/2010		8,660		8,763
National Semiconductor
6.600%, 06/15/2017		1,785		1,851
				18,451
Water – 0.2%
American Water Capital
6.085%, 10/15/2017 (d)		3,105		3,095
Total Corporate Bonds
(Cost $239,553)				236,294
U.S. Government & Agency Securities – 9.7%
U.S. Treasuries – 9.7%
U.S. Treasury Bond (STRIPS)
0.000%, 02/15/2023 (b) (h)		23,900		11,874
U.S. Treasury Bonds
6.250%, 08/15/2023 (b)		8,865		10,614
7.625%, 02/15/2025 (b)		6,055		8,302
5.500%, 08/15/2028 (b)		8,950		10,134
5.250%, 02/15/2029 (b)		10,640		11,705
U.S. Treasury Notes
4.500%, 04/30/2012 (b)		8,000		8,357
4.750%, 05/31/2012 (b)		20,245		21,366
4.625%, 07/31/2012 (b)		18,185		19,094
4.250%, 09/30/2012 (b)		48,655		50,362
3.875%, 10/31/2012 (b)		11,115		11,333
Total U.S. Government & Agency Securities
(Cost $159,860)				163,141
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 3.1%
Fixed Rate – 3.1%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011 (b)		8,061		8,190
Series 6, Class C
9.050%, 06/15/2019		23		23
Series 1022, Class J
6.000%, 12/15/2020		36		36
Series 162, Class F
7.000%, 05/15/2021		99		99
Series 188, Class H
7.000%, 09/15/2021		243		242
Series 1790, Class A
7.000%, 04/15/2022		79		81
Series 2901, Class UB
5.000%, 03/15/2033 (b)		5,000		4,898
Federal National Mortgage Association
Series 2003-3, Class BC
5.000%, 02/25/2018		14,030		14,023
Series 1988-24, Class G
7.000%, 10/25/2018		56		59
Series 1989-24, Class H
9.000%, 07/25/2019		45		50
Series 1989-90, Class E
8.700%, 12/25/2019		7		8
Series 1990-30, Class E
6.500%, 03/25/2020		29		30
Series 1990-61, Class H
7.000%, 06/25/2020		36		39
Series 1990-72, Class B
9.000%, 07/25/2020		28		31
Series 1990-102, Class J
6.500%, 08/25/2020		39		40
Series 1990-105, Class J
6.500%, 09/25/2020		359		376
Series 1991-56, Class M
6.750%, 06/25/2021		119		122
Series 1992-120, Class C
6.500%, 07/25/2022		49		51
Series 2005-44, Class PC
5.000%, 11/25/2027 (b)		13,520		13,589
Series 2005-62, Class JE
5.000%, 06/25/2035 (b)		10,799		10,802
				52,789
Z-Bonds (i) – 0.0%
Federal Home Loan Mortgage Corporation
Series 1118, Class Z
8.250%, 07/15/2021		57		60
Federal National Mortgage Association
Series 1991-134, Class Z
7.000%, 10/25/2021		257		270
Series 1996-35, Class Z
7.000%, 07/25/2026		192		196
				526
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
(Cost $52,331)				53,315
Preferred Stock – 0.3%
Sovereign – 0.3%
Fannie Mae
(Cost $4,800)		192,000		4,896
Short-Term Investments – 0.9%
Money Market Fund – 0.7%
First American Prime Obligations Fund, Class Z (j)		12,712,231		12,712

First American Funds 2007 Semiannual Report   13

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Core Bond Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill
3.110%, 03/20/2008 (k)	$	3,045	$	3,024
Total Short-Term Investments
(Cost $15,739)				15,736
Investment Purchased with Proceeds from Securities Lending – 37.9%
Mount Vernon Securities Lending Prime Portfolio (l)
(Cost $639,102)		639,101,788		639,102
Total Investments – 138.1%
(Cost $2,330,020)				2,330,774
Other Assets and Liabilities, Net – (38.1)%				(642,658	)
Total Net Assets – 100.0%			$	1,688,116

(a)  Variable Rate Security – The rate shown is the rate in effect at December 31, 2007.

(b)  This security or a portion of this security is out on loan at December 31, 2007. Total loaned securities had a value of $627,252 at December 31, 2007. See note 2 in Notes to Financial Statements.

(c)  Security purchased on a when-issued basis. On December 31, 2007, the total cost of investments purchased on a when-issued basis was $7,670 or 0.5% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2007, the value of these investments was $130,309 or 7.7% of total net assets. See note 2 in Notes to Financial Statements.

(e)  Security is considered illiquid. As of December 31, 2007, the value of these investments were $52 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(f)  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.

(g)	Security is in default at December 31, 2007.
(h)	Principal Only.

(i)	Z-Bonds – Represents securities that pay no interest or principal during their accrual periods, but accrue additional principal at specified rates. Interest rate shown represents current yield based upon the cost basis and estimated future cash flows.
(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 December 31, 2007. See note 2 in Notes to Financial Statements.

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

REIT –  Real Estate Investment Trust

STRIPS –  Separate Trading of Registered Interest and Principal Securities

Core Bond Fund (concluded)

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
Euro Currency Futures		20		$	3,648		March 2008	$	(11	)
Japanese Yen Currency Futures		32			3,605		March 2008		3
Long Gilt Futures		100			21,942		March 2008		83
Swiss Franc Currency Futures		37			4,088		March 2008		12
U.S. Treasury 2 Year Note Futures		281			59,080		March 2008		192
U.S. Treasury 5 Year Note Futures		1,663			183,398		March 2008		631
U.S. Treasury 10 Year Note Futures		(826	)		(93,661	)	March 2008		(608	)
U.S. Treasury Long Bond Futures		775			90,191		March 2008		(332	)
								$	(30	)

Credit Default Swap Agreements

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
Bank of America	Dow Jones CDX IG9 Index		Buy		0.600%		12/20/2012	$	1,800	$	6
Citigroup	Ryland Group		Buy		1.250%		09/20/2012		4,000		302
Deutsche Bank	Dow Jones CDX HVOL9 Index		Buy		1.400%		12/20/2012		4,100		(32	)
JPMorgan	Deutsche Bank AG		Buy		0.525%		09/20/2012		4,200		(17	)
JPMorgan	GAP, Inc.		Buy		1.230%		12/20/2012		4,865		(94	)
JPMorgan	UBS AG		Buy		0.355%		09/20/2012		5,500		21
UBS	AmerisourceBergen Corporation		Buy		0.585%		09/20/2012		6,000		(14	)
UBS	Cardinal Health, Inc.		Buy		0.320%		09/20/2012		6,000		(3	)
UBS	Dow Jones CDX IG9 Index		Buy		0.600%		12/20/2012		17,900		(14	)
UBS	Whirlpool Corporation		Buy		0.785%		09/20/2017		4,000		26
										$	181

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Pay

4.625%

09/20/2009

$

88,000

$

1,096

Citigroup

3-Month LIBOR

Receive

5.110%

09/20/2017

21,000

(747

)

UBS

3-Month LIBOR

Pay

4.568%

10/02/2009

87,000

1,043

UBS

3-Month LIBOR

Receive

5.153%

10/02/2017

21,000

(820

)

UBS

3-Month LIBOR

Receive

5.042%

11/13/2017

22,000

(660

)

$

(88

)

Schedule of Open Written Call Options

	Exercise	Premium		Expiration		Number of
Option	Price	Received		Date		Contracts		Value
U.S. Treasury 10 Year Note Futures – March 2008	$116.00	$	51		02/22/2008		100	$	55
U.S. Treasury 10 Year Note Futures – March 2008	114.50		126		02/23/2008		220		210
		$	177					$	265

Schedule of Open Written Put Options

	Exercise	Premium		Expiration		Number of
Option	Price	Received		Date		Contracts		Value
U.S. Treasury 10 Year Note Futures – March 2008	$109.50	$	109		02/23/2008		220	$	41
U.S. Treasury 10 Year Note Futures – March 2008	110.00		40		02/23/2008		100		25
		$	149					$	66

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

14   First American Funds 2007 Semiannual Report

High Income Bond Fund
DESCRIPTION	PAR		VALUE
High Yield Corporate Bonds – 83.2%
Banking – 0.3%
Washington Mutual Preferred IV
9.750%, 10/29/2049 (a) (b)		800		640
Basic Industry – 11.0%
Abitibibowater
9.000%, 08/01/2009		2,500		2,425
Aleris International
10.000%, 12/15/2016		500		405
Caraustar Industries
7.375%, 06/01/2009 (c)		500		450
Coalcorp Mining
Series A
12.000%, 08/31/2011 (d)		375		364
Crown Cork & Seal
7.375%, 12/15/2026		1,000		910
Evraz Group
8.250%, 11/10/2015 (a) (d)		1,500		1,491
FMG Finance
10.000%, 09/01/2013 (a) (d)		1,000		1,095
Freeport-McMoran Copper & Gold
8.375%, 04/01/2017		1,000		1,072
Georgia-Pacific
7.125%, 01/15/2017 (a)		1,250		1,216
Gerdau
8.875%, 09/22/2049 (a) (d)		1,000		1,037
Griffin Coal Mining
9.500%, 12/01/2016 (a) (d)		1,500		1,335
Hexion US Finance
9.750%, 11/15/2014		1,250		1,350
Industrias Metal
11.250%, 10/22/2014 (a) (d)		500		467
Ineos Group Holdings
8.500%, 02/15/2016 (a) (d)		1,350		1,202
Massey Energy
6.875%, 12/15/2013		1,250		1,178
Mercer International
9.250%, 02/15/2013 (d)		750		686
Momentive Performance Materials
9.750%, 12/01/2014 (a)		1,250		1,150
Neenah Paper
7.375%, 11/15/2014		1,500		1,403
Newark Group
9.750%, 03/15/2014		800		774
Noble Group Limited
6.625%, 03/17/2015 (a) (d)		1,250		1,168
Noranda Aluminum Acquisition
8.738%, 05/15/2015 (a) (b)		500		420
Nova Chemicals
6.500%, 01/15/2012 (d)		1,750		1,641
Pliant
11.125%, 09/01/2009 (c)		1,000		825
PNA Group
11.869%, 02/15/2013 (a) (b)		500		452
10.750%, 09/01/2016		500		470
Solo Cup
8.500%, 02/15/2014 (c)		750		645
Steel Dynamics
6.750%, 04/01/2015 (a)		1,000		965
Stone Container
8.375%, 07/01/2012		1,000		992
				27,588
Capital Goods – 2.4%
Actuant
6.875%, 06/15/2017 (a)		1,500		1,485
Case New Holland
7.250%, 01/15/2016		1,000		1,000
Chart Industries
9.125%, 10/15/2015		1,350		1,384
Hawker Beechcraft Acquisition
9.750%, 04/01/2017 (a)		850		846
J.B. Poindexter
8.750%, 03/15/2014		1,000		837
Nortek
8.500%, 09/01/2014		500		400
				5,952
Communications – 8.7%
CCH I
11.000%, 10/01/2015		850		693
CCH II
10.250%, 09/15/2010		1,000		980
CCO Holdings
8.750%, 11/15/2013		2,000		1,910
Citizens Communications
9.000%, 08/15/2031 (c)		1,000		998
CSC Holdings
Series B
7.625%, 04/01/2011		1,000		998
DIRECTV Holdings
8.375%, 03/15/2013		1,000		1,040
Idearc
8.000%, 11/15/2016		1,000		918
Intelsat Bermuda
11.250%, 06/15/2016 (d)		1,000		1,033
Level 3 Financing
12.250%, 03/15/2013		1,750		1,768
Metropcs Wireless
9.250%, 11/01/2014		1,500		1,410
Panamsat
9.000%, 06/15/2016		1,000		1,007
Quebecor Media
7.750%, 03/15/2016 (a) (d)		500		480
Qwest
8.875%, 03/15/2012		1,275		1,364
7.500%, 06/15/2023		1,000		957
R.H. Donnelley
Series A-3
8.875%, 01/15/2016		1,000		935
Sirius Satellite Radio
9.625%, 08/01/2013		500		472
Time Warner Telecommunications Holdings
9.250%, 02/15/2014		1,000		1,022
Univision Communications
9.750%, 03/15/2015 (a) (c)		1,000		911
Vimpelcom
8.250%, 05/23/2016 (a) (d)		2,000		2,000
Windstream
8.125%, 08/01/2013		1,000		1,035
				21,931
Consumer Cyclical – 17.0%
Affiliated Computer Services
4.700%, 06/01/2010		1,500		1,412
Allied Waste North America
6.125%, 02/15/2014 (c)		1,000		961
American Axle & Manufacturing
7.875%, 03/01/2017		500		451

First American Funds 2007 Semiannual Report   15

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

High Income Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Bon-Ton Department Stores
10.250%, 03/15/2014 (c)	$	500	$	378
Buffalo Thunder Development Authority
9.375%, 12/15/2014 (a)		500		445
Claire’s Stores
9.250%, 06/01/2015 (a) (c)		750		518
Dollar General
10.625%, 07/15/2015 (a) (c)		750		688
Fontainebleau Las Vegas
10.250%, 06/15/2015 (a)		500		434
Ford Motor
7.450%, 07/16/2031 (c)		1,000		743
Ford Motor Credit
5.800%, 01/12/2009		2,000		1,898
9.875%, 08/10/2011		2,000		1,892
General Motors
8.250%, 07/15/2023		3,000		2,385
General Motors Acceptance
6.875%, 09/15/2011		1,300		1,112
General Nutrition Center
10.009%, 03/15/2014 (b)		270		255
Goodyear Tire & Rubber
7.857%, 08/15/2011		1,150		1,164
Hanesbrands
8.735%, 12/15/2014 (b) (c)		2,000		1,980
Kar Holdings
8.750%, 05/01/2014 (a)		500		460
KB Home
7.750%, 02/01/2010		1,350		1,249
Levi Strauss & Co.
9.750%, 01/15/2015		750		748
Libbey Glass
12.385%, 06/01/2011 (b)		1,300		1,370
Lippo Karwaci Finance
8.875%, 03/09/2011 (d)		1,000		957
MGM Mirage
8.375%, 02/01/2011		2,000		2,045
6.625%, 07/15/2015		1,000		938
Michaels Stores
11.375%, 11/01/2016 (c)		600		551
Outback Steakhouse
10.000%, 06/15/2015 (a) (c)		500		365
Oxford Industries
8.875%, 06/01/2011		1,055		1,050
Realogy
10.500%, 04/15/2014 (a) (c)		750		561
Rite Aid
9.375%, 12/15/2015		1,000		830
7.500%, 03/01/2017		1,550		1,366
Sally Holdings
10.500%, 11/15/2016 (c)		2,550		2,512
Seminole Hard Rock Entertainment
7.496%, 03/15/2014 (a) (b)		1,500		1,432
Service Corporation International
7.375%, 10/01/2014		750		758
6.750%, 04/01/2015		1,000		987
Shimao Property Holdings
8.000%, 12/01/2016 (a) (d)		500		451
Shingle Springs Tribal Gaming
9.375%, 06/15/2015 (a)		500		485
Snoqualmie Entertainment
9.125%, 02/01/2015 (a)		500		482
Susser Holdings
10.625%, 12/15/2013 (a)		500		517
Tenneco Automotive
8.625%, 11/15/2014		1,000		982
The Restaurant Company
10.000%, 10/01/2013 (c)		500		359
TRW Automotive
7.250%, 03/15/2017 (a)		1,500		1,346
Warnaco
8.875%, 06/15/2013		1,750		1,781
Wynn Las Vegas
6.625%, 12/01/2014 (c)		1,500		1,474
				42,772
Consumer Non Cyclical – 11.6%
Albertson’s
7.250%, 05/01/2013		1,000		1,023
8.700%, 05/01/2030		1,000		1,065
Community Health Systems
8.875%, 07/15/2015		1,965		2,002
Constellation Brands
7.250%, 05/15/2017 (a)		1,500		1,388
Delhaize America
9.000%, 04/15/2031		1,606		1,857
Dole Foods
8.750%, 07/15/2013 (c)		1,094		1,006
HCA
9.125%, 11/15/2014		1,000		1,040
6.500%, 02/15/2016 (c)		3,650		3,084
Health Management Association
6.125%, 04/15/2016		1,250		1,084
Healthsouth
10.750%, 06/15/2016		500		523
LVB Acquisition
10.375%, 10/15/2017 (a)		1,000		998
Medical Services
12.856%, 10/15/2011 (b)		1,000		915
Omnicare
6.750%, 12/15/2013		600		564
Pilgrim’s Pride
8.375%, 05/01/2017		1,250		1,225
PTS Acquisition
9.500%, 04/15/2015 (a)		750		696
Sadia Overseas
6.875%, 05/24/2017 (a) (c) (d)		1,000		960
Select Medical
11.800%, 09/15/2015 (b) (c)		1,000		870
Smithfield Foods
Series B
7.750%, 05/15/2013		1,000		985
Stater Brothers Holdings
7.750%, 04/15/2015		1,250		1,206
SUPERVALU
7.500%, 05/15/2012		1,750		1,809
Surgical Care Affiliates
8.875%, 07/15/2015 (a)		1,000		910
Tenet Healthcare
9.250%, 02/01/2015 (c)		1,250		1,156
United Surgical
8.875%, 05/01/2017		1,000		987
Varietal Distribution
10.250%, 07/15/2015 (a)		1,000		952
Vitro
9.125%, 02/01/2017 (d)		1,000		920
				29,225
Electric – 10.7%
AES
8.750%, 05/15/2013 (a)		623		650

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

16   First American Funds 2007 Semiannual Report

High Income Bond Fund (continued)
DESCRIPTION		PAR		VALUE
AES Red Oak
Series B
9.200%, 11/30/2029		$	1,000	$	1,110
Allegheny Energy Supply
7.800%, 03/15/2011			655		683
Aquila
14.875%, 07/01/2012			2,200		2,761
Ava Capital Trust III
6.500%, 04/01/2034			3,185		3,177
CMS Energy
6.310%, 01/15/2013 (b)			3,000		2,857
Dynegy Holdings
7.500%, 06/01/2015			2,000		1,870
7.750%, 06/01/2019			1,000		922
Edison Mission Energy
7.500%, 06/15/2013			2,250		2,306
Intergen NV
9.000%, 06/30/2017 (a) (d)			1,000		1,053
ISA Capital Brasil
8.800%, 01/30/2017 (a) (d)			2,000		2,060
Mirant Americas Generation
8.300%, 05/01/2011			1,250		1,253
NSG Holdings
7.750%, 12/15/2025 (a)			1,000		1,003
Reliant Energy
7.625%, 06/15/2014			1,000		990
Texas Competitive Electric Holdings
10.250%, 11/01/2015 (a)			4,300		4,257
					26,952
Energy – 4.7%
Chaparral Energy
8.875%, 02/01/2017 (a)			750		677
Chesapeake Energy
7.000%, 08/15/2014			1,000		1,005
Forest Oil
7.250%, 06/15/2019 (a)			1,250		1,256
Lupatech Finance
9.875%, 07/10/2049 (a) (c) (d)			1,000		995
Mariner Energy
7.500%, 04/15/2013			500		481
8.000%, 05/15/2017			1,000		951
Ocean Rig ASA
9.360%, 04/04/2011 (a)			1,000		1,000
Pioneer Natural Resource
6.650%, 03/15/2017			1,465		1,413
Tesoro
6.625%, 11/01/2015			1,000		990
United Refining
10.500%, 08/15/2012			1,000		1,010
Verasun Energy
9.375%, 06/01/2017 (a)			1,250		1,091
W&T Offshore
8.250%, 06/15/2014 (a)			1,000		938
					11,807
Finance – 2.5%
Exum
Series 2007-1A, Class C
8.310%, 03/22/2014 (a) (b) (d)			1,000		840
Series 2007-2A, Class C
8.384%, 06/22/2014 (a) (b) (d)			1,000		850
General Motors Acceptance
6.625%, 05/15/2012			3,500		2,910
Residential Capital
7.625%, 11/21/2008			1,000		795
7.875%, 06/30/2010			1,000		640
8.000%, 04/17/2013	��		500		307
					6,342
Industrial Other – 1.0%
Briggs & Stratton
8.875%, 03/15/2011			1,000		1,062
Neenah
9.500%, 01/01/2017			500		403
RBS Global & Rexnord
9.500%, 08/01/2014			1,000		990
					2,455
Natural Gas – 3.6%
Copano Energy
8.125%, 03/01/2016			1,500		1,511
El Paso Energy
Series MTN
7.800%, 08/01/2031			650		660
Enterprise Products
8.375%, 08/01/2066 (b)			2,800		2,867
Semgroup
8.750%, 11/15/2015 (a)			1,500		1,425
Targa Resources
8.500%, 11/01/2013 (a)			1,000		965
Transport De Gas Del Sur
7.875%, 05/14/2017 (a) (d)			1,000		868
Transportadora Gas Norte
6.500%, 12/31/2012 (a) (d)			1,011		867
					9,163
Real Estate – 0.7%
American Real Estate
4.100%, 08/15/2013 (b)			750		855
Greentown China Holdings
9.000%, 11/08/2013 (a) (d)			1,050		950
					1,805
Technology – 5.0%
Advanced Micro Devices
7.750%, 11/01/2012 (c)			750		652
Amkor Technologies
7.750%, 05/15/2013			500		471
Celestica
7.875%, 07/01/2011 (b) (d)			2,320		2,233
Coleman Cable
9.875%, 10/01/2012			1,000		938
First Data
9.875%, 09/24/2015 (a)			1,685		1,567
Freescale Semiconductor
9.125%, 12/15/2014			2,500		2,125
Magnachip Semiconductor
6.875%, 12/15/2011 (d)			500		421
NXP BV/NXP Funding
9.500%, 10/15/2015 (d)			2,750		2,520
Open Solutions
9.750%, 02/01/2015 (a)			1,000		911
Spansion
11.250%, 01/15/2016 (a) (b)			750		637
					12,475
Transportation – 4.0%
American Airlines
Series 2001-1
7.379%, 11/23/2017			1,565		1,456

First American Funds 2007 Semiannual Report   17

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

High Income Bond Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
BLT Finance BV
7.500%, 05/15/2014 (a) (d)	$	1,000	$	855
Britannia Bulk PLC
11.000%, 12/01/2011 (d)		500		517
Delta Airlines
8.954%, 08/10/2014 (a)		500		500
Series 2001-1
7.711%, 09/18/2011		1,000		960
Hertz
8.875%, 01/01/2014		750		760
Navios Maritime Holdings
9.500%, 12/15/2014		1,450		1,483
Swift Transportation
12.500%, 05/15/2017 (a)		250		129
Ultrapetrol
9.000%, 11/24/2014 (d)		1,175		1,116
United Airlines
Series 2000-2
7.811%, 04/01/2011 (e)		1,964		2,317
				10,093
Total High Yield Corporate Bonds
(Cost $217,378)				209,200
Preferred Stocks – 4.1%
Banking – 0.2%
Barclays Bank PLC
Series 3		17,000		404
Communications – 0.3%
US Cellular (c)		32,000		672
Consumer Discretionary – 0.1%
M/I Homes
Series A (c)		18,150		245
Energy – 0.2%
Nexen (d)		20,000		464
Finance – 0.6%
Citigroup Capital XX (c)		25,000		618
Wachovia		40,000		1,012
				1,630
Insurance – 0.9%
Arch Capital Group
Series B (d)		16,900		392
Aspen Insurance Holdings (d)		50,000		1,092
Endurance Specialty Holdings
Series A (c) (d)		20,000		417
Renaissancere Holdings
Series D (d)		20,000		371
				2,272
Real Estate – 0.8%
American Home Mortgage Investments – REIT
Series B (f)		10,000		1
Ashford Hospitality Trust — REIT
Series D		22,000		417
Hospitality Properties Trust – REIT
Series C		30,000		540
iStar Financial – REIT
Series G		30,000		552
National Retail Properties – REIT		17,600		352
NorthStar Realty Finance – REIT
Series A		10,000		165
				2,027
Sovereigns – 0.9%
Fannie Mae		60,000		1,530
Freddie Mac		24,000		628
				2,158
Transportation – 0.1%
Delta Air Contingent Value (e)		8,000,000		360
Total Preferred Stocks
(Cost $12,282)				10,232
Closed-End Funds – 3.3%
Aberdeen Asia-Pacific Income Fund (c)		135,000		783
BlackRock Global Energy and Resources Trust		24,000		751
Eaton Vance Floating-Rate Income Trust (c)		87,000		1,358
Evergreen Managed Income Fund (c)		96,000		1,509
Gabelli Global Gold Natural Resources & Income Trust		16,000		466
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (c)		18,000		434
MFS Multimarket Income Trust		30,000		173
Nuveen Equity Premium Opportunity Fund (c)		12,000		196
Nuveen Multi-Strategy Income and Growth Fund		46,000		503
Nuveen Multi-Strategy Income and Growth Fund 2		46,000		506
Pioneer Diversified High Income Trust		18,000		357
Pioneer Floating Rate Trust (c)		77,000		1,219
Total Closed-End Funds
(Cost $8,838)				8,255
Investment Grade Corporate Bonds – 2.8%
Brokerage – 0.5%
Merrill Lynch
6.220%, 09/15/2026		1,250		1,151
Energy – 0.5%
TNK-BP Finance
6.625%, 03/20/2017 (a) (d)		1,500		1,369
Finance – 0.7%
Capital One Financial
6.750%, 09/15/2017		1,800		1,726
Natural Gas – 1.1%
Oneok Partners
6.850%, 10/15/2037		1,000		1,037
Southern Union
7.200%, 11/01/2066 (b)		1,800		1,770
				2,807
Total Investment Grade Corporate Bonds
(Cost $7,234)				7,053
Convertible Securities – 2.0%
Basic Industry – 0.4%
Coeur d’Alene Mines
1.250%, 01/15/2024 (c)	$	1,000		911
Communications – 0.2%
NII Holdings
3.125%, 06/15/2012	$	500		429
Consumer Cyclical – 0.1%
General Motors
Series B		20,000		387
Consumer Non Cyclical – 0.2%
Bunge Limited (d)		3,600		507
Electric – 0.1%
Entergy		4,000		287

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

18   First American Funds 2007 Semiannual Report

High Income Bond Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
Energy – 0.4%
Headwaters
2.875%, 06/01/2016	$	1,150	$	950
Real Estate – 0.6%
Essex Portfolio – REIT
3.625%, 11/01/2025	$	750		798
Reckson Operating
4.000%, 06/15/2025	$	750		711
				1,509
Total Convertible Securities
(Cost $5,147)				4,980
Common Stocks – 0.8%
Communications – 0.0%
Adelphia Recovery Trust (e)		958,406		62
Consumer Discretionary – 0.0%
Time Warner Cable, Class A (e)		20		1
Energy – 0.5%
Canadian Oil Sands Trust		10,000		392
Peyto Energy Trust (g)		30,000		514
Provident Energy Trust (c)		28,900		289
				1,195
Real Estate – 0.3%
Annaly Capital Management – REIT (c)		22,000		400
Gramercy Capital – REIT (c)		9,000		218
MFA Mortgage Investments – REIT (c)		25,000		231
				849
Total Common Stocks
(Cost $1,952)				2,107
Asset-Backed Security – 0.0%
Manufactured Housing – 0.0%
Green Tree Financial
Series 1998-1, Class A4
6.040%, 11/01/2029 (h)
(Cost $8)	$	8		8
Short-Term Investments – 2.8%
Money Market Fund – 2.7%
First American Prime Obligations Fund, Class Z (i)		6,777,339		6,777
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
3.110%, 03/20/2008 (j)	$	200		199
Total Short-Term Investments
(Cost $6,976)				6,976
Investment Purchased with Proceeds from Securities Lending – 13.3%
Mount Vernon Securities Lending Prime Portfolio (k)
(Cost $33,401)		33,401,122		33,401
Total Investments – 112.3%
(Cost $293,216)				282,212
Other Assets and Liabilities, Net – (12.3)%				(30,958	)
Total Net Assets – 100.0%			$	251,254

(a)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2007, the value of these investments was $60,161 or 23.9% of total net assets. See note 2 in Notes to Financial Statements.

High Income Bond Fund (continued)

(b)  Variable Rate Security – The rate shown is the rate in effect as of December 31, 2007.

(c)  This security or a portion of this security is out on loan at December 31, 2007. Total loaned securities had a value of $32,490 at December 31, 2007. See note 2 in Notes to Financial Statements.

(d)  Represents a foreign high yield (non-investment grade) U.S. dollar denominated security. On December 31, 2007, the value of these investments was $38,044 which represented 15.1% of total net assets.

(e)  Non-income producing security.

(f)  Security in default at December 31, 2007.

(g)	Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted.
(h)	Security considered illiquid. As of December 31, 2007, the value of these investments was $8 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(i)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
(j)	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of December 31, 2007. See note 2 in Notes to Financial Statements.

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

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
U.S. Treasury 2 Year Note Futures		34		$	7,149		March 2008	$	5
U.S. Treasury 5 Year Note Futures		365			40,253		March 2008		134
U.S. Treasury 10 Year Note Futures		(175	)		(19,843	)	March 2008		(58	)
U.S. Treasury Long Bond Futures		16			1,862		March 2008		(10	)
								$	71

First American Funds 2007 Semiannual Report   19

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

High Income Bond Fund (concluded)

Credit Default Swap Agreements

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
Bank of America	Dow Jones CDX HVOL9 Index		Buy		1.400%		12/20/2012	$	2,000	$	(7	)
Bank of America	MBIA Global Funding		Sell		3.100%		03/20/2013		1,000		(21	)
Citigroup	Ryland Group		Buy		1.250%		09/20/2012		1,000		75
Deutsche Bank	Dow Jones CDX HVOL9 Index		Buy		1.400%		12/20/2012		8,000		27
JPMorgan	AmerisourceBergen Corporation		Buy		0.550%		09/20/2012		500		(1	)
JPMorgan	Cardinal Health, Inc.		Buy		0.330%		09/20/2012		500		—
JPMorgan	Deutsche Bank AG		Buy		0.525%		09/20/2012		400		(2	)
JPMorgan	UBS AG		Buy		0.355%		09/20/2012		700		3
UBS	AmerisourceBergen Corporation		Buy		0.585%		09/20/2012		500		(1	)
UBS	Cardinal Health, Inc.		Buy		0.320%		09/20/2012		500		—
UBS	Turkey Government International Bond		Buy		1.480%		07/20/2012		1,200		1
										$	74

Inflation Protected Securities Fund
DESCRIPTION	PAR		VALUE
U.S. Government & Agency Securities – 84.1%
Inflation Protected U.S. Treasuries (a) – 84.1%
U.S. Treasury Bonds
2.375%, 01/15/2017 (b)		5,133		5,417
2.375%, 01/15/2025 (b)		13,245		13,905
2.000%, 01/15/2026		6,132		6,107
2.375%, 01/15/2027		5,180		5,478
3.625%, 04/15/2028 (b)		15,759		19,964
3.875%, 04/15/2029 (b)		16,045		21,229
U.S. Treasury Notes
0.875%, 04/15/2010		18,130		18,069
3.500%, 01/15/2011		6,932		7,455
2.375%, 04/15/2011 (b)		15,262		15,909
2.000%, 04/15/2012		8,237		8,536
3.000%, 07/15/2012 (b)		10,748		11,641
1.875%, 07/15/2013 (b)		18,769		19,341
2.000%, 01/15/2014		12,958		13,384
1.625%, 01/15/2015 (b)		12,172		12,221
1.875%, 07/15/2015 (b)		10,757		10,965
2.000%, 01/15/2016		15,631		16,042
2.500%, 07/15/2016		6,197		6,608
2.625%, 07/15/2017		7,056		7,613
Total U.S. Government & Agency Securities
(Cost $213,072)				219,884
Corporate Bonds – 4.4%
Basic Industry – 1.0%
Evraz Group
8.250%, 11/10/2015 (c)		500		497
FMG Finance
10.000%, 09/01/2013 (c)		500		547
Georgia-Pacific
7.125%, 01/15/2017 (b) (c)		150		146
Griffin Coal Mining
9.500%, 12/01/2016 (c)		500		445
Southern Copper
7.500%, 07/27/2035		950		1,006
				2,641
Brokerage – 0.7%
Merrill Lynch
Series CPI
3.915%, 03/02/2009 (d)		1,850		1,788
Consumer Non Cyclical – 0.1%
Constellation Brands
7.250%, 05/15/2017 (c)		200		185
Finance – 0.5%
MBIA Global Funding
Series MTN
6.060%, 02/02/2008 (c) (d)		1,400		1,402
Foreign Agency – 0.7%
KFW
Series MTN
4.605%, 03/03/2008 (d)		1,900		1,903
Insurance – 1.4%
Allstate Life Global Funding Trust
Series MTN
3.810%, 03/01/2010 (d)		900		865
Pacific Life Global Funding
4.940%, 02/06/2016 (c) (d)		1,000		974
Principal Life
Series MTN
4.160%, 03/01/2012 (d)		900		869

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

20   First American Funds 2007 Semiannual Report

Inflation Protected Securities Fund (continued)
DESCRIPTION	PAR		VALUE
Protective Life Secured Trust
5.470%, 07/10/2012 (d)	$	1,000	$	977
				3,685
Total Corporate Bonds
(Cost $11,527)				11,604
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 4.2%
Fixed Rate – 4.2%
GS Mortgage Securities II
Series 2007-GG10, Class A4
5.993%, 08/10/2045		8,060		8,336
Wells Fargo Mortgage Backed Securities Trust
Series 2007-13, Class A8
6.000%, 09/25/2037		2,568		2,560
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
(Cost $10,536)				10,896
Asset-Backed Securities – 4.0%
Credit Cards – 1.2%
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
5.750%, 07/15/2020		1,000		1,006
Discover Card Master Trust
Series 2007-C1, Class C1
4.556%, 01/15/2013 (d)		500		481
Series 2007-A1, Class A1
5.650%, 03/16/2020		1,000		999
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
5.491%, 05/15/2014 (c) (d)		625		600
				3,086
Other – 2.8%
Global Signal Trust
Series 2006-1, Class C
5.707%, 02/15/2036 (c)		1,330		1,330
GMAC Commercial Mortgage Securities
Series 2003-C3, Class A2
4.223%, 04/10/2040		2,000		1,987
Greenwich Capital Commercial Funding
Series 2007-GG11, Class AJ
6.207%, 12/10/2049 (d)		2,000		1,962
GS Mortgage Securities II
Series 2003-C1, Class A2A
3.590%, 01/10/2040		194		194
Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Class AJ
6.147%, 05/15/2046 (d)		1,000		977
Series 2007-C33, Class AJ
6.100%, 02/15/2051 (d)		1,000		974
				7,424
Total Asset-Backed Securities
(Cost $10,639)				10,510
U.S. Government Agency Mortgage-Backed Securities – 0.6%
Adjustable Rate (d) – 0.4%
Federal National Mortgage Association
3.90%, 02/17/2009 (b)		900		894
Fixed Rate – 0.2%
Federal Home Loan Mortgage Corporation Pool
4.000%, 10/01/2010, #M80855		613		600
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $1,503)				1,494
Common Stocks – 0.5%
Energy – 0.5%
ARC Energy Trust (e)		11,000		228
Baytex Energy Trust		4,289		82
Canetic Resources Trust (b)		17,366		233
Harvest Energy Trust (b)		9,157		190
Penn West Energy Trust		2,439		64
Peyto Energy Trust (b) (e)		19,000		325
Provident Energy Trust		10,000		100
Total Common Stocks
(Cost $1,269)				1,222
Convertible Securities – 0.4%
Basic Industry – 0.2%
Coeur d’Alene Mines
1.250%, 01/15/2024 (b)	$	350		319
Freeport-McMoran Copper & Gold		1,500		226
				545
Consumer Non Cyclical – 0.1%
Bunge Limited		1,500		211
Energy – 0.1%
Headwaters
2.875%, 06/01/2016	$	280		231
Total Convertible Securities
(Cost $988)				987
Municipal Bond – 0.3%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
6.950%, 09/01/2016
(Cost $925)		925		930
Preferred Stock – 0.2%
Sovereign – 0.2%
Fannie Mae
(Cost $400)		16,000		408
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security – 0.1%
Fixed Rate – 0.1%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011
(Cost $282)	$	281		286

First American Funds 2007 Semiannual Report   21

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Inflation Protected Securities Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Short-Term Investments – 1.1%
Money Market Fund – 0.9%
First American Prime Obligations Fund, Class Z (f)		2,377,694	$	2,378
U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill
3.110%, 03/20/2008 (g)	$	600		596
Total Short-Term Investments
(Cost $2,974)				2,974
Investment Purchased with Proceeds from Securities Lending – 48.2%
Mount Vernon Securities Lending Prime Portfolio (h)
(Cost $126,194)		126,194,456		126,194
Total Investments – 148.1%
(Cost $380,309)				387,389
Other Assets and Liabilities, Net – (48.1)%				(125,772	)
Total Net Assets – 100.0%			$	261,617

(a)  U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

(b)  This security or a portion of this security is out on loan at December 31, 2007. Total loaned securities had a value of $124,398 at December 31, 2007. See note 2 in Notes to Financial Statements.

(c)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under guidelines established by the fund’s board of directors. As of December 31, 2007, the value of these investments was $6,126 or 2.3% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Variable Rate Security – The rate shown is the rate in effect as of December 31, 2007.

(e)  Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted.

(f)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

(g)

Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of December 31, 2007. See note 2 in Notes to Financial Statements.

(h)

The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund 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.

Inflation Protected Securities Fund (concluded)

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased/			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
Euro Currency Futures		10		$	1,824		March 2008	$	(5	)
Japanese Yen Currency Futures		23			2,591		March 2008		2
Long Gilt Futures		15			3,291		March 2008		12
Sterling 90 Day Futures		52			49,287		March 2009		18
Swiss Franc Currency Futures		26			2,872		March 2008		8
U.S. Treasury 2 Year Note Futures		160			33,640		March 2008		—
U.S. Treasury 5 Year Note Futures		114			12,572		March 2008		31
U.S. Treasury 10 Year Note Futures		(161	)		(18,256	)	March 2008		(17	)
U.S. Treasury Long Bond Futures		(21	)		(2,444	)	March 2008		(16	)
								$	33

Credit Default Swap Agreement

				Pay/
	Reference	Buy/Sell		Receive		Expiration		Notional		Unrealized
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		Appreciation
JPMorgan	USB AG		Buy		0.355%		09/20/2012	$	400	$	1

Interest Rate Swap Agreements

Floating

Pay/ Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Pay

4.625%

09/20/2009

$

13,000

$

162

Citigroup

3-Month LIBOR

Receive

5.110%

09/20/2017

3,000

(107

)

UBS

3-Month LIBOR

Pay

4.568%

10/02/2009

12,900

155

UBS

3-Month LIBOR

Receive

5.153%

10/02/2017

3,100

(121

)

UBS

3-Month LIBOR

Receive

5.042%

11/13/2017

3,000

(90

)

$

(1

)

Schedule of Open Written Call Options

	Exercise	Premium		Expiration		Number of
Option	Price	Received		Date		Contracts		Value
U.S. Treasury 10 Year Note Futures – March 2008	$116.00	$	8		02/22/2008		16	$	9
U.S. Treasury 10 Year Note Futures – March 2008	114.50		20		02/23/2008		35		33
		$	28					$	42

Schedule of Open Written Put Options

	Exercise	Premium		Expiration		Number of
Option	Price	Received		Date		Contracts		Value
U.S. Treasury 10 Year Note Futures – March 2008	$109.50	$	17		02/23/2008		35	$	7
U.S. Treasury 10 Year Note Futures – March 2008	110.00		7		02/23/2008		16		4
		$	24					$	11

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

22   First American Funds 2007 Semiannual Report

Intermediate Government Bond Fund
DESCRIPTION	PAR/SHARES		VALUE
U.S. Government & Agency Securities – 95.6%
U.S. Agency Debentures – 58.2%
Federal Farm Credit Bank
4.125%, 07/17/2009		1,100		1,108
4.500%, 10/05/2009		1,000		1,015
4.125%, 11/13/2009		1,560		1,567
4.750%, 05/07/2010		1,500		1,539
5.250%, 09/13/2010		1,000		1,039
3.750%, 12/06/2010		1,575		1,579
5.750%, 01/18/2011		1,800		1,911
4.875%, 02/18/2011		1,600		1,658
4.500%, 10/17/2012		1,565		1,602
Federal Home Loan Bank
4.875%, 03/12/2010		870		894
5.125%, 09/10/2010		900		935
4.375%, 09/17/2010		710		724
3.625%, 12/17/2010		885		885
5.375%, 08/19/2011		1,355		1,430
5.250%, 10/14/2011		745		753
4.625%, 10/10/2012		2,725		2,805
5.660%, 10/30/2013		755		764
Tennessee Valley Authority
5.375%, 11/13/2008		2,455		2,478
3.580%, 01/15/2010 (a)		1,135		1,061
5.625%, 01/18/2011		2,000		2,102
6.790%, 05/23/2012		3,175		3,520
				31,369
U.S. Treasuries – 37.4%
U.S. Treasury Bonds
11.750%, 11/15/2014		1,575		1,818
9.125%, 05/15/2018		205		290
9.000%, 11/15/2018		775		1,096
8.875%, 02/15/2019		370		520
U.S. Treasury Notes
4.625%, 02/29/2012		1,405		1,474
4.750%, 05/31/2012		3,100		3,272
4.875%, 06/30/2012		1,415		1,501
4.625%, 07/31/2012		755		793
4.250%, 09/30/2012		2,695		2,790
4.250%, 08/15/2013		520		539
5.125%, 05/15/2016		1,295		1,402
4.500%, 05/15/2017		3,275		3,394
4.250%, 11/15/2017		1,275		1,297
				20,186
Total U.S. Government & Agency Securities
(Cost $50,712)				51,555
Short-Term Investment – 2.4%
First American U.S. Treasury Money Market Fund, Class Z (b)
(Cost $1,275)		1,274,725		1,275
Total Investments – 98.0%
(Cost $51,987)				52,830
Other Assets and Liabilities, Net – 2.0%				1,072
Total Net Assets – 100.0%			$	53,902

(a)  Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2007.

(b)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Intermediate Term Bond Fund
DESCRIPTION	PAR		VALUE
Asset-Backed Securities – 31.4%
Automotive – 6.7%
Harley-Davidson Motorcycle Trust
Series 2005-4, Class A2
4.850%, 06/15/2012		4,240		4,247
Hertz Vehicle Financing
Series 2005-2A, Class A6
5.080%, 11/25/2011 (a)		8,425		8,484
Honda Auto Receivables Owner Trust
Series 2005-5, Class A4
4.690%, 02/15/2011		9,895		9,903
Series 2005-6, Class A4
4.930%, 03/18/2011		7,400		7,442
Volkswagen Auto Loan Enhanced Trust
Series 2005-1, Class A4
4.860%, 04/20/2012		10,940		10,965
Wachovia Auto Owner Trust
Series 2005-B, Class A4
4.840%, 04/20/2011		10,960		10,984
				52,025
Credit Cards – 5.9%
American Express Issuance Trust
Series 2005-1, Class C
5.358%, 08/15/2011 (b)		1,930		1,855
Bank of America Credit Card Trust
Series 2007-A8, Class A8
5.590%, 11/17/2014		12,035		12,504
Citibank Credit Card Issuance Trust
Series 2006-A4, Class A4
5.450%, 05/10/2013		11,195		11,564
Discover Card Master Trust
Series 2007-C1, Class C1
5.348%, 01/15/2013 (b)		1,940		1,866
Series 2007-A1, Class A1
5.650%, 03/16/2020		3,000		2,996
MBNA Credit Card Master Note Trust
Series 2003-A1, Class A1
3.300%, 07/15/2010		12,560		12,543
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
5.491%, 05/15/2014 (a) (b)		1,920		1,844
				45,172
Equipment Lease – 0.7%
Caterpillar Financial Asset Trust
Series 2007-A, Class A3A
5.340%, 06/25/2012		5,450		5,532
Home Equity – 0.5%
Amresco Residential Security Mortgage
Series 1997-3, Class A9
6.960%, 03/25/2027		38		38
Contimortgage Home Equity Loan Trust
Series 1997-2, Class A9
7.900%, 04/15/2028		80		79
Countrywide Asset-Backed Certificates
Series 2003-5, Class AF5
5.739%, 02/25/2034		3,760		3,694
Saxon Asset Securities Trust
Series 2004-1, Class A
5.860%, 03/25/2035 (b)		142		127
				3,938

First American Funds 2007 Semiannual Report   23

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Manufactured Housing – 1.0%
Green Tree Financial
Series 1996-9, Class A5
7.200%, 01/15/2028	$	152	$	157
Origen Manufactured Housing
Series 2005-A, Class A2
4.490%, 05/15/2018		7,433		7,447
				7,604
Other – 15.4%
Bear Stearns Commercial Mortgage Securities
Series 2007-T28, Class D
5.992%, 09/11/2042 (a) (b)		1,470		1,238
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		2,340		2,337
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 (a)		5,040		5,091
Series 2004-RS1, Class A
4.018%, 03/03/2041 (a)		2,351		2,286
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 (a)		3,465		3,448
Global Signal Trust
Series 2004-2A, Class A
4.232%, 12/15/2014 (a)		7,390		7,307
Series 2006-1, Class C
5.707%, 02/15/2036 (a)		4,420		4,418
GMAC Commercial Mortgage Securities
Series 2004-C2, Class A1
3.896%, 08/10/2038		3,523		3,490
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
3.285%, 07/05/2035		5,000		4,910
Series 2007-GG11, Class AJ
6.003%, 12/10/2049 (b)		4,150		4,071
GS Mortgage Securities II
Series 2006-GG6, Class A2
5.560%, 04/10/2038		11,945		12,079
Series 2006-GG8, Class A2
5.479%, 11/10/2039		20,495		20,698
Series 2003-C1, Class A2A
3.590%, 01/10/2040		5,381		5,370
Series 2006-RR2, Class A1
5.689%, 06/23/2046 (a)		5,075		4,543
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044 (b)		1,230		1,186
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.129%, 07/12/2038 (b)		1,455		1,364
Morgan Stanley Capital I
Series 2005-HQ6, Class B
5.152%, 08/13/2042 (b)		630		600
Series 2005-HQ6, Class C
5.172%, 08/13/2042 (b)		590		558
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		5,610		5,849
Small Business Administration
Series 2005-P10B, Class 1
4.940%, 08/10/2015		5,510		5,489
Series 2006-P10B, Class 1
5.681%, 08/10/2016		8,365		8,415
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A3
5.246%, 12/15/2043		10,280		10,261
Series 2007-C34, Class AJ
5.952%, 05/15/2046 (b)		2,375		2,320
Series 2007-C33, Class AJ
5.903%, 02/15/2051 (b)		2,315		2,255
				119,583
Utilities – 1.2%
PG&E Energy Recovery Funding
Series 2005-1, Class A3
4.140%, 09/25/2012		9,615		9,549
Total Asset-Backed Securities
(Cost $242,800)				243,403
Corporate Bonds – 24.0%
Banking – 2.6%
Bank of America
5.750%, 12/01/2017		5,210		5,222
Citigroup
6.125%, 11/21/2017		5,485		5,634
Citigroup Capital XXI
8.300%, 12/21/2057 (b)		1,475		1,540
JPMorgan Chase
5.150%, 10/01/2015		3,290		3,173
Wells Fargo
5.625%, 12/11/2017		4,430		4,433
				20,002
Basic Industry – 1.5%
Celulosa Arauco Constitucion
5.625%, 04/20/2015		2,000		1,953
E.I. Du Pont de Nemours
5.000%, 01/15/2013		3,315		3,336
Teck Cominco
5.375%, 10/01/2015		2,810		2,732
U.S. Steel
7.000%, 02/01/2018		1,750		1,738
Vale Overseas
6.250%, 01/11/2016		1,525		1,528
				11,287
Brokerage – 1.8%
Goldman Sachs Capital II
5.793%, 12/29/2049 (b)		1,165		1,037
Lehman Brothers Holdings
5.750%, 01/03/2017		2,215		2,128
Merrill Lynch
6.050%, 05/16/2016		3,335		3,277
Morgan Stanley
5.375%, 10/15/2015		6,550		6,368
UBS Preferred Funding Trust V
6.243%, 05/29/2049 (b)		1,170		1,126
				13,936
Communications – 0.9%
Deutsche Telecom
8.500%, 06/15/2010		3,690		3,939
Telefonica Emisones
6.221%, 07/03/2017		1,115		1,158
Vodafone Group
5.625%, 02/27/2017		2,000		1,992
				7,089

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

24   First American Funds 2007 Semiannual Report

Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Consumer Cyclical – 1.0%
Home Depot
5.875%, 12/16/2036	$	1,775	$	1,498
Quest Diagnostic
5.125%, 11/01/2010		3,490		3,555
Yum! Brands
8.875%, 04/15/2011		2,740		3,022
				8,075
Consumer Non Cyclical – 2.5%
AmerisourceBergen
5.625%, 09/15/2012		2,000		2,028
Cardinal Health
6.750%, 02/15/2011		2,500		2,626
Covidien International
5.450%, 10/15/2012 (a)		2,240		2,306
General Mills
5.700%, 02/15/2017		4,410		4,355
Kellogg
5.125%, 12/03/2012		3,315		3,343
Schering-Plough
5.550%, 12/01/2013		4,595		4,649
				19,307
Electric – 2.6%
MidAmerican Energy Holdings
3.500%, 05/15/2008		4,600		4,570
National Rural Utilities
5.750%, 08/28/2009		3,850		3,921
Ohio Power, Series K
6.000%, 06/01/2016		2,100		2,123
Oncor Electric Delivery
6.375%, 01/15/2015		3,140		3,215
Pacific Gas & Electric
5.625%, 11/30/2017		3,250		3,260
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 (a)		2,030		2,030
Virginia Electric Power
5.950%, 09/15/2017		1,355		1,397
				20,516
Energy – 0.8%
Encana
5.900%, 12/01/2017		3,250		3,325
Tengizcheveroil Finance
6.124%, 11/15/2014 (a) (c)		3,095		2,917
				6,242
Finance – 2.0%
American Express Centurion
Series BKNT
5.550%, 10/17/2012		2,035		2,071
American General Finance
3.875%, 10/01/2009		4,345		4,295
Capital One Financial
6.150%, 09/01/2016		1,775		1,575
Janus Capital Group
6.700%, 06/15/2017		1,620		1,668
SLM
Series MTN
5.400%, 10/25/2011		2,270		2,069
Transcapitalinvest
5.670%, 03/05/2014 (a)		4,125		3,952
				15,630
Industrial Other – 0.6%
Johnson Controls
5.250%, 01/15/2011 (c)		4,720		4,733
Insurance – 0.8%
Ace INA Holdings
5.700%, 02/15/2017 (c)		2,765		2,740
Allied World Assurance
7.500%, 08/01/2016		3,040		3,181
				5,921
Natural Gas – 0.4%
Transocean
6.000%, 03/15/2018		3,315		3,306
Real Estate – 2.0%
Health Care – REIT
5.875%, 05/15/2015		3,775		3,610
Istar Financial – REIT
5.650%, 09/15/2011		4,225		3,775
Mack-Cali Realty – REIT
7.250%, 03/15/2009		4,500		4,621
Prologis 2006 – REIT
5.750%, 04/01/2016		3,525		3,309
				15,315
Sovereign – 0.2%
United Mexican States
5.625%, 01/15/2017 (c)		1,400		1,419
Technology – 2.4%
Chartered Semiconductor
5.750%, 08/03/2010		1,500		1,529
Electronic Data Systems
7.125%, 10/15/2009		2,500		2,581
IBM
5.700%, 09/14/2017		2,625		2,714
Jabil Circuit
5.875%, 07/15/2010		4,200		4,250
Motorola
8.000%, 11/01/2011		3,900		4,204
National Semiconductor
6.600%, 06/15/2017		2,930		3,038
				18,316
Transportation – 1.7%
AEP Texas Central
Series A-2
4.980%, 07/01/2013		9,695		9,765
Burlington Northern Santa Fe
5.650%, 05/01/2017		3,485		3,465
				13,230
Water – 0.2%
American Water Capital
6.085%, 10/15/2017 (a)		1,420		1,415
Total Corporate Bonds
(Cost $186,303)				185,739
U.S. Government & Agency Securities – 16.2%
U.S. Agency Debentures – 9.0%
Federal Agricultural Mortgage Corporation
5.500%, 07/15/2011 (a)		13,900		14,721
Federal Home Loan Mortgage Corporation
4.500%, 08/04/2008 (c)		4,420		4,424
5.125%, 08/23/2010 (c)		7,755		8,047
5.375%, 01/09/2014 (c)		16,795		16,924

First American Funds 2007 Semiannual Report   25

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Federal National Mortgage Association
4.500%, 02/15/2011 (c)	$	12,345	$	12,667
5.125%, 04/15/2011 (c)		12,230		12,779
				69,562
U.S. Treasuries (c) – 7.2%
U.S. Treasury Bonds
9.125%, 05/15/2018		6,975		9,864
9.000%, 11/15/2018		7,240		10,237
8.875%, 02/15/2019		5,675		7,981
8.750%, 05/15/2020		3,365		4,776
U.S. Treasury Notes
4.500%, 04/30/2012		4,515		4,716
4.250%, 09/30/2012		7,710		7,980
3.375%, 11/30/2012		3,750		3,737
4.625%, 02/15/2017		2,300		2,404
4.750%, 08/15/2017		4,375		4,621
				56,316
Total U.S. Government & Agency Securities
(Cost $122,151)				125,878
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 14.6%
Adjustable Rate (b) – 8.8%
Banc of America Mortgage Securities
Series 2004-F, Class 2A6
4.146%, 07/25/2034		6,774		6,725
Countrywide Home Loans
Series 2006-HYB5, Class 3A1A
5.970%, 09/20/2036		6,796		6,685
CS First Boston Mortgage Securities
Series 2003-AR24, Class 2A4
4.258%, 10/25/2033		11,412		11,365
Harborview Mortgage Loan Trust
Series 2007-4, Class 2A1
4.963%, 07/19/2047		5,926		5,588
Structured Mortgage Loan Trust
Series 2004-11, Class A
7.195%, 08/25/2034		382		382
Washington Mutual
Series 2003-AR10, Class A6
4.619%, 10/25/2033		16,305		16,210
Wells Fargo Mortgage Backed Securities Trust
Series 2003-J, Class 2A5
4.450%, 10/25/2033		11,500		11,049
Series 2004-E, Class A5
3.662%, 05/25/2034		9,010		8,952
Series 2004-N, Class A3
4.986%, 08/25/2034		1,486		1,480
				68,436
Fixed Rate – 5.8%
ABN AMRO Mortgage
Series 2003-9, Class A6
4.750%, 08/25/2018		6,568		6,487
Banc of America Mortgage Securities
Series 2003-6, Class 1A29
4.250%, 08/25/2033		7,098		7,070
Series 2005-5, Class 1A21
5.000%, 06/25/2035		7,898		7,891
BCAP LLC Trust
Series 2006-RR1, Class PB
5.000%, 11/25/2036		4,970		4,861
Countrywide Alternative Loan Trust
Series 2004-2CB, Class 1A1
4.250%, 03/25/2034		2,552		2,508
Series 2006-19CB, Class A15
6.000%, 08/25/2036		2,229		2,212
GE Capital Commercial Mortgage
Series 2003-C2, Class A4
5.145%, 07/10/2037		10,975		11,076
Salomon Brothers Mortgage Securities
Series 1986-1, Class A
6.000%, 12/25/2011		49		49
Wells Fargo Mortgage Backed Securities Trust
Series 2005-3, Class A9
5.500%, 05/25/2035		3,198		2,627
Westam Mortgage Financial
Series 11, Class A
6.360%, 08/26/2020 (d)		30		30
				44,811
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
(Cost $113,116)				113,247
U.S. Government Agency Mortgage-Backed Securities – 8.1%
Adjustable Rate (b) – 2.4%
Federal Home Loan Mortgage Corporation Pool
7.400%, 01/01/2028, #786281		1,077		1,098
6.422%, 04/01/2029, #847190		1,547		1,578
6.638%, 10/01/2030, #847209		3,207		3,259
6.610%, 05/01/2031, #847161 (c)		1,105		1,123
6.595%, 09/01/2033, #847210 (c)		2,781		2,834
Federal National Mortgage Association Pool
6.966%, 09/01/2033, #725111		1,904		1,927
5.891%, 09/01/2037, #946308 (c)		6,344		6,441
				18,260
Fixed Rate – 5.7%
Federal Home Loan Bank
4.625%, 10/10/2012 (c)		2,780		2,861
Federal Home Loan Mortgage Corporation
Series K001, Class A3
6.333%, 01/25/2012		5,627		5,715
Federal Home Loan Mortgage Corporation Pool
4.000%, 10/01/2010, #M80855 (c)		5,213		5,110
Federal National Mortgage Association Pool
3.900%, 06/01/2010, #461013 (c)		10,958		10,874
3.790%, 07/01/2013, #386314 (c)		9,290		8,954
4.500%, 11/01/2018, #357458 (c)		11,234		11,055
				44,569
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $62,478)				62,829
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 3.7%
Fixed Rate – 3.7%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011 (c)		5,457		5,545
Series 2780, Class QC
4.500%, 03/15/2017 (c)		10,203		10,230
Series 2750, Class HE
5.000%, 02/15/2019 (c)		5,930		5,937

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

26   First American Funds 2007 Semiannual Report

Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
Series 1167, Class E
7.500%, 11/15/2021	$	23	$	23
Series 1286, Class A
6.000%, 05/15/2022		69		69
Federal National Mortgage Association
Series 2003-4, Class PE
5.000%, 02/25/2018 (c)		6,805		6,708
Series 1990-89, Class K
6.500%, 07/25/2020		17		18
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
(Cost $27,842)				28,530
Preferred Stock – 0.3%
Sovereign – 0.3%
Fannie Mae
(Cost $2,300)		92,000		2,346
Municipal Bond – 0.3%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
6.950%, 09/01/2016
(Cost $1,970)	$	1,970		1,981
Short-Term Investments – 1.0%
Money Market Fund – 0.9%
First American Prime Obligations Fund, Class Z (e)		6,851,006		6,851
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
3.110%, 03/20/2008 (f)	$	1,185		1,177
Total Short-Term Investments
(Cost $8,028)				8,028
Investment Purchased with Proceeds from Securities Lending – 25.6%
Mount Vernon Securities Lending Prime Portfolio (g)
(Cost $197,749)		197,748,833		197,749
Total Investments – 125.2%
(Cost $964,737)				969,730
Other Assets and Liabilities, Net – (25.2)%				(195,352	)
Total Net Assets – 100.0%			$	774,378

(a)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2007, the value of these investments was $66,000 or 8.5% of total net assets.

(b)  Variable Rate Security – The rate shown is the rate in effect as of December 31, 2007.

(c)  This security or a portion of this security is out on loan at December 31, 2007. Total loaned securities had a value of $194,029 at December 31, 2007. See note 2 in Notes to Financial Statements.

(d)  Security considered illiquid. As of December 31, 2007, the value of this investment was $30 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(e)  Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Intermediate Term Bond Fund (continued)

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

(g)  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
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
U.S. Treasury 2 Year Note Futures		146		$	30,697		March 2008	$	100
U.S. Treasury 5 Year Note Futures		619			68,264		March 2008		144
U.S. Treasury 10 Year Note Futures		470			53,294		March 2008		94
U.S. Treasury 10 Year Note Futures		(86	)		(9,752	)	March 2008		(71	)
U.S. Treasury Long Bond Futures		(134	)		(15,594	)	March 2008		(55	)
								$	212

Credit Default Swap Agreements

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
Bank of America	Dow Jones CDX IG9 Index		Buy		0.600%		12/20/2012	$	1,200	$	4
Citigroup	Ryland Group		Buy		1.250%		09/20/2012		1,750		132
Deutsche Bank	Dow Jones CDX HVOL9 Index		Buy		1.400%		12/20/2012		2,000		(15	)
JPMorgan	Deutsche Bank AG		Buy		0.525%		09/20/2012		800		(3	)
JPMorgan	UBS AG		Buy		0.355%		09/20/2012		1,500		6
UBS	AmerisourceBergen Corporation		Buy		0.585%		09/20/2012		2,000		(5	)
UBS	Cardinal Health, Inc.		Buy		0.320%		09/20/2012		2,000		(1	)
UBS	Dow Jones CDX IG9 Index		Buy		0.600%		12/20/2012		8,400		(7	)
UBS	Whirlpool Corporation		Buy		0.785%		09/20/2017		2,000		13
										$	124

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Pay

4.625%

09/20/2009

$

41,000

$

511

Citigroup

3-Month LIBOR

Receive

5.110%

09/20/2017

10,000

(356

)

UBS

3-Month LIBOR

Receive

5.153%

10/02/2017

10,000

(391

)

UBS

3-Month LIBOR

Pay

4.568%

10/02/2009

41,000

492

UBS

3-Month LIBOR

Receive

5.042%

11/13/2017

10,000

(300

)

$

(44

)

First American Funds 2007 Semiannual Report   27

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Intermediate Term Bond Fund (concluded)

Schedule of Open Written Call Options

	Exercise	Premium		Expiration		Number of
Option	Price	Received		Date		Contracts		Value
U.S. Treasury 10 Year Note Futures – March 2008	$116.00	$	24		03/19/2008		46	$	25
U.S. Treasury 10 Year Note Futures – March 2008	114.50		59		03/19/2008		105		100
		$	83					$	125

Schedule of Open Written Put Options

	Exercise		Premium		Expiration	Number of
Option	Price		Received		Date	Contracts	Value
U.S. Treasury 10 Year Note Futures – March 2008	$	109.50	$	52	03/19/2008	105	$	20
U.S. Treasury 10 Year Note Futures – March 2008		110.00		19	03/19/2008	46		12
			$	71			$	32

Short Term Bond Fund
DESCRIPTION	PAR		VALUE
Asset-Backed Securities – 44.8%
Automotive – 8.7%
Auto Bond Receivables Trust
Series 1993-I, Class A
6.125%, 11/15/2021 (a) (b) (c)		106		—
DaimlerChrysler Auto Trust
Series 2006-C, Class A3
5.020%, 07/08/2010		5,000		5,013
FTN Financial Auto Securitization Trust
Series 2004-A, Class B
3.000%, 06/15/2010 (d)		114		114
Harley-Davidson Motorcycle Trust
Series 2003-2, Class A2
2.070%, 02/15/2011		1,951		1,949
Hertz Vehicle Financing
Series 2005-2A, Class A2
4.930%, 02/25/2010 (d)		5,460		5,472
Honda Auto Receivables Owner Trust
Series 2007-3, Class A2
5.290%, 01/15/2010		5,000		5,022
Nissan Auto Receivables Owner Trust
Series 2006-B, Class A3
5.160%, 02/15/2010		4,793		4,802
Toyota Auto Receivables Owner Trust
Series 2003-B, Class A4
2.790%, 01/15/2010		289		289
Volkswagen Auto Loan Enhanced Trust
Series 2005-1, Class A4
4.860%, 04/20/2012		7,000		7,016
				29,677
Credit Cards – 8.2%
American Express Issuance Trust
Series 2005-1, Class C
5.358%, 08/15/2011 (e)		905		870
Bank One Issuance Trust
Series 2004-B2, Class B2
4.370%, 04/15/2012		1,200		1,192
Capital One Multi-Asset Execution Trust
Series 2005-A3, Class A3
4.050%, 03/15/2013		5,241		5,224
Citibank Credit Card Issuance Trust
Series 2006-A2, Class A2
4.850%, 02/10/2011		3,557		3,578
Series 2006-A4, Class A4
5.450%, 05/10/2013		5,245		5,418
Discover Card Master Trust
Series 2007-C1, Class C1
5.348%, 01/15/2013 (e)		885		851
Household Credit Card Master Note Trust I
Series 2006-1, Class A
5.100%, 06/15/2012		4,950		4,996
MBNA Credit Card Master Note Trust
Series 2005-A7, Class A7
4.300%, 02/15/2011		4,000		3,995
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
5.491%, 05/15/2014 (d) (e)		1,855		1,782
				27,906
Equipment Leases – 1.9%
Caterpillar Financial Asset Trust
Series 2006-A, Class A3
5.570%, 05/25/2010		968		974
Series 2007-A, Class A3A
5.340%, 06/25/2012		2,550		2,589

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

28   First American Funds 2007 Semiannual Report

Short Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
CNH Equipment Trust
Series 2006-B, Class A3
5.200%, 06/15/2010	$	2,955	$	2,964
				6,527
Home Equity – 1.8%
Citicorp Residential Mortgage Securities Trust
Series 2006-1, Class A1
5.956%, 07/25/2036		1,734		1,725
Countrywide Asset-Backed Certificates
Series 2003-5, Class AF5
5.739%, 02/25/2034		2,133		2,095
Equivantage Home Equity Loan Trust
Series 1996-1, Class A
6.550%, 10/25/2025		67		66
Series 1996-4, Class A
7.250%, 01/25/2028		300		299
IMC Home Equity Loan Trust
Series 1998-3, Class A7
6.720%, 08/20/2029		1,758		1,755
				5,940
Manufactured Housing – 1.0%
Origen Manufactured Housing
Series 2005-B, Class A2
5.247%, 12/15/2018		3,230		3,238
Other – 21.0%
Banc of America Commercial Mortgage
Series 2004-4, Class A2
4.041%, 07/10/2042		3,643		3,613
Bear Stearns Commercial Mortgage Securities
Series 2002-TOP6, Class A1
5.920%, 10/15/2036		2,165		2,201
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		1,385		1,383
Commercial Mortgage Pass-Through Certificates
Series 2004-LB3A, Class A1
3.765%, 07/10/2037		1,446		1,439
Series 2004-RS1, Class A
4.018%, 03/03/2041 (d)		1,243		1,209
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 (d)		1,688		1,679
GE Capital Commercial Mortgage Corporation
Series 2001-2, Class A2
5.850%, 08/11/2033		5,060		5,126
Global Signal Trust
Series 2004-2A, Class A
4.232%, 12/15/2014 (d)		6,380		6,308
Series 2006-1, Class C
5.707%, 02/15/2036 (d)		2,750		2,749
GMAC Commercial Mortgage Securities
Series 1999-C1, Class A2
6.175%, 05/15/2033		5,303		5,342
Series 2004-C1, Class A2
4.100%, 03/10/2038		4,000		3,965
Greenwich Capital Commercial Funding
Series 2005-GG5, Class A2
5.117%, 04/10/2037		12,390		12,411
GS Mortgage Securities II
Series 2004-C1, Class A1
3.659%, 10/10/2028		5,069		5,018
Series 2003-C1, Class A2A
3.590%, 01/10/2040		4,283		4,274
JPMorgan Chase Commercial Mortgage Securities
Series 2001-CIB3, Class A2
6.044%, 11/15/2035		3,369		3,441
LB-UBS Commercial Mortgage Trust
Series 2003-C3, Class A2
3.086%, 05/15/2027		6,200		6,154
Series 2004-C2, Class A1
2.946%, 03/15/2029		4,873		4,787
				71,099
Utilities – 2.2%
Detroit Edison Securitization Funding
Series 2001-1, Class A3
5.875%, 03/01/2010		944		946
Oncor Electric Delivery Transition Bond Company
Series 2003-1, Class A2
4.030%, 02/15/2012		2,884		2,867
PG&E Energy Recovery Funding
Series 2005-1, Class A2
3.870%, 06/25/2011		2,767		2,748
Public Service New Hampshire Funding
Series 2001-1, Class A2
5.730%, 11/01/2010		1,033		1,037
				7,598
Total Asset-Backed Securities
(Cost $151,556)				151,985
Corporate Bonds – 18.0%
Banking – 3.7%
Bank of America
7.800%, 02/15/2010		2,500		2,649
Citigroup
4.125%, 02/22/2010		2,000		1,971
HSBC Finance
6.750%, 05/15/2011		2,345		2,433
Popular North America
3.875%, 10/01/2008		2,925		2,897
Wells Fargo
4.625%, 08/09/2010		2,750		2,752
				12,702
Basic Industry – 0.1%
Georgia-Pacific
8.125%, 05/15/2011		500		507
Brokerage – 0.6%
Morgan Stanley
4.000%, 01/15/2010		2,000		1,967
Communications – 1.2%
Comcast Cable Communications
6.875%, 06/15/2009		2,305		2,371
Vodafone Airtouch
7.750%, 02/15/2010		1,500		1,582
				3,953
Consumer Cyclical – 2.9%
DaimlerChrysler
Series MTN
5.750%, 09/08/2011		2,000		2,030
Ford Motor Credit
6.625%, 06/16/2008		2,500		2,463
Harrah’s Operating Company
5.500%, 07/01/2010		2,000		1,860
Quest Diagnostic
5.125%, 11/01/2010		1,990		2,027

First American Funds 2007 Semiannual Report   29

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Short Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Yum! Brands
8.875%, 04/15/2011	$	1,260	$	1,390
				9,770
Consumer Non Cyclical – 2.4%
AmerisourceBergen
5.625%, 09/15/2012		1,000		1,014
Cardinal Health
6.750%, 02/15/2011		1,250		1,313
Constellation Brands
7.250%, 05/15/2017 (d)		390		361
Covidien International
5.150%, 10/15/2010 (d)		3,000		3,067
UnitedHealth Group
3.750%, 02/10/2009		2,500		2,470
				8,225
Electric – 1.3%
Arizona Public Service
6.375%, 10/15/2011		2,000		2,069
MidAmerican Energy Holdings
3.500%, 05/15/2008		2,500		2,484
				4,553
Energy – 0.1%
TNK-BP Finance
7.875%, 03/13/2018 (d)		510		504
Finance – 2.1%
American Express Travel
5.250%, 11/21/2011 (d)		2,450		2,456
Ameriprise Financial
5.350%, 11/15/2010		1,000		1,016
ILFC E-Capital Trust I
5.900%, 12/21/2065 (d) (e)		1,000		987
International Lease Finance
5.000%, 04/15/2010		2,525		2,518
				6,977
Real Estate – 0.7%
Istar Financial – REIT
6.000%, 12/15/2010		2,500		2,276
Technology – 2.3%
Chartered Semiconductor
5.750%, 08/03/2010		1,500		1,529
Electronic Data Systems
7.125%, 10/15/2009		2,000		2,065
First Data
9.875%, 09/24/2015 (d) (f)		455		423
Jabil Circuit
5.875%, 07/15/2010		2,295		2,322
Motorola
8.000%, 11/01/2011		1,200		1,293
				7,632
Transportation – 0.6%
FedEx
5.500%, 08/15/2009		2,000		2,022
Total Corporate Bonds
(Cost $61,184)				61,088
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 17.9%
Adjustable Rate (e) – 14.9%
Banc of America Mortgage Securities
Series 2004-F, Class 2A6
4.146%, 07/25/2034		3,000		2,978
Citigroup Mortgage Loan Trust
Series 2005-7, Class 2A1A
4.863%, 09/25/2035		3,358		3,349
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
5.144%, 12/20/2046		4,883		4,592
Countrywide Home Loans
Series 2004-2, Class 2A1
5.273%, 02/25/2034		665		663
GSR Mortgage Loan Trust
Series 2005-AR1, Class B1
4.877%, 01/25/2035		2,171		2,099
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
5.205%, 03/19/2037		5,018		4,712
Series 2007-4, Class 2A1
4.963%, 07/19/2047		2,819		2,658
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
5.352%, 03/25/2035		756		750
JPMorgan Mortgage Trust
Series 2004-A1, Class 3A1
4.993%, 02/25/2034		1,642		1,608
Series 2006-A7, Class 3A4
5.946%, 01/25/2037		880		861
Structured Mortgage Loan Trust
Series 2004-11, Class A
7.195%, 08/25/2034		302		301
Washington Mutual
Series 2003-AR3, Class A5
3.927%, 04/25/2033		4,079		4,074
Series 2003-AR10, Class A6
4.060%, 10/25/2033		7,000		6,959
Series 2004-AR7, Class A6
3.941%, 07/25/2034		5,000		4,942
Series 2007-HY2, Class 3A2
5.942%, 09/25/2036		888		886
Wells Fargo Mortgage Backed Securities Trust
Series 2004-E, Class A5
3.662%, 05/25/2034		5,868		5,830
Series 2004-N, Class A3
4.137%, 08/25/2034		936		933
Series 2005-AR10, Class 2A5
4.109%, 06/25/2035		2,499		2,477
				50,672
Fixed Rate – 3.0%
ABN AMRO Mortgage
Series 2003-9, Class A6
4.750%, 08/25/2018		3,129		3,090
Citigroup Mortgage Loan Trust
Series 2005-WF1, Class A2
4.490%, 02/25/2035		3,969		3,926
Countrywide Alternative Loan Trust
Series 2006-19CB, Class A15
6.000%, 08/25/2036		2,669		2,649

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

30   First American Funds 2007 Semiannual Report

Short Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
First Horizon Mortgage Pass-Through Trust
Series 2004-4, Class 2A1
4.500%, 07/25/2019	$	540	$	539
				10,204
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
(Cost $60,885)				60,876
U.S. Government Agency Mortgage-Backed Securities – 11.5%
Adjustable Rate (e) – 7.1%
Federal Home Loan Mortgage Corporation Pool
7.250%, 12/01/2026, #756591		815		823
6.983%, 01/01/2029, #846946 (f)		551		553
7.045%, 10/01/2029, #786853		331		336
7.222%, 04/01/2030, #972055 (f)		375		387
6.803%, 05/01/2030, #847014 (f)		427		431
6.216%, 06/01/2031, #847367		273		275
7.020%, 08/01/2032, #847331 (f)		3,146		3,192
7.078%, 09/01/2032, #847652		1,833		1,848
7.106%, 10/01/2032, #847063 (f)		277		282
4.223%, 05/01/2033, #780456		1,638		1,658
Federal National Mortgage Association Pool
7.008%, 11/01/2025, #433988 (f)		749		755
7.125%, 02/01/2028, #415285		55		56
6.991%, 10/01/2030, #847241		2,180		2,227
6.118%, 06/01/2031, #625338 (f)		452		460
6.912%, 12/01/2031, #535363 (f)		1,756		1,797
7.103%, 03/01/2032, #545791		92		94
7.110%, 05/01/2032, #634948 (f)		217		221
7.176%, 05/01/2032, #545717		542		551
4.476%, 10/01/2032, #661645 (f)		275		279
4.703%, 12/01/2032, #671884		1,117		1,132
7.172%, 04/01/2034, #775389		225		226
4.266%, 07/01/2034, #795242		3,964		3,919
7.172%, 08/01/2036, #555369		390		397
Government National Mortgage Association Pool
5.750%, 08/20/2021, #8824		194		195
5.750%, 07/20/2022, #8006 (f)		249		250
5.750%, 09/20/2025, #8699		131		132
5.375%, 04/20/2026, #8847		116		117
5.750%, 08/20/2027, #80106		37		37
6.375%, 01/20/2028, #80154		63		64
5.375%, 05/20/2029, #80283 (f)		229		232
5.875%, 11/20/2030, #80469 (f)		275		278
5.375%, 04/20/2031, #80507 (f)		161		163
5.500%, 08/20/2031, #80535 (f)		492		494
6.500%, 02/20/2032, #80580 (f)		115		117
				23,978
Fixed Rate – 4.4%
Federal Home Loan Mortgage Corporation
Series K001, Class A3
5.837%, 01/25/2012		3,126		3,175
Federal Home Loan Mortgage Corporation Pool
7.750%, 07/01/2009, #184513		2		2
Federal National Mortgage Association Pool
3.900%, 06/01/2010, #461013 (f)		6,710		6,659
5.500%, 05/01/2012, #254340 (f)		844		859
5.000%, 03/01/2013, #254682		540		547
4.000%, 12/01/2013, #255039		3,722		3,691
				14,933
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $38,949)				38,911
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 4.7%
Fixed Rate – 4.7%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011 (f)		3,925		3,987
Series 2780, Class QC
4.500%, 03/15/2017 (f)		5,000		5,013
Series 1022, Class J
6.000%, 12/15/2020		35		35
Series 2738, Class UA
3.570%, 12/15/2023 (f)		2,147		2,127
Series 2589, Class GK
4.000%, 03/15/2026 (f)		1,212		1,204
Federal National Mortgage Association
Series 1992-150, Class MA
5.500%, 09/25/2022		99		101
Series 2004-90, Class GA
4.350%, 03/25/2034 (f)		3,368		3,303
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
(Cost $15,549)				15,770
U.S. Government & Agency Security – 0.4%
U.S. Treasury – 0.4%
U.S. Treasury Note
4.125%, 08/31/2012 (f)
(Cost $1,339)		1,335		1,374
Short-Term Investments – 2.1%
Money Market Fund – 1.9%
First American Prime Obligations Fund, Class Z (g)		6,655,626		6,656
U.S. Treasury Obligations – 0.2%
U.S. Treasury Bills (h)
3.110%, 03/20/2008	$	350		347
3.168%, 04/10/2008		265		263
Total Short-Term Investments				610
(Cost $7,266)				7,266
Investment Purchased with Proceeds from Securities Lending – 10.8%
Mount Vernon Securities Lending Prime Portfolio (i)
(Cost $36,571)		36,570,746		36,571
Total Investments – 110.2%
(Cost $373,299)				373,841
Other Assets and Liabilities, Net – (10.2)%				(34,645	)
Total Net Assets – 100.0%			$	339,196

(a)  Security is fair valued and illiquid. As of December 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.

(b)  Security in default at December 31, 2007.

(c)  Non-income producing security.

(d)  Security purchased within terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under guidelines established by the fund’s board of directors. As of December 31, 2007, the value

First American Funds 2007 Semiannual Report   31

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Short Term Bond Fund (continued)

of these investments was $27,111 or 8.0% of total net assets. See note 2 in Notes to Financial Statements.

(e)  Variable Rate Security – The rate shown is the rate in effect as of December 31, 2007.

(f)  This security or a portion of this security is out on loan at December 31, 2007. Total loaned securities had a value of $34,972 at December 31, 2007. See note 2 in Notes to Financial Statements.

(g)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
(h)	Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of December 31, 2007. See note 2 in Notes to Financial Statements.

(i)  The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund 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. See note 2 in Notes to Financial Statements.

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
Euro Currency Futures		4		$	730		March 2008	$	(2	)
Japanese Yen Currency Futures		7			789		March 2008		—
Long Gilt Futures		10			2,194		March 2008		8
Swiss Franc Currency Futures		9			994		March 2008		3
U.S. Treasury 2 Year Note Futures		415			87,254		March 2008		352
U.S. Treasury 5 Year Note Futures		(298	)		(32,864	)	March 2008		(117	)
U.S. Treasury 10 Year Note Futures		(8	)		(907	)	March 2008		(2	)
								$	242

Credit Default Swap Agreements

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
Bank of America	Dow Jones CDX IG9 Index		Buy		0.600%		12/20/2012	$	800	$	3
Citigroup	Ryland Group		Buy		1.250%		09/20/2012		900		68
Deutsche Bank	Dow Jones CDX HVOL9 Index		Buy		1.400%		12/20/2012		1,000		(8	)
JPMorgan	Dow Jones CDX IG7 Index		Sell		0.250%		12/20/2009		25,000		(305	)
JPMorgan	Deutsche Bank AG		Buy		0.525%		09/20/2012		700		(3	)
JPMorgan	Gap, Inc.		Buy		1.230%		12/20/2012		1,000		(19	)
JPMorgan	UBS AG		Buy		0.355%		09/20/2012		1,100		4
UBS	AmerisourceBergen Corporation		Buy		0.585%		09/20/2012		1,000		(2	)
UBS	Cardinal Health, Inc.		Buy		0.320%		09/20/2012		1,000		(1	)
UBS	Dow Jones CDX IG9 Index		Buy		0.600%		12/20/2012		3,700		(3	)
UBS	Whirlpool Corporation		Buy		0.785%		09/20/2017		1,000		7
										$	(259	)

Short Term Bond Fund (concluded)

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

UBS

3-Month LIBOR

Receive

4.773%

01/18/2011

$

12,000

$

(286

)

UBS

3-Month LIBOR

Pay

5.180%

08/02/2010

34,000

1,086

$

800

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

32   First American Funds 2007 Semiannual Report

Total Return Bond Fund
DESCRIPTION	PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 22.6%
Adjustable Rate (a) – 3.0%
Federal Home Loan Mortgage Corporation Pool
6.696%, 10/01/2029, #1L0117		883		909
6.570%, 07/01/2030, #847240		1,034		1,045
5.682%, 05/01/2033, #847411		729		737
5.771%, 07/01/2036, #1K1238 (b)		2,958		2,997
5.597%, 05/01/2037, #1H1396 (b)		7,475		7,544
Federal National Mortgage Association Pool
6.891%, 09/01/2033, #725553		446		458
5.270%, 11/01/2034, #735054 (b)		1,614		1,632
6.939%, 01/01/2035, #745548		941		959
5.310%, 12/01/2035, #850865 (b)		5,684		5,692
5.642%, 08/01/2037, #888612 (b)		8,906		9,016
				30,989
Fixed Rate – 19.6%
Federal Home Loan Mortgage Corporation Pool
4.000%, 04/01/2008, #M90808		1,221		1,216
5.000%, 09/01/2018, #E99575		1,001		1,004
5.500%, 12/01/2020, #G11810		2,753		2,787
6.500%, 07/01/2031, #A17212 (b)		2,841		2,938
7.000%, 08/01/2037, #H09059 (b)		6,084		6,277
Federal National Mortgage Association Pool
3.900%, 06/01/2010, #461013 (b)		5,000		4,962
5.500%, 12/01/2018, #735575 (b)		1,533		1,556
5.500%, 01/01/2020, #735386 (b)		1,161		1,178
5.500%, 06/01/2020, #735792		988		1,002
5.000%, 12/01/2020, #745079 (b)		17,126		17,142
5.000%, 01/01/2022, #899008 (b)		5,435		5,441
5.500%, 02/01/2025, #255628 (b)		2,573		2,587
5.500%, 10/01/2025, #255956 (b)		12,662		12,723
5.500%, 03/01/2027, #256640 (b)		9,448		9,490
6.000%, 08/01/2027, #256852 (b)		5,216		5,312
6.000%, 04/01/2032, #745101 (b)		960		988
5.500%, 06/01/2033, #843435		1,075		1,077
5.000%, 10/01/2033, #741897		6		6
5.500%, 10/01/2033, #555800 (b)		3,291		3,294
5.500%, 11/01/2033, #555967 (b)		6,076		6,080
5.000%, 03/01/2034, #725205 (b)		1,186		1,159
5.000%, 03/01/2034, #725250 (b)		1,069		1,045
6.000%, 03/01/2034, #745324		1,932		1,971
5.500%, 04/01/2034, #725424 (b)		2,882		2,884
5.000%, 05/01/2034, #255189		6,871		6,712
5.000%, 05/01/2034, #725456		1,054		1,030
5.000%, 06/01/2034, #782909		5		5
5.500%, 08/01/2034, #745563 (b)		1,979		1,980
5.500%, 09/01/2034, #725773		1,852		1,852
6.000%, 04/01/2035, #735503 (b)		3,101		3,156
5.500%, 05/01/2035, #735500 (b)		26,451		26,435
5.500%, 08/01/2035, #829679		4,421		4,418
5.500%, 09/01/2035, #842230 (b)		2,244		2,243
5.500%, 10/01/2035, #735899		2,675		2,675
6.000%, 01/01/2036, #831215 (b)		2,931		2,978
6.000%, 01/01/2036, #852347		2,851		2,896
6.500%, 04/01/2036, #831377		1,335		1,372
6.500%, 04/01/2036, #852909		859		883
6.500%, 07/01/2036, #831683 (b)		2,039		2,096
6.500%, 08/01/2036, #893318 (b)		1,850		1,902
6.500%, 09/01/2036, #831799 (b)		6,421		6,601
6.500%, 09/01/2036, #897129 (b)		15,327		15,757
6.000%, 11/01/2036, #870962 (b)		7,627		7,746
6.000%, 11/01/2036, #902786 (b)		5,591		5,679
5.500%, 01/01/2037, #906059 (b)		5,685		5,679
6.000%, 09/01/2037, #256890 (b)		2,911		2,932
				201,146
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $230,178)				232,135
Asset-Backed Securities – 21.2%
Automotive – 0.8%
FTN Financial Auto Securitization Trust
Series 2004-A, Class A
2.550%, 06/15/2010 (c)		342		342
Harley-Davidson Motorcycle Trust
Series 2005-4, Class A2
4.850%, 06/15/2012		1,190		1,192
Hertz Vehicle Financing
Series 2005-2A, Class A6
5.080%, 11/25/2011 (c)		2,690		2,709
Volkswagen Auto Loan Enhanced Trust
Series 2005-1, Class A4
4.860%, 04/20/2012		4,255		4,265
				8,508
Credit Cards – 3.3%
American Express Issuance Trust
Series 2005-1, Class C
5.358%, 08/15/2011 (a)		2,250		2,162
Bank of America Credit Card Trust
Series 2007-A8, Class A8
5.590%, 11/17/2014		12,865		13,366
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
5.750%, 07/15/2020		3,485		3,507
Chase Issuance Trust
Series 2007-A17, Class A
5.120%, 10/15/2014		4,870		4,988
Citibank Credit Card Issuance Trust
Series 2006-A4, Class A4
5.450%, 05/10/2013		1,860		1,921
Discover Card Master Trust
Series 2007-C1, Class C1
5.348%, 01/15/2013 (a)		2,370		2,279
Series 2007-A1, Class A1
5.650%, 03/16/2020		3,655		3,651
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
5.491%, 05/15/2014 (a) (c)		2,150		2,065
				33,939
Home Equity – 0.0%
GRMT Mortgage Loan Trust
Series 2001-1A, Class M1
7.772%, 07/20/2031 (c)		204		182
Manufactured Housing – 0.2%
Green Tree Financial
Series 1996-8, Class A7
8.050%, 10/15/2027 (a)		316		335
Origen Manufactured Housing
Series 2005-A, Class A2
4.490%, 05/15/2018		1,734		1,737
				2,072
Other – 16.3%
Banc of America Commercial Mortgage
Series 2006-2, Class A4
5.741%, 05/10/2045 (a)		785		811

First American Funds 2007 Semiannual Report   33

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Total Return Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class A4
5.405%, 12/11/2040 (a)	$	8,765	$	8,767
Series 2007-T28, Class D
5.992%, 09/11/2042 (a) (c)		1,780		1,499
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		1,360		1,359
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 (c)		1,805		1,823
Series 2004-RS1, Class A
4.018%, 03/03/2041 (c)		2,186		2,126
Series 2005-LP5, Class A2
4.630%, 05/10/2043		5,706		5,664
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 (c)		3,920		3,900
GE Capital Commercial Mortgage Corporation
Series 2005-C3, Class A2
4.853%, 07/10/2045		7,405		7,375
Global Signal Trust
Series 2006-1, Class C
5.707%, 02/15/2036 (c)		2,000		1,999
GMAC Commercial Mortgage Securities
Series 2005-C1, Class A2
4.471%, 05/10/2043		14,395		14,245
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
3.285%, 07/05/2035		1,500		1,473
Series 2005-GG5, Class A2
5.117%, 04/10/2037		13,745		13,768
Series 2005-GG5, Class A5
5.224%, 04/10/2037 (a)		7,159		7,103
Series 2007-GG11, Class AJ
6.003%, 12/10/2049 (a)		4,810		4,718
GS Mortgage Securities II
Series 2006-GG6, Class A2
5.506%, 04/10/2038 (a)		9,450		9,556
Series 2006-GG8, Class A2
5.479%, 11/10/2039		13,440		13,573
Series 2006-GG8, Class A4
5.560%, 11/10/2039 (a)		10,150		10,308
Series 2007-GG10, Class A4
5.799%, 08/10/2045 (a)		350		362
Series 2006-RR2, Class A1
5.686%, 06/23/2046 (a) (c)		3,230		2,892
Series 2006-RR3, Class A1S
5.659%, 07/18/2056 (a) (c)		4,310		3,676
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044 (a)		1,490		1,436
Series 2007-CB20, Class AJ
6.099%, 02/12/2051 (a)		4,165		4,110
LB-UBS Commercial Mortgage Trust
Series 2004-C2, Class A2
3.246%, 03/15/2029		10,000		9,834
Series 2005-C7, Class A2
5.103%, 11/15/2030		2,500		2,504
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.129%, 07/12/2038 (a)		1,730		1,622
Series 2005-LC1, Class AM
5.266%, 01/12/2044 (a)		3,500		3,437
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class AM
5.957%, 08/12/2049 (a)		4,400		4,570
Morgan Stanley Capital I
Series 2003-IQ6, Class A4
4.970%, 12/15/2041		5,112		5,107
Series 2005-HQ6, Class B
5.152%, 08/13/2042 (a)		745		709
Series 2005-HQ6, Class C
5.172%, 08/13/2042 (a)		705		667
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		6,440		6,714
Small Business Administration
Series 2006-P10B, Class 1
5.681%, 08/10/2016		4,077		4,101
Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Class AJ
5.952%, 05/15/2046 (a)		2,905		2,838
Series 2007-C33, Class AJ
5.903%, 02/15/2051 (a)		2,745		2,674
				167,320
Recreational Vehicles – 0.0%
JPMorgan RV Marine Trust
Series 2004-1A, Class A1
3.120%, 04/15/2011 (c)		257		257
Utility – 0.6%
PG & E Energy Recovery Funding
Series 2005-2, Class A2
5.030%, 03/25/2014		5,655		5,725
Total Asset-Backed Securities
(Cost $217,611)				218,003
Corporate Bonds – 17.7%
Banking – 2.5%
Bank of America
5.750%, 12/01/2017		5,350		5,362
Citigroup
6.125%, 11/21/2017		4,100		4,212
Citigroup Capital XXI
8.300%, 12/21/2057 (a)		3,925		4,098
JPMorgan Chase
5.150%, 10/01/2015		2,995		2,889
JPMorgan Chase Capital XX
Series T
6.550%, 09/29/2036		1,455		1,313
Lloyds
6.267%, 12/31/2049 (a) (c)		2,260		2,050
Washington Mutual Preferred IV
9.750%, 10/29/2049 (a) (c)		2,650		2,120
Wells Fargo
5.625%, 12/11/2017 (b)		2,550		2,552
Wells Fargo Capital X
5.950%, 12/15/2036		945		882
				25,478
Basic Industry – 1.5%
Celulosa Arauco Y Constitucion
8.625%, 08/15/2010		1,500		1,637
Evraz Group
8.250%, 11/10/2015 (c) (d)		700		696
FMG Finance
10.000%, 09/01/2013 (c) (d)		1,185		1,298

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

34   First American Funds 2007 Semiannual Report

Total Return Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Freeport-McMoran Copper & Gold
8.375%, 04/01/2017	$	1,745	$	1,871
Georgia-Pacific
7.125%, 01/15/2017 (b) (c)		1,200		1,167
Griffin Coal Mining
9.500%, 12/01/2016 (c)		1,410		1,255
Noble Group Limited
6.625%, 03/17/2015 (c) (d)		1,415		1,322
Southern Copper
7.500%, 07/27/2035		1,265		1,340
Teck Cominco Limited
6.125%, 10/01/2035		1,575		1,455
U.S. Steel
7.000%, 02/01/2018		2,250		2,235
Vale Overseas
6.250%, 01/11/2016		1,020		1,022
				15,298
Brokerage – 1.7%
Goldman Sachs Capital II
5.793%, 12/29/2049 (a)		3,475		3,094
Goldman Sachs Group
6.750%, 10/01/2037		2,215		2,170
Lehman Brothers Holdings
5.750%, 01/03/2017		2,355		2,262
Merrill Lynch
6.050%, 05/16/2016		2,835		2,786
Morgan Stanley
5.375%, 10/15/2015		3,895		3,787
UBS Preferred Funding Trust V
6.243%, 05/29/2049 (a)		3,630		3,495
				17,594
Capital Goods – 0.1%
Siemens Financiering
6.125%, 08/17/2026 (c)		1,350		1,337
Communications – 0.7%
AT&T
6.300%, 01/15/2038		1,290		1,311
News America
6.650%, 11/15/2037 (c)		2,100		2,166
Telecom Italia Capital
4.000%, 11/15/2008		1,170		1,155
Telefonica Emisones
6.221%, 07/03/2017		1,205		1,252
Vimpelcom
8.250%, 05/23/2016 (c) (d)		1,110		1,110
				6,994
Consumer Cyclical – 0.6%
Galaxy Entertainment
9.875%, 12/15/2012 (c) (d)		575		607
Home Depot
5.875%, 12/16/2036		1,540		1,299
Lippo Karwaci Finance
8.875%, 03/09/2011 (d)		1,075		1,029
Shimao Property Holdings
8.000%, 12/01/2016 (c)		1,110		1,002
Viacom
6.875%, 04/30/2036		1,975		1,980
				5,917
Consumer Non Cyclical – 1.1%
AmerisourceBergen
5.625%, 09/15/2012		2,000		2,028
Cardinal Health
6.750%, 02/15/2011		2,500		2,626
Constellation Brands
7.250%, 05/15/2017 (c)		1,700		1,572
Fisher Scientific International
6.750%, 08/15/2014		785		805
Omnicare
6.750%, 12/15/2013		1,670		1,570
Sadia Overseas
6.875%, 05/24/2017 (b) (c) (d)		1,000		960
Vitro
9.125%, 02/01/2017 (d)		1,265		1,164
				10,725
Electric – 1.9%
Dynegy Holdings
7.750%, 06/01/2019		1,385		1,278
Edison Mission Energy
7.500%, 06/15/2013		1,060		1,086
Energy Future Holdings
10.875%, 11/01/2017 (c)		1,380		1,387
Florida Power & Light
5.650%, 02/01/2037		2,335		2,266
ISA Capital Brasil
8.800%, 01/30/2017 (b) (c) (d)		1,400		1,442
MidAmerican Energy Holdings
6.125%, 04/01/2036		2,630		2,624
Ohio Power, Series K
6.000%, 06/01/2016		1,685		1,703
Oncor Electric Delivery
7.000%, 05/01/2032		2,210		2,294
Pacific Gas & Electric
6.050%, 03/01/2034		1,590		1,587
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 (c)		2,455		2,455
Virginia Electric Power
5.950%, 09/15/2017		1,550		1,598
				19,720
Energy – 1.3%
Encana
6.500%, 02/01/2038		1,040		1,075
Lukoil International Finance
6.356%, 06/07/2017 (c)		670		634
6.656%, 06/07/2022 (b) (c)		2,585		2,414
Mariner Energy
7.500%, 04/15/2013		1,530		1,473
Pioneer Natural Resource
6.650%, 03/15/2017		1,655		1,596
Tengizcheveroil Finance
6.124%, 11/15/2014 (c)		1,250		1,178
Tesoro
6.625%, 11/01/2015		1,315		1,302
TNK-BP Finance
6.625%, 03/20/2017 (c)		1,100		1,004
7.875%, 03/13/2018 (c)		1,345		1,328
Whiting Petroleum
7.000%, 02/01/2014		1,650		1,633
				13,637
Finance – 1.2%
Capital One Financial
6.150%, 09/01/2016 (a)		2,265		2,010
ILFC E-Capital Trust I
5.900%, 12/21/2065 (a) (c)		2,815		2,779
Janus Capital Group
6.700%, 06/15/2017		1,700		1,751

First American Funds 2007 Semiannual Report   35

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Total Return Bond Fund (continued)
DESCRIPTION	PAR		VALUE
SLM
Series MTN
5.400%, 10/25/2011	$	1,935	$	1,763
Transcapitalinvest
5.670%, 03/05/2014 (c)		3,490		3,344
				11,647
Insurance – 0.6%
Allied World Assurance
7.500%, 08/01/2016		3,070		3,213
MetLife Capital Trust IV
7.875%, 12/15/2037 (c)		2,220		2,262
Unumprovident
5.997%, 05/15/2008		1,040		1,042
				6,517
Natural Gas – 0.5%
Enterprise Products
8.375%, 08/01/2066		860		881
NGPL Pipeco
7.119%, 12/15/2017 (c)		1,585		1,625
Southern Union
7.200%, 11/01/2066		715		703
Transocean
6.000%, 03/15/2018		1,180		1,177
Transport De Gas Del Sur
7.875%, 05/14/2017 (c) (d)		1,250		1,084
				5,470
Real Estate – 0.7%
Greentown China Holdings
9.000%, 11/08/2013 (b) (c) (d)		1,685		1,525
Health Care Properties – REIT
Series MTN
6.300%, 09/15/2016		2,620		2,557
Prologis 2006 – REIT
5.750%, 04/01/2016		3,395		3,186
				7,268
Sovereigns – 1.7%
Bundesrepublic Deutschland
3.250%, 07/04/2015 (e)	EUR	5,100		6,978
United Kingdom Gilt Treasury
4.750%, 03/07/2020 (e)	GBP	4,400		8,949
United Mexican States
5.625%, 01/15/2017 (b)	$	1,735		1,758
				17,685
Technology – 1.2%
Celestica
7.875%, 07/01/2011 (b) (d)		1,840		1,771
Chartered Semiconductor
6.375%, 08/03/2015		590		600
First Data
9.875%, 09/24/2015 (b) (c)		1,260		1,172
IBM
5.700%, 09/14/2017		2,140		2,212
Jabil Circuit
5.875%, 07/15/2010		3,035		3,071
LG Electronics
5.000%, 06/17/2010 (c)		785		786
National Semiconductor
6.600%, 06/15/2017		1,075		1,115
Seagate Technology
6.375%, 10/01/2011 (d)		1,810		1,785
				12,512
Transportation – 0.2%
BLT Finance BV
7.500%, 05/15/2014 (c)		1,450		1,240
Ultrapetrol
9.000%, 11/24/2014 (d)		900		855
				2,095
Water – 0.2%
American Water Capital
6.085%, 10/15/2017 (c)		1,730		1,724
Total Corporate Bonds
(Cost $182,980)				181,618
U.S. Government & Agency Securities – 16.9%
U.S. Treasuries – 16.9%
U.S. Treasury Bond (STRIPS)
0.000%, 02/15/2023 (f)		16,065		7,981
U.S. Treasury Bonds
9.125%, 05/15/2018 (b)		17,100		24,182
8.125%, 08/15/2019		8,000		10,784
6.875%, 08/15/2025 (b)		6,940		8,923
5.250%, 02/15/2029 (b)		7,850		8,636
4.500%, 02/15/2036 (b)		9,080		9,126
U.S. Treasury Notes
4.625%, 08/31/2011 (b)		2,195		2,298
4.500%, 04/30/2012 (b)		18,820		19,659
4.750%, 05/31/2012 (b)		29,565		31,203
4.625%, 07/31/2012 (b)		33,455		35,128
4.250%, 09/30/2012 (b)		1,690		1,749
3.875%, 10/31/2012 (b)		3,755		3,829
4.500%, 05/15/2017 (b)		10,040		10,406
Total U.S. Government & Agency Securities
(Cost $170,024)				173,904
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 16.0%
Adjustable Rate (a) – 7.8%
Chase Mortgage Finance
Series 2003-S13, Class A16
5.000%, 11/25/2033		7,472		7,264
Citigroup Mortgage Loan Trust
Series 2004-HYB4, Class HAII
5.328%, 10/25/2034		9,488		9,493
Series 2005-7, Class 2A1A
4.863%, 09/25/2035		1,722		1,718
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
5.144%, 12/20/2046		4,069		3,827
Countrywide Home Loans
Series 2004-2, Class 2A1
5.273%, 02/25/2034		1,822		1,815
Series 2006-HYB5, Class 3A1A
5.970%, 09/20/2036		7,152		7,035
GMAC Mortgage Corporation Loan Trust
Series 2003-AR2, Class 4A1
4.735%, 12/19/2033		2,308		2,263
GSR Mortgage Loan Trust
Series 2005-AR1, Class B1
4.877%, 01/25/2035		2,221		2,147
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
5.205%, 03/19/2037		6,647		6,241

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

36   First American Funds 2007 Semiannual Report

Total Return Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Series 2007-4, Class 2A1
4.963%, 07/19/2047	$	6,705	$	6,323
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
5.352%, 03/25/2035		869		862
JPMorgan Alternative Loan Trust
Series 2007-S1, Class A1
5.145%, 04/25/2047		3,004		2,779
JPMorgan Mortgage Trust
Series 2004-A1, Class 3A1
4.993%, 02/25/2034		3,931		3,851
Series 2006-A7, Class 3A4
5.946%, 01/25/2037		3,142		3,072
Residential Funding Mortgage Securities I
Series 2006-SA2, Class 4A1
5.877%, 08/25/2036		2,869		2,835
Wachovia Mortgage Loan Trust
Series 2005-B, Class 1A1
4.952%, 10/20/2035		1,188		1,187
Washington Mutual Pass-Through Certificates
Series 2003-AR10, Class A6
4.060%, 10/25/2033		5,082		5,052
Series 2004-AR7, Class A6
3.941%, 07/25/2034		2,630		2,600
Washington Mutual MSC Mortgage Pass-Through Trust
Series 2004-RA3, Class 2A
6.384%, 08/25/2038		2,350		2,398
Wells Fargo Mortgage Backed Securities Trust
Series 2005-AR10, Class 2A5
4.109%, 06/25/2035		3,042		3,016
Series 2006-AR1, Class 2A2
5.554%, 03/25/2036		4,044		4,001
				79,779
Fixed Rate – 8.2%
ABN AMRO Mortgage
Series 2003-7, Class A1
4.750%, 07/25/2018		2,598		2,519
Bank of America Alternative Loan Trust
Series 2007-1, Class 2A2
6.507%, 04/25/2037		2,486		2,533
Chase Mortgage Finance
Series 2003-S12, Class 1A1
4.750%, 12/25/2018		2,471		2,444
Series 2003-S11, Class 1A1
5.000%, 10/25/2033		2,701		2,616
Chaseflex Trust
Series 2005-2, Class 4A1
5.000%, 05/25/2020		5,208		5,177
Citigroup Mortgage Loan Trust
Series 2005-WF1, Class A2
4.490%, 02/25/2035		1,194		1,181
Countrywide Alternative Loan Trust
Series 2004-12CB, Class 1A1
5.000%, 07/25/2019		1,275		1,261
Series 2004-24CB, Class 2A1
5.000%, 11/25/2019		1,604		1,552
Series 2006-19CB, Class A15
6.000%, 08/25/2036		2,491		2,473
Countrywide Home Loans
Series 2007-17, Class 1A1
6.000%, 10/25/2037		7,734		7,710
Credit Suisse First Boston Mortgage Securities
Series 2005-3, Class 5A1
5.500%, 07/25/2020		1,880		1,894
First Horizon Mortgage Pass-Through Trust
Series 2003-7, Class 2A1
4.500%, 09/25/2018		7,050		6,896
Series 2004-4, Class 2A1
4.500%, 07/25/2019		512		511
GMAC Mortgage Corporation Loan Trust
Series 2003-J4, Class 3A1
4.750%, 09/25/2018		6,925		6,854
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
6.982%, 03/25/2043		3,014		2,886
GSR Mortgage Loan Trust
Series 2004-10F, Class 3A1
5.500%, 08/25/2019		897		906
Series 2005-4F, Class B1
5.729%, 05/25/2035		2,338		2,062
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
6.142%, 11/25/2034		2,689		2,732
Residential Accredit Loans
Series 2005-QS12, Class A7
5.500%, 08/25/2035		3,318		3,311
Residential Funding Mortgage Securities I
Series 2004-S9, Class 2A1
4.750%, 12/25/2019		1,342		1,332
Washington Mutual Pass-Through Certificates
Series 2002-S8, Class 2A7
5.250%, 01/25/2018		6,006		6,001
Series 2004-CB1, Class 1A
5.250%, 06/25/2019		1,936		1,932
Wells Fargo Mortgage Backed Securities Trust
Series 2004-7, Class 2A2
5.000%, 07/25/2019		4,980		4,966
Series 2004-8, Class A1
5.000%, 08/25/2019		2,854		2,815
Series 2005-13, Class A1
5.000%, 11/25/2020		946		935
Series 2005-3, Class A9
5.500%, 05/25/2035		3,860		3,172
Series 2007-13, Class A8
6.000%, 09/25/2037		6,252		6,232
				84,903
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
(Cost $163,970)				164,682
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 2.6%
Fixed Rate – 2.6%
Federal Home Loan Mortgage Corporation
Series 2937, Class JD
5.000%, 03/15/2028		4,000		4,030
Series 2690, Class OE
5.000%, 11/15/2028		4,000		4,022
Series 2901, Class UB
5.000%, 03/15/2033 (b)		5,000		4,898
Federal National Mortgage Association
Series 2005-44, Class PC
5.000%, 11/25/2027 (b)		7,750		7,789
Series 2003-81, Class MB
5.000%, 05/25/2029		3,375		3,396

First American Funds 2007 Semiannual Report   37

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

Total Return Bond Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
Series 2005-62, Class JE
5.000%, 06/25/2035 (b)	$	2,279	$	2,279
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
(Cost $25,881)				26,414
Preferred Stocks – 0.6%
Insurance – 0.2%
Aspen Insurance Holdings		84,500		1,846
Sovereign – 0.4%
Fannie Mae		180,000		4,590
Total Preferred Stocks
(Cost $6,719)				6,436
Common Stocks – 0.4%
Energy – 0.4%
Baytex Energy Trust (b)		37,859		724
Canadian Oil Sands Trust, ADR		11,346		445
Canetic Resources Trust (b)		60,340		810
Harvest Energy Trust (b)		17,418		362
Penn West Energy Trust (b)		22,095		574
Peyto Energy Trust (e)		23,000		394
Provident Energy Trust (b)		95,800		958
Total Common Stocks
(Cost $4,548)				4,267
Convertible Securities – 0.2%
Basic Industry – 0.1%
Coeur d’Alene Mines
1.250%, 01/15/2024 (b)	$	1,200		1,093
Energy – 0.1%
Headwaters
2.875%, 06/01/2016	$	1,125		930
Total Convertible Securities
(Cost $2,162)				2,023
Municipal Bond – 0.2%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
6.950%, 09/01/2016
(Cost $1,855)		1,855		1,865
Short-Term Investments – 1.5%
Money Market Fund – 1.3%
First American Prime Obligations Fund, Class Z (g)		13,085,739		13,086
U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill
3.110%, 03/20/2008 (h)	$	2,600		2,582
Total Short-Term Investments
(Cost $15,670)				15,668
Total Return Bond Fund (continued)
DESCRIPTION	SHARES		VALUE
Investment Purchased with Proceeds from Securities Lending – 36.5%
Mount Vernon Securities Lending Prime Portfolio (i)
(Cost $375,243)		375,243,330	$	375,243
Total Investments – 136.4%
(Cost $1,396,841)				1,402,258
Other Assets and Liabilities, Net – (36.4)%				(374,483	)
Total Net Assets – 100.0%			$	1,027,775

(a)  Variable Rate Security – The rate shown is the rate in effect as of December 31, 2007.

(b)  This security or a portion of this security is out on loan at December 31, 2007. Total loaned securities had a market value of $368,068 at December 31, 2007. See note 2 in Notes to Financial Statements.

(c)  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 December 31, 2007, the value of these investments was $71,515 or 7.0% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Represents a foreign high yield (non-investment grade) U.S. dollar denominated bond. On December 31, 2007, the value of these investments was $16,648, which represents 1.6% of total net assets.

(e)  Foreign denominated security values are stated in U.S. dollars. Principal amounts are U.S. dollars unless otherwise noted.

(f)  Principal only.

(g)	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.
(h)	Security has been deposited as initial margin on open futures contracts and swap agreements. Rate shown is the rate in effect at December 31, 2007. See note 2 in Notes to Financial Statements.

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

ADR –  American Depository Receipt

REIT –  Real Estate Investment Trust

STRIPS –  Separate Trading of Registered Interest and Principal Securities

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

38   First American Funds 2007 Semiannual Report

Total Return Bond Fund (continued)

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
British Pounds Currency Futures		(71	)	$	(8,780	)	March 2008	$	10
Euro Currency Futures		18			3,283		March 2008		(10	)
Eurodollar 90 Day Futures		181			174,223		June 2008		76
Eurodollar 90 Day Futures		174			168,136		December 2008		(31	)
Euro Euribor 3 Month Interest Rate Futures		228			318,847		September 2008		(186	)
Japanese Yen Currency Futures		89			10,027		March 2008		7
Long Gilt Futures		90			19,748		March 2008		75
Sterling 90 Day Futures		335			317,522		March 2009		120
Swiss Franc Currency Futures		148			16,350		March 2008		46
U.S. Treasury 2 Year Note Futures		(126	)		(26,492	)	March 2008		(18	)
U.S. Treasury 5 Year Note Futures		(85	)		(9,374	)	March 2008		(19	)
U.S. Treasury 10 Year Note Futures		643			72,910		March 2008		14
U.S. Treasury Long Bond Futures		(166	)		(19,318	)	March 2008		(57	)
								$	27

Credit Default Swap Agreements

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
Bank of America	Dow Jones CDX HY9 Index		Buy		3.750%		12/20/2012	$	15,200	$	198
Bank of America	Dow Jones CDX IG9 Index		Buy		0.600%		12/20/2012		15,000		54
Citigroup	Ryland Group		Buy		1.250%		09/20/2012		2,000		151
Deutsche Bank	Dow Jones CDX HVOL9 Index		Buy		1.400%		12/20/2012		13,400		(57	)
Deutsche Bank	Dow Jones CDX IG9 Index		Buy		0.600%		12/20/2012		6,900		25
JPMorgan	Deutsche Bank AG		Buy		0.525%		09/20/2012		2,700		(11	)
JPMorgan	GAP, Inc.		Buy		1.230%		12/20/2012		2,850		(55	)
JPMorgan	Dow Jones CDX IG9 Index		Buy		0.600%		12/20/2012		14,600		—
JPMorgan	Dow Jones CDX XO9 Index		Buy		2.450%		12/20/2012		10,300		244
JPMorgan	Philippines Government International Bond		Buy		2.000%		09/20/2012		8,200		(166	)
JPMorgan	Turkey Government International Bond		Buy		1.870%		12/20/2011		4,300		(85	)
JPMorgan	UBS AG		Buy		0.355%		09/20/2012		4,400		16
UBS	AmerisourceBergen Corporation		Buy		0.585%		09/20/2012		2,000		(5	)
UBS	Brazil Government International Bond		Buy		1.170%		08/20/2012		8,700		(80	)
UBS	Cardinal Health, Inc.		Buy		0.320%		09/20/2012		2,000		(1	)
UBS	Turkey Government International Bond		Buy		1.480%		07/20/2012		4,100		3
UBS	Whirlpool Corporation		Buy		0.785%		09/20/2017		2,325		15
										$	246

Total Return Bond Fund (concluded)

Interest Rate Swap Agreements

��

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

Citigroup

3-Month LIBOR

Receive

5.110%

09/20/2017

$

12,000

$

(427

)

Citigroup

3-Month LIBOR

Pay

4.625%

09/20/2009

48,000

598

UBS

3-Month LIBOR

Receive

5.042%

11/13/2017

13,000

(390

)

UBS

3-Month LIBOR

Receive

5.153%

10/02/2017

12,000

(469

)

UBS

3-Month LIBOR

Pay

4.568%

10/02/2009

49,000

588

$

(100

)

Schedule of Open Written Call Options

	Exercise	Premium		Expiration		Number of
Option	Price	Received		Date		Contracts		Value
U.S. Treasury 10 Year Note Futures – March 2008	$116.00	$	111		02/22/2008		216	$	118
U.S. Treasury 10 Year Note Futures – March 2008	114.50		75		02/23/2008		132		126
		$	186					$	244

Schedule of Open Written Put Options

	Exercise	Premium		Expiration		Number of
Option	Price	Received		Date		Contracts		Value
U.S. Treasury 10 Year Note Futures – March 2008	$109.50	$	102		02/23/2008		208	$	39
U.S. Treasury 10 Year Note Futures – March 2008	110.00		67		02/23/2008		139		35
		$	169					$	74

First American Funds 2007 Semiannual Report   39

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

U.S. Government Mortgage Fund
DESCRIPTION	PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 89.7%
Adjustable Rate (a) – 5.9%
Federal Home Loan Mortgage Corporation Pool
5.597%, 05/01/2037, #1H1396 (b)		3,066		3,094
Federal National Mortgage Association Pool
5.463%, 03/01/2037, #914224		2,756		2,793
5.493%, 04/01/2037, #913187		2,741		2,817
				8,704
Fixed Rate – 83.8%
Federal Home Loan Mortgage Corporation Pool
7.500%, 04/01/2008, #E45929		2		2
7.000%, 07/01/2011, #E20252		18		18
7.000%, 11/01/2011, #E65619		1		1
7.500%, 09/01/2012, #G10735		95		99
6.000%, 10/01/2013, #E72802		181		186
5.500%, 01/01/2014, #E00617		682		691
7.000%, 09/01/2014, #E00746		115		120
6.000%, 09/01/2022, #C90580 (b)		846		863
6.500%, 01/01/2028, #G00876		338		351
6.500%, 11/01/2028, #C00676		760		788
7.500%, 01/01/2030, #C35768		39		42
6.500%, 03/01/2031, #G01244		549		569
5.000%, 09/01/2033, #C01622		1,914		1,870
6.000%, 08/01/2036, #A51416		1,132		1,149
Federal National Mortgage Association Pool
7.000%, 11/01/2011, #250738		9		10
7.000%, 11/01/2011, #349630		4		4
7.000%, 11/01/2011, #351122		15		15
6.000%, 04/01/2013, #425550		114		117
6.500%, 08/01/2013, #251901		96		100
6.000%, 11/01/2013, #556195		151		155
7.000%, 10/01/2014, #252799		78		81
5.500%, 04/01/2016, #580516		601		610
6.500%, 07/01/2017, #254373		740		765
7.000%, 07/01/2017, #254414		698		728
5.500%, 12/01/2017, #673010		551		560
5.500%, 04/01/2018, #695765		706		717
4.500%, 05/01/2018, #254720		3,449		3,393
5.000%, 07/01/2018, #555621		1,155		1,158
5.500%, 09/01/2019, #725793		3,047		3,092
6.000%, 12/01/2021, #254138		520		532
6.000%, 01/01/2022, #254179		626		640
6.500%, 06/01/2022, #254344		570		590
6.000%, 10/01/2022, #254513 (b)		676		690
5.500%, 02/01/2025, #255628 (b)		1,286		1,293
5.500%, 10/01/2025, #255956 (b)		3,373		3,389
7.000%, 12/01/2027, #313941		400		422
6.000%, 01/01/2029 (c)		12,495		12,686
7.000%, 09/01/2031, #596680		932		967
6.500%, 12/01/2031, #254169		892		915
6.000%, 04/01/2032, #745101 (b)		3,151		3,242
6.500%, 06/01/2032, #596712 (b)		2,590		2,659
6.500%, 07/01/2032, #545759		1,197		1,237
7.000%, 07/01/2032, #545815		233		246
6.000%, 08/01/2032, #656269 (b)		855		878
5.500%, 03/01/2033, #689109		2,377		2,378
5.500%, 04/01/2033, #703392		2,689		2,691
5.500%, 05/01/2033, #704523		1,901		1,902
5.500%, 06/01/2033, #843435		2,006		2,009
5.500%, 07/01/2033, #726520		2,614		2,616
5.500%, 07/01/2033, #728667		1,418		1,419
4.500%, 08/01/2033, #555680 (b)		1,948		1,845
5.000%, 08/01/2033, #736158 (b)		2,497		2,440
5.000%, 09/01/2033, #734566		2,781		2,718
5.000%, 10/01/2033, #747533		2,635		2,575
5.500%, 11/01/2033, #555967 (b)		2,916		2,918
5.500%, 01/01/2034 (c)		11,715		11,700
6.000%, 01/01/2034, #763687		2,243		2,281
6.000%, 03/01/2034, #745324		2,868		2,925
5.000%, 05/01/2034, #780889 (b)		4,140		4,044
6.500%, 06/01/2034, #735273 .(b)		1,631		1,686
4.500%, 09/01/2034, #725866		1,176		1,114
6.500%, 01/01/2035 (c)		16,540		17,000
7.000%, 06/01/2037, #928519 (b)		5,324		5,538
Government National Mortgage Association Pool
9.000%, 11/15/2009, #359559		12		12
8.000%, 10/15/2010, #414750		37		38
7.500%, 12/15/2022, #347332		64		68
7.000%, 09/15/2027, #455304		19		20
6.500%, 07/15/2028, #780825		616		639
6.500%, 08/20/2031, #003120		238		247
7.500%, 12/15/2031, #570134		154		164
6.000%, 09/15/2034, #633605 (b)		2,004		2,054
				123,681
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $132,374)				132,385
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 23.7%
Adjustable Rate (a) – 3.0%
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
5.144%, 12/20/2046		977		918
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
5.205%, 03/19/2037		978		918
Wells Fargo Mortgage Backed Securities Trust
Series 2003-D, Class A1
5.354%, 02/25/2033		468		467
Series 2006-AR1, Class 2A2
5.554%, 03/25/2036		2,131		2,109
				4,412
Fixed Rate – 20.7%
Banc of America Funding
Series 2007-4, Class 1A2
5.500%, 06/25/2037		990		982
Bank of America Alternative Loan Trust
Series 2007-1, Class 2A2
6.493%, 04/25/2037		899		917
Chase Mortgage Finance Corporation
Series 2003-S10, Class A1
4.750%, 11/25/2018		2,526		2,491
Countrywide Alternative Loan Trust
Series 2004-24CB, Class 1A1
6.000%, 11/25/2034		1,279		1,278
Countrywide Home Loans
Series 2007-17, Class 1A1
6.000%, 10/25/2037		1,368		1,364
GMAC Mortgage Corporation Loan Trust
Series 2004-J5, Class A7
6.500%, 01/25/2035		1,700		1,696
Greenwich Capital Commercial Funding
Series 2007-GG9, Class A4
5.444%, 03/10/2039		2,000		2,012

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

40   First American Funds 2007 Semiannual Report

U.S. Government Mortgage Fund (continued)
DESCRIPTION	PAR		VALUE
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
6.982%, 03/25/2043	$	999	$	956
GSR Mortgage Loan Trust
Series 2005-4F, Class B1
5.729%, 05/25/2035		1,403		1,237
Master Alternative Loans Trust
Series 2005-2, Class 1A3
6.500%, 03/25/2035		721		719
Master Asset Securitization Trust
Series 2003-6, Class 3A1
5.000%, 07/25/2018		825		830
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
6.142%, 11/25/2034		1,911		1,941
Residential Accredit Loans
Series 2003-QS12, Class M1
5.000%, 06/25/2018		885		833
Residential Asset Mortgage Products
Series 2003-SL1, Class M1
7.316%, 04/25/2031		2,641		2,662
Series 2004-SL4, Class A3
6.500%, 07/25/2032		1,670		1,658
Residential Funding Mortgage Securitization Trust
Series 2003-S8, Class A1
5.000%, 05/25/2018		2,170		2,152
Washington Mutual
Series 2003-S13, Class 21A1
4.500%, 12/25/2018		1,891		1,841
Washington Mutual MSC Mortgage
Series 2003-MS9, Class CB1
7.462%, 04/25/2033		1,512		1,490
Wells Fargo Mortgage Backed Securities Trust
Series 2003-14, Class A1
4.750%, 12/25/2018		3,022		2,986
Series 2007-9, Class 1A4
5.500%, 07/25/2037		600		536
				30,581
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
(Cost $35,606)				34,993
Asset-Backed Securities – 11.4%
Credit Cards – 0.7%
American Express Issuance Trust
Series 2005-1, Class C
5.358%, 08/15/2011 (a)		355		341
Discover Card Master Trust
Series 2007-C1, Class C1
5.348%, 01/15/2013 (a)		375		361
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
5.491%, 05/15/2014 (a) (d)		375		360
				1,062
Home Equity – 0.1%
GRMT Mortgage Loan Trust
Series 2001-1A, Class M1
7.772%, 07/20/2031 (d)		68		61
Manufactured Housing – 0.5%
Origen Manufactured Housing
Series 2005-B, Class M1
5.990%, 01/15/2037		750		706
Other – 10.1%
Bear Stearns Commercial Mortgage Securities
Series 2007-T28, Class D
5.992%, 09/11/2042 (a) (d)		285		240
Greenwich Capital Commercial Funding
Series 2007-GG11, Class A4
5.736%, 12/10/2049		1,480		1,516
Series 2007-GG11, Class AJ
6.003%, 12/10/2049 (a)		800		785
GS Mortgage Securities II
Series 2006-GG8, Class A2
5.479%, 11/10/2039		3,500		3,535
Series 2007-GG10, Class A4
5.799%, 08/10/2045 (a) (b)		5,475		5,663
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044 (a)		255		246
Series 2007-CB20, Class AJ
6.099%, 02/12/2051 (a)		1,000		987
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.129%, 07/12/2038 (a)		285		267
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class AM
5.957%, 08/12/2049 (a)		600		623
Morgan Stanley Capital I
Series 2005-HQ6, Class B
5.152%, 08/13/2042 (a)		120		114
Series 2005-HQ6, Class C
5.172%, 08/13/2042 (a)		110		104
Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Class AJ
5.952%, 05/15/2046 (a)		455		444
Series 2007-C33, Class AJ
5.903%, 02/15/2051 (a)		445		433
				14,957
Total Asset-Backed Securities
(Cost $16,675)				16,786
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 2.0%
Fixed Rate – 2.0%
Federal Home Loan Mortgage Corporation
Series 2382, Class DA
5.500%, 10/15/2030		235		239
Federal National Mortgage Association
Series 2004-29, Class WG
4.500%, 05/25/2019 (b)		2,000		1,844
Series 2002-W1, Class 2A
7.500%, 02/25/2042		798		845
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
(Cost $2,966)				2,928

First American Funds 2007 Semiannual Report   41

Schedule ofInvestments  December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

U.S. Government Mortgage Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Short-Term Investments – 1.0%
Money Market Fund – 0.7%
First American Government Obligations Fund, Class Z (e)		1,070,296	$	1,070
U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
3.110%, 03/20/2008 (f)	$	360		358
Total Short-Term Investments
(Cost $1,428)				1,428
Investment Purchased with Proceeds from Securities Lending – 30.4%
Mount Vernon Securities Lending Prime Portfolio (g)
(Cost $44,914)		44,914,249		44,914
Total Investments – 158.2%
(Cost $233,963)				233,434
Other Assets and Liabilities, Net – (58.2)%				(85,831	)
Total Net Assets – 100.0%			$	147,603

(a)  Variable Rate Security – The rate shown is the rate in effect at December 31, 2007.

(b)  This security or a portion of this security is out on loan at December 31, 2007. Total loaned securities had a value of $43,770 at December 31, 2007. See note 2 in Notes to Financial Statements.

(c)  Security purchased on a when-issued basis. On December 31, 2007, the total cost of investments purchased on a when-issued basis was $41,288 or 28.0% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2007, the value of these investments was $661 or 0.4% of total net assets. See note 2 in Notes to Financial Statements.

(e)  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.

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

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

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
U.S. Treasury 2 Year Note Futures		(44	)	$	(9,251	)	March 2008	$	(2	)
U.S. Treasury 5 Year Note Futures		38			4,191		March 2008		11
U.S. Treasury 10 Year Note Futures		(172	)		(19,503	)	March 2008		(42	)
								$	(33	)

U.S. Government Mortgage Fund (concluded)

Credit Default Swap Agreement

				Pay/
	Reference	Buy/Sell		Receive		Expiration		Notional		Unrealized
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		Appreciation
JPMorgan	UBS AG		Buy		0.355%		09/20/2012	$	300	$	1

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

UBS

3-Month LIBOR

Pay

5.180%

08/02/2010

$

14,000

$

447

UBS

3-Month LIBOR

Receive

5.042%

11/13/2017

2,000

(60

)

$

387

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

42   First American Funds 2007 Semiannual Report

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Statements ofAssets and Liabilities   December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data

							Inflation
	Core			High Income			Protected
	Bond Fund			Bond Fund			Securities Fund
Investments in unaffiliated securities, at cost	$	1,678,206		$	253,038		$	251,737
Investments in affiliated money market fund, at cost		12,712			6,777			2,378
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		639,102			33,401			126,194
Premiums received on options written, at cost (note 6)		326			—			52
Cash denominated in foreign currencies, at cost		272			—			80
ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	1,678,960		$	242,034		$	258,817
Investments in affiliated money market fund, at value (note 2)		12,712			6,777			2,378
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		639,102			33,401			126,194
Cash		—			406			81
Cash denominated in foreign currencies, at value		273			—			—
Receivable for dividends and interest		11,779			4,650			2,132
Receivable for investment securities sold		2,079			242			—
Receivable for capital shares sold		1,715			21			739
Receivable for swap agreements		617			333			32
Receivable for variation margin		538			36			—
Prepaid expenses and other assets		35			32			28
Total assets		2,347,810			287,932			390,401
LIABILITIES:
Cash denominated in foreign currencies, at value		—			—			79
Liabilities for options written, at value		331			—			53
Bank overdraft		1,083			—			—
Dividends payable		4,317			1,755			1,987
Payable upon return of securities loaned (note 2)		639,102			33,401			126,194
Payable for investment securities purchased		—			677			—
Payable for investment securities purchased on a when-issued basis		7,670			—			—
Payable for capital shares redeemed		6,132			622			262
Payable for variation margin		—			—			52
Payable to affiliates (note 3)		993			180			124
Payable for distribution and shareholder servicing fees		25			15			1
Accrued expenses and other liabilities		41			28			32
Total liabilities		659,694			36,678			128,784
Net assets	$	1,688,116		$	251,254		$	261,617
COMPOSITION OF NET ASSETS:
Portfolio capital		1,707,867			265,595			270,169
Undistributed (distributions in excess of) net investment income		(1,196	)		1			94
Accumulated net realized loss on investments (note 2)		(19,368	)		(3,483	)		(15,759	)
Net unrealized appreciation (depreciation) of investments		754			(11,004	)		7,080
Net unrealized appreciation (depreciation) on futures contracts		(30	)		71			33
Net unrealized appreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		1			—			1
Net unrealized appreciation (depreciation) on options written		(5	)		—			(1	)
Net unrealized appreciation on swap agreements		93			74			—
Net assets	$	1,688,116		$	251,254		$	261,617
* Including securities loaned, at value	$	627,252		$	32,490		$	124,398

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

44   First American Funds 2007 Semiannual Report

Intermediate
Government			Intermediate Term			Short Term						U.S. Government
Bond Fund			Bond Fund			Bond Fund			Total Return Bond Fund			Mortgage Fund
$	50,712		$	760,137		$	330,072		$	1,008,512		$	187,979
	1,275			6,851			6,656			13,086			1,070
	—			197,749			36,571			375,243			44,914
	—			154			—			355			—
	—			—			28			20			—
$	51,555		$	765,130		$	330,614		$	1,013,929		$	187,450
	1,275			6,851			6,656			13,086			1,070
	—			197,749			36,571			375,243			44,914
	103			—			—			271			—
	—			—			28			—			—
	537			6,730			2,328			7,920			897
	—			—			400			448			—
	708			998			16			3,093			110
	—			329			629			1,173			379
	—			235			52			26			—
	15			17			19			36			29
	54,193			978,039			377,313			1,415,225			234,849
	—			—			—			18			—
	—			157			—			318			—
	—			315			226			—			—
	81			1,519			768			2,448			433
	—			197,749			36,571			375,243			44,914
	103			74			—			7,133			—
	—			—			—			—			41,288
	59			3,336			340			1,649			416
	—			—			—			—			75
	23			464			177			599			84
	—			4			8			8			9
	25			43			27			34			27
	291			203,661			38,117			387,450			87,246
$	53,902		$	774,378		$	339,196		$	1,027,775		$	147,603
	54,252			788,615			356,967			1,024,972			157,280
	88			(122	)		(53	)		(1,100	)		(154	)
	(1,281	)		(19,397	)		(19,043	)		(1,727	)		(9,349	)
	843			4,993			542			5,417			(529	)
	—			212			242			27			(33	)
	—			—			—			3			—
	—			(3	)		—			37			—
	—			80			541			146			388
$	53,902		$	774,378		$	339,196		$	1,027,775		$	147,603
	—		$	194,029		$	34,972		$	368,068		$	43,770

First American Funds 2007 Semiannual Report   45

Statements ofAssets and Liabilities  continued

					Inflation
	Core		High Income		Protected
	Bond Fund		Bond Fund		Securities Fund
Class A:
Net assets	$	101,824	$	27,695	$	2,992
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		9,171		3,027		301
Net asset value and redemption price per share	$	11.10	$	9.15	$	9.96
Maximum offering price per share1	$	11.59	$	9.56	$	10.40
Class B:
Net assets	$	8,470	$	4,004		—
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		769		440		—
Net asset value, offering price, and redemption price per share2	$	11.01	$	9.11		—
Class C:
Net assets	$	4,506	$	7,030	$	331
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		407		771		33
Net asset value per share2	$	11.07	$	9.11	$	9.94
Class R:
Net assets	$	232	$	168	$	1,018
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		21		18		102
Net asset value, offering price, and redemption price per share	$	11.13	$	9.29	$	9.96
Class Y:
Net assets	$	1,573,084	$	212,357	$	257,276
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		141,733		23,199		25,827
Net asset value, offering price, and redemption price per share	$	11.10	$	9.15	$	9.96

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

Intermediate
Government		Intermediate Term		Short Term				U.S. Government
Bond Fund		Bond Fund		Bond Fund		Total Return Bond Fund		Mortgage Fund
$	4,587	$	29,528	$	64,348	$	14,919	$	12,314
	546		2,947		6,404		1,469		1,186
$	8.40	$	10.02	$	10.05	$	10.15	$	10.38
$	8.59	$	10.25	$	10.31	$	10.60	$	10.84
	—		—		—	$	2,176	$	4,293
	—		—		—		215		413
	—		—		—	$	10.12	$	10.40
	—		—		—	$	2,956	$	2,542
	—		—		—		293		246
	—		—		—	$	10.10	$	10.34
	—		—		—	$	224	$	634
	—		—		—		22		61
	—		—		—	$	10.21	$	10.37
$	49,315	$	744,850	$	274,848	$	1,007,500	$	127,820
	5,871		74,595		27,343		99,269		12,311
$	8.40	$	9.99	$	10.05	$	10.15	$	10.38

First American Funds 2007 Semiannual Report   47

Statements ofOperations  For the six-month period ended December 31, 2007 (unaudited), all dollars are rounded to thousands (000)

							Inflation
	Core			High Income			Protected
	Bond Fund			Bond Fund			Securities Fund
INVESTMENT INCOME:
Interest income from unaffiliated securities	$	41,456		$	9,743		$	5,646
Dividends from affiliated money market fund		426			150			85
Dividends from unaffiliated securities		—			920			90
Less: Foreign taxes withheld		—			(14	)		(13	)
Securities lending income		821			149			263
Total investment income		42,703			10,948			6,071
EXPENSES (note 3):
Investment advisory fees		4,179			923			640
Administration fees		1,873			308			290
Transfer agent fees		128			61			50
Custodian fees		42			7			7
Legal fees		5			5			5
Audit fees		20			20			20
Registration fees		26			26			22
Postage and printing fees		32			5			6
Directors’ fees		12			13			12
Other expenses		8			7			7
Distribution and shareholder servicing fees – Class A		129			36			4
Distribution and shareholder servicing fees – Class B		44			22			—
Distribution and shareholder servicing fees – Class C		23			38			1
Distribution and shareholder servicing fees – Class R		1			1			2
Total expenses		6,522			1,472			1,066
Less: Fee waivers (note 3)		(487	)		(259	)		(294	)
Less: Indirect payments from custodian (note 3)		(19	)		(2	)		—
Total net expenses		6,016			1,211			772
Investment income – net		36,687			9,737			5,299
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN, FOREIGN CURRENCY TRANSACTIONS, AND SWAP AGREEMENTS – NET (note 5):
Net realized gain (loss) on investments		4,316			(4,014	)		(468	)
Net realized gain (loss) on futures contracts		(4,168	)		532			(2,095	)
Net realized gain on options written		91			—			16
Net realized gain on swap agreements		15,176			1,348			1,438
Net realized gain (loss) on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		(5	)		—			3
Net change in unrealized appreciation or depreciation of investments		34,312			(10,611	)		16,330
Net change in unrealized appreciation or depreciation of futures contracts		1,703			116			661
Net change in unrealized appreciation or depreciation of options written		(111	)		—			(20	)
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		2			—			2
Net change in unrealized appreciation or depreciation of swap agreements		(1,954	)		(343	)		(190	)
Net gain (loss) on investments, futures contracts, options written, foreign currency transactions, and swap agreements		49,362			(12,972	)		15,677
Net increase (decrease) in net assets resulting from operations	$	86,049		$	(3,235	)	$	20,976

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

48   First American Funds 2007 Semiannual Report

Intermediate
Government			Intermediate Term			Short Term			Total Return			U.S. Government
Bond Fund			Bond Fund			Bond Fund			Bond Fund			Mortgage Fund
$	1,033		$	18,306		$	8,432		$	22,489		$	4,035
	26			384			97			634			27
	—			—			—			362			—
	—			—			—			(42	)		—
	—			325			93			495			45
	1,059			19,015			8,622			23,938			4,107
	117			1,961			906			2,816			380
	57			881			416			1,060			180
	31			33			61			61			59
	1			20			9			25			9
	6			4			5			7			6
	20			20			20			20			20
	13			13			14			26			25
	1			15			7			16			3
	12			12			13			13			12
	7			7			7			7			7
	3			37			83			18			16
	—			—			—			11			23
	—			—			—			12			14
	—			—			—			1			1
	268			3,003			1,541			4,093			755
	(126	)		(245	)		(407	)		(538	)		(170	)
	—			(4	)		(4	)		(21	)		(2	)
	142			2,754			1,130			3,534			583
	917			16,261			7,492			20,404			3,524
	395			2,613			349			3,985			461
	—			(1,385	)		(1,522	)		(2,072	)		(3,241	)
	—			44			—			27			—
	—			5,589			2,996			12,864			981
	—			—			(1	)		26			—
	1,694			14,902			3,956			17,462			3,790
	—			1,379			89			1,493			293
	—			(54	)		—			(12	)		—
	—			—			—			(12	)		—
	—			(173	)		(140	)		(3,160	)		263
	2,089			22,915			5,727			30,601			2,547
$	3,006		$	39,176		$	13,219		$	51,005		$	6,071

First American Funds 2007 Semiannual Report   49

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

													Inflation
	Core						High Income						Protected
	Bond Fund						Bond Fund						Securities Fund
	Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended
	12/31/07			Year Ended			12/31/07			Year Ended			12/31/07			Year Ended
	(unaudited)			6/30/07			(unaudited)			6/30/07			(unaudited)			6/30/07
OPERATIONS:
Investment income – net	$	36,687		$	78,646		$	9,737		$	18,536		$	5,299		$	13,843
Net realized gain (loss) on investments		4,316			2,444			(4,014	)		5,698			(468	)		(7,110	)
Net realized gain (loss) on futures contracts		(4,168	)		(8,478	)		532			(313	)		(2,095	)		(3,083	)
Net realized gain (loss) on options written		91			(971	)		—			—			16			(170	)
Net realized gain (loss) on swap agreements		15,176			(843	)		1,348			(23	)		1,438			226
Net realized gain (loss) on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		(5	)		—			—			—			3			(6	)
Net change in unrealized appreciation or depreciation of investments		34,312			26,693			(10,611	)		4,974			16,330			5,075
Net change in unrealized appreciation or depreciation of futures contracts		1,703			(2,554	)		116			(83	)		661			(1,064	)
Net change in unrealized appreciation or depreciation of options written		(111	)		106			—			—			(20	)		19
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency		2			(1	)		—			—			2			6
Net change in unrealized appreciation or depreciation of swap agreements		(1,954	)		2,528			(343	)		425			(190	)		709
Net increase (decrease) in net assets resulting from operations		86,049			97,570			(3,235	)		29,214			20,976			8,445
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2,220	)		(5,096	)		(1,073	)		(2,206	)		(81	)		(169	)
Class B		(158	)		(445	)		(144	)		(343	)		—			—
Class C		(81	)		(168	)		(249	)		(530	)		(7	)		(14	)
Class R		(4	)		(2	)		(7	)		(7	)		(25	)		(17	)
Class Y		(35,428	)		(75,482	)		(8,467	)		(15,405	)		(7,288	)		(12,854	)
Return of capital:
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		—			—			—			—			—			—
Total distributions		(37,891	)		(81,193	)		(9,940	)		(18,491	)		(7,401	)		(13,054	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		5,360			12,244			6,604			12,086			364			861
Reinvestment of distributions		1,706			3,707			682			1,272			60			137
Payments for redemptions		(10,932	)		(49,528	)		(7,167	)		(15,468	)		(299	)		(3,265	)
Increase (decrease) in net assets from Class A transactions		(3,866	)		(33,577	)		119			(2,110	)		125			(2,267	)
Class B:
Proceeds from sales		211			365			74			309			—			—
Reinvestment of distributions		144			400			85			182			—			—
Payments for redemptions		(1,773	)		(5,117	)		(749	)		(1,926	)		—			—
Decrease in net assets from Class B transactions		(1,418	)		(4,352	)		(590	)		(1,435	)		—			—
Class C:
Proceeds from sales		373			1,057			444			1,662			101			106
Reinvestment of distributions		69			151			133			294			5			12
Payments for redemptions		(632	)		(1,862	)		(1,679	)		(3,685	)		(136	)		(318	)
Increase (decrease) in net assets from Class C transactions		(190	)		(654	)		(1,102	)		(1,729	)		(30	)		(200	)
Class R:
Proceeds from sales		254			41			213			113			165			1,090
Reinvestment of distributions		4			2			2			2			25			17
Payments for redemptions		(98	)		(12	)		(226	)		(4	)		(43	)		(263	)
Increase (decrease) in net assets from Class R transactions		160			31			(11	)		111			147			844
Class Y:
Proceeds from sales		161,997			456,400			15,902			65,080			41,671			126,455
Reinvestment of distributions		9,480			22,047			947			1,958			1,494			3,302
Payments for redemptions		(173,944	)		(642,519	)		(26,288	)		(48,035	)		(72,559	)		(169,903	)
Increase (decrease) in net assets from Class Y transactions		(2,467	)		(164,072	)		(9,439	)		19,003			(29,394	)		(40,146	)
Increase (decrease) in net assets from capital share transactions		(7,781	)		(202,624	)		(11,023	)		13,840			(29,152	)		(41,769	)
Total increase (decrease) in net assets		40,377			(186,247	)		(24,198	)		24,563			(15,577	)		(46,378	)
Net assets at beginning of period		1,647,739			1,833,986			275,452			250,889			277,194			323,572
Net assets at end of period	$	1,688,116		$	1,647,739		$	251,254		$	275,452		$	261,617		$	277,194
Undistributed (distributions in excess of) net investment income	$	(1,196	)	$	8		$	1		$	204		$	94		$	2,196

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

50   First American Funds 2007 Semiannual Report

Intermediate
Government						Intermediate Term						Short Term						Total Return						U.S. Government
Bond Fund						Bond Fund						Bond Fund						Bond Fund						Mortgage Fund
Six-Month						Six-Month						Six-Month						Six-Month						Six-Month
Period Ended						Period Ended						Period Ended						Period Ended						Period Ended
12/31/07			Year Ended			12/31/07			Year Ended			12/31/07			Year Ended			12/31/07			Year Ended			12/31/07			Year Ended
(unaudited)			6/30/07			(unaudited)			6/30/07			(unaudited)			6/30/07			(unaudited)			6/30/07			(unaudited)			6/30/07
$	917		$	1,557		$	16,261		$	36,153		$	7,492		$	17,211		$	20,404		$	28,135		$	3,524		$	7,467
	395			(71	)		2,613			(6,208	)		349			(802	)		3,985			291			461			(298	)
	—			—			(1,385	)		(2,552	)		(1,522	)		(1,869	)		(2,072	)		(7,840	)		(3,241	)		(297	)
	—			—			44			(469	)		—			—			27			(927	)		—			9
	—			—			5,589			(109	)		2,996			(2,207	)		12,864			(630	)		981			(211	)
	—			—			—			—			(1	)		—			26			(4	)		—			—
	1,694			445			14,902			17,176			3,956			6,959			17,462			(1,610	)		3,790			2,010
	—			—			1,379			(1,501	)		89			(114	)		1,493			(1,956	)		293			(396	)
	—			—			(54	)		51			—			—			(12	)		49			—			—
	—			—			—			—			—			—			(12	)		20			—			—
	—			—			(173	)		885			(140	)		2,978			(3,160	)		3,872			263			206
	3,006			1,931			39,176			43,426			13,219			22,156			51,005			19,400			6,071			8,490
	(42	)		(68	)		(608	)		(1,454	)		(1,401	)		(2,768	)		(310	)		(649	)		(312	)		(698	)
	—			—			—			—			—			—			(39	)		(118	)		(91	)		(215	)
	—			—			—			—			—			—			(41	)		(89	)		(56	)		(155	)
	—			—			—			—			—			—			(5	)		(8	)		(10	)		(1	)
	(729	)		(1,581	)		(15,901	)		(35,682	)		(6,482	)		(15,209	)		(20,857	)		(27,836	)		(3,285	)		(6,635	)
	—			(6	)		—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			(145	)		—			—			—			—			—			—			—			—
	(771	)		(1,800	)		(16,509	)		(37,136	)		(7,883	)		(17,977	)		(21,252	)		(28,700	)		(3,754	)		(7,704	)
	3,064			238			1,741			3,095			1,116			1,152			3,221			2,065			411			1,733
	37			59			509			1,220			1,055			2,062			250			528			267			578
	(259	)		(368	)		(4,246	)		(12,242	)		(5,509	)		(15,868	)		(2,210	)		(4,915	)		(2,343	)		(4,681	)
	2,842			(71	)		(1,996	)		(7,927	)		(3,338	)		(12,654	)		1,261			(2,322	)		(1,665	)		(2,370	)
	—			—			—			—			—			—			201			210			44			139
	—			—			—			—			—			—			23			93			75			183
	—			—			—			—			—			—			(389	)		(1,703	)		(816	)		(2,049	)
	—			—			—			—			—			—			(165	)		(1,400	)		(697	)		(1,727	)
	—			—			—			—			—			—			1,230			451			75			203
	—			—			—			—			—			—			26			42			47			124
	—			—			—			—			—			—			(160	)		(1,201	)		(700	)		(2,428	)
	—			—			—			—			—			—			1,096			(708	)		(578	)		(2,101	)
	—			—			—			—			—			—			12			226			457			199
	—			—			—			—			—			—			4			8			10			1
	—			—			—			—			—			—			(18	)		(28	)		(44	)		(2	)
	—			—			—			—			—			—			(2	)		206			423			198
	16,887			11,335			65,714			145,939			13,468			74,058			218,864			654,313			11,452			31,689
	360			621			5,279			12,835			2,152			5,134			7,463			7,572			678			1,243
	(7,746	)		(17,162	)		(100,925	)		(310,969	)		(56,275	)		(226,300	)		(99,489	)		(179,399	)		(20,273	)		(39,967	)
	9,501			(5,206	)		(29,932	)		(152,195	)		(40,655	)		(147,108	)		126,838			482,486			(8,143	)		(7,035	)
	12,343			(5,277	)		(31,928	)		(160,122	)		(43,993	)		(159,762	)		129,028			478,262			(10,660	)		(13,035	)
	14,578			(5,146	)		(9,261	)		(153,832	)		(38,657	)		(155,583	)		158,781			468,962			(8,343	)		(12,249	)
	39,324			44,470			783,639			937,471			377,853			533,436			868,994			400,032			155,946			168,195
$	53,902		$	39,324		$	774,378		$	783,639		$	339,196		$	377,853		$	1,027,775		$	868,994		$	147,603		$	155,946
$	88		$	(58	)	$	(122	)	$	126		$	(53	)	$	338		$	(1,100	)	$	(252	)	$	(154	)	$	76

First American Funds 2007 Semiannual Report   51

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized			Distributions						Net Asset
	Value		Net		Gains			from Net			Distributions			Value
	Beginning		Investment		(Losses) on			Investment			from Net			End of
	of Period		Income		Investments			Income			Realized Gains			Period
Core Bond Fund
Class A
20071,2	$	10.79	$	0.23	$	0.32		$	(0.24	)	$	—		$	11.10
20072,3		10.71		0.47		0.09			(0.48	)		—			10.79
20062,4		11.15		0.33		(0.37	)		(0.33	)		(0.07	)		10.71
20052,5		11.27		0.40		(0.09	)		(0.42	)		(0.01	)		11.15
20042,5		11.56		0.38		(0.09	)		(0.41	)		(0.17	)		11.27
20035		11.45		0.42		0.15			(0.46	)		—			11.56
Class B
20071,2	$	10.70	$	0.19	$	0.32		$	(0.20	)	$	—		$	11.01
20072,3		10.63		0.38		0.09			(0.40	)		—			10.70
20062,4		11.07		0.26		(0.36	)		(0.27	)		(0.07	)		10.63
20052,5		11.19		0.31		(0.09	)		(0.33	)		(0.01	)		11.07
20042,5		11.48		0.29		(0.09	)		(0.32	)		(0.17	)		11.19
20035		11.38		0.35		0.12			(0.37	)		—			11.48
Class C
20071,2	$	10.75	$	0.19	$	0.33		$	(0.20	)	$	—		$	11.07
20072,3		10.67		0.38		0.10			(0.40	)		—			10.75
20062,4		11.12		0.26		(0.37	)		(0.27	)		(0.07	)		10.67
20052,5		11.24		0.31		(0.09	)		(0.33	)		(0.01	)		11.12
20042,5		11.53		0.29		(0.09	)		(0.32	)		(0.17	)		11.24
20035		11.42		0.34		0.14			(0.37	)		—			11.53
Class R6
20071,2	$	10.81	$	0.22	$	0.32		$	(0.22	)	$	—		$	11.13
20072,3		10.73		0.44		0.09			(0.45	)		—			10.81
20062,4		11.17		0.31		(0.36	)		(0.32	)		(0.07	)		10.73
20052,5		11.30		0.38		(0.10	)		(0.40	)		(0.01	)		11.17
20042,5		11.56		0.38		(0.10	)		(0.37	)		(0.17	)		11.30
20035		11.45		0.42		0.15			(0.46	)		—			11.56
Class Y
20071,2	$	10.78	$	0.24	$	0.33		$	(0.25	)	$	—		$	11.10
20072,3		10.70		0.49		0.10			(0.51	)		—			10.78
20062,4		11.15		0.35		(0.38	)		(0.35	)		(0.07	)		10.70
20052,5		11.27		0.42		(0.08	)		(0.45	)		(0.01	)		11.15
20042,5		11.56		0.40		(0.08	)		(0.44	)		(0.17	)		11.27
20035		11.45		0.45		0.15			(0.49	)		—			11.56

1	For the six-month period ended December 31, 2007 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
2	Per share data calculated using average shares outstanding method.
3	For the period July 1 to June 30 in the fiscal year indicated.
4	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

52   First American Funds 2007 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	5.11	%	$	101,824		0.95	%		4.17	%		1.01	%		4.11	%		65	%
	5.26			102,723		0.95			4.25			1.01			4.19			137
	(0.34	)		134,845		0.95			3.98			1.03			3.90			139
	2.75			161,410		0.95			3.51			1.05			3.41			208
	2.60			184,805		0.95			3.30			1.05			3.20			182
	5.08			191,754		0.95			3.58			1.05			3.48			196
	4.76	%	$	8,470		1.70	%		3.42	%		1.76	%		3.36	%		65	%
	4.41			9,634		1.70			3.50			1.76			3.44			137
	(0.91	)		13,819		1.70			3.23			1.78			3.15			139
	2.00			17,078		1.70			2.76			1.80			2.66			208
	1.83			21,046		1.70			2.58			1.80			2.48			182
	4.23			28,096		1.70			2.83			1.80			2.73			196
	4.83	%	$	4,506		1.70	%		3.42	%		1.76	%		3.36	%		65	%
	4.48			4,567		1.70			3.50			1.76			3.44			137
	(1.01	)		5,183		1.70			3.22			1.78			3.14			139
	1.99			7,266		1.70			2.76			1.80			2.66			208
	1.81			9,132		1.70			2.58			1.80			2.48			182
	4.30			13,424		1.70			2.85			1.80			2.75			196
	5.07	%	$	232		1.20	%		3.90	%		1.26	%		3.84	%		65	%
	4.99			65		1.20			4.01			1.29			3.92			137
	(0.51	)		34		1.20			3.77			1.43			3.54			139
	2.51			16		1.20			3.37			1.45			3.12			208
	2.53			1		0.95			3.37			1.05			3.27			182
	5.08			39,236		0.95			3.58			1.05			3.48			196
	5.34	%	$	1,573,084		0.70	%		4.41	%		0.76	%		4.35	%		65	%
	5.53			1,530,750		0.70			4.50			0.76			4.44			137
	(0.24	)		1,680,105		0.70			4.24			0.78			4.16			139
	3.01			1,725,850		0.70			3.77			0.80			3.67			208
	2.87			1,740,470		0.70			3.58			0.80			3.48			182
	5.34			1,955,909		0.70			3.83			0.80			3.73			196

First American Funds 2007 Semiannual Report   53

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized			Distributions						Distributions			Net Asset
	Value		Net		Gains			from Net			Distributions			from			Value
	Beginning		Investment		(Losses) on			Investment			from Net			Return of			End of
	of Period		Income		Investments			Income			Realized Gains			Capital			Period
High Income Bond Fund1,2
Class A
20073	$	9.61	$	0.34	$	(0.45	)	$	(0.35	)	$	—		$	—		$	9.15
20074		9.22		0.65		0.38			(0.64	)		—			—			9.61
20065		9.41		0.49		(0.20	)		(0.48	)		—			—			9.22
20056		9.45		0.66		(0.04	)		(0.66	)		—			—	9		9.41
20046		9.13		0.68		0.32			(0.68	)		—			—			9.45
20036		7.90		0.68		1.24			(0.69	)		—			—			9.13
Class B
20073	$	9.57	$	0.30	$	(0.45	)	$	(0.31	)	$	—		$	—		$	9.11
20074		9.18		0.57		0.39			(0.57	)		—			—			9.57
20065		9.37		0.43		(0.19	)		(0.43	)		—			—			9.18
20056		9.41		0.58		(0.03	)		(0.59	)		—			—	9		9.37
20046		9.09		0.61		0.32			(0.61	)		—			—			9.41
20036		7.87		0.61		1.24			(0.63	)		—			—			9.09
Class C
20073	$	9.58	$	0.30	$	(0.46	)	$	(0.31	)	$	—		$	—		$	9.11
20074		9.19		0.57		0.39			(0.57	)		—			—			9.58
20065		9.38		0.43		(0.19	)		(0.43	)		—			—			9.19
20056		9.42		0.58		(0.03	)		(0.59	)		—			—	9		9.38
20046		9.10		0.61		0.32			(0.61	)		—			—			9.42
20036		7.89		0.61		1.23			(0.63	)		—			—			9.10
Class R7
20073	$	9.75	$	0.32	$	(0.45	)	$	(0.33	)	$	—		$	—		$	9.29
20074		9.35		0.62		0.40			(0.62	)		—			—			9.75
20065		9.53		0.49		(0.20	)		(0.47	)		—			—			9.35
20056		9.60		0.62		(0.04	)		(0.65	)		—			—	9		9.53
20046		9.21		0.69		0.32			(0.62	)		—			—			9.60
20036		7.98		0.71		1.22			(0.70	)		—			—			9.21
Class Y
20073	$	9.62	$	0.35	$	(0.46	)	$	(0.36	)	$	—		$	—		$	9.15
20074		9.23		0.67		0.39			(0.67	)		—			—			9.62
20065		9.42		0.51		(0.20	)		(0.50	)		—			—			9.23
20056		9.46		0.68		(0.03	)		(0.69	)		—			—	9		9.42
20046		9.13		0.70		0.34			(0.71	)		—			—			9.46
20036		7.92		0.69		1.24			(0.72	)		—			—			9.13
Inflation Protected Securities Fund2
Class A
20073	$	9.43	$	0.19	$	0.61		$	(0.27	)	$	—		$	—		$	9.96
20074		9.54		0.39		(0.16	)		(0.34	)		—			—			9.43
20065		10.12		0.38		(0.55	)		(0.40	)		(0.01	)		—			9.54
20058		10.00		0.51		(0.02	)		(0.37	)		—			—			10.12
Class C
20073	$	9.41	$	0.16	$	0.61		$	(0.24	)	$	—		$	—		$	9.94
20074		9.53		0.33		(0.18	)		(0.27	)		—			—			9.41
20065		10.11		0.31		(0.53	)		(0.35	)		(0.01	)		—			9.53
20058		10.00		0.40		0.02			(0.31	)		—			—			10.11
Class R
20073	$	9.43	$	0.17	$	0.62		$	(0.26	)	$	—		$	—		$	9.96
20074		9.55		0.33		(0.13	)		(0.32	)		—			—			9.43
20065		10.13		0.38		(0.56	)		(0.39	)		(0.01	)		—			9.55
20058		10.00		0.43		0.05			(0.35	)		—			—			10.13
Class Y
20073	$	9.43	$	0.20	$	0.62		$	(0.29	)	$	—		$	—		$	9.96
20074		9.55		0.40		(0.16	)		(0.36	)		—			—			9.43
20065		10.13		0.42		(0.57	)		(0.42	)		(0.01	)		—			9.55
20058		10.00		0.51		0.01			(0.39	)		—			—			10.13

1	The financial highlights for the High Income Bond Fund as set forth herein include the historical financial highlights of the First American High Yield Bond Fund Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares. The assets of the First American High Yield Bond Fund were acquired by High Income Bond Fund on March 14, 2003. In connection with such acquisition, Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares of the First American High Yield Bond Fund were exchanged for Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares of High Income Bond Fund respectively. Historical per-share amounts have been adjusted to reflect the conversion ratios utilized for the merger of the High Income Bond Fund and the First American High Yield Bond Fund.
2	Per share data calculated using average shares outstanding method.
3	For the six-month period ended December 31, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period July 1 through June 30 in the fiscal year indicated.
5	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
6	For the period October 1 through September 30 in the fiscal year indicated.
7	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
8	Commenced operations on October 1, 2004.
9	Includes a tax return of capital of less than $0.01.

¹⁰ 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.

54   First American Funds 2007 Semiannual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income
			Net Assets		Expenses to			Income			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return10			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(1.18	)%	$	27,695		1.10	%		7.22	%		1.30	%		7.02	%		42	%
	11.46			28,932		1.10			6.74			1.30			6.54			101
	3.14			29,573		1.10			6.94			1.29			6.75			68
	6.74			34,144		1.02			6.88			1.27			6.63			77
	11.30			43,842		1.00			7.25			1.26			6.99			80
	25.30			42,013		1.06			7.72			1.24			7.54			122
	(1.67	)%	$	4,004		1.85	%		6.47	%		2.05	%		6.27	%		42	%
	10.67			4,814		1.85			6.00			2.05			5.80			101
	2.57			5,988		1.85			6.19			2.04			6.00			68
	5.97			7,191		1.77			6.13			2.02			5.88			77
	10.52			8,521		1.75			6.50			2.01			6.24			80
	24.33			8,939		1.81			7.00			1.99			6.82			122
	(1.66	)%	$	7,030		1.85	%		6.47	%		2.05	%		6.27	%		42	%
	10.66			8,522		1.85			5.98			2.05			5.78			101
	2.56			9,873		1.85			6.19			2.04			6.00			68
	5.96			13,403		1.77			6.13			2.02			5.88			77
	10.51			17,349		1.75			6.50			2.01			6.24			80
	24.14			19,685		1.80			7.01			1.98			6.83			122
	(1.39	)%	$	168		1.35	%		6.80	%		1.55	%		6.60	%		42	%
	11.12			186		1.35			6.38			1.56			6.17			101
	3.09			73		1.35			6.82			1.69			6.48			68
	6.23			4		1.33			6.31			1.73			5.91			77
	11.29			1		1.00			7.33			1.26			7.07			80
	25.11			777		1.00			7.86			1.18			7.68			122
	(1.16	)%	$	212,357		0.85	%		7.47	%		1.05	%		7.27	%		42	%
	11.73			232,998		0.85			6.98			1.05			6.78			101
	3.34			205,382		0.85			7.19			1.04			7.00			68
	7.01			207,610		0.77			7.13			1.02			6.88			77
	11.69			234,770		0.75			7.49			1.01			7.23			80
	25.29			179,416		0.83			7.97			1.01			7.79			122
	8.57	%	$	2,992		0.85	%		3.80	%		1.08	%		3.57	%		40	%
	2.41			2,712		0.85			4.09			1.06			3.88			90
	(1.69	)		5,042		0.85			5.20			1.08			4.97			85
	4.93			6,917		0.85			5.04			1.09			4.80			23
	8.19	%	$	331		1.60	%		3.20	%		1.83	%		2.97	%		40	%
	1.53			348		1.60			3.44			1.81			3.23			90
	(2.26	)		552		1.60			4.29			1.83			4.06			85
	4.18			855		1.60			3.98			1.84			3.74			23
	8.44	%	$	1,018		1.10	%		3.51	%		1.33	%		3.28	%		40	%
	2.09			822		1.10			3.45			1.31			3.24			90
	(1.80	)		1		1.10			5.17			1.48			4.79			85
	4.81			1		1.10			4.22			1.49			3.83			23
	8.71	%	$	257,276		0.60	%		4.16	%		0.83	%		3.93	%		40	%
	2.56			273,312		0.60			4.21			0.81			4.00			90
	(1.50	)		317,977		0.60			5.73			0.83			5.50			85
	5.24			269,412		0.60			5.05			0.84			4.81			23

First American Funds 2007 Semiannual Report   55

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized			Distributions						Distributions			Net Asset
	Value		Net		Gains			from Net			Distributions			from			Value
	Beginning		Investment		(Losses) on			Investment			from Net			Return of			End of
	of Period		Income		Investments			Income			Realized Gains			Capital			Period
Intermediate Government Bond Fund
Class A
20071,2	$	8.00	$	0.15	$	0.38		$	(0.13	)	$	—		$	—		$	8.40
20072,3		7.99		0.31		0.06			(0.33	)		—			(0.03	)		8.00
20062,4		8.26		0.22		(0.22	)		(0.22	)		(0.05	)		—			7.99
20052,5		8.82		0.27		(0.15	)		(0.28	)		(0.40	)		—			8.26
20042,5		10.01		0.24		(0.16	)		(0.24	)		(1.03	)		—			8.82
20036		10.00		0.32		0.02			(0.33	)		—			—			10.01
Class Y
20071,2	$	8.00	$	0.16	$	0.37		$	(0.13	)	$	—		$	—		$	8.40
20072,3		7.99		0.32		0.06			(0.34	)		—			(0.03	)		8.00
20062,4		8.25		0.22		(0.20	)		(0.23	)		(0.05	)		—			7.99
20052,5		8.82		0.28		(0.16	)		(0.29	)		(0.40	)		—			8.25
20042,5		10.01		0.26		(0.17	)		(0.25	)		(1.03	)		—			8.82
20036		10.00		0.34		0.01			(0.34	)		—			—			10.01
Intermediate Term Bond Fund
Class A
20071,2	$	9.73	$	0.20	$	0.29		$	(0.20	)	$	—		$	—		$	10.02
20072,3		9.68		0.41		0.05			(0.41	)		—			—			9.73
20062,4		9.99		0.29		(0.27	)		(0.30	)		(0.03	)		—			9.68
20052,5		10.25		0.34		(0.17	)		(0.33	)		(0.10	)		—			9.99
20042,5		10.46		0.31		(0.10	)		(0.31	)		(0.11	)		—			10.25
20035		10.35		0.39		0.12			(0.40	)		—			—			10.46
Class Y
20071,2	$	9.70	$	0.21	$	0.29		$	(0.21	)	$	—		$	—		$	9.99
20072,3		9.65		0.42		0.06			(0.43	)		—			—			9.70
20062,4		9.96		0.30		(0.27	)		(0.31	)		(0.03	)		—			9.65
20052,5		10.22		0.36		(0.17	)		(0.35	)		(0.10	)		—			9.96
20042,5		10.43		0.33		(0.11	)		(0.32	)		(0.11	)		—			10.22
20035		10.32		0.41		0.12			(0.42	)		—			—			10.43

1	For the six-month period ended December 31, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
2	Per share data calculated using average shares outstanding method.
3	For the period July 1 to June 30 in the fiscal year indicated.
4	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Commenced operations on October 25, 2002. All ratios for the period ended September 30, 2003 have been annualized, except total return and portfolio turnover.
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.

56   First American Funds 2007 Semiannual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income
			Net Assets		Expenses to			Income			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	6.64	%	$	4,587		0.75	%		3.66	%		1.38	%		3.03	%		67	%
	4.68			1,619		0.75			3.80			1.46			3.09			84
	0.06			1,689		0.75			3.56			1.26			3.05			70
	1.40			1,970		0.75			3.21			1.09			2.87			161
	0.98			1,872		0.75			2.69			1.03			2.41			53
	3.53			2,502		0.75			3.22			1.05			2.92			74
	6.72	%	$	49,315		0.60	%		3.93	%		1.13	%		3.40	%		67	%
	4.84			37,705		0.60			3.94			1.21			3.33			84
	0.30			42,781		0.60			3.70			1.01			3.29			70
	1.43			69,349		0.60			3.34			0.84			3.10			161
	1.14			129,769		0.60			2.84			0.78			2.66			53
	3.64			334,869		0.60			3.68			0.80			3.48			74
	5.11	%	$	29,528		0.85	%		4.01	%		1.01	%		3.85	%		47	%
	4.80			30,655		0.85			4.07			1.01			3.91			110
	0.23			38,296		0.75			3.88			1.03			3.60			113
	1.69			48,426		0.75			3.39			1.05			3.09			118
	2.06			63,219		0.75			2.97			1.04			2.68			169
	5.09			78,682		0.75			3.89			1.05			3.59			133
	5.21	%	$	744,850		0.70	%		4.15	%		0.76	%		4.09	%		47	%
	4.98			752,984		0.70			4.22			0.76			4.16			110
	0.34			899,175		0.60			4.03			0.78			3.85			113
	1.85			1,074,624		0.60			3.55			0.80			3.35			118
	2.22			1,219,707		0.60			3.12			0.79			2.93			169
	5.25			1,296,529		0.60			4.05			0.80			3.85			133

First American Funds 2007 Semiannual Report   57

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized			Distributions					Distributions			Net Asset
	Value		Net		Gains			from Net			Distributions		from			Value
	Beginning		Investment		(Losses) on			Investment			from Net		Return of			End of
	of Period		Income		Investments			Income			Realized Gains		Capital			Period
Short Term Bond Fund
Class A
20071,2	$	9.90	$	0.20	$	0.16		$	(0.21	)	$	—	$	—		$	10.05
20072,3		9.83		0.36		0.09			(0.38	)		—		—			9.90
20062,4		9.93		0.23		(0.06	)		(0.27	)		—		—			9.83
20052,5		10.11		0.27		(0.16	)		(0.29	)		—		—	7		9.93
20042,5		10.26		0.23		(0.15	)		(0.23	)		—		—			10.11
20035		10.29		0.28		(0.01	)		(0.30	)		—		—			10.26
Class Y
20071,2	$	9.91	$	0.21	$	0.15		$	(0.22	)	$	—	$	—		$	10.05
20072,3		9.83		0.37		0.10			(0.39	)		—		—			9.91
20062,4		9.93		0.24		(0.06	)		(0.28	)		—		—			9.83
20052,5		10.11		0.28		(0.16	)		(0.29	)		—		(0.01	)		9.93
20042,5		10.26		0.25		(0.16	)		(0.24	)		—		—			10.11
20035		10.30		0.30		(0.02	)		(0.32	)		—		—			10.26
Total Return Bond Fund
Class A
20071,2	$	9.83	$	0.21	$	0.33		$	(0.22	)	$	—	$	—		$	10.15
20072,3		9.86		0.45		(0.02	)		(0.46	)		—		—			9.83
20062,4		10.18		0.31		(0.33	)		(0.30	)		—		—			9.86
20052,5		10.25		0.43		(0.07	)		(0.43	)		—		—			10.18
20042,5		10.23		0.46		0.03			(0.47	)		—		—	7		10.25
20035		9.60		0.51		0.63			(0.51	)		—		—			10.23
Class B
20071,2	$	9.80	$	0.17	$	0.33		$	(0.18	)	$	—	$	—		$	10.12
20072,3		9.82		0.38		(0.02	)		(0.38	)		—		—			9.80
20062,4		10.14		0.25		(0.32	)		(0.25	)		—		—			9.82
20052,5		10.21		0.35		(0.07	)		(0.35	)		—		—			10.14
20042,5		10.20		0.39		0.01			(0.39	)		—		—	7		10.21
20035		9.57		0.44		0.63			(0.44	)		—		—			10.20
Class C
20071,2	$	9.78	$	0.16	$	0.34		$	(0.18	)	$	—	$	—		$	10.10
20072,3		9.80		0.37		(0.01	)		(0.38	)		—		—			9.78
20062,4		10.12		0.25		(0.32	)		(0.25	)		—		—			9.80
20052,5		10.20		0.35		(0.07	)		(0.36	)		—		—			10.12
20042,5		10.18		0.39		0.02			(0.39	)		—		—	7		10.20
20035		9.55		0.44		0.63			(0.44	)		—		—			10.18
Class R6
20071,2	$	9.88	$	0.19	$	0.34		$	(0.20	)	$	—	$	—		$	10.21
20072,3		9.90		0.43		(0.02	)		(0.43	)		—		—			9.88
20062,4		10.23		0.30		(0.34	)		(0.29	)		—		—			9.90
20052,5		10.29		0.41		(0.07	)		(0.40	)		—		—			10.23
20042,5		10.23		0.48		—			(0.42	)		—		—	7		10.29
20035		9.60		0.51		0.63			(0.51	)		—		—			10.23
Class Y
20071,2	$	9.83	$	0.22	$	0.33		$	(0.23	)	$	—	$	—		$	10.15
20072,3		9.85		0.47		(0.01	)		(0.48	)		—		—			9.83
20062,4		10.17		0.33		(0.33	)		(0.32	)		—		—			9.85
20052,5		10.24		0.46		(0.07	)		(0.46	)		—		—			10.17
20042,5		10.23		0.49		0.01			(0.49	)		—		—	7		10.24
20035		9.59		0.54		0.64			(0.54	)		—		—			10.23

1	For the six-month period ended December 31, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
2	Per share data calculated using average shares outstanding method.
3	For the period July 1 to June 30 in the fiscal year indicated.
4	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Includes a tax return of capital of less than $0.01.
8	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

58   First American Funds 2007 Semiannual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income
			Net Assets		Expenses to			Income			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return8			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	3.69	%	$	64,348		0.75	%		4.02	%		1.06	%		3.71	%		41	%
	4.60			66,722		0.75			3.61			1.04			3.32			47
	1.75			78,771		0.75			3.11			1.04			2.82			60
	1.08			97,863		0.75			2.68			1.05			2.38			64
	0.76			130,531		0.75			2.28			1.05			1.98			89
	2.71			159,451		0.75			2.75			1.05			2.45			60
	3.67	%	$	274,848		0.60	%		4.17	%		0.81	%		3.96	%		41	%
	4.86			311,131		0.60			3.74			0.79			3.55			47
	1.87			454,665		0.60			3.26			0.79			3.07			60
	1.23			625,392		0.60			2.83			0.80			2.63			64
	0.91			943,181		0.60			2.43			0.80			2.23			89
	2.76			832,266		0.60			2.84			0.80			2.64			60
	5.49	%	$	14,919		0.99	%		4.09	%		1.11	%		3.97	%		54	%
	4.36			13,198		1.00			4.48			1.13			4.35			180
	(0.17	)		15,522		1.00			4.14			1.17			3.97			166
	3.57			19,113		1.00			4.20			1.25			3.95			285
	4.89			21,034		1.00			4.54			1.25			4.29			132
	12.26			13,522		1.00			5.15			1.26			4.89			91
	5.11	%	$	2,176		1.74	%		3.36	%		1.86	%		3.24	%		54	%
	3.69			2,272		1.75			3.74			1.88			3.61			180
	(0.74	)		3,657		1.75			3.40			1.92			3.23			166
	2.81			4,395		1.75			3.45			2.00			3.20			285
	3.97			5,474		1.75			3.83			2.00			3.58			132
	11.46			13,576		1.75			4.46			2.01			4.20			91
	5.13	%	$	2,956		1.74	%		3.29	%		1.86	%		3.17	%		54	%
	3.70			1,792		1.75			3.73			1.88			3.60			180
	(0.74	)		2,501		1.75			3.40			1.92			3.23			166
	2.71			2,858		1.75			3.46			2.00			3.21			285
	4.11			3,789		1.75			3.81			2.00			3.56			132
	11.50			5,752		1.75			4.43			2.01			4.17			91
	5.43	%	$	224		1.24	%		3.85	%		1.36	%		3.73	%		54	%
	4.20			219		1.25			4.22			1.44			4.03			180
	(0.44	)		14		1.25			4.05			1.57			3.73			166
	3.40			3		1.25			3.98			1.65			3.58			285
	4.83			1		1.00			4.64			1.25			4.39			132
	12.25			2,668		1.00			5.21			1.26			4.95			91
	5.62	%	$	1,007,500		0.74	%		4.35	%		0.86	%		4.23	%		54	%
	4.73			851,513		0.75			4.71			0.88			4.58			180
	0.02			378,338		0.75			4.43			0.92			4.26			166
	3.83			278,777		0.75			4.43			1.00			4.18			285
	5.05			243,018		0.75			4.80			1.00			4.55			132
	12.65			245,877		0.75			5.42			1.01			5.16			91

First American Funds 2007 Semiannual Report   59

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized			Distributions						Net Asset
	Value		Net		Gains			from Net			Distributions			Value
	Beginning		Investment		(Losses) on			Investment			from Net			End of
	of Period		Income		Investments			Income			Realized Gains			Period
U.S. Government Mortgage Fund
Class A
20071,2	$	10.22	$	0.23	$	0.17		$	(0.24	)	$	—		$	10.38
20072,3		10.18		0.46		0.05			(0.47	)		—			10.22
20062,4		10.53		0.33		(0.32	)		(0.36	)		—			10.18
20052,5		10.72		0.41		(0.14	)		(0.46	)		—			10.53
20042,5		10.89		0.38		(0.09	)		(0.46	)		—			10.72
20035		11.16		0.35		(0.05	)		(0.45	)		(0.12	)		10.89
Class B
20071,2	$	10.24	$	0.19	$	0.17		$	(0.20	)	$	—		$	10.40
20072,3		10.20		0.38		0.05			(0.39	)		—			10.24
20062,4		10.54		0.27		(0.31	)		(0.30	)		—			10.20
20052,5		10.74		0.33		(0.15	)		(0.38	)		—			10.54
20042,5		10.90		0.30		(0.08	)		(0.38	)		—			10.74
20035		11.18		0.28		(0.06	)		(0.38	)		(0.12	)		10.90
Class C
20071,2	$	10.18	$	0.19	$	0.17		$	(0.20	)	$	—		$	10.34
20072,3		10.15		0.38		0.04			(0.39	)		—			10.18
20062,4		10.49		0.27		(0.31	)		(0.30	)		—			10.15
20052,5		10.68		0.33		(0.14	)		(0.38	)		—			10.49
20042,5		10.84		0.30		(0.09	)		(0.37	)		—			10.68
20035		11.13		0.29		(0.08	)		(0.38	)		(0.12	)		10.84
Class R6
20071,2	$	10.21	$	0.22	$	0.17		$	(0.23	)	$	—		$	10.37
20072,3		10.17		0.43		0.06			(0.45	)		—			10.21
20062,4		10.51		0.31		(0.31	)		(0.34	)		—			10.17
20052,5		10.72		0.37		(0.14	)		(0.44	)		—			10.51
20042,5		10.85		0.39		(0.10	)		(0.42	)		—			10.72
20035		11.12		0.30		—			(0.45	)		(0.12	)		10.85
Class Y
20071,2	$	10.22	$	0.24	$	0.17		$	(0.25	)	$	—		$	10.38
20072,3		10.19		0.48		0.05			(0.50	)		—			10.22
20062,4		10.53		0.35		(0.31	)		(0.38	)		—			10.19
20052,5		10.73		0.43		(0.14	)		(0.49	)		—			10.53
20042,5		10.89		0.41		(0.08	)		(0.49	)		—			10.73
20035		11.16		0.37		(0.04	)		(0.48	)		(0.12	)		10.89

1	For the six-month period ended December 31, 2007 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
2	Per share data calculated using average shares outstanding method.
3	For the period July 1 to June 30 in the fiscal year indicated.
4	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

60   First American Funds 2007 Semiannual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Income
			Net Assets		Expenses to			Income			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	4.02	%	$	12,314		0.95	%		4.48	%		1.18	%		4.25	%		163	%
	5.07			13,785		0.95			4.41			1.16			4.20			303
	0.09			16,059		0.95			4.27			1.11			4.11			220
	2.59			24,504		0.95			3.80			1.08			3.67			251
	2.74			32,815		0.95			3.53			1.05			3.43			127
	2.79			24,667		0.95			2.98			1.06			2.87			175
	3.62	%	$	4,293		1.70	%		3.73	%		1.93	%		3.50	%		163	%
	4.26			4,920		1.70			3.66			1.91			3.45			303
	(0.38	)		6,595		1.70			3.52			1.86			3.36			220
	1.72			7,926		1.70			3.05			1.83			2.92			251
	2.02			9,155		1.70			2.79			1.80			2.69			127
	1.96			11,397		1.70			2.22			1.81			2.11			175
	3.65	%	$	2,542		1.70	%		3.74	%		1.93	%		3.51	%		163	%
	4.19			3,077		1.70			3.67			1.91			3.46			303
	(0.38	)		5,127		1.70			3.52			1.86			3.36			220
	1.82			6,585		1.70			3.05			1.83			2.92			251
	2.02			10,520		1.70			2.79			1.80			2.69			127
	1.91			18,801		1.70			2.19			1.81			2.08			175
	3.90	%	$	634		1.20	%		4.19	%		1.43	%		3.96	%		163	%
	4.82			204		1.20			4.17			1.41			3.96			303
	0.04			7		1.20			4.04			1.51			3.73			220
	2.18			3		1.20			3.42			1.48			3.14			251
	2.74			1		0.95			3.58			1.05			3.48			127
	2.79			17,296		0.95			3.04			1.06			2.93			175
	4.15	%	$	127,820		0.70	%		4.72	%		0.93	%		4.49	%		163	%
	5.23			133,960		0.70			4.66			0.91			4.45			303
	0.38			140,407		0.70			4.52			0.86			4.36			220
	2.75			158,230		0.70			4.05			0.83			3.92			251
	3.09			171,143		0.70			3.79			0.80			3.69			127
	3.03			214,531		0.70			3.27			0.81			3.16			175

First American Funds 2007 Semiannual Report   61

Notes toFinancial Statements  December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000)

1 > Organization

The Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of December 31, 2007, FAIF offered 43 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Each fund is a diversified open-end management investment company.

FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Class A shares of Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund are sold with a front-end sales charge of 2.25%. Class A shares of Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund are sold with a front-end sales charge of 4.25%. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Class B, Class C, and Class R shares are not offered by Intermediate Government Bond Fund, Intermediate Term Bond Fund, or Short Term Bond Fund. Class B shares are not offered by Inflation Protected Securities Fund.

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

2 > Summary of Significant Accounting Policies

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

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

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

The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, Inc. (“FAF Advisors”), on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued a 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

62   First American Funds 2007 Semiannual Report

faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs (American Depositary Receipts), and various other indices, may be reviewed in the course of making a good faith determination of a security’s fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of December 31, 2007, Core Bond Fund and Short Term Bond Fund held fair value securities with a value of $0 and $0, respectively, or 0.0% and 0.0%, respectively, of total net assets.

Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date.

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

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

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

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to deferred wash sale and straddle losses, paydowns on pass through obligations, expiration of capital loss carryforwards, and tax mark-to-market adjustments under Section 311(e) of the Taxpayer Relief Act of 1997. To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the fiscal period that the differences arise.

The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended December 31, 2007 (estimated) and the fiscal year ended June 30, 2007 (adjusted by dividends payable as of December 31, 2007 and June 30, 2007) were as follows:

	December 31, 2007
	Ordinary		Return of
Fund	Income		Capital		Total
Core Bond Fund	$	38,044	$	—	$	38,044
High Income Bond Fund		9,436		—		9,436
Inflation Protected Securities Fund		5,774		—		5,774
Intermediate Government Bond Fund		744		—		744
Intermediate Term Bond Fund		16,865		—		16,865
Short Term Bond Fund		7,942		—		7,942
Total Return Bond Fund		20,819		—		20,819
U.S. Government Mortgage Fund		3,806		—		3,806

First American Funds 2007 Semiannual Report   63

Notes toFinancial Statements  December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000)

	June 30, 2007
	Ordinary		Return of
Fund	Income		Capital		Total
Core Bond Fund	$	76,723	$	—	$	76,723
High Income Bond Fund		17,240		—		17,240
Inflation Protected Securities Fund		12,694		—		12,694
Intermediate Government Bond Fund		1,595		151		1,746
Intermediate Term Bond Fund		35,261		—		35,261
Short Term Bond Fund		17,150		—		17,150
Total Return Bond Fund		26,685		—		26,685
U.S. Government Mortgage Fund		7,219		—		7,219

As of June 30, 2007, the funds’ most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows:

			Accumulated									Total
	Undistributed		Capital and						Other			Accumulated
	Ordinary		Post-October			Unrealized			Accumulated			Earnings
Fund	Income		Losses			Depreciation			Losses			Deficit
Core Bond Fund	$	5,362	$	(35,235	)	$	(32,859	)	$	(698	)	$	(63,430	)
High Income Bond Fund		1,876		(1,250	)		(391	)		(146	)		89
Inflation Protected Securities Fund		2,557		(13,565	)		(10,703	)		(52	)		(21,763	)
Intermediate Government Bond Fund		—		(1,658	)		(869	)		—			(2,527	)
Intermediate Term Bond Fund		2,124		(26,834	)		(9,777	)		(536	)		(35,023	)
Short Term Bond Fund		1,363		(20,548	)		(2,947	)		(143	)		(22,275	)
Total Return Bond Fund		4,157		(17,208	)		(11,435	)		(445	)		(24,931	)
U.S. Government Mortgage Fund		571		(7,675	)		(4,303	)		(98	)		(11,505	)

The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and straddles, tax mark-to-market adjustments for certain derivatives in accordance with IRC Section 1256, and tax mark-to-market adjustments made under Section 311(e) of the Taxpayer Relief Act of 1997.

As of June 30, 2007, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows:

	Expiration Year
Fund	2008		2009		2010		2011		2012		2013		2014		2015		Total
Core Bond Fund	$	—	$	—	$	—	$	—	$	—	$	—	$	3,584	$	23,477	$	27,061
High Income Bond Fund		—		—		—		1,250		—		—		—		—		1,250
Inflation Protected Securities Fund		—		—		—		—		—		—		256		5,928		6,184
Intermediate Government Bond Fund		—		—		—		—		—		—		134		1,493		1,627
Intermediate Term Bond Fund		—		—		—		—		—		—		6,285		15,157		21,442
Short Term Bond Fund		145		—		4		—		2,223		—		8,101		7,433		17,906
Total Return Bond Fund		—		—		—		3,708		—		—		472		6,125		10,305
U.S. Government Mortgage Fund		—		—		—		—		3,145		1,293		555		1,629		6,622

For the fiscal year ended June 30, 2007, Short Term Bond Fund and Total Return Bond Fund had capital loss carryforwards of $632 and $7,439, respectively, that expired unused.

Certain funds incurred a loss for tax purposes for the period from November 1, 2006 to June 30, 2007. As permitted by tax regulations, the funds intend to elect to defer and treat these losses as arising in the fiscal year ending June 30, 2008. The following funds had deferred losses:

Fund	Amount
Core Bond Fund	$	8,174
Inflation Protected Securities Fund		7,381
Intermediate Government Bond Fund		31
Intermediate Term Bond Fund		5,392
Short Term Bond Fund		2,642
Total Return Bond Fund		6,903
U.S. Government Mortgage Fund		1,053

FUTURES TRANSACTIONS – In order to gain exposure or protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, each fund may enter into futures contracts. Upon entering into a futures contract, the fund is required to deposit cash or pledge U.S. government securities. The margin

64   First American Funds 2007 Semiannual Report

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 December 31, 2007, the following funds had outstanding futures contracts as disclosed in their Schedule of Investments: Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

SWAP AGREEMENTS – The funds may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The funds may enter into interest rate and credit default swap agreements to manage exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal). As of December 31, 2007, the following funds had outstanding interest rate swap agreements: Core Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a specified issuer on its obligation (typically corporate issues or sovereign issues of an emerging country). The fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As of December 31, 2007, the following funds had outstanding credit default swap agreements as disclosed in their Schedule of Investments: Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

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

OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance returns. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When an option written expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the 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 December 31, 2007, the following funds held options written as disclosed in their Schedule of Investments: Core Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, and Total Return Bond Fund.

First American Funds 2007 Semiannual Report   65

Notes toFinancial Statements  December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000)

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 December 31, 2007, no fund held options purchased.

INFLATION-INDEXED BONDS – The funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

FOREIGN CURRENCY TRANSLATION – The books and records of High Income Bond Fund, Inflation Protected Securities Fund, and Total Return Bond Fund relating to the funds’ non-U.S. dollar denominated investments are maintained in U.S. dollars on the following basis:

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

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

The funds do not isolate the portion of gains and losses on investments in debt securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of debt securities. The funds isolate the effect of fluctuations in foreign currency rates when determining the gain or loss upon sale or maturity of foreign currency denominated debt obligations pursuant to the federal income tax regulations. Such amounts are categorized as foreign currency gain(loss) for both financial reporting and income tax reporting purposes.

The funds report certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

For the six-month period ended December 31, 2007, High Income Bond Fund, Inflation Protected Securities Fund, and Total Return Bond Fund had non-U.S. dollar denominated investments with a total value of $514, $553, and $16,321, respectively, or 0.2%, 0.2%, and 1.6%, respectively, of total net assets.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to their delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. At December 31, 2007, Core Bond Fund and U.S. Government Mortgage Fund had when-issued or forward-commitment securities outstanding with a total cost of $7,670 and $41,288, respectively.

In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date. As an inducement for the fund to “rollover” its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage. As of and for the six-month period ended December 31, 2007, the funds had no outstanding dollar roll transactions.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of 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

66   First American Funds 2007 Semiannual Report

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 December 31, 2007, Core Bond Fund, High Income Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund had investments in illiquid securities with a total value of $52, $8, $30, and $0, respectively, or 0.0%, 0.0%, 0.0%, and 0.0%, respectively, of total net assets.

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

			Dates		Cost
Core Bond Fund	Par		Acquired		Basis
Duty Free International	$	2,191		1/99-7/99	$	2,187
Westam Mortgage Financial		52		9/97		51

			Date		Cost
High Income Bond Fund	Par		Acquired		Basis
Green Tree Financial	$	8		5/99	$	8

			Date		Cost
Intermediate Term Bond Fund	Par		Acquired		Basis
Westam Mortgage Financial	$	30		11/97	$	29

			Dates		Cost
Short Term Bond Fund	Par		Acquired		Basis
Auto Bond Receivables Trust	$	106		11/98-11/00	$	106

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

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. Effective January 23, 2007. Collateral for securities on loan is invested in a money market fund administered by FAF Advisors and FAF Advisors receives an administration fee equal to 0.02% of such fund’s average daily net assets in this money market fund. Securities lending fees paid to U.S. Bank by the funds during the six-month period ended December 31, 2007, were as follows:

Fund	Amount
Core Bond Fund	$	352
High Income Bond Fund		55
Inflation Protected Securities Fund		102
Intermediate Term Bond Fund		134
Short Term Bond Fund		39
Total Return Bond Fund		210
U.S. Government Mortgage Fund		20

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

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended December 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 THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and

First American Funds 2007 Semiannual Report   67

Notes toFinancial Statements  December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000)

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:

Fund
Core Bond Fund	0.50	%
High Income Bond Fund	0.70
Inflation Protected Securities Fund	0.50
Intermediate Government Bond Fund	0.50
Intermediate Term Bond Fund	0.50
Short Term Bond Fund	0.50
Total Return Bond Fund	0.60
U.S. Government Mortgage Fund	0.50

FAF Advisors has agreed to waive fees and reimburse other fund expenses through October 31, 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
Core Bond Fund		0.95	%		1.70	%		1.70	%		1.20	%		0.70	%
High Income Bond Fund		1.10			1.85			1.85			1.35			0.85
Inflation Protected Securities Fund		0.85			NA			1.60			1.10			0.60
Intermediate Government Bond Fund		0.75			NA			NA			NA			0.60
Intermediate Term Bond Fund		0.85			NA			NA			NA			0.70
Short Term Bond Fund		0.75			NA			NA			NA			0.60
Total Return Bond Fund		1.00			1.75			1.75			1.25			0.75
U.S. Government Mortgage Fund		0.95			1.70			1.70			1.20			0.70

NA = Not Applicable

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

ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank. 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 custodian for each fund pursuant to a custodian agreement with FAIF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.

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

For the six-month period ended December 31, 2007, custodian fees were increased as a result of overdrafts, and decreased as a result of interest earned as follows:

Fund	Increased		Decreased
Core Bond Fund	$	—	$	19
High Income Bond Fund		—		2
Inflation Protected Securities Fund		—		—
Intermediate Government Bond Fund		—		—
Intermediate Term Bond Fund		—		4
Short Term Bond Fund		—		4
Total Return Bond Fund		2		21
U.S. Government Mortgage Fund		5		2

68   First American Funds 2007 Semiannual Report

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

Quasar is currently waiving a portion of its 12b-1 fees for Class A shares, limiting its fees to 0.15% of average daily net assets for Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund.

For the six-month period ended December 31, 2007, total distribution and shareholder servicing fees waived by Quasar for the funds included in this semiannual report were as follows:

Fund	Amount
Intermediate Government Bond Fund	$	1
Intermediate Term Bond Fund		15
Short Term Bond Fund		33

Under the distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended December 31, 2007:

Fund	Amount
Core Bond Fund	$	86
High Income Bond Fund		23
Inflation Protected Securities Fund		3
Intermediate Government Bond Fund		1
Intermediate Term Bond Fund		12
Short Term Bond Fund		25
Total Return Bond Fund		21
U.S. Government Mortgage Fund		22

OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended December 31, 2007, legal fees and expenses of $25 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 six-month period ended December 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
Core Bond Fund	$	25
High Income Bond Fund		6
Inflation Protected Securities Fund		—
Intermediate Government Bond Fund		—
Intermediate Term Bond Fund		2
Short Term Bond Fund		1
Total Return Bond Fund		7
U.S. Government Mortgage Fund		10

First American Funds 2007 Semiannual Report   69

Notes toFinancial Statements  December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000)

4 > Capital Share Transactions

FAIF has 362 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

	Core						High Income						Inflation Protected
	Bond Fund						Bond Fund						Securities Fund
	Six-Month						Six-Month						Six-Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/07			6/30/07			12/31/07			6/30/07			12/31/07			6/30/07
Class A:
Shares issued		490			1,120			710			1,279			38			90
Shares issued in lieu of cash distributions		155			339			73			133			6			15
Shares redeemed		(998	)		(4,531	)		(765	)		(1,610	)		(31	)		(345	)
Total Class A transactions		(353	)		(3,072	)		18			(198	)		13			(240	)
Class B:
Shares issued		20			34			8			33			—			—
Shares issued in lieu of cash distributions		13			37			9			19			—			—
Shares redeemed		(164	)		(471	)		(80	)		(201	)		—			—
Total Class B transactions		(131	)		(400	)		(63	)		(149	)		—			—
Class C:
Shares issued		34			97			47			173			10			11
Shares issued in lieu of cash distributions		6			14			14			31			—			1
Shares redeemed		(58	)		(172	)		(180	)		(389	)		(14	)		(33	)
Total Class C transactions		(18	)		(61	)		(119	)		(185	)		(4	)		(21	)
Class R:
Shares issued		24			4			22			11			17			113
Shares issued in lieu of cash distributions		—			—			—			—			2			2
Shares redeemed		(9	)		(1	)		(23	)		—			(4	)		(28	)
Total Class R transactions		15			3			(1	)		11			15			87
Class Y:
Shares issued		14,784			41,764			1,696			6,767			4,198			13,147
Shares issued in lieu of cash distributions		863			2,017			102			205			152			344
Shares redeemed		(15,883	)		(58,789	)		(2,819	)		(5,012	)		(7.502	)		(17,813	)
Total Class Y transactions		(236	)		(15,008	)		(1,021	)		1,960			(3,152	)		(4,322	)
Net increase (decrease) in capital shares		(723	)		(18,538	)		(1,186	)		1,439			(3,128	)		(4,496	)

	Intermediate Government						Intermediate Term						Short Term
	Bond Fund						Bond Fund						Bond Fund
	Six-Month						Six-Month						Six-Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/07			6/30/07			12/31/07			6/30/07			12/31/07			6/30/07
Class A:
Shares issued		371			30			176			314			112			116
Shares issued in lieu of cash distributions		4			7			52			124			105			208
Shares redeemed		(31	)		(46	)		(431	)		(1,244	)		(551	)		(1,600	)
Total Class A transactions		344			(9	)		(203	)		(806	)		(334	)		(1,276	)
Class B:
Shares issued		—			—			—			—			—			—
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		—			—			—			—			—			—
Total Class B transactions		—			—			—			—			—			—
Class C:
Shares issued		—			—			—			—			—			—
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		—			—			—			—			—			—
Total Class C transactions		—			—			—			—			—			—
Class R:
Shares issued		—			—			—			—			—			—
Shares issued in lieu of cash distributions		—			—			—			—			—			—
Shares redeemed		—			—			—			—			—			—
Total Class R transactions		—			—			—			—			—			—
Class Y:
Shares issued		2,057			1,404			6,647			14,893			1,348			7,464
Shares issued in lieu of cash distributions		44			77			534			1,310			215			518
Shares redeemed		(942	)		(2,121	)		(10,228	)		(31,763	)		(5,627	)		(22,815	)
Total Class Y transactions		1,159			(640	)		(3,047	)		(15,560	)		(4,064	)		(14,833	)
Net increase (decrease) in capital shares		1,503			(649	)		(3,250	)		(16,366	)		(4,398	)		(16,109	)

70   First American Funds 2007 Semiannual Report

	Total Return						U.S. Government
	Bond Fund						Mortgage Fund
							Six-Month
	Six-Month			Year			Period			Year
	Period Ended			Ended			Ended			Ended
	12/31/07			6/30/07			12/31/07			6/30/07
Class A:
Shares issued		322			207			40			166
Shares issued in lieu of cash distributions		25			53			25			56
Shares redeemed		(221	)		(492	)		(228	)		(450	)
Total Class A transactions		126			(232	)		(163	)		(228	)
Class B:
Shares issued		20			21			4			13
Shares issued in lieu of cash distributions		2			9			8			18
Shares redeemed		(39	)		(171	)		(79	)		(197	)
Total Class B transactions		(17	)		(141	)		(67	)		(166	)
Class C:
Shares issued		123			45			7			20
Shares issued in lieu of cash distributions		3			4			5			12
Shares redeemed		(16	)		(121	)		(68	)		(235	)
Total Class C transactions		110			(72	)		(56	)		(203	)
Class R:
Shares issued		1			23			44			19
Shares issued in lieu of cash distributions		1			1			1			—
Shares redeemed		(2	)		(3	)		(4	)		—
Total Class R transactions		—			21			41			19
Class Y:
Shares issued		21,810			65,447			1,111			3,047
Shares issued in lieu of cash distributions		742			759			66			120
Shares redeemed		(9,942	)		(17,953	)		(1,969	)		(3,847	)
Total Class Y transactions		12,610			48,253			(792	)		(680	)
Net increase (decrease) in capital shares		12,829			47,829			(1,037	)		(1,258	)

Each fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the fund instead of cash. Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the six-month period ended December 31, 2007 and the fiscal year ended June 30, 2007, were as follows:

	Six-Month		Year
	Period Ended		Ended
Fund	12/31/07		6/30/07
Core Bond Fund		42		244
High Income Bond Fund		1		23
Total Return Bond Fund		4		78
U.S. Government Mortgage Fund		5		41

5 > Investment Security Transactions

During the six-month period ended December 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
Core Bond Fund	$	749,122	$	963,371	$	330,661	$	119,588
High Income Bond Fund		—		—		106,264		113,969
Inflation Protected Securities Fund		81,680		121,086		20,063		8,470
Intermediate Government Bond Fund		41,945		30,046		—		—
Intermediate Term Bond Fund		254,149		318,722		106,840		75,443
Short Term Bond Fund		47,912		126,482		96,577		64,287
Total Return Bond Fund		439,323		414,047		187,317		79,718
U.S. Government Mortgage Fund		274,494		290,004		26,142		13,358

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 December 31, 2007, were as follows:

	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost
Core Bond Fund	$	17,641	$	(16,887	)	$	754		$	2,330,020
High Income Bond Fund		2,068		(13,072	)		(11,004	)		293,216
Inflation Protected Securities Fund		7,969		(889	)		7,080			380,309
Intermediate Government Bond Fund		1,084		(241	)		843			51,987
Intermediate Term Bond Fund		10,363		(5,370	)		4,993			964,737
Short Term Bond Fund		2,534		(1,992	)		542			373,299
Total Return Bond Fund		13,615		(8,198	)		5,417			1,396,841
U.S. Government Mortgage Fund		1,205		(1,734	)		(529	)		233,963

6 > Options Written

Transactions in options written for the six-month period ended December 31, 2007, were as follows:

	Put Options Written				Call Options Written
	Number of		Premium		Number of			Premium
Core Bond Fund	Contracts		Amount		Contracts			Amount
Balance at June 30, 2007		—	$	—		423		$	119
Opened		320		149		320			177
Expired		—		—		—			—
Closed		—		—		(423	)		(119	)
Balance at December 31, 2007		320		149		320			177

First American Funds 2007 Semiannual Report   71

Notes toFinancial Statements  December 31, 2007 (unaudited), all dollars and shares are rounded to thousands (000)

	Put Options Written				Call Options Written
Inflation Protected	Number of		Premium		Number of			Premium
Securities Fund	Contracts		Amount		Contracts			Amount
Balance at June 30, 2007		—	$	—		75		$	21
Opened		51		24		51			28
Expired		—		—		—			—
Closed		—		—		(75	)		(21	)
Balance at December 31, 2007		51	$	24		51		$	28

	Put Options Written				Call Options Written
Intermediate Term	Number of		Premium		Number of			Premium
Bond Fund	Contracts		Amount		Contracts			Amount
Balance at June 30, 2007		—	$	—		204		$	57
Opened		151		71		151			83
Expired		—		—		—			—
Closed		—		—		(204	)		(57	)
Balance at December 31, 2007		151	$	71		151		$	83

	Put Options Written				Call Options Written
	Number of		Premium		Number of			Premium
Total Return Bond Fund	Contracts		Amount		Contracts			Amount
Balance at June 30, 2007		—	$	—		197		$	55
Opened		347		169		1,300			361
Expired		—		—		(382	)		(25	)
Closed		—		—		(767	)		(205	)
Balance at December 31, 2007		347	$	169		348		$	186

7 > Concentration of Risks

Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, and Total Return Bond Fund invest in lower-rated (e.g., rated Ba or lower by Moody’s or BB or lower by Standard & Poor’s or Fitch) corporate and foreign debt obligations, which are commonly referred to as “junk bonds.” Lower-rated securities will usually offer higher yields than higher-rated securities. However, there is more risk associated with these investments. These lower-rated bonds may be more susceptible to real or perceived adverse economic conditions than investment grade bonds. Lower-rated securities tend to have more price volatility and carry more risk to principal than higher-rated securities.

8 > Indemnifications

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

9 > New Accounting Pronouncement

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The funds have adopted FIN 48 and as of December 31, 2007, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of December 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.

72   First American Funds 2007 Semiannual Report

Notice toShareholders  December 31, 2007 (unaudited)

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

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

FORM N-Q HOLDINGS INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

First American Funds 2007 Semiannual Report   73

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Board of DirectorsFirst 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

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.

0040-08  2/2008  SAR-INCOME

TABLE OF CONTENTS

	Item 2 Code of Ethics
	Item 3 Audit Committee Financial Expert
	Item 4 Principal Accountant Fees and Services
	Item 5 Audit Committee of Listed Registrants
	Item 6 Schedule of Investments
	Item 7 Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
	Item 8-Portfolio Managers of Closed-End Management Investment Companies
	Item 9-Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
	Item 10 Submission of Matters to a Vote of Security Holders
	Item 11 Controls and Procedures
	Item 12-Exhibits
Signatures
Certifications
Certifications

Item 2—Code of Ethics

Not applicable to semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6–-Schedule of Investments

This 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 registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and

procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12–-Exhibits

(a)(1) Not applicable.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act are filed as exhibits hereto.

(a)(3) Not applicable.

(b) Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act are filed as exhibits hereto.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

First American Investment Funds, Inc.

By:	/s/ Thomas S. Schreier, Jr.
Thomas S. Schreier, Jr.
President
Date: March 6, 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: March 6, 2008

By:	/s/ Charles D. Gariboldi, Jr.
Charles D. Gariboldi, Jr.
Treasurer
Date: March 6, 2008